Mercer Global Low Volatility Equity Fund
Schedule of Investments
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
COMMON STOCKS — 95.8% | ||||||||||
Australia — 1.6% | ||||||||||
3,272 | Ansell, Ltd. | 87,814 | ||||||||
38,849 | Cochlear, Ltd. | 5,665,812 | ||||||||
439,143 | Evolution Mining, Ltd. | 1,690,935 | ||||||||
300,762 | Gold Road Resources, Ltd.* | 307,510 | ||||||||
124,341 | Newcrest Mining, Ltd. | 2,473,533 | ||||||||
25,320 | Northern Star Resources, Ltd. | 247,940 | ||||||||
295,475 | Ramelius Resources, Ltd. | 384,186 | ||||||||
687,678 | Regis Resources, Ltd. | 1,984,619 | ||||||||
34,468 | Silver Lake Resources, Ltd.* | 47,609 | ||||||||
329,851 | Sonic Healthcare, Ltd. | 8,183,126 | ||||||||
2,910 | Wesfarmers, Ltd. | 113,173 | ||||||||
142,363 | Westgold Resources, Ltd.* | 290,016 | ||||||||
|
| |||||||||
Total Australia | 21,476,273 | |||||||||
|
| |||||||||
Austria — 0.1% | ||||||||||
19,772 | EVN AG | 432,554 | ||||||||
11,380 | Oesterreichische Post AG(a) | 399,619 | ||||||||
34,645 | Telekom Austria AG Class A | 268,328 | ||||||||
22,938 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 583,768 | ||||||||
|
| |||||||||
Total Austria | 1,684,269 | |||||||||
|
| |||||||||
Belgium — 0.0% | ||||||||||
8,486 | Colruyt SA | 503,266 | ||||||||
|
| |||||||||
Bermuda — 1.2% | ||||||||||
131,000 | CK Infrastructure Holdings, Ltd. | 703,670 | ||||||||
129,500 | Dairy Farm International Holdings, Ltd. | 540,015 | ||||||||
342,000 | Emperor International Holdings, Ltd. | 48,518 | ||||||||
27,593 | Enstar Group, Ltd.* | 5,653,530 | ||||||||
8,414 | Everest Re Group, Ltd. | 1,969,633 | ||||||||
20,029 | Genpact, Ltd. | 828,399 | ||||||||
151,000 | Kerry Logistics Network, Ltd. | 331,061 | ||||||||
5,500 | Orient Overseas International, Ltd. | 54,973 | ||||||||
300,000 | Regal Hotels International Holdings, Ltd. | 105,625 | ||||||||
15,373 | RenaissanceRe Holdings, Ltd. | 2,549,151 | ||||||||
120,500 | SmarTone Telecommunications Holdings, Ltd. | 64,338 | ||||||||
58,000 | Transport International Holdings, Ltd. | 112,053 | ||||||||
230,163 | VTech Holdings, Ltd. | 1,785,475 | ||||||||
1,100 | White Mountains Insurance Group, Ltd. | 1,100,726 | ||||||||
3,000 | Wing On Co. International, Ltd. | 6,500 | ||||||||
24,617 | Wing Tai Properties, Ltd. | 11,302 | ||||||||
|
| |||||||||
Total Bermuda | 15,864,969 | |||||||||
|
| |||||||||
Canada — 5.6% | ||||||||||
67,800 | Alimentation Couche-Tard, Inc. Class B | 2,308,606 | ||||||||
30,212 | Atco, Ltd. Class I | 865,334 | ||||||||
48,301 | BCE, Inc. | 2,067,283 |
See accompanying Notes to the Schedule of Investments.
160
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Canada — continued | ||||||||||
66,500 | CAE, Inc. | 1,841,016 | ||||||||
68,220 | Canadian National Railway Co. | 7,493,490 | ||||||||
30,100 | Canadian Pacific Railway, Ltd.(a) | 10,435,369 | ||||||||
200 | Canadian Tire Corp., Ltd. Class A | 26,268 | ||||||||
2,719 | Canadian Utilities, Ltd. Class A | 66,353 | ||||||||
146,489 | Centerra Gold, Inc. | 1,694,857 | ||||||||
3,400 | Cogeco Communications, Inc. | 261,165 | ||||||||
6,400 | Cogeco, Inc. | 411,830 | ||||||||
3,622 | Constellation Software, Inc. | 4,699,275 | ||||||||
19,000 | Dundee Precious Metals, Inc. | 136,460 | ||||||||
86,000 | Empire Co., Ltd. Class A | 2,348,462 | ||||||||
4,000 | Evertz Technologies, Ltd. | 41,507 | ||||||||
30,900 | George Weston, Ltd. | 2,306,100 | ||||||||
124,335 | Intact Financial Corp. | 14,709,397 | ||||||||
42,100 | Loblaw Cos., Ltd. | 2,075,590 | ||||||||
3,600 | Metro, Inc. | 160,502 | ||||||||
47,200 | National Bank of Canada | 2,654,166 | ||||||||
58,100 | North West Co., Inc. (The) | 1,479,407 | ||||||||
19,300 | Open Text Corp. | 876,226 | ||||||||
5,200 | Premium Brands Holdings Corp. Class A | 411,143 | ||||||||
