Mercer Non-US Core Equity Fund
Schedule of Investments
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
COMMON STOCKS — 96.0% | ||||||||||
Australia — 3.1% | ||||||||||
224,400 | AGL Energy, Ltd. | 2,069,242 | ||||||||
1,842,197 | Alumina, Ltd. | 2,608,511 | ||||||||
264,185 | APA Group | 1,967,234 | ||||||||
208,100 | Australia & New Zealand Banking Group, Ltd. | 3,645,175 | ||||||||
1,987,600 | Beach Energy, Ltd.(a) | 2,768,386 | ||||||||
294,129 | BGP Holdings Plc* (b) | — | ||||||||
254,404 | BHP Group, Ltd. | 8,329,471 | ||||||||
91,825 | BHP Group, Ltd., ADR | 5,999,846 | ||||||||
352,276 | Bingo Industries, Ltd. | 663,275 | ||||||||
450,222 | BlueScope Steel, Ltd. | 6,072,795 | ||||||||
273,548 | Champion Iron, Ltd.* | 1,002,646 | ||||||||
228,386 | Codan, Ltd. | 1,970,297 | ||||||||
240,808 | Collins Foods, Ltd. | 1,791,300 | ||||||||
935,331 | CSR, Ltd. | 3,774,744 | ||||||||
399,391 | Deterra Royalties, Ltd.* (a) | 1,479,313 | ||||||||
768,500 | Fortescue Metals Group, Ltd. | 13,894,299 | ||||||||
412,122 | Galaxy Resources, Ltd.* | 709,171 | ||||||||
1,233,793 | Genworth Mortgage Insurance Australia, Ltd. | 2,275,415 | ||||||||
822,452 | Gold Road Resources, Ltd.* | 840,905 | ||||||||
872,100 | Harvey Norman Holdings, Ltd.(a) | 3,156,164 | ||||||||
545,857 | Humm Group, Ltd.(a) | 473,862 | ||||||||
729,311 | IGO, Ltd. | 3,590,492 | ||||||||
539,745 | Iluka Resources, Ltd. | 2,703,048 | ||||||||
1,053,631 | Incitec Pivot, Ltd.* | 1,853,719 | ||||||||
731,800 | Inghams Group, Ltd. | 1,761,844 | ||||||||
118,064 | Integrated Research, Ltd. | 242,337 | ||||||||
254,400 | Lendlease Corp., Ltd. | 2,571,632 | ||||||||
23,621 | Magellan Financial Group, Ltd. | 978,069 | ||||||||
720,307 | Mayne Pharma Group, Ltd.* (a) | 191,760 | ||||||||
42,269 | McMillan Shakespeare, Ltd. | 404,123 | ||||||||
1,224,800 | Metcash, Ltd.(a) | 3,194,496 | ||||||||
53,438 | Mineral Resources, Ltd. | 1,544,267 | ||||||||
1,454,500 | Mirvac Group REIT | 2,963,044 | ||||||||
261,456 | NEXTDC, Ltd.* | 2,467,434 | ||||||||
1,626,284 | Orora, Ltd. | 3,388,290 | ||||||||
810,700 | Perenti Global, Ltd. | 857,040 | ||||||||
542,672 | Perseus Mining, Ltd.* | 544,379 | ||||||||
898,400 | Qantas Airways, Ltd.* | 3,362,265 | ||||||||
811,515 | Regis Resources, Ltd. | 2,342,009 | ||||||||
653,983 | Reliance Worldwide Corp., Ltd. | 2,043,817 | ||||||||
121,608 | Rio Tinto, Ltd. | 10,681,675 | ||||||||
222,027 | Saracen Mineral Holdings, Ltd.* | 813,804 | ||||||||
872,942 | Silver Lake Resources, Ltd.* | 1,205,754 | ||||||||
298,912 | South32, Ltd. | 569,719 | ||||||||
1,041,700 | Stockland REIT | 3,360,001 | ||||||||
345,218 | Super Retail Group, Ltd.(a) | 2,805,061 | ||||||||
117,422 | Technology One, Ltd.(a) | 742,991 | ||||||||
|
| |||||||||
Total Australia | 122,675,121 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
22
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Austria — 0.2% | ||||||||||
65,412 | ams AG* | 1,432,633 | ||||||||
64,200 | OMV AG | 2,592,213 | ||||||||
58,077 | voestalpine AG | 2,082,061 | ||||||||
112,743 | Wienerberger AG | 3,597,650 | ||||||||
|
| |||||||||
Total Austria | 9,704,557 | |||||||||
|
| |||||||||
Belgium — 0.2% | ||||||||||
66,193 | Ageas SA | 3,529,563 | ||||||||
69,704 | bpost SA* | 724,081 | ||||||||
24,636 | Kinepolis Group NV* (a) | 1,047,482 | ||||||||
34,100 | UCB SA | 3,524,764 | ||||||||
|
| |||||||||
Total Belgium | 8,825,890 | |||||||||
|
| |||||||||
Bermuda — 0.2% | ||||||||||
141,653 | Golden Ocean Group, Ltd. | 661,779 | ||||||||
272,730 | Hiscox, Ltd.* | 3,705,713 | ||||||||
62,900 | Hongkong Land Holdings, Ltd. | 259,777 | ||||||||
1,416,800 | Man Wah Holdings, Ltd. | 3,073,386 | ||||||||
1,289,000 | Shenzhen International Holdings, Ltd. | 2,081,325 | ||||||||
|
| |||||||||
Total Bermuda | 9,781,980 | |||||||||
|
| |||||||||
Brazil — 0.8% | ||||||||||
183,116 | Banco Bradesco SA, ADR* | 963,190 | ||||||||
699,500 | Duratex SA* | 2,577,573 | ||||||||
541,000 | JBS SA | 2,464,299 | ||||||||
2,857,492 | Magazine Luiza SA | 13,725,776 | ||||||||
288,700 | Movida Participacoes SA* | 1,147,752 | ||||||||
219,579 | Petroleo Brasileiro SA, ADR | 2,428,544 | ||||||||
101,500 | SIMPAR SA* | 693,120 | ||||||||
159,700 | Tupy SA* | 644,740 | ||||||||
322,824 | Vale SA Class B, ADR | 5,410,530 | ||||||||
135,800 | WEG SA | 1,980,188 | ||||||||
|
| |||||||||
Total Brazil | 32,035,712 | |||||||||
|
| |||||||||
Canada — 2.0% | ||||||||||
91,274 | Agnico Eagle Mines, Ltd. | 6,418,554 | ||||||||
31,900 | Canadian Tire Corp., Ltd. Class A | 4,189,817 | ||||||||
73,855 | Cascades, Inc. | 843,477 | ||||||||
240,100 | Cineplex, Inc.(a) | 1,747,039 | ||||||||
1,000 | Constellation Software, Inc. | 1,297,425 | ||||||||
47,124 | Descartes Systems Group, Inc. (The)* | 2,753,832 | ||||||||
35,700 | Dorel Industries, Inc. Class B* (a) | 418,368 | ||||||||
68,083 | ECN Capital Corp. | 345,759 | ||||||||
221,130 | Eldorado Gold Corp. * | 2,928,150 | ||||||||
1,306,990 | Element Fleet Management Corp.(a) | 13,726,473 | ||||||||
117,900 | Enerplus Corp.(a) | 368,322 | ||||||||
25,900 | Exco Technologies, Ltd. | 187,643 | ||||||||
125,788 | First Quantum Minerals, Ltd. | 2,256,088 |
See accompanying Notes to the Schedule of Investments.
23
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Canada — continued | ||||||||||
101,510 | Franco-Nevada Corp. | 12,716,637 | ||||||||
63,980 | Gildan Activewear, Inc. | 1,792,080 | ||||||||
83,800 | Gildan Activewear, Inc. (Toronto Exchange) | 2,341,006 | ||||||||
170,204 | Gran Colombia Gold Corp. | 1,076,801 | ||||||||
169,679 | Hudbay Minerals, Inc. | 1,187,753 | ||||||||
224,577 | Kinross Gold Corp. | 1,648,395 | ||||||||
58,800 | Loblaw Cos., Ltd. | 2,898,923 | ||||||||
65,800 | Magna International, Inc. | 4,654,033 | ||||||||
101,700 | Medical Facilities Corp.(a) | 561,984 | ||||||||
145,791 | Nutrien, Ltd. | 7,021,295 | ||||||||
168,200 | Seven Generations Energy, Ltd. Class A* | 872,686 | ||||||||
267,100 | ShawCor, Ltd. | 737,984 | ||||||||
1,860 | Topicus.com, Inc.* (b) | 7,025 | ||||||||
58,702 | Wheaton Precious Metals Corp. | 2,449,449 | ||||||||
|
| |||||||||
Total Canada | 77,446,998 | |||||||||
|
| |||||||||
Cayman Islands — 2.0% | ||||||||||
32,920 | Alibaba Group Holding, Ltd., ADR* | 7,661,472 | ||||||||
30,700 | Baidu, Inc., ADR* | 6,638,568 | ||||||||
456,000 | C-Mer Eye Care Holdings, Ltd. | 337,567 | ||||||||
1,777,000 | China Medical System Holdings, Ltd. | 1,984,668 | ||||||||
3,542,000 | China Resources Cement Holdings, Ltd. | 3,955,934 | ||||||||
2,866,000 | Chinasoft International, Ltd.* | 3,197,238 | ||||||||
479,500 | CK Hutchison Holdings, Ltd. | 3,345,557 | ||||||||
1,590,000 | Comba Telecom Systems Holdings, Ltd. | 463,434 | ||||||||
119,130 | GDS Holdings, Ltd., ADR* | 11,155,333 | ||||||||
3,565,000 | IGG, Inc. | 3,733,345 | ||||||||
3,714,000 | Jiangnan Group, Ltd. | 213,150 | ||||||||
3,247,000 | Lee & Man Paper Manufacturing, Ltd. | 2,659,124 | ||||||||
119,500 | Melco Resorts & Entertainment, Ltd., ADR | 2,216,725 | ||||||||
67,917 | Sapiens International Corp. NV | 2,078,939 | ||||||||
182,650 | Tencent Holdings, Ltd. | 13,285,607 | ||||||||
9,510,000 | Tongda Group Holdings, Ltd. | 699,098 | ||||||||
1,834,000 | United Laboratories International Holdings, Ltd. (The) | 1,300,902 | ||||||||
4,699,500 | WH Group, Ltd. | 3,939,559 | ||||||||
3,048,000 | Xinyi Glass Holdings, Ltd. | 8,510,508 | ||||||||
|
| |||||||||
Total Cayman Islands | 77,376,728 | |||||||||
|
| |||||||||
China — 0.1% | ||||||||||
2,710,500 | China Railway Construction Corp., Ltd. Class H | 1,482,170 | ||||||||
628,600 | Shanghai Pharmaceuticals Holding Co., Ltd. Class H | 1,107,408 | ||||||||
|
| |||||||||
Total China | 2,589,578 | |||||||||
|
| |||||||||
Denmark — 1.2% | ||||||||||
13,356 | Carlsberg AS Class B | 2,141,000 | ||||||||
17,692 | Coloplast AS Class B | 2,703,458 | ||||||||
282,200 | Danske Bank AS* | 4,668,929 | ||||||||
63,400 | DFDS AS* | 2,868,033 | ||||||||
2,662 | Genmab AS* | 1,077,752 |
See accompanying Notes to the Schedule of Investments.
