Mercer US Small/Mid Cap Equity Fund
Schedule of Investments
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
COMMON STOCKS — 96.8% | ||||||||||
Basic Materials — 2.3% | ||||||||||
83,041 | Axalta Coating Systems, Ltd.* | 2,370,820 | ||||||||
41,000 | Cabot Corp. | 1,840,080 | ||||||||
9,100 | Celanese Corp. Class A | 1,182,454 | ||||||||
70,200 | Chemours Co. (The) | 1,740,258 | ||||||||
11,700 | Eastman Chemical Co. | 1,173,276 | ||||||||
275,903 | Element Solutions, Inc. | 4,891,760 | ||||||||
35,772 | FMC Corp. | 4,111,276 | ||||||||
80,900 | Huntsman Corp. | 2,033,826 | ||||||||
56,300 | Koppers Holdings, Inc.* | 1,754,308 | ||||||||
29,453 | Quaker Chemical Corp.(a) | 7,463,096 | ||||||||
17,400 | Reliance Steel & Aluminum Co. | 2,083,650 | ||||||||
90,945 | RPM International, Inc. | 8,255,987 | ||||||||
35,900 | Schweitzer-Mauduit International, Inc. | 1,443,539 | ||||||||
56,300 | Steel Dynamics, Inc. | 2,075,781 | ||||||||
|
| |||||||||
42,420,111 | ||||||||||
|
| |||||||||
Communications — 4.2% | ||||||||||
65,100 | AMC Networks, Inc. Class A* (a) | 2,328,627 | ||||||||
69,170 | Anaplan, Inc.* | 4,969,865 | ||||||||
80,500 | Cars.com, Inc.* | 909,650 | ||||||||
165,800 | CenturyLink, Inc. | 1,616,550 | ||||||||
43,400 | Ciena Corp.* | 2,293,690 | ||||||||
193,037 | Discovery, Inc. Class C* | 5,055,639 | ||||||||
214,200 | Entercom Communications Corp. Class A(a) | 529,074 | ||||||||
61,012 | ePlus, Inc.* | 5,366,005 | ||||||||
42,590 | Etsy, Inc.* | 7,577,187 | ||||||||
39,660 | F5 Networks, Inc.* | 6,977,780 | ||||||||
64,400 | Gray Television, Inc.* | 1,152,116 | ||||||||
54,600 | Juniper Networks, Inc. | 1,229,046 | ||||||||
19,336 | Liberty Broadband Corp. Class C* | 3,062,198 | ||||||||
160,890 | Liberty Latin America, Ltd. Class A* | 1,790,706 | ||||||||
281,316 | Liberty Latin America, Ltd. Class C* | 3,119,795 | ||||||||
15,880 | Nexstar Media Group, Inc. Class A | 1,733,937 | ||||||||
12,640 | Nice, Ltd., ADR* (a) | 3,583,946 | ||||||||
91,770 | Open Lending Corp. Class A* (a) | 3,208,279 | ||||||||
9,700 | Preformed Line Products Co. | 663,868 | ||||||||
47,694 | Q2 Holdings, Inc.* (a) | 6,034,722 | ||||||||
113,296 | Revolve Group, Inc.* (a) | 3,531,436 | ||||||||
107,200 | TEGNA, Inc. | 1,495,440 | ||||||||
67,200 | ViacomCBS, Inc. Class B | 2,503,872 | ||||||||
239,401 | Vonage Holdings Corp.* | 3,082,288 | ||||||||
111,260 | Yelp, Inc. Class A* | 3,634,864 | ||||||||
|
| |||||||||
77,450,580 | ||||||||||
|
| |||||||||
Consumer, Cyclical — 15.5% | ||||||||||
46,242 | Advance Auto Parts, Inc. | 7,283,577 | ||||||||
22,100 | Alaska Air Group, Inc. | 1,149,200 | ||||||||
62,800 | Allison Transmission Holdings, Inc. | 2,708,564 |
See accompanying Notes to the Schedule of Investments.