91,400 | Quebecor, Inc. Class B | 2,350,286 | ||||||||
27,800 | Rogers Communications, Inc. Class B | 1,293,115 | ||||||||
25,400 | Royal Bank of Canada | 2,085,232 | ||||||||
51,800 | Shaw Communications, Inc. Class B | 908,330 | ||||||||
30,300 | Stella-Jones, Inc. | 1,100,694 | ||||||||
6,736 | Topicus.com, Inc.* (b) | 25,445 | ||||||||
46,800 | Torex Gold Resources, Inc.* | 701,265 | ||||||||
54,964 | Waste Connections, Inc. | 5,637,658 | ||||||||
43,700 | Yamana Gold, Inc. | 249,371 | ||||||||
|
| |||||||||
Total Canada | 73,721,202 | |||||||||
|
| |||||||||
Cayman Islands — 0.8% | ||||||||||
42,500 | Alibaba Group Holding, Ltd., ADR* | 9,891,025 | ||||||||
249,000 | Langham Hospitality Investments and Langham Hospitality Investments, Ltd. | 32,755 | ||||||||
|
| |||||||||
Total Cayman Islands | 9,923,780 | |||||||||
|
| |||||||||
Denmark — 0.3% | ||||||||||
2,977 | Genmab AS* | 1,205,285 | ||||||||
33,578 | Novo Nordisk AS Class B | 2,354,903 | ||||||||
4,036 | Schouw & Co. AS | 408,676 | ||||||||
|
| |||||||||
Total Denmark | 3,968,864 | |||||||||
|
| |||||||||
Finland — 0.3% | ||||||||||
14,061 | Aktia Bank OYJ* | 168,430 | ||||||||
129,444 | Kesko OYJ Class B | 3,332,340 | ||||||||
36,794 | Raisio OYJ Class V | 143,612 | ||||||||
|
| |||||||||
Total Finland | 3,644,382 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
161
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
France — 5.0% | ||||||||||
1,791 | Boiron SA | 90,614 | ||||||||
241,329 | Bureau Veritas SA* | 6,425,251 | ||||||||
1,042 | Caisse Regionale de Credit Agricole Mutuel Brie Picardie | 28,304 | ||||||||
143,141 | Carrefour SA | 2,457,217 | ||||||||
7,826 | Danone SA | 514,779 | ||||||||
520 | Dassault Systemes SE | 105,712 | ||||||||
123,101 | Edenred | 6,990,284 | ||||||||
2,591 | Iliad SA | 532,914 | ||||||||
5,600 | IPSOS | 189,112 | ||||||||
13,913 | Legrand SA | 1,242,697 | ||||||||
470 | LNA Sante SA | 28,322 | ||||||||
552 | Manutan International | 49,034 | ||||||||
36,602 | Metropole Television SA* | 593,841 | ||||||||
192,157 | Orange SA | 2,288,597 | ||||||||
129,575 | Rubis SCA | 6,021,405 | ||||||||
103,903 | Safran SA* | 14,740,782 | ||||||||
22,794 | Sanofi | 2,194,911 | ||||||||
1,283 | Sartorius Stedim Biotech | 457,130 | ||||||||
304 | Savencia SA* | 22,466 | ||||||||
94,907 | Veolia Environnement SA | 2,323,630 | ||||||||
1,091 | Vetoquinol SA | 111,597 | ||||||||
10 | Vilmorin & Cie SA | 603 | ||||||||
154,117 | Vinci SA | 15,342,042 | ||||||||
79,083 | Vivendi SA | 2,552,582 | ||||||||
|
| |||||||||
Total France | 65,303,826 | |||||||||
|
| |||||||||
Germany — 1.4% | ||||||||||
9,941 | Beiersdorf AG | 1,148,703 | ||||||||
117,236 | Brenntag AG | 9,085,749 | ||||||||
47,225 | Deutsche Post AG | 2,340,177 | ||||||||
39,064 | Deutsche Telekom AG | 714,800 | ||||||||
1,497 | Hornbach Holding AG & Co. KGaA | 144,151 | ||||||||
3,211 | KWS Saat SE & Co. KGaA | 255,373 | ||||||||
2,128 | McKesson Europe AG | 67,697 | ||||||||
20,673 | Merck KGaA | 3,550,076 | ||||||||
16,733 | Wuestenrot & Wuerttembergische AG | 338,225 | ||||||||
|
| |||||||||
Total Germany | 17,644,951 | |||||||||
|
| |||||||||
Hong Kong — 1.7% | ||||||||||
829,227 | AIA Group, Ltd. | 10,159,671 | ||||||||
71,000 | BOC Hong Kong Holdings, Ltd. | 215,183 | ||||||||
1,442,000 | CITIC Telecom International Holdings, Ltd. | 453,772 | ||||||||
99,500 | CLP Holdings, Ltd. | 920,078 | ||||||||
104,000 | Dah Sing Banking Group, Ltd. | 106,765 | ||||||||
1,949,119 | Guangdong Investment, Ltd. | 3,509,186 | ||||||||
239,000 | HK Electric Investments & HK Electric Investments, Ltd. | 235,183 | ||||||||
1,823,000 | HKT Trust & HKT, Ltd. | 2,365,197 | ||||||||
16,000 | Hong Kong Ferry Holdings Co., Ltd. | 12,690 | ||||||||
49,000 | Kowloon Development Co., Ltd. | 51,187 |
See accompanying Notes to the Schedule of Investments.
