Mercer Core Fixed Income Fund
Schedule of Investments
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
DEBT OBLIGATIONS — 98.7% | ||||||||||
Asset Backed Securities — 10.3% | ||||||||||
400,000 | AmeriCredit Automobile Receivables Trust, Series 2018-1, Class C, 3.50%, due 01/18/24 | 414,563 | ||||||||
100,000 | AmeriCredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, due 02/18/25 | 103,546 | ||||||||
200,000 | AmeriCredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, due 02/18/25 | 210,739 | ||||||||
400,000 | AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, due 04/18/25 | 416,936 | ||||||||
600,000 | AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, due 07/18/25 | 622,119 | ||||||||
500,000 | AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, due 01/21/25 | 509,293 | ||||||||
100,000 | AmeriCredit Automobile Receivables Trust, Series 2020-2, Class C, 1.48%, due 02/18/26 | 101,469 | ||||||||
200,000 | AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C, 1.06%, due 08/18/26 | 201,080 | ||||||||
1,507,000 | AMSR Trust, Series 2020-SFR4, Class A, 1.36%, | 1,524,240 | ||||||||
500,000 | Anchorage Capital CLO 11, Ltd., Series 2019-11A, Class A, 1.61% (3 mo. USD LIBOR + 1.39%), | 500,685 | ||||||||
3,500,000 | Anchorage Capital CLO 7, Ltd., Series 2015-7A, Class AR2, 1.31% (3 mo. USD LIBOR + 1.09%), | 3,494,194 | ||||||||
426,930 | Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A | 423,436 | ||||||||
430,920 | Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A | 443,310 | ||||||||
1,550,000 | ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, due 08/15/28 144A | 1,589,709 | ||||||||
20,471 | Asset-Backed Pass-Through Certificates, Series 2004-R2, Class A1A, 0.84% (1 mo. USD LIBOR + 0.69%), due 04/25/34(b) | 20,449 | ||||||||
985,701 | Atlas Senior Loan Fund CLO V, Ltd., Series 2014-1A, Class AR2, 1.49% (3 mo. USD LIBOR + 1.26%), due 07/16/29(b) 144A | 982,804 | ||||||||
377,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, due 03/20/26 144A | 394,070 | ||||||||
207,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, due 08/20/26 144A | 214,227 | ||||||||
250,000 | Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class A1, 1.49% (3 mo. USD LIBOR + 1.25%), due 10/15/30(b) 144A | 250,390 | ||||||||
112,683 | BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21 | 112,860 | ||||||||
185,000 | Bojangles Issuer LLC, Series 2020-1A, Class A2, 3.83%, due 10/20/50 144A | 190,046 | ||||||||
97,254 | BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A, 3.28%, due 09/26/33 144A | 101,043 | ||||||||
305,000 | Capital Automotive REIT, LP, Series 2020-1A, Class B1, 4.17%, due 02/15/50 144A | 318,845 | ||||||||
1,713,000 | Capital One Prime Auto Receivables Trust, Series 2019-1, Class A3, 2.51%, due 11/15/23 | 1,744,478 | ||||||||
497,130 | Carlyle U.S. CLO, Ltd., Series 2017-1A, Class A1B, 1.45% (3 mo. USD LIBOR + 1.23%), due 04/20/31(b) 144A | 496,717 | ||||||||
400,000 | CarMax Auto Owner Trust, Series 2020-4, Class C, 1.30%, due 08/17/26 | 403,247 | ||||||||
1,126,167 | CF Hippolyta LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A | 1,150,198 | ||||||||
850,000 | CIFC Funding CLO, Ltd., Series 2014-2RA, Class A1, 1.26% (3 mo. USD LIBOR + 1.05%), | 848,437 |
See accompanying Notes to the Schedule of Investments.
45
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Asset Backed Securities — continued | ||||||||||
1,200,000 | Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30 | 1,452,794 | ||||||||
340,645 | CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A | 345,297 | ||||||||
310,284 | Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 144A | 318,420 | ||||||||
280,500 | Credit Suisse Mortgage Trust, Series 2018-RPL8, Class A1, 4.13%, due 07/25/58(c) 144A | 281,702 | ||||||||
907,343 | DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, due 11/20/47 144A | 932,585 | ||||||||
145,875 | DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A | 155,090 | ||||||||
741,613 | DB Master Finance LLC, Series 2019-1A, Class A2I, 3.79%, due 05/20/49 144A | 764,319 | ||||||||
485,000 | Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A | 521,384 | ||||||||
840,020 | Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2I, 1.46% (3 mo. USD LIBOR + 1.25%), due 07/25/47(b) 144A | 844,749 | ||||||||
300,000 | Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65%, due 02/15/24 | 303,195 | ||||||||
200,000 | Drive Auto Receivables Trust, Series 2020-2, Class B, 1.42%, due 03/17/25 | 202,751 | ||||||||
288,000 | Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A | 295,973 | ||||||||
1,406,000 | FirstKey Homes Trust, Series 2020-SFR1, Class A, 1.34%, due 09/17/25 144A | 1,426,091 | ||||||||
595,000 | FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, due 10/19/37 144A | 599,317 | ||||||||
220,335 | Five Guys Funding LLC, Series 2017-1A, Class A2, 4.60%, due 07/25/47 144A | 229,936 | ||||||||
125,450 | FOCUS Brands Funding LLC, Series 2017-1A, Class A2I, 3.86%, due 04/30/47 144A | 125,913 | ||||||||
511,000 | Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04%, due 08/15/31 144A | 539,418 | ||||||||
300,000 | Ford Credit Auto Owner Trust, Series 2020-C, Class C, 1.04%, due 05/15/28 | 301,279 | ||||||||
1,600,000 | Ford Credit Floorplan Master Owner Trust, Series 2018-2, Class A, 3.17%, due 03/15/25 | 1,697,859 | ||||||||
2,564,000 | Ford Credit Floorplan Master Owner Trust, Series 2018-3, Class A1, 3.52%, due 10/15/23 | 2,629,843 | ||||||||
573,000 | Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, due 04/15/26 | 621,750 | ||||||||
453,000 | Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06%, due 09/15/27 | 460,792 | ||||||||
100,000 | GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, due 06/17/24 | 105,210 | ||||||||
872,354 | GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.97%, due 11/16/23 | 887,410 | ||||||||
495,000 | GMF Floorplan Owner Revolving Trust, Series 2019-2, Class A, 2.90%, due 04/15/26 144A | 534,339 | ||||||||
224,000 | GMF Floorplan Owner Revolving Trust, Series 2020-1, Class A, 0.68%, due 08/15/25 144A | 225,612 | ||||||||
315,000 | Golub Capital Partners ABS Funding CLO, Ltd., Series 2020-1A, Class A2, 3.21%, due 01/22/29 144A | 315,000 | ||||||||
191,084 | Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A | 195,624 | ||||||||
66,154 | Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32 144A | 70,283 | ||||||||
138,615 | Home Equity Asset Trust, Series 2003-8, Class M1, 1.23% (1 mo. USD LIBOR + 1.08%), due 04/25/34(b) | 138,827 | ||||||||
1,737,214 | HPS Loan Management CLO, Ltd., Series 10A-2016, Class A1R, 1.36% (3 mo. USD LIBOR + 1.14%), due 01/20/28(b) 144A | 1,735,362 | ||||||||
750,000 | HPS Loan Management CLO, Ltd., Series 15A-2019, Class A1, 1.54% (3 mo. USD LIBOR + 1.32%), due 07/22/32(b) 144A | 750,523 |
See accompanying Notes to the Schedule of Investments.
46
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Asset Backed Securities — continued | ||||||||||
500,000 | ICG US CLO, Ltd., Series 2017-2A, Class A1, 1.49% (3 mo. USD LIBOR + 1.28%), due 10/23/29(b) 144A | 499,268 | ||||||||
508,930 | Invitation Homes Trust, Series 2018-SFR1, Class A, 0.85% (1 mo. USD LIBOR + 0.70%), due 03/17/37(b) 144A | 505,969 | ||||||||
153,838 | Jack In The Box Funding LLC, Series 2019-1A, Class A21, 3.98%, due 08/25/49 144A | 158,430 | ||||||||
153,838 | Jack In The Box Funding LLC, Series 2019-1A, Class A23, 4.97%, due 08/25/49 144A | 166,148 | ||||||||
208,358 | Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 144A | 212,195 | ||||||||
249,538 | Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.44%, due 05/25/59(d) 144A | 251,083 | ||||||||
181,493 | Limerock CLO III LLC, Series 2014-3A, Class A1R, 1.42% (3 mo. USD LIBOR + 1.20%), due 10/20/26(b) 144A | 181,512 | ||||||||
120,905 | MelTel Land Funding LLC, Series 2019-1A, Class A, 3.77%, due 04/15/49 144A | 126,112 | ||||||||
743,240 | MidOcean Credit CLO III, Series 2014-3A, Class A1R, 1.33% (3 mo. USD LIBOR + 1.12%), | 738,379 | ||||||||
117,855 | Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.48%, due 08/25/58(c) 144A | 124,500 | ||||||||
100,665 | Morgan Stanley ABS Capital I, Inc., Series 2003-NC10, Class M1, 1.17% (1 mo. USD LIBOR + 1.02%), due 10/25/33(b) | 100,449 | ||||||||
49,835 | Morgan Stanley ABS Capital I, Inc., Series 2003-NC7, Class M1, 1.20% (1 mo. USD LIBOR + 1.05%), due 06/25/33(b) | 49,915 | ||||||||
131,222 | MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/36 144A | 136,595 | ||||||||
88,099 | Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/45 144A | 92,562 | ||||||||
336,000 | Navient Private Education Refi Student Loan Trust, Series 2019-FA, Class A2, 2.60%, due 08/15/68 144A | 347,263 | ||||||||
257,345 | Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A | 258,265 | ||||||||
197,279 | New Century Home Equity Loan Trust, Series 2003-A, Class A, 0.87% (1 mo. USD LIBOR + 0.72%), due 10/25/33(b) 144A | 192,973 | ||||||||
97,755 | New Residential Mortgage LLC, Series 2018-FNT2, Class A, 3.79%, due 07/25/54 144A | 98,044 | ||||||||
1,815,000 | NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.69%, due 10/15/23 144A | 1,862,562 | ||||||||
2,655,000 | NextGear Floorplan Master Owner Trust, Series 2020-1A, Class A2, 1.55%, due 02/15/25 144A | 2,716,444 | ||||||||
600,000 | North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 1.01% (3 mo. USD LIBOR + 0.80%), due 07/25/36(b) | 598,404 | ||||||||
156,963 | NRZ Excess Spread-Collateralized Notes, Series 2018-FNT1, Class A, 3.61%, due 05/25/23 144A | 157,478 | ||||||||
250,000 | OCP CLO, Ltd., Series 2017-13A, Class A1A, 1.50% (3 mo. USD LIBOR + 1.26%), due 07/15/30(b) 144A | 250,125 | ||||||||
131,492 | OneMain Financial Issuance Trust, Series 2017-1A, Class A2, 0.95% (1 mo. USD LIBOR + 0.80%), | 131,595 | ||||||||
170,000 | OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, due 03/14/29 144A | 171,762 | ||||||||
206,000 | Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, due 02/15/27 144A | 213,309 | ||||||||
2,340,084 | OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 1.47% (3 mo. USD LIBOR + 1.25%), | 2,339,280 | ||||||||
741,917 | OZLM IX CLO, Ltd., Series 2014-9A, Class A1AR, 1.50% (3 mo. USD LIBOR + 1.28%), due 10/20/31(b) 144A | 741,941 |
See accompanying Notes to the Schedule of Investments.
47
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Asset Backed Securities — continued | ||||||||||
247,297 | OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 1.46% (3 mo. USD LIBOR + 1.25%), due 10/30/30(b) 144A | 246,249 | ||||||||
500,000 | OZLM XXIV CLO, Ltd., Series 2019-24A, Class A1A, 1.61% (3 mo. USD LIBOR + 1.39%), | 500,540 | ||||||||
1,000,000 | Palmer Square CLO, Ltd., Series 2015-1A, Class A1R2, 1.43% (3 mo. USD LIBOR + 1.22%), due 05/21/29(b) | 1,000,107 | ||||||||
1,000,000 | Palmer Square CLO, Ltd., Series 2015-1A, Class A1R3 (3 mo. USD LIBOR + 1.00%), due 05/21/29(b) (e) 144A | 1,000,500 | ||||||||
750,000 | Palmer Square CLO, Ltd., Series 2018-2A, Class A1A, 1.33% (3 mo. USD LIBOR + 1.10%), | 750,002 | ||||||||
277,000 | PFS Financing Corp., Series 2020-E, Class A, 1.00%, due 10/15/25 144A | 279,489 | ||||||||
1,250,000 | Pikes Peak CLO 4, Series 2019-4A, Class A, 1.61% (3 mo. USD LIBOR + 1.37%), due 07/15/32(b) 144A | 1,251,119 | ||||||||
649,359 | Progress Residential Trust, Series 2019-SFR1, Class A, 3.42%, due 08/17/35 144A | 668,642 | ||||||||
1,329,000 | Progress Residential Trust, Series 2019-SFR4, Class A, 2.69%, due 10/17/36 144A | 1,374,015 | ||||||||
1,313,000 | Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, due 04/17/37 144A | 1,338,899 | ||||||||
6,716 | Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35(d) | 6,977 | ||||||||
250,000 | Romark CLO II, Ltd., Series 2018-2A, Class A1, 1.39% (3 mo. USD LIBOR + 1.18%), due 07/25/31(b) 144A | 248,392 | ||||||||
739,000 | Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, due 04/20/45 144A | 788,888 | ||||||||
900,000 | Santander Drive Auto Receivables Trust, Series 2019-3, Class B, 2.28%, due 09/15/23 | 907,245 | ||||||||
400,000 | Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, due 10/15/25 | 408,462 | ||||||||
500,000 | Santander Drive Auto Receivables Trust, Series 2020-2, Class C, 1.46%, due 09/15/25 | 506,992 | ||||||||
600,000 | Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, due 01/15/26 | 605,283 | ||||||||
400,000 | Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, due 01/15/26 | 402,109 | ||||||||
438,000 | Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, due 01/26/32 144A | 466,275 | ||||||||
91,121 | Saxon Asset Securities Trust, Series 2005-1, Class M1, 0.84% (1 mo. USD LIBOR + 0.69%), due 05/25/35(b) | 91,177 | ||||||||
385,125 | Sesac Finance LLC, Series 2019-1, Class A2, 5.22%, due 07/25/49 144A | 410,733 | ||||||||
79,545 | Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A, 3.20%, due 01/20/36 144A | 82,599 | ||||||||
500,000 | Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 1.46% (3 mo. USD LIBOR + 1.24%), due 07/20/30(b) 144A | 500,176 | ||||||||
2,339,977 | Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33 | 2,503,294 | ||||||||
1,449,509 | Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33 | 1,569,409 | ||||||||
2,205,546 | Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34 | 2,369,579 | ||||||||
850,969 | Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34 | 917,654 | ||||||||
713,655 | Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34 | 767,913 | ||||||||
2,491,907 | Small Business Administration, Series 2019-25F, Class 1, 2.77%, due 06/01/44 | 2,712,234 | ||||||||
983,341 | Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45 | 1,011,340 | ||||||||
60,758 | SMB Private Education Loan Trust, Series 2015-C, Class A2A, 2.75%, due 07/15/27 144A | 61,652 | ||||||||
387,000 | SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.84%, due 06/15/37 144A | 409,204 | ||||||||
210,000 | SMB Private Education Loan Trust, Series 2020-PTA, Class A2A, 1.60%, due 09/15/54 144A | 212,651 | ||||||||
330,225 | Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A | 354,172 |
See accompanying Notes to the Schedule of Investments.
48
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Asset Backed Securities — continued | ||||||||||
1,750,000 | Sound Point CLO VII-R, Ltd., Series 2014-3RA, Class A1, 1.46% (3 mo. USD LIBOR + 1.25%), | 1,746,941 | ||||||||
2,750,000 | Sound Point CLO XIV, Ltd., Series 2016-3A, Class AR, 1.36% (3 mo. USD LIBOR + 1.15%), | 2,748,238 | ||||||||
500,000 | Sound Point CLO XVI, Ltd., Series 2017-2A, Class A, 1.49% (3 mo. USD LIBOR + 1.28%), due 07/25/30(b) 144A | 499,379 | ||||||||
663,607 | Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, due 02/25/44 144A | 712,369 | ||||||||
547,000 | Stack Infrastructure Issuer LLC, Series 2019-2A, Class A2, 3.08%, due 10/25/44 144A | 569,364 | ||||||||
651,814 | STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A | 686,184 | ||||||||
231,376 | Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A | 208,235 | ||||||||
344,960 | Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, due 11/25/48 144A | 351,610 | ||||||||
208,002 | Telos CLO, Series 2013-3A, Class AR, 1.52% (3 mo. USD LIBOR + 1.30%), due 07/17/26(b) 144A | 208,049 | ||||||||
978,000 | Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, due 11/25/31 144A | 1,045,521 | ||||||||
487,000 | Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, due 05/25/33 144A | 502,154 | ||||||||
1,537,000 | Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.75%, due 03/17/38 144A | 1,621,066 | ||||||||
667,506 | Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 144A | 677,526 | ||||||||
2,132,000 | Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, due 09/15/45 144A | 2,152,797 | ||||||||
249,000 | Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A | 251,713 | ||||||||
500,000 | Venture XIX CLO, Ltd., Series 2014-19A, Class ARR, 1.50% (3 mo. USD LIBOR + 1.26%), | 499,753 | ||||||||
3,462,000 | Verizon Owner Trust, Series 2019-B, Class A1A, 2.33%, due 12/20/23 | 3,531,775 | ||||||||
597,000 | Verizon Owner Trust, Series 2020-B, Class A, 0.47%, due 02/20/25 | 599,504 | ||||||||
488,360 | VR Funding LLC, Series 2020-1A, Class A, 2.79%, due 11/15/50 144A | 470,905 | ||||||||
114,526 | VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A | 117,107 | ||||||||
500,000 | Wellfleet CLO, Ltd., Series 2018-3A, Class A1A, 1.47% (3 mo. USD LIBOR + 1.25%), due 01/20/32(b) 144A | 500,036 | ||||||||
750,000 | Wellfleet CLO, Ltd., Series 2019-1A, Class A1, 1.56% (3 mo. USD LIBOR + 1.34%), due 07/20/32(b) 144A | 750,434 | ||||||||
558,735 | Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A | 595,241 | ||||||||
62,200 | Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/30 144A | 62,431 | ||||||||
153,000 | Westlake Automobile Receivables Trust, Series 2019-1A, Class C, 3.45%, due 03/15/24 144A | 156,124 | ||||||||
129,704 | Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A | 112,785 | ||||||||
1,442,000 | World Omni Auto Receivables Trust, Series 2019-B, Class A3, 2.59%, due 07/15/24 | 1,466,372 | ||||||||
1,100,000 | World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, due 12/15/25 | 1,130,983 | ||||||||
200,000 | World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, due 12/15/25 | 206,964 | ||||||||
1,000,000 | York CLO-2, Ltd., Series 2015-1A, Class AR, 1.37% (3 mo. USD LIBOR + 1.15%), due 01/22/31(b) 144A | 997,632 | ||||||||
3,500,000 | York CLO-4, Ltd., Series 2016-2A, Class A1R, 1.31% (3 mo. USD LIBOR + 1.09%), due 04/20/32(b) 144A | 3,486,126 | ||||||||
750,000 | York CLO-6, Ltd., Series 2019-1A, Class A1, 1.57% (3 mo. USD LIBOR + 1.35%), due 07/22/32(b) 144A | 750,438 | ||||||||
242,872 | Zais CLO 6, Ltd., Series 2017-1A, Class A1, 1.61% (3 mo. USD LIBOR + 1.37%), due 07/15/29(b) 144A | 242,468 | ||||||||
|
| |||||||||
107,596,535 | ||||||||||
|
|
See accompanying Notes to the Schedule of Investments.
49
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — 40.0% | ||||||||||
490,000 | 1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 144A | 497,193 | ||||||||
748,000 | AbbVie, Inc., 3.20%, due 11/21/29 | 839,558 | ||||||||
300,000 | AbbVie, Inc., 3.60%, due 05/14/25 | 334,420 | ||||||||
678,000 | AbbVie, Inc., 4.25%, due 11/21/49 | 853,124 | ||||||||
1,400,000 | AbbVie, Inc., 4.50%, due 05/14/35 | 1,760,397 | ||||||||
640,000 | AbbVie, Inc., 4.55%, due 03/15/35 | 811,314 | ||||||||
170,000 | AbbVie, Inc., 4.70%, due 05/14/45 | 222,744 | ||||||||
290,000 | AbbVie, Inc., 4.75%, due 03/15/45 | 380,478 | ||||||||
130,829 | ABY Transmision Sur SA, 6.88%, due 04/30/43 144A | 176,618 | ||||||||
145,000 | Activision Blizzard, Inc., 3.40%, due 09/15/26 | 165,131 | ||||||||
336,000 | Advantage Sales & Marketing, Inc., 6.50%, due 11/15/28 144A | 355,950 | ||||||||
1,340,000 | Advocate Health & Hospitals Corp., 2.21%, due 06/15/30(f) | 1,399,622 | ||||||||
620,000 | AECOM, 5.13%, due 03/15/27 | 692,162 | ||||||||
400,000 | AEP Texas, Inc., 3.80%, due 10/01/47 | 475,343 | ||||||||
260,000 | AEP Transmission Co. LLC, 3.80%, due 06/15/49 | 321,918 | ||||||||
432,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.88%, due 08/14/24 | 449,726 | ||||||||
1,600,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26 | 1,796,120 | ||||||||
252,000 | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A | 272,954 | ||||||||
370,000 | Aetna, Inc., 4.75%, due 03/15/44 | 477,643 | ||||||||
111,000 | Affinity Gaming, 6.88%, due 12/15/27 144A | 116,582 | ||||||||
233,000 | Ahern Rentals, Inc., 7.38%, due 05/15/23 144A | 170,818 | ||||||||
712,773 | Air Canada Pass Through Trust, 3.60%, due 09/15/28 144A | 703,039 | ||||||||
164,868 | Air Canada Pass Through Trust, 3.70%, due 07/15/27 144A | 153,134 | ||||||||
117,907 | Air Canada Pass Through Trust, 4.13%, due 11/15/26 144A | 113,956 | ||||||||
169,000 | Air Lease Corp., 3.63%, due 12/01/27 | 182,708 | ||||||||
180,000 | Air Lease Corp., (MTN), 2.88%, due 01/15/26 | 190,640 | ||||||||
199,000 | Aircastle, Ltd., 5.50%, due 02/15/22 | 207,325 | ||||||||
231,000 | Aker BP ASA, 2.88%, due 01/15/26 144A | 236,012 | ||||||||
170,000 | Aker BP ASA, 3.00%, due 01/15/25 144A | 178,746 | ||||||||
427,000 | Aker BP ASA, 4.00%, due 01/15/31 144A | 463,489 | ||||||||
118,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 3.25%, due 03/15/26 144A | 119,918 | ||||||||
296,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 3.50%, due 03/15/29 144A | 299,958 | ||||||||
92,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 4.88%, due 02/15/30 144A | 101,465 | ||||||||
572,000 | Ally Financial, Inc., 5.13%, due 09/30/24 | 659,992 | ||||||||
279,000 | Ally Financial, Inc., 5.80%, due 05/01/25 | 331,617 | ||||||||
210,000 | Altria Group, Inc., 3.40%, due 05/06/30 | 235,992 | ||||||||
663,000 | Amazon.com, Inc., 3.15%, due 08/22/27 | 755,309 | ||||||||
284,000 | Amazon.com, Inc., 4.05%, due 08/22/47 | 375,666 | ||||||||
217,177 | American Airlines Pass Through Trust, 3.15%, due 08/15/33 | 213,835 | ||||||||
730,575 | American Airlines Pass Through Trust, 3.38%, due 11/01/28 | 687,501 | ||||||||
144,785 | American Airlines Pass Through Trust, 3.50%, due 08/15/33 | 127,225 | ||||||||
193,691 | American Airlines Pass Through Trust, 3.60%, due 04/15/31 | 179,799 | ||||||||
208,845 | American Airlines Pass Through Trust, 3.65%, due 02/15/29 | 211,366 | ||||||||
97,823 | American Airlines Pass Through Trust, 3.70%, due 11/01/24 | 81,999 | ||||||||
114,368 | American Airlines Pass Through Trust, 4.00%, due 08/15/30 | 101,866 | ||||||||
283,277 | American Airlines Pass Through Trust, 4.10%, due 07/15/29 | 264,552 |
See accompanying Notes to the Schedule of Investments.