9
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Consumer, Cyclical — continued | ||||||||||
83,200 | American Axle & Manufacturing Holdings, Inc.* | 693,888 | ||||||||
425,815 | BJ’s Wholesale Club Holdings, Inc.* | 15,874,383 | ||||||||
58,700 | BorgWarner, Inc. | 2,268,168 | ||||||||
63,955 | BRP, Inc. | 4,219,751 | ||||||||
91,186 | Brunswick Corp. | 6,952,021 | ||||||||
48,200 | Buckle, Inc. (The)(a) | 1,407,440 | ||||||||
40,852 | Burlington Stores, Inc.* | 10,684,841 | ||||||||
261,586 | Cannae Holdings, Inc.* | 11,580,412 | ||||||||
22,200 | Capri Holdings, Ltd.* | 932,400 | ||||||||
41,729 | Carter’s, Inc. | 3,925,447 | ||||||||
19,603 | Casey’s General Stores, Inc. | 3,501,488 | ||||||||
28,084 | Cavco Industries, Inc.* | 4,927,338 | ||||||||
31,908 | Columbia Sportswear Co. | 2,788,121 | ||||||||
39,880 | Darden Restaurants, Inc. | 4,750,506 | ||||||||
50,600 | Dick’s Sporting Goods, Inc. | 2,844,226 | ||||||||
19,000 | Dillard’s, Inc. Class A(a) | 1,197,950 | ||||||||
61,353 | Dorman Products, Inc.* | 5,326,667 | ||||||||
41,100 | Ethan Allen Interiors, Inc. | 830,631 | ||||||||
689,550 | Extended Stay America, Inc. | 10,212,235 | ||||||||
68,596 | Five Below, Inc.* | 12,002,928 | ||||||||
50,595 | Floor & Decor Holdings, Inc. Class A* | 4,697,746 | ||||||||
39,400 | Foot Locker, Inc. | 1,593,336 | ||||||||
22,900 | Fox Factory Holding Corp.* | 2,420,759 | ||||||||
46,522 | Freshpet, Inc.* | 6,605,659 | ||||||||
37,900 | Genesco, Inc.* | 1,140,411 | ||||||||
62,700 | GMS, Inc.* | 1,911,096 | ||||||||
79,900 | Goodyear Tire & Rubber Co. (The) | 871,709 | ||||||||
23,900 | Group 1 Automotive, Inc. | 3,134,246 | ||||||||
45,000 | Harley-Davidson, Inc. | 1,651,500 | ||||||||
41,200 | Haverty Furniture Cos., Inc. | 1,140,004 | ||||||||
59,200 | Hawaiian Holdings, Inc. | 1,047,840 | ||||||||
47,600 | Herman Miller, Inc. | 1,608,880 | ||||||||
51,000 | Hibbett Sports, Inc.* | 2,355,180 | ||||||||
143,500 | JetBlue Airways Corp.* | 2,086,490 | ||||||||
16,828 | Johnson Outdoors, Inc. Class A | 1,895,338 | ||||||||
64,400 | Knoll, Inc. | 945,392 | ||||||||
28,200 | Kohl’s Corp. | 1,147,458 | ||||||||
68,400 | La-Z-Boy, Inc. | 2,725,056 | ||||||||
26,442 | LCI Industries | 3,428,999 | ||||||||
10,200 | Lear Corp. | 1,622,106 | ||||||||
32,250 | Lithia Motors, Inc. Class A | 9,438,607 | ||||||||
252,670 | LKQ Corp.* | 8,904,091 | ||||||||
33,300 | MDC Holdings, Inc. | 1,618,380 | ||||||||
193,080 | Meritor, Inc.* | 5,388,863 | ||||||||
42,600 | Methode Electronics, Inc. | 1,630,728 | ||||||||
53,100 | Miller Industries, Inc. | 2,018,862 | ||||||||
39,068 | Modine Manufacturing Co.* | 490,694 | ||||||||
17,023 | MSC Industrial Direct Co., Inc. Class A | 1,436,571 | ||||||||
116,571 | National Vision Holdings, Inc.* | 5,279,501 |
See accompanying Notes to the Schedule of Investments.
10
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Consumer, Cyclical — continued | ||||||||||
21,000 | Nu Skin Enterprises, Inc. Class A | 1,147,230 | ||||||||
49,220 | ODP Corp. (The) | 1,442,146 | ||||||||
49,771 | Polaris, Inc. | 4,742,181 | ||||||||
26,491 | Pool Corp. | 9,867,897 | ||||||||
43,500 | PulteGroup, Inc. | 1,875,720 | ||||||||
16,900 | PVH Corp. | 1,586,741 | ||||||||
124,300 | Sally Beauty Holdings, Inc.* | 1,620,872 | ||||||||
25,400 | ScanSource, Inc.* | 670,052 | ||||||||
48,000 | SiteOne Landscape Supply, Inc.* (a) | 7,614,240 | ||||||||
66,778 | Skechers U.S.A., Inc. Class A* | 2,400,001 | ||||||||
32,100 | SkyWest, Inc. | 1,293,951 | ||||||||
41,300 | Sonic Automotive, Inc. Class A(a) | 1,592,941 | ||||||||
135,618 | Texas Roadhouse, Inc. Class A | 10,599,903 | ||||||||
47,400 | Toll Brothers, Inc. | 2,060,478 | ||||||||
81,060 | Toro Co. (The) | 7,687,730 | ||||||||
105,600 | TRI Pointe Group, Inc.* | 1,821,600 | ||||||||
53,100 | Triton International, Ltd. | 2,575,881 | ||||||||
46,523 | UniFirst Corp. | 9,848,454 | ||||||||
13,365 | Vail Resorts, Inc. | 3,728,300 | ||||||||
161,374 | Wendy’s Co. (The) | 3,537,318 | ||||||||
17,500 | Whirlpool Corp. | 3,158,575 | ||||||||
13,200 | Williams-Sonoma, Inc. | 1,344,288 | ||||||||
153,954 | World Fuel Services Corp. | 4,797,207 | ||||||||
31,900 | Wyndham Destinations, Inc. | 1,431,034 | ||||||||
|
| |||||||||
286,742,424 | ||||||||||
|
| |||||||||
Consumer, Non-cyclical — 23.9% | ||||||||||
162,791 | Acadia Healthcare Co., Inc.* | 8,181,876 | ||||||||
42,564 | ACADIA Pharmaceuticals, Inc.* | 2,275,471 | ||||||||
45,670 | Acceleron Pharma, Inc.* | 5,843,020 | ||||||||
144,100 | ACCO Brands Corp. | 1,217,645 | ||||||||
33,388 | Adtalem Global Education, Inc.* | 1,133,523 | ||||||||
153,527 | Amicus Therapeutics, Inc.* | 3,544,938 | ||||||||
9,692 | Argenx SE, ADR* | 2,850,320 | ||||||||
49,036 | Ascendis Pharma AS, ADR* | 8,178,224 | ||||||||
48,989 | Avalara, Inc. * | 8,077,796 | ||||||||
26,335 | Bio-Rad Laboratories, Inc. Class A* | 15,351,725 | ||||||||
13,919 | Bio-Techne Corp. | 4,419,978 | ||||||||
38,538 | Blueprint Medicines Corp.* | 4,322,037 | ||||||||
137,648 | Booz Allen Hamilton Holding Corp. Class A | 12,000,153 | ||||||||
28,356 | Bright Horizons Family Solutions, Inc.* | 4,905,304 | ||||||||
209,164 | Catalent, Inc.* | 21,767,698 | ||||||||
157,400 | Catalyst Pharmaceuticals, Inc.* | 525,716 | ||||||||
75,300 | Central Garden & Pet Co. Class A* | 2,735,649 | ||||||||
47,871 | Charles River Laboratories International, Inc.* | 11,961,048 | ||||||||
71,073 | Chegg, Inc.* (a) | 6,420,024 | ||||||||
16,790 | Chemed Corp. | 8,942,522 | ||||||||
30,057 | ChemoCentryx, Inc.* | 1,861,129 | ||||||||
26,708 | CRA International, Inc. | 1,360,238 |
See accompanying Notes to the Schedule of Investments.