162
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Hong Kong — continued | ||||||||||
38,000 | Liu Chong Hing Investment, Ltd. | 34,502 | ||||||||
12,000 | Miramar Hotel & Investment | 20,057 | ||||||||
3,353,000 | PCCW, Ltd. | 2,019,450 | ||||||||
360,000 | Power Assets Holdings, Ltd. | 1,949,999 | ||||||||
361,000 | Regal Real Estate Investment Trust REIT | 63,784 | ||||||||
|
| |||||||||
Total Hong Kong | 22,116,704 | |||||||||
|
| |||||||||
Ireland — 1.7% | ||||||||||
23,237 | Accenture Plc Class A | 6,069,736 | ||||||||
8,303 | Aon Plc Class A | 1,754,175 | ||||||||
12,200 | ICON Plc, ADR* | 2,378,756 | ||||||||
18,700 | Jazz Pharmaceuticals Plc* | 3,086,435 | ||||||||
46,206 | Medtronic Plc | 5,412,571 | ||||||||
19,500 | Perrigo Co. Plc | 872,040 | ||||||||
5,300 | STERIS Plc | 1,004,562 | ||||||||
23,991 | Total Produce Plc | 40,274 | ||||||||
5,600 | Willis Towers Watson Plc | 1,179,808 | ||||||||
|
| |||||||||
Total Ireland | 21,798,357 | |||||||||
|
| |||||||||
Israel — 0.5% | ||||||||||
4,859 | Bank Leumi Le-Israel BM | 28,602 | ||||||||
455,245 | Bezeq Israeli Telecommunication Corp., Ltd.* | 453,572 | ||||||||
19,283 | Check Point Software Technologies, Ltd.* (a) | 2,562,904 | ||||||||
898 | FIBI Holdings, Ltd. | 27,241 | ||||||||
14,623 | First International Bank Of Israel, Ltd. | 387,754 | ||||||||
3 | Isracard, Ltd. | 10 | ||||||||
32,661 | Radware, Ltd.* | 906,343 | ||||||||
1,503 | Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. | 105,324 | ||||||||
46,098 | Shufersal, Ltd. | 356,058 | ||||||||
56,884 | Strauss Group, Ltd. | 1,707,512 | ||||||||
1,613 | Taro Pharmaceutical Industries, Ltd.* | 118,426 | ||||||||
|
| |||||||||
Total Israel | 6,653,746 | |||||||||
|
| |||||||||
Italy — 0.0% | ||||||||||
29,277 | A2A SpA | 46,730 | ||||||||
9,458 | Hera SpA | 34,485 | ||||||||
|
| |||||||||
Total Italy | 81,215 | |||||||||
|
| |||||||||
Japan — 4.4% | ||||||||||
17,500 | Aeon Co., Ltd. | 573,757 | ||||||||
7,100 | Aeon Hokkaido Corp. | 67,187 | ||||||||
21,500 | Ajinomoto Co., Inc. | 486,767 | ||||||||
31,300 | Arcs Co., Ltd. | 703,034 | ||||||||
70,500 | Astellas Pharma, Inc. | 1,088,450 | ||||||||
1,900 | AT-Group Co., Ltd. | 26,666 | ||||||||
1,500 | Axial Retailing, Inc. | 72,933 | ||||||||
1,200 | Belc Co., Ltd. | 72,527 | ||||||||
58,000 | Canon, Inc.(a) | 1,111,182 |
See accompanying Notes to the Schedule of Investments.
163
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Japan — continued | ||||||||||
12,600 | Cawachi, Ltd. | 358,675 | ||||||||
4,800 | Cosmos Pharmaceutical Corp. | 775,476 | ||||||||
7,000 | Create SD Holdings Co., Ltd. | 262,725 | ||||||||
146,242 | DCM Holdings Co., Ltd. | 1,670,002 | ||||||||
2,500 | Doshisha Co., Ltd. | 47,145 | ||||||||
2,796 | DyDo Group Holdings, Inc. | 145,155 | ||||||||
22,989 | Earth Corp.(a) | 1,295,908 | ||||||||
3,931 | EDION Corp. | 39,902 | ||||||||
1,600 | Ezaki Glico Co., Ltd.(a) | 70,279 | ||||||||
2,600 | Fujicco Co., Ltd. | 50,416 | ||||||||
17,900 | Heiwado Co., Ltd. | 384,023 | ||||||||
5,600 | Hokuto Corp. | 113,199 | ||||||||
8,300 | Itoham Yonekyu Holdings, Inc. | 54,103 | ||||||||
4,900 | J-Oil Mills, Inc. | 167,771 | ||||||||
89,400 | Japan Post Bank Co., Ltd. | 733,419 | ||||||||
124,600 | Japan Tobacco, Inc.(a) | 2,536,774 | ||||||||
25,255 | Kaken Pharmaceutical Co., Ltd. | 974,780 | ||||||||
19,300 | Kato Sangyo Co., Ltd. | 653,334 | ||||||||
90,100 | KDDI Corp. | 2,675,641 | ||||||||
9,400 | Kewpie Corp. | 206,673 | ||||||||
9,900 | Kyocera Corp. | 606,590 | ||||||||
82,500 | KYORIN Holdings, Inc. | 1,550,995 | ||||||||
24,000 | Lawson, Inc. | 1,116,955 | ||||||||
78,700 | Lion Corp.(a) | 1,904,137 | ||||||||
21,600 | Marui Group Co., Ltd. | 379,090 | ||||||||
71,100 | Medipal Holdings Corp. | 1,334,610 | ||||||||
9,300 | MEIJI Holdings Co., Ltd. | 653,959 | ||||||||
3,700 | Miroku Jyoho Service Co., Ltd.(a) | 75,043 | ||||||||
22,100 | Mitsubishi Shokuhin Co., Ltd. | 612,622 | ||||||||
92,970 | Mizuho Financial Group, Inc. | 1,177,377 | ||||||||
30,000 | Mochida Pharmaceutical Co., Ltd. | 1,140,491 | ||||||||
34,900 | Nichi-iko Pharmaceutical Co., Ltd. | 329,242 | ||||||||
4,400 | Nintendo Co., Ltd. | 2,805,482 | ||||||||
48,300 | Nippon Flour Mills Co., Ltd. | 753,657 | ||||||||
96,000 | Nippon Telegraph & Telephone Corp. | 2,459,858 | ||||||||
17,800 | Nipro Corp. | 209,300 | ||||||||
30,100 | Nisshin Oillio Group, Ltd. (The) | 884,822 | ||||||||
4,200 | Nissin Foods Holdings Co., Ltd. | 359,611 | ||||||||
10,500 | Okinawa Cellular Telephone Co. | 452,564 | ||||||||
13,600 | Okuwa Co., Ltd. | 171,243 | ||||||||
16,300 | Ono Pharmaceutical Co., Ltd. | 490,681 | ||||||||
22,900 | Otsuka Holdings Co., Ltd.(a) | 979,923 | ||||||||
800 | S&B Foods, Inc. | 35,411 | ||||||||
2,800 | San-A Co., Ltd. | 118,379 | ||||||||
17,300 | Sankyo Co., Ltd. | 467,500 | ||||||||
24,100 | Sawai Pharmaceutical Co., Ltd. | 1,092,431 | ||||||||
72,700 | Seven & i Holdings Co., Ltd. | 2,576,486 | ||||||||
1,100 | Shionogi & Co., Ltd. | 60,037 | ||||||||
25,859 | Showa Sangyo Co., Ltd. | 762,658 |
See accompanying Notes to the Schedule of Investments.