50
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
19,789 | American Airlines Pass Through Trust, 6.98%, due 11/23/22 | 19,244 | ||||||||
700,000 | American Express Co., 3.40%, due 02/27/23 | 744,716 | ||||||||
287,000 | American Homes 4 Rent, LP REIT, 4.25%, due 02/15/28 | 330,397 | ||||||||
1,780,000 | American Honda Finance Corp. (MTN), 0.88%, due 07/07/23 | 1,802,339 | ||||||||
1,400,000 | American International Group, Inc., 4.88%, due 06/01/22 | 1,485,653 | ||||||||
485,000 | American Tower Corp. REIT, 2.40%, due 03/15/25 | 515,840 | ||||||||
230,000 | American Tower Corp. REIT, 2.95%, due 01/15/25 | 249,359 | ||||||||
618,000 | American Tower Corp. REIT, 3.55%, due 07/15/27 | 699,849 | ||||||||
239,000 | American Tower Corp. REIT, 3.80%, due 08/15/29 | 278,275 | ||||||||
575,000 | American Water Capital Corp., 2.80%, due 05/01/30 | 636,528 | ||||||||
190,000 | AmeriGas Partners, LP/AmeriGas Finance Corp., 5.50%, due 05/20/25 | 210,900 | ||||||||
250,000 | AmeriGas Partners, LP/AmeriGas Finance Corp., 5.88%, due 08/20/26 | 281,829 | ||||||||
386,000 | AmerisourceBergen Corp., 2.80%, due 05/15/30 | 420,172 | ||||||||
665,000 | Amgen, Inc., 2.20%, due 02/21/27 | 713,288 | ||||||||
158,000 | ANGI Group LLC, 3.88%, due 08/15/28 144A | 161,061 | ||||||||
150,000 | Anglo American Capital Plc, 4.75%, due 04/10/27 144A | 177,191 | ||||||||
2,014,000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46 | 2,626,853 | ||||||||
367,000 | Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48 | 465,179 | ||||||||
350,000 | Anheuser-Busch InBev Worldwide, Inc., 5.55%, due 01/23/49(f) | 498,467 | ||||||||
361,000 | Antero Resources Corp., 5.00%, due 03/01/25(f) | 343,627 | ||||||||
146,000 | Anthem, Inc., 2.25%, due 05/15/30 | 155,277 | ||||||||
5,000 | Anthem, Inc., 5.10%, due 01/15/44 | 6,955 | ||||||||
835,000 | Apple, Inc., 2.65%, due 05/11/50 | 888,034 | ||||||||
250,000 | Applied Materials, Inc., 2.75%, due 06/01/50 | 273,104 | ||||||||
230,000 | APX Group, Inc., 7.63%, due 09/01/23(f) | 239,056 | ||||||||
225,000 | Aquarion Co., 4.00%, due 08/15/24(f) 144A | 246,312 | ||||||||
97,000 | Arconic Corp., 6.00%, due 05/15/25 144A | 103,729 | ||||||||
34,000 | Arconic Corp., 6.13%, due 02/15/28 144A | 36,720 | ||||||||
234,000 | Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.00%, due 02/15/25 144A | 242,716 | ||||||||
332,000 | Ares Capital Corp., 3.88%, due 01/15/26 | 360,156 | ||||||||
314,000 | Ares Capital Corp., 4.20%, due 06/10/24 | 339,103 | ||||||||
146,000 | Asbury Automotive Group, Inc., 4.75%, due 03/01/30 | 156,767 | ||||||||
710,000 | Ascension Health, 2.53%, due 11/15/29 | 778,484 | ||||||||
150,000 | Ascension Health, 3.11%, due 11/15/39 | 167,643 | ||||||||
140,000 | Ashtead Capital, Inc., 4.38%, due 08/15/27 144A | 148,225 | ||||||||
700,000 | AT&T, Inc., 1.40% (3 mo. USD LIBOR + 1.18%), due 06/12/24(b) | 717,376 | ||||||||
274,000 | AT&T, Inc., 2.30%, due 06/01/27 | 292,572 | ||||||||
2,377,000 | AT&T, Inc., 2.55%, due 12/01/33 144A | 2,442,022 | ||||||||
150,000 | AT&T, Inc., 2.63%, due 12/01/22 | 155,649 | ||||||||
438,000 | AT&T, Inc., 3.10%, due 02/01/43 | 445,955 | ||||||||
814,000 | AT&T, Inc., 3.50%, due 06/01/41 | 880,125 | ||||||||
2,000,000 | AT&T, Inc., 3.50%, due 09/15/53 144A | 2,010,661 | ||||||||
122,000 | AT&T, Inc., 3.65%, due 06/01/51 | 127,981 | ||||||||
535,000 | AT&T, Inc., 3.65%, due 09/15/59 144A | 541,325 | ||||||||
201,000 | AT&T, Inc., 3.80%, due 12/01/57 144A | 210,875 | ||||||||
25,000 | AT&T, Inc., 4.30%, due 02/15/30 | 29,886 | ||||||||
41,000 | ATS Automation Tooling Systems, Inc., 4.13%, due 12/15/28 144A | 41,820 |
See accompanying Notes to the Schedule of Investments.
51
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
130,000 | Australia & New Zealand Banking Group, Ltd., 6.75% (5 yr. USD ICE swap + 5.17%)(b) (f) (g) 144A | 151,838 | ||||||||
128,000 | Autodesk, Inc., 2.85%, due 01/15/30 | 142,410 | ||||||||
209,000 | AutoNation, Inc., 4.75%, due 06/01/30 | 251,784 | ||||||||
192,000 | Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A | 205,654 | ||||||||
139,000 | AXA SA, 8.60%, due 12/15/30 | 216,745 | ||||||||
942,000 | BAE Systems Finance, Inc., 7.50%, due 07/01/27 144A | 1,267,059 | ||||||||
696,000 | BAE Systems Holdings, Inc., 3.85%, due 12/15/25 144A | 790,304 | ||||||||
440,000 | BAE Systems Plc, 1.90%, due 02/15/31 144A | 445,818 | ||||||||
1,000,000 | BAE Systems Plc, 3.40%, due 04/15/30 144A | 1,134,659 | ||||||||
321,000 | Bally’s Corp., 6.75%, due 06/01/27 144A | 344,874 | ||||||||
200,000 | Banco Santander SA, 3.85%, due 04/12/23 | 214,965 | ||||||||
100,000 | Banco Santander SA, 4.38%, due 04/12/28(f) | 116,715 | ||||||||
511,000 | Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31(b) | 548,124 | ||||||||
877,000 | Bank of America Corp., 4.24% (3 mo. USD LIBOR + 1.81%), due 04/24/38(b) | 1,081,718 | ||||||||
160,000 | Bank of America Corp., 5.13% (3 mo. USD LIBOR + 3.29%)(b) (g) | 169,292 | ||||||||
621,000 | Bank of America Corp., 6.30% (3 mo. USD LIBOR + 4.55%)(b) (g) | 725,406 | ||||||||
610,000 | Bank of America Corp., (MTN), 2.50% (3 mo. USD LIBOR + 0.99%), due 02/13/31(b) | 648,390 | ||||||||
303,000 | Bank of America Corp., (MTN), 2.83% (SOFR + 1.88%), due 10/24/51(b) | 316,693 | ||||||||
160,000 | Bank of America Corp., (MTN), 2.88% (3 mo. USD LIBOR + 1.19%), due 10/22/30(b) | 175,835 | ||||||||
491,000 | Bank of America Corp., (MTN), 3.25%, due 10/21/27 | 549,767 | ||||||||
1,270,000 | Bank of America Corp., (MTN), 3.50%, due 04/19/26 | 1,440,382 | ||||||||
755,000 | Bank of America Corp., (MTN), 3.59% (3 mo. USD LIBOR + 1.37%), due 07/21/28(b) | 858,201 | ||||||||
493,000 | Bank of America Corp., (MTN), 3.95%, due 04/21/25 | 555,975 | ||||||||
500,000 | Bank of America Corp., (MTN), 4.13%, due 01/22/24 | 554,408 | ||||||||
165,000 | Bank of America Corp., (MTN), 4.20%, due 08/26/24 | 184,809 | ||||||||
210,000 | Bank of America Corp., (MTN), 4.27% (3 mo. USD LIBOR + 1.31%), due 07/23/29(b) | 250,221 | ||||||||
213,000 | Bank of America Corp., (MTN), 4.33% (3 mo. USD LIBOR + 1.52%), due 03/15/50(b) | 279,950 | ||||||||
1,376,000 | Bank of America Corp., (MTN), 4.45%, due 03/03/26 | 1,604,548 | ||||||||
1,053,000 | Barclays Bank Plc, 1.70%, due 05/12/22 | 1,071,825 | ||||||||
575,000 | Barclays Plc, 3.68%, due 01/10/23 | 592,831 | ||||||||
264,000 | Barclays Plc, 4.38%, due 01/12/26 | 304,633 | ||||||||
400,000 | Barclays Plc, 4.97% (3 mo. USD LIBOR + 1.90%), due 05/16/29(b) | 480,148 | ||||||||
770,000 | BAT Capital Corp., 3.22%, due 08/15/24 | 834,030 | ||||||||
157,000 | Bausch Health Cos., Inc., 5.25%, due 01/30/30 144A | 165,026 | ||||||||
359,000 | Bausch Health Cos., Inc., 6.13%, due 04/15/25 144A | 370,366 | ||||||||
329,000 | Bausch Health Cos., Inc., 6.25%, due 02/15/29 144A | 357,850 | ||||||||
605,000 | Berkshire Hathaway Energy Co., 3.70%, due 07/15/30 144A | 717,635 | ||||||||
85,000 | Berkshire Hathaway Energy Co., 5.95%, due 05/15/37 | 123,542 | ||||||||
1,312,000 | Berkshire Hathaway Energy Co., 6.13%, due 04/01/36 | 1,944,002 | ||||||||
1,015,000 | Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A | 1,040,282 | ||||||||
542,000 | Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A | 604,322 | ||||||||
110,000 | BMW US Capital LLC, 0.63% (3 mo. USD LIBOR + 0.41%), due 04/12/21(b) 144A | 110,078 | ||||||||
310,000 | BNP Paribas SA, 3.38%, due 01/09/25 144A | 339,633 | ||||||||
200,000 | BNP Paribas SA, 4.38%, due 09/28/25 144A | 229,045 | ||||||||
631,000 | Boeing Co. (The), 3.20%, due 03/01/29 | 666,571 | ||||||||
185,000 | Boeing Co. (The), 3.75%, due 02/01/50 | 194,890 | ||||||||
295,000 | Boeing Co. (The), 3.95%, due 08/01/59 | 316,366 | ||||||||
450,000 | Boeing Co. (The), 5.04%, due 05/01/27 | 526,791 |
See accompanying Notes to the Schedule of Investments.
52
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
271,000 | Boeing Co. (The), 5.81%, due 05/01/50 | 374,080 | ||||||||
44,000 | Boise Cascade Co., 4.88%, due 07/01/30 144A | 47,713 | ||||||||
170,000 | Booking Holdings, Inc., 4.63%, due 04/13/30 | 211,479 | ||||||||
605,000 | BP Capital Markets America, Inc., 2.94%, due 04/06/23 | 638,756 | ||||||||
338,000 | BPCE SA, 4.50%, due 03/15/25 144A | 382,523 | ||||||||
360,000 | BPCE SA, 5.70%, due 10/22/23 144A | 407,729 | ||||||||
310,000 | Braskem Netherlands Finance BV, 8.50% (5 yr. CMT + 8.22%), | 345,498 | ||||||||
230,000 | BRF SA, 5.75%, due 09/21/50 144A | 256,306 | ||||||||
347,000 | Brighthouse Financial, Inc., 3.70%, due 06/22/27 | 377,686 | ||||||||
115,000 | Brightstar Escrow Corp., 9.75%, due 10/15/25 144A | 123,194 | ||||||||
715,000 | Bristol-Myers Squibb Co., 2.25%, due 08/15/21 | 722,957 | ||||||||
55,000 | Bristol-Myers Squibb Co., 4.13%, due 06/15/39 | 70,266 | ||||||||
230,000 | Bristol-Myers Squibb Co., 4.25%, due 10/26/49(f) | 311,598 | ||||||||
135,000 | Bristol-Myers Squibb Co., 5.00%, due 08/15/45 | 195,571 | ||||||||
87,029 | British Airways Pass Through Trust, 4.13%, due 03/20/33 144A | 82,869 | ||||||||
182,000 | British Airways Pass Through Trust, 4.25%, due 05/15/34(f) 144A | 195,309 | ||||||||
151,000 | British Airways Pass Through Trust, Class B, 8.38%, due 11/15/28 144A | 167,232 | ||||||||
257,000 | Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.13%, due 01/15/25 | 277,657 | ||||||||
1,070,000 | Broadcom, Inc., 3.15%, due 11/15/25 | 1,169,693 | ||||||||
1,046,000 | Broadcom, Inc., 4.11%, due 09/15/28 | 1,199,079 | ||||||||
460,000 | Broadcom, Inc., 4.70%, due 04/15/25 | 527,349 | ||||||||
1,544,000 | Broadcom, Inc., 4.75%, due 04/15/29 | 1,842,819 | ||||||||
1,139,000 | Broadcom, Inc., 5.00%, due 04/15/30 | 1,386,134 | ||||||||
32,000 | Builders FirstSource, Inc., 5.00%, due 03/01/30 144A | 34,700 | ||||||||
63,000 | Builders FirstSource, Inc., 6.75%, due 06/01/27 144A | 68,415 | ||||||||
140,000 | C&W Senior Financing DAC, 6.88%, due 09/15/27 144A | 151,392 | ||||||||
99,000 | Cable One, Inc., 4.00%, due 11/15/30 144A | 103,022 | ||||||||
100,000 | Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, due 07/01/25 144A | 106,083 | ||||||||
509,000 | Canadian Pacific Railway Co., 6.13%, due 09/15/15(h) | 854,425 | ||||||||
451,000 | Cantor Fitzgerald, LP, 4.88%, due 05/01/24 144A | 502,619 | ||||||||
1,595,000 | Capital One Financial Corp., 3.30%, due 10/30/24 | 1,753,097 | ||||||||
180,000 | Cargill, Inc., 2.13%, due 04/23/30 144A | 189,608 | ||||||||
1,000,000 | Carlyle Holdings Finance LLC, 3.88%, due 02/01/23 144A | 1,064,562 | ||||||||
160,000 | Carrier Global Corp., 2.72%, due 02/15/30 | 171,377 | ||||||||
55,000 | Catalent Pharma Solutions, Inc., 5.00%, due 07/15/27 144A | 58,181 | ||||||||
245,000 | Caterpillar, Inc., 2.60%, due 04/09/30(f) | 270,404 | ||||||||
113,000 | CCM Merger, Inc., 6.38%, due 05/01/26 144A | 118,933 | ||||||||
210,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A | 230,452 | ||||||||
124,000 | CDW LLC/CDW Finance Corp., 3.25%, due 02/15/29 | 126,598 | ||||||||
450,000 | CDW LLC/CDW Finance Corp., 5.50%, due 12/01/24 | 503,939 | ||||||||
279,000 | Cemex SAB de CV, 5.20%, due 09/17/30 144A | 306,272 | ||||||||
210,000 | Cemex SAB de CV, 7.38%, due 06/05/27 144A | 239,242 | ||||||||
240,000 | Cenovus Energy, Inc., 5.40%, due 06/15/47 | 282,156 | ||||||||
328,000 | Centene Corp., 3.00%, due 10/15/30 | 348,057 | ||||||||
143,000 | Centene Corp., 3.38%, due 02/15/30 | 150,673 | ||||||||
103,000 | Centene Corp., 4.25%, due 12/15/27 | 109,418 | ||||||||
115,000 | Centene Corp., 4.63%, due 12/15/29 | 127,823 | ||||||||
284,000 | Centene Corp., 5.38%, due 06/01/26 144A | 299,893 |
See accompanying Notes to the Schedule of Investments.
53
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
335,000 | CenterPoint Energy, Inc., 3.70%, due 09/01/49 | 387,272 | ||||||||
354,000 | CenturyLink, Inc., 4.00%, due 02/15/27 144A | 365,990 | ||||||||
305,000 | CenturyLink, Inc., 4.50%, due 01/15/29 144A | 310,909 | ||||||||
350,000 | CenturyLink, Inc., 6.75%, due 12/01/23 | 390,469 | ||||||||
50,000 | Charles River Laboratories International, Inc., 4.25%, due 05/01/28 144A | 52,460 | ||||||||
880,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, due 04/01/31 | 931,979 | ||||||||
577,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28 | 666,108 | ||||||||
5,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, due 07/23/22 | 5,273 | ||||||||
928,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, due 03/01/50 | 1,110,252 | ||||||||
270,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 05/01/47 | 337,501 | ||||||||
682,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 5.75%, due 04/01/48 | 894,406 | ||||||||
1,964,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35 | 2,696,258 | ||||||||
883,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45 | 1,251,620 | ||||||||
336,000 | Cheniere Energy Partners, LP, 4.50%, due 10/01/29 | 355,915 | ||||||||
643,000 | Chevron Corp., 2.00%, due 05/11/27 | 682,492 | ||||||||
92,000 | Choice Hotels International, Inc., 3.70%, due 12/01/29 | 100,628 | ||||||||
158,000 | Choice Hotels International, Inc., 3.70%, due 01/15/31 | 175,284 | ||||||||
1,790,000 | Cigna Corp., 3.40%, due 03/01/27 | 2,023,874 | ||||||||
660,000 | Cigna Corp., 4.38%, due 10/15/28 | 798,257 | ||||||||
295,000 | Cigna Corp., 4.80%, due 07/15/46 | 389,768 | ||||||||
245,000 | Cigna Corp., 4.90%, due 12/15/48 | 337,481 | ||||||||
185,000 | Cimarex Energy Co., 4.38%, due 06/01/24 | 201,984 | ||||||||
330,000 | Cimpress Plc, 7.00%, due 06/15/26 144A | 348,087 | ||||||||
317,000 | Cincinnati Bell, Inc., 7.00%, due 07/15/24 144A | 330,667 | ||||||||
555,000 | Citigroup, Inc., 3.20%, due 10/21/26 | 620,783 | ||||||||
2,487,000 | Citigroup, Inc., 3.40%, due 05/01/26 | 2,801,378 | ||||||||
625,000 | Citigroup, Inc., 3.52% (3 mo. USD LIBOR + 1.15%), due 10/27/28(b) | 707,029 | ||||||||
310,000 | Citigroup, Inc., 3.67% (3 mo. USD LIBOR + 1.39%), due 07/24/28(b) | 351,655 | ||||||||
1,585,000 | Citigroup, Inc., 3.89% (3 mo. USD LIBOR + 1.56%), due 01/10/28(b) | 1,817,521 | ||||||||
1,400,000 | Citigroup, Inc., 4.08% (3 mo. USD LIBOR + 1.19%), due 04/23/29(b) | 1,643,093 | ||||||||
550,000 | Citigroup, Inc., 4.32% (3 mo. USD LIBOR + 4.10%)(b) (g) | 548,625 | ||||||||
180,000 | Citigroup, Inc., 4.40%, due 06/10/25 | 205,879 | ||||||||
440,000 | Citigroup, Inc., 4.41% (SOFR + 3.91%), due 03/31/31(b) | 533,985 | ||||||||
660,000 | Citigroup, Inc., 4.60%, due 03/09/26 | 773,990 | ||||||||
174,000 | Citigroup, Inc., 4.70% (3 mo. USD LIBOR + 4.48%)(b) (g) | 174,266 | ||||||||
998,000 | Citigroup, Inc., 4.70% (SOFR + 3.23%)(b) (g) | 1,027,406 | ||||||||
150,000 | Citigroup, Inc., 5.50%, due 09/13/25 | 180,436 | ||||||||
426,000 | Citigroup, Inc., 6.25% (3 mo. USD LIBOR + 4.52%)(b) (g) | 489,669 | ||||||||
509,000 | Citizens Financial Group, Inc., 3.25%, due 04/30/30 | 574,503 | ||||||||
39,000 | Clark Equipment Co., 5.88%, due 06/01/25 144A | 41,267 | ||||||||
45,000 | Clean Harbors, Inc., 4.88%, due 07/15/27 144A | 47,025 |
See accompanying Notes to the Schedule of Investments.