24
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Denmark — continued | ||||||||||
54,453 | ISS AS* | 943,428 | ||||||||
45,818 | Jyske Bank AS* | 1,755,597 | ||||||||
222,469 | Novo Nordisk AS Class B | 15,602,268 | ||||||||
191,461 | Novozymes AS Class B | 10,999,527 | ||||||||
46,074 | Pandora AS | 5,157,622 | ||||||||
58,773 | Sydbank AS* | 1,299,411 | ||||||||
|
| |||||||||
Total Denmark | 49,217,025 | |||||||||
|
| |||||||||
Finland — 1.2% | ||||||||||
114,831 | Caverion OYJ* | 816,314 | ||||||||
60,282 | Kone OYJ Class B | 4,901,959 | ||||||||
50,274 | Konecranes OYJ Class A | 1,770,337 | ||||||||
277,208 | Neste OYJ | 20,065,760 | ||||||||
1,446,027 | Nokia OYJ* | 5,575,021 | ||||||||
305,100 | Nordea Bank Abp* | 2,497,254 | ||||||||
6,679 | QT Group OYJ* | 470,712 | ||||||||
142,906 | TietoEVRY OYJ | 4,696,541 | ||||||||
162,831 | Valmet OYJ | 4,654,056 | ||||||||
139,508 | Wartsila OYJ Abp | 1,391,164 | ||||||||
|
| |||||||||
Total Finland | 46,839,118 | |||||||||
|
| |||||||||
France — 11.8% | ||||||||||
81,260 | Air Liquide SA | 13,347,896 | ||||||||
56,108 | Albioma SA | 3,226,594 | ||||||||
127,960 | Arkema SA | 14,638,869 | ||||||||
146,709 | AXA SA | 3,502,517 | ||||||||
119,700 | BNP Paribas SA* | 6,313,112 | ||||||||
78,800 | Bouygues SA | 3,244,389 | ||||||||
168,790 | Capgemini SE | 26,187,115 | ||||||||
295,800 | Carrefour SA | 5,077,823 | ||||||||
33,000 | Casino Guichard Perrachon SA* | 1,017,100 | ||||||||
1,450,000 | CGG SA* | 1,437,059 | ||||||||
246,322 | Cie de Saint-Gobain* | 11,302,022 | ||||||||
48,517 | Cie Generale des Etablissements Michelin SCA | 6,230,144 | ||||||||
262,645 | CNP Assurances* | 4,235,515 | ||||||||
82,642 | Coface SA* | 830,167 | ||||||||
361,100 | Credit Agricole SA* | 4,559,622 | ||||||||
153,190 | Danone SA | 10,076,538 | ||||||||
107,545 | Dassault Systemes SE | 21,863,126 | ||||||||
240,740 | Edenred | 13,670,409 | ||||||||
251,609 | Elior Group SA 144A | 1,699,366 | ||||||||
606,730 | Engie SA* | 9,294,403 | ||||||||
37,070 | EssilorLuxottica SA | 5,785,285 | ||||||||
450,684 | Europcar Mobility Group* 144A | 416,884 | ||||||||
419,041 | Eutelsat Communications SA | 4,747,765 | ||||||||
14,057 | Gaztransport Et Technigaz SA | 1,362,196 | ||||||||
21,909 | ICADE REIT | 1,686,145 | ||||||||
42,863 | IPSOS | 1,447,483 | ||||||||
47,646 | Klepierre SA REIT | 1,072,087 |
See accompanying Notes to the Schedule of Investments.
25
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
France — continued | ||||||||||
65,260 | L’Oreal SA | 24,817,028 | ||||||||
223,000 | Legrand SA | 19,918,169 | ||||||||
36,332 | LVMH Moet Hennessy Louis Vuitton SE | 22,711,556 | ||||||||
125,400 | Metropole Television SA* | 2,034,524 | ||||||||
536,500 | Natixis SA* | 1,830,796 | ||||||||
77,474 | Nexans SA* | 5,616,503 | ||||||||
36,500 | Nexity SA | 1,583,628 | ||||||||
838,443 | Orange SA | 9,985,885 | ||||||||
128,430 | Pernod Ricard SA | 24,639,633 | ||||||||
146,686 | Peugeot SA* | 4,014,915 | ||||||||
62,549 | Publicis Groupe SA | 3,119,437 | ||||||||
35,500 | Quadient SA | 683,249 | ||||||||
31,952 | Renault SA* | 1,398,032 | ||||||||
251,009 | Rexel SA* | 3,960,339 | ||||||||
124,950 | Safran SA* | 17,726,733 | ||||||||
222,737 | Sanofi | 21,448,098 | ||||||||
379,884 | Schneider Electric SE | 54,986,672 | ||||||||
51,200 | Societe BIC SA | 2,897,993 | ||||||||
264,659 | Societe Generale SA* | 5,512,124 | ||||||||
11,213 | Sodexo SA | 949,675 | ||||||||
22,350 | Sopra Steria Group* | 3,615,186 | ||||||||
53,153 | Teleperformance | 17,644,090 | ||||||||
219,200 | Television Francaise 1* | 1,767,452 | ||||||||
12,319 | Thales SA | 1,128,961 | ||||||||
264,498 | TOTAL SE | 11,424,016 | ||||||||
504,273 | Valeo SA | 19,916,863 | ||||||||
30,407 | Vallourec SA* | 995,034 | ||||||||
174,011 | Veolia Environnement SA | 4,260,352 | ||||||||
|
| |||||||||
Total France | 468,858,574 | |||||||||
|
| |||||||||
Germany — 7.5% | ||||||||||
41,400 | Allianz SE | 10,166,452 | ||||||||
47,200 | Aurubis AG | 3,676,464 | ||||||||
134,700 | Bayer AG | 7,936,530 | ||||||||
26,221 | Beiersdorf AG | 3,029,890 | ||||||||
78,800 | BMW AG | 6,964,108 | ||||||||
285,440 | CECONOMY AG* | 1,978,502 | ||||||||
22,392 | CompuGroup Medical SE & Co. KgaA | 2,153,462 | ||||||||
80,564 | Continental AG | 11,952,107 | ||||||||
149,257 | Covestro AG 144A | 9,218,829 | ||||||||
297,433 | Daimler AG | 21,031,175 | ||||||||
11,687 | Delivery Hero SE* 144A | 1,816,053 | ||||||||
55,752 | Deutsche Bank AG* | 610,459 | ||||||||
30,337 | Deutsche Boerse AG | 5,168,798 | ||||||||
199,311 | Deutsche Lufthansa AG* | 2,637,421 | ||||||||
233,239 | Deutsche Pfandbriefbank AG* | 2,509,913 | ||||||||
218,000 | Deutsche Post AG | 10,802,722 | ||||||||
238,300 | Deutsche Telekom AG | 4,360,458 | ||||||||
266,041 | Deutsche Wohnen SE | 14,221,726 |
See accompanying Notes to the Schedule of Investments.
