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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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)

Caroline Hulme, Esq.

Mercer Investments, LLC

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, 2022

Date of reporting period: September 30, 2021

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

Mercer Funds^™

Semi-Annual Report

Mercer US Large Cap Equity Fund

Mercer US Small/Mid Cap Equity Fund

Mercer Non-US Core Equity Fund

Mercer Core Fixed Income Fund

Mercer Opportunistic Fixed Income Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

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

September 30, 2021

MERCER FUNDS

TABLE OF CONTENTS

	Page
Schedules of Investments	1
Statements of Assets and Liabilities	166
Statements of Operations	170
Statements of Changes in Net Assets	172
Financial Highlights	176
Notes to the Financial Statements	184
Additional Information	222
Understanding Your Fund’s Expenses	233
Trustees and Officers	236

Mercer US Large Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 97.7%
		Basic Materials — 2.2%
	59,400	Alcoa Corp.*		2,907,036
	52,457	Celanese Corp. Class A		7,902,122
	178,723	DuPont de Nemours, Inc.		12,151,377
	17,400	Eastman Chemical Co.		1,752,876
	96,700	Huntsman Corp.		2,861,353
	36,970	LyondellBasell Industries NV Class A		3,469,635
	83,200	Newmont Corp.		4,517,760
				35,562,159
		Communications — 23.4%
	119,354	Airbnb, Inc. Class A*		20,021,633
	9,019	Alphabet, Inc. Class A*		24,112,477
	16,179	Alphabet, Inc. Class C*		43,122,050
	44,842	Altice USA, Inc. Class A*		929,126
	17,490	Amazon.com, Inc.*		57,455,350
	6,530	Arista Networks, Inc.*		2,243,969
	244,400	AT&T, Inc.		6,601,244
	8,100	Charter Communications, Inc. Class A*		5,893,236
	202,100	Cisco Systems, Inc.		11,000,303
	179,694	Comcast Corp. Class A		10,050,285
	31,621	Discovery, Inc. Class A*		802,541
	30,450	eBay, Inc.		2,121,452
	144,764	Facebook, Inc. Class A*		49,131,454
	142,500	Juniper Networks, Inc.		3,921,600
	188,449	Liberty Global Plc Class C*		5,551,708
	438,284	Lumen Technologies, Inc.		5,430,339
	75,805	Match Group, Inc.*		11,900,627
	2,708	MercadoLibre, Inc.*		4,547,815
	49,600	Motorola Solutions, Inc.		11,523,072
	39,890	Netflix, Inc.*		24,346,463
	9,696	Okta, Inc.*		2,301,249
	53,376	Omnicom Group, Inc.		3,867,625
	6,551	Sea, Ltd., ADR*		2,088,000
	12,867	Shopify, Inc. Class A*		17,444,821
	124,542	Snap, Inc. Class A*		9,199,918
	16,885	Spotify Technology SA*		3,804,866
	43,300	T-Mobile US, Inc.*		5,532,008
	40,504	Trade Desk, Inc. (The) Class A*		2,847,431
	143,758	Uber Technologies, Inc.*		6,440,358
	165,800	Verizon Communications, Inc.		8,954,858
	56,141	Walt Disney Co. (The)*		9,497,373
				372,685,251
		Consumer, Cyclical — 9.6%
	3,093	Advance Auto Parts, Inc.		646,097
	1,190	AutoZone, Inc.*		2,020,608
	13,901	Carvana Co. Class A* (a)		4,191,707

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Consumer, Cyclical — continued
	2,873	Chipotle Mexican Grill, Inc. Class A*		5,221,735
	11,622	Costco Wholesale Corp.		5,222,346
	20,210	Cummins, Inc.		4,538,358
	50,404	Dollar General Corp.		10,692,705
	104,400	Dollar Tree, Inc.*		9,993,168
	3,980	Domino’s Pizza, Inc.		1,898,301
	15,800	DR Horton, Inc.		1,326,726
	123,003	General Motors Co.*		6,483,488
	73,838	Kering SA, ADR		5,268,341
	64,716	Lowe’s Cos., Inc.		13,128,288
	15,057	Lululemon Athletica, Inc.*		6,093,568
	50,456	LVMH Moet Hennessy Louis Vuitton SE, ADR		7,229,336
	20,130	Magna International, Inc.		1,514,581
	17,961	Marriott International, Inc. Class A*		2,659,844
	99,975	NIKE, Inc. Class B		14,519,369
	3,950	O’Reilly Automotive, Inc.*		2,413,687
	95,758	PulteGroup, Inc.		4,397,207
	89,655	Starbucks Corp.		9,889,843
	31,631	Tesla, Inc.*		24,529,208
	28,600	Thor Industries, Inc.		3,510,936
	42,503	TJX Cos., Inc. (The)		2,804,348
	23,302	Walgreens Boots Alliance, Inc.		1,096,359
	4,295	Williams-Sonoma, Inc.		761,632
				152,051,786
		Consumer, Non-cyclical — 20.2%
	157,606	Abbott Laboratories		18,617,997
	16,500	AbbVie, Inc.		1,779,855
	338,810	Adyen NV, ADR*		9,500,232
	14,260	Align Technology, Inc.*		9,489,032
	139,429	Altria Group, Inc.		6,346,808
	18,812	Amgen, Inc.		4,000,372
	167,700	Archer-Daniels-Midland Co.		10,063,677
	45,200	AstraZeneca Plc, ADR		2,714,712
	34,890	Baxter International, Inc.		2,806,203
	8,532	Biogen, Inc.*		2,414,471
	8,857	BioNTech SE, ADR*		2,417,872
	67,518	Bristol-Myers Squibb Co.		3,995,040
	119,600	Cardinal Health, Inc.		5,915,416
	48,684	Cigna Corp.		9,744,589
	418,413	Conagra Brands, Inc.		14,171,648
	72,473	CORTEVA, Inc.		3,049,664
	176,430	CVS Health Corp.		14,971,850
	11,945	Danaher Corp.		3,636,536
	5,470	DexCom, Inc.*		2,991,324
	21,702	Eli Lilly & Co.		5,014,247
	23,772	Estee Lauder Cos., Inc. (The) Class A		7,129,936
	36,615	Gartner, Inc.*		11,126,566
	6,805	Gilead Sciences, Inc.		475,329

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Consumer, Non-cyclical — continued
	69,500	GlaxoSmithKline Plc, ADR(a)		2,655,595
	11,226	Guardant Health, Inc.*		1,403,362
	24,200	Haemonetics Corp.*		1,708,278
	8,518	Humana, Inc.		3,314,780
	19,429	Illumina, Inc.*		7,880,597
	47,200	Ingredion, Inc.		4,201,272
	35,994	Intra-Cellular Therapies, Inc.*		1,341,856
	11,459	Intuitive Surgical, Inc.*		11,391,965
	19,500	Jazz Pharmaceuticals Plc*		2,539,095
	35,632	JM Smucker Co. (The)		4,276,909
	89,500	Johnson & Johnson		14,454,250
	6,554	Kellogg Co.		418,932
	3,843	Kimberly-Clark Corp.		508,967
	251,074	Kroger Co. (The)		10,150,922
	40,664	McKesson Corp.		8,107,588
	12,900	Medtronic Plc		1,617,015
	134,900	Merck & Co., Inc.		10,132,339
	12,974	Molina Healthcare, Inc.*		3,519,976
	73,234	PayPal Holdings, Inc.*		19,056,219
	72,800	Pfizer, Inc.		3,131,128
	27,567	Philip Morris International, Inc.		2,613,076
	10,389	Quest Diagnostics, Inc.		1,509,626
	5,542	S&P Global, Inc.		2,354,740
	35,812	Square, Inc. Class A*		8,589,150
	53,920	Tyson Foods, Inc. Class A		4,256,445
	27,754	UnitedHealth Group, Inc.		10,844,598
	831,717	Viatris, Inc.		11,269,765
	12,000	Zimmer Biomet Holdings, Inc.		1,756,320
	72,197	Zoetis, Inc.		14,016,326
				321,394,467
		Energy — 2.4%
	122,528	BP Plc, ADR		3,348,690
	76,600	Canadian Natural Resources, Ltd.		2,798,964
	44,370	Chevron Corp.		4,501,337
	259,167	ConocoPhillips		17,563,748
	243,446	Kinder Morgan, Inc.		4,072,852
	10,590	Marathon Petroleum Corp.		654,568
	6,527	Valero Energy Corp.		460,610
	194,359	Williams Cos., Inc. (The)		5,041,672
				38,442,441
		Financial — 15.4%
	44,200	AerCap Holdings NV*		2,555,202
	48,470	Allstate Corp. (The)		6,170,716
	214,400	American International Group, Inc.		11,768,416
	32,902	Ameriprise Financial, Inc.		8,690,076
	398,840	Annaly Capital Management, Inc. REIT		3,358,233
	683,371	Banco Santander SA, ADR*		2,473,803

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Financial — continued
	132,624	Bank of America Corp.		5,629,889
	17,900	Berkshire Hathaway, Inc. Class B*		4,885,626
	12,993	Boston Properties, Inc. REIT		1,407,792
	165,031	Citigroup, Inc.		11,581,876
	64,500	Citizens Financial Group, Inc.		3,030,210
	89,923	Discover Financial Services		11,047,040
	101,086	Equitable Holdings, Inc.		2,996,189
	137,100	Equity Residential REIT		11,094,132
	29,630	Essent Group, Ltd.		1,304,016
	23,329	Essex Property Trust, Inc. REIT		7,459,214
	62,043	Fifth Third Bancorp		2,633,105
	18,700	JPMorgan Chase & Co.		3,061,003
	34,160	KKR & Co., Inc.		2,079,661
	76,504	Mastercard, Inc. Class A		26,598,911
	172,988	MetLife, Inc.		10,678,549
	41,816	Morgan Stanley		4,069,115
	184,500	New York Community Bancorp, Inc.		2,374,515
	10,482	PNC Financial Services Group, Inc. (The)		2,050,698
	37,300	Popular, Inc.		2,897,091
	31,384	Progressive Corp. (The)		2,836,800
	16,717	Prudential Financial, Inc.		1,758,628
	24,731	Ryman Hospitality Properties, Inc. REIT*		2,069,985
	39,487	Simon Property Group, Inc. REIT		5,132,125
	138,030	SLM Corp.		2,429,328
	159,121	Synchrony Financial		7,777,834
	10,824	T Rowe Price Group, Inc.		2,129,081
	188,300	Truist Financial Corp.		11,043,795
	348,970	Two Harbors Investment Corp. REIT(a)		2,212,470
	189,665	US Bancorp		11,273,688
	42,961	Ventas, Inc. REIT		2,371,877
	116,181	Visa, Inc. Class A		25,879,318
	190,100	Wells Fargo & Co.		8,822,541
	132,709	Western Union Co. (The)		2,683,376
	13,169	Weyerhaeuser Co. REIT		468,421
	15,800	Willis Towers Watson Plc		3,672,868
				244,457,213
		Industrial — 5.1%
	488,024	Amcor Plc		5,656,198
	21,700	Crown Holdings, Inc.		2,186,926
	58,697	Dover Corp.		9,127,383
	11,941	Eaton Corp. Plc		1,782,911
	18,600	FedEx Corp.		4,078,794
	43,599	Honeywell International, Inc.		9,255,196
	89,707	Johnson Controls International Plc		6,107,253
	36,220	L3Harris Technologies, Inc.		7,977,093
	66,413	Masco Corp.		3,689,242
	33,281	Northrop Grumman Corp.		11,986,152
	122,589	Raytheon Technologies Corp.		10,537,750

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Industrial — continued
	4,475	Union Pacific Corp.		877,145
	110,100	Vontier Corp.		3,699,360
	11,169	Waters Corp.*		3,990,684
				80,952,087
		Technology — 18.1%
	43,669	Accenture Plc Class A		13,970,587
	62,106	Adobe, Inc.*		35,755,666
	138,754	Apple, Inc.		19,633,691
	20,803	Atlassian Corp. Plc Class A*		8,142,710
	47,043	Autodesk, Inc.*		13,415,252
	22,400	Broadcom, Inc.		10,862,432
	7,513	Citrix Systems, Inc.		806,671
	152,255	Cognizant Technology Solutions Corp. Class A		11,298,844
	22,480	Crowdstrike Holdings, Inc. Class A*		5,525,134
	19,142	DocuSign, Inc. Class A*		4,927,725
	73,052	Fidelity National Information Services, Inc.		8,888,967
	1,576	Fortinet, Inc.*		460,255
	83,561	HP, Inc.		2,286,229
	3,573	HubSpot, Inc.*		2,415,670
	57,316	Intel Corp.		3,053,796
	3,566	Jack Henry & Associates, Inc.		585,038
	27,740	Marvell Technology, Inc.		1,672,999
	40,820	Micron Technology, Inc.		2,897,404
	131,218	Microsoft Corp.		36,992,979
	10,304	MSCI, Inc. Class A		6,268,335
	4,032	NetApp, Inc.		361,912
	85,920	NVIDIA Corp.		17,799,187
	227,177	Oracle Corp.		19,793,932
	16,353	QUALCOMM, Inc.		2,109,210
	29,749	ROBLOX Corp. Class A* (a)		2,247,537
	88,439	salesforce.com, Inc.*		23,986,426
	49,756	Seagate Technology Holdings Plc		4,105,865
	23,260	ServiceNow, Inc.*		14,474,000
	11,935	Snowflake, Inc. Class A*		3,609,502
	25,500	Teradyne, Inc.		2,783,835
	21,274	Twilio, Inc. Class A*		6,787,470
				287,919,260
		Utilities — 1.3%
	218,800	Edison International		12,136,836
	76,000	FirstEnergy Corp.		2,707,120
	127,300	NiSource, Inc.		3,084,479
	55,700	PPL Corp.		1,552,916
	31,100	UGI Corp.		1,325,482
				20,806,833
		TOTAL COMMON STOCKS (COST $1,161,967,579)		1,554,271,497

See accompanying Notes to the Financial Statements.

5

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 0.1%
			Mutual Fund - Securities Lending Collateral — 0.1%
	1,145,932		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b) (c)		1,145,932
			TOTAL SHORT-TERM INVESTMENT (COST $1,145,932)		1,145,932
			TOTAL INVESTMENTS — 97.8% (Cost $1,163,113,511)		1,555,417,429
			Other Assets and Liabilities (net) — 2.2%		34,721,675
			NET ASSETS — 100.0%	$	1,590,139,104
			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, 2021.
		(c)	Represents an investment of securities lending cash collateral.

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	131	S&P 500 E-mini Index		Dec 2021	$	28,150,263	$	(1,184,018	)
	12	S&P Mid 400 E-mini Index		Dec 2021		3,159,840		(55,034	)
							$	(1,239,052	)

Abbreviations

ADR — American Depository Receipt

REIT — Real Estate Investment Trust

See accompanying Notes to the Financial Statements.

6

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		97.7
Futures Contracts		(0.1	)
Short-Term Investment		0.1
Other Assets and Liabilities (net)		2.3
		100.0	%

See accompanying Notes to the Financial Statements.

7

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 95.8%
		Basic Materials — 2.8%
	292,243	Axalta Coating Systems, Ltd.*		8,530,573
	41,000	Cabot Corp.		2,054,920
	70,200	Chemours Co. (The)		2,040,012
	11,700	Eastman Chemical Co.		1,178,658
	351,273	Element Solutions, Inc.		7,615,599
	40,342	FMC Corp.		3,693,713
	80,900	Huntsman Corp.		2,393,831
	56,300	Koppers Holdings, Inc.*		1,759,938
	77,300	Mosaic Co. (The)		2,761,156
	24,511	Quaker Chemical Corp.(a)		5,826,755
	17,400	Reliance Steel & Aluminum Co.		2,478,108
	57,141	RPM International, Inc.		4,436,999
	35,900	Schweitzer-Mauduit International, Inc.		1,244,294
	45,400	Steel Dynamics, Inc.		2,654,992
	23,700	Tronox Holdings Plc Class A		584,205
	75,500	Valvoline, Inc.		2,354,090
				51,607,843
		Communications — 3.4%
	58,900	AMC Networks, Inc. Class A*		2,744,151
	80,500	Cars.com, Inc.*		1,018,325
	72,199	Ciena Corp.*		3,707,419
	61,545	Cogent Communications Holdings, Inc.		4,359,848
	108,300	Entercom Communications Corp. Class A*		398,544
	53,402	ePlus, Inc.*		5,479,579
	35,700	F5 Networks, Inc.*		7,096,446
	89,600	Gray Television, Inc.		2,044,672
	54,600	Juniper Networks, Inc.		1,502,592
	1	Liberty Broadband Corp. Class C*		173
	160,890	Liberty Latin America, Ltd. Class A*		2,104,441
	281,316	Liberty Latin America, Ltd. Class C*		3,690,866
	165,800	Lumen Technologies, Inc.		2,054,262
	93,270	Lyft, Inc. Class A*		4,998,339
	14,200	Nexstar Media Group, Inc. Class A		2,157,832
	20,820	Nice, Ltd., ADR* (a)		5,913,713
	9,700	Preformed Line Products Co.		630,888
	43,459	Q2 Holdings, Inc.*		3,482,804
	42,806	Revolve Group, Inc.*		2,644,126
	107,200	TEGNA, Inc.		2,113,984
	191,858	Vonage Holdings Corp.*		3,092,751
	19,400	Zendesk, Inc.*		2,257,966
				63,493,721
		Consumer, Cyclical — 15.7%
	42,589	Advance Auto Parts, Inc.		8,896,416
	12,700	Alaska Air Group, Inc.*		744,220
	62,800	Allison Transmission Holdings, Inc.		2,218,096

See accompanying Notes to the Financial Statements.

8

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Consumer, Cyclical — continued
	83,200	American Axle & Manufacturing Holdings, Inc.*		732,992
	339,639	BJ’s Wholesale Club Holdings, Inc.*		18,652,974
	58,700	BorgWarner, Inc.		2,536,427
	52,785	BRP, Inc.		4,892,114
	69,022	Brunswick Corp.		6,575,726
	16,301	Burlington Stores, Inc.*		4,622,475
	290,577	Cannae Holdings, Inc.*		9,039,850
	35,031	Carter’s, Inc.		3,406,414
	17,845	Casey’s General Stores, Inc.		3,362,890
	23,280	Cavco Industries, Inc.*		5,511,307
	11,805	Churchill Downs, Inc.		2,834,144
	32,564	Columbia Sportswear Co.		3,120,934
	26,580	Darden Restaurants, Inc.		4,026,073
	43,400	Dick’s Sporting Goods, Inc.		5,198,018
	50,914	Dorman Products, Inc.*		4,820,028
	41,100	Ethan Allen Interiors, Inc.		974,070
	84,310	Five Below, Inc.*		14,906,851
	46,099	Floor & Decor Holdings, Inc. Class A*		5,568,298
	39,400	Foot Locker, Inc.		1,799,004
	24,643	Fox Factory Holding Corp.*		3,561,899
	26,666	Freshpet, Inc.*		3,804,972
	37,900	Genesco, Inc.*		2,187,967
	55,474	Gentherm, Inc.*		4,489,511
	41,400	GMS, Inc.*		1,813,320
	79,900	Goodyear Tire & Rubber Co. (The)*		1,414,230
	19,400	Group 1 Automotive, Inc.		3,644,872
	45,000	Harley-Davidson, Inc.		1,647,450
	41,200	Haverty Furniture Cos., Inc.		1,388,852
	47,600	Herman Miller, Inc.		1,792,616
	33,000	Hibbett, Inc.		2,334,420
	76,810	IAA, Inc.*		4,191,522
	57,400	JetBlue Airways Corp.*		877,646
	14,100	Johnson Outdoors, Inc. Class A		1,491,780
	38,900	Kohl’s Corp.		1,831,801
	53,400	La-Z-Boy, Inc.		1,721,082
	26,949	LCI Industries		3,628,144
	10,200	Lear Corp.		1,596,096
	22,934	Lithia Motors, Inc. Class A		7,270,995
	226,670	LKQ Corp.*		11,406,034
	28,200	MDC Holdings, Inc.		1,317,504
	72,600	Meritor, Inc.*		1,547,106
	42,600	Methode Electronics, Inc.		1,791,330
	34,800	Miller Industries, Inc.		1,184,592
	72,305	Modine Manufacturing Co.*		819,216
	59,949	Murphy USA, Inc.		10,027,070
	132,101	National Vision Holdings, Inc.*		7,499,374
	105,955	Nordstrom, Inc.*		2,802,510
	21,000	Nu Skin Enterprises, Inc. Class A		849,870
	39,500	ODP Corp. (The)*		1,586,320

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Consumer, Cyclical — continued
	52,723	Polaris, Inc.		6,308,834
	12,503	Pool Corp.		5,431,428
	43,500	PulteGroup, Inc.		1,997,520
	109,000	Qurate Retail, Inc. Series A		1,110,710
	79,100	REV Group, Inc.		1,357,356
	91,100	Sally Beauty Holdings, Inc.*		1,535,035
	25,400	ScanSource, Inc.*		883,666
	36,804	SiteOne Landscape Supply, Inc.* (a)		7,341,294
	81,789	Skechers USA, Inc. Class A*		3,444,953
	34,300	SkyWest, Inc.*		1,692,362
	41,300	Sonic Automotive, Inc. Class A(a)		2,169,902
	149,480	Tapestry, Inc.		5,533,750
	116,842	Texas Roadhouse, Inc. Class A		10,671,180
	47,400	Toll Brothers, Inc.		2,620,746
	105,600	Tri Pointe Homes, Inc.*		2,219,712
	39,583	UniFirst Corp.		8,416,137
	94,051	Univar Solutions, Inc.*		2,240,295
	25,610	Vail Resorts, Inc.*		8,555,021
	21,200	Whirlpool Corp.		4,321,832
	8,700	Williams-Sonoma, Inc.		1,542,771
	125,544	World Fuel Services Corp.		4,220,789
				289,574,715
		Consumer, Non-cyclical — 23.2%
	216,134	Acadia Healthcare Co., Inc.*		13,785,027
	56,806	Acceleron Pharma, Inc.*		9,776,313
	144,100	ACCO Brands Corp.		1,237,819
	33,388	Adtalem Global Education, Inc.*		1,262,400
	91,986	AngioDynamics, Inc.*		2,386,117
	8,892	Argenx SE, ADR*		2,685,384
	39,698	Ascendis Pharma AS, ADR*		6,327,464
	97,430	Avantor, Inc.*		3,984,887
	44,642	Axonics, Inc.* (a)		2,905,748
	89,861	BellRing Brands, Inc. Class A*		2,763,226
	23,174	Bio-Rad Laboratories, Inc. Class A*		17,286,645
	9,577	Bio-Techne Corp.		4,640,727
	64,338	Blueprint Medicines Corp.*		6,614,590
	48,625	Booz Allen Hamilton Holding Corp. Class A		3,858,394
	51,319	Bridgebio Pharma, Inc.* (a)		2,405,322
	23,547	Bright Horizons Family Solutions, Inc.*		3,282,923
	168,776	Catalent, Inc.*		22,459,022
	275,728	Catalyst Pharmaceuticals, Inc.*		1,461,358
	10,078	Charles River Laboratories International, Inc.*		4,158,888
	44,400	Chegg, Inc.*		3,020,088
	4,173	Chemed Corp.		1,940,946
	29,529	CONMED Corp.		3,863,279
	499,441	CoreCivic, Inc.*		4,445,025
	5,490	CRA International, Inc.		545,377
	29,400	DaVita, Inc.*		3,418,044

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Consumer, Non-cyclical — continued
	51,700	Deluxe Corp.		1,855,513
	9,700	Emergent BioSolutions, Inc.*		485,679
	30,955	Encompass Health Corp.		2,322,863
	47,400	Gartner, Inc.*		14,403,912
	125,766	Globus Medical, Inc. Class A*		9,636,191
	27,699	Grand Canyon Education, Inc.*		2,436,404
	72,732	H&R Block, Inc.		1,818,300
	70,687	Haemonetics Corp.*		4,989,795
	73,655	Halozyme Therapeutics, Inc.*		2,996,285
	20,698	Helen of Troy, Ltd.*		4,650,427
	126,738	Horizon Therapeutics Plc*		13,882,881
	515,877	Hostess Brands, Inc. Class A*		8,960,783
	48,692	ICON Plc, ADR*		12,758,278
	75,026	Ingles Markets, Inc. Class A		4,953,967
	25,300	Ingredion, Inc.		2,251,953
	132,416	Innoviva, Inc.*		2,212,671
	39,208	Insulet Corp.*		11,144,090
	39,846	Integer Holdings Corp.*		3,559,842
	598,005	Ironwood Pharmaceuticals, Inc. Class A*		7,809,945
	51,239	Jazz Pharmaceuticals Plc*		6,671,830
	24,100	JM Smucker Co. (The)		2,892,723
	29,666	Lancaster Colony Corp.		5,007,917
	50,275	Lannett Co., Inc.* (a)		150,825
	20,667	LHC Group, Inc.*		3,242,859
	27,500	ManpowerGroup, Inc.		2,977,700
	42,049	MEDNAX, Inc.*		1,195,453
	20,857	Molina Healthcare, Inc.*		5,658,713
	168,226	Molson Coors Beverage Co. Class B		7,802,322
	18,209	Morningstar, Inc.		4,716,677
	147,876	Neurocrine Biosciences, Inc.*		14,182,787
	15,350	Novavax, Inc.*		3,182,208
	90,400	Oak Street Health, Inc.* (a)		3,844,712
	81,180	Pacific Biosciences of California, Inc.*		2,074,149
	39,257	Pacira BioSciences, Inc.*		2,198,392
	92,696	Patterson Cos., Inc.		2,793,857
	311,292	Paya Holdings, Inc. Class A*		3,383,744
	82,424	Paylocity Holding Corp.*		23,111,690
	67,600	Perdoceo Education Corp.*		713,856
	84,735	Performance Food Group Co.*		3,936,788
	42,800	Pilgrim’s Pride Corp.*		1,244,624
	257,594	Premier, Inc. Class A		9,984,343
	31,500	Prestige Consumer Healthcare, Inc.*		1,767,465
	63,337	PTC Therapeutics, Inc.*		2,356,770
	111,621	R1 RCM, Inc.*		2,456,778
	31,400	Rent-A-Center, Inc.		1,764,994
	74,592	Ritchie Bros Auctioneers, Inc.		4,599,343
	70,709	Rocket Pharmaceuticals, Inc.* (a)		2,113,492
	40,000	Select Medical Holdings Corp.		1,446,800
	107,918	Simply Good Foods Co. (The)*		3,722,092

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Consumer, Non-cyclical — continued
	84,200	SpartanNash Co.		1,843,980
	74,000	Sprouts Farmers Market, Inc.*		1,714,580
	27,550	STERIS Plc		5,627,914
	147,440	Syneos Health, Inc.*		12,898,051
	148,740	TG Therapeutics, Inc.* (a)		4,950,067
	55,850	TransUnion		6,272,513
	53,100	Triton International, Ltd.		2,763,324
	18,790	United Therapeutics Corp.*		3,468,258
	27,300	Universal Corp.		1,319,409
	12,800	Universal Health Services, Inc. Class B		1,771,136
	44,700	Vanda Pharmaceuticals, Inc.*		766,158
	43,053	Viad Corp.*		1,955,037
	31,200	Weis Markets, Inc.		1,639,560
	25,270	WEX, Inc.*		4,451,058
	82,122	Xencor, Inc.*		2,682,105
				428,963,845
		Energy — 1.4%
	108,000	CNX Resources Corp.*		1,362,960
	32,500	Continental Resources, Inc.		1,499,875
	109,353	Devon Energy Corp.		3,883,125
	132,631	Diamondback Energy, Inc.		12,556,177
	153,420	HollyFrontier Corp.		5,082,804
	70,700	National Energy Services Reunited Corp.* (a)		885,164
	190,000	Southwestern Energy Co.*		1,052,600
				26,322,705
		Financial — 17.2%
	61,500	Ally Financial, Inc.		3,139,575
	81,598	American Campus Communities, Inc. REIT		3,953,423
	203,071	American Equity Investment Life Holding Co.		6,004,809
	80,756	American Financial Group, Inc.		10,161,528
	198,300	Annaly Capital Management, Inc. REIT		1,669,686
	64,400	Ares Capital Corp.(a)		1,309,252
	127,311	Ares Management Corp. Class A		9,399,371
	47,406	Artisan Partners Asset Management, Inc. Class A		2,319,102
	155,400	Associated Banc-Corp.		3,328,668
	127,066	Atlantic Union Bankshares Corp.		4,682,382
	122,960	Axis Capital Holdings, Ltd.		5,661,078
	76,205	Axos Financial, Inc.*		3,927,606
	68,600	Banco Latinoamericano de Comercio Exterior SA		1,203,244
	46,900	Bank of NT Butterfield & Son, Ltd. (The)		1,665,419
	60,081	BlackRock Capital Investment Corp.(a)		231,312
	129,000	Braemar Hotels & Resorts, Inc. REIT*		625,650
	134,200	Brandywine Realty Trust REIT		1,800,964
	80,900	Brixmor Property Group, Inc. REIT		1,788,699
	6,897	C&F Financial Corp.		366,300
	67,515	Cedar Realty Trust, Inc. REIT		1,464,400
	99,300	Chimera Investment Corp. REIT		1,474,605

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Financial — continued
	61,400	Citizens Financial Group, Inc.		2,884,572
	170,300	City Office REIT, Inc. REIT		3,041,558
	78,422	CNA Financial Corp.		3,290,587
	157,800	CNO Financial Group, Inc.		3,714,612
	41,900	Comerica, Inc.		3,372,950
	27,843	CoreSite Realty Corp. REIT		3,857,369
	247,394	Douglas Emmett, Inc. REIT		7,820,124
	216,399	Easterly Government Properties, Inc. REIT Class A		4,470,803
	10,401	eHealth, Inc.*		421,241
	49,200	Equitable Holdings, Inc.		1,458,288
	27,600	Essent Group, Ltd.		1,214,676
	21,700	Federal Agricultural Mortgage Corp. Class C		2,354,884
	171,958	Fidelity National Financial, Inc.		7,796,576
	75,500	Fifth Third Bancorp		3,204,220
	35,500	Financial Institutions, Inc.		1,088,075
	77,700	First Busey Corp.		1,913,751
	184,900	First Horizon Corp.		3,012,021
	46,200	Flagstar Bancorp, Inc.		2,346,036
	135,100	FNB Corp.		1,569,862
	196,300	Franklin Street Properties Corp. REIT		910,832
	67,201	FS KKR Capital Corp.(a)		1,481,110
	43,100	Gaming and Leisure Properties, Inc. REIT		1,996,392
	920,811	Genworth Financial, Inc. Class A*		3,453,041
	86,200	GEO Group, Inc. (The) REIT(a)		643,914
	117,995	Glacier Bancorp, Inc.		6,531,023
	85,200	Global Net Lease, Inc. REIT		1,364,904
	235,570	GoHealth, Inc. Class A* (a)		1,184,917
	35,507	Hamilton Lane, Inc. Class A		3,011,704
	47,200	Hancock Whitney Corp.		2,224,064
	66,600	Hanmi Financial Corp.		1,335,996
	32,800	Heritage Insurance Holdings, Inc.		223,368
	138,200	Hope Bancorp, Inc.		1,995,608
	86,500	Horizon Bancorp, Inc.		1,571,705
	182,031	Hudson Pacific Properties, Inc. REIT		4,781,954
	69,000	Independent Bank Corp.		1,482,120
	64,000	Industrial Logistics Properties Trust REIT		1,626,240
	49,200	Iron Mountain, Inc. REIT(a)		2,137,740
	87,500	Jefferies Financial Group, Inc.		3,248,875
	49,336	Kemper Corp.		3,295,151
	26,793	Kinsale Capital Group, Inc.		4,332,428
	37,700	Lincoln National Corp.		2,591,875
	44,480	LPL Financial Holdings, Inc.		6,972,685
	121,600	Medical Properties Trust, Inc. REIT		2,440,512
	262,500	MFA Financial, Inc. REIT		1,199,625
	124,700	MGIC Investment Corp.		1,865,512
	25,800	National Health Investors, Inc. REIT		1,380,300
	139,500	Navient Corp.		2,752,335
	113,300	New Mountain Finance Corp.(a)		1,508,023
	153,838	Newmark Group, Inc. Class A		2,201,422

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Financial — continued
	748,148	Oaktree Specialty Lending Corp.(a)		5,281,925
	55,083	Office Properties Income Trust REIT		1,395,252
	46,100	Omega Healthcare Investors, Inc. REIT		1,381,156
	35,700	OneMain Holdings, Inc.		1,975,281
	77,449	Pacific Premier Bancorp, Inc.		3,209,487
	80,000	PennyMac Mortgage Investment Trust REIT		1,575,200
	231,499	Physicians Realty Trust REIT		4,079,012
	97,400	Piedmont Office Realty Trust, Inc. REIT Class A		1,697,682
	85,181	Pinnacle Financial Partners, Inc.		8,013,829
	40,438	Piper Sandler Cos.		5,599,046
	25,500	Popular, Inc.		1,980,585
	121,500	Preferred Apartment Communities, Inc. REIT Class A		1,485,945
	18,000	Preferred Bank		1,200,240
	11,550	Prospect Capital Corp.(a)		88,935
	52,100	Radian Group, Inc.		1,183,712
	125,700	Regions Financial Corp.		2,678,667
	12,100	Reinsurance Group of America, Inc.		1,346,246
	83,500	Retail Properties of America, Inc. REIT Class A		1,075,480
	6,898	Retail Value, Inc. REIT		181,624
	117,600	Sabra Health Care REIT, Inc. REIT		1,731,072
	37,800	Sandy Spring Bancorp, Inc.		1,731,996
	59,600	Service Properties Trust REIT		668,116
	60,811	Signature Bank		16,557,619
	325,341	Summit Hotel Properties, Inc. REIT*		3,133,034
	41,305	Sun Communities, Inc. REIT		7,645,556
	96,263	Tanger Factory Outlet Centers, Inc. REIT		1,569,087
	82,500	Umpqua Holdings Corp.		1,670,625
	90,560	Uniti Group, Inc. REIT		1,120,227
	72,400	Universal Insurance Holdings, Inc.		944,096
	92,500	Unum Group		2,318,050
	35,200	Victory Capital Holdings, Inc. Class A(a)		1,232,352
	137,461	Voya Financial, Inc.		8,438,731
	96,583	Western Alliance Bancorp		10,510,162
	73,600	Western Union Co. (The)		1,488,192
	10,654	White Mountains Insurance Group, Ltd.		11,395,625
	51,600	Zions Bancorp NA		3,193,524
				317,532,021
		Industrial — 17.6%
	16,000	Acuity Brands, Inc.		2,773,920
	106,557	Advanced Drainage Systems, Inc.		11,526,271
	36,721	Advanced Energy Industries, Inc.		3,222,268
	23,700	AGCO Corp.		2,903,961
	423,278	Air Transport Services Group, Inc.*		10,924,805
	42,100	Apogee Enterprises, Inc.		1,589,696
	37,416	AptarGroup, Inc.		4,465,600
	18,100	ArcBest Corp.		1,480,037
	110,370	Argan, Inc.		4,819,858
	65,505	Armstrong World Industries, Inc.		6,253,762

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Industrial — continued
	20,000	Arrow Electronics, Inc.*		2,245,800
	182,588	Atkore, Inc.*		15,870,549
	34,700	Atlas Air Worldwide Holdings, Inc.*		2,834,296
	36,904	Axon Enterprise, Inc.*		6,458,938
	104,849	AZEK Co., Inc. (The) Class A*		3,830,134
	53,800	Berry Global Group, Inc.*		3,275,344
	64,515	Cognex Corp.		5,175,393
	45,923	Colfax Corp.*		2,107,866
	38,090	Columbus McKinnon Corp.		1,841,651
	135,371	Comfort Systems USA, Inc.		9,654,660
	13,400	Crane Co.		1,270,454
	36,027	Curtiss-Wright Corp.		4,545,887
	43,962	Eagle Materials, Inc.		5,766,056
	40,700	Energizer Holdings, Inc.		1,589,335
	36,388	ESCO Technologies, Inc.		2,801,876
	57,407	Exponent, Inc.		6,495,602
	163,401	Federal Signal Corp.		6,310,547
	478,622	Gates Industrial Corp. Plc*		7,787,180
	5,736	Generac Holdings, Inc.*		2,344,131
	87,966	Gibraltar Industries, Inc.*		6,126,832
	441,706	GrafTech International, Ltd.		4,558,406
	58,200	Greif, Inc. Class A		3,759,720
	169,585	Harsco Corp.*		2,874,466
	29,923	HEICO Corp.		3,945,946
	208,959	Hexcel Corp.*		12,410,075
	38,468	Huntington Ingalls Industries, Inc.		7,426,632
	22,730	IDEX Corp.		4,703,973
	236,604	Ingersoll Rand, Inc.*		11,927,208
	74,400	Jabil, Inc.		4,342,728
	20,394	John Bean Technologies Corp.		2,866,377
	20,606	Kornit Digital, Ltd.*		2,982,512
	26,342	Landstar System, Inc.		4,157,294
	32,510	Lincoln Electric Holdings, Inc.		4,186,963
	3,880	MasTec, Inc.*		334,766
	42,300	Matthews International Corp. Class A		1,467,387
	78,100	MDU Resources Group, Inc.		2,317,227
	31,900	Moog, Inc. Class A		2,431,737
	30,446	Nordson Corp.		7,250,715
	117,200	O-I Glass, Inc.*		1,672,444
	27,600	Oshkosh Corp.		2,825,412
	15,600	OSI Systems, Inc.*		1,478,880
	26,500	Owens Corning		2,265,750
	71,100	Primoris Services Corp.		1,741,239
	49,097	RBC Bearings, Inc.*		10,418,383
	18,880	Saia, Inc.*		4,494,006
	43,100	Sanmina Corp.*		1,661,074
	113,047	Schneider National, Inc. Class B		2,570,689
	81,050	Sensata Technologies Holding Plc*		4,435,056
	73,400	Silgan Holdings, Inc.		2,815,624

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Industrial — continued
	12,200	Snap-on, Inc.		2,549,190
	17,900	SYNNEX Corp.		1,863,390
	9,835	Teledyne Technologies, Inc.*		4,224,919
	35,690	Tetra Tech, Inc.		5,329,945
	27,700	Timken Co. (The)		1,812,134
	21,710	TopBuild Corp.*		4,446,425
	67,186	Toro Co. (The)		6,544,588
	96,075	Trex Co., Inc.*		9,792,925
	28,936	TriMas Corp.*		936,369
	53,231	Trimble, Inc.*		4,378,250
	18,800	Trinseo SA		1,014,824
	107,400	TTM Technologies, Inc.*		1,350,018
	81,767	Universal Logistics Holdings, Inc.		1,641,881
	82,300	Vishay Intertechnology, Inc.		1,653,407
	32,010	Vulcan Materials Co.		5,414,812
	58,900	Westrock Co.		2,934,987
				324,503,462
		Technology — 13.1%
	145,853	ACI Worldwide, Inc.*		4,482,063
	465,245	Alight, Inc. Class A*		5,341,013
	32,400	Amdocs, Ltd.		2,453,004
	136,400	Amkor Technology, Inc.		3,403,180
	58,339	Avalara, Inc.*		10,195,907
	431,072	Avaya Holdings Corp.*		8,530,915
	38,057	Black Knight, Inc.*		2,740,104
	37,966	Blackline, Inc.*		4,482,266
	25,614	Broadridge Financial Solutions, Inc.		4,268,317
	39,497	Brooks Automation, Inc.		4,042,518
	19,744	CACI International, Inc. Class A*		5,174,902
	105,730	CDK Global, Inc.		4,498,812
	66,847	Cerence, Inc.* (a)		6,424,665
	58,160	Cirrus Logic, Inc.*		4,789,476
	43,800	CSG Systems International, Inc.		2,111,160
	126,815	DXC Technology Co.*		4,262,252
	38,400	Ebix, Inc.(a)		1,034,112
	28,285	Endava Plc, ADR*		3,842,517
	56,400	Entegris, Inc.		7,100,760
	23,490	Five9, Inc.*		3,752,293
	28,477	HubSpot, Inc.*		19,253,015
	14,700	Insight Enterprises, Inc.*		1,324,176
	22,700	J2 Global, Inc.*		3,101,274
	94,960	KBR, Inc.		3,741,424
	64,430	Lumentum Holdings, Inc.*		5,382,482
	46,359	Manhattan Associates, Inc.*		7,094,318
	63,128	MKS Instruments, Inc.		9,526,647
	10,331	Monolithic Power Systems, Inc.		5,007,229
	269,491	NCR Corp.* (a)		10,445,471
	45,280	Nova Measuring Instruments, Ltd.* (a)		4,631,691

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, 2021 (Unaudited)

Shares			Description	Value ($)
			Technology — continued
	69,042		Pegasystems, Inc.		8,775,238
	21,382		Power Integrations, Inc.		2,116,604
	133,563		Pure Storage, Inc. Class A*		3,360,445
	108,905		Rapid7, Inc.*		12,308,443
	47,300		Seagate Technology Holdings Plc		3,903,196
	62,426		Semtech Corp.*		4,867,355
	71,554		Silicon Laboratories, Inc.*		10,029,009
	58,947		Silicon Motion Technology Corp., ADR		4,066,164
	41,500		SMART Global Holdings, Inc.*		1,846,750
	55,234		Smartsheet, Inc. Class A*		3,801,204
	22,475		Synaptics, Inc.*		4,039,432
	8,619		Tyler Technologies, Inc.*		3,953,104
	29,700		Ultra Clean Holdings, Inc.*		1,265,220
	64,300		Xerox Holdings Corp.		1,296,931
	19,160		Zebra Technologies Corp. Class A*		9,875,447
	527,710		Zynga, Inc. Class A*		3,973,656
					241,916,161
			Utilities — 1.4%
	48,837		IDACORP, Inc.		5,048,769
	24,700		National Fuel Gas Co.		1,297,244
	94,200		NRG Energy, Inc.		3,846,186
	89,360		OGE Energy Corp.		2,945,306
	30,035		Pinnacle West Capital Corp.		2,173,333
	82,084		Portland General Electric Co.		3,857,127
	418,356		Vistra Corp.		7,153,887
					26,321,852
			TOTAL COMMON STOCKS (COST $1,361,337,006)		1,770,236,325
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 0.2%
			Mutual Fund - Securities Lending Collateral — 0.2%
	2,856,791		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b) (c)		2,856,791
			TOTAL SHORT-TERM INVESTMENT (COST $2,856,791)		2,856,791
			TOTAL INVESTMENTS — 96.0% (Cost $1,364,193,797)		1,773,093,116
			Other Assets and Liabilities (net) — 4.0%		74,389,473
			NET ASSETS — 100.0%	$1,847,482,589
			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, 2021.
		(c)	Represents an investment of securities lending cash collateral.

See accompanying Notes to the Financial Statements.

17

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	238	Russell 2000 E-mini Index		Dec 2021	$	26,189,520	$	(309,046	)
	103	S&P Mid 400 E-mini Index		Dec 2021		27,121,960		(485,935	)
							$	(794,981	)

Abbreviations

ADR — American Depository Receipt

REIT — Real Estate Investment Trust

See accompanying Notes to the Financial Statements.

18

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		95.8
Futures Contracts		0.0	*
Short-Term Investment		0.2
Other Assets and Liabilities (net)		4.0
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Financial Statements.

19

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 94.9%
		Australia — 3.1%
	53,703	Adairs, Ltd.(a)		156,840
	224,400	AGL Energy, Ltd.		927,971
	61,053	Ampol, Ltd.		1,224,173
	6,390	Aristocrat Leisure, Ltd.		213,724
	163,100	Australia & New Zealand Banking Group, Ltd.		3,287,810
	1,987,600	Beach Energy, Ltd.		2,129,813
	294,129	BGP Holdings Plc* (b)		—
	115,148	BHP Group Plc		2,871,891
	134,124	BHP Group Plc, ADR		6,798,746
	72,674	BHP Group, Ltd.(a)		1,951,662
	98,199	BHP Group, Ltd., ADR		5,255,611
	331,165	BlueScope Steel, Ltd.		4,800,414
	50,816	Boral, Ltd.*		225,699
	390,709	Champion Iron, Ltd.*		1,340,225
	32,653	Codan, Ltd.		300,198
	234,599	Collins Foods, Ltd.(a)		2,046,551
	59,221	CSL, Ltd.		12,478,006
	860,705	CSR, Ltd.		3,445,904
	5,959	Domino’s Pizza Enterprises, Ltd.		686,468
	146,747	Downer EDI, Ltd.		671,735
	874,039	Fortescue Metals Group, Ltd.		9,209,569
	1,233,793	Genworth Mortgage Insurance Australia, Ltd.		1,948,650
	1,551,783	Harvey Norman Holdings, Ltd.(a)		5,568,361
	86,744	IGO, Ltd.		544,282
	25,473	Incitec Pivot, Ltd.		53,731
	731,800	Inghams Group, Ltd.(a)		2,168,988
	80,574	Integrated Research, Ltd.* (a)		95,713
	7,537	Magellan Financial Group, Ltd.		191,934
	42,269	McMillan Shakespeare, Ltd.		444,095
	1,224,800	Metcash, Ltd.(a)		3,438,512
	76,000	Mineral Resources, Ltd.		2,421,665
	1,454,500	Mirvac Group REIT		3,117,794
	151,459	Oil Search, Ltd.		479,043
	1,626,284	Orora, Ltd.		3,625,841
	810,700	Perenti Global, Ltd.		479,255
	757,700	Qantas Airways, Ltd.*		3,094,409
	79,327	Rio Tinto Plc		5,241,350
	91,850	Rio Tinto Plc, ADR		6,137,417
	121,507	Rio Tinto, Ltd.		8,627,132
	40,704	Santos, Ltd.		209,687
	370,001	South32, Ltd.		938,383
	1,011,400	Stockland REIT		3,231,489
	345,218	Super Retail Group, Ltd.		3,036,164
	14,045	Washington H Soul Pattinson & Co., Ltd.(a)		396,035
	2,540	Wesfarmers, Ltd.		102,131
				115,615,071

See accompanying Notes to the Financial Statements.

20

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Austria — 0.4%
	2,776	ANDRITZ AG		151,790
	110,942	OMV AG		6,669,893
	58,077	voestalpine AG		2,135,697
	138,170	Wienerberger AG		4,647,510
				13,604,890
		Belgium — 0.4%
	61,000	Ageas SA		3,020,459
	2,098	Bekaert SA		87,174
	39,710	Groupe Bruxelles Lambert SA		4,367,947
	15,298	Solvay SA		1,904,583
	21,701	Telenet Group Holding NV		830,186
	26,100	UCB SA		2,905,524
				13,115,873
		Brazil — 0.6%
	2,506,757	Magazine Luiza SA*		6,597,092
	77,200	Petroleo Brasileiro SA, ADR		772,000
	37,900	Vale SA		530,290
	103,102	Wheaton Precious Metals Corp.		3,880,415
	209,206	Yara International ASA		10,369,223
				22,149,020
		Canada — 1.4%
	103,592	Agnico Eagle Mines, Ltd.		5,373,194
	242,255	Atlas Corp.		3,679,853
	115,950	Canadian Pacific Railway, Ltd.(a)		7,570,134
	33,183	Canadian Tire Corp., Ltd. Class A(a)		4,642,503
	5,750	Canfor Corp.*		126,793
	20,094	CGI, Inc.*		1,706,527
	25,513	CGI, Inc. (New York Exchange)*		2,162,482
	143	Constellation Software, Inc.		234,225
	41,738	Descartes Systems Group, Inc. (The)*		3,396,762
	137,348	Franco-Nevada Corp.		17,840,007
	397	Gildan Activewear, Inc.		14,503
	58,800	Loblaw Cos., Ltd.(a)		4,034,334
	11,500	North West Co., Inc. (The)(a)		307,006
	28,600	Open Text Corp.		1,393,964
	229,900	ShawCor, Ltd.*		1,027,141
				53,509,428
		China — 0.8%
	1,310,000	China Medical System Holdings, Ltd.		2,367,676
	3,542,000	China Resources Cement Holdings, Ltd.		3,407,416
	3,714,000	Jiangnan Group, Ltd.*		145,629
	1,940,000	Lee & Man Paper Manufacturing, Ltd.		1,424,847
	628,600	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		1,211,984
	1,289,000	Shenzhen International Holdings, Ltd.		1,657,075

See accompanying Notes to the Financial Statements.

21

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		China — continued
	76,000	SITC International Holdings Co., Ltd.		270,952
	917,500	Wuxi Biologics Cayman, Inc.*		14,829,797
	2,982,100	Yangzijiang Shipbuilding Holdings, Ltd.		3,000,835
				28,316,211
		Colombia — 0.0%
	4,991	Millicom International Cellular SA*		180,425
		Denmark — 2.2%
	387	AP Moller - Maersk AS Class A		990,827
	3,965	AP Moller - Maersk AS Class B		10,731,717
	22,262	Carlsberg AS Class B		3,623,678
	282,200	Danske Bank AS		4,759,979
	50,200	DFDS AS*		2,661,801
	125,716	ISS AS*		2,654,789
	40,580	Jyske Bank AS*		1,750,959
	294,359	Novo Nordisk AS Class B		28,330,152
	54,117	Novo Nordisk AS, ADR		5,195,773
	199,676	Novozymes AS Class B		13,678,667
	11,938	Pandora AS		1,448,601
	21,959	Royal Unibrew AS		2,645,765
	53,808	Sydbank AS		1,606,531
				80,079,239
		Finland — 1.0%
	101,094	Caverion OYJ		789,667
	4,789	Kone OYJ Class B		335,986
	236,768	Neste OYJ		13,369,848
	1,500,927	Nokia OYJ*		8,261,496
	163,838	Nordea Bank Abp		2,124,953
	305,100	Nordea Bank Abp Class A(a)		3,918,221
	155,706	TietoEVRY OYJ		4,671,686
	61,100	Valmet OYJ		2,209,967
	123,561	Wartsila OYJ Abp		1,480,410
				37,162,234
		France — 9.3%
	69,390	Air Liquide SA		11,108,643
	24,100	Arkema SA		3,189,673
	146,709	AXA SA		4,083,557
	119,700	BNP Paribas SA		7,671,405
	101,900	Bouygues SA		4,207,397
	402,950	Bureau Veritas SA		12,373,677
	120,860	Capgemini SE		25,148,294
	295,800	Carrefour SA		5,327,290
	33,000	Casino Guichard Perrachon SA*		888,395
	98,400	Cie de Saint-Gobain		6,630,876
	52,141	Cie Generale des Etablissements Michelin SCA		8,006,264
	214,100	CNP Assurances		3,398,112

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, 2021 (Unaudited)

Shares		Description	Value ($)
		France — continued
	82,642	Coface SA		1,041,215
	361,100	Credit Agricole SA		4,984,650
	119,343	Danone SA		8,149,969
	480,395	Dassault Systemes SE		25,198,574
	205,610	Edenred		11,080,041
	36,854	Engie SA		483,941
	1,921	Eramet SA*		144,148
	45,059	EssilorLuxottica SA		8,620,489
	419,041	Eutelsat Communications SA		5,763,185
	5,180	Gaztransport Et Technigaz SA		387,228
	18,900	Ipsen SA		1,805,260
	42,863	IPSOS		1,946,293
	57,701	L’Oreal SA		23,826,823
	198,461	Legrand SA		21,296,646
	27,462	LVMH Moet Hennessy Louis Vuitton SE		19,647,262
	125,400	Metropole Television SA		2,608,448
	27,922	Nexans SA		2,613,801
	36,500	Nexity SA		1,740,175
	1,214,515	Orange SA		13,164,060
	113,749	Pernod Ricard SA		24,888,317
	62,549	Publicis Groupe SA		4,214,462
	35,500	Quadient SA		854,188
	22,926	Renault SA*		818,213
	151,400	Rexel SA*		2,914,758
	121,194	Sanofi		11,672,734
	46,814	Societe BIC SA		2,757,306
	107,400	Societe Generale SA		3,373,787
	18,791	Sopra Steria Group SACA		3,488,284
	45,403	Teleperformance		17,873,358
	219,200	Television Francaise 1		2,147,591
	12,319	Thales SA		1,190,293
	218,500	TotalEnergies SE		10,475,743
	19,907	TotalEnergies SE, ADR		954,143
	336,300	Valeo		9,389,620
				343,548,588
		Georgia — 0.0%
	45,361	Bank of Georgia Group Plc*		944,263
		Germany — 6.8%
	26,316	adidas AG		8,296,647
	55,596	Allianz SE		12,545,824
	40,282	Aurubis AG		3,053,179
	98,609	BASF SE		7,517,183
	98,856	Bayer AG		5,394,586
	2,508	Bechtle AG		172,153
	78,800	BMW AG		7,567,450
	44,644	Brenntag SE		4,166,658
	9,297	Carl Zeiss Meditec AG		1,788,066

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	21,764	Continental AG*		2,387,248
	142,021	Covestro AG 144A		9,759,268
	211,076	Daimler AG		18,773,396
	10,699	Deutsche Boerse AG		1,742,554
	199,311	Deutsche Lufthansa AG* (a)		1,372,070
	233,239	Deutsche Pfandbriefbank AG		2,653,653
	311,200	Deutsche Post AG		19,624,009
	203,830	Deutsche Telekom AG		4,111,782
	59,225	Deutsche Wohnen SE*		3,630,993
	86,787	Deutz AG*		757,617
	3,116	Duerr AG		134,278
	231,985	Evonik Industries AG		7,351,537
	16,752	Fresenius Medical Care AG & Co. KGaA		1,181,153
	7,192	Fresenius Medical Care AG & Co. KGaA, ADR		251,504
	62,600	Fresenius SE & Co. KGaA		3,011,323
	193,791	GEA Group AG		8,885,740
	2,962	Gerresheimer AG		290,948
	1,432	Hannover Rueck SE		250,936
	130,511	HUGO BOSS AG		7,873,349
	453,322	Infineon Technologies AG		18,645,335
	42,688	Knorr-Bremse AG		4,583,203
	29,802	Koenig & Bauer AG*		913,181
	378	Krones AG		37,011
	36,949	LEG Immobilien AG		5,230,321
	5,436	Merck KGaA		1,182,719
	11,200	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,071,455
	12,701	Nemetschek SE		1,335,617
	139,325	Puma SE		15,578,985
	58,426	Rheinmetall AG		5,738,884
	27,102	Salzgitter AG*		916,767
	60,928	SAP SE		8,258,414
	39,200	SAP SE, ADR		5,293,568
	27,377	Siltronic AG		4,306,614
	80,495	Symrise AG Class A		10,624,595
	154,735	TAG Immobilien AG		4,537,074
	42,000	Talanx AG*		1,799,134
	266,459	Telefonica Deutschland Holding AG		758,866
	81,200	United Internet AG		3,161,262
	4,353	Vitesco Technologies Group AG*		257,279
	102,516	Vonovia SE		6,165,750
	36,645	Zalando SE*		3,369,187
				250,310,325
		Hong Kong — 1.2%
	1,373,600	AIA Group, Ltd.		15,815,824
	62,900	Hongkong Land Holdings, Ltd.		301,034
	213,000	Pacific Basin Shipping, Ltd.		98,641
	1,112,000	Techtronic Industries Co., Ltd.		21,799,036
	9,510,000	Tongda Group Holdings, Ltd.*		296,755

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Hong Kong — continued
	1,834,000	United Laboratories International Holdings, Ltd. (The)		1,216,712
	3,955,500	WH Group, Ltd.		2,813,906
	1,088,000	Xinyi Glass Holdings, Ltd.		3,231,886
				45,573,794
		Hungary — 0.1%
	229,600	MOL Hungarian Oil & Gas Plc		1,911,717
	113,800	Richter Gedeon Nyrt		3,100,818
				5,012,535
		India — 0.4%
	637,410	HDFC Bank, Ltd.		13,647,109
		Indonesia — 0.2%
	3,540,700	Bank Negara Indonesia Persero Tbk PT		1,318,200
	7,888,300	Golden Agri-Resources, Ltd.		1,356,810
	11,313,400	Telkom Indonesia Persero Tbk PT		2,903,931
				5,578,941
		Ireland — 1.1%
	7,700	AerCap Holdings NV*		445,137
	61,640	ICON Plc*		16,150,913
	50,987	Kerry Group Plc Class A		6,829,869
	148,148	Ryanair Holdings Plc, ADR*		16,305,169
				39,731,088
		Israel — 0.3%
	66,311	Bank Leumi Le-Israel BM		562,497
	26,067	Check Point Software Technologies, Ltd.*		2,946,614
	27,594	Hilan, Ltd.		1,551,801
	30,561	ICL Group, Ltd.		222,143
	210,300	Teva Pharmaceutical Industries, Ltd.*		2,063,763
	20,624	Wix.com, Ltd.*		4,041,685
				11,388,503
		Italy — 1.3%
	3,024,100	A2A SpA		6,204,331
	70,873	Datalogic SpA		1,421,995
	57,806	Davide Campari-Milano NV		814,160
	361,800	Enel SpA		2,779,172
	1,131,173	Eni SpA		15,068,530
	1,714	Interpump Group SpA		111,079
	1,152,531	Leonardo SpA*		9,418,096
	54,997	Mediaset NV		157,803
	291,800	Mediobanca Banca di Credito Finanziario SpA*		3,526,729
	19,798	Prysmian SpA		694,888
	1,301	Reno de Medici SpA(a)		2,170
	4,822	Reply SpA		888,770

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Italy — continued
	202,979	Rizzoli Corriere Della Sera Mediagroup SpA(a)		158,826
	185,929	Saras SpA* (a)		180,846
	596,700	Unipol Gruppo SpA		3,490,502
	1,078,000	UnipolSai Assicurazioni SpA(a)		3,030,040
				47,947,937
		Japan — 22.2%
	151,500	ADEKA Corp.		3,411,902
	35,900	Advantest Corp.		3,208,276
	2,200	AEON REIT Investment Corp. REIT		2,948,409
	134,600	AGC, Inc.		6,871,815
	10,500	Air Water, Inc.		167,765
	10,300	Aisin Corp.		373,404
	69,300	Ajinomoto Co., Inc.		2,045,429
	189,600	Alpen Co., Ltd.		5,226,331
	30,600	Altech Corp.		563,084
	21,100	Amada Co., Ltd.		218,407
	121,700	Amano Corp.		3,120,125
	4,600	Amiyaki Tei Co., Ltd.		120,500
	28,100	ArtSpark Holdings, Inc.		237,335
	184,600	Asahi Kasei Corp.		1,965,422
	136,700	Asics Corp.		3,093,626
	85,400	ASKA Pharmaceutical Holdings Co., Ltd.		819,932
	274,300	Astellas Pharma, Inc.		4,511,486
	23,100	Avex, Inc.(a)		308,526
	9,000	Bike O & Co., Ltd.		116,330
	28,100	BML, Inc.		1,064,390
	32,200	Brother Industries, Ltd.		706,711
	170,400	Canon, Inc.(a)		4,180,833
	39,709	Canon, Inc., ADR		968,105
	45,400	Central Glass Co., Ltd.		846,451
	325,794	Chiba Bank, Ltd. (The)		2,092,422
	214,300	Chubu Electric Power Co., Inc.		2,535,657
	5,700	Chudenko Corp.		115,600
	221,900	Credit Saison Co., Ltd.		2,915,811
	374,300	Dai-ichi Life Holdings, Inc.		8,129,563
	576,700	Daicel Corp.		4,479,570
	53,200	Daikin Industries, Ltd.		11,414,001
	107,400	Daiwa House Industry Co., Ltd.		3,577,792
	1,244,600	Daiwa Securities Group, Inc.		7,251,807
	60,000	Denka Co., Ltd.		2,101,960
	88,000	Dexerials Corp.		1,728,706
	89,500	DIC Corp.		2,525,649
	12,000	Disco Corp.		3,350,592
	139,500	DMG Mori Co., Ltd.		2,617,321
	59,600	Dowa Holdings Co., Ltd.		2,345,552
	52,800	Eagle Industry Co., Ltd.		584,088
	5,500	Ebara Corp.		271,423
	275,800	EDION Corp.(a)		2,597,676

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	67,500	Electric Power Development Co., Ltd.		965,801
	1,251,100	ENEOS Holdings, Inc.		5,095,984
	16,200	Enplas Corp.(a)		455,735
	4,200	eRex Co., Ltd.		93,424
	94,900	Ezaki Glico Co., Ltd.		3,601,637
	33,600	FANUC Corp.		7,337,037
	10,100	Financial Products Group Co., Ltd.		64,686
	22,600	Fuji Co., Ltd.		440,789
	111,900	FUJIFILM Holdings Corp.		9,624,919
	30,000	Fujitsu, Ltd.		5,434,645
	306,100	Fukuoka Financial Group, Inc.(a)		5,484,575
	87,100	Furukawa Co., Ltd.		952,423
	124,400	Futaba Industrial Co., Ltd.		530,243
	58,900	Glory, Ltd.		1,309,341
	800	Godo Steel, Ltd.		10,705
	9,600	GS Yuasa Corp.		217,321
	466,194	Hachijuni Bank, Ltd. (The)		1,657,865
	14,700	Hakuhodo DY Holdings, Inc.		252,971
	287,800	Haseko Corp.		3,848,461
	326,100	Hazama Ando Corp.		2,336,041
	79,300	Hirose Electric Co., Ltd.		13,172,216
	7,600	Hitachi Metals, Ltd.*		146,888
	82,400	Hitachi, Ltd.		4,873,549
	132,800	Hokkaido Electric Power Co., Inc.		634,708
	501,500	Honda Motor Co., Ltd.		15,427,606
	39,007	Honda Motor Co., Ltd., ADR		1,196,345
	7,800	Horiba, Ltd.		544,827
	11,200	Hosokawa Micron Corp.		350,592
	6,000	Hoya Corp.		936,033
	69,900	Ichinen Holdings Co., Ltd.(a)		820,882
	12,800	Idemitsu Kosan Co., Ltd.		337,066
	8,300	Iida Group Holdings Co., Ltd.		213,093
	477,000	Inpex Corp.		3,723,727
	30,800	Inui Global Logistics Co., Ltd.(a)		646,302
	327,600	Isuzu Motors, Ltd.		4,293,196
	178,500	Ito En, Ltd.		11,823,674
	201,600	ITOCHU Corp.(a)		5,890,350
	77,400	Jaccs Co., Ltd.(a)		2,109,476
	18,900	JAFCO Group Co., Ltd.		1,209,861
	105,600	Japan Airlines Co., Ltd.*		2,507,336
	153,300	Japan Aviation Electronics Industry, Ltd.		2,235,332
	21,300	Japan Exchange Group, Inc.		527,294
	108,700	Japan Petroleum Exploration Co., Ltd.		2,040,806
	13,200	Japan Post Insurance Co., Ltd.		238,297
	205,200	JFE Holdings, Inc.		3,054,160
	12,300	JSR Corp.		444,744
	11,700	JTEKT Corp.		101,722
	59,000	Juki Corp.		439,101
	186,600	K’s Holdings Corp.		1,928,972

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	16,100	Kaken Pharmaceutical Co., Ltd.		660,595
	114,600	Kamigumi Co., Ltd.		2,405,303
	278,400	Kandenko Co., Ltd.		2,294,054
	27,800	Kaneka Corp.		1,162,696
	282,500	Kanematsu Corp.		3,502,462
	153,300	Kansai Paint Co., Ltd.		3,802,202
	234,708	Kao Corp.		13,949,270
	42,400	Katakura Industries Co., Ltd.		649,594
	19,400	Kato Sangyo Co., Ltd.		574,757
	170,500	Kawasaki Heavy Industries, Ltd.*		3,951,453
	1,600	Kawasaki Kisen Kaisha, Ltd.*		86,373
	408,300	KDDI Corp.		13,459,436
	51,300	Keyence Corp.		30,661,058
	11,600	KH Neochem Co., Ltd.		318,676
	106,100	Kinden Corp.		1,786,851
	28,900	Kissei Pharmaceutical Co., Ltd.		620,810
	33,100	Kito Corp.		533,736
	118,600	Kobayashi Pharmaceutical Co., Ltd.		9,369,034
	343,300	Kobe Steel, Ltd.		2,066,797
	76,200	Kohnan Shoji Co., Ltd.		2,487,645
	6,000	Konami Holdings Corp.		375,578
	25,900	Konica Minolta, Inc.(a)		139,358
	14,586	Kose Corp.		1,743,905
	107,700	Kubota Corp.		2,291,820
	147,700	Kuraray Co., Ltd.		1,419,363
	700	Kurimoto, Ltd.		10,270
	46,300	KYB Corp.		1,253,005
	132,700	Lion Corp.		2,141,387
	14,600	Lixil Corp.		423,195
	11,200	Makita Corp.		609,668
	702,400	Marubeni Corp.(a)		5,748,635
	300	Matsumotokiyoshi Holdings Co., Ltd.		13,373
	63,400	Maxell Holdings, Ltd.		756,916
	35,500	Mazda Motor Corp.*		308,362
	8,300	MCJ Co., Ltd.		89,197
	586,000	Mebuki Financial Group, Inc.		1,285,617
	107,700	Medipal Holdings Corp.		2,026,502
	32,700	Meidensha Corp.		722,142
	30,200	Meiji Shipping Co., Ltd.		207,757
	744,400	Mitsubishi Chemical Holdings Corp.		6,784,945
	348,900	Mitsubishi Corp.		10,887,136
	170,000	Mitsubishi Gas Chemical Co., Inc.(a)		3,348,860
	109,000	Mitsubishi Heavy Industries, Ltd.		2,935,457
	99,500	Mitsubishi Materials Corp.		1,941,531
	27,200	Mitsubishi Motors Corp.*		74,223
	1,845,400	Mitsubishi UFJ Financial Group, Inc.		10,747,223
	682,930	Mitsubishi UFJ Lease & Finance Co., Ltd.		3,579,831
	140,100	Mitsui & Co., Ltd.		3,031,594
	67,400	Mitsui Chemicals, Inc.		2,257,269

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	71,300	Mitsui Engineering & Shipbuilding Co., Ltd.*		317,123
	2,200	Mitsui Mining & Smelting Co., Ltd.		61,362
	6,900	Mitsui OSK Lines, Ltd.		463,820
	61,900	Mixi, Inc.		1,392,598
	613,900	Mizuho Financial Group, Inc.		8,620,785
	91,200	Mizuho Leasing Co., Ltd.(a)		2,961,104
	32,800	Mochida Pharmaceutical Co., Ltd.		1,001,285
	131,000	MS&AD Insurance Group Holdings, Inc.		4,360,006
	16,100	Nachi-Fujikoshi Corp.		657,647
	5,800	Nagase & Co., Ltd.		97,785
	15,000	NGK Insulators, Ltd.		254,087
	234,200	Nihon Kohden Corp.		7,941,386
	227,700	Nikon Corp.		2,533,955
	3,800	Nippon Electric Glass Co., Ltd.		89,895
	12,000	Nippon Express Co., Ltd.		824,696
	99,400	Nippon Kayaku Co., Ltd.		1,099,032
	19,000	Nippon Pillar Packing Co., Ltd.		457,525
	30,300	Nippon Sanso Holdings Corp.		760,595
	126,900	Nippon Soda Co., Ltd.		4,094,789
	324,100	Nippon Steel Corp.		5,785,781
	614,600	Nippon Telegraph & Telephone Corp.		16,948,015
	6,000	Nippon Yakin Kogyo Co., Ltd.		141,762
	52,000	Nippon Yusen KK(a)		3,901,541
	154,600	Nishio Rent All Co., Ltd.		4,066,669
	996,900	Nissan Motor Co., Ltd.*		4,987,059
	110,300	Nisshin Oillio Group, Ltd. (The)		2,996,756
	32,000	Nissin Foods Holdings Co., Ltd.		2,565,758
	29,300	Nitto Denko Corp.		2,082,716
	49,000	Nojima Corp.		1,262,029
	2,021,300	Nomura Holdings, Inc.		9,910,109
	14,300	Nomura Micro Science Co., Ltd.(a)		616,595
	240,100	Nomura Research Institute, Ltd.		8,826,568
	479,141	North Pacific Bank, Ltd.		1,088,497
	4,600	NS Solutions Corp.		156,092
	96,900	NTT Data Corp.		1,872,667
	389,700	Obayashi Corp.		3,227,668
	52,100	Obic Co., Ltd.		9,944,175
	153,900	Okuwa Co., Ltd.		1,630,461
	126,300	Olympus Corp.		2,766,746
	103,200	Omron Corp.		10,203,254
	30,500	Onoken Co., Ltd.		454,132
	594,400	ORIX Corp.		11,080,253
	264,000	Osaka Gas Co., Ltd.		4,840,305
	18,200	OSG Corp.		312,163
	40,100	Otsuka Holdings Co., Ltd.		1,705,121
	120,300	Outsourcing, Inc.		2,168,383
	10,000	Persol Holdings Co., Ltd.		249,942
	81,700	Pilot Corp.		3,089,219
	68,400	Plenus Co., Ltd.		1,333,570

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	83,100	Pola Orbis Holdings, Inc.		1,911,958
	66,100	Prima Meat Packers, Ltd.		1,675,454
	30,300	Punch Industry Co., Ltd.		170,391
	425,200	Recruit Holdings Co., Ltd.		25,861,634
	340,500	Rengo Co., Ltd.		2,655,059
	714,000	Resona Holdings, Inc.		2,834,625
	160,500	Ricoh Co., Ltd.		1,642,855
	358,700	Rohto Pharmaceutical Co., Ltd.		10,988,381
	91,200	Sangetsu Corp.		1,237,344
	209,700	Sanki Engineering Co., Ltd.		2,778,678
	53,700	Sankyu, Inc.		2,479,276
	18,000	Sanoh Industrial Co., Ltd.		163,729
	522,400	Santen Pharmaceutical Co., Ltd.		7,353,310
	10,500	Sanwa Holdings Corp.		136,202
	3,500	Sanyo Chemical Industries, Ltd.		183,015
	7,700	Sanyo Trading Co., Ltd.		80,554
	40,100	Sawai Group Holdings Co., Ltd.		1,861,559
	12,300	SBS Holdings, Inc.		463,182
	2,100	SCREEN Holdings Co., Ltd.		179,778
	129,000	Secom Co., Ltd.		9,337,282
	165,600	Seiko Epson Corp.		3,332,655
	145,900	Seino Holdings Co., Ltd.		1,755,346
	220,600	Senshu Ikeda Holdings, Inc.		325,372
	319,300	Shimadzu Corp.		13,990,472
	21,400	Shin-Etsu Chemical Co., Ltd.		3,600,366
	3,800	Shinko Electric Industries Co., Ltd.		126,111
	124,600	Shinmaywa Industries, Ltd.		1,040,397
	154,100	Shinsei Bank, Ltd.(a)		2,587,947
	20,900	Shizuoka Bank, Ltd. (The)		171,514
	13,600	Shizuoka Gas Co., Ltd.		163,910
	9,700	Shoei Co., Ltd.		435,820
	6,600	Showa Denko KK		160,671
	378,600	SKY Perfect JSAT Holdings, Inc.		1,452,473
	19,800	SMC Corp.		12,356,344
	69,600	Sohgo Security Services Co., Ltd.		3,134,688
	334,120	Sojitz Corp.		5,482,787
	167,000	Sompo Holdings, Inc.		7,214,489
	28,000	Studio Alice Co., Ltd.		612,358
	32,500	SUMCO Corp.		650,889
	19,600	Sumitomo Bakelite Co., Ltd.		905,246
	93,000	Sumitomo Chemical Co., Ltd.		483,914
	137,900	Sumitomo Corp.		1,923,181
	10,100	Sumitomo Dainippon Pharma Co., Ltd.		180,002
	196,600	Sumitomo Electric Industries, Ltd.		2,616,086
	134,400	Sumitomo Heavy Industries, Ltd.		3,473,034
	435,200	Sumitomo Mitsui Construction Co., Ltd.		1,945,511
	182,300	Sumitomo Mitsui Financial Group, Inc.		6,361,830
	158,100	Sumitomo Mitsui Trust Holdings, Inc.		5,400,965
	424,700	Sumitomo Rubber Industries, Ltd.		5,387,196

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	11,700	Sumitomo Seika Chemicals Co., Ltd.		379,125
	206,900	Suruga Bank, Ltd.(a)		767,868
	37,100	T Hasegawa Co., Ltd.		883,350
	38,400	T&D Holdings, Inc.		523,138
	129,300	Taiheiyo Cement Corp.		2,682,757
	14,800	Takara Bio, Inc.		413,847
	7,900	Takara Holdings, Inc.		113,929
	14,000	Takara Standard Co., Ltd.		203,726
	7,200	Takasago Thermal Engineering Co., Ltd.		136,549
	11,500	Takashimaya Co., Ltd.		128,108
	14,800	Takeuchi Manufacturing Co., Ltd.		341,494
	34,200	TDK Corp.		1,232,450
	389,600	Teijin, Ltd.		5,485,747
	134,400	Terumo Corp.		6,302,890
	8,600	Toagosei Co., Ltd.		99,985
	27,200	Tohoku Electric Power Co., Inc.		199,906
	154,500	Tokio Marine Holdings, Inc.		8,264,665
	188,400	Tokuyama Corp.		3,605,520
	10,700	Tokyo Electron, Ltd.		4,704,750
	15,700	Tokyo Electron, Ltd., ADR		1,736,420
	285,300	Tokyo Gas Co., Ltd.		5,299,808
	1,800	Tokyo Ohka Kogyo Co., Ltd.		108,915
	2,200	Tokyo Seimitsu Co., Ltd.		90,407
	21,000	Tokyo Steel Manufacturing Co., Ltd.(a)		215,122
	8,100	Tokyo Tatemono Co., Ltd.		127,979
	229,200	Tokyu Construction Co., Ltd.(a)		1,609,265
	150,100	Tomy Co., Ltd.		1,529,023
	6,100	Topcon Corp.		105,609
	69,400	Toray Industries, Inc.		442,113
	16,900	Tosoh Corp.		305,900
	13,400	TOTO, Ltd.		635,065
	111,400	Towa Corp.		2,539,153
	84,900	Towa Pharmaceutical Co., Ltd.		2,403,286
	54,200	Toyo Ink SC Holdings Co., Ltd.		1,018,847
	8,100	Toyo Seikan Group Holdings, Ltd.(a)		94,925
	220,500	Toyo Suisan Kaisha, Ltd.		9,768,744
	25,700	Toyo Tanso Co., Ltd.		677,339
	185,000	Toyota Motor Corp.		3,301,013	��
	13,000	Toyota Tsusho Corp.		543,441
	5,500	Transcosmos, Inc.		179,702
	171,200	TS Tech Co., Ltd.		2,203,160
	16,600	Tsubakimoto Chain Co.		515,133
	68,500	UACJ Corp.*		1,789,099
	135,900	Ube Industries, Ltd.(a)		2,660,935
	48,700	Ulvac, Inc.		2,778,531
	123,700	Ushio, Inc.		2,320,841
	161,600	Valor Holdings Co., Ltd.		3,487,188
	19,900	Warabeya Nichiyo Holdings Co., Ltd.		454,296
	274,100	Yamaha Motor Co., Ltd.		7,613,098