54
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
524,000 | Cleveland Clinic Foundation (The), 4.86%, due 01/01/14(h) | 741,657 | ||||||||
169,000 | CNA Financial Corp., 2.05%, due 08/15/30 | 172,670 | ||||||||
245,000 | CNAC HK Finbridge Co., Ltd., Reg S, 3.50%, due 07/19/22(i) 144A | 247,436 | ||||||||
122,000 | CNO Financial Group, Inc., 5.25%, due 05/30/25 | 141,883 | ||||||||
428,000 | CNO Financial Group, Inc., 5.25%, due 05/30/29 | 518,461 | ||||||||
335,000 | CNOOC Finance 2013, Ltd., 2.88%, due 09/30/29 | 349,360 | ||||||||
153,000 | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, due 08/15/26 144A | 174,108 | ||||||||
500,000 | Comcast Corp., 2.45%, due 08/15/52 | 486,277 | ||||||||
429,000 | Comcast Corp., 3.30%, due 04/01/27 | 488,357 | ||||||||
1,007,000 | Comcast Corp., 3.40%, due 04/01/30 | 1,165,364 | ||||||||
2,400,000 | Comcast Corp., 3.95%, due 10/15/25 | 2,759,080 | ||||||||
5,000 | Comcast Corp., 3.97%, due 11/01/47 | 6,281 | ||||||||
86,000 | Comcast Corp., 4.00%, due 11/01/49 | 108,764 | ||||||||
446,000 | Comcast Corp., 4.05%, due 11/01/52 | 572,081 | ||||||||
1,184,000 | Comcast Corp., 4.15%, due 10/15/28 | 1,426,211 | ||||||||
20,000 | Comcast Corp., 6.50%, due 11/15/35 | 30,983 | ||||||||
54,000 | Commercial Metals Co., 5.38%, due 07/15/27 | 56,970 | ||||||||
1,419,000 | CommonSpirit Health, 2.76%, due 10/01/24 | 1,521,994 | ||||||||
357,000 | CommonSpirit Health, 4.19%, due 10/01/49 | 417,372 | ||||||||
350,000 | Commonwealth Edison Co., 4.00%, due 03/01/48 | 444,063 | ||||||||
940,000 | Concho Resources, Inc., 3.75%, due 10/01/27 | 1,074,964 | ||||||||
45,000 | Concho Resources, Inc., 4.88%, due 10/01/47 | 61,051 | ||||||||
326,000 | Connect Finco SARL/Connect US Finco LLC, 6.75%, due 10/01/26 144A | 351,672 | ||||||||
65,000 | Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56 | 82,834 | ||||||||
350,000 | Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45 | 454,361 | ||||||||
137,000 | Constellation Brands, Inc., 2.88%, due 05/01/30 | 150,424 | ||||||||
798,915 | �� | Continental Airlines Pass Through Trust, 5.98%, due 10/19/23 | 808,898 | |||||||
141,000 | Continental Resources, Inc., 4.50%, due 04/15/23(f) | 145,643 | ||||||||
1,185,000 | Cooperatieve Rabobank UA, 3.88%, due 09/26/23 144A | 1,293,444 | ||||||||
451,000 | CoStar Group, Inc., 2.80%, due 07/15/30 144A | 469,371 | ||||||||
212,000 | Cox Communications, Inc., 1.80%, due 10/01/30 144A | 212,063 | ||||||||
292,000 | Cox Communications, Inc., 2.95%, due 10/01/50 144A | 299,133 | ||||||||
1,876,000 | Cox Communications, Inc., 3.35%, due 09/15/26 144A | 2,110,587 | ||||||||
1,750,000 | Cox Communications, Inc., 3.50%, due 08/15/27 144A | 1,981,258 | ||||||||
536,000 | Credit Agricole SA, 3.25%, due 01/14/30 144A | 588,802 | ||||||||
250,000 | Credit Agricole SA, 3.75%, due 04/24/23 144A | 268,549 | ||||||||
225,000 | Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)(b) (f) (g) 144A | 256,354 | ||||||||
235,000 | Credit Suisse Group AG, 5.25% (5 yr. CMT + 4.89%)(b) (g) 144A | 249,100 | ||||||||
275,000 | Credit Suisse Group AG, 7.50% (5 yr. USD swap + 4.60%)(b) (g) 144A | 300,437 | ||||||||
500,000 | Credit Suisse Group Funding Guernsey, Ltd., 3.45%, due 04/16/21 | 504,596 | ||||||||
125,000 | Credito Real SAB de CV SOFOM ER, 9.13% (5 yr. CMT + 7.03%)(b) (g) 144A | 120,939 | ||||||||
541,000 | Crown Castle International Corp. REIT, 2.25%, due 01/15/31 | 561,939 | ||||||||
510,000 | Crown Castle International Corp. REIT, 3.30%, due 07/01/30 | 571,751 | ||||||||
492,000 | Crown Castle International Corp. REIT, 3.65%, due 09/01/27 | 556,263 | ||||||||
85,000 | Crown Castle International Corp. REIT, 4.15%, due 07/01/50 | 103,690 | ||||||||
270,000 | CSC Holdings LLC, 3.38%, due 02/15/31 144A | 265,275 | ||||||||
338,000 | CSC Holdings LLC, 5.75%, due 01/15/30 144A | 370,957 | ||||||||
450,000 | CSC Holdings LLC, 6.75%, due 11/15/21 | 471,094 |
See accompanying Notes to the Schedule of Investments.
55
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
125,000 | CSC Holdings LLC, 7.50%, due 04/01/28 144A | 140,798 | ||||||||
247,000 | CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A | 234,315 | ||||||||
226,373 | CSI Compressco, LP/CSI Compressco Finance, Inc., 10.00% (10.00% Cash or 7.25% plus 3.50% PIK), due 04/01/26 144A | 174,873 | ||||||||
72,000 | CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A | 68,302 | ||||||||
414,000 | CSN Islands XI Corp., 6.75%, due 01/28/28 144A | 448,776 | ||||||||
254,000 | CVS Health Corp., 2.70%, due 08/21/40 | 257,727 | ||||||||
73,000 | CVS Health Corp., 3.00%, due 08/15/26 | 80,877 | ||||||||
96,000 | CVS Health Corp., 3.70%, due 03/09/23 | 102,734 | ||||||||
318,000 | CVS Health Corp., 3.75%, due 04/01/30 | 370,511 | ||||||||
413,000 | CVS Health Corp., 4.30%, due 03/25/28 | 491,756 | ||||||||
50,000 | CVS Health Corp., 4.78%, due 03/25/38 | 63,426 | ||||||||
432,000 | CVS Health Corp., 5.05%, due 03/25/48 | 586,442 | ||||||||
130,000 | CVS Health Corp., 5.13%, due 07/20/45 | 175,295 | ||||||||
669,614 | CVS Pass-Through Trust, 6.94%, due 01/10/30 | 801,039 | ||||||||
1,777,816 | CVS Pass-Through Trust, 7.51%, due 01/10/32 144A | 2,186,555 | ||||||||
220,000 | Cydsa SAB de CV, 6.25%, due 10/04/27 144A | 231,882 | ||||||||
161,000 | CyrusOne, LP/CyrusOne Finance Corp. REIT, 2.15%, due 11/01/30 | 157,328 | ||||||||
328,000 | CyrusOne, LP/CyrusOne Finance Corp. REIT, 3.45%, due 11/15/29 | 353,392 | ||||||||
1,135,000 | Daimler Finance North America LLC, 2.55%, due 08/15/22 144A | 1,174,306 | ||||||||
155,000 | Daimler Finance North America LLC, 3.50%, due 08/03/25 144A | 172,641 | ||||||||
45,000 | Dave & Buster’s, Inc., 7.63%, due 11/01/25(f) 144A | 47,475 | ||||||||
311,000 | DaVita, Inc., 3.75%, due 02/15/31 144A | 316,360 | ||||||||
312,000 | DaVita, Inc., 4.63%, due 06/01/30 144A | 331,305 | ||||||||
226,000 | DCP Midstream Operating, LP, 5.85% (3 mo. USD LIBOR + 3.85%), due 05/21/43(b) 144A | 195,331 | ||||||||
77,000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A | 81,268 | ||||||||
536,000 | Dell International LLC/EMC Corp., 4.90%, due 10/01/26 144A | 633,401 | ||||||||
524,000 | Dell International LLC/EMC Corp., 5.30%, due 10/01/29 144A | 642,850 | ||||||||
162,000 | Dell International LLC/EMC Corp., 5.85%, due 07/15/25 144A | 194,688 | ||||||||
368,000 | Dell International LLC/EMC Corp., 8.35%, due 07/15/46 144A | 557,440 | ||||||||
1,404,709 | Delta Air Lines Pass Through Trust, 2.00%, due 12/10/29 | 1,407,454 | ||||||||
696,380 | Delta Air Lines Pass Through Trust, 6.82%, due 02/10/24 | 714,165 | ||||||||
570,000 | Delta Air Lines, Inc., 2.90%, due 10/28/24 | 562,782 | ||||||||
268,000 | Delta Air Lines, Inc., 3.80%, due 04/19/23 | 275,322 | ||||||||
315,000 | Delta Air Lines, Inc., 4.38%, due 04/19/28 | 317,231 | ||||||||
86,000 | Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, due 10/20/25 144A | 91,966 | ||||||||
300,000 | Deutsche Bank AG, 5.00%, due 02/14/22 | 313,761 | ||||||||
375,000 | Deutsche Bank AG, (MTN), 3.38%, due 05/12/21 | 378,393 | ||||||||
305,000 | EUR | DH Europe Finance II SARL, 1.35%, due 09/18/39 | 402,542 | |||||||
560,000 | Diageo Capital Plc, 2.13%, due 04/29/32 | 592,442 | ||||||||
865,000 | Diamondback Energy, Inc., 3.25%, due 12/01/26 | 924,763 | ||||||||
1,494,000 | Digital Realty Trust, LP REIT, 3.70%, due 08/15/27 | 1,718,157 | ||||||||
517,000 | Discover Financial Services, 3.95%, due 11/06/24(f) | 574,677 | ||||||||
103,000 | Discover Financial Services, 4.10%, due 02/09/27 | 118,758 | ||||||||
268,000 | Dollar General Corp., 3.50%, due 04/03/30 | 308,138 | ||||||||
749,000 | Dollar Tree, Inc., 4.20%, due 05/15/28 | 891,996 | ||||||||
854,000 | Dominion Energy, Inc., 2.72%, due 08/15/21(d) | 864,748 | ||||||||
115,000 | Dominion Energy, Inc., 2.85%, due 08/15/26 | 126,876 |
See accompanying Notes to the Schedule of Investments.
56
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
271,000 | Dominion Energy, Inc., 3.38%, due 04/01/30 | 309,058 | ||||||||
186,000 | DPL, Inc., 4.13%, due 07/01/25 144A | 201,033 | ||||||||
850,000 | DTE Electric Co., 2.25%, due 03/01/30(f) | 912,973 | ||||||||
411,000 | Duke Energy Carolinas LLC, 3.95%, due 03/15/48 | 516,616 | ||||||||
1,839,000 | Duke Energy Corp., 3.55%, due 09/15/21 | 1,865,360 | ||||||||
420,000 | Duke Energy Florida LLC, 3.40%, due 10/01/46 | 481,268 | ||||||||
195,000 | Duke Energy Progress LLC, 3.70%, due 10/15/46 | 236,310 | ||||||||
490,000 | Duke University, 2.83%, due 10/01/55 | 531,957 | ||||||||
481,000 | eBay, Inc., 2.70%, due 03/11/30 | 518,256 | ||||||||
138,000 | Edgewell Personal Care Co., 5.50%, due 06/01/28 144A | 148,500 | ||||||||
190,000 | El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32(f) | 267,890 | ||||||||
42,000 | Embraer Netherlands Finance BV, 5.05%, due 06/15/25 | 44,583 | ||||||||
250,000 | Embraer Overseas, Ltd., 5.70%, due 09/16/23 144A | 266,877 | ||||||||
416,000 | Emera US Finance, LP, 3.55%, due 06/15/26 | 467,860 | ||||||||
338,000 | Enbridge, Inc., 5.50% (3 mo. USD LIBOR + 3.42%), due 07/15/77(b) | 347,004 | ||||||||
385,000 | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80(b) | 434,232 | ||||||||
332,000 | Enbridge, Inc., 6.25% (3 mo. USD LIBOR + 3.64%), due 03/01/78(b) | 363,679 | ||||||||
148,000 | Encompass Health Corp., 4.50%, due 02/01/28 | 154,910 | ||||||||
126,000 | Encompass Health Corp., 4.63%, due 04/01/31 | 134,978 | ||||||||
450,000 | Enel Finance International NV, 4.63%, due 09/14/25 144A | 524,292 | ||||||||
70,000 | Energy Transfer Operating, LP, 4.20%, due 04/15/27 | 77,255 | ||||||||
358,000 | Energy Transfer Operating, LP, 4.25%, due 03/15/23 | 380,789 | ||||||||
360,000 | Energy Transfer Operating, LP, 5.15%, due 03/15/45 | 391,501 | ||||||||
900,000 | Energy Transfer Operating, LP, 5.50%, due 06/01/27 | 1,060,708 | ||||||||
298,000 | Energy Transfer Operating, LP, 5.88%, due 01/15/24 | 335,195 | ||||||||
340,000 | Energy Transfer Operating, LP, 6.25%, due 04/15/49 | 411,843 | ||||||||
227,000 | Enova International, Inc., 8.50%, due 09/15/25 144A | 221,325 | ||||||||
639,000 | Enterprise Products Operating LLC, 5.25% (3 mo. USD LIBOR + 3.03%), due 08/16/77(b) | 648,977 | ||||||||
373,000 | Equinix, Inc. REIT, 1.55%, due 03/15/28 | 379,667 | ||||||||
135,000 | Equinix, Inc. REIT, 1.80%, due 07/15/27 | 139,177 | ||||||||
499,000 | Equinix, Inc. REIT, 3.20%, due 11/18/29 | 548,825 | ||||||||
214,000 | Equinix, Inc. REIT, 5.38%, due 05/15/27 | 233,335 | ||||||||
2,045,000 | Escrow GCB General Motors, 8.38%, due 07/15/49* (j) (k) 144A | — | ||||||||
450,000 | ESH Hospitality, Inc. REIT, 5.25%, due 05/01/25 144A | 461,914 | ||||||||
460,000 | Essential Utilities, Inc., 2.70%, due 04/15/30 | 499,686 | ||||||||
1,320,000 | Eversource Energy, 2.90%, due 10/01/24 | 1,426,002 | ||||||||
285,000 | Exelon Corp., 4.70%, due 04/15/50 | 380,306 | ||||||||
1,128,000 | Exelon Corp., 5.10%, due 06/15/45 | 1,532,887 | ||||||||
389,000 | Expedia Group, Inc., 3.25%, due 02/15/30 | 405,316 | ||||||||
628,000 | Expedia Group, Inc., 3.80%, due 02/15/28 | 674,964 | ||||||||
565,000 | Expedia Group, Inc., 5.00%, due 02/15/26 | 633,394 | ||||||||
995,000 | FedEx Corp., 4.05%, due 02/15/48 | 1,204,780 | ||||||||
715,000 | Ferguson Finance Plc, 4.50%, due 10/24/28 144A | 858,030 | ||||||||
219,000 | Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR + 3.03%)(b) (g) | 222,756 | ||||||||
135,000 | First Quantum Minerals, Ltd., 6.88%, due 03/01/26 144A | 140,991 | ||||||||
200,000 | First Quantum Minerals, Ltd., 7.50%, due 04/01/25 144A | 208,500 | ||||||||
194,000 | FirstEnergy Corp., 2.65%, due 03/01/30 | 194,923 | ||||||||
1,260,000 | Fiserv, Inc., 3.50%, due 07/01/29 | 1,441,348 |
See accompanying Notes to the Schedule of Investments.
57
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
200,000 | Flowserve Corp., 3.50%, due 10/01/30 | 213,661 | ||||||||
915,000 | Ford Motor Credit Co. LLC, 3.35%, due 11/01/22 | 932,257 | ||||||||
356,000 | Ford Motor Credit Co. LLC, 4.13%, due 08/17/27 | 373,355 | ||||||||
1,049,000 | Ford Motor Credit Co. LLC, 4.13%, due 08/04/25 | 1,102,106 | ||||||||
565,000 | Ford Motor Credit Co. LLC, 5.11%, due 05/03/29 | 629,947 | ||||||||
202,000 | Freedom Mortgage Corp., 8.13%, due 11/15/24 144A | 211,341 | ||||||||
72,000 | Freedom Mortgage Corp., 8.25%, due 04/15/25 144A | 75,420 | ||||||||
534,000 | Fresenius Medical Care US Finance III, Inc., 2.38%, due 02/16/31 144A | 543,446 | ||||||||
46,000 | Frontier Communications Corp., 5.88%, due 10/15/27 144A | 49,824 | ||||||||
428,000 | FS Luxembourg SARL, 10.00%, due 12/15/25 144A | 464,059 | ||||||||
61,000 | Gartner, Inc., 3.75%, due 10/01/30 144A | 64,356 | ||||||||
71,000 | Gartner, Inc., 4.50%, due 07/01/28 144A | 74,994 | ||||||||
143,000 | GCI LLC, 4.75%, due 10/15/28 144A | 152,785 | ||||||||
1,162,000 | GE Capital International Funding Co. Unlimited Co., 4.42%, due 11/15/35 | 1,388,464 | ||||||||
820,000 | General Dynamics Corp., 4.25%, due 04/01/50 | 1,120,555 | ||||||||
436,000 | General Electric Co., 4.25%, due 05/01/40 | 516,136 | ||||||||
563,000 | General Electric Co., (MTN), 5.55%, due 01/05/26 | 682,504 | ||||||||
175,000 | General Motors Co., 5.40%, due 04/01/48 | 220,725 | ||||||||
160,000 | General Motors Financial Co., Inc., 1.08% (3 mo. USD LIBOR + 0.85%), due 04/09/21(b) | 160,102 | ||||||||
605,000 | General Motors Financial Co., Inc., 2.90%, due 02/26/25 | 646,714 | ||||||||
120,000 | General Motors Financial Co., Inc., 3.55%, due 04/09/21 | 120,932 | ||||||||
775,000 | General Motors Financial Co., Inc., 3.60%, due 06/21/30 | 865,139 | ||||||||
1,199,000 | General Motors Financial Co., Inc., 4.15%, due 06/19/23 | 1,290,350 | ||||||||
370,000 | General Motors Financial Co., Inc., 4.30%, due 07/13/25 | 415,064 | ||||||||
535,000 | General Motors Financial Co., Inc., 5.10%, due 01/17/24 | 599,023 | ||||||||
313,000 | General Motors Financial Co., Inc., 5.20%, due 03/20/23 | 343,346 | ||||||||
821,000 | Georgia-Pacific LLC, 2.30%, due 04/30/30 144A | 878,869 | ||||||||
286,000 | GFL Environmental, Inc., 3.50%, due 09/01/28 144A | 291,541 | ||||||||
402,000 | Gilead Sciences, Inc., 2.80%, due 10/01/50 | 400,560 | ||||||||
325,000 | Globo Comunicacao e Participacoes SA, 4.88%, due 01/22/30 144A | 347,753 | ||||||||
515,000 | GLP Capital, LP/GLP Financing II, Inc. REIT, 5.38%, due 04/15/26 | 592,016 | ||||||||
161,000 | Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, due 05/01/24 144A | 172,691 | ||||||||
1,200,000 | Goldman Sachs Group, Inc. (The), 3.27% (3 mo. USD LIBOR + 1.20%), due 09/29/25(b) | 1,315,209 | ||||||||
140,000 | Goldman Sachs Group, Inc. (The), 3.50%, due 01/23/25 | 154,651 | ||||||||
560,000 | Goldman Sachs Group, Inc. (The), 3.69% (3 mo. USD LIBOR + 1.51%), due 06/05/28(b) | 645,507 | ||||||||
85,000 | Goldman Sachs Group, Inc. (The), 3.75%, due 02/25/26 | 96,621 | ||||||||
1,131,000 | Goldman Sachs Group, Inc. (The), 3.80%, due 03/15/30 | 1,331,828 | ||||||||
320,000 | Goldman Sachs Group, Inc. (The), 3.81% (3 mo. USD LIBOR + 1.16%), due 04/23/29(b) | 370,614 | ||||||||
1,101,000 | Goldman Sachs Group, Inc. (The), 3.85%, due 01/26/27 | 1,257,040 | ||||||||
465,000 | Goldman Sachs Group, Inc. (The), 4.13% (3 mo. USD LIBOR + 3.92%)(b) (g) | 465,223 | ||||||||
125,000 | Goldman Sachs Group, Inc. (The), 5.30% (3 mo. USD LIBOR + 3.83%)(b) (g) | 136,840 | ||||||||
1,850,000 | Goldman Sachs Group, Inc. (The), 5.75%, due 01/24/22 | 1,955,746 | ||||||||
20,000 | Graham Packaging Co., Inc., 7.13%, due 08/15/28 144A | 22,138 | ||||||||
220,000 | Graphic Packaging International LLC, 3.50%, due 03/01/29 144A | 225,362 | ||||||||
175,000 | Greenko Dutch BV, 4.88%, due 07/24/22 144A | 177,187 |
See accompanying Notes to the Schedule of Investments.
58
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
14,000 | Group 1 Automotive, Inc., 4.00%, due 08/15/28 144A | 14,448 | ||||||||
262,000 | H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A | 265,131 | ||||||||
104,000 | Hanesbrands, Inc., 5.38%, due 05/15/25 144A | 110,164 | ||||||||
73,000 | Harsco Corp., 5.75%, due 07/31/27 144A | 77,334 | ||||||||
209,000 | HCA, Inc., 4.13%, due 06/15/29 | 242,714 | ||||||||
333,000 | HCA, Inc., 5.25%, due 04/15/25 | 389,066 | ||||||||
227,000 | HCA, Inc., 5.25%, due 06/15/26 | 268,953 | ||||||||
50,000 | HCA, Inc., 5.38%, due 02/01/25 | 56,301 | ||||||||
150,000 | HCA, Inc., 5.88%, due 02/01/29 | 180,778 | ||||||||
620,000 | Healthpeak Properties, Inc. REIT, 4.25%, due 11/15/23 | 679,223 | ||||||||
84,000 | Hillenbrand, Inc., 5.75%, due 06/15/25 | 90,878 | ||||||||
139,000 | Hilton Domestic Operating Co., Inc., 4.00%, due 05/01/31 144A | 146,921 | ||||||||
236,000 | Hilton Domestic Operating Co., Inc., 4.88%, due 01/15/30 | 258,272 | ||||||||
77,000 | Hilton Domestic Operating Co., Inc., 5.75%, due 05/01/28 144A | 83,882 | ||||||||
777,000 | Home Depot, Inc. (The), 3.30%, due 04/15/40 | 917,756 | ||||||||
375,000 | Host Hotels & Resorts, LP REIT, 3.38%, due 12/15/29 | 385,991 | ||||||||
277,000 | Host Hotels & Resorts, LP REIT, 3.50%, due 09/15/30 | 292,420 | ||||||||
170,000 | Host Hotels & Resorts, LP REIT, 4.50%, due 02/01/26 | 186,403 | ||||||||
319,000 | Howmet Aerospace, Inc., 5.13%, due 10/01/24 | 351,564 | ||||||||
260,000 | HSBC Holdings Plc, 6.88% (5 yr. USD ICE swap + 5.51%)(b) (g) | 265,200 | ||||||||
85,000 | Huntington Ingalls Industries, Inc., 3.84%, due 05/01/25 144A | 94,732 | ||||||||
383,000 | Huntington Ingalls Industries, Inc., 4.20%, due 05/01/30 144A | 454,737 | ||||||||
224,000 | Husky Energy, Inc., 3.95%, due 04/15/22 | 230,877 | ||||||||
170,000 | Hyundai Capital America, 1.80%, due 10/15/25 144A | 174,491 | ||||||||
170,000 | Hyundai Capital America, 2.38%, due 10/15/27 144A | 178,514 | ||||||||
1,668,000 | Hyundai Capital America, 5.75%, due 04/06/23 144A | 1,848,369 | ||||||||
298,000 | IHS Markit, Ltd., 4.00%, due 03/01/26 144A | 342,079 | ||||||||
125,000 | IHS Markit, Ltd., 4.75%, due 02/15/25 144A | 143,606 | ||||||||
202,000 | IHS Markit, Ltd., 4.75%, due 08/01/28 | 249,148 | ||||||||
126,000 | Infor, Inc., 1.75%, due 07/15/25 144A | 131,021 | ||||||||
480,000 | Infraestructura Energetica Nova SAB de CV, 4.75%, due 01/15/51 144A | 526,800 | ||||||||
200,000 | Instituto Costarricense de Electricidad, 6.38%, due 05/15/43 144A | 162,252 | ||||||||
170,000 | International Game Technology Plc, 6.50%, due 02/15/25 144A | 190,488 | ||||||||
80,000 | IPALCO Enterprises, Inc., 4.25%, due 05/01/30 144A | 92,709 | ||||||||
200,000 | Israel Electric Corp., Ltd., 6.88%, due 06/21/23 144A | 227,482 | ||||||||
194,000 | J2 Global, Inc., 4.63%, due 10/15/30 144A | 205,034 | ||||||||
217,000 | Jacobs Entertainment, Inc., 7.88%, due 02/01/24 144A | 222,945 | ||||||||
107,000 | JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A | 113,420 | ||||||||
385,000 | JBS Investments II GmbH, 5.75%, due 01/15/28 144A | 412,676 | ||||||||
500,000 | Jefferies Group LLC, 5.13%, due 01/20/23 | 546,539 | ||||||||
300,000 | Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, due 01/23/30 | 350,345 | ||||||||
446,000 | Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, due 01/15/27 | 522,404 | ||||||||
297,697 | JetBlue Pass Through Trust, Class A, 2.75%, due 11/15/33 | 298,935 | ||||||||
900,000 | Johnson & Johnson, 2.10%, due 09/01/40 | 909,730 | ||||||||
243,000 | Johnson Controls International Plc/Tyco Fire & Security Finance SCA, 1.75%, due 09/15/30 | 248,253 | ||||||||
532,000 | JPMorgan Chase & Co., 2.52% (SOFR + 2.04%), due 04/22/31(b) | 572,541 | ||||||||
624,000 | JPMorgan Chase & Co., 2.95%, due 10/01/26 | 692,646 | ||||||||
505,000 | JPMorgan Chase & Co., 2.96% (SOFR + 2.52%), due 05/13/31(b) | 554,462 |
See accompanying Notes to the Schedule of Investments.