26
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Germany — continued | ||||||||||
86,787 | Deutz AG* | 541,560 | ||||||||
20,682 | Duerr AG | 845,202 | ||||||||
176,038 | Evonik Industries AG | 5,746,639 | ||||||||
92,100 | Fresenius SE & Co. KGaA | 4,264,150 | ||||||||
182,826 | GEA Group AG | 6,549,840 | ||||||||
20,625 | Gerresheimer AG | 2,214,434 | ||||||||
22,122 | HelloFresh SE* | 1,710,658 | ||||||||
88,000 | HUGO BOSS AG | 2,938,380 | ||||||||
666,109 | Infineon Technologies AG | 25,583,403 | ||||||||
179,935 | Knorr-Bremse AG | 24,587,408 | ||||||||
29,802 | Koenig & Bauer AG* | 872,224 | ||||||||
24,785 | Krones AG | 2,003,011 | ||||||||
30,798 | LEG Immobilien AG | 4,787,988 | ||||||||
11,600 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3,446,104 | ||||||||
43,415 | Nordex SE* | 1,177,149 | ||||||||
163,125 | Puma SE* | 18,418,311 | ||||||||
54,801 | Rheinmetall AG | 5,805,341 | ||||||||
71,918 | RWE AG | 3,041,996 | ||||||||
141,431 | SAP SE | 18,554,194 | ||||||||
28,237 | Siemens Healthineers AG 144A | 1,450,383 | ||||||||
27,377 | Siltronic AG | 4,290,982 | ||||||||
47,568 | SMA Solar Technology AG* | 3,256,392 | ||||||||
81,763 | Software AG | 3,335,371 | ||||||||
89,939 | Symrise AG Class A | 11,928,862 | ||||||||
156,719 | TAG Immobilien AG* | 4,966,416 | ||||||||
42,000 | Talanx AG* | 1,632,118 | ||||||||
93,600 | United Internet AG | 3,943,071 | ||||||||
10,197 | Volkswagen AG | 2,122,259 | ||||||||
114,656 | Vonovia SE | 8,383,571 | ||||||||
|
| |||||||||
Total Germany | 298,632,486 | |||||||||
|
| |||||||||
Hong Kong — 1.0% | ||||||||||
1,214,800 | AIA Group, Ltd. | 14,883,703 | ||||||||
661,000 | China Mobile, Ltd. | 3,767,961 | ||||||||
1,487,500 | Techtronic Industries Co., Ltd. | 21,217,524 | ||||||||
|
| |||||||||
Total Hong Kong | 39,869,188 | |||||||||
|
| |||||||||
Hungary — 0.1% | ||||||||||
229,600 | MOL Hungarian Oil & Gas Plc* | 1,696,322 | ||||||||
155,400 | Richter Gedeon Nyrt | 3,900,462 | ||||||||
|
| |||||||||
Total Hungary | 5,596,784 | |||||||||
|
| |||||||||
India — 0.4% | ||||||||||
746,300 | HDFC Bank, Ltd.* | 14,692,103 | ||||||||
|
| |||||||||
Indonesia — 0.0% | ||||||||||
3,540,700 | Bank Negara Indonesia Persero Tbk PT | 1,556,144 | ||||||||
|
|
See accompanying Notes to the Schedule of Investments.
27
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Ireland — 0.8% | ||||||||||
225,100 | C&C Group Plc* | 700,018 | ||||||||
126,157 | James Hardie Industries Plc, CDI* | 3,720,682 | ||||||||
57,566 | Kerry Group Plc Class A | 8,346,533 | ||||||||
170,777 | Ryanair Holdings Plc, ADR* | 18,782,054 | ||||||||
|
| |||||||||
Total Ireland | 31,549,287 | |||||||||
|
| |||||||||
Israel — 0.3% | ||||||||||
27,594 | Hilan, Ltd. | 1,309,744 | ||||||||
51,813 | Maytronics, Ltd. | 779,260 | ||||||||
16,258 | Nova Measuring Instruments, Ltd.* | 1,147,903 | ||||||||
61,473 | Stratasys, Ltd.* | 1,273,721 | ||||||||
210,300 | Teva Pharmaceutical Industries, Ltd.* | 2,000,955 | ||||||||
54,043 | Tower Semiconductor, Ltd.* | 1,403,253 | ||||||||
23,430 | Wix.com, Ltd.* | 5,856,563 | ||||||||
|
| |||||||||
Total Israel | 13,771,399 | |||||||||
|
| |||||||||
Italy — 2.2% | ||||||||||
2,822,000 | A2A SpA | 4,504,253 | ||||||||
158,122 | Assicurazioni Generali SpA | 2,758,884 | ||||||||
356,189 | Autogrill SpA* | 2,383,908 | ||||||||
524,667 | Banca Popolare di Sondrio SCPA* | 1,412,304 | ||||||||
295,144 | BPER Banca* | 536,268 | ||||||||
88,827 | Buzzi Unicem SpA | 2,119,343 | ||||||||
64,224 | Datalogic SpA | 1,100,138 | ||||||||
2,420,588 | Enel SpA | 24,511,114 | ||||||||
1,131,173 | Eni SpA | 11,830,831 | ||||||||
111,114 | Esprinet SpA* | 1,465,579 | ||||||||
354,775 | Eurotech SpA* (a) | 2,237,708 | ||||||||
393,755 | Falck Renewables SpA | 3,174,923 | ||||||||
981,417 | Intesa Sanpaolo SpA* | 2,296,674 | ||||||||
725,151 | Leonardo SpA | 5,243,697 | ||||||||
291,800 | Mediobanca Banca di Credito Finanziario SpA* | 2,692,020 | ||||||||
1,079,552 | OVS SpA* (a) 144A | 1,386,930 | ||||||||
91,717 | Poste Italiane SpA 144A | 933,673 | ||||||||
523,706 | Reno de Medici SpA | 621,557 | ||||||||
10,207 | Reply SpA | 1,190,180 | ||||||||
278,436 | Rizzoli Corriere Della Sera Mediagroup SpA* | 194,188 | ||||||||
641,104 | Saipem SpA(a) | 1,729,652 | ||||||||
1,087,683 | Saras SpA* (a) | 791,181 | ||||||||
174,600 | Societa Cattolica di Assicurazioni SC* (a) | 979,716 | ||||||||
42,561 | Tod’s SpA* (a) | 1,482,069 | ||||||||
344,357 | UniCredit SpA* | 3,222,393 | ||||||||
596,700 | Unipol Gruppo SpA* | 2,854,661 | ||||||||
1,078,000 | UnipolSai Assicurazioni SpA | 2,862,201 | ||||||||
|
| |||||||||
Total Italy | 86,516,045 | |||||||||
|
| |||||||||
Japan — 22.2% | ||||||||||
78,000 | ADEKA Corp. | 1,360,628 | ||||||||
149,100 | Adways, Inc.(a) | 953,131 |
See accompanying Notes to the Schedule of Investments.
28
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Japan — continued | ||||||||||
45,400 | Aeon Co., Ltd. | 1,488,489 | ||||||||
2,200 | AEON REIT Investment Corp. REIT | 2,812,727 | ||||||||
148,000 | AGC, Inc.(a) | 5,160,540 | ||||||||
2,000 | AI inside, Inc.* (a) | 1,421,861 | ||||||||
178,000 | Alpen Co., Ltd.(a) | 4,075,665 | ||||||||
33,200 | Altech Corp.(a) | 674,644 | ||||||||
42,400 | Amada Co., Ltd. | 465,293 | ||||||||
91,600 | Amano Corp. | 2,189,634 | ||||||||
116,900 | Asics Corp.(a) | 2,241,871 | ||||||||
116,100 | ASKA Pharmaceutical Co., Ltd. | 1,793,593 | ||||||||
564,500 | Astellas Pharma, Inc. | 8,715,318 | ||||||||
62,300 | Avex, Inc. | 690,311 | ||||||||
7,500 | BayCurrent Consulting, Inc. | 1,314,107 | ||||||||
32,200 | Brother Industries, Ltd. | 663,056 | ||||||||
88,300 | Can Do Co., Ltd. | 1,620,693 | ||||||||
108,800 | Canon, Inc.(a) | 2,084,424 | ||||||||
45,109 | Canon, Inc., ADR | 875,566 | ||||||||
45,400 | Central Glass Co., Ltd. | 987,635 | ||||||||
367,894 | Chiba Bank, Ltd. (The) | 2,023,960 | ||||||||
214,300 | Chubu Electric Power Co., Inc. | 2,580,027 | ||||||||
15,200 | CMIC Holdings Co., Ltd. | 199,487 | ||||||||
51,700 | Coca-Cola Bottlers Japan Holdings, Inc.(a) | 805,708 | ||||||||
7,000 | Cosmos Pharmaceutical Corp. | 1,130,902 | ||||||||
213,900 | Credit Saison Co., Ltd. | 2,457,120 | ||||||||
46,200 | Cybozu, Inc.(a) | 1,154,049 | ||||||||
374,300 | Dai-ichi Life Holdings, Inc. | 5,626,554 | ||||||||
576,700 | Daicel Corp. | 4,206,064 | ||||||||
4,900 | Daiichi Sanyko Co., Ltd. | 167,771 | ||||||||
35,500 | Daiichikosho Co., Ltd. | 1,225,798 | ||||||||
42,600 | Daikin Industries, Ltd. | 9,457,039 | ||||||||
111,200 | Daiwa House Industry Co., Ltd. | 3,300,080 | ||||||||
647,500 | Daiwa Securities Group, Inc. | 2,947,600 | ||||||||
265,000 | DeNA Co., Ltd. | 4,720,180 | ||||||||
60,000 | Denka Co., Ltd. | 2,342,002 | ||||||||
88,000 | Dexerials Corp. | 1,149,809 | ||||||||
85,100 | DIC Corp.(a) | 2,146,355 | ||||||||
52,800 | Dip Corp. | 1,407,898 | ||||||||
11,200 | Disco Corp. | 3,769,674 | ||||||||
191,300 | DMG Mori Co., Ltd.(a) | 2,907,160 | ||||||||
41,800 | Dowa Holdings Co., Ltd. | 1,512,160 | ||||||||
52,800 | Eagle Industry Co., Ltd. | 506,802 | ||||||||
60,200 | East Japan Railway Co. | 4,014,499 | ||||||||
275,800 | EDION Corp. | 2,799,539 | ||||||||
105,100 | Electric Power Development Co., Ltd. | 1,446,531 | ||||||||
37,400 | en-japan, Inc. | 1,119,337 | ||||||||
1,251,100 | ENEOS Holdings, Inc. | 4,488,425 | ||||||||
16,200 | Enplas Corp. | 611,942 | ||||||||
180,100 | EPS Holdings, Inc. | 1,702,529 | ||||||||
107,100 | Ezaki Glico Co., Ltd.(a) | 4,704,329 | ||||||||
50,600 | FANUC Corp. | 12,428,844 |
See accompanying Notes to the Schedule of Investments.