164
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Japan — continued | ||||||||||
9,800 | SKY Perfect JSAT Holdings, Inc. | 48,219 | ||||||||
202,300 | Softbank Corp. | 2,533,526 | ||||||||
27,000 | Sugi Holdings Co., Ltd. | 1,804,446 | ||||||||
15,900 | Sundrug Co., Ltd. | 634,491 | ||||||||
1,700 | Suzuken Co., Ltd. | 61,417 | ||||||||
69,600 | Toho Holdings Co., Ltd. | 1,222,188 | ||||||||
2,200 | Toyo Suisan Kaisha, Ltd. | 106,969 | ||||||||
12,400 | Toyota Motor Corp. | 955,657 | ||||||||
37,300 | Trend Micro, Inc.(a) | 2,145,983 | ||||||||
5,300 | Tsumura & Co. | 159,136 | ||||||||
3,400 | Tsuruha Holdings, Inc. | 483,433 | ||||||||
49,300 | Unicharm Corp. | 2,335,954 | ||||||||
33,900 | United Super Markets Holdings, Inc. | 371,030 | ||||||||
21,100 | Valor Holdings Co., Ltd. | 540,145 | ||||||||
59,100 | Vital KSK Holdings, Inc. | 464,809 | ||||||||
5,500 | Wowow, Inc. | 151,024 | ||||||||
7,800 | Yaoko Co., Ltd. | 543,193 | ||||||||
21,900 | ZERIA Pharmaceutical Co., Ltd. | 403,234 | ||||||||
|
| |||||||||
Total Japan | 57,943,911 | |||||||||
|
| |||||||||
Luxembourg — 0.3% | ||||||||||
15,400 | Globant SA* | 3,351,194 | ||||||||
|
| |||||||||
Netherlands — 1.8% | ||||||||||
114,381 | Airbus SE* | 12,564,788 | ||||||||
1,216 | Amsterdam Commodities NV | 31,096 | ||||||||
83,436 | Koninklijke Ahold Delhaize NV | 2,359,256 | ||||||||
125,731 | Koninklijke KPN NV | 382,595 | ||||||||
45,408 | QIAGEN NV* (a) | 2,399,813 | ||||||||
31,077 | QIAGEN NV (London Exchange)* | 1,614,130 | ||||||||
7,304 | Sligro Food Group NV* | 151,390 | ||||||||
40,036 | Wolters Kluwer NV | 3,382,976 | ||||||||
|
| |||||||||
Total Netherlands | 22,886,044 | |||||||||
|
| |||||||||
New Zealand — 0.4% | ||||||||||
147,839 | Argosy Property, Ltd. REIT | 169,246 | ||||||||
4,371 | Chorus, Ltd. | 24,757 | ||||||||
14,988 | Contact Energy, Ltd. | 96,151 | ||||||||
52,877 | EBOS Group, Ltd. | 1,092,650 | ||||||||
8,467 | Fonterra Co-operative Group, Ltd. | 26,702 | ||||||||
24,570 | Freightways, Ltd. | 177,965 | ||||||||
199,894 | Infratil, Ltd. | 1,050,643 | ||||||||
35,027 | Mainfreight, Ltd. | 1,752,751 | ||||||||
358,029 | Spark New Zealand, Ltd. | 1,211,570 | ||||||||
6,801 | Trustpower, Ltd. | 38,684 | ||||||||
15,201 | Vector, Ltd. | 46,515 | ||||||||
3,702 | Warehouse Group, Ltd. (The)* | 7,330 | ||||||||
|
| |||||||||
Total New Zealand | 5,694,964 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
165
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Norway — 0.4% | ||||||||||
2,099 | AF Gruppen ASA | 43,049 | ||||||||
293,277 | Norsk Hydro ASA | 1,365,346 | ||||||||
209,680 | Orkla ASA | 2,130,608 | ||||||||
4,487 | Sparebanken Vest | 37,942 | ||||||||
61,697 | Telenor ASA | 1,051,349 | ||||||||
|
| |||||||||
Total Norway | 4,628,294 | |||||||||
|
| |||||||||
Portugal — 0.1% | ||||||||||
10,718 | Jeronimo Martins SGPS SA | 181,235 | ||||||||
99,893 | REN - Redes Energeticas Nacionais SGPS SA | 289,060 | ||||||||
411,036 | Sonae SGPS SA | 332,684 | ||||||||
|
| |||||||||
Total Portugal | 802,979 | |||||||||
|
| |||||||||
Singapore — 0.4% | ||||||||||
24,921 | Best World International, Ltd.(b) | 25,644 | ||||||||
199,416 | Frasers Hospitality Trust REIT | 79,214 | ||||||||
8,000 | Great Eastern Holdings, Ltd. | 121,061 | ||||||||
11,000 | Haw Par Corp., Ltd. | 89,055 | ||||||||
44,804 | Hong Leong Finance, Ltd. | 81,021 | ||||||||
61,810 | Keppel Infrastructure Trust | 25,488 | ||||||||
3,404,049 | NetLink NBN Trust | 2,485,459 | ||||||||
302,000 | Olam International, Ltd. | 349,609 | ||||||||
181,200 | OUE, Ltd. | 164,522 | ||||||||
1,463,001 | Sheng Siong Group, Ltd. | 1,715,773 | ||||||||