59
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
3,605,000 | JPMorgan Chase & Co., 3.78% (3 mo. USD LIBOR + 1.34%), due 02/01/28(b) | 4,145,748 | ||||||||
475,000 | JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.25%), due 01/29/27(b) | 546,198 | ||||||||
625,000 | JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.38%), due 11/15/48(b) | 787,977 | ||||||||
585,000 | JPMorgan Chase & Co., 4.00% (SOFR + 2.75%)(b) (f) (g) | 594,872 | ||||||||
340,000 | JPMorgan Chase & Co., 4.01% (3 mo. USD LIBOR + 1.12%), due 04/23/29(b) | 399,559 | ||||||||
555,000 | JPMorgan Chase & Co., 4.01% (3 mo. USD LIBOR + 3.80%)(b) (g) | 553,293 | ||||||||
2,450,000 | JPMorgan Chase & Co., 4.20% (3 mo. USD LIBOR + 1.26%), due 07/23/29(b) | 2,932,094 | ||||||||
1,207,000 | JPMorgan Chase & Co., 4.49% (SOFR + 3.79%), due 03/24/31(b) | 1,487,072 | ||||||||
314,000 | JPMorgan Chase & Co., 4.60% (SOFR + 3.13%)(b) (g) | 324,597 | ||||||||
180,000 | JPMorgan Chase & Co., 5.00% (SOFR + 3.38%)(b) (g) | 189,520 | ||||||||
538,000 | JPMorgan Chase & Co., 6.75% (3 mo. USD LIBOR + 3.78%)(b) (g) | 604,183 | ||||||||
107,000 | JW Aluminum Continuous Cast Co., 10.25%, due 06/01/26 144A | 113,801 | ||||||||
200,000 | KazMunayGas National Co. JSC, 4.75%, due 04/24/25 144A | 228,500 | ||||||||
140,000 | Ken Garff Automotive LLC, 4.88%, due 09/15/28 144A | 145,863 | ||||||||
133,000 | Keurig Dr Pepper, Inc., 3.20%, due 05/01/30 | 150,826 | ||||||||
160,000 | Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32 | 226,587 | ||||||||
1,240,000 | KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A | 1,641,090 | ||||||||
540,000 | KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A | 603,811 | ||||||||
226,000 | KLA Corp., 4.10%, due 03/15/29 | 271,040 | ||||||||
360,000 | Kraft Heinz Foods Co., 3.00%, due 06/01/26 | 376,207 | ||||||||
27,000 | Kraft Heinz Foods Co., 3.88%, due 05/15/27 144A | 29,129 | ||||||||
258,000 | Kraft Heinz Foods Co., 4.38%, due 06/01/46 | 279,575 | ||||||||
120,000 | Kraft Heinz Foods Co., 4.88%, due 10/01/49 144A | 140,223 | ||||||||
115,000 | Kraft Heinz Foods Co., 5.20%, due 07/15/45 | 136,941 | ||||||||
189,000 | Kraft Heinz Foods Co., 5.50%, due 06/01/50 144A | 239,048 | ||||||||
129,000 | Kratos Defense & Security Solutions, Inc., 6.50%, due 11/30/25 144A | 135,759 | ||||||||
225,000 | Kroger Co. (The), 2.20%, due 05/01/30(f) | 236,728 | ||||||||
150,000 | L Brands, Inc., 5.63%, due 10/15/23 | 161,906 | ||||||||
510,000 | Laboratory Corp. of America Holdings, 2.95%, due 12/01/29 | 564,366 | ||||||||
47,000 | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 5.25%, due 03/15/22 144A | 47,323 | ||||||||
397,000 | Lam Research Corp., 2.88%, due 06/15/50(f) | 429,061 | ||||||||
323,000 | Lam Research Corp., 3.75%, due 03/15/26 | 369,458 | ||||||||
281,000 | Lam Research Corp., 4.88%, due 03/15/49 | 406,881 | ||||||||
201,000 | Lazard Group LLC, 4.38%, due 03/11/29 | 235,862 | ||||||||
470,000 | Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%(g) (j) (l) | 165 | ||||||||
890,000 | Lehman Brothers Holdings, Inc., 6.50%, due 07/19/17(j) (l) | 312 | ||||||||
270,000 | Lehman Brothers Holdings, Inc., (MTN), 6.75%, due 12/28/17(j) (l) | 95 | ||||||||
279,000 | Level 3 Financing, Inc., 3.40%, due 03/01/27 144A | 304,371 | ||||||||
475,000 | Level 3 Financing, Inc., 5.38%, due 01/15/24 | 480,436 | ||||||||
189,000 | Levi Strauss & Co., 5.00%, due 05/01/25 | 193,961 | ||||||||
354,000 | Leviathan Bond, Ltd., Reg S, 6.50%, due 06/30/27(i) 144A | 400,020 | ||||||||
69,000 | Leviathan Bond, Ltd., Reg S, 6.75%, due 06/30/30(i) 144A | 78,833 | ||||||||
530,000 | Liberty Mutual Group, Inc., 3.95%, due 10/15/50 144A | 637,019 | ||||||||
254,000 | Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A | 276,560 | ||||||||
2,679,000 | Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A | 3,296,354 | ||||||||
903,000 | Lincoln National Corp., 3.40%, due 01/15/31 | 1,036,957 | ||||||||
242,000 | Lions Gate Capital Holdings LLC, 5.88%, due 11/01/24 144A | 246,512 | ||||||||
16,000 | Lions Gate Capital Holdings LLC, 6.38%, due 02/01/24 144A | 16,450 |
See accompanying Notes to the Schedule of Investments.
60
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
145,000 | Liquid Telecommunications Financing Plc, 8.50%, due 07/13/22 144A | 148,545 | ||||||||
1,150,000 | Lloyds Banking Group Plc, 2.44% (1 yr. CMT + 1.00%), due 02/05/26(b) | 1,215,640 | ||||||||
824,000 | Lloyds Banking Group Plc, 4.45%, due 05/08/25 | 945,363 | ||||||||
321,000 | Lloyds Banking Group Plc, 7.50% (5 yr. USD swap + 4.76%)(b) (g) | 362,730 | ||||||||
712,000 | Lockheed Martin Corp., 2.80%, due 06/15/50 | 772,134 | ||||||||
713,000 | Lockheed Martin Corp., 4.70%, due 05/15/46 | 1,006,643 | ||||||||
160,000 | LogMeIn, Inc., 5.50%, due 09/01/27 144A | 167,800 | ||||||||
212,000 | Lowe’s Cos., Inc., 5.00%, due 04/15/40 | 287,788 | ||||||||
304,000 | Lowe’s Cos., Inc., 5.13%, due 04/15/50(f) | 458,601 | ||||||||
284,000 | LSC Communications, Inc., 8.75%, due 10/15/23(m) (l) | 32,660 | ||||||||
380,000 | LYB International Finance III LLC, 4.20%, due 05/01/50 | 444,392 | ||||||||
185,000 | M&T Bank Corp., 5.13% (3 mo. USD LIBOR + 3.52%)(b) (g) | 201,419 | ||||||||
280,000 | Macquarie Bank, Ltd., 3.62%, due 06/03/30 144A | 307,150 | ||||||||
270,000 | Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A | 306,684 | ||||||||
1,484,000 | Macquarie Group, Ltd., 4.15% (3 mo. USD LIBOR + 1.33%), due 03/27/24(b) 144A | 1,595,764 | ||||||||
106,000 | Macy’s, Inc., 8.38%, due 06/15/25(f) 144A | 117,866 | ||||||||
325,000 | Magellan Midstream Partners, LP, 3.25%, due 06/01/30 | 367,697 | ||||||||
55,000 | Magellan Midstream Partners, LP, 4.25%, due 09/15/46 | 63,555 | ||||||||
200,000 | Magellan Midstream Partners, LP, 5.15%, due 10/15/43 | 257,629 | ||||||||
127,000 | Magna International, Inc., 2.45%, due 06/15/30 | 136,782 | ||||||||
115,000 | Markel Corp., 4.15%, due 09/17/50 | 146,141 | ||||||||
134,000 | Marriott International, Inc., 3.13%, due 06/15/26 | 143,076 | ||||||||
335,000 | Marriott International, Inc., 3.50%, due 10/15/32 | 367,228 | ||||||||
201,000 | Marriott International, Inc., 4.63%, due 06/15/30 | 236,140 | ||||||||
400,000 | Martin Marietta Materials, Inc., 2.50%, due 03/15/30 | 426,700 | ||||||||
230,000 | Martin Marietta Materials, Inc., 4.25%, due 07/02/24 | 256,708 | ||||||||
445,000 | Marvell Technology Group, Ltd., 4.88%, due 06/22/28 | 526,297 | ||||||||
460,000 | Massachusetts Institute of Technology, 4.68%, due 07/01/14(h) | 703,752 | ||||||||
605,000 | Massachusetts Mutual Life Insurance Co., 3.38%, due 04/15/50 144A | 662,800 | ||||||||
164,000 | MasTec, Inc., 4.50%, due 08/15/28 144A | 172,405 | ||||||||
258,000 | Mastercard, Inc., 3.85%, due 03/26/50 | 333,947 | ||||||||
162,000 | Match Group Holdings II LLC, 4.13%, due 08/01/30 144A | 168,759 | ||||||||
46,000 | Mauser Packaging Solutions Holding Co., 8.50%, due 04/15/24 144A | 47,840 | ||||||||
801,000 | McDonald’s Corp., (MTN), 3.50%, due 07/01/27 | 919,910 | ||||||||
418,000 | MDC Partners, Inc., 6.50%, due 05/01/24 144A | 424,379 | ||||||||
275,000 | MEDNAX, Inc., 5.25%, due 12/01/23 144A | 278,520 | ||||||||
206,000 | MEDNAX, Inc., 6.25%, due 01/15/27 144A | 221,188 | ||||||||
398,000 | Meredith Corp., 6.88%, due 02/01/26(f) | 388,796 | ||||||||
198,000 | Methanex Corp., 4.25%, due 12/01/24 | 209,197 | ||||||||
85,000 | Methanex Corp., 5.25%, due 12/15/29 | 92,276 | ||||||||
355,000 | MetLife, Inc., 6.40%, due 12/15/66 | 460,160 | ||||||||
200,000 | Mexico City Airport Trust, 5.50%, due 07/31/47 144A | 211,150 | ||||||||
165,000 | MGM Growth Properties Operating Partnership, LP/MGP Finance Co-Issuer, Inc. REIT, 3.88%, due 02/15/29 144A | 169,022 | ||||||||
338,000 | MGM Resorts International, 4.75%, due 10/15/28 | 362,926 | ||||||||
67,000 | Michaels Stores, Inc., 4.75%, due 10/01/27(f) 144A | 68,776 | ||||||||
756,000 | Microchip Technology, Inc., 4.33%, due 06/01/23 | 818,928 | ||||||||
860,000 | Micron Technology, Inc., 4.19%, due 02/15/27 | 1,007,735 | ||||||||
155,000 | Micron Technology, Inc., 4.98%, due 02/06/26 | 183,369 |
See accompanying Notes to the Schedule of Investments.
61
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
775,000 | Micron Technology, Inc., 5.33%, due 02/06/29 | 970,669 | ||||||||
288,000 | Microsoft Corp., 2.53%, due 06/01/50 | 304,338 | ||||||||
295,000 | Microsoft Corp., 2.68%, due 06/01/60 | 321,279 | ||||||||
174,000 | Midwest Connector Capital Co. LLC, 3.63%, due 04/01/22(f) 144A | 177,108 | ||||||||
398,000 | Midwest Connector Capital Co. LLC, 3.90%, due 04/01/24 144A | 408,373 | ||||||||
950,000 | Moody’s Corp., 3.25%, due 05/20/50 | 1,059,518 | ||||||||
895,000 | Morgan Stanley, 2.19% (SOFR + 1.99%), due 04/28/26(b) | 946,118 | ||||||||
945,000 | Morgan Stanley, 3.59% (3 mo. USD LIBOR + 1.34%), due 07/22/28(b) | 1,079,858 | ||||||||
325,000 | Morgan Stanley, 3.85% (3 mo. USD LIBOR + 3.61%)(b) (g) | 322,669 | ||||||||
921,000 | Morgan Stanley, 3.88%, due 04/29/24 | 1,020,782 | ||||||||
785,000 | Morgan Stanley, (MTN), 2.70% (SOFR + 1.14%), due 01/22/31(b) | 855,707 | ||||||||
1,301,000 | Morgan Stanley, (MTN), 3.13%, due 07/27/26 | 1,455,338 | ||||||||
1,311,000 | Morgan Stanley, (MTN), 3.62% (SOFR + 3.12%), due 04/01/31(b) | 1,526,045 | ||||||||
620,000 | Morgan Stanley, (MTN), 3.77% (3 mo. USD LIBOR + 1.14%), due 01/24/29(b) | 719,209 | ||||||||
230,000 | Morgan Stanley, (MTN), 3.88%, due 01/27/26 | 263,950 | ||||||||
1,000,000 | Morgan Stanley, (MTN), 4.35%, due 09/08/26 | 1,179,894 | ||||||||
411,000 | Motorola Solutions, Inc., 2.30%, due 11/15/30 | 419,486 | ||||||||
595,000 | Motorola Solutions, Inc., 4.60%, due 02/23/28 | 718,258 | ||||||||
109,000 | Motorola Solutions, Inc., 4.60%, due 05/23/29 | 130,674 | ||||||||
263,000 | MPLX, LP, 4.00%, due 03/15/28 | 302,784 | ||||||||
87,000 | MPLX, LP, 4.13%, due 03/01/27(f) | 100,420 | ||||||||
86,000 | MPLX, LP, 4.25%, due 12/01/27 | 101,128 | ||||||||
250,000 | MPLX, LP, 4.50%, due 04/15/38 | 286,300 | ||||||||
25,000 | MPLX, LP, 5.20%, due 03/01/47 | 30,481 | ||||||||
160,000 | MPLX, LP, 5.25%, due 01/15/25 | 164,201 | ||||||||
813,000 | MPLX, LP, 6.88% (3 mo. USD LIBOR + 4.65%)(b) (f) (g) | 786,577 | ||||||||
300,000 | MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.50%, due 03/15/31 | 310,312 | ||||||||
145,000 | MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24(f) 144A | 153,453 | ||||||||
435,000 | Mylan, Inc., 5.20%, due 04/15/48 | 568,124 | ||||||||
450,000 | Mylan, Inc., 5.40%, due 11/29/43 | 600,678 | ||||||||
110,000 | National CineMedia LLC, 5.88%, due 04/15/28 144A | 93,500 | ||||||||
141,000 | Nationstar Mortgage Holdings, Inc., 5.13%, due 12/15/30 144A | 147,552 | ||||||||
158,000 | Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A | 166,196 | ||||||||
62,000 | Nationstar Mortgage Holdings, Inc., 6.00%, due 01/15/27 144A | 65,904 | ||||||||
323,000 | Natura Cosmeticos SA, 5.38%, due 02/01/23(f) 144A | 331,401 | ||||||||
926,000 | Natwest Group Plc, 3.88%, due 09/12/23 | 1,005,262 | ||||||||
210,000 | Natwest Group Plc, 4.45% (3 mo. USD LIBOR + 1.87%), due 05/08/30(b) | 250,360 | ||||||||
430,000 | Natwest Group Plc, 6.00% (5 yr. CMT + 5.63%)(b) (f) (g) | 472,084 | ||||||||
643,000 | Natwest Group Plc, 8.63% (5 yr. USD swap + 7.60%)(b) (g) | 668,804 | ||||||||
200,000 | NBM US Holdings, Inc., 6.63%, due 08/06/29 144A | 229,771 | ||||||||
630,000 | Netflix, Inc., 4.88%, due 04/15/28 | 711,478 | ||||||||
229,000 | Netflix, Inc., 4.88%, due 06/15/30 144A | 263,779 | ||||||||
59,000 | Netflix, Inc., 5.38%, due 11/15/29 144A | 69,620 | ||||||||
425,000 | Netflix, Inc., 5.88%, due 11/15/28 | 510,227 | ||||||||
226,000 | New York Life Insurance Co., 3.75%, due 05/15/50 144A | 271,106 | ||||||||
100,000 | Newfield Exploration Co., 5.38%, due 01/01/26 | 107,405 | ||||||||
435,000 | Newmont Corp., 2.25%, due 10/01/30 | 458,590 | ||||||||
150,000 | Newmont Corp., 2.80%, due 10/01/29 | 164,049 | ||||||||
265,000 | Newmont Corp., 3.63%, due 06/09/21 | 267,413 |
See accompanying Notes to the Schedule of Investments.
62
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
905,000 | NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30 | 949,995 | ||||||||
638,000 | NextEra Energy Capital Holdings, Inc., 3.55%, due 05/01/27 | 727,431 | ||||||||
207,000 | NextEra Energy Operating Partners, LP, 3.88%, due 10/15/26 144A | 221,361 | ||||||||
75,000 | NextEra Energy Operating Partners, LP, 4.50%, due 09/15/27 144A | 84,133 | ||||||||
220,000 | Nippon Life Insurance Co., 5.10% (5 yr. USD ICE swap + 3.65%), due 10/16/44(b) 144A | 247,334 | ||||||||
670,000 | NiSource, Inc., 3.49%, due 05/15/27 | 760,789 | ||||||||
173,000 | NiSource, Inc., 3.60%, due 05/01/30 | 200,506 | ||||||||
195,000 | Nissan Motor Acceptance Corp., 3.45%, due 03/15/23 144A | 203,672 | ||||||||
43,000 | Nordstrom, Inc., 8.75%, due 05/15/25 144A | 48,216 | ||||||||
970,000 | Norfolk Southern Corp., 4.84%, due 10/01/41 | 1,327,735 | ||||||||
195,000 | Northern States Power Co., 3.60%, due 09/15/47 | 241,138 | ||||||||
880,000 | Northern Trust Corp., 1.95%, due 05/01/30 | 918,401 | ||||||||
392,000 | Northrop Grumman Corp., 5.25%, due 05/01/50 | 584,755 | ||||||||
300,000 | NOVA Chemicals Corp., 4.88%, due 06/01/24 144A | 312,937 | ||||||||
298,000 | NRG Energy, Inc., 2.45%, due 12/02/27 144A | 313,937 | ||||||||
50,000 | NRG Energy, Inc., 3.38%, due 02/15/29 144A | 51,284 | ||||||||
139,000 | NRG Energy, Inc., 3.63%, due 02/15/31 144A | 143,264 | ||||||||
160,000 | NRG Energy, Inc., 3.75%, due 06/15/24 144A | 175,331 | ||||||||
315,000 | Nutrien, Ltd., 4.90%, due 06/01/43 | 404,429 | ||||||||
129,000 | Nutrition & Biosciences, Inc., 1.83%, due 10/15/27 144A | 133,038 | ||||||||
258,000 | Nutrition & Biosciences, Inc., 2.30%, due 11/01/30 144A | 265,974 | ||||||||
349,000 | NVIDIA Corp., 2.85%, due 04/01/30 | 392,917 | ||||||||
815,000 | NXP BV/NXP Funding LLC, 4.63%, due 06/01/23 144A | 891,314 | ||||||||
921,000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, due 05/01/25 144A | 992,071 | ||||||||
130,000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, due 05/01/30 144A | 147,713 | ||||||||
517,000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 3.88%, due 06/18/26 144A | 592,890 | ||||||||
4,349,000 | Occidental Petroleum Corp., 7.08%, due 10/10/36(n) | 2,016,849 | ||||||||
510,000 | ONE Gas, Inc., 2.00%, due 05/15/30 | 532,634 | ||||||||
655,000 | ONEOK, Inc., 3.10%, due 03/15/30 | 698,857 | ||||||||
390,000 | ONEOK, Inc., 4.45%, due 09/01/49 | 410,877 | ||||||||
200,000 | ONEOK, Inc., 4.95%, due 07/13/47 | 223,797 | ||||||||
200,000 | Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, due 02/11/25 144A | 208,875 | ||||||||
1,542,000 | Oracle Corp., 2.50%, due 04/01/25 | 1,658,593 | ||||||||
754,000 | Oracle Corp., 2.95%, due 04/01/30 | 843,748 | ||||||||
265,000 | Ovintiv, Inc., 6.50%, due 08/15/34 | 307,168 | ||||||||
321,000 | Owens Corning, 3.95%, due 08/15/29 | 370,605 | ||||||||
350,000 | Owens Corning, 4.30%, due 07/15/47 | 422,092 | ||||||||
146,000 | Owens-Brockway Glass Container, Inc., 6.63%, due 05/13/27 144A | 158,319 | ||||||||
211,000 | Oztel Holdings SPC, Ltd., 6.63%, due 04/24/28 144A | 227,264 | ||||||||
265,000 | PacifiCorp, 2.70%, due 09/15/30 | 292,099 | ||||||||
110,000 | PacifiCorp, 3.30%, due 03/15/51 | 126,806 | ||||||||
582,000 | PayPal Holdings, Inc., 2.85%, due 10/01/29 | 647,717 | ||||||||
205,000 | PECO Energy Co., 3.70%, due 09/15/47 | 251,963 | ||||||||
580,000 | Pennsylvania Electric Co., 3.60%, due 06/01/29 144A | 636,169 | ||||||||
2,450,000 | Penske Truck Leasing Co., LP/PTL Finance Corp., 3.90%, due 02/01/24 144A | 2,676,854 | ||||||||
525,000 | PepsiCo, Inc., 3.63%, due 03/19/50 | 668,107 | ||||||||
975,000 | Petrobras Global Finance BV, 5.09%, due 01/15/30 | 1,090,781 | ||||||||
185,000 | Petrobras Global Finance BV, 5.75%, due 02/01/29 | 215,941 |
See accompanying Notes to the Schedule of Investments.