29
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Japan — continued | ||||||||||
38,900 | Freebit Co., Ltd. | 340,980 | ||||||||
159,900 | Fuji Corp. | 4,201,741 | ||||||||
14,000 | Fuji Kyuko Co., Ltd.(a) | 652,913 | ||||||||
24,700 | FUJIFILM Holdings Corp. | 1,300,970 | ||||||||
120,900 | Fukuoka Financial Group, Inc. | 2,146,445 | ||||||||
87,100 | Furukawa Co., Ltd. | 1,033,440 | ||||||||
124,400 | Futaba Industrial Co., Ltd. | 636,188 | ||||||||
58,900 | Glory, Ltd. | 1,187,185 | ||||||||
38,500 | GMO internet, Inc. | 1,104,155 | ||||||||
37,800 | Godo Steel, Ltd. | 710,638 | ||||||||
199,100 | Gumi, Inc. | 1,579,378 | ||||||||
42,600 | GungHo Online Entertainment, Inc. | 952,306 | ||||||||
360,894 | Hachijuni Bank, Ltd. (The) | 1,198,960 | ||||||||
322,500 | Haseko Corp. | 3,695,264 | ||||||||
326,100 | Hazama Ando Corp. | 2,274,125 | ||||||||
88,100 | Hirose Electric Co., Ltd. | 13,354,303 | ||||||||
92,500 | Hitachi Capital Corp. | 2,231,755 | ||||||||
309,100 | Hitachi Zosen Corp. | 1,706,494 | ||||||||
269,800 | Hitachi, Ltd. | 10,622,665 | ||||||||
335,600 | Hokkaido Electric Power Co., Inc. | 1,218,945 | ||||||||
339,900 | Honda Motor Co., Ltd. | 9,473,217 | ||||||||
118,400 | Honda Motor Co., Ltd., ADR | 3,344,800 | ||||||||
6,300 | Hosokawa Micron Corp. | 388,087 | ||||||||
73,500 | Hoya Corp. | 10,158,797 | ||||||||
69,900 | Ichinen Holdings Co., Ltd. | 856,443 | ||||||||
55,600 | Ines Corp. | 751,781 | ||||||||
477,000 | Inpex Corp.(a) | 2,568,764 | ||||||||
386,300 | Isuzu Motors, Ltd. | 3,666,754 | ||||||||
226,400 | Ito En, Ltd. | 14,319,260 | ||||||||
351,600 | ITOCHU Corp. | 10,093,878 | ||||||||
77,400 | Jaccs Co., Ltd. | 1,370,402 | ||||||||
18,900 | JAFCO Group Co., Ltd. | 942,758 | ||||||||
105,600 | Japan Airlines Co., Ltd.* | 2,040,506 | ||||||||
153,300 | Japan Aviation Electronics Industry, Ltd. | 2,344,527 | ||||||||
108,700 | Japan Petroleum Exploration Co., Ltd. | 1,975,119 | ||||||||
402,600 | Japan Post Holdings Co., Ltd. | 3,130,488 | ||||||||
30,300 | JFE Holdings, Inc.* | 289,955 | ||||||||
22,000 | JMDC, Inc.* | 1,244,419 | ||||||||
59,000 | Juki Corp. | 301,729 | ||||||||
134,400 | K’s Holdings Corp. | 1,869,324 | ||||||||
12,500 | Kaken Pharmaceutical Co., Ltd. | 482,469 | ||||||||
88,500 | Kamigumi Co., Ltd. | 1,614,078 | ||||||||
278,400 | Kandenko Co., Ltd. | 2,354,043 | ||||||||
37,800 | Kaneka Corp. | 1,321,691 | ||||||||
282,500 | Kanematsu Corp. | 3,518,766 | ||||||||
373,100 | Kansai Electric Power Co., Inc. (The) | 3,518,693 | ||||||||
172,900 | Kansai Paint Co., Ltd. | 5,317,037 | ||||||||
313,408 | Kao Corp.(a) | 24,193,537 | ||||||||
79,400 | Kappa Create Co., Ltd.* | 1,111,269 | ||||||||
42,400 | Katakura Industries Co., Ltd.(a) | 546,196 |
See accompanying Notes to the Schedule of Investments.
30
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Japan — continued | ||||||||||
178,100 | Kawasaki Heavy Industries, Ltd. * | 4,008,953 | ||||||||
658,600 | KDDI Corp. | 19,558,018 | ||||||||
35,200 | Keyence Corp. | 19,774,323 | ||||||||
61,900 | Kirin Holdings Co., Ltd.(a) | 1,459,292 | ||||||||
71,900 | Kisoji Co., Ltd. | 1,672,061 | ||||||||
59,800 | Kissei Pharmaceutical Co., Ltd. | 1,295,681 | ||||||||
33,100 | Kito Corp. | 495,001 | ||||||||
159,800 | Kobayashi Pharmaceutical Co., Ltd. | 19,517,439 | ||||||||
15,786 | Kose Corp. | 2,691,013 | ||||||||
12,000 | Kurimoto, Ltd. | 186,663 | ||||||||
25,700 | KYB Corp.* | 588,702 | ||||||||
243,600 | Link And Motivation, Inc.(a) | 1,380,270 | ||||||||
112,400 | Lion Corp. | 2,719,504 | ||||||||
64,200 | M3, Inc. | 6,058,411 | ||||||||
44,200 | Mandom Corp. | 726,927 | ||||||||
935,800 | Marubeni Corp. | 6,218,726 | ||||||||
64,800 | Matsumotokiyoshi Holdings Co., Ltd. | 2,761,587 | ||||||||
27,200 | Matsuyafoods Holdings Co., Ltd. | 887,830 | ||||||||
63,400 | Maxell Holdings, Ltd.* | 789,698 | ||||||||
607,800 | Mebuki Financial Group, Inc. | 1,195,054 | ||||||||
25,400 | Media Do Co., Ltd. | 1,822,984 | ||||||||
178,100 | Medipal Holdings Corp. | 3,343,095 | ||||||||
2,700 | Milbon Co., Ltd. | 171,815 | ||||||||
457,700 | Mitsubishi Chemical Holdings Corp. | 2,767,169 | ||||||||
172,200 | Mitsubishi Gas Chemical Co., Inc. | 3,951,201 | ||||||||
118,400 | Mitsubishi Heavy Industries, Ltd. | 3,619,259 | ||||||||
69,900 | Mitsubishi Materials Corp. | 1,469,156 | ||||||||
1,091,600 | Mitsubishi UFJ Financial Group, Inc. | 4,822,304 | ||||||||
458,600 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 2,198,721 | ||||||||
67,400 | Mitsui Chemicals, Inc. | 1,974,769 | ||||||||
61,900 | Mixi, Inc. | 1,535,434 | ||||||||
442,000 | Mizuho Financial Group, Inc. | 5,597,511 | ||||||||
91,200 | Mizuho Leasing Co., Ltd. | 2,742,758 | ||||||||
128,700 | MS&AD Insurance Group Holdings, Inc. | 3,915,412 | ||||||||
277,700 | Murata Manufacturing Co., Ltd. | 25,068,178 | ||||||||
132,900 | Nankai Electric Railway Co., Ltd. | 3,369,967 | ||||||||
17,800 | NEC Corp. | 955,126 | ||||||||
146,600 | Nihon House Holdings Co., Ltd. | 468,575 | ||||||||
255,800 | Nihon Kohden Corp. | 9,513,991 | ||||||||
65,746 | Nintendo Co., Ltd., ADR | 5,293,868 | ||||||||
99,400 | Nippon Kayaku Co., Ltd. | 920,397 | ||||||||
37,200 | Nippon Light Metal Holdings Co., Ltd. | 688,909 | ||||||||
101,800 | Nippon Paper Industries Co., Ltd. | 1,177,289 | ||||||||
30,300 | Nippon Sanso Holdings Corp. | 562,301 | ||||||||
452,600 | Nippon Sheet Glass Co., Ltd.* | 2,082,280 | ||||||||
126,900 | Nippon Soda Co., Ltd. | 3,767,238 | ||||||||
49,100 | Nippon Steel Corp.* | 631,554 | ||||||||
565,900 | Nippon Telegraph & Telephone Corp. | 14,500,348 | ||||||||
52,000 | Nippon Yusen KK | 1,209,783 | ||||||||
153,500 | Nishio Rent All Co., Ltd. | 3,211,390 |
See accompanying Notes to the Schedule of Investments.
