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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:

811-21732

Mercer Funds

(Exact Name of Registrant as Specified in Charter)

99 High Street

Boston, MA 02110

(Address of Principal Executive Offices)(Zip Code)

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, 2024

Date of Reporting Period: September 30, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

 

Mercer FundsTM

Semi-Annual Report

September 30, 2023 

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.

MERCER FUNDS
TABLE OF CONTENTS

 

	Page
Schedules of Investments	1
Statements of Assets and Liabilities	163
Statements of Operations	167
Statements of Changes in Net Assets	170
Financial Highlights	174
Notes to Financial Statements	188
Additional Information	224
Understanding Your Fund’s Expenses	238
Trustees and Officers	242

Mercer US Large Cap Equity Fund
Schedule of Investments
(showing percentage of net assets)
September 30, 2023 (Unaudited)

 

Shares	Description	Value ($)
	COMMON STOCKS — 96.7%
	Basic Materials — 2.9%
9,278	CF Industries Holdings, Inc.	795,496
63,530	Dow, Inc.	3,275,607
84,221	DuPont de Nemours, Inc.	6,282,044
9,726	Eastman Chemical Co.	746,179
31,271	International Paper Co.	1,109,182
16,472	Mosaic Co.	586,403
31,046	Newmont Corp.	1,147,150
9,991	Nucor Corp.	1,562,093
23,045	Steel Dynamics, Inc.	2,470,885
		17,975,039
	Communications — 17.9%
50,538	Airbnb, Inc. Class A*	6,934,319
43,963	Alphabet, Inc. Class A*	5,752,998
100,422	Alphabet, Inc. Class C*	13,240,641
165,211	Amazon.com, Inc. *	21,001,622
128,696	AT&T, Inc.	1,933,014
433	Booking Holdings, Inc. *	1,335,350
2,318	Charter Communications, Inc. Class A*	1,019,503
86,200	Cisco Systems, Inc.	4,634,112
186,842	Comcast Corp. Class A	8,284,574
18,137	eBay, Inc.	799,660
37,470	Fox Corp. Class A	1,169,064
1,718	MercadoLibre, Inc. *	2,178,218
20,780	Meta Platforms, Inc. Class A*	6,238,364
17,300	Motorola Solutions, Inc.	4,709,752
27,755	Netflix, Inc. *	10,480,288
28,121	T-Mobile U.S., Inc. *	3,938,346
9,371	Trade Desk, Inc. Class A*	732,344
65,385	Uber Technologies, Inc. *	3,007,056
162,884	Verizon Communications, Inc.	5,279,070
86,429	Walt Disney Co. *	7,005,071
		109,673,366
	Consumer, Cyclical — 9.5%
27,896	Alaska Air Group, Inc. *	1,034,384
8,931	Autoliv, Inc.	861,663
22,733	Best Buy Co., Inc.	1,579,262
381	Chipotle Mexican Grill, Inc. *	697,927
4,700	Costco Wholesale Corp.	2,655,312
7,165	Darden Restaurants, Inc.	1,026,171
59,048	Delta Air Lines, Inc.	2,184,776
32,745	Dollar General Corp.	3,464,421
36,700	Dollar Tree, Inc. *	3,906,715
83,675	Dr Ing hc F Porsche AG ADR	779,014
3,018	Ferguson PLC	496,370
41,944	General Motors Co.	1,382,894
4,762	Home Depot, Inc.	1,438,886

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Consumer, Cyclical — continued
3,846	Lithia Motors, Inc.	1,135,839
21,667	LKQ Corp.	1,072,733
32,645	Lowe's Cos., Inc.	6,784,937
5,967	Lululemon Athletica, Inc. *	2,300,935
17,604	LVMH Moet Hennessy Louis Vuitton SE ADR	2,660,140
14,425	Magna International, Inc. (a)	773,324
8,424	Marriott International, Inc. Class A	1,655,821
10,890	Mobileye Global, Inc. Class A*(a)	452,480
31,302	NIKE, Inc. Class B	2,993,097
110	NVR, Inc. *	655,963
1,331	O'Reilly Automotive, Inc. *	1,209,693
14,344	PulteGroup, Inc.	1,062,173
9,893	Tapestry, Inc.	284,424
8,360	Target Corp.	924,365
23,744	Tesla, Inc. *	5,941,224
68,269	TJX Cos., Inc.	6,067,749
1,756	Ulta Beauty, Inc. *	701,434
		58,184,126
	Consumer, Non-cyclical — 21.6%
41,686	Abbott Laboratories	4,037,289
4,477	Align Technology, Inc. *	1,366,918
112,051	Altria Group, Inc.	4,711,745
4,875	Amgen, Inc.	1,310,205
61,800	Archer-Daniels-Midland Co.	4,660,956
1,304	Argenx SE ADR*	641,086
38,123	AstraZeneca PLC ADR	2,581,690
160,263	Baxter International, Inc.	6,048,326
28,699	Bristol-Myers Squibb Co.	1,665,690
35,745	Cardinal Health, Inc.	3,103,381
23,491	Cigna Group	6,720,070
234,929	Conagra Brands, Inc.	6,441,753
115,103	CVS Health Corp.	8,036,491
38,379	DENTSPLY SIRONA, Inc.	1,311,027
6,887	Dexcom, Inc. *	642,557
10,680	Eli Lilly & Co.	5,736,548
47,800	Exelixis, Inc. *	1,044,430
7,014	Gartner, Inc. *	2,410,081
41,382	Global Payments, Inc.	4,775,069
50,280	GSK PLC ADR	1,822,650
2,510	HCA Healthcare, Inc.	617,410
67,156	Hologic, Inc. *	4,660,626
16,566	Illumina, Inc. *	2,274,180
9,389	Ingredion, Inc.	923,878
5,369	Intuitive Surgical, Inc. *	1,569,305
11,881	Jazz Pharmaceuticals PLC *	1,537,877
39,674	Johnson & Johnson	6,179,225
47,979	Kenvue, Inc.	963,418
66,800	Koninklijke Philips NV ADR NYRS*(a)	1,331,992

2

See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Consumer, Non-cyclical — continued
74,852	Kroger Co.	3,349,627
15,743	L'Oreal SA ADR(a)	1,304,465
1,390	McKesson Corp.	604,442
16,894	Medtronic PLC	1,323,814
45,400	Merck & Co., Inc.	4,673,930
2,831	Moody's Corp.	895,077
59,254	Novo Nordisk AS ADR	5,388,559
25,980	Organon & Co.	451,013
76,791	PayPal Holdings, Inc. *	4,489,202
41,378	Pfizer, Inc.	1,372,508
8,425	Quest Diagnostics, Inc.	1,026,671
540	S&P Global, Inc.	197,321
6,706	Thermo Fisher Scientific, Inc.	3,394,376
38,476	Tyson Foods, Inc. Class A	1,942,653
11,265	UnitedHealth Group, Inc.	5,679,700
7,256	Verisk Analytics, Inc.	1,714,157
4,450	Vertex Pharmaceuticals, Inc. *	1,547,443
93,890	Viatris, Inc.	925,755
17,843	Zoetis, Inc.	3,104,325
		132,510,911
	Energy — 4.2%
71,368	BP PLC ADR	2,763,369
19,894	Canadian Natural Resources Ltd.	1,286,545
9,130	Chevron Corp.	1,539,501
66,593	ConocoPhillips	7,977,841
86,722	Coterra Energy, Inc.	2,345,830
42,099	Marathon Oil Corp.	1,126,148
30,453	Marathon Petroleum Corp.	4,608,757
30,023	Shell PLC ADR	1,932,881
16,799	Valero Energy Corp.	2,380,586
		25,961,458
	Financial — 14.2%
39,142	AerCap Holdings NV *	2,453,029
55,061	Allstate Corp.	6,134,346
138,479	American International Group, Inc.	8,391,827
6,780	American Tower Corp. REIT	1,114,971
49,545	Bank of America Corp.	1,356,542
18,210	Bank of New York Mellon Corp.	776,657
7,721	Berkshire Hathaway, Inc. Class B*	2,704,666
5,643	Capital One Financial Corp.	547,653
23,384	Charles Schwab Corp.	1,283,782
93,344	Citigroup, Inc.	3,839,239
22,245	Discover Financial Services	1,927,084
92,319	Equitable Holdings, Inc.	2,620,936
77,000	Equity Residential REIT	4,520,670
34,335	Hartford Financial Services Group, Inc.	2,434,695
99,906	Host Hotels & Resorts, Inc. REIT	1,605,489

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Financial — continued
15,060	Howard Hughes Holdings, Inc. *	1,116,398
16,580	JPMorgan Chase & Co.	2,404,432
25,078	Mastercard, Inc. Class A	9,928,631
5,941	Morgan Stanley	485,201
132,075	New York Community Bancorp, Inc.	1,497,731
1,822	PNC Financial Services Group, Inc.	223,687
20,989	Principal Financial Group, Inc.	1,512,677
4,499	Reinsurance Group of America, Inc.	653,210
11,376	Simon Property Group, Inc. REIT	1,228,949
20,779	State Street Corp.	1,391,362
70,984	Synchrony Financial	2,169,981
167,300	Truist Financial Corp.	4,786,453
138,000	U.S. Bancorp	4,562,280
40,602	Visa, Inc. Class A	9,338,866
35,134	Wells Fargo & Co.	1,435,575
41,354	Weyerhaeuser Co. REIT	1,267,914
7,756	Willis Towers Watson PLC	1,620,694
		87,335,627
	Industrial — 6.8%
32,482	3M Co.	3,040,965
28,721	Builders FirstSource, Inc. *	3,575,477
31,583	CH Robinson Worldwide, Inc.	2,720,244
4,109	Chart Industries, Inc. *(a)	694,914
19,266	Crown Holdings, Inc.	1,704,656
33,497	Dover Corp.	4,673,166
15,211	Expeditors International of Washington, Inc.	1,743,637
6,534	FedEx Corp.	1,730,987
25,099	Honeywell International, Inc.	4,636,789
2,233	Lockheed Martin Corp.	913,208
12,297	Masco Corp.	657,275
10,600	Northrop Grumman Corp.	4,666,014
58,089	RTX Corp.	4,180,665
7,604	Stanley Black & Decker, Inc.	635,542
11,432	Teledyne Technologies, Inc. *	4,670,887
44,555	Vontier Corp.	1,377,641
		41,622,067
	Technology — 17.9%
15,333	Accenture PLC Class A	4,708,918
18,633	Adobe, Inc. *	9,500,967
35,178	Advanced Micro Devices, Inc. *	3,617,002
34,384	Apple, Inc.	5,886,885
9,229	ARM Holdings PLC ADR*	493,936
1,688	ASML Holding NV ADR NYRS	993,658
17,423	Autodesk, Inc. *	3,604,993
3,596	Broadcom, Inc.	2,986,766
6,800	Cadence Design Systems, Inc. *	1,593,240
68,755	Cognizant Technology Solutions Corp. Class A	4,657,464

4

See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Technology — continued
5,812	Crowdstrike Holdings, Inc. Class A*	972,812
11,270	Dell Technologies, Inc. Class C	776,503
1,925	Fair Isaac Corp. *	1,671,920
83,852	Fidelity National Information Services, Inc.	4,634,500
65,309	HP, Inc.	1,678,441
878	HubSpot, Inc. *	432,415
8,441	KLA Corp.	3,871,549
32,188	Micron Technology, Inc.	2,189,750
53,584	Microsoft Corp.	16,919,148
4,416	MongoDB, Inc. *	1,527,318
23,866	NVIDIA Corp.	10,381,471
39,100	Oracle Corp.	4,141,472
37,940	Salesforce, Inc. *	7,693,473
13,541	Seagate Technology Holdings PLC	893,029
16,531	ServiceNow, Inc. *	9,240,168
9,815	Snowflake, Inc. Class A*	1,499,437
12,476	Teradyne, Inc.	1,253,339
11,381	Workday, Inc. Class A*	2,445,208
		110,265,782
	Utilities — 1.7%
97,006	Edison International	6,139,510
42,001	FirstEnergy Corp.	1,435,594
54,170	NRG Energy, Inc.	2,086,628
31,914	UGI Corp.	734,022
		10,395,754
	TOTAL COMMON STOCKS (COST $548,557,738)	593,924,130

 

Par Value ($)	Description	Value ($)
	Short-Term Investment — 0.3%
	Mutual Fund - Securities Lending Collateral — 0.3%
1,700,466	State Street Navigator Securities Lending Government Money Market Portfolio, 5.35%(b)(c)	1,700,466
	TOTAL SHORT-TERM INVESTMENT (COST $1,700,466)	1,700,466
	TOTAL INVESTMENTS — 97.0% (Cost $550,258,204)	595,624,596
	Other Assets and Liabilities (net) — 3.0%	18,562,964
	NET ASSETS — 100.0%	$614,187,560

 

	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, 2023.
(c)	Represents an investment of securities lending cash collateral.

See accompanying Notes to the Financial Statements.

5

Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
September 30, 2023 (Unaudited)

Futures Contracts 

Number of Contracts	Description	Expiration Date	Notional Value	Market Value/ Unrealized Appreciation (Depreciation)
Buys
36	S&P 500 E-mini Index	Dec 2023	$7,785,900	$(242,528 )
2	S&P Mid 400 E-mini Index	Dec 2023	504,080	(16,237 )
				$(258,765 )

 

Abbreviations
ADR	—	American Depository Receipt
NYRS	—	New York Registry Shares
REIT	—	Real Estate Investment Trust

6

See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
September 30, 2023 (Unaudited)

 

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks	96.7
Futures Contracts	0.0*
Short-Term Investment	0.3
Other Assets and Liabilities (net)	3.0
	100.0%

 

* Amount rounds to zero.