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	36,200	Yamaichi Electronics Co., Ltd.		535,619
	55,400	Yamazaki Baking Co., Ltd.		962,398
	188,800	Yokogawa Electric Corp.		3,292,915
	136,000	Yokohama Rubber Co., Ltd. (The)		2,439,092
	6,700	Zeon Corp.		94,025
				820,626,994
		Luxembourg — 0.1%
	78,361	APERAM SA		4,321,134
		Mexico — 0.3%
	3,923,900	America Movil SAB de CV Series L		3,489,482
	955,042	Cemex SAB de CV, ADR*		6,847,651
				10,337,133
		Netherlands — 5.7%
	37,775	ABN AMRO Bank NV CVA, GDR* 144A		543,816
	11,322	Adyen NV* 144A		31,497,816
	607,600	Aegon NV		3,121,018
	158,590	Aegon NV, ADR NYRS		807,223
	6,623	ASM International NV		2,587,221
	51,800	ASML Holding NV		38,231,220
	8,291	ASML Holding NV, ADR NYRS		6,177,707
	65,337	ASR Nederland NV		2,974,067
	55,325	Euronext NV		6,246,363
	109,667	Heineken NV		11,406,086
	434,800	ING Groep NV(a)		6,314,033
	8,423	Intertrust NV* 144A		126,130
	318,100	Koninklijke Ahold Delhaize NV		10,551,530
	78,478	Koninklijke DSM NV		15,694,217
	117,082	Koninklijke KPN NV		367,369
	307,714	NN Group NV		16,067,169
	6,972	Randstad NV		466,183
	82,900	Royal Dutch Shell Plc Class A, ADR		3,694,853
	429,600	Royal Dutch Shell Plc Class B		9,524,208
	126,606	Royal Dutch Shell Plc Class B, ADR		5,604,848
	242,833	Signify NV 144A		12,070,776
	50,901	TKH Group NV CVA, ADR		2,821,826
	1,859	Topicus.com, Inc.*		195,152
	204,383	Wolters Kluwer NV		21,615,061
				208,705,892
		New Zealand — 0.0%
	292,169	SKYCITY Entertainment Group, Ltd.		644,812
		Norway — 0.6%
	100,400	Austevoll Seafood ASA		1,192,073
	237,976	DNB Bank ASA		5,410,550

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Norway — continued
	121,804	Equinor ASA		3,108,422
	147,942	Golden Ocean Group, Ltd.		1,541,277
	27,325	Kongsberg Gruppen ASA		758,516
	151,000	Leroy Seafood Group ASA		1,249,907
	55,504	Nordic Semiconductor ASA*		1,663,239
	377,751	Norsk Hydro ASA		2,822,930
	182,055	Telenor ASA		3,062,254
	6,271	TOMRA Systems ASA		327,863
				21,137,031
		Philippines — 0.0%
	6,261,800	Vista Land & Lifescapes, Inc.		427,254
		Portugal — 0.0%
	782,528	Banco Espirito Santo SA* (b) (c)		—
	69,387	NOS SGPS SA		278,116
				278,116
		Russia — 1.4%
	67,302	Coca-Cola HBC AG*		2,164,732
	3,037,280	Gazprom PJSC		15,047,344
	426,500	Gazprom PJSC, ADR		4,198,244
	67,678	LUKOIL PJSC		6,406,220
	55,300	LUKOIL PJSC, ADR		5,234,698
	3,079	MMC Norilsk Nickel PJSC		920,757
	84,300	MMC Norilsk Nickel PJSC, ADR		2,495,476
	8,724	PhosAgro PJSC		612,365
	325,800	Rosneft Oil Co. PJSC		2,742,692
	2,241,060	Sberbank of Russia PJSC		10,430,417
	88,827	Tatneft PJSC		642,549
	44,800	Tatneft PJSC, ADR		1,939,472
				52,834,966
		Singapore — 0.3%
	3,276,000	IGG, Inc.		3,069,830
	719,300	NetLink NBN Trust		526,229
	259,300	United Overseas Bank, Ltd.		4,905,039
	226,400	Venture Corp., Ltd.		2,984,022
				11,485,120
		South Africa — 0.5%
	17,400	Anglo American Platinum, Ltd.		1,507,241
	409,108	Anglo American Plc		14,122,077
	1,003,000	Old Mutual, Ltd.(a)		1,094,169
				16,723,487

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, 2021 (Unaudited)

Shares		Description	Value ($)
		South Korea — 1.2%
	17,475	HMM Co., Ltd.*		491,678
	14,754	KCC Glass Corp.		850,452
	40,800	Kia Corp.		2,756,676
	329,416	Pan Ocean Co., Ltd.		2,062,042
	534,825	Samsung Electronics Co., Ltd.		33,286,869
	26,500	Samyang Foods Co., Ltd.		1,820,438
	14,100	SK Telecom Co., Ltd.		3,844,849
				45,113,004
		Spain — 2.3%
	59,099	Acerinox SA		753,990
	123,370	Amadeus IT Group SA*		8,108,683
	1,102,456	Banco de Sabadell SA*		923,619
	1,645,300	Banco Santander SA*		5,962,536
	5,064,010	CaixaBank SA		15,710,961
	314,297	Cellnex Telecom SA		19,383,915
	142,600	Enagas SA		3,170,876
	205,901	Ercros SA*		838,118
	48,013	Grupo Catalana Occidente SA		1,754,195
	1,203,334	Iberdrola SA		12,024,596
	20,191	Let’s GOWEX SA* (b) (c)		—
	1,816,288	Mapfre SA		3,960,404
	481,400	Mediaset Espana Comunicacion SA*		2,730,285
	732,718	Repsol SA		9,521,822
				84,844,000
		Sweden — 2.8%
	12,439	Arjo AB Class B		153,565
	30,638	Atlas Copco AB Class B		1,567,249
	53,098	Axfood AB(a)		1,270,509
	99,593	Bilia AB Class A		1,797,086
	129,900	Boliden AB		4,181,701
	349,799	Electrolux Professional AB Class B*		2,492,257
	266,050	Epiroc AB Class A		5,487,584
	4,231	EQT AB		174,391
	19,235	Getinge AB Class B		765,418
	242,121	H & M Hennes & Mauritz AB Class B*		4,912,277
	1,060,444	Hexagon AB Class B		16,350,432
	25,674	Industrivarden AB Class A		818,858
	73,036	Industrivarden AB Class C		2,251,646
	9,467	Indutrade AB		263,139
	172,411	Intrum AB		4,694,780
	30,015	Investor AB Class A(a)		647,601
	233,137	Investor AB Class B		4,995,204
	78,133	Inwido AB		1,306,637
	1,186	L E Lundbergforetagen AB Class B		64,811
	49,937	Lundin Energy AB(a)		1,854,983
	24,192	Nobia AB		159,477
	36,197	Ratos AB Class B		212,632

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Sweden — continued
	273,206	Securitas AB Class B		4,335,744
	282,700	SKF AB Class B		6,657,736
	37,051	Svenska Handelsbanken AB Class A		415,905
	437,437	Swedbank AB Class A		8,854,111
	1,380,385	Telefonaktiebolaget LM Ericsson Class B(a)		15,612,044
	141,200	Telefonaktiebolaget LM Ericsson, ADR		1,581,440
	390,400	Volvo AB Class B		8,777,109
				102,656,326
		Switzerland — 9.6%
	367,771	ABB, Ltd.		12,246,768
	154,607	Adecco Group AG		7,735,388
	46,038	Arbonia AG		891,759
	5,851	Bachem Holding AG Class B		4,448,429
	2,468	Baloise Holding AG		375,943
	200	Chocoladefabriken Lindt & Spruengli AG		2,238,328
	156,451	Cie Financiere Richemont SA		16,116,633
	128,926	Clariant AG*		2,413,195
	3,131	Comet Holding AG		1,083,063
	358,000	Credit Suisse Group AG		3,546,069
	3,903	dormakaba Holding AG(a)		2,831,381
	15,600	Flughafen Zurich AG*		2,779,659
	9,789	Geberit AG		7,185,651
	260	Georg Fischer AG		384,578
	6,814	Givaudan SA		31,091,699
	157,550	Holcim, Ltd.*		7,572,502
	26,825	Huber + Suhner AG		2,069,014
	53,081	Julius Baer Group, Ltd.		3,507,463
	26,575	Lonza Group AG		19,890,540
	347,642	Nestle SA		41,787,550
	247,328	Novartis AG		20,271,265
	15,749	Partners Group Holding AG		24,492,978
	85,885	Roche Holding AG		31,309,519
	146,703	Roche Holding AG, ADR		6,670,585
	44,698	Schindler Holding AG		11,949,141
	4,671	SGS SA		13,569,055
	123	Siegfried Holding AG*		108,706
	24,743	Sika AG(a)		7,818,535
	456	Straumann Holding AG		815,228
	22,320	Swatch Group AG (The)		1,148,354
	5,300	Swatch Group AG (The) (Bearer Shares)		1,387,984
	38,142	Swiss Life Holding AG		19,322,682
	3,213	Tecan Group AG		1,811,386
	41,936	Temenos AG		5,689,746
	1,609	u-blox Holding AG*		105,695
	1,066,562	UBS Group AG		17,027,193
	10,205	Valora Holding AG*		1,999,798
	4,695	Vontobel Holding AG		396,166
	36,200	Zur Rose Group AG* (a)		14,352,913
	5,887	Zurich Insurance Group AG		2,398,099
				352,840,640

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, 2021 (Unaudited)

Shares		Description	Value ($)
		Taiwan — 2.1%
	935,000	ASE Technology Holding Co., Ltd.		3,639,643
	1,134,000	Chipbond Technology Corp.		2,736,792
	1,483,000	ChipMOS Technologies, Inc.		2,483,281
	1,961,000	Compeq Manufacturing Co., Ltd.		2,597,659
	1,327,700	Fubon Financial Holding Co., Ltd.		3,621,675
	816,000	Hon Hai Precision Industry Co., Ltd.		3,049,535
	42,090	Sea, Ltd., ADR*		13,415,346
	747,000	Taiwan Semiconductor Manufacturing Co., Ltd.		15,403,921
	276,682	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		30,891,545
				77,839,397
		Thailand — 0.0%
	16,831,100	Quality Houses PCL Class F		1,082,446
		Turkey — 0.1%
	280,700	Coca-Cola Icecek AS		2,677,597
		United Kingdom — 10.1%
	484,537	3i Group Plc		8,351,998
	12,050	888 Holdings Plc		69,660
	242,810	Ashtead Group Plc		18,431,740
	73,110	AstraZeneca Plc		8,807,525
	342,500	Babcock International Group Plc*		1,700,981
	966,000	BAE Systems Plc		7,306,604
	1,303,300	Barclays Plc		3,326,262
	277,400	Barclays Plc, ADR		2,862,768
	280,200	Barratt Developments Plc		2,474,361
	54,979	Bellway Plc		2,411,692
	21,055	Berkeley Group Holdings Plc		1,234,197
	93,857	Bodycote Plc		1,093,729
	802,969	BP Plc		3,640,052
	63,189	BP Plc, ADR		1,726,955
	235,600	British American Tobacco Plc		8,225,738
	268,973	British American Tobacco Plc, ADR		9,489,367
	1,821,700	BT Group Plc*		3,915,203
	1,634,400	Centrica Plc*		1,247,991
	551,000	CK Hutchison Holdings, Ltd.		3,653,857
	364,944	CNH Industrial NV		6,182,518
	44,500	Coca-Cola European Partners Plc		2,460,405
	116,509	Compass Group Plc*		2,385,491
	251,214	ConvaTec Group Plc 144A		731,539
	208,800	Crest Nicholson Holdings Plc		1,071,058
	36,691	Croda International Plc		4,192,901
	992,500	Currys Plc		1,782,881
	18,828	CVS Group Plc*		606,491
	453,401	Diageo Plc		21,861,650
	44,534	EMIS Group Plc		833,595
	293,219	Experian Plc		12,189,154
	1,021,081	GlaxoSmithKline Plc		19,287,020

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, 2021 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	275,865	GlaxoSmithKline Plc, ADR		10,540,802
	57,397	Greggs Plc		2,255,878
	258,434	Halma Plc		9,865,113
	622,255	Hays Plc		1,354,942
	225,112	Hiscox, Ltd.		2,532,613
	3,723,600	HSBC Holdings Plc		19,221,945
	584,615	IMI Plc		13,035,803
	229,500	Imperial Brands Plc		4,792,893
	45,874	Inchcape Plc		498,523
	115,435	Intertek Group Plc		7,711,861
	1,581,400	J Sainsbury Plc		6,059,922
	22,417	Johnson Matthey Plc		809,107
	172,095	Jupiter Fund Management Plc		572,013
	1,756,600	Kingfisher Plc		7,952,908
	5,315,800	Lloyds Banking Group Plc		3,309,026
	3,337,534	Man Group Plc		9,185,112
	676,700	Marks & Spencer Group Plc*		1,654,388
	34,442	Marston’s Plc*		37,307
	101,286	Meggitt Plc*		1,006,396
	543,056	Melrose Industries Plc		1,257,522
	200,165	Micro Focus International Plc		1,101,936
	484,800	Mitchells & Butlers Plc*		1,529,967
	685,653	Mitie Group Plc*		654,533
	584,660	Paragon Banking Group Plc		4,257,378
	1,204,856	QinetiQ Group Plc		5,257,547
	213,344	Reckitt Benckiser Group Plc		16,710,078
	247,100	Redrow Plc		2,204,124
	192,666	RELX Plc		5,556,058
	175,524	Royal Mail Plc		993,951
	324,347	Sage Group Plc (The)		3,097,874
	376,251	Senior Plc*		854,077
	120,298	Smith & Nephew Plc		2,067,404
	160,339	Spectris Plc		8,322,013
	77,105	Spirax-Sarco Engineering Plc		15,506,625
	176,743	Stagecoach Group Plc*		197,988
	145,983	SThree Plc		1,139,930
	562,500	Tate & Lyle Plc		5,242,257
	1,350,500	Taylor Wimpey Plc		2,791,137
	1,021,100	Tesco Plc		3,465,702
	74,000	Vistry Group Plc		1,212,330
	429,900	Vodafone Group Plc, ADR		6,641,955
	310,200	Whitbread Plc*		13,806,033
	11,221	WPP Plc		150,885
	33,400	WPP Plc, ADR		2,239,136
				372,210,375
		United States — 5.0%
	12,183	Agilent Technologies, Inc.		1,919,188
	78,927	Analog Devices, Inc.		13,218,694

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, 2021 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	45,873	ANSYS, Inc.*		15,617,463
	21,524	Atlassian Corp. Plc Class A*		8,424,924
	31,386	Bruker Corp.		2,451,247
	229,012	Cadence Design Systems, Inc.*		34,681,577
	138,089	Colgate-Palmolive Co.		10,436,767
	25,328	Core Laboratories NV		702,852
	140,221	James Hardie Industries Plc, CDI		5,025,405
	81,612	Janus Henderson Group Plc		3,373,024
	764,100	JBS SA		5,198,331
	20,703	Nordson Corp.		4,930,419
	331,348	Schneider Electric SE		55,118,513
	177,711	Stellantis NV		3,395,143
	255,527	Stellantis NV (EN Paris Exchange)		4,891,578
	140,082	Swiss Re AG		11,920,946
	23,182	Texas Instruments, Inc.		4,455,812
				185,761,883
		TOTAL COMMON STOCKS (COST $2,972,434,475)		3,499,963,081
		INVESTMENT COMPANIES — 0.9%
		United States — 0.9%
	341,190	iShares MSCI EAFE ETF		26,616,232
	138,834	Vanguard FTSE Developed Markets ETF		7,009,729
				33,625,961
		TOTAL INVESTMENT COMPANIES (COST $33,924,406)		33,625,961
		PREFERRED STOCKS — 1.5%
		Germany — 1.4%
	5,781	BMW AG, 2.77%		441,639
	193,210	Henkel AG & Co. KGaA, 2.34%		17,947,231
	95,893	Porsche Automobil Holding SE, 2.64%		9,561,082
	1,039	Sartorius AG, 0.15%		662,028
	257,100	Schaeffler AG, 3.64%		1,977,679
	96,514	Volkswagen AG, 2.54%		21,631,750
				52,221,409
		South Korea — 0.1%
	56,818	Samsung Electronics Co., Ltd., 4.12%		3,325,702
		TOTAL PREFERRED STOCKS (COST $52,786,189)		55,547,111
		RIGHTS — 0.0%
		Germany — 0.0%
	199,311	Deutsche Lufthansa AG, Expires 10/01/21* (a)		473,533
		TOTAL RIGHTS (COST $955,732)		473,533

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, 2021 (Unaudited)

Shares			Description	Value ($)
			WARRANT — 0.0%
			Switzerland — 0.0%
	236,912		Cie Financiere Richemont SA, Expires 11/22/23*		111,745
			TOTAL WARRANT (COST $—)		111,745
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 1.6%
			Mutual Fund - Securities Lending Collateral — 1.6%
	59,832,921		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(d) (e)		59,832,921
			TOTAL SHORT-TERM INVESTMENT (COST $59,832,921)		59,832,921
			TOTAL INVESTMENTS — 98.9% (Cost $3,119,933,723)		3,649,554,352
			Other Assets and Liabilities (net) — 1.1%		39,950,059
			NET ASSETS — 100.0%	$3,689,504,411
			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 $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2021 was $1,457,972.
		(c)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
		(d)	The rate disclosed is the 7-day net yield as of September 30, 2021.
		(e)	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 $54,729,345 which represents 1.5% of net assets.

See accompanying Notes to the Financial Statements.

39

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	379	MSCI EAFE Index		Dec 2021	$	42,959,650	$	(2,012,317	)

Abbreviations

ADR — American Depository Receipt

CDI — CREST Depository Interest

CVA — Certificaten Van Aandelen

GDR — Global Depository Receipt

REIT — Real Estate Investment Trust

See accompanying Notes to the Financial Statements.

40

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Consumer, Non-cyclical		23.3
Industrial		17.4
Financial		14.2
Consumer, Cyclical		11.5
Technology		11.5
Basic Materials		9.0
Communications		4.5
Energy		3.8
Utilities		1.1
Unaffiliated Funds		0.9
Diversified		0.1
Short-Term Investment		1.6
Other Assets and Liabilities (net)		1.1
		100.0	%

See accompanying Notes to the Financial Statements.

41

Mercer Core Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			DEBT OBLIGATIONS — 99.8%
			Asset Backed Securities — 10.7%
	2,153,000		Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, due 08/15/46 144A		2,166,763
	100,000		AmeriCredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, due 02/18/25		101,280
	200,000		AmeriCredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, due 02/18/25		205,550
	400,000		AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, due 04/18/25		411,075
	600,000		AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, due 07/18/25		613,506
	500,000		AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, due 01/21/25		505,837
	100,000		AmeriCredit Automobile Receivables Trust, Series 2020-2, Class C, 1.48%, due 02/18/26		101,416
	200,000		AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C, 1.06%, due 08/18/26		201,486
	1,650,000		AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, 0.89%, due 10/19/26		1,654,334
	400,000		AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, due 01/19/27		399,014
	2,068,000		AMSR Trust, Series 2020-SFR4, Class A, 1.36%, due 11/17/37 144A		2,065,521
	1,350,000		AMSR Trust, Series 2021-SFR1, Class A, 1.95%, due 06/17/38(b) 144A		1,352,799
	1,529,000		AMSR Trust, Series 2021-SFR2, Class A, 1.53%, due 08/17/38 144A		1,523,411
	3,500,000		Anchorage Capital CLO 7, Ltd., Series 2015-7A, Class AR2, 1.22% (3 mo. USD LIBOR + 1.09%), due 01/28/31(c) 144A		3,500,696
	423,720		Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A		432,996
	543,510		Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A		566,587
	1,550,000		ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, due 08/15/28 144A		1,575,196
	506,000		Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, due 03/20/26 144A		527,092
	297,000		Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, due 08/20/26 144A		309,256
	250,000		Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class A1, 1.38% (3 mo. USD LIBOR + 1.25%), due 10/15/30(c) 144A		250,108
	1,250,000	EUR	BNPP AM Euro CLO BV, Series 2018-1A, Class AR, 0.60% (3 mo. EURIBOR + 0.60%), due 04/15/31(c) 144A		1,444,774
	282,000		Bojangles Issuer LLC, Series 2020-1A, Class A2, 3.83%, due 10/20/50 144A		293,406
	152,512		BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A, 3.28%, due 09/26/33 144A		159,281
	366,000		Capital Automotive REIT, LP, Series 2020-1A, Class B1, 4.17%, due 02/15/50 144A		377,896
	804,736		Capital One Prime Auto Receivables Trust, Series 2019-1, Class A3, 2.51%, due 11/15/23		813,029
	2,500,000	EUR	Carlyle Euro CLO DAC, Series 2017-2A, Class A1R, 0.63% (3 mo. EURIBOR + 0.63%), due 08/15/30(c) 144A		2,891,622
	1,750,000	EUR	Carlyle Global Market Strategies Euro CLO, Ltd., Series 2014-2A, Class AR1, 0.75% (3 mo. EURIBOR + 0.75%), due 11/15/31(c) 144A		2,022,641
	400,000		CarMax Auto Owner Trust, Series 2020-4, Class C, 1.30%, due 08/17/26		405,245

See accompanying Notes to the Financial Statements.

42

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	300,000	CarMax Auto Owner Trust, Series 2021-2, Class C, 1.34%, due 02/16/27		299,651
	310,000	CarMax Auto Owner Trust, Series 2021-3, Class C, 1.25%, due 05/17/27		308,273
	300,000	CarMax Auto Owner Trust, Series 2021-4, Class C, 1.38%, due 07/15/27		298,523
	1,272,479	CF Hippolyta LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A		1,290,634
	514,965	CF Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, due 03/15/61 144A		518,776
	850,000	CIFC Funding CLO, Ltd., Series 2014-2RA, Class A1, 1.18% (3 mo. USD LIBOR + 1.05%), due 04/24/30(c) 144A		850,221
	1,200,000	Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30		1,393,368
	691,530	CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A		697,155
	552,884	CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64%, due 02/18/46 144A		547,098
	219,785	Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 144A		223,984
	2,250,000	Crown City CLO I, Series 2020-1A, Class A1AR, 1.34% (3 mo. USD LIBOR + 1.19%), due 07/20/34(c) 144A		2,252,335
	243,000	DataBank Issuer, Series 2021-1A, Class A2, 2.06%, due 02/27/51 144A		243,112
	900,345	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, due 11/20/47 144A		908,243
	195,895	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A		207,290
	1,897,280	DB Master Finance LLC, Series 2019-1A, Class A2I, 3.79%, due 05/20/49 144A		1,914,355
	112,000	Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, due 04/15/49 144A		112,306
	1,586,000	DLLAA LLC, Series 2021-1A, Class A3, 0.67%, due 04/17/26 144A		1,590,218
	598,300	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A		644,815
	1,825,425	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, due 04/25/51 144A		1,884,627
	24,909	Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65%, due 02/15/24		24,934
	200,000	Drive Auto Receivables Trust, Series 2020-2, Class B, 1.42%, due 03/17/25		201,134
	300,000	Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, due 07/15/25		300,925
	352,230	Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A		363,414
	485,000	Driven Brands Funding LLC, Series 2021-1A, Class A2, 2.79%, due 10/20/51 144A		487,033
	2,833,718	FirstKey Homes Trust, Series 2020-SFR1, Class A, 1.34%, due 08/17/37 144A		2,837,558
	1,709,124	FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, due 10/19/37 144A		1,705,127
	580,000	FirstKey Homes Trust, Series 2021-SFR1, Class A, 1.54%, due 08/17/38 144A		579,734
	382,000	FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, due 08/17/38 144A		381,083
	220,335	Five Guys Funding LLC, Series 2017-1A, Class A2, 4.60%, due 07/25/47 144A		230,848
	162,278	FOCUS Brands Funding LLC, Series 2017-1A, Class A2IB, 3.86%, due 04/30/47 144A		167,105
	611,000	Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04%, due 08/15/31 144A		632,433
	1,745,000	Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, due 04/15/33 144A		1,740,546
	300,000	Ford Credit Auto Owner Trust, Series 2020-C, Class C, 1.04%, due 05/15/28		300,715
	2,564,000	Ford Credit Floorplan Master Owner Trust, Series 2018-3, Class A1, 3.52%, due 10/15/23		2,567,225
	573,000	Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, due 04/15/26		606,960
	453,000	Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06%, due 09/15/27		452,532
	139,000	GM Financial Automobile Leasing Trust, Series 2021-2, Class A4, 0.41%, due 05/20/25		138,943
	100,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, due 06/17/24		103,052
	337,003	GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.97%, due 11/16/23		339,531

See accompanying Notes to the Financial Statements.

43

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Asset Backed Securities — continued
	300,000		GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class C, 1.04%, due 05/17/27		299,371
	224,000		GMF Floorplan Owner Revolving Trust, Series 2020-1, Class A, 0.68%, due 08/15/25 144A		224,944
	315,000		Golub Capital Partners ABS Funding, Ltd., Series 2020-1A, Class A2, 3.21%, due 01/22/29 144A		316,423
	401,000		Golub Capital Partners ABS Funding, Ltd., Series 2021-1A, Class A2, 2.77%, due 04/20/29 144A		403,884
	141,115		Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A		144,257
	101,919		Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32 144A		106,942
	120,216		Home Equity Asset Trust, Series 2003-8, Class M1, 1.17% (1 mo. USD LIBOR + 1.08%), due 04/25/34(c)		120,861
	275,000		Honda Auto Receivables Owner Trust, Series 2021-2, Class A4, 0.55%, due 08/16/27		273,755
	750,000		HPS Loan Management CLO, Ltd., Series 15A-2019, Class A1, 1.46% (3 mo. USD LIBOR + 1.32%), due 07/22/32(c) 144A		750,546
	2,000,000	EUR	Invesco Euro CLO I DAC, Series 1A, Class A1R, 0.65% (3 mo. EURIBOR + 0.65%), due 07/15/31(c) 144A		2,306,222
	498,537		Invitation Homes Trust, Series 2018-SFR1, Class A, 0.78% (1 mo. USD LIBOR + 0.70%), due 03/17/37(c) 144A		499,780
	241,178		Jack In The Box Funding LLC, Series 2019-1A, Class A21, 3.98%, due 08/25/49 144A		247,025
	295,765		Jack In The Box Funding LLC, Series 2019-1A, Class A23, 4.97%, due 08/25/49 144A		323,904
	355,673		JPMorgan Chase Bank NA - CACLN, Series 2021-3, Class B, 0.76%, due 02/26/29 144A		355,651
	101,406		Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 144A		102,719
	213,145		Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.44%, due 05/25/59(d) 144A		213,571
	2,000,000		Madison Park Funding CLO XXXVIII, Ltd., Series 2021-38A, Class A, 1.25% (3 mo. USD LIBOR + 1.12%), due 07/17/34(c) 144A		2,002,408
	741,126		MidOcean Credit CLO III, Series 2014-3A, Class A1R, 1.25% (3 mo. USD LIBOR + 1.12%), due 04/21/31(c) 144A		738,950
	85,033		Morgan Stanley ABS Capital I, Inc., Series 2003-NC10, Class M1, 1.11% (1 mo. USD LIBOR + 1.02%), due 10/25/33(c)		85,212
	37,045		Morgan Stanley ABS Capital I, Inc., Series 2003-NC7, Class M1, 1.14% (1 mo. USD LIBOR + 1.05%), due 06/25/33(c)		37,048
	96,439		MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/36 144A		100,076
	72,197		Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/45 144A		76,017
	225,538		Navient Private Education Refi Student Loan Trust, Series 2019-FA, Class A2, 2.60%, due 08/15/68 144A		230,549
	636,106		Navient Private Education Refi Student Loan Trust, Series 2020-HA, Class A, 1.31%, due 01/15/69 144A		640,891
	340,725		Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A		336,518
	716,205		Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, due 04/30/51 144A		741,784
	172,298		New Century Home Equity Loan Trust, Series 2003-A, Class A, 0.81% (1 mo. USD LIBOR + 0.72%), due 10/25/33(c) 144A		170,389
	53,313		New Residential Mortgage LLC, Series 2018-FNT2, Class A, 3.79%, due 07/25/54 144A		53,345
	600,000		North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 0.93% (3 mo. USD LIBOR + 0.80%), due 07/25/36(c)		602,012

See accompanying Notes to the Financial Statements.

44

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	73,982	NRZ Excess Spread-Collateralized Notes, Series 2018-FNT1, Class A, 3.61%, due 05/25/23 144A		74,188
	140,206	NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A, 3.10%, due 07/25/26 144A		140,946
	1,891,461	Oak Street Investment Grade Net Lease Fund, Series 2021-1A, Class A1, 1.48%, due 01/20/51 144A		1,889,731
	81,393	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, due 03/14/29 144A		81,616
	169,544	Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, due 02/15/27 144A		174,422
	2,340,084	OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 1.39% (3 mo. USD LIBOR + 1.25%), due 10/22/30(c) 144A		2,340,742
	741,917	OZLM IX CLO, Ltd., Series 2014-9A, Class A1AR, 1.41% (3 mo. USD LIBOR + 1.28%), due 10/20/31(c)		741,921
	247,297	OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 1.38% (3 mo. USD LIBOR + 1.25%), due 10/30/30(c) 144A		247,380
	2,500,000	Palmer Square CLO, Ltd., Series 2015-1A, Class A1A4, 1.26% (3 mo. USD LIBOR + 1.13%), due 05/21/34(c) 144A		2,503,297
	750,000	Palmer Square CLO, Ltd., Series 2018-2A, Class A1A, 1.23% (3 mo. USD LIBOR + 1.10%), due 07/16/31(c) 144A		750,359
	2,000,000	Park Avenue Institutional Advisers CLO, Ltd., Series 2018-1A, Class A1AR, 1.13% (3 mo. USD LIBOR + 1.00%), due 10/20/31(c) 144A		2,000,634
	277,000	PFS Financing Corp., Series 2020-E, Class A, 1.00%, due 10/15/25 144A		279,335
	649,359	Progress Residential Trust, Series 2019-SFR1, Class A, 3.42%, due 08/17/35 144A		657,088
	1,329,000	Progress Residential Trust, Series 2019-SFR4, Class A, 2.69%, due 10/17/36 144A		1,355,116
	1,313,000	Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, due 04/17/37 144A		1,324,635
	1,364,000	Progress Residential Trust, Series 2021-SFR2, Class A, 1.55%, due 04/19/38 144A		1,362,253
	246,000	Progress Residential Trust, Series 2021-SFR8, Class B, 1.68%, due 10/17/38 144A		244,294
	5,411	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35(d)		5,593
	250,000	Romark CLO II, Ltd., Series 2018-2A, Class A1, 1.30% (3 mo. USD LIBOR + 1.18%), due 07/25/31(c) 144A		250,057
	739,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, due 04/20/45 144A		778,806
	340,140	Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, due 10/15/25		342,367
	500,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class C, 1.46%, due 09/15/25		505,337
	600,000	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, due 01/15/26		603,999
	400,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, due 01/15/26		402,809
	900,000	Santander Drive Auto Receivables Trust, Series 2021-1, Class C, 0.75%, due 02/17/26		904,041
	700,000	Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90%, due 06/15/26		702,939
	900,000	Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35%, due 07/15/27		904,344
	1,000,000	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, due 09/15/27		1,002,586
	653,000	Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, due 01/26/32 144A		686,191
	38,663	Saxon Asset Securities Trust, Series 2005-1, Class M1, 0.78% (1 mo. USD LIBOR + 0.69%), due 05/25/35(c)		38,746
	472,000	ServiceMaster Funding LLC, Series 2021-1, Class A2I, 2.87%, due 07/30/51 144A		473,612
	382,200	Sesac Finance LLC, Series 2019-1, Class A2, 5.22%, due 07/25/49 144A		407,593
	57,052	Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A, 3.20%, due 01/20/36 144A		58,926
	500,000	Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 1.37% (3 mo. USD LIBOR + 1.24%), due 07/20/30(c) 144A		500,107
	1,851,725	Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33		1,970,294

See accompanying Notes to the Financial Statements.

45

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	1,320,304	Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33		1,418,312
	1,606,646	Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34		1,708,635
	758,285	Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34		800,120
	544,718	Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34		572,962
	2,396,730	Small Business Administration, Series 2019-25F, Class 1, 2.77%, due 06/01/44		2,541,798
	960,317	Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45		971,347
	23,417	SMB Private Education Loan Trust, Series 2015-C, Class A2A, 2.75%, due 07/15/27 144A		23,575
	456,553	SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.84%, due 06/15/37 144A		475,224
	204,192	SMB Private Education Loan Trust, Series 2020-PTA, Class A2A, 1.60%, due 09/15/54 144A		206,657
	298,097	SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07%, due 01/15/53 144A		294,091
	451,060	Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A		476,477
	360,000	Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, due 08/20/51 144A		356,148
	658,537	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, due 02/25/44 144A		693,273
	547,000	Stack Infrastructure Issuer LLC, Series 2019-2A, Class A2, 3.08%, due 10/25/44 144A		562,232
	2,178,000	Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, due 03/26/46 144A		2,177,136
	649,287	STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A		673,061
	1,408,238	STORE Master Funding LLC, Series 2021-1A, Class A1, 2.12%, due 06/20/51 144A		1,415,309
	525	STORE Master Funding LLC, Series 2021-1A, Class A2, 2.96%, due 06/20/51		538
	194,676	Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A		189,077
	715,000	Taco Bell Funding LLC, Series 2021-1A, Class A2I, 1.95%, due 08/25/51 144A		717,641
	1,234,000	Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.29%, due 08/25/51 144A		1,234,225
	22,911	Telos CLO, Ltd., Series 2013-3A, Class AR, 1.43% (3 mo. USD LIBOR + 1.30%), due 07/17/26(c) 144A		22,916
	311,053	TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, due 02/20/46 144A		305,158
	978,000	Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, due 11/25/31 144A		1,026,027
	287,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, due 05/25/33 144A		291,088
	2,200,000	Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, due 02/27/34 144A		2,197,574
	1,531,638	Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.75%, due 03/17/38 144A		1,595,096
	1,500,000	Trimaran Cavu CLO, Ltd., Series 2021-1A, Class A, 1.35% (3 mo. USD LIBOR + 1.21%), due 04/23/32(c) 144A		1,500,918
	715,530	Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 144A		721,975
	432,790	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, due 03/20/46 144A		430,015
	2,132,000	Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, due 09/15/45 144A		2,128,110
	347,000	Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A		345,616
	500,000	Venture XIX CLO, Ltd., Series 2014-19A, Class ARR, 1.39% (3 mo. USD LIBOR + 1.26%), due 01/15/32(c) 144A		500,055
	2,389,203	Verizon Owner Trust, Series 2019-B, Class A1A, 2.33%, due 12/20/23		2,410,963
	491,226	VR Funding LLC, Series 2020-1A, Class A, 2.79%, due 11/15/50 144A		494,582
	168,035	VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A		171,768
	500,000	Wellfleet CLO, Ltd., Series 2018-3A, Class A1A, 1.38% (3 mo. USD LIBOR + 1.25%), due 01/20/32(c) 144A		500,073

See accompanying Notes to the Financial Statements.

46

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	750,000	Wellfleet CLO, Ltd., Series 2019-1A, Class A1, 1.47% (3 mo. USD LIBOR + 1.34%), due 07/20/32(c) 144A		750,123
	539,918	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A		573,272
	1,782,533	Wendy’s Funding LLC, Series 2021-1A, Class A2I, 2.37%, due 06/15/51 144A		1,805,187
	125,181	Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A		124,618
	721,932	World Omni Auto Receivables Trust, Series 2019-B, Class A3, 2.59%, due 07/15/24		728,258
	1,100,000	World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, due 12/15/25		1,116,093
	200,000	World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, due 12/15/25		204,840
	200,000	World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, due 11/15/27		199,561
	1,000,000	York CLO-2, Ltd., Series 2015-1A, Class AR, 1.29% (3 mo. USD LIBOR + 1.15%), due 01/22/31(c) 144A		1,000,398
	3,500,000	York CLO-4, Ltd., Series 2016-2A, Class A1R, 1.22% (3 mo. USD LIBOR + 1.09%), due 04/20/32(c) 144A		3,502,100
	750,000	York CLO-6, Ltd., Series 2019-1A, Class A1, 1.49% (3 mo. USD LIBOR + 1.35%), due 07/22/32(c) 144A		750,427
	578,000	Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, due 07/30/51 144A		590,496
				139,924,136
		Corporate Debt — 38.0%
	300,000	1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A		303,330
	490,000	1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 144A		485,712
	1,650,000	AbbVie, Inc., 3.20%, due 11/21/29		1,778,957
	300,000	AbbVie, Inc., 3.60%, due 05/14/25		324,671
	450,000	AbbVie, Inc., 4.25%, due 11/21/49		533,710
	1,400,000	AbbVie, Inc., 4.50%, due 05/14/35		1,675,308
	640,000	AbbVie, Inc., 4.55%, due 03/15/35		767,517
	170,000	AbbVie, Inc., 4.70%, due 05/14/45		210,008
	290,000	AbbVie, Inc., 4.75%, due 03/15/45		362,678
	200,000	Abu Dhabi National Energy Co. PJSC, 2.00%, due 04/29/28 144A		201,475
	203,256	ABY Transmision Sur SA, 6.88%, due 04/30/43 144A		263,504
	323,000	Adani Ports & Special Economic Zone, Ltd., 3.10%, due 02/02/31 144A		309,116
	203,000	AdaptHealth LLC, 5.13%, due 03/01/30 144A		203,384
	436,000	Advantage Sales & Marketing, Inc., 6.50%, due 11/15/28(e) 144A		455,018
	1,340,000	Advocate Health & Hospitals Corp., 2.21%, due 06/15/30		1,359,932
	620,000	AECOM, 5.13%, due 03/15/27		687,425
	400,000	AEP Texas, Inc., 3.80%, due 10/01/47		429,952
	260,000	AEP Transmission Co. LLC, 3.80%, due 06/15/49		297,903
	397,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, due 01/30/26(e)		393,136
	432,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.88%, due 08/14/24		450,203
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, due 07/21/27		159,441
	1,600,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26(e)		1,743,813
	252,000	AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A		260,127
	370,000	Aetna, Inc., 4.75%, due 03/15/44		459,780
	137,000	Affinity Gaming, 6.88%, due 12/15/27 144A		144,274
	667,949	Air Canada Pass Through Trust, 3.60%, due 09/15/28 144A		681,098
	144,802	Air Canada Pass Through Trust, 3.70%, due 07/15/27 144A		141,635
	113,686	Air Canada Pass Through Trust, 4.13%, due 11/15/26 144A		116,314
	238,000	Air Lease Corp., 2.10%, due 09/01/28		231,265
	169,000	Air Lease Corp., 3.63%, due 12/01/27		181,157
	180,000	Air Lease Corp., (MTN), 2.88%, due 01/15/26		188,169

See accompanying Notes to the Financial Statements.

47

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	231,000	Aker BP ASA, 2.88%, due 01/15/26(e) 144A		244,276
	170,000	Aker BP ASA, 3.00%, due 01/15/25 144A		179,232
	1,000,000	Aker BP ASA, 3.75%, due 01/15/30 144A		1,071,242
	427,000	Aker BP ASA, 4.00%, due 01/15/31 144A		464,746
	85,665	Alaska Airlines Pass Through Trust, 8.00%, due 02/15/27 144A		96,498
	118,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 3.25%, due 03/15/26 144A		120,030
	296,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 3.50%, due 03/15/29(e) 144A		295,771
	157,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 4.88%, due 02/15/30 144A		169,364
	2,895,000	Alexandria Real Estate Equities, Inc. REIT, 2.00%, due 05/18/32		2,808,880
	230,000	Alfa Desarrollo SpA, 4.55%, due 09/27/51 144A		224,653
	572,000	Ally Financial, Inc., 5.13%, due 09/30/24		640,901
	279,000	Ally Financial, Inc., 5.80%, due 05/01/25(e)		321,081
	63,000	Alta Equipment Group, Inc., 5.63%, due 04/15/26 144A		64,811
	224,000	Altera Infrastructure, LP/Teekay Offshore Finance Corp., 8.50%, due 07/15/23 144A		171,360
	210,000	Altria Group, Inc., 3.40%, due 05/06/30(e)		222,338
	600,000	Altria Group, Inc., 3.40%, due 02/04/41		569,030
	841,000	Amazon.com, Inc., 3.15%, due 08/22/27		925,189
	425,000	Amazon.com, Inc., 4.05%, due 08/22/47		516,182
	386,000	AMC Entertainment Holdings, Inc., 12.00% (10% Cash or 12% PIK), due 06/15/26 144A		373,938
	206,711	American Airlines Pass Through Trust, 3.15%, due 08/15/33		209,507
	1,079,827	American Airlines Pass Through Trust, 3.38%, due 11/01/28		1,094,316
	359,218	American Airlines Pass Through Trust, 3.50%, due 08/15/33		346,552
	187,630	American Airlines Pass Through Trust, 3.60%, due 04/15/31		185,008
	196,875	American Airlines Pass Through Trust, 3.65%, due 08/15/30		203,820
	249,026	American Airlines Pass Through Trust, 3.70%, due 11/01/24		245,574
	107,813	American Airlines Pass Through Trust, 4.00%, due 08/15/30		107,729
	266,652	American Airlines Pass Through Trust, 4.10%, due 07/15/29		265,414
	700,000	American Express Co., 3.40%, due 02/27/23		727,930
	232,000	American Homes 4 Rent, LP REIT, 4.25%, due 02/15/28		262,883
	1,780,000	American Honda Finance Corp., (MTN), 0.88%, due 07/07/23		1,794,510
	735,000	American Tower Corp. REIT, 3.55%, due 07/15/27		801,482
	239,000	American Tower Corp. REIT, 3.80%, due 08/15/29		265,161
	575,000	American Water Capital Corp., 2.80%, due 05/01/30		603,769
	250,000	AmeriGas Partners, LP/AmeriGas Finance Corp., 5.88%, due 08/20/26		282,813
	386,000	AmerisourceBergen Corp., 2.80%, due 05/15/30		400,811
	665,000	Amgen, Inc., 2.20%, due 02/21/27		688,442
	1,120,000	Amgen, Inc., 2.80%, due 08/15/41		1,083,659
	158,000	ANGI Group LLC, 3.88%, due 08/15/28 144A		157,408
	150,000	Anglo American Capital Plc, 4.75%, due 04/10/27 144A		170,827
	2,664,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46		3,279,633
	367,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48		438,939
	350,000	Anheuser-Busch InBev Worldwide, Inc., 5.55%, due 01/23/49		474,830
	260,000	Antero Midstream Partners, LP/Antero Midstream Finance Corp., 5.38%, due 06/15/29 144A		268,125
	361,000	Antero Resources Corp., 5.00%, due 03/01/25(e)		370,206

See accompanying Notes to the Financial Statements.

48

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	57,000	Antero Resources Corp., 5.38%, due 03/01/30(e) 144A		60,101
	146,000	Anthem, Inc., 2.25%, due 05/15/30		146,599
	455,000	Anthem, Inc., 3.60%, due 03/15/51		497,823
	5,000	Anthem, Inc., 5.10%, due 01/15/44		6,479
	750,000	Apple, Inc., 3.85%, due 08/04/46		878,142
	291,000	APX Group, Inc., 5.75%, due 07/15/29 144A		287,639
	225,000	Aquarion Co., 4.00%, due 08/15/24 144A		241,953
	97,000	Arconic Corp., 6.00%, due 05/15/25 144A		102,043
	178,000	Arconic Corp., 6.13%, due 02/15/28 144A		188,906
	535,000	Ares Capital Corp., 2.15%, due 07/15/26(e)		536,703
	332,000	Ares Capital Corp., 2.88%, due 06/15/28		336,562
	353,000	Ares Capital Corp., 3.88%, due 01/15/26		377,683
	230,000	Ares Capital Corp., 4.20%, due 06/10/24		246,727
	200,000	Asbury Automotive Group, Inc., 4.75%, due 03/01/30		209,000
	710,000	Ascension Health, 2.53%, due 11/15/29		744,506
	150,000	Ascension Health, 3.11%, due 11/15/39		161,867
	266,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29 144A		272,111
	247,000	Ashtead Capital, Inc., 2.45%, due 08/12/31 144A		242,998
	140,000	Ashtead Capital, Inc., 4.38%, due 08/15/27 144A		146,884
	155,000	Astrazeneca Finance LLC, 2.25%, due 05/28/31(e)		157,526
	700,000	AT&T, Inc., 1.29% (3 mo. USD LIBOR + 1.18%), due 06/12/24(c)		717,389
	274,000	AT&T, Inc., 2.30%, due 06/01/27(e)		283,799
	2,108,000	AT&T, Inc., 2.55%, due 12/01/33		2,075,793
	150,000	AT&T, Inc., 2.63%, due 12/01/22		153,086
	1,831,000	AT&T, Inc., 3.10%, due 02/01/43		1,758,664
	1,447,000	AT&T, Inc., 3.50%, due 06/01/41		1,487,567
	1,140,000	AT&T, Inc., 3.50%, due 09/15/53		1,130,521
	122,000	AT&T, Inc., 3.65%, due 06/01/51(e)		124,570
	410,000	AT&T, Inc., 3.65%, due 09/15/59		409,675
	25,000	AT&T, Inc., 4.30%, due 02/15/30		28,704
	144,000	Atento Luxco 1 SA, 8.00%, due 02/10/26(e) 144A		157,864
	211,000	Athene Holding, Ltd., 3.50%, due 01/15/31		226,131
	100,000	Atkore, Inc., 4.25%, due 06/01/31 144A		103,125
	41,000	ATS Automation Tooling Systems, Inc., 4.13%, due 12/15/28 144A		42,098
	130,000	Australia & New Zealand Banking Group, Ltd., 6.75% (5 yr. USD ICE swap + 5.17%)(c) (e) (f) 144A		151,768
	128,000	Autodesk, Inc., 2.85%, due 01/15/30		133,733
	209,000	AutoNation, Inc., 4.75%, due 06/01/30		243,942
	139,000	AXA SA, 8.60%, due 12/15/30		209,117
	1,300,000	Bacardi, Ltd., 4.70%, due 05/15/28 144A		1,502,688
	942,000	BAE Systems Finance, Inc., 7.50%, due 07/01/27 144A		1,230,497
	696,000	BAE Systems Holdings, Inc., 3.85%, due 12/15/25 144A		759,894
	1,309,000	BAE Systems Plc, 3.40%, due 04/15/30 144A		1,413,863
	200,000	Banco Santander SA, 1.85%, due 03/25/26		202,661
	300,000	Banco Santander SA, 4.38%, due 04/12/28		340,923
	958,000	Bank of America Corp., 1.73% (SOFR + 0.96%), due 07/22/27(c)		962,578
	1,310,000	Bank of America Corp., 2.30% (SOFR + 1.22%), due 07/21/32(c)		1,292,191
	517,000	Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31(c)		527,970
	2,916,000	Bank of America Corp., 2.69% (SOFR + 1.32%), due 04/22/32(c)		2,970,958
	493,000	Bank of America Corp., 3.95%, due 04/21/25		537,483

See accompanying Notes to the Financial Statements.

49

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	877,000	Bank of America Corp., 4.24% (3 mo. USD LIBOR + 1.81%), due 04/24/38(c)		1,027,059
	160,000	Bank of America Corp., 5.13% (3 mo. USD LIBOR + 3.29%)(c) (f)		169,808
	741,000	Bank of America Corp., 6.30% (3 mo. USD LIBOR + 4.55%)(c) (e) (f)		863,265
	2,467,000	Bank of America Corp., (MTN), 2.09% (SOFR + 1.06%), due 06/14/29(c) (e)		2,464,557
	610,000	Bank of America Corp., (MTN), 2.50% (3 mo. USD LIBOR + 0.99%), due 02/13/31(c) (e)		617,653
	160,000	Bank of America Corp., (MTN), 2.88% (3 mo. USD LIBOR + 1.19%), due 10/22/30(c)		167,124
	616,000	Bank of America Corp., (MTN), 3.25%, due 10/21/27		665,522
	1,970,000	Bank of America Corp., (MTN), 3.50%, due 04/19/26		2,152,385
	755,000	Bank of America Corp., (MTN), 3.59% (3 mo. USD LIBOR + 1.37%), due 07/21/28(c)		828,242
	500,000	Bank of America Corp., (MTN), 4.13%, due 01/22/24		540,651
	210,000	Bank of America Corp., (MTN), 4.27% (3 mo. USD LIBOR + 1.31%), due 07/23/29(c)		238,277
	213,000	Bank of America Corp., (MTN), 4.33% (3 mo. USD LIBOR + 1.52%), due 03/15/50(c)		261,466
	825,000	Bank of America Corp., (MTN), 4.45%, due 03/03/26		924,235
	575,000	Barclays Plc, 3.93% (3 mo. USD LIBOR + 1.61%), due 05/07/25(c)		617,227
	264,000	Barclays Plc, 4.38%, due 01/12/26		294,768
	446,000	Barclays Plc, 4.38% (5 yr. CMT + 3.41%)(c) (f)		446,803
	400,000	Barclays Plc, 4.97% (3 mo. USD LIBOR + 1.90%), due 05/16/29(c)		465,355
	390,000	BAT Capital Corp., 3.56%, due 08/15/27		420,429
	157,000	Bausch Health Cos., Inc., 5.25%, due 01/30/30(e) 144A		146,641
	292,000	Bausch Health Cos., Inc., 6.13%, due 04/15/25 144A		298,395
	348,000	Bausch Health Cos., Inc., 6.25%, due 02/15/29 144A		344,847
	270,000	Bayer US Finance II LLC, 4.20%, due 07/15/34 144A		301,359
	205,000	Beacon Roofing Supply, Inc., 4.13%, due 05/15/29(e) 144A		203,975
	605,000	Berkshire Hathaway Energy Co., 3.70%, due 07/15/30		682,013
	85,000	Berkshire Hathaway Energy Co., 5.95%, due 05/15/37		115,990
	1,312,000	Berkshire Hathaway Energy Co., 6.13%, due 04/01/36		1,818,046
	1,530,000	Berry Global, Inc., 1.57%, due 01/15/26 144A		1,531,515
	1,408,000	Blackstone Holdings Finance Co. LLC, 1.63%, due 08/05/28 144A		1,376,822
	1,015,000	Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A		976,255
	542,000	Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A		584,419
	700,000	BNP Paribas SA, 1.68% (SOFR + 0.91%), due 06/30/27(c) 144A		697,202
	260,000	BNP Paribas SA, 2.16% (SOFR + 1.22%), due 09/15/29(c) 144A		257,739
	310,000	BNP Paribas SA, 3.38%, due 01/09/25 144A		330,653
	200,000	BNP Paribas SA, 4.38%, due 09/28/25 144A		219,514
	210,000	BOC Aviation USA Corp., 1.63%, due 04/29/24 144A		211,665
	2,080,000	Boeing Co. (The), 2.20%, due 02/04/26		2,095,799
	419,000	Boeing Co. (The), 3.20%, due 03/01/29		436,316
	185,000	Boeing Co. (The), 3.75%, due 02/01/50		187,093
	295,000	Boeing Co. (The), 3.95%, due 08/01/59		303,438
	577,000	Boeing Co. (The), 5.04%, due 05/01/27		664,090
	445,000	Boeing Co. (The), 5.15%, due 05/01/30		522,561
	349,000	Boeing Co. (The), 5.81%, due 05/01/50		466,026
	44,000	Boise Cascade Co., 4.88%, due 07/01/30 144A		47,050
	556,000	Booking Holdings, Inc., 4.63%, due 04/13/30		661,209
	400,000	BP Capital Markets America, Inc., 2.94%, due 04/06/23		415,161
	338,000	BPCE SA, 4.50%, due 03/15/25 144A		371,453
	310,000	Braskem Netherlands Finance BV, 8.50% (5 yr. CMT + 8.22%), due 01/23/81(c) 144A		355,338
	230,000	BRF SA, 5.75%, due 09/21/50 144A		220,867
	362,000	Brighthouse Financial, Inc., 3.70%, due 06/22/27(e)		396,775

See accompanying Notes to the Financial Statements.

50

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	115,000	Brightstar Escrow Corp., 9.75%, due 10/15/25 144A		123,481
	55,000	Bristol-Myers Squibb Co., 4.13%, due 06/15/39		66,115
	103,000	Bristol-Myers Squibb Co., 5.00%, due 08/15/45		138,613
	81,663	British Airways Pass Through Trust, 4.13%, due 03/20/33 144A		82,826
	106,185	British Airways Pass Through Trust, 4.25%, due 05/15/34 144A		114,902
	84,206	British Airways Pass Through Trust, Class B, 8.38%, due 11/15/28 144A		99,078
	305,000	Brixmor Operating Partnership, LP REIT, 2.50%, due 08/16/31		300,861
	249,000	Broadcom, Inc., 3.14%, due 11/15/35		248,247
	605,000	Broadcom, Inc., 3.19%, due 11/15/36		603,302
	1,738,000	Broadcom, Inc., 3.42%, due 04/15/33 144A		1,800,559
	1,966,000	Broadcom, Inc., 4.11%, due 09/15/28		2,188,856
	1,772,000	Broadcom, Inc., 4.75%, due 04/15/29		2,036,420
	676,000	Broadcom, Inc., 5.00%, due 04/15/30		789,861
	1,171,000	Brookfield Finance, Inc., 2.72%, due 04/15/31		1,198,955
	162,000	Brookfield Residential Properties, Inc./Brookfield Residential US LLC, 5.00%, due 06/15/29 144A		165,924
	323,000	Builders FirstSource, Inc., 4.25%, due 02/01/32 144A		330,671
	32,000	Builders FirstSource, Inc., 5.00%, due 03/01/30 144A		34,140
	140,000	C&W Senior Financing DAC, 6.88%, due 09/15/27 144A		147,350
	99,000	Cable One, Inc., 4.00%, due 11/15/30 144A		98,753
	100,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, due 07/01/25 144A		105,548
	750,000	Calpine Corp., 3.75%, due 03/01/31 144A		722,812
	509,000	Canadian Pacific Railway Co., 6.13%, due 09/15/15(g)		770,749
	451,000	Cantor Fitzgerald, LP, 4.88%, due 05/01/24 144A		491,935
	1,595,000	Capital One Financial Corp., 3.30%, due 10/30/24		1,711,774
	180,000	Cargill, Inc., 2.13%, due 04/23/30 144A		181,429
	1,000,000	Carlyle Holdings Finance LLC, 3.88%, due 02/01/23 144A		1,042,178
	532,000	Carvana Co., 4.88%, due 09/01/29(e) 144A		527,505
	67,000	Catalent Pharma Solutions, Inc., 3.13%, due 02/15/29 144A		65,874
	55,000	Catalent Pharma Solutions, Inc., 5.00%, due 07/15/27 144A		57,200
	113,000	CCM Merger, Inc., 6.38%, due 05/01/26 144A		119,074
	220,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 06/01/33 144A		224,173
	210,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A		227,063
	124,000	CDW LLC/CDW Finance Corp., 3.25%, due 02/15/29		127,255
	450,000	CDW LLC/CDW Finance Corp., 5.50%, due 12/01/24		496,125
	204,000	Celulosa Arauco y Constitucion SA, 3.88%, due 11/02/27		219,195
	220,000	Cemex SAB de CV, 3.88%, due 07/11/31(e) 144A		220,407
	279,000	Cemex SAB de CV, 5.20%, due 09/17/30 144A		300,009
	140,000	Cenovus Energy, Inc., 3.75%, due 02/15/52		136,241
	240,000	Cenovus Energy, Inc., 5.40%, due 06/15/47		294,957
	425,000	Centene Corp., 2.50%, due 03/01/31		419,687
	328,000	Centene Corp., 3.00%, due 10/15/30		336,610
	209,000	Centene Corp., 3.38%, due 02/15/30		216,639
	103,000	Centene Corp., 4.25%, due 12/15/27		107,934
	163,000	Centene Corp., 4.63%, due 12/15/29		177,841
	335,000	CenterPoint Energy, Inc., 3.70%, due 09/01/49		365,510
	391,000	Century Communities, Inc., 3.88%, due 08/15/29 144A		395,399
	440,000	CGI, Inc., 1.45%, due 09/14/26 144A		435,631
	125,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, due 02/01/32		119,154

See accompanying Notes to the Financial Statements.

51

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	750,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, due 04/01/31		752,312
	796,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.90%, due 06/01/52		794,328
	577,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		644,905
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, due 07/23/22		5,128
	1,064,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, due 03/01/50		1,196,164
	270,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 05/01/47(e)		323,818
	846,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.75%, due 04/01/48		1,070,548
	1,964,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35		2,585,782
	940,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45		1,280,081
	519,000	Cheniere Energy Partners, LP, 4.00%, due 03/01/31 144A		544,146
	433,000	Cheniere Energy Partners, LP, 4.50%, due 10/01/29		460,877
	643,000	Chevron Corp., 2.00%, due 05/11/27		663,640
	92,000	Choice Hotels International, Inc., 3.70%, due 12/01/29		97,972
	302,000	Choice Hotels International, Inc., 3.70%, due 01/15/31(e)		326,027
	1,790,000	Cigna Corp., 3.40%, due 03/01/27		1,957,029
	660,000	Cigna Corp., 4.38%, due 10/15/28		763,301
	295,000	Cigna Corp., 4.80%, due 07/15/46		369,040
	245,000	Cigna Corp., 4.90%, due 12/15/48		313,621
	185,000	Cimarex Energy Co., 4.38%, due 06/01/24		199,553
	330,000	Cimpress Plc, 7.00%, due 06/15/26 144A		344,586
	819,000	Citigroup, Inc., 2.56% (SOFR + 1.17%), due 05/01/32(c)		827,653
	689,000	Citigroup, Inc., 3.20%, due 10/21/26		743,259
	2,487,000	Citigroup, Inc., 3.40%, due 05/01/26		2,708,833
	625,000	Citigroup, Inc., 3.52% (3 mo. USD LIBOR + 1.15%), due 10/27/28(c)		680,082
	310,000	Citigroup, Inc., 3.67% (3 mo. USD LIBOR + 1.39%), due 07/24/28(c)		340,971
	1,585,000	Citigroup, Inc., 3.89% (3 mo. USD LIBOR + 1.56%), due 01/10/28(c)		1,752,708
	1,400,000	Citigroup, Inc., 4.08% (3 mo. USD LIBOR + 1.19%), due 04/23/29(c)		1,570,009
	180,000	Citigroup, Inc., 4.40%, due 06/10/25		199,183
	440,000	Citigroup, Inc., 4.41% (SOFR + 3.91%), due 03/31/31(c)		508,283
	881,000	Citigroup, Inc., 4.60%, due 03/09/26		995,545
	998,000	Citigroup, Inc., 4.70% (SOFR + 3.23%)(c) (f)		1,022,326
	426,000	Citigroup, Inc., 6.25% (3 mo. USD LIBOR + 4.52%)(c) (f)		494,249
	655,000	Citizens Financial Group, Inc., 3.25%, due 04/30/30		702,045
	104,000	Clarivate Science Holdings Corp., 3.88%, due 07/01/28 144A		104,130
	106,000	Clarivate Science Holdings Corp., 4.88%, due 07/01/29 144A		106,339
	45,000	Clean Harbors, Inc., 4.88%, due 07/15/27 144A		46,744
	102,000	Clear Channel Outdoor Holdings, Inc., 7.75%, due 04/15/28(e) 144A		107,492
	524,000	Cleveland Clinic Foundation (The), 4.86%, due 01/01/14(g)		754,962
	169,000	CNA Financial Corp., 2.05%, due 08/15/30		165,825
	122,000	CNO Financial Group, Inc., 5.25%, due 05/30/25		137,411
	445,000	CNO Financial Group, Inc., 5.25%, due 05/30/29		521,983

See accompanying Notes to the Financial Statements.

52

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	18,000	Comcast Corp., 2.89%, due 11/01/51 144A		17,296
	429,000	Comcast Corp., 3.30%, due 04/01/27		469,998
	1,007,000	Comcast Corp., 3.40%, due 04/01/30		1,109,597
	2,400,000	Comcast Corp., 3.95%, due 10/15/25		2,663,520
	5,000	Comcast Corp., 3.97%, due 11/01/47		5,716
	1,047,000	Comcast Corp., 4.15%, due 10/15/28		1,204,764
	5,000	Comcast Corp., 6.50%, due 11/15/35(e)		7,190
	54,000	Commercial Metals Co., 5.38%, due 07/15/27		56,768
	1,419,000	CommonSpirit Health, 2.76%, due 10/01/24		1,493,514
	357,000	CommonSpirit Health, 4.19%, due 10/01/49		408,455
	350,000	Commonwealth Edison Co., 4.00%, due 03/01/48		411,717
	326,000	Connect Finco SARL/Connect US Finco LLC, 6.75%, due 10/01/26 144A		341,505
	940,000	ConocoPhillips, 3.75%, due 10/01/27 144A		1,050,412
	45,000	ConocoPhillips, 4.88%, due 10/01/47(e) 144A		58,603
	280,000	Consensus Cloud Solutions, Inc., 6.50%, due 10/15/28(h) 144A		291,270
	65,000	Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56		76,600
	350,000	Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45		424,242
	385,000	Constellation Brands, Inc., 2.25%, due 08/01/31		379,133
	133,000	Constellation Brands, Inc., 3.15%, due 08/01/29		142,315
	552,683	Continental Airlines Pass Through Trust, 5.98%, due 10/19/23		559,953
	141,000	Continental Resources, Inc., 4.50%, due 04/15/23		146,288
	451,000	CoStar Group, Inc., 2.80%, due 07/15/30 144A		459,032
	970,000	Cox Communications, Inc., 2.60%, due 06/15/31 144A		982,517
	1,876,000	Cox Communications, Inc., 3.35%, due 09/15/26 144A		2,015,411
	1,750,000	Cox Communications, Inc., 3.50%, due 08/15/27 144A		1,917,496
	250,000	Credit Agricole SA, 2.81%, due 01/11/41(e) (i)		238,952
	536,000	Credit Agricole SA, 3.25%, due 01/14/30 144A		562,690
	250,000	Credit Agricole SA, 3.75%, due 04/24/23 144A		263,017
	225,000	Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)(c) (e) (f) 144A		251,208
	2,278,000	Credit Suisse Group AG, 1.31% (SOFR + 0.98%), due 02/02/27(c) (e) 144A		2,228,468
	48,000	Crowdstrike Holdings, Inc., 3.00%, due 02/15/29		47,899
	510,000	Crown Castle International Corp. REIT, 3.30%, due 07/01/30(e)		543,901
	492,000	Crown Castle International Corp. REIT, 3.65%, due 09/01/27		541,314
	193,000	Crown Castle International Corp. REIT, 3.80%, due 02/15/28		212,414
	270,000	CSC Holdings LLC, 3.38%, due 02/15/31 144A		251,438
	450,000	CSC Holdings LLC, 6.75%, due 11/15/21		451,687
	247,000	CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25(e) 144A		243,706
	230,334	CSI Compressco, LP/CSI Compressco Finance, Inc., 10.00% (10.00% Cash or 7.25% plus 3.50% PIK), due 04/01/26 144A		213,725
	72,000	CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A		71,040
	119,000	CVR Partners, LP/CVR Nitrogen Finance Corp., 6.13%, due 06/15/28 144A		124,950
	254,000	CVS Health Corp., 2.70%, due 08/21/40		242,754
	96,000	CVS Health Corp., 3.70%, due 03/09/23		100,270
	333,000	CVS Health Corp., 3.75%, due 04/01/30		370,183
	203,000	CVS Health Corp., 4.30%, due 03/25/28		231,748
	470,000	CVS Health Corp., 4.78%, due 03/25/38		576,843
	512,000	CVS Health Corp., 5.05%, due 03/25/48		660,204
	130,000	CVS Health Corp., 5.13%, due 07/20/45		167,748
	628,784	CVS Pass-Through Trust, 6.94%, due 01/10/30		761,066
	1,695,993	CVS Pass-Through Trust, 7.51%, due 01/10/32 144A		2,136,048

See accompanying Notes to the Financial Statements.

53

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	220,000		Cydsa SAB de CV, 6.25%, due 10/04/27 144A		229,767
	161,000		CyrusOne, LP/CyrusOne Finance Corp. REIT, 2.15%, due 11/01/30(e)		151,490
	349,000		CyrusOne, LP/CyrusOne Finance Corp. REIT, 3.45%, due 11/15/29		363,920
	229,000		DAE Funding LLC, 2.63%, due 03/20/25 144A		233,715
	155,000		Daimler Finance North America LLC, 3.50%, due 08/03/25 144A		167,480
	41,000		Dave & Buster’s, Inc., 7.63%, due 11/01/25 144A		43,920
	311,000		DaVita, Inc., 3.75%, due 02/15/31 144A		303,225
	312,000		DaVita, Inc., 4.63%, due 06/01/30 144A		321,317
	226,000		DCP Midstream Operating, LP, 5.85% (3 mo. USD LIBOR + 3.85%), due 05/21/43(c) 144A		210,730
	77,000		Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A		80,739
	656,000		Dell International LLC/EMC Corp., 4.90%, due 10/01/26		756,165
	607,000		Dell International LLC/EMC Corp., 5.30%, due 10/01/29		734,464
	224,000		Dell International LLC/EMC Corp., 5.85%, due 07/15/25		260,733
	414,000		Dell International LLC/EMC Corp., 8.35%, due 07/15/46		672,731
	1,361,418		Delta Air Lines Pass Through Trust, 2.00%, due 12/10/29		1,357,531
	570,000		Delta Air Lines, Inc., 2.90%, due 10/28/24(e)		583,850
	268,000		Delta Air Lines, Inc., 3.80%, due 04/19/23		279,058
	315,000		Delta Air Lines, Inc., 4.38%, due 04/19/28(e)		338,212
	86,000		Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, due 10/20/25 144A		92,045
	184,000		Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, due 10/20/28 144A		205,274
	138,000		Deluxe Corp., 8.00%, due 06/01/29 144A		144,383
	300,000		Deutsche Bank AG, 5.00%, due 02/14/22		304,929
	305,000	EUR	DH Europe Finance II SARL, 1.35%, due 09/18/39		356,169
	560,000		Diageo Capital Plc, 2.13%, due 04/29/32		557,263
	281,000		Diamondback Energy, Inc., 3.13%, due 03/24/31(e)		291,995
	865,000		Diamondback Energy, Inc., 3.25%, due 12/01/26		926,753
	373,000		Digital Realty Trust, LP REIT, 3.60%, due 07/01/29		408,340
	1,121,000		Digital Realty Trust, LP REIT, 3.70%, due 08/15/27(e)		1,246,903
	133,000		Discover Financial Services, 4.10%, due 02/09/27		148,243
	807,000		Dollar Tree, Inc., 4.20%, due 05/15/28		909,789
	115,000		Dominion Energy, Inc., 2.85%, due 08/15/26		122,262
	271,000		Dominion Energy, Inc., 3.38%, due 04/01/30		293,747
	850,000		DTE Electric Co., 2.25%, due 03/01/30		863,630
	411,000		Duke Energy Carolinas LLC, 3.95%, due 03/15/48		476,880
	420,000		Duke Energy Florida LLC, 3.40%, due 10/01/46		449,665
	195,000		Duke Energy Progress LLC, 3.70%, due 10/15/46		218,287
	617,000		eBay, Inc., 2.70%, due 03/11/30		642,938
	174,000		Edgewell Personal Care Co., 4.13%, due 04/01/29 144A		173,948
	250,000		Edgewell Personal Care Co., 5.50%, due 06/01/28 144A		264,345
	190,000		El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32		278,887
	42,000		Embraer Netherlands Finance BV, 5.05%, due 06/15/25		44,258
	250,000		Embraer Overseas, Ltd., 5.70%, due 09/16/23 144A		265,519
	416,000		Emera US Finance, LP, 3.55%, due 06/15/26		449,898
	87,000		Empire Communities Corp., 7.00%, due 12/15/25 144A		91,024
	397,000		Enbridge, Inc., 5.50% (3 mo. USD LIBOR + 3.42%), due 07/15/77(c)		425,656
	385,000		Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80(c)		435,993
	332,000		Enbridge, Inc., 6.25% (3 mo. USD LIBOR + 3.64%), due 03/01/78(c)		370,255
	148,000		Encompass Health Corp., 4.50%, due 02/01/28		153,002
	126,000		Encompass Health Corp., 4.63%, due 04/01/31		132,590

See accompanying Notes to the Financial Statements.

54

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	106,000	Energean Israel Finance, Ltd., 5.38%, due 03/30/28(j) 144A		108,803
	185,000	Energean Israel Finance, Ltd., 5.88%, due 03/30/31(j) 144A		190,431
	922,000	Energy Transfer, LP, 3.45%, due 01/15/23		948,961
	136,000	Energy Transfer, LP, 4.20%, due 04/15/27		150,557
	435,000	Energy Transfer, LP, 5.15%, due 03/15/45		498,603
	844,000	Energy Transfer, LP, 5.25%, due 04/15/29		989,989
	150,000	Energy Transfer, LP, 5.30%, due 04/01/44		174,093
	431,000	Energy Transfer, LP, 5.40%, due 10/01/47(e)		514,430
	1,370,000	Energy Transfer, LP, 5.50%, due 06/01/27		1,608,263
	340,000	Energy Transfer, LP, 6.25%, due 04/15/49		447,466
	227,000	Enova International, Inc., 8.50%, due 09/15/25 144A		234,748
	1,100,000	Enterprise Products Operating LLC, 4.90%, due 05/15/46		1,352,469
	639,000	Enterprise Products Operating LLC, 5.25% (3 mo. USD LIBOR + 3.03%), due 08/16/77(c)		669,003
	132,000	EQT Corp., 3.63%, due 05/15/31 144A		137,709
	394,000	Equinix, Inc. REIT, 1.55%, due 03/15/28		385,438
	268,000	Equinix, Inc. REIT, 1.80%, due 07/15/27		269,519
	733,000	Equinix, Inc. REIT, 2.50%, due 05/15/31		738,519
	499,000	Equinix, Inc. REIT, 3.20%, due 11/18/29		529,739
	460,000	Essential Utilities, Inc., 2.70%, due 04/15/30		475,197
	925,000	Essex Portfolio, LP REIT, 1.70%, due 03/01/28		908,251
	32,000	Everi Holdings, Inc., 5.00%, due 07/15/29 144A		32,830
	1,320,000	Eversource Energy, 2.90%, due 10/01/24		1,395,488
	285,000	Exelon Corp., 4.70%, due 04/15/50		360,638
	1,128,000	Exelon Corp., 5.10%, due 06/15/45		1,481,769
	335,000	Expedia Group, Inc., 2.95%, due 03/15/31		338,809
	520,000	Expedia Group, Inc., 3.25%, due 02/15/30		538,135
	633,000	Expedia Group, Inc., 3.80%, due 02/15/28		687,510
	459,000	Expedia Group, Inc., 4.63%, due 08/01/27		520,653
	565,000	Expedia Group, Inc., 5.00%, due 02/15/26		638,338
	600,000	Falabella SA, 4.38%, due 01/27/25 144A		648,756
	995,000	FedEx Corp., 4.05%, due 02/15/48		1,114,910
	1,328,000	Ferguson Finance Plc, 3.25%, due 06/02/30 144A		1,420,526
	715,000	Ferguson Finance Plc, 4.50%, due 10/24/28 144A		823,835
	920,000	Fidelity National Information Services, Inc., 2.25%, due 03/01/31		913,917
	219,000	Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR + 3.03%)(c) (f)		226,008
	135,000	First Quantum Minerals, Ltd., 6.88%, due 03/01/26 144A		140,569
	245,000	First Quantum Minerals, Ltd., 6.88%, due 10/15/27 144A		259,416
	200,000	First Quantum Minerals, Ltd., 7.50%, due 04/01/25 144A		205,416
	194,000	FirstEnergy Corp., 2.65%, due 03/01/30		193,515
	1,260,000	Fiserv, Inc., 3.50%, due 07/01/29		1,372,839
	200,000	Flowserve Corp., 3.50%, due 10/01/30(e)		209,077
	200,000	FMG Resources August 2006 Pty, Ltd., 4.38%, due 04/01/31(e) 144A		206,920
	175,000	Ford Motor Co., 4.75%, due 01/15/43		183,642
	915,000	Ford Motor Credit Co. LLC, 3.35%, due 11/01/22		932,257
	215,000	Ford Motor Credit Co. LLC, 4.00%, due 11/13/30		223,869
	356,000	Ford Motor Credit Co. LLC, 4.13%, due 08/17/27		377,983
	565,000	Ford Motor Credit Co. LLC, 5.11%, due 05/03/29		632,094
	202,000	Freedom Mortgage Corp., 8.13%, due 11/15/24 144A		205,416
	56,000	Freedom Mortgage Corp., 8.25%, due 04/15/25 144A		57,205

See accompanying Notes to the Financial Statements.