31
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Japan — continued | ||||||||||
996,900 | Nissan Motor Co., Ltd.* | 5,407,177 | ||||||||
49,200 | Nisshin Oillio Group, Ltd. (The) | 1,446,288 | ||||||||
36,100 | Nissin Foods Holdings Co., Ltd. | 3,090,939 | ||||||||
29,300 | Nitto Denko Corp. | 2,619,391 | ||||||||
34,100 | Nojima Corp. | 934,369 | ||||||||
2,021,300 | Nomura Holdings, Inc. | 10,669,848 | ||||||||
35,900 | Nomura Micro Science Co., Ltd. | 1,116,170 | ||||||||
312,100 | Nomura Research Institute, Ltd. | 11,169,640 | ||||||||
540,941 | North Pacific Bank, Ltd. | 1,142,187 | ||||||||
88,300 | NTT Data Corp. | 1,206,754 | ||||||||
39,200 | Obara Group, Inc.(a) | 1,492,140 | ||||||||
389,700 | Obayashi Corp. | 3,359,320 | ||||||||
48,900 | Obic Co., Ltd. | 9,818,364 | ||||||||
77,200 | Oisix ra daichi, Inc.* | 2,336,675 | ||||||||
104,300 | Oki Electric Industry Co., Ltd. | 920,309 | ||||||||
153,900 | Okuwa Co., Ltd. | 1,937,818 | ||||||||
720,400 | Olympus Corp. | 15,744,904 | ||||||||
126,700 | Omron Corp. | 11,290,038 | ||||||||
36,100 | Open House Co., Ltd. | 1,325,188 | ||||||||
10,100 | Oriental Land Co., Ltd. | 1,666,948 | ||||||||
322,500 | ORIX Corp. | 4,949,404 | ||||||||
40,100 | Otsuka Holdings Co., Ltd.(a) | 1,715,936 | ||||||||
120,300 | Outsourcing, Inc.(a) | 1,609,127 | ||||||||
67,500 | Pacific Metals Co., Ltd. | 1,457,940 | ||||||||
151,100 | Panasonic Corp. | 1,742,308 | ||||||||
52,000 | Paramount Bed Holdings Co., Ltd. | 2,369,703 | ||||||||
29,000 | Pilot Corp.(a) | 813,444 | ||||||||
68,400 | Plenus Co., Ltd. | 1,156,066 | ||||||||
29,600 | Prima Meat Packers, Ltd. | 937,498 | ||||||||
30,300 | Punch Industry Co., Ltd. | 123,554 | ||||||||
306,000 | Rakuten, Inc.(a) | 2,946,041 | ||||||||
520,000 | Recruit Holdings Co., Ltd. | 21,762,991 | ||||||||
77,500 | Relia, Inc. | 960,071 | ||||||||
47,300 | Renesas Electronics Corp. * | 494,326 | ||||||||
518,100 | Rengo Co., Ltd. | 4,335,691 | ||||||||
714,000 | Resona Holdings, Inc. | 2,492,378 | ||||||||
102,900 | Resorttrust, Inc. | 1,469,075 | ||||||||
7,100 | Rohm Co., Ltd. | 686,997 | ||||||||
285,200 | Rohto Pharmaceutical Co., Ltd. | 8,439,014 | ||||||||
17,200 | RS Technologies Co., Ltd. | 946,254 | ||||||||
96,800 | Sangetsu Corp. | 1,454,180 | ||||||||
194,400 | Sanki Engineering Co., Ltd. | 2,283,958 | ||||||||
53,700 | Sankyu, Inc. | 2,025,875 | ||||||||
631,600 | Santen Pharmaceutical Co., Ltd. | 10,246,792 | ||||||||
32,200 | Sanyo Trading Co., Ltd. | 306,889 | ||||||||
95,700 | Sapporo Holdings, Ltd.(a) | 1,845,500 | ||||||||
40,100 | Sawai Pharmaceutical Co., Ltd. | 1,817,696 | ||||||||
145,700 | Secom Co., Ltd. | 13,430,451 | ||||||||
165,600 | Seiko Epson Corp. | 2,455,650 | ||||||||
263,100 | Shimadzu Corp. | 10,218,713 |
See accompanying Notes to the Schedule of Investments.
32
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Japan — continued | ||||||||||
43,600 | Shin-Etsu Chemical Co., Ltd. | 7,618,228 | ||||||||
35,500 | Shindengen Electric Manufacturing Co., Ltd. | 881,956 | ||||||||
264,300 | Shinmaywa Industries, Ltd. | 2,262,978 | ||||||||
154,100 | Shinsei Bank, Ltd. | 1,897,052 | ||||||||
65,000 | Shionogi & Co., Ltd. | 3,547,629 | ||||||||
200,500 | SKY Perfect JSAT Holdings, Inc. | 986,527 | ||||||||
19,300 | SMC Corp. | 11,767,495 | ||||||||
78,600 | Sohgo Security Services Co., Ltd. | 4,072,933 | ||||||||
133,900 | Soiken Holdings, Inc. | 818,353 | ||||||||
1,670,600 | Sojitz Corp. | 3,721,614 | ||||||||
57,600 | Sompo Holdings, Inc. | 2,328,101 | ||||||||
44,300 | Sony Corp. | 4,413,051 | ||||||||
19,300 | ST Corp. | 365,830 | ||||||||
199,900 | Subaru Corp. | 3,993,353 | ||||||||
19,600 | Sumitomo Bakelite Co., Ltd. | 673,931 | ||||||||
66,500 | Sumitomo Corp. | 879,517 | ||||||||
196,600 | Sumitomo Electric Industries, Ltd. | 2,602,101 | ||||||||
186,500 | Sumitomo Forestry Co., Ltd. | 3,890,949 | ||||||||
128,500 | Sumitomo Heavy Industries, Ltd. | 3,168,783 | ||||||||
25,400 | Sumitomo Metal Mining Co., Ltd. | 1,126,511 | ||||||||
414,700 | Sumitomo Mitsui Construction Co., Ltd. | 1,719,130 | ||||||||
182,300 | Sumitomo Mitsui Financial Group, Inc. | 5,629,061 | ||||||||
99,200 | Sumitomo Mitsui Trust Holdings, Inc. | 3,052,529 | ||||||||
239,000 | Sumitomo Rubber Industries, Ltd.(a) | 2,053,300 | ||||||||
11,700 | Sumitomo Seika Chemicals Co., Ltd. | 465,190 | ||||||||
118,500 | T&D Holdings, Inc. | 1,396,818 | ||||||||
67,700 | Taiheiyo Cement Corp. | 1,691,107 | ||||||||
111,200 | Takara Bio, Inc. | 2,981,274 | ||||||||
42,800 | Takara Holdings, Inc. | 534,352 | ||||||||
174,500 | Takeda Pharmaceutical Co., Ltd. | 6,346,530 | ||||||||
11,400 | TDK Corp. | 1,715,880 | ||||||||
375,500 | Teijin, Ltd. | 7,055,741 | ||||||||
224,700 | Terumo Corp. | 9,384,536 | ||||||||
79,100 | Tokio Marine Holdings, Inc. | 4,066,665 | ||||||||
142,000 | Tokuyama Corp. | 3,186,731 | ||||||||
88,500 | Tokyo Electric Power Co. Holdings, Inc.* | 233,154 | ||||||||
10,000 | Tokyo Electron, Ltd. | 3,719,308 | ||||||||
15,700 | Tokyo Electron, Ltd., ADR | 1,469,332 | ||||||||
56,300 | Tokyo Seimitsu Co., Ltd. | 2,644,729 | ||||||||
57,100 | Tokyotokeiba Co., Ltd. | 2,588,290 | ||||||||
150,100 | Tomy Co., Ltd. | 1,322,979 | ||||||||
23,500 | Tosho Co., Ltd. | 355,988 | ||||||||
17,200 | Tosoh Corp. | 267,883 | ||||||||
111,400 | Towa Corp. | 2,266,951 | ||||||||
54,000 | Towa Pharmaceutical Co., Ltd. | 1,001,075 | ||||||||
54,200 | Toyo Ink SC Holdings Co., Ltd.(a) | 1,035,756 | ||||||||
248,800 | Toyo Suisan Kaisha, Ltd. | 12,097,206 | ||||||||
25,700 | Toyo Tanso Co., Ltd. | 502,077 | ||||||||
65,800 | Toyota Motor Corp. | 5,071,147 | ||||||||
27,500 | Transcosmos, Inc. | 693,859 |
See accompanying Notes to the Schedule of Investments.
33
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Japan — continued | ||||||||||
85,600 | TS Tech Co., Ltd. | 2,644,816 | ||||||||
16,600 | Tsubakimoto Chain Co. | 435,238 | ||||||||
68,500 | UACJ Corp. | 1,255,286 | ||||||||
130,200 | Ube Industries, Ltd. | 2,360,738 | ||||||||
96,900 | Ulvac, Inc. | 4,143,673 | ||||||||
50,100 | Unicharm Corp. | 2,373,860 | ||||||||
2,100 | United Super Markets Holdings, Inc. | 22,984 | ||||||||
194,400 | Valor Holdings Co., Ltd. | 4,976,504 | ||||||||
217,100 | Yamaha Motor Co., Ltd. | 4,424,218 | ||||||||
24,600 | Yaskawa Electric Corp. | 1,222,316 | ||||||||
213,200 | Yokogawa Electric Corp. | 4,241,492 | ||||||||
129,200 | Yokohama Rubber Co., Ltd. (The)(a) | 1,919,636 | ||||||||
|
| |||||||||
Total Japan | 881,019,152 | |||||||||
|
| |||||||||
Luxembourg — 0.4% | ||||||||||
320,250 | ArcelorMittal SA* | 7,397,974 | ||||||||
53,689 | eDreams ODIGEO SA* (a) | 272,947 | ||||||||
24,947 | Stabilus SA | 1,761,229 | ||||||||
728,363 | Tenaris SA | 5,903,233 | ||||||||
|
| |||||||||
Total Luxembourg | 15,335,383 | |||||||||
|
| |||||||||
Malta — 0.1% | ||||||||||
209,169 | Kindred Group Plc, SDR* | 2,051,818 | ||||||||
|
| |||||||||
Marshall Islands — 0.1% | ||||||||||
242,255 | Atlas Corp. | 2,626,044 | ||||||||
288,897 | DHT Holdings, Inc. | 1,510,931 | ||||||||
|
| |||||||||
Total Marshall Islands | 4,136,975 | |||||||||
|
| |||||||||
Mauritius — 0.0% | ||||||||||
7,888,300 | Golden Agri-Resources, Ltd. | 948,995 | ||||||||
|
| |||||||||
Mexico — 0.3% | ||||||||||
1,899,580 | Cemex SAB de CV, ADR* | 9,820,829 | ||||||||
|
| |||||||||
Netherlands — 4.1% | ||||||||||
156,692 | ABN AMRO Bank NV CVA, GDR* 144A | 1,537,598 | ||||||||
11,594 | Accell Group NV* | 366,704 | ||||||||
11,625 | Adyen NV* 144A | 27,096,278 | ||||||||
1,962,004 | Aegon NV | 7,765,973 | ||||||||
7,700 | AerCap Holdings NV* | 350,966 | ||||||||
139,199 | Affimed NV* | 810,138 | ||||||||
8,595 | ASM International NV | 1,892,428 | ||||||||
42,031 | ASML Holding NV | 20,444,814 | ||||||||
9,725 | ASML Holding NV ADR NYRS | 4,743,077 | ||||||||
48,569 | ASR Nederland NV | 1,952,164 | ||||||||
58,328 | BE Semiconductor Industries NV | 3,538,387 | ||||||||
109,018 | CNH Industrial NV* | 1,377,241 | ||||||||
27,580 | Corbion NV | 1,557,355 |
See accompanying Notes to the Schedule of Investments.