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, 2023 (Unaudited)

 

Shares	Description	Value ($)
	COMMON STOCKS — 95.9%
	Basic Materials — 2.2%
95,699	ATI, Inc. *	3,938,014
42,800	Chemours Co.	1,200,540
17,400	Eastman Chemical Co.	1,334,928
218,251	Element Solutions, Inc.	4,279,902
61,300	Huntsman Corp.	1,495,720
20,900	Ingevity Corp. *	995,049
39,900	Koppers Holdings, Inc.	1,578,045
48,900	Mosaic Co.	1,740,840
18,859	Quaker Chemical Corp.	3,017,440
14,365	Reliance Steel & Aluminum Co.	3,766,934
43,631	RPM International, Inc.	4,136,655
39,300	Steel Dynamics, Inc.	4,213,746
81,300	Tronox Holdings PLC, Class A	1,092,672
		32,790,485
	Communications — 2.9%
47,900	AMC Networks, Inc. Class A*	564,262
9,645	Cable One, Inc.	5,937,848
81,588	Ciena Corp. *	3,855,849
98,786	ePlus, Inc. *	6,274,887
35,498	F5, Inc. *	5,720,148
81,546	Liberty Latin America Ltd. Class A*	665,415
77,747	Liberty Latin America Ltd. Class C*	634,415
125,300	Lumen Technologies, Inc. *(a)	177,926
17,400	Nexstar Media Group, Inc.	2,494,638
20,310	Nice Ltd. ADR*(a)	3,452,700
49,710	Okta, Inc. *	4,051,862
9,700	Preformed Line Products Co.	1,577,026
76,900	TEGNA, Inc.	1,120,433
200,979	TripAdvisor, Inc. *	3,332,232
68,667	Yelp, Inc. *	2,855,860
		42,715,501
	Consumer, Cyclical — 15.4%
25,407	Advance Auto Parts, Inc.	1,421,014
40,100	Alaska Air Group, Inc. *	1,486,908
62,800	Allison Transmission Holdings, Inc.	3,708,968
133,400	American Axle & Manufacturing Holdings, Inc. *	968,484
274,629	BJ's Wholesale Club Holdings, Inc. *	19,600,272
89,400	Bloomin' Brands, Inc.	2,198,346
67,900	BorgWarner, Inc.	2,741,123
47,355	BRP, Inc. (a)	3,592,350
29,300	Brunswick Corp.	2,314,700
20,066	Burlington Stores, Inc. *	2,714,930
32,500	Capri Holdings Ltd. *	1,709,825
39,444	Carter's, Inc.	2,727,553
13,635	Casey's General Stores, Inc.	3,702,175
17,810	Cavco Industries, Inc. *	4,731,405

8

See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Consumer, Cyclical — continued
31,804	Churchill Downs, Inc.	3,690,536
34,024	Columbia Sportswear Co.	2,521,178
12,100	Crocs, Inc. *	1,067,583
16,101	Deckers Outdoor Corp. *	8,277,363
13,200	Dick's Sporting Goods, Inc.	1,433,256
39,077	Dorman Products, Inc. *	2,960,474
81,300	Five Below, Inc. *	13,081,170
49,900	Foot Locker, Inc. (a)	865,765
23,500	Genesco, Inc. *	724,270
114,661	Gentex Corp.	3,731,069
44,406	Gentherm, Inc. *	2,409,470
33,600	GMS, Inc. *	2,149,392
102,000	Goodyear Tire & Rubber Co. *	1,267,860
11,500	Group 1 Automotive, Inc.	3,090,165
56,889	Guess?, Inc.	1,231,078
39,300	Harley-Davidson, Inc.	1,299,258
47,600	Haverty Furniture Cos., Inc.	1,369,928
33,000	Hibbett, Inc.	1,567,830
14,500	Jack in the Box, Inc.	1,001,370
47,700	Kohl's Corp.	999,792
61,300	La-Z-Boy, Inc.	1,892,944
262,844	Leslie's, Inc. *(a)	1,487,697
56,474	Light & Wonder, Inc. *	4,028,290
21,875	Lithia Motors, Inc.	6,460,344
195,325	LKQ Corp.	9,670,541
41,810	M/I Homes, Inc. *	3,513,712
94,700	Macy's, Inc.	1,099,467
112,100	MillerKnoll, Inc.	2,740,845
40,100	Movado Group, Inc.	1,096,735
16,574	MSC Industrial Direct Co., Inc. Class A	1,626,738
19,454	Murphy USA, Inc.	6,648,015
21,000	Nu Skin Enterprises, Inc. Class A	445,410
39,500	ODP Corp. *	1,822,925
13,580	Phinia, Inc.	363,808
20,925	Planet Fitness, Inc. Class A*	1,029,091
63,195	Polaris, Inc.	6,581,127
8,750	Pool Corp.	3,115,875
43,500	PulteGroup, Inc.	3,221,175
29,500	PVH Corp.	2,257,045
98,401	Red Rock Resorts, Inc. Class A	4,034,441
81,900	Sally Beauty Holdings, Inc. *	686,322
92,559	Savers Value Village, Inc. *	1,728,077
36,400	ScanSource, Inc. *	1,103,284
25,367	SiteOne Landscape Supply, Inc. *	4,146,236
68,936	Skechers USA, Inc. Class A*	3,374,417
111,640	Tapestry, Inc.	3,209,650
133,109	Texas Roadhouse, Inc.	12,791,775
11,600	Thor Industries, Inc.	1,103,508
43,200	Toll Brothers, Inc.	3,195,072

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Consumer, Cyclical — continued
105,600	Tri Pointe Homes, Inc. *	2,888,160
42,907	UniFirst Corp.	6,994,270
43,200	United Airlines Holdings, Inc. *	1,827,360
12,155	Vail Resorts, Inc.	2,697,073
31,988	Visteon Corp. *	4,416,583
71,800	Wabash National Corp.	1,516,416
21,200	Whirlpool Corp.	2,834,440
13,300	Williams-Sonoma, Inc. (a)	2,066,820
27,300	Winnebago Industries, Inc.	1,622,985
		229,695,533
	Consumer, Non-cyclical — 23.0%
87,108	Acadia Healthcare Co., Inc. *	6,124,563
157,500	ACCO Brands Corp.	904,050
119,000	Albertsons Cos., Inc. Class A	2,707,250
499,539	Alight, Inc. Class A*	3,541,732
39,940	Apellis Pharmaceuticals, Inc. *(a)	1,519,318
74,368	Ascendis Pharma AS ADR*	6,963,820
162,450	Avantor, Inc. *	3,424,446
30,677	Avery Dennison Corp.	5,603,768
54,762	Axonics, Inc. *	3,073,243
67,882	Azenta, Inc. *	3,406,998
111,253	Bausch & Lomb Corp. *(a)	1,885,738
21,596	Bio-Rad Laboratories, Inc. Class A*	7,741,086
79,145	Booz Allen Hamilton Holding Corp.	8,648,174
85,077	Bright Horizons Family Solutions, Inc. *	6,930,372
27,900	Bunge Ltd.	3,020,175
44,068	Catalent, Inc. *	2,006,416
29,162	Cimpress PLC *	2,041,632
431,532	Clarivate PLC *(a)	2,895,580
52,900	Conagra Brands, Inc.	1,450,518
42,554	CONMED Corp.	4,291,571
520,837	CoreCivic, Inc. *	5,859,416
29,400	DaVita, Inc. *	2,779,182
60,000	Deluxe Corp.	1,133,400
360,553	Dun & Bradstreet Holdings, Inc.	3,601,924
125,003	Embecta Corp.	1,881,295
100,079	EVERTEC, Inc.	3,720,937
50,576	Exact Sciences Corp. *	3,450,295
6,700	FleetCor Technologies, Inc. *	1,710,778
144,040	Flywire Corp. *	4,593,436
19,723	FTI Consulting, Inc. *	3,518,780
60,979	Globus Medical, Inc. Class A*	3,027,607
21,354	Grand Canyon Education, Inc. *	2,495,856
49,100	H&R Block, Inc.	2,114,246
83,848	Halozyme Therapeutics, Inc. *	3,202,994
53,081	HealthEquity, Inc. *	3,877,567
26,900	Henry Schein, Inc. *	1,997,325
40,700	Herbalife Ltd. *	569,393

10

See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Consumer, Non-cyclical — continued
50,920	Hologic, Inc. *	3,533,848
71,326	Hostess Brands, Inc. *	2,375,869
26,400	Incyte Corp. *	1,525,128
53,171	Ingles Markets, Inc. Class A	4,005,371
29,900	Ingredion, Inc.	2,942,160
108,826	Insmed, Inc. *	2,747,856
27,400	Inspire Medical Systems, Inc. *	5,437,256
37,167	Insulet Corp. *	5,927,765
48,558	Integer Holdings Corp. *	3,808,404
69,599	Intra-Cellular Therapies, Inc. *	3,625,412
247,100	Ironwood Pharmaceuticals, Inc. *	2,379,573
70,895	Jazz Pharmaceuticals PLC *	9,176,649
99,886	Krispy Kreme, Inc. (a)	1,245,578
22,884	Lancaster Colony Corp.	3,776,547
57,770	Lantheus Holdings, Inc. *	4,013,860
74,340	Legend Biotech Corp. ADR*	4,993,418
37,797	LivaNova PLC *	1,998,705
33,000	ManpowerGroup, Inc.	2,419,560
9,650	MarketAxess Holdings, Inc.	2,061,626
201,010	Marqeta, Inc. Class A*	1,202,040
27,820	Masimo Corp. *	2,439,258
31,519	Merit Medical Systems, Inc. *	2,175,441
10,902	Molina Healthcare, Inc. *	3,574,657
87,773	Molson Coors Beverage Co. Class B	5,581,485
73,661	Natera, Inc. *	3,259,499
121,307	Neurocrine Biosciences, Inc. *	13,647,037
161,700	Option Care Health, Inc. *	5,230,995
210,772	Paragon 28, Inc. *	2,645,189
85,799	Patterson Cos., Inc.	2,543,082
74,941	Paylocity Holding Corp. *	13,616,780
33,696	Pediatrix Medical Group, Inc. *	428,276
91,200	Perdoceo Education Corp.	1,559,520
133,835	Performance Food Group Co. *	7,877,528
33,038	Premier, Inc. Class A	710,317
25,700	Prestige Consumer Healthcare, Inc. *	1,469,783
64,909	PROCEPT BioRobotics Corp. *	2,129,664
41,700	PROG Holdings, Inc. *	1,384,857
71,200	Quanex Building Products Corp.	2,005,704
9,200	Quest Diagnostics, Inc.	1,121,112
7,663	RB Global, Inc. (a)	478,938
91,386	Remitly Global, Inc. *	2,304,755
18,020	Repligen Corp. *	2,865,360
184,111	Rocket Pharmaceuticals, Inc. *	3,772,434
263,726	Roivant Sciences Ltd. *(a)	3,080,320
34,150	Sarepta Therapeutics, Inc. *	4,139,663
54,417	Select Medical Holdings Corp.	1,375,118
96,491	Simply Good Foods Co. *	3,330,869
41,700	SpartanNash Co.	917,400
74,000	Sprouts Farmers Market, Inc. *	3,167,200

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Consumer, Non-cyclical — continued
69,890	TransUnion	5,017,403
25,379	United Therapeutics Corp. *	5,732,355
14,100	Universal Health Services, Inc. Class B	1,772,793
61,200	Upbound Group, Inc.	1,802,340
35,750	Vaxcyte, Inc. *	1,822,535
72,044	Ventyx Biosciences, Inc. *	2,502,088
65,751	Vericel Corp. *	2,203,974
58,460	Viad Corp. *	1,531,652
198,700	Viatris, Inc.	1,959,182
64,991	WEX, Inc. *	12,224,157
212,966	WillScot Mobile Mini Holdings Corp. *	8,857,256
64,782	Xencor, Inc. *	1,305,357
		342,474,839
	Energy — 5.3%
37,200	APA Corp.	1,528,920
53,211	California Resources Corp.	2,980,348
215,148	ChampionX Corp.	7,663,572
17,815	Chesapeake Energy Corp. (a)	1,536,187
21,309	Chord Energy Corp.	3,453,550
18,100	Civitas Resources, Inc. (a)	1,463,747
90,689	Expro Group Holdings NV *	2,106,705
115,918	HF Sinclair Corp.	6,599,212
297,028	Magnolia Oil & Gas Corp. Class A	6,804,912
206,700	Marathon Oil Corp.	5,529,225
115,602	Matador Resources Co.	6,876,007
178,238	NOV, Inc.	3,725,174
187,544	Ovintiv, Inc.	8,921,468
64,200	PBF Energy, Inc. Class A	3,436,626
665,838	Permian Resources Corp. (a)	9,295,099
148,102	ProPetro Holding Corp. *	1,574,324
128,717	SM Energy Co.	5,103,629
10,298	Vitesse Energy, Inc.	235,721
		78,834,426
	Financial — 15.7%
52,589	Agree Realty Corp. REIT	2,905,016
61,500	Ally Financial, Inc.	1,640,820
81,800	American Assets Trust, Inc. REIT	1,591,010
12,070	American Equity Investment Life Holding Co. *	647,435
6,700	American Financial Group, Inc.	748,189
96,668	Americold Realty Trust, Inc. REIT	2,939,674
44,750	Annaly Capital Management, Inc. REIT	841,748
112,800	Apple Hospitality REIT, Inc. REIT	1,730,352
84,400	Ares Capital Corp.	1,643,268
97,500	Associated Banc-Corp.	1,668,225
97,654	Atlantic Union Bankshares Corp.	2,810,482
104,134	Axis Capital Holdings Ltd.	5,870,034
55,745	Axos Financial, Inc. *	2,110,506

12

See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Financial — continued
35,400	Bank of NT Butterfield & Son Ltd.	958,632
334,363	Blue Owl Capital, Inc. (a)	4,333,344
373,616	Braemar Hotels & Resorts, Inc. REIT	1,034,916
177,700	Brandywine Realty Trust REIT	806,758
80,900	Brixmor Property Group, Inc. REIT	1,681,102
6,897	C&F Financial Corp.	369,679
300,432	Cannae Holdings, Inc. *	5,600,053
47,500	Cathay General Bancorp	1,651,100
99,300	Chimera Investment Corp. REIT(a)	542,178
50,200	Citizens Financial Group, Inc.	1,345,360
154,000	City Office REIT, Inc. REIT	654,500
66,267	CNA Financial Corp.	2,607,606
157,800	CNO Financial Group, Inc.	3,744,594
36,200	Comerica, Inc.	1,504,110
166,849	Easterly Government Properties, Inc. REIT(a)	1,907,084
20,958	EastGroup Properties, Inc. REIT	3,490,136
71,700	EPR Properties REIT	2,978,418
54,100	Equitable Holdings, Inc.	1,535,899
31,600	Essent Group Ltd.	1,494,364
127,366	Fidelity National Financial, Inc.	5,260,216
81,100	Fifth Third Bancorp	2,054,263
35,500	Financial Institutions, Inc.	597,465
22,600	First American Financial Corp.	1,276,674
78,400	First Busey Corp.	1,506,848
111,700	First Commonwealth Financial Corp.	1,363,857
134,300	FNB Corp.	1,449,097
209,166	Franklin Street Properties Corp. REIT	386,957
150,381	FS KKR Capital Corp.	2,961,002
825,810	Genworth Financial, Inc. Class A*	4,839,247
65,056	Glacier Bancorp, Inc.	1,854,096
123,600	Global Net Lease, Inc. REIT	1,187,796
46,208	Hamilton Lane, Inc. Class A	4,179,052
38,500	Hancock Whitney Corp.	1,424,115
79,956	Hanmi Financial Corp.	1,297,686
32,800	Heritage Insurance Holdings, Inc. *	212,872
138,200	Hope Bancorp, Inc.	1,223,070
86,500	Horizon Bancorp, Inc.	923,820
102,000	Host Hotels & Resorts, Inc. REIT	1,639,140
85,700	Independent Bank Corp.	1,571,738
64,000	Industrial Logistics Properties Trust REIT	184,960
159,800	KeyCorp	1,719,448
31,092	Kinsale Capital Group, Inc.	12,876,130
71,600	Kite Realty Group Trust REIT	1,533,672
37,700	Lincoln National Corp.	930,813
19,033	LPL Financial Holdings, Inc.	4,523,192
11,891	McGrath RentCorp	1,191,954
176,200	MGIC Investment Corp.	2,940,778
61,329	National Storage Affiliates Trust REIT	1,946,582
139,500	Navient Corp.	2,402,190