55

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	310,000	Freeport-McMoRan, Inc., 4.63%, due 08/01/30		335,575
	245,000	Freeport-McMoRan, Inc., 5.45%, due 03/15/43		301,963
	719,000	Fresenius Medical Care US Finance III, Inc., 2.38%, due 02/16/31 144A		698,254
	389,000	FS Luxembourg SARL, 10.00%, due 12/15/25 144A		428,075
	100,000	Gap, Inc. (The), 3.63%, due 10/01/29 144A		100,375
	100,000	Gap, Inc. (The), 3.88%, due 10/01/31 144A		100,125
	207,000	Garda World Security Corp., 6.00%, due 06/01/29 144A		203,101
	125,000	Gartner, Inc., 3.63%, due 06/15/29 144A		126,106
	61,000	Gartner, Inc., 3.75%, due 10/01/30 144A		62,857
	395,000	Gartner, Inc., 4.50%, due 07/01/28 144A		415,244
	203,000	GCI LLC, 4.75%, due 10/15/28 144A		213,369
	1,424,000	GE Capital International Funding Co. Unlimited Co., 4.42%, due 11/15/35		1,710,322
	233,000	GEMS MENASA Cayman, Ltd./GEMS Education Delaware LLC, 7.13%, due 07/31/26 144A		239,206
	820,000	General Dynamics Corp., 4.25%, due 04/01/50		1,038,000
	600,000	General Electric Co., 4.25%, due 05/01/40		701,695
	643,000	General Electric Co., (MTN), 5.55%, due 01/05/26		753,590
	440,000	General Motors Co., 5.00%, due 04/01/35		520,251
	175,000	General Motors Co., 5.40%, due 04/01/48		217,372
	450,000	General Motors Co., 6.25%, due 10/02/43		607,034
	605,000	General Motors Financial Co., Inc., 2.90%, due 02/26/25		634,973
	954,000	General Motors Financial Co., Inc., 3.60%, due 06/21/30		1,024,021
	1,199,000	General Motors Financial Co., Inc., 4.15%, due 06/19/23		1,267,538
	437,000	General Motors Financial Co., Inc., 4.35%, due 01/17/27		490,212
	535,000	General Motors Financial Co., Inc., 5.10%, due 01/17/24		584,167
	286,000	GFL Environmental, Inc., 3.50%, due 09/01/28 144A		288,145
	261,000	GFL Environmental, Inc., 4.38%, due 08/15/29(e) 144A		263,936
	165,000	GFL Environmental, Inc., 4.75%, due 06/15/29 144A		169,744
	275,000	Global Infrastructure Solutions, Inc., 5.63%, due 06/01/29 144A		281,641
	325,000	Globo Comunicacao e Participacoes SA, 4.88%, due 01/22/30(e) 144A		322,512
	1,000,000	GLP Capital, LP/GLP Financing II, Inc. REIT, 4.00%, due 01/15/31		1,079,850
	578,000	GLP Capital, LP/GLP Financing II, Inc. REIT, 5.38%, due 04/15/26		657,880
	1,350,000	Goldman Sachs Group, Inc. (The), 0.86% (SOFR + 0.61%), due 02/12/26(c)		1,337,465
	975,000	Goldman Sachs Group, Inc. (The), 1.43% (SOFR + 0.80%), due 03/09/27(c)		972,837
	1,100,000	Goldman Sachs Group, Inc. (The), 1.54% (SOFR + 0.82%), due 09/10/27(c)		1,096,302
	1,129,000	Goldman Sachs Group, Inc. (The), 2.62% (SOFR + 1.28%), due 04/22/32(c)		1,143,386
	1,200,000	Goldman Sachs Group, Inc. (The), 3.27% (3 mo. USD LIBOR + 1.20%), due 09/29/25(c)		1,281,836
	140,000	Goldman Sachs Group, Inc. (The), 3.50%, due 01/23/25		150,015
	85,000	Goldman Sachs Group, Inc. (The), 3.75%, due 02/25/26		93,318
	1,131,000	Goldman Sachs Group, Inc. (The), 3.80%, due 03/15/30		1,259,691
	815,000	Goldman Sachs Group, Inc. (The), 3.81% (3 mo. USD LIBOR + 1.16%), due 04/23/29(c)		902,579
	1,266,000	Goldman Sachs Group, Inc. (The), 3.85%, due 01/26/27		1,391,776
	125,000	Goldman Sachs Group, Inc. (The), 5.30% (3 mo. USD LIBOR + 3.83%)(c) (e) (f)		138,150
	1,850,000	Goldman Sachs Group, Inc. (The), 5.75%, due 01/24/22		1,881,415
	720,000	Goldman Sachs Group, Inc. (The), (MTN), 2.38% (SOFR + 1.25%), due 07/21/32(c)		713,328
	20,000	Graham Packaging Co., Inc., 7.13%, due 08/15/28 144A		21,262
	220,000	Graphic Packaging International LLC, 3.50%, due 03/01/29 144A		219,175
	14,000	Group 1 Automotive, Inc., 4.00%, due 08/15/28 144A		14,263

See accompanying Notes to the Financial Statements.

56

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	762,000	H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A		759,981
	25,000	HCA, Inc., 3.50%, due 09/01/30		26,510
	354,000	HCA, Inc., 4.13%, due 06/15/29		395,704
	333,000	HCA, Inc., 5.25%, due 04/15/25		377,643
	227,000	HCA, Inc., 5.25%, due 06/15/26		260,613
	25,000	HCA, Inc., 5.38%, due 02/01/25		27,969
	150,000	HCA, Inc., 5.88%, due 02/01/29		180,441
	275,000	HCA, Inc., (MTN), 7.75%, due 07/15/36		390,034
	646,000	Healthpeak Properties, Inc. REIT, 3.25%, due 07/15/26		701,201
	89,000	Hess Midstream Operations, LP, 4.25%, due 02/15/30 144A		90,113
	224,000	Hillenbrand, Inc., 3.75%, due 03/01/31		222,762
	226,000	Hilton Domestic Operating Co., Inc., 3.63%, due 02/15/32 144A		222,893
	184,000	Hilton Domestic Operating Co., Inc., 4.00%, due 05/01/31 144A		186,990
	236,000	Hilton Domestic Operating Co., Inc., 4.88%, due 01/15/30		253,466
	77,000	Hilton Domestic Operating Co., Inc., 5.75%, due 05/01/28 144A		83,025
	202,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 4.88%, due 07/01/31 144A		203,010
	265,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 5.00%, due 06/01/29 144A		270,631
	777,000	Home Depot, Inc. (The), 3.30%, due 04/15/40		842,751
	512,000	Host Hotels & Resorts, LP REIT, 3.38%, due 12/15/29		527,326
	347,000	Host Hotels & Resorts, LP REIT, 3.50%, due 09/15/30		360,735
	170,000	Host Hotels & Resorts, LP REIT, 4.50%, due 02/01/26		186,321
	69,000	Hudbay Minerals, Inc., 4.50%, due 04/01/26 144A		68,396
	126,000	Huntington Ingalls Industries, Inc., 3.84%, due 05/01/25		136,557
	392,000	Huntington Ingalls Industries, Inc., 4.20%, due 05/01/30		443,022
	390,000	Huntsman International LLC, 2.95%, due 06/15/31		399,891
	870,000	Huntsman International LLC, 4.50%, due 05/01/29		986,549
	243,000	Hyatt Hotels Corp., 1.80%, due 10/01/24(h)		243,550
	92,000	Hyatt Hotels Corp., 4.38%, due 09/15/28		100,517
	275,000	Hyatt Hotels Corp., 5.75%, due 04/23/30		330,467
	477,000	Hyundai Capital America, 1.00%, due 09/17/24 144A		475,471
	170,000	Hyundai Capital America, 1.80%, due 10/15/25 144A		171,743
	170,000	Hyundai Capital America, 2.38%, due 10/15/27 144A		172,413
	1,668,000	Hyundai Capital America, 5.75%, due 04/06/23 144A		1,789,111
	298,000	IHS Markit, Ltd., 4.00%, due 03/01/26 144A		328,235
	202,000	IHS Markit, Ltd., 4.75%, due 08/01/28		236,764
	126,000	Infor, Inc., 1.75%, due 07/15/25 144A		127,691
	480,000	Infraestructura Energetica Nova SAB de CV, 4.75%, due 01/15/51(e) 144A		494,796
	200,000	Instituto Costarricense de Electricidad, 6.38%, due 05/15/43(e) 144A		174,859
	129,000	International Flavors & Fragrances, Inc., 1.83%, due 10/15/27 144A		129,271
	170,000	International Game Technology Plc, 6.50%, due 02/15/25 144A		189,924
	223,000	Intesa Sanpaolo SpA, 4.20%, due 06/01/32 144A		228,821
	80,000	IPALCO Enterprises, Inc., 4.25%, due 05/01/30		89,873
	180,000	Iron Mountain, Inc. REIT, 4.88%, due 09/15/29 144A		188,775
	245,000	Iron Mountain, Inc. REIT, 5.25%, due 07/15/30 144A		260,308
	200,000	Israel Electric Corp., Ltd., 6.88%, due 06/21/23 144A		220,245
	194,000	J2 Global, Inc., 4.63%, due 10/15/30 144A		206,368
	107,000	JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		112,751
	292,000	JBS Finance Luxembourg SARL, 3.63%, due 01/15/32 144A		297,843

See accompanying Notes to the Financial Statements.

57

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	385,000	JBS USA Food Co., 5.75%, due 01/15/28 144A		404,974
	95,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, due 12/01/31 144A		98,969
	500,000	Jefferies Group LLC, 5.13%, due 01/20/23		528,985
	300,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, due 01/23/30		337,632
	580,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, due 01/15/27		672,901
	290,162	JetBlue Pass Through Trust, Class A, 2.75%, due 11/15/33		292,551
	900,000	Johnson & Johnson, 2.10%, due 09/01/40		847,247
	1,000,000	JPMorgan Chase & Co., 2.07% (SOFR + 1.02%), due 06/01/29(c)		1,002,864
	649,000	JPMorgan Chase & Co., 2.52% (SOFR + 2.04%), due 04/22/31(c)		662,488
	460,000	JPMorgan Chase & Co., 2.58% (SOFR + 1.25%), due 04/22/32(c)		466,722
	750,000	JPMorgan Chase & Co., 2.95%, due 10/01/26		804,242
	505,000	JPMorgan Chase & Co., 2.96% (SOFR + 2.52%), due 05/13/31(c)		525,674
	3,605,000	JPMorgan Chase & Co., 3.78% (3 mo. USD LIBOR + 1.34%), due 02/01/28(c)		3,974,776
	555,000	JPMorgan Chase & Co., 3.93% (3 mo. USD LIBOR + 3.80%)(c) (f)		555,646
	573,000	JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.25%), due 01/29/27(c) (e)		632,588
	625,000	JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.38%), due 11/15/48(c)		725,349
	585,000	JPMorgan Chase & Co., 4.00% (SOFR + 2.75%)(c) (e) (f)		587,852
	340,000	JPMorgan Chase & Co., 4.01% (3 mo. USD LIBOR + 1.12%), due 04/23/29(c)		380,184
	2,450,000	JPMorgan Chase & Co., 4.20% (3 mo. USD LIBOR + 1.26%), due 07/23/29(c)		2,788,646
	1,207,000	JPMorgan Chase & Co., 4.49% (SOFR + 3.79%), due 03/24/31(c)		1,409,097
	501,000	JPMorgan Chase & Co., 4.60% (SOFR + 3.13%)(c) (f)		512,899
	180,000	JPMorgan Chase & Co., 5.00% (SOFR + 3.38%)(c) (f)		187,988
	658,000	JPMorgan Chase & Co., 6.75% (3 mo. USD LIBOR + 3.78%)(c) (f)		722,566
	107,000	JW Aluminum Continuous Cast Co., 10.25%, due 06/01/26 144A		115,058
	780,000	Kaiser Foundation Hospitals, 2.81%, due 06/01/41		790,077
	200,000	KazMunayGas National Co. JSC, 4.75%, due 04/24/25(e) 144A		221,070
	294,000	KB Home, 4.00%, due 06/15/31		302,085
	140,000	Ken Garff Automotive LLC, 4.88%, due 09/15/28 144A		144,094
	840,000	Keurig Dr Pepper, Inc., 2.25%, due 03/15/31(e)		842,278
	283,000	Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32		406,047
	640,000	Kinder Morgan, Inc., 3.60%, due 02/15/51		648,161
	184,000	Kinder Morgan, Inc., 4.30%, due 03/01/28		208,704
	991,000	KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A		1,317,236
	540,000	KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A		581,435
	317,000	KLA Corp., 4.10%, due 03/15/29		361,003
	333,000	Kraft Heinz Foods Co., 3.00%, due 06/01/26		350,953
	364,000	Kraft Heinz Foods Co., 4.38%, due 06/01/46		414,908
	205,000	Kraft Heinz Foods Co., 4.88%, due 10/01/49		249,979
	126,000	Kraft Heinz Foods Co., 5.00%, due 06/04/42		154,787
	115,000	Kraft Heinz Foods Co., 5.20%, due 07/15/45		144,283
	260,000	Kraft Heinz Foods Co., 5.50%, due 06/01/50		343,669
	190,000	Laboratory Corp. of America Holdings, 2.95%, due 12/01/29		201,645
	397,000	Lam Research Corp., 2.88%, due 06/15/50		398,686
	281,000	Lam Research Corp., 4.88%, due 03/15/49		379,212
	201,000	Lazard Group LLC, 4.38%, due 03/11/29		227,850
	106,000	LCM Investments Holdings II LLC, 4.88%, due 05/01/29 144A		108,895
	55,000	Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, due 02/01/26 144A		56,465

See accompanying Notes to the Financial Statements.

58

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	470,000	Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86% (3 mo. USD LIBOR + 0.84%)(c) (f) (k) (l) (m)		—
	890,000	Lehman Brothers Holdings, Inc., 6.50%, due 07/19/17(k) (l) (m)		—
	270,000	Lehman Brothers Holdings, Inc., (MTN), 6.75%, due 12/28/17(k) (l) (m)		—
	1,029,000	Level 3 Financing, Inc., 3.40%, due 03/01/27 144A		1,085,183
	98,000	Levi Strauss & Co., 3.50%, due 03/01/31 144A		99,103
	381,000	Leviathan Bond, Ltd., 6.50%, due 06/30/27(j) 144A		419,712
	69,000	Leviathan Bond, Ltd., 6.75%, due 06/30/30(j) 144A		76,621
	230,000	Liberty Mutual Group, Inc., 3.95%, due 10/15/50 144A		255,737
	379,000	Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51(c) 144A		389,711
	254,000	Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A		269,299
	2,679,000	Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A		3,116,280
	116,000	Life Time, Inc., 8.00%, due 04/15/26(e) 144A		123,105
	1,603,000	Lincoln National Corp., 3.40%, due 01/15/31(e)		1,743,825
	420,000	Lions Gate Capital Holdings LLC, 5.50%, due 04/15/29 144A		434,708
	365,000	Live Nation Entertainment, Inc., 4.75%, due 10/15/27 144A		371,388
	1,150,000	Lloyds Banking Group Plc, 2.44% (1 yr. CMT + 1.00%), due 02/05/26(c)		1,193,556
	1,050,000	Lloyds Banking Group Plc, 4.45%, due 05/08/25		1,165,248
	321,000	Lloyds Banking Group Plc, 7.50% (5 yr. USD swap + 4.76%)(c) (f)		359,520
	712,000	Lockheed Martin Corp., 2.80%, due 06/15/50(e)		704,957
	713,000	Lockheed Martin Corp., 4.70%, due 05/15/46		935,046
	386,000	Lowe’s Cos., Inc., 3.70%, due 04/15/46		422,276
	212,000	Lowe’s Cos., Inc., 5.00%, due 04/15/40		269,419
	284,000	LSC Communication, Inc., 8.75%, due 10/15/23(i) (k)		1,562
	350,000	Lumen Technologies, Inc., 6.75%, due 12/01/23		384,125
	287,000	Lundin Energy Finance BV, 2.00%, due 07/15/26 144A		288,868
	413,000	Lundin Energy Finance BV, 3.10%, due 07/15/31 144A		419,116
	150,000	LYB International Finance BV, 4.88%, due 03/15/44		184,922
	380,000	LYB International Finance III LLC, 4.20%, due 05/01/50		433,680
	158,000	M&T Bank Corp., 5.13% (3 mo. USD LIBOR + 3.52%)(c) (e) (f)		174,232
	280,000	Macquarie Bank, Ltd., 3.62%, due 06/03/30 144A		294,131
	270,000	Macquarie Bank, Ltd., 4.88%, due 06/10/25(e) 144A		299,219
	943,000	Macquarie Group, Ltd., 1.34% (SOFR + 1.07%), due 01/12/27(c) 144A		935,182
	1,484,000	Macquarie Group, Ltd., 4.15% (3 mo. USD LIBOR + 1.33%), due 03/27/24(c) 144A		1,559,270
	74,000	Macy’s Retail Holdings LLC, 5.88%, due 04/01/29(e) 144A		80,603
	55,000	Magellan Midstream Partners, LP, 4.25%, due 09/15/46		61,320
	200,000	Magellan Midstream Partners, LP, 5.15%, due 10/15/43		245,838
	420,000	MARB BondCo Plc, 3.95%, due 01/29/31 144A		401,738
	455,000	Marriott International, Inc., 2.85%, due 04/15/31		461,192
	134,000	Marriott International, Inc., 3.13%, due 06/15/26		143,410
	230,000	Marriott International, Inc., 3.50%, due 10/15/32		244,577
	373,000	Marriott International, Inc., 4.63%, due 06/15/30		426,388
	46,000	Marriott Ownership Resorts, Inc., 4.50%, due 06/15/29 144A		46,633
	400,000	Martin Marietta Materials, Inc., 2.50%, due 03/15/30(e)		407,669
	230,000	Martin Marietta Materials, Inc., 4.25%, due 07/02/24		249,681
	568,000	Marvell Technology, Inc., 2.45%, due 04/15/28 144A		579,027
	616,000	Marvell Technology, Inc., 4.88%, due 06/22/28(e) 144A		712,104
	300,000	Masonite International Corp., 3.50%, due 02/15/30 144A		298,125
	460,000	Massachusetts Institute of Technology, 4.68%, due 07/01/14(g)		670,644
	1,255,000	Massachusetts Mutual Life Insurance Co., 3.38%, due 04/15/50 144A		1,316,098

See accompanying Notes to the Financial Statements.

59

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	164,000	MasTec, Inc., 4.50%, due 08/15/28 144A		171,380
	258,000	Mastercard, Inc., 3.85%, due 03/26/50		307,252
	157,000	Match Group Holdings II LLC, 3.63%, due 10/01/31(h) 144A		155,333
	162,000	Match Group Holdings II LLC, 4.13%, due 08/01/30 144A		168,885
	46,000	Mauser Packaging Solutions Holding Co., 8.50%, due 04/15/24 144A		47,892
	311,000	MC Brazil Downstream Trading SARL, 7.25%, due 06/30/31 144A		313,155
	801,000	McDonald’s Corp., (MTN), 3.50%, due 07/01/27		885,486
	900,000	McDonald’s Corp., (MTN), 4.20%, due 04/01/50		1,074,474
	167,000	MDC Holdings, Inc., 2.50%, due 01/15/31		162,962
	390,000	MEDNAX, Inc., 6.25%, due 01/15/27(e) 144A		410,475
	355,000	MetLife, Inc., 6.40%, due 12/15/66		456,610
	200,000	Mexico City Airport Trust, 5.50%, due 07/31/47 144A		204,662
	165,000	MGM Growth Properties Operating Partnership, LP/MGP Finance Co-Issuer, Inc. REIT, 3.88%, due 02/15/29 144A		175,931
	338,000	MGM Resorts International, 4.75%, due 10/15/28		356,590
	1,139,000	Micron Technology, Inc., 4.19%, due 02/15/27		1,282,110
	155,000	Micron Technology, Inc., 4.98%, due 02/06/26		177,433
	971,000	Micron Technology, Inc., 5.33%, due 02/06/29		1,155,878
	295,000	Microsoft Corp., 2.68%, due 06/01/60		286,481
	825,000	Mid-Atlantic Interstate Transmission LLC, 4.10%, due 05/15/28 144A		925,076
	100,000	MidAmerican Energy Co., 4.25%, due 07/15/49		123,724
	598,000	Midas OpCo Holdings LLC, 5.63%, due 08/15/29 144A		619,528
	398,000	Midwest Connector Capital Co. LLC, 3.90%, due 04/01/24 144A		416,396
	252,000	Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 144A		257,040
	234,900	Millicom International Cellular SA, 6.25%, due 03/25/29 144A		257,509
	242,000	Mohegan Gaming & Entertainment, 8.00%, due 02/01/26 144A		252,551
	950,000	Moody’s Corp., 3.25%, due 05/20/50		977,566
	1,164,000	Morgan Stanley, 2.19% (SOFR + 1.99%), due 04/28/26(c)		1,202,282
	768,000	Morgan Stanley, 2.48% (SOFR + 1.36%), due 09/16/36(c)		752,070
	145,000	Morgan Stanley, 3.22% (SOFR + 1.49%), due 04/22/42(c)		151,840
	945,000	Morgan Stanley, 3.59% (3 mo. USD LIBOR + 1.34%), due 07/22/28(c)		1,037,134
	325,000	Morgan Stanley, 3.74% (3 mo. USD LIBOR + 3.61%)(c) (f)		327,934
	921,000	Morgan Stanley, 3.88%, due 04/29/24		994,070
	1,400,000	Morgan Stanley, (MTN), 2.24% (SOFR + 1.18%), due 07/21/32(c)		1,376,778
	785,000	Morgan Stanley, (MTN), 2.70% (SOFR + 1.14%), due 01/22/31(c)		809,883
	1,301,000	Morgan Stanley, (MTN), 3.13%, due 07/27/26		1,401,000
	1,311,000	Morgan Stanley, (MTN), 3.62% (SOFR + 3.12%), due 04/01/31(c)		1,445,680
	620,000	Morgan Stanley, (MTN), 3.77% (3 mo. USD LIBOR + 1.14%), due 01/24/29(c)		686,505
	356,000	Morgan Stanley, (MTN), 3.88%, due 01/27/26		394,284
	1,000,000	Morgan Stanley, (MTN), 4.35%, due 09/08/26		1,129,477
	574,000	Motorola Solutions, Inc., 2.30%, due 11/15/30		564,607
	609,000	Motorola Solutions, Inc., 2.75%, due 05/24/31		621,938
	109,000	Motorola Solutions, Inc., 4.60%, due 05/23/29		126,665
	330,000	MPLX, LP, 4.00%, due 03/15/28		364,679
	87,000	MPLX, LP, 4.13%, due 03/01/27		97,201
	257,000	MPLX, LP, 4.25%, due 12/01/27		289,000
	250,000	MPLX, LP, 4.50%, due 04/15/38		279,438
	25,000	MPLX, LP, 5.20%, due 03/01/47		30,368
	813,000	MPLX, LP, 6.88% (3 mo. USD LIBOR + 4.65%)(c) (f)		829,260

See accompanying Notes to the Financial Statements.

60

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	300,000	MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.50%, due 03/15/31		306,375
	325,000	MSCI, Inc., 3.25%, due 08/15/33 144A		329,131
	336,000	MSCI, Inc., 3.63%, due 11/01/31 144A		350,070
	145,000	MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24 144A		152,308
	435,000	Mylan, Inc., 5.20%, due 04/15/48		536,423
	450,000	Mylan, Inc., 5.40%, due 11/29/43		557,645
	141,000	Nationstar Mortgage Holdings, Inc., 5.13%, due 12/15/30 144A		141,494
	158,000	Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A		162,954
	62,000	Nationstar Mortgage Holdings, Inc., 6.00%, due 01/15/27 144A		64,979
	500,000	Natwest Group Plc, 3.88%, due 09/12/23		530,308
	210,000	Natwest Group Plc, 5.08% (3 mo. USD LIBOR + 1.91%), due 01/27/30(c)		248,129
	430,000	Natwest Group Plc, 6.00% (5 yr. CMT + 5.63%)(c) (e) (f)		482,301
	649,000	NatWest Markets Plc, 1.60%, due 09/29/26 144A		648,925
	329,000	NBM US Holdings, Inc., 6.63%, due 08/06/29 144A		361,861
	229,000	Netflix, Inc., 4.88%, due 06/15/30 144A		269,934
	59,000	Netflix, Inc., 5.38%, due 11/15/29 144A		71,538
	444,000	Netflix, Inc., 5.88%, due 11/15/28		544,633
	427,000	New Fortress Energy, Inc., 6.50%, due 09/30/26 144A		408,852
	226,000	New York Life Insurance Co., 3.75%, due 05/15/50 144A		253,569
	435,000	Newmont Corp., 2.25%, due 10/01/30		433,046
	150,000	Newmont Corp., 2.80%, due 10/01/29		156,111
	150,000	Newmont Corp., 5.45%, due 06/09/44		204,218
	228,000	News Corp., 3.88%, due 05/15/29 144A		234,555
	435,000	NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30		437,782
	771,000	NextEra Energy Capital Holdings, Inc., 3.55%, due 05/01/27		846,366
	207,000	NextEra Energy Operating Partners, LP, 3.88%, due 10/15/26 144A		220,498
	75,000	NextEra Energy Operating Partners, LP, 4.50%, due 09/15/27 144A		80,774
	563,000	Nippon Life Insurance Co., 2.75% (5 yr. CMT + 2.65%), due 01/21/51(c) 144A		551,605
	220,000	Nippon Life Insurance Co., 5.10% (5 yr. USD swap + 3.65%), due 10/16/44(c) 144A		241,993
	670,000	NiSource, Inc., 3.49%, due 05/15/27		734,676
	256,000	NiSource, Inc., 3.60%, due 05/01/30		280,837
	239,000	Nissan Motor Acceptance Co. LLC, 1.13%, due 09/16/24(e) 144A		238,631
	195,000	Nissan Motor Acceptance Co. LLC, 3.45%, due 03/15/23 144A		201,926
	200,000	Nomura Holdings, Inc., 2.61%, due 07/14/31		199,438
	970,000	Norfolk Southern Corp., 4.84%, due 10/01/41		1,238,560
	195,000	Northern States Power Co., 3.60%, due 09/15/47		218,610
	942,000	Northrop Grumman Corp., 5.25%, due 05/01/50		1,322,760
	300,000	NOVA Chemicals Corp., 4.88%, due 06/01/24 144A		313,875
	456,000	Novelis Corp., 4.75%, due 01/30/30 144A		480,601
	298,000	NRG Energy, Inc., 2.45%, due 12/02/27 144A		302,598
	50,000	NRG Energy, Inc., 3.38%, due 02/15/29 144A		49,409
	139,000	NRG Energy, Inc., 3.63%, due 02/15/31 144A		136,707
	474,000	NRG Energy, Inc., 3.88%, due 02/15/32 144A		469,260
	218,000	NRG Energy, Inc., 4.45%, due 06/15/29 144A		241,432
	125,000	NRG Energy, Inc., 5.25%, due 06/15/29 144A		133,125
	525,000	NRG Energy, Inc., 5.75%, due 01/15/28		559,125
	250,000	NSTAR Electric Co., 3.10%, due 06/01/51		259,954
	315,000	Nutrien, Ltd., 4.90%, due 06/01/43(e)		397,880
	815,000	NXP BV/NXP Funding LLC, 4.63%, due 06/01/23 144A		866,885
	2,136,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, due 05/01/25 144A		2,232,248

See accompanying Notes to the Financial Statements.

61

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	188,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.25%, due 05/11/41 144A		194,413
	517,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.88%, due 06/18/26 144A		569,854
	75,000	Occidental Petroleum Corp., 3.50%, due 08/15/29		76,378
	4,349,000	Occidental Petroleum Corp., 6.00%, due 10/10/36(n)		2,366,943
	325,000	OneMain Finance Corp., 6.63%, due 01/15/28		374,156
	62,000	OneMain Finance Corp., 6.88%, due 03/15/25		69,750
	200,000	OneMain Finance Corp., 8.25%, due 10/01/23		223,878
	120,000	OneMain Finance Corp., 8.88%, due 06/01/25		130,350
	655,000	ONEOK, Inc., 3.10%, due 03/15/30		684,158
	390,000	ONEOK, Inc., 4.45%, due 09/01/49(e)		436,725
	200,000	ONEOK, Inc., 4.95%, due 07/13/47		236,918
	200,000	Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, due 02/11/25 144A		201,841
	1,200,000	Oracle Corp., 1.65%, due 03/25/26(e)		1,217,554
	1,542,000	Oracle Corp., 2.50%, due 04/01/25		1,613,954
	916,000	Oracle Corp., 2.95%, due 04/01/30		960,206
	425,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, due 04/30/28 144A		434,031
	342,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, due 04/30/31(e) 144A		359,647
	208,000	Oriflame Investment Holding Plc, 5.13%, due 05/04/26(e) 144A		213,720
	100,000	Ovintiv Exploration, Inc., 5.38%, due 01/01/26		113,125
	265,000	Ovintiv, Inc., 6.50%, due 08/15/34		357,834
	321,000	Owens Corning, 3.95%, due 08/15/29		358,712
	350,000	Owens Corning, 4.30%, due 07/15/47		404,132
	146,000	Owens-Brockway Glass Container, Inc., 6.63%, due 05/13/27 144A		156,654
	211,000	Oztel Holdings SPC, Ltd., 6.63%, due 04/24/28 144A		232,649
	265,000	PacifiCorp, 2.70%, due 09/15/30(e)		276,131
	195,000	Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, due 10/15/28 144A		195,975
	51,000	Papa John’s International, Inc., 3.88%, due 09/15/29 144A		50,809
	182,000	Parkland Corp., 4.50%, due 10/01/29 144A		184,703
	582,000	PayPal Holdings, Inc., 2.85%, due 10/01/29		621,528
	415,000	PECO Energy Co., 3.05%, due 03/15/51		423,515
	205,000	PECO Energy Co., 3.70%, due 09/15/47		231,119
	580,000	Pennsylvania Electric Co., 3.60%, due 06/01/29 144A		624,606
	2,450,000	Penske Truck Leasing Co., LP/PTL Finance Corp., 3.90%, due 02/01/24 144A		2,612,451
	525,000	PepsiCo, Inc., 3.63%, due 03/19/50		605,587
	137,000	Petrobras Global Finance BV, 5.09%, due 01/15/30		145,019
	413,000	Petrobras Global Finance BV, 5.60%, due 01/03/31(e)		448,828
	185,000	Petrobras Global Finance BV, 5.75%, due 02/01/29		206,765
	164,000	Petrobras Global Finance BV, 6.90%, due 03/19/49(e)		182,905
	76,000	Petroleos Mexicanos, 6.35%, due 02/12/48		64,334
	270,000	Petroleos Mexicanos, 6.50%, due 03/13/27		285,525
	255,000	Petroleos Mexicanos, 6.50%, due 06/02/41		226,087
	403,000	Petroleos Mexicanos, 6.75%, due 09/21/47		352,101
	380,000	Petroleos Mexicanos, 6.88%, due 08/04/26		413,763
	1,067,000	Pfizer, Inc., 2.55%, due 05/28/40		1,061,053
	797,000	Phillips 66 Partners, LP, 3.61%, due 02/15/25		853,038
	25,000	Picasso Finance Sub, Inc., 6.13%, due 06/15/25 144A		26,466
	145,000	Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29		157,199
	575,000	Pilgrim’s Pride Corp., 5.88%, due 09/30/27 144A		612,087
	855,000	Plains All American Pipeline, LP/PAA Finance Corp., 3.55%, due 12/15/29		900,091

See accompanying Notes to the Financial Statements.

62

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	65,000	Plains All American Pipeline, LP/PAA Finance Corp., 4.70%, due 06/15/44		69,884
	50,000	Plains All American Pipeline, LP/PAA Finance Corp., 5.15%, due 06/01/42		56,384
	61,000	Playtika Holding Corp., 4.25%, due 03/15/29 144A		61,271
	63,000	PNC Financial Services Group, Inc. (The), 3.15%, due 05/19/27		69,005
	672,000	PNC Financial Services Group, Inc. (The), 3.40% (5 yr. CMT + 2.60%)(c) (f)		672,000
	479,000	PNC Financial Services Group, Inc. (The), 3.80% (3 mo. USD LIBOR + 3.68%)(c) (f)		480,180
	212,000	PNC Financial Services Group, Inc. (The), 4.85% (3 mo. USD LIBOR + 3.04%)(c) (f)		219,288
	166,000	Post Holdings, Inc., 5.50%, due 12/15/29 144A		176,182
	201,000	Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, due 09/01/29 144A		203,276
	547,000	Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, due 09/01/31 144A		553,396
	51,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A		48,992
	136,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A		140,780
	90,000	Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26		95,423
	885,000	Prudential Financial, Inc., 5.88% (3 mo. USD LIBOR + 4.18%), due 09/15/42(c)		920,679
	48,000	PTC, Inc., 4.00%, due 02/15/28 144A		49,320
	195,000	Public Service Electric & Gas Co., (MTN), 2.70%, due 05/01/50		188,302
	445,000	Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27		483,533
	315,000	Public Service Electric & Gas Co., (MTN), 3.20%, due 05/15/29		343,894
	1,700,000	Public Service Enterprise Group, Inc., 2.88%, due 06/15/24		1,790,981
	379,000	Puget Energy, Inc., 2.38%, due 06/15/28 144A		379,407
	900,000	Qatar Petroleum, 1.38%, due 09/12/26 144A		894,474
	275,000	Qatar Petroleum, 2.25%, due 07/12/31 144A		272,737
	282,000	Qorvo, Inc., 3.38%, due 04/01/31 144A		297,693
	237,000	Quanta Services, Inc., 0.95%, due 10/01/24		237,143
	130,000	QVC, Inc., 5.45%, due 08/15/34		138,416
	130,000	Radian Group, Inc., 4.50%, due 10/01/24		138,861
	191,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, due 09/15/28 144A		195,026
	1,761,000	Raytheon Technologies Corp., 1.90%, due 09/01/31		1,710,074
	330,000	Realty Income Corp. REIT, 3.25%, due 01/15/31		358,305
	224,000	Rede D’or Finance SARL, 4.50%, due 01/22/30 144A		223,373
	200,000	Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29(e) 144A		204,255
	406,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, due 10/15/27 144A		402,458
	389,000	RHP Hotel Properties, LP/RHP Finance Corp. REIT, 4.50%, due 02/15/29 144A		390,307
	161,000	RLJ Lodging Trust, LP REIT, 3.75%, due 07/01/26 144A		162,006
	405,000	Roper Technologies, Inc., 1.40%, due 09/15/27		400,221
	217,000	Royalty Pharma Plc, 1.75%, due 09/02/27		216,251
	189,000	Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28		211,168
	196,000	Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27		225,449
	696,000	Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26		819,492
	110,000	Sabra Health Care, LP REIT, 4.80%, due 06/01/24		121,234
	212,000	Sabre GLBL, Inc., 7.38%, due 09/01/25 144A		226,215
	320,000	Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25(e)		328,243
	290,000	San Diego Gas & Electric Co., 4.15%, due 05/15/48		349,931
	849,000	Santander Holdings USA, Inc., 3.24%, due 10/05/26		907,543
	783,000	Santander Holdings USA, Inc., 3.45%, due 06/02/25		838,719
	505,000	Santander Holdings USA, Inc., 3.50%, due 06/07/24		536,615
	128,000	Santander Holdings USA, Inc., 4.40%, due 07/13/27		143,898

See accompanying Notes to the Financial Statements.

63

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	437,000	Sasol Financing USA LLC, 5.50%, due 03/18/31		448,143
	200,000	Sasol Financing USA LLC, 5.88%, due 03/27/24		211,105
	200,000	Sasol Financing USA LLC, 6.50%, due 09/27/28		220,950
	857,000	SBA Communications Corp. REIT, 3.88%, due 02/15/27		889,137
	322,000	SBA Tower Trust REIT, 2.84%, due 01/15/50 144A		333,852
	376,000	SBL Holdings, Inc., 5.00%, due 02/18/31 144A		401,611
	193,000	Select Medical Corp., 6.25%, due 08/15/26(e) 144A		203,200
	115,000	Sensata Technologies, Inc., 3.75%, due 02/15/31 144A		115,930
	122,000	Service Corp. International, 3.38%, due 08/15/30		121,905
	254,000	Service Corp. International, 4.00%, due 05/15/31		262,890
	950,000	Shell International Finance BV, 5.50%, due 03/25/40		1,316,066
	995,000	Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26		1,073,868
	44,000	Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, due 03/01/29 144A		44,387
	850,000	Simon Property Group, LP REIT, 6.75%, due 02/01/40		1,265,759
	270,000	Sinopec Group Overseas Development 2018, Ltd., 3.68%, due 08/08/49(e) 144A		291,890
	384,000	Sirius XM Radio, Inc., 4.00%, due 07/15/28 144A		390,960
	386,000	Sirius XM Radio, Inc., 5.00%, due 08/01/27 144A		403,852
	1,475,000	Societe Generale SA, 1.79% (1 yr. CMT + 1.00%), due 06/09/27(c) 144A		1,467,641
	385,000	Societe Generale SA, 4.75% (5 yr. CMT + 3.93%)(c) (e) (f) 144A		394,386
	284,000	Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)(c) (e) (f) 144A		304,769
	529,000	SoftBank Group Corp., 6.88% (5 yr. USD ICE swap + 4.85%)(c) (f) (j)		540,638
	200,000	Sotheby’s, 7.38%, due 10/15/27 144A		211,750
	335,000	Southern California Edison Co., 4.00%, due 04/01/47		359,886
	1,318,000	Southern Co. (The), 3.25%, due 07/01/26		1,419,046
	1,260,000	Southern Co. Gas Capital Corp., 2.45%, due 10/01/23		1,305,298
	755,000	Southwest Airlines Co., 2.63%, due 02/10/30		766,667
	26,000	Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, due 09/30/26 144A		27,333
	1,701,000	Spirit Realty, LP REIT, 2.10%, due 03/15/28		1,693,630
	200,000	Sprint Communications, Inc., 11.50%, due 11/15/21		202,500
	300,000	Sprint Corp., 7.13%, due 06/15/24		341,835
	140,000	Square, Inc., 3.50%, due 06/01/31 144A		143,777
	118,000	Standard Industries, Inc., 3.38%, due 01/15/31 144A		112,448
	375,000	Standard Industries, Inc., 4.38%, due 07/15/30 144A		382,969
	25,000	Standard Industries, Inc., 4.75%, due 01/15/28 144A		25,969
	175,000	Starwood Property Trust, Inc. REIT, 3.63%, due 07/15/26 144A		176,531
	200,000	State Grid Overseas Investment BVI, Ltd., 3.50%, due 05/04/27 144A		219,819
	330,000	State Street Corp., 3.15% (SOFR + 2.65%), due 03/30/31(c)		361,009
	920,000	Steel Dynamics, Inc., 3.45%, due 04/15/30		990,442
	605,000	Stellantis Finance US, Inc., 2.69%, due 09/15/31(e) 144A		599,506
	63,000	Stericycle, Inc., 3.88%, due 01/15/29 144A		63,464
	413,000	StoneMor, Inc., 8.50%, due 05/15/29 144A		424,880
	186,000	Suburban Propane Partners, LP/Suburban Energy Finance Corp., 5.00%, due 06/01/31 144A		193,208
	77,000	Sunoco, LP/Sunoco Finance Corp., 4.50%, due 05/15/29		78,195
	68,000	Switch, Ltd., 3.75%, due 09/15/28 144A		69,105
	560,000	T-Mobile USA, Inc., 2.05%, due 02/15/28		564,824
	254,000	T-Mobile USA, Inc., 2.55%, due 02/15/31		255,071
	50,000	T-Mobile USA, Inc., 2.88%, due 02/15/31		50,488

See accompanying Notes to the Financial Statements.

64

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	521,000	T-Mobile USA, Inc., 3.38%, due 04/15/29		544,184
	2,019,000	T-Mobile USA, Inc., 3.50%, due 04/15/25(e)		2,175,815
	343,000	T-Mobile USA, Inc., 3.75%, due 04/15/27		378,120
	702,000	T-Mobile USA, Inc., 3.88%, due 04/15/30		775,495
	350,000	T-Mobile USA, Inc., 4.00%, due 04/15/22		354,522
	1,424,000	T-Mobile USA, Inc., 4.50%, due 04/15/50		1,662,890
	225,000	Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A		230,837
	208,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 4.00%, due 01/15/32 144A		215,218
	150,000	Taylor Morrison Communities, Inc., 5.13%, due 08/01/30 144A		161,628
	110,000	Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A		125,538
	175,000	Taylor Morrison Communities, Inc., 6.63%, due 07/15/27 144A		184,933
	150,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, due 03/01/24 144A		162,027
	866,000	Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A		1,047,697
	34,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		51,415
	158,000	Telecom Argentina SA, 8.00%, due 07/18/26 144A		146,799
	368,000	Telecom Italia Capital SA, 7.20%, due 07/18/36		451,260
	1,125,000	Teledyne Technologies, Inc., 2.75%, due 04/01/31		1,151,697
	760,000	Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22		776,484
	838,000	Telefonica Emisiones SA, 5.21%, due 03/08/47(e)		1,047,377
	163,000	Telesat Canada/Telesat LLC, 5.63%, due 12/06/26 144A		156,689
	223,000	Tenet Healthcare Corp., 4.63%, due 07/15/24(e)		226,624
	1,354,000	Textron, Inc., 3.00%, due 06/01/30		1,423,792
	83,000	Toll Brothers Finance Corp., 3.80%, due 11/01/29(e)		89,246
	321,000	Total Play Telecomunicaciones SA de CV, 6.38%, due 09/20/28(e) 144A		321,000
	383,000	Total Play Telecomunicaciones SA de CV, 7.50%, due 11/12/25(e) 144A		398,868
	88,000	Townsquare Media, Inc., 6.88%, due 02/01/26 144A		92,427
	2,018,000	Toyota Motor Credit Corp., (MTN), 3.00%, due 04/01/25		2,152,268
	171,000	TransCanada PipeLines, Ltd., 4.25%, due 05/15/28		194,810
	140,000	Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50		157,405
	500,000	Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48		608,241
	735,000	TransDigm, Inc., 5.50%, due 11/15/27		756,175
	135,000	Travel + Leisure Co., 4.63%, due 03/01/30 144A		138,951
	166,000	Travel + Leisure Co., 6.60%, due 10/01/25		186,866
	55,000	Trident TPI Holdings, Inc., 6.63%, due 11/01/25 144A		55,969
	212,000	TriNet Group, Inc., 3.50%, due 03/01/29 144A		212,795
	217,000	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, due 04/01/29 144A		218,905
	248,000	Tronox, Inc., 4.63%, due 03/15/29 144A		247,070
	1,040,000	Truist Bank, 2.25%, due 03/11/30		1,046,165
	342,000	Tutor Perini Corp., 6.88%, due 05/01/25(e) 144A		350,123
	191,000	Twitter, Inc., 3.88%, due 12/15/27(e) 144A		204,131
	532,000	Uber Technologies, Inc., 4.50%, due 08/15/29 144A		536,655
	451,000	Uber Technologies, Inc., 7.50%, due 09/15/27 144A		492,999
	765,000	UBS Group AG, 1.49% (1 yr. CMT + 0.85%), due 08/10/27(c) 144A		756,610
	375,000	UBS Group AG, 2.10% (1 yr. CMT + 1.00%), due 02/11/32(c) 144A		365,082
	1,897,000	UBS Group AG, 4.13%, due 04/15/26 144A		2,115,190
	185,000	UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)(c) (f) 144A		201,956

See accompanying Notes to the Financial Statements.

65

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	362,000	Unifin Financiera SAB de CV, 9.88%, due 01/28/29 144A		364,346
	429,183	United Airlines Pass Through Trust, 3.45%, due 01/07/30		433,517
	348,715	United Airlines Pass Through Trust, 3.65%, due 07/07/27		347,974
	530,958	United Airlines Pass Through Trust, 3.75%, due 03/03/28		559,570
	2,377,551	United Airlines Pass Through Trust, 4.00%, due 10/11/27		2,514,311
	188,658	United Airlines Pass Through Trust, 4.55%, due 02/25/33		200,906
	74,996	United Airlines Pass Through Trust, 4.60%, due 09/01/27		77,362
	81,821	United Airlines Pass Through Trust, 4.63%, due 03/03/24		83,495
	186,850	United Airlines Pass Through Trust, 4.88%, due 07/15/27		198,151
	919,128	United Airlines Pass Through Trust, 5.88%, due 04/15/29		1,030,416
	307,000	United Airlines, Inc., 4.38%, due 04/15/26 144A		315,443
	98,000	United Airlines, Inc., 4.63%, due 04/15/29 144A		101,401
	268,000	United Parcel Service, Inc., 5.30%, due 04/01/50		387,557
	150,000	United Rentals North America, Inc., 3.75%, due 01/15/32		151,875
	211,000	United Rentals North America, Inc., 3.88%, due 11/15/27		221,286
	137,000	United Rentals North America, Inc., 3.88%, due 02/15/31		140,596
	245,000	United Rentals North America, Inc., 4.88%, due 01/15/28(e)		259,337
	35,000	United Rentals North America, Inc., 5.25%, due 01/15/30		38,369
	225,000	United Rentals North America, Inc., 5.50%, due 05/15/27		236,448
	390,000	UnitedHealth Group, Inc., 3.05%, due 05/15/41		403,474
	124,000	Uniti Group, LP/Uniti Group Finance, Inc./CSL Capital LLC REIT, 6.50%, due 02/15/29 144A		127,720
	383,000	Universal Health Services, Inc., 1.65%, due 09/01/26 144A		380,925
	375,000	Universal Health Services, Inc., 2.65%, due 10/15/30 144A		377,171
	120,000	University of Chicago (The), 2.76%, due 04/01/45		122,574
	350,000	University of Southern California, 2.95%, due 10/01/51		367,273
	122,000	Univision Communications, Inc., 4.50%, due 05/01/29(e) 144A		124,135
	182,000	Unum Group, 4.13%, due 06/15/51(e)		184,691
	1,178,677	US Airways Pass Through Trust, 4.63%, due 12/03/26		1,183,483
	82,714	US Airways Pass Through Trust, 5.90%, due 04/01/26		87,147
	92,146	US Airways Pass Through Trust, 6.25%, due 10/22/24		95,170
	225,903	US Airways Pass Through Trust, 7.13%, due 04/22/25		240,691
	192,000	US Foods, Inc., 4.75%, due 02/15/29 144A		197,300
	490,000	Valero Energy Corp., 3.40%, due 09/15/26		527,482
	240,000	Valvoline, Inc., 3.63%, due 06/15/31 144A		237,300
	125,000	Valvoline, Inc., 4.25%, due 02/15/30 144A		129,756
	183,000	Varex Imaging Corp., 7.88%, due 10/15/27 144A		206,140
	325,000	Vector Group, Ltd., 5.75%, due 02/01/29 144A		325,484
	216,000	Ventas Realty, LP REIT, 3.50%, due 02/01/25		231,234
	148,000	Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A		152,632
	219,000	Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31(e) 144A		228,581
	790,000	VEREIT Operating Partnership, LP REIT, 2.85%, due 12/15/32		821,393
	285,000	VeriSign, Inc., 2.70%, due 06/15/31		290,013
	162,000	VeriSign, Inc., 5.25%, due 04/01/25		184,337
	878,000	Verisk Analytics, Inc., 3.63%, due 05/15/50		935,502
	1,300,000	Verizon Communications, Inc., 2.55%, due 03/21/31		1,316,844
	85,000	Verizon Communications, Inc., 3.00%, due 03/22/27		91,270
	1,372,000	Verizon Communications, Inc., 3.55%, due 03/22/51		1,448,752
	880,000	Verizon Communications, Inc., 4.33%, due 09/21/28		1,012,445
	338,000	Verizon Communications, Inc., 4.40%, due 11/01/34		400,692

See accompanying Notes to the Financial Statements.

66

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	427,000	Verizon Communications, Inc., 4.50%, due 08/10/33		508,867
	974,000	Verizon Communications, Inc., 4.86%, due 08/21/46		1,241,937
	1,000,000	ViacomCBS, Inc., 3.70%, due 08/15/24		1,073,582
	500,000	ViacomCBS, Inc., 4.38%, due 03/15/43		573,040
	179,000	Viatris, Inc., 2.30%, due 06/22/27 144A		182,888
	463,000	Viatris, Inc., 2.70%, due 06/22/30 144A		468,367
	325,000	Viatris, Inc., 3.85%, due 06/22/40 144A		349,125
	478,000	Viatris, Inc., 4.00%, due 06/22/50 144A		509,094
	179,000	VICI Properties, LP/VICI Note Co., Inc. REIT, 4.13%, due 08/15/30 144A		189,964
	220,000	VICI Properties, LP/VICI Note Co., Inc. REIT, 4.63%, due 12/01/29(e) 144A		236,775
	184,000	Videotron, Ltd., 3.63%, due 06/15/29(e) 144A		186,760
	1,400,000	Virginia Electric & Power Co., 3.15%, due 01/15/26		1,507,504
	460,000	Vistra Operations Co. LLC, 3.55%, due 07/15/24 144A		483,970
	726,000	Vistra Operations Co. LLC, 3.70%, due 01/30/27 144A		766,038
	476,000	Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A		507,676
	135,000	Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A		139,556
	546,000	Vodafone Group Plc, 7.00% (5 yr. USD swap + 4.87%), due 04/04/79(c)		668,347
	72,000	Volcan Cia Minera SAA, 4.38%, due 02/11/26 144A		70,192
	514,000	Voya Financial, Inc., 5.65% (3 mo. USD LIBOR + 3.58%), due 05/15/53(c)		542,853
	301,000	Vulcan Materials Co., 3.50%, due 06/01/30		330,664
	598,000	Walt Disney Co. (The), 4.70%, due 03/23/50		785,000
	45,000	Watco Cos. LLC/Watco Finance Corp., 6.50%, due 06/15/27 144A		48,225
	440,000	Wells Fargo & Co., 3.07% (SOFR + 2.53%), due 04/30/41(c)		452,567
	1,127,000	Wells Fargo & Co., 5.88% (3 mo. USD LIBOR + 3.99%)(c) (f)		1,258,870
	972,000	Wells Fargo & Co., (MTN), 2.39% (SOFR + 2.10%), due 06/02/28(c)		1,003,347
	765,000	Wells Fargo & Co., (MTN), 2.57% (SOFR + 1.26%), due 02/11/31(c)		782,084
	692,000	Wells Fargo & Co., (MTN), 2.88% (SOFR + 1.43%), due 10/30/30(c)		723,083
	350,000	William Carter Co. (The), 5.63%, due 03/15/27 144A		363,265
	377,000	Williams Cos., Inc. (The), 3.75%, due 06/15/27		415,399
	862,000	Williams Cos., Inc. (The), 4.55%, due 06/24/24		940,729
	95,000	Williams Cos., Inc. (The), 5.75%, due 06/24/44		125,342
	60,000	Williams Scotsman International, Inc., 4.63%, due 08/15/28 144A		62,581
	444,000	WMG Acquisition Corp., 3.00%, due 02/15/31 144A		434,010
	324,000	WMG Acquisition Corp., 3.88%, due 07/15/30 144A		337,365
	300,000	Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A		303,375
	665,000	WP Carey, Inc. REIT, 2.25%, due 04/01/33		636,730
	124,000	WR Grace Holdings LLC, 4.88%, due 06/15/27 144A		127,720
	152,000	WR Grace Holdings LLC, 5.63%, due 08/15/29(e) 144A		156,942
	140,000	Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28(e) 144A		146,325
	1,100,000	Xcel Energy, Inc., 3.40%, due 06/01/30		1,200,594
	265,000	Xerox Holdings Corp., 5.50%, due 08/15/28(e) 144A		274,682
	98,000	XHR, LP REIT, 4.88%, due 06/01/29 144A		100,777
	610,000	Yale University, 2.40%, due 04/15/50		589,283
	1,070,000	Yamana Gold, Inc., 2.63%, due 08/15/31 144A		1,046,605
	1,220,000	Yara International ASA, 4.75%, due 06/01/28 144A		1,408,674
	201,000	Yum! Brands, Inc., 3.63%, due 03/15/31		202,325
	153,000	Yum! Brands, Inc., 4.75%, due 01/15/30 144A		166,016
				499,731,468

See accompanying Notes to the Financial Statements.

67

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — 11.3%
	276,706	Angel Oak Mortgage Trust CMO, Series 2020-R1, Class A1, 0.99%, due 04/25/53(b) 144A		276,717
	240,220	Angel Oak Mortgage Trust CMO, Series 2021-2, Class A1, 0.99%, due 04/25/66(b) 144A		241,217
	498,777	Angel Oak Mortgage Trust CMO, Series 2021-4, Class A1, 1.04%, due 01/20/65(b) (i)		498,476
	617,000	Angel Oak Mortgage Trust CMO, Series 2021-5, Class A1, 0.95%, due 07/25/66(b) 144A		616,366
	1,800,000	Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A4, 2.50%, due 05/15/53 144A		1,876,738
	2,500,000	Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A4, 2.25%, due 06/15/54 144A		2,525,467
	360,854	Arroyo Mortgage Trust CMO, Series 2021-1R, Class A1, 1.18%, due 10/25/48(b) 144A		361,568
	147,000	BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.84%, due 11/05/32(b) 144A		141,697
	1,200,000	BANK, Series 2019-BNK20, Class A2, 2.76%, due 09/15/62		1,253,658
	850,000	BANK, Series 2019-BNK23, Class A2, 2.67%, due 12/15/52		892,133
	1,806,000	BANK, Series 2020-BNK26, Class A2, 2.04%, due 03/15/63		1,837,295
	1,800,000	BANK, Series 2020-BNK26, Class A3, 2.16%, due 03/15/63		1,815,821
	869,000	BANK, Series 2020-BNK30, Class A4, 1.93%, due 12/15/53		858,074
	3,000,000	BANK, Series 2021-BNK32, Class A4, 2.35%, due 04/15/54		3,071,759
	2,300,000	BANK, Series 2021-BNK34, Class A4, 2.16%, due 06/15/63		2,316,725
	193,000	Barclays Commercial Mortgage Trust, Series 2019-C5, Class A2, 3.04%, due 11/15/52		201,785
	200,000	BBCMS Mortgage Trust, Series 2015-SRCH, Class D, 5.12%, due 08/10/35(b) 144A		222,492
	3,000,000	BBCMS Mortgage Trust, Series 2018-TALL, Class A, 0.81% (1 mo. USD LIBOR + 0.72%), due 03/15/37(c) 144A		2,993,990
	182,000	BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53		189,783
	1,273,000	BBCMS Mortgage Trust, Series 2021-C9, Class A5, 2.30%, due 02/15/54		1,293,334
	109,396	Bellemeade Re, Ltd. CMO, Series 2018-1A, Class M1B, 1.69% (1 mo. USD LIBOR + 1.60%), due 04/25/28(c) 144A		109,504
	67,286	Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1A, 1.19% (1 mo. USD LIBOR + 1.10%), due 07/25/29(c) (i)		67,319
	150,000	Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1B, 1.69% (1 mo. USD LIBOR + 1.60%), due 07/25/29(c) 144A		150,547
	69,697	Bellemeade Re, Ltd. CMO, Series 2020-4A, Class M2A, 2.69% (1 mo. USD LIBOR + 2.60%), due 06/25/30(c) 144A		69,739
	309,000	Bellemeade Re, Ltd. CMO, Series 2021-2A, Class M1A, 1.25% (SOFR 30-day average + 1.20%), due 06/25/31(c) 144A		309,990
	320,000	Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52		335,564
	270,000	Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57		281,585
	1,350,000	Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72		1,405,788
	657,000	Benchmark Mortgage Trust, Series 2019-B15, Class A5, 2.93%, due 12/15/72		700,813
	600,000	Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53		601,090
	1,200,000	Benchmark Mortgage Trust, Series 2020-B20, Class A2, 1.75%, due 10/15/53		1,218,654
	1,800,000	Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A		1,859,630
	2,210,000	Benchmark Mortgage Trust, Series 2021-B23, Class A2, 1.62%, due 02/15/54		2,223,174
	1,700,000	Benchmark Mortgage Trust, Series 2021-B23, Class A4A1, 1.82%, due 02/15/54		1,667,432
	900,000	Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, due 03/15/54		911,189
	1,750,000	Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, due 03/15/54		1,774,450

See accompanying Notes to the Financial Statements.

68

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,250,000	Benchmark Mortgage Trust, Series 2021-B28, Class ASB, 1.98%, due 08/15/54(b)		1,259,610
	216,423	BRAVO Residential Funding Trust CMO, Series 2021-NQM2, Class A1, 0.94%, due 02/25/49(b) 144A		217,007
	1,499,587	BX Commercial Mortgage Trust, Series 2019-XL, Class A, 1.00% (1 mo. USD LIBOR + 0.92%), due 10/15/36(c) 144A		1,503,939
	1,516,000	BX Commercial Mortgage Trust, Series 2021-VOLT, Class A, 0.80% (1 mo. USD LIBOR + 0.70%), due 09/15/36(c) 144A		1,518,968
	342,000	BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 1.20% (1 mo. USD LIBOR + 1.10%), due 09/15/36(c) 144A		342,808
	1,200,000	CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, due 08/15/57		1,248,095
	991,273	CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/25(b) 144A		1,012,560
	700,000	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58		744,472
	2,362,746	CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49		2,505,497
	719,767	CIM Trust CMO, Series 2020-INV1, Class A2, 2.50%, due 04/25/50(b) 144A		730,596
	968,832	CIM Trust CMO, Series 2020-J2, Class A1, 2.50%, due 01/25/51(b) 144A		981,475
	987,030	Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.40%, due 10/10/49		989,072
	1,020,000	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72		1,080,029
	283,000	Citigroup Commercial Mortgage Trust, Series 2019-PRM, Class A, 3.34%, due 05/10/36 144A		299,307
	134,000	Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.15%, due 01/10/36 144A		143,363
	27,500,000	Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.60%, due 05/10/47(b) 144A		312,240
	38,816	COLT Mortgage Loan Trust CMO, Series 2020-1, Class A1, 2.49%, due 02/25/50(b) 144A		38,875
	407,172	COLT Mortgage Loan Trust CMO, Series 2021-2, Class A1, 0.92%, due 08/25/66(b) 144A		407,069
	559,000	COLT Mortgage Loan Trust CMO, Series 2021-3, Class A1, 0.96%, due 09/27/66(b) 144A		557,885
	465,000	COLT Mortgage Loan Trust CMO, Series 2021-HX1, Class A1, 1.11%, due 10/25/66(b) 144A		465,184
	650,735	COLT Trust CMO, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65(b) 144A		651,530
	235,000	Commercial Mortgage Trust, Series 2013-300P, Class D, 4.54%, due 08/10/30(b) 144A		242,565
	673,781	Commercial Mortgage Trust, Series 2013-LC6, Class A4, 2.94%, due 01/10/46		687,578
	938,939	Commercial Mortgage Trust, Series 2015-CR25, Class A3, 3.51%, due 08/10/48		995,233
	862,000	Commercial Mortgage Trust, Series 2015-CR27, Class A4, 3.61%, due 10/10/48		936,297
	223,000	Commercial Mortgage Trust, Series 2020-CBM, Class A2, 2.90%, due 02/10/37 144A		231,171
	355,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1.68% (1 mo. USD LIBOR + 1.60%), due 05/15/36(c) 144A		356,540
	354,737	Credit Suisse Mortgage Trust, Series 2020-11R, 1.00%, due 04/28/38(i)		366,310
	312,876	Credit Suisse Mortgage Trust CMO, Series 2018-RPL9, Class A, 3.85%, due 09/25/57(b) 144A		330,360
	319,975	Credit Suisse Mortgage Trust CMO, Series 2020-RPL6, Class A1, 2.69%, due 03/25/59(b) 144A		323,989
	384,497	Credit Suisse Mortgage Trust CMO, Series 2021-NQM2, Class A1, 1.18%, due 02/25/66(b) 144A		385,168

See accompanying Notes to the Financial Statements.

69

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	319,387	Credit Suisse Mortgage Trust CMO, Series 2021-NQM3, Class A1, 1.02%, due 04/25/66(b) 144A		319,307
	299,846	Credit Suisse Mortgage Trust CMO, Series 2021-NQM5, Class A1, 0.94%, due 05/25/66(b) 144A		298,514
	475,000	Credit Suisse Mortgage Trust CMO, Series 2021-NQM6, Class A1, 1.17%, due 07/25/66(b) 144A		478,465
	1,100,000	CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50		1,157,181
	775,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50		823,624
	1,050,000	CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52		1,092,078
	1,900,000	CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, due 03/15/54		1,947,878
	183,298	Ellington Financial Mortgage Trust CMO, Series 2021-1, Class A1, 0.80%, due 02/25/66(b) 144A		183,201
	330,870	Ellington Financial Mortgage Trust CMO, Series 2021-2, Class A1, 0.93%, due 06/25/66(b) 144A		331,484
	1,688,533	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-2, Class MA, 3.50%, due 11/25/57		1,765,502
	577,102	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class MA, 3.50%, due 08/25/57(b)		604,599
	2,239,354	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-4, Class MA, 3.50%, due 03/25/58		2,347,984
	961,794	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-1, Class MA, 3.50%, due 07/25/58		1,009,177
	1,687,896	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-2, Class MA, 3.50%, due 08/25/58		1,772,951
	1,182,493	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class MA, 2.50%, due 08/25/59		1,217,563
	917,918	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2019-HQA2, Class M2, 2.14% (1 mo. USD LIBOR + 2.05%), due 04/25/49(c) 144A		924,302
	102,011	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-DNA3, Class M1, 0.84% (1 mo. USD LIBOR + 0.75%), due 03/25/30(c)		102,132
	685	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2018-DNA3, Class M1, 0.84% (1 mo. USD LIBOR + 0.75%), due 09/25/48(c) 144A		685
	168,603	FHLMC Structured Agency Credit Risk Debt Notes REMIC CMO, Series 2020-HQA3, Class M2, 3.69% (1 mo. USD LIBOR + 3.60%), due 07/25/50(c) 144A		170,266
	432,185	Flagstar Mortgage Trust CMO, Series 2020-2, Class A2, 3.00%, due 08/25/50(b) 144A		440,142
	604,456	Flagstar Mortgage Trust CMO, Series 2021-1, Class A2, 2.50%, due 02/01/51(b) 144A		611,964
	1,551,835	Flagstar Mortgage Trust CMO, Series 2021-6INV, Class A4, 2.50%, due 08/25/51(b) 144A		1,574,124
	574,274	GCAT LLC CMO, Series 2019-4, Class A1, 3.23%, due 11/26/49(d) 144A		585,740
	146,486	GCAT LLC CMO, Series 2019-NQM1, Class A1, 2.99%, due 02/25/59(d) 144A		147,094
	356,952	GCAT LLC CMO, Series 2021-NQM1, Class A1, 0.87%, due 01/25/66(b) 144A		356,641
	266,433	GCAT LLC CMO, Series 2021-NQM1, Class A1, 1.04%, due 05/25/66(b) 144A		266,339
	428,855	GCAT LLC CMO, Series 2021-NQM3, Class A1, 1.09%, due 05/25/66(b) 144A		429,340
	450,000	GS Mortgage Securities Corp. Trust, Series 2021-RENT, Class A, 0.78% (1 mo. USD LIBOR + 0.70%), due 11/21/35(c) 144A		450,548
	274,650	GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, due 05/10/45		275,314
	872,203	GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48		917,075

See accompanying Notes to the Financial Statements.

70

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	300,000	GS Mortgage Securities Trust, Series 2019-GC40, Class A2, 2.97%, due 07/10/52		314,292
	1,600,000	GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53		1,606,105
	1,062,000	GS Mortgage Securities Trust, Series 2020-GSA2, Class A5, 2.01%, due 12/12/53		1,050,580
	1,143,000	GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53		1,145,271
	196,000	GS Mortgage Securities Trust, Series 2020-UPTN, Class A, 2.75%, due 02/10/37 144A		204,988
	100,113	GS Mortgage-Backed Securities Trust CMO, Series 2020-NQM1, Class A1, 1.38%, due 09/27/60(b) 144A		100,452
	219,526	GS Mortgage-Backed Securities Trust CMO, Series 2021-NQM1, Class A1, 1.02%, due 07/25/61(b) 144A		219,806
	1,959,175	GS Mortgage-Backed Securities Trust CMO, Series 2021-PJ2, Class A2, 2.50%, due 07/25/51(b) 144A		1,982,275
	735,000	Home RE Ltd. CMO, Series 2021-2, Class M1A, 1.30% (SOFR 30-day average + 1.25%), due 01/25/34(c) 144A		735,516
	247,952	Imperial Fund Mortgage Trust CMO, Series 2021-NQM1, Class A1, 1.07%, due 06/25/56(b) 144A		248,047
	170,000	IMT Trust, Series 2017-APTS, Class CFX, 3.61%, due 06/15/34(b) 144A		177,054
	298,000	Irvine Core Office Trust, Series 2013-IRV, Class A2, 3.28%, due 05/15/48(b) 144A		309,463
	572,663	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due 04/15/47		576,569
	243,647	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due 11/15/48		245,919
	700,000	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49		723,764
	1,262,601	JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50		1,340,351
	1,449,919	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class A4, 2.69%, due 04/15/46		1,481,995
	733,116	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, 2.56%, due 08/15/49		762,573
	1,600,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50		1,657,817
	938,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%, due 06/13/52		976,883
	267,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, 2.81%, due 01/16/37 144A		278,017
	1,784,258	JPMorgan Mortgage Trust CMO, Series 2021-3, Class A3, 2.50%, due 07/01/51(b) 144A		1,811,104
	193,000	KNDL Mortgage Trust, Series 2019-KNSQ, Class D, 1.43% (1 mo. USD LIBOR + 1.35%), due 05/15/36(c) 144A		193,484
	737,957	Legacy Mortgage Asset Trust CMO, Series 2019-PRI, Class A1, 3.86%, due 09/25/59(d) 144A		779,269
	253,822	Legacy Mortgage Asset Trust CMO, Series 2020-GS1, Class A1, 2.88%, due 10/25/59(d) 144A		255,076
	93,012	Legacy Mortgage Asset Trust CMO, Series 2021-GS1, Class A1, 1.89%, due 10/25/66(d) 144A		93,256
	379,000	Life Mortgage Trust, Series 2021-BMR, Class A, 0.78% (1 mo. USD LIBOR + 0.70%), due 03/15/38(c) 144A		379,806
	295,000	Life Mortgage Trust, Series 2021-BMR, Class D, 1.48% (1 mo. USD LIBOR + 1.40%), due 03/15/38(c) 144A		296,073

See accompanying Notes to the Financial Statements.

71

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	435,000	Mello Warehouse Securitization Trust CMO, Series 2020-1, Class A, 0.99% (1 mo. USD LIBOR + 0.90%), due 10/25/53(c) 144A		436,516
	600,000	Mello Warehouse Securitization Trust CMO, Series 2021-1, Class A, 0.78% (1 mo. USD LIBOR + 0.70%), due 02/25/55(c) 144A		601,974
	604,344	MetLife Securization Trust CMO, Series 2020-INV1, Class A2A, 2.50%, due 05/25/50(b) 144A		613,818
	168,804	MFA Trust CMO, Series 2020-NQM3, Class A1, 1.01%, due 01/26/65(b) 144A		169,255
	300,063	MFA Trust CMO, Series 2021-NQM1, Class A1, 1.15%, due 04/25/65(b) 144A		300,599
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46		102,268
	1,737,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.31%, due 04/15/48		1,854,417
	800,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A4, 3.73%, due 05/15/48		872,128
	2,204,000	Morgan Stanley Capital I Trust, Series 2015-UBS8, Class A4, 3.81%, due 12/15/48		2,401,106
	1,600,000	Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49		1,674,738
	212,000	Morgan Stanley Capital I Trust, Series 2017-CLS, Class D, 1.48% (1 mo. USD LIBOR + 1.40%), due 11/15/34(c) 144A		212,164
	2,600,000	Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52		2,780,762
	980,000	Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53		977,095
	1,725,000	Morgan Stanley Capital I Trust, Series 2021-L5, Class A4, 2.73%, due 05/15/54		1,811,994
	825,000	MSG III Securitization Trust CMO, Series 2021-1, Class A, 0.84% (1 mo. USD LIBOR + 0.75%), due 06/25/54(c) 144A		825,556
	125,000	MSG III Securitization Trust CMO, Series 2021-1, Class B, 0.99% (1 mo. USD LIBOR + 0.90%), due 06/25/54(c) 144A		124,784
	105,000	MSG III Securitization Trust CMO, Series 2021-1, Class C, 1.19% (1 mo. USD LIBOR + 1.10%), due 06/25/54(c) 144A		104,819
	40,000	MSG III Securitization Trust CMO, Series 2021-1, Class D, 1.39% (1 mo. USD LIBOR + 1.30%), due 06/25/54(c) 144A		39,931
	95,000	Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.92%, due 11/15/32(b) 144A		96,151
	165,000	Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.46%, due 01/15/43(b) 144A		176,425
	109,390	New Residential Mortgage Loan Trust CMO, Series 2018-4A, Class A1S, 0.84% (1 mo. USD LIBOR + 0.75%), due 01/25/48(c) 144A		109,689
	9,074	Oaktown Re III, Ltd. CMO, Series 2019-1A, Class M1A, 1.49% (1 mo. USD LIBOR + 1.40%), due 07/25/29(c) 144A		9,087
	175,537	OBX Trust CMO, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60(b) 144A		178,333
	525,863	OBX Trust CMO, Series 2021-NQM3, Class A1, 1.05%, due 07/25/61(b) 144A		526,310
	447,757	Onslow Bay Mortgage Loan Trust CMO, Series 2021-NQM2, Class A1, 1.10%, due 05/25/61(b) 144A		449,518
	577,427	PMT Credit Risk Transfer Trust CMO, Series 2020-2R, Class A, 3.90% (1 mo. USD LIBOR + 3.82%), due 12/25/22(c) 144A		590,527
	430,056	Provident Funding Mortgage Trust CMO, Series 2020-F1, Class A2, 2.00%, due 01/25/36(b) 144A		436,258
	2,138,204	PSMC Trust CMO, Series 2021-2, Class A3, 2.50%, due 05/25/51(b) 144A		2,180,022
	12,953	Radnor RE, Ltd. CMO, Series 2018-1, Class M1, 1.49% (1 mo. USD LIBOR + 1.40%), due 03/25/28(c) 144A		12,956
	200,000	Radnor RE, Ltd. CMO, Series 2020-1, Class M1B, 1.54% (1 mo. USD LIBOR + 1.45%), due 01/25/30(c) 144A		200,904

See accompanying Notes to the Financial Statements.

72

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	751,832	Sequoia Mortgage Trust CMO, Series 2020-3, Class A4, 3.00%, due 04/25/50(b) 144A		759,334
	1,958,014	Sequoia Mortgage Trust CMO, Series 2021-1, Class A1, 2.50%, due 03/25/51(b) 144A		1,986,034
	380,000	SLG Office Trust, Series 2021-OVA, Class D, 2.85%, due 07/15/41 144A		380,738
	172,450	Starwood Mortgage Residential Trust CMO, Series 2020-3, Class A1, 1.49%, due 04/25/65(b) 144A		173,397
	690,000	Station Place Securitization Trust CMO, Series 2021-WL1, Class A, 0.74% (1 mo. USD LIBOR + 0.65%), due 01/26/54(c) 144A		690,867
	132,000	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.18%, due 10/25/53(b) 144A		137,563
	372,499	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/58(b) 144A		380,560
	287,549	Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58(b) 144A		298,756
	48,419	Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25%, due 07/25/58(b) 144A		49,284
	251,002	Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75%, due 03/25/58(b) 144A		257,393
	271,842	Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.71%, due 03/25/58(b) 144A		287,211
	227,243	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, due 10/25/59(b) 144A		235,905
	52,686	Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 1.09% (1 mo. USD LIBOR + 1.00%), due 10/25/59(c) 144A		53,168
	332,713	Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75%, due 10/25/60 144A		337,241
	675,000	UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50		719,802
	2,624,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.53%, due 05/10/63		2,662,380
	1,976,456	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, due 08/10/49		2,008,184
	313,657	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A3, 2.92%, due 03/10/46		318,904
	127,916	Verus Securitization Trust CMO, Series 2020-5, Class A1, 1.22%, due 05/25/65(d) 144A		128,409
	465,964	Verus Securitization Trust CMO, Series 2021-3, Class A1, 1.05%, due 06/25/66(b) 144A		467,866
	233,734	Verus Securitization Trust CMO, Series 2021-4, Class A1, 0.94%, due 07/25/66(b) 144A		233,700
	414,000	Verus Securitization Trust CMO, Series 2021-5, Class A1, 1.01%, due 09/25/66(b) 144A		413,816
	297,296	Verus Securitization Trust CMO, Series 2021-R1, Class A1, 0.82%, due 10/25/63(b) 144A		297,342
	9,494	WaMu Mortgage Pass Through Certificates CMO, Series 2003-AR9, Class 1A7, 2.51%, due 09/25/33(b)		9,527
	1,490,923	Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49		1,531,535
	3,000,000	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49		3,150,730
	950,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50		1,027,521
	1,400,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50		1,518,309
	1,605,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A3, 1.94%, due 06/15/53		1,614,728
	1,900,000	Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A3, 1.96%, due 04/15/54		1,901,261
	800,000	Wells Fargo Commercial Mortgage Trust, Series 2021-C60, Class ASB, 2.13%, due 08/15/54		813,243

See accompanying Notes to the Financial Statements.

73

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,466,000	WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.92%, due 10/15/57		1,584,597
				148,882,783
		Mortgage Backed Securities - U.S. Government Agency Obligations — 21.0%
	268,996	FHLMC Gold, Pool # A89870, 4.50%, due 11/01/39		300,796
	180,957	FHLMC Gold, Pool # A96970, 4.00%, due 02/01/41		199,359
	351,268	FHLMC Gold, Pool # C91908, 3.00%, due 01/01/37		372,605
	273,833	FHLMC Gold, Pool # G06231, 4.00%, due 12/01/40		302,002
	171,584	FHLMC Gold, Pool # G06409, 6.00%, due 11/01/39		202,647
	86,100	FHLMC Gold, Pool # G06875, 5.50%, due 12/01/38		100,035
	311,331	FHLMC Gold, Pool # G07021, 5.00%, due 09/01/39		356,032
	628,411	FHLMC Gold, Pool # G07816, 4.50%, due 09/01/42		706,572
	381,013	FHLMC Gold, Pool # G08537, 3.00%, due 07/01/43		406,870
	264,571	FHLMC Gold, Pool # G08672, 4.00%, due 10/01/45		289,153
	378,146	FHLMC Gold, Pool # G08726, 3.00%, due 10/01/46		400,507
	73,216	FHLMC Gold, Pool # G08735, 4.50%, due 10/01/46		80,149
	33,699	FHLMC Gold, Pool # G08748, 3.50%, due 02/01/47		35,997
	511,820	FHLMC Gold, Pool # G08749, 4.00%, due 02/01/47		554,074
	281,274	FHLMC Gold, Pool # G08771, 4.00%, due 07/01/47		303,778
	264,611	FHLMC Gold, Pool # G08786, 4.50%, due 10/01/47		288,609
	135,851	FHLMC Gold, Pool # G16177, 2.00%, due 01/01/32		140,494
	956,284	FHLMC Gold, Pool # G16634, 3.00%, due 10/01/31		1,018,105
	875,040	FHLMC Gold, Pool # G60722, 3.00%, due 10/01/46		937,629
	393,004	FHLMC Gold, Pool # G60767, 3.50%, due 10/01/46		429,398
	181,831	FHLMC Gold, Pool # G60788, 3.50%, due 12/01/46		197,155
	873,145	FHLMC Gold, Pool # G60804, 4.50%, due 05/01/42		971,428
	1,065,055	FHLMC Gold, Pool # G60934, 3.50%, due 06/01/45		1,162,904
	1,268,875	FHLMC Gold, Pool # G60985, 3.00%, due 05/01/47		1,362,952
	734,246	FHLMC Gold, Pool # G61748, 3.50%, due 11/01/48		802,394
	387,755	FHLMC Gold, Pool # G61995, 4.00%, due 11/01/44		427,488
	286,106	FHLMC Gold, Pool # J24414, 2.50%, due 06/01/28		300,922
	342,353	FHLMC Gold, Pool # J34888, 2.50%, due 07/01/31		360,264
	686,740	FHLMC Gold, Pool # Q09224, 4.00%, due 07/01/42		767,589
	106,474	FHLMC Gold, Pool # Q11218, 3.50%, due 09/01/42		115,697
	239,211	FHLMC Gold, Pool # Q12052, 3.50%, due 10/01/42		259,933
	602,217	FHLMC Gold, Pool # Q12862, 3.50%, due 11/01/42		657,839
	247,578	FHLMC Gold, Pool # Q17792, 3.50%, due 05/01/43		270,448
	634,347	FHLMC Gold, Pool # Q36815, 4.00%, due 10/01/45		692,910
	590,596	FHLMC Gold, Pool # Q41918, 3.50%, due 07/01/46		635,806
	635,075	FHLMC Gold, Pool # Q42618, 3.00%, due 08/01/46		673,459
	823,802	FHLMC Gold, Pool # Q44455, 3.50%, due 11/01/46		892,555
	254,294	FHLMC Gold, Pool # Q44963, 3.50%, due 12/01/46		274,356
	798,350	FHLMC Gold, Pool # Q45741, 3.50%, due 01/01/47		869,260
	73,081	FHLMC Gold, Pool # Q49494, 4.50%, due 07/01/47		79,704
	235,709	FHLMC Gold, Pool # Q52312, 4.00%, due 11/01/47		253,786
	238,611	FHLMC Gold, Pool # Q54957, 4.00%, due 03/01/48		257,660
	217,406	FHLMC Gold, Pool # V60565, 3.00%, due 06/01/29		230,982
	539,127	FHLMC Gold, Pool # V60599, 3.00%, due 09/01/29		572,816
	664,966	FHLMC Gold, Pool # V82292, 4.00%, due 04/01/46		728,470

See accompanying Notes to the Financial Statements.