105,100 | Singapore Post, Ltd. | 56,063 | ||||||||
257,500 | Singapore Telecommunications, Ltd. | 450,062 | ||||||||
12,200 | Straits Trading Co., Ltd. | 18,923 | ||||||||
33,000 | United Industrial Corp., Ltd. | 57,928 | ||||||||
29,200 | Wing Tai Holdings, Ltd. | 43,083 | ||||||||
|
| |||||||||
Total Singapore | 5,762,905 | |||||||||
|
| |||||||||
Spain — 1.1% | ||||||||||
52,946 | Aena SME SA* | 9,212,011 | ||||||||
1,020 | Cia de Distribucion Integral Logista Holdings SA | 19,793 | ||||||||
11,668 | Ebro Foods SA | 270,395 | ||||||||
18,274 | Endesa SA | 499,727 | ||||||||
21,765 | Faes Farma SA | 92,941 | ||||||||
64,142 | Viscofan SA(a) | 4,555,818 | ||||||||
|
| |||||||||
Total Spain | 14,650,685 | |||||||||
|
| |||||||||
Sweden — 1.3% | ||||||||||
98,809 | Axfood AB | 2,307,635 | ||||||||
73,974 | Essity AB Class B | 2,382,466 | ||||||||
63,665 | ICA Gruppen AB | 3,185,363 | ||||||||
655,955 | Svenska Handelsbanken AB Class A* | 6,597,449 | ||||||||
212,028 | Telefonaktiebolaget LM Ericsson Class B | 2,520,827 | ||||||||
|
| |||||||||
Total Sweden | 16,993,740 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
166
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Switzerland — 2.9% | ||||||||||
4,888 | AEVIS VICTORIA SA* | 69,122 | ||||||||
10,194 | Allreal Holding AG | 2,346,828 | ||||||||
1,348 | Banque Cantonale de Geneve | 242,471 | ||||||||
168 | Basellandschaftliche Kantonalbank | 178,653 | ||||||||
132 | Bell Food Group AG | 35,615 | ||||||||
1,076 | Berner Kantonalbank AG | 277,536 | ||||||||
17,306 | BKW AG | 1,942,141 | ||||||||
1,193 | Emmi AG | 1,230,182 | ||||||||
9 | Graubuendner Kantonalbank | 15,272 | ||||||||
189 | Intershop Holding AG | 131,495 | ||||||||
5,654 | Kuehne + Nagel International AG | 1,284,375 | ||||||||
72,279 | Nestle SA | 8,525,152 | ||||||||
142,947 | Novartis AG | 13,527,368 | ||||||||
3,664 | Orior AG | 312,535 | ||||||||
9,936 | Roche Holding AG | 3,473,301 | ||||||||
4,396 | Sonova Holding AG* | 1,143,820 | ||||||||
5,472 | Swisscom AG | 2,953,438 | ||||||||
603 | Thurgauer Kantonalbank | 71,286 | ||||||||
3,202 | TX Group AG | 256,464 | ||||||||
135 | Vaudoise Assurances Holding SA | 72,544 | ||||||||
13 | Warteck Invest AG | 35,002 | ||||||||
|
| |||||||||
Total Switzerland | 38,124,600 | |||||||||
|
| |||||||||
United Kingdom — 4.1% | ||||||||||
9,583 | AstraZeneca Plc | 959,406 | ||||||||
23,089 | AstraZeneca Plc, ADR(a) | 1,154,219 | ||||||||
28,336 | Atlantica Sustainable Infrastructure Plc | 1,076,201 | ||||||||
14,600 | Atlassian Corp. Plc Class A* | 3,414,502 | ||||||||
1,870,300 | BAE Systems Plc | 12,496,687 | ||||||||
115,369 | Britvic Plc | 1,280,553 | ||||||||
13,774 | Bunzl Plc | 459,977 | ||||||||
126,921 | Central Asia Metals Plc | 416,387 | ||||||||
513 | Cranswick Plc | 24,684 | ||||||||
12,246 | EMIS Group Plc | 181,123 | ||||||||
23,145 | Ferguson Plc | 2,810,724 | ||||||||
23,251 | Genus Plc | 1,333,612 | ||||||||
123,921 | GlaxoSmithKline Plc | 2,273,264 | ||||||||
6,712 | Hikma Pharmaceuticals Plc | 231,025 | ||||||||
862,856 | J Sainsbury Plc | 2,659,728 | ||||||||
209,894 | Nomad Foods, Ltd.* | 5,335,505 | ||||||||
332,895 | Pan African Resources Plc | 107,392 | ||||||||
6,500 | Rio Tinto Plc | 486,019 | ||||||||
103,833 | Spirent Communications Plc | 374,707 | ||||||||
265,267 | Tate & Lyle Plc | 2,445,419 | ||||||||
85,538 | Tesco Plc | 270,567 | ||||||||
140,836 | Unilever Plc | 8,541,035 | ||||||||
37,082 | Unilever Plc (London Exchange) | 2,226,270 | ||||||||
48,764 | Vectura Group Plc* | 83,056 | ||||||||
592,389 | Vodafone Group Plc | 979,331 |
See accompanying Notes to the Schedule of Investments.