11
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Consumer, Non-cyclical — continued | ||||||||||
29,400 | DaVita, Inc.* | 3,451,560 | ||||||||
51,700 | Deluxe Corp. | 1,509,640 | ||||||||
15,100 | Emergent BioSolutions, Inc.* | 1,352,960 | ||||||||
28,763 | Encompass Health Corp. | 2,378,412 | ||||||||
39,829 | Gartner, Inc.* | 6,380,208 | ||||||||
144,835 | Globus Medical, Inc. Class A* | 9,446,139 | ||||||||
33,402 | Grand Canyon Education, Inc.* | 3,110,060 | ||||||||
63,661 | Grocery Outlet Holding Corp.* | 2,498,694 | ||||||||
46,699 | H&R Block, Inc. | 740,646 | ||||||||
80,813 | Halozyme Therapeutics, Inc.* | 3,451,523 | ||||||||
18,843 | Helen of Troy, Ltd.* | 4,186,726 | ||||||||
216,963 | Horizon Therapeutics Plc* | 15,870,843 | ||||||||
617,000 | Hostess Brands, Inc. Class A* | 9,032,880 | ||||||||
41,473 | ICON Plc, ADR* | 8,086,406 | ||||||||
92,545 | Ingles Markets, Inc. Class A | 3,947,970 | ||||||||
34,900 | Ingredion, Inc. | 2,745,583 | ||||||||
132,416 | Innoviva, Inc.* | 1,640,634 | ||||||||
20,454 | Insperity, Inc. | 1,665,365 | ||||||||
53,772 | Insulet Corp.* | 13,745,736 | ||||||||
47,970 | Integer Holdings Corp.* | 3,894,684 | ||||||||
264,195 | Ironwood Pharmaceuticals, Inc. Class A* | 3,009,181 | ||||||||
66,064 | Jazz Pharmaceuticals Plc* | 10,903,863 | ||||||||
24,100 | JM Smucker Co. (The) | 2,785,960 | ||||||||
31,739 | Lancaster Colony Corp. | 5,831,407 | ||||||||
50,275 | Lannett Co., Inc.* (a) | 327,793 | ||||||||
63,100 | Lantheus Holdings, Inc.* | 851,219 | ||||||||
22,687 | LHC Group, Inc.* | 4,839,591 | ||||||||
29,127 | Magellan Health, Inc.* | 2,412,881 | ||||||||
27,500 | ManpowerGroup, Inc. | 2,479,950 | ||||||||
9,877 | MarketAxess Holdings, Inc. | 5,635,421 | ||||||||
131,755 | MEDNAX, Inc.* | 3,233,268 | ||||||||
25,162 | Molina Healthcare, Inc.* | 5,351,454 | ||||||||
115,635 | Molson Coors Beverage Co. Class B | 5,225,546 | ||||||||
20,000 | Morningstar, Inc. | 4,631,400 | ||||||||
143,304 | Neurocrine Biosciences, Inc.* | 13,735,688 | ||||||||
233,138 | Nielsen Holdings Plc | 4,865,590 | ||||||||
145,924 | Nomad Foods, Ltd.* | 3,709,388 | ||||||||
36,300 | Owens & Minor, Inc. | 981,915 | ||||||||
38,944 | Pacira BioSciences, Inc.* | 2,330,409 | ||||||||
81,888 | Paya Holdings, Inc. Class A* | 1,112,039 | ||||||||
27,389 | Paylocity Holding Corp.* | 5,639,669 | ||||||||
67,600 | Perdoceo Education Corp.* | 853,788 | ||||||||
69,502 | Performance Food Group Co.* | 3,308,990 | ||||||||
49,600 | Pilgrim’s Pride Corp.* | 972,656 | ||||||||
30,656 | PRA Health Sciences, Inc.* | 3,845,489 | ||||||||
257,680 | Premier, Inc. Class A | 9,044,568 | ||||||||
53,600 | Prestige Consumer Healthcare, Inc.* | 1,869,032 | ||||||||
42,613 | PTC Therapeutics, Inc.* | 2,600,671 | ||||||||
50,310 | Quest Diagnostics, Inc. | 5,995,443 | ||||||||
63,160 | Rent-A-Center, Inc. | 2,418,396 |
See accompanying Notes to the Schedule of Investments.