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Financial — continued
199,800	New Mountain Finance Corp. (a)	2,587,410
317,656	New York Community Bancorp, Inc.	3,602,219
253,266	Newmark Group, Inc. Class A	1,628,500
81,303	NMI Holdings, Inc. Class A*	2,202,498
57,200	Oaktree Specialty Lending Corp.	1,150,864
81,808	OceanFirst Financial Corp.	1,183,762
55,083	Office Properties Income Trust REIT	225,840
74,300	OFG Bancorp	2,218,598
35,700	Omega Healthcare Investors, Inc. REIT	1,183,812
26,400	OneMain Holdings, Inc.	1,058,376
178,474	Physicians Realty Trust REIT	2,175,598
195,700	Piedmont Office Realty Trust, Inc. REIT Class A	1,099,834
65,091	Pinnacle Financial Partners, Inc.	4,363,701
30,973	Piper Sandler Cos.	4,500,687
25,500	Popular, Inc.	1,606,755
205,927	Radian Group, Inc.	5,170,827
156,700	Redwood Trust, Inc. REIT(a)	1,117,271
90,400	Regions Financial Corp.	1,554,880
28,404	Reinsurance Group of America, Inc.	4,123,977
117,600	Sabra Health Care, Inc. REIT	1,639,344
33,500	Sandy Spring Bancorp, Inc.	717,905
153,100	Service Properties Trust REIT	1,177,339
86,818	StepStone Group, Inc. Class A	2,741,712
49,325	Stifel Financial Corp.	3,030,528
251,509	Summit Hotel Properties, Inc. REIT	1,458,752
70,163	Sun Communities, Inc. REIT	8,303,089
56,200	Synchrony Financial	1,718,034
66,500	Tanger Factory Outlet Centers, Inc. REIT	1,502,900
47,367	Tradeweb Markets, Inc. Class A	3,798,833
172,600	Uniti Group, Inc. REIT	814,672
20,100	Universal Insurance Holdings, Inc.	281,802
77,500	Unum Group	3,812,225
154,900	Valley National Bancorp	1,325,944
81,700	Veritex Holdings, Inc.	1,466,515
48,700	Victory Capital Holdings, Inc. Class A	1,623,658
86,229	Voya Financial, Inc.	5,729,917
129,900	Western Union Co.	1,712,082
6,243	White Mountains Insurance Group Ltd.	9,337,593
43,943	Wintrust Financial Corp.	3,317,697
77,100	Zions Bancorp NA	2,690,019
		233,801,291
	Government — 0.1%
68,600	Banco Latinoamericano de Comercio Exterior SA	1,454,320
	Industrial — 19.3%
10,900	Acuity Brands, Inc.	1,856,379
41,729	Advanced Energy Industries, Inc.	4,303,094
38,100	AGCO Corp.	4,506,468

14

See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Industrial — continued
427,854	Air Transport Services Group, Inc. *	8,929,313
42,100	Apogee Enterprises, Inc.	1,982,068
19,691	AptarGroup, Inc.	2,462,163
18,100	ArcBest Corp.	1,839,865
67,726	Argan, Inc.	3,082,888
60,615	Armstrong World Industries, Inc.	4,364,280
26,450	Arrow Electronics, Inc. *	3,312,598
122,646	Atkore, Inc. *	18,297,557
47,548	Axon Enterprise, Inc. *	9,461,577
127,408	AZEK Co., Inc. *	3,789,114
51,800	Berry Global Group, Inc.	3,206,938
21,600	Boise Cascade Co.	2,225,664
71,860	Builders FirstSource, Inc. *	8,945,851
30,728	BWX Technologies, Inc.	2,303,985
15,350	Chart Industries, Inc. *(a)	2,595,992
94,245	Cognex Corp.	3,999,758
76,142	Columbus McKinnon Corp.	2,658,117
30,330	Comfort Systems USA, Inc.	5,168,535
36,500	Covenant Logistics Group, Inc.	1,600,525
33,597	Eagle Materials, Inc.	5,594,572
17,100	Encore Wire Corp.	3,120,066
39,576	Exponent, Inc.	3,387,706
66,073	Federal Signal Corp.	3,946,540
115,100	Flex Ltd. *	3,105,398
21,223	Forward Air Corp.	1,458,869
210,610	Gates Industrial Corp. PLC *	2,445,182
51,289	Gibraltar Industries, Inc. *	3,462,520
27,600	Greif, Inc. Class A	1,843,956
25,394	HEICO Corp.	4,112,050
196,021	Hexcel Corp.	12,768,808
30,060	Hillenbrand, Inc.	1,271,839
19,728	Hubbell, Inc.	6,182,952
6,400	Huntington Ingalls Industries, Inc.	1,309,312
44,620	IDEX Corp.	9,281,852
31,494	Ingersoll Rand, Inc.	2,006,798
38,488	ITT, Inc.	3,768,360
45,500	Jabil, Inc.	5,773,495
57,773	Lincoln Electric Holdings, Inc.	10,502,554
31,582	MasTec, Inc. *	2,272,957
142,787	MDU Resources Group, Inc.	2,795,769
20,104	Middleby Corp. *	2,573,312
27,700	Modine Manufacturing Co. *	1,267,275
14,700	Mohawk Industries, Inc. *	1,261,407
15,000	Moog, Inc. Class A	1,694,400
32,400	Mueller Industries, Inc.	2,435,184
23,274	Nordson Corp.	5,194,059
64,000	O-I Glass, Inc. *	1,070,720
28,400	Owens Corning	3,874,044
10,190	Plexus Corp. *	947,466

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Industrial — continued
48,700	Primoris Services Corp.	1,593,951
37,525	RBC Bearings, Inc. *	8,785,728
27,400	Ryder System, Inc.	2,930,430
40,300	Ryerson Holding Corp.	1,172,327
15,600	Saia, Inc. *	6,218,940
28,600	Sanmina Corp. *	1,552,408
108,208	Schneider National, Inc. Class B	2,996,280
10,700	Snap-on, Inc.	2,729,142
59,592	Summit Materials, Inc. Class A*	1,855,695
88,257	TD SYNNEX Corp.	8,813,344
31,551	Tetra Tech, Inc.	4,796,699
66,700	Textron, Inc.	5,211,938
18,700	Timken Co.	1,374,263
41,175	Toro Co.	3,421,642
55,697	TriMas Corp.	1,379,058
62,531	Trimble, Inc. *	3,367,920
65,579	Universal Logistics Holdings, Inc.	1,651,279
88,920	Vertiv Holdings Co.	3,307,824
88,500	Vishay Intertechnology, Inc.	2,187,720
200,224	Vontier Corp.	6,190,926
58,900	Westrock Co.	2,108,620
131,645	World Kinect Corp.	2,952,797
		288,221,082
	Technology — 10.1%
173,899	ACI Worldwide, Inc. *	3,923,161
58,746	Allegro MicroSystems, Inc. *	1,876,347
17,600	Amdocs Ltd.	1,487,024
136,400	Amkor Technology, Inc.	3,082,640
17,907	Axcelis Technologies, Inc. *	2,919,736
131,086	Box, Inc. Class A*	3,173,592
218,540	CCC Intelligent Solutions Holdings, Inc. *	2,917,509
61,400	Clearwater Analytics Holdings, Inc. Class A*	1,187,476
29,500	CSG Systems International, Inc.	1,508,040
58,282	CyberArk Software Ltd. *	9,544,843
16,500	Diodes, Inc. *	1,300,860
22,700	Donnelley Financial Solutions, Inc. *	1,277,556
85,869	DoubleVerify Holdings, Inc. *	2,400,039
45,300	Dropbox, Inc. Class A*	1,233,519
52,506	DXC Technology Co. *	1,093,700
82,860	Dynatrace, Inc. *	3,872,048
20,400	Ebix, Inc. (a)	201,552
49,465	Entegris, Inc.	4,645,258
91,069	Evolent Health, Inc. Class A*	2,479,809
116,230	Genpact Ltd.	4,207,526
25,396	Globant SA *	5,024,599
48,169	Impinj, Inc. *	2,650,740
20,199	IPG Photonics Corp. *	2,051,006
86,122	KBR, Inc.	5,076,031

16

See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Technology — continued
39,440	MACOM Technology Solutions Holdings, Inc. *	3,217,515
36,939	Manhattan Associates, Inc. *	7,301,363
6,627	Monolithic Power Systems, Inc.	3,061,674
218,981	NCR Corp. *	5,905,918
36,371	Nova Ltd. *(a)	4,089,555
62,087	Parsons Corp. *	3,374,428
78,100	Photronics, Inc. *	1,578,401
124,900	Playtika Holding Corp. *	1,202,787
47,881	Power Integrations, Inc.	3,653,799
99,631	PowerSchool Holdings, Inc. Class A*	2,257,638
82,856	Privia Health Group, Inc. *	1,905,688
29,590	PTC, Inc. *	4,192,311
195,819	Pure Storage, Inc. Class A*	6,975,073
48,492	Rapid7, Inc. *	2,219,964
50,474	Silicon Laboratories, Inc. *	5,849,432
20,500	Skyworks Solutions, Inc.	2,021,095
47,700	SMART Global Holdings, Inc. *	1,161,495
77,500	Smartsheet, Inc. Class A*	3,135,650
116,170	Tenable Holdings, Inc. *	5,204,416
10,432	Tyler Technologies, Inc. *	4,028,213
63,820	Verra Mobility Corp. *	1,193,434
37,544	Workiva, Inc. *	3,804,709
107,700	Xerox Holdings Corp.	1,689,813
13,524	Zebra Technologies Corp. Class A*	3,198,832
		151,357,814
	Utilities — 1.9%
37,517	IDACORP, Inc.	3,513,467
24,700	National Fuel Gas Co.	1,282,177
78,833	Northwestern Energy Group, Inc.	3,788,714
39,200	NRG Energy, Inc.	1,509,984
26,638	PNM Resources, Inc.	1,188,321
63,047	Portland General Electric Co.	2,552,143
62,638	Southwest Gas Holdings, Inc.	3,783,962
345,091	Vistra Corp.	11,450,119
		29,068,887
	TOTAL COMMON STOCKS (COST $1,340,138,360)	1,430,414,178

 

See accompanying Notes to the Financial Statements.

17

Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Par Value ($)	Description	Value ($)
	Short-Term Investment — 0.6%
	Mutual Fund - Securities Lending Collateral — 0.6%
9,112,601	State Street Navigator Securities Lending Government Money Market Portfolio, 5.35%(b)(c)	9,112,601
	TOTAL SHORT-TERM INVESTMENT (COST $9,112,601)	9,112,601
	TOTAL INVESTMENTS — 96.5% (Cost $1,349,250,961)	1,439,526,779
	Other Assets and Liabilities (net) — 3.5%	52,802,241
	NET ASSETS — 100.0%	$1,492,329,020

 

	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, 2023.
(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
173	Russell 2000 E-mini Index	Dec 2023	$15,557,890	$(255,091 )
57	S&P Mid 400 E-mini Index	Dec 2023	14,366,280	(188,519 )
				$(443,610 )

 

Abbreviations
ADR	—	American Depository Receipt
REIT	—	Real Estate Investment Trust

18

See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
September 30, 2023 (Unaudited)

 

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks	95.9
Futures Contracts	0.0*
Short-Term Investment	0.6
Other Assets and Liabilities (net)	3.5
	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, 2023 (Unaudited)

 

Shares	Description	Value ($)
	COMMON STOCKS — 95.5%
	Australia — 3.5%
220,517	AGL Energy Ltd.	1,527,111
416,900	ANZ Group Holdings Ltd.	6,904,265
36,960	Aristocrat Leisure Ltd.	974,435
2,046,501	Aurizon Holdings Ltd.	4,609,632
681,000	Bank of Queensland Ltd.(a)	2,522,829
2,436,171	Beach Energy Ltd.	2,578,579
41,130	BHP Group Ltd.	1,174,629
425,487	BlueScope Steel Ltd.	5,338,404
254,532	Brambles Ltd.	2,352,417
88,773	Coles Group Ltd.	891,496
225,700	Elders Ltd.(a)	841,954
194,900	Fortescue Metals Group Ltd.	2,631,494
1,735,937	Glencore PLC	9,956,229
1,558,600	Harvey Norman Holdings Ltd.(a)	3,892,911
1,256,900	Helia Group Ltd.	2,831,099
86,000	JB Hi-Fi Ltd.(a)	2,521,009
1,489,800	Metcash Ltd.	3,634,533
36,619	New Hope Corp. Ltd.	150,075
1,489,660	NEXTDC Ltd.*	11,912,073
72,922	Origin Energy Ltd.	413,221
78,500	Orora Ltd.(a)	139,326
810,700	Perenti Ltd.*	565,084
408,147	Qantas Airways Ltd.*	1,364,505
38,488	QBE Insurance Group Ltd.	390,239
174,358	Rio Tinto Ltd.	12,777,853
90,636	Rio Tinto PLC	5,723,776
1,011,400	Stockland REIT	2,558,809
662,097	Super Retail Group Ltd.	5,123,535
412,276	Treasury Wine Estates Ltd.	3,280,802
56,133	Viva Energy Group Ltd. 144A	108,685
222,222	Whitehaven Coal Ltd.	1,019,731
668,655	Woodside Energy Group Ltd.	15,747,254
130,193	Woolworths Group Ltd.	3,135,871
		119,593,865
	Austria — 0.4%
5,427	BAWAG Group AG 144A	249,714
20,339	Erste Group Bank AG(b)	706,743
2,891	Erste Group Bank AG(b)	100,539
145,742	OMV AG	6,993,073
9,905	Raiffeisen Bank International AG*	144,825
233,450	Wienerberger AG	5,941,851
		14,136,745
	Belgium — 0.2%
66,300	Ageas SA	2,739,716
21,907	Proximus SADP	178,548