167
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
United Kingdom — continued | ||||||||||
1,008,410 | Wm Morrison Supermarkets Plc | 2,444,673 | ||||||||
4,972 | YouGov Plc | 71,023 | ||||||||
|
| |||||||||
Total United Kingdom | 54,137,089 | |||||||||
|
| |||||||||
United States — 58.4% | ||||||||||
9,900 | 3M Co. | 1,730,421 | ||||||||
117,500 | Abbott Laboratories | 12,865,075 | ||||||||
3,100 | Acceleron Pharma, Inc.* | 396,614 | ||||||||
53,000 | Activision Blizzard, Inc. | 4,921,050 | ||||||||
16,375 | Adobe, Inc.* | 8,189,465 | ||||||||
28,400 | Akamai Technologies, Inc.* | 2,981,716 | ||||||||
16,344 | Alphabet, Inc. Class A* | 28,645,148 | ||||||||
71,800 | Altria Group, Inc. | 2,943,800 | ||||||||
2,500 | Amazon.com, Inc.* | 8,142,325 | ||||||||
54,271 | Amdocs, Ltd. | 3,849,442 | ||||||||
36,578 | Ameren Corp. | 2,855,279 | ||||||||
8,613 | American Electric Power Co., Inc. | 717,204 | ||||||||
22,045 | American Tower Corp. REIT | 4,948,221 | ||||||||
24,200 | American Water Works Co., Inc. | 3,713,974 | ||||||||
15,900 | AmerisourceBergen Corp. Class A | 1,554,384 | ||||||||
16,600 | Amgen, Inc. | 3,816,672 | ||||||||
10,646 | ANSYS, Inc.* | 3,873,015 | ||||||||
17,200 | AptarGroup, Inc. | 2,354,508 | ||||||||
71,501 | Arthur J. Gallagher & Co. | 8,845,389 | ||||||||
231,188 | AT&T, Inc. | 6,648,967 | ||||||||
4,531 | Atmos Energy Corp. | 432,393 | ||||||||
22,700 | Automatic Data Processing, Inc. | 3,999,740 | ||||||||
400 | AutoZone, Inc.* | 474,176 | ||||||||
144,399 | Baxter International, Inc. | 11,586,576 | ||||||||
62,487 | Becton Dickinson and Co. | 15,635,497 | ||||||||
13,572 | Berkshire Hathaway, Inc. Class B* | 3,146,940 | ||||||||
100 | Bio-Techne Corp. | 31,755 | ||||||||
925 | Booking Holdings, Inc.* | 2,060,225 | ||||||||
82,255 | Bristol-Myers Squibb Co. | 5,102,278 | ||||||||
14,900 | Broadcom, Inc. | 6,523,965 | ||||||||
117,799 | BWX Technologies, Inc. | 7,100,924 | ||||||||
1,600 | Cable One, Inc. | 3,564,352 | ||||||||
33,135 | Cadence Design Systems, Inc.* | 4,520,608 | ||||||||
6,100 | Casey’s General Stores, Inc. | 1,089,582 | ||||||||
75,300 | Catalent, Inc.* | 7,836,471 | ||||||||
7,800 | Cboe Global Markets, Inc. | 726,336 | ||||||||
42,800 | Cerner Corp. | 3,358,944 | ||||||||
36,500 | CH Robinson Worldwide, Inc. | 3,426,255 | ||||||||
7,000 | Charles River Laboratories International, Inc.* | 1,749,020 | ||||||||
139,240 | Charles Schwab Corp. (The) | 7,385,290 | ||||||||
34,800 | Charter Communications, Inc. Class A* | 23,021,940 | ||||||||
5,700 | Chemed Corp. | 3,035,877 | ||||||||
26,500 | Church & Dwight Co., Inc. | 2,311,595 | ||||||||
15,500 | Cirrus Logic, Inc.* | 1,274,100 |
See accompanying Notes to the Schedule of Investments.
168
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
United States — continued | ||||||||||
23,300 | Citrix Systems, Inc. | 3,031,330 | ||||||||
43,479 | Clean Harbors, Inc.* | 3,308,752 | ||||||||
15,700 | Clorox Co. (The) | 3,170,144 | ||||||||
3,600 | CME Group, Inc. | 655,380 | ||||||||
23,083 | CMS Energy Corp. | 1,408,294 | ||||||||
35,900 | Coca-Cola Co. (The) | 1,968,756 | ||||||||
42,800 | Colgate-Palmolive Co. | 3,659,828 | ||||||||
22,949 | Consolidated Edison, Inc. | 1,658,524 | ||||||||
30,249 | Cooper Cos., Inc. (The) | 10,990,067 | ||||||||
66,478 | Copart, Inc.* | 8,459,325 | ||||||||
3,600 | CoStar Group, Inc.* | 3,327,408 | ||||||||
15,300 | Costco Wholesale Corp. | 5,764,734 | ||||||||
123,100 | CVS Health Corp. | 8,407,730 | ||||||||
29,221 | Danaher Corp. | 6,491,153 | ||||||||
16,300 | Dollar General Corp. | 3,427,890 | ||||||||
17,400 | Dominion Resources, Inc. | 1,308,480 | ||||||||
24,077 | DTE Energy Co. | 2,923,189 | ||||||||
800 | Duke Energy Corp. | 73,248 | ||||||||
14,700 | Ecolab, Inc. | 3,180,492 | ||||||||
29,500 | Electronic Arts, Inc. | 4,236,200 | ||||||||
33,867 | Eli Lilly & Co. | 5,718,104 | ||||||||
200 | Entergy Corp. | 19,968 | ||||||||
9,500 | EPAM Systems, Inc.* | 3,404,325 | ||||||||
4,200 | Equinix, Inc. REIT | 2,999,556 | ||||||||
4,800 | Erie Indemnity Co. Class A | 1,178,880 | ||||||||
1,400 | Estee Lauder Cos., Inc. (The) Class A | 372,666 | ||||||||
38,900 | Eversource Energy | 3,365,239 | ||||||||
1,200 | Exelon Corp. | 50,664 | ||||||||
38,000 | Expeditors International of Washington, Inc. | 3,614,180 | ||||||||
12,000 | F5 Networks, Inc.* | 2,111,280 | ||||||||
60,562 | Facebook, Inc. Class A* | 16,543,116 | ||||||||
7,200 | Fair Isaac Corp.* | 3,679,488 | ||||||||
1,700 | FedEx Corp. | 441,354 | ||||||||
63,406 | Fidelity National Information Services, Inc. | 8,969,413 | ||||||||
97,400 | Fiserv, Inc.* | 11,089,964 | ||||||||
65,200 | Flowers Foods, Inc. | 1,475,476 | ||||||||
12,700 | Fortinet, Inc.* | 1,886,331 | ||||||||
95,823 | Fortive Corp. | 6,786,185 | ||||||||
7,100 | General Mills, Inc. | 417,480 | ||||||||
72,287 | Globe Life, Inc. | 6,864,374 | ||||||||
71,658 | GoDaddy, Inc. Class A* | 5,944,031 | ||||||||
40,100 | Grocery Outlet Holding Corp.* | 1,573,925 | ||||||||
9,446 | Hanover Insurance Group, Inc. (The) | 1,104,426 | ||||||||
44,700 | Hawaiian Electric Industries, Inc. | 1,581,933 | ||||||||
36,429 | HCA Healthcare, Inc. | 5,991,113 | ||||||||
22,026 | Hershey Co. (The) | 3,355,221 | ||||||||
94,450 | Hologic, Inc.* | 6,878,793 | ||||||||
18,564 | Home Depot, Inc. (The) | 4,930,970 | ||||||||
59,800 | Hormel Foods Corp. | 2,787,278 |
See accompanying Notes to the Schedule of Investments.