12
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Consumer, Non-cyclical — continued | ||||||||||
179,541 | Ritchie Bros Auctioneers, Inc. | 12,487,077 | ||||||||
69,169 | Rocket Pharmaceuticals, Inc.* | 3,793,228 | ||||||||
37,300 | Sage Therapeutics, Inc.* | 3,226,823 | ||||||||
29,235 | Sarepta Therapeutics, Inc.* | 4,984,275 | ||||||||
62,800 | Select Medical Holdings Corp.* | 1,737,048 | ||||||||
94,595 | Simply Good Foods Co. (The)* | 2,966,499 | ||||||||
84,200 | SpartanNash Co. | 1,465,922 | ||||||||
74,000 | Sprouts Farmers Market, Inc.* | 1,487,400 | ||||||||
55,407 | STERIS Plc | 10,501,843 | ||||||||
165,914 | Syneos Health, Inc.* | 11,303,721 | ||||||||
98,199 | TransUnion | 9,743,305 | ||||||||
9,000 | United Rentals, Inc.* | 2,087,190 | ||||||||
22,700 | United Therapeutics Corp.* | 3,445,633 | ||||||||
27,300 | Universal Corp. | 1,327,053 | ||||||||
16,000 | Universal Health Services, Inc. Class B | 2,200,000 | ||||||||
118,333 | Viad Corp. | 4,280,105 | ||||||||
31,200 | Weis Markets, Inc. | 1,491,672 | ||||||||
24,290 | WEX, Inc.* | 4,943,744 | ||||||||
53,590 | Xencor, Inc.* | 2,338,132 | ||||||||
|
| |||||||||
443,626,038 | ||||||||||
|
| |||||||||
Energy — 0.9% | ||||||||||
16,661 | Core Laboratories NV | 441,683 | ||||||||
42,080 | Dril-Quip, Inc.* | 1,246,410 | ||||||||
209,500 | HollyFrontier Corp. | 5,415,575 | ||||||||
17,419 | Murphy USA, Inc. | 2,279,624 | ||||||||
29,790 | National Energy Services Reunited Corp.* (a) | 295,815 | ||||||||
398,947 | Parsley Energy, Inc. Class A | 5,665,047 | ||||||||
113,268 | PBF Energy, Inc. Class A | 804,203 | ||||||||
190,000 | Southwestern Energy Co.* | 566,200 | ||||||||
|
| |||||||||
16,714,557 | ||||||||||
|
| |||||||||
Financial — 16.8% | ||||||||||
82,900 | Ally Financial, Inc. | 2,956,214 | ||||||||
98,328 | American Campus Communities, Inc. REIT | 4,205,489 | ||||||||
183,071 | American Equity Investment Life Holding Co. | 5,063,744 | ||||||||
41,100 | American Financial Group, Inc. | 3,601,182 | ||||||||
253,200 | Annaly Capital Management, Inc. REIT | 2,139,540 | ||||||||
124,900 | Ares Capital Corp.(a) | 2,109,561 | ||||||||
118,259 | Ares Management Corp. Class A | 5,564,086 | ||||||||
30,555 | Arthur J. Gallagher & Co. | 3,779,959 | ||||||||
56,193 | Artisan Partners Asset Management, Inc. Class A | 2,828,756 | ||||||||
155,400 | Associated Banc-Corp. | 2,649,570 | ||||||||
27,870 | Assurant, Inc. | 3,796,451 | ||||||||
65,500 | Assured Guaranty, Ltd. | 2,062,595 | ||||||||
97,258 | Atlantic Union Bankshares Corp. | 3,203,678 | ||||||||
142,160 | Axis Capital Holdings, Ltd. | 7,163,442 | ||||||||
46,900 | Bank of NT Butterfield & Son, Ltd. (The) | 1,461,404 | ||||||||
69,900 | BankUnited, Inc. | 2,431,122 |
See accompanying Notes to the Schedule of Investments.