34
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Netherlands — continued | ||||||||||
50,259 | Core Laboratories NV | 1,332,366 | ||||||||
60,322 | Euronext NV 144A | 6,653,699 | ||||||||
255,272 | Fugro NV CVA, GDR* (a) | 2,373,769 | ||||||||
123,820 | Heineken NV | 13,819,826 | ||||||||
529,900 | ING Groep NV* | 4,954,112 | ||||||||
61,757 | Intertrust NV* 144A | 1,048,811 | ||||||||
375,800 | Koninklijke Ahold Delhaize NV | 10,626,210 | ||||||||
1,250,969 | Koninklijke BAM Groep NV* (a) | 2,609,712 | ||||||||
60,933 | Koninklijke Philips NV* | 3,263,999 | ||||||||
328,648 | NN Group NV | 14,287,225 | ||||||||
217,097 | PostNL NV* | 741,105 | ||||||||
21,300 | QIAGEN NV* | 1,125,705 | ||||||||
223,856 | Signify NV* 144A | 9,457,732 | ||||||||
149,449 | STMicroelectronics NV | 5,586,321 | ||||||||
162,399 | STMicroelectronics NV ADR NYRS | 6,028,251 | ||||||||
50,901 | TKH Group NV CVA, ADR | 2,462,548 | ||||||||
107,925 | TomTom NV* | 1,114,516 | ||||||||
37,966 | Wolters Kluwer NV | 3,208,065 | ||||||||
|
| |||||||||
Total Netherlands | 164,127,095 | |||||||||
|
| |||||||||
New Zealand — 0.1% | ||||||||||
110,201 | Fletcher Building, Ltd.* | 468,134 | ||||||||
1,048,704 | Pushpay Holdings, Ltd.* | 1,366,671 | ||||||||
256,400 | SKY Network Television, Ltd.* | 29,722 | ||||||||
394,109 | SKYCITY Entertainment Group, Ltd. | 910,864 | ||||||||
|
| |||||||||
Total New Zealand | 2,775,391 | |||||||||
|
| |||||||||
Norway — 0.6% | ||||||||||
100,400 | Austevoll Seafood ASA | 1,028,397 | ||||||||
237,976 | DNB ASA* | 4,669,493 | ||||||||
161,649 | Elkem ASA 144A | 535,812 | ||||||||
121,804 | Equinor ASA | 2,062,088 | ||||||||
369,893 | Leroy Seafood Group ASA | 2,616,311 | ||||||||
113,647 | Nordic Semiconductor ASA* | 1,831,742 | ||||||||
26,925 | TGS NOPEC Geophysical Co. ASA | 417,305 | ||||||||
209,206 | Yara International ASA | 8,698,642 | ||||||||
|
| |||||||||
Total Norway | 21,859,790 | |||||||||
|
| |||||||||
Philippines — 0.0% | ||||||||||
6,261,800 | Vista Land & Lifescapes, Inc. | 610,227 | ||||||||
|
| |||||||||
Portugal — 0.1% | ||||||||||
782,528 | Banco Espirito Santo SA* (b) (c) | — | ||||||||
737,141 | Navigator Co. SA (The)* | 2,253,018 | ||||||||
|
| |||||||||
Total Portugal | 2,253,018 | |||||||||
|
| |||||||||
Russia — 0.8% | ||||||||||
120,640,000 | Federal Grid Co. Unified Energy System PJSC | 364,704 | ||||||||
1,034,110 | Gazprom PJSC | 2,973,099 |
See accompanying Notes to the Schedule of Investments.
35
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Russia — continued | ||||||||||
426,500 | Gazprom PJSC, ADR | 2,385,841 | ||||||||
12,919 | LUKOIL PJSC | 905,289 | ||||||||
67,700 | LUKOIL PJSC, ADR | 4,627,972 | ||||||||
23,645 | Magnit PJSC | 1,811,951 | ||||||||
19,975 | MMC Norilsk Nickel PJSC | 6,413,981 | ||||||||
84,300 | MMC Norilsk Nickel PJSC, ADR | 2,630,160 | ||||||||
29,417 | PhosAgro PJSC | 1,248,040 | ||||||||
8,465 | Polyus PJSC | 1,746,232 | ||||||||
205,880 | Rosneft Oil Co. PJSC | 1,216,808 | ||||||||
45,975,000 | ROSSETI PJSC | 1,094,234 | ||||||||
74,268,000 | RusHydro PJSC | 787,419 | ||||||||
44,800 | Tatneft PJSC, ADR | 1,827,840 | ||||||||
|
| |||||||||
Total Russia | 30,033,570 | |||||||||
|
| |||||||||
Singapore — 0.3% | ||||||||||
198,000 | Fortune Real Estate Investment Trust REIT | 188,709 | ||||||||
1,855,300 | NetLink NBN Trust | 1,354,643 | ||||||||
259,300 | United Overseas Bank, Ltd. | 4,432,026 | ||||||||
242,600 | Venture Corp., Ltd. | 3,564,705 | ||||||||
3,718,700 | Yangzijiang Shipbuilding Holdings, Ltd. | 2,687,064 | ||||||||
|
| |||||||||
Total Singapore | 12,227,147 | |||||||||
|
| |||||||||
South Africa — 0.1% | ||||||||||
27,420 | Anglo American Platinum, Ltd. | 2,693,978 | ||||||||
272,600 | Aspen Pharmacare Holdings, Ltd.* | 2,326,669 | ||||||||
1,003,000 | Old Mutual, Ltd.(a) | 817,969 | ||||||||
|
| |||||||||
Total South Africa | 5,838,616 | |||||||||
|
| |||||||||
South Korea — 1.5% | ||||||||||
8,438 | Dong-A ST Co., Ltd.* | 688,214 | ||||||||
7,997 | Hyundai Mobis Co., Ltd.* | 1,880,911 | ||||||||
93,000 | Kia Motors Corp.* | 5,342,171 | ||||||||
12,961 | Kolmar BNH Co., Ltd.* | 619,236 | ||||||||
19,102 | S&T Motiv Co., Ltd. | 868,672 | ||||||||
612,970 | Samsung Electronics Co., Ltd. | 45,706,131 | ||||||||
26,500 | Samyang Foods Co., Ltd.* | 2,463,868 | ||||||||
14,100 | SK Telecom Co., Ltd. | 3,089,202 | ||||||||
68,214 | Top Engineering Co., Ltd.* | 649,926 | ||||||||
|
| |||||||||
Total South Korea | 61,308,331 | |||||||||
|
| |||||||||
Spain — 3.0% | ||||||||||
270,434 | Acerinox SA | 2,989,256 | ||||||||
423,748 | Amadeus IT Group SA | 30,880,480 | ||||||||
5,347,644 | Banco de Sabadell SA | 2,316,261 | ||||||||
1,936,904 | Banco Santander SA* | 6,014,803 | ||||||||
332,828 | Bankinter SA | 1,801,593 | ||||||||
3,928,380 | CaixaBank SA | 10,098,601 | ||||||||
263,650 | Cellnex Telecom SA | 15,845,568 |
See accompanying Notes to the Schedule of Investments.
36
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Spain — continued | ||||||||||
161,200 | Enagas SA | 3,543,349 | ||||||||
173,182 | Ercros SA | 456,638 | ||||||||
34,724 | Grupo Catalana Occidente SA | 1,238,483 | ||||||||
2,018,281 | Iberdrola SA | 28,892,770 | ||||||||
20,191 | Let’s GOWEX SA* (b) (c) | — | ||||||||
1,653,980 | Mapfre SA(a) | 3,223,797 | ||||||||
481,400 | Mediaset Espana Comunicacion SA* | 2,509,212 | ||||||||
740,943 | Repsol SA(a) | 7,479,291 | ||||||||
|
| |||||||||
Total Spain | 117,290,102 | |||||||||
|
| |||||||||
Sweden — 2.5% | ||||||||||
172,496 | Betsson AB* | 1,547,991 | ||||||||
99,593 | Bilia AB Class A* | 1,229,670 | ||||||||
105,705 | BillerudKorsnas AB | 1,873,397 | ||||||||
159,400 | Boliden AB | 5,655,875 | ||||||||
188,924 | Bonava AB Class B* | 1,810,439 | ||||||||
67,793 | Bravida Holding AB 144A | 903,901 | ||||||||
322,095 | Byggmax Group AB* (a) | 2,010,017 | ||||||||
330,042 | Electrolux Professional AB Class B* | 1,871,935 | ||||||||
290,272 | Epiroc AB Class A | 5,289,369 | ||||||||
75,081 | Getinge AB Class B | 1,756,222 | ||||||||
42,021 | Haldex AB* | 223,855 | ||||||||
212,772 | Hexagon AB Class B | 19,425,933 | ||||||||
85,874 | Hexpol AB | 920,166 | ||||||||
78,133 | Inwido AB* | 1,146,419 | ||||||||
92,088 | JM AB | 3,258,522 | ||||||||
135,346 | Lindab International AB | 2,808,258 | ||||||||
56,623 | Nobia AB* | 454,015 | ||||||||
645,800 | SAS AB* | 143,510 | ||||||||
231,000 | Securitas AB Class B | 3,733,950 | ||||||||
237,400 | SKF AB Class B | 6,168,749 | ||||||||
71,681 | SkiStar AB* | 932,175 | ||||||||
865,968 | SSAB AB Class B* (a) | 2,760,536 | ||||||||
1,678,099 | Telefonaktiebolaget LM Ericsson Class B | 19,951,122 | ||||||||
135,500 | Telefonaktiebolaget LM Ericsson, ADR | 1,619,225 | ||||||||
432,600 | Volvo AB Class B* | 10,208,508 | ||||||||
|
| |||||||||
Total Sweden | 97,703,759 | |||||||||
|
| |||||||||
Switzerland — 8.1% | ||||||||||
182,060 | ABB, Ltd. | 5,089,318 | ||||||||
59,200 | Adecco Group AG | 3,962,070 | ||||||||
76,589 | Arbonia AG* | 1,226,880 | ||||||||
5,100 | Bachem Holding AG | 2,281,860 | ||||||||
213 | Belimo Holding AG | 1,850,602 | ||||||||
9,349 | BKW AG | 1,049,178 | ||||||||
110 | Chocoladefabriken Lindt & Spruengli AG | 1,073,930 | ||||||||
76,283 | Cie Financiere Richemont SA | 6,910,733 | ||||||||
76,006 | Clariant AG | 1,618,228 | ||||||||
8,278 | Comet Holding AG | 1,856,100 |
See accompanying Notes to the Schedule of Investments.