74

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	238,736	FHLMC Gold, Pool # V82848, 3.00%, due 12/01/46		257,149
	900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K157, Class A2, 3.99%, due 05/25/33(b)		1,060,773
	24,186,223	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 0.91%, due 10/25/22(b) 144A		164,836
	11,974,173	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K106, Class X1, 1.48%, due 01/25/30(b) 144A		1,188,294
	890,820	FHLMC Non Gold, Pool # 841085, 2.58% (12 mo. USD LIBOR + 1.63%), due 09/01/47(c)		933,341
	1,069,540	FHLMC Non Gold, Pool # 841088, 2.76% (12 mo. USD LIBOR + 1.65%), due 01/01/49(c)		1,113,559
	56,058	FHLMC Reference REMIC CMO, Series R007, Class ZA, 6.00%, due 05/15/36		65,229
	1,020,023	FHLMC REMIC CMO, Series 4640, Class CZ, 3.50%, due 12/15/46		1,091,823
	1,098,031	FHLMC REMIC CMO, Series 4710, Class KZ, 3.50%, due 08/15/47		1,181,046
	1,278,277	FHLMC REMIC CMO, Series 4739, Class Z, 3.50%, due 11/15/47		1,369,915
	1,153,544	FNMA, Pool # BM6482, 2.38% (12 mo. USD LIBOR + 1.58%), due 04/01/47(c)		1,205,872
	1,312,911	FNMA REMIC CMO, Series 2012-134, Class ZC, 2.50%, due 12/25/42		1,386,178
	677,181	FNMA REMIC CMO, Series 2011-59, Class NZ, 5.50%, due 07/25/41		780,107
	9,157	FNMA REMIC CMO, Series 2012-28, Class B, 6.50%, due 06/25/39		10,001
	1,135,770	FNMA-ACES, Series 2019-M22, Class A1, 2.10%, due 08/25/29		1,183,622
	681,913	FNMA-ACES, Series 2015-M10, Class A2, 3.09%, due 04/25/27(b)		742,413
	246,288	FNMA-ACES, Series 2018-M10, Class A1, 3.48%, due 07/25/28(b)		266,324
	361,264	GNMA I, Pool # 734152, 4.00%, due 01/15/41		401,313
	2,269,165	GNMA I, Pool # 784369, 4.00%, due 08/15/45		2,551,160
	256,585	GNMA I, Pool # 784605, 4.50%, due 01/15/42		289,830
	148,191	GNMA I, Pool # AL8626, 3.00%, due 08/15/45		155,923
	173,409	GNMA II, Pool # 004636, 4.50%, due 02/20/40		191,985
	31,031	GNMA II, Pool # 004678, 4.50%, due 04/20/40		34,355
	196,362	GNMA II, Pool # 004833, 4.00%, due 10/20/40		215,050
	181,949	GNMA II, Pool # 004977, 4.00%, due 03/20/41		199,572
	456,196	GNMA II, Pool # 004978, 4.50%, due 03/20/41		508,008
	708,409	GNMA II, Pool # 005055, 4.50%, due 05/20/41		790,169
	25,914	GNMA II, Pool # 783637, 3.00%, due 06/20/42		27,460
	4,136,789	GNMA II, Pool # 785283, 2.50%, due 01/20/51		4,335,547
	685,047	GNMA II, Pool # 796468, 4.00%, due 09/20/42		740,462
	938,968	GNMA II, Pool # AV9421, 3.50%, due 11/20/46		1,023,306
	619,082	GNMA II, Pool # AY7555, 3.50%, due 04/20/47		671,246
	265,148	GNMA II, Pool # MA0462, 3.50%, due 10/20/42		286,766
	38,825	GNMA II, Pool # MA0624, 3.00%, due 12/20/42		41,123
	178,668	GNMA II, Pool # MA0625, 3.50%, due 12/20/42		193,217
	98,830	GNMA II, Pool # MA0698, 3.00%, due 01/20/43		104,680
	336,066	GNMA II, Pool # MA0851, 3.00%, due 03/20/43		355,953
	272,614	GNMA II, Pool # MA0852, 3.50%, due 03/20/43		294,806
	56,955	GNMA II, Pool # MA1156, 3.00%, due 07/20/43		60,333
	197,181	GNMA II, Pool # MA1376, 4.00%, due 10/20/43		215,794
	81,034	GNMA II, Pool # MA1599, 3.00%, due 01/20/44		85,818
	185,221	GNMA II, Pool # MA2371, 3.50%, due 11/20/44		198,388
	149,160	GNMA II, Pool # MA2372, 4.00%, due 11/20/44		163,259
	137,097	GNMA II, Pool # MA2825, 3.00%, due 05/20/45		144,523
	317,110	GNMA II, Pool # MA3310, 3.50%, due 12/20/45		338,420

See accompanying Notes to the Financial Statements.

75

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	130,225	GNMA II, Pool # MA3377, 4.00%, due 01/20/46		141,677
	192,613	GNMA II, Pool # MA3455, 4.00%, due 02/20/46		209,536
	371,233	GNMA II, Pool # MA3456, 4.50%, due 02/20/46		412,236
	317,201	GNMA II, Pool # MA3596, 3.00%, due 04/20/46		334,162
	621,736	GNMA II, Pool # MA3803, 3.50%, due 07/20/46		660,149
	446,687	GNMA II, Pool # MA3873, 3.00%, due 08/20/46		470,617
	735,004	GNMA II, Pool # MA3936, 3.00%, due 09/20/46		773,940
	213,423	GNMA II, Pool # MA4004, 3.50%, due 10/20/46		227,179
	129,398	GNMA II, Pool # MA4071, 4.50%, due 11/20/46		144,335
	103,513	GNMA II, Pool # MA4125, 2.50%, due 12/20/46		107,525
	183,954	GNMA II, Pool # MA4263, 4.00%, due 02/20/47		197,209
	232,437	GNMA II, Pool # MA4510, 3.50%, due 06/20/47		246,282
	275,301	GNMA II, Pool # MA4585, 3.00%, due 07/20/47		291,642
	265,711	GNMA II, Pool # MA4586, 3.50%, due 07/20/47		281,507
	716,763	GNMA II, Pool # MA4720, 4.00%, due 09/20/47		768,287
	205,190	GNMA II, Pool # MA4838, 4.00%, due 11/20/47		219,934
	796,015	GNMA II, Pool # MA5019, 3.50%, due 02/20/48		841,553
	109,510	GNMA II, Pool # MA5021, 4.50%, due 02/20/48		118,290
	35,145	GNMA II, Pool # MA5079, 4.50%, due 03/20/48		37,818
	408,165	GNMA II, Pool # MA5264, 4.00%, due 06/20/48		435,002
	225,688	GNMA II, Pool # MA5397, 3.50%, due 08/20/48		238,368
	232,807	GNMA II, Pool # MA5466, 4.00%, due 09/20/48		248,524
	204,750	GNMA II, Pool # MA5467, 4.50%, due 09/20/48		219,405
	92,574	GNMA II, Pool # MA5530, 5.00%, due 10/20/48		100,035
	134,311	GNMA II, Pool # MA5762, 3.50%, due 02/20/49		142,056
	136,730	GNMA II, Pool # MA5817, 4.00%, due 03/20/49		145,799
	433,635	GNMA II, Pool # MA5874, 3.00%, due 04/20/49		454,584
	885,226	GNMA II, Pool # MA6038, 3.00%, due 07/20/49		926,257
	872,363	GNMA II, Pool # MA6090, 3.50%, due 08/20/49		918,031
	316,680	GNMA II, Pool # MA6338, 3.00%, due 12/20/49		331,358
	476,546	GNMA II, Pool # MA7254, 2.00%, due 03/20/51		483,970
	494,291	GNMA II, Pool # MA7367, 2.50%, due 05/20/51		510,254
	400,539	GNMA II, Pool # MA7534, 2.50%, due 08/20/51		413,636
	1,500,000	GNMA TBA, 2.50%, due 10/21/51		1,548,574
	1,000,000	GNMA TBA, 3.00%, due 11/18/51		1,043,086
	272,348	UMBS, Pool # 745148, 5.00%, due 01/01/36		310,915
	251,263	UMBS, Pool # 932807, 4.00%, due 09/01/40		278,053
	276,405	UMBS, Pool # 983471, 5.50%, due 05/01/38		322,557
	321,889	UMBS, Pool # 985184, 5.50%, due 08/01/38		375,691
	217,091	UMBS, Pool # 995245, 5.00%, due 01/01/39		244,877
	408,486	UMBS, Pool # AB6212, 3.00%, due 09/01/42		436,132
	659,699	UMBS, Pool # AB6802, 3.50%, due 11/01/42		718,637
	171,546	UMBS, Pool # AB7059, 2.50%, due 11/01/42		178,671
	361,638	UMBS, Pool # AB8703, 3.00%, due 03/01/38		382,211
	147,219	UMBS, Pool # AB9383, 4.00%, due 05/01/43		163,097
	1,074,472	UMBS, Pool # AB9659, 3.00%, due 06/01/43		1,161,737
	2,479,970	UMBS, Pool # AC3668, 4.50%, due 10/01/39		2,781,578
	227,776	UMBS, Pool # AD9153, 4.50%, due 08/01/40		252,727
	187,953	UMBS, Pool # AE0469, 6.00%, due 12/01/39		222,287
	517,563	UMBS, Pool # AH4404, 4.00%, due 01/01/41		567,454

See accompanying Notes to the Financial Statements.

76

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	103,812	UMBS, Pool # AI1892, 5.00%, due 05/01/41		118,010
	516,198	UMBS, Pool # AI4815, 4.50%, due 06/01/41		574,011
	413,762	UMBS, Pool # AJ9278, 3.50%, due 12/01/41		449,474
	205,340	UMBS, Pool # AJ9317, 4.00%, due 01/01/42		226,520
	453,651	UMBS, Pool # AL0215, 4.50%, due 04/01/41(o)		507,136
	831,472	UMBS, Pool # AL1895, 3.50%, due 06/01/42		910,070
	507,656	UMBS, Pool # AL2466, 4.00%, due 09/01/42		572,178
	487,461	UMBS, Pool # AL3000, 3.50%, due 12/01/42		529,539
	622,598	UMBS, Pool # AL3316, 3.50%, due 03/01/43		678,205
	824,065	UMBS, Pool # AL6663, 4.00%, due 03/01/39		907,504
	720,029	UMBS, Pool # AL7594, 3.50%, due 08/01/45		781,355
	729,738	UMBS, Pool # AL8191, 4.00%, due 12/01/45		806,555
	96,279	UMBS, Pool # AO4109, 4.00%, due 06/01/42		106,220
	253,148	UMBS, Pool # AQ7923, 3.00%, due 12/01/42		270,329
	420,468	UMBS, Pool # AS5133, 3.50%, due 06/01/45		452,361
	117,270	UMBS, Pool # AS6286, 4.00%, due 12/01/45		128,094
	158,932	UMBS, Pool # AS6304, 4.00%, due 12/01/45		173,570
	234,228	UMBS, Pool # AS6452, 3.50%, due 01/01/46		251,816
	163,796	UMBS, Pool # AS7693, 2.00%, due 08/01/31		169,383
	230,697	UMBS, Pool # AS8073, 2.50%, due 10/01/46		238,388
	172,956	UMBS, Pool # AZ3743, 3.50%, due 11/01/45		186,429
	271,922	UMBS, Pool # BC9468, 3.00%, due 06/01/46		288,610
	620,027	UMBS, Pool # BD7043, 4.00%, due 03/01/47		675,309
	391,866	UMBS, Pool # BE7192, 4.00%, due 03/01/47		424,778
	592,266	UMBS, Pool # BK1023, 4.50%, due 02/01/48		645,060
	400,564	UMBS, Pool # BK7611, 4.50%, due 09/01/48		435,210
	819,901	UMBS, Pool # BM1573, 3.50%, due 07/01/47		892,025
	1,057,635	UMBS, Pool # BM1972, 3.50%, due 10/01/37		1,161,014
	573,457	UMBS, Pool # BM3033, 3.00%, due 10/01/47		613,582
	193,391	UMBS, Pool # BM3258, 3.00%, due 02/01/47		208,462
	271,938	UMBS, Pool # BM3286, 4.50%, due 11/01/47		300,502
	483,910	UMBS, Pool # BM3332, 3.50%, due 01/01/48		521,949
	455,111	UMBS, Pool # BM3491, 4.50%, due 01/01/38		500,291
	776,845	UMBS, Pool # BM3641, 4.00%, due 04/01/48		850,086
	658,796	UMBS, Pool # BM4896, 3.00%, due 02/01/47		702,664
	825,027	UMBS, Pool # BM5213, 3.00%, due 07/01/45		874,588
	223,467	UMBS, Pool # BM5293, 3.50%, due 02/01/49		236,739
	467,099	UMBS, Pool # BM5694, 4.00%, due 06/01/48		501,967
	159,197	UMBS, Pool # BM5874, 4.00%, due 01/01/48		172,943
	219,753	UMBS, Pool # BM5950, 3.00%, due 11/01/48		232,241
	1,430,874	UMBS, Pool # BN6216, 4.50%, due 03/01/49		1,572,931
	330,834	UMBS, Pool # BO1420, 3.50%, due 09/01/49		350,058
	645,768	UMBS, Pool # BO5387, 3.50%, due 12/01/49		692,307
	511,407	UMBS, Pool # BP2898, 4.00%, due 03/01/50		554,828
	709,053	UMBS, Pool # BP3048, 3.00%, due 03/01/50		750,383
	527,876	UMBS, Pool # BP5462, 2.50%, due 06/01/50		547,585
	416,544	UMBS, Pool # BP5568, 3.00%, due 06/01/50		438,101
	1,736,486	UMBS, Pool # BP6618, 2.50%, due 08/01/50		1,792,524
	919,830	UMBS, Pool # BQ3132, 2.00%, due 10/01/50		930,081
	715,218	UMBS, Pool # BQ3138, 2.50%, due 10/01/50		743,233

See accompanying Notes to the Financial Statements.

77

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,516,284	UMBS, Pool # CA0623, 4.50%, due 10/01/47		1,656,052
	707,209	UMBS, Pool # CA0655, 3.50%, due 11/01/47		766,584
	76,775	UMBS, Pool # CA3828, 4.00%, due 07/01/49		83,538
	1,120,502	UMBS, Pool # CA3986, 5.00%, due 08/01/49		1,237,219
	347,582	UMBS, Pool # CA4149, 3.00%, due 09/01/49		375,616
	889,292	UMBS, Pool # CA4831, 4.50%, due 12/01/49		971,217
	601,301	UMBS, Pool # CA5571, 4.00%, due 04/01/50		650,430
	3,633,883	UMBS, Pool # CA6097, 3.50%, due 06/01/50		3,851,966
	3,599,979	UMBS, Pool # CA6738, 3.00%, due 08/01/50		3,833,736
	2,375,090	UMBS, Pool # CA6777, 4.50%, due 08/01/50		2,583,832
	455,799	UMBS, Pool # CA6799, 2.00%, due 08/01/50		459,525
	810,083	UMBS, Pool # CA6871, 2.50%, due 08/01/35		856,232
	1,848,439	UMBS, Pool # CA6872, 2.50%, due 08/01/35		1,935,945
	1,612,901	UMBS, Pool # CA7030, 2.50%, due 09/01/50		1,681,974
	4,602,710	UMBS, Pool # CA8062, 2.50%, due 12/01/50		4,777,398
	6,250,465	UMBS, Pool # CB1273, 2.00%, due 08/01/51		6,295,788
	1,002,601	UMBS, Pool # FM0030, 3.00%, due 02/01/49		1,062,658
	290,833	UMBS, Pool # FM1001, 3.50%, due 11/01/48		309,770
	349,040	UMBS, Pool # FM1266, 5.00%, due 07/01/49		385,401
	139,166	UMBS, Pool # FM1347, 3.00%, due 12/01/48		148,290
	783,080	UMBS, Pool # FM1467, 3.00%, due 12/01/47		833,077
	550,012	UMBS, Pool # FM1588, 3.00%, due 10/01/49		587,297
	284,540	UMBS, Pool # FM1715, 3.00%, due 12/01/45		300,938
	327,653	UMBS, Pool # FM1790, 3.00%, due 11/01/49		350,788
	282,133	UMBS, Pool # FM1864, 3.00%, due 11/01/49		298,967
	3,890,820	UMBS, Pool # FM2217, 3.00%, due 03/01/47		4,204,385
	2,517,958	UMBS, Pool # FM2226, 3.00%, due 09/01/46		2,720,901
	623,802	UMBS, Pool # FM2336, 4.00%, due 01/01/50		676,344
	2,466,522	UMBS, Pool # FM2385, 3.00%, due 09/01/48		2,598,255
	724,697	UMBS, Pool # FM2461, 3.50%, due 03/01/50		766,968
	821,467	UMBS, Pool # FM2570, 4.50%, due 04/01/48		917,204
	639,044	UMBS, Pool # FM2674, 4.00%, due 03/01/50		692,874
	1,439,138	UMBS, Pool # FM3889, 3.00%, due 07/01/50		1,516,323
	958,062	UMBS, Pool # FM4330, 2.50%, due 10/01/50		994,938
	922,106	UMBS, Pool # FM4350, 2.00%, due 09/01/50		931,883
	2,164,323	UMBS, Pool # FM4532, 3.00%, due 09/01/50		2,285,423
	50,106	UMBS, Pool # FM5035, 4.00%, due 07/01/50		53,702
	3,102,837	UMBS, Pool # FM5721, 3.00%, due 12/01/40		3,266,816
	1,033,042	UMBS, Pool # FM5875, 4.50%, due 04/01/50		1,154,513
	1,842,586	UMBS, Pool # FM5996, 4.50%, due 03/01/49		2,005,367
	1,715,852	UMBS, Pool # FM6133, 3.50%, due 08/01/50		1,839,087
	1,180,028	UMBS, Pool # FM6273, 3.00%, due 12/01/34		1,248,790
	2,359,762	UMBS, Pool # FM6497, 2.00%, due 03/01/51		2,380,546
	1,285,711	UMBS, Pool # FM6585, 3.50%, due 11/01/40		1,370,440
	1,228,277	UMBS, Pool # FM7341, 4.00%, due 03/01/48		1,338,348
	1,862,449	UMBS, Pool # FM7785, 4.00%, due 05/01/49		2,003,767
	3,055,026	UMBS, Pool # FM7794, 4.00%, due 01/01/50		3,290,177
	144,056	UMBS, Pool # MA2781, 2.50%, due 10/01/46		149,395
	512,231	UMBS, Pool # MA3058, 4.00%, due 07/01/47		553,718
	135,552	UMBS, Pool # MA3087, 3.50%, due 08/01/47		144,135

See accompanying Notes to the Financial Statements.

78

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	139,168	UMBS, Pool # MA3155, 3.00%, due 10/01/32		147,087
	470,117	UMBS, Pool # MA3182, 3.50%, due 11/01/47		500,569
	238,764	UMBS, Pool # MA3211, 4.00%, due 12/01/47		257,713
	154,276	UMBS, Pool # MA3238, 3.50%, due 01/01/48		163,764
	397,713	UMBS, Pool # MA3332, 3.50%, due 04/01/48		422,876
	148,449	UMBS, Pool # MA3364, 3.50%, due 05/01/33		159,460
	103,610	UMBS, Pool # MA3385, 4.50%, due 06/01/48		112,006
	380,883	UMBS, Pool # MA3414, 3.50%, due 07/01/48		404,141
	123,254	UMBS, Pool # MA3442, 3.50%, due 08/01/48		130,502
	106,150	UMBS, Pool # MA3521, 4.00%, due 11/01/48		113,759
	972,444	UMBS, Pool # MA3871, 3.00%, due 12/01/49		1,018,633
	828,742	UMBS, Pool # MA3937, 3.00%, due 02/01/50		867,763
	198,906	UMBS, Pool # MA3960, 3.00%, due 03/01/50		208,284
	904,654	UMBS, Pool # MA4018, 2.00%, due 05/01/50		909,121
	718,370	UMBS, Pool # MA4048, 3.00%, due 06/01/50		752,612
	170,401	UMBS, Pool # MA4120, 2.50%, due 09/01/50		175,900
	1,822,314	UMBS, Pool # MA4158, 2.00%, due 10/01/50		1,829,156
	479,064	UMBS, Pool # MA4181, 1.50%, due 11/01/50		465,940
	424,538	UMBS, Pool # MA4204, 2.00%, due 12/01/40		427,700
	902,482	UMBS, Pool # MA4208, 2.00%, due 12/01/50		905,871
	1,442,180	UMBS, Pool # MA4209, 1.50%, due 12/01/50		1,402,622
	635,037	UMBS, Pool # MA4232, 2.00%, due 01/01/41		644,066
	1,390,784	UMBS, Pool # MA4237, 2.00%, due 01/01/51		1,396,005
	647,526	UMBS, Pool # MA4268, 2.00%, due 02/01/41		656,746
	346,320	UMBS, Pool # MA4333, 2.00%, due 05/01/41		351,893
	1,532,179	UMBS, Pool # MA4334, 2.50%, due 05/01/41		1,587,620
	399,645	UMBS, Pool # MA4356, 2.50%, due 06/01/51		412,542
	2,186,667	UMBS, Pool # QA6328, 3.00%, due 01/01/50		2,305,692
	1,516,063	UMBS, Pool # QA6367, 3.00%, due 01/01/50		1,609,120
	1,137,575	UMBS, Pool # QA7234, 3.00%, due 02/01/50		1,193,686
	790,211	UMBS, Pool # QA8518, 3.00%, due 04/01/50		839,103
	260,762	UMBS, Pool # QB0220, 3.00%, due 06/01/50		274,095
	1,002,594	UMBS, Pool # QB4847, 2.50%, due 10/01/50		1,050,247
	1,075,123	UMBS, Pool # QB6476, 2.50%, due 12/01/50		1,119,560
	381,083	UMBS, Pool # QC0039, 2.50%, due 03/01/51		398,330
	1,700,430	UMBS, Pool # QC4339, 2.00%, due 07/01/51		1,712,241
	986,795	UMBS, Pool # QC5189, 2.50%, due 08/01/51		1,018,640
	499,253	UMBS, Pool # QC6357, 2.50%, due 09/01/51		517,537
	1,239,950	UMBS, Pool # RA1741, 3.50%, due 11/01/49		1,321,280
	2,037,234	UMBS, Pool # RA1776, 3.00%, due 12/01/49		2,165,962
	1,542,808	UMBS, Pool # RA1860, 3.00%, due 12/01/49		1,617,173
	782,295	UMBS, Pool # RA2572, 3.50%, due 05/01/50		842,706
	2,361,191	UMBS, Pool # RA2790, 2.50%, due 06/01/50		2,437,614
	2,407,521	UMBS, Pool # RA2853, 2.50%, due 06/01/50		2,485,214
	807,267	UMBS, Pool # RA3206, 2.00%, due 08/01/50		815,160
	1,089,810	UMBS, Pool # RA3607, 3.00%, due 09/01/50		1,164,080
	2,209,741	UMBS, Pool # RB5111, 2.00%, due 05/01/41		2,245,305
	965,634	UMBS, Pool # SD0100, 3.00%, due 10/01/49		1,026,407
	2,321,054	UMBS, Pool # SD0499, 3.00%, due 08/01/50		2,478,370
	1,492,194	UMBS, Pool # SD0558, 2.50%, due 03/01/51		1,548,126
	6,486,349	UMBS, Pool # SD7526, 2.50%, due 10/01/50		6,764,028

See accompanying Notes to the Financial Statements.

79

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	4,535	UMBS, Pool # SD8025, 3.50%, due 11/01/49		4,795
	1,668,144	UMBS, Pool # SD8075, 3.50%, due 07/01/50		1,765,617
	5,269,192	UMBS, Pool # SD8090, 2.00%, due 09/01/50		5,288,976
	915,347	UMBS, Pool # SD8104, 1.50%, due 11/01/50		890,215
	466,219	UMBS, Pool # SD8113, 2.00%, due 12/01/50		467,969
	459,372	UMBS, Pool # SD8121, 2.00%, due 01/01/51		461,097
	6,487,298	UMBS, Pool # SD8129, 2.50%, due 02/01/51		6,696,649
	4,891,465	UMBS, Pool # SD8141, 2.50%, due 04/01/51		5,051,344
	1,046,334	UMBS, Pool # ZM1609, 3.50%, due 09/01/46		1,126,382
	384,137	UMBS, Pool # ZS4727, 4.00%, due 07/01/47		414,788
	244,337	UMBS, Pool # ZS4760, 4.00%, due 03/01/48		261,877
	586,085	UMBS, Pool # ZT0657, 6.00%, due 07/01/40		692,690
	329,547	UMBS, Pool # ZT1748, 5.00%, due 01/01/49		363,696
	8,068,000	UMBS TBA, 2.00%, due 10/14/51		8,090,377
	3,500,000	UMBS TBA, 2.00%, due 11/10/51		3,503,418
	7,755,000	UMBS TBA, 2.50%, due 10/14/51		7,996,435
	1,000,000	UMBS TBA, 2.50%, due 11/10/51		1,029,180
	500,000	UMBS TBA, 3.00%, due 11/10/51		522,571
				275,949,815
		Municipal Obligations — 0.9%
	60,000	Alabama Economic Settlement Authority, 4.26%, due 09/15/32		68,991
	165,000	Bay Area Toll Authority, 2.57%, due 04/01/31		173,333
	300,000	Bay Area Toll Authority, 6.26%, due 04/01/49		484,974
	90,000	District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14(g)		128,667
	601,000	Florida State Board of Administration Finance Corp., 1.71%, due 07/01/27		611,005
	715,000	Michigan Finance Authority, 2.37%, due 09/01/49(b)		731,839
	355,000	Municipal Electric Authority of Georgia, 6.64%, due 04/01/57		533,767
	327,000	New Jersey Transportation Trust Fund Authority, 4.08%, due 06/15/39		372,517
	25,000	New Jersey Transportation Trust Fund Authority, 4.13%, due 06/15/42		28,552
	1,350,000	New York State Urban Development Corp., 5.77%, due 03/15/39		1,683,154
	2,195,000	Port Authority of New York & New Jersey, 1.09%, due 07/01/23		2,223,619
	1,308,000	State Board of Administration Finance Corp., 1.26%, due 07/01/25		1,322,584
	885,000	State of California, 7.50%, due 04/01/34		1,363,880
	555,000	State of California, General Obligation, 7.55%, due 04/01/39		936,289
	695,000	State of Illinois, General Obligation, 5.00%, due 11/01/22		729,644
	595,000	University of Virginia, 2.58%, due 11/01/51		585,626
	105,000	University of Virginia, 4.18%, due 09/01/17(g)		138,354
				12,116,795
		Sovereign Debt Obligations — 0.4%
	1,407,000	Argentine Republic Government International Bond, 2.50%, due 07/09/41(d)		519,563
	200,000	Bermuda Government International Bond, 2.38%, due 08/20/30 144A		199,000
	55,000	Corp. Andina de Fomento, 2.75%, due 01/06/23		56,474
	215,000	Export-Import Bank of India, 3.88%, due 02/01/28 144A		231,037
	210,000	Hungary Government International Bond, 3.13%, due 09/21/51 144A		207,218
	450,000	Indonesia Government International Bond, 3.50%, due 01/11/28		489,175
	220,000	Indonesia Government International Bond, 5.88%, due 01/15/24 144A		245,454
	200,000	Japan Bank for International Cooperation, 3.38%, due 10/31/23		212,209
	200,000	Japan Finance Organization for Municipalities, 1.75%, due 09/05/24 144A		205,852

See accompanying Notes to the Financial Statements.

80

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Sovereign Debt Obligations — continued
	135,000	Province of Alberta Canada, 1.30%, due 07/22/30(e)		129,556
	85,000	Province of Alberta Canada, 3.30%, due 03/15/28		94,543
	100,000	Province of Manitoba Canada, 2.13%, due 06/22/26		104,730
	220,000	Province of Quebec Canada, 2.75%, due 04/12/27		237,909
	568,000	Qatar Government International Bond, 5.10%, due 04/23/48 144A		754,920
	235,000	Saudi Government International Bond, 4.00%, due 04/17/25 144A		257,465
	789,000	Saudi Government International Bond, 4.38%, due 04/16/29 144A		910,662
	400,000	Tokyo Metropolitan Government, 2.50%, due 06/08/22 144A		405,100
	185,000	Uruguay Government International Bond, 4.98%, due 04/20/55		232,125
	65,000	Uruguay Government International Bond, 5.10%, due 06/18/50		82,896
				5,575,888
		U.S. Government and Agency Obligations — 17.5%
	495,000	FNMA, 0.88%, due 08/05/30		466,364
	170,000	FNMA, 2.38%, due 01/19/23		174,832
	315,000	FNMA, 2.50%, due 02/05/24		330,915
	310,000	FNMA, 6.63%, due 11/15/30(p)		442,919
	210,000	Tennessee Valley Authority, 1.50%, due 09/15/31		207,086
	25,000	Tennessee Valley Authority, 7.13%, due 05/01/30		36,042
	1,756,000	U.S. Treasury Bond, 1.13%, due 05/15/40		1,518,323
	14,962,000	U.S. Treasury Bond, 1.13%, due 08/15/40		12,880,178
	525,000	U.S. Treasury Bond, 1.38%, due 11/15/40		471,762
	7,058,000	U.S. Treasury Bond, 1.38%, due 08/15/50		5,957,944
	8,579,000	U.S. Treasury Bond, 1.75%, due 08/15/41		8,203,669
	8,105,000	U.S. Treasury Bond, 1.88%, due 02/15/41		7,930,869
	7,870,000	U.S. Treasury Bond, 1.88%, due 02/15/51		7,507,242
	2,411,000	U.S. Treasury Bond, 2.00%, due 08/15/51		2,368,807
	8,375,000	U.S. Treasury Bond, 2.25%, due 05/15/41		8,711,309
	12,798,600	U.S. Treasury Bond, 2.38%, due 05/15/51		13,662,505
	7,227,000	U.S. Treasury Bond, 2.50%, due 02/15/45		7,806,854
	7,730,000	U.S. Treasury Bond, 2.50%, due 02/15/46		8,362,290
	2,000,000	U.S. Treasury Bond, 2.50%, due 05/15/46		2,164,766
	1,065,000	U.S. Treasury Bond, 2.75%, due 08/15/47		1,209,149
	1,441,000	U.S. Treasury Bond, 3.00%, due 02/15/47		1,707,923
	1,372,000	U.S. Treasury Bond, 3.13%, due 11/15/41		1,634,502
	3,000,000	U.S. Treasury Bond, 3.38%, due 11/15/48		3,822,891
	2,120,900	U.S. Treasury Bond, 3.63%, due 08/15/43		2,722,954
	2,185,516	U.S. Treasury Inflation Indexed Bonds, 0.13%, due 01/15/30		2,402,901
	487,048	U.S. Treasury Inflation Indexed Bonds, 1.00%, due 02/15/49		653,758
	5,495,000	U.S. Treasury Note, 0.13%, due 04/30/23		5,488,668
	4,124,000	U.S. Treasury Note, 0.13%, due 08/31/23		4,113,368
	3,099,000	U.S. Treasury Note, 0.25%, due 09/30/23		3,096,697
	3,959,000	U.S. Treasury Note, 0.25%, due 03/15/24		3,946,010
	4,555,000	U.S. Treasury Note, 0.25%, due 05/15/24		4,533,471
	4,740,000	U.S. Treasury Note, 0.25%, due 06/15/24		4,714,078
	550,000	U.S. Treasury Note, 0.38%, due 08/15/24		548,109
	6,160,000	U.S. Treasury Note, 0.63%, due 07/31/26		6,061,825
	9,949,000	U.S. Treasury Note, 0.75%, due 04/30/26		9,874,382
	8,340,000	U.S. Treasury Note, 0.75%, due 08/31/26		8,252,039
	4,959,000	U.S. Treasury Note, 1.13%, due 08/31/28		4,901,274
	7,605,000	U.S. Treasury Note, 1.13%, due 02/15/31		7,367,344

See accompanying Notes to the Financial Statements.

81

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			U.S. Government and Agency Obligations — continued
	5,123,000		U.S. Treasury Note, 1.25%, due 04/30/28		5,120,599
	624,000		U.S. Treasury Note, 1.25%, due 05/31/28		623,171
	972,000		U.S. Treasury Note, 1.25%, due 06/30/28		970,064
	12,001,000		U.S. Treasury Note, 1.25%, due 08/15/31		11,711,288
	21,630,000		U.S. Treasury Note, 2.88%, due 05/15/28(o)		23,863,129
	955,000		U.S. Treasury STRIPS, 1.66%, due 05/15/37(n) (p)		701,759
	85,000		U.S. Treasury STRIPS, 1.67%, due 08/15/42(n)		53,893
	2,310,000		U.S. Treasury STRIPS, 2.01%, due 02/15/40(n)		1,573,414
	195,000		U.S. Treasury STRIPS, 2.35%, due 05/15/41(n)		128,020
	255,000		U.S. Treasury STRIPS, 2.36%, due 08/15/39(n)		176,386
	155,000		U.S. Treasury STRIPS, 2.39%, due 05/15/39(n)		107,848
	150,000		U.S. Treasury STRIPS, 2.42%, due 11/15/38(n)		105,718
	370,000		U.S. Treasury STRIPS, 2.43%, due 02/15/39(n)		258,550
	3,325,000		U.S. Treasury STRIPS, 2.64%, due 11/15/40(n)		2,211,537
	1,105,000		U.S. Treasury STRIPS, 2.81%, due 05/15/42(n)		705,947
	1,750,000		U.S. Treasury STRIPS, 2.81%, due 11/15/42(n)		1,101,741
	5,195,000		U.S. Treasury STRIPS, 2.83%, due 11/15/41(n)		3,359,536
	4,620,000		U.S. Treasury STRIPS, 2.97%, due 02/15/43(n)		2,886,735
	646,000		U.S. Treasury STRIPS, 3.08%, due 11/15/43(n)		397,119
	280,000		U.S. Treasury STRIPS, 3.21%, due 05/15/44(n)		170,487
	2,095,000		U.S. Treasury STRIPS, 3.23%, due 08/15/44(n)		1,266,261
	430,000		U.S. Treasury STRIPS, 3.23%, due 11/15/45(n)		252,717
	310,000		U.S. Treasury STRIPS, 3.25%, due 02/15/46(n)		181,542
	670,000		U.S. Treasury STRIPS, 3.29%, due 02/15/45(n)		401,015
	6,675,000		U.S. Treasury STRIPS, 6.00%, due 08/15/30(n)		5,794,186
					230,378,681
			TOTAL DEBT OBLIGATIONS (COST $1,292,834,874)		1,312,559,566
			SHORT-TERM INVESTMENT — 1.7%
			Mutual Fund - Securities Lending Collateral — 1.7%
	21,972,905		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(q) (r)		21,972,905
			TOTAL SHORT-TERM INVESTMENT (COST $21,972,905)		21,972,905
			TOTAL INVESTMENTS BEFORE TBA SALE COMMITMENTS — 101.5% (Cost $1,314,807,779)		1,334,532,471
			TBA SALE COMMITMENTS — (0.1)%
	(1,000,000	)	UMBS TBA, 2.00%, due 10/14/51 TOTAL TBA SALE COMMITMENTS (PROCEEDS $1,004,375)		(1,002,773	)
			TOTAL INVESTMENTS NET OF TBA SALE COMMITMENTS — 101.4% (Cost $1,313,803,404)		1,333,529,698
			Other Assets and Liabilities (net) — (1.4)%		(17,770,012	)
			NET ASSETS — 100.0%	$	1,315,759,686

See accompanying Notes to the Financial Statements.

82

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	Notes to Schedule of Investments:
(a)	Unless otherwise indicated, all par values are denominated in United States dollars ($).
(b)	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.
(c)	Variable or floating rate note. Rate shown is as of September 30, 2021.
(d)	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.
(e)	All or a portion of this security is out on loan.
(f)	Security is perpetual and has no stated maturity date.
(g)	Year of maturity is greater than 2100.
(h)	When-issued security.
(i)	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 $1,172,619, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(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)	Security is currently in default.
(l)	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2021 was $1,565,555.
(m)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
(n)	Interest rate presented is yield to maturity.
(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, 2021.
(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 $300,707,552 which represents 22.9% of net assets.

See accompanying Notes to the Financial Statements.

83

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

At September 30, 2021, the Fund held the following restricted securities:

Restricted Securities	Acquisition Date		Principal Amount		Cost			Value
Angel Oak Mortgage Trust CMO, Series 2021-4, Class A1, 1.04%, due 01/20/65		08/17/21		USD 498,777		$	498,770		$	498,476
Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1A, 1.19% (1 mo. USD LIBOR + 1.10%), due 07/25/29		07/17/19		USD   67,286			67,286			67,319
Credit Agricole SA, 2.81%, due 01/11/41		01/28/21		USD 250,000			248,706			238,952
Credit Suisse Mortgage Trust, Series 2020-11R, 1.00%, due 04/28/38		12/03/20		USD 354,737			354,737			366,310
LSC Communication, Inc., 8.75%, due 10/15/23		08/27/21		USD 284,000			—			1,562
									$	1,172,619

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
EUR	7,794,015	USD	9,129,558		10/04/21	JPMorgan Chase Bank N.A.	$	(96,685	)
USD	9,159,207	EUR	7,794,015		10/04/21	JPMorgan Chase Bank N.A.		126,333
USD	9,134,632	EUR	7,794,015		11/02/21	JPMorgan Chase Bank N.A.		96,830
							$	126,478

Futures Contracts

Number of Contracts		Description		Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys		��
	201	U.S. Treasury Note 2-Year			Dec 2021	$	44,230,992	$	(29,658	)
	292	U.S. Treasury Note 5-Year			Dec 2021		35,840,719		(179,374	)
	41	U.S. Ultra Bond			Dec 2021		7,833,563		(265,797	)
								$	(474,829	)
	Sales
	10	Euro-Bobl			Dec 2021	$	1,563,771	$	9,900
	3	Euro-Bund			Dec 2021		590,439		9,674
	32	Euro-Schatz			Dec 2021		4,161,279		3,588
	56	U.S. Long Bond			Dec 2021		8,916,250		197,462
	39	U.S. Treasury Note 10-Year			Dec 2021		5,132,766		12,008
	219	U.S. Ultra 10-Year			Dec 2021		31,809,750		566,998
								$	799,630

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)
2.15%	At Maturity	CPI-U	At Maturity	01/13/26	$	111			USD	1,840,000	$	(109,661	)	$	(109,772	)
2.21%	At Maturity	CPI-U	At Maturity	01/12/26		106			USD	920,000		(52,236	)		(52,342	)
2.30%	At Maturity	CPI-U	At Maturity	02/02/26		(33,586	)		USD	7,880,000		(409,120	)		(375,534	)
2.37%	At Maturity	CPI-U	At Maturity	02/18/26		117			USD	2,755,000		(129,658	)		(129,775	)
														$	(667,423	)

See accompanying Notes to the Financial Statements.

84

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Currency Abbreviations

EUR — Euro

USD — U.S. Dollar

Other Abbreviations

ACES CLO    CMO    CMT     CPI-U     FHLMC  FNMA    GNMA    ICE      IO      LIBOR   MTN    PIK      REIT    REMIC    SOFR   STRIPS   TBA    UMBS —   Alternative Credit Enhancement Securities —   Collateralized Loan Obligation —   Collateralized Mortgage Obligation —   Constant Maturity Treasury Index —   Consumer Price Index for All Urban Consumers —   Federal Home Loan Mortgage Corporation —   Federal National Mortgage Association —   Government National Mortgage Association —   Intercontinental Exchange —   Interest Only —   London Interbank Offered Rate —   Medium Term Note —   Payment In Kind —   Real Estate Investment Trust —   Real Estate Mortgage Investment Conduit —   Secured Overnight Financing Rate —   Separate Trading of Registered Interest and Principal of Securities —   To Be Announced —   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.

85

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		100.5
Futures Contracts		0.0	*
Swaps		(0.1	)
TBA Sale Commitments		(0.1	)
Forward Foreign Currency Contracts		(0.7	)
Short-Term Investment		1.7
Other Assets and Liabilities (net)		(1.3	)
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Financial Statements.

86

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		DEBT OBLIGATIONS — 92.4%
		Asset Backed Securities — 4.8%
	690,000	Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 0.73% (1 mo. USD LIBOR + 0.65%), due 12/25/35(b)		682,502
	250,000	Allegro CLO XI, Ltd., Series 2019-2A, Class A1A, 1.52% (3 mo. USD LIBOR + 1.39%), due 01/19/33(b) 144A		250,432
	300,000	Anchorage Capital CLO, Ltd., Series 2014-3RA, Class E, 5.63% (3 mo. USD LIBOR + 5.50%), due 01/28/31(b) 144A		291,327
	420,000	Apidos CLO XXII, Series 2015-22A, Class DR, 6.88% (3 mo. USD LIBOR + 6.75%), due 04/20/31(b) 144A		419,651
	598,950	Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A		612,062
	250,000	Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class C, 3.02% (3 mo. USD LIBOR + 2.90%), due 05/15/30(b) 144A		248,005
	810,000	Asset Backed Securities Corp. Home Equity Loan Trust OOMC, Series 2006-HE5, Class M1, 0.37% (1 mo. USD LIBOR + 0.28%), due 07/25/36(b)		764,948
	312,772	Asset Backed Securities Corp. Home Equity Loan Trust RFC, Series 2007-HE1, Class A4, 0.23% (1 mo. USD LIBOR + 0.14%), due 12/25/36(b)		307,611
	250,000	Assurant CLO, Ltd., Series 2019-5A, Class E, 7.47% (3 mo. USD LIBOR + 7.34%), due 01/15/33(b) 144A		250,113
	410,000	Avery Point VI CLO, Ltd., Series 2015-6A, Class DR, 3.07% (3 mo. USD LIBOR + 2.95%), due 08/05/27(b) 144A		409,865
	410,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.25%, due 02/20/27 144A		444,808
	250,000	Ballyrock CLO, Ltd., Series 2016-1A, Class ER, 7.08% (3 mo. USD LIBOR + 6.95%), due 10/15/28(b) 144A		250,200
	275,000	Ballyrock CLO, Ltd., Series 2018-1A, Class C, 3.28% (3 mo. USD LIBOR + 3.15%), due 04/20/31(b) 144A		273,461
	250,000	Barings CLO, Ltd., Series 2013-IA, Class CR, 1.63% (3 mo. USD LIBOR + 1.50%), due 01/20/28(b) 144A		250,026
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class C, 3.18% (3 mo. USD LIBOR + 3.05%), due 10/15/30(b) 144A		245,814
	450,000	BlueMountain CLO XXII, Ltd., Series 2018-22A, Class A1, 1.21% (3 mo. USD LIBOR + 1.08%), due 07/15/31(b) 144A		450,046
	850,000	BlueMountain CLO XXIX, Ltd., Series 2020-29A, Class ER, 7.01% (3 mo. USD LIBOR + 6.86%), due 07/25/34(b) 144A		842,375
	274,856	BlueMountain CLO, Ltd., Series 2012-2A, Class AR2, 1.18% (3 mo. USD LIBOR + 1.05%), due 11/20/28(b) 144A		274,964
	250,000	Bristol Park CLO, Ltd., Series 2016-1A, Class ER, 7.13% (3 mo. USD LIBOR + 7.00%), due 04/15/29(b) 144A		250,074
	250,000	California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.87%, due 10/16/23		253,463
	280,000	Canyon Capital CLO, Ltd., Series 2021-1A, Class E, 6.54% (3 mo. USD LIBOR + 6.41%), due 04/15/34(b) 144A		278,513
	404,111	Carlyle Global Market Strategies CLO, Ltd., Series 2014-2RA, Class A1, 1.17% (3 mo. USD LIBOR + 1.05%), due 05/15/31(b) 144A		403,727
	300,000	Catskill Park CLO, Ltd., Series 2017-1A, Class D, 6.13% (3 mo. USD LIBOR + 6.00%), due 04/20/29(b) 144A		298,466
	250,000	CIFC Funding CLO, Ltd., Series 2017-1A, Class D, 3.63% (3 mo. USD LIBOR + 3.50%), due 04/23/29(b) 144A		250,075

See accompanying Notes to the Financial Statements.

87

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	700,000	CIFC Funding CLO, Ltd., Series 2017-3A, Class C, 3.78% (3 mo. USD LIBOR + 3.65%), due 07/20/30(b) 144A		700,199
	80,979	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.53%, due 01/21/31 144A		83,196
	178,980	Dryden CLO XXV Senior Loan Fund, Series 2012-25A, Class ARR, 1.03% (3 mo. USD LIBOR + 0.90%), due 10/15/27(b) 144A		179,005
	238,216	DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, due 03/15/24 144A		241,026
	368,035	Falcon Aerospace, Ltd., Series 2017-1, Class A, 4.58%, due 02/15/42 144A		367,036
	358,632	First Franklin Mortgage Loan Trust, Series 2005-FF12, Class M1, 0.76% (1 mo. USD LIBOR + 0.68%), due 11/25/36(b)		358,960
	250,000	Fortress Credit BSL CLO XII, Ltd., Series 2021-4A, Class E, 7.27% (3 mo. USD LIBOR + 7.13%), due 10/15/34(b) (c)		243,750
	250,000	Goldentree Loan Management US CLO 6, Ltd., Series 2019-6A, Class E, 5.35% (3 mo. USD LIBOR + 5.22%), due 01/20/33(b) 144A		242,975
	380,000	Golub Capital Partners CLO, Ltd., Series 2021-53A, Class E, 6.83% (3 mo. USD LIBOR + 6.70%), due 07/20/34(b) 144A		370,101
	250,000	Greenwood Park CLO, Ltd., Series 2018-1A, Class E, 5.08% (3 mo. USD LIBOR + 4.95%), due 04/15/31(b) 144A		241,732
	250,000	Greywolf CLO IV, Ltd., Series 2019-1A, Class CR, 3.78% (3 mo. USD LIBOR + 3.65%), due 04/17/34(b) 144A		250,235
	450,000	Greywolf CLO V, Ltd., Series 2015-1A, Class A1R, 1.29% (3 mo. USD LIBOR + 1.16%), due 01/27/31(b) 144A		450,153
	118,955	GSAA Home Equity Trust, Series 2007-7, Class A4, 0.63% (1 mo. USD LIBOR + 0.54%), due 07/25/37(b)		118,487
	290,000	Halsey Point CLO I, Ltd., Series 2019-1A, Class F, 8.33% (3 mo. USD LIBOR + 8.20%), due 01/20/33(b) 144A		271,234
	250,000	Hildene Community Funding CDO CLO, Ltd., Series 2015-1A, Class AR, 3.25%, due 11/01/35 144A		251,641
	265,000	Invesco CLO, Ltd., Series 2021-1A, Class D, 3.22% (3 mo. USD LIBOR + 3.05%), due 04/15/34(b) 144A		265,168
	240,849	KeyCorp Student Loan Trust, Series 2005-A, Class 2C, 1.43% (3 mo. USD LIBOR + 1.30%), due 12/27/38(b)		232,928
	400,000	KKR CLO 14, Ltd., Series 14, Class BR, 1.93% (3 mo. USD LIBOR + 1.80%), due 07/15/31(b) 144A		400,060
	265,613	LCM CLO XVIII, LP, Series 19A, Class AR, 1.37% (3 mo. USD LIBOR + 1.24%), due 07/15/27(b) 144A		265,729
	114,690	Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, due 01/25/59(d) 144A		114,937
	250,000	Long Beach Mortgage Loan Trust, Series 2005-1, Class M4, 1.36% (1 mo. USD LIBOR + 1.28%), due 02/25/35(b)		251,066
	2,605,000	Madison Park Funding CLO XXXIX, Ltd., Series 2021-39A, Class D, 3.18% (3 mo. USD LIBOR + 3.05%), due 10/22/34(b) (e) 144A		2,606,302
	400,000	Magnetite CLO XII, Ltd., Series 2015-12A, Class ER, 5.81% (3 mo. USD LIBOR + 5.68%), due 10/15/31(b) 144A		397,914
	611,006	Magnolia Financial X DAC, Series 2020-1, 1.60%, due 08/13/24 144A		584,036
	250,000	Marathon CLO 14, Ltd., Series 2019-2A, Class BA, 3.43% (3 mo. USD LIBOR + 3.30%), due 01/20/33(b) 144A		246,758
	572,452	Mill City Solar Loan, Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A		626,517
	1,625,000	Morgan Stanley Eaton Vance CLO, Ltd., Series 2021-1A, Class D, 3.23% (3 mo. USD LIBOR + 3.10%), due 10/20/34(b) (e) 144A		1,625,812

See accompanying Notes to the Financial Statements.

88

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	438,003	National Collegiate Student Loan Trust, Series 2007-2, Class A4, 0.38% (1 mo. USD LIBOR + 0.29%), due 01/25/33(b)		418,308
	370,000	Navient Private Education Refi Student Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A		386,804
	100,000	Navient Private Education Refi Student Loan Trust, Series 2020-A, Class B, 3.16%, due 11/15/68 144A		102,646
	760,000	Navient Private Education Refi Student Loan Trust, Series 2020-GA, Class B, 2.50%, due 09/16/69 144A		769,390
	250,000	Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class DR2, 6.05% (3 mo. USD LIBOR + 5.92%), due 10/21/30(b) 144A		246,872
	480,000	Neuberger Berman Loan Advisers CLO 44, Ltd., Series 2021-44A, Class E, 6.08% (3 mo. USD LIBOR + 6.00%), due 10/16/34(b) (c)		477,342
	1,610,000	NYACK Park CLO, Ltd., Series 2021-1A, Class E, 6.23% (3 mo. USD LIBOR + 6.10%), due 10/20/34(b) (e) 144A		1,610,723
	250,000	Oaktree CLO, Ltd., Series 2015-1A, Class DR, 5.33% (3 mo. USD LIBOR + 5.20%), due 10/20/27(b) 144A		249,067
	955,000	Oaktree CLO, Ltd., Series 2019-4A, Class E, 7.36% (3 mo. USD LIBOR + 7.23%), due 10/20/32(b) 144A		955,565
	355,000	Ocean Trails CLO IX, Series 2020-9A, Class A1, 2.00% (3 mo. USD LIBOR + 1.87%), due 10/15/29(b) 144A		355,002
	405,000	Ocean Trails CLO IX, Series 2020-9A, Class A2, 2.40% (3 mo. USD LIBOR + 2.27%), due 10/15/29(b) 144A		405,002
	330,000	Ocean Trails CLO VI, Series 2016-6A, Class DRR, 3.73% (3 mo. USD LIBOR + 3.60%), due 07/15/28(b) 144A		329,665
	250,000	Ocean Trails CLO X, Series 2020-10A, Class D, 4.83% (3 mo. USD LIBOR + 4.70%), due 10/15/31(b) 144A		250,121
	325,000	Octagon Investment Partners 35 CLO, Ltd., Series 2018-1A, Class C, 2.73% (3 mo. USD LIBOR + 2.60%), due 01/20/31(b) 144A		322,176
	750,000	Octagon Investment Partners 40 CLO, Ltd., Series 2019-1A, Class E, 6.59% (3 mo. USD LIBOR + 6.46%), due 04/20/31(b) 144A		743,305
	1,750,000	Octagon Investment Partners 44 CLO, Ltd., Series 2019-1A, Class DR, 3.33% (3 mo. USD LIBOR + 3.25%), due 10/15/34(b) 144A		1,750,052
	1,555,000	Octagon Investment Partners 44 CLO, Ltd., Series 2019-1A, Class ER, 6.83% (3 mo. USD LIBOR + 6.75%), due 10/15/34(b) 144A		1,555,060
	1,110,000	OHA Credit Funding CLO 3, Ltd., Series 2019-3A, Class ER, 6.40% (3 mo. USD LIBOR + 6.25%), due 07/02/35(b) 144A		1,110,492
	935,000	OHA Credit Funding CLO 4, Ltd., Series 2019-4A, Class E, 6.28% (3 mo. USD LIBOR + 6.10%), due 10/22/32(b) 144A		934,830
	250,000	OHA Loan Funding CLO, Ltd., Series 2015-1A, Class DR2, 4.12% (3 mo. USD LIBOR + 4.00%), due 11/15/32(b) 144A		250,334
	180,000	OneMain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, due 03/14/29 144A		183,867
	850,000	Option One Mortgage Loan Trust, Series 2005-3, Class M4, 1.02% (1 mo. USD LIBOR + 0.93%), due 08/25/35(b)		821,659
	250,000	Owl Rock CLO III, Ltd., Series 2020-3A, Class A1L, 1.93% (3 mo. USD LIBOR + 1.80%), due 04/20/32(b) 144A		250,668
	250,000	Parallel CLO, Ltd., Series 2017-1A, Class CR, 2.13% (3 mo. USD LIBOR + 2.00%), due 07/20/29(b) 144A		246,925

See accompanying Notes to the Financial Statements.

89

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	390,000	Peace Park CLO, Ltd., Series 2021-1A, Class E, 6.14% (3 mo. USD LIBOR + 6.00%), due 10/20/34(b) 144A		390,176
	446,200	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 144A		459,830
	340,000	Recette CLO, Ltd., Series 2015-1A, Class ARR, 1.21% (3 mo. USD LIBOR + 1.08%), due 04/20/34(b) 144A		340,540
	1,160,000	Residential Asset Securities Trust, Series 2006-KS2, Class M3, 0.70% (1 mo. USD LIBOR + 0.62%), due 03/25/36(b)		1,142,212
	500,000	Romark CLO III, Ltd., Series 2019-3A, Class A1, 1.50% (3 mo. USD LIBOR + 1.37%), due 07/15/32(b) 144A		500,002
	720,000	RR 18 CLO, Ltd., Series 2021-18A, Class D, 6.33% (3 mo. USD LIBOR + 6.25%), due 10/15/34(b) 144A		720,354
	180,000	Saranac CLO III, Ltd., Series 2014-3A, Class DR, 3.38% (3 mo. USD LIBOR + 3.25%), due 06/22/30(b) 144A		168,712
	430,000	Sculptor CLO XXVI, Ltd., Series 26A, Class E, 7.41% (3 mo. USD LIBOR + 7.25%), due 07/20/34(b) 144A		429,604
	515,000	Sixth Street CLO XVIII, Ltd., Series 2021-18A, Class D, 3.12% (3 mo. USD LIBOR + 2.90%), due 04/20/34(b) 144A		512,246
	107,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 4.28%, due 06/15/32(f)		106,940
	50,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 4.30%, due 03/15/33(f)		50,461
	680,000	SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, due 01/15/53 144A		679,977
	250,000	TCI-Symphony CLO, Ltd., Series 2016-1A, Class DR, 3.13% (3 mo. USD LIBOR + 3.00%), due 10/13/29(b) 144A		250,462
	340,000	Venture CLO 31, Ltd., Series 2018-31A, Class A1, 1.16% (3 mo. USD LIBOR + 1.03%), due 04/20/31(b) 144A		339,452
	250,000	Voya CLO, Ltd., Series 2016-3A, Class A1R, 1.32% (3 mo. USD LIBOR + 1.19%), due 10/18/31(b) 144A		250,106
	260,000	Voya CLO, Ltd., Series 2017-3A, Class DR, 7.08% (3 mo. USD LIBOR + 6.95%), due 04/20/34(b) 144A		256,935
	275,000	Webster Park CLO, Ltd., Series 2015-1A, Class CR, 3.03% (3 mo. USD LIBOR + 2.90%), due 07/20/30(b) 144A		275,034
	350,000	Wellfleet CLO, Ltd., Series 2017-2A, Class C, 3.53% (3 mo. USD LIBOR + 3.40%), due 10/20/29(b) 144A		349,553
	147,880	Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, due 10/16/23 144A		149,401
	250,000	Whitebox CLO II, Ltd., Series 2020-2A, Class A1, 1.88% (3 mo. USD LIBOR + 1.75%), due 10/24/31(b) 144A		250,149
	410,000	Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 3.78% (3 mo. USD LIBOR + 3.65%), due 10/15/31(b) 144A		399,016
	420,000	Z Capital Credit Partners CLO, Ltd., Series 2021-1A, Class D, 4.35% (3 mo. USD LIBOR + 4.20%), due 07/15/33(b) 144A		405,943
	490,000	Zais CLO 16, Ltd., Series 2020-16A, Class D1, 5.61% (3 mo. USD LIBOR + 5.48%), due 10/20/31(b) 144A		490,309
				44,632,774

See accompanying Notes to the Financial Statements.

90

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — 17.2%
	621,402		8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 3.84% (1 mo. USD LIBOR + 3.75%), due 10/01/25(b)		613,635
	2,150,563		AAdvantage Loyalty IP, Ltd., 2021 Term Loan, 5.50% (3 mo. USD LIBOR + 4.75%), due 04/20/28(b)		2,225,372
	593,278		Academy, Ltd., 2021 Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), due 11/05/27(b)		594,885
	1,220,940		ACProducts, Inc., 2021 Term Loan B, 4.75% (3 mo. USD LIBOR + 4.25%), due 05/17/28(b)		1,221,159
	124,300		Acrisure, LLC, 2020 Term Loan B, 3.63% (3 mo. USD LIBOR + 3.50%), due 02/15/27(b)		123,212
	806,000	EUR	Adevinta ASA, EUR Term Loan B, 3.25% (3 mo. EURIBOR + 3.25%), due 06/26/28(b)		934,892
	819,200		Adtalem Global Education Inc., 2021 Term Loan B, 5.25% (1 mo. USD LIBOR + 4.50%), due 08/12/28(b)		821,350
	900,000		Adtalem Global Education Inc., 2021 Term Loan, TBD, due 08/12/28(g)		902,362
	1,542,000		AEA International Holdings Lux SARL, Term Loan B, 4.25% (3 mo. USD LIBOR + 3.75%), due 08/05/28(b)		1,543,927
	1,391,000		Air Canada, 2021 Term Loan B, 4.25% (3 mo. USD LIBOR + 3.50%), due 08/11/28(b)		1,398,824
	789,955		Allen Media, LLC, 2021 Term Loan B, 5.63% (3 mo. USD LIBOR + 5.50%), due 02/10/27(b)		790,448
	393,100		Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 4.25% (3 mo. USD LIBOR + 3.75%), due 05/12/28(b)		393,862
	500,000		Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, TBD, due 05/12/28(g)		500,968
	638,549		Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 4.00% (1 mo. USD LIBOR + 3.50%), due 08/17/28(b)		637,751
	338,265		AMC Entertainment Holdings, Inc., 2019 Term Loan B, TBD, due 04/22/26(g)		314,919
	400,000		Amentum Government Services Holdings LLC, 2020 2nd Lien Term Loan, TBD, due 01/31/28(g)		402,000
	498,460		Amentum Government Services Holdings LLC, Term Loan B, 3.58% (1 mo. USD LIBOR + 3.50%), due 01/29/27(b)		498,875
	87,857		American Axle & Manufacturing, Inc., Term Loan B, 3.00% (1 mo. USD LIBOR + 2.25%), due 04/06/24(b)		87,893
	56,086		Amerilife Holdings, LLC, 2020 Term Loan, 4.08% (1 mo. USD LIBOR + 4.00%), due 03/18/27(b)		56,086
	548,152		AMG Advanced Metallurgical Group NV, 2018 Term Loan B, 3.08% (1 mo. USD LIBOR + 3.00%), due 02/01/25(b)		543,013
	506,370		AMG Advanced Metallurgical Group NV, 2018 Term Loan B, TBD, due 02/01/25(g)		501,623
	349,000		Anticimex International AB, 2021 USD Term Loan B1, TBD, due 07/21/28(g)		348,891
	374,670		APi Group DE, Inc., Term Loan B, 2.59% (1 mo. USD LIBOR + 2.50%), due 10/01/26(b)		373,187
	189,050		Apollo Commercial Real Estate Finance, Inc., 2021 Incremental Term Loan B1, 4.00% (1 mo. USD LIBOR + 3.50%), due 03/06/28(b)		188,341
	1,008,114		Apollo Commercial Real Estate Finance, Inc., Term Loan B, 2.83% (1 mo. USD LIBOR + 2.75%), due 05/15/26(b)		994,253
	136,204		AppLovin Corp., 2018 Term Loan B, 3.33% (1 mo. USD LIBOR + 3.25%), due 08/15/25(b)		136,204
	1,182,923		Arctic Canadian Diamond Co., Ltd., 2nd Lien PIK Term Loan, 5.00% (3 mo. USD LIBOR + 5.00%), due 12/31/27(b)		1,182,923
	255,227		Aristocrat Leisure, Ltd., 2020 Incremental Term Loan B, 4.75% (3 mo. USD LIBOR + 3.75%), due 10/19/24(b)		256,875

See accompanying Notes to the Financial Statements.

91

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	1,329,320	EUR	Aruba Investments, Inc., 2020 EUR Term Loan, 4.00% (6 mo. EURIBOR + 4.00%), due 11/24/27(b)		1,546,393
	181,721		Asurion LLC, 2018 Term Loan B6, 3.21% (1 mo. USD LIBOR + 3.13%), due 11/03/23(b)		180,975
	294,802		Asurion LLC, 2018 Term Loan B7, 3.08% (1 mo. USD LIBOR + 3.00%), due 11/03/24(b)		292,039
	422,191		Asurion LLC, 2020 Term Loan B8, 3.33% (1 mo. USD LIBOR + 3.25%), due 12/23/26(b)		416,430
	900,000		Asurion LLC, 2021 Second Lien Term Loan B4, 5.33% (1 mo. USD LIBOR + 5.25%), due 01/20/29(b)		897,937
	503,444		Asurion LLC, 2021 Term Loan B9, 3.33% (1 mo. USD LIBOR + 3.25%), due 07/31/27(b)		496,648
	842,000		At Home Group Inc., Term Loan B, 4.75% (3 mo. USD LIBOR + 4.25%), due 07/24/28(b)		842,737
	543,338		Athenahealth, Inc., 2021 Term Loan B1, 4.38% (3 mo. USD LIBOR + 4.25%), due 02/11/26(b)		545,512
	714,296		ATI Holdings Acquisition, Inc., 2016 Term Loan, 4.50% (6 mo. USD LIBOR + 3.50%), due 05/10/23(b)		699,265
	967,575		Atotech BV, 2021 USD Term Loan B, 3.00% (3 mo. USD LIBOR + 2.50%), due 03/18/28(b)		967,333
	540,000		Autokiniton US Holdings, Inc., 2021 Term Loan B, 5.00% (3 mo. USD LIBOR + 4.50%), due 04/06/28(b)		541,080
	220,000		Autokiniton US Holdings, Inc., 2021 Term Loan B, TBD, due 04/06/28(g)		220,440
	428,275		Bausch Health Companies, Inc., 2018 Term Loan B, 3.08% (1 mo. USD LIBOR + 3.00%), due 06/02/25(b)		428,221
	2,236,000	EUR	Belron Finance US LLC, 2021 EUR Term Loan B, 2.75% (3 mo. EURIBOR + 2.75%), due 04/13/28(b)		2,584,286
	336,740		BJ’s Wholesale Club, Inc., 2017 1st Lien Term Loan, 2.08% (1 mo. USD LIBOR + 2.00%), due 02/03/24(b)		337,301
	574,756		Boyd Gaming Corp., Term Loan B3, 2.32% (1 Week USD LIBOR + 2.25%), due 09/15/23(b)		574,886
	128,196		BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 2.59% (1 mo. USD LIBOR + 2.50%), due 08/15/25(b)		127,983
	1,009,132		Brown Group Holding, LLC, Term Loan B, 3.25% (3 mo. USD LIBOR + 2.75%), due 06/07/28(b)		1,009,623
	782,279		Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 2.83% (1 mo. USD LIBOR + 2.75%), due 12/23/24(b)		778,571
	282,834		Caesars Resort Collection, LLC, 2020 Term Loan B1, 3.58% (3 mo. USD LIBOR + 3.50%), due 07/21/25(b)		283,508
	499,228		Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 4.00% (1 mo. USD LIBOR + 3.00%), due 10/30/26(b)		501,203
	795,327		Camelot U.S. Acquisition 1 Co., Term Loan B, 3.08% (1 mo. USD LIBOR + 3.00%), due 10/30/26(b)		794,085
	569,264		Cardinal Parent, Inc., 2020 Term Loan B, 5.25% (3 mo. USD LIBOR + 4.50%), due 11/12/27(b)		568,581
	2,817,762	EUR	Carnival Corp., EUR Term Loan B, 3.57% (1 mo. EURIBOR + 3.75%), due 06/30/25(b)		3,266,902
	875,441		Carnival Corp., USD Term Loan B, 3.75% (1 mo. USD LIBOR + 3.00%), due 06/30/25(b)		873,253
	124,615		Castle US Holding Corp., USD Term Loan B, 3.88% (3 mo. USD LIBOR + 3.75%), due 01/29/27(b)		123,749

See accompanying Notes to the Financial Statements.

92

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	143,261	Cinemark USA, Inc., 2018 Term Loan B, 1.84% (1 mo. USD LIBOR + 1.75%), due 03/31/25(b)		139,202
	895,627	Citadel Securities, LP, 2021 Term Loan B, 2.58% (1 mo. USD LIBOR + 2.50%), due 02/02/28(b)		888,770
	1,401,000	City Brewing Company, LLC, Closing Date Term Loan, 4.25% (3 mo. USD LIBOR + 3.50%), due 04/05/28(b)		1,389,617
	178,965	Clarios Global, LP, 2021 USD Term Loan B, 3.34% (1 mo. USD LIBOR + 3.25%), due 04/30/26(b)		178,350
	547,250	Clark Equipment Co., 2021 Incremental Term Loan, 2.38% (3 mo. USD LIBOR + 2.25%), due 05/18/24(b)		545,882
	356,016	Claros Mortgage Trust, Inc., Term Loan B, 6.00% (1 mo. USD LIBOR + 5.00%), due 08/09/26(b)		357,796
	1,084,864	Clear Channel Outdoor Holdings, Inc., Term Loan B, 3.63% (3 mo. USD LIBOR + 3.50%), due 08/21/26(b)		1,064,029
	380,000	Cloudera, Inc., 2021 Second Lien Term Loan, TBD, due 08/10/29(g)		380,000
	1,100,000	Cloudera, Inc., 2021 Term Loan, TBD, due 08/10/28(g)		1,100,343
	844,602	ClubCorp Holdings, Inc., 2017 Term Loan B, 2.88% (3 mo. USD LIBOR + 2.75%), due 09/18/24(b)		796,037
	671,754	CNT Holdings I Corp., 2020 Term Loan, 4.50% (3 mo. USD LIBOR + 3.75%), due 11/08/27(b)		673,014
	1,205,124	CommScope, Inc., 2019 Term Loan B, 3.34% (1 mo. USD LIBOR + 3.25%), due 04/06/26(b)		1,200,792
	118,424	CoreCivic, Inc., 2019 Term Loan, 5.50% (1 mo. USD LIBOR + 4.50%), due 12/18/24(b)		117,832
	1,704,000	CoreLogic, Inc., Term Loan, 4.00% (1 mo. USD LIBOR + 3.50%), due 06/02/28(b)		1,702,083
	376,684	CP Atlas Buyer, Inc., 2021 Term Loan B, 4.25% (3 mo. USD LIBOR + 3.75%), due 11/23/27(b)		376,243
	52,658	CWGS Group, LLC, 2021 Term Loan B, 3.25% (1 mo. USD LIBOR + 2.50%), due 06/03/28(b)		52,424
	1,750,093	DCert Buyer, Inc., 2019 Term Loan B, 4.08% (1 mo. USD LIBOR + 4.00%), due 10/16/26(b)		1,752,594
	915,200	DCert Buyer, Inc., 2021 2nd Lien Term Loan, 7.08% (1 mo. USD LIBOR + 7.00%), due 02/16/29(b)		925,251
	99,692	Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 4.75% (1 mo. USD LIBOR + 3.75%), due 04/09/27(b)		100,110
	288,100	Deerfield Dakota Holding, LLC, 2021 USD 2nd Lien Term Loan, 7.50% (1 mo. USD LIBOR + 6.75%), due 04/07/28(b)		298,183
	510,044	Delta TopCo, Inc., 2020 Term Loan B, 4.50% (3 mo. USD LIBOR + 3.75%), due 12/01/27(b)		511,372
	1,240,000	Delta TopCo, Inc., 2020 Term Loan B, TBD, due 12/01/27(g)		1,243,229
	2,512,000	DirecTV Financing, LLC, Term Loan, 5.75% (3 mo. USD LIBOR + 5.00%), due 07/22/27(b)		2,516,971
	972,000	DirecTV Financing, LLC, Term Loan, TBD, due 07/22/27(g)		973,924
	283,081	Dun & Bradstreet Corp. (The), Term Loan, 3.34% (1 mo. USD LIBOR + 3.25%), due 02/06/26(b)		283,106
	638,400	Empire Today, LLC, 2021 Term Loan B, 5.75% (1 mo. USD LIBOR + 5.00%), due 04/03/28(b)		634,942
	1,130,116	Endure Digital Inc., Term Loan, 4.25% (6 mo. USD LIBOR + 3.50%), due 02/10/28(b)		1,125,172
	180,692	Equinox Holdings, Inc., 2020 Term Loan B2, 10.00% (3 mo. USD LIBOR + 9.00%), due 03/08/24(b)		181,821

See accompanying Notes to the Financial Statements.

93

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	214,527		EyeCare Partners, LLC, 2020 2nd Lien Term Loan, 8.38% (3 mo. USD LIBOR + 8.25%), due 02/18/28(b)		213,991
	273,866		EyeCare Partners, LLC, 2020 Term Loan, 3.88% (3 mo. USD LIBOR + 3.75%), due 02/18/27(b)		272,744
	190,000		First Brands Group, LLC, 2021 2nd Lien Term Loan, 9.50% (3 mo. USD LIBOR + 8.50%), due 03/30/28(b)		192,137
	308,450		First Brands Group, LLC, 2021 Term Loan, 6.00% (1 mo. USD LIBOR + 5.00%), due 03/30/27(b)		311,997
	644,936		First Student Bidco, Inc ., Term Loan B, 3.50% (2 mo. USD LIBOR + 3.00%), due 07/21/28(b)		642,159
	238,064		First Student Bidco, Inc., Term Loan C, 3.50% (3 mo. USD LIBOR + 3.00%), due 07/21/28(b)		237,039
	1,669,883		Focus Financial Partners, LLC, 2020 Term Loan, 2.08% (1 mo. USD LIBOR + 2.00%), due 07/03/24(b)		1,660,375
	397,130		Focus Financial Partners, LLC, 2021 Term Loan, 3.00% (1 mo. USD LIBOR + 2.50%), due 07/01/28(b)		395,591
	59,843		Four Seasons Hotels, Ltd., New 1st Lien Term Loan, 2.09% (1 mo. USD LIBOR + 2.00%), due 11/30/23(b)		59,756
	19,948		Four Seasons Hotels, Ltd., New 1st Lien Term Loan, TBD, due 11/30/23(g)		19,919
	790,000		Freedom Acquirer LLC, Term Loan, 6.50% (1 mo. USD LIBOR + 5.50%), due 03/30/28(b)		788,025
	113,573	EUR	Froneri International, Ltd., 2020 EUR Term Loan B1, 2.38% (6 mo. EURIBOR + 2.38%), due 01/29/27(b)		128,869
	436,349		Froneri International, Ltd., 2020 USD Term Loan, 2.33% (1 mo. USD LIBOR + 2.25%), due 01/29/27(b)		431,747
	2,181,336		Gainwell Acquisition Corp., Term Loan B, 4.75% (3 mo. USD LIBOR + 4.00%), due 10/01/27(b)		2,189,516
	802,801		Gannett Holdings LLC, 2021 Term Loan B, 7.75% (3 mo. USD LIBOR + 7.00%), due 01/29/26(b)		809,491
	223,926		Garda World Security Corp., 2021 Term Loan B, 4.34% (1 mo. USD LIBOR + 4.25%), due 10/30/26(b)		224,466
	329,435		Global Medical Response, Inc., 2020 Term Loan B, 5.75% (3 mo. USD LIBOR + 4.75%), due 10/02/25(b)		330,847
	171,619		Global Tel*Link Corp., 2018 1st Lien Term Loan, 4.33% (1 mo. USD LIBOR + 4.25%), due 11/29/25(b)		162,974
	309,172		Global Tel*Link Corp., 2018 2nd Lien Term Loan, 8.33% (1 mo. USD LIBOR + 8.25%), due 11/29/26(b)		289,076
	1,292,640		Graham Packaging Co. Inc., 2021 Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), due 08/04/27(b)		1,293,246
	1,012,350		Great Outdoors Group, LLC, 2021 Term Loan B, 5.00% (3 mo. USD LIBOR + 4.25%), due 03/06/28(b)		1,018,572
	538,338		Greystone Select Financial LLC, Term Loan B, 5.75% (6 mo. USD LIBOR + 5.00%), due 06/16/28(b)		545,068
	682,441		Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 2.07% (1 Week USD LIBOR + 2.00%), due 11/15/27(b)		672,346
	658,350		Hayward Industries, Inc., 2021 Term Loan, 3.00% (1 mo. USD LIBOR + 2.50%), due 05/12/28(b)		657,586
	815,390		HC Group Holdings II, Inc., Term Loan B, 3.83% (1 mo. USD LIBOR + 3.75%), due 08/06/26(b)		816,103
	855,700		Hudson River Trading LLC, 2021 Term Loan, 3.08% (1 mo. USD LIBOR + 3.00%), due 03/20/28(b)		852,224

See accompanying Notes to the Financial Statements.