13
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Financial — continued | ||||||||||
33,800 | Berkshire Hills Bancorp, Inc. | 578,656 | ||||||||
268,222 | BlackRock Capital Investment Corp.(a) | 721,517 | ||||||||
129,000 | Braemar Hotels & Resorts, Inc. REIT* | 594,690 | ||||||||
226,600 | Brandywine Realty Trust REIT | 2,698,806 | ||||||||
80,900 | Brixmor Property Group, Inc. REIT | 1,338,895 | ||||||||
6,897 | C&F Financial Corp. | 255,948 | ||||||||
140,800 | Cadence BanCorp Class A | 2,311,936 | ||||||||
67,515 | Cedar Realty Trust, Inc. REIT | 683,927 | ||||||||
99,300 | Chimera Investment Corp. REIT | 1,017,825 | ||||||||
36,900 | CIT Group, Inc. | 1,324,710 | ||||||||
61,400 | Citizens Financial Group, Inc. | 2,195,664 | ||||||||
170,300 | City Office, Inc. REIT | 1,663,831 | ||||||||
90,782 | CNA Financial Corp. | 3,536,867 | ||||||||
174,000 | CNO Financial Group, Inc. | 3,868,020 | ||||||||
41,900 | Comerica, Inc. | 2,340,534 | ||||||||
65,496 | CoreCivic, Inc. REIT | 428,999 | ||||||||
33,571 | CoreSite Realty Corp. REIT | 4,205,775 | ||||||||
139,600 | Diversified Healthcare Trust REIT | 575,152 | ||||||||
261,083 | Easterly Government Properties, Inc. REIT | 5,913,530 | ||||||||
20,500 | eHealth, Inc.* | 1,447,505 | ||||||||
57,900 | Equitable Holdings, Inc. | 1,481,661 | ||||||||
41,800 | Essent Group, Ltd. | 1,805,760 | ||||||||
245,490 | Essential Properties Realty Trust, Inc. REIT | 5,204,388 | ||||||||
21,700 | Federal Agricultural Mortgage Corp. Class C | 1,611,225 | ||||||||
215,181 | Fidelity National Financial, Inc. | 8,411,425 | ||||||||
94,800 | Fifth Third Bancorp | 2,613,636 | ||||||||
35,500 | Financial Institutions, Inc. | 798,750 | ||||||||
77,700 | First Busey Corp. | 1,674,435 | ||||||||
184,900 | First Horizon Corp. | 2,359,324 | ||||||||
26,080 | First Republic Bank | 3,831,934 | ||||||||
46,200 | Flagstar Bancorp, Inc. | 1,883,112 | ||||||||
238,900 | FNB Corp. | 2,269,550 | ||||||||
196,300 | Franklin Street Properties Corp. REIT | 857,831 | ||||||||
53,026 | Gaming and Leisure Properties, Inc. REIT | 2,248,302 | ||||||||
86,200 | GEO Group, Inc. (The) REIT(a) | 763,732 | ||||||||
82,184 | Glacier Bancorp, Inc. | 3,781,286 | ||||||||
85,200 | Global Net Lease, Inc. REIT | 1,460,328 | ||||||||
29,832 | Hamilton Lane, Inc. Class A | 2,328,388 | ||||||||
47,200 | Hancock Whitney Corp. | 1,605,744 | ||||||||
66,600 | Hanmi Financial Corp. | 755,244 | ||||||||
32,800 | Heritage Insurance Holdings, Inc. | 332,264 | ||||||||
138,200 | Hope Bancorp, Inc. | 1,507,762 | ||||||||
86,500 | Horizon Bancorp, Inc. | 1,371,890 | ||||||||
170,346 | Hudson Pacific Properties, Inc. REIT | 4,091,711 | ||||||||
69,000 | Independent Bank Corp. | 1,274,430 | ||||||||
64,000 | Industrial Logistics Properties Trust REIT | 1,490,560 | ||||||||
39,200 | International Bancshares Corp. | 1,467,648 | ||||||||
94,000 | Iron Mountain, Inc. REIT(a) | 2,771,120 | ||||||||
87,500 | Jefferies Financial Group, Inc. | 2,152,500 | ||||||||
31,959 | Jones Lang LaSalle, Inc.* | 4,741,757 |
See accompanying Notes to the Schedule of Investments.
14
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Financial — continued | ||||||||||
59,429 | Kemper Corp. | 4,565,930 | ||||||||
55,416 | Kinsale Capital Group, Inc. | 11,090,404 | ||||||||
55,520 | Lamar Advertising Co. REIT Class A | 4,620,374 | ||||||||
63,300 | Lincoln National Corp. | 3,184,623 | ||||||||
40,460 | LPL Financial Holdings, Inc. | 4,216,741 | ||||||||
262,500 | MFA Financial, Inc. REIT | 1,021,125 | ||||||||
141,500 | MGIC Investment Corp. | 1,775,825 | ||||||||
36,000 | National Health Investors, Inc. REIT | 2,490,120 | ||||||||
139,500 | Navient Corp. | 1,369,890 | ||||||||
139,400 | New Mountain Finance Corp.(a) | 1,583,584 | ||||||||
190,407 | Newmark Group, Inc. Class A | 1,388,067 | ||||||||
863,168 | Oaktree Specialty Lending Corp. | 4,807,846 | ||||||||
55,083 | Office Properties Income Trust REIT | 1,251,486 | ||||||||
46,100 | Omega Healthcare Investors, Inc. REIT | 1,674,352 | ||||||||
49,693 | Pacific Premier Bancorp, Inc. | 1,556,882 | ||||||||
80,000 | PennyMac Mortgage Investment Trust REIT | 1,407,200 | ||||||||
278,368 | Physicians Realty Trust REIT | 4,954,950 | ||||||||
97,400 | Piedmont Office Realty Trust, Inc. REIT Class A | 1,580,802 | ||||||||
102,788 | Pinnacle Financial Partners, Inc. | 6,619,547 | ||||||||
48,633 | Piper Sandler Cos. | 4,907,070 | ||||||||
25,500 | Popular, Inc. | 1,436,160 | ||||||||
75,567 | Preferred Apartment Communities, Inc. REIT Class A | 559,196 | ||||||||