37
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Switzerland — continued | ||||||||||
635,800 | Credit Suisse Group AG | 8,199,695 | ||||||||
8,727 | dormakaba Holding AG | 4,961,047 | ||||||||
34,557 | Flughafen Zurich AG* | 6,102,548 | ||||||||
10,900 | Geberit AG | 6,833,848 | ||||||||
7,495 | Givaudan SA | 31,626,619 | ||||||||
27,380 | Helvetia Holding AG | 2,893,028 | ||||||||
27,003 | Huber & Suhner AG | 2,135,313 | ||||||||
37,425 | Idorsia, Ltd.* (a) | 1,080,475 | ||||||||
52,788 | Julius Baer Group, Ltd. | 3,045,634 | ||||||||
92,600 | LafargeHolcim, Ltd.* | 5,093,288 | ||||||||
31,407 | Lonza Group AG | 20,209,629 | ||||||||
328,440 | Nestle SA | 38,738,791 | ||||||||
168,100 | Novartis AG | 15,907,647 | ||||||||
16,367 | Partners Group Holding AG | 19,256,383 | ||||||||
109,589 | Roche Holding AG | 38,308,729 | ||||||||
31,676 | Schindler Holding AG | 8,550,137 | ||||||||
5,275 | SGS SA | 15,933,311 | ||||||||
68,202 | Siemens Energy AG* | 2,503,457 | ||||||||
27,935 | Sika AG | 7,641,476 | ||||||||
9,724 | Sonova Holding AG* | 2,530,143 | ||||||||
22,320 | Swatch Group AG (The) | 1,180,704 | ||||||||
9,402 | Swatch Group AG (The) (Bearer Shares) | 2,568,678 | ||||||||
34,072 | Swiss Life Holding AG | 15,896,027 | ||||||||
7,179 | Tecan Group AG | 3,523,107 | ||||||||
41,936 | Temenos AG | 5,866,154 | ||||||||
992,685 | UBS Group AG | 14,003,939 | ||||||||
11,069 | Valora Holding AG* | 2,176,359 | ||||||||
18,700 | Zurich Insurance Group AG | 7,901,408 | ||||||||
|
| |||||||||
Total Switzerland | 321,586,473 | |||||||||
|
| |||||||||
Taiwan — 1.9% | ||||||||||
1,288,000 | Chipbond Technology Corp. | 3,043,747 | ||||||||
759,000 | ChipMOS Technologies, Inc. | 927,883 | ||||||||
1,961,000 | Compeq Manufacturing Co., Ltd. | 3,035,928 | ||||||||
1,854,000 | Fubon Financial Holding Co., Ltd. | 3,084,721 | ||||||||
1,052,000 | Hon Hai Precision Industry Co., Ltd. | 3,444,516 | ||||||||
1,002,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 18,900,277 | ||||||||
374,475 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 40,832,754 | ||||||||
|
| |||||||||
Total Taiwan | 73,269,826 | |||||||||
|
| |||||||||
Thailand — 0.1% | ||||||||||
16,831,100 | Quality Houses PCL Class F | 1,292,107 | ||||||||
16,156,000 | Sansiri PCL Class F | 436,795 | ||||||||
775,900 | United Paper PCL Class F | 336,672 | ||||||||
|
| |||||||||
Total Thailand | 2,065,574 | |||||||||
|
| |||||||||
Turkey — 0.1% | ||||||||||
98,041 | Ford Otomotiv Sanayi AS | 1,662,047 |
See accompanying Notes to the Schedule of Investments.
38
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Turkey — continued | ||||||||||
1,118,001 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT* | 586,640 | ||||||||
195,182 | Ulker Biskuvi Sanayi AS* | 607,671 | ||||||||
|
| |||||||||
Total Turkey | 2,856,358 | |||||||||
|
| |||||||||
United Kingdom — 12.3% | ||||||||||
484,537 | 3i Group Plc | 7,669,869 | ||||||||
98,576 | Aggreko Plc | 843,525 | ||||||||
390,686 | Anglo American Plc | 12,947,993 | ||||||||
27,629 | Anglo American Plc, ADR | 464,167 | ||||||||
336,609 | Ashtead Group Plc | 15,819,182 | ||||||||
194,770 | ASOS Plc* | 12,734,294 | ||||||||
44,067 | Associated British Foods Plc* | 1,363,774 | ||||||||
211,334 | AstraZeneca Plc, ADR | 10,564,587 | ||||||||
319,109 | Avast Plc 144A | 2,344,606 | ||||||||
42,224 | AVEVA Group Plc | 1,848,133 | ||||||||
1,072,500 | Babcock International Group Plc* | 4,103,483 | ||||||||
974,600 | BAE Systems Plc | 6,511,934 | ||||||||
45,361 | Bank of Georgia Group Plc* | 756,475 | ||||||||
1,759,000 | Barclays Plc* | 3,526,868 | ||||||||
280,200 | Barratt Developments Plc* | 2,566,229 | ||||||||
54,979 | Bellway Plc | 2,220,786 | ||||||||
44,100 | Berkeley Group Holdings Plc | 2,858,595 | ||||||||
115,148 | BHP Group Plc | 3,029,979 | ||||||||
250,759 | BHP Group Plc, ADR | 13,297,750 | ||||||||
93,857 | Bodycote Plc | 956,460 | ||||||||
675,052 | boohoo Group Plc* | 3,165,073 | ||||||||
1,923,578 | BP Plc | 6,699,797 | ||||||||
489,607 | BP Plc, ADR | 10,046,736 | ||||||||
283,200 | British American Tobacco Plc | 10,483,211 | ||||||||
1,821,700 | BT Group Plc* | 3,293,252 | ||||||||
1,634,400 | Centrica Plc* | 1,041,110 | ||||||||
164,112 | Chemring Group Plc | 640,470 | ||||||||
356,404 | Compass Group Plc | 6,640,348 | ||||||||
171,681 | ConvaTec Group Plc 144A | 467,481 | ||||||||
208,800 | Crest Nicholson Holdings Plc* | 929,895 | ||||||||
41,426 | Croda International Plc | 3,735,133 | ||||||||
486,748 | Diageo Plc | 19,149,057 | ||||||||
21,700 | Diageo Plc, ADR | 3,446,177 | ||||||||
70,900 | Dialog Semiconductor Plc* | 3,876,844 | ||||||||
1,270,746 | Dixons Carphone Plc* | 2,011,499 | ||||||||
44,534 | EMIS Group Plc | 658,675 | ||||||||
1,308,680 | EnQuest Plc* | 202,146 | ||||||||
212,761 | Evraz Plc | 1,371,571 | ||||||||
302,541 | Experian Plc | 11,484,512 | ||||||||
701,600 | Firstgroup Plc* | 709,698 | ||||||||
22,177 | Games Workshop Group Plc | 3,395,262 | ||||||||
1,011,181 | GlaxoSmithKline Plc | 18,549,570 | ||||||||
247,870 | GlaxoSmithKline Plc, ADR | 9,121,616 | ||||||||
1,456,340 | Glencore Plc* | 4,638,431 |
See accompanying Notes to the Schedule of Investments.