94

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	31,144		Hyland Software, Inc., 2018 1st Lien Term Loan, 4.25% (1 mo. USD LIBOR + 3.50%), due 07/01/24(b)		31,225
	702,717		Icon Luxembourg SARL, LUX Term Loan, 3.00% (3 mo. USD LIBOR + 2.50%), due 07/03/28(b)		705,938
	175,083		Icon Luxembourg SARL, US Term Loan, 3.00% (3 mo. USD LIBOR + 2.50%), due 07/03/28(b)		175,885
	510,704		Illuminate Buyer, LLC, 2021 Term Loan, 3.58% (1 mo. USD LIBOR + 3.50%), due 06/30/27(b)		510,704
	344,736		INEOS Styrolution US Holding LLC, 2021 USD Term Loan B, 3.25% (1 mo. USD LIBOR + 2.75%), due 01/29/26(b)		345,296
	847,875		Ingram Micro Inc., 2021 Term Loan B, 4.00% (3 mo. USD LIBOR + 3.50%), due 06/30/28(b)		851,206
	2,044		IRB Holding Corp., 2020 Term Loan B, 3.75% (3 mo. USD LIBOR + 2.75%), due 02/05/25(b)		2,044
	446,625		IRB Holding Corp., 2020 Fourth Amendment Incremental Term Loan, 4.25% (3 mo. USD LIBOR + 3.25%), due 12/15/27(b)		448,021
	786,849		IRB Holding Corp., 2020 Term Loan B, 3.75% (6 mo. USD LIBOR + 2.75%), due 02/05/25(b)		786,849
	1,114,034		Jane Street Group, LLC, 2021 Term Loan, 2.83% (1 mo. USD LIBOR + 2.75%), due 01/26/28(b)		1,104,402
	246,565	EUR	Jazz Financing Lux SARL, EUR Term Loan, 3.50% (1 mo. EURIBOR + 3.50%), due 05/05/28(b)		286,496
	1,003,485		Jazz Financing Lux SARL, USD Term Loan, 4.00% (1 mo. USD LIBOR + 3.50%), due 05/05/28(b)		1,005,994
	1,087,275		Jazz Financing Lux SARL, USD Term Loan, TBD, due 05/05/28(g)		1,089,993
	1,610,000		Jump Financial, LLC, Term Loan B, 4.00% (3 mo. USD LIBOR + 3.50%), due 08/02/28(b)		1,605,975
	660,000		Lakeshore Intermediate LLC, Term Loan, TBD, due 09/29/28(g)		658,680
	543,544		LBM Acquisition LLC, Term Loan B, 4.50% (3 mo. USD LIBOR + 3.75%), due 12/17/27(b)		539,468
	163,641		LBM Acquisition LLC, Term Loan B, TBD, due 12/17/27(g)		162,414
	319,378		Les Schwab Tire Centers, Term Loan B, 4.00% (3 mo. USD LIBOR + 3.25%), due 11/02/27(b)		319,976
	306,233		Leslie’s Poolmart, Inc., 2021 Term Loan B, 3.25% (3 mo. USD LIBOR + 2.75%), due 03/04/28(b)		305,531
	763,183		LogMeIn, Inc., Term Loan B, 4.83% (1 mo. USD LIBOR + 4.75%), due 08/31/27(b)		763,719
	1,176,000	EUR	Lonza Group AG, EUR Term Loan B, 4.00% (3 mo. EURIBOR + 4.00%), due 07/03/28(b)		1,366,698
	385,035		Lonza Group AG, USD Term Loan B, 4.75% (3 mo. USD LIBOR + 4.00%), due 07/03/28(b)		386,419
	390,000		LRS Holdings, LLC, Term Loan B, 4.75% (3 mo. USD LIBOR + 4.25%), due 08/13/28(b)		390,487
	710,000		LSF11 A5 Holdco LLC, Term Loan B, TBD, due 09/30/28(g)		711,775
	1,541,018	EUR	MA FinanceCo., LLC, 2020 EUR Term Loan B, 4.50% (3 mo. EURIBOR + 4.50%), due 06/05/25(b)		1,802,037
	249,375		Madison IAQ LLC, Term Loan, 3.75% (3 mo. USD LIBOR + 3.25%), due 06/21/28(b)		249,317
	750,000		Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 5.75% (3 mo. USD LIBOR + 5.00%), due 07/27/28(b)		751,125
	1,040,000		Magenta Buyer LLC, 2021 USD 2nd Lien Term Loan, 9.00% (3 mo. USD LIBOR + 8.25%), due 05/03/29(b)		1,038,700

See accompanying Notes to the Financial Statements.

95

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	126,203		Maravai Intermediate Holdings, LLC, 2020 Term Loan B, 4.75% (1 mo. USD LIBOR + 3.75%), due 10/19/27(b)		126,715
	1,007,475		Mavis Tire Express Services Corp., 2021 Term Loan B, 4.75% (1 mo. USD LIBOR + 4.00%), due 05/04/28(b)		1,011,001
	406,461		Mayfield Agency Borrower, Inc., 2018 1st Lien Term Loan, 4.58% (1 mo. USD LIBOR + 4.50%), due 02/28/25(b)		406,461
	1,068,000		McGraw-Hill Global Education Holdings, LLC, 2021 Term Loan, 5.25% (1 mo. USD LIBOR + 4.75%), due 07/28/28(b)		1,072,577
	2,425,000		Medline Industries, Inc., USD Term Loan B, TBD, due 09/20/28(g)		2,412,875
	1,038,865		MH Sub I, LLC, 2020 Incremental Term Loan, 4.75% (1 mo. USD LIBOR + 3.75%), due 09/13/24(b)		1,042,668
	1,954,103		Michaels Companies, Inc., 2021 Term Loan B, 5.00% (3 mo. USD LIBOR + 4.25%), due 04/15/28(b)		1,958,835
	599,414		Mileage Plus Holdings LLC, 2020 Term Loan B, 6.25% (3 mo. USD LIBOR + 5.25%), due 06/21/27(b)		637,127
	242,604		Mister Car Wash Holdings, Inc., 2019 Term Loan B, 3.08% (1 mo. USD LIBOR + 3.00%), due 05/14/26(b)		242,128
	517,360		Monitronics International Inc., Takeback Term Loan, 7.75% (1 mo. USD LIBOR + 6.50%), due 03/29/24(b)		508,738
	927,675		One Call Corp., 2021 Term Loan, 6.25% (3 mo. USD LIBOR + 5.50%), due 04/22/27(b)		934,633
	330,000		Orbcomm Inc., Term Loan B, 5.00% (3 mo. USD LIBOR + 4.25%), due 09/01/28(b)		330,206
	1,197,000	EUR	Organon & Co., EUR Term Loan B, 3.00% (6 mo. EURIBOR + 3.00%), due 06/02/28(b)		1,389,344
	1,110,218		Organon & Co., USD Term Loan, 3.50% (3 mo. USD LIBOR + 3.00%), due 06/02/28(b)		1,114,294
	382,963		PAE Holding Corp., 2020 Term Loan B, 5.25% (3 mo. USD LIBOR + 4.50%), due 10/19/27(b)		383,154
	2,777,000		Parexel International Corp., 2021 1st Lien Term Loan, TBD, due 08/11/28(g)		2,780,857
	227,037		Parexel International Corp., Term Loan B, 2.83% (1 mo. USD LIBOR + 2.75%), due 09/27/24(b)		226,940
	269,415		Particle Investments SARL, Term Loan, 5.75% (3 mo. USD LIBOR + 5.25%), due 02/18/27(b)		270,088
	1,315,000	EUR	Paysafe Holdings US Corp., EUR Term Loan B2, 3.00% (3 mo. EURIBOR + 3.00%), due 06/28/28(b)		1,501,317
	580,000		Peraton Corp., 2nd Lien Term Loan B1, 8.50% (1 mo. USD LIBOR + 7.75%), due 02/01/29(b)		593,050
	925,350		Peraton Corp., Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), due 02/01/28(b)		927,333
	477,600		Petco Health & Wellness Company, Inc., 2021 Term Loan B, 4.00% (3 mo. USD LIBOR + 3.25%), due 03/03/28(b)		477,941
	646,400		PetSmart, Inc., 2021 Term Loan B, 4.50% (6 mo. USD LIBOR + 3.75%), due 02/12/28(b)		648,824
	231,881		Phoenix Guarantor, Inc., 2020 Term Loan B, 3.34% (1 mo. USD LIBOR + 3.25%), due 03/05/26(b)		230,794
	910,000		Pilot Travel Centers LLC, 2021 Term Loan B, TBD, due 07/28/28(g)		908,050
	321,030		Planview Parent, Inc., Term Loan, 4.75% (3 mo. USD LIBOR + 4.00%), due 12/17/27(b)		322,385
	727,335		Playa Resorts Holding BV, 2017 Term Loan B, 3.75% (1 mo. USD LIBOR + 2.75%), due 04/29/24(b)		713,281
	609,370		Precision Medicine Group, LLC, 2021 Term Loan, 3.75% (3 mo. USD LIBOR + 3.00%), due 11/18/27(b)		610,037

See accompanying Notes to the Financial Statements.

96

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	18,094	Presidio, Inc., 2020 Term Loan B, 3.59% (1 mo. USD LIBOR + 3.50%), due 01/22/27(b)		18,111
	328,846	Presidio, Inc., 2020 Term Loan B, 3.63% (3 mo. USD LIBOR + 3.50%), due 01/22/27(b)		329,154
	111,149	Prime Security Services Borrower, LLC, 2021 Term Loan, 3.50% (6 mo. USD LIBOR + 2.75%), due 09/23/26(b)		111,149
	111,149	Prime Security Services Borrower, LLC, 2021 Term Loan, 3.50% (12 mo. USD LIBOR + 2.75%), due 09/23/26(b)		111,149
	85,029	Prime Security Services Borrower, LLC, 2021 Term Loan, 3.50% (1 mo. USD LIBOR + 2.75%), due 09/23/26(b)		85,029
	1,300,000	Proofpoint, Inc., 1st Lien Term Loan, 3.75% (3 mo. USD LIBOR + 3.25%), due 08/31/28(b)		1,294,223
	610,000	Quikrete Holdings, Inc., 2021 Term Loan B1, TBD, due 02/21/28(g)		608,771
	973,885	Rackspace Technology Global, Inc., 2021 Term Loan, 3.50% (3 mo. USD LIBOR + 2.75%), due 02/15/28(b)		967,522
	630,962	Radiology Partners, Inc., 2018 1st Lien Term Loan B, 4.33% (1 mo. USD LIBOR + 4.25%), due 07/09/25(b)		631,269
	870,000	Redstone Buyer LLC, 2021 2nd Lien Term Loan, 8.50% (3 mo. USD LIBOR + 7.75%), due 04/27/29(b)		850,425
	790,000	Redstone Buyer LLC, 2021 Term Loan, 5.50% (3 mo. USD LIBOR + 4.75%), due 04/27/28(b)		779,796
	700,118	RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3.83% (1 mo. USD LIBOR + 3.75%), due 11/16/25(b)		699,811
	293,776	Resolute Investment Managers, Inc., 2020 Term Loan, 4.75% (3 mo. USD LIBOR + 3.75%), due 04/30/24(b)		295,061
	352,000	Royal Caribbean Cruises, Ltd., 2019 Term Loan A, TBD, due 04/05/22(g)		344,080
	1,700,000	RVR Dealership Holdings, LLC, Term Loan B, TBD, due 02/08/28(g)		1,700,000
	218,362	Ryan Specialty Group, LLC, Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), due 09/01/27(b)		218,817
	255,374	Scientific Games International, Inc., 2018 Term Loan B5, 2.83% (1 mo. USD LIBOR + 2.75%), due 08/14/24(b)		254,464
	278,212	Sedgwick Claims Management Services, Inc., 2018 Term Loan B, 3.33% (1 mo. USD LIBOR + 3.25%), due 12/31/25(b)		276,321
	327,722	Sedgwick Claims Management Services, Inc., 2020 Term Loan B3, 5.25% (1 mo. USD LIBOR + 4.25%), due 09/03/26(b)		329,087
	2,296,703	SkyMiles IP, Ltd., 2020 Skymiles Term Loan B, 4.75% (3 mo. USD LIBOR + 3.75%), due 10/20/27(b)		2,444,983
	635,000	Solenis Holdings LLC, 2021 USD Term Loan B, TBD, due 09/21/28(g)		635,340
	258,695	Sotera Health Holdings, LLC, 2021 Term Loan, 3.25% (1 mo. USD LIBOR + 2.75%), due 12/11/26(b)		257,725
	215,297	Sovos Brands Intermediate, Inc., 2021 Term Loan, 4.50% (3 mo. USD LIBOR + 3.75%), due 06/08/28(b)		215,835
	620,000	Spencer Spirit IH LLC, Term Loan B, TBD, due 06/19/26(g)		617,934
	497,161	Station Casinos LLC, 2020 Term Loan B, 2.50% (1 mo. USD LIBOR + 2.25%), due 02/08/27(b)		492,404
	482,000	Summer BC Holdco B SARL, 2021 USD Term Loan, 5.25% (3 mo. USD LIBOR + 4.50%), due 12/04/26(b)		483,205
	155,770	Surf Holdings, LLC, USD Term Loan, 3.62% (3 mo. USD LIBOR + 3.50%), due 03/05/27(b)		155,186
	439,466	Symplr Software, Inc., 2020 Term Loan, 5.25% (3 mo. USD LIBOR + 4.50%), due 12/22/27(b)		441,498

See accompanying Notes to the Financial Statements.

97

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	470,800		Telenet Financing USD LLC, 2020 USD Term Loan AR, 2.08% (1 mo. USD LIBOR + 2.00%), due 04/30/28(b)		466,129
	316,152		Terrier Media Buyer, Inc., 2021 Term Loan, 3.58% (1 mo. USD LIBOR + 3.50%), due 12/17/26(b)		315,867
	955,771		TKC Holdings, Inc., 2021 Term Loan, 6.50% (3 mo. USD LIBOR + 5.50%), due 05/15/28(b)		954,975
	397,371		TransDigm, Inc., 2020 Term Loan F, 2.33% (1 mo. USD LIBOR + 2.25%), due 12/09/25(b)		392,839
	758,100		Triton Water Holdings, Inc., Term Loan, 4.00% (3 mo. USD LIBOR + 3.50%), due 03/31/28(b)		757,982
	182,979		TruGreen Limited Partnership, 2020 2nd Lien Term Loan, 9.50% (3 mo. USD LIBOR + 8.50%), due 11/02/28(b)		186,639
	374,792		Tutor Perini Corp., Term Loan B, 5.75% (3 mo. USD LIBOR + 4.75%), due 08/13/27(b)		376,549
	2,371,000		Twin River Worldwide Holdings, Inc., 2021 Term Loan B, TBD, due 08/06/28(g)		2,373,409
	1,016,279		U.S. Renal Care, Inc., 2019 Term Loan B, 5.08% (1 mo. USD LIBOR + 5.00%), due 06/26/26(b)		1,015,802
	1,279,597		Uber Technologies, Inc., 2021 1st Lien Term Loan B, 3.58% (1 mo. USD LIBOR + 3.50%), due 04/04/25(b)		1,280,841
	239,823		Ultimate Software Group, Inc. (The), 2021 Incremental Term Loan, 4.00% (3 mo. USD LIBOR + 3.25%), due 05/04/26(b)		240,602
	2,303,425		United Airlines, Inc., 2021 Term Loan B, 4.50% (3 mo. USD LIBOR + 3.75%), due 04/21/28(b)		2,324,469
	324,465		Univision Communications Inc., 2021 First Lien Term Loan B, 4.00% (1 mo. USD LIBOR + 3.25%), due 03/15/26(b)		324,414
	712,000	EUR	UPC Broadband Holding BV, 2021 EUR Term Loan AY, 3.00% (6 mo. EURIBOR + 3.00%), due 01/31/29(b)		821,240
	274,883		US Foods, Inc., 2016 Term Loan B, 1.83% (1 mo. USD LIBOR + 1.75%), due 06/27/23(b)		273,528
	871,907		US Foods, Inc., 2019 Term Loan B, 2.08% (1 mo. USD LIBOR + 2.00%), due 09/13/26(b)		862,098
	1,075,532		USS Ultimate Holdings, Inc., 1st Lien Term Loan, 4.75% (1 mo. USD LIBOR + 3.75%), due 08/25/24(b)		1,080,237
	547,145		Verscend Holding Corp., 2021 Term Loan B, 4.08% (1 mo. USD LIBOR + 4.00%), due 08/27/25(b)		548,650
	1,197,000		Verscend Holding Corp., 2021 Term Loan B, TBD, due 08/27/25(g)		1,200,292
	621,434		Vertex Aerospace Services Corp., 2021 Term Loan, 4.08% (1 mo. USD LIBOR + 4.00%), due 06/29/27(b)		621,305
	313,345		VFH Parent LLC, 2019 Term Loan B, 3.08% (1 mo. USD LIBOR + 3.00%), due 03/01/26(b)		313,306
	537,600		Virgin Media Bristol LLC, 2020 USD Term Loan Q, 3.33% (1 mo. USD LIBOR + 3.25%), due 01/31/29(b)		538,496
	719,297		Virgin Media Bristol LLC, USD Term Loan N, 2.58% (1 mo. USD LIBOR + 2.50%), due 01/31/28(b)		715,301
	900,000		Virgin Pulse, Inc., 2021 Term Loan, 4.75% (3 mo. USD LIBOR + 4.00%), due 03/30/28(b)		901,125
	243,000		VS Buyer, LLC, Term Loan B, 3.08% (1 mo. USD LIBOR + 3.00%), due 02/28/27(b)		242,635
	320,000		VT Topco, Inc., 2021 2nd Lien Term Loan, 7.50% (3 mo. USD LIBOR + 6.75%), due 07/31/26(b)		320,800
	360,000		VT Topco, Inc., 2021 Incremental Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), due 08/01/25(b)		359,925

See accompanying Notes to the Financial Statements.

98

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	30,800	Western Dental Services Inc., 2021 Delayed Draw Term Loan (1 mo. USD LIBOR + 4.50%), due 08/11/28(b)		30,822
	1,080,000	Western Dental Services Inc., 2021 Term Loan B, 5.25% (1 mo. USD LIBOR + 4.50%), due 08/11/28(b)		1,080,787
	130,000	Whatabrands LLC, 2021 Term Loan B, 3.75% (1 mo. USD LIBOR + 3.25%), due 08/03/28(b)		130,032
	495,418	William Morris Endeavor Entertainment, LLC, 2018 1st Lien Term Loan, 2.84% (1 mo. USD LIBOR + 2.75%), due 05/18/25(b)		486,439
	1,082,159	Windstream Services, LLC, 2020 Exit Term Loan B, 7.25% (1 mo. USD LIBOR + 6.25%), due 09/21/27(b)		1,088,077
	740,000	Worldwide Express Operations, LLC, 2021 1st Lien Term Loan, 5.00% (2 mo. USD LIBOR + 4.25%), due 07/26/28(b)		743,032
	515,769	WP CityMD Bidco LLC, 2021 Term Loan B, 4.50% (6 mo. USD LIBOR + 3.75%), due 08/13/26(b)		518,026
	761,685	WP CPP Holdings, LLC, 2018 Term Loan, 4.75% (3 mo. USD LIBOR + 3.75%), due 04/30/25(b)		741,690
	1,000,000	WP CPP Holdings, LLC, 2018 Term Loan, TBD, due 04/30/25(g)		973,750
				158,640,110
		Convertible Debt — 1.3%
	1,605,000	Aerie Pharmaceuticals, Inc., 1.50%, due 10/01/24		1,458,544
	100,000	Alteryx, Inc., 0.50%, due 08/01/24		95,329
	90,000	Alteryx, Inc., 1.00%, due 08/01/26		83,475
	30,000	American Eagle Outfitters, Inc., 3.75%, due 04/15/25		92,157
	80,000	Apollo Commercial Real Estate Finance, Inc. REIT, 5.38%, due 10/15/23		80,950
	95,000	Bill.com Holdings, Inc., 0.00%, due 12/01/25(h) 144A		169,020
	745,000	BioMarin Pharmaceutical, Inc., 1.25%, due 05/15/27		749,338
	75,000	Burlington Stores, Inc., 2.25%, due 04/15/25		109,313
	240,000	Cheesecake Factory, Inc. (The), 0.38%, due 06/15/26		229,800
	105,000	Datadog, Inc., 0.13%, due 06/15/25		173,869
	40,000	Dick’s Sporting Goods, Inc., 3.25%, due 04/15/25		146,925
	545,000	DISH Network Corp., 0.00%, due 12/15/25(h) 144A		654,000
	790,000	DISH Network Corp., 3.38%, due 08/15/26		823,180
	120,000	DocuSign, Inc., 0.00%, due 01/15/24(h) (i) 144A		125,760
	440,000	DraftKings, Inc., 1.98%, due 03/15/28(h) 144A		389,620
	135,000	Enphase Energy, Inc., 1.17%, due 03/01/28(h) 144A		125,550
	55,000	Envista Holdings Corp., 2.38%, due 06/01/25		114,654
	110,000	Expedia Group, Inc., 0.00%, due 02/15/26(h) (i) 144A		119,312
	145,000	Ford Motor Co., 0.00%, due 03/15/26(h) 144A		157,053
	76,000	Gannett Co., Inc., 6.00%, due 12/01/27		103,287
	590,000	Granite Point Mortgage Trust, Inc. REIT, 5.63%, due 12/01/22 144A		590,000
	350,000	Halozyme Therapeutics, Inc., 0.25%, due 03/01/27 144A		318,806
	60,000	HubSpot, Inc., 0.38%, due 06/01/25		145,507
	100,000	Illumina, Inc., 0.00%, due 08/15/23(h) (i)		116,675
	105,000	J2 Global, Inc., 1.75%, due 11/01/26 144A		131,935
	140,000	Liberty Latin America, Ltd., 2.00%, due 07/15/24(i)		142,800
	30,000	MercadoLibre, Inc., 2.00%, due 08/15/28		114,807
	100,000	Microchip Technology, Inc., 0.13%, due 11/15/24		113,544
	85,000	Middleby Corp. (The), 1.00%, due 09/01/25		121,465
	75,000	MongoDB, Inc., 0.25%, due 01/15/26		171,177

See accompanying Notes to the Financial Statements.

99

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Convertible Debt — continued
	100,000		NortonLifeLock, Inc., 2.00%, due 08/15/22 144A		128,200
	120,000		Nutanix, Inc., 0.00%, due 01/15/23(h)		126,054
	690,000		ON Semiconductor Corp., 0.00%, due 05/01/27(h) (i) 144A		819,842
	105,000		Pegasystems, Inc., 0.75%, due 03/01/25		118,530
	80,000		Pioneer Natural Resources Co., 0.25%, due 05/15/25		129,520
	40,000		Sea, Ltd., 2.38%, due 12/01/25		142,184
	105,000		Shopify, Inc., 0.13%, due 11/01/25		129,045
	120,000		Snap, Inc., 0.00%, due 05/01/27(h) 144A		138,489
	1,250,000		SoFi Technologies, Inc., 0.00%, due 10/15/26(h)		1,250,000
	560,000		Spirit Airlines, Inc., 1.00%, due 05/15/26(i)		527,473
	40,000		Splunk, Inc., 1.13%, due 06/15/27		39,425
	70,000		Square, Inc., 0.13%, due 03/01/25		142,266
	30,000		Teradyne, Inc., 1.25%, due 12/15/23		103,725
	145,000		Twitter, Inc., 1.59%, due 03/15/26(h) 144A		135,334
	110,000		Vishay Intertechnology, Inc., 2.25%, due 06/15/25		113,553
					12,011,492
			Corporate Debt — 32.9%
	150,000		AbbVie, Inc., 4.05%, due 11/21/39		172,556
	290,000		ABN AMRO Bank NV, 4.75%, due 07/28/25 144A		321,979
	290,000		Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, due 05/01/28 144A		288,949
	370,000		AdaptHealth LLC, 4.63%, due 08/01/29 144A		370,185
	190,000		AdaptHealth LLC, 5.13%, due 03/01/30 144A		190,359
	270,000		AdaptHealth LLC, 6.13%, due 08/01/28 144A		287,343
	245,000	EUR	Adevinta ASA, 3.00%, due 11/15/27 144A		292,526
	1,040,000	EUR	Adient Global Holdings, Ltd., 3.50%, due 08/15/24(j)		1,217,301
	680,000		Adtalem Global Education, Inc., 5.50%, due 03/01/28 144A		687,306
	270,000		AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, due 09/15/23		287,752
	1,325,000		Aeropuerto Internacional de Tocumen SA, 4.00%, due 08/11/41 144A		1,364,167
	250,000		AES Corp. (The), 2.45%, due 01/15/31		246,891
	1,000,000		AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A		1,032,250
	240,000		Air Canada, 3.88%, due 08/15/26 144A		242,472
	2,170,000		Akbank TAS, 6.80%, due 02/06/26 144A		2,265,892
	570,000		Akumin, Inc., 7.00%, due 11/01/25(i) 144A		553,809
	1,355,000		Alibaba Group Holding, Ltd., 3.15%, due 02/09/51		1,271,401
	410,000		Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, due 02/15/28 144A		421,630
	500,000		Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, due 06/01/29 144A		494,060
	310,000		Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, due 06/01/28 144A		309,420
	1,080,000		Altice France Holding SA, 10.50%, due 05/15/27 144A		1,182,438
	370,000		Altice France SA, 5.13%, due 07/15/29 144A		363,283
	220,000		Altice France SA, 7.38%, due 05/01/26 144A		228,547
	480,000		Altria Group, Inc., 5.95%, due 02/14/49		608,791
	365,000		Ambience Merger Sub, Inc., 4.88%, due 07/15/28 144A		365,462
	6,650,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		319,755
	350,000		American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.50%, due 04/20/26 144A		368,375
	320,000		American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.75%, due 04/20/29 144A		345,200
	190,000		American Axle & Manufacturing, Inc., 5.00%, due 10/01/29(i)		185,155
	220,000		American Express Co., 4.05%, due 12/03/42		263,019

See accompanying Notes to the Financial Statements.

100

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	270,000		American Finance Trust, Inc./American Finance Operating Partner LP, 4.50%, due 09/30/28 144A		270,000
	761,510		American News Co. LLC, 8.50% (8.50% Cash or 10.00% PIK), due 09/01/26 144A		879,102
	1,715,000		American Tower Corp. REIT, 2.30%, due 09/15/31		1,692,029
	445,000		Anglo American Capital Plc, 2.88%, due 03/17/31 144A		446,998
	295,000		Anglo American Capital Plc, 3.95%, due 09/10/50 144A		316,357
	685,000		AngloGold Ashanti Holdings Plc, 3.75%, due 10/01/30(i)		703,403
	380,000		Antares Holdings, LP, 3.95%, due 07/15/26 144A		400,701
	1,080,000		Antero Resources Corp., 5.38%, due 03/01/30 144A		1,138,752
	470,000		Apollo Commercial Real Estate Finance, Inc. REIT, 4.63%, due 06/15/29 144A		456,516
	235,000		ArcelorMittal SA, 7.00%, due 10/15/39(d)		331,928
	970,000	EUR	ARD Finance SA, 5.00% (5.00% Cash/5.75% PIK), due 06/30/27(j)		1,169,956
	280,000	EUR	ARD Finance SA, 5.00% (5.00% Cash/5.75% PIK), due 06/30/27 144A		337,719
	2,285,000		Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance Plc, 4.00%, due 09/01/29(i) 144A		2,313,562
	650,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 5.25%, due 04/30/25 144A		679,594
	715,714		Ardonagh Midco 2 Plc, 11.50% (11.50% Cash or 12.75% PIK), due 01/15/27 144A		784,426
	1,370,000		Ares Capital Corp., 2.88%, due 06/15/28		1,388,827
	900,000		Ashtead Capital, Inc., 2.45%, due 08/12/31 144A		885,417
	557,000		AT&T, Inc., 3.50%, due 09/15/53		552,369
	390,000		Australia & New Zealand Banking Group, Ltd., 2.95% (5 yr. CMT + 1.29%), due 07/22/30(b) 144A		405,562
	60,000		AutoNation, Inc., 4.75%, due 06/01/30		70,031
	160,000		Aviation Capital Group LLC, 5.50%, due 12/15/24 144A		179,384
	250,000		Avolon Holdings Funding, Ltd., 4.25%, due 04/15/26 144A		269,010
	160,000		Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		171,968
	800,000		B3 SA - Brasil Bolsa Balcao, 4.13%, due 09/20/31 144A		784,800
	490,000		Baidu, Inc., 2.38%, due 10/09/30		481,094
	330,000		Ball Corp., 3.13%, due 09/15/31		326,313
	200,000	EUR	Banco Bilbao Vizcaya Argentaria SA, 5.88% (5 yr. EUR swap annual + 5.66%)(b) (i) (j) (k)		248,676
	890,000		Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)(b) (k) 144A		993,596
	610,000		Banco Mercantil del Norte SA, 7.63% (10 yr. CMT + 5.35%)(b) (k) 144A		681,141
	400,000		Banco Santander SA, 2.75%, due 12/03/30		398,313
	600,000		Banco Santander SA, 2.96%, due 03/25/31		617,657
	1,715,000		Bank of Ireland Group Plc, 2.03% (1 yr. CMT + 1.10%), due 09/30/27(b) 144A		1,715,928
	720,000		Barclays Plc, 4.38% (5 yr. CMT + 3.41%)(b) (k)		721,296
	200,000		Barclays Plc, 5.09% (3 mo. USD LIBOR + 3.05%), due 06/20/30(b)		230,937
	535,000	GBP	Barclays Plc, 6.38% (5 yr. UK Government Bond + 6.02%)(b) (j) (k)		796,900
	350,000		Barclays Plc, 8.00% (5 yr. CMT + 5.67%)(b) (k)		395,502
	240,000	EUR	Barclays Plc, (MTN), 2.00% (5 yr. EUR swap annual + 1.90%), due 02/07/28(b) (i) (j)		284,769
	700,000		Bath & Body Works, Inc., 5.25%, due 02/01/28		772,975
	420,000		Bath & Body Works, Inc., 6.63%, due 10/01/30 144A		477,225
	550,000		Bausch Health Americas, Inc., 8.50%, due 01/31/27 144A		586,547
	90,000		Bausch Health Americas, Inc., 9.25%, due 04/01/26 144A		96,230
	30,000		Bausch Health Cos., Inc., 9.00%, due 12/15/25 144A		31,702
	1,090,000		Bed Bath & Beyond, Inc., 5.17%, due 08/01/44		940,098
	1,362,000		Berry Petroleum Co. LLC, 7.00%, due 02/15/26 144A		1,389,371
	850,000		Bimbo Bakeries USA, Inc., 4.00%, due 05/17/51 144A		923,199
	180,000		Blackboard, Inc., 10.38%, due 11/15/24 144A		190,125
	840,000		BlackRock TCP Capital Corp., 2.85%, due 02/09/26		859,624

See accompanying Notes to the Financial Statements.

101

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	1,585,000		Blackstone Holdings Finance Co. LLC, 2.00%, due 01/30/32 144A		1,523,981
	885,000		Blackstone Secured Lending Fund, 2.85%, due 09/30/28 144A		879,659
	740,000		Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, due 12/15/25 144A		801,050
	850,000		BNP Paribas SA, 2.16% (SOFR + 1.22%), due 09/15/29(b) 144A		842,607
	1,285,000		BNP Paribas SA, 4.50% (5 yr. CMT + 2.94%)(b) (i) (k) 144A		1,287,474
	230,000		Boeing Co. (The), 2.20%, due 02/04/26		231,747
	50,000		Boeing Co. (The), 2.70%, due 02/01/27		51,780
	260,000		Boeing Co. (The), 3.25%, due 02/01/35		260,253
	430,000		Boeing Co. (The), 5.15%, due 05/01/30		504,947
	570,000		Boeing Co. (The), 5.93%, due 05/01/60		780,208
	610,000		Boyne USA, Inc., 4.75%, due 05/15/29 144A		630,587
	440,000		Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		468,006
	1,335,000		Brixmor Operating Partnership, LP REIT, 2.50%, due 08/16/31		1,316,882
	1,620,000		Brunswick Corp., 2.40%, due 08/18/31		1,568,290
	415,000		Caesars Entertainment, Inc., 4.63%, due 10/15/29 144A		420,706
	685,000		Caesars Entertainment, Inc., 8.13%, due 07/01/27 144A		770,950
	750,000		Carnival Corp., 9.88%, due 08/01/27 144A		866,521
	790,000		Carnival Plc, 7.88%, due 06/01/27		933,231
	250,000		Carriage Purchaser, Inc., 7.88%, due 10/15/29 144A		249,578
	490,000		Carrols Restaurant Group, Inc., 5.88%, due 07/01/29(i) 144A		461,872
	485,000		Carvana Co., 5.63%, due 10/01/25 144A		501,992
	120,000		Carvana Co., 5.88%, due 10/01/28 144A		124,075
	545,000	EUR	Catalent Pharma Solutions, Inc., 2.38%, due 03/01/28(j)		640,765
	765,000	EUR	Catalent Pharma Solutions, Inc., 2.38%, due 03/01/28 144A		899,422
	355,000		Caterpillar, Inc., 3.25%, due 04/09/50		386,749
	3,320,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A		3,381,752
	1,500,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32		1,546,875
	245,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A		256,448
	770,000		Celulosa Arauco y Constitucion SA, 5.15%, due 01/29/50(i) 144A		872,995
	480,000		Cemex SAB de CV, 3.88%, due 07/11/31 144A		480,888
	1,390,000		Cemex SAB de CV, 5.13% (5 yr. CMT + 4.53%)(b) (k) 144A		1,417,466
	1,255,000		Cemex SAB de CV, 5.20%, due 09/17/30 144A		1,349,501
	83,000		Cenovus Energy, Inc., 5.38%, due 07/15/25		94,575
	200,000		Century Communities, Inc., 3.88%, due 08/15/29 144A		202,250
	50,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, due 03/01/42(e)		48,972
	1,495,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 3.90%, due 06/01/52		1,491,860
	250,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.13%, due 07/01/49		294,584
	100,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 04/01/38		120,836
	185,000		Chevron Corp., 3.08%, due 05/11/50		191,764
	620,000		CHS/Community Health Systems, Inc., 6.13%, due 04/01/30 144A		603,285
	880,000		CHS/Community Health Systems, Inc., 6.88%, due 04/15/29 144A		883,287
	160,000		Cigna Corp., 4.80%, due 08/15/38		195,974
	653,861	EUR	Cirsa Finance International SARL, 6.25%, due 12/20/23(j)		770,469
	110,000		Citigroup, Inc., 4.65%, due 07/30/45		140,119
	97,000		Citigroup, Inc., 5.30%, due 05/06/44		129,274
	170,000		Citigroup, Inc., 6.30% (3 mo. USD LIBOR + 3.42%)(b) (k)		183,940
	745,000		Clarivate Science Holdings Corp., 4.88%, due 07/01/29 144A		747,384

See accompanying Notes to the Financial Statements.

102

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	930,000		Clear Channel Outdoor Holdings, Inc., 7.50%, due 06/01/29 144A		968,362
	550,000		Coinbase Global, Inc., 3.63%, due 10/01/31(i) 144A		523,531
	800,000		Colgate Energy Partners III LLC, 5.88%, due 07/01/29 144A		807,016
	635,000		Colombia Telecomunicaciones SA ESP, 4.95%, due 07/17/30 144A		666,280
	1,620,000		Comcast Corp., 2.99%, due 11/01/63 144A		1,521,358
	380,000		Comcast Corp., 4.25%, due 10/15/30		442,844
	780,000		Commercial Metals Co., 3.88%, due 02/15/31		785,288
	1,600,000	EUR	Commerzbank AG, 6.13% (5 yr. EUR swap annual + 6.36%)(b) (j) (k)		2,037,434
	226,000		CommScope Technologies LLC, 6.00%, due 06/15/25 144A		229,108
	770,000		CommScope, Inc., 8.25%, due 03/01/27 144A		806,941
	400,000	EUR	Cooperatieve Rabobank UA, 4.63% (5 yr. EUR swap annual + 4.10%)(b) (j) (k)		511,097
	1,030,000		CoreCivic, Inc., 8.25%, due 04/15/26(i)		1,052,001
	375,000		Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)(b) (k) 144A		418,680
	380,000		Credit Agricole SA, 8.13% (5 yr. USD swap + 6.19%)(b) (k) 144A		459,890
	1,015,000		Credit Suisse Group AG, 4.50% (5 yr. CMT + 3.55%)(b) (i) (k) 144A		997,237
	265,000		Credit Suisse Group AG, 7.25% (5 yr. USD ICE swap + 4.33%)(b) (k) 144A		293,779
	200,000		Credit Suisse Group AG, 7.50% (5 yr. USD swap + 4.60%)(b) (k) 144A		214,350
	240,000		Crown Castle International Corp. REIT, 3.30%, due 07/01/30		255,953
	320,000		CSC Holdings LLC, 4.50%, due 11/15/31 144A		316,400
	390,000		CSC Holdings LLC, 6.50%, due 02/01/29 144A		422,838
	90,000		CVS Health Corp., 4.78%, due 03/25/38		110,459
	90,000		CVS Health Corp., 5.05%, due 03/25/48		116,051
	30,000		DCP Midstream Operating, LP, 5.63%, due 07/15/27		34,163
	130,000		DCP Midstream Operating, LP, 6.75%, due 09/15/37 144A		167,947
	300,000		DCP Midstream, LP, 7.38% (3 mo. USD LIBOR + 5.15%)(b) (k)		292,500
	440,000		Dell International LLC/EMC Corp., 6.20%, due 07/15/30		563,431
	1,350,000		Dell International LLC/EMC Corp., 8.35%, due 07/15/46		2,193,688
	640,000		Delta Air Lines, Inc., 7.00%, due 05/01/25 144A		746,644
	30,000		Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, due 10/20/28 144A		33,469
	660,000		Deutsche Bank AG, 3.73% (SOFR + 2.76%), due 01/14/32(b)		681,973
	400,000		Deutsche Bank AG, 4.79% (5 yr. USD swap + 4.36%)(b) (j) (k)		404,246
	400,000		Deutsche Bank AG, 7.50% (5 yr. USD swap + 5.00%)(b) (i) (k)		440,772
	130,000		Diamondback Energy, Inc., 3.50%, due 12/01/29		139,113
	460,000		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.88%, due 08/15/27 144A		480,700
	820,000		DISH DBS Corp., 5.13%, due 06/01/29		804,539
	340,000		DISH DBS Corp., 7.75%, due 07/01/26		384,362
	240,000		Diversified Healthcare Trust REIT, 4.75%, due 02/15/28		241,200
	350,000		Diversified Healthcare Trust REIT, 9.75%, due 06/15/25		383,250
	1,200,000		Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, due 02/15/23 144A		1,255,500
	540,000		DP World Plc, 5.63%, due 09/25/48 144A		668,250
	295,000		eBay, Inc., 4.00%, due 07/15/42		331,419
	2,685,000		Empresa Nacional del Petroleo, 3.45%, due 09/16/31(i) 144A		2,641,704
	410,000		Endeavor Energy Resources, LP/EER Finance, Inc., 5.75%, due 01/30/28 144A		432,038
	240,000		Endeavor Energy Resources, LP/EER Finance, Inc., 6.63%, due 07/15/25 144A		253,200
	520,000		Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, due 07/31/27(i) 144A		521,877
	490,000		Endo Luxembourg Finance Co. I SARL/Endo US, Inc., 6.13%, due 04/01/29 144A		490,664
	755,000		Enel Finance International NV, 2.88%, due 07/12/41 144A		736,397
	980,000		Energean Israel Finance, Ltd., 5.88%, due 03/30/31(j) 144A		1,008,772
	1,065,000	EUR	Energizer Gamma Acquisition BV, 3.50%, due 06/30/29		1,227,260
	120,000		Energy Transfer, LP, 5.35%, due 05/15/45		140,183

See accompanying Notes to the Financial Statements.

103

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	50,000		Energy Transfer, LP, 6.25%, due 04/15/49		65,804
	1,465,000		ENN Clean Energy International Investment, Ltd., 3.38%, due 05/12/26 144A		1,476,839
	395,000		Enstar Group, Ltd., 3.10%, due 09/01/31		389,089
	205,000		Enstar Group, Ltd., 4.95%, due 06/01/29		233,208
	140,000		Enterprise Products Operating LLC, 3.70%, due 01/31/51		148,399
	160,000		Enterprise Products Operating LLC, 3.95%, due 01/31/60		173,685
	265,000		EPR Properties REIT, 3.75%, due 08/15/29		273,393
	150,000		EQM Midstream Partners, LP, 6.00%, due 07/01/25 144A		164,618
	140,000		EQM Midstream Partners, LP, 6.50%, due 07/01/27 144A		157,640
	105,000		EQT Corp., 3.13%, due 05/15/26 144A		107,769
	140,000		EQT Corp., 3.63%, due 05/15/31 144A		146,055
	810,000		EQT Corp., 3.90%, due 10/01/27		877,728
	330,000		EQT Corp., 7.50%, due 02/01/30(d)		425,189
	500,000		First Quantum Minerals, Ltd., 6.88%, due 03/01/26 144A		520,625
	1,340,000		First Quantum Minerals, Ltd., 6.88%, due 10/15/27 144A		1,418,846
	130,000		FirstEnergy Corp., 7.38%, due 11/15/31		177,913
	600,000		Five Point Operating Co., LP/Five Point Capital Corp., 7.88%, due 11/15/25 144A		627,750
	650,000		Ford Motor Co., 8.50%, due 04/21/23		715,773
	390,000		Ford Motor Credit Co. LLC, 2.90%, due 02/16/28		390,000
	820,000		Ford Motor Credit Co. LLC, 3.63%, due 06/17/31		826,150
	380,000		Ford Motor Credit Co. LLC, 4.00%, due 11/13/30		395,675
	1,000,000		Freeport Minerals Corp., 7.13%, due 11/01/27		1,268,150
	455,000		Freeport-McMoRan, Inc., 4.63%, due 08/01/30		492,537
	280,000		Gartner, Inc., 3.63%, due 06/15/29 144A		282,478
	290,000		Gartner, Inc., 3.75%, due 10/01/30 144A		298,831
	590,000		Gazprom PJSC Via Gaz Capital SA, 4.95%, due 03/23/27 144A		654,721
	1,200,000		GEMS MENASA Cayman, Ltd./GEMS Education Delaware LLC, 7.13%, due 07/31/26 144A		1,231,962
	83,000		General Electric Co., (MTN), 6.88%, due 01/10/39		123,849
	155,000		General Motors Co., 5.20%, due 04/01/45		189,075
	50,000		GEO Group, Inc. (The) REIT, 5.13%, due 04/01/23(i)		47,186
	890,000		GEO Group, Inc. (The) REIT, 5.88%, due 10/15/24		740,298
	150,000		GEO Group, Inc. (The) REIT, 6.00%, due 04/15/26(i)		118,125
	200,000		GFL Environmental, Inc., 5.13%, due 12/15/26 144A		210,272
	1,066,194		Global Aircraft Leasing Co., Ltd., 6.50% (6.50% Cash or 7.25% PIK), due 09/15/24 144A		1,048,868
	280,000		Global Atlantic Fin Co., 4.40%, due 10/15/29 144A		307,859
	2,555,000		Gold Fields Orogen Holdings BVI, Ltd., 6.13%, due 05/15/29 144A		2,998,931
	190,000		Goldman Sachs Group, Inc. (The), 5.15%, due 05/22/45		249,459
	810,000		Granite US Holdings Corp., 11.00%, due 10/01/27(i) 144A		887,971
	850,000		H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A		847,747
	420,000		Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd., 5.75%, due 01/20/26 144A		439,950
	500,000		HCA, Inc., 3.50%, due 09/01/30		530,195
	80,000		Healthpeak Properties, Inc. REIT, 3.50%, due 07/15/29		87,594
	255,000		Helmerich & Payne, Inc., 2.90%, due 09/29/31 144A		255,814
	125,000		Hess Midstream Operations, LP, 5.13%, due 06/15/28 144A		130,725
	975,000		Hexion, Inc., 7.88%, due 07/15/27(i) 144A		1,042,031
	50,000		Hill-Rom Holdings, Inc., 4.38%, due 09/15/27 144A		52,345
	1,435,000		HSBC Holdings Plc, 4.60% (5 yr. CMT + 3.65%)(b) (k)		1,438,157
	250,000	EUR	HSBC Holdings Plc, 5.25% (5 yr. EUR swap annual + 4.38%)(b) (j) (k)		299,348

See accompanying Notes to the Financial Statements.

104

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	190,000	EUR	HSE Finance SARL, 5.63%, due 10/15/26 144A		229,397
	1,340,000		HTA Group, Ltd., 7.00%, due 12/18/25 144A		1,413,445
	260,000		Hudbay Minerals, Inc., 4.50%, due 04/01/26 144A		257,725
	610,000		Hudbay Minerals, Inc., 6.13%, due 04/01/29 144A		639,768
	280,000		iHeartCommunications, Inc., 4.75%, due 01/15/28 144A		288,890
	320,000		iHeartCommunications, Inc., 5.25%, due 08/15/27 144A		332,899
	145,000		iHeartCommunications, Inc., 6.38%, due 05/01/26		153,178
	740,000		IHS Netherlands Holdco BV, 8.00%, due 09/18/27(j)		792,725
	850,000		IHS Netherlands Holdco BV, 7.13%, due 03/18/25 144A		877,625
	3,120,000		IHS Netherlands Holdco BV, 8.00%, due 09/18/27 144A		3,342,300
	810,000		Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, due 07/01/28 144A		894,090
	265,000	EUR	IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28 144A		310,032
	1,190,000		Independence Energy Finance LLC, 7.25%, due 05/01/26 144A		1,227,199
	415,000		Intesa Sanpaolo SpA, 4.00%, due 09/23/29 144A		453,276
	1,450,000		Intesa Sanpaolo SpA, 4.95%, due 06/01/42 144A		1,504,731
	350,000		Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A		392,855
	590,000		Intesa Sanpaolo SpA, 7.70% (5 yr. USD swap + 5.46%)(b) (i) (k) 144A		668,110
	570,000		Itau Unibanco Holding SA, 3.88% (5 yr. CMT + 3.45%), due 04/15/31(b) 144A		553,342
	2,499,000		Itau Unibanco Holding SA, 4.63% (5 yr. CMT + 3.22%)(b) (i) (k) 144A		2,392,243
	225,000		Jazz Securities DAC, 4.38%, due 01/15/29 144A		233,449
	2,080,000		JBS Finance Luxembourg SARL, 3.63%, due 01/15/32 144A		2,121,621
	622,163		K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22(c)		1,938
	198,302		K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22(c)		516
	660,000		KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A		739,358
	790,000		KazTransGas JSC, 4.38%, due 09/26/27 144A		872,294
	1,770,000		Kenbourne Invest SA, 4.70%, due 01/22/28 144A		1,782,832
	915,000		Kernel Holding SA, 6.75%, due 10/27/27 144A		978,318
	1,005,000		Kosmos Energy, Ltd., 7.13%, due 04/04/26(i) 144A		987,106
	30,000		Las Vegas Sands Corp., 3.20%, due 08/08/24		30,811
	425,000		Lazard Group LLC, 4.38%, due 03/11/29		481,773
	650,000		Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, due 02/01/26 144A		667,309
	35,000		Lennar Corp., 4.50%, due 04/30/24		37,887
	120,000		Lennar Corp., 4.75%, due 11/15/22(d)		124,176
	560,000		Lennar Corp., 4.88%, due 12/15/23		604,817
	460,000		Leviathan Bond, Ltd., 6.50%, due 06/30/27(j) 144A		506,738
	120,000		Liberty Interactive LLC, 8.25%, due 02/01/30		133,692
	320,000		Liberty Interactive LLC, 8.50%, due 07/15/29		365,053
	1,610,000		Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51(b) 144A		1,655,502
	1,590,000		Liberty Mutual Group, Inc., 4.30%, due 02/01/61(i) 144A		1,513,713
	1,340,000		Liquid Telecommunications Financing Plc, 5.50%, due 09/04/26 144A		1,389,861
	250,000	EUR	Lloyds Banking Group Plc, 4.95% (5 yr. EURIBOR + 5.29%)(b) (i) (j) (k)		317,997
	220,000		LSF11 A5 Holdco LLC, 6.63%, due 10/15/29 144A		220,000
	400,000		Lukoil International Finance BV, 4.75%, due 11/02/26 144A		444,299
	630,000		Madison IAQ LLC, 5.88%, due 06/30/29 144A		635,547
	700,000		Mclaren Finance Plc, 7.50%, due 08/01/26 144A		712,239
	130,000		MDC Holdings, Inc., 6.00%, due 01/15/43		163,919
	440,000		MEG Energy Corp., 5.88%, due 02/01/29 144A		450,648
	210,000		MEG Energy Corp., 7.13%, due 02/01/27 144A		220,752
	620,000		MEGlobal Canada ULC, 5.88%, due 05/18/30 144A		763,343
	320,000		Melco Resorts Finance, Ltd., 5.38%, due 12/04/29 144A		325,760

See accompanying Notes to the Financial Statements.

105

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	800,000		MercadoLibre, Inc., 3.13%, due 01/14/31		773,008
	985,000		Michaels Cos, Inc. (The), 5.25%, due 05/01/28 144A		1,017,259
	1,470,000		Michaels Cos, Inc. (The), 7.88%, due 05/01/29 144A		1,529,498
	210,000		Midcap Financial Issuer Trust, 5.63%, due 01/15/30 144A		208,271
	710,000		Midcap Financial Issuer Trust, 6.50%, due 05/01/28 144A		742,603
	247,000		Millicom International Cellular SA, 4.50%, due 04/27/31 144A		258,684
	2,295,000		Millicom International Cellular SA, 6.25%, due 03/25/29 144A		2,515,894
	170,000		Minerals Technologies, Inc., 5.00%, due 07/01/28 144A		176,588
	1,040,000		Moody’s Corp., 2.00%, due 08/19/31		1,018,910
	1,625,000		Mozart Debt Merger SUB, Inc., 3.88%, due 04/01/29		1,625,000
	1,180,000		Mozart Debt Merger SUB, Inc., 5.25%, due 10/01/29 144A		1,180,000
	630,000		MPH Acquisition Holdings LLC, 5.75%, due 11/01/28(i) 144A		594,399
	500,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.50%, due 03/15/31		510,625
	160,000	GBP	MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.69%, due 06/05/28		230,220
	120,000		MSCI, Inc., 3.25%, due 08/15/33 144A		121,525
	295,000		Mylan, Inc., 5.40%, due 11/29/43		365,568
	400,000		Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A		412,542
	245,000		Natwest Group Plc, 4.27% (3 mo. USD LIBOR + 1.76%), due 03/22/25(b)		264,449
	1,120,000	GBP	Natwest Group Plc, 4.50% (5 yr. UK Government Bond + 3.99%)(b) (k)		1,546,222
	170,000		Navient Corp., (MTN), 5.63%, due 08/01/33		161,996
	235,000		NBM US Holdings, Inc., 7.00%, due 05/14/26 144A		250,334
	470,000		NCL Corp., Ltd., 10.25%, due 02/01/26 144A		540,100
	910,000		NCL Corp., Ltd., 12.25%, due 05/15/24 144A		1,074,937
	340,000		NCR Corp., 5.13%, due 04/15/29 144A		351,050
	580,000		Netflix, Inc., 6.38%, due 05/15/29		734,425
	715,000		New Metro Global, Ltd., 4.50%, due 05/02/26(j)		656,937
	1,635,000		Nexstar Media, Inc., 5.63%, due 07/15/27 144A		1,731,833
	390,000		NGPL PipeCo LLC, 7.77%, due 12/15/37 144A		559,984
	1,355,000		Nielsen Finance LLC/Nielsen Finance Co., 5.88%, due 10/01/30 144A		1,428,333
	790,000		NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, due 04/01/26 144A		839,375
	420,000		NMI Holdings, Inc., 7.38%, due 06/01/25 144A		479,913
	915,000		Nomura Holdings, Inc., 2.61%, due 07/14/31		912,428
	690,000		Nordstrom, Inc., 4.25%, due 08/01/31(i)		699,629
	230,000		Northern Oil and Gas, Inc., 8.13%, due 03/01/28 144A		246,077
	400,000		Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22(c) (l)		520
	160,000	EUR	Novelis Sheet Ingot GmbH, 3.38%, due 04/15/29 144A		193,726
	430,000		NRG Energy, Inc., 3.63%, due 02/15/31 144A		422,905
	590,000		Oasis Petroleum, Inc., 6.38%, due 06/01/26 144A		618,984
	180,000		Occidental Petroleum Corp., 5.43%, due 10/10/36(h)		97,965
	30,000		Occidental Petroleum Corp., 6.45%, due 09/15/36		37,781
	2,975,000		OCP SA, 5.13%, due 06/23/51 144A		2,954,547
	580,000		Olympus Water US Holding Corp., 4.25%, due 10/01/28(e) 144A		572,306
	225,000		Olympus Water US Holding Corp., 6.25%, due 10/01/29(e) 144A		223,245
	245,000		OneMain Finance Corp., 5.38%, due 11/15/29		265,850
	1,240,000		Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, due 04/30/31 144A		1,303,984
	950,000		Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, due 03/15/30 144A		953,204
	590,000		Oversea-Chinese Banking Corp., Ltd., (MTN), 4.25%, due 06/19/24(j)		638,720
	240,000		Pactiv LLC, 8.38%, due 04/15/27		275,492
	1,315,000		Papa John’s International, Inc., 3.88%, due 09/15/29 144A		1,310,069
	580,000	EUR	Paprec Holding SA, 3.50%, due 07/01/28 144A		685,309
	860,000		Park-Ohio Industries, Inc., 6.63%, due 04/15/27		860,000

See accompanying Notes to the Financial Statements.

106

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	250,000		Parsley Energy LLC/Parsley Finance Corp., 5.63%, due 10/15/27 144A		267,575
	260,000		Pattern Energy Operations, LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28 144A		271,375
	760,000		Paysafe Finance Plc/Paysafe Holdings US Corp., 4.00%, due 06/15/29 144A		728,650
	180,000		Penn National Gaming, Inc., 4.13%, due 07/01/29 144A		178,137
	550,000		Penn Virginia Escrow LLC, 9.25%, due 08/15/26 144A		558,387
	1,260,000		PerkinElmer, Inc., 2.25%, due 09/15/31		1,244,053
	1,400,000		Petrobras Global Finance BV, 5.30%, due 01/27/25		1,566,110
	450,000		Petrobras Global Finance BV, 6.85%, due 06/05/15(m)		464,848
	7,056,900	MXN	Petroleos Mexicanos, 7.19%, due 09/12/24(j)		328,124
	300,000		PetSmart, Inc./PetSmart Finance Corp., 4.75%, due 02/15/28 144A		308,625
	805,000		PetSmart, Inc./PetSmart Finance Corp., 7.75%, due 02/15/29 144A		879,507
	1,880,000		Phosagro OAO Via Phosagro Bond Funding DAC, 2.60%, due 09/16/28 144A		1,878,628
	240,000		Plains All American Pipeline, LP, 6.13% (3 mo. USD LIBOR + 4.11%)(b) (k)		218,400
	280,000		Playtika Holding Corp., 4.25%, due 03/15/29 144A		281,243
	105,000	EUR	PLT VII Finance SARL, 4.63%, due 01/05/26 144A		125,480
	880,000		PM General Purchaser LLC, 9.50%, due 10/01/28 144A		930,424
	600,000		Precision Drilling Corp., 6.88%, due 01/15/29 144A		627,600
	15,000		Precision Drilling Corp., 7.13%, due 01/15/26(i) 144A		15,437
	110,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A		113,867
	280,000		Prosperous Ray, Ltd., 4.63%, due 11/12/23(j)		299,303
	680,000		Prosus NV, 3.06%, due 07/13/31 144A		664,624
	1,815,000		Prosus NV, 4.03%, due 08/03/50 144A		1,703,903
	400,000		QVC, Inc., 5.45%, due 08/15/34		425,894
	520,000		Rackspace Technology Global, Inc., 3.50%, due 02/15/28 144A		502,590
	575,000		Radian Group, Inc., 6.63%, due 03/15/25		642,562
	230,000		Radiology Partners, Inc., 9.25%, due 02/01/28 144A		247,723
	400,000		Range Resources Corp., 8.25%, due 01/15/29 144A		450,520
	1,170,000		Range Resources Corp., 9.25%, due 02/01/26		1,276,821
	1,625,000		Raytheon Technologies Corp., 1.90%, due 09/01/31		1,578,007
	410,000		Raytheon Technologies Corp., 3.13%, due 07/01/50		414,914
	1,175,000		Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, due 01/15/29 144A		1,220,390
	220,000		Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, due 06/15/25 144A		235,224
	370,000		Rent-A-Center, Inc, 6.38%, due 02/15/29 144A		399,600
	500,000		Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.00%, due 10/15/33(e) 144A		496,875
	500,000		Rocket Software, Inc., 6.50%, due 02/15/29 144A		495,690
	210,000		Roller Bearing Co. of America, Inc., 4.38%, due 10/15/29(e) 144A		215,513
	262,000		Royal Caribbean Cruises, Ltd., 11.50%, due 06/01/25 144A		299,270
	516,000		RR Donnelley & Sons Co., 6.13%, due 11/01/26 144A		538,575
	3,445,000		Rumo Luxembourg SARL, 4.20%, due 01/18/32 144A		3,376,100
	590,000	GBP	Saga Plc, 5.50%, due 07/15/26(j)		782,579
	470,000		Sands China, Ltd., 2.30%, due 03/08/27(i) 144A		455,092
	200,000		Sands China, Ltd., 5.13%, due 08/08/25		215,602
	420,000		Sasol Financing USA LLC, 4.38%, due 09/18/26		426,636
	420,000		Sasol Financing USA LLC, 5.50%, due 03/18/31		430,710
	340,000		Seagate HDD Cayman, 4.09%, due 06/01/29		357,583
	321,000		Seagate HDD Cayman, 4.88%, due 06/01/27		361,590
	690,000		Service Properties Trust REIT, 5.50%, due 12/15/27		735,938
	400,000		Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, due 11/01/26 144A		418,000
	770,000		Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, due 03/01/29 144A		776,772

See accompanying Notes to the Financial Statements.

107

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	1,480,000		Societe Generale SA, 2.89% (1 yr. CMT + 1.30%), due 06/09/32(b) 144A		1,489,408
	1,495,000		Societe Generale SA, 3.63%, due 03/01/41(c)		1,524,964
	505,000		Societe Generale SA, 7.38% (5 yr. USD swap + 4.30%)(b) (i) (k) 144A		547,645
	556,000		Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, due 09/20/25 144A		624,249
	1,170,000		SRM Escrow Issuer LLC, 6.00%, due 11/01/28 144A		1,240,253
	695,000		SRS Distribution, Inc., 4.63%, due 07/01/28 144A		709,908
	975,000		Standard Chartered Plc, 4.30% (5 yr. CMT + 3.14%)(b) (k) 144A		961,594
	755,000		Starwood Property Trust, Inc. REIT, 3.63%, due 07/15/26 144A		761,606
	930,000		StoneMor, Inc., 8.50%, due 05/15/29 144A		956,751
	240,000		Suburban Propane Partners, LP/Suburban Energy Finance Corp., 5.00%, due 06/01/31 144A		249,300
	735,000	EUR	Summer BC Holdco B SARL, 5.75%, due 10/31/26(i) (j)		894,420
	220,000	EUR	Summer BC Holdco B SARL, 5.75%, due 10/31/26 144A		267,717
	100,000		Summit Materials LLC/Summit Materials Finance Corp., 5.25%, due 01/15/29 144A		105,125
	810,000		Sunac China Holdings, Ltd., 7.50%, due 02/01/24(j)		669,836
	400,000		Sunnova Energy Corp., 5.88%, due 09/01/26 144A		408,022
	540,000		Suzano Austria GmbH, 3.13%, due 01/15/32		522,180
	240,000		Suzano Austria GmbH, 3.75%, due 01/15/31		246,840
	260,000		Suzano Austria GmbH, 5.75%, due 07/14/26(j)		301,470
	830,000		Suzano Austria GmbH, 6.00%, due 01/15/29		975,042
	1,190,000		Suzano Austria GmbH, 7.00%, due 03/16/47(j)		1,561,911
	360,000		Swire Pacific MTN Financing, Ltd., (MTN), 4.50%, due 10/09/23(j)		386,106
	400,000		Switch, Ltd., 3.75%, due 09/15/28 144A		406,500
	280,000		Switch, Ltd., 4.13%, due 06/15/29 144A		287,700
	415,000		T-Mobile USA, Inc., 4.38%, due 04/15/40		478,638
	350,000		Talen Energy Supply LLC, 6.63%, due 01/15/28 144A		325,266
	120,000		Talen Energy Supply LLC, 7.25%, due 05/15/27(i) 144A		113,412
	330,000		Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A		338,560
	835,000		Tap Rock Resources LLC, 7.00%, due 10/01/26 144A		855,875
	520,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 4.00%, due 01/15/32 144A		538,044
	120,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.50%, due 03/01/30		131,363
	150,000		Teck Resources, Ltd., 5.40%, due 02/01/43		184,017
	60,000		Teck Resources, Ltd., 6.00%, due 08/15/40		78,024
	640,000		Teine Energy, Ltd., 6.88%, due 04/15/29 144A		652,333
	200,000		Telefonica Emisiones SA, 5.21%, due 03/08/47		249,971
	730,000		Tencent Holdings, Ltd., 3.84%, due 04/22/51 144A		760,430
	635,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, 6.00%, due 01/31/25		796,909
	310,000		Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		297,213
	1,020,000		Thermo Fisher Scientific, Inc., 2.80%, due 10/15/41		1,018,923
	300,000		Time Warner Cable LLC, 6.75%, due 06/15/39		411,256
	100,000		TKC Holdings, Inc., 10.50%, due 05/15/29 144A		109,778
	440,000		TopBuild Corp., 3.63%, due 03/15/29 144A		443,850
	940,000		TransAlta Corp., 6.50%, due 03/15/40		1,113,425
	80,000		Transcontinental Gas Pipe Line Co. LLC, 3.25%, due 05/15/30		85,574
	240,000		TransDigm, Inc., 5.50%, due 11/15/27		246,914
	740,000		TransDigm, Inc., 6.25%, due 03/15/26 144A		772,375
	250,000		TransDigm, Inc., 7.50%, due 03/15/27		262,188
	210,000		TransDigm, Inc., 8.00%, due 12/15/25 144A		224,175

See accompanying Notes to the Financial Statements.

108

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	340,000	Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A		317,723
	780,000	Triton Water Holdings, Inc., 6.25%, due 04/01/29 144A		793,650
	690,000	Turk Telekomunikasyon AS, 6.88%, due 02/28/25 144A		747,822
	2,485,000	Turkiye Vakiflar Bankasi TAO, 5.50%, due 10/01/26 144A		2,413,270
	460,000	Twitter, Inc., 3.88%, due 12/15/27 144A		491,625
	340,000	UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)(b) (k) 144A		371,163
	1,970,000	Ulker Biskuvi Sanayi AS, 6.95%, due 10/30/25 144A		2,094,238
	990,000	UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35(b) 144A		1,093,111
	555,000	UniCredit SpA, 7.30% (5 yr. USD ICE swap + 4.91%), due 04/02/34(b) 144A		673,306
	1,570,000	Unifin Financiera SAB de CV, 8.38%, due 01/27/28 144A		1,500,268
	2,535,000	Unifin Financiera SAB de CV, 9.88%, due 01/28/29(i) 144A		2,551,427
	170,000	Uniquify, Inc., 6.00%, due 06/15/24 144A		170,920
	74,740	United Airlines Pass Through Trust, 4.88%, due 07/15/27		79,261
	100,000	United Airlines, Inc., 4.38%, due 04/15/26 144A		102,750
	190,000	United Airlines, Inc., 4.63%, due 04/15/29 144A		196,593
	680,000	United Rentals North America, Inc., 5.25%, due 01/15/30		745,450
	410,000	Univision Communications, Inc., 9.50%, due 05/01/25 144A		445,518
	320,000	US Renal Care, Inc., 10.63%, due 07/15/27 144A		340,525
	290,000	Utah Acquisition Sub, Inc., 5.25%, due 06/15/46		355,329
	540,000	Vale Overseas, Ltd., 6.88%, due 11/10/39		731,295
	270,000	Vector Group, Ltd., 10.50%, due 11/01/26 144A		284,513
	260,000	Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31(i) 144A		271,375
	1,840,000	VEON Holdings BV, 3.38%, due 11/25/27 144A		1,867,710
	420,000	Vericast Corp., 11.00%, due 09/15/26 144A		442,575
	490,000	Verizon Communications, Inc., 2.85%, due 09/03/41		479,010
	110,000	Verizon Communications, Inc., 3.40%, due 03/22/41		114,983
	130,000	Verizon Communications, Inc., 3.55%, due 03/22/51		137,272
	300,000	Verizon Communications, Inc., 3.70%, due 03/22/61		317,470
	265,000	VF Ukraine PAT via VFU Funding Plc, 6.20%, due 02/11/25(i) 144A		275,356
	220,000	Viavi Solutions, Inc., 3.75%, due 10/01/29 144A		220,759
	800,000	Victors Merger Corp., 6.38%, due 05/15/29 144A		767,256
	130,000	Viking Cruises, Ltd., 7.00%, due 02/15/29 144A		131,672
	830,000	Viper Energy Partners, LP, 5.38%, due 11/01/27 144A		867,039
	300,000	Virgin Media Secured Finance Plc, 5.50%, due 05/15/29 144A		316,575
	290,000	VistaJet Malta Finance Plc/XO Management Holding, Inc., 10.50%, due 06/01/24 144A		315,375
	450,000	Vmed O2 UK Financing I Plc, 4.75%, due 07/15/31 144A		460,319
	830,000	VOC Escrow, Ltd., 5.00%, due 02/15/28 144A		820,077
	730,000	VTR Comunicaciones SpA, 5.13%, due 01/15/28(i) 144A		775,574
	1,080,000	VTR Finance NV, 6.38%, due 07/15/28 144A		1,165,714
	350,000	WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 144A		381,833
	260,000	Wells Fargo & Co., (MTN), 5.01% (SOFR + 4.50%), due 04/04/51(b)		349,435
	457,000	Wendy’s International LLC, 7.00%, due 12/15/25		515,626
	620,000	Western Midstream Operating, LP, 4.35%, due 02/01/25(d)		655,005
	470,000	Western Midstream Operating, LP, 5.30%, due 03/01/48		542,589
	592,000	Western Midstream Operating, LP, 5.45%, due 04/01/44		681,137
	100,000	WeWork Cos., Inc., 7.88%, due 05/01/25 144A		101,752
	60,000	Williams Cos., Inc. (The), 8.75%, due 03/15/32		91,887
	750,000	WW International, Inc., 4.50%, due 04/15/29(i) 144A		735,234
	220,000	Wynn Macau, Ltd., 4.88%, due 10/01/24 144A		214,129
	620,000	Wynn Macau, Ltd., 5.13%, due 12/15/29 144A		583,718

See accompanying Notes to the Financial Statements.

109

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	200,000	Wynn Macau, Ltd., 5.50%, due 01/15/26 144A		194,270
	370,000	Wynn Macau, Ltd., 5.63%, due 08/26/28 144A		352,772
	500,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, due 04/15/25 144A		528,135
	620,000	XPO CNW, Inc., 6.70%, due 05/01/34		761,521
	180,000	Yamana Gold, Inc., 4.63%, due 12/15/27		199,519
	414,050	YPF SA, 4.00%, due 02/12/26(d) 144A		367,138
	85,000	Yum! Brands, Inc., 4.75%, due 01/15/30 144A		92,231
	275,000	Yuzhou Group Holdings Co., Ltd., 6.35%, due 01/13/27(j)		177,780
	220,000	Yuzhou Group Holdings Co., Ltd., 7.38%, due 01/13/26(j)		146,079
	400,000	ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, due 02/01/29(i) 144A		398,514
				303,501,139
		Mortgage Backed Securities — Private Issuers — 5.2%
	355,000	BANK, Series 2020-BNK25, Class AS, 2.84%, due 01/15/63		371,691
	1,260,000	BBCCRE Trust, Series 2015-GTP, Class F, 4.71%, due 08/10/33(f) 144A		1,176,197
	280,000	BBCMS Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52		301,585
	345,000	BBCMS Mortgage Trust, Series 2020-C6, Class AS, 2.84%, due 02/15/53		360,675
	390,000	BBCMS Trust, Series 2018-CBM, Class D, 2.48% (1 mo. USD LIBOR + 2.39%), due 07/15/37(b) 144A		390,540
	250,000	Benchmark Mortgage Trust, Series 2020-B16, Class AM, 2.94%, due 02/15/53(f)		263,127
	1,000,000	BHMS, Series 2018-MZB, Class MZB, 6.72% (1 mo. USD LIBOR + 6.64%), due 07/15/25(b) 144A		956,554
	460,000	BX Commercial Mortgage Trust, Series 2018-BIOA, Class E, 2.04% (1 mo. USD LIBOR + 1.95%), due 03/15/37(b) 144A		460,690
	590,000	BX Commercial Mortgage Trust, Series 2019-IMC, Class E, 2.23% (1 mo. USD LIBOR + 2.15%), due 04/15/34(b) 144A		589,455
	690,000	BX Commercial Mortgage Trust, Series 2021-VOLT, Class G, 2.95% (1 mo. USD LIBOR + 2.85%), due 09/15/36(b) 144A		695,170
	950,000	BX Trust, Series 2018-BILT, Class B, 1.10% (1 mo. USD LIBOR + 1.02%), due 05/15/30(b) 144A		949,818
	410,000	CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.89%, due 12/15/47(f) 144A		409,501
	425,000	CFK Trust, Series 2020-MF2, Class F, 3.57%, due 03/15/39(f) 144A		403,861
	300,000	CGDB Commercial Mortgage Trust, Series 2019-MOB, Class A, 1.03% (1 mo. USD LIBOR + 0.95%), due 11/15/36(b) 144A		300,315
	190,000	CHT Mortgage Trust, Series 2017-CSMO, Class E, 3.08% (1 mo. USD LIBOR + 3.00%), due 11/15/36(b) 144A		190,447
	192,000	Credit Suisse Commercial Mortgage, Series 2018-TOP, Class F, 2.83% (1 mo. USD LIBOR + 2.75%), due 08/15/35(b) 144A		192,190
	1,060,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class F, 2.73% (1 mo. USD LIBOR + 2.65%), due 05/15/36(b) 144A		1,063,619
	742,500	Credit Suisse Mortgage Trust, Series 2019 RIO, Class B, 8.00% (1 mo. USD LIBOR + 7.00%), due 12/15/21(b) (c)		717,954
	300,000	Credit Suisse Mortgage Trust, Series 2019-UVIL, Class A, 3.16%, due 12/15/41 144A		318,300
	1,050,000	Credit Suisse Mortgage Trust, Series 2020-TMIC, Class A, 3.25% (1 mo. USD LIBOR + 3.00%), due 12/15/35(b) 144A		1,071,083
	450,000	Credit Suisse Mortgage Trust LLC, Series 2014-USA, Class F, 4.37%, due 09/15/37 144A		353,971
	487,464	Extended Stay America Trust, Series 2021-ESH, Class F, 3.78% (1 mo. USD LIBOR + 3.70%), due 07/15/38(b) 144A		494,748

See accompanying Notes to the Financial Statements.

110

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities — Private Issuers — continued
	290,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2017-1, Class M1, 4.00%, due 01/25/56(f) 144A		294,119
	415,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class M, 4.75%, due 08/25/57(f) 144A		437,172
	280,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-1, Class M, 4.75%, due 07/25/58(f) 144A		293,826
	560,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-4, Class M, 4.50%, due 02/25/59(f) 144A		595,181
	370,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class M, 4.25%, due 08/25/59(f) 144A		389,727
	640,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-2, Class M, 4.25%, due 11/25/59(f) 144A		670,735
	590,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-3, Class M, 4.25%, due 05/25/60(f) 144A		620,639
	1,580,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA1, Class B1, 2.39% (1 mo. USD LIBOR + 2.30%), due 01/25/50(b) 144A		1,582,328
	274,614	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA2, Class M2, 1.94% (1 mo. USD LIBOR + 1.85%), due 02/25/50(b) 144A		277,065
	1,430,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA3, Class B1, 5.19% (1 mo. USD LIBOR + 5.10%), due 06/25/50(b) 144A		1,497,167
	900,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA6, Class B1, 3.05% (SOFR 30-day average + 3.00%), due 12/25/50(b) 144A		913,219
	380,000	FHLMC Structured Agency Credit Risk CMO, Series 2021-DNA3, Class B1, 3.55% (SOFR 30-day average + 3.50%), due 10/25/33(b) 144A		398,935
	360,000	FHLMC Structured Agency Credit Risk CMO, Series 2021-DNA5, Class B1, 3.10% (SOFR 30-day average + 3.05%), due 01/25/34(b) 144A		368,268
	249,421	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2015-HQ1, Class B, 10.84% (1 mo. USD LIBOR + 10.75%), due 03/25/25(b)		257,828
	605,000	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-HRP1, Class B1, 4.69% (1 mo. USD LIBOR + 4.60%), due 12/25/42(b)		626,238
	229,462	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-SPI1, Class B, 4.04%, due 09/25/47(f) 144A		224,568
	422,770	FHLMC Structured Asset Mortgage Investments II Trust CMO, Series 2005-AR2, Class 2A2, 0.65% (1 mo. USD LIBOR + 0.56%), due 05/25/45(b)		317,513
	695,166	FNMA Connecticut Avenue Securities CMO, Series 2014-C04, Class 1M2, 4.99% (1 mo. USD LIBOR + 4.90%), due 11/25/24(b) 144A		721,823
	295,760	FNMA Connecticut Avenue Securities CMO, Series 2016-C06, Class 1M2, 4.34% (1 mo. USD LIBOR + 4.25%), due 04/25/29(b) 144A		306,739
	440,000	FNMA Connecticut Avenue Securities CMO, Series 2017-C07, Class 1B1, 4.09% (1 mo. USD LIBOR + 4.00%), due 05/25/30(b) 144A		459,936
	987,907	FNMA Connecticut Avenue Securities CMO, Series 2017-C07, Class 1M2, 2.49% (1 mo. USD LIBOR + 2.40%), due 05/25/30(b) 144A		1,003,264
	610,000	FNMA Connecticut Avenue Securities CMO, Series 2018-C01, Class 1B1, 3.64% (1 mo. USD LIBOR + 3.55%), due 07/25/30(b) 144A		632,088
	701,580	FNMA Connecticut Avenue Securities CMO, Series 2018-C01, Class 1M2, 2.34% (1 mo. USD LIBOR + 2.25%), due 07/25/30(b) 144A		711,469
	461,208	FNMA Connecticut Avenue Securities CMO, Series 2018-C03, Class 1M2, 2.24% (1 mo. USD LIBOR + 2.15%), due 10/25/30(b) 144A		467,787
	1,210,000	FNMA Connecticut Avenue Securities CMO, Series 2018-C05, Class 1B1, 4.34% (1. mo. USD LIBOR + 4.25%), due 01/25/31(b) 144A		1,276,718

See accompanying Notes to the Financial Statements.