63
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
408,000 | Petrobras Global Finance BV, 6.90%, due 03/19/49 | 518,160 | ||||||||
25,000 | Petroleos Mexicanos, 5.50%, due 01/21/21 | 25,100 | ||||||||
76,000 | Petroleos Mexicanos, 6.35%, due 02/12/48 | 69,027 | ||||||||
270,000 | Petroleos Mexicanos, 6.50%, due 03/13/27 | 284,834 | ||||||||
255,000 | Petroleos Mexicanos, 6.50%, due 06/02/41 | 238,552 | ||||||||
403,000 | Petroleos Mexicanos, 6.75%, due 09/21/47 | 378,459 | ||||||||
380,000 | Petroleos Mexicanos, 6.88%, due 08/04/26 | 415,720 | ||||||||
115,000 | Petroleos Mexicanos, 7.69%, due 01/23/50 | 116,150 | ||||||||
1,067,000 | �� | Pfizer, Inc., 2.55%, due 05/28/40 | 1,142,229 | |||||||
1,006,000 | Phillips 66 Partners, LP, 3.61%, due 02/15/25 | 1,088,417 | ||||||||
774,000 | Phillips 66 Partners, LP, 3.75%, due 03/01/28 | 840,737 | ||||||||
31,000 | Picasso Finance Sub, Inc., 6.13%, due 06/15/25 144A | 33,215 | ||||||||
145,000 | Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29 | 166,691 | ||||||||
855,000 | Plains All American Pipeline, LP/PAA Finance Corp., 3.55%, due 12/15/29 | 896,435 | ||||||||
65,000 | Plains All American Pipeline, LP/PAA Finance Corp., 4.70%, due 06/15/44 | 67,638 | ||||||||
50,000 | Plains All American Pipeline, LP/PAA Finance Corp., 5.15%, due 06/01/42 | 53,849 | ||||||||
63,000 | PNC Financial Services Group, Inc. (The), 3.15%, due 05/19/27 | 70,473 | ||||||||
215,000 | PNC Financial Services Group, Inc. (The), 4.85% (3 mo. USD LIBOR + 3.04%)(b) (g) | 224,534 | ||||||||
479,000 | PNC Financial Services Group, Inc. (The), 6.75% (3 mo. USD LIBOR + 3.68%)(b) (g) | 492,053 | ||||||||
166,000 | Post Holdings, Inc., 5.50%, due 12/15/29 144A | 181,359 | ||||||||
540,000 | PPL Capital Funding, Inc., 5.00%, due 03/15/44 | 699,189 | ||||||||
51,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A | 50,681 | ||||||||
136,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A | 146,200 | ||||||||
265,000 | Prosus NV, 5.50%, due 07/21/25 144A | 305,240 | ||||||||
90,000 | Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26 | 98,369 | ||||||||
726,000 | Prudential Financial, Inc., 5.88% (3 mo. USD LIBOR + 4.18%), due 09/15/42(b) | 780,336 | ||||||||
48,000 | PTC, Inc., 4.00%, due 02/15/28 144A | 50,400 | ||||||||
195,000 | Public Service Electric & Gas Co., (MTN), 2.70%, due 05/01/50 | 206,752 | ||||||||
445,000 | Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27 | 495,706 | ||||||||
315,000 | Public Service Electric & Gas Co., (MTN), 3.20%, due 05/15/29 | 359,729 | ||||||||
1,700,000 | Public Service Enterprise Group, Inc., 2.88%, due 06/15/24 | 1,832,155 | ||||||||
161,000 | Qorvo, Inc., 3.38%, due 04/01/31 144A | 166,434 | ||||||||
350,000 | QVC, Inc., 4.38%, due 03/15/23 | 367,937 | ||||||||
130,000 | QVC, Inc., 5.45%, due 08/15/34 | 135,525 | ||||||||
130,000 | Radian Group, Inc., 4.50%, due 10/01/24 | 137,475 | ||||||||
191,000 | Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, due 09/15/28 144A | 201,624 | ||||||||
128,000 | Raymond James Financial, Inc., 4.65%, due 04/01/30 | 157,249 | ||||||||
330,000 | Realty Income Corp. REIT, 3.25%, due 01/15/31 | 374,730 | ||||||||
330,000 | Rede D’or Finance SARL, 4.50%, due 01/22/30 144A | 344,685 | ||||||||
62,000 | Refinitiv US Holdings, Inc., 8.25%, due 11/15/26 144A | 67,735 | ||||||||
905,000 | Regions Financial Corp., 2.25%, due 05/18/25 | 960,716 | ||||||||
200,000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29 144A | 205,882 | ||||||||
299,000 | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, due 10/15/27 144A | 306,849 | ||||||||
405,000 | Roper Technologies, Inc., 1.40%, due 09/15/27 | 410,395 | ||||||||
170,000 | Royalty Pharma Plc, 1.75%, due 09/02/27 144A | 175,139 | ||||||||
1,200,000 | Ryder System, Inc., (MTN), 3.75%, due 06/09/23 | 1,292,021 |
See accompanying Notes to the Schedule of Investments.
64
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
189,000 | Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28 | 216,843 | ||||||||
219,000 | Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27 | 258,411 | ||||||||
518,000 | Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26 | 626,731 | ||||||||
110,000 | Sabra Health Care LP, REIT, 4.80%, due 06/01/24 | 118,104 | ||||||||
89,000 | Sabre GLBL, Inc., 7.38%, due 09/01/25 144A | 96,699 | ||||||||
320,000 | Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25 | 329,280 | ||||||||
290,000 | San Diego Gas & Electric Co., 4.15%, due 05/15/48 | 365,947 | ||||||||
717,000 | Santander Holdings USA, Inc., 3.24%, due 10/05/26 | 779,676 | ||||||||
217,000 | Santander Holdings USA, Inc., 3.40%, due 01/18/23 | 227,998 | ||||||||
651,000 | Santander Holdings USA, Inc., 3.45%, due 06/02/25 | 711,679 | ||||||||
677,000 | Santander Holdings USA, Inc., 3.50%, due 06/07/24 | 731,721 | ||||||||
128,000 | Santander Holdings USA, Inc., 4.40%, due 07/13/27 | 146,366 | ||||||||
200,000 | SASOL Financing USA LLC, 5.88%, due 03/27/24 | 213,050 | ||||||||
200,000 | SASOL Financing USA LLC, 6.50%, due 09/27/28(f) | 217,600 | ||||||||
797,000 | SBA Communications Corp. REIT, 3.88%, due 02/15/27(j) 144A | 838,085 | ||||||||
322,000 | SBA Tower Trust REIT, 2.84%, due 01/15/25 144A | 343,603 | ||||||||
408,000 | Seagate HDD Cayman, 4.09%, due 06/01/29 144A | 437,835 | ||||||||
405,000 | Seagate HDD Cayman, 4.13%, due 01/15/31 144A | 432,591 | ||||||||
193,000 | Select Medical Corp., 6.25%, due 08/15/26 144A | 208,143 | ||||||||
115,000 | Sensata Technologies, Inc., 3.75%, due 02/15/31 144A | 119,350 | ||||||||
122,000 | Service Corp. International, 3.38%, due 08/15/30 | 127,134 | ||||||||
415,000 | ServiceNow, Inc., 1.40%, due 09/01/30 | 405,394 | ||||||||
995,000 | Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26 | 1,113,936 | ||||||||
145,000 | Simmons Foods, Inc., 5.75%, due 11/01/24(f) 144A | 148,444 | ||||||||
850,000 | Simon Property Group, LP REIT, 6.75%, due 02/01/40 | 1,262,329 | ||||||||
270,000 | Sinopec Group Overseas Development 2018, Ltd., 3.68%, due 08/08/49 144A | 305,313 | ||||||||
386,000 | Sirius XM Radio, Inc., 5.00%, due 08/01/27 144A | 410,694 | ||||||||
284,000 | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)(b) (g) 144A | 301,855 | ||||||||
280,000 | Societe Generale SA, 7.38% (5 yr. USD swap + 6.24%)(b) (g) 144A | 287,350 | ||||||||
204,000 | SoftBank Group Corp., Reg S, 6.88% (5 yr. USD ICE swap + 4.85%)(b) (g) (i) | 203,429 | ||||||||
200,000 | Sotheby’s, 7.38%, due 10/15/27(f) 144A | 214,588 | ||||||||
335,000 | Southern California Edison Co., 4.00%, due 04/01/47 | 394,154 | ||||||||
1,318,000 | Southern Co. (The), 3.25%, due 07/01/26 | 1,479,591 | ||||||||
1,260,000 | Southern Co. Gas Capital Corp., 2.45%, due 10/01/23 | 1,324,642 | ||||||||
755,000 | Southwest Airlines Co., 2.63%, due 02/10/30 | 771,501 | ||||||||
26,000 | Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, due 09/30/26 144A | 27,586 | ||||||||
62,000 | Springleaf Finance Corp., 6.88%, due 03/15/25 | 72,114 | ||||||||
120,000 | Springleaf Finance Corp., 8.88%, due 06/01/25 | 135,972 | ||||||||
300,000 | Sprint Corp., 7.13%, due 06/15/24 | 351,378 | ||||||||
89,063 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, due 03/20/23 144A | 90,039 | ||||||||
118,000 | Standard Industries, Inc., 3.38%, due 01/15/31 144A | 118,738 | ||||||||
375,000 | Standard Industries, Inc., 4.38%, due 07/15/30 144A | 401,724 | ||||||||
25,000 | Standard Industries, Inc., 4.75%, due 01/15/28 144A | 26,344 | ||||||||
62,000 | Standard Industries, Inc., 5.00%, due 02/15/27 144A | 64,906 | ||||||||
438,000 | Starbucks Corp., 2.25%, due 03/12/30 | 464,580 | ||||||||
330,000 | State Street Corp., 3.15% (SOFR + 2.65%), due 03/30/31(b) | 376,549 | ||||||||
18,000 | Stearns Holdings LLC/Escrow, 9.38%, due 08/15/20(j) (k) (l) | — |
See accompanying Notes to the Schedule of Investments.
65
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
62,000 | Steel Dynamics, Inc., 3.25%, due 01/15/31(f) | 69,478 | ||||||||
63,000 | Stericycle, Inc., 3.88%, due 01/15/29 144A | 64,811 | ||||||||
922,000 | Sunoco Logistics Partners Operations, LP, 3.45%, due 01/15/23 | 962,424 | ||||||||
399,000 | Sunoco Logistics Partners Operations, LP, 3.90%, due 07/15/26(f) | 437,526 | ||||||||
150,000 | Sunoco Logistics Partners Operations, LP, 5.30%, due 04/01/44 | 162,423 | ||||||||
431,000 | Sunoco Logistics Partners Operations, LP, 5.40%, due 10/01/47 | 482,277 | ||||||||
77,000 | Sunoco, LP/Sunoco Finance Corp., 4.50%, due 05/15/29 144A | 80,224 | ||||||||
68,000 | Switch, Ltd., 3.75%, due 09/15/28 144A | 69,148 | ||||||||
418,000 | Syngenta Finance NV, 4.44%, due 04/24/23 144A | 438,942 | ||||||||
113,000 | Sysco Corp., 5.95%, due 04/01/30 | 148,704 | ||||||||
560,000 | T-Mobile USA, Inc., 2.05%, due 02/15/28 144A | 583,190 | ||||||||
179,000 | T-Mobile USA, Inc., 2.55%, due 02/15/31 144A | 188,186 | ||||||||
489,000 | T-Mobile USA, Inc., 3.50%, due 04/15/25 144A | 540,824 | ||||||||
246,000 | T-Mobile USA, Inc., 3.75%, due 04/15/27 144A | 280,391 | ||||||||
579,000 | T-Mobile USA, Inc., 3.88%, due 04/15/30 144A | 671,322 | ||||||||
350,000 | T-Mobile USA, Inc., 4.00%, due 04/15/22(f) | 362,028 | ||||||||
1,325,000 | T-Mobile USA, Inc., 4.50%, due 04/15/50 144A | 1,636,719 | ||||||||
225,000 | Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | 231,958 | ||||||||
110,000 | Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A | 124,916 | ||||||||
150,000 | Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, due 03/01/24 144A | 161,437 | ||||||||
741,000 | Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A | 929,711 | ||||||||
34,000 | Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A | 53,614 | ||||||||
40,000 | Team Health Holdings, Inc., 6.38%, due 02/01/25 144A | 34,600 | ||||||||
224,000 | Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, due 07/15/23 144A | 190,936 | ||||||||
158,000 | Telecom Argentina SA, 8.00%, due 07/18/26 144A | 146,468 | ||||||||
368,000 | Telecom Italia Capital SA, 7.20%, due 07/18/36 | 497,654 | ||||||||
205,000 | Telecom Italia SpA, 5.30%, due 05/30/24 144A | 223,250 | ||||||||
891,000 | Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22 | 928,311 | ||||||||
200,000 | Telefonica Celular del Paraguay SA, 5.88%, due 04/15/27 144A | 213,350 | ||||||||
90,000 | Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, due 06/01/25 144A | 93,132 | ||||||||
612,000 | Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26 | 589,439 | ||||||||
1,354,000 | Textron, Inc., 3.00%, due 06/01/30 | 1,462,480 | ||||||||
383,000 | Total Play Telecomunicaciones SA de CV, 7.50%, due 11/12/25 144A | 383,000 | ||||||||
88,000 | Townsquare Media, Inc., 6.88%, due 02/01/26(e) 144A | 92,330 | ||||||||
2,018,000 | Toyota Motor Credit Corp., (MTN), 3.00%, due 04/01/25 | 2,220,457 | ||||||||
171,000 | TransCanada PipeLines, Ltd., 4.25%, due 05/15/28 | 202,102 | ||||||||
140,000 | Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50 | 159,062 | ||||||||
500,000 | Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48 | 609,036 | ||||||||
603,000 | TransDigm, Inc., 5.50%, due 11/15/27 | 634,838 | ||||||||
55,000 | Trident TPI Holdings, Inc., 6.63%, due 11/01/25 144A | 56,025 | ||||||||
1,040,000 | Truist Bank, 2.25%, due 03/11/30 | 1,092,457 | ||||||||
191,000 | Twitter, Inc., 3.88%, due 12/15/27 144A | 203,654 | ||||||||
430,000 | Tyson Foods, Inc., 5.10%, due 09/28/48 | 620,085 | ||||||||
259,000 | Uber Technologies, Inc., 7.50%, due 05/15/25 144A | 280,111 | ||||||||
451,000 | Uber Technologies, Inc., 7.50%, due 09/15/27 144A | 496,664 |
See accompanying Notes to the Schedule of Investments.
66
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
1,897,000 | UBS Group AG, 4.13%, due 04/15/26 144A | 2,196,123 | ||||||||
185,000 | UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)(b) (g) 144A | 202,935 | ||||||||
374,559 | United Airlines Pass Through Trust, 3.45%, due 01/07/30 | 371,310 | ||||||||
391,368 | United Airlines Pass Through Trust, 3.65%, due 07/07/27 | 384,851 | ||||||||
293,703 | United Airlines Pass Through Trust, 3.75%, due 03/03/28 | 299,226 | ||||||||
2,473,762 | United Airlines Pass Through Trust, 4.00%, due 10/11/27 | 2,508,861 | ||||||||
199,270 | United Airlines Pass Through Trust, 4.55%, due 08/25/31 | 195,906 | ||||||||
84,818 | United Airlines Pass Through Trust, 4.60%, due 09/01/27 | 84,160 | ||||||||
98,494 | United Airlines Pass Through Trust, 4.63%, due 03/03/24 | 99,225 | ||||||||
738,000 | United Airlines Pass Through Trust, 5.88%, due 04/15/29 | 799,392 | ||||||||
268,000 | United Parcel Service, Inc., 5.30%, due 04/01/50 | 405,268 | ||||||||
211,000 | United Rentals North America, Inc., 3.88%, due 11/15/27 | 221,286 | ||||||||
137,000 | United Rentals North America, Inc., 3.88%, due 02/15/31 | 143,977 | ||||||||
616,000 | United Rentals North America, Inc., 4.88%, due 01/15/28 | 656,810 | ||||||||
35,000 | United Rentals North America, Inc., 5.25%, due 01/15/30 | 38,916 | ||||||||
225,000 | United Rentals North America, Inc., 5.50%, due 05/15/27 | 241,172 | ||||||||
5,000 | United Rentals North America, Inc., 5.88%, due 09/15/26 | 5,299 | ||||||||
218,000 | Universal Health Services, Inc., 2.65%, due 10/15/30 144A | 226,717 | ||||||||
436,000 | Universal Health Services, Inc., 5.00%, due 06/01/26 144A | 451,722 | ||||||||
120,000 | University of Chicago (The), 2.76%, due 04/01/45 | 125,399 | ||||||||
1,037,747 | US Airways Pass Through Trust, 4.63%, due 12/03/26 | 928,492 | ||||||||
88,146 | US Airways Pass Through Trust, 5.90%, due 04/01/26 | 88,336 | ||||||||
72,697 | US Airways Pass Through Trust, 6.25%, due 10/22/24 | 69,540 | ||||||||
108,000 | US Concrete, Inc., 5.13%, due 03/01/29 144A | 111,443 | ||||||||
490,000 | Valero Energy Corp., 3.40%, due 09/15/26 | 537,663 | ||||||||
240,000 | Valvoline, Inc., 3.63%, due 06/15/31(e) 144A | 246,600 | ||||||||
125,000 | Valvoline, Inc., 4.25%, due 02/15/30 144A | 132,688 | ||||||||
116,000 | Varex Imaging Corp., 7.88%, due 10/15/27 144A | 123,830 | ||||||||
275,000 | Vector Group, Ltd., 6.13%, due 02/01/25 144A | 280,127 | ||||||||
216,000 | Ventas Realty, LP REIT, 3.50%, due 02/01/25 | 238,138 | ||||||||
162,000 | VeriSign, Inc., 5.25%, due 04/01/25 | 184,376 | ||||||||
878,000 | Verisk Analytics, Inc., 3.63%, due 05/15/50 | 1,025,226 | ||||||||
592,000 | Verizon Communications, Inc., 2.65%, due 11/20/40 | 598,685 | ||||||||
85,000 | Verizon Communications, Inc., 3.00%, due 03/22/27 | 94,434 | ||||||||
674,000 | Verizon Communications, Inc., 4.33%, due 09/21/28 | 812,195 | ||||||||
235,000 | Verizon Communications, Inc., 4.40%, due 11/01/34 | 293,571 | ||||||||
322,000 | Verizon Communications, Inc., 4.50%, due 08/10/33 | 406,710 | ||||||||
1,527,000 | Verizon Communications, Inc., 4.86%, due 08/21/46 | 2,067,002 | ||||||||
1,000,000 | ViacomCBS, Inc., 3.70%, due 08/15/24 | 1,097,000 | ||||||||
500,000 | ViacomCBS, Inc., 4.38%, due 03/15/43 | 591,613 | ||||||||
179,000 | Viatris, Inc., 2.30%, due 06/22/27 144A | 190,847 | ||||||||
358,000 | Viatris, Inc., 2.70%, due 06/22/30 144A | 380,193 | ||||||||
325,000 | Viatris, Inc., 3.85%, due 06/22/40 144A | 367,324 | ||||||||
179,000 | VICI Properties, LP/VICI Note Co., Inc. REIT, 4.13%, due 08/15/30 144A | 189,182 | ||||||||
220,000 | VICI Properties, LP/VICI Note Co., Inc. REIT, 4.63%, due 12/01/29 144A | 235,772 | ||||||||
1,400,000 | Virginia Electric & Power Co., 3.15%, due 01/15/26 | 1,554,327 | ||||||||
180,000 | Visa, Inc., 2.70%, due 04/15/40 | 196,933 | ||||||||
460,000 | Vistra Operations Co. LLC, 3.55%, due 07/15/24 144A | 498,451 | ||||||||
467,000 | Vistra Operations Co. LLC, 3.70%, due 01/30/27 144A | 515,209 |
See accompanying Notes to the Schedule of Investments.
67
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Corporate Debt — continued | ||||||||||
436,000 | Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A | 495,260 | ||||||||
135,000 | Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A | 143,235 | ||||||||
546,000 | Vodafone Group Plc, 7.00% (5 yr. USD swap + 4.87%), due 04/04/79(b) | 679,674 | ||||||||
1,178,000 | Voya Financial, Inc., 3.13%, due 07/15/24 | 1,274,315 | ||||||||
514,000 | Voya Financial, Inc., 5.65% (3 mo. USD LIBOR + 3.58%), due 05/15/53(b) (f) | 545,737 | ||||||||
275,000 | Vulcan Materials Co., 3.50%, due 06/01/30 | 316,119 | ||||||||
598,000 | Walt Disney Co. (The), 4.70%, due 03/23/50 | 846,162 | ||||||||
583,000 | Wells Fargo & Co., 2.19% (SOFR + 2.00%), due 04/30/26(b) | 614,468 | ||||||||
410,000 | Wells Fargo & Co., 3.07% (SOFR + 2.53%), due 04/30/41(b) | 446,656 | ||||||||
962,000 | Wells Fargo & Co., 5.88% (3 mo. USD LIBOR + 3.99%)(b) (g) | 1,093,072 | ||||||||
756,000 | Wells Fargo & Co., (MTN), 2.39% (SOFR + 2.10%), due 06/02/28(b) | 805,574 | ||||||||
765,000 | Wells Fargo & Co., (MTN), 2.57% (3 mo. USD LIBOR + 1.00%), due 02/11/31(b) | 812,705 | ||||||||
350,000 | William Carter Co. (The), 5.63%, due 03/15/27 144A | 369,031 | ||||||||
288,000 | Williams Cos., Inc. (The), 3.75%, due 06/15/27 | 328,802 | ||||||||
95,000 | Williams Cos., Inc. (The), 5.75%, due 06/24/44 | 123,470 | ||||||||
60,000 | Williams Scotsman International, Inc., 4.63%, due 08/15/28 144A | 62,213 | ||||||||
185,000 | WR Berkley Corp., 4.00%, due 05/12/50 | 226,710 | ||||||||
124,000 | WR Grace & Co., 4.88%, due 06/15/27 144A | 131,659 | ||||||||
135,000 | Wyndham Destinations, Inc., 4.63%, due 03/01/30 144A | 142,995 | ||||||||
121,000 | Wyndham Destinations, Inc., 6.60%, due 10/01/25 | 137,171 | ||||||||
67,000 | Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28 144A | 69,742 | ||||||||
265,000 | Xerox Holdings Corp., 5.50%, due 08/15/28 144A | 281,702 | ||||||||
34,000 | XPO Logistics, Inc., 6.25%, due 05/01/25 144A | 36,653 | ||||||||
610,000 | Yale University, 2.40%, due 04/15/50 | 634,631 | ||||||||
201,000 | Yum! Brands, Inc., 3.63%, due 03/15/31 | 203,428 | ||||||||
153,000 | Yum! Brands, Inc., 4.75%, due 01/15/30 144A | 167,994 | ||||||||
|
| |||||||||
416,310,798 | ||||||||||
|
| |||||||||
Mortgage Backed Securities - Private Issuers — 10.8% | ||||||||||
481,000 | Angel Oak Mortgage Trust CMO, Series 2020-R1, Class A1, 0.99%, due 04/25/53(c) 144A | 484,705 | ||||||||
1,800,000 | Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A4, 2.50%, due 05/15/53 144A | 1,935,605 | ||||||||
355,362 | Arroyo Mortgage Trust CMO, Series 2018-1, Class A1, 3.76%, due 04/25/48(c) 144A | 361,280 | ||||||||
234,565 | Arroyo Mortgage Trust CMO, Series 2019-2, Class A1, 3.35%, due 04/25/49(c) 144A | 242,377 | ||||||||
148,135 | Arroyo Mortgage Trust CMO, Series 2019-3, Class A1, 2.96%, due 10/25/48(c) 144A | 153,172 | ||||||||
147,000 | BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.72%, due 11/05/32(c) 144A | 120,215 | ||||||||
1,200,000 | BANK, Series 2019-BNK20, Class A2, 2.76%, due 09/15/62 | 1,326,034 | ||||||||
850,000 | BANK, Series 2019-BNK23, Class A2, 2.67%, due 12/15/52 | 933,129 | ||||||||
1,806,000 | BANK, Series 2020-BNK26, Class A2, 2.04%, due 03/15/63 | 1,893,311 | ||||||||
1,800,000 | BANK, Series 2020-BNK26, Class A3, 2.16%, due 03/15/63 | 1,888,044 | ||||||||
869,000 | BANK, Series 2020-BNK30, Class A4, 1.93%, due 12/10/53 | 900,500 | ||||||||
200,000 | BBCMS Mortgage Trust, Series 2015-SRCH, Class D, 4.96%, due 08/10/35(c) 144A | 221,292 | ||||||||
3,000,000 | BBCMS Mortgage Trust, Series 2018-TALL, Class A, 0.88% (1 mo. USD LIBOR + 0.72%), due 03/15/37(b) 144A | 2,955,266 | ||||||||
193,000 | BBCMS Mortgage Trust, Series 2019-C5, Class A2, 3.04%, due 11/15/52 | 206,419 | ||||||||
130,000 | BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53 | 137,696 |
See accompanying Notes to the Schedule of Investments.