20

See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Belgium — continued
34,200	Solvay SA	3,796,540
		6,714,804
	Brazil — 1.2%
1,219,100	Petroleo Brasileiro SA	9,228,742
242,278	Petroleo Brasileiro SA, ADR	3,631,747
718,446	Petroleo Brasileiro SA, Preferred ADR	9,849,895
390,500	Vale SA	5,272,515
161,161	Wheaton Precious Metals Corp.	6,570,410
176,161	Yara International ASA	6,709,807
		41,263,116
	Canada — 1.9%
127,698	Agnico Eagle Mines Ltd.	5,829,527
221,400	Canadian Pacific Kansas City Ltd.(a)	16,532,947
20,100	Canadian Tire Corp. Ltd. Class A (a)	2,171,305
174,388	Franco-Nevada Corp.(a)	23,388,888
394,940	GFL Environmental, Inc.	12,543,294
22,200	Loblaw Cos. Ltd.	1,894,882
78,900	Suncor Energy, Inc.	2,725,902
		65,086,745
	China — 1.0%
1,919,500	3SBio, Inc.	1,605,333
5,072,000	Agricultural Bank of China Ltd. Class H	1,891,027
2,077,000	Bank of China Ltd. Class H	726,646
443,500	BYD Electronic International Co. Ltd.	2,021,611
15,454,000	China Construction Bank Corp. Class H	8,721,653
1,310,000	China Medical System Holdings Ltd.	1,983,771
2,316,000	China Resources Cement Holdings Ltd.	594,388
1,065,000	CMOC Group Ltd. Class H	683,996
254,500	CSC Financial Co. Ltd. Class H 144A	257,689
382,000	Guangzhou Automobile Group Co. Ltd. Class H	188,760
574,000	Hengan International Group Co. Ltd.	1,828,597
4,884,000	Industrial & Commercial Bank of China Ltd. Class H	2,351,000
370,500	Kingboard Holdings Ltd.	831,654
1,153,000	Lee & Man Paper Manufacturing Ltd.	337,132
1,346,000	Lenovo Group Ltd.	1,386,929
628,600	Shanghai Pharmaceuticals Holding Co. Ltd. Class H	980,802
650,600	Sinopharm Group Co. Ltd. Class H	1,885,713
1,088,000	Xinyi Glass Holdings Ltd.	1,408,648
2,695,000	Yangzijiang Shipbuilding Holdings Ltd.	3,277,676
106,000	Zijin Mining Group Co. Ltd. Class H	162,143
		33,125,168
	Denmark — 2.6%
387	AP Moller - Maersk AS Class A	688,481
2,065	AP Moller - Maersk AS Class B	3,733,782
49,100	D/S Norden AS	2,739,706
181,400	Danske Bank AS	4,232,890

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Denmark — continued
71,900	DFDS AS	2,380,605
91,176	Jyske Bank AS*	6,695,285
56,648	Novo Nordisk AS, ADR	5,151,569
531,088	Novo Nordisk AS Class B	48,552,869
106,679	Novozymes AS Class B	4,312,175
47,900	Pandora AS	4,975,528
65,800	Sydbank AS	3,140,896
		86,603,786
	Finland — 0.9%
70,543	Konecranes Oyj	2,349,666
886,600	Nokia Oyj	3,349,238
1,482,082	Nordea Bank Abp(b)	16,386,636
444,650	Nordea Bank Abp(b)	4,901,691
14,865	Nordea Bank Abp(b)	163,377
84,600	TietoEVRY Oyj	1,907,846
108,800	Valmet Oyj(a)	2,495,059
		31,553,513
	France — 9.2%
96,003	Air Liquide SA	16,246,646
87,930	Airbus SE	11,821,316
32,000	Arkema SA	3,169,813
120,900	AXA SA	3,607,121
302,889	BNP Paribas SA	19,378,919
158,600	Bouygues SA	5,564,795
57,663	Capgemini SE	10,122,207
297,473	Carrefour SA	5,128,953
98,400	Cie de Saint-Gobain SA	5,925,816
120,400	Cie Generale des Etablissements Michelin SCA	3,705,655
456,200	Credit Agricole SA	5,647,257
156,318	Dassault Systemes SE	5,841,382
199,190	Edenred SE	12,501,703
110,407	Engie SA	1,698,461
104,147	EssilorLuxottica SA	18,211,473
52,300	Ipsen SA	6,877,280
48,500	IPSOS SA	2,235,752
208,701	Legrand SA	19,289,999
18,066	L'Oreal SA	7,520,885
22,691	LVMH Moet Hennessy Louis Vuitton SE	17,210,863
125,400	Metropole Television SA	1,590,552
36,500	Nexity SA(a)	539,862
1,822,824	Orange SA	20,958,877
79,553	Pernod Ricard SA	13,295,191
35,500	Quadient SA	717,886
220,900	Rexel SA	4,981,599
44,300	Societe BIC SA	2,929,069
96,500	Societe Generale SA	2,354,493
18,000	Sopra Steria Group SACA	3,733,364

22

See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	France — continued
219,200	Television Francaise 1 SA(a)	1,681,405
1,138,354	TotalEnergies SE	75,098,027
25,865	TotalEnergies SE, ADR	1,700,882
		311,287,503
	Georgia — 0.1%
45,361	Bank of Georgia Group PLC	2,042,982
	Germany — 8.4%
35,061	adidas AG(a)	6,185,074
38,045	Allianz SE	9,091,229
38,500	Aurubis AG	2,859,038
338,541	Bayer AG	16,290,657
284,258	Bayerische Motoren Werke AG	29,006,348
91,684	Beiersdorf AG	11,857,154
6,807	Continental AG	481,133
84,800	Daimler Truck Holding AG	2,946,645
220,815	Deutsche Bank AG(b)	2,443,083
115,553	Deutsche Bank AG(b)	1,269,928
94,204	Deutsche Boerse AG	16,327,191
355,244	Deutsche Lufthansa AG*	2,823,116
171,100	Deutsche Pfandbriefbank AG	1,219,154
180,700	Deutsche Post AG	7,372,367
359,844	Deutsche Telekom AG	7,569,407
962,174	E.ON SE	11,409,460
57,600	Evonik Industries AG	1,056,548
16,677	Fresenius Medical Care AG & Co. KGaA	721,103
303,548	Fresenius SE & Co. KGaA	9,467,898
159,207	GEA Group AG	5,892,872
17,022	Heidelberg Materials AG	1,324,981
32,891	Henkel AG & Co. KGaA	2,079,650
433,420	Infineon Technologies AG	14,388,290
79,755	Knorr-Bremse AG	5,081,636
44,218	LEG Immobilien SE*	3,058,945
410,062	Mercedes-Benz Group AG	28,606,352
5,987	MTU Aero Engines AG	1,088,678
6,300	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	2,461,943
3,550	Rheinmetall AG	916,713
401,195	SAP SE	52,169,665
51,042	SAP SE, ADR	6,600,751
60,206	Symrise AG Class A	5,757,277
189,218	TAG Immobilien AG*	1,989,723
42,000	Talanx AG	2,668,050
106,800	United Internet AG	2,290,889
599	Volkswagen AG	79,084
195,486	Vonovia SE	4,721,004
57,694	Zalando SE*	1,290,695
		282,863,731

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Greece — 0.0%
31,942	Mytilineos SA	1,179,593
	Hong Kong — 0.6%
1,508,200	AIA Group Ltd.	12,295,763
15,600	ASMPT Ltd.	139,630
9,510,000	Tongda Group Holdings Ltd.*	91,070
1,834,000	United Laboratories International Holdings Ltd.	1,856,984
9,820,000	WH Group Ltd. 144A	5,153,342
		19,536,789
	Hungary — 0.1%
314,700	MOL Hungarian Oil & Gas PLC	2,397,293
95,800	Richter Gedeon Nyrt	2,328,547
		4,725,840
	India — 0.4%
662,030	HDFC Bank Ltd.	12,164,538
1,172,100	Redington Ltd.	2,180,717
		14,345,255
	Indonesia — 0.0%
7,888,300	Golden Agri-Resources Ltd.	1,531,540
	Ireland — 1.3%
3,301,520	AIB Group PLC	14,890,764
1,148,842	Bank of Ireland Group PLC	11,299,766
141,970	Kerry Group PLC Class A	11,901,604
74,651	Ryanair Holdings PLC, ADR*	7,256,824
		45,348,958
	Israel — 0.5%
209,233	Bank Hapoalim BM	1,862,597
316,972	Bank Leumi Le-Israel BM	2,623,532
126,656	Bezeq The Israeli Telecommunication Corp. Ltd.	178,656
23,882	Check Point Software Technologies Ltd.*	3,182,993
1,421	First International Bank Of Israel Ltd.	61,065
42,386	ICL Group Ltd.	234,587
233	Israel Corp. Ltd.*	59,416
249,942	Israel Discount Bank Ltd. Class A	1,351,801
47,772	Mizrahi Tefahot Bank Ltd.	1,732,943
12,765	Nice Ltd., ADR*	2,170,050
210,300	Teva Pharmaceutical Industries Ltd.*	2,133,935
		15,591,575
	Italy — 3.4%
2,608,300	A2A SpA	4,655,953
125,182	Assicurazioni Generali SpA	2,566,568
64,593	Azimut Holding SpA	1,414,261
121,310	Banca Mediolanum SpA	1,040,596
27,085	Banca Popolare di Sondrio SpA	139,825

24

See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Italy — continued
92,178	Banco BPM SpA	442,586
65,697	BPER Banca	201,506
170,817	Coca-Cola HBC AG	4,688,954
1,632,873	Eni SpA	26,374,639
7,282	Eni SpA, ADR	232,442
53,800	Ferrari NV	15,931,922
4,817,992	Intesa Sanpaolo SpA	12,446,560
135,241	Iveco Group NV*	1,268,918
902,006	Leonardo SpA	13,045,285
376,604	Mediobanca Banca di Credito Finanziario SpA(a)	4,996,081
3,369,800	MFE-MediaForEurope NV Class A	1,426,397
501,000	Pirelli & C SpA	2,419,308
262,370	Poste Italiane SpA 144A	2,768,953
574,748	UniCredit SpA	13,831,534
729,363	Unipol Gruppo SpA	3,955,276
957,500	UnipolSai Assicurazioni SpA(a)	2,317,440
		116,165,004
	Japan — 22.2%
40,500	Aeon Co. Ltd.	804,029
2,500	AEON REIT Investment Corp. REIT	2,454,347
247,000	AGC, Inc.	8,679,967
37,100	Air Water, Inc.	463,175
41,500	Aisin Corp.(a)	1,571,285
52,000	Alpen Co. Ltd.(a)	673,935
133,800	Amada Co. Ltd.(a)	1,348,984
82,400	Amano Corp.	1,812,275
67,900	ASKA Pharmaceutical Holdings Co. Ltd.	771,710
343,400	Astellas Pharma, Inc.	4,772,736
388,500	BayCurrent Consulting, Inc.	13,012,049
163,300	Brother Industries Ltd.	2,635,671
272,200	Canon, Inc.(a)	6,575,849
815,594	Chiba Bank Ltd.	5,943,766
397,100	Chubu Electric Power Co., Inc.	5,074,684
21,300	Chudenko Corp.	344,711
353,900	Citizen Watch Co. Ltd.(a)	2,181,860
8,700	Coca-Cola Bottlers Japan Holdings, Inc.	114,620
261,600	Credit Saison Co. Ltd.	4,155,623
515,400	Daicel Corp.	4,320,760
354,500	Dai-ichi Life Holdings, Inc.	7,357,256
118,900	Daiwa House Industry Co. Ltd.	3,199,085
310,500	Daiwa Securities Group, Inc.(a)	1,795,896
57,200	Disco Corp.	10,571,794
52,800	Eagle Industry Co. Ltd.	599,385
275,800	EDION Corp.(a)	2,731,663
99,200	Electric Power Development Co. Ltd.	1,607,409
1,251,100	ENEOS Holdings, Inc.	4,945,712
16,200	Enplas Corp.	1,136,633
116,000	Ezaki Glico Co. Ltd.	3,191,020

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Japan — continued
71,400	Fast Retailing Co. Ltd.	15,593,406
286,000	FUJIFILM Holdings Corp.	16,593,654
582,300	Fujikura Ltd.(a)	4,688,447
39,400	Fujitsu Ltd.(a)	4,646,943
94,000	Fukuoka Financial Group, Inc.	2,254,488
87,100	Furukawa Co. Ltd.	980,586
28,700	Futaba Industrial Co. Ltd.	147,130
354,794	Hachijuni Bank Ltd.(a)	1,961,264
326,100	Hazama Ando Corp.	2,550,234
77,300	Hirose Electric Co. Ltd.	8,971,928
110,000	Hitachi Ltd.	6,836,991
132,800	Hokkaido Electric Power Co., Inc.	580,413
3,476,400	Honda Motor Co. Ltd.	39,184,485
57,700	Horiba Ltd.	3,129,662
60,600	Ichinen Holdings Co. Ltd.	583,563
12,800	Idemitsu Kosan Co. Ltd.	294,900
477,000	Inpex Corp.	7,211,339
338,100	Isuzu Motors Ltd.(a)	4,260,660
281,800	ITOCHU Corp.	10,208,818
2,800	Iwatani Corp.	141,384
41,500	Jaccs Co. Ltd.(a)	1,435,014
46,400	Japan Aviation Electronics Industry Ltd.(a)	925,668
108,700	Japan Petroleum Exploration Co. Ltd.	4,101,062
804,700	Japan Post Holdings Co. Ltd.	6,457,552
267,800	Japan Post Insurance Co. Ltd.	4,523,303
32,100	JFE Holdings, Inc.	471,309
13,400	JTEKT Corp.	126,704
12,500	Kaken Pharmaceutical Co. Ltd.	293,181
106,500	Kamigumi Co. Ltd.(a)	2,198,157
278,400	Kandenko Co. Ltd.	2,568,985
67,300	Kaneka Corp.(a)	1,750,770
282,500	Kanematsu Corp.	3,914,961
45,200	Kansai Electric Power Co., Inc.	629,271
44,300	Kansai Paint Co. Ltd.	634,554
23,700	Kato Sangyo Co. Ltd.	631,312
404,100	Kawasaki Heavy Industries Ltd.(a)	9,802,928
12,400	Kawasaki Kisen Kaisha Ltd.	424,122
142,200	KDDI Corp.	4,361,531
38,800	Keyence Corp.	14,430,558
255,900	Kirin Holdings Co. Ltd.	3,589,202
257,700	Kobe Bussan Co. Ltd.	6,054,590
56,900	Kobe Steel Ltd.(a)	743,160
76,200	Kohnan Shoji Co. Ltd.	1,991,489
184,500	Komatsu Ltd.	4,998,717
17,786	Kose Corp.	1,293,798
343,600	K's Holdings Corp.(a)	3,159,117
35,700	KYB Corp.	1,156,706
132,700	Kyocera Corp.	6,746,825
233,200	Lion Corp.(a)	2,306,605