111

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities — Private Issuers — continued
	1,888,120	FNMA Connecticut Avenue Securities CMO, Series 2018-C05, Class 1M2, 2.44% (1 mo. USD LIBOR + 2.35%), due 01/25/31(b) 144A		1,917,604
	492,500	FNMA Connecticut Avenue Securities CMO, Series 2018-C06, Class 1B1, 3.84% (1 mo. USD LIBOR + 3.75%), due 03/25/31(b) 144A		506,140
	509,634	FNMA Connecticut Avenue Securities CMO, Series 2018-C06, Class 1M2, 2.09% (1 mo. USD LIBOR + 2.00%), due 03/25/31(b) 144A		515,183
	610,000	FNMA Connecticut Avenue Securities Trust CMO, Series 2018-R07, Class 1B1, 4.44% (1 mo. USD LIBOR + 4.35%), due 04/25/31(b) 144A		634,870
	78,625	FNMA Connecticut Avenue Securities Trust CMO, Series 2019-R05, Class 1M2, 2.09% (1 mo. USD LIBOR + 2.00%), due 07/25/39(b) 144A		78,853
	680,000	FNMA Connecticut Avenue Securities Trust CMO, Series 2019-R07, Class 1B1, 3.49% (1 mo. USD LIBOR + 3.40%), due 10/25/39(b) 144A		689,283
	339,171	FNMA Connecticut Avenue Securities Trust CMO, Series 2020-R01, Class 1M2, 2.14% (1 mo. USD LIBOR + 2.05%), due 01/25/40(b) 144A		341,317
	265,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.30%, due 08/10/44(f) 144A		136,475
	570,000	GS Mortgage Securities Trust, Series 2020-DUNE, Class A, 1.18% (1 mo. USD LIBOR + 1.10%), due 12/15/36(b) 144A		573,278
	198,847	HarborView Mortgage Loan Trust CMO, Series 2005-9, Class 2A1C, 0.99% (1 mo. USD LIBOR + 0.90%), due 06/20/35(b)		198,792
	1,390,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, 8.44% (1 mo. USD LIBOR + 8.36%), due 06/15/35(b) 144A		167,008
	1,210,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFL, 3.23% (1 mo. USD LIBOR + 3.15%), due 07/05/33(b) 144A		1,200,669
	530,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class E, 2.68% (1 mo. USD LIBOR + 2.60%), due 09/15/29(b) 144A		522,581
	800,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class F, 3.48% (1 mo. USD LIBOR + 3.40%), due 09/15/29(b) 144A		791,263
	800,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-MKST, Class F, 2.93% (1 mo. USD LIBOR + 2.85%), due 12/15/36(b) 144A		745,630
	760,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class GFX, 4.84%, due 01/16/37(f) 144A		746,016
	630,000	KIND Trust, Series 2021-KIND, Class D, 2.38% (1 mo. USD LIBOR + 2.30%), due 08/15/38(b) 144A		631,828
	221,767	KKR Industrial Portfolio Trust, Series 2020-AIP, Class E, 2.71% (1 mo. USD LIBOR + 2.63%), due 03/15/37(b) 144A		222,374
	590,000	MHC Trust, Series 2021-MHC2, Class E, 2.03% (1 mo. USD LIBOR + 1.95%), due 05/15/23(b) 144A		591,446
	320,000	Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.42%, due 07/11/40(f) 144A		358,627
	650,000	Motel 6 Trust, Series 2021-MTL6, Class E, 2.80% (1 mo. USD LIBOR + 2.70%), due 09/15/38(b) (c)		652,822
	365,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.28%, due 10/15/30 144A		363,567
	490,000	Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 3.34% (1 mo. USD LIBOR + 3.25%), due 10/15/49(b) 144A		495,649
	460,000	Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 3.84% (1 mo. USD LIBOR + 3.75%), due 03/25/50(b) 144A		478,385
	320,000	Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 1.58% (1 mo. USD LIBOR + 1.50%), due 07/15/36(b) 144A		320,278
	780,000	Natixis Commercial Mortgage Securities Trust, Series 2019-TRUE, Class A, 3.51% (1 mo. USD LIBOR + 2.01%), due 04/18/24(b) 144A		745,972

See accompanying Notes to the Financial Statements.

112

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Mortgage Backed Securities — Private Issuers — continued
	442,737		New Residential Mortgage Loan Trust CMO, Series 2017-5A, Class B4, 2.63%, due 06/25/57(f) 144A		449,776
	137,972		PMT Credit Risk Transfer Trust CMO, Series 2019-3R, Class A, 2.79% (1 mo. USD LIBOR + 2.70%), due 10/27/22(b) 144A		138,865
	500,000		Radnor RE, Ltd. Mortgage Insurance-Linked Notes CMO, Series 2020-1, Class M1C, 1.84% (1 mo. USD LIBOR + 1.75%), due 01/25/30(b) 144A		499,318
	360,000		SFO Commercial Mortgage Trust, Series 2021-555, Class E, 2.98% (1 mo. USD LIBOR + 2.90%), due 05/15/38(b) 144A		363,106
	230,000		Starwood Retail Property Trust, Series 2014-STAR, Class C, 2.83% (1 mo. USD LIBOR + 2.75%), due 11/15/27(b) (c) (n)		99,170
	900,000		Starwood Retail Property Trust, Series 2014-STAR, Class D, 3.58% (1 mo. USD LIBOR + 3.50%), due 11/15/27(b) (c) (n)		228,305
	766,336		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class E, 3.41% (1 mo. USD LIBOR + 3.33%), due 11/11/34(b) 144A		763,993
	761,476		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class F, 4.19% (1 mo. USD LIBOR + 4.10%), due 11/11/34(b) 144A		743,770
	590,000		Towd Point Mortgage Trust, Series 2019-4, Class B1B, 3.50%, due 10/25/59(f) 144A		601,546
	326,597		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR1, Class A1B, 0.87% (1 mo. USD LIBOR + 0.78%), due 01/25/45(b)		323,531
	690,548		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR6, Class 2A1A, 0.55% (1 mo. USD LIBOR + 0.46%), due 04/25/45(b)		686,003
	477,188		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2006-AR16, Class 2A2, 2.45%, due 12/25/36(f)		457,767
	379,773		Wells Fargo Mortgage Backed Securities Trust CMO, Series 2006-AR5, Class 2A1, 2.63%, due 04/25/36(f)		378,223
	460,000		ZH Trust CMO, Series 2021-1, Class A, 2.25%, due 02/18/27(c)		461,658
					48,196,784
			Mortgage Backed Securities — U.S. Government Agency Obligations — 0.1%
	60,000		FNMA, Pool # BL5547, 2.68%, due 01/01/35		64,436
	128,996		FNMA, Pool # BM6224, 2.79%, due 01/01/35(f)		139,630
	353,016		UMBS, Pool # BM5520, 3.50%, due 02/01/47		377,578
					581,644
			Sovereign Debt Obligations — 29.7%
	670,000		Abu Dhabi Government International Bond, 4.13%, due 10/11/47 144A		793,531
	5,505		Argentine Republic Government International Bond, 1.00%, due 07/09/29		2,106
	327,438		Argentine Republic Government International Bond, 1.13%, due 07/09/46(d)		109,463
	475,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 2.30%, due 10/01/28(j)		486,200
	270,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 2.80%, due 10/01/33(j) 144A		254,126
	715,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26		859,279
	1,860,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 10/01/28(j) 144A		2,229,259
	180,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35		203,481
	4,857,000	BRL	Brazil Letras do Tesouro Nacional, 6.90%, due 01/01/22(h)		875,979
	11,731,000	BRL	Brazil Letras do Tesouro Nacional, 8.27%, due 07/01/22(h)		2,025,452
	13,096,000	BRL	Brazil Letras do Tesouro Nacional, 9.54%, due 07/01/23(h)		2,049,498
	13,812,000	BRL	Brazil Letras do Tesouro Nacional, 10.16%, due 01/01/24(h)		2,047,143
	1,129,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 05/15/45		864,170
	1,134,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 08/15/50		879,417

See accompanying Notes to the Financial Statements.

113

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	36,868,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/23		6,805,882
	14,384,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/25		2,626,243
	25,480,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/27		4,569,414
	24,016,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/29		4,227,845
	18,730,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/31		3,233,594
	1,660,000		Brazilian Government International Bond, 4.75%, due 01/14/50		1,473,698
	90,000	EUR	Bundesrepublik Deutschland Bundesanleihe, 0.00%, due 08/15/26(j)		107,314
	8,350,000	CNY	China Government Bond, 1.99%, due 04/09/25		1,262,634
	10,500,000	CNY	China Government Bond, 2.68%, due 05/21/30		1,586,492
	5,270,000	CNY	China Government Bond, 3.02%, due 10/22/25		826,075
	9,130,000	CNY	China Government Bond, 3.13%, due 11/21/29		1,432,631
	5,150,000	CNY	China Government Bond, 3.25%, due 11/22/28		816,533
	5,550,000	CNY	China Government Bond, 3.27%, due 11/19/30		882,509
	2,200,000	CNY	China Government Bond, 3.29%, due 05/23/29		349,900
	1,240,000	CNY	China Government Bond, 3.72%, due 04/12/51		202,761
	3,220,000	CNY	China Government Bond, 3.81%, due 09/14/50		528,984
	470,000		Ciudad Autonoma De Buenos Aires/Government Bonds, 7.50%, due 06/01/27(j)		431,653
	1,575,000		Colombia Government International Bond, 4.13%, due 05/15/51		1,357,052
	16,805,600,000	COP	Colombian TES, 6.00%, due 04/28/28		4,149,974
	2,269,600,000	COP	Colombian TES, 6.25%, due 11/26/25		596,606
	9,090,000,000	COP	Colombian TES, 7.00%, due 05/04/22		2,444,859
	7,421,200,000	COP	Colombian TES, 7.00%, due 06/30/32		1,845,150
	9,257,100,000	COP	Colombian TES, 7.25%, due 10/18/34		2,307,087
	9,879,600,000	COP	Colombian TES, 7.50%, due 08/26/26		2,686,552
	6,372,500,000	COP	Colombian TES, 7.75%, due 09/18/30		1,707,680
	13,361,400,000	COP	Colombian TES, 10.00%, due 07/24/24		3,913,652
	9,720,000	CZK	Czech Republic Government Bond, 0.25%, due 02/10/27		404,771
	18,720,000	CZK	Czech Republic Government Bond, 0.95%, due 05/15/30(j)		783,554
	8,760,000	CZK	Czech Republic Government Bond, 1.00%, due 06/26/26(j)		381,151
	22,420,000	CZK	Czech Republic Government Bond, 2.00%, due 10/13/33		1,016,565
	4,270,000	CZK	Czech Republic Government Bond, 2.40%, due 09/17/25(j)		198,145
	10,550,000	CZK	Czech Republic Government Bond, 2.75%, due 07/23/29		506,484
	1,425,000		Dominican Republic International Bond, 4.50%, due 01/30/30(j)		1,453,514
	14,650,000	DOP	Dominican Republic International Bond, 9.75%, due 06/05/26(j)		315,639
	2,756,000	EGP	Egypt Government Bond, 14.56%, due 07/06/26		177,048
	22,450,000	EGP	Egypt Government Bond, 14.61%, due 09/08/25		1,445,960
	13,761,000	EGP	Egypt Government Bond, 14.66%, due 10/06/30		884,154
	8,428,000	EGP	Egypt Government Bond, 14.82%, due 07/06/31		547,198
	4,826,000	EGP	Egypt Government Bond, 16.10%, due 05/07/29		331,370
	49,395,000	EGP	Egypt Government Bond, 16.50%, due 04/02/26		3,372,320
	325,000		Egypt Government International Bond, 5.75%, due 05/29/24(i) 144A		338,404
	590,000		Egypt Government International Bond, 7.60%, due 03/01/29 144A		613,045
	1,455,000		El Salvador Government International Bond, 7.65%, due 06/15/35(j)		1,054,875
	85,473,000	MXN	European Investment Bank, (MTN), 5.50%, due 01/23/23		4,130,013
	5,140,000	ZAR	European Investment Bank, (MTN), 8.50%, due 09/17/24(j)		361,853
	560,000		Ghana Government International Bond, 7.63%, due 05/16/29 144A		533,495
	3,030,000		Ghana Government International Bond, 7.75%, due 04/07/29 144A		2,896,862
	200,000		Ghana Government International Bond, 8.13%, due 03/26/32 144A		189,956
	27,330,000	HUF	Hungary Government Bond, 3.00%, due 08/21/30		87,832
	103,180,000	HUF	Hungary Government Bond, 2.50%, due 10/24/24		335,583

See accompanying Notes to the Financial Statements.

114

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	56,010,000	HUF	Hungary Government Bond, 2.75%, due 12/22/26		181,114
	171,210,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		558,342
	66,470,000	HUF	Hungary Government Bond, 3.25%, due 10/22/31		216,742
	152,850,000	HUF	Hungary Government Bond, 4.00%, due 04/28/51		525,225
	163,750,000	HUF	Hungary Government Bond, 5.50%, due 06/24/25		585,778
	174,190,000	HUF	Hungary Government Bond, 6.75%, due 10/22/28		699,714
	230,000		Indonesia Government International Bond, 3.50%, due 01/11/28		250,023
	1,790,000		Indonesia Government International Bond, (MTN), 5.25%, due 01/17/42(j)		2,181,282
	14,102,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		1,006,476
	3,553,000,000	IDR	Indonesia Treasury Bond, 6.25%, due 06/15/36		245,303
	14,425,000,000	IDR	Indonesia Treasury Bond, 6.50%, due 06/15/25		1,059,765
	49,519,000,000	IDR	Indonesia Treasury Bond, 6.50%, due 02/15/31		3,502,226
	10,023,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		703,798
	38,299,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		2,871,254
	11,176,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 09/15/30		820,289
	30,581,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 08/15/32		2,289,435
	57,905,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 05/15/38		4,220,743
	29,881,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 04/15/40		2,187,759
	1,898,000,000	IDR	Indonesia Treasury Bond, 8.13%, due 05/15/24		144,778
	30,548,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/29		2,408,623
	2,658,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 06/15/32		209,803
	17,059,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/36		1,333,731
	2,683,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		204,752
	14,937,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 09/15/26		1,185,306
	57,221,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		4,533,702
	27,983,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 04/15/39		2,201,492
	31,350,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		2,567,141
	18,253,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		1,492,123
	6,017,000,000	IDR	Indonesia Treasury Bond, 9.50%, due 07/15/31		512,553
	5,494,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		492,491
	22,300,000,000	IDR	Inter-American Development Bank, (MTN), 7.88%, due 03/14/23		1,632,555
	200,000		Israel Government International Bond, 2.75%, due 07/03/30		212,904
	170,000	EUR	Ivory Coast Government International Bond, 4.88%, due 01/30/32 144A		192,412
	143,209		Ivory Coast Government International Bond, 5.75%, due 12/31/32(d) (j)		143,746
	540,000		Ivory Coast Government International Bond, 6.13%, due 06/15/33(j)		571,860
	810,000		Kazakhstan Government International Bond, (MTN), 5.13%, due 07/21/25(j)		932,168
	6,344,000	MYR	Malaysia Government Bond, 2.63%, due 04/15/31		1,422,395
	1,381,000	MYR	Malaysia Government Bond, 3.42%, due 08/15/22		334,735
	3,415,000	MYR	Malaysia Government Bond, 3.48%, due 06/14/24		837,059
	2,860,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		697,793
	6,468,000	MYR	Malaysia Government Bond, 3.50%, due 05/31/27		1,576,914
	1,025,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		245,536
	10,005,000	MYR	Malaysia Government Bond, 3.73%, due 06/15/28		2,452,236
	1,022,000	MYR	Malaysia Government Bond, 3.76%, due 05/22/40		233,577
	11,158,000	MYR	Malaysia Government Bond, 3.80%, due 08/17/23		2,754,283
	681,000	MYR	Malaysia Government Bond, 3.83%, due 07/05/34		161,329
	2,226,000	MYR	Malaysia Government Bond, 3.84%, due 04/15/33		533,871
	7,115,000	MYR	Malaysia Government Bond, 3.88%, due 03/14/25		1,770,837
	12,517,000	MYR	Malaysia Government Bond, 3.89%, due 08/15/29		3,095,350
	661,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		165,115

See accompanying Notes to the Financial Statements.

115

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	6,454,000	MYR	Malaysia Government Bond, 3.90%, due 11/16/27		1,602,754
	1,398,000	MYR	Malaysia Government Bond, 3.90%, due 11/30/26		349,337
	13,930,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		3,483,962
	1,275,000	MYR	Malaysia Government Bond, 4.06%, due 09/30/24		317,338
	624,000	MYR	Malaysia Government Bond, 4.13%, due 04/15/32		155,617
	953,000	MYR	Malaysia Government Bond, 4.18%, due 07/15/24		237,594
	1,205,000	MYR	Malaysia Government Bond, 4.23%, due 06/30/31		305,567
	6,905,000	MYR	Malaysia Government Bond, 4.39%, due 04/15/26		1,753,097
	4,041,000	MYR	Malaysia Government Bond, 4.50%, due 04/15/30		1,040,917
	1,597,000	MYR	Malaysia Government Bond, 4.74%, due 03/15/46		408,006
	1,798,000	MYR	Malaysia Government Bond, 4.76%, due 04/07/37		470,122
	647,000	MYR	Malaysia Government Bond, 4.89%, due 06/08/38		169,629
	38,538,500	MXN	Mexican Bonos, 5.75%, due 03/05/26		1,790,470
	19,558,300	MXN	Mexican Bonos, 6.50%, due 06/09/22		957,699
	10,202,000	MXN	Mexican Bonos, 6.75%, due 03/09/23		502,589
	11,994,200	MXN	Mexican Bonos, 7.25%, due 12/09/21		585,685
	64,299,400	MXN	Mexican Bonos, 7.50%, due 06/03/27		3,182,432
	15,586,200	MXN	Mexican Bonos, 7.75%, due 05/29/31		778,396
	16,893,100	MXN	Mexican Bonos, 7.75%, due 11/23/34		838,763
	50,790,500	MXN	Mexican Bonos, 7.75%, due 11/13/42		2,448,762
	22,141,200	MXN	Mexican Bonos, 8.00%, due 12/07/23		1,115,730
	9,850,600	MXN	Mexican Bonos, 8.00%, due 09/05/24		497,749
	39,496,600	MXN	Mexican Bonos, 8.00%, due 11/07/47		1,939,842
	36,862,000	MXN	Mexican Bonos, 8.50%, due 05/31/29		1,921,287
	67,632,400	MXN	Mexican Bonos, 8.50%, due 11/18/38		3,509,129
	70,250,600	MXN	Mexican Bonos, 10.00%, due 12/05/24		3,750,763
	13,449,000	MXN	Mexican Bonos, 10.00%, due 11/20/36		794,065
	12,314,875	MXN	Mexican Udibonos, 4.50%, due 11/22/35		690,411
	420,000		Mexico Government International Bond, 2.66%, due 05/24/31		406,237
	902,000		Mexico Government International Bond, 3.60%, due 01/30/25		983,622
	755,000		Oman Sovereign Sukuk Co., 4.88%, due 06/15/30 144A		795,756
	630,000		Panama Government International Bond, 4.50%, due 04/01/56		687,771
	1,109,000	PEN	Peru Government Bond, 6.15%, due 08/12/32		260,460
	1,230,000	PEN	Peru Government Bond, 5.40%, due 08/12/34		257,200
	1,068,000	PEN	Peru Government Bond, 5.94%, due 02/12/29		259,889
	1,042,000	PEN	Peru Government Bond, 6.35%, due 08/12/28		260,681
	1,027,000	PEN	Peru Government Bond, 6.95%, due 08/12/31		257,961
	640,000		Peruvian Government International Bond, 2.78%, due 01/23/31		634,944
	4,428,000	PEN	Peruvian Government International Bond (GDN), 6.35%, due 08/12/28(j)		1,107,768
	2,314,000	PEN	Peruvian Government International Bond (GDN), 6.95%, due 08/12/31(j)		581,229
	2,849,000	PEN	Peruvian Government International Bond (GDN), 8.20%, due 08/12/26(j)		776,380
	1,980,031		Provincia de Buenos Aires/Government Bonds, 6.63%, due 09/01/37(d) 144A		905,448
	421,629		Provincia de Cordoba, 6.98%, due 12/10/25(d) 144A		322,926
	200,000		Qatar Government International Bond, 4.82%, due 03/14/49 144A		257,727
	1,250,000		Qatar Government International Bond, 5.10%, due 04/23/48 144A		1,661,355
	265,000		Republic of Kenya Government International Bond, 8.00%, due 05/22/32(j)		293,619
	9,335,000	PLN	Republic of Poland Government Bond, 1.25%, due 10/25/30		2,196,796
	15,263,000	PLN	Republic of Poland Government Bond, 2.25%, due 04/25/22		3,895,383
	6,217,000	PLN	Republic of Poland Government Bond, 2.50%, due 01/25/23		1,609,809
	4,014,000	PLN	Republic of Poland Government Bond, 2.75%, due 04/25/28		1,076,919

See accompanying Notes to the Financial Statements.

116

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	7,947,000	PLN	Republic of Poland Government Bond, 2.75%, due 10/25/29		2,120,801
	986,000	PLN	Republic of Poland Government Bond, 5.75%, due 09/23/22		262,022
	41,727,040	ZAR	Republic of South Africa Government Bond, 6.25%, due 03/31/36		1,920,165
	19,991,293	ZAR	Republic of South Africa Government Bond, 6.50%, due 02/28/41		868,814
	60,970,164	ZAR	Republic of South Africa Government Bond, 7.00%, due 02/28/31		3,411,614
	37,971,062	ZAR	Republic of South Africa Government Bond, 8.00%, due 01/31/30		2,347,428
	17,304,904	ZAR	Republic of South Africa Government Bond, 8.25%, due 03/31/32		1,029,536
	77,767,661	ZAR	Republic of South Africa Government Bond, 8.50%, due 01/31/37		4,335,999
	66,589,058	ZAR	Republic of South Africa Government Bond, 8.75%, due 01/31/44		3,655,427
	109,618,107	ZAR	Republic of South Africa Government Bond, 8.75%, due 02/28/48		6,004,478
	38,874,136	ZAR	Republic of South Africa Government Bond, 8.88%, due 02/28/35		2,295,795
	7,422,320	ZAR	Republic of South Africa Government Bond, 9.00%, due 01/31/40		422,159
	35,632,995	ZAR	Republic of South Africa Government Bond, 10.50%, due 12/21/26		2,661,402
	1,345,000	RON	Romania Government Bond, 3.25%, due 04/29/24		315,664
	860,000	RON	Romania Government Bond, 4.00%, due 10/25/23		205,856
	1,195,000	RON	Romania Government Bond, 4.25%, due 06/28/23		285,977
	312,000	EUR	Romanian Government International Bond, 2.75%, due 02/26/26 144A		397,561
	134,000	EUR	Romanian Government International Bond, 3.62%, due 05/26/30 144A		175,103
	42,983,000	RUB	Russian Federal Bond — OFZ, 5.70%, due 05/17/28		547,739
	7,601,000	RUB	Russian Federal Bond — OFZ, 6.10%, due 07/18/35		93,101
	264,508,000	RUB	Russian Federal Bond — OFZ, 6.90%, due 05/23/29		3,582,660
	49,770,000	RUB	Russian Federal Bond — OFZ, 7.00%, due 08/16/23		682,848
	490,109,000	RUB	Russian Federal Bond — OFZ, 7.05%, due 01/19/28		6,706,046
	227,763,000	RUB	Russian Federal Bond — OFZ, 7.10%, due 10/16/24		3,129,517
	191,630,000	RUB	Russian Federal Bond — OFZ, 7.25%, due 05/10/34		2,610,523
	95,365,000	RUB	Russian Federal Bond — OFZ, 7.40%, due 12/07/22		1,315,377
	47,168,000	RUB	Russian Federal Bond — OFZ, 7.65%, due 04/10/30		668,485
	123,586,000	RUB	Russian Federal Bond — OFZ, 7.70%, due 03/23/33		1,754,009
	38,304,000	RUB	Russian Federal Bond — OFZ, 7.70%, due 03/16/39		543,887
	135,970,000	RUB	Russian Federal Bond — OFZ, 7.75%, due 09/16/26		1,918,954
	47,137,000	RUB	Russian Federal Bond — OFZ, 7.95%, due 10/07/26		669,676
	227,158,000	RUB	Russian Federal Bond — OFZ, 8.15%, due 02/03/27		3,260,089
	77,879,000	RUB	Russian Federal Bond — OFZ, 8.50%, due 09/17/31		1,169,934
	513,000	EUR	Serbia International Bond, 1.00%, due 09/23/28 144A		577,335
	330,000		State of Israel, 3.38%, due 01/15/50		350,758
	2,325,000	TRY	Turkey Government Bond, 9.00%, due 05/04/22		251,100
	19,574,067	TRY	Turkey Government Bond, 11.70%, due 11/13/30		1,607,258
	4,889,000	TRY	Turkey Government Bond, 12.60%, due 10/01/25		469,956
	1,070,000		Ukraine Government International Bond, 7.25%, due 03/15/33 144A		1,086,876
	1,260,000		Ukraine Government International Bond, 0.00%, due 05/31/40(f) (j)		1,378,770
	1,520,000		Ukraine Government International Bond, 7.25%, due 03/15/33(i) (j)		1,543,973
	19,966,000	UYU	Uruguay Government International Bond, 8.50%, due 03/15/28(j)		487,734
					273,980,105
			U.S. Government and Agency Obligations — 1.2%
	30,000		U.S. Treasury Bond, 2.25%, due 05/15/41		31,205
	9,735,000		U.S. Treasury Note, 0.13%, due 12/31/22		9,733,859
	340,000		U.S. Treasury Note, 0.25%, due 09/30/23		339,747
	1,000,000		U.S. Treasury Note, 1.63%, due 05/15/31		1,011,875
					11,116,686
			TOTAL DEBT OBLIGATIONS (COST $850,999,287)		852,660,734

See accompanying Notes to the Financial Statements.

117

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 0.1%
		Energy — 0.0%
	10	Amplify Energy Corp.*		53
	14,783	Nine Point Energy Holdings, LLC* (n)		—
				53
		Industrial — 0.0%
	1,282	Arctic Canadian Diamond Co., Ltd.* (n)		—
		Utilities — 0.1%
	8,511	Birch Permian Holdings, Inc.* (n)		110,643
	66,347	Birch Permian Holdings, Inc.* (n)		862,511
				973,154
		TOTAL COMMON STOCKS (COST $1,508,586)		973,207
		CONVERTIBLE PREFERRED STOCKS — 0.8%
		Basic Materials — 0.0%
	1,580	ArcelorMittal SA, 5.50%		113,507
		Consumer, Cyclical — 0.0%
	700	Aptiv Plc, 5.50%		117,950
		Consumer, Non-cyclical — 0.1%
	5,308	Bunge, Ltd., 4.88%(k)		636,695
	100	Danaher Corp., 5.00%(i)		162,237
	3,306	Elanco Animal Health, Inc., 5.00%(i)		164,870
				963,802
		Energy — 0.7%
	103,220	MPLX, LP, 8.46%(d) (k)		3,444,968
	322	Nine Point Energy Holdings, Inc., 0.00%* (n)		—
	2,430	Targa Resources Corp., 9.50%(k)		2,626,726
				6,071,694
		Financial — 0.0%
	1,601	KKR & Co., Inc., 6.00%(i)		126,495
	86	Wells Fargo & Co.Class A, 7.50%(k)		127,453
				253,948
		Technology — 0.0%
	80	Broadcom, Inc., 8.00%		122,561
		TOTAL CONVERTIBLE PREFERRED STOCK (COST $7,714,709)		7,643,462
		PREFERRED STOCKS — 0.0%
		Financial — 0.0%
	8,000	B Riley Financial, Inc., 5.50%		205,600
	7,150	B Riley Financial, Inc., 5.25%		180,180
				385,780
		TOTAL PREFERRED STOCKS (COST $378,750)		385,780

See accompanying Notes to the Financial Statements.

118

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Notional Value					Description	Value ($)
					PURCHASED OPTIONS — 0.1%
					PURCHASED CURRENCY OPTIONS — 0.0%
					Call Options — 0.0%
	3,800,000	EUR			EUR/HUF Option with Morgan Stanley and Co. International Plc, Strike Price HUF 354.00, Expires 10/14/21		72,609
	4,300,000				EUR/USD Option with JPMorgan Chase Bank N.A., Strike Price USD 1.18, Expires 12/21/21		17,412
	5,200,000				EUR/USD Option with Morgan Stanley and Co. International Plc, Strike Price USD 1.19, Expires 12/20/21		11,167
					Put Options — 0.0%
	2,771,000	USD			JPY/USD Option with Morgan Stanley & Co., Strike Price JPY 115.20, Expires 11/10/21		1,657
	770,000				USD/AUD Option with Goldman Sachs & Co., Strike Price AUD 0.73, Expires 11/22/21		8,257
	1,500,000				USD/CAD Option with BNP Paribas S.A., Strike Price CAD 1.27, Expires 11/22/21		15,858
	1,980,000				USD/CAD Option with Goldman Sachs & Co., Strike Price CAD 1.26, Expires 11/19/21		15,585
	2,750,000				USD/NOK Option with Morgan Stanley & Co., Strike Price NOK 8.60, Expires 10/08/21		4,444
	1,900,000				USD/NZD Option with Citigroup Global Markets, Inc., Strike Price NZD 0.70, Expires 11/19/21		18,306
	1,170,000				USD/NZD Option with Goldman Sachs & Co., Strike Price NZD 0.71, Expires 11/22/21		4,519
					TOTAL PURCHASED CURRENCY OPTIONS (PREMIUMS PAID $187,628)		169,814
Number of Contracts			Notional Value ($)		Description	Value ($)
					PURCHASED FUTURES OPTIONS — 0.1%
					Put Options — 0.1%
	2,350			10,099,713	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $4,100.00, Expires 12/17/21		230,887
	1,050			4,512,638	S&P 500 E-mini Futures with Goldman Sachs & Co., Strike Price $4,000.00, Expires 12/17/21		69,607
	1,000			4,297,750	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $4,000.00, Expires 10/15/21		13,750
	1,500			6,446,625	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,950.00, Expires 10/15/21		15,375
	1,350			5,801,963	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,900.00, Expires 10/15/21		10,463
	2,600			11,174,150	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $4,000.00, Expires 11/19/21		137,800
	14,000			1,105,860	U.S. Long Bond Futures with Citigroup Global Markets, Inc., Strike Price $162.50, Expires 10/08/21		1,531
					TOTAL PURCHASED FUTURES OPTIONS (PREMIUMS PAID $528,398)		479,413

See accompanying Notes to the Financial Statements.

119

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Notional Value			Description	Value ($)
			PURCHASED SWAPTION — 0.0%
			Put Swaption — 0.0%
	15,100,000	EUR	Interest Rate Swaption pay annually a fixed rate of 0.25% and receive semi-annually a floating rate of 6-Month EUR LIBOR with Morgan Stanley & Co., Strike Price EUR 0.25, Expires 05/06/22		249,307
			TOTAL PURCHASED SWAPTION (PREMIUMS PAID $394,409)		249,307
			TOTAL PURCHASED OPTIONS (PREMIUMS PAID $1,110,435)		898,534
Par Value(a)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 3.3%
			Mutual Fund - Securities Lending Collateral — 2.4%
	22,097,920		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(o) (p)		22,097,920
			Sovereign Debt Obligation — 0.9%
	141,575,000	EGP	Egypt Treasury Bills, due 01/04/22(h)		8,757,619
			TOTAL SHORT-TERM INVESTMENTS (COST $30,857,293)		30,855,539
			TOTAL INVESTMENTS — 96.7% (Cost $892,569,060)		893,417,256
			Other Assets and Liabilities (net)(q) — 3.3%		30,509,389
			NET ASSETS — 100.0%	$	923,926,645

	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, 2021.
(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 $4,408,939, which is 0.5% of net assets. See details shown in the Restricted Securities table that follows.
(d)	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.
(e)	When-issued security.
(f)	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.

See accompanying Notes to the Financial Statements.

120

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

(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)	Interest rate presented is yield to maturity.
(i)	All or a portion of this security is out on loan.
(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)	Security is perpetual and has no stated maturity date.
(l)	Security is currently in default.
(m)	Year of maturity is greater than 2100.
(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 $1,300,629 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2021 was $2,768,770.
(o)	The rate disclosed is the 7-day net yield as of September 30, 2021.
(p)	Represents an investment of securities lending cash collateral.
(q)	As of September 30, 2021, the value of unfunded loan commitments was $357,826 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 $301,760,926 which represents 32.7% of net assets.

See accompanying Notes to the Financial Statements.

121

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

At September 30, 2021, the Fund held the following restricted securities:

Restricted Securities	Acquisition Date		Principal Amount			Cost			Value
Credit Suisse Mortgage Trust, Series 2019 RIO, Class B, 8.00% (1 mo. USD LIBOR + 7.00%), due 12/15/21		12/16/19		USD	742,500		$	742,500		$	717,954
Fortress Credit BSL CLO XII, Ltd., Series 2021-4A, Class E, 7.27% (3 mo. USD LIBOR + 7.13%), due 10/15/34		08/20/21		USD	250,000			243,750			243,750
K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22		08/23/13		USD	622,163			713,026			1,938
K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22		01/30/16		USD	198,302			215,945			516
Motel 6 Trust, Series 2021-MTL6, Class E, 2.80% (1 mo. USD LIBOR + 2.70%), due 09/15/38		08/24/21		USD	650,000			650,000			652,822
Neuberger Berman Loan Advisers CLO 44, Ltd., Series 2021-44A, Class E, 6.08% (3 mo. USD LIBOR + 6.00%), due 10/16/34		08/17/21		USD	480,000			480,000			477,342
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22		01/25/19		USD	400,000			344,578			520
Societe Generale SA, 3.63%, due 03/01/41		02/22/21		USD	1,495,000			1,494,165			1,524,964
Starwood Retail Property Trust, Series 2014-STAR, Class C, 2.83% (1 mo. USD LIBOR + 2.75%), due 11/15/27		07/25/18		USD	230,000			226,550			99,170
Starwood Retail Property Trust, Series 2014-STAR, Class D, 3.58% (1 mo. USD LIBOR + 3.50%), due 11/15/27		12/21/18		USD	900,000			732,750			228,305
ZH Trust CMO, Series 2021-1, Class A, 2.25%, due 02/18/27		08/03/21		USD	460,000			460,000			461,658
										$	4,408,939

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
AUD	2,466,890	USD	1,814,687		10/21/21	Bank of America, N.A.	$	(32,609	)
AUD	4,737,155	USD	3,552,866		10/19/21	JPMorgan Chase Bank N.A.		(130,781	)
AUD	400,000	USD	291,800		10/21/21	JPMorgan Chase Bank N.A.		(2,840	)
AUD	1,020,000	USD	746,405		10/19/21	Morgan Stanley Capital Services, Inc.		(9,564	)
BRL	4,800,000	USD	885,778		10/21/21	JPMorgan Chase Bank N.A.		(7,130	)
BRL	27,471,000	USD	5,192,024		11/22/21	JPMorgan Chase Bank N.A.		(189,702	)
BRL	15,275,300	USD	2,919,033		12/13/21	JPMorgan Chase Bank N.A.		(148,146	)
CAD	950,000	USD	745,354		10/19/21	BNP Paribas S.A.		4,516
CAD	2,805,318	USD	2,233,487		10/19/21	Citibank N.A.		(19,146	)
CAD	2,590,000	USD	2,066,548		10/19/21	Goldman Sachs & Co.		(22,166	)
CAD	1,620,000	USD	1,282,992		10/19/21	Morgan Stanley Capital Services, Inc.		(4,266	)
CAD	1,100,000	USD	868,046		01/18/22	Morgan Stanley Capital Services, Inc.		288
CAD	760,000	USD	599,595		10/21/21	UBS AG		300
CHF	1,650,000	USD	1,780,118		10/21/21	Morgan Stanley and Co. International Plc		(10,617	)
CLP	422,211,933	USD	538,570		10/21/21	Deutsche Bank AG		(19,612	)

See accompanying Notes to the Financial Statements.

122

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Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
CLP	1,249,779,154	USD	1,578,990		10/21/21	Goldman Sachs International	$	(42,835	)
CLP	43,888,067	USD	56,017		10/21/21	HSBC Bank Plc		(2,072	)
CNH	5,400,000	USD	833,881		10/21/21	Bank of America, N.A.		1,904
CNH	87,228,800	USD	13,406,409		12/08/21	JPMorgan Chase Bank N.A.		43,166
CNH	41,588,620	USD	6,425,677		10/21/21	UBS AG		11,205
CNY	87,228,800	USD	13,414,243		12/08/21	JPMorgan Chase Bank N.A.		24,199
COP	1,762,000,000	USD	460,767		10/21/21	JPMorgan Chase Bank N.A.		950
COP	1,211,575,196	USD	315,350		10/21/21	Morgan Stanley and Co. International Plc		2,132
CZK	20,300,000	USD	930,730		10/21/21	Citibank N.A.		(2,929	)
CZK	135,000,212	USD	6,282,440		10/21/21	JPMorgan Chase Bank N.A.		(112,320	)
CZK	1,872,700	USD	86,155		11/18/21	JPMorgan Chase Bank N.A.		(652	)
CZK	34,043,440	USD	1,578,323		10/21/21	Morgan Stanley and Co. International Plc		(22,384	)
CZK	5,700,000	USD	265,338		10/21/21	State Street Bank London		(4,823	)
EUR	670,000	USD	793,590		10/19/21	BNP Paribas S.A.		(16,880	)
EUR	2,809,182	USD	3,313,889		10/21/21	Morgan Stanley and Co. International Plc		(57,163	)
EUR	722,000	USD	837,340		10/04/21	Standard Chartered Bank		(578	)
EUR	270,000	USD	314,603		10/21/21	UBS AG		(1,588	)
GBP	424,659	USD	587,813		10/19/21	Goldman Sachs & Co.		(15,214	)
GBP	1,097,400	USD	1,516,309		10/21/21	Toronto Dominion Bank		(36,599	)
HUF	365,162,179	USD	1,192,252		10/21/21	Bank of America, N.A.		(14,796	)
HUF	1,020,438,358	USD	3,443,588		10/21/21	HSBC Bank Plc		(153,210	)
HUF	355,477,821	USD	1,172,893		10/21/21	JPMorgan Chase Bank N.A.		(26,664	)
HUF	641,214,400	USD	2,110,105		11/17/21	JPMorgan Chase Bank N.A.		(44,596	)
HUF	289,500,000	USD	963,897		10/21/21	Morgan Stanley and Co. International Plc		(30,412	)
HUF	294,100,000	USD	964,800		10/21/21	Natwest Markets Plc		(16,482	)
IDR	15,428,726,125	USD	1,077,313		10/21/21	HSBC Bank Plc		(1,059	)
IDR	187,201,062,482	USD	13,097,445		10/04/21	JPMorgan Chase Bank N.A.		(17,894	)
IDR	34,477,087,000	USD	2,411,442		10/07/21	JPMorgan Chase Bank N.A.		(3,241	)
IDR	1,761,537,375	USD	123,288		10/21/21	JPMorgan Chase Bank N.A.		(409	)
IDR	2,596,170,700	USD	180,653		11/08/21	JPMorgan Chase Bank N.A.		118
INR	308,971,300	USD	4,175,011		10/21/21	Citibank N.A.		(17,911	)
INR	26,100,000	USD	350,764		10/21/21	HSBC Bank Plc		402
JPY	57,900,000	USD	519,175		10/21/21	Bank of America, N.A.		(184	)
JPY	129,100,000	USD	1,163,767		10/21/21	HSBC Bank Plc		(6,567	)
JPY	155,100,000	USD	1,413,076		10/21/21	JPMorgan Chase Bank N.A.		(22,824	)
JPY	185,400,000	USD	1,670,463		10/21/21	Morgan Stanley and Co. International Plc		(8,614	)
JPY	81,950,000	USD	733,576		01/18/22	Morgan Stanley Capital Services, Inc.		1,752
KRW	1,766,494,780	USD	1,502,326		10/21/21	HSBC Bank Plc		(10,147	)
KRW	6,997,026,400	USD	5,941,012		11/22/21	JPMorgan Chase Bank N.A.		(36,146	)
KZT	203,648,870	USD	468,266		10/18/21	Goldman Sachs International		8,533
KZT	370,461,120	USD	855,075		11/18/21	Goldman Sachs International		6,409
KZT	403,458,120	USD	924,514		12/03/21	Goldman Sachs International		10,796
MXN	25,000,000	USD	1,238,272		10/21/21	Bank of America, N.A.		(24,658	)
MXN	12,000,000	USD	592,549		10/21/21	Barclays Bank Plc		(10,014	)
MXN	10,263,811	USD	508,933		10/19/21	Citibank N.A.		(10,541	)
MXN	30,825,882	USD	1,482,135		01/18/22	Citibank N.A.		(4,544	)
MXN	36,510,000	USD	1,779,071		10/19/21	Goldman Sachs & Co.		(6,211	)
MXN	34,490,000	USD	1,704,906		10/21/21	Goldman Sachs International		(30,605	)

See accompanying Notes to the Financial Statements.

123

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
MXN	23,800,000	USD	1,168,012		10/21/21	HSBC Bank Plc	$	(12,652	)
MXN	32,732,400	USD	1,625,929		12/16/21	JPMorgan Chase Bank N.A.		(49,664	)
MXN	8,252,070	USD	408,347		10/19/21	Morgan Stanley Capital Services, Inc.		(7,641	)
MYR	8,022,660	USD	1,930,148		10/21/21	Morgan Stanley and Co. International Plc		(15,502	)
NOK	50,473,232	USD	5,751,805		01/18/22	BNP Paribas S.A.		24,354
NOK	63,312,380	USD	7,237,730		10/19/21	Morgan Stanley Capital Services, Inc.		14,394
NOK	6,400,000	USD	733,609		01/18/22	Morgan Stanley Capital Services, Inc.		(1,192	)
NZD	854,250	USD	607,207		10/21/21	Morgan Stanley and Co. International Plc		(17,952	)
NZD	950,000	USD	650,516		11/23/21	Morgan Stanley Capital Services, Inc.		4,622
NZD	2,170,000	USD	1,494,099		01/18/22	Morgan Stanley Capital Services, Inc.		1,354
PEN	6,457,520	USD	1,573,662		10/21/21	Bank of America, N.A.		(12,390	)
PEN	256,000	USD	62,383		10/12/21	JPMorgan Chase Bank N.A.		(478	)
PEN	112,000	USD	27,274		10/20/21	JPMorgan Chase Bank N.A.		(194	)
PHP	15,400,000	USD	300,723		10/21/21	Bank of America, N.A.		319
PHP	38,700,000	USD	759,391		10/21/21	HSBC Bank Plc		(2,877	)
PHP	7,798,740	USD	155,586		10/21/21	JPMorgan Chase Bank N.A.		(3,135	)
PHP	11,804,400	USD	234,843		12/20/21	JPMorgan Chase Bank N.A.		(4,059	)
PLN	2,300,000	USD	580,224		10/21/21	JPMorgan Chase Bank N.A.		(1,075	)
PLN	27,616,155	USD	7,174,332		10/21/21	Toronto Dominion Bank		(220,478	)
RON	13,999,100	USD	3,322,440		11/17/21	JPMorgan Chase Bank N.A.		(52,356	)
RUB	189,686,430	USD	2,584,551		10/21/21	Bank of America, N.A.		13,690
RUB	93,000,000	USD	1,269,072		10/21/21	HSBC Bank Plc		4,801
RUB	7,200,000	USD	95,894		10/19/21	Morgan Stanley Capital Services, Inc.		2,780
THB	361,168,050	USD	10,967,252		10/21/21	HSBC Bank Plc		(294,227	)
THB	18,000,000	USD	531,601		10/21/21	JPMorgan Chase Bank N.A.		325
THB	36,551,400	USD	1,109,333		12/20/21	JPMorgan Chase Bank N.A.		(29,502	)
TRY	9,423,200	USD	1,077,553		10/26/21	JPMorgan Chase Bank N.A.		(30,569	)
UAH	27,905,330	USD	1,011,979		12/03/21	Barclays Bank Plc		21,273
UAH	18,750,040	USD	671,323		10/18/21	Goldman Sachs International		31,358
UAH	14,836,160	USD	542,456		11/12/21	Morgan Stanley and Co. International Plc		9,850
ZAR	4,600,000	USD	310,980		10/21/21	Citibank N.A.		(5,922	)
ZAR	8,800,000	USD	584,745		10/21/21	Deutsche Bank AG		(1,157	)
ZAR	5,600,000	USD	384,974		10/21/21	Goldman Sachs International		(13,599	)
ZAR	5,500,000	USD	377,569		10/21/21	JPMorgan Chase Bank N.A.		(12,826	)
ZAR	4,724,300	USD	332,076		11/22/21	JPMorgan Chase Bank N.A.		(20,143	)
ZAR	4,322,000	USD	301,739		12/15/21	JPMorgan Chase Bank N.A.		(17,286	)
ZAR	12,200,000	USD	843,728		10/21/21	Morgan Stanley and Co. International Plc		(34,663	)
ZAR	3,560,000	USD	241,644		10/21/21	Natwest Markets Plc		(5,556	)
ZAR	630,000	USD	42,511		10/21/21	UBS AG		(731	)
USD	579,080	AUD	800,000		10/21/21	Goldman Sachs International		1,161
USD	941,213	AUD	1,300,000		10/21/21	JPMorgan Chase Bank N.A.		2,094
USD	316,742	BRL	1,677,145		10/21/21	Bank of America, N.A.		9,738
USD	554,017	BRL	3,000,000		10/21/21	Barclays Bank Plc		4,861
USD	1,002,926	BRL	5,400,000		10/21/21	Goldman Sachs International		14,447
USD	4,409,370	BRL	23,210,300		10/21/21	HSBC Bank Plc		160,685
USD	9,343,245	BRL	49,486,600		11/22/21	JPMorgan Chase Bank N.A.		332,000
USD	484,006	BRL	2,621,035		10/21/21	Morgan Stanley and Co. International Plc		4,221
USD	1,005,180	BRL	5,284,242		10/19/21	Morgan Stanley Capital Services, Inc.		37,596
USD	555,123	CAD	700,000		10/19/21	BNP Paribas S.A.		2,587
USD	551,675	CAD	700,000		10/21/21	JPMorgan Chase Bank N.A.		(860	)
USD	1,188,324	CAD	1,500,000		10/21/21	Morgan Stanley and Co. International Plc		4,322

See accompanying Notes to the Financial Statements.

124

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	1,185,443	CHF	1,100,000		10/21/21	Barclays Bank Plc	$	5,776
USD	375,782	CHF	348,131		10/21/21	JPMorgan Chase Bank N.A.		2,438
USD	811,647	CHF	751,869		10/21/21	Morgan Stanley and Co. International Plc		5,324
USD	286,904	CLP	230,900,000		10/21/21	Bank of America, N.A.		3,095
USD	1,692,339	CLP	1,354,224,600		10/21/21	HSBC Bank Plc		27,806
USD	1,594,133	CNH	10,318,469		10/21/21	HSBC Bank Plc		(2,909	)
USD	167,100	CNH	1,081,531		10/21/21	JPMorgan Chase Bank N.A.		(294	)
USD	2,281,838	CNH	14,800,000		10/21/21	Morgan Stanley and Co. International Plc		(8,833	)
USD	61,535	CNH	400,000		10/21/21	State Street Bank London		(375	)
USD	247,150	CNH	1,600,000		10/21/21	UBS AG		(490	)
USD	13,393,029	CNY	87,228,800		12/08/21	JPMorgan Chase Bank N.A.		(45,413	)
USD	295,965	COP	1,139,000,000		10/21/21	Citibank N.A.		(2,500	)
USD	279,520	COP	1,074,100,000		10/21/21	Deutsche Bank AG		(1,938	)
USD	896,969	COP	3,453,200,000		10/21/21	HSBC Bank Plc		(7,911	)
USD	585,995	COP	2,255,200,000		10/21/21	JPMorgan Chase Bank N.A.		(4,961	)
USD	2,945,580	COP	11,271,555,700		10/25/21	JPMorgan Chase Bank N.A.		(7,205	)
USD	1,180,828	COP	4,550,900,000		10/21/21	Morgan Stanley and Co. International Plc		(11,695	)
USD	296,729	COP	1,143,000,000		10/21/21	Natwest Markets Plc		(2,784	)
USD	561,979	CZK	12,200,000		10/21/21	Bank of America, N.A.		4,384
USD	598,844	CZK	13,000,000		10/21/21	Barclays Bank Plc		4,685
USD	604,357	CZK	13,200,000		10/21/21	Citibank N.A.		1,057
USD	577,175	CZK	12,600,000		10/21/21	JPMorgan Chase Bank N.A.		1,298
USD	595,034	CZK	13,000,000		10/21/21	Morgan Stanley and Co. International Plc		875
USD	1,532,133	EUR	1,295,000		10/18/21	Bank of America, N.A.		30,907
USD	35,158	EUR	30,000		10/21/21	Bank of America, N.A.		378
USD	680,579	EUR	580,000		10/27/21	Bank of America, N.A.		8,099
USD	310,652	EUR	266,000		10/29/21	Bank of America, N.A.		2,226
USD	1,884,407	EUR	1,595,000		10/12/21	Barclays Bank Plc		35,621
USD	314,521	EUR	266,000		10/18/21	Barclays Bank Plc		6,161
USD	1,595,562	EUR	1,366,000		10/29/21	Barclays Bank Plc		11,694
USD	1,420,002	EUR	1,201,000		10/18/21	BNP Paribas S.A.		27,746
USD	603,810	EUR	508,341		10/19/21	BNP Paribas S.A.		14,505
USD	3,887,075	EUR	3,320,000		10/21/21	Citibank N.A.		38,151
USD	1,247,077	EUR	1,063,000		10/25/21	Citibank N.A.		14,631
USD	1,257,266	EUR	1,075,000		10/29/21	Citibank N.A.		10,811
USD	934,155	EUR	799,000		10/29/21	Commonwealth Bank of Australia		7,720
USD	2,625,104	EUR	2,221,000		10/12/21	Deutsche Bank AG		50,712
USD	178,606	EUR	153,000		10/29/21	Deutsche Bank AG		1,203
USD	209,117	EUR	179,000		10/29/21	Goldman Sachs & Co.		1,567
USD	2,813,472	EUR	2,400,000		10/21/21	HSBC Bank Plc		31,117
USD	1,214,984	EUR	1,025,000		10/12/21	HSBC Bank USA, N.A.		26,892
USD	1,595,795	EUR	1,350,000		10/13/21	HSBC Bank USA, N.A.		30,961
USD	3,983,694	EUR	3,400,000		10/21/21	JPMorgan Chase Bank N.A.		42,025
USD	3,639,907	EUR	3,100,000		10/21/21	Morgan Stanley and Co. International Plc		46,032
USD	1,385,036	EUR	1,169,000		10/12/21	Morgan Stanley Capital Services, Inc.		30,032
USD	913,044	EUR	773,000		10/13/21	Morgan Stanley Capital Services, Inc.		17,032
USD	1,986,154	EUR	1,670,000		10/19/21	Morgan Stanley Capital Services, Inc.		50,173
USD	1,251,382	EUR	1,064,000		10/20/21	Morgan Stanley Capital Services, Inc.		17,895
USD	133,693	EUR	114,000		10/25/21	Morgan Stanley Capital Services, Inc.		1,521

See accompanying Notes to the Financial Statements.

125

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	298,990	EUR	256,000		10/29/21	Morgan Stanley Capital Services, Inc.	$	2,160
USD	852,857	EUR	722,000		10/04/21	Standard Chartered Bank		16,096
USD	3,342,845	EUR	2,820,000		10/12/21	Standard Chartered Bank		74,143
USD	1,558,646	EUR	1,328,000		10/27/21	Standard Chartered Bank		18,898
USD	837,827	EUR	722,000		11/04/21	Standard Chartered Bank		576
USD	855,602	EUR	732,000		10/29/21	State Street Bank and Trust		6,853
USD	587,005	EUR	500,000		10/21/21	The BNY Mellon		7,348
USD	2,116,313	EUR	1,784,000		10/12/21	UBS AG		48,453
USD	1,232,855	GBP	900,000		10/21/21	HSBC Bank Plc		19,315
USD	808,262	GBP	600,000		10/21/21	JPMorgan Chase Bank N.A.		(764	)
USD	818,972	GBP	591,000		10/18/21	Standard Chartered Bank		22,085
USD	190,057	HUF	59,000,000		10/21/21	Barclays Bank Plc		(187	)
USD	117,642	HUF	35,400,000		10/21/21	State Street Bank London		3,495
USD	455,937	IDR	6,535,853,770		10/21/21	Citibank N.A.		19
USD	595,184	IDR	8,527,200,000		10/21/21	Deutsche Bank AG		357
USD	642,551	IDR	9,187,494,420		10/21/21	HSBC Bank Plc		1,664
USD	12,991,993	IDR	187,201,062,482		10/04/21	JPMorgan Chase Bank N.A.		(87,558	)
USD	2,391,253	IDR	34,477,087,000		10/07/21	JPMorgan Chase Bank N.A.		(16,948	)
USD	5,314,613	IDR	78,433,052,712		10/19/21	JPMorgan Chase Bank N.A.		(157,534	)
USD	355,557	IDR	5,101,173,670		10/21/21	JPMorgan Chase Bank N.A.		(283	)
USD	1,472,934	IDR	21,095,359,000		10/26/21	JPMorgan Chase Bank N.A.		2,160
USD	6,534,981	IDR	93,600,531,241		11/03/21	JPMorgan Chase Bank N.A.		14,267
USD	2,029,134	IDR	29,144,454,700		11/08/21	JPMorgan Chase Bank N.A.		(199	)
USD	991,964	IDR	14,218,400,000		10/21/21	Morgan Stanley and Co. International Plc		138
USD	329,002	INR	24,483,194		10/21/21	Deutsche Bank AG		(411	)
USD	2,059,949	INR	152,839,725		10/21/21	HSBC Bank Plc		3,544
USD	26,243	INR	1,952,916		10/21/21	JPMorgan Chase Bank N.A.		(33	)
USD	620,683	INR	46,060,275		10/21/21	Morgan Stanley and Co. International Plc		958
USD	2,380,496	JPY	262,500,000		10/21/21	Bank of America, N.A.		27,554
USD	39	JPY	4,294		10/19/21	JPMorgan Chase Bank N.A.		1
USD	493,290	JPY	55,000,000		10/21/21	JPMorgan Chase Bank N.A.		292
USD	7,892,656	JPY	868,842,760		10/21/21	Toronto Dominion Bank		104,707
USD	1,500,467	KRW	1,766,500,000		10/21/21	Citibank N.A.		8,284
USD	87	KZT	37,980		11/12/21	Goldman Sachs International		(1	)
USD	1,501,117	MXN	30,825,882		10/19/21	Citibank N.A.		4,267
USD	451,008	MXN	9,100,000		10/19/21	Goldman Sachs & Co.		9,128
USD	194,024	MXN	4,000,000		10/21/21	JPMorgan Chase Bank N.A.		(154	)
USD	2,202,835	MXN	44,500,000		10/21/21	Morgan Stanley and Co. International Plc		42,602
USD	328,244	MXN	6,600,000		10/21/21	Natwest Markets Plc		7,850
USD	601,928	MXN	12,100,000		10/21/21	State Street Bank London		14,539
USD	3,751,078	MXN	74,871,608		10/21/21	UBS AG		116,469
USD	619,269	MYR	2,600,000		10/21/21	Barclays Bank Plc		(1,234	)
USD	285,110	MYR	1,200,000		10/21/21	Goldman Sachs International		(1,276	)
USD	1,214,975	MYR	5,100,000		10/21/21	Morgan Stanley and Co. International Plc		(2,165	)
USD	5,756,200	NOK	50,473,232		10/19/21	BNP Paribas S.A.		(25,261	)
USD	1,045,000	NOK	9,168,830		10/12/21	Morgan Stanley Capital Services, Inc.		(5,300	)
USD	1,495,910	NOK	12,839,148		10/19/21	Morgan Stanley Capital Services, Inc.		25,249
USD	1,182,092	NZD	1,700,000		10/21/21	Barclays Bank Plc		9,446
USD	701,456	NZD	1,026,000		11/23/21	Citibank N.A.		(6,093	)
USD	1,504,764	PEN	6,200,000		10/21/21	Bank of America, N.A.		5,754

See accompanying Notes to the Financial Statements.

126

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	314,672	PEN	1,300,000		10/21/21	JPMorgan Chase Bank N.A.	$	364
USD	1,229,915	PEN	5,061,100		10/26/21	JPMorgan Chase Bank N.A.		6,373
USD	289,855	PEN	1,200,000		10/21/21	Morgan Stanley and Co. International Plc		(276	)
USD	1,055,878	PHP	54,100,000		10/21/21	HSBC Bank Plc		(1,678	)
USD	583,857	PLN	2,300,000		10/21/21	Bank of America, N.A.		4,708
USD	226,092	PLN	900,000		10/21/21	Goldman Sachs International		(532	)
USD	1,208,494	PLN	4,667,870		10/21/21	HSBC Bank Plc		33,107
USD	1,598,778	PLN	6,300,000		10/21/21	JPMorgan Chase Bank N.A.		12,413
USD	484,309	PLN	1,878,350		11/17/21	JPMorgan Chase Bank N.A.		11,378
USD	405,515	RON	1,700,000		10/21/21	Bank of America, N.A.		7,802
USD	436,670	RON	1,834,100		10/21/21	Goldman Sachs International		7,584
USD	1,894,781	RUB	138,000,000		10/21/21	JPMorgan Chase Bank N.A.		4,518
USD	3,187,537	RUB	236,086,500		12/20/21	JPMorgan Chase Bank N.A.		(10,911	)
USD	1,367,552	RUB	99,942,240		10/21/21	Morgan Stanley and Co. International Plc		(1,412	)
USD	1,598,454	RUB	121,330,655		10/19/21	Morgan Stanley Capital Services, Inc.		(64,347	)
USD	3,586,990	SAR	13,460,000		01/13/22	JPMorgan Chase Bank N.A.		621
USD	152,668	THB	5,100,000		10/21/21	Barclays Bank Plc		1,956
USD	593,419	THB	20,000,000		10/21/21	HSBC Bank Plc		2,391
USD	465,686	THB	15,600,000		10/21/21	Morgan Stanley and Co. International Plc		4,684
USD	1,523,642	TWD	42,145,580		10/21/21	JPMorgan Chase Bank N.A.		8,405
USD	153,271	UAH	4,100,000		10/18/21	Morgan Stanley and Co. International Plc		(382	)
USD	2,858,232	ZAR	40,731,519		10/21/21	Barclays Bank Plc		157,047
USD	291,145	ZAR	4,300,000		10/21/21	Citibank N.A.		5,983
USD	79,559	ZAR	1,200,000		10/21/21	Goldman Sachs International		(21	)
USD	1,193,887	ZAR	17,900,000		10/21/21	JPMorgan Chase Bank N.A.		6,816
USD	10,422,617	ZAR	156,926,567		11/22/21	JPMorgan Chase Bank N.A.		61,175
USD	179,522	ZAR	2,747,500		12/15/21	JPMorgan Chase Bank N.A.		(1,305	)
USD	417,409	ZAR	6,290,000		10/21/21	Morgan Stanley and Co. International Plc		275
USD	297,320	ZAR	4,500,000		10/21/21	Natwest Markets Plc		(1,105	)
USD	860,751	ZAR	12,900,000		10/21/21	State Street Bank London		5,264
							$	(370,122	)

See accompanying Notes to the Financial Statements.

127

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	10	10-Year Australian Bond Futures		Dec 2021	$	1,021,927	$	(18,932	)
	391	Euro 90-Day		Dec 2023		96,630,763		(5,196	)
	310	U.S. Treasury Note 2-Year		Dec 2021		68,216,953		(50,896	)
	87	U.S. Ultra 10-Year		Dec 2021		12,636,750		(247,356	)
	106	U.S. Ultra Bond		Dec 2021		20,252,625		(708,056	)
							$	(1,030,436	)
	Sales
	31	Euro 90-Day		Dec 2021	$	7,736,825	$	(4,940	)
	24	Euro-Bund		Dec 2021		4,723,510		72,855
	3	U.S. Long Bond		Dec 2021		477,656		7,776
	416	U.S. Treasury Note 10-Year		Dec 2021		54,749,500		656,261
	118	U.S. Treasury Note 5-Year		Dec 2021		14,483,578		82,046
							$	813,998

Written Options

Written Currency Options

Type of Contract	Counterparty		Notional Value	Premiums Received				Value at September 30, 2021
PUT — USD/NOK Option
Strike @ NOK 8.36
Expires 12/13/2021		Morgan Stanley & Co.	USD (3,480,000)		$	(25,268	)		$	(14,285	)
PUT — USD/NZD Option
Strike @ NZD 0.73
Expires 11/22/2021		Goldman Sachs & Co.	USD (1,170,000)			(6,599	)			(968	)
PUT — USD/RUB Option
Strike @ RUB 71.39
Expires 11/15/2021		Citigroup Global Markets, Inc.	USD (1,920,000)			(10,051	)			(6,707	)
					$	(41,918	)		$	(21,960	)

Written Futures Options

Type of Contract	Counterparty		Number of Contracts		Notional Value				Premiums Received				Value at September 30, 2021
CALL — Eurodollar 2 Year Midcurve Futures Option
Strike @ $99.00
Expires 11/12/2021		Citigroup Global Markets, Inc.		172,500		$	(17,052,488	)		$	(14,967	)		$	(6,900	)
CALL — Eurodollar 2 Year Midcurve Futures Option
Strike @ $99.00
Expires 11/12/2021		Citigroup Global Markets, Inc.		172,500			(17,052,488	)			(17,969	)			(31,912	)
PUT — S&P 500 E-mini Futures Option
Strike @ $3,700.00
Expires 10/15/2021		JPMorgan Securities LLC		1,500			(6,446,625	)			(43,062	)			(5,250	)

See accompanying Notes to the Financial Statements.

128

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Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Written Futures Options — continued

Type of Contract	Counterparty		Number of Contracts		Notional Value				Premiums Received				Value at September 30, 2021
PUT — S&P 500 E-mini Futures Option
Strike @ $3,500.00
Expires 10/15/2021		JPMorgan Securities LLC		1,000		$	(4,297,750	)		$	(15,958	)		$	(2,150	)
PUT — S&P 500 E-mini Futures Option
Strike @ $3,600.00
Expires 11/19/2021		JPMorgan Securities LLC		1,250			(5,372,188	)			(27,760	)			(21,250	)
PUT — S&P 500 E-mini Futures Option
Strike @ $3,700.00
Expires 11/19/2021		Goldman Sachs & Co.		1,350			(5,801,963	)			(27,568	)			(30,375	)
PUT — S&P 500 E-mini Futures Option
Strike @ $3,800.00
Expires 12/17/2021		JPMorgan Securities LLC		2,350			(10,099,713	)			(90,078	)			(115,738	)
PUT — S&P 500 E-mini Futures Option
Strike @ $3,700.00
Expires 12/17/2021		Goldman Sachs & Co.		1,050			(4,512,638	)			(34,868	)			(34,868	)
										$	(272,230	)		$	(248,443	)

Written Swaption

Type of Contract	Counterparty		Notional Value	Premiums Received				Value at September 30, 2021
Interest Rate Swaption receive annually a fixed rate of 1.00% and pay semi-annually a floating rate of 6-Month EUR LIBOR
Strike @ EUR 1.00
Expires 05/06/2022		Morgan Stanley & Co.	EUR (15,100,000)		$	(80,120	)		$	(25,287	)
Total Written Options					$	(394,268	)		$	(295,690	)

See accompanying Notes to the Financial Statements.

129

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Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

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)
1.01%	Semi-Annual	6-Month THB BIBOR	Semi-Annual	03/16/27		Bank of America, N.A.	$	—		THB	8,246,085	$	(2,535	)	$	(2,535	)
1.87%	Quarterly	7-Day CNRR	Quarterly	09/16/25		HSBC Bank Plc		—		CNY	2,702,414		(8,942	)		(8,942	)
1.90%	Quarterly	7-Day CNRR	Quarterly	09/16/25		HSBC Bank Plc		—		CNY	9,266,521		(29,057	)		(29,057	)
2.51%	Quarterly	7-Day CNRR	Quarterly	03/18/25		Citibank N.A.		—		CNY	6,502,698		3,604			3,604
2.51%	Quarterly	7-Day CNRR	Quarterly	09/16/25		HSBC Bank Plc		—		CNY	5,489,373		2,348			2,348
2.55%	Quarterly	7-Day CNRR	Quarterly	02/10/25		Bank of America, N.A.		—		CNY	2,915,046		2,223			2,223
2.56%	Quarterly	7-Day CNRR	Quarterly	03/18/25		Bank of America, N.A.		—		CNY	8,702,233		7,117			7,117
2.69%	Quarterly	7-Day CNRR	Quarterly	12/16/25		HSBC Bank Plc		—		CNY	3,081,518		4,372			4,372
BRL-CDI	At Maturity	10.67%	At Maturity	01/02/29		JPMorgan Chase Bank N.A.		—		BRL	2,254,886		680			680
BRL-CDI	At Maturity	10.47%	At Maturity	01/04/27		JPMorgan Chase Bank N.A.		—		BRL	3,793,733		1,418			1,418
BRL-CDI	At Maturity	7.49%	At Maturity	01/04/27		Bank of America, N.A.		—		BRL	591,999		9,001			9,001
BRL-CDI	Annual	2.78%	Annual	01/03/22		HSBC Bank Plc		—		BRL	13,862,865		31,847			31,847
4.11%	Annual	BRL-CDI	Annual	01/02/23		HSBC Bank Plc		—		BRL	7,927,478		(65,296	)		(65,296	)
6.87%	At Maturity	BRL-CDI	At Maturity	01/04/27		JPMorgan Chase Bank N.A.		—		BRL	4,110,000		(85,503	)		(85,503	)
7.02%	At Maturity	BRL-CDI	At Maturity	01/04/27		Citigroup Global Markets, Inc.		—		BRL	1,800,000		(20,438	)		(20,438	)
7.02%	At Maturity	BRL-CDI	At Maturity	01/04/27		Citigroup Global Markets, Inc.		1,105		BRL	2,100,000		(23,844	)		(24,949	)
7.04%	At Maturity	BRL-CDI	At Maturity	01/04/27		JPMorgan Chase Bank N.A.		—		BRL	1,400,000		(15,656	)		(15,656	)
							$	1,105				$	(188,661	)	$	(189,766	)

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)
1-Month TIIE	Monthly	7.50%	Monthly		09/17/31	$	7			MXN	9,211,576	$	(1,648	)	$	(1,655	)
1-Month TIIE	Monthly	5.56%	Monthly		12/31/30		13			MXN	16,684,659		103,633			103,620
7.20%	Monthly	1-Month TIIE	Monthly		07/17/24		—			MXN	116,734,200		78,669			78,669
3-Month JIBAR	Quarterly	6.63%	Quarterly		03/16/27		5			ZAR	8,670,032		585			580
3-Month JIBAR	Quarterly	7.57%	Quarterly		03/16/32		16			ZAR	14,437,074		21,031			21,015
3-Month JIBAR	Quarterly	6.30%	Quarterly		03/16/27		7			ZAR	11,663,267		11,374			11,367
3-Month USD LIBOR	Quarterly	2.00%	Semi-Annual		02/15/47		(1,393	)		USD	1,575,000		(54,606	)		(53,213	)
3-Month USD LIBOR	Quarterly	1.60%	Semi-Annual		02/15/47		4,663			USD	772,000		38,562			33,899
6-Month BUBOR	Semi-Annual	3.44%	Annual		03/16/32		6			HUF	109,027,000		6			—
6-Month BUBOR	Semi-Annual	3.08%	Annual		03/16/32		15			HUF	272,429,465		28,288			28,273
6-Month BUBOR	Semi-Annual	3.04%	Annual		03/16/27		10			HUF	315,660,131		7,632			7,622
6-Month BUBOR	Semi-Annual	2.96%	Annual		03/16/27		9			HUF	313,068,275		11,527			11,518
6-Month PRIBOR	Semi-Annual	2.10%	Annual		03/16/32		2			CZK	2,922,931		4,505			4,503
6-Month WIBOR	Semi-Annual	2.09%	Annual		03/16/32		11			PLN	2,618,453		16,346			16,335
6-Month WIBOR	Semi-Annual	2.11%	Annual		03/16/32		11			PLN	2,594,735		14,579			14,568
6-Month WIBOR	Semi-Annual	2.11%	Annual		03/16/32		27			PLN	6,315,960		36,203			36,176
6-Month WIBOR	Semi-Annual	1.84%	Annual		03/16/27		12			PLN	4,908,963		14,390			14,378
Overnight Federal Funds Effective Rate (12M)	Annual	1.73%	Annual		02/15/47		—			USD	684,000		(23,664	)		(23,664	)
SOFR	Annual	0.74%	Annual		08/19/45		—			USD	490,000		82,240			82,240
SOFR	Annual	0.56%	Annual		07/20/45		9,344			USD	3,210,000		654,402			645,058
															$	1,031,289

See accompanying Notes to the Financial Statements.

130

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Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

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
730,000	EUR	12/20/24	Morgan Stanley & Co.		(1.00%)		Quarterly	Daimler AG, 1.40%, 01/12/24	$	(803	)	$	(19,195	)	$	(19,998	)
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
14,200,000	USD	12/20/26	Citibank N.A.		(1.00%	)	Quarterly	CDX.EM.36**	$	35,802		$	528,950		$	564,752
820,000	USD	06/20/26	Morgan Stanley & Co.		(5.00%	)	Quarterly	Netflix, Inc., 4.88%, 06/30/30 (Moody’s rating: Ba1; S&P rating: BB+)		(18,141	)		180,545			162,404
410,000	USD	06/20/26	Morgan Stanley & Co.		5.00%		Quarterly	Netflix, Inc., 4.88%, 06/30/30 (Moody’s rating: Ba1; S&P rating: BB+)		(9,460	)		90,662			81,202
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+)		8,785			9,254			18,039
Total Sell Protection									$	16,986		$	809,411		$	826,397
Total OTC Credit Default Swaps									$	16,183		$	790,216		$	806,399

See accompanying Notes to the Financial Statements.

131

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Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

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
12,500,000	USD	06/20/26	(5.00%)		Quarterly	CDX.NA.HY.36***	$	(4,886	)	$	(1,155,000	)	$	(1,159,886	)
3,243,000	USD	12/20/26	(5.00%)		Quarterly	CDX.NA.HY.37***		7,345			(311,280	)		(303,935	)
1,380,000	USD	06/20/26	5.00%		Quarterly	Ford Motor Co.		(2,026	)		196,911			194,885
1,380,000	USD	06/20/26	(5.00%)		Quarterly	General Motors Co.		9,454			(264,656	)		(255,202	)
615,000	USD	06/20/26	(1.00%)		Quarterly	ViacomCBS, Inc.		(1,179	)		(9,500	)		(10,679	)
615,000	USD	06/20/26	(1.00%)		Quarterly	Walt Disney Co. (The)		(117	)		(18,723	)		(18,840	)
							$	8,591		$	(1,562,248	)	$	(1,553,657	)

    * 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 $341,418 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Pesos

EGP — Egyptian Pound

EUR — Euro Currency

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

KZT — Kazakhstani Tenge

MXN — Mexican Peso

MYR — Malaysian Ringgit

See accompanying Notes to the Financial Statements.

132

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September 30, 2021 (Unaudited)

Currency Abbreviations — continued

NOK — Norwegian Krona

NZD — New Zealand Dollar

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

BIBOR	—	Bangkok Interbank Offered Rate
BUBOR	—	Budapest Interbank Offered Rate
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
JIBAR	—	Johannesburg Interbank Average Rate
LIBOR	—	London Interbank Offered Rate
MTN	—	Medium Term Note
OTC	—	Over-The-Counter
PIK	—	Payment In Kind
PRIBOR	—	Prague Interbank Offered Rate
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
WIBOR	—	Warsaw Interbank Offer Rate

See accompanying Notes to the Financial Statements.

133

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Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Corporate Debt		32.9
Sovereign Debt Obligations		29.7
Bank Loans		17.2
Mortgage Backed Securities—Private Issuers		5.2
Asset Backed Securities		4.8
Convertible Debt		1.3
U.S. Government and Agency Obligations		1.2
Convertible Preferred Stocks		0.8
Centrally Cleared Interest Rate Swaps		0.1
Common Stocks		0.1
OTC Credit Default Swaps		0.1
Mortgage Backed Securities—U.S. Government Agency Obligations		0.1
Purchased Futures Options		0.1
Preferred Stocks		0.0	*
Purchased Swaption		0.0	*
Purchased Currency Options		0.0	*
Written Currency Options		0.0	*
Written Swaption		0.0	*
OTC Interest Rate Swaps		0.0	*
Futures Contracts		0.0	*
Written Futures Options		0.0	*
Centrally Cleared Credit Default Swaps		(0.2	)
Forward Foreign Currency Contracts		(2.6	)
Short-Term Investments		3.3
Other Assets and Liabilities (net)		5.9
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Financial Statements.