18,000 | Preferred Bank | 908,460 | ||||||||
255,300 | Prospect Capital Corp.(a) | 1,381,173 | ||||||||
127,300 | Radian Group, Inc. | 2,577,825 | ||||||||
132,600 | Regions Financial Corp. | 2,137,512 | ||||||||
17,000 | Reinsurance Group of America, Inc. Class A | 1,970,300 | ||||||||
83,500 | Retail Properties of America, Inc. REIT Class A | 714,760 | ||||||||
6,493 | Retail Value, Inc. REIT | 96,551 | ||||||||
18,992 | RLI Corp. | 1,978,017 | ||||||||
143,600 | Sabra Health Care REIT, Inc. | 2,494,332 | ||||||||
37,800 | Sandy Spring Bancorp, Inc. | 1,216,782 | ||||||||
59,600 | Service Properties Trust REIT | 684,804 | ||||||||
47,731 | Signature Bank | 6,457,527 | ||||||||
81,300 | SITE Centers Corp. REIT | 822,756 | ||||||||
509,236 | Summit Hotel Properties, Inc. REIT | 4,588,216 | ||||||||
49,844 | Sun Communities, Inc. REIT | 7,573,796 | ||||||||
96,263 | Tanger Factory Outlet Centers, Inc. REIT(a) | 958,779 | ||||||||
152,503 | TCF Financial Corp. | 5,645,661 | ||||||||
72,400 | Universal Insurance Holdings, Inc. | 1,093,964 | ||||||||
110,400 | Unum Group | 2,532,576 | ||||||||
62,800 | VEREIT, Inc. REIT | 2,373,212 | ||||||||
21,550 | Victory Capital Holdings, Inc. Class A | 534,655 | ||||||||
146,602 | Voya Financial, Inc. | 8,621,664 | ||||||||
16,500 | Walker & Dunlop, Inc. | 1,518,330 | ||||||||
130,166 | Western Alliance Bancorp | 7,803,452 | ||||||||
73,600 | Western Union Co. (The) | 1,614,784 | ||||||||
10,934 | White Mountains Insurance Group, Ltd. | 10,941,216 | ||||||||
51,600 | Zions Bancorp NA | 2,241,504 | ||||||||
|
| |||||||||
311,212,059 | ||||||||||
|
|
See accompanying Notes to the Schedule of Investments.
15
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Government — 0.1% | ||||||||||
62,217 | Banco Latinoamericano de Comercio Exterior SA | 984,895 | ||||||||
|
| |||||||||
Industrial — 17.0% | ||||||||||
21,300 | Acuity Brands, Inc. | 2,579,217 | ||||||||
140,325 | Advanced Drainage Systems, Inc. | 11,728,364 | ||||||||
50,992 | Advanced Energy Industries, Inc.* | 4,944,694 | ||||||||
31,100 | AGCO Corp. | 3,206,099 | ||||||||
397,002 | Air Transport Services Group, Inc.* | 12,442,043 | ||||||||
42,100 | Apogee Enterprises, Inc. | 1,333,728 | ||||||||
45,131 | AptarGroup, Inc. | 6,177,983 | ||||||||
130,960 | Argan, Inc. | 5,826,410 | ||||||||
84,735 | Armstrong World Industries, Inc. | 6,303,437 | ||||||||
20,000 | Arrow Electronics, Inc.* | 1,946,000 | ||||||||
188,860 | Atkore International Group, Inc.* | 7,764,035 | ||||||||
34,700 | Atlas Air Worldwide Holdings, Inc.* | 1,892,538 | ||||||||
44,366 | Axon Enterprise, Inc.* | 5,436,166 | ||||||||
69,380 | AZEK Co., Inc. (The) Class A* | 2,667,661 | ||||||||
45,300 | Benchmark Electronics, Inc. | 1,223,553 | ||||||||
32,230 | Berry Global Group, Inc.* | 1,811,004 | ||||||||
76,700 | Builders FirstSource, Inc.* | 3,130,127 | ||||||||
77,787 | Cognex Corp. | 6,245,129 | ||||||||
55,293 | Colfax Corp.* | 2,114,404 | ||||||||
117,537 | Comfort Systems USA, Inc. | 6,189,498 | ||||||||
28,700 | Crane Co. | 2,228,842 | ||||||||
53,064 | Eagle Materials, Inc. | 5,378,036 | ||||||||
39,923 | ESCO Technologies, Inc. | 4,120,852 | ||||||||
102,189 | Exponent, Inc. | 9,200,076 | ||||||||
150,705 | Federal Signal Corp. | 4,998,885 | ||||||||
56,671 | FLIR Systems, Inc. | 2,483,890 | ||||||||
24,305 | Generac Holdings, Inc.* | 5,527,200 | ||||||||
121,084 | Gibraltar Industries, Inc.* | 8,710,783 | ||||||||
79,873 | Graco, Inc. | 5,778,812 | ||||||||
557,566 | GrafTech International, Ltd. | 5,943,654 | ||||||||
58,200 | Greif, Inc. Class A | 2,728,416 | ||||||||
220,153 | Harsco Corp.* | 3,958,351 | ||||||||
30,534 | HEICO Corp. | 4,042,702 | ||||||||
32,500 | HEICO Corp. Class A | 3,804,450 | ||||||||
92,235 | Hexcel Corp. | 4,472,475 | ||||||||
44,828 | Huntington Ingalls Industries, Inc. | 7,642,277 | ||||||||
21,810 | IDEX Corp. | 4,344,552 | ||||||||
290,042 | Ingersoll Rand, Inc.* | 13,214,314 | ||||||||
74,400 | Jabil, Inc. | 3,164,232 | ||||||||
89,893 | KBR, Inc. | 2,780,390 | ||||||||
23,831 | Landstar System, Inc. | 3,209,082 | ||||||||
36,930 | Lincoln Electric Holdings, Inc. | 4,293,113 | ||||||||
22,064 | Masonite International Corp.* | 2,169,774 | ||||||||
38,100 | MasTec, Inc.* | 2,597,658 | ||||||||
42,300 | Matthews International Corp. Class A | 1,243,620 | ||||||||
66,400 | MDU Resources Group, Inc. | 1,748,976 | ||||||||
31,900 | Moog, Inc. Class A | 2,529,670 |
See accompanying Notes to the Schedule of Investments.