68
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - Private Issuers — continued | ||||||||||
109,396 | Bellemeade Re, Ltd. CMO, Series 2018-1A, Class M1B, 1.75% (1 mo. USD LIBOR + 1.60%), | 109,283 | ||||||||
67,286 | Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1A, 1.25% (1 mo. USD LIBOR + 1.10%), due 07/25/29(b) (m) | 67,295 | ||||||||
150,000 | Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1B, 1.75% (1 mo. USD LIBOR + 1.60%), | 150,279 | ||||||||
105,685 | Bellemeade Re, Ltd. CMO, Series 2020-1A, Class M1A, 2.80% (1 mo. USD LIBOR + 2.65%), | 105,985 | ||||||||
150,000 | Bellemeade Re, Ltd. CMO, Series 2020-1A, Class M1B, 3.55% (1 mo. USD LIBOR + 3.40%), | 151,718 | ||||||||
150,000 | Bellemeade Re, Ltd. CMO, Series 2020-4A, Class M2A, 2.75% (1 mo. USD LIBOR + 2.60%), | 151,164 | ||||||||
320,000 | Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52 | 340,581 | ||||||||
270,000 | Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57 | 287,256 | ||||||||
324,000 | Benchmark Mortgage Trust, Series 2019-B14, Class A2, 2.91%, due 12/15/62 | 346,472 | ||||||||
1,350,000 | Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72 | 1,470,162 | ||||||||
657,000 | Benchmark Mortgage Trust, Series 2019-B15, Class A5, 2.93%, due 12/15/72 | 733,347 | ||||||||
600,000 | Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53 | 631,050 | ||||||||
1,200,000 | Benchmark Mortgage Trust, Series 2020-B20, Class A2, 1.75%, due 10/15/53 | 1,243,821 | ||||||||
1,800,000 | Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A | 1,900,152 | ||||||||
104,215 | BRAVO Residential Funding Trust CMO, Series 2019-NQM1, Class A1, 2.67%, due 07/25/59(c) 144A | 106,926 | ||||||||
215,000 | BX Commercial Mortgage Trust, Series 2018-BIOA, Class D, 1.48% (1 mo. USD LIBOR + 1.32%), | 215,546 | ||||||||
1,610,958 | BX Commercial Mortgage Trust, Series 2019-XL, Class A, 1.08% (1 mo. USD LIBOR + 0.92%), | 1,617,589 | ||||||||
375,000 | BX Commercial Mortgage Trust, Series 2020-VKNG, Class A, 1.09% (1 mo. USD LIBOR + 0.93%), due 10/15/37(b) 144A | 376,102 | ||||||||
108,000 | CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class F, 2.71% (1 mo. USD LIBOR + 2.55%), due 12/15/37(b) 144A | 105,207 | ||||||||
1,200,000 | CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, due 08/15/57 | 1,282,566 | ||||||||
995,956 | CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/25(c) 144A | 1,029,594 | ||||||||
700,000 | CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58 | 752,320 | ||||||||
2,500,000 | CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49 | 2,656,059 | ||||||||
219,250 | CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class E, 2.31% (1 mo. USD LIBOR + 2.15%), due 07/15/32(b) 144A | 219,011 | ||||||||
458,980 | CIM Trust CMO, Series 2017-3, Class A1, 2.15% (1 mo. USD LIBOR + 2.00%), due 01/25/57(b) 144A | 462,942 | ||||||||
500,000 | CIM Trust CMO, Series 2017-5, Class A3, 4.00%, due 05/25/57(c) 144A | 504,480 | ||||||||
462,142 | CIM Trust CMO, Series 2017-6, Class A1, 3.02%, due 06/25/57(c) 144A | 463,417 | ||||||||
1,266,115 | CIM Trust CMO, Series 2020-INV1, Class A2, 2.50%, due 04/25/50(c) 144A | 1,303,842 | ||||||||
1,155,000 | CIM Trust CMO, Series 2020-J2, Class A1, 2.50%, due 01/25/51(c) 144A | 1,189,931 | ||||||||
1,772,000 | Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.40%, due 10/10/49 | 1,782,742 | ||||||||
1,300,000 | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72 | 1,421,361 | ||||||||
176,000 | Citigroup Commercial Mortgage Trust, Series 2019-PRM, Class A, 3.34%, due 05/10/36 144A | 188,199 | ||||||||
120,000 | Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.15%, due 01/10/36 144A | 130,640 |
See accompanying Notes to the Schedule of Investments.
69
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - Private Issuers — continued | ||||||||||
27,500,000 | Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.44%, due 05/10/47(c) 144A | 398,822 | ||||||||
55,515 | COLT Mortgage Loan Trust CMO, Series 2019-2, Class A1, 3.34%, due 05/25/49(c) 144A | 55,916 | ||||||||
99,169 | COLT Mortgage Loan Trust CMO, Series 2020-1, Class A1, 2.49%, due 02/25/50(c) 144A | 100,468 | ||||||||
598,643 | COLT Trust CMO, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65(c) 144A | 602,446 | ||||||||
235,000 | Commercial Mortgage Trust, Series 2013-300P, Class D, 4.39%, due 08/10/30(c) 144A | 244,167 | ||||||||
714,112 | Commercial Mortgage Trust, Series 2013-LC6, Class A4, 2.94%, due 01/10/46 | 742,801 | ||||||||
4,166 | Commercial Mortgage Trust, Series 2014-UBS2, Class A2, 2.82%, due 03/10/47 | 4,170 | ||||||||
971,437 | Commercial Mortgage Trust, Series 2015-CR25, Class A3, 3.51%, due 08/10/48 | 1,055,392 | ||||||||
862,000 | Commercial Mortgage Trust, Series 2015-CR27, Class A4, 3.61%, due 10/10/48 | 966,705 | ||||||||
223,000 | Commercial Mortgage Trust, Series 2020-CBM, Class A2, 2.90%, due 02/10/37 144A | 223,227 | ||||||||
355,000 | Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1.76% (1 mo. USD LIBOR + 1.60%), due 05/15/36(b) 144A | 352,341 | ||||||||
530,000 | Credit Suisse Mortgage Trust, Series 2020-11R, 1.00%, due 04/28/38(m) | 530,000 | ||||||||
113,783 | Credit Suisse Mortgage Trust CMO, Series 2017-HL1, Class A3, 3.50%, due 06/25/47(c) 144A | 114,218 | ||||||||
396,886 | Credit Suisse Mortgage Trust CMO, Series 2018-RPL9, Class A, 3.85%, due 09/25/57(c) 144A | 428,713 | ||||||||
250,346 | Credit Suisse Mortgage Trust CMO, Series 2019-AFC1, Class A1, 2.57%, due 07/25/49(d) 144A | 256,947 | ||||||||
168,725 | Credit Suisse Mortgage Trust CMO, Series 2020-AFC1, Class A1, 2.24%, due 02/25/50(c) 144A | 171,702 | ||||||||
355,000 | Credit Suisse Mortgage Trust CMO, Series 2020-RPL6, Class A1, 2.69%, due 03/25/59 144A | 355,668 | ||||||||
1,100,000 | CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50 | 1,193,618 | ||||||||
775,000 | CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50 | 862,488 | ||||||||
1,050,000 | CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52 | 1,152,410 | ||||||||
746,059 | FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class MA, 3.50%, due 08/25/57 | 808,381 | ||||||||
1,742,642 | FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-4, Class MA, 3.50%, due 03/25/58 | 1,892,113 | ||||||||
1,426,229 | FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-2, Class MA, 3.50%, due 08/25/58 | 1,554,778 | ||||||||
1,470,721 | FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class MA, 2.50%, due 08/25/59 | 1,549,922 | ||||||||
236,060 | FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-2, Class MA, 2.00%, due 11/25/59 | 243,178 | ||||||||
159,693 | FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-DNA3, Class M1, 0.90% (1 mo. USD LIBOR + 0.75%), due 03/25/30(b) | 159,996 | ||||||||
685 | FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2018-DNA3, Class M1, 0.90% (1 mo. USD LIBOR + 0.75%), due 09/25/48(b) 144A | 685 | ||||||||
380,000 | FHLMC Structured Agency Credit Risk Debt Notes REMIC CMO, Series 2020-HQA3, Class M2, 3.75% (1 mo. USD LIBOR + 3.60%), due 07/25/50(b) 144A | 384,529 | ||||||||
870,176 | Flagstar Mortgage Trust CMO, Series 2020-2, Class A2, 3.00%, due 08/01/50(c) 144A | 899,218 | ||||||||
726,081 | GCAT LLC CMO, Series 2019-4, Class A1, 3.23%, due 11/26/49(d) 144A | 766,396 | ||||||||
250,313 | GCAT LLC CMO, Series 2019-NQM1, Class A1, 2.99%, due 02/25/59(d) 144A | 255,893 |
See accompanying Notes to the Schedule of Investments.
70
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - Private Issuers — continued | ||||||||||
329,614 | GCAT LLC CMO, Series 2020-NQM1, Class A1, 2.25%, due 01/25/60(d) 144A | 338,045 | ||||||||
882,515 | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, due 05/10/45 | 893,668 | ||||||||
900,000 | GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48 | 964,224 | ||||||||
300,000 | GS Mortgage Securities Trust, Series 2019-GC40, Class A2, 2.97%, due 07/10/52 | 320,116 | ||||||||
1,600,000 | GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53 | 1,686,518 | ||||||||
1,062,000 | GS Mortgage Securities Trust, Series 2020-GSA2, Class A5, 2.01%, due 12/12/53 | 1,101,072 | ||||||||
1,143,000 | GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53 | 1,182,099 | ||||||||
196,000 | GS Mortgage Securities Trust, Series 2020-UPTN, Class A, 2.75%, due 02/10/37 144A | 200,503 | ||||||||
183,811 | GS Mortgage-Backed Securities Trust CMO, Series 2020-NQM1, Class A1, 1.38%, due 09/27/60(c) 144A | 185,060 | ||||||||
170,000 | IMT Trust, Series 2017-APTS, Class CFX, 3.50%, due 06/15/34(c) 144A | 170,321 | ||||||||
215,000 | Irvine Core Office Trust, Series 2013-IRV, Class A2, 3.17%, due 05/15/48(c) 144A | 225,794 | ||||||||
1,725,000 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due 04/15/47 | 1,737,826 | ||||||||
248,443 | JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due 11/15/48 | 248,342 | ||||||||
700,000 | JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49 | 748,100 | ||||||||
1,300,000 | JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50 | 1,441,113 | ||||||||
560,320 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.72%, due 02/15/46 144A | 562,315 | ||||||||
1,449,919 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class A4, 2.69%, due 04/15/46 | 1,509,944 | ||||||||
750,302 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, 2.56%, due 08/15/49 | 801,460 | ||||||||
1,600,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50 | 1,684,490 | ||||||||
938,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%, due 06/13/52 | 992,086 | ||||||||
216,000 | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, 2.81%, due 01/16/37 144A | 225,158 | ||||||||
54,759 | JPMorgan Mortgage Trust CMO, Series 2016-1, Class A5, 3.50%, due 05/25/46(c) 144A | 54,872 | ||||||||
155,077 | JPMorgan Mortgage Trust CMO, Series 2016-4, Class A5, 3.50%, due 10/25/46(c) 144A | 156,032 | ||||||||
356,561 | JPMorgan Mortgage Trust CMO, Series 2017-2, Class A5, 3.50%, due 05/25/47(c) 144A | 358,485 | ||||||||
130,000 | KNDL Mortgage Trust, Series 2019-KNSQ, Class D, 1.51% (1 mo. USD LIBOR + 1.35%), due 05/15/36(b) 144A | 129,975 | ||||||||
830,495 | Legacy Mortgage Asset Trust CMO, Series 2019-PRI, Class A1, 3.86%, due 09/25/59(d) 144A | 874,552 | ||||||||
280,969 | Legacy Mortgage Asset Trust CMO, Series 2020-GS1, Class A1, 2.88%, due 10/25/59(d) 144A | 282,250 | ||||||||
435,000 | Mello Warehouse Securitization Trust CMO, Series 2020-1, Class A, 1.05% (1 mo. USD LIBOR + 0.90%), due 10/25/53(b) 144A | 435,943 | ||||||||
1,089,640 | MetLife Securization Trust CMO, Series 2020-INV1, Class A2A, 2.50%, due 05/25/50(c) 144A | 1,134,559 | ||||||||
134,724 | MFA Trust CMO, Series 2020-NQM1, Class A1, 1.48%, due 03/25/65(c) 144A | 135,792 |
See accompanying Notes to the Schedule of Investments.
71
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - Private Issuers — continued | ||||||||||
282,297 | MFA Trust CMO, Series 2020-NQM3, Class A1, 1.01%, due 01/26/65(c) 144A | 283,138 | ||||||||
100,000 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46 | 104,008 | ||||||||
800,000 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A4, 3.73%, due 05/15/48 | 898,020 | ||||||||
1,600,000 | Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49 | 1,703,878 | ||||||||
212,000 | Morgan Stanley Capital I Trust, Series 2017-CLS, Class D, 1.56% (1 mo. USD LIBOR + 1.40%), | 211,619 | ||||||||
2,600,000 | Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52 | 2,906,050 | ||||||||
980,000 | Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53 | 1,024,581 | ||||||||
200,000 | Mortgage Insurance-Linked Notes CMO, Series 2020-1, Class M1B, 1.60% (1 mo. USD LIBOR + 1.45%), due 02/25/30(b) 144A | 198,099 | ||||||||
2,120,000 | MRA Issuance Trust CMO, Series 2020-15, Class A, 1.50% (1 mo. USD LIBOR + 1.50%), due 07/15/21(b) 144A | 2,116,820 | ||||||||
95,000 | Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.79%, due 11/15/32(c) 144A | 95,506 | ||||||||
165,000 | Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.32%, due 01/15/43(c) 144A | 175,036 | ||||||||
142,341 | New Residential Mortgage Loan Trust CMO, Series 2018-4A, Class A1S, 0.90% (1 mo. USD LIBOR + 0.75%), due 01/25/48(b) 144A | 142,685 | ||||||||
9,074 | Oaktown Re III, Ltd. CMO, Series 2019-1A, Class M1A, 1.55% (1 mo. USD LIBOR + 1.40%), due 07/25/29(b) 144A | 9,086 | ||||||||
200,000 | Oaktown Re IV, Ltd. CMO, Series 2020-1A, Class M1B, 4.90% (1 mo. USD LIBOR + 4.75%), | 202,321 | ||||||||
281,983 | OBX Trust CMO, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60(c) 144A | 288,206 | ||||||||
810,000 | PMT Credit Risk Transfer Trust CMO, Series 2020-2R, Class A, 3.97% (1 mo. USD LIBOR + 3.82%), due 12/25/22(b) 144A | 816,132 | ||||||||
609,000 | Provident Funding Mortgage Trust CMO, Series 2020-F1, Class A2, 2.00%, due 01/25/36(c) 144A | 611,125 | ||||||||
12,953 | Radnor RE, Ltd. CMO, Series 2018-1, Class M1, 1.55% (1 mo. USD LIBOR + 1.40%), due 03/25/28(b) 144A | 12,952 | ||||||||
1,657,104 | Sequoia Mortgage Trust CMO, Series 2020-3, Class A4, 3.00%, due 04/25/50(c) 144A | 1,690,151 | ||||||||
129,116 | Starwood Mortgage Residential Trust CMO, Series 2020-1, Class A1, 2.28%, due 02/25/50(c) 144A | 132,119 | ||||||||
223,423 | Starwood Mortgage Residential Trust CMO, Series 2020-3, Class A1, 1.49%, due 04/25/65(c) 144A | 225,231 | ||||||||
930,000 | Station Place Securitization Trust CMO, Series 2020-10, Class A, 1.64% (1 mo. USD LIBOR + 1.50%), due 05/20/21(b) 144A | 932,584 | ||||||||
280,832 | Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75%, due 03/25/58(c) 144A | 296,355 | ||||||||
115,000 | Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.50%, due 10/25/53(c) 144A | 122,371 | ||||||||
265,000 | Towd Point Mortgage Trust, Series 2015-2, Class 1M2, 3.57%, due 11/25/60(c) 144A | 281,089 | ||||||||
130,609 | Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, due 10/25/56(c) 144A | 133,926 | ||||||||
517,323 | Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/58(c) 144A | 538,279 | ||||||||
186,919 | Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75%, due 05/25/58(c) 144A | 199,255 | ||||||||
361,871 | Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58(c) 144A | 384,706 | ||||||||
73,025 | Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25%, due 07/25/58(c) 144A | 76,500 | ||||||||
145,955 | Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58(c) 144A | 157,031 | ||||||||
289,523 | Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, due 10/25/59(c) 144A | 306,043 | ||||||||
71,261 | Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 1.15% (1 mo. USD LIBOR + 1.00%), | 71,661 |
See accompanying Notes to the Schedule of Investments.
72
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - Private Issuers — continued | ||||||||||
290,407 | Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75%, due 10/25/60 144A | 297,646 | ||||||||
675,000 | UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50 | 740,388 | ||||||||
2,624,000 | UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.53%, due 05/10/63 | 2,705,691 | ||||||||
2,098,741 | UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, due 08/10/49 | 2,171,983 | ||||||||
313,657 | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A3, 2.92%, due 03/10/46 | 321,801 | ||||||||
1,523,797 | UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, due 01/10/45 | 1,544,448 | ||||||||
187,391 | Verus Securitization Trust CMO, Series 2020-5, Class A1, 1.22%, due 05/25/65(d) 144A | 187,981 | ||||||||
11,626 | WaMu Mortgage Pass Through Certificates CMO, Series 2003-AR9, Class 1A7, 2.78%, due 09/25/33(c) | 11,600 | ||||||||
1,500,000 | Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49 | 1,582,110 | ||||||||
3,000,000 | Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49 | 3,230,969 | ||||||||
950,000 | Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50 | 1,062,394 | ||||||||
1,400,000 | Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50 | 1,584,007 | ||||||||
110,000 | Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class D, 1.81% (1 mo. USD LIBOR + 1.65%), due 12/15/34(b) 144A | 93,408 | ||||||||
1,605,000 | Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A3, 1.94%, due 06/15/53 | 1,661,797 | ||||||||
1,360,000 | WFRBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.90%, due 06/15/44(c) 144A | 1,368,092 | ||||||||
|
| |||||||||
112,274,984 | ||||||||||
|
| |||||||||
Mortgage Backed Securities - U.S. Government Agency Obligations — 22.9% | ||||||||||
366,327 | FHLMC Gold, Pool # A89870, 4.50%, due 11/01/39 | 409,807 | ||||||||
262,877 | FHLMC Gold, Pool # A96970, 4.00%, due 02/01/41 | 286,736 | ||||||||
501,358 | FHLMC Gold, Pool # C91908, 3.00%, due 01/01/37 | 528,278 | ||||||||
390,406 | FHLMC Gold, Pool # G06231, 4.00%, due 12/01/40 | 428,484 | ||||||||
205,382 | FHLMC Gold, Pool # G06409, 6.00%, due 11/01/39 | 244,196 | ||||||||
104,959 | FHLMC Gold, Pool # G06875, 5.50%, due 12/01/38 | 123,462 | ||||||||
392,325 | FHLMC Gold, Pool # G07021, 5.00%, due 09/01/39 | 455,779 | ||||||||
524,490 | FHLMC Gold, Pool # G08537, 3.00%, due 07/01/43 | 558,007 | ||||||||
408,051 | FHLMC Gold, Pool # G08672, 4.00%, due 10/01/45 | 442,773 | ||||||||
583,709 | FHLMC Gold, Pool # G08726, 3.00%, due 10/01/46 | 617,188 | ||||||||
116,353 | FHLMC Gold, Pool # G08735, 4.50%, due 10/01/46 | 128,397 | ||||||||
52,622 | FHLMC Gold, Pool # G08748, 3.50%, due 02/01/47 | 56,112 | ||||||||
825,277 | FHLMC Gold, Pool # G08749, 4.00%, due 02/01/47 | 888,602 | ||||||||
469,091 | FHLMC Gold, Pool # G08771, 4.00%, due 07/01/47 | 504,047 | ||||||||
420,956 | FHLMC Gold, Pool # G08786, 4.50%, due 10/01/47 | 459,687 | ||||||||
178,279 | FHLMC Gold, Pool # G16177, 2.00%, due 01/01/32 | 187,295 | ||||||||
1,179,636 | FHLMC Gold, Pool # G16634, 3.00%, due 10/01/31 | 1,272,250 |
See accompanying Notes to the Schedule of Investments.