26

See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Japan — continued
3,100	Macnica Holdings, Inc.	146,041
532,400	Marubeni Corp.	8,320,032
63,400	Maxell Ltd.	710,794
35,000	Mazda Motor Corp.	397,906
1,092,900	Mebuki Financial Group, Inc.	3,029,873
111,100	Medipal Holdings Corp.	1,881,757
513,900	Mitsubishi Chemical Group Corp.	3,246,464
204,300	Mitsubishi Corp.	9,758,756
1,211,300	Mitsubishi Electric Corp.	15,008,837
196,500	Mitsubishi Gas Chemical Co., Inc.(a)	2,650,067
682,200	Mitsubishi HC Capital, Inc.	4,553,334
89,500	Mitsubishi Heavy Industries Ltd.	5,005,643
38,500	Mitsubishi Motors Corp.(a)	168,061
1,183,300	Mitsubishi UFJ Financial Group, Inc.	10,058,744
264,500	Mitsui & Co. Ltd.	9,612,220
92,400	Mitsui Chemicals, Inc.	2,400,635
286,200	Mitsui OSK Lines Ltd.(a)	7,882,607
39,200	MIXI, Inc.(a)	622,839
558,000	Mizuho Financial Group, Inc.(a)	9,501,612
91,200	Mizuho Leasing Co. Ltd.	3,000,784
30,600	Mochida Pharmaceutical Co. Ltd.	683,873
131,000	MS&AD Insurance Group Holdings, Inc.(a)	4,823,890
280,800	Murata Manufacturing Co. Ltd.	5,144,629
16,100	Nachi-Fujikoshi Corp.	433,721
5,800	Nagase & Co. Ltd.	91,358
27,300	NEC Corp.	1,511,310
111,900	NGK Insulators Ltd.	1,486,251
11,800	NHK Spring Co. Ltd.	90,462
12,400	NIPPON EXPRESS HOLDINGS, Inc.	648,398
49,200	Nippon Gas Co. Ltd.	730,623
1,700	Nippon Sanso Holdings Corp.	40,385
126,900	Nippon Soda Co. Ltd.	4,677,165
324,100	Nippon Steel Corp.(a)	7,612,468
7,993,900	Nippon Telegraph & Telephone Corp.	9,460,364
130,000	Nishio Holdings Co. Ltd.(a)	3,075,222
151,400	Nissan Motor Co. Ltd.	669,924
12,500	Nissin Foods Holdings Co. Ltd.	1,040,794
20,600	Niterra Co. Ltd.	467,150
76,900	Nitto Denko Corp.(a)	5,054,349
1,373,800	Nomura Holdings, Inc.	5,515,454
268,700	Nomura Research Institute Ltd.	7,009,878
544,041	North Pacific Bank Ltd.(a)	1,316,125
11,000	NS Solutions Corp.	313,654
61,800	NSK Ltd.	348,374
76,800	Obayashi Corp.	677,549
9,700	Obic Co. Ltd.	1,474,582
167,800	Ono Pharmaceutical Co. Ltd.	3,224,999
594,400	ORIX Corp.	11,125,208
169,800	Osaka Gas Co. Ltd.	2,801,458

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Japan — continued
72,000	Otsuka Holdings Co. Ltd.	2,563,485
455,600	Pan Pacific International Holdings Corp.	9,580,652
151,800	Panasonic Holdings Corp.	1,711,024
30,200	Prima Meat Packers Ltd.	496,436
68,900	Renesas Electronics Corp.*	1,055,259
209,500	Rengo Co. Ltd.	1,440,422
2,795,200	Resona Holdings, Inc.	15,515,257
160,500	Ricoh Co. Ltd.	1,388,006
466,900	Rohto Pharmaceutical Co. Ltd.	12,687,415
2,500	Sankyo Co. Ltd.	114,827
53,700	Sankyu, Inc.	1,860,832
145,900	Santen Pharmaceutical Co. Ltd.	1,342,896
8,400	Sanyo Chemical Industries Ltd.	230,511
40,100	Sawai Group Holdings Co. Ltd.	1,230,208
60,700	Sega Sammy Holdings, Inc.	1,122,274
165,600	Seiko Epson Corp.(a)	2,607,319
145,900	Seino Holdings Co. Ltd.(a)	2,048,809
110,600	Sekisui Chemical Co. Ltd.	1,595,723
45,900	Seven & i Holdings Co. Ltd.	1,800,935
390,600	Shimadzu Corp.	10,396,805
97,500	Shimizu Corp.	679,184
86,300	Shionogi & Co. Ltd.	3,866,656
378,600	SKY Perfect JSAT Holdings, Inc.	1,773,439
19,600	SMC Corp.	8,797,507
2,900	Socionext, Inc.	287,231
345,840	Sojitz Corp.(a)	7,597,008
109,400	Sompo Holdings, Inc.(a)	4,716,168
185,600	Subaru Corp.	3,614,365
466,200	SUMCO Corp.	6,088,952
19,600	Sumitomo Bakelite Co. Ltd.	856,765
93,000	Sumitomo Chemical Co. Ltd.	253,651
252,400	Sumitomo Corp.(a)	5,047,154
168,600	Sumitomo Electric Industries Ltd.	2,035,402
183,800	Sumitomo Forestry Co. Ltd.	4,687,839
175,500	Sumitomo Heavy Industries Ltd.	4,459,682
171,300	Sumitomo Mitsui Financial Group, Inc.	8,433,849
146,200	Sumitomo Mitsui Trust Holdings, Inc.(a)	5,516,852
330,400	Sumitomo Rubber Industries Ltd.	3,655,489
24,400	Sumitomo Seika Chemicals Co. Ltd.(a)	740,707
4,200	Suzuken Co. Ltd.	130,144
66,800	Suzuki Motor Corp.	2,693,039
89,200	Taisei Corp.	3,144,789
14,000	Takara Standard Co. Ltd.(a)	173,845
8,000	Takashimaya Co. Ltd.	117,299
231,900	Takeda Pharmaceutical Co. Ltd.	7,212,249
107,525	Takeda Pharmaceutical Co. Ltd., ADR	1,663,412
373,400	Teijin Ltd.	3,635,786
496,500	Terumo Corp.	13,185,656
29,900	Tohoku Electric Power Co., Inc.	193,877

28

See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	Japan — continued
71,000	Tokio Marine Holdings, Inc.	1,648,618
178,300	Tokuyama Corp.	2,807,874
1,812,700	Tokyo Electric Power Co. Holdings, Inc.*	8,124,200
70,500	Tokyo Electron Ltd.	9,656,693
308,400	Tokyo Gas Co. Ltd.	7,008,105
32,100	Tokyo Seimitsu Co. Ltd.	1,611,184
34,300	TOPPAN, Inc.	821,729
113,400	Toray Industries, Inc.	591,223
51,500	Tosoh Corp.	661,933
48,700	Towa Pharmaceutical Co. Ltd.	927,168
51,400	Toyo Ink SC Holdings Co. Ltd.	805,315
224,400	Toyo Suisan Kaisha Ltd.	8,819,608
5,500	Toyota Boshoku Corp.	100,472
13,000	Toyota Tsusho Corp.	766,192
70,500	Trend Micro, Inc.	2,677,795
251,500	TS Tech Co. Ltd.(a)	2,858,395
16,600	Tsubakimoto Chain Co.	431,061
10,500	UACJ Corp.	220,942
126,300	UBE Corp.	2,134,129
25,700	Valor Holdings Co. Ltd.	376,652
26,900	Warabeya Nichiyo Holdings Co. Ltd.	509,428
8,400	Yakult Honsha Co. Ltd.	204,505
233,500	Yamaha Motor Co. Ltd.	6,151,037
36,200	Yamaichi Electronics Co. Ltd.	417,734
257,100	Yokogawa Electric Corp.	4,976,601
192,600	Yokohama Rubber Co. Ltd.	4,016,560
		752,268,202
	Malaysia — 0.1%
1,152,700	Tenaga Nasional Bhd	2,452,579
	Malta — 0.0%
14,746	Kindred Group PLC, SDR	135,567
	Netherlands — 4.5%
287,500	ABN AMRO Bank NV CVA, GDR	4,091,010
666,700	Aegon NV	3,234,290
52,073	ASML Holding NV	30,824,464
11,412	ASML Holding NV, ADR NYRS	6,717,788
90,862	Euronext NV	6,349,210
11,954	Heineken Holding NV	903,660
486,594	ING Groep NV	6,465,527
245,500	Koninklijke Ahold Delhaize NV	7,413,008
232,391	NN Group NV(a)	7,489,579
39,200	Randstad NV	2,173,927
512,150	Shell PLC(a)(b)	16,540,995
1,160,192	Shell PLC(b)	36,902,835
180,443	Shell PLC, ADR	11,616,920

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, 2023 (Unaudited)

Shares		Description	Value ($)
		Netherlands — continued
103,585		Wolters Kluwer NV	12,573,737
			153,296,950
		Norway — 0.8%
34,246		Aker BP ASA	952,632
100,400		Austevoll Seafood ASA	710,009
172,500		DNB Bank ASA	3,495,115
113,576		Equinor ASA	3,748,029
29,191		Equinor ASA, ADR	957,173
20,143		Kongsberg Gruppen ASA	835,186
196,900		Mowi ASA	3,507,464
377,400		Orkla ASA	2,836,658
241,920		Seadrill Ltd.*	10,835,597
1,129		Telenor ASA	12,891
			27,890,754
		Portugal — 0.2%
290,426		Banco Comercial Portugues SA Class R *	80,070
370,437		Galp Energia SGPS SA	5,506,491
1,891,900		Sonae SGPS SA	1,842,805
			7,429,366
		Russia — 0.0%
3,792,080		Gazprom PJSC*(c)(d)(e)	90,140
113,778		LUKOIL PJSC(c)(d)(e)	58,055
8,430		MMC Norilsk Nickel PJSC*(c)(d)(e)	17,275
18,119		Novatek PJSC(c)(d)(e)	2,283
169,349		Rosneft Oil Co. PJSC(c)(d)(e)	5,205
1,092,670		Sberbank of Russia PJSC(c)(d)(e)	14,554
296,674		Tatneft PJSC(c)(d)(e)	11,186
			198,698
	��	Singapore — 0.3%
390,100		Genting Singapore Ltd.	241,508
16,364		Hafnia Ltd.	102,344
90,700		Jardine Cycle & Carriage Ltd.	2,121,804
47,400		STMicroelectronics NV	2,056,822
259,300		United Overseas Bank Ltd.	5,414,353
			9,936,831
		South Africa — 0.3%
17,400		Anglo American Platinum Ltd.	652,022
288,668		Anglo American PLC	7,982,118
1,003,000		Old Mutual Ltd.(a)	632,917
100,077		Tiger Brands Ltd.(a)	815,144
			10,082,201
		South Korea — 1.1%
80,100		Doosan Bobcat, Inc.	3,027,346
1,496		Hyundai Mobis Co. Ltd.	266,628

30

See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	South Korea — continued
17,844	Hyundai Motor Co.	2,527,040
132,203	Kia Corp.	7,974,896
406,380	Samsung Electronics Co. Ltd.	20,599,075
72,400	SK Telecom Co. Ltd.	2,789,981
		37,184,966
	Spain — 2.5%
150,862	Amadeus IT Group SA	9,149,056
384,863	Banco Bilbao Vizcaya Argentaria SA	3,141,622
48,347	Banco Bilbao Vizcaya Argentaria SA, ADR	389,193
223,401	Banco de Sabadell SA	260,297
4,105,191	Banco Santander SA	15,727,344
102,501	Banco Santander SA, ADR	385,404
3,040,424	CaixaBank SA	12,187,320
334,597	Cellnex Telecom SA*	11,679,774
82,600	Endesa SA	1,685,652
937,324	Iberdrola SA	10,514,391
7,958	Indra Sistemas SA	115,430
1,599,120	Mapfre SA(a)	3,267,622
885,118	Repsol SA	14,590,938
		83,094,043
	Sweden — 1.5%
13,641	Betsson AB Class B *	150,922
313,973	Epiroc AB Class A	6,011,154
227,235	Essity AB Class B	4,934,071
537,896	H & M Hennes & Mauritz AB Class B (a)	7,696,960
160,371	Investor AB Class B	3,096,946
421,700	Securitas AB Class B	3,363,756
370,500	SKF AB Class B	6,211,831
293,079	Svenska Cellulosa AB SCA Class B	4,045,139
296,409	Swedbank AB Class A	5,492,087
390,400	Volvo AB Class B	8,106,832
		49,109,698
	Switzerland — 5.6%
76,200	Adecco Group AG	3,145,291
8,200	Bucher Industries AG	3,142,676
246	Chocoladefabriken Lindt & Spruengli AG	2,740,206
113,817	Cie Financiere Richemont SA Class A	13,934,744
155,048	DSM-Firmenich AG	13,153,906
9,895	Geberit AG	4,964,807
2,186	Givaudan SA	7,154,442
20,000	Helvetia Holding AG	2,807,171
244,758	Julius Baer Group Ltd.	15,748,203
18,615	Landis+Gyr Group AG	1,349,119
25,255	Lonza Group AG	11,749,593
309,460	Novartis AG	31,754,493
276,740	On Holding AG Class A *	7,698,907
34,221	Schindler Holding AG	6,845,696