16
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Industrial — continued | ||||||||||
36,726 | Nordson Corp. | 7,380,090 | ||||||||
91,269 | nVent Electric Plc | 2,125,655 | ||||||||
128,400 | O-I Glass, Inc. | 1,527,960 | ||||||||
15,435 | Old Dominion Freight Line, Inc. | 3,012,603 | ||||||||
31,300 | Oshkosh Corp. | 2,693,991 | ||||||||
15,500 | OSI Systems, Inc.* | 1,444,910 | ||||||||
26,500 | Owens Corning | 2,007,640 | ||||||||
71,100 | Primoris Services Corp. | 1,963,071 | ||||||||
42,436 | RBC Bearings, Inc.* | 7,597,741 | ||||||||
11,600 | Regal Beloit Corp. | 1,424,596 | ||||||||
43,100 | Sanmina Corp.* | 1,374,459 | ||||||||
136,400 | Schneider National, Inc. Class B | 2,823,480 | ||||||||
92,660 | Sensata Technologies Holding Plc* | 4,886,888 | ||||||||
73,400 | Silgan Holdings, Inc. | 2,721,672 | ||||||||
41,500 | SMART Global Holdings, Inc.* | 1,561,645 | ||||||||
12,200 | Snap-on, Inc. | 2,087,908 | ||||||||
17,900 | SYNNEX Corp. | 1,457,776 | ||||||||
12,745 | Teledyne Technologies, Inc.* | 4,995,785 | ||||||||
28,218 | Tetra Tech, Inc. | 3,267,080 | ||||||||
43,900 | Textron, Inc. | 2,121,687 | ||||||||
27,700 | Timken Co. (The) | 2,142,872 | ||||||||
35,400 | TopBuild Corp.* | 6,516,432 | ||||||||
129,252 | Trex Co., Inc.* | 10,820,977 | ||||||||
57,175 | TriMas Corp.* | 1,810,732 | ||||||||
79,633 | Trimble, Inc.* | 5,317,095 | ||||||||
35,000 | Trinseo SA | 1,792,350 | ||||||||
107,400 | TTM Technologies, Inc.* | 1,481,583 | ||||||||
81,767 | Universal Logistics Holdings, Inc. | 1,683,583 | ||||||||
88,078 | US Ecology, Inc. | 3,199,874 | ||||||||
82,300 | Vishay Intertechnology, Inc. | 1,704,433 | ||||||||
65,900 | Westrock Co. | 2,868,627 | ||||||||
|
| |||||||||
315,092,367 | ||||||||||
|
| |||||||||
Technology — 14.9% | ||||||||||
68,018 | 1Life Healthcare, Inc.* (a) | 2,968,986 | ||||||||
66,196 | ACI Worldwide, Inc.* | 2,543,912 | ||||||||
33,080 | Alteryx, Inc. Class A* (a) | 4,028,813 | ||||||||
30,600 | Amdocs, Ltd. | 2,170,458 | ||||||||
177,100 | Amkor Technology, Inc.* | 2,670,668 | ||||||||
409,231 | Avaya Holdings Corp.* | 7,836,774 | ||||||||
127,532 | Black Knight, Inc.* | 11,267,452 | ||||||||
41,663 | Blackline, Inc.* | 5,557,011 | ||||||||
28,122 | Broadridge Financial Solutions, Inc. | 4,308,290 | ||||||||
113,520 | CDK Global, Inc. | 5,883,742 | ||||||||
87,540 | Cerence, Inc.* (a) | 8,796,019 | ||||||||
39,090 | Ceridian HCM Holding, Inc.* | 4,165,430 | ||||||||
38,610 | Cirrus Logic, Inc.* | 3,173,742 | ||||||||
13,206 | Concentrix Corp.* | 1,303,432 | ||||||||
43,800 | CSG Systems International, Inc. | 1,974,066 |
See accompanying Notes to the Schedule of Investments.