169
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
United States — continued | ||||||||||
17,059 | Humana, Inc. | 6,998,796 | ||||||||
19,300 | IDACORP, Inc. | 1,853,379 | ||||||||
4,041 | Illumina, Inc.* | 1,495,170 | ||||||||
3,900 | Incyte Corp.* | 339,222 | ||||||||
34,800 | Intel Corp. | 1,733,736 | ||||||||
122,100 | Intercontinental Exchange, Inc. | 14,076,909 | ||||||||
15,338 | Intuit, Inc. | 5,826,139 | ||||||||
3,600 | Intuitive Surgical, Inc.* | 2,945,160 | ||||||||
7,400 | Jack Henry & Associates, Inc. | 1,198,726 | ||||||||
25,300 | JB Hunt Transport Services, Inc. | 3,457,245 | ||||||||
20,479 | JM Smucker Co. (The) | 2,367,372 | ||||||||
47,390 | Johnson & Johnson | 7,458,238 | ||||||||
27,738 | Kellogg Co. | 1,726,136 | ||||||||
400 | Kimberly-Clark Corp. | 53,932 | ||||||||
4,200 | KLA Corp. | 1,087,422 | ||||||||
100,700 | Kroger Co. (The) | 3,198,232 | ||||||||
15,600 | Landstar System, Inc. | 2,100,696 | ||||||||
2,100 | Markel Corp.* | 2,169,930 | ||||||||
1,100 | Masimo Corp.* | 295,218 | ||||||||
33,759 | Mastercard, Inc. Class A | 12,049,937 | ||||||||
9,318 | McCormick & Co., Inc. | 890,801 | ||||||||
8,000 | McKesson Corp. | 1,391,360 | ||||||||
479,508 | Medical Properties Trust, Inc. REIT | 10,448,479 | ||||||||
71,834 | Merck & Co., Inc. | 5,876,021 | ||||||||
15,540 | Mercury General Corp. | 811,343 | ||||||||
600 | Mettler-Toledo International, Inc.* | 683,808 | ||||||||
79,243 | Microsoft Corp. | 17,625,228 | ||||||||
3,025 | Mid-America Apartment Communities, Inc. REIT | 383,237 | ||||||||
32,100 | Mondelez International, Inc. Class A | 1,876,887 | ||||||||
9,400 | Monolithic Power Systems, Inc. | 3,442,562 | ||||||||
59,448 | Motorola Solutions, Inc. | 10,109,727 | ||||||||
2,200 | MSA Safety, Inc. | 328,658 | ||||||||
18,900 | Nasdaq, Inc. | 2,508,786 | ||||||||
2,500 | NewMarket Corp. | 995,725 | ||||||||
70,251 | Newmont Corp. | 4,207,332 | ||||||||
64,280 | NextEra Energy, Inc. | 4,959,202 | ||||||||
20,500 | Old Dominion Freight Line, Inc. | 4,001,190 | ||||||||
6,500 | Ollie’s Bargain Outlet Holdings, Inc.* (a) | 531,505 | ||||||||
87,714 | Oracle Corp. | 5,674,219 | ||||||||
42,248 | PepsiCo, Inc. | 6,265,378 | ||||||||
112,434 | Performance Food Group Co.* | 5,352,983 | ||||||||
156,534 | Pfizer, Inc. | 5,762,017 | ||||||||
67,800 | Philip Morris International, Inc. | 5,613,162 | ||||||||
22,000 | Pinnacle West Capital Corp. | 1,758,900 | ||||||||
6,800 | PRA Health Sciences, Inc.* | 852,992 | ||||||||
55,180 | Procter & Gamble Co. (The) | 7,677,745 | ||||||||
37,783 | Progressive Corp. (The) | 3,735,983 | ||||||||
16,930 | Prologis, Inc. REIT | 1,687,244 | ||||||||
10,100 | Public Service Enterprise Group, Inc. | 588,830 |
See accompanying Notes to the Schedule of Investments.