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, 2023 (Unaudited)

Shares	Description	Value ($)
	Switzerland — continued
97,842	SGS SA	8,237,638
52,484	Sika AG	13,373,437
19,500	Sulzer AG	1,868,359
17,074	Swatch Group AG	837,089
13,196	Swatch Group AG Bearer Shares	3,395,648
12,584	Swiss Life Holding AG	7,862,937
1,091,238	UBS Group AG	27,066,233
		188,830,595
	Taiwan — 1.2%
1,356,000	ASE Technology Holding Co. Ltd.	4,599,743
1,290,000	Chipbond Technology Corp.	2,725,423
1,331,000	Compeq Manufacturing Co. Ltd.	2,185,313
780,000	Hon Hai Precision Industry Co. Ltd.	2,512,972
95,000	MediaTek, Inc.	2,163,071
201,000	Novatek Microelectronics Corp.	2,633,881
576,000	Taiwan Semiconductor Manufacturing Co. Ltd.	9,332,197
155,797	Taiwan Semiconductor Manufacturing Co. Ltd., ADR	13,538,759
1,659,000	United Microelectronics Corp.	2,322,975
		42,014,334
	Thailand — 0.0%
10,006,800	Quality Houses PCL Class F	615,592
	Turkey — 0.3%
338,400	BIM Birlesik Magazalar AS	3,390,789
280,700	Coca-Cola Icecek AS	4,041,302
468,860	Turkiye Garanti Bankasi AS	910,698
211,559	Turkiye Is Bankasi AS Class C	198,633
		8,541,422
	United Kingdom — 9.5%
397,907	3i Group PLC	10,067,841
146,800	Associated British Foods PLC	3,705,374
172,030	AstraZeneca PLC	23,310,998
504,900	Aviva PLC	2,402,164
513,900	B&M European Value Retail SA	3,678,138
485,400	BAE Systems PLC	5,911,514
482,200	Balfour Beatty PLC	1,889,242
4,723,107	Barclays PLC	9,162,552
558,142	Barclays PLC, ADR	4,347,926
280,200	Barratt Developments PLC	1,508,553
54,979	Bellway PLC	1,532,669
1,476,930	BP PLC	9,579,369
594,053	BP PLC, ADR	23,001,732
235,600	British American Tobacco PLC	7,410,460
1,821,700	BT Group PLC	2,594,796
2,196,700	Centrica PLC	4,141,085
759,500	CK Hutchison Holdings Ltd.	4,063,287
200,300	CNH Industrial NV	2,447,261

32

See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	United Kingdom — continued
55,514	Coca-Cola Europacific Partners PLC	3,468,515
226,130	Compass Group PLC	5,520,058
529,600	Crest Nicholson Holdings PLC	1,122,802
51,773	Croda International PLC	3,105,863
690,500	Currys PLC	407,910
386,427	Diageo PLC	14,309,963
343,777	Hiscox Ltd.	4,216,949
1,654,000	HSBC Holdings PLC	13,030,357
65,190	HSBC Holdings PLC, ADR	2,572,397
579,590	IMI PLC	11,092,320
229,500	Imperial Brands PLC	4,669,536
141,162	Intertek Group PLC	7,084,780
1,537,000	J Sainsbury PLC	4,742,490
1,885,900	Kingfisher PLC	5,139,997
7,342,700	Lloyds Banking Group PLC	3,976,497
121,648	Lloyds Banking Group PLC, ADR	259,110
167,618	London Stock Exchange Group PLC	16,845,619
515,100	Man Group PLC	1,405,156
1,167,000	Marks & Spencer Group PLC*	3,370,087
2,049,564	Melrose Industries PLC	11,737,482
681,500	Mitchells & Butlers PLC*	1,879,878
5,503,097	NatWest Group PLC	15,831,505
318,096	Ocado Group PLC*	2,331,065
527,180	Paragon Banking Group PLC	3,165,771
568,456	QinetiQ Group PLC	2,211,926
332,100	Redrow PLC	2,005,645
524,446	RELX PLC(b)	17,763,119
87,667	RELX PLC(b)	2,974,799
1,545,680	Rentokil Initial PLC	11,511,906
523,712	Smith & Nephew PLC	6,539,185
43,257	Spirax-Sarco Engineering PLC	5,029,472
114,695	Standard Chartered PLC	1,061,131
14,311	Subsea 7 SA	198,240
1,350,500	Taylor Wimpey PLC	1,933,517
1,626,400	Tesco PLC	5,244,639
125,400	Vistry Group PLC	1,395,879
173,294	Vodafone Group PLC, ADR	1,642,827
		321,553,353
	United States — 9.7%
79,760	Agilent Technologies, Inc.	8,918,763
68,318	Analog Devices, Inc.	11,961,799
16,346	ANSYS, Inc.*	4,863,752
119,310	ARM Holdings PLC, ADR*	6,385,471
103,358	Bruker Corp.	6,439,203
93,740	Cadence Design Systems, Inc.*	21,963,282
188,476	CRH PLC	10,448,613
72,860	CSL Ltd.	11,793,578
377,696	Experian PLC	12,405,422

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, 2023 (Unaudited)

Shares	Description	Value ($)
	United States — continued
969,504	GSK PLC	17,655,251
520,618	GSK PLC, ADR	18,872,403
5,215,358	Haleon PLC	21,697,159
111,400	Holcim AG	7,157,949
51,210	ICON PLC, ADR*	12,610,463
81,612	Janus Henderson Group PLC	2,107,222
623,000	JBS SA	2,246,693
131,122	Nestle SA	14,869,476
132,876	Roche Holding AG	36,378,218
159,296	Sanofi	17,115,074
257,774	Schneider Electric SE	42,842,704
155,300	Signify NV	4,194,453
475,365	Stellantis NV(b)	9,160,934
272,813	Stellantis NV(b)	5,259,791
573,503	Stellantis NV(b)	10,971,112
39,890	Swiss Re AG	4,112,839
173,378	Tenaris SA	2,750,705
83,842	Tenaris SA, ADR	2,649,407
		327,831,736
	TOTAL COMMON STOCKS (COST $3,158,612,935)	3,235,163,399

 

Shares	Description	Value ($)
	INVESTMENT COMPANIES — 0.3%
	United States — 0.3%
131,996	iShares MSCI EAFE ETF	9,097,164
21,018	iShares MSCI Eurozone ETF	887,800
29,677	Vanguard FTSE Developed Markets ETF	1,297,479
	TOTAL INVESTMENT COMPANIES (COST $11,601,728)	11,282,443

 

Shares	Description	Value ($)
	PREFERRED STOCKS — 0.8%
	Brazil — 0.2%
1,162,400	Petroleo Brasileiro SA, 10.50%	8,044,741
	Germany — 0.5%
5,781	Bayerische Motoren Werke AG, 9.70%	540,452
15,947	Henkel AG & Co. KGaA, 2.75%	1,138,987
32,500	Porsche Automobil Holding SE, 5.50%	1,605,197
414,900	Schaeffler AG, 8.24%	2,396,247
105,214	Volkswagen AG, 25.58%	12,135,407
		17,816,290

34

See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Shares	Description	Value ($)
	South Korea — 0.1%
36,514	Samsung Electronics Co. Ltd., 1.99%	1,474,739
	TOTAL PREFERRED STOCKS (COST $37,107,053)	27,335,770
	WARRANT — 0.0%
	Switzerland — 0.0%
82,246	Cie Financiere Richemont SA Expires 11/22/23*	61,118
	TOTAL WARRANT (COST $—)	61,118

 

Par Value ($)	Description	Value ($)
	SHORT-TERM INVESTMENT — 2.0%
	Mutual Fund - Securities Lending Collateral — 2.0%
68,365,701	State Street Navigator Securities Lending Government Money Market Portfolio, 5.35%(f)(g)	68,365,701
	TOTAL SHORT-TERM INVESTMENT (COST $68,365,701)	68,365,701
	TOTAL INVESTMENTS — 98.6% (Cost $3,275,687,417)	3,342,208,431
	Other Assets and Liabilities (net) — 1.4%	47,075,382
	NET ASSETS — 100.0%	$3,389,283,813

 

	Notes to Schedule of Investments:
*	Non-income producing security.
(a)	All or a portion of this security is out on loan.
(b)	Securities are traded on separate exchanges for the same entity.
(c)	Level 3 - significant unobservable inputs were used in determining the value of this security in the Fund.
(d)	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 $198,698 which represents 0.0% of net assets.  The aggregate tax cost of these securities held at September 30, 2023 was $29,569,045.
(e)	Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total market value of the securities at period end is $198,698 which represents 0.0% of net assets. The aggregate cost of these securities held at September 30, 2023 was $29,569,045.
(f)	The rate disclosed is the 7-day net yield as of September 30, 2023.
(g)	Represents an investment of securities lending cash collateral.
144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $8,538,383 which represents 0.3% of net assets.

See accompanying Notes to the Financial Statements.

35

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
September 30, 2023 (Unaudited)

Futures Contracts 

Number of Contracts	Description	Expiration Date	Notional Value	Market Value/ Unrealized Appreciation (Depreciation)
Buy
408	MSCI EAFE Index	Dec 2023	$41,646,600	$(861,732 )

 

Abbreviations
ADR	—	American Depository Receipt
CVA	—	Certificaten Van Aandelen
GDR	—	Global Depository Receipt
NYRS	—	New York Registry Shares
REIT	—	Real Estate Investment Trust
SDR	—	Swedish Depository Receipt

36

See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
September 30, 2023 (Unaudited)

 

Industry Sector Summary (Unaudited)	% of Net Assets
Consumer, Non-cyclical	21.1
Financial	18.0
Industrial	14.3
Consumer, Cyclical	13.4
Energy	9.4
Technology	9.3
Basic Materials	6.1
Communications	2.8
Utilities	1.9
Investment Companies	0.3
Short-Term Investment	2.0
Other Assets and Liabilities (net)	1.4
	100.0%

See accompanying Notes to the Financial Statements.

37

Mercer Core Fixed Income Fund
Schedule of Investments
(showing percentage of net assets)
September 30, 2023 (Unaudited)

 

Par Value(a)		Description	Value ($)
		DEBT OBLIGATIONS — 99.3%
		Asset Backed Securities — 10.5%
245,947		ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, 3.20%, due 12/20/30 144A	231,809
1,104,000		Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, due 08/15/46 144A	967,018
2,660,000		American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75%, due 08/15/27	2,576,350
21,689		AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, due 04/18/25	21,658
165,003		AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, due 07/18/25	164,163
400,000		AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, due 01/19/27	368,061
400,000		AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, due 08/18/27	362,851
700,000		AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C, 5.80%, due 12/18/28	691,494
800,000		AmeriCredit Automobile Receivables Trust, Series 2023-2, Class C, 6.00%, due 07/18/29	799,239
100,000		AMSR Trust, Series 2020-SFR4, Class A, 1.36%, due 11/17/37 144A	90,792
1,350,000		AMSR Trust, Series 2021-SFR1, Class A, 1.95%, due 06/17/38 144A	1,128,418
1,529,000		AMSR Trust, Series 2021-SFR2, Class A, 1.53%, due 08/17/38 144A	1,347,330
2,742,000		AMSR Trust, Series 2022-SFR3, Class A, 4.00%, due 10/17/39 144A	2,536,583
313,000		Applebee's Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2, 7.82%, due 03/05/53 144A	309,653
183,485		Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 07/17/46 144A	161,402
925,380		Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A	822,921
3,085,289		Atlas Static Senior Loan Fund I Ltd., Series 2022-1A, Class A, 7.91% (3 mo. USD Term SOFR + 2.60%), due 07/15/30(b) 144A	3,088,149
1,838,000		BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, due 04/15/28	1,820,203
2,500,000	EUR	Barings Euro CLO DAC, Series 2015-1A, Class ARR, 4.70% (3 mo. EUR EURIBOR + 0.98%), due 07/25/35(b) 144A	2,565,264
1,250,000	EUR	BNPP AM Euro CLO DAC, Series 2018-1A, Class AR, 4.26% (3 mo. EUR EURIBOR + 0.60%), due 04/15/31(b) 144A	1,296,099
272,511		BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A, 3.28%, due 09/26/33 144A	256,233
3,021,000		Capital One Multi-Asset Execution Trust, Series 2023-A1, Class A, 4.42%, due 05/15/28	2,949,152
1,749,231	EUR	Carlyle Global Market Strategies Euro CLO Ltd., Series 2014-2A, Class AR1, 4.53% (3 mo. EUR EURIBOR + 0.75%), due 11/15/31(b) 144A	1,816,649
405,000		CarMax Auto Owner Trust, Series 2020-4, Class C, 1.30%, due 08/17/26	380,742
300,000		CarMax Auto Owner Trust, Series 2021-2, Class C, 1.34%, due 02/16/27	276,144
310,000		CarMax Auto Owner Trust, Series 2021-3, Class C, 1.25%, due 05/17/27	281,373
300,000		CarMax Auto Owner Trust, Series 2021-4, Class C, 1.38%, due 07/15/27	270,725
400,000		CarMax Auto Owner Trust, Series 2022-1, Class C, 2.20%, due 11/15/27	366,035
200,000		CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, due 07/17/28	181,397
496,000		CARS-DB4 LP REIT, Series 2020-1A, Class B1, 4.17%, due 02/15/50 144A	465,538
1,558,750		CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A	1,417,173
757,728		CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.53%, due 03/15/61 144A	666,059
2,428,776		CIFC Funding Ltd., Series 2014-2RA, Class A1, 6.66% (3 mo. USD Term SOFR + 1.31%), due 04/24/30(b) 144A	2,423,982
2,251,244		CIFC Funding Ltd., Series 2015-1A, Class ARR, 6.72% (3 mo. USD Term SOFR + 1.37%), due 01/22/31(b) 144A	2,243,947
1,200,000		Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30	1,126,519
906,520		CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A	784,344
726,143		CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64%, due 02/18/46 144A	621,202
629,870		CLI Funding VIII LLC, Series 2022-1A, Class A, 2.72%, due 01/18/47 144A	534,594
140,102		Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 144A	126,120