17
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Technology — continued | ||||||||||
86,350 | Cubic Corp. | 5,357,154 | ||||||||
2,314 | Diodes, Inc.* | 163,137 | ||||||||
126,815 | DXC Technology Co. | 3,265,486 | ||||||||
60,100 | Ebix, Inc.(a) | 2,281,997 | ||||||||
82,100 | Entegris, Inc. | 7,889,810 | ||||||||
46,727 | Envestnet, Inc.* | 3,845,165 | ||||||||
38,709 | EPAM Systems, Inc.* | 13,871,370 | ||||||||
32,794 | Five9, Inc.* | 5,719,274 | ||||||||
43,940 | Fortinet, Inc.* | 6,526,408 | ||||||||
50,658 | HubSpot, Inc.* | 20,082,858 | ||||||||
19,500 | Insight Enterprises, Inc.* | 1,483,755 | ||||||||
32,400 | j2 Global, Inc.* | 3,165,156 | ||||||||
48,040 | Lumentum Holdings, Inc.* | 4,554,192 | ||||||||
106,886 | MaxLinear, Inc.* | 4,081,976 | ||||||||
67,078 | MKS Instruments, Inc. | 10,091,885 | ||||||||
16,763 | Monolithic Power Systems, Inc. | 6,139,114 | ||||||||
269,301 | NCR Corp.* (a) | 10,117,639 | ||||||||
40,402 | Nova Measuring Instruments, Ltd.* (a) | 2,852,381 | ||||||||
161,200 | ON Semiconductor Corp.* | 5,276,076 | ||||||||
30,778 | Pegasystems, Inc. | 4,101,476 | ||||||||
193,778 | Perspecta, Inc. | 4,666,174 | ||||||||
127,400 | Pitney Bowes, Inc. | 784,784 | ||||||||
50,232 | Power Integrations, Inc. | 4,111,992 | ||||||||
90,197 | Rapid7, Inc.* | 8,132,162 | ||||||||
72,220 | RealPage, Inc.* | 6,300,473 | ||||||||
47,100 | Science Applications International Corp. | 4,457,544 | ||||||||
47,300 | Seagate Technology Plc | 2,940,168 | ||||||||
63,150 | Semtech Corp.* | 4,552,484 | ||||||||
83,104 | Silicon Laboratories, Inc.* | 10,582,463 | ||||||||
98,874 | Smartsheet, Inc. Class A* | 6,850,979 | ||||||||
142,499 | SVMK, Inc.* | 3,640,849 | ||||||||
38,800 | Sykes Enterprises, Inc.* | 1,461,596 | ||||||||
105,480 | Tenable Holdings, Inc.* | 5,512,385 | ||||||||
9,465 | Tyler Technologies, Inc.* | 4,131,662 | ||||||||
45,300 | Ultra Clean Holdings, Inc.* | 1,411,095 | ||||||||
64,300 | Xerox Holdings Corp. | 1,491,117 | ||||||||
28,275 | Zebra Technologies Corp. Class A* | 10,866,931 | ||||||||
522,120 | Zynga, Inc. Class A* | 5,153,324 | ||||||||
|
| |||||||||
276,563,286 | ||||||||||
|
| |||||||||
Utilities — 1.2% | ||||||||||
58,868 | IDACORP, Inc. | 5,653,094 | ||||||||
48,700 | National Fuel Gas Co. | 2,003,031 | ||||||||
108,100 | NRG Energy, Inc. | 4,059,155 | ||||||||
59,406 | OGE Energy Corp. | 1,892,675 | ||||||||
98,930 | Portland General Electric Co. | 4,231,236 | ||||||||
200,600 | Vistra Corp. | 3,943,796 | ||||||||
|
| |||||||||
21,782,987 | ||||||||||
|
| |||||||||
TOTAL COMMON STOCKS (COST $1,425,354,592) | 1,792,589,304 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
18
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value ($) | Description | Value ($) | ||||||||
SHORT-TERM INVESTMENT — 0.8% | ||||||||||
Mutual Fund - Securities Lending Collateral — 0.8% | ||||||||||
15,816,308 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b) (c) | 15,816,308 | ||||||||
|
| |||||||||
TOTAL SHORT-TERM INVESTMENT (COST $15,816,308) | 15,816,308 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS — 97.6% (Cost $1,441,170,900) | 1,808,405,612 | |||||||||
Other Assets and Liabilities (net) — 2.4% | 44,274,135 | |||||||||
|
| |||||||||
NET ASSETS — 100.0% | $1,852,679,747 | |||||||||
|
| |||||||||
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 December 31, 2020. | |||||||||
(c) | Represents an investment of securities lending cash collateral. |
See accompanying Notes to the Schedule of Investments.
19
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Futures Contracts
Number of | Description | Expiration Date | Notional | Market Value/ | ||||||||||||||||
Buys | ||||||||||||||||||||
152 | Russell 2000 E-mini Index | Mar 2021 | $ | 15,008,480 | $ | 112,098 | ||||||||||||||
53 | S&P Mid 400 E-mini Index | Mar 2021 | 12,208,550 | 141,284 | ||||||||||||||||
|
| |||||||||||||||||||
$ | 253,382 | |||||||||||||||||||
|
|
Other Abbreviations
ADR | — American Depository Receipt |
REIT | — Real Estate Investment Trust |
See accompanying Notes to the Schedule of Investments.
20
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Asset Class Summary (Unaudited) | % of Net Assets | ||||
Common Stocks | 96.8 | ||||
Futures Contracts | 0.0 | * | |||
Short-Term Investment | 0.8 | ||||
Other Assets and Liabilities (net) | 2.4 | ||||
|
| ||||
100.0 | % | ||||
|
|
* Amount rounds to zero.
See accompanying Notes to the Schedule of Investments.
21