170
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
United States — continued | ||||||||||
13,200 | Public Storage REIT | 3,048,276 | ||||||||
17,200 | RealPage, Inc.* | 1,500,528 | ||||||||
4,300 | Regeneron Pharmaceuticals, Inc.* | 2,077,373 | ||||||||
3,900 | Repligen Corp.* | 747,357 | ||||||||
39,904 | Republic Services, Inc. Class A | 3,842,755 | ||||||||
17,300 | ResMed, Inc. | 3,677,288 | ||||||||
25,700 | Royal Gold, Inc. | 2,733,452 | ||||||||
1,200 | S&P Global, Inc. | 394,476 | ||||||||
41,000 | Schneider National, Inc. Class B | 848,700 | ||||||||
56,283 | Science Applications International Corp. | 5,326,623 | ||||||||
8,900 | Seagen, Inc.* | 1,558,746 | ||||||||
11,400 | Silgan Holdings, Inc. | 422,712 | ||||||||
8,000 | Skyworks Solutions, Inc. | 1,223,040 | ||||||||
45,100 | Southern Co. (The) | 2,770,493 | ||||||||
48,800 | Sprouts Farmers Market, Inc.* | 980,880 | ||||||||
5,900 | Stericycle, Inc.* | 409,047 | ||||||||
16,853 | Stryker Corp. | 4,129,659 | ||||||||
6,996 | Sun Communities, Inc. REIT | 1,063,042 | ||||||||
21,172 | Synopsys, Inc.* | 5,488,629 | ||||||||
37,300 | T-Mobile US, Inc.* | 5,029,905 | ||||||||
20,300 | Take-Two Interactive Software, Inc.* | 4,218,137 | ||||||||
33,200 | Target Corp. | 5,860,796 | ||||||||
41,600 | Texas Instruments, Inc. | 6,827,808 | ||||||||
27,000 | TFS Financial Corp. | 476,010 | ||||||||
25,600 | Thermo Fisher Scientific, Inc. | 11,923,968 | ||||||||
9,000 | Tyler Technologies, Inc.* | 3,928,680 | ||||||||
27,500 | United Parcel Service, Inc. Class B | 4,631,000 | ||||||||
11,400 | United States Cellular Corp.* | 349,866 | ||||||||
5,400 | United Therapeutics Corp.* | 819,666 | ||||||||
35,502 | UnitedHealth Group, Inc. | 12,449,841 | ||||||||
3,300 | Veeva Systems, Inc. Class A* | 898,425 | ||||||||
14,400 | VeriSign, Inc.* | 3,116,160 | ||||||||
14,800 | Verisk Analytics, Inc. Class A | 3,072,332 | ||||||||
119,412 | Verizon Communications, Inc. | 7,015,455 | ||||||||
1,600 | Vertex Pharmaceuticals, Inc.* | 378,144 | ||||||||
31,400 | Visa, Inc. Class A | 6,868,122 | ||||||||
24,737 | Vontier Corp.* | 826,216 | ||||||||
45,636 | Walmart, Inc. | 6,578,429 | ||||||||
33,385 | Waste Management, Inc. | 3,937,093 | ||||||||
33,400 | WEC Energy Group, Inc. | 3,073,802 | ||||||||
11,000 | West Pharmaceutical Services, Inc. | 3,116,410 | ||||||||
46,159 | Xcel Energy, Inc. | 3,077,421 | ||||||||
96,997 | Yum China Holdings, Inc. | 5,537,559 | ||||||||
28,900 | Zoetis, Inc. | 4,782,950 | ||||||||
|
| |||||||||
Total United States | 765,484,335 | |||||||||
|
| |||||||||
TOTAL COMMON STOCKS (COST $1,012,712,919) | 1,254,846,544 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
171
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
PREFERRED STOCK — 0.2% | ||||||||||
Germany — 0.2% | ||||||||||
22,459 | Henkel AG & Co. KGaA, 2.07% | 2,536,377 | ||||||||
|
| |||||||||
TOTAL PREFERRED STOCK (COST $1,898,212) | 2,536,377 | |||||||||
|
| |||||||||
Par Value ($) | Description | Value ($) | ||||||||
SHORT-TERM INVESTMENT — 1.0% | ||||||||||
Mutual Fund - Securities Lending Collateral — 1.0% | ||||||||||
13,354,459 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c) (d) | 13,354,459 | ||||||||
|
| |||||||||
TOTAL SHORT-TERM INVESTMENT (COST $13,354,459) | 13,354,459 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS — 97.0% (Cost $1,027,965,590) | 1,270,737,380 | |||||||||
Other Assets and Liabilities (net) — 3.0% | 39,498,017 | |||||||||
|
| |||||||||
NET ASSETS — 100.0% | $1,310,235,397 | |||||||||
|
| |||||||||
Notes to Schedule of Investments: | ||||||||||
* | Non-income producing security. | |||||||||
(a) | All or a portion of this security is out on loan. | |||||||||
(b) | Security fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the security at period end is $51,089 which represents 0.0% of net assets. The aggregate tax cost of these securities held at December 31, 2020 was $35,225. | |||||||||
(c) | The rate disclosed is the 7-day net yield as of December 31, 2020. | |||||||||
(d) | Represents an investment of securities lending cash collateral. |
See accompanying Notes to the Schedule of Investments.
172
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Futures Contracts
Number of | Description | Expiration Date | Notional | Market Value/ | ||||||||||||||||
Buys | ||||||||||||||||||||
16 | Canadian Dollar | Mar 2021 | $ | 1,253,440 | $ | (2,278 | ) | |||||||||||||
83 | MSCI EAFE Index | Mar 2021 | 8,842,820 | 72,338 | ||||||||||||||||
106 | S&P 500 E-mini Index | Mar 2021 | 19,868,640 | 400,142 | ||||||||||||||||
8 | S&P/TSX 60 Index | Mar 2021 | 1,292,182 | (1,071 | ) | |||||||||||||||
|
| |||||||||||||||||||
$ | 469,131 | |||||||||||||||||||
|
|
Other Abbreviations
ADR | — American Depository Receipt |
REIT | — Real Estate Investment Trust |
See accompanying Notes to the Schedule of Investments.
173
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Industry Sector Summary (Unaudited) | % of Net Assets | ||||
Consumer, Non-cyclical | 34.0 | ||||
Communications | 13.6 | ||||
Technology | 12.7 | ||||
Financial | 11.9 | ||||
Industrial | 11.8 | ||||
Consumer, Cyclical | 4.9 | ||||
Utilities | 4.5 | ||||
Basic Materials | 2.5 | ||||
Energy | 0.1 | ||||
Diversified | 0.0 | * | |||
Short-Term Investments | 1.0 | ||||
Other Assets and Liabilities (net) | 3.0 | ||||
|
| ||||
100.0 | % | ||||
|
|
* Amount rounds to zero.
See accompanying Notes to the Schedule of Investments.
174