38

See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
2,250,000		Crown City CLO I, Series 2020-1A, Class A1AR, 6.78% (3 mo. USD Term SOFR + 1.45%), due 07/20/34(b) 144A	2,230,288
2,165,000		Crown Point CLO 11 Ltd., Series 2021-11A, Class A, 6.69% (3 mo. USD Term SOFR + 1.38%), due 01/17/34(b) 144A	2,148,446
486,000		CyrusOne Data Centers Issuer I LLC, Series 2023-1A, Class A2, 4.30%, due 04/20/48 144A	429,404
449,000		DataBank Issuer, Series 2021-1A, Class A2, 2.06%, due 02/27/51 144A	394,906
85,050		DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A	77,509
1,302,795		DB Master Finance LLC, Series 2021-1A, Class A23, 2.79%, due 11/20/51 144A	1,007,866
1,202,580		DB Master Finance LLC, Series 2021-1A, Class A2I, 2.05%, due 11/20/51 144A	1,056,231
152,000		Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, due 04/15/49 144A	132,286
883,575		Domino's Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A	819,758
4,101,590		Domino's Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, due 04/25/51 144A	3,467,583
596,700		Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A	512,357
681,855		Driven Brands Funding LLC, Series 2021-1A, Class A2, 2.79%, due 10/20/51 144A	560,350
207,634		FirstKey Homes Trust, Series 2020-SFR1, Class A, 1.34%, due 08/17/37 144A	190,113
167,068		FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, due 10/19/37 144A	151,653
572,428		FirstKey Homes Trust, Series 2021-SFR1, Class A, 1.54%, due 08/17/38 144A	502,870
531,000		FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, due 08/17/38 144A	463,554
305,000		Ford Credit Auto Owner Trust, Series 2020-C, Class C, 1.04%, due 05/15/28	285,582
300,000		Ford Credit Auto Owner Trust, Series 2022-A, Class C, 2.14%, due 07/15/29	276,643
2,282,000		Ford Credit Auto Owner Trust, Series 2022-B, Class A4, 3.93%, due 08/15/27	2,211,164
641,000		Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28%, due 02/15/36 144A	632,284
1,800,000		Ford Credit Auto Owner Trust, Series 2023-B, Class B, 5.56%, due 03/15/29	1,775,712
2,135,000		Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A1, 4.92%, due 05/15/28 144A	2,097,759
1,281,803		Generate CLO 2 Ltd., Series 2A, Class AR, 6.76% (3 mo. USD Term SOFR + 1.41%), due 01/22/31(b) 144A	1,279,971
3,410,286		Generate CLO 4 Ltd., Series 4A, Class A1R, 6.68% (3 mo. USD Term SOFR + 1.35%), due 04/20/32(b) 144A	3,400,809
300,000		GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class C, 1.04%, due 05/17/27	281,874
500,000		GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class B, 5.72%, due 01/16/29	497,179
2,973,000		GMF Floorplan Owner Revolving Trust, Series 2023-2, Class A, 5.34%, due 06/15/30 144A	2,939,666
412,255		Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, 3.21%, due 01/22/29 144A	390,699
564,000		Golub Capital Partners ABS Funding Ltd., Series 2021-1A, Class A2, 2.77%, due 04/20/29 144A	525,878
2,500,000	EUR	Grosvenor Place CLO DAC, Series 2022-1A, Class A, 5.81% (3 mo. EUR EURIBOR + 2.00%), due 11/24/35(b) 144A	2,647,548
596,000		HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, due 02/01/62 144A	545,945
59,874		Home Equity Asset Trust, Series 2003-8, Class M1, 6.51% (1 mo. USD Term SOFR + 1.19%), due 04/25/34(b)	58,596
2,000,000	EUR	Invesco Euro CLO I DAC, Series 1A, Class A1R, 4.31% (3 mo. EUR EURIBOR + 0.65%), due 07/15/31(b) 144A	2,076,323
253,500		Jack in the Box Funding LLC, Series 2019-1A, Class A23, 4.97%, due 08/25/49 144A	226,918
624,680		Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.45%, due 02/26/52 144A	561,189

See accompanying Notes to the Financial Statements.

39

Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
9,664		Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 144A	9,566
2,528,000	EUR	Madison Park Euro Funding XIV DAC, Series 14A, Class A1R, 4.46% (3 mo. EUR EURIBOR + 0.80%), due 07/15/32(b) 144A	2,625,462
4,865,000		Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 6.60% (3 mo. USD Term SOFR + 1.29%), due 10/15/32(b) 144A	4,828,941
2,000,000		Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, 6.69% (3 mo. USD Term SOFR + 1.38%), due 07/17/34(b) 144A	1,976,866
375,000		MetroNet Infrastructure Issuer LLC, Series 2023-1A, Class A2, 6.56%, due 04/20/53 144A	363,731
1,105,899		MidOcean Credit CLO III, Series 2014-3A, Class A1R, 6.72% (3 mo. USD Term SOFR + 1.38%), due 04/21/31(b) 144A	1,104,580
46,847		Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC10, Class M1, 6.45% (1 mo. USD Term SOFR + 1.13%), due 10/25/33(b)	46,153
11,612		Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC7, Class M1, 6.48% (1 mo. USD Term SOFR + 1.16%), due 06/25/33(b)	11,553
277,429		Navient Private Education Refi Loan Trust, Series 2019-FA, Class A2, 2.60%, due 08/15/68 144A	254,669
295,008		Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, due 01/15/69 144A	267,199
87,143		Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A	74,277
916,895		Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, due 04/30/51 144A	768,098
513,185		Neighborly Issuer LLC, Series 2022-1A, Class A2, 3.70%, due 01/30/52 144A	420,010
139,249		New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.54% (1 mo. USD SOFR + 0.83%), due 10/25/33(b) 144A	133,609
1,045,000		New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, due 10/20/61 144A	902,527
296,000		New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, due 10/20/61 144A	246,804
2,643,000		NextGear Floorplan Master Owner Trust, Series 2022-1A, Class A2, 2.80%, due 03/15/27 144A	2,524,195
1,500,000		Northwoods Capital 22 Ltd., Series 2020-22A, Class AR, 6.73% (3 mo. USD Term SOFR + 1.45%), due 09/01/31(b) 144A	1,489,722
102,125		NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A, 3.10%, due 07/25/26 144A	91,368
1,802,025		Oak Street Investment Grade Net Lease Fund, Series 2021-1A, Class A1, 1.48%, due 01/20/51 144A	1,567,058
718,698		Oak Street Investment Grade Net Lease Fund, Series 2021-2A, Class A1, 2.38%, due 11/20/51 144A	620,480
2,435,000		OCP CLO Ltd., Series 2015-9A, Class A1R2, 6.56% (3 mo. USD Term SOFR + 1.25%), due 01/15/33(b) 144A	2,421,883
1,557,942		OZLM Funding IV Ltd., Series 2013-4A, Class A1R, 6.86% (3 mo. USD Term SOFR + 1.51%), due 10/22/30(b) 144A	1,554,221
516,952		OZLM XI Ltd., Series 2015-11A, Class A1R, 6.88% (3 mo. USD Term SOFR + 1.51%), due 10/30/30(b) 144A	516,643
2,000,000		Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class A1AR, 6.59% (3 mo. USD Term SOFR + 1.26%), due 10/20/31(b) 144A	1,989,788
2,492,000		PFS Financing Corp., Series 2022-A, Class A, 2.47%, due 02/15/27 144A	2,374,518
1,323,022		Progress Residential Trust, Series 2019-SFR4, Class A, 2.69%, due 10/17/36 144A	1,276,715
1,014,458		Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, due 04/17/37 144A	948,495
1,342,607		Progress Residential Trust, Series 2021-SFR2, Class A, 1.55%, due 04/19/38 144A	1,197,177
316,000		Progress Residential Trust, Series 2021-SFR8, Class B, 1.68%, due 10/17/38 144A	274,385
1,561,091		Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, due 04/17/27 144A	1,405,709

40

See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Par Value(a)	Description	Value ($)
	Asset Backed Securities — continued
2,659	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 5.43%, due 08/25/35(c)	2,622
602,000	Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, due 09/15/48 144A	544,884
725,000	Romark CLO II Ltd., Series 2018-2A, Class A1, 6.79% (3 mo. USD Term SOFR + 1.44%), due 07/25/31(b) 144A	722,292
810,000	Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35%, due 07/15/27	770,632
473,998	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, due 09/15/27	466,833
600,000	Santander Drive Auto Receivables Trust, Series 2022-1, Class C, 2.56%, due 04/17/28	577,844
1,550,000	Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74%, due 10/16/28	1,507,277
200,000	Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.09%, due 05/15/30	195,385
600,000	Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77%, due 11/15/30	592,187
900,000	Santander Drive Auto Receivables Trust, Series 2023-4, Class C, 6.04%, due 12/15/31	897,685
633,600	Sesac Finance LLC, Series 2019-1, Class A2, 5.22%, due 07/25/49 144A	598,830
258,525	Silver Creek CLO Ltd., Series 2014-1A, Class AR, 6.83% (3 mo. USD Term SOFR + 1.50%), due 07/20/30(b) 144A	258,377
367,664	SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.84%, due 06/15/37 144A	343,808
102,014	SMB Private Education Loan Trust, Series 2020-PTA, Class A2A, 1.60%, due 09/15/54 144A	90,513
55,253	SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07%, due 01/15/53 144A	47,290
614,452	Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A	558,655
620,340	Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, due 08/20/51 144A	500,633
250,399	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, due 02/25/44 144A	247,995
547,000	Stack Infrastructure Issuer LLC, Series 2019-2A, Class A2, 3.08%, due 10/25/44 144A	524,622
2,178,000	Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, due 03/26/46 144A	1,919,474
206,012	Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A	174,012
1,075,837	Taco Bell Funding LLC, Series 2021-1A, Class A2I, 1.95%, due 08/25/51 144A	933,161
1,859,872	Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.29%, due 08/25/51 144A	1,523,895
3,000,000	TCW CLO Ltd., Series 2019-2A, Class A1R, 6.61% (3 mo. USD Term SOFR + 1.28%), due 10/20/32(b) 144A	2,986,758
338,120	TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, due 02/20/46 144A	280,473
4,000,000	Tikehau U.S. CLO IV Ltd., Series 2023-1A, Class A1, 7.47% (3 mo. USD Term SOFR + 2.20%), due 07/15/34(b) 144A	4,050,388
2,860,000	Toyota Auto Receivables Owner Trust, Series 2023-A, Class A3, 4.63%, due 09/15/27	2,812,644
1,522,092	Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.75%, due 03/17/38 144A	1,414,067
2,659,282	Tricon Residential Trust, Series 2022-SFR2, Class A, 4.85%, due 07/17/40 144A	2,529,485
1,500,000	Trimaran Cavu Ltd., Series 2021-1A, Class A, 6.82% (3 mo. USD Term SOFR + 1.47%), due 04/23/32(b) 144A	1,490,814
806,090	Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 144A	691,375
582,750	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, due 03/20/46 144A	487,587
1,162,863	U.S. Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33	1,068,693
804,068	U.S. Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33	747,088
977,613	U.S. Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34	895,442
434,617	U.S. Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34	399,455
329,963	U.S. Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34	297,831
1,941,254	U.S. Small Business Administration, Series 2019-25F, Class 1, 2.77%, due 06/01/44	1,640,322
805,383	U.S. Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45	637,177
2,426,899	U.S. Small Business Administration, Series 2022-25D, Class 1, 3.50%, due 04/01/47	2,132,406

See accompanying Notes to the Financial Statements.

41

Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Par Value(a)	Description	Value ($)
	Asset Backed Securities — continued
1,653,099	U.S. Small Business Administration, Series 2022-25E, Class 1, 3.94%, due 05/01/47	1,490,094
2,603,649	U.S. Small Business Administration, Series 2022-25G, Class 1, 3.93%, due 07/01/47	2,351,599
2,254,344	U.S. Small Business Administration, Series 2022-25J, Class 1, 5.04%, due 10/01/47	2,182,508
1,800,000	U.S. Small Business Administration, Series 2023-25D, Class 1, 4.48%, due 04/01/48	1,688,019
2,985,000	U.S. Small Business Administration, Series 2023-25E, Class 1, 4.62%, due 05/01/48	2,817,036
2,931,000	U.S. Small Business Administration, Series 2023-25F, Class 1, 4.93%, due 06/01/48	2,806,027
2,377,000	Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2, 1.65%, due 09/15/45 144A	2,149,817
1,314,000	Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A	1,100,709
500,000	Venture XIX CLO Ltd., Series 2014-19A, Class ARR, 6.83% (3 mo. USD Term SOFR + 1.52%), due 01/15/32(b) 144A	495,854
2,372,000	Verizon Master Trust, Series 2021-2, Class A, 0.99%, due 04/20/28	2,254,963
569,428	VR Funding LLC, Series 2020-1A, Class A, 2.79%, due 11/15/50 144A	499,615
500,000	Wellfleet CLO Ltd., Series 2018-3A, Class A1A, 6.84% (3 mo. USD Term SOFR + 1.51%), due 01/20/32(b) 144A	496,812
522,547	Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A	485,855
2,155,387	Wendy's Funding LLC, Series 2021-1A, Class A2I, 2.37%, due 06/15/51 144A	1,775,889
151,580	Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A	128,785
80,796	World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, due 12/15/25	80,672
200,000	World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, due 11/15/27	183,568
563,500	Zaxby's Funding LLC, Series 2021-1A, Class A2, 3.24%, due 07/30/51 144A	469,794
		171,699,227
	Corporate Debt — 32.1%
225,000	1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28(d) 144A	202,021
1,636,000	AbbVie, Inc., 3.20%, due 11/21/29	1,444,528
300,000	AbbVie, Inc., 3.80%, due 03/15/25	291,702
65,000	AbbVie, Inc., 4.05%, due 11/21/39	53,210
400,000	AbbVie, Inc., 4.25%, due 11/21/49	316,966
3,053,000	AbbVie, Inc., 4.50%, due 05/14/35	2,760,320
1,035,000	AbbVie, Inc., 4.55%, due 03/15/35	941,839
260,000	AbbVie, Inc., 4.70%, due 05/14/45	221,759
445,000	AbbVie, Inc., 4.75%, due 03/15/45	382,409
200,000	Abu Dhabi National Energy Co. PJSC, 2.00%, due 04/29/28 144A	173,953
81,000	Acushnet Co., 7.38%, due 10/15/28(e) 144A	81,709
272,000	AdaptHealth LLC, 5.13%, due 03/01/30(d) 144A	211,011
1,340,000	Advocate Health & Hospitals Corp., 2.21%, due 06/15/30	1,083,709
125,000	AECOM, 5.13%, due 03/15/27	118,524
400,000	AEP Texas, Inc., 3.80%, due 10/01/47	272,117
315,000	AEP Transmission Co. LLC, 3.80%, due 06/15/49	229,024
642,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, due 01/30/26	579,701
2,001,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, due 10/29/26	1,793,279
980,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, due 10/29/28	840,751
2,100,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26	2,016,965
388,491	AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A	330,470
370,000	Aetna, Inc., 4.75%, due 03/15/44	301,925
197,000	Affinity Interactive, 6.88%, due 12/15/27 144A	167,236
578,021	Air Canada Pass-Through Trust, 3.60%, due 09/15/28 144A	535,127
182,278	Air Canada Pass-Through Trust, 3.70%, due 07/15/27 144A	173,392
206,183	Air Canada Pass-Through Trust, 4.13%, due 11/15/26 144A	196,560