73
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - U.S. Government Agency Obligations — continued | ||||||||||
1,137,370 | FHLMC Gold, Pool # G60722, 3.00%, due 10/01/46 | 1,224,771 | ||||||||
509,422 | FHLMC Gold, Pool # G60767, 3.50%, due 10/01/46 | 559,741 | ||||||||
254,008 | FHLMC Gold, Pool # G60788, 3.50%, due 12/01/46 | 276,320 | ||||||||
1,079,573 | FHLMC Gold, Pool # G60804, 4.50%, due 05/01/42 | 1,194,042 | ||||||||
1,358,168 | FHLMC Gold, Pool # G60934, 3.50%, due 06/01/45 | 1,484,761 | ||||||||
1,566,410 | FHLMC Gold, Pool # G60985, 3.00%, due 05/01/47 | 1,697,194 | ||||||||
988,310 | FHLMC Gold, Pool # G61748, 3.50%, due 11/01/48 | 1,080,276 | ||||||||
520,928 | FHLMC Gold, Pool # G61995, 4.00%, due 11/01/44 | 573,967 | ||||||||
107,081 | FHLMC Gold, Pool # J16432, 3.50%, due 08/01/26 | 113,738 | ||||||||
121,047 | FHLMC Gold, Pool # J17763, 3.50%, due 01/01/27 | 128,572 | ||||||||
351,095 | FHLMC Gold, Pool # J24414, 2.50%, due 06/01/28 | 371,375 | ||||||||
422,124 | FHLMC Gold, Pool # J34888, 2.50%, due 07/01/31 | 448,651 | ||||||||
795,971 | FHLMC Gold, Pool # Q09224, 4.00%, due 07/01/42 | 894,308 | ||||||||
153,257 | FHLMC Gold, Pool # Q11218, 3.50%, due 09/01/42 | 165,409 | ||||||||
326,523 | FHLMC Gold, Pool # Q12052, 3.50%, due 10/01/42 | 355,232 | ||||||||
750,488 | FHLMC Gold, Pool # Q12862, 3.50%, due 11/01/42 | 821,154 | ||||||||
322,785 | FHLMC Gold, Pool # Q17792, 3.50%, due 05/01/43 | 353,126 | ||||||||
953,340 | FHLMC Gold, Pool # Q36815, 4.00%, due 10/01/45 | 1,039,461 | ||||||||
986,571 | FHLMC Gold, Pool # Q41918, 3.50%, due 07/01/46 | 1,063,851 | ||||||||
845,631 | FHLMC Gold, Pool # Q42618, 3.00%, due 08/01/46 | 889,945 | ||||||||
1,032,251 | FHLMC Gold, Pool # Q44455, 3.50%, due 11/01/46 | 1,123,017 | ||||||||
348,583 | FHLMC Gold, Pool # Q44963, 3.50%, due 12/01/46 | 377,295 | ||||||||
1,051,853 | FHLMC Gold, Pool # Q45741, 3.50%, due 01/01/47 | 1,149,959 | ||||||||
120,789 | FHLMC Gold, Pool # Q49494, 4.50%, due 07/01/47 | 132,459 | ||||||||
362,784 | FHLMC Gold, Pool # Q52312, 4.00%, due 11/01/47 | 388,768 | ||||||||
446,586 | FHLMC Gold, Pool # Q54957, 4.00%, due 03/01/48 | 480,132 | ||||||||
270,737 | FHLMC Gold, Pool # V60565, 3.00%, due 06/01/29 | 289,598 | ||||||||
675,528 | FHLMC Gold, Pool # V60599, 3.00%, due 09/01/29 | 722,981 | ||||||||
923,764 | FHLMC Gold, Pool # V82292, 4.00%, due 04/01/46 | 1,011,555 | ||||||||
1,045,263 | FHLMC Gold, Pool # V82515, 3.50%, due 06/01/46 | 1,131,294 | ||||||||
299,466 | FHLMC Gold, Pool # V82848, 3.00%, due 12/01/46 | 325,525 | ||||||||
1,099,408 | FHLMC Multifamily Structured Pass Through Certificates, Series KC07, Class ASB, 2.18%, due 08/25/29 | 1,158,745 | ||||||||
550,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class AM, 3.17%, due 09/25/26(c) | 622,053 | ||||||||
1,800,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K069, Class AM, 3.25%, due 09/25/27(c) | 2,059,678 | ||||||||
725,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K077, Class AM, 3.85%, due 05/25/28(c) | 867,321 | ||||||||
913,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class A2, 3.86%, due 11/25/28(c) | 1,100,338 | ||||||||
1,840,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K076, Class AM, 3.90%, due 04/25/28 | 2,187,632 | ||||||||
1,211,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K081, Class A2, 3.90%, due 08/25/28(c) | 1,458,162 | ||||||||
200,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class AM, 3.92%, due 12/25/28(c) | 241,154 | ||||||||
900,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K157, Class A2, 3.99%, due 05/25/33(c) | 1,112,650 |
See accompanying Notes to the Schedule of Investments.
74
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - U.S. Government Agency Obligations — continued | ||||||||||
325,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K083, Class AM, 4.03%, due 10/25/28(c) | 394,131 | ||||||||
870,000 | FHLMC Multifamily Structured Pass Through Certificates, Series K085, Class A2, 4.06%, due 10/25/28(c) | 1,054,877 | ||||||||
24,718,404 | FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 0.80%, | 282,437 | ||||||||
68,238 | FHLMC Reference REMIC CMO, Series R007, Class ZA, 6.00%, due 05/15/36 | 81,090 | ||||||||
1,245,206 | FHLMC REMIC CMO, Series 4739, Class Z, 3.50%, due 11/15/47 | 1,375,362 | ||||||||
821,829 | FNMA REMIC CMO, Series 2011-59, Class NZ, 5.50%, due 07/25/41 | 926,380 | ||||||||
13,752 | FNMA REMIC CMO, Series 2012-28, Class B, 6.50%, due 06/25/39 | 15,058 | ||||||||
596,720 | FNMA-ACES, Series 2019-M25, Class AV1, 2.05%, due 12/25/26 | 610,744 | ||||||||
1,141,685 | FNMA-ACES, Series 2019-M22, Class A1, 2.10%, due 08/25/29 | 1,224,118 | ||||||||
216,990 | FNMA-ACES, Series 2015-M8, Class AB2, 2.83%, due 01/25/25(c) | 232,400 | ||||||||
1,698,360 | FNMA-ACES, Series 2015-M10, Class A2, 3.09%, due 04/25/27(c) | 1,905,360 | ||||||||
265,878 | FNMA-ACES, Series 2018-M10, Class A1, 3.37%, due 07/25/28(c) | 293,192 | ||||||||
459,179 | GNMA I, Pool # 734152, 4.00%, due 01/15/41 | 501,577 | ||||||||
2,695,070 | GNMA I, Pool # 784369, 4.00%, due 08/15/45 | 3,059,100 | ||||||||
332,088 | GNMA I, Pool # 784605, 4.50%, due 01/15/42 | 371,587 | ||||||||
223,343 | GNMA I, Pool # AL8626, 3.00%, due 08/15/45 | 234,259 | ||||||||
228,304 | GNMA II, Pool # 004636, 4.50%, due 02/20/40 | 254,233 | ||||||||
41,175 | GNMA II, Pool # 004678, 4.50%, due 04/20/40 | 45,848 | ||||||||
266,719 | GNMA II, Pool # 004833, 4.00%, due 10/20/40 | 295,117 | ||||||||
242,212 | GNMA II, Pool # 004977, 4.00%, due 03/20/41 | 267,994 | ||||||||
605,982 | GNMA II, Pool # 004978, 4.50%, due 03/20/41 | 675,301 | ||||||||
936,888 | GNMA II, Pool # 005055, 4.50%, due 05/20/41 | 1,044,062 | ||||||||
35,168 | GNMA II, Pool # 783637, 3.00%, due 06/20/42 | 37,583 | ||||||||
1,039,294 | GNMA II, Pool # 796468, 4.00%, due 09/20/42 | 1,131,107 | ||||||||
1,088,420 | GNMA II, Pool # AV9421, 3.50%, due 11/20/46 | 1,224,053 | ||||||||
809,063 | GNMA II, Pool # AY7555, 3.50%, due 04/20/47 | 909,992 | ||||||||
356,772 | GNMA II, Pool # MA0462, 3.50%, due 10/20/42 | 388,583 | ||||||||
51,388 | GNMA II, Pool # MA0624, 3.00%, due 12/20/42 | 55,068 | ||||||||
233,209 | GNMA II, Pool # MA0625, 3.50%, due 12/20/42 | 253,990 | ||||||||
131,757 | GNMA II, Pool # MA0698, 3.00%, due 01/20/43 | 141,249 | ||||||||
450,981 | GNMA II, Pool # MA0851, 3.00%, due 03/20/43 | 481,894 | ||||||||
359,724 | GNMA II, Pool # MA0852, 3.50%, due 03/20/43 | 391,772 | ||||||||
76,630 | GNMA II, Pool # MA1156, 3.00%, due 07/20/43 | 81,848 | ||||||||
274,606 | GNMA II, Pool # MA1376, 4.00%, due 10/20/43 | 303,558 | ||||||||
104,758 | GNMA II, Pool # MA1599, 3.00%, due 01/20/44 | 111,746 | ||||||||
272,039 | GNMA II, Pool # MA2371, 3.50%, due 11/20/44 | 293,961 | ||||||||
206,188 | GNMA II, Pool # MA2372, 4.00%, due 11/20/44 | 227,550 | ||||||||
207,488 | GNMA II, Pool # MA2825, 3.00%, due 05/20/45 | 221,929 | ||||||||
479,082 | GNMA II, Pool # MA3310, 3.50%, due 12/20/45 | 515,965 | ||||||||
192,399 | GNMA II, Pool # MA3377, 4.00%, due 01/20/46 | 210,696 | ||||||||
281,238 | GNMA II, Pool # MA3455, 4.00%, due 02/20/46 | 308,510 | ||||||||
509,446 | GNMA II, Pool # MA3456, 4.50%, due 02/20/46 | 567,616 | ||||||||
506,207 | GNMA II, Pool # MA3596, 3.00%, due 04/20/46 | 539,148 | ||||||||
980,379 | GNMA II, Pool # MA3803, 3.50%, due 07/20/46 | 1,059,045 | ||||||||
702,182 | GNMA II, Pool # MA3873, 3.00%, due 08/20/46 | 748,502 | ||||||||
1,145,982 | GNMA II, Pool # MA3936, 3.00%, due 09/20/46 | 1,221,632 |
See accompanying Notes to the Schedule of Investments.
75
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - U.S. Government Agency Obligations — continued | ||||||||||
325,119 | GNMA II, Pool # MA4004, 3.50%, due 10/20/46 | 350,697 | ||||||||
182,625 | GNMA II, Pool # MA4071, 4.50%, due 11/20/46 | 203,470 | ||||||||
149,352 | GNMA II, Pool # MA4125, 2.50%, due 12/20/46 | 159,070 | ||||||||
295,715 | GNMA II, Pool # MA4263, 4.00%, due 02/20/47 | 320,557 | ||||||||
384,277 | GNMA II, Pool # MA4510, 3.50%, due 06/20/47 | 411,154 | ||||||||
434,758 | GNMA II, Pool # MA4585, 3.00%, due 07/20/47 | 461,765 | ||||||||
442,291 | GNMA II, Pool # MA4586, 3.50%, due 07/20/47 | 475,065 | ||||||||
1,180,940 | GNMA II, Pool # MA4720, 4.00%, due 09/20/47 | 1,273,351 | ||||||||
342,835 | GNMA II, Pool # MA4838, 4.00%, due 11/20/47 | 370,330 | ||||||||
1,346,674 | GNMA II, Pool # MA5019, 3.50%, due 02/20/48 | 1,445,381 | ||||||||
182,430 | GNMA II, Pool # MA5021, 4.50%, due 02/20/48 | 198,577 | ||||||||
60,762 | GNMA II, Pool # MA5079, 4.50%, due 03/20/48 | 65,879 | ||||||||
378,551 | GNMA II, Pool # MA5397, 3.50%, due 08/20/48 | 402,843 | ||||||||
417,237 | GNMA II, Pool # MA5466, 4.00%, due 09/20/48 | 449,390 | ||||||||
372,829 | GNMA II, Pool # MA5467, 4.50%, due 09/20/48 | 403,570 | ||||||||
176,893 | GNMA II, Pool # MA5530, 5.00%, due 10/20/48 | 193,525 | ||||||||
239,042 | GNMA II, Pool # MA5762, 3.50%, due 02/20/49 | 254,604 | ||||||||
257,813 | GNMA II, Pool # MA5817, 4.00%, due 03/20/49 | 276,455 | ||||||||
689,438 | GNMA II, Pool # MA5874, 3.00%, due 04/20/49 | 722,319 | ||||||||
558,891 | GNMA II, Pool # MA6338, 3.00%, due 12/20/49 | 584,832 | ||||||||
500,000 | GNMA II, Pool # MA7051, 2.00%, due 12/20/50 | 523,392 | ||||||||
1,500,000 | GNMA TBA, 2.50%, due 02/20/51 | 1,584,961 | ||||||||
500,000 | GNMA TBA, 3.00%, due 01/21/51 | 522,891 | ||||||||
352,083 | UMBS, Pool # 745148, 5.00%, due 01/01/36 | 409,239 | ||||||||
329,279 | UMBS, Pool # 932807, 4.00%, due 09/01/40 | 360,197 | ||||||||
346,838 | UMBS, Pool # 983471, 5.50%, due 05/01/38 | 407,562 | ||||||||
388,523 | UMBS, Pool # 985184, 5.50%, due 08/01/38 | 447,661 | ||||||||
273,076 | UMBS, Pool # 995245, 5.00%, due 01/01/39 | 317,318 | ||||||||
614,947 | UMBS, Pool # AB6212, 3.00%, due 09/01/42 | 654,521 | ||||||||
775,297 | UMBS, Pool # AB6802, 3.50%, due 11/01/42 | 843,199 | ||||||||
211,678 | UMBS, Pool # AB7059, 2.50%, due 11/01/42 | 226,657 | ||||||||
500,008 | UMBS, Pool # AB8703, 3.00%, due 03/01/38 | 528,890 | ||||||||
188,257 | UMBS, Pool # AB9383, 4.00%, due 05/01/43 | 208,106 | ||||||||
1,260,267 | UMBS, Pool # AB9659, 3.00%, due 06/01/43 | 1,375,209 | ||||||||
3,128,159 | UMBS, Pool # AC3668, 4.50%, due 10/01/39 | 3,513,430 | ||||||||
340,456 | UMBS, Pool # AD9153, 4.50%, due 08/01/40 | 381,045 | ||||||||
233,668 | UMBS, Pool # AE0469, 6.00%, due 12/01/39 | 276,797 | ||||||||
875,589 | UMBS, Pool # AH4404, 4.00%, due 01/01/41 | 964,853 | ||||||||
139,253 | UMBS, Pool # AI1892, 5.00%, due 05/01/41 | 161,766 | ||||||||
749,084 | UMBS, Pool # AI4815, 4.50%, due 06/01/41 | 841,022 | ||||||||
593,686 | UMBS, Pool # AJ9278, 3.50%, due 12/01/41 | 640,526 | ||||||||
281,191 | UMBS, Pool # AJ9317, 4.00%, due 01/01/42 | 307,285 | ||||||||
631,574 | UMBS, Pool # AL0215, 4.50%, due 04/01/41(o) | 709,102 | ||||||||
1,076,240 | UMBS, Pool # AL1895, 3.50%, due 06/01/42 | 1,176,580 | ||||||||
602,647 | UMBS, Pool # AL2466, 4.00%, due 09/01/42 | 681,638 | ||||||||
647,760 | UMBS, Pool # AL3000, 3.50%, due 12/01/42 | 704,689 | ||||||||
807,993 | UMBS, Pool # AL3316, 3.50%, due 03/01/43 | 879,104 | ||||||||
996,646 | UMBS, Pool # AL6663, 4.00%, due 03/01/39 | 1,107,952 | ||||||||
1,020,101 | UMBS, Pool # AL7594, 3.50%, due 08/01/45 | 1,120,627 |
See accompanying Notes to the Schedule of Investments.
76
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - U.S. Government Agency Obligations — continued | ||||||||||
857,530 | UMBS, Pool # AL8191, 4.00%, due 12/01/45 | 940,557 | ||||||||
132,913 | UMBS, Pool # AO4109, 4.00%, due 06/01/42 | 146,382 | ||||||||
345,506 | UMBS, Pool # AQ7923, 3.00%, due 12/01/42 | 368,447 | ||||||||
659,456 | UMBS, Pool # AS5133, 3.50%, due 06/01/45 | 706,428 | ||||||||
182,315 | UMBS, Pool # AS6286, 4.00%, due 12/01/45 | 197,509 | ||||||||
290,702 | UMBS, Pool # AS6304, 4.00%, due 12/01/45 | 315,379 | ||||||||
385,232 | UMBS, Pool # AS6452, 3.50%, due 01/01/46 | 412,521 | ||||||||
210,705 | UMBS, Pool # AS7693, 2.00%, due 08/01/31 | 221,356 | ||||||||
306,495 | UMBS, Pool # AS8073, 2.50%, due 10/01/46 | 323,716 | ||||||||
237,985 | UMBS, Pool # AX3719, 3.50%, due 07/01/27 | 252,693 | ||||||||
236,049 | UMBS, Pool # AZ3743, 3.50%, due 11/01/45 | 254,102 | ||||||||
366,716 | UMBS, Pool # BC9468, 3.00%, due 06/01/46 | 387,219 | ||||||||
1,015,188 | UMBS, Pool # BD7043, 4.00%, due 03/01/47 | 1,105,537 | ||||||||
597,306 | UMBS, Pool # BE7192, 4.00%, due 03/01/47 | 648,113 | ||||||||
798,435 | UMBS, Pool # BK1023, 4.50%, due 02/01/48 | 874,645 | ||||||||
654,452 | UMBS, Pool # BK7611, 4.50%, due 09/01/48 | 711,528 | ||||||||
1,075,092 | UMBS, Pool # BM1573, 3.50%, due 07/01/47 | 1,175,015 | ||||||||
467,096 | UMBS, Pool # BM1914, 2.50%, due 08/01/31 | 488,200 | ||||||||
1,269,502 | UMBS, Pool # BM1972, 3.50%, due 10/01/37 | 1,408,909 | ||||||||
712,935 | UMBS, Pool # BM3033, 3.00%, due 10/01/47 | 769,018 | ||||||||
228,675 | UMBS, Pool # BM3258, 3.00%, due 02/01/47 | 248,289 | ||||||||
408,868 | UMBS, Pool # BM3286, 4.50%, due 11/01/47 | 446,108 | ||||||||
701,127 | UMBS, Pool # BM3332, 3.50%, due 01/01/48 | 754,481 | ||||||||
589,720 | UMBS, Pool # BM3491, 4.50%, due 01/01/38 | 650,485 | ||||||||
1,144,746 | UMBS, Pool # BM3641, 4.00%, due 04/01/48 | 1,252,095 | ||||||||
917,000 | UMBS, Pool # BM4896, 3.00%, due 02/01/47 | 975,253 | ||||||||
1,036,880 | UMBS, Pool # BM5213, 3.00%, due 07/01/45 | 1,097,512 | ||||||||
405,295 | UMBS, Pool # BM5293, 3.50%, due 02/01/49 | 427,552 | ||||||||
833,339 | UMBS, Pool # BM5694, 4.00%, due 06/01/48 | 890,330 | ||||||||
243,502 | UMBS, Pool # BM5874, 4.00%, due 01/01/48 | 262,541 | ||||||||
325,096 | UMBS, Pool # BM5950, 3.00%, due 11/01/48 | 341,962 | ||||||||
2,004,845 | UMBS, Pool # BN6216, 4.50%, due 03/01/49 | 2,216,503 | ||||||||
776,970 | UMBS, Pool # BO0988, 3.50%, due 07/01/49 | 820,836 | ||||||||
592,642 | UMBS, Pool # BO1420, 3.50%, due 09/01/49 | 626,264 | ||||||||
364,891 | UMBS, Pool # BO1439, 3.00%, due 10/01/49 | 383,131 | ||||||||
992,695 | UMBS, Pool # BO5387, 3.50%, due 12/01/49 | 1,058,442 | ||||||||
933,084 | UMBS, Pool # BP2898, 4.00%, due 03/01/50 | 1,025,275 | ||||||||
961,619 | UMBS, Pool # BP3048, 3.00%, due 03/01/50 | 1,019,471 | ||||||||
690,338 | UMBS, Pool # BP5462, 2.50%, due 06/01/50 | 729,576 | ||||||||
537,435 | UMBS, Pool # BP5568, 3.00%, due 06/01/50 | 563,486 | ||||||||
1,011,608 | UMBS, Pool # BQ3132, 2.00%, due 10/01/50 | 1,053,882 | ||||||||
848,190 | UMBS, Pool # BQ3138, 2.50%, due 10/01/50 | 899,337 | ||||||||
965,416 | UMBS, Pool # CA0655, 3.50%, due 11/01/47 | 1,047,971 | ||||||||
1,764,826 | UMBS, Pool # CA3986, 5.00%, due 08/01/49 | 1,978,932 | ||||||||
423,492 | UMBS, Pool # CA4149, 3.00%, due 09/01/49 | 459,876 | ||||||||
842,842 | UMBS, Pool # CA4546, 3.00%, due 11/01/49 | 895,397 | ||||||||
1,449,670 | UMBS, Pool # CA4831, 4.50%, due 12/01/49 | 1,586,913 | ||||||||
1,031,204 | UMBS, Pool # CA5571, 4.00%, due 04/01/50 | 1,126,013 | ||||||||
968,667 | UMBS, Pool # CA6871, 2.50%, due 08/01/35 | 1,018,535 |
See accompanying Notes to the Schedule of Investments.