134

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 93.7%
		Argentina — 1.0%
	32,870	Banco BBVA Argentina SA, ADR*		127,864
	31,000	Grupo Financiero Galicia SA, ADR		312,170
	8,122	MercadoLibre, Inc.*		13,640,087
	11,800	Telecom Argentina SA, ADR(a)		58,410
				14,138,531
		Australia — 0.5%
	479,184	Newcrest Mining, Ltd.		7,849,400
		Brazil — 2.7%
	497,000	Ambev SA		1,395,529
	3,084,500	B3 SA - Brasil Bolsa Balcao		7,211,828
	759,209	Banco Bradesco SA*		2,488,479
	183,400	Blau Farmaceutica SA* 144A		1,539,525
	820,600	Dexco SA		2,555,668
	242,900	Locaweb Servicos de Internet SA*		1,019,940
	293,000	Marfrig Global Foods SA		1,379,798
	1,209,233	Raia Drogasil SA*		5,186,326
	1,980,900	Rumo SA*		6,103,858
	762,500	TOTVS SA		5,051,708
	315,000	Vale SA		4,407,422
	710,952	Vamos Locacao de Caminhoes Maquinas e Equipamentos SA*		1,950,620
				40,290,701
		Canada — 0.1%
	41,933	Canadian Solar, Inc.* (a)		1,450,463
		Chile — 0.2%
	203,667	Cia Cervecerias Unidas SA, ADR		3,521,402
	4,978	Inversiones La Construccion SA		18,694
				3,540,096
		China — 29.1%
	1,642,000	361 Degrees International, Ltd.* (a)		791,925
	70,271	Agile Group Holdings, Ltd.		65,430
	1,702,300	Agricultural Bank of China, Ltd. Class A		774,528
	13,106,000	Agricultural Bank of China, Ltd. Class H		4,480,526
	392,822	Aier Eye Hospital Group Co., Ltd. Class A		3,233,553
	4,301	Airtac International Group		134,613
	1,439,691	Alibaba Group Holding, Ltd.*		26,778,269
	89,489	Alibaba Group Holding, Ltd., ADR*		13,248,846
	136,099	Anhui Conch Cement Co., Ltd. Class A		857,473
	117,000	Anhui Conch Cement Co., Ltd. Class H		629,332
	366,998	Anhui Guangxin Agrochemical Co., Ltd. Class A		1,838,966
	502,400	ANTA Sports Products, Ltd.		9,413,749
	163,232	Autobio Diagnostics Co., Ltd. Class A		1,347,650
	9,000	Autohome, Inc., ADR		422,370

See accompanying Notes to the Financial Statements.

135

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		China — continued
	2,410	Baidu, Inc., ADR*		370,538
	1,440,983	Bank of Chengdu Co., Ltd. Class A		2,645,610
	3,449,900	Bank of China, Ltd. Class A		1,628,382
	17,969,000	Bank of China, Ltd. Class H		6,326,120
	119,300	Budweiser Brewing Co. APAC, Ltd.		300,286
	47,500	BYD Co., Ltd. Class H		1,466,967
	324,515	BYD Electronic International Co., Ltd.(a)		1,134,104
	27,294	Changchun High & New Technology Industry Group, Inc. Class A		1,157,379
	1,616,000	China Communications Services Corp., Ltd. Class H		894,543
	1,384,600	China Construction Bank Corp. Class A		1,279,369
	12,909,000	China Construction Bank Corp. Class H		9,156,978
	768,000	China Dongxiang Group Co., Ltd.		83,747
	3,202,000	China Feihe, Ltd.		5,393,646
	146,400	China Gas Holdings, Ltd.		431,704
	726,000	China Hongqiao Group, Ltd.		913,919
	1,497,059	China Jushi Co., Ltd. Class A		4,057,412
	139,263	China Lesso Group Holdings, Ltd.		222,206
	421,000	China Longyuan Power Group Corp., Ltd. Class H		1,028,723
	544,000	China Medical System Holdings, Ltd.		983,218
	347,000	China Mengniu Dairy Co., Ltd.*		2,232,279
	217,000	China Merchants Bank Co., Ltd. Class A		1,695,034
	1,241,100	China Merchants Bank Co., Ltd. Class H		9,850,623
	456,000	China Oriental Group Co., Ltd.		141,241
	389,000	China Overseas Land & Investment, Ltd.		884,466
	189,292	China Pacific Insurance Group Co., Ltd. Class A		789,740
	1,336,000	China Pacific Insurance Group Co., Ltd. Class H		3,928,822
	136,600	China Railway Group, Ltd. Class A		119,653
	2,241,000	China Reinsurance Group Corp. Class H		251,721
	260,000	China Resources Beer Holdings Co., Ltd.		1,917,508
	48,000	China Resources Cement Holdings, Ltd.		46,176
	302,000	China Resources Gas Group, Ltd.		1,585,059
	840,000	China Resources Land, Ltd.		3,533,180
	230,800	China Resources Mixc Lifestyle Services, Ltd.		1,277,438
	96,300	China Shenhua Energy Co., Ltd. Class A		337,066
	1,446,000	China Shenhua Energy Co., Ltd. Class H		3,377,481
	401,000	China Suntien Green Energy Corp., Ltd. Class H		401,791
	210,963	China Tourism Group Duty Free Corp., Ltd. Class A		8,491,435
	352,498	China Vanke Co., Ltd. Class A		1,162,871
	2,000	Chlitina Holding, Ltd.		14,188
	45,600	Contemporary Amperex Technology Co., Ltd. Class A		3,711,058
	736,909	Country Garden Holdings Co., Ltd.(a)		758,709
	1,293,000	CSPC Pharmaceutical Group, Ltd.		1,534,912
	117,000	Dongyue Group, Ltd.		287,874
	61,993	Ecovacs Robotics Co., Ltd. Class A		1,451,229
	546,800	ENN Energy Holdings, Ltd.		8,954,306
	615,000	ENN Natural Gas Co., Ltd. Class A		1,733,903
	1,262,996	Fangda Special Steel Technology Co., Ltd. Class A		1,532,077
	113,200	Fangda Special Steel Technology Co., Ltd. Class A (Shanghai Exchange)		137,317
	449,598	Foshan Haitian Flavouring & Food Co., Ltd. Class A		7,641,009
	436,000	Fuyao Glass Industry Group Co., Ltd. Class H		2,321,041

See accompanying Notes to the Financial Statements.

136

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		China — continued
	109,300	Gongniu Group Co., Ltd. Class A		2,756,869
	346,000	Great Wall Motor Co., Ltd. Class H		1,257,610
	1,414,839	Gree Real Estate Co., Ltd. Class A*		1,587,146
	332,000	Greenland Hong Kong Holdings, Ltd.		82,894
	31,000	Greentown Management Holdings Co., Ltd.		12,896
	1,012,000	Guangdong Investment, Ltd.		1,318,949
	44,200	Guangdong Tapai Group Co., Ltd. Class A		76,186
	10,000	Haitian International Holdings, Ltd.		31,059
	81,500	Hengan International Group Co., Ltd.(a)		436,510
	1,225,402	Hisense Home Appliances Group Co., Ltd. Class A		2,275,991
	40,410	Hisense Home Appliances Group Co., Ltd. Class H		43,809
	33,353	Hollysys Automation Technologies, Ltd.		690,074
	115,834	Hongfa Technology Co., Ltd. Class A		1,118,301
	4,000	Hopson Development Holdings, Ltd.		14,186
	2,278,868	Huafon Chemical Co., Ltd. Class A		4,293,617
	937,000	Industrial & Commercial Bank of China, Ltd. Class A		675,764
	8,082,535	Industrial & Commercial Bank of China, Ltd. Class H		4,461,950
	127,000	Jafron Biomedical Co., Ltd. Class A		1,147,535
	375,900	JCET Group Co., Ltd. Class A		1,847,266
	293,524	Jiangsu Hengrui Medicine Co., Ltd. Class A		2,279,740
	572,000	Jiangxi Copper Co., Ltd. Class H		1,010,262
	60,661	JinkoSolar Holding Co., Ltd., ADR* (a)		2,778,880
	134,901	Keboda Technology Co., Ltd. Class A		1,177,636
	91,000	Keymed Biosciences, Inc.*		596,603
	4,500	Kingboard Holdings, Ltd.		20,230
	892,000	Kingdee International Software Group Co., Ltd.*		2,953,070
	530,000	Kingsoft Corp., Ltd.		2,089,442
	132,000	Kunlun Energy Co., Ltd.		137,206
	27,513	Kweichow Moutai Co., Ltd. Class A		7,794,913
	174,809	KWG Group Holdings, Ltd.		170,146
	447,224	LB Group Co., Ltd. Class A		1,975,545
	214,000	Lenovo Group, Ltd.(a)		229,565
	377,500	Li Ning Co., Ltd.		4,354,810
	210,997	Lier Chemical Co., Ltd. Class A		906,466
	359,000	Logan Group Co., Ltd.		373,790
	322,000	Longfor Group Holdings, Ltd.		1,479,776
	246,940	LONGi Green Energy Technology Co., Ltd. Class A		3,136,145
	195,000	Lonking Holdings, Ltd.		58,698
	67,400	Lufax Holding, Ltd., ADR*		470,452
	577,000	Luxi Chemical Group Co., Ltd. Class A		1,667,039
	47,556	Maxscend Microelectronics Co., Ltd. Class A		2,573,540
	630,600	Midea Group Co., Ltd. Class A		6,794,177
	119,267	MINISO Group Holding, Ltd., ADR		1,817,629
	187,673	NetEase, Inc.		3,223,939
	4,765	NetEase, Inc., ADR		406,931
	2,446,000	Netjoy Holdings, Ltd.* (a)		1,166,493
	698,470	Ningxia Baofeng Energy Group Co., Ltd. Class A		1,726,713
	4,044,000	PetroChina Co., Ltd. Class H		1,892,993
	4,054,000	PICC Property & Casualty Co., Ltd. Class H		3,911,553
	118,100	Ping An Insurance Group Co. of China, Ltd. Class A		879,056

See accompanying Notes to the Financial Statements.

137

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		China — continued
	1,274,900	Ping An Insurance Group Co. of China, Ltd. Class H		8,650,874
	1,696,200	Postal Savings Bank of China Co., Ltd. Class A		1,323,782
	937,000	Q Technology Group Co., Ltd.(a)		1,333,110
	524,800	Sany Heavy Industry Co., Ltd. Class A		2,066,951
	164,653	SF Holding Co., Ltd. Class A		1,665,375
	1,028,995	Shaanxi Coal Industry Co., Ltd. Class A		2,354,252
	2,086,500	Shandong Gold Mining Co., Ltd. Class H(a)		3,705,193
	342,000	Shandong Hualu Hengsheng Chemical Co., Ltd. Class A		1,730,070
	331,400	Shandong Sinocera Functional Material Co., Ltd. Class A		2,111,002
	322,000	Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H(a)		1,643,468
	154,802	Shanghai Hanbell Precise Machinery Co., Ltd. Class A		550,592
	105,780	Shenzhen Kangtai Biological Products Co., Ltd. Class A		1,803,236
	440,685	Shenzhen Senior Technology Material Co., Ltd. Class A		3,049,973
	223,200	Shenzhen Sunlord Electronics Co., Ltd. Class A		1,167,932
	928,418	Shenzhen Topband Co., Ltd. Class A		2,070,559
	305,700	Shenzhou International Group Holdings, Ltd.		6,389,821
	558,500	Shimao Group Holdings, Ltd.		1,019,029
	8,000	Silergy Corp.		1,174,821
	413,995	Sinoma Science & Technology Co., Ltd. Class A		2,259,951
	496,878	Sinopec Engineering Group Co., Ltd. Class H		252,219
	571,600	Sinopharm Group Co., Ltd. Class H		1,484,635
	220,200	Sinoseal Holding Co., Ltd. Class A		1,265,276
	228,963	Sinotruk Hong Kong, Ltd.		339,285
	283,000	SITC International Holdings Co., Ltd.		1,008,942
	37,573	Skshu Paint Co., Ltd. Class A		579,719
	79,500	Sun Art Retail Group, Ltd.(a)		36,562
	7,300	Sungrow Power Supply Co., Ltd. Class A		167,250
	198,400	Sunny Optical Technology Group Co., Ltd.		5,205,910
	842,900	Tencent Holdings, Ltd.		49,422,783
	16,719	Tencent Holdings, Ltd., ADR(a)		999,295
	167,200	Thunder Software Technology Co., Ltd. Class A		3,216,107
	27,500	Tian Lun Gas Holdings Ltd.(a) (b)		24,587
	633,600	Tongcheng-Elong Holdings, Ltd.*		1,514,281
	877,291	Tongkun Group Co., Ltd. Class A		2,979,271
	240,000	Tongwei Co., Ltd. Class A		1,884,090
	2,077,000	TravelSky Technology, Ltd. Class H(a)		4,003,219
	47,537	Trip.com Group, Ltd., ADR*		1,461,763
	61,700	Tsingtao Brewery Co., Ltd. Class A		764,170
	30,000	Tsingtao Brewery Co., Ltd. Class H		234,098
	102,997	Wanhua Chemical Group Co., Ltd. Class A		1,686,590
	79,000	Want Want China Holdings, Ltd.		59,670
	1,403,000	Weichai Power Co., Ltd. Class H		2,906,050
	43,757	Weifu High-Technology Group Co., Ltd. Class A		139,756
	84,495	Will Semiconductor Co., Ltd. Class A		3,155,869
	723,038	Winning Health Technology Group Co., Ltd. Class A		1,619,620
	214,500	Wuxi Biologics Cayman, Inc.*		3,467,021
	135,824	Wuxi Lead Intelligent Equipment Co., Ltd. Class A		1,448,322
	1,528,000	Xinyi Solar Holdings, Ltd.		3,111,166
	212,000	Xtep International Holdings, Ltd.(a)		292,772
	1,614,300	Yangzijiang Shipbuilding Holdings, Ltd.		1,624,442

See accompanying Notes to the Financial Statements.

138

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		China — continued
	12,300	Yum China Holdings, Inc.		714,753
	134,600	Yunnan Baiyao Group Co., Ltd. Class A		2,033,077
	87,531	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A		5,124,832
	138,800	Zhejiang Dingli Machinery Co., Ltd. Class A		1,510,371
	28,000	Zhejiang Expressway Co., Ltd. Class H		23,098
	170,500	Zhejiang Jiecang Linear Motion Technology Co., Ltd. Class A		1,118,349
	726,228	Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A		2,558,203
	153,999	Zhejiang Satellite Petrochemical Co., Ltd. Class A		925,324
	40,600	Zhejiang Weixing New Building Materials Co., Ltd. Class A		105,310
	1,000,535	Zhengzhou Coal Mining Machinery Group Co., Ltd. Class A		1,772,479
	583,500	Zhongsheng Group Holdings, Ltd.		4,689,826
	1,911,124	Zhuzhou Kibing Group Co., Ltd. Class A		5,046,426
	40,600	Zhuzhou Kibing Group Co., Ltd. Class A (Shanghai Exchange)		107,206
	160,098	Zijin Mining Group Co., Ltd. Class A		249,485
	2,386,000	Zijin Mining Group Co., Ltd. Class H		2,862,934
	1,206,200	Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H		1,076,948
	322,000	Zylox-Tonbridge Medical Technology Co., Ltd.*		1,809,652
				433,928,342
		Czech Republic — 0.1%
	6,782	CEZ AS		220,758
	163,270	Moneta Money Bank AS*		658,193
	78	Philip Morris CR AS		56,613
				935,564
		Egypt — 0.0%
	17,404	Commercial International Bank Egypt SAE*		47,226
	13,972	Eastern Co. SAE		10,878
	82,044	ElSewedy Electric Co.		42,626
				100,730
		Hong Kong — 1.0%
	11,600	Hong Kong Exchanges & Clearing, Ltd.		704,100
	74,500	Kingboard Laminates Holdings, Ltd.		121,456
	169,300	Link REIT		1,446,870
	81,000	PAX Global Technology, Ltd.		101,546
	719,000	Sino Biopharmaceutical, Ltd.		599,274
	1,797,000	Vinda International Holdings, Ltd.(a)		5,312,900
	920,000	Vitasoy International Holdings, Ltd.(a)		2,329,350
	393,000	WH Group, Ltd.		279,577
	1,530,000	Xinyi Glass Holdings, Ltd.		4,544,840
				15,439,913
		India — 13.0%
	138,727	Asian Paints, Ltd.		6,025,475
	114,751	Aurobindo Pharma, Ltd.		1,106,248
	103,412	Axis Bank, Ltd.*		1,065,851
	81,080	Bajaj Auto, Ltd.		4,163,967
	49,072	Bajaj Finance, Ltd.		5,041,518

See accompanying Notes to the Financial Statements.

139

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		India — continued
	1,020,000	Bharat Electronics, Ltd.		2,750,587
	68,625	Britannia Industries, Ltd.		3,648,881
	1,099,086	Cipla, Ltd.		14,535,126
	6,640	Clean Science & Technology, Ltd.* 144A		182,666
	120,388	Colgate-Palmolive India, Ltd.		2,699,205
	112,000	Coromandel International, Ltd.		1,197,693
	11,559	Godrej Properties, Ltd.*		360,018
	219,477	Havells India, Ltd.		4,062,889
	796,893	HCL Technologies, Ltd.		13,691,100
	500,087	HDFC Bank, Ltd.		10,706,988
	33,608	Hindustan Unilever, Ltd.		1,218,722
	520,317	Housing Development Finance Corp., Ltd.		18,971,053
	164,046	ICICI Bank, Ltd.		1,544,299
	7,104	Indian Railway Catering & Tourism Corp., Ltd.		363,538
	867,045	Infosys, Ltd.		19,351,582
	388,356	Infosys, Ltd., ADR		8,640,921
	210,109	InterGlobe Aviation, Ltd.*		5,694,302
	211,550	Jai Balaji Industries, Ltd.*		156,863
	7,159	JSW Energy, Ltd.		37,772
	248,176	Kotak Mahindra Bank, Ltd.		6,666,482
	517	Larsen & Toubro Infotech, Ltd.		40,067
	563,527	Manappuram Finance, Ltd.		1,276,333
	35,705	Mindtree, Ltd.		2,008,769
	2,420,432	Motherson Sumi Systems, Ltd.		7,296,350
	132,853	Muthoot Finance, Ltd.		2,580,608
	980,000	NMDC, Ltd.		1,872,983
	495,332	Reliance Industries, Ltd.		16,695,983
	27,197	Reliance Industries, Ltd. (Partly Paid-up Shares)		683,344
	2,729	SRF, Ltd.		413,365
	359,266	Tata Consultancy Services, Ltd.		18,207,350
	40,209	Titan Co., Ltd.		1,169,735
	794,371	UPL, Ltd.		7,524,013
	243,044	Yes Bank, Ltd.*		41,174
				193,693,820
		Indonesia — 1.3%
	5,058,200	Bank Central Asia Tbk PT		12,372,378
	2,517,300	Bank Mandiri Persero Tbk PT		1,069,748
	1,973,241	Bank Negara Indonesia Persero Tbk PT		734,636
	1,907,300	Bank Pembangunan Daerah Jawa Timur Tbk PT		96,038
	11,541,025	Bank Rakyat Indonesia Persero Tbk PT		3,067,294
	1,187,100	Bukit Asam Tbk PT		228,010
	9,200	Gudang Garam Tbk PT		20,871
	637,600	Indo Tambangraya Megah Tbk PT		925,167
	28,622,500	Panin Financial Tbk PT*		359,372
	4,771,200	Ramayana Lestari Sentosa Tbk PT*		228,530
	2,427,600	Telkom Indonesia Persero Tbk PT		623,118
	17,400	United Tractors Tbk PT		31,253
				19,756,415

See accompanying Notes to the Financial Statements.

140

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Italy — 0.2%
	435,900	Prada SpA		2,377,429
		Mexico — 3.6%
	17,700	Alpek SAB de CV		20,091
	14,800	America Movil SAB de CV Series L, ADR		261,516
	28,700	Arca Continental SAB de CV		175,571
	144,356	Banco del Bajio SA		274,947
	611,180	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander(a)		694,641
	4,600	Coca-Cola Femsa SAB de CV, ADR		258,842
	10,600	Concentradora Fibra Danhos SA de CV REIT		13,079
	309,671	Credito Real SAB de CV SOFOM ER* (a)		174,095
	21,282	El Puerto de Liverpool SAB de CV(a)		87,823
	303,280	Fibra Uno Administracion SA de CV REIT		346,762
	36,200	Fomento Economico Mexicano SAB de CV		315,526
	152,372	Fomento Economico Mexicano SAB de CV, ADR		13,213,700
	3,175	Gruma SAB de CV Class B		36,463
	32	Grupo Aeroportuario del Centro Norte SAB de CV, ADR*		1,499
	19,929	Grupo Aeroportuario del Centro Norte SAB de CV Class B*		117,753
	699,700	Grupo Aeroportuario del Pacifico SAB de CV Class B*		8,173,866
	16,800	Grupo Bimbo SAB de CV Series A		47,437
	2,044,096	Grupo Financiero Banorte SAB de CV Series O		13,162,329
	31,274	Grupo Financiero Inbursa SAB de CV Series O*		29,593
	1,318,708	Grupo Mexico SAB de CV Series B		5,268,542
	55,000	Kimberly-Clark de Mexico SAB de CV Class A		90,754
	11,600	Orbia Advance Corp. SAB de CV		29,920
	40,190	Qualitas Controladora SAB de CV		185,726
	65,018	Regional SAB de CV		373,819
	18,700	Ternium SA, ADR		791,010
	167,706	Unifin Financiera SAB de CV* (a)		244,892
	2,741,815	Wal-Mart de Mexico SAB de CV		9,335,343
				53,725,539
		Netherlands — 0.8%
	133,778	Heineken Holding NV		11,635,247
		Peru — 0.3%
	25,957	Credicorp, Ltd.		2,879,670
	18,100	Southern Copper Corp.		1,016,134
				3,895,804
		Philippines — 0.3%
	80,000	Aboitiz Power Corp.		48,499
	483,000	Converge Information and Communications Technology Solutions, Inc.*		378,749
	24,260	GT Capital Holdings, Inc.		241,922
	64,910	Manila Electric Co.		377,726
	10,174,300	Megaworld Corp.		567,526
	3,061,000	Metro Pacific Investments Corp.		217,758
	149,700	Puregold Price Club, Inc.		130,571

See accompanying Notes to the Financial Statements.

141

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Philippines — continued
	18,150	Security Bank Corp.		37,654
	592,100	Semirara Mining & Power Corp. Class A		243,524
	1,058,530	Universal Robina Corp.		2,815,756
				5,059,685
		Poland — 0.7%
	269,239	Allegro.eu SA*		3,921,019
	8,043	Budimex SA		606,113
	42,721	Dino Polska SA*		3,571,249
	10,442	Lubelski Wegiel Bogdanka SA*		111,350
	108,000	Powszechna Kasa Oszczednosci Bank Polski SA*		1,147,653
	167,886	Powszechny Zaklad Ubezpieczen SA		1,536,167
				10,893,551
		Portugal — 0.3%
	234,928	Jeronimo Martins SGPS SA		4,680,492
		Qatar — 0.3%
	300,098	Doha Bank QPSC		236,307
	54,129	Qatar Electricity & Water Co. QSC		251,406
	563,075	Qatar National Bank QPSC		2,961,017
	229,614	Qatar National Cement Co. QSC		313,135
				3,761,865
		Russia — 6.7%
	191,444	Coca-Cola HBC AG*		6,157,692
	123,604	Evraz Plc		986,910
	198,000	Gazprom PJSC, ADR		1,968,120
	95,040	Globaltrans Investment Plc, GDR(c)		757,393
	138,142	HeadHunter Group Plc, ADR		6,741,330
	221,290	LSR Group PJSC, GDR(b) (d)		460,305
	51,500	LUKOIL PJSC, ADR		4,874,990
	12,157	LUKOIL PJSC (London Exchange), ADR		1,157,411
	42,375	Magnit PJSC, GDR(c)		710,131
	71,033	Magnitogorsk Iron & Steel Works PJSC, GDR(c)		866,769
	287,128	MMC Norilsk Nickel PJSC, ADR		8,499,657
	88,000	Mobile Telesystems PJSC, ADR		848,320
	9,400	Novatek PJSC, GDR(c)		2,482,540
	606	Novatek PJSC (London Exchange), GDR(c)		157,594
	156,114	Novolipetsk Steel PJSC, GDR		4,592,613
	11,765	PhosAgro PJSC, GDR(c)		265,718
	314,383	Polymetal International Plc		5,327,965
	46,521	Polyus PJSC, GDR(c)		3,807,090
	69,652	QIWI Plc, ADR(a)		583,684
	1,341	QIWI Plc (Moscow Exchange), ADR		11,231
	4,489	Ros Agro Plc, GDR(c)		66,296
	999,892	Sberbank of Russia PJSC, ADR		18,578,226
	90,444	Severstal PAO, GDR(c)		1,883,819
	2,541,044	Surgutneftegas PJSC, ADR		12,696,639

See accompanying Notes to the Financial Statements.

142

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Russia — continued
	79,682	Tatneft PJSC, ADR		3,449,577
	3,382	TCS Group Holding Plc, GDR(c)		309,137
	9,384	TCS Group Holding Plc (London Exchange), GDR(c)		854,394
	20,000	VEON, Ltd., ADR*		41,600
	46,765	X5 Retail Group NV, GDR(c)		1,507,583
	121,493	Yandex NV Class A* (a)		9,681,777
				100,326,511
		South Africa — 2.4%
	100,081	Absa Group, Ltd.		1,008,363
	4,611	Anglo American Platinum, Ltd.		399,419
	4,365	Astral Foods, Ltd.		51,179
	66,663	Capitec Bank Holdings, Ltd.		8,062,682
	474,415	Clicks Group, Ltd.		8,742,127
	656,000	FirstRand, Ltd.		2,784,738
	104,082	Investec, Ltd.		451,973
	44,728	Kumba Iron Ore, Ltd.		1,474,142
	159,125	Lewis Group, Ltd.		438,085
	42,258	Mr Price Group, Ltd.		565,015
	317,000	MTN Group, Ltd.*		2,977,853
	18,108	Naspers, Ltd. Class N		2,986,707
	42,070	Pepkor Holdings, Ltd.*		60,316
	1,236,449	RMB Holdings, Ltd.		124,585
	390,195	SPAR Group, Ltd. (The)		5,093,432
	142,308	Truworths International, Ltd.(a)		525,461
				35,746,077
		South Korea — 8.1%
	37,022	BNK Financial Group, Inc.		272,273
	108,066	Coupang, Inc.*		3,009,638
	5,137	Coway Co., Ltd.		319,640
	82,897	Daewoo Engineering & Construction Co., Ltd.*		466,377
	1,459	Daou Data Corp.		16,336
	2,577	DB Insurance Co., Ltd.		136,811
	3,871	DL Holdings Co., Ltd.		245,784
	80,646	Dongwon Development Co., Ltd.		387,021
	45,735	Douzone Bizon Co., Ltd.		3,693,378
	3,904	Eugene Corp.		16,324
	584	F&F Co., Ltd.*		347,386
	2,526	Fila Holdings Corp.		90,317
	17,475	GS Engineering & Construction Corp.		621,141
	8,900	GS Retail Co., Ltd.		242,501
	159,665	Hana Financial Group, Inc.		6,162,878
	7,661	Hansol Chemical Co., Ltd.		2,222,493
	32,295	HDC Hyundai Development Co-Engineering & Construction		737,412
	32,664	Hyundai Engineering & Construction Co., Ltd.		1,393,398
	7,000	Hyundai Marine & Fire Insurance Co., Ltd.		149,048
	1,373	Hyundai Mobis Co., Ltd.		289,374
	52,421	Kakao Corp.		5,135,320

See accompanying Notes to the Financial Statements.

143

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	55,269	KakaoBank Corp.* (a)		3,192,905
	89,340	KB Financial Group, Inc.		4,154,140
	60,500	Kia Corp.		4,087,719
	14,500	KIWOOM Securities Co., Ltd.		1,325,931
	19,000	Korea Investment Holdings Co., Ltd.		1,363,880
	1,743	Korea Petrochemical Ind Co., Ltd.		312,637
	8,214	Korea Real Estate Investment & Trust Co., Ltd.		16,922
	551	Korea Zinc Co., Ltd.		231,659
	57,719	KT&G Corp.		3,938,505
	24,550	Kumho Petrochemical Co., Ltd.(a)		3,892,373
	2,433	L&F Co., Ltd.		367,827
	54,169	LG Corp.		4,212,906
	11,219	LG Electronics, Inc.		1,190,230
	15,694	LG Household & Health Care, Ltd.		17,640,858
	14,350	LG Innotek Co., Ltd.		2,484,767
	1,571	Lotte Chemical Corp.		318,671
	28,650	NAVER Corp.		9,335,439
	2,687	NHN KCP Corp.*		117,499
	4,141	POSCO		1,150,931
	834	Samsung C&T Corp.		85,741
	3,970	Samsung Card Co., Ltd.		112,954
	16,000	Samsung Electro-Mechanics Co., Ltd.		2,353,729
	234,377	Samsung Electronics Co., Ltd.		14,587,344
	5,855	Samsung Electronics Co., Ltd., GDR(c)		9,101,186
	569	Samsung Electronics Co., Ltd. (London Exchange), GDR(a) (c)		825,612
	16,356	Samsung Engineering Co., Ltd.*		346,459
	21,431	Samsung Fire & Marine Insurance Co., Ltd.		4,228,697
	4,305	Samsung Life Insurance Co., Ltd.		264,472
	1,583	Samsung SDS Co., Ltd.		213,172
	106,641	Shinhan Financial Group Co., Ltd.		3,581,835
	1,846	Webzen, Inc.*		39,719
	44,388	Woori Financial Group, Inc.		431,613
				121,463,182
		Taiwan — 17.1%
	29,107	Accton Technology Corp.		273,662
	232,000	Acer, Inc.		205,310
	8,227	Acter Group Corp., Ltd.		54,412
	700,003	Advantech Co., Ltd.		9,134,395
	46,000	AmTRAN Technology Co., Ltd.*		28,280
	48,000	Arcadyan Technology Corp.		159,776
	252,000	ASE Technology Holding Co., Ltd.		980,952
	26,000	Asia Cement Corp.		42,276
	757,798	Asustek Computer, Inc.		8,805,313
	28,531	Aten International Co., Ltd.		83,846
	1,291,000	Catcher Technology Co., Ltd.		7,717,460
	3,255,595	Cathay Financial Holding Co., Ltd.		6,665,199
	752,992	Chailease Holding Co., Ltd.		6,616,558
	26,000	Channel Well Technology Co., Ltd.		35,841

See accompanying Notes to the Financial Statements.

144

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	197,110	Chicony Electronics Co., Ltd.		541,573
	29,400	China General Plastics Corp.		48,066
	29,000	Chipbond Technology Corp.		69,989
	189,013	Chong Hong Construction Co., Ltd.*		545,418
	218,000	Chunghwa Telecom Co., Ltd.		862,251
	326,416	Coretronic Corp.		642,050
	1,186,050	CTBC Financial Holding Co., Ltd.		967,151
	120,818	Delta Electronics, Inc.		1,086,909
	938,000	E Ink Holdings, Inc.		2,455,012
	4,095,670	E.Sun Financial Holding Co., Ltd.		3,849,251
	9,000	Eclat Textile Co., Ltd.		194,633
	108,665	Elan Microelectronics Corp.		563,465
	498,517	Elite Material Co., Ltd.		3,878,959
	65,000	eMemory Technology, Inc.		4,556,840
	11,000	Everlight Electronics Co., Ltd.		18,715
	197,092	Farglory Land Development Co., Ltd.		409,583
	10,000	Feng Hsin Steel Co., Ltd.		27,963
	764,348	FLEXium Interconnect, Inc.*		2,782,214
	9,000	Formosa Chemicals & Fibre Corp.		26,847
	158,000	Formosa Plastics Corp.		635,283
	177,708	Foxconn Technology Co., Ltd.		444,762
	4,689,476	Fubon Financial Holding Co., Ltd.		12,791,865
	13,000	Getac Technology Corp.		24,055
	502,000	Giant Manufacturing Co., Ltd.		5,672,765
	393,621	Gigabyte Technology Co., Ltd.		1,221,192
	665,777	Grand Pacific Petrochemical		679,413
	15,000	Greatek Electronics, Inc.		43,161
	172,000	Highwealth Construction Corp.		277,137
	21,000	Holtek Semiconductor, Inc.		83,777
	2,858,777	Hon Hai Precision Industry Co., Ltd.		10,683,751
	209,759	Huaku Development Co., Ltd.		671,119
	118,000	IEI Integration Corp.		186,101
	2,000	Innodisk Corp.		12,888
	69,687	International Games System Co., Ltd.		1,621,595
	41,000	Kung Long Batteries Industrial Co., Ltd.		203,545
	4,000	Largan Precision Co., Ltd.		311,559
	326,443	Lite-On Technology Corp., ADR		729,619
	86,642	Lotes Co., Ltd.		1,709,990
	112,000	Makalot Industrial Co., Ltd.		982,736
	468,410	MediaTek, Inc.		15,098,403
	337,013	Mercuries Life Insurance Co., Ltd.*		112,028
	253,000	Merida Industry Co., Ltd.		2,643,489
	39,305	Merry Electronics Co., Ltd.		124,554
	363,899	Micro-Star International Co., Ltd.		1,663,434
	22,000	Mitac Holdings Corp.		22,425
	10,144	Nan Liu Enterprise Co., Ltd.		39,613
	217,000	Nan Ya Plastics Corp.		703,651
	172,000	Nantex Industry Co., Ltd.		556,587
	361,912	Novatek Microelectronics Corp.		5,254,294
	76,000	Pegatron Corp.		181,673

See accompanying Notes to the Financial Statements.

145

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	7,692	Pharmally International Holding Co., Ltd.* (b) (e)		—
	265,000	Phison Electronics Corp.		3,549,357
	679,998	President Chain Store Corp.		6,824,488
	14,000	Primax Electronics, Ltd.		25,639
	402,437	Quanta Computer, Inc.		1,116,913
	952,000	Radiant Opto-Electronics Corp.		3,189,422
	282,000	Realtek Semiconductor Corp.		4,969,670
	29,077	Sea, Ltd., ADR*		9,267,712
	10,000	Shin Zu Shing Co., Ltd.		37,008
	98,190	Shinkong Insurance Co., Ltd.		156,867
	55,985	Simplo Technology Co., Ltd.		575,871
	16,000	Sinon Corp.		13,991
	45,000	Sitronix Technology Corp.		384,749
	5,000	Soft-World International Corp.		15,700
	18,000	Standard Foods Corp.		33,204
	129,000	Syncmold Enterprise Corp.		320,178
	4,000	Systex Corp.		12,513
	14,079	Tah Hsin Industrial Corp.		32,292
	853,644	Taiwan Cement Corp.		1,560,366
	11,000	Taiwan PCB Techvest Co., Ltd.		18,396
	1,552,359	Taiwan Semiconductor Manufacturing Co., Ltd.		32,011,265
	392,699	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		43,844,843
	8,333	TCI Co., Ltd.		67,682
	5,000	Topco Scientific Co., Ltd.		24,550
	247,583	Transcend Information, Inc.		594,955
	149,822	Tripod Technology Corp.		596,787
	446,000	TXC Corp.		1,643,093
	3,319,351	Uni-President Enterprises Corp.		8,072,768
	98,356	United Integrated Services Co., Ltd.		620,085
	123,772	Universal, Inc.		195,235
	250,000	Vanguard International Semiconductor Corp.		1,345,028
	39,251	Voltronic Power Technology Corp.		2,382,822
	11,000	Xxentria Technology Materials Corp.		26,110
	138,000	Youngtek Electronics Corp.		368,779
	1,245,000	Yuanta Financial Holding Co., Ltd.		1,095,805
	5,506	Yulon Nissan Motor Co., Ltd.		49,525
				254,760,301
		Thailand — 0.2%
	63,200	CP ALL PCL Class F		118,144
	85,700	CP ALL PCL, NVDR		159,995
	33,700	Kasikornbank PCL Class F		131,122
	44,700	Kasikornbank PCL, NVDR		175,412
	81,000	Land & Houses PCL Class F		18,903
	915,000	Pruksa Holding PCL Class F		350,344
	488,000	PTT Exploration & Production PCL Class F		1,687,055
	19,000	Siam Cement PCL (The) Class F		224,876
	26,200	Siam Cement PCL (The), NVDR		310,022
	17,400	Siam Commercial Bank PCL (The) Class F		61,696

See accompanying Notes to the Financial Statements.

146

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Thailand — continued
	47,900	SPCG PCL Class F		24,491
	440,100	Supalai PCL Class F		259,745
	3,403,200	TMBThanachart Bank PCL Class F		111,350
				3,633,155
		Turkey — 0.9%
	284,594	Arcelik AS		1,044,885
	150,282	BIM Birlesik Magazalar AS		1,081,252
	2,081,861	Dogan Sirketler Grubu Holding AS		594,788
	102,992	Enerjisa Enerji AS		120,417
	35,080	Enka Insaat ve Sanayi AS		41,015
	602,928	Eregli Demir ve Celik Fabrikalari TAS		1,127,897
	208,504	Ford Otomotiv Sanayi AS		3,918,602
	1,702,172	KOC Holding AS		4,325,023
	102,785	Koza Altin Isletmeleri AS*		1,104,196
	9,353	Tofas Turk Otomobil Fabrikasi AS		54,711
	2,565	Turk Traktor ve Ziraat Makineleri AS		46,779
	74,813	Turkcell Iletisim Hizmetleri AS		129,074
				13,588,639
		United Arab Emirates — 0.3%
	176,076	Dubai Islamic Bank PJSC		236,819
	90,813	First Abu Dhabi Bank PJSC		439,407
	851,451	Network International Holdings Plc*		4,168,382
				4,844,608
		United Kingdom — 1.2%
	653,600	HSBC Holdings Plc(a)		3,374,010
	263,368	Unilever Plc		14,247,195
				17,621,205
		United States — 1.3%
	29,322	Globant SA*		8,239,775
	946,000	JBS SA		6,435,835
	381,000	JS Global Lifestyle Co., Ltd.		884,453
	69,000	Parade Technologies, Ltd.		4,013,079
				19,573,142
		TOTAL COMMON STOCKS (COST $1,292,191,761)		1,398,710,407
		INVESTMENT COMPANY — 0.1%
		United States — 0.1%
	20,523	iShares Core MSCI Emerging Markets ETF		1,267,500
		TOTAL INVESTMENT COMPANY (COST $1,264,354)		1,267,500
		PREFERRED STOCKS — 0.8%
		Brazil — 0.3%
	1,147,806	Banco Bradesco SA, 5.72%		4,387,821

See accompanying Notes to the Financial Statements.

147

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Chile — 0.0%
	120,578	Embotelladora Andina SA, 6.85% Series B		259,817
		Colombia — 0.0%
	2,095	Banco Davivienda SA, 1.39%		18,357
	691,813	Grupo Aval Acciones y Valores SA, 5.00%		203,083
				221,440
		South Korea — 0.5%
	120,305	Samsung Electronics Co., Ltd., 4.12%		7,041,758
		Taiwan — 0.0%
	41,879	Chailease Holding Co., Ltd., 1.21%		150,141
	87,382	CTBC Financial Holding Co., Ltd., 3.61%		195,368
				345,509
		TOTAL PREFERRED STOCKS (COST $10,471,610)		12,256,345
		RIGHTS — 0.0%
		South Korea — 0.0%
	413	Hyundai Engineering & Construction Co., Ltd., Expires 10/12/21* (b)		—
		TOTAL RIGHTS (COST $—)		—
		WARRANTS — 0.1%
		China — 0.1%
	62,155	Advanced Micro-Fabrication Equipment, Inc., Expires 08/29/22* (b)		1,460,060
	124,706	Wuxi Xinje Electric Co., Ltd., Expires 10/03/22* (b)		890,213
		TOTAL WARRANTS (COST $2,773,607)		2,350,273
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENT — 0.8%
		Mutual Fund - Securities Lending Collateral — 0.8%
	11,697,685	State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(f) (g)		11,697,685
		TOTAL SHORT-TERM INVESTMENT (COST $11,697,685)		11,697,685
		TOTAL INVESTMENTS — 95.5% (Cost $1,318,399,017)		1,426,282,210
		Other Assets and Liabilities (net) — 4.5%		66,626,481
		NET ASSETS — 100.0%	$	1,492,908,691

See accompanying Notes to the Financial Statements.

148

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

	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 $2,835,165 which represents 0.2% of net assets. The aggregate tax cost of these securities held at September 30, 2021 was $3,345,912.
(c)	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.
(d)	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 $460,305, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(e)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
(f)	Represents an investment of securities lending cash collateral.
(g)	The rate disclosed is the 7-day net yield as of September 30, 2021.
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 $1,722,191 which represents 0.1% of net assets.

See accompanying Notes to the Financial Statements.

149

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	1,384	MSCI Emerging Markets E-mini Index		Dec 2021	$	86,195,520	$	(3,692,125	)
	Sales
	167	SGX Nifty 50 Index		Oct 2021	$	5,879,068	$	103,328

Abbreviations

ADR — American Depository Receipt

GDR — Global Depository Receipt

NVDR — Non-Voting Depository Receipt

REIT — Real Estate Investment Trust

At September 30, 2021, the Fund held the following restricted security:

Restricted Security	Acquisition Date		Principal Amount		Cost			Value
LSR Group PJSC		03/04/21		USD 221,290		$	503,078		$	460,305

See accompanying Notes to the Financial Statements.

150

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Financial		19.2
Technology		18.7
Consumer, Non-cyclical		13.7
Communications		11.2
Consumer, Cyclical		9.7
Industrial		8.8
Basic Materials		7.4
Energy		4.5
Utilities		1.1
Diversified		0.3
Unaffiliated Funds		0.1
Short-Term Investment		0.8
Other Assets and Liabilities (net)		4.5
		100.0	%

See accompanying Notes to the Financial Statements.

151

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 95.8%
		Australia — 1.6%
	77,363	BHP Group Plc		1,929,500
	10,155	Cochlear, Ltd.(a)		1,602,573
	24,452	EBOS Group, Ltd.		591,851
	227,205	Gold Road Resources, Ltd.		196,542
	63,288	Harvey Norman Holdings, Ltd.		227,100
	131,361	Newcrest Mining, Ltd.		2,151,794
	486,822	Perseus Mining, Ltd.*		491,869
	647,094	Regis Resources, Ltd.		940,574
	27,146	Rio Tinto Plc		1,793,610
	243,959	Sonic Healthcare, Ltd.		7,156,641
	840,412	Telstra Corp., Ltd.		2,366,748
	62,859	Worley, Ltd.		441,846
				19,890,648
		Austria — 0.1%
	21,505	Oesterreichische Post AG		907,943
	22,588	Telekom Austria AG Class A*		194,593
				1,102,536
		Bermuda — 0.2%
	14,673	RenaissanceRe Holdings, Ltd.		2,045,416
		Brazil — 0.0%
	10,091	Yara International ASA		500,157
		Canada — 3.3%
	77,800	Alimentation Couche-Tard, Inc. Class B		2,976,034
	48,301	BCE, Inc.		2,417,948
	145,800	Canadian Pacific Railway, Ltd.(a)		9,487,206
	6,400	Cogeco, Inc.		455,681
	500	Constellation Software, Inc.		818,968
	41,447	Dundee Precious Metals, Inc.		249,300
	60	E-L Financial Corp., Ltd.		44,283
	86,000	Empire Co., Ltd. Class A		2,620,358
	7,000	Evertz Technologies, Ltd.		79,291
	2,200	Exchange Income Corp.		76,983
	46,800	First Capital Real Estate Investment Trust REIT		646,485
	30,900	George Weston, Ltd.(a)		3,332,327
	1,000	Guardian Capital Group, Ltd. Class A		27,115
	2,200	IGM Financial, Inc.(a)		78,581
	16,100	Laurentian Bank of Canada		510,889
	42,100	Loblaw Cos., Ltd.		2,888,528
	47,700	Metro, Inc.		2,330,310
	58,100	North West Co., Inc. (The)(a)		1,551,046
	32,800	Open Text Corp.		1,600,581
	4,800	Premium Brands Holdings Corp. Class A		490,817
	86,100	Quebecor, Inc. Class B		2,080,373

See accompanying Notes to the Financial Statements.

152

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Canada — continued
	25,400	Royal Bank of Canada		2,526,867
	70,200	Stella-Jones, Inc.		2,363,366
	104,600	Western Forest Products, Inc.		181,647
	9,300	Winpak, Ltd.		300,616
				40,135,600
		China — 1.4%
	67,215	Alibaba Group Holding, Ltd., ADR*		9,951,181
	2,331,162	CITIC Telecom International Holdings, Ltd.		793,591
	151,000	Kerry Logistics Network, Ltd.		322,697
	69,850	NetEase, Inc., ADR		5,965,190
				17,032,659
		Denmark — 0.8%
	834	AP Moller - Maersk AS Class B		2,257,314
	9,887	DSV AS		2,361,920
	4,081	Genmab AS*		1,784,009
	33,578	Novo Nordisk AS Class B		3,231,666
	4,036	Schouw & Co. AS		387,129
				10,022,038
		Finland — 0.4%
	64,399	Fortum OYJ		1,959,525
	82,888	Kesko OYJ Class B		2,862,611
				4,822,136
		France — 2.8%
	40,008	Airbus SE*		5,255,576
	529	Axway Software SA		16,797
	1,035	Boiron SA		48,697
	2,093	Bureau Veritas SA		64,271
	69	Cie de L’Odet SE		95,879
	40,495	Dassault Systemes SE		2,124,119
	690	Esker SA		211,092
	4,394	IPSOS		199,520
	3,848	L’Oreal SA		1,588,978
	21,611	Legrand SA		2,319,054
	470	LNA Sante SA		27,672
	552	Manutan International		47,859
	114,451	Orange SA		1,240,528
	11,900	Publicis Groupe SA		801,805
	58,793	Safran SA		7,375,289
	23,738	Sanofi		2,286,312
	304	Savencia SA		22,122
	4,673	Societe BIC SA		275,236
	214	Societe LDC SA		24,898
	554	Stef SA		62,485
	45,608	Technip Energies NV*		715,769

See accompanying Notes to the Financial Statements.

153

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		France — continued
	1,091	Vetoquinol SA		163,481
	92,200	Vinci SA		9,555,382
	382	Wendel SE		52,997
				34,575,818
		Germany — 1.5%
	4,959	Bayer AG		270,613
	78,699	Beiersdorf AG		8,512,888
	47,225	Deutsche Post AG		2,977,969
	111,872	Deutsche Telekom AG		2,256,750
	915	GEA Group AG		41,955
	2,590	KWS Saat SE & Co. KGaA		207,286
	2,128	McKesson Europe AG		60,179
	14,778	Merck KGaA		3,215,273
	4,754	SAP SE		644,375
	1,109	Wuestenrot & Wuerttembergische AG		23,535
				18,210,823
		Hong Kong — 0.8%
	69,500	CLP Holdings, Ltd.		668,474
	166,400	Dah Sing Banking Group, Ltd.		151,905
	25,900	Dairy Farm International Holdings, Ltd.		88,039
	342,000	Emperor International Holdings, Ltd.		44,354
	239,000	HK Electric Investments & HK Electric Investments, Ltd.		237,269
	1,823,000	HKT Trust & HKT, Ltd.		2,493,178
	16,000	Hong Kong Ferry Holdings Co., Ltd.		11,131
	49,000	Kowloon Development Co., Ltd.		54,416
	249,000	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.*		27,457
	38,000	Liu Chong Hing Investment, Ltd.		37,449
	12,000	Miramar Hotel & Investment		19,834
	4,095,000	PCCW, Ltd.		2,100,494
	373,000	Power Assets Holdings, Ltd.		2,186,003
	300,000	Regal Hotels International Holdings, Ltd.*		119,387
	219,000	Regal Real Estate Investment Trust REIT		38,415
	120,500	SmarTone Telecommunications Holdings, Ltd.		68,146
	58,000	Transport International Holdings, Ltd.		101,035
	230,163	VTech Holdings, Ltd.		1,674,979
	3,000	Wing On Co. International, Ltd.		7,011
				10,128,976
		Ireland — 0.7%
	33,663	ICON Plc, ADR*		8,820,379
		Israel — 0.9%
	14,520	Bank Hapoalim BM		127,389
	48,659	Bank Leumi Le-Israel BM		412,760
	128,215	Bezeq Israeli Telecommunication Corp., Ltd.*		151,155
	56,294	Check Point Software Technologies, Ltd.*		6,363,474

See accompanying Notes to the Financial Statements.

154

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Israel — continued
	17,432	First International Bank Of Israel, Ltd. (The)		636,353
	3	Isracard, Ltd.		12
	39,509	Radware, Ltd.*		1,332,243
	56,607	Shufersal, Ltd.		458,462
	56,884	Strauss Group, Ltd.		1,658,600
	1,968	ZIM Integrated Shipping Services, Ltd.		99,778
				11,240,226
		Italy — 0.0%
	2,516	Recordati Industria Chimica e Farmaceutica SpA		146,426
		Japan — 4.2%
	39,700	Arcs Co., Ltd.		803,750
	45,100	Astellas Pharma, Inc.		741,772
	1,900	AT-Group Co., Ltd.		23,944
	9,200	Axial Retailing, Inc.		311,777
	4,100	Belc Co., Ltd.		212,809
	24,000	Calbee, Inc.		583,921
	1,100	Canon, Inc.		26,989
	21,300	Cawachi, Ltd.(a)		431,015
	11,900	Doshisha Co., Ltd.		186,881
	32,289	Earth Corp.		1,962,023
	7,900	Ezaki Glico Co., Ltd.		299,820
	500	Fuji Soft, Inc.		26,185
	4,800	Fujicco Co., Ltd.		83,168
	11,000	H.U. Group Holdings, Inc.(a)		296,789
	32,400	Heiwado Co., Ltd.(a)		630,155
	3,100	Hokuto Corp.		54,554
	10,900	Hyakugo Bank, Ltd. (The)		31,732
	18,200	Itoham Yonekyu Holdings, Inc.		118,988
	7,300	J-Oil Mills, Inc.		120,158
	6,600	Japan Post Bank Co., Ltd.		56,343
	123,001	Japan Tobacco, Inc.		2,408,992
	3,800	Juroku Bank, Ltd. (The)* (b)		75,983
	43,855	Kaken Pharmaceutical Co., Ltd.		1,799,402
	19,300	Kato Sangyo Co., Ltd.		571,794
	77,200	KDDI Corp.		2,544,865
	25,000	Keiyo Bank, Ltd. (The)		100,383
	82,500	KYORIN Holdings, Inc.		1,312,734
	39,700	Lawson, Inc.		1,944,306
	2,500	Lintec Corp.		57,003
	6,500	Maruichi Steel Tube, Ltd.		150,395
	17,100	Medipal Holdings Corp.		321,757
	22,800	MEIJI Holdings Co., Ltd.(a)		1,469,861
	5,600	Miroku Jyoho Service Co., Ltd.		84,691
	87,100	Mitsubishi Electric Corp.		1,208,383
	25,900	Mitsubishi Shokuhin Co., Ltd.		675,346
	118,000	Mizuho Financial Group, Inc.		1,657,033
	28,800	Mochida Pharmaceutical Co., Ltd.		879,177

See accompanying Notes to the Financial Statements.

155

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	19,300	MS&AD Insurance Group Holdings, Inc.		642,352
	18,100	Nakanishi, Inc.		412,180
	2,900	Nanto Bank, Ltd. (The)		51,962
	2,900	Nihon Chouzai Co., Ltd.		44,429
	1,000	Nintendo Co., Ltd.		485,238
	52,300	Nippn Corp.		762,418
	96,000	Nippon Telegraph & Telephone Corp.		2,647,266
	22,300	Nisshin Oillio Group, Ltd. (The)		605,872
	19,500	Okinawa Cellular Telephone Co.		945,896
	13,600	Okuwa Co., Ltd.		144,082
	24,800	Ono Pharmaceutical Co., Ltd.		564,204
	53,500	Otsuka Holdings Co., Ltd.		2,274,913
	2,500	Qol Holdings Co., Ltd.		33,932
	800	S&B Foods, Inc.		32,995
	3,200	Sakata Seed Corp.		100,261
	9,000	San-A Co., Ltd.		321,531
	91,100	Sankyo Co., Ltd.		2,264,764
	20,000	Santen Pharmaceutical Co., Ltd.		281,520
	27,400	Sawai Group Holdings Co., Ltd.		1,271,988
	21,800	Shionogi & Co., Ltd.		1,489,672
	25,859	Showa Sangyo Co., Ltd.(a)		646,149
	9,800	SKY Perfect JSAT Holdings, Inc.		37,597
	202,300	Softbank Corp.		2,739,788
	168	SOSiLA Logistics REIT, Inc. REIT		247,978
	11,800	Sugi Holdings Co., Ltd.		856,212
	20,500	Sundrug Co., Ltd.		623,994
	34,100	Toho Holdings Co., Ltd.		555,058
	296	Toyo Suisan Kaisha, Ltd.		13,114
	44,500	Trend Micro, Inc.		2,476,250
	5,500	Tsumura & Co.		175,564
	1,500	Tv Tokyo Holdings Corp.		29,884
	10,600	Unicharm Corp.		468,951
	49,700	United Super Markets Holdings, Inc.		489,002
	19,700	Valor Holdings Co., Ltd.		425,109
	50,400	Vital KSK Holdings, Inc.		358,501
	4,300	Wowow, Inc.		93,718
	7,100	Yaoko Co., Ltd.(a)		433,133
	23,500	ZERIA Pharmaceutical Co., Ltd.		432,436
				50,744,791
		Jordan — 0.1%
	17,568	Hikma Pharmaceuticals Plc		578,366
		Luxembourg — 0.2%
	7,279	APERAM SA		401,393
	19,882	Eurofins Scientific SE		2,550,927
				2,952,320

See accompanying Notes to the Financial Statements.

156

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		Netherlands — 1.5%
	2,115	Amsterdam Commodities NV*		57,540
	17,279	ASML Holding NV		12,752,843
	83,436	Koninklijke Ahold Delhaize NV		2,767,612
	1,382	NN Group NV		72,160
	55,608	PostNL NV		268,322
	97,143	Royal Dutch Shell Plc Class A		2,164,704
	2,137	SBM Offshore NV		37,914
	882	Sligro Food Group NV*		23,968
	6,607	Wolters Kluwer NV		698,741
				18,843,804
		New Zealand — 0.4%
	84,638	Arvida Group, Ltd.		122,189
	4,996	Fletcher Building, Ltd.		24,623
	8,467	Fonterra Co-operative Group, Ltd.		23,103
	84,023	Freightways, Ltd.		737,636
	37,292	Mainfreight, Ltd.		2,485,580
	281,606	Spark New Zealand, Ltd.		927,775
	3,702	Warehouse Group, Ltd. (The)		10,480
				4,331,386
		Norway — 0.5%
	72,846	DNB Bank ASA		1,656,204
	11,668	Kongsberg Gruppen ASA		323,893
	323,759	Norsk Hydro ASA		2,419,448
	61,697	Telenor ASA		1,037,774
	16,762	Veidekke ASA		205,844
				5,643,163
		Portugal — 0.2%
	118,323	Jeronimo Martins SGPS SA		2,357,359
	124,275	Sonae SGPS SA		130,665
				2,488,024
		Singapore — 0.4%
	24,921	Best World International, Ltd.* (a) (b) (c)		—
	10,800	Great Eastern Holdings, Ltd.		169,421
	44,804	Hong Leong Finance, Ltd.		78,581
	21,100	Jardine Cycle & Carriage, Ltd.		299,965
	3,404,049	NetLink NBN Trust		2,490,349
	68,900	Raffles Medical Group, Ltd.		73,495
	1,888,801	Sheng Siong Group, Ltd.		2,057,509
	33,000	Singapore Land Group, Ltd.		63,869
				5,233,189
		South Africa — 0.1%
	16,792	Anglo American Plc		579,646

See accompanying Notes to the Financial Statements.

157

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		South Korea — 0.3%
	2,610	Samsung Electronics Co., Ltd., GDR(d)		4,057,061
		Spain — 0.6%
	41,746	Aena SME SA*		7,204,538
	10,524	Cia de Distribucion Integral Logista Holdings SA		221,354
				7,425,892
		Sweden — 0.3%
	98,809	Axfood AB(a)		2,364,264
	78,200	Telefonaktiebolaget LM Ericsson Class B(a)		884,436
				3,248,700
		Switzerland — 3.8%
	29,655	ABB, Ltd.		987,511
	4,888	AEVIS VICTORIA SA*		69,391
	12,438	Alcon, Inc.		1,006,626
	1,348	Banque Cantonale de Geneve		241,527
	876	Barry Callebaut AG		1,979,976
	168	Basellandschaftliche Kantonalbank		166,266
	844	Berner Kantonalbank AG		187,312
	12,362	BKW AG		1,332,150
	22	Chocoladefabriken Lindt & Spruengli AG		246,216
	2,245	Emmi AG		2,314,027
	6,111	Kuehne + Nagel International AG		2,074,499
	55	Luzerner Kantonalbank AG		24,569
	116,656	Nestle SA		14,022,380
	33,537	Novartis AG		2,748,728
	34,701	Roche Holding AG		12,650,307
	6,322	Sonova Holding AG		2,382,035
	74	St. Galler Kantonalbank AG		33,018
	146	Straumann Holding AG		261,016
	5,364	Swisscom AG		3,076,976
	603	Thurgauer Kantonalbank		68,693
	1,875	TX Group AG*		309,125
	3,547	Vifor Pharma AG		458,822
				46,641,170
		United Kingdom — 3.6%
	561,417	Alliance Pharma Plc		786,786
	7,871	AstraZeneca Plc		948,215
	13,874	AstraZeneca Plc, ADR		833,272
	1,285,600	BAE Systems Plc		9,723,986
	6,212	Bunzl Plc		205,355
	22,379	CareTech Holdings Plc		192,817
	34,328	Dechra Pharmaceuticals Plc		2,237,727
	12,246	EMIS Group Plc		229,223
	11,280	Gamma Communications Plc		278,333
	24,722	Genus Plc		1,813,415

See accompanying Notes to the Financial Statements.

158

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	123,921	GlaxoSmithKline Plc		2,340,722
	19,136	Oxford Biomedica Plc*		398,333
	559,509	Pan African Resources Plc(a)		117,430
	65,119	PZ Cussons Plc		197,103
	3,358	Sage Group Plc (The)		32,073
	103,833	Spirent Communications Plc		388,496
	303,498	St. James’s Place Plc		6,152,878
	215,339	Tate & Lyle Plc		2,006,866
	67,530	Tesco Plc		229,203
	182,751	Unilever Plc		9,862,226
	87,303	Unilever Plc (London Exchange)		4,722,756
	4,972	YouGov Plc		84,798
				43,782,013
		United States — 65.1%
	21,200	3M Co.		3,718,904
	45,600	Abbott Laboratories		5,386,728
	7,500	AbbVie, Inc.		809,025
	11,600	Acceleron Pharma, Inc.*		1,996,360
	20,237	Accenture Plc Class A		6,474,221
	41,200	Activision Blizzard, Inc.		3,188,468
	12,675	Adobe, Inc.*		7,297,251
	27,800	Akamai Technologies, Inc.*		2,907,602
	72,900	Albertsons Cos., Inc. Class A(a)		2,269,377
	4,000	Alleghany Corp.*		2,497,640
	10,044	Alphabet, Inc. Class A*		26,852,835
	75,200	Altria Group, Inc.		3,423,104
	4,700	Amazon.com, Inc.*		15,439,688
	50,071	Amdocs, Ltd.		3,790,875
	18,678	Ameren Corp.		1,512,918
	8,613	American Electric Power Co., Inc.		699,203
	23,000	American Water Works Co., Inc.		3,887,920
	17,200	AmerisourceBergen Corp. Class A		2,054,540
	15,800	Amgen, Inc.		3,359,870
	7,146	ANSYS, Inc.*		2,432,856
	1,200	Anthem, Inc.		447,360
	40,700	Apple, Inc.		5,759,050
	25,784	Arthur J. Gallagher & Co.		3,832,792
	10,500	Atlassian Corp. Plc Class A*		4,109,910
	31,203	Autodesk, Inc.*		8,898,159
	24,100	Automatic Data Processing, Inc.		4,818,072
	900	AutoZone, Inc.*		1,528,191
	114,399	Baxter International, Inc.		9,201,112
	64,853	Becton Dickinson and Co.		15,942,164
	13,572	Berkshire Hathaway, Inc. Class B*		3,704,342
	1,400	BlackRock, Inc.		1,174,124
	5,809	Booking Holdings, Inc.*		13,789,811
	76,255	Bristol-Myers Squibb Co.		4,512,008
	13,000	Broadcom, Inc.		6,304,090

See accompanying Notes to the Financial Statements.

159

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	600	Cable One, Inc.		1,087,878
	5,500	CACI International, Inc. Class A*		1,441,550
	26,635	Cadence Design Systems, Inc.*		4,033,604
	18,100	Camden Property Trust REIT		2,669,207
	6,100	Casey’s General Stores, Inc.		1,149,545
	54,700	Catalent, Inc.*		7,278,929
	7,800	Cboe Global Markets, Inc.		966,108
	1,600	CDW Corp.		291,232
	27,700	Cerner Corp.		1,953,404
	19,600	CH Robinson Worldwide, Inc.		1,705,200
	6,300	Charles River Laboratories International, Inc.*		2,599,821
	68,717	Charles Schwab Corp. (The)		5,005,346
	26,200	Charter Communications, Inc. Class A*		19,062,072
	5,600	Chemed Corp.		2,604,672
	6,200	Church & Dwight Co., Inc.		511,934
	7,100	Cirrus Logic, Inc.*		584,685
	16,200	Clean Harbors, Inc.*		1,682,694
	4,100	Clorox Co. (The)		679,001
	12,483	CMS Energy Corp.		745,610
	52,900	Coca-Cola Co. (The)		2,775,663
	44,800	Colgate-Palmolive Co.		3,385,984
	17,149	Consolidated Edison, Inc.		1,244,846
	16,849	Cooper Cos., Inc. (The)		6,963,860
	25,400	Copart, Inc.*		3,523,488
	58,100	CoStar Group, Inc.*		5,000,086
	13,700	Costco Wholesale Corp.		6,156,095
	44,000	CubeSmart REIT		2,131,800
	101,900	CVS Health Corp.		8,647,234
	10,422	Danaher Corp.		3,172,874
	33,100	Dell Technologies, Inc. Class C*		3,443,724
	4,700	Dollar General Corp.		997,058
	24,777	DTE Energy Co.		2,767,839
	16,800	Duke Energy Corp.		1,639,512
	11,600	Ecolab, Inc.		2,419,992
	83,015	Electronic Arts, Inc.		11,808,884
	25,367	Eli Lilly & Co.		5,861,045
	6,900	EPAM Systems, Inc.*		3,936,312
	1,300	Equinix, Inc. REIT		1,027,169
	500	Erie Indemnity Co. Class A		89,210
	2,400	Essex Property Trust, Inc. REIT		767,376
	32,989	Estee Lauder Cos., Inc. (The) Class A		9,894,391
	3,400	Evercore, Inc. Class A		454,478
	10,614	Everest Re Group, Ltd.		2,661,779
	42,800	Evergy, Inc.		2,662,160
	7,600	Exelon Corp.		367,384
	34,300	Expeditors International of Washington, Inc.		4,086,159
	17,400	Extra Space Storage, Inc. REIT		2,923,026
	50,062	Facebook, Inc. Class A*		16,990,542
	15,056	Factset Research Systems, Inc.		5,943,808

See accompanying Notes to the Financial Statements.

160

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	6,000	Fair Isaac Corp.*		2,387,580
	12,800	FedEx Corp.		2,806,912
	400	FirstEnergy Corp.		14,248
	78,200	Fiserv, Inc.*		8,484,700
	64,800	Flowers Foods, Inc.		1,531,224
	5,800	Fortinet, Inc.*		1,693,832
	131,598	Fox Corp. Class A		5,278,396
	500	FTI Consulting, Inc.*		67,350
	48,029	Genpact, Ltd.		2,281,858
	8,300	Globant SA*		2,332,383
	39,600	Grocery Outlet Holding Corp.*		854,172
	10,646	Hanover Insurance Group, Inc. (The)		1,379,935
	45,800	Hawaiian Electric Industries, Inc.		1,870,014
	21,026	Hershey Co. (The)		3,558,650
	8,964	Home Depot, Inc. (The)		2,942,523
	62,400	Hormel Foods Corp.		2,558,400
	20,200	IDACORP, Inc.		2,088,276
	5,400	IDEXX Laboratories, Inc.*		3,358,260
	7,120	Illumina, Inc.*		2,887,943
	56,900	Intercontinental Exchange, Inc.		6,533,258
	35,487	Intuit, Inc.		19,145,591
	2,500	Intuitive Surgical, Inc.*		2,485,375
	7,800	IQVIA Holdings, Inc.*		1,868,412
	5,000	Jack Henry & Associates, Inc.		820,300
	24,200	JB Hunt Transport Services, Inc.		4,046,724
	91,748	Johnson & Johnson		14,817,302
	5,200	KLA Corp.		1,739,452
	98,600	Kroger Co. (The)		3,986,398
	6,100	Laboratory Corp. of America Holdings*		1,716,784
	1,200	Lam Research Corp.		682,980
	16,100	Landstar System, Inc.		2,540,902
	16,500	Life Storage, Inc. REIT		1,893,210
	2,300	Markel Corp.*		2,748,799
	1,300	MarketAxess Holdings, Inc.		546,897
	26,459	Mastercard, Inc. Class A		9,199,265
	8,000	McKesson Corp.		1,595,040
	31,506	Medtronic Plc		3,949,277
	65,234	Merck & Co., Inc.		4,899,726
	16,140	Mercury General Corp.		898,514
	600	Mettler-Toledo International, Inc.*		826,416
	117,961	Microsoft Corp.		33,255,565
	16,825	Mid-America Apartment Communities, Inc. REIT		3,142,069
	28,700	Mondelez International, Inc. Class A		1,669,766
	61,570	Moody’s Corp.		21,864,123
	2,100	MSA Safety, Inc.		305,970
	33,400	Newell Brands, Inc.		739,476
	2,800	NewMarket Corp.		948,556
	64,951	Newmont Corp.		3,526,839
	58,480	NextEra Energy, Inc.		4,591,850

See accompanying Notes to the Financial Statements.

161

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	2,000	O’Reilly Automotive, Inc.*		1,222,120
	15,600	Old Dominion Freight Line, Inc.		4,461,288
	48,814	Oracle Corp.		4,253,164
	37,948	PepsiCo, Inc.		5,707,759
	54,834	Pfizer, Inc.		2,358,410
	139,301	Philip Morris International, Inc.		13,204,342
	4,800	Pinnacle West Capital Corp.		347,328
	48,880	Procter & Gamble Co. (The)		6,833,424
	17,430	Prologis, Inc. REIT		2,186,245
	51,200	Public Service Enterprise Group, Inc.		3,118,080
	13,600	Public Storage REIT		4,040,560
	39,000	QIAGEN NV* (a)		2,015,520
	1,655	QIAGEN NV (London Exchange)*		86,095
	5,200	QUALCOMM, Inc.		670,696
	34,050	Raymond James Financial, Inc.		3,142,134
	4,100	Regeneron Pharmaceuticals, Inc.*		2,481,238
	35,804	Republic Services, Inc. Class A		4,298,628
	15,100	ResMed, Inc.		3,979,605
	5,000	Roper Technologies, Inc.		2,230,650
	26,000	Royal Gold, Inc.		2,482,740
	21,439	S&P Global, Inc.		9,109,217
	44,700	Schneider National, Inc. Class B		1,016,478
	4,300	Seagen, Inc.*		730,140
	9,500	Service Corp. International		572,470
	2,100	ServiceNow, Inc.*		1,306,767
	8,000	Skyworks Solutions, Inc.		1,318,240
	23,800	Southern Co. (The)		1,474,886
	14,953	Stryker Corp.		3,943,405
	14,396	Sun Communities, Inc. REIT		2,664,700
	15,572	Synopsys, Inc.*		4,662,412
	34,400	T-Mobile US, Inc.*		4,394,944
	19,300	Take-Two Interactive Software, Inc.*		2,973,551
	23,300	Target Corp.		5,330,341
	760	Taro Pharmaceutical Industries, Ltd.*		48,359
	33,300	Texas Instruments, Inc.		6,400,593
	25,700	TFS Financial Corp.		489,842
	25,000	Thermo Fisher Scientific, Inc.		14,283,250
	3,900	Travelers Cos., Inc. (The)		592,839
	8,400	Tyler Technologies, Inc.*		3,852,660
	24,800	United Parcel Service, Inc. Class B		4,516,080
	34,802	UnitedHealth Group, Inc.		13,598,533
	3,900	Veeva Systems, Inc. Class A*		1,123,863
	65,534	VeriSign, Inc.*		13,435,125
	115,612	Verizon Communications, Inc.		6,244,204
	112,734	Visa, Inc. Class A		25,111,498
	40,636	Walmart, Inc.		5,663,846
	31,485	Waste Management, Inc.		4,702,600
	32,000	WEC Energy Group, Inc.		2,822,400
	9,500	West Pharmaceutical Services, Inc.		4,033,130

See accompanying Notes to the Financial Statements.

162

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2021 (Unaudited)

Shares			Description	Value ($)
			United States — continued
	1,000		White Mountains Insurance Group, Ltd.		1,069,610
	44,859		Xcel Energy, Inc.		2,803,687
	26,600		Zoetis, Inc.		5,164,124
					793,752,152
			TOTAL COMMON STOCKS (COST $968,522,656)		1,168,975,515
			PREFERRED STOCK — 0.2%
			Germany — 0.2%
	24,441		Henkel AG & Co. KGaA, 2.34%		2,270,319
			TOTAL PREFERRED STOCK (COST $2,094,046)		2,270,319
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 0.9%
			Mutual Fund - Securities Lending Collateral — 0.9%
	10,859,761		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e) (f)		10,859,761
			TOTAL SHORT-TERM INVESTMENT (COST $10,859,761)		10,859,761
			TOTAL INVESTMENTS — 96.9% (Cost $981,476,463)		1,182,105,595
			Other Assets and Liabilities (net) — 3.1%		37,352,841
			NET ASSETS — 100.0%	$	1,219,458,436
			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 $75,983 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2021 was $111,354.
		(c)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
		(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)	The rate disclosed is the 7-day net yield as of September 30, 2021.
		(f)	Represents an investment of securities lending cash collateral.

See accompanying Notes to the Financial Statements.

163

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	10	Canadian Dollar		Dec 2021	$	789,900	$	337
	62	MSCI EAFE Index		Dec 2021		7,027,700		(279,069	)
	72	S&P 500 E-mini Index		Dec 2021		15,471,900		(564,501	)
	4	S&P/TSX 60 Index		Dec 2021		755,322		(18,002	)
							$	(861,235	)

Abbreviations

ADR — American Depository Receipt

GDR — Global Depository Receipt

REIT — Real Estate Investment Trust

See accompanying Notes to the Financial Statements.

164

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2021 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Consumer, Non-cyclical		36.1
Technology		17.7
Communications		14.6
Financial		9.4
Industrial		9.2
Consumer, Cyclical		3.6
Utilities		3.4
Basic Materials		1.8
Energy		0.2
Short-Term Investment		0.9
Other Assets and Liabilities (net)		3.1
		100.0	%

See accompanying Notes to the Financial Statements.

165

Mercer Funds

Statements of Assets and Liabilities

September 30, 2021 (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) (b)		$	1,555,417,429		$	1,773,093,116		$	3,649,554,352		$	1,334,532,471
Foreign currency, at value(c)			—			—			13,203,263			4,773
Cash and cash equivalents			50,996,723			88,097,928			73,744,736			35,473,736
Receivable for investments sold			5,205,715			1,341,172			14,547,320			9,391,046
Dividend receivable			1,322,911			1,286,693			10,014,446			7,147,023
Receivable for TBA securities sold			—			—			—			16,034,433
Foreign tax reclaims receivable			78,282			—			7,752,527			—
Cash collateral held at broker on open futures contracts			1,742,000			3,127,000			2,412,000			—
Unrealized appreciation on open forward foreign currency contracts			—			—			—			223,163
Prepaid expenses			24,199			27,315			53,372			20,300
Cash collateral held at broker on open centrally cleared swap contracts			—			—			—			2,039
Receivable for fund shares sold			—			—			141			—
Receivable for variation margin on open centrally cleared swap contracts			—			—			—			7,658
Securities lending income receivable			1,052			5,697			34,126			3,755
Receivable for advisory fee waived			2,094,744			4,302,539			7,200,298			1,617,797
Total assets			1,616,883,055			1,871,281,460			3,778,516,581			1,404,458,194
Liabilities
Obligation to return securities lending collateral			1,145,932			2,856,791			59,832,921			21,972,905
Payable for investments purchased			11,496,708			4,785,990			13,928,453			13,408,971
Payable for TBA and when-issued securities purchased			—			—			—			39,552,391
Payable for fund shares repurchased			9,350,052			6,869,200			500,699			10,088,846
Payable for variation margin on open futures contracts			391,643			688,835			157,291			34,838
TBA Sale Commitments, at value(d)			—			—			—			1,002,773
Payable for foreign capital gains tax			—			—			325,826			—
Unrealized depreciation on open forward foreign currency contracts			—			—			—			96,685
Interest payable on TBA securities			—			—			—			722
Payable to affiliates for:
Advisory fees			4,024,403			8,184,502			13,310,882			2,229,752
Trustees fees			22,130			28,066			51,892			18,037
Administrative service fees - Class I*			—			—			932			—
Accrued expenses			313,083			385,487			903,274			292,588
Total liabilities			26,743,951			23,798,871			89,012,170			88,698,508
Net assets		$	1,590,139,104		$	1,847,482,589		$	3,689,504,411		$	1,315,759,686
Net assets consist of:
Paid-in capital			1,069,907,048			1,132,978,731			2,620,709,396			1,272,672,128
Distributable earnings			520,232,056			714,503,858			1,068,795,015			43,087,558
Net assets		$	1,590,139,104		$	1,847,482,589		$	3,689,504,411		$	1,315,759,686

See accompanying Notes to the Financial Statements.

166

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2021 (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		$	1,590,139,104		$	1,847,482,589		$	3,686,378,924		$	1,315,759,686
Class I*		$	—		$	—		$	3,125,487		$	—
Shares outstanding:
Class Y-3			121,463,922			127,168,290			286,805,382			122,901,455
Class I*			—			—			243,263			—
Net asset value per unit:
Class Y-3		$	13.09		$	14.53		$	12.85		$	10.71
Class I*		$	—		$	—		$	12.85		$	—
(a)   Investments, at cost		$	1,163,113,511		$	1,364,193,797		$	3,119,933,723		$	1,314,807,779
(b)   Securities loaned, at value		$	9,458,212		$	33,866,984		$	107,352,610		$	29,329,608
(c)   Foreign currency, at cost		$	—	��	$	—		$	13,349,784		$	4,834
(d)   Proceeds for TBA Sale Commitments		$	—		$	—		$	—		$	1,004,375
*   The Class commenced operations on July 22, 2021.

See accompanying Notes to the Financial Statements.