42

See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Par Value(a)	Description	Value ($)
	Corporate Debt — continued
301,000	Air Canada Pass-Through Trust, 10.50%, due 07/15/26 144A	321,694
388,000	Air Lease Corp., 2.10%, due 09/01/28	322,513
340,000	Air Lease Corp., 2.88%, due 01/15/26	316,722
413,000	Air Lease Corp., 3.63%, due 12/01/27	374,012
1,177,000	Aker BP ASA, 2.00%, due 07/15/26 144A	1,051,038
337,000	Aker BP ASA, 3.10%, due 07/15/31 144A	269,913
2,050,000	Aker BP ASA, 3.75%, due 01/15/30 144A	1,763,512
1,062,000	Aker BP ASA, 4.00%, due 01/15/31 144A	912,982
211,997	Alaska Airlines Pass-Through Trust, 8.00%, due 02/15/27 144A	212,276
300,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, due 03/15/29 144A	256,041
292,000	Albion Financing 1 Sarl/Aggreko Holdings, Inc., 6.13%, due 10/15/26(d) 144A	276,124
2,895,000	Alexandria Real Estate Equities, Inc. REIT, 2.00%, due 05/18/32	2,106,979
228,565	Alfa Desarrollo SpA, 4.55%, due 09/27/51 144A	156,452
505,000	Ally Financial, Inc., 6.99% (SOFR + 3.26%), due 06/13/29(b)	494,462
320,000	Ally Financial, Inc., 7.10%, due 11/15/27(d)	320,213
215,000	Altria Group, Inc., 3.40%, due 05/06/30	183,948
3,340,000	Amazon.com, Inc., 4.10%, due 04/13/62	2,545,310
1,780,000	Ameren Illinois Co., 4.95%, due 06/01/33	1,686,077
400,317	American Airlines Pass-Through Trust, 2.88%, due 01/11/36	331,266
535,504	American Airlines Pass-Through Trust, 3.15%, due 08/15/33	459,910
77,341	American Airlines Pass-Through Trust, 3.25%, due 04/15/30	66,318
1,290,465	American Airlines Pass-Through Trust, 3.38%, due 11/01/28	1,152,773
526,592	American Airlines Pass-Through Trust, 3.50%, due 08/15/33	428,561
150,718	American Airlines Pass-Through Trust, 3.58%, due 07/15/29	138,491
320,742	American Airlines Pass-Through Trust, 3.60%, due 04/15/31	278,969
440,572	American Airlines Pass-Through Trust, 3.65%, due 08/15/30	399,838
187,989	American Airlines Pass-Through Trust, 3.85%, due 08/15/29	166,278
558,740	American Airlines Pass-Through Trust, 3.95%, due 01/11/32	486,694
262,834	American Airlines Pass-Through Trust, 4.00%, due 08/15/30	231,840
517,478	American Airlines Pass-Through Trust, 4.10%, due 07/15/29	466,493
366,000	American Airlines, Inc., 7.25%, due 02/15/28(d) 144A	350,297
210,000	American Electric Power Co., Inc., 5.63%, due 03/01/33	203,446
302,000	American Homes 4 Rent LP REIT, 4.25%, due 02/15/28	281,093
475,000	American Tower Corp. REIT, 3.55%, due 07/15/27	436,719
874,000	American Tower Corp. REIT, 3.80%, due 08/15/29	778,073
2,967,000	American Tower Trust #1 REIT, 5.49%, due 03/15/28 144A	2,923,635
415,000	AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, due 08/20/26	399,624
1,665,000	Amgen, Inc., 2.80%, due 08/15/41	1,081,311
202,000	Amgen, Inc., 5.25%, due 03/02/30	197,431
645,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, due 02/01/36	591,558
1,054,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46	919,271
410,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48	346,805
387,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, due 06/15/29(d) 144A	354,758
550,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.88%, due 05/15/26 144A	554,433
114,000	Antero Resources Corp., 5.38%, due 03/01/30 144A	105,094
1,000,000	Apple, Inc., 3.85%, due 08/04/46	792,287
770,000	Apple, Inc., 4.10%, due 08/08/62(d)	592,966

See accompanying Notes to the Financial Statements.

43

Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Par Value(a)	Description	Value ($)
	Corporate Debt — continued
980,000	AptarGroup, Inc., 3.60%, due 03/15/32	811,854
2,015,000	Aptiv PLC/Aptiv Corp., 3.25%, due 03/01/32(d)	1,652,726
418,000	APX Group, Inc., 5.75%, due 07/15/29 144A	352,703
225,000	Aquarion Co., 4.00%, due 08/15/24 144A	219,923
606,000	Ares Capital Corp., 2.15%, due 07/15/26	532,013
509,000	Ares Capital Corp., 2.88%, due 06/15/28	426,172
305,000	Ares Capital Corp., 3.25%, due 07/15/25	285,829
463,000	Ares Capital Corp., 3.88%, due 01/15/26	433,446
206,000	Arsenal AIC Parent LLC, 8.00%, due 10/01/30 144A	205,232
75,000	Asbury Automotive Group, Inc., 4.63%, due 11/15/29(d) 144A	64,515
280,000	Asbury Automotive Group, Inc., 4.75%, due 03/01/30	239,823
710,000	Ascension Health, 2.53%, due 11/15/29	605,363
150,000	Ascension Health, 3.11%, due 11/15/39	108,091
553,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29(d) 144A	497,912
87,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, due 12/31/28 144A	86,166
322,000	Ashtead Capital, Inc., 2.45%, due 08/12/31 144A	244,613
390,000	Ashtead Capital, Inc., 4.38%, due 08/15/27 144A	362,790
252,000	Ashtead Capital, Inc., 5.95%, due 10/15/33 144A	239,502
3,369,000	AT&T, Inc., 2.30%, due 06/01/27	2,984,275
247,000	AT&T, Inc., 2.55%, due 12/01/33	181,497
814,000	AT&T, Inc., 3.50%, due 06/01/41	565,925
2,345,000	AT&T, Inc., 3.50%, due 09/15/53	1,450,143
595,000	AT&T, Inc., 3.65%, due 09/15/59	362,406
305,000	AT&T, Inc., 4.50%, due 05/15/35	260,337
700,000	AT&T, Inc., 6.85% (3 mo. USD Term SOFR + 1.44%), due 06/12/24(b)	704,148
346,000	Athene Holding Ltd., 3.50%, due 01/15/31	282,252
262,628	Atlantica Transmision Sur SA, 6.88%, due 04/30/43 144A	256,390
228,000	Autodesk, Inc., 2.85%, due 01/15/30	193,408
538,000	AutoNation, Inc., 4.75%, due 06/01/30	485,042
1,939,000	Aviation Capital Group LLC, 6.38%, due 07/15/30 144A	1,879,338
1,300,000	Bacardi Ltd., 4.70%, due 05/15/28 144A	1,238,190
696,000	BAE Systems Holdings, Inc., 3.85%, due 12/15/25 144A	668,948
1,037,000	BAE Systems PLC, 3.40%, due 04/15/30 144A	903,793
175,000	Ball Corp., 3.13%, due 09/15/31(d)	137,294
450,000	Ball Corp., 6.00%, due 06/15/29(d)	437,431
200,000	Banco Santander SA, 1.85%, due 03/25/26	179,949
634,000	Banco Santander SA, 4.38%, due 04/12/28	585,769
265,000	Bank of America Corp., 1.66% (SOFR + 0.91%), due 03/11/27(b)	237,830
2,673,000	Bank of America Corp., 2.09% (SOFR + 1.06%), due 06/14/29(b)	2,238,617
1,310,000	Bank of America Corp., 2.30% (SOFR + 1.22%), due 07/21/32(b)	993,263
2,330,000	Bank of America Corp., 2.50% (3 mo. USD Term SOFR + 1.25%), due 02/13/31(b)	1,868,673
1,015,000	Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31(b)	816,142
4,019,000	Bank of America Corp., 2.69% (SOFR + 1.32%), due 04/22/32(b)	3,160,556
230,000	Bank of America Corp., 2.88% (3 mo. USD Term SOFR + 1.45%), due 10/22/30(b)	191,761
1,145,000	Bank of America Corp., 3.59% (3 mo. USD Term SOFR + 1.63%), due 07/21/28(b)	1,046,190
731,000	Bank of America Corp., 3.85% (5 yr. CMT + 2.00%), due 03/08/37(b)	595,115
659,000	Bank of America Corp., 3.97% (3 mo. USD Term SOFR + 1.33%), due 03/05/29(b)	603,972
1,177,000	Bank of America Corp., 4.24% (3 mo. USD Term SOFR + 2.08%), due 04/24/38(b)	968,850

44

See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Par Value(a)	Description	Value ($)
	Corporate Debt — continued
310,000	Bank of America Corp., 4.27% (3 mo. USD Term SOFR + 1.57%), due 07/23/29(b)	285,820
2,545,000	Bank of America Corp., 4.95% (SOFR + 2.04%), due 07/22/28(b)	2,446,307
495,000	Bank of America Corp., 5.13% (3 mo. USD Term SOFR + 3.55%)(b)(f)	481,096
878,000	Bank of America Corp., 6.30% (3 mo. USD Term SOFR + 4.81%)(b)(d)(f)	865,787
1,265,000	Barclays PLC, 3.93% (3 mo. USD LIBOR + 1.61%), due 05/07/25(b)	1,245,943
576,000	Barclays PLC, 4.38% (5 yr. CMT + 3.41%)(b)(f)	401,208
400,000	Barclays PLC, 4.97% (3 mo. USD LIBOR + 1.90%), due 05/16/29(b)	373,894
1,382,000	Barclays PLC, 5.30% (1 yr. CMT + 2.30%), due 08/09/26(b)	1,354,006
325,000	Barclays PLC, 8.00% (5 yr. CMT + 5.43%)(b)(f)	292,481
156,000	BAT Capital Corp., 3.56%, due 08/15/27	142,802
500,000	BAT Capital Corp., 6.34%, due 08/02/30	492,745
155,000	BAT International Finance PLC, 5.93%, due 02/02/29	152,241
270,000	Bayer U.S. Finance II LLC, 4.20%, due 07/15/34 144A	228,994
335,000	Beacon Roofing Supply, Inc., 4.13%, due 05/15/29 144A	286,706
605,000	Berkshire Hathaway Energy Co., 3.70%, due 07/15/30(d)	537,403
85,000	Berkshire Hathaway Energy Co., 5.95%, due 05/15/37	83,455
1,712,000	Berkshire Hathaway Energy Co., 6.13%, due 04/01/36	1,721,987
1,858,000	Blackstone Holdings Finance Co. LLC, 1.63%, due 08/05/28 144A	1,533,310
1,015,000	Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A	551,034
542,000	Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A	490,364
540,000	Blackstone Private Credit Fund, 2.35%, due 11/22/24	512,601
483,000	Blackstone Private Credit Fund, 2.70%, due 01/15/25	457,701
118,000	Blackstone Private Credit Fund, 3.25%, due 03/15/27	102,559
677,000	Blackstone Private Credit Fund, 4.00%, due 01/15/29	576,036
190,000	Block, Inc., 3.50%, due 06/01/31(d)	149,475
404,000	BlueLinx Holdings, Inc., 6.00%, due 11/15/29 144A	356,379
945,000	BNP Paribas SA, 1.68% (SOFR + 0.91%), due 06/30/27(b) 144A	837,490
260,000	BNP Paribas SA, 2.16% (SOFR + 1.22%), due 09/15/29(b) 144A	214,560
200,000	BNP Paribas SA, 2.22% (SOFR + 2.07%), due 06/09/26(b) 144A	186,691
1,035,000	BNP Paribas SA, 3.13% (SOFR + 1.56%), due 01/20/33(b)(d) 144A	814,185
280,000	BNP Paribas SA, 9.25% (5 yr. CMT + 4.97%)(b)(d)(f) 144A	287,162
210,000	BOC Aviation USA Corp., 1.63%, due 04/29/24 144A	204,649
2,545,000	Boeing Co., 2.20%, due 02/04/26	2,337,359
362,000	Boeing Co., 3.20%, due 03/01/29	318,150
270,000	Boeing Co., 3.90%, due 05/01/49	188,609
325,000	Boeing Co., 3.95%, due 08/01/59	216,062
971,000	Boeing Co., 5.04%, due 05/01/27	948,451
1,313,000	Boeing Co., 5.15%, due 05/01/30	1,254,978
598,000	Booking Holdings, Inc., 4.63%, due 04/13/30	567,919
645,000	BPCE SA, 4.50%, due 03/15/25 144A	622,253
282,000	Braskem Idesa SAPI, 6.99%, due 02/20/32 144A	169,828
734,000	Braskem Netherlands Finance BV, 4.50%, due 01/31/30 144A	598,932
201,000	Braskem Netherlands Finance BV, 5.88%, due 01/31/50 144A	144,961
133,039	British Airways Pass-Through Trust, 4.13%, due 03/20/33 144A	117,855
192,577	British Airways Pass-Through Trust, 4.25%, due 05/15/34 144A	173,087
87,547	British Airways Pass-Through Trust, 8.38%, due 11/15/28 144A	89,158
1,055,000	Brixmor Operating Partnership LP REIT, 2.50%, due 08/16/31(d)	798,752
584,000	Broadcom, Inc., 3.14%, due 11/15/35 144A	425,985
1,950,000	Broadcom, Inc., 3.19%, due 11/15/36 144A	1,400,860

See accompanying Notes to the Financial Statements.

45

Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
September 30, 2023 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
1,719,000		Broadcom, Inc., 3.42%, due 04/15/33 144A	1,375,644
2,566,000		Broadcom, Inc., 4.11%, due 09/15/28(d)	2,368,515
510,000		Broadcom, Inc., 4.75%, due 04/15/29	481,086
1,521,000		Brookfield Finance, Inc., 2.72%, due 04/15/31	1,209,504
212,000		Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due 06/15/29 144A	175,196
482,000	</