77
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - U.S. Government Agency Obligations — continued | ||||||||||
2,279,455 | UMBS, Pool # CA6872, 2.50%, due 08/01/35 | 2,378,635 | ||||||||
1,745,912 | UMBS, Pool # CA7030, 2.50%, due 09/01/50 | 1,871,038 | ||||||||
1,440,321 | UMBS, Pool # FM0030, 3.00%, due 02/01/49 | 1,506,512 | ||||||||
500,279 | UMBS, Pool # FM1001, 3.50%, due 11/01/48 | 529,187 | ||||||||
509,256 | UMBS, Pool # FM1266, 5.00%, due 07/01/49 | 567,845 | ||||||||
200,848 | UMBS, Pool # FM1347, 3.00%, due 12/01/48 | 211,888 | ||||||||
1,153,811 | UMBS, Pool # FM1467, 3.00%, due 12/01/47 | 1,219,853 | ||||||||
695,734 | UMBS, Pool # FM1588, 3.00%, due 10/01/49 | 752,675 | ||||||||
446,949 | UMBS, Pool # FM1715, 3.00%, due 12/01/45 | 470,367 | ||||||||
407,837 | UMBS, Pool # FM1790, 3.00%, due 11/01/49 | 442,878 | ||||||||
388,523 | UMBS, Pool # FM1864, 3.00%, due 11/01/49 | 415,093 | ||||||||
2,214,684 | UMBS, Pool # FM2109, 3.50%, due 12/01/49 | 2,336,499 | ||||||||
4,497,644 | UMBS, Pool # FM2217, 3.00%, due 03/01/47 | 4,900,562 | ||||||||
2,974,266 | UMBS, Pool # FM2226, 3.00%, due 09/01/46 | 3,240,732 | ||||||||
945,022 | UMBS, Pool # FM2336, 4.00%, due 01/01/50 | 1,025,239 | ||||||||
3,875,445 | UMBS, Pool # FM2385, 3.00%, due 09/01/48 | 4,057,282 | ||||||||
1,296,754 | UMBS, Pool # FM2461, 3.50%, due 03/01/50 | 1,370,292 | ||||||||
1,100,764 | UMBS, Pool # FM2570, 4.50%, due 04/01/48 | 1,233,972 | ||||||||
975,604 | UMBS, Pool # FM2674, 4.00%, due 03/01/50 | 1,061,801 | ||||||||
123,359 | UMBS, Pool # FM3828, 4.00%, due 07/01/49 | 135,191 | ||||||||
1,886,261 | UMBS, Pool # FM3889, 3.00%, due 07/01/50 | 1,998,190 | ||||||||
831,111 | UMBS, Pool # FM4154, 2.00%, due 09/01/50 | 864,564 | ||||||||
1,043,648 | UMBS, Pool # FM4330, 2.50%, due 10/01/50 | 1,111,441 | ||||||||
976,902 | UMBS, Pool # FM4350, 2.00%, due 09/01/50 | 1,018,543 | ||||||||
2,118,881 | UMBS, Pool # FM4583, 2.00%, due 10/01/50 | 2,216,386 | ||||||||
209,737 | UMBS, Pool # MA2781, 2.50%, due 10/01/46 | 223,331 | ||||||||
241,265 | UMBS, Pool # MA3087, 3.50%, due 08/01/47 | 256,030 | ||||||||
207,401 | UMBS, Pool # MA3155, 3.00%, due 10/01/32 | 217,772 | ||||||||
791,617 | UMBS, Pool # MA3182, 3.50%, due 11/01/47 | 840,571 | ||||||||
397,726 | UMBS, Pool # MA3211, 4.00%, due 12/01/47 | 427,355 | ||||||||
258,176 | UMBS, Pool # MA3238, 3.50%, due 01/01/48 | 273,840 | ||||||||
694,011 | UMBS, Pool # MA3332, 3.50%, due 04/01/48 | 735,606 | ||||||||
242,305 | UMBS, Pool # MA3364, 3.50%, due 05/01/33 | 258,400 | ||||||||
175,549 | UMBS, Pool # MA3385, 4.50%, due 06/01/48 | 190,258 | ||||||||
674,223 | UMBS, Pool # MA3414, 3.50%, due 07/01/48 | 713,856 | ||||||||
223,689 | UMBS, Pool # MA3442, 3.50%, due 08/01/48 | 236,353 | ||||||||
197,820 | UMBS, Pool # MA3521, 4.00%, due 11/01/48 | 211,095 | ||||||||
539,626 | UMBS, Pool # MA3864, 2.50%, due 12/01/34 | 562,759 | ||||||||
3,399,085 | UMBS, Pool # QA6328, 3.00%, due 01/01/50 | 3,611,787 | ||||||||
1,950,134 | UMBS, Pool # QA6367, 3.00%, due 01/01/50 | 2,089,809 | ||||||||
1,061,027 | UMBS, Pool # QA8518, 3.00%, due 04/01/50 | 1,131,794 | ||||||||
360,234 | UMBS, Pool # QB0220, 3.00%, due 06/01/50 | 377,651 | ||||||||
1,153,292 | UMBS, Pool # QB4847, 2.50%, due 10/01/50 | 1,225,839 | ||||||||
1,171,367 | UMBS, Pool # QB6476, 2.50%, due 12/01/50 | 1,243,112 | ||||||||
1,951,560 | UMBS, Pool # RA1741, 3.50%, due 11/01/49 | 2,089,780 | ||||||||
2,737,173 | UMBS, Pool # RA1776, 3.00%, due 12/01/49 | 2,939,487 | ||||||||
2,596,359 | UMBS, Pool # RA1860, 3.00%, due 12/01/49 | 2,723,944 | ||||||||
2,421,708 | UMBS, Pool # RA1878, 3.50%, due 12/01/49 | 2,566,751 | ||||||||
1,152,836 | UMBS, Pool # RA2572, 3.50%, due 05/01/50 | 1,242,897 |
See accompanying Notes to the Schedule of Investments.
78
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Mortgage Backed Securities - U.S. Government Agency Obligations — continued | ||||||||||
3,215,219 | UMBS, Pool # RA2790, 2.50%, due 06/01/50 | 3,393,274 | ||||||||
2,523,591 | UMBS, Pool # RA2853, 2.50%, due 06/01/50 | 2,663,345 | ||||||||
882,460 | UMBS, Pool # RA3206, 2.00%, due 08/01/50 | 919,354 | ||||||||
1,216,479 | UMBS, Pool # RA3607, 3.00%, due 09/01/50 | 1,312,772 | ||||||||
1,391,786 | UMBS, Pool # SD0100, 3.00%, due 10/01/49 | 1,490,987 | ||||||||
253,837 | UMBS, Pool # SD7523, 2.50%, due 08/01/50 | 271,866 | ||||||||
8,231 | UMBS, Pool # SD8025, 3.50%, due 11/01/49 | 8,692 | ||||||||
1,153,191 | UMBS, Pool # ZA7040, 3.50%, due 06/01/49 | 1,234,308 | ||||||||
1,396,167 | UMBS, Pool # ZM1609, 3.50%, due 09/01/46 | 1,502,054 | ||||||||
640,638 | UMBS, Pool # ZS4727, 4.00%, due 07/01/47 | 688,241 | ||||||||
408,832 | UMBS, Pool # ZS4760, 4.00%, due 03/01/48 | 438,923 | ||||||||
715,870 | UMBS, Pool # ZT0657, 6.00%, due 07/01/40 | 851,543 | ||||||||
537,822 | UMBS, Pool # ZT1748, 5.00%, due 01/01/49 | 602,368 | ||||||||
1,624,088 | UMBS, Pool # ZT2100, 3.00%, due 04/01/47 | 1,709,777 | ||||||||
6,530,000 | UMBS TBA, 2.00%, due 01/14/51 | 6,783,803 | ||||||||
11,000,000 | UMBS TBA, 2.00%, due 02/12/51 | 11,408,251 | ||||||||
2,424,000 | UMBS TBA, 2.50%, due 01/14/51 | 2,555,426 | ||||||||
2,500,000 | UMBS TBA, 2.50%, due 02/12/51 | 2,631,163 | ||||||||
|
| |||||||||
239,094,198 | ||||||||||
|
| |||||||||
Municipal Obligations — 1.3% | ||||||||||
60,000 | Alabama Economic Settlement Authority, 4.26%, due 09/15/32 | 71,450 | ||||||||
165,000 | Bay Area Toll Authority, 2.57%, due 04/01/31 | 178,075 | ||||||||
300,000 | Bay Area Toll Authority, 6.26%, due 04/01/49 | 517,593 | ||||||||
90,000 | District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14(h) | 134,163 | ||||||||
650,000 | Health & Educational Facilities Authority of the State of Missouri, 3.23%, due 05/15/50 | 760,409 | ||||||||
715,000 | Michigan Finance Authority, 2.37%, due 09/01/49 | 736,271 | ||||||||
359,000 | Municipal Electric Authority of Georgia, 6.64%, due 04/01/57 | 546,721 | ||||||||
327,000 | New Jersey Transportation Trust Fund Authority, 4.08%, due 06/15/39 | 345,037 | ||||||||
25,000 | New Jersey Transportation Trust Fund Authority, 4.13%, due 06/15/42 | 26,004 | ||||||||
1,350,000 | New York State Urban Development Corp., 5.77%, due 03/15/39 | 1,737,356 | ||||||||
2,195,000 | Port Authority of New York & New Jersey, 1.09%, due 07/01/23 | 2,228,254 | ||||||||
1,975,000 | State Board of Administration Finance Corp., 1.26%, due 07/01/25 | 2,021,136 | ||||||||
489,000 | State Board of Administration Finance Corp., 1.71%, due 07/01/27 | 507,890 | ||||||||
885,000 | State of California, 7.50%, due 04/01/34 | 1,476,419 | ||||||||
555,000 | State of California, General Obligation, 7.55%, due 04/01/39 | 975,651 | ||||||||
695,000 | State of Illinois, General Obligation, 5.00%, due 11/01/22 | 733,906 | ||||||||
105,000 | University of Virginia, 4.18%, due 09/01/17(h) | 140,364 | ||||||||
|
| |||||||||
13,136,699 | ||||||||||
|
| |||||||||
Sovereign Debt Obligations — 0.6% | ||||||||||
200,000 | Bermuda Government International Bond, 2.38%, due 08/20/30 144A | 210,250 | ||||||||
200,000 | Colombia Government International Bond, 5.00%, due 06/15/45 | 244,750 | ||||||||
135,000 | Colombia Government International Bond, 7.38%, due 09/18/37 | 197,608 | ||||||||
330,000 | Corp. Andina de Fomento, 2.13%, due 09/27/21 | 334,132 | ||||||||
55,000 | Corp. Andina de Fomento, 2.75%, due 01/06/23(f) | 57,005 | ||||||||
215,000 | Export-Import Bank of India, 3.88%, due 02/01/28 144A | 237,459 | ||||||||
200,000 | Indonesia Government International Bond, 4.45%, due 02/11/24 | 222,030 |
See accompanying Notes to the Schedule of Investments.
79
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
Sovereign Debt Obligations — continued | ||||||||||
220,000 | Indonesia Government International Bond, 5.88%, due 01/15/24 144A | 253,163 | ||||||||
200,000 | Japan Bank for International Cooperation, 3.38%, due 10/31/23 | 216,963 | ||||||||
200,000 | Japan Finance Organization for Municipalities, 1.75%, due 09/05/24 144A | 208,775 | ||||||||
200,000 | Panama Government International Bond, 4.00%, due 09/22/24 | 221,752 | ||||||||
250,000 | Province of Alberta Canada, 3.30%, due 03/15/28 | 289,081 | ||||||||
100,000 | Province of Manitoba Canada, 2.13%, due 06/22/26 | 107,893 | ||||||||
220,000 | Province of Quebec Canada, 2.75%, due 04/12/27 | 246,356 | ||||||||
301,000 | Qatar Government International Bond, 3.38%, due 03/14/24 144A | 326,435 | ||||||||
568,000 | Qatar Government International Bond, 5.10%, due��04/23/48 144A | 800,204 | ||||||||
235,000 | Saudi Government International Bond, 4.00%, due 04/17/25 144A | 262,865 | ||||||||
594,000 | Saudi Government International Bond, 4.38%, due 04/16/29 144A | 706,643 | ||||||||
400,000 | Tokyo Metropolitan Government, 2.50%, due 06/08/22 144A | 411,672 | ||||||||
185,000 | Uruguay Government International Bond, 4.98%, due 04/20/55 | 257,381 | ||||||||
65,000 | Uruguay Government International Bond, 5.10%, due 06/18/50 | 91,199 | ||||||||
|
| |||||||||
5,903,616 | ||||||||||
|
| |||||||||
U.S. Government and Agency Obligations — 12.8% | ||||||||||
495,000 | FNMA, 0.88%, due 08/05/30 | 486,232 | ||||||||
270,000 | FNMA, 2.38%, due 01/19/23 | 282,423 | ||||||||
315,000 | FNMA, 2.50%, due 02/05/24 | 337,486 | ||||||||
310,000 | FNMA, 6.63%, due 11/15/30(p) | 469,748 | ||||||||
25,000 | Tennessee Valley Authority, 7.13%, due 05/01/30 | 38,172 | ||||||||
6,015,000 | U.S. Treasury Bond, 1.13%, due 05/15/40 | 5,713,310 | ||||||||
7,440,000 | U.S. Treasury Bond, 1.13%, due 08/15/40 | 7,045,913 | ||||||||
2,969,000 | U.S. Treasury Bond, 1.25%, due 05/15/50 | 2,694,136 | ||||||||
11,351,000 | U.S. Treasury Bond, 1.38%, due 08/15/50 | 10,633,581 | ||||||||
1,824,000 | U.S. Treasury Bond, 2.25%, due 08/15/49 | 2,087,981 | ||||||||
2,532,000 | U.S. Treasury Bond, 2.50%, due 02/15/45 | 3,020,300 | ||||||||
6,320,000 | U.S. Treasury Bond, 2.75%, due 11/15/42 | 7,832,850 | ||||||||
1,441,000 | U.S. Treasury Bond, 3.00%, due 02/15/47 | 1,884,670 | ||||||||
2,215,000 | U.S. Treasury Bond, 3.00%, due 08/15/48 | 2,914,542 | ||||||||
4,307,000 | U.S. Treasury Bond, 3.13%, due 11/15/41 | 5,634,599 | ||||||||
6,045,900 | U.S. Treasury Bond, 3.63%, due 08/15/43 | 8,540,306 | ||||||||
6,605,919 | U.S. Treasury Inflation Indexed Bonds, 0.13%, due 10/15/24 | 7,085,306 | ||||||||
1,624,340 | U.S. Treasury Inflation Indexed Bonds, 0.13%, due 01/15/30 | 1,813,497 | ||||||||
5,023,000 | U.S. Treasury Note, 0.13%, due 07/31/22 | 5,024,177 | ||||||||
10,945,000 | U.S. Treasury Note, 0.13%, due 11/30/22 | 10,947,138 | ||||||||
70,000 | U.S. Treasury Note, 0.13%, due 12/15/23 | 69,921 | ||||||||
5,940,000 | U.S. Treasury Note, 0.25%, due 07/31/25 | 5,923,062 | ||||||||
4,704,000 | U.S. Treasury Note, 0.38%, due 11/30/25 | 4,710,983 | ||||||||
1,979,000 | U.S. Treasury Note, 0.63%, due 08/15/30 | 1,929,834 | ||||||||
3,863,000 | U.S. Treasury Note, 0.88%, due 11/15/30 | 3,850,626 | ||||||||
6,775,000 | U.S. Treasury Note, 1.63%, due 02/15/26 | 7,207,436 | ||||||||
4,020,000 | U.S. Treasury Note, 2.88%, due 05/15/28(o) | 4,658,332 | ||||||||
6,675,000 | U.S. Treasury STRIPS, 1.10%, due 08/15/30(n) | 6,033,440 | ||||||||
530,000 | U.S. Treasury STRIPS, 1.39%, due 02/15/36(n) | 429,949 | ||||||||
505,000 | U.S. Treasury STRIPS, 1.56%, due 05/15/36(n) | 406,960 | ||||||||
3,730,000 | U.S. Treasury STRIPS, 1.62%, due 05/15/37(n) (p) | 2,943,773 | ||||||||
360,000 | U.S. Treasury STRIPS, 1.71%, due 11/15/38(n) | 275,271 |
See accompanying Notes to the Schedule of Investments.
80
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value(a) | Description | Value ($) | ||||||||
U.S. Government and Agency Obligations — continued | ||||||||||
370,000 | U.S. Treasury STRIPS, 1.73%, due 02/15/39(n) | 281,071 | ||||||||
155,000 | U.S. Treasury STRIPS, 1.74%, due 05/15/39(n) | 117,269 | ||||||||
255,000 | U.S. Treasury STRIPS, 1.74%, due 08/15/39(n) | 192,188 | ||||||||
3,180,000 | U.S. Treasury STRIPS, 1.86%, due 11/15/41(n) | 2,284,335 | ||||||||
985,000 | U.S. Treasury STRIPS, 1.89%, due 05/15/42(n) | 699,683 | ||||||||
85,000 | U.S. Treasury STRIPS, 1.91%, due 08/15/42(n) | 60,030 | ||||||||
1,750,000 | U.S. Treasury STRIPS, 1.91%, due 11/15/42(n) | 1,230,369 | ||||||||
4,620,000 | U.S. Treasury STRIPS, 1.93%, due 02/15/43(n) | 3,228,616 | ||||||||
646,000 | U.S. Treasury STRIPS, 1.99%, due 11/15/43(n) | 442,786 | ||||||||
1,950,000 | U.S. Treasury STRIPS, 2.02%, due 11/15/44(n) | 1,311,854 | ||||||||
430,000 | U.S. Treasury STRIPS, 2.05%, due 11/15/45(n) | 283,748 | ||||||||
310,000 | U.S. Treasury STRIPS, 2.07%, due 02/15/46(n) | 203,283 | ||||||||
|
| |||||||||
133,261,186 | ||||||||||
|
| |||||||||
TOTAL DEBT OBLIGATIONS (COST $978,141,022) | 1,027,578,016 | |||||||||
|
| |||||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||||
Mutual Fund - Securities Lending Collateral — 0.4% | ||||||||||
4,450,665 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(q) (r) | 4,450,665 | ||||||||
|
| |||||||||
U.S. Government and Agency Obligations — 0.1% | ||||||||||
1,410,000 | U.S. Treasury Bill, 0.05%, due 03/04/21(n) | 1,409,872 | ||||||||
|
| |||||||||
TOTAL SHORT-TERM INVESTMENTS (COST $5,860,538) | 5,860,537 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS — 99.2% (Cost $984,001,560) | 1,033,438,553 | |||||||||
Other Assets and Liabilities (net) — 0.8% | 8,097,290 | |||||||||
|
| |||||||||
NET ASSETS — 100.0% | $1,041,535,843 | |||||||||
|
| |||||||||
Notes to Schedule of Investments: | ||||||||||
* | Non-income producing security. | |||||||||
(a) | Unless otherwise indicated, all par values are denominated in United States dollars ($). | |||||||||
(b) | Variable or floating rate note. Rate shown is as of December 31, 2020. | |||||||||
(c) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. | |||||||||
(d) | Step coupon security that pays an initial coupon rate for the first period and then a lower/higher coupon rate for the following periods. Rate shown is current coupon rate. | |||||||||
(e) | When-issued security. | |||||||||
(f) | All or a portion of this security is out on loan. | |||||||||
(g) | Security is perpetual and has no stated maturity date. |
See accompanying Notes to the Schedule of Investments.
81
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
(h) | Year of maturity is greater than 2100. | |||||||
(i) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. | |||||||
(j) | 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 $838,657 which represents 0.1% of net assets. The aggregate tax cost of these securities held at December 31, 2020 was $2,380,476. | |||||||
(k) | Level 3 — significant unobservable inputs were used in determining the value of this portfolio security. | |||||||
(l) | Security is currently in default. | |||||||
(m) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period end, the market value of restricted securities was $629,955, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows. | |||||||
(n) | Interest rate presented is yield to maturity. | |||||||
(o) | All or a portion of this security is pledged for open futures collateral. | |||||||
(p) | All or a portion of this security is pledged for open centrally cleared swaps collateral. | |||||||
(q) | The rate disclosed is the 7-day net yield as of December 31, 2020. | |||||||
(r) | Represents an investment of securities lending cash collateral. | |||||||
144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $219,512,373 which represents 21.1% of net assets. |
See accompanying Notes to the Schedule of Investments.
82
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
At December 31, 2020, the Fund held the following restricted securities:
Restricted Securities | Acquisition Date | Principal Amount | Cost | Value | |||||||||||||||||||||||
Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1A, 1.25% (1 mo. USD LIBOR + 1.10%), due 07/25/29 | 07/17/19 | USD | 67,286 | $ | 67,286 | $ | 67,295 | ||||||||||||||||||||
Credit Suisse Mortgage Trust, Series 2020-11R, 1.00%, due 04/28/38 | 12/03/20 | USD | 530,000 | 530,000 | 530,000 | ||||||||||||||||||||||
LSC Communications, Inc., 8.75%, due 10/15/23 | 09/23/16 | USD | 284,000 | 257,703 | 32,660 | ||||||||||||||||||||||
|
| ||||||||||||||||||||||||||
$ | 629,955 | ||||||||||||||||||||||||||
|
|
Forward Foreign Currency Contracts
Currency Purchased | Currency Sold | Settlement | Counterparty | Unrealized | ||||||||||||||||
USD | 360,404 | EUR | 303,357 | 01/12/21 | Barclays Bank Plc | $ | (10,838 | ) | ||||||||||||
|
|
Futures Contracts
Number of | Description | Expiration Date | Notional | Market Value/ | ||||||||||||||||
Buys | ||||||||||||||||||||
4 | U.S. Long Bond | Mar 2021 | $ | 692,750 | $ | (6,264 | ) | |||||||||||||
150 | U.S. Treasury Note 10-Year | Mar 2021 | 20,711,719 | 35,810 | ||||||||||||||||
134 | U.S. Treasury Note 2-Year | Mar 2021 | 29,610,859 | 31,557 | ||||||||||||||||
151 | U.S. Treasury Note 5-Year | Mar 2021 | 19,050,773 | 38,241 | ||||||||||||||||
49 | U.S. Ultra Bond | Mar 2021 | 10,464,563 | (36,766 | ) | |||||||||||||||
|
| |||||||||||||||||||
$ | 62,578 | |||||||||||||||||||
|
| |||||||||||||||||||
Sales | ||||||||||||||||||||
1 | Euro-Bund | Mar 2021 | $ | 217,351 | $ | (564 | ) | |||||||||||||
27 | U.S. Long Bond | Mar 2021 | 4,676,063 | (5,100 | ) | |||||||||||||||
16 | U.S. Treasury Note 10-Year | Mar 2021 | 2,209,250 | (2,752 | ) | |||||||||||||||
150 | U.S. Ultra 10-Year | Mar 2021 | 23,453,906 | 73,348 | ||||||||||||||||
|
| |||||||||||||||||||
$ | 64,932 | |||||||||||||||||||
|
|
Centrally Cleared Interest Rate Swaps
Payments | Payment | Payments Made by Fund | Payment Frequency | Maturity | Upfront | Notional Value | Market Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Overnight Federal Funds Effective Rate (12M) | Annual | 1.51% | Annual | 08/09/49 | $ | 110 | USD | 580,000 | $ | (44,877 | ) | $ | (44,987 | ) | ||||||||||||||
|
|
See accompanying Notes to the Schedule of Investments.
83
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Currency Abbreviations
EUR | — Euro |
USD | — U.S. Dollar |
Other Abbreviations
ACES | — Alternative Credit Enhancement Securities |
CLO | — Collateralized Loan Obligation |
CMO | — Collateralized Mortgage Obligation |
CMT | — Constant Maturity Treasury Index |
FHLMC | — Federal Home Loan Mortgage Corporation |
FNMA | — Federal National Mortgage Association |
GNMA | — Government National Mortgage Association |
ICE | — Intercontinental Exchange |
IO | — Interest Only |
LIBOR | — London Interbank Offered Rate |
MTN | — Medium Term Note |
PIK | — Payment In Kind |
REIT | — Real Estate Investment Trust |
REMIC | — Real Estate Mortgage Investment Conduit |
SOFR | — Secured Overnight Financing Rate |
STRIPS | — Separate Trading of Registered Interest and Principal of Securities |
TBA | — To Be Announced |
UMBS | — Uniform Mortgage-Backed Securities are single-Class securities backed by fixed-rate mortgage loans purchased by either FHLMC or FNMA |
See accompanying Notes to the Schedule of Investments.
84
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Asset Class Summary (Unaudited) | % of Net Assets | ||||
Debt Obligations | 98.6 | ||||
Futures Contracts | 0.0 | * | |||
Swaps | 0.0 | * | |||
Forward Foreign Currency Contracts | 0.0 | * | |||
Short-Term Investments | 0.6 | ||||
Other Assets and Liabilities (net) | 0.8 | ||||
|
| ||||
100.0 | % | ||||
|
|
* Amount rounds to zero.
See accompanying Notes to the Schedule of Investments.
85