39
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
United Kingdom — continued | ||||||||||
52,816 | Greggs Plc* | 1,292,323 | ||||||||
291,788 | Halma Plc | 9,768,067 | ||||||||
622,255 | Hays Plc* | 1,216,345 | ||||||||
592,042 | IMI Plc | 9,428,245 | ||||||||
229,500 | Imperial Brands Plc | 4,817,092 | ||||||||
183,000 | Inchcape Plc* | 1,609,726 | ||||||||
30,282 | InterContinental Hotels Group Plc* | 1,941,377 | ||||||||
87,043 | Intermediate Capital Group Plc | 2,053,653 | ||||||||
130,333 | Intertek Group Plc | 10,062,398 | ||||||||
1,699,153 | J Sainsbury Plc | 5,237,589 | ||||||||
91,998 | JD Sports Fashion Plc* | 1,081,507 | ||||||||
98,807 | Johnson Matthey Plc | 3,275,306 | ||||||||
172,095 | Jupiter Fund Management Plc | 664,332 | ||||||||
2,280,937 | Kingfisher Plc* | 8,430,870 | ||||||||
5,315,800 | Lloyds Banking Group Plc* | 2,647,887 | ||||||||
147,985 | London Stock Exchange Group Plc | 18,222,103 | ||||||||
690,031 | M&G Plc | 1,867,138 | ||||||||
45,276 | Mail.Ru Group, Ltd., GDR* | 1,190,759 | ||||||||
1,263,445 | Man Group Plc | 2,383,350 | ||||||||
676,700 | Marks & Spencer Group Plc* | 1,260,795 | ||||||||
379,651 | Marston’s Plc* | 392,336 | ||||||||
232,017 | Meggitt Plc* | 1,479,530 | ||||||||
603,396 | Melrose Industries Plc* | 1,468,577 | ||||||||
121,665 | Micro Focus International Plc* | 705,320 | ||||||||
484,800 | Mitchells & Butlers Plc* | 1,593,786 | ||||||||
519,456 | Mitie Group Plc* | 291,129 | ||||||||
419,058 | Paragon Banking Group Plc | 2,798,853 | ||||||||
678,900 | Pets at Home Group Plc | 3,862,427 | ||||||||
54,540 | Polymetal International Plc | 1,255,852 | ||||||||
1,132,996 | QinetiQ Group Plc | 4,952,897 | ||||||||
222,741 | Reckitt Benckiser Group Plc | 19,918,798 | ||||||||
480,958 | Redrow Plc* | 3,757,299 | ||||||||
192,666 | RELX Plc | 4,720,812 | ||||||||
226,599 | Restaurant Group Plc (The)* | 198,859 | ||||||||
79,327 | Rio Tinto Plc | 5,931,449 | ||||||||
103,514 | Rio Tinto Plc, ADR | 7,786,323 | ||||||||
364,774 | Rolls-Royce Holdings Plc* | 554,723 | ||||||||
266,653 | Rotork Plc | 1,159,114 | ||||||||
280,222 | Royal Dutch Shell Plc Class A | 4,971,214 | ||||||||
80,100 | Royal Dutch Shell Plc Class A, ADR | 2,814,714 | ||||||||
329,313 | Royal Dutch Shell Plc Class A (Amsterdam Exchange) | 5,888,432 | ||||||||
280,600 | Royal Dutch Shell Plc Class B | 4,830,630 | ||||||||
171,630 | Royal Dutch Shell Plc Class B, ADR | 5,768,484 | ||||||||
30,192 | Royal Mail Plc* | 139,372 | ||||||||
324,347 | Sage Group Plc (The) | 2,580,390 | ||||||||
376,251 | Senior Plc* | 459,027 | ||||||||
156,297 | Smith & Nephew Plc | 3,226,116 | ||||||||
179,054 | Spectris Plc | 6,897,273 | ||||||||
88,941 | Spirax-Sarco Engineering Plc | 13,732,217 | ||||||||
968,534 | Stagecoach Group Plc | 980,375 |
See accompanying Notes to the Schedule of Investments.
40
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
United Kingdom — continued | ||||||||||
145,983 | SThree Plc* | 594,663 | ||||||||
650,460 | Tate & Lyle Plc | 5,996,400 | ||||||||
1,435,900 | Taylor Wimpey Plc* | 3,254,327 | ||||||||
2,138,361 | Tesco Plc | 6,763,894 | ||||||||
46,786 | Unilever Plc | 2,808,864 | ||||||||
114,866 | Unilever Plc, ADR | 6,933,312 | ||||||||
74,000 | Vistry Group Plc* | 950,344 | ||||||||
171,647 | Vodafone Group Plc, ADR | 2,828,743 | ||||||||
363,200 | Whitbread Plc* | 15,390,756 | ||||||||
1,765,500 | Wm Morrison Supermarkets Plc | 4,280,075 | ||||||||
147,160 | WPP Plc | 1,609,282 | ||||||||
18,800 | WPP Plc, ADR | 1,016,704 | ||||||||
|
| |||||||||
Total United Kingdom | 488,180,807 | |||||||||
|
| |||||||||
United States — 2.2% | ||||||||||
3,166 | Alphabet, Inc. Class A* | 5,548,858 | ||||||||
80,902 | Analog Devices, Inc. | 11,951,652 | ||||||||
46,715 | ANSYS, Inc.* | 16,994,917 | ||||||||
234,890 | Cadence Design Systems, Inc.* | 32,046,043 | ||||||||
143,839 | Colgate-Palmolive Co. | 12,299,673 | ||||||||
0 | (d) | International Flavors & Fragrances, Inc. | 48 | |||||||
28,097 | Nordson Corp. | 5,646,092 | ||||||||
25,236 | Texas Instruments, Inc. | 4,141,985 | ||||||||
|
| |||||||||
Total United States | 88,629,268 | |||||||||
|
| |||||||||
TOTAL COMMON STOCKS (COST $3,131,135,050) | 3,803,463,221 | |||||||||
|
| |||||||||
INVESTMENT COMPANIES — 0.9% | ||||||||||
United States — 0.9% | ||||||||||
444,490 | iShares MSCI EAFE ETF | 32,429,990 | ||||||||
55,500 | Vanguard FTSE Developed Markets ETF | 2,620,155 | ||||||||
|
| |||||||||
Total United States | 35,050,145 | |||||||||
|
| |||||||||
TOTAL INVESTMENT COMPANIES (COST $30,875,526) | 35,050,145 | |||||||||
|
| |||||||||
PREFERRED STOCKS — 1.4% | ||||||||||
Brazil — 0.1% | ||||||||||
757,600 | Metalurgica Gerdau SA, 1.41% | 1,642,327 | ||||||||
444,600 | Petroleo Brasileiro SA, 0.00% | 2,425,776 | ||||||||
|
| |||||||||
Total Brazil | 4,068,103 | |||||||||
|
| |||||||||
Germany — 1.3% | ||||||||||
24,811 | BMW AG, 4.64% | 1,675,734 | ||||||||
218,146 | Henkel AG & Co. KGaA, 2.07% | 24,636,025 | ||||||||
75,493 | Porsche Automobil Holding SE, 3.98% | 5,209,637 | ||||||||
257,100 | Schaeffler AG, 6.79% | 2,150,118 | ||||||||
86,598 | Volkswagen AG, 3.33% | 16,149,962 | ||||||||
|
| |||||||||
Total Germany | 49,821,476 | |||||||||
|
| |||||||||
TOTAL PREFERRED STOCKS (COST $50,466,219) | 53,889,579 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
41
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
RIGHTS — 0.0% | ||||||||||
Australia — 0.0% | ||||||||||
82,496 | IGO, Ltd., Expires 01/15/2021* (b) | — | ||||||||
|
| |||||||||
Spain — 0.0% | ||||||||||
740,943 | Repsol SA* (a) | 254,477 | ||||||||
|
| |||||||||
TOTAL RIGHTS (COST $260,050) | 254,477 | |||||||||
|
| |||||||||
WARRANT — 0.0% | ||||||||||
Switzerland — 0.0% | ||||||||||
236,912 | Cie Financiere Richemont SA, Expires 11/22/2023 * | 61,644 | ||||||||
|
| |||||||||
TOTAL WARRANT (COST $—) | 61,644 | |||||||||
|
| |||||||||
Par Value ($) | Description | Value ($) | ||||||||
SHORT-TERM INVESTMENT — 1.4% | ||||||||||
Mutual Fund - Securities Lending Collateral — 1.4% | ||||||||||
56,631,500 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e) (f) | 56,631,500 | ||||||||
|
| |||||||||
TOTAL SHORT-TERM INVESTMENT (COST $56,631,500) | 56,631,500 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS — 99.7% (Cost $3,269,368,345) | 3,949,350,566 | |||||||||
Other Assets and Liabilities (net) — 0.3% | 12,358,664 | |||||||||
|
| |||||||||
NET ASSETS — 100.0% | $3,961,709,230 | |||||||||
|
| |||||||||
Notes to Schedule of Investments: | ||||||||||
* | Non-income producing security. | |||||||||
(a) | All or a portion of this security is out on loan. | |||||||||
(b) | Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $7,025 which represents 0.0% of net assets. The aggregate tax cost of these securities held at December 31, 2020 was $1,457,972. | |||||||||
(c) | Level 3 — significant unobservable inputs were used in determining the value of this portfolio security. | |||||||||
(d) | Fractional Shares, amount rounds to zero. | |||||||||
(e) | The rate disclosed is the 7-day net yield as of December 31, 2020. | |||||||||
(f) | Represents an investment of securities lending cash collateral. | |||||||||
144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $66,968,036 which represents 1.7% of net assets. |
See accompanying Notes to the Schedule of Investments.
42
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Forward Foreign Currency Contracts
Currency Purchased | Currency Sold | Settlement | Counterparty | Unrealized | ||||||||||||||||
USD | 28,521,756 | �� | JPY | 3,009,376,000 | 02/19/21 | HSBC Bank USA, N.A. | $ | (641,026 | ) | |||||||||||
|
|
Futures Contracts
Number of | Description | Expiration Date | Notional | Market Value/ | ||||||||||||||||
Buys | ||||||||||||||||||||
270 | MSCI EAFE Index | Mar 2021 | $ | 28,765,800 | $ | 251,697 | ||||||||||||||
|
|
Currency Abbreviations
JPY | — Japanese Yen |
USD | — U.S. Dollar |
Other Abbreviations
ADR | — American Depository Receipt |
CDI | — CREST Depository Interest |
CVA | — Certificaten Van Aandelen |
GDR | — Global Depository Receipt |
NYRS | — New York Registry Shares |
REIT | — Real Estate Investment Trust |
SDR | — Swedish Depository Receipt |
See accompanying Notes to the Schedule of Investments.
43
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Industry Sector Summary (Unaudited) | % of Net Assets | ||||
Consumer, Non-cyclical | 23.5 | ||||
Industrial | 17.4 | ||||
Consumer, Cyclical | 12.5 | ||||
Technology | 11.4 | ||||
Financial | 11.4 | ||||
Basic Materials | 9.6 | ||||
Communications | 5.3 | ||||
Energy | 3.8 | ||||
Utilities | 2.4 | ||||
Unaffiliated Funds | 0.9 | ||||
Diversified | 0.1 | ||||
Short-Term Investment | 1.4 | ||||
Other Assets and Liabilities (net) | 0.3 | ||||
|
| ||||
100.0 | % | ||||
|
|
See accompanying Notes to the Schedule of Investments.
44