167

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2021 (Unaudited)

	Mercer Opportunistic Fixed Income Fund			Mercer Emerging Markets Equity Fund			Mercer Global Low Volatility Equity Fund
Assets
Investments, at value(a) (b)		$	893,417,256		$	1,426,282,210		$	1,182,105,595
Foreign currency, at value(c)			6,940,453			2,974,730			594,179
Cash and cash equivalents			45,451,452			75,818,730			47,458,910
Receivable for investments sold			19,728,768			7,278,844			1,647,118
Dividend and interest receivable			10,120,785			2,275,822			1,551,569
Cash collateral held at broker on open centrally cleared swap contracts			9,592,000			—			—
Cash collateral held at broker on open futures contracts			1,938,982			5,795,000			1,318,000
Receivable for fund shares sold			—			2,653,562			—
Unrealized appreciation on open forward foreign currency contracts			2,393,587			—			—
Foreign tax reclaims receivable			187,434			94,550			1,276,273
Cash collateral held at broker on open forward foreign currency contracts, open OTC options, and open OTC swaps contracts			1,094,664			—			—
Receivable for variation margin on open futures contracts			180,733			724,925			—
OTC – Swap contracts, at value (up-front net premiums received of $809,411, $-, and $-, respectively)			889,007			—			—
Due from broker			—			557,502			—
Receivable for TBA and when-issued securities sold			80,385			—			—
Prepaid expenses			10,355			21,508			17,865
Receivable for variation margin on open centrally cleared swap contracts			39,222			—			—
Securities lending income receivable			3,460			28,511			2,620
Receivable for advisory fee waived			1,913,725			2,938,090			3,132,022
Unrealized gain on unfunded loan commitments			1,558			—			—
Total assets			993,983,826			1,527,443,984			1,239,104,151
Liabilities
Obligation to return securities lending collateral			22,097,920			11,697,685			10,859,761
Payable for investments purchased			31,830,719			9,598,768			3,060,155
Payable for TBA and when-issued securities purchased			7,375,000			—			—
Payable for foreign capital gains tax			207,020			6,713,271			—
Unrealized depreciation on open forward foreign currency contracts			2,763,709			—			—
Cash collateral due to broker on open forward foreign currency contracts, open OTC options, and open OTC swaps contracts			1,039,755			—			—
Payable for fund shares repurchased			259,121			3,655			539,516
Written options, at value(d)			295,690			—			—
OTC - Swap contracts, at value (up-front net premiums paid of $18,090, $-, and $-, respectively)			271,269			—			—
Payable for variation margin on open futures contracts			—			—			211,184
Payable for closed centrally cleared swap contracts			6			—			—
Payable to affiliates for:
Advisory fees			3,489,599			5,934,438			4,647,524
Trustees fees			12,320			21,907			18,345
Accrued expenses			415,053			565,569			309,230
Total liabilities			70,057,181			34,535,293			19,645,715
Net assets		$	923,926,645		$	1,492,908,691		$	1,219,458,436

See accompanying Notes to the Financial Statements.

168

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2021 (Unaudited)

	Mercer Opportunistic Fixed Income Fund			Mercer Emerging Markets Equity Fund			Mercer Global Low Volatility Equity Fund
Net assets consist of:
Paid-in capital		$	901,152,333		$	1,219,965,511		$	822,292,133
Distributable earnings			22,774,312			272,943,180			397,166,303
Net Assets		$	923,926,645		$	1,492,908,691		$	1,219,458,436
Shares outstanding:
Class Y-3			94,250,091			135,909,810			78,113,464
Net asset value per unit:
Class Y-3		$	9.80		$	10.98		$	15.61
(a)   Investments, at cost		$	892,569,060		$	1,318,399,017		$	981,476,463
(b)   Securities loaned, at value		$	26,973,985		$	45,385,827		$	22,812,617
(c)   Foreign currency, at cost		$	7,159,456		$	2,972,350		$	599,481
(d)   Premiums on written options		$	394,268		$	—		$	—

See accompanying Notes to the Financial Statements.

169

Mercer Funds

Statements of Operations

Six Months Ended September 30, 2021 (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		$	10,473,992			$	13,370,082			$	65,458,233			$	543
Interest			—				—				—				14,615,228
Withholding taxes			(27,600	)			(12,756	)			(6,344,657	)			(13	)
Securities lending income			14,256				49,930				264,710				16,872
Other income			—				—				12,298				3,491
Total investment income			10,460,648				13,407,256				59,390,584				14,636,121
Expenses:
Advisory fees			4,024,402				8,184,506				13,310,882				2,229,753
Custodian and fund accounting fees			156,124				184,083				468,616				150,875
Audit fees			32,371				34,954				80,988				40,579
Transfer agent fees			11,880				12,532				12,784				12,107
Legal fees			99,085				122,650				239,245				81,968
Trustees fees			61,535				75,781				148,784				50,959
Registration fees			15,940				16,564				18,648				16,010
Administrative service fees:
Class I*			—				—				932				—
Shareholder service fees:
Class I*			—				—				621				—
Miscellaneous			43,114				53,108				106,641				38,414
Total expenses			4,444,451				8,684,178				14,388,141				2,620,665
Advisory fee waiver			(2,104,439	)			(4,284,403	)			(7,168,017	)			(1,618,639	)
Net expenses			2,340,012				4,399,775				7,220,124				1,002,026
Net investment income			8,120,636				9,007,481				52,170,460				13,634,095
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			70,948,060				131,789,726				154,502,655				1,585,712
TBA Sale Commitments			—				—				—				4,609
Purchased option contracts			—				—				—				82,401
Swap contracts			—				—				—				101,786
Closed futures contracts			5,579,083				(473,434	)			11,037,610				52,290
Written option contracts			—				—				—				(29,736	)
Forward foreign currency contracts			—				—				1,014,229				267,795
Foreign currency related transactions			(698	)			(63	)			(505,728	)			(11,440	)
Net realized gain (loss)			76,526,445				131,316,229				166,048,766				2,053,417
Change in net unrealized appreciation (depreciation) on:
Investments			57,213,002				(45,180,201	)			(59,473,354	)			15,772,909
Purchased option contracts			—				—				—				(112,288	)
TBA Sale Commitments			—				—				—				1,602
Swap contracts			—				—				—				(671,476	)
Open futures contracts			(1,565,489	)			(347,338	)			(2,574,116	)			(108,166	)
Written option contracts			—				—				—				60,634
Forward foreign currency contracts			—				—				(1,203,827	)			(38,835	)
Foreign currency related transactions			405				28				(108,895	)			646
Change in net unrealized appreciation (depreciation)			55,647,918				(45,527,511	)			(63,360,192	)			14,905,026
Net realized and unrealized gain (loss)			132,174,363				85,788,718				102,688,574				16,958,443
Net increase in net assets resulting from operations		$	140,294,999			$	94,796,199			$	154,859,034			$	30,592,538

* The Class commenced operations on July 22, 2021.

See accompanying Notes to the Financial Statements.

170

Mercer Funds

Statements of Operations (Continued)

Six Months Ended September 30, 2021 (Unaudited)

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund				Mercer Global Low Volatility Equity Fund
Investment Income:
Dividends		$	292,886			$	25,654,300			$	10,658,977
Interest			21,581,967				56,970				—
Withholding taxes			(253,850	)			(3,161,161	)			(470,928	)
Securities lending income			16,688				224,345				28,161
Other income			109,129				—				—
Total investment income			21,746,820				22,774,454				10,216,210
Expenses:
Advisory fees			3,489,599				5,934,437				4,647,524
Custodian and fund accounting fees			251,673				360,799				150,437
Audit fees			43,573				92,624				53,652
Transfer agent fees			12,466				12,208				12,041
Legal fees			54,278				96,987				79,927
Trustees fees			33,744				60,311				49,584
Registration fees			15,621				16,160				15,792
Tax expense			135				—				—
Miscellaneous			42,361				48,487				39,939
Total expenses			3,943,450				6,622,013				5,048,896
Advisory fee waiver			(1,907,258	)			(3,051,378	)			(3,104,716	)
Net expenses			2,036,192				3,570,635				1,944,180
Net investment income			19,710,628				19,203,819				8,272,030
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			6,952,949				27,723,058				114,575,826
Purchased option contracts			(1,531,832	)			—				—
Swap contracts			(702,900	)			—				—
Closed futures contracts			684,025				(867,069	)			3,082,758
Written option contracts			737,738				—				—
Forward foreign currency contracts			(63,626	)			(125	)			—
Foreign currency related transactions			(177,058	)			(448,906	)			(105,008	)
Net realized gain (loss)			5,899,296				26,406,958				117,553,576
Change in net unrealized appreciation (depreciation) on:
Investments			(6,115,230	)			(102,953,293	)			(34,325,142	)
Purchased option contracts			146,426				—				—
Unfunded loan commitments			190				—				—
Swap contracts			(362,371	)			—				—
Open futures contracts			1,230,693				(4,350,036	)			(1,082,435	)
Written option contracts			(42,017	)			—				—
Forward foreign currency contracts			(1,075,546	)			—				—
Foreign currency related transactions			(114,360	)			(3,558,719	)			(2,611	)
Change in net unrealized appreciation (depreciation)			(6,332,215	)			(110,862,048	)			(35,410,188	)
Net realized and unrealized gain (loss)			(432,919	)			(84,455,090	)			82,143,388
Net increase (decrease) in net assets resulting from operations		$	19,277,709			$	(65,251,271	)		$	90,415,418

See accompanying Notes to the Financial Statements.

171

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, 2021 (Unaudited)				Year Ended March 31, 2021				Six Months Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021
Increase (decrease) in Net Assets:
Operations:
Net investment income		$	8,120,636			$	15,257,721			$	9,007,481			$	10,957,637
Net realized gain			76,526,445				59,078,523				131,316,229				225,148,279
Change in net unrealized appreciation (depreciation)			55,647,918				508,237,064				(45,527,511	)			719,097,829
Net increase in net assets resulting from operations			140,294,999				582,573,308				94,796,199				955,203,745
Distributions to shareholders (See Note 2):
Class Y-3			—				(15,659,299	)			—				(47,874,139	)
Total distributions			—				(15,659,299	)			—				(47,874,139	)
Net share transactions (See Note 7):
Class Y-3			(54,949,470	)			55,664,392				(114,481,641	)			(88,706,339	)
Increase (decrease) in net assets resulting from net shares transactions			(54,949,470	)			55,664,392				(114,481,641	)			(88,706,339	)
Net increase (decrease) in net assets			85,345,529				622,578,401				(19,685,442	)			818,623,267
Net assets:
Beginning of period			1,504,793,575				882,215,174				1,867,168,031				1,048,544,764
End of period		$	1,590,139,104			$	1,504,793,575			$	1,847,482,589			$	1,867,168,031

See accompanying Notes to the Financial Statements.

172

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, 2021 (Unaudited)				Year Ended March 31, 2021				Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (decrease) in Net Assets:
Operations:
Net investment income		$	52,170,460			$	62,158,964			$	13,634,095		$	24,507,164
Net realized gain			166,048,766				465,851,569				2,053,417			13,901,000
Change in net unrealized appreciation (depreciation)			(63,360,192	)			880,550,961				14,905,026			(3,713,587	)
Net increase in net assets resulting from operations			154,859,034				1,408,561,494				30,592,538			34,694,577
Distributions to shareholders (See Note 2):
Class Y-3			—				(139,174,497	)			—			(44,160,867	)
Class I*			—				—				—			—
Total distributions			—				(139,174,497	)			—			(44,160,867	)
Net share transactions (See Note 7):
Class Y-3			(297,324,383	)			(114,414,819	)			29,215,457			315,401,172
Class I*			3,159,985				—				—			—
Increase (decrease) in net assets resulting from net shares transactions			(294,164,398	)			(114,414,819	)			29,215,457			315,401,172
Net increase (decrease) in net assets			(139,305,364	)			1,154,972,178				59,807,995			305,934,882
Net assets:
Beginning of period			3,828,809,775				2,673,837,597				1,255,951,691			950,016,809
End of period		$	3,689,504,411			$	3,828,809,775			$	1,315,759,686		$	1,255,951,691

* The Class commenced operations on July 22, 2021.

See accompanying Notes to the Financial Statements.

173

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Opportunistic Fixed Income Fund								Mercer Emerging Markets Equity Fund
	Six Months Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021				Six Months Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021
Increase (decrease) in Net Assets:
Operations:
Net investment income		$	19,710,628			$	57,432,632			$	19,203,819			$	19,860,570
Net realized gain			5,899,296				25,300,335				26,406,958				175,573,598
Change in net unrealized appreciation (depreciation)			(6,332,215	)			104,631,986				(110,862,048	)			425,718,944
Net increase (decrease) in net assets resulting from operations			19,277,709				187,364,953				(65,251,271	)			621,153,112
Distributions to shareholders (See Note 2):
Class Y-3			—				(44,901,279	)			—				(21,622,556	)
Total distributions			—				(44,901,279	)			—				(21,622,556	)
Net share transactions (See Note 7):
Class Y-3			50,490,258				(254,603,017	)			39,505,826				(23,900,544	)
Increase (decrease) in net assets resulting from net shares transactions			50,490,258				(254,603,017	)			39,505,826				(23,900,544	)
Net increase (decrease) in net assets			69,767,967				(112,139,343	)			(25,745,445	)			575,630,012
Net assets:
Beginning of period			854,158,678				966,298,021				1,518,654,136				943,024,124
End of period		$	923,926,645			$	854,158,678			$	1,492,908,691			$	1,518,654,136

See accompanying Notes to the Financial Statements.

174

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Global Low Volatility Equity Fund
	Six Months Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021
Increase (decrease) in Net Assets:
Operations:
Net investment income		$	8,272,030			$	17,036,830
Net realized gain			117,553,576				60,582,649
Change in net unrealized appreciation (depreciation)			(35,410,188	)			280,124,947
Net increase in net assets resulting from operations			90,415,418				357,744,426
Distributions to shareholders (See Note 2):
Class Y-3			—				(55,306,768	)
Total distributions			—				(55,306,768	)
Net share transactions (See Note 7):
Class Y-3			(70,414,282	)			(141,700,142	)
Decrease in net assets resulting from net shares transactions			(70,414,282	)			(141,700,142	)
Net increase in net assets			20,001,136				160,737,516
Net assets:
Beginning of period			1,199,457,300				1,038,719,784
End of period		$	1,219,458,436			$	1,199,457,300

See accompanying Notes to the Financial Statements.

175

Mercer US Large Cap Equity Fund

Financial Highlights

	Period Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	11.97			$	7.35			$	8.58			$	10.85			$	10.61			$	9.34
Net investment income†			0.07				0.12				0.14				0.12				0.14				0.11	(a)
Net realized and unrealized gain (loss) on investments			1.05				4.63				(1.00	)			0.18				1.68				1.54
Total from investment operations			1.12				4.75				(0.86	)			0.30				1.82				1.65
Less dividends and distributions:
From net investment income			—				(0.13	)			(0.05	)			(0.14	)			(0.16	)			(0.08	)
From net realized capital gains on investments			—				—				(0.32	)			(2.43	)			(1.42	)			(0.30	)
Total dividends and distributions			—				(0.13	)			(0.37	)			(2.57	)			(1.58	)			(0.38	)
Net asset value, end of period		$	13.09			$	11.97			$	7.35			$	8.58			$	10.85			$	10.61
Total investment return			9.36	%**(b)			64.71	%(b)			(10.95	)%(b)			4.81	%			17.26	%			17.74	%
Ratios/Supplemental Data:
Net investment income to average net assets			1.01	%*			1.22	%			1.53	%			1.21	%			1.28	%			1.14	%(a)
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.55	%*			0.57	%			0.62	%			0.63	%			0.60	%			0.61	%
Net expenses to average daily net assets			0.29	%*(c)			0.30	%(c)			0.33	%(c)			0.63	%			0.60	%			0.61	%(d)
Portfolio turnover rate			15	%**			43	%			76	%(e)			74	%			64	%			84	%
Net assets at end of period (in 000’s)		$	1,590,139			$	1,504,794			$	882,215			$	389,415			$	512,558			$	601,059

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

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

(e) 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.

176

Mercer US Small/Mid Cap Equity Fund

Financial Highlights (Continued)

	Period Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	13.83			$	7.71			$	10.13			$	12.29			$	12.12			$	10.30
Net investment income†			0.07				0.07				0.10				0.05				0.04				0.04	(a)
Net realized and unrealized gain (loss) on investments			0.63				6.38				(2.20	)			(0.23	)			1.46				2.13
Total from investment operations			0.70				6.45				(2.10	)			(0.18	)			1.50				2.17
Less dividends and distributions:
From net investment income			—				(0.07	)			(0.06	)			(0.05	)			(0.06	)			(0.08	)
From net realized capital gains on investments			—				(0.26	)			(0.26	)			(1.93	)			(1.27	)			(0.27	)
Total dividends and distributions			—				(0.33	)			(0.32	)			(1.98	)			(1.33	)			(0.35	)
Net asset value, end of period		$	14.53			$	13.83			$	7.71			$	10.13			$	12.29			$	12.12
Total investment return			5.06	%**(b)			84.20	%(b)			(21.65	)%(b)			0.19	%			12.64	%			21.24	%
Ratios/Supplemental Data:
Net investment income to average net assets			0.95	%*			0.68	%			0.95	%			0.47	%			0.31	%			0.40	%(a)
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.92	%*			0.93	%			0.97	%			0.98	%			0.95	%			0.97	%
Net expenses to average daily net assets			0.46	%*(c)			0.46	%(c)			0.49	%(c)			0.98	%			0.95	%			0.97	%(d)
Portfolio turnover rate			15	%**			59	%			73	%(e)			47	%			49	%			106	%
Net assets at end of period (in 000’s)		$	1,847,483			$	1,867,168			$	1,048,545			$	794,403			$	907,944			$	972,456

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

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

(e) 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.

177

Mercer Non-US Core Equity Fund

Financial Highlights (Continued)

	Period Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	12.36			$	8.46			$	9.87			$	11.51			$	10.44			$	9.61
Net investment income†			0.18				0.19				0.25				0.22				0.19				0.18	(a)
Net realized and unrealized gain (loss) on investments			0.31				4.14				(1.44	)			(0.76	)			1.75				0.83
Total from investment operations			0.49				4.33				(1.19	)			(0.54	)			1.94				1.01
Less dividends and distributions:
From net investment income			—				(0.18	)			(0.22	)			(0.20	)			(0.23	)			(0.18	)
From net realized capital gains on investments			—				(0.25	)			—				(0.90	)			(0.64	)			—
Total dividends and distributions			—				(0.43	)			(0.22	)			(1.10	)			(0.87	)			(0.18	)
Net asset value, end of period		$	12.85			$	12.36			$	8.46			$	9.87			$	11.51			$	10.44
Total investment return			3.96	%**(b)			51.42	%(b)			(12.55	)%(b)			(4.00	)%			18.80	%			10.62	%
Ratios/Supplemental Data:
Net investment income to average net assets			2.73	%*			1.78	%			2.45	%			2.03	%			1.64	%			1.81	%(a)
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.75	%*			0.76	%			0.79	%			0.79	%			0.79	%(c)			0.81	%(c)
Net expenses to average daily net assets			0.38	%*(d)			0.39	%(d)			0.42	%(d)			0.79	%			0.79	%(c)			0.82	%(c)(e)
Portfolio turnover rate			26	%**			81	%			74	%(f)			81	%			81	%			81	%
Net assets at end of period (in 000’s)		$	3,686,379			$	3,828,810			$	2,673,838			$	2,155,585			$	2,159,299			$	2,271,104

(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 $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.

178

Mercer Non-US Core Equity Fund

Financial Highlights (Continued)

	Period Ended September 30, 2021 (Unaudited)
For a Class I Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	12.99	(a)
Net investment income†			0.06
Net realized and unrealized loss on investments			(0.20	)
Total from investment operations			(0.14	)
Net asset value, end of period		$	12.85
Total investment return			(1.08	)%**(b)
Ratios/Supplemental Data:
Net investment income to average net assets			2.41	%*
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			1.00	%*
Net expenses to average daily net assets			0.62	%*(c)
Portfolio turnover rate			26	%**
Net assets at end of period (in 000’s)		$	3,125

(a) The Class commenced operations on July 22, 2021.

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

(c) 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.

179

Mercer Core Fixed Income Fund

Financial Highlights (Continued)

	Period Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	10.46			$	10.48			$	10.00			$	9.90			$	9.96			$	10.15
Net investment income†			0.11				0.25				0.27				0.31				0.27				0.25	(a)
Net realized and unrealized gain (loss) on investments			0.14				0.20				0.51				0.11				(0.09	)			(0.09	)
Total from investment operations			0.25				0.45				0.78				0.42				0.18				0.16
Less dividends and distributions:
From net investment income			—				(0.25	)			(0.30	)			(0.32	)			(0.24	)			(0.25	)
From net realized capital gains on investments			—				(0.22	)			—				—				—				(0.10	)
Total dividends and distributions			—				(0.47	)			(0.30	)			(0.32	)			(0.24	)			(0.35	)
Net asset value, end of period		$	10.71			$	10.46			$	10.48			$	10.00			$	9.90			$	9.96
Total investment return			2.39	%**(b)			4.23	%(b)			7.81	%(b)			4.37	%			1.80	%			1.58	%
Ratios/Supplemental Data:
Net investment income to average net assets			2.01	%*			2.33	%			2.64	%			3.17	%			2.71	%			2.43	%(a)
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.39	%*			0.40	%			0.45	%			0.43	%			0.43	%			0.43	%(c)
Net expenses to average daily net assets			0.15	%*(d)			0.15	%(d)			0.19	%(d)			0.43	%			0.43	%			0.43	%(c)(e)
Portfolio turnover rate			61	%**(f)			127	%(f)			158	%(f)			80	%(f)			113	%(f)			151	%
Net assets at end of period (in 000’s)		$	1,315,760			$	1,255,952			$	950,017			$	548,600			$	857,947			$	765,603

(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 47%, 100%, 139%, 74% and 81% for the period ended September 30, 2021 and the years ended March 31, 2021, 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.

180

Mercer Opportunistic Fixed Income Fund

Financial Highlights (Continued)

	Period Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	9.58			$	8.45			$	9.08			$	9.80			$	9.31			$	8.44
Net investment income†			0.22				0.46				0.44				0.43				0.53				0.51	(a)
Net realized and unrealized gain (loss) on investments			0.00				1.00				(0.85	)			(0.94	)			0.33				0.36
Total from investment operations			0.22				1.46				(0.41	)			(0.51	)			0.86				0.87
Less dividends and distributions:
From net investment income			—				(0.33	)			(0.22	)			(0.21	)			(0.37	)			—
Total dividends and distributions			—				(0.33	)			(0.22	)			(0.21	)			(0.37	)			—
Net asset value, end of period		$	9.80			$	9.58			$	8.45			$	9.08			$	9.80			$	9.31
Total investment return			2.30	%**(b)			17.12	%			(4.72	)%(b)			(5.15	)%			9.42	%			10.31	%(b)
Ratios/Supplemental Data:
Ratios to average net assets:
Net investment income to average net assets			4.50	%*			4.83	%			4.74	%			4.74	%			5.49	%			5.75	%(a)
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.90	%*			0.87	%			0.92	%			0.92	%(c)			0.92	%(c)			0.94	%(c)
Net expenses to average daily net assets			0.47	%*(d)			0.45	%			0.43	%(d)			0.92	%(c)			0.92	%(c)			0.94	%(c)(e)
Portfolio turnover rate			42	%**			117	%(g)			148	%(f)			243	%(f)			72	%			55	%
Net assets at end of period (in 000’s)		$	923,927			$	854,159			$	966,298			$	812,580			$	647,222			$	558,859

(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.

(g) Portfolio turnover calculation does not include $400,305,493 of securities transferred out of the Fund as part of in-kind redemptions.

† Computed using average shares outstanding throughout the period.

* Annualized.

** Not annualized.

See accompanying Notes to the Financial Statements.

181

Mercer Emerging Markets Equity Fund

Financial Highlights (Continued)

	Period Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	11.47			$	7.19			$	9.05			$	11.75			$	9.77			$	8.59
Net investment income†			0.15				0.14				0.19				0.17				0.18				0.14	(a)
Net realized and unrealized gain (loss) on investments			(0.64	)			4.29				(1.93	)			(1.48	)			2.05				1.22
Total from investment operations			(0.49	)			4.43				(1.74	)			(1.31	)			2.23				1.36
Less dividends and distributions:
From net investment income			—				(0.15	)			(0.12	)			(0.01	)			(0.25	)			(0.18	)
From net realized capital gains on investments			—				—				—				(1.38	)			—				—
Total dividends and distributions			—				(0.15	)			(0.12	)			(1.39	)			(0.25	)			(0.18	)
Net asset value, end of period		$	10.98			$	11.47			$	7.19			$	9.05			$	11.75			$	9.77
Total investment return			(4.27	)%**(b)			61.78	%(b)			(19.55	)%(b)			(10.20	)%			22.92	%			16.14	%
Ratios/Supplemental Data:
Net investment income to average net assets			2.50	%*			1.47	%			2.05	%			1.66	%			1.62	%			1.52	%(a)
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.86	%*			0.87	%			0.91	%			0.92	%(c)			0.95	%(c)			0.99	%(c)
Net expenses to average daily net assets			0.46	%*(d)			0.48	%(d)			0.53	%(d)			0.92	%(c)			0.95	%(c)			1.00	%(c)(e)
Portfolio turnover rate			29	%**			106	%			81	%(f)			57	%			93	%			89	%
Net assets at end of period (in 000’s)		$	1,492,909			$	1,518,654			$	943,024			$	1,018,647			$	1,116,127			$	1,481,990

(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 $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.

182

Mercer Global Low Volatility Equity Fund

Financial Highlights (Continued)

	Period Ended September 30, 2021 (Unaudited)				Year Ended March 31, 2021				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	14.55			$	11.23			$	13.13			$	12.28			$	12.62			$	11.81
Net investment income†			0.10				0.19				0.24				0.18				0.18				0.16	(a)
Net realized and unrealized gain (loss) on investments			0.96				3.75				(1.14	)			0.67				1.39				1.11
Total from investment operations			1.06				3.94				(0.90	)			0.85				1.57				1.27
Less dividends and distributions:
From net investment income			—				(0.21	)			(0.17	)			—				(0.18	)			(0.14	)
From net realized capital gains on investments			—				(0.41	)			(0.83	)			—				(1.73	)			(0.32	)
Total dividends and distributions			—				(0.62	)			(1.00	)			—				(1.91	)			(0.46	)
Net asset value, end of period		$	15.61			$	14.55			$	11.23			$	13.13			$	12.28			$	12.62
Total investment return			7.29	%**(b)			35.29	%(b)			(8.16	)%(b)			6.92	%			12.47	%			11.02	%
Ratios/Supplemental Data:
Net investment income to average net assets			1.30	%*			1.42	%			1.75	%			1.40	%			1.35	%			1.34	%(a)
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.79	%*			0.80	%			0.82	%			0.83	%			0.80	%(c)			0.81	%(c)
Net expenses to average daily net assets			0.31	%*(d)			0.30	%(d)			0.31	%(d)			0.83	%			0.80	%(c)			0.81	%(c)
Portfolio turnover rate			36	%**			54	%			38	%			80	%			36	%			55	%
Net assets at end of period (in 000’s)		$	1,219,458			$	1,199,457			$	1,038,720			$	955,878			$	920,610			$	1,249,860

(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.

183

Mercer Funds

Notes to the Financial Statements

September 30, 2021 (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 Sub-advisers (each a “Sub-adviser,” and collectively referred to as the “Sub-advisers”) 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, 2021, each Fund had Class Y-3 shares outstanding. As of September 30, 2021, only Non-US Core Equity had Class I shares outstanding. No other classes of shares are outstanding as of September 30, 2021.

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.

184

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2021 (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 Sub-adviser 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.

185

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2021 (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 Sub-adviser) 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. In that regard, at September 30, 2021, substantially all foreign equity securities held by Non-US Core Equity, Emerging Markets and Global Low Volatility were fair valued using valuations provided by an independent valuation service consistent with the valuation 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”) commitments or when-issued securities approximate fair value and are determined using Level 2 inputs, as of September 30, 2021. 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, 2021.

At September 30, 2021, 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.

186

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

The following is a summary of the portfolio securities by level based on inputs used as of September 30, 2021 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	$	18,191,774	$	97,423,297	$	—		$	115,615,071
Austria		—		13,604,890		—			13,604,890
Belgium		—		13,115,873		—			13,115,873
Brazil		11,779,797		10,369,223		—			22,149,020
Canada		53,509,428		—		—			53,509,428
China		—		28,316,211		—			28,316,211
Colombia		180,425		—		—			180,425
Denmark		5,195,773		74,883,466		—			80,079,239
Finland		—		37,162,234		—			37,162,234
France		954,143		342,594,445		—			343,548,588
Georgia		—		944,263		—			944,263
Germany		9,433,344		240,876,981		—			250,310,325
Hong Kong		—		45,573,794		—			45,573,794
Hungary		—		5,012,535		—			5,012,535
India		—		13,647,109		—			13,647,109
Indonesia		—		5,578,941		—			5,578,941
Ireland		32,901,219		6,829,869		—			39,731,088
Israel		6,988,299		4,400,204		—			11,388,503
Italy		—		47,947,937		—			47,947,937
Japan		4,319,221		816,307,773		—			820,626,994
Luxembourg		—		4,321,134		—			4,321,134
Mexico		10,337,133		—		—			10,337,133
Netherlands		16,479,783		192,226,109		—			208,705,892
New Zealand		—		644,812		—			644,812
Norway		—		21,137,031		—			21,137,031
Philippines		—		427,254		—			427,254
Portugal		—		278,116		0	*		278,116
Russia		5,234,698		47,600,268		—			52,834,966
Singapore		—		11,485,120		—			11,485,120
South Africa		—		16,723,487		—			16,723,487
South Korea		—		45,113,004		—			45,113,004
Spain		—		84,844,000		0	*		84,844,000
Sweden		1,581,440		101,074,886		—			102,656,326
Switzerland		6,670,585		346,170,055		—			352,840,640
Taiwan		44,306,891		33,532,506		—			77,839,397
Thailand		—		1,082,446		—			1,082,446
Turkey		—		2,677,597		—			2,677,597
United Kingdom		35,961,388		336,248,987		—			372,210,375
United States		105,410,298		80,351,585		—			185,761,883

187

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	369,435,639	$	3,130,527,442	$	0	$	3,499,963,081
Investment Companies		33,625,961		—		—		33,625,961
Preferred Stocks
Germany		—		52,221,409		—		52,221,409
South Korea		—		3,325,702		—		3,325,702
Total Preferred Stocks		—		55,547,111		—		55,547,111
Rights
Germany		473,533		—		—		473,533
Warrant
Switzerland		111,745		—		—		111,745
Short-Term Investment
Mutual Fund — Securities Lending Collateral		59,832,921		—		—		59,832,921
Total	$	463,479,799	$	3,186,074,553	$	0	$	3,649,554,352

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	$	(2,012,317	)	$	—	$	—	$	(2,012,317	)

* Represents one or more Level 3 securities at $0 value as of September 30, 2021.

† 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.

188

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2021 (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	$	—	$	139,924,136	$	—		$	139,924,136
Corporate Debt		—		499,731,468		0	*		499,731,468
Mortgage Backed Securities — Private Issuers		—		148,882,783		—			148,882,783
Mortgage Backed Securities — U.S. Government Agency Obligations		—		275,949,815		—			275,949,815
Municipal Obligations		—		12,116,795		—			12,116,795
Sovereign Debt Obligations		—		5,575,888		—			5,575,888
U.S. Government and Agency Obligations		—		230,378,681		—			230,378,681
Total Debt Obligations		—		1,312,559,566		0			1,312,559,566
Short-Term Investment
Mutual Fund — Securities Lending Collateral		21,972,905		—		—			21,972,905
Futures Contracts†
Sales		799,630		—		—			799,630
Forward Foreign Currency Contracts†		—		223,163		—			223,163
Total	$	22,772,535	$	1,312,782,729	$	0		$	1,335,555,264

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
TBA Sale Commitments	$	—		$	(1,002,773	)	$	—	$	(1,002,773	)
Futures Contracts†
Buys		(474,829	)		—			—		(474,829	)
Swaps
Centrally Cleared Interest Rate Swaps†		—			(667,423	)		—		(667,423	)
Forward Foreign Currency Contract†		—			(96,685	)		—		(96,685	)
Total	$	(474,829	)	$	(1,766,881	)	$	—	$	(2,241,710	)

189

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

* Represents one or more Level 3 securities at $0 value as of September 30, 2021.

† Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation/depreciation. Only current day’s variation margin, for Futures contracts and Centrally Cleared Swaps, 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	$	—	$	852,660,734		$	—	$	852,660,734
Common Stocks
Energy		53		0	*		—		53
Industrial		—		0	*		—		—
Utilities		—		973,154			—		973,154
Total Common Stocks		53		973,154			—		973,207
Convertible Preferred Stocks
Basic Materials		113,507		—			—		113,507
Consumer, Cyclical		117,950		—			—		117,950
Consumer, Non-cyclical		963,802		—			—		963,802
Energy		6,071,694		0	*		—		6,071,694
Financial		253,948		—			—		253,948
Technology		122,561		—			—		122,561
Total Convertible Preferred Stocks		7,643,462		0			—		7,643,462
Preferred Stocks
Financial		385,780		—			—		385,780
Short-Term Investments
Mutual Fund — Securities Lending Collateral		22,097,920		—			—		22,097,920
Sovereign Debt Obligation		—		8,757,619			—		8,757,619
Total Short-Term Investments		22,097,920		8,757,619			—		30,855,539
Purchased Options
Purchased Currency Options		—		169,814			—		169,814
Purchased Futures Options		479,413		—			—		479,413
Purchased Swaption		—		249,307			—		249,307
Total Purchased Options		479,413		419,121			—		898,534
Futures Contracts†
Sales		818,938		—			—		818,938
Swaps
OTC Interest Rate Swaps		—		62,610			—		62,610
Centrally Cleared Interest Rate Swaps†		—		1,109,821			—		1,109,821
OTC Credit Default Swaps		—		826,397			—		826,397
Centrally Cleared Credit Default Swaps†		—		16,799			—		16,799
Total Swaps		—		2,015,627			—		2,015,627
Forward Foreign Currency Contracts†		—		2,393,587			—		2,393,587
Total	$	31,425,566	$	867,219,842		$	—	$	898,645,408

190

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	(1,030,436	)	$	—		$	—	$	(1,030,436	)
Sales		(4,940	)		—			—		(4,940	)
Total Futures Contracts		(1,035,376	)		—			—		(1,035,376	)
Swaps
OTC Interest Rate Swaps		—			(251,271	)		—		(251,271	)
Centrally Cleared Interest Rate Swaps†		—			(78,532	)		—		(78,532	)
OTC Credit Default Swaps		—			(19,998	)		—		(19,998	)
Centrally Cleared Credit Default Swaps†		—			(8,208	)		—		(8,208	)
Total Swaps		—			(358,009	)		—		(358,009	)
Forward Foreign Currency Contracts†		—			(2,763,709	)		—		(2,763,709	)
Written Options		(248,443	)		(47,247	)		—		(295,690	)
Total	$	(1,283,819	)	$	(3,168,965	)	$	—	$	(4,452,784	)

* Represents one or more Level 2 securities at $0 value as of September 30, 2021.

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

191

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

Emerging Markets

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Common Stocks
Argentina	$	14,138,531	$	—		$	—		$	14,138,531
Australia		—		7,849,400			—			7,849,400
Brazil		40,290,701		—			—			40,290,701
Canada		1,450,463		—			—			1,450,463
Chile		3,540,096		—			—			3,540,096
China		42,985,280		390,943,062			—			433,928,342
Czech Republic		—		935,564			—			935,564
Egypt		—		100,730			—			100,730
Hong Kong		—		15,439,913			—			15,439,913
India		9,364,477		184,329,343			—			193,693,820
Indonesia		—		19,756,415			—			19,756,415
Italy		—		2,377,429			—			2,377,429
Mexico		53,725,539		—			—			53,725,539
Netherlands		—		11,635,247			—			11,635,247
Peru		3,895,804		—			—			3,895,804
Philippines		378,749		4,680,936			—			5,059,685
Poland		—		10,893,551			—			10,893,551
Portugal		—		4,680,492			—			4,680,492
Qatar		—		3,761,865			—			3,761,865
Russia		27,222,361		73,104,150			—			100,326,511
South Africa		60,316		35,685,761			—			35,746,077
South Korea		6,570,370		114,892,812			—			121,463,182
Taiwan		57,669,395		197,090,906			0	*		254,760,301
Thailand		118,144		3,515,011			—			3,633,155
Turkey		—		13,588,639			—			13,588,639
United Arab Emirates		—		4,844,608			—			4,844,608
United Kingdom		—		17,621,205			—			17,621,205
United States		14,675,610		4,897,532			—			19,573,142
Total Common Stocks		276,085,836		1,122,624,571			0			1,398,710,407
Investment Company		1,267,500		—			—			1,267,500
Preferred Stocks
Brazil		4,387,821		—			—			4,387,821
Chile		259,817		—			—			259,817
Colombia		221,440		—			—			221,440
South Korea		—		7,041,758			—			7,041,758
Taiwan		—		345,509			—			345,509
Total Preferred Stocks		4,869,078		7,387,267			—			12,256,345
Rights
South Korea		—		0	**		—			0
Warrants
China		—		2,350,273			—			2,350,273
Short-Term Investment
Mutual Fund — Securities Lending Collateral		11,697,685		—			—			11,697,685
Futures Contracts†
Sales		103,328		—			—			103,328
Total	$	294,023,427	$	1,132,362,111		$	0		$	1,426,385,538

192

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Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	(3,692,125	)	$	—	$	—	$	(3,692,125	)

* Represents one or more Level 3 securities at $0 value as of September 30, 2021.

** Represents one or more Level 2 securities at $0 value as of September 30, 2021.

† 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	$	—	$	19,890,648	$	—		$	19,890,648
Austria		—		1,102,536		—			1,102,536
Bermuda		2,045,416		—		—			2,045,416
Brazil		—		500,157		—			500,157
Canada		40,135,600		—		—			40,135,600
China		15,916,371		1,116,288		—			17,032,659
Denmark		—		10,022,038		—			10,022,038
Finland		—		4,822,136		—			4,822,136
France		—		34,575,818		—			34,575,818
Germany		—		18,210,823		—			18,210,823
Hong Kong		—		10,128,976		—			10,128,976
Ireland		8,820,379		—		—			8,820,379
Israel		7,795,495		3,444,731		—			11,240,226
Italy		—		146,426		—			146,426
Japan		—		50,744,791		—			50,744,791
Jordan		—		578,366		—			578,366
Luxembourg		—		2,952,320		—			2,952,320
Netherlands		—		18,843,804		—			18,843,804
New Zealand		—		4,331,386		—			4,331,386
Norway		—		5,643,163		—			5,643,163
Portugal		—		2,488,024		—			2,488,024
Singapore		—		5,233,189		0	*		5,233,189
South Africa		—		579,646		—			579,646
South Korea		—		4,057,061		—			4,057,061
Spain		—		7,425,892		—			7,425,892
Sweden		—		3,248,700		—			3,248,700
Switzerland		—		46,641,170		—			46,641,170

193

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Notes to the Financial Statements (Continued)

September 30, 2021 (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	$	833,272	$	42,948,741	$	—	$	43,782,013
United States		793,666,057		86,095		—		793,752,152
Total Common Stocks		869,212,590		299,762,925		0		1,168,975,515
Preferred Stock
Germany		—		2,270,319		—		2,270,319
Short-Term Investment
Mutual Fund — Securities Lending Collateral		10,859,761		—		—		10,859,761
Futures Contracts†
Buys		337		—		—		337
Total	$	880,072,688	$	302,033,244	$	0	$	1,182,105,932

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	$	(861,572	)	$	—	$	—	$	(861,572	)

* Represents one or more Level 3 securities at $0 value as of September 30, 2021.

† 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.

Investments in Derivative Instruments

At September 30, 2021 and during the period then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

Large Cap

LIABILITY DERIVATIVES
	Equity Risk			Total
Futures Contracts(2)	$	(1,239,052	)	$	(1,239,052	)
NET REALIZED GAIN (LOSS)(6)
	Equity Risk			Total
Futures Contracts	$	5,579,083		$	5,579,083
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Equity Risk			Total
Futures Contracts	$	(1,565,489	)	$	(1,565,489	)

194

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Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Equity Risk		Total
Long Futures Contracts	$	33,204,264	$	33,204,264

Small/Mid Cap

LIABILITY DERIVATIVES
	Equity Risk			Total
Futures Contracts(2)	$	(794,981	)	$	(794,981	)
NET REALIZED GAIN (LOSS)(6)
	Equity Risk			Total
Futures Contracts	$	(473,434	)	$	(473,434	)
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Equity Risk			Total
Futures Contracts	$	(347,338	)	$	(347,338	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Equity Risk			Total
Long Futures Contracts	$	38,163,425		$	38,163,425

Non-US Core Equity

LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(2)	$	—		$	(2,012,317	)	$	(2,012,317	)
NET REALIZED GAIN (LOSS)(6)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	—		$	11,037,610		$	11,037,610
Forward Foreign Currency Contracts		1,014,229			—			1,014,229
Total Realized Gain (Loss)	$	1,014,229		$	11,037,610		$	12,051,839
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	—		$	(2,574,116	)	$	(2,574,116	)
Forward Foreign Currency Contracts		(1,203,827	)		—			(1,203,827	)
Total Change in Appreciation (Depreciation)	$	(1,203,827	)	$	(2,574,116	)	$	(3,777,943	)

195

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Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Foreign Currency Risk		Equity Risk		Total
Long Futures Contracts	$	—	$	91,435,668	$	91,435,668
Forward Foreign Currency Contracts		28,279,583		—		28,279,583

Core Fixed

ASSET DERIVATIVES
	Foreign Currency Risk			Interest Rate Risk			Total
Futures Contracts(2)	$	—		$	799,630		$	799,630
Forward Foreign Currency Contracts(3)		223,163			—			223,163
Total Value	$	223,163		$	799,630		$	1,022,793
LIABILITY DERIVATIVES
	Foreign Currency Risk			Interest Rate Risk			Total
Futures Contracts(2)	$	—		$	(474,829	)	$	(474,829	)
Forward Foreign Currency Contracts(5)		(96,685	)		—			(96,685	)
Centrally Cleared Swap Contracts**		—			(700,675	)		(700,675	)
Total Value	$	(96,685	)	$	(1,175,504	)	$	(1,272,189	)
NET REALIZED GAIN (LOSS)(6)
	Foreign Currency Risk			Interest Rate Risk			Total
Options Purchased	$	—		$	82,401		$	82,401
Options Written		—			(29,736	)		(29,736	)
Swaps Contracts		—			101,786			101,786
Futures Contracts		—			52,290			52,290
Forward Foreign Currency Contracts		267,795			—			267,795
Total Realized Gain (Loss)	$	267,795		$	206,741		$	474,536
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Foreign Currency Risk			Interest Rate Risk			Total
Options Purchased	$	—		$	(112,288	)	$	(112,288	)
Options Written		—			60,634			60,634
Swaps Contracts		—			(704,728	)		(704,728	)
Futures Contracts		—			(108,166	)		(108,166	)
Forward Foreign Currency Contracts		(38,835	)		—			(38,835	)
Total Change in Appreciation (Depreciation)	$	(38,835	)	$	(864,548	)	$	(903,383	)

196

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Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Foreign Currency Risk		Interest Rate Risk			Total
Options Purchased	$	—	$	79,714		$	79,714
Options Written		—		102,857			102,857
Swaps Contracts		—		13,395,000			13,395,000
Long Futures Contracts		—		92,317,444			92,317,444
Short Futures Contracts		—		(49,699,088	)		(49,699,088	)
Forward Foreign Currency Contracts		28,612,217		—			28,612,217

Opportunistic Fixed

ASSET DERIVATIVES
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased(1)	$	—		$	169,814		$	250,838		$	477,882		$	898,534
Futures Contracts(2)		—			—			818,938			—			818,938
Forward Foreign Currency Contracts(3)		—			2,393,587			—			—			2,393,587
OTC Swap Contracts		826,397			—			62,610			—			889,007
Centrally Cleared Swap Contracts**		16,799			—			1,109,821			—			1,126,620
Total Value	$	843,196		$	2,563,401		$	2,242,207		$	477,882		$	6,126,686
LIABILITY DERIVATIVES
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Written(4)	$	—		$	(21,960	)	$	(25,287	)	$	(248,443	)	$	(295,690	)
Futures Contracts(2)		—			—			(1,035,376	)		—			(1,035,376	)
Forward Foreign Currency Contracts(5)		—			(2,763,709	)		—			—			(2,763,709	)
OTC Swap Contracts		(19,998	)		—			(251,271	)		—			(271,269	)
Centrally Cleared Swap Contracts**		(8,208	)		—			(78,532	)		—			(86,740	)
Total Value	$	(28,206	)	$	(2,785,669	)	$	(1,390,466	)	$	(248,443	)	$	(4,452,784	)
NET REALIZED GAIN (LOSS)(6)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased	$	—		$	(490,282	)	$	(100,076	)	$	(941,474	)	$	(1,531,832	)
Options Written		—			121,938			145,579			470,221			737,738
Swaps Contracts		(775,872	)		—			72,972			—			(702,900	)
Futures Contracts		—			—			684,025			—			684,025
Forward Foreign Currency Contracts		—			(63,626	)		—			—			(63,626	)
Total Realized Gain (Loss)	$	(775,872	)	$	(431,970	)	$	802,500		$	(471,253	)	$	(876,595	)

197

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Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Credit Risk		Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased	$	—	$	58,912		$	(154,205	)	$	241,719		$	146,426
Options Written		—		5,665			48,956			(96,638	)		(42,017	)
Swaps Contracts		38,565		—			(400,936	)		—			(362,371	)
Futures Contracts		—		—			1,230,693			—			1,230,693
Forward Foreign Currency Contracts		—		(1,075,546	)		—			—			(1,075,546	)
Total Change in Appreciation (Depreciation)	$	38,565	$	(1,010,969	)	$	724,508		$	145,081		$	(102,815	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Credit Risk		Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased	$	—	$	27,114,571		$	17,448,111		$	9,425		$	44,572,107
Options Written		—		(5,430,666	)		(20,012,944	)		(8,883	)		(25,452,493	)
Swaps Contracts		21,408,613		—			39,664,742			—			61,073,355
Long Futures Contracts		—		—			148,181,055			—			148,181,055
Short Futures Contracts		—		—			(59,394,774	)		—			(59,394,774	)
Forward Foreign Currency Contracts		—		395,922,041			—			—			395,922,041

Emerging Markets

ASSET DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(2)	$	—		$	103,328		$	103,328
LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(2)	$	—		$	(3,692,125	)	$	(3,692,125	)
NET REALIZED GAIN (LOSS)(6)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	—		$	(867,069	)	$	(867,069	)
Forward Foreign Currency Contracts		(125	)		—			(125	)
Total Realized Gain (Loss)	$	(125	)	$	(867,069	)	$	(867,194	)
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	—		$	(4,350,036	)	$	(4,350,036	)

198

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Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Foreign Currency Risk		Equity Risk			Total
Long Futures Contracts	$	—	$	84,381,120		$	84,381,120
Short Futures Contracts		—		(4,655,028	)		(4,655,028	)
Forward Foreign Currency Contracts		192,988		—			192,988

Global Low Volatility

ASSET DERIVATIVES
	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(2)	$	337	$	—	$	337

LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(2)	$	—		$	(861,572	)	$	(861,572	)
NET REALIZED GAIN (LOSS)(6)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	(9,477	)	$	3,092,235		$	3,082,758
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	1,541		$	(1,083,976	)	$	(1,082,435	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Foreign Currency Risk			Equity Risk			Total
Long Futures Contracts	$	589,022		$	18,295,745		$	18,884,767

** 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.

199

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Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

⁽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, 2021.

Netting Agreements and Collateral Requirements

In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a Sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with certain collateral held and/or posted and create a net payment. The provisions of the ISDA Master Agreement typically permit a net payment in the event of default including the bankruptcy or insolvency of the counterparty. Absent an event of default by the counterparty or termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the 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.

200

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

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. Only forward foreign currency contracts, OTC swaps and OTC options assets and liabilities are subject to master netting agreements.

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, 2021.

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)
JPMorgan Chase Bank N.A.	$	223,163	$	(96,685	)	$	—	$	126,478

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)
JPMorgan Chase Bank N.A.	$	(96,685	)	$	96,685	$	—	$	—

^(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.

201

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Notes to the Financial Statements (Continued)

September 30, 2021 (Unaudited)

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.	$	138,900	$	(87,172	)	$	(30,000	)	$	21,728
Barclays Bank Plc		258,520		(11,435	)		—			247,085
BNP Paribas S.A.		89,566		(42,141	)		—			47,425
Citibank N.A.		651,559		(69,586	)		—			581,973
Citigroup Global Markets, Inc.		18,306		(18,306	)		—			—
Commonwealth Bank of Australia		7,720		—			—			7,720
Deutsche Bank AG		52,272		(23,118	)		—			29,154
Goldman Sachs & Co.		39,056		(39,056	)		—			—
Goldman Sachs International		80,288		(80,288	)		—			—
HSBC Bank Plc		323,398		(323,398	)		—			—
HSBC Bank USA, N.A.		57,853		—			—			57,853
JPMorgan Chase Bank N.A.		579,494		(579,494	)		—			—
Morgan Stanley & Co.		517,053		(59,570	)		(457,483	)		—
Morgan Stanley and Co. International Plc		205,189		(205,189	)		—			—
Morgan Stanley Capital Services, Inc.		206,848		(92,310	)		—			114,538
Natwest Markets Plc		7,850		(7,850	)		—			—
Standard Chartered Bank		131,798		(578	)		—			131,220
State Street Bank and Trust		6,853		—			—			6,853
State Street Bank London		23,298		(5,198	)		—			18,100
The BNY Mellon		7,348		—			—			7,348
Toronto Dominion Bank		104,707		(104,707	)		—			—
UBS AG		176,427		(2,809	)		—			173,618
	$	3,684,303	$	(1,752,205	)		$   (487,483	)	$	1,444,615

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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.	$	(87,172	)	$	87,172	$	—	$	—
Barclays Bank Plc		(11,435	)		11,435		—		—
BNP Paribas S.A.		(42,141	)		42,141		—		—
Citibank N.A.		(69,586	)		69,586		—		—
Citigroup Global Markets, Inc.		(50,989	)		18,306		—		(32,683	)
Deutsche Bank AG		(23,118	)		23,118		—		—
Goldman Sachs & Co.		(44,559	)		39,056		—		(5,503	)
Goldman Sachs International		(88,869	)		80,288		—		(8,581	)
HSBC Bank Plc		(598,604	)		323,398		—		(275,206	)
JPMorgan Chase Bank N.A.		(1,400,213	)		579,494		448,665		(372,054	)
Morgan Stanley & Co.		(59,570	)		59,570		—		—
Morgan Stanley and Co. International Plc		(222,070	)		205,189		—		(16,881	)
Morgan Stanley Capital Services, Inc.		(92,310	)		92,310		—		—
Natwest Markets Plc		(25,927	)		7,850		18,077		—
Standard Chartered Bank		(578	)		578		—		—
State Street Bank London		(5,198	)		5,198		—		—
Toronto Dominion Bank		(257,077	)		104,707		—		(152,370	)
UBS AG		(2,809	)		2,809		—		—
	$	(3,082,225	)	$	1,752,205	$	466,742	$	(863,278	)

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

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

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

(b)  Security transactions and related investment income

Security transactions are accounted for on trade date. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date, if later. Interest income is recorded on the accrual basis, and is adjusted for amortization of premium and discounts for debt securities. Income is not recognized, nor are premium and discount amortized on securities for which collection is not expected. Withholding taxes on foreign 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. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions. 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.

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(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.

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Securities on loan are fully collateralized and the collateral was equal to or exceeded the securities on loan at September 30, 2021. 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, 2021 were as follows:

	Market Value of Loaned Securities		Value of Cash Collateral		Value of Non-Cash Collateral
Large Cap	$	9,458,212	$	1,145,932	$	8,727,594
Small/Mid Cap		33,866,984		2,856,791		32,154,220
Non-US Core Equity		107,352,610		59,832,921		53,548,071
Core Fixed		29,329,608		21,972,905		7,989,783
Opportunistic Fixed		26,973,985		22,097,920		5,531,648
Emerging Markets		45,385,827		11,697,685		35,591,224
Global Low Volatility		22,812,617		10,859,761		12,929,113

For Large Cap, Small/Mid Cap, Emerging Markets and Global Low Volatility, all of the securities on loan collateralized by cash are classified as Common Stocks in each Fund’s Schedule of Investments at September 30, 2021, 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, 2021, with a contractual maturity of overnight and continuous.

For Non-US Core Equity and Opportunistic Fixed the values of the security loan obligations are classified as follows at September 30, 2021:

Non-US Core Equity

	Remaining Contractual Maturity of the Agreements As of September 30, 2021
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	59,778,945	$	—	$	—	$	—	$	59,778,945
Rights		53,976		—		—		—		53,976
Total Borrowings	$	59,832,921	$	—	$	—	$	—	$	59,832,921
Gross amount of recognized liabilities for securities lending transactions									$	59,832,921

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Opportunistic Fixed

	Remaining Contractual Maturity of the Agreements As of September 30, 2021
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Convertible Debt	$	1,287,616	$	—	$	—	$	—	$	1,287,616
Convertible Preferred Stocks		320,033		—		—		—		320,033
Corporate Debt		19,731,730		—		—		—		19,731,730
Sovereign Debt Obligations		758,541		—		—		—		758,541
Total Borrowings	$	22,097,920	$	—	$	—	$	—	$	22,097,920
Gross amount of recognized liabilities for securities lending transactions									$	22,097,920

(e)  Swaps

Swap contracts are derivatives in the form of a contract or similar instrument, which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. A Fund may engage in swaps, including, but not limited to, interest rate, currency, credit default, 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.

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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.

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 Sub-adviser’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 Sub-adviser 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

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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 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

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payments are settled in cash, the net amount is recorded as realized gain/loss on swap contracts, in addition to realized gain/loss recorded upon the termination of swap contracts on the Statements of Operations. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts (swap contracts, at value on the Statements of Assets and Liabilities).

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

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

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. 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 Sub-adviser 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 Sub-adviser 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 Sub-adviser 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, 2021, 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, 2021.

(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.

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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 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, 2021, 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, 2021.

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(g)  Options

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

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

When the Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s 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, 2021, Core Fixed and Opportunistic Fixed used options for tail risk hedging and to manage currency, interest rate, duration and volatility exposure. See each Fund’s Schedule of Investments for a listing of options as of September 30, 2021.

(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.

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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 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, 2021, 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 and Emerging Markets used forward foreign currency contracts to hedge, cross hedge or to actively manage the currency exposures in the Funds. See the Core Fixed and Opportunistic Fixed Schedules of Investments for a listing of open forward foreign currency contracts as of September 30, 2021.

(i)  Foreign currency translation

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

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(j)  When-issued securities/TBA securities

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

A Fund may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Security Valuation”. See the Schedules of Investments for TBA and when-issued securities held as of September 30, 2021.

(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, 2021.

(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

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

One type of stripped mortgage-backed security has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for the IOs are included in interest income on the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the cost basis of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. See the Schedules of Investments for mortgage-backed and asset-backed securities held by Core Fixed and Opportunistic Fixed as of September 30, 2021.

(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, 2021, Opportunistic Fixed had the following unfunded loan commitments:

Borrower	Par		Cost		Value		Unrealized Gain (Loss)
Focus Financial Partners, LLC	$	91,875	$	91,875	$	91,519	$	(356	)
Precision Medicine Group, LLC		126,923		125,193		127,062		1,869
VT Topco, Inc.		60,000		60,000		59,987		(13	)
Western Dental Services Inc.		79,200		79,200		79,258		58
	$	357,998	$	356,268	$	357,826	$	1,558

(n)  Indexed securities

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

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(o)  Taxes and distributions

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

As of September 30, 2021, 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	$	1,166,795,839	$	406,199,823	$	(17,578,233	)	$	388,621,590
Small/Mid Cap		1,370,715,268		441,171,895		(38,794,047	)		402,377,848
Non-US Core Equity		3,147,024,211		621,153,846		(118,623,705	)		502,530,141
Core Fixed		1,316,315,230		32,044,058		(13,826,817	)		18,217,241
Opportunistic Fixed		896,684,633		20,376,323		(23,643,700	)		(3,267,377	)
Emerging Markets		1,328,189,192		199,557,236		(101,464,218	)		98,093,018
Global Low Volatility		982,064,788		222,871,590		(22,830,783	)		200,040,807

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, redemption in kind 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, 2021.

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

(p)  Allocation of expenses and income

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

(q)  Redemption fees

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

3. Credit agreement

The Trust entered into a Credit Agreement on behalf of the Funds (“the Agreement”) with a bank pursuant to a committed, unsecured revolving line of credit through December 9, 2021. Borrowings for

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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, 2021.

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, 2021, 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, 2022, 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’ Sub-advisers. 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 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 0.15%, 0.15% 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 of September 30, 2021, only Non-US Core Equity had Class I shares outstanding (since

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July 22, 2021). As of September 30, 2021, there were no Advisor Class, Class I (except Non-US Core Equity) or Class Y-2 shares of any of the Funds outstanding, and as such the Advisor did not receive any administrative services fees from those classes of those Funds.

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. There were no Advisor Class shares of any of the Funds outstanding as of September 30, 2021, and as a result, no 12b-1 fees were paid by any of the Funds for the period ended September 30, 2021.

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, 2021, were as follows:

	Long-Term U.S. Government Securities			Other Long-Term Securities
Purchases
Large Cap	$	—		$	224,328,705
Small/Mid Cap		—			272,562,320
Non-US Core Equity		—			942,641,574
Core Fixed		715,952,525	*		158,189,944
Opportunistic Fixed		19,274,695			391,942,529
Emerging Markets		—			480,699,550
Global Low Volatility		—			434,437,255
Sales
Large Cap		—			234,789,815
Small/Mid Cap		—			413,826,916
Non-US Core Equity		—			1,088,802,569
Core Fixed		707,681,490	*		103,581,901
Opportunistic Fixed		8,498,956			334,367,083
Emerging Markets		—			418,134,958
Global Low Volatility		—			498,952,149

* Includes purchases of $190,428,110 and sales of $199,909,137 for TBA securities.

7. Share transactions

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

Large Cap

	Six Months Ended September 30, 2021						Year Ended March 31, 2021
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		2,301,880		$	29,960,672			30,962,052		$	287,076,980
Shares issued to shareholders in reinvestment of distributions		—			—			1,395,659			15,659,299
Shares repurchased		(6,563,728	)		(84,910,142	)		(26,715,449	)		(247,071,887	)
Net increase (decrease)		(4,261,848	)	$	(54,949,470	)		5,642,262		$	55,664,392

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Small/Mid Cap

	Six Months Ended September 30, 2021						Year Ended March 31, 2021
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		4,755,115		$	69,161,233			37,439,316		$	370,106,733
Shares issued to shareholders in reinvestment of distributions		—			—			3,876,449			47,874,139
Shares repurchased		(12,641,545	)		(183,642,874	)		(42,246,255	)		(506,687,211	)
Net decrease		(7,886,430	)	$	(114,481,641	)		(930,490	)	$	(88,706,339	)

Non-US Core Equity

	Six Months Ended September 30, 2021						Year Ended March 31, 2021
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		21,356,564		$	277,755,956			65,896,176		$	677,092,129
Shares issued to shareholders in reinvestment of distributions		—			—			11,804,453			139,174,496
Shares repurchased		(44,281,666	)		(575,080,339	)		(84,194,014	)		(930,681,444	)
Net decrease		(22,925,102	)	$	(297,324,383	)		(6,493,385	)	$	(114,414,819	)
Class I:(a)
Shares sold		243,263		$	3,159,985			—		$	—
Net increase		243,263		$	3,159,985			—		$	—

^(a)  The Class commenced operations on July 22, 2021.

Core Fixed

	Six Months Ended September 30, 2021						Year Ended March 31, 2021
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		24,156,199		$	257,423,557			51,857,972		$	561,129,888
Shares issued to shareholders in reinvestment of distributions		—			—			4,100,359			44,160,867
Shares repurchased		(21,359,933	)		(228,208,100	)		(26,523,134	)		(289,889,583	)
Net increase		2,796,266		$	29,215,457			29,435,197		$	315,401,172

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Opportunistic Fixed

	Six Months Ended September 30, 2021						Year Ended March 31, 2021
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		10,973,575		$	108,610,017			35,793,896		$	341,758,285
Shares issued to shareholders in reinvestment of distributions		—			—			4,538,747			44,890,690
Shares redeemed through in-kind redemption*		—			—			(53,122,684	)		(522,195,987	)
Shares repurchased		(5,919,036	)		(58,119,759	)		(12,382,191	)		(119,056,005	)
Net increase (decrease)		5,054,539		$	50,490,258			(25,172,232	)	$	(254,603,017	)

* On February 19, 2021, Opportunistic Fixed transferred securities in-kind valued at $400,305,493 and cash of $121,890,494 for a redemption. This resulted in 53,122,684 shares redeemed valued at $522,195,987. This transfer also resulted in a realized gain of $19,839,043 which is shown on the Statements of Operations.

Emerging Markets

	Six Months Ended September 30, 2021						Year Ended March 31, 2021
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		16,256,462		$	188,869,214			35,219,281		$	328,271,034
Shares issued to shareholders in reinvestment of distributions		—			—			1,996,543			21,622,556
Shares repurchased		(12,711,603	)		(149,363,388	)		(36,001,619	)		(373,794,134	)
Net increase		3,544,859		$	39,505,826			1,214,205		$	(23,900,544	)

Global Low Volatilfity

	Six Months Ended September 30, 2021						Year Ended March 31, 2021
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		9,437,880		$	145,048,579			21,096,201		$	276,904,152
Shares issued to shareholders in reinvestment of distributions		—			—			3,916,910			55,306,768
Shares repurchased		(13,751,763	)		(215,462,861	)		(35,047,110	)		(473,911,062	)
Net decrease		(4,313,883	)	$	(70,414,282	)		(10,033,999	)	$	(141,700,142	)

8. Recent accounting pronouncements

In January 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities.

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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, “Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs” (“ASU 2020-08”). ASU 2020-08 is an update of Accounting Standards Update 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 for public business entities. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Funds’ financial statements.

9. 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.

The worldwide outbreak of COVID-19, a novel coronavirus disease, that began in early 2020 has negatively affected economies, markets and individual companies throughout the world and has increased market volatility. Developments that disrupt global economies and financial markets may magnify factors that affect the Funds’ performance. While the disruption is currently expected to be temporary, there is considerable uncertainty around the duration of this uncertainty. The effects of this pandemic may materially impact the value and performance of the Funds, their ability to buy and sell investments and their ability to achieve the investment objectives. The ultimate impact of COVID-19 on the financial performance of the Funds’ investments cannot be reasonably estimated at this time.

LIBOR Transition Risk: A commonly used interest rate, the London Interbank Offered Rate (“LIBOR”), may no longer be calculated after 2021. 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 a Fund’s payment obligations under a derivative investment, the cost of financing to a Fund or an investment’s value or return to a Fund. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be

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published until June 2023 in order to assist with the transition. The process of transitioning to a new rate might lead to increased volatility and illiquidity in markets for instruments whose terms currently include 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.

10. Subsequent events

Management has evaluated the impact of subsequent events through November 15, 2021, the date the financial statements were 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.

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Additional Information (Unaudited)

Proxy Voting

A description of the policies and procedures that the Advisor and each Fund’s Sub-advisers use to determine how to vote proxies relating to the Fund’s portfolio securities can be found in the Funds SAI (Appendix B), and is available, (i) without charge, upon request, by calling 1-888-887-0619, (ii) on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov, and (iii) online on the Funds’ website at http://www.mercer.us/mutual-funds-on-offer. Information about the Funds’ proxy voting decisions are available online at https://viewpoint.glasslewis.com/WD/?siteId=MercerFundsProxy and http://www.sec.gov.

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. When filed, the Funds’ Form N-PORT may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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Board Approval of the Investment Management Agreement for the Funds and Subadvisory Agreements for the Funds during the period April 1, 2021 through September 30, 2021

June 9-10, 2021 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 the Mercer Funds (the “Trust”) held on June 9-10, 2021 (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 regarding the Advisor’s business and operations; financial position; portfolio management team; and compliance program; (v) information comparing each Fund’s operating expenses to those of 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 comparing each Fund’s performance to the performance of 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

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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, including portfolio investment guidelines; review of portfolio security brokerage and trading practices, as well as the use of derivatives or other complex financial instruments; implementation of risk management programs; and oversight of general portfolio compliance with relevant law.

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

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its other business divisions, significant manager 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 under 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, legal 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 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, 2022. The Independent Trustees noted the Advisor’s explanation that it does not manage other funds, including registered investment companies, or other client accounts that are comparable to the Funds and, therefore, the Advisor could not provide relevant 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.

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

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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.

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 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.

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In reviewing the performance of the Funds, the Independent Trustees considered the performance of each Fund over various measurement periods ended March 31, 2021, 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 first 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 first, second, third, second, second 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 first, third, fourth, third, fourth and fourth 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 the Advisor had recommended, and the Board approved, the appointment of Jennison Associates LLC (“Jennison”), Polen Capital Management, L.L.C. (“Polen”) and Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust (“Macquarie”), 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 third quintile for the one-year period and in the second quintile for each of the other measurement periods, 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 third, second, third, third, third and fourth quintiles, respectively, of its peer group. With regard to the performance of the Small/Mid Cap Fund relative to its peer group, the Independent Trustees noted that the Advisor had recommended, and the Board had approved, the appointment of River Road Asset Management, LLC (“River Road”) in 2019.

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 third, second, second, second, second 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 third, third, first, first, first 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, fourth, fourth, fourth, fourth and first 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 third, fourth, fourth, fourth, fifth and first 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 the Advisor had recommended, and the Board had approved, the

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appointment of Origin Asset Management LLP (“Origin”) in 2019; the appointments of Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited in January 2021; and the appointments of BennBridge US LLC and Grantham, Mayo, Van Otterloo & Co. LLC in March 2021.

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 for the one-, two-, three-, four- and five-year and since inception 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 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. The Independent Trustees noted that, in an effort to improve the Global Low Volatility Fund’s risk/return profile, the Advisor had recommended, and the Board had approved, the appointment of Ninety One North America, Inc. in 2021.

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 third quintile for the one-year period and in the first quintile for each of the other measurement periods, 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 third, 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 third, third, fifth, fourth, third 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 fourth, third, fifth, fifth, fourth 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 Board noted the Advisor’s explanation that the Opportunistic Fixed Income Fund is classified in the Broadridge Report as a multi-sector fixed income fund, but that the Fund also has exposure to multi-asset credit (including high yield) and emerging markets debt, which may differentiate the Fund from certain of the funds included in its peer universe and peer group. The Independent Trustees further took into consideration the Advisor’s explanation that the Opportunistic Fixed Income 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

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well as by the costs that were incurred and benefits that were gained by the Advisor in providing such services. It was noted that the Independent Trustees had taken into consideration the fees charged by the investment advisors to the investment companies included in the Funds’ peer groups as presented in the Broadridge Report. As a result, the Independent Trustees concluded that the approval of the Investment Management Agreement was in the best interests of the Funds and their shareholders, and 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 Certain 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, Macquarie, Jennison, O’Shaughnessy Asset Management, LLC, and Polen (in the case of the Large Cap Fund); GW&K Investment Management, LLC, Loomis, Sayles & Company, L.P. (“Loomis”), LSV Asset Management (“LSV”), River Road, and Westfield Capital Management Company, L.P. (in the case of the Small/Mid Cap Fund); American Century Investment Management, Inc., Arrowstreet Capital, Limited Partnership, LSV and Massachusetts Financial Services Company (in the case of the Non-US Core Fund); Origin and William Blair Investment Management, LLC (in the case of the Emerging Markets Fund); Acadian Asset Management LLC, Martingale Asset Management, L.P. and Veritas Asset Management LLP (in the case of the Global Low Volatility Fund); BlackRock International Limited, Colchester Global Investors Limited, Loomis, Western Asset Management Company, LLC and Western Asset Management Company Limited (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 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

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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 various Subadvisors, both at the Meeting and throughout the course of the year at Board meetings, as applicable. 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 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; information regarding 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.

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.

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(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 be indirectly borne by the respective Funds and their shareholders.

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 Funds 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.  With respect to economies of scale, the Independent Trustees considered each Subadvisor’s fee schedule for providing services to the applicable Fund, and noted that several of the Subadvisory Agreements included breakpoints that would reduce the Subadvisor’s 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 consistent with the Subadvisor’s investment strategy to support the Fund’s multi-manager

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Additional Information (Unaudited) (Continued)

structure and approach, and noted each Subadvisor’s record of compliance with the Fund’s relevant investment restrictions and guidelines. The Independent Trustees also considered the Advisor’s conclusions, and the reasons supporting the Advisor’s conclusions, that the performance record of each Subadvisor, including on an absolute basis and relative to each Subadvisor’s benchmark index over different time periods, 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 well as by the information available on costs that were incurred and benefits that were gained by the Subadvisors in providing such services. 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.

232

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, 2021 through September 30, 2021. 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		0.29	%		1,000.00		1,093.60		1,046.80		1.52
Hypothetical		0.29	%		1,000.00		1,023.61		1,011.81		1.47

* Actual expenses are equal to the Class’ annualized expense ratio of 0.29%, 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		1,050.60		1,025.30		2.36
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.

233

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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		0.38	%		1,000.00		1,039.60		1,019.80		1.94
Hypothetical		0.38	%		1,000.00		1,023.16		1,011.58		1.93

* Actual expenses are equal to the Class’ annualized expense ratio of 0.38%, multiplied by the average account value over the period, multiplied by 183/365.

Non-US Core Equity — Class I *

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred**
Actual		0.62	%		1,000.00		989.20		994.60		1.18
Hypothetical		0.62	%		1,000.00		1,008.40		1,004.20		1.19

* The Class commenced operations on July 22, 2021.

** Actual expenses are equal to the Class’ annualized expense ratio of 0.62%, multiplied by the average account value over the period, multiplied by 70/365.

Core Fixed — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.15	%		1,000.00		1,023.90		1,011.95		0.76
Hypothetical		0.15	%		1,000.00		1,024.32		1,012.16		0.76

* Actual expenses are equal to the Class’ annualized expense ratio of 0.15%, 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		0.47	%		1,000.00		1,023.00		1,011.50		2.38
Hypothetical		0.47	%		1,000.00		1,022.71		1,011.36		2.38

* Actual expenses are equal to the Class’ annualized expense ratio of 0.47%, multiplied by the average account value over the period, multiplied by 183/365.

234

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

Emerging Markets — 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		957.30		978.65		2.26
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.

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		1,072.90		1,036.45		1.61
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.

235

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 1-888-887-0619, 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 (78)	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 (63)	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 (12 portfolios); UBS Relationship Funds; SMA Relationship Trust (1 portfolio); 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).
Gail A. Schneider 99 High Street Boston, MA 02110 (72)	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

236

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
Luis A. Ubiñas 99 High Street Boston, MA 02110 (58)	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: ATT, Electronic Arts, Inc., and Tanger Factory Outlet Centers, Inc.
Joan E. Steel 99 High Street Boston, MA 02110 (68)	Trustee	Trustee since 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.

237

Mercer Funds

Trustees and Officers (Unaudited) (Continued)

Interested Trustee:

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee
Richard S. Joseph** (56)	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.		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.

238

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
Samantha Davidson (46)	Vice President	Since 2021	Ms. Davidson is a Senior Partner at Mercer for Mercer’s OCIO Business. Prior to joining Mercer in 2020, Ms. Davidson spent 17 years in various positions, most recently as Managing Director and head of client solutions for Goldman Sachs Personal Financial Management.
Stephen Gouthro (53)	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.
Barry Vallan (52)	Vice President and Assistant Treasurer	Since 2021	Mr. Vallan is a Principal and the Head of Fund Administration at Mercer Investments LLC. Prior to joining Mercer in 2020, Mr. Vallan was Vice President of Fund Administration at J.P. Morgan (from 2017 to 2020) and a Director of Fund Accounting & Administration at the Bank of America (from 2002 to 2017).
Jeff Coleman (51)	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.
Stan Mavromates (60)	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 (44)	Vice President and Assistant Secretary	Since 2021++	Mr. Dean is Global Chief Counsel, Investments since 2018. He has served as Senior Legal Counsel—Investments for Mercer Investments LLC since 2010.
Caroline Hulme (36)	Vice President, Chief Legal Officer and Secretary	Since 2021++	Ms. Hulme is Senior Legal Counsel, Investments since 2018. She served as Legal Counsel—Investments for Mercer Investments LLC since 2014.
Larry Vasquez (54)	Vice President	Since 2012	Mr. Vasquez is a Vice President and Portfolio Manager of Mercer Investments LLC since 2012.
Erin Lefkowitz (40)	Vice President	Since 2021	Ms. Lefkowitz is a Vice President and Senior Portfolio Manager of Mercer Investments LLC. Prior to joining Mercer in 2021, Ms. Lefkowitz held various roles in risk management, portfolio construction, trading and global fixed income portfolio management at Putnam Investments.

239

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Trustees and Officers (Unaudited) (Continued)

Name and Age	Position(s) Held with the Trust	Term of Office+ and Length of Time Served	Principal Occupation(s) During Past 5 Years
Jennifer Reiche (50)	Vice President and Chief Compliance Officer	Since 2019	Ms. Reiche is the Chief Compliance Officer of Mercer Trust Company LLC since July 2019 and Interim Chief Compliance Officer of Mercer Investments LLC effective July 31, 2021. She served as the 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. Reiche served as Chief Compliance Officer for Century Capital Management LLC and Century Funds (June 2014 – January 2017).
Kevin McKiernan (57)	Vice President and Deputy Chief Compliance Officer	Since 2021	Mr. McKiernan is a Senior Compliance Officer at Mercer Investments LLC. Prior to joining Mercer in 2019, he served as a compliance consultant for Mission Critical Services Corp. From 2004 to 2018, Mr. McKiernan held various positions with Prudential Financial, most recently as Director, PGIM Investments.

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

++ Prior to 2021, Mr. Dean and Ms. Hulme each held different positions with the Trust, since 2010 and 2017, respectively.

240

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

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule

Not Applicable

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. Investments.

The Registrant’s full schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.

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

Not Applicable

Item 8. Portfolio Managers of Closed-End Management 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable

Item 13. Exhibits.

(a) File the exhibits listed below as part of this Form.

(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.

(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 11/16/21

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 11/16/21

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

Date 11/16/21