Mercer Emerging Markets Equity Fund
Schedule of Investments
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
COMMON STOCKS — 93.8% |
| |||||||||
Belgium — 0.0% | ||||||||||
4,562 | Titan Cement International SA* | 76,694 | ||||||||
|
| |||||||||
Bermuda — 1.2% | ||||||||||
1,878,000 | Beijing Enterprises Water Group, Ltd.* | 755,671 | ||||||||
92,000 | China Gas Holdings, Ltd. | 365,444 | ||||||||
132,000 | China Grand Pharmaceutical and Healthcare Holdings, Ltd.(a) | 117,124 | ||||||||
64,000 | China Resources Gas Group, Ltd. | 340,476 | ||||||||
343,863 | COSCO SHIPPING Ports, Ltd. | 239,032 | ||||||||
748,000 | CP Pokphand Co., Ltd. | 71,387 | ||||||||
82,372 | Credicorp, Ltd. | 13,510,656 | ||||||||
1,746,000 | Gemdale Properties & Investment Corp., Ltd. | 249,948 | ||||||||
115,000 | GOME Retail Holdings, Ltd.* (a) | 13,793 | ||||||||
322,000 | Hopson Development Holdings, Ltd. | 820,589 | ||||||||
548,000 | Joy City Property, Ltd. | 33,570 | ||||||||
1,438,000 | Kunlun Energy Co., Ltd. | 1,242,557 | ||||||||
101,500 | Luye Pharma Group, Ltd.(a) 144A | 47,256 | ||||||||
764,000 | Nine Dragons Paper Holdings, Ltd. | 1,083,849 | ||||||||
154,000 | Pou Sheng International Holdings, Ltd.* | 36,544 | ||||||||
21,600 | Shanghai Industrial Urban Development Group, Ltd. | 2,284 | ||||||||
460,001 | Shenzhen International Holdings, Ltd. | 742,755 | ||||||||
368,000 | United Energy Group, Ltd.* (a) | 72,614 | ||||||||
|
| |||||||||
Total Bermuda | 19,745,549 | |||||||||
|
| |||||||||
Brazil — 4.1% | ||||||||||
989,400 | B3 SA - Brasil Bolsa Balcao | 11,806,055 | ||||||||
126,741 | Banco Bradesco SA | 590,492 | ||||||||
408,000 | Banco do Brasil SA* | 3,047,707 | ||||||||
75,582 | Banco Santander Brasil SA | 652,332 | ||||||||
611,900 | BB Seguridade Participacoes SA | 3,490,546 | ||||||||
65,200 | BRF SA* | 276,656 | ||||||||
12,000 | Cia Brasileira de Distribuicao | �� | 173,386 | |||||||
25,300 | Cia de Locacao das Americas* | 142,764 | ||||||||
30,348 | Cia Siderurgica Nacional SA | 186,089 | ||||||||
407,500 | Cielo SA* | 313,811 | ||||||||
989,302 | Cogna Educacao* | 881,843 | ||||||||
67,000 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 380,263 | ||||||||
88,560 | Duratex SA* | 326,333 | ||||||||
22,900 | Ez Tec Empreendimentos e Participacoes SA | 189,136 | ||||||||
40,880 | Guararapes Confeccoes SA* | 117,346 | ||||||||
892,224 | Hypera SA* | 5,883,230 | ||||||||
17,211 | Itau Unibanco Holding SA | 92,546 | ||||||||
757,716 | Itau Unibanco Holding SA, ADR | 4,614,490 | ||||||||
212,416 | JBS SA | 967,572 | ||||||||
19,000 | M Dias Branco SA* | 124,589 | ||||||||
1,070,000 | Marfrig Global Foods SA* | 2,989,045 | ||||||||
146,600 | MRV Engenharia e Participacoes SA | 534,841 | ||||||||
12,400 | Multiplan Empreendimentos Imobiliarios SA* | 56,173 | ||||||||
378,900 | Odontoprev SA | 1,061,375 |
See accompanying Notes to the Schedule of Investments.
131
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Brazil — continued | ||||||||||
82,200 | Petrobras Distribuidora SA | 350,215 | ||||||||
599,274 | Petroleo Brasileiro SA | 3,328,531 | ||||||||
4,840 | Porto Seguro SA | 45,659 | ||||||||
652,900 | Raia Drogasil SA | 3,147,475 | ||||||||
1,891,000 | Rumo SA* | 7,004,513 | ||||||||
24,700 | Sao Martinho SA | 130,105 | ||||||||
20,934 | Sul America SA | 178,742 | ||||||||
3,900 | TIM SA* | 11,000 | ||||||||
915,500 | TOTVS SA | 5,062,023 | ||||||||
79,100 | Ultrapar Participacoes SA | 361,525 | ||||||||
37,272 | Usinas Siderurgicas de Minas Gerais SA Usiminas | 112,587 | ||||||||
346,904 | Vale SA | 5,840,506 | ||||||||
|
| |||||||||
Total Brazil | 64,471,501 | |||||||||
|
| |||||||||
Canada — 0.2% | ||||||||||
139,136 | Barrick Gold Corp. | 3,169,518 | ||||||||
|
| |||||||||
Cayman Islands — 20.8% | ||||||||||
207,500 | 3SBio, Inc.* 144A | 189,200 | ||||||||
2,912 | 51job, Inc., ADR* | 203,840 | ||||||||
129,500 | AAC Technologies Holdings, Inc.(a) | 724,840 | ||||||||
520,000 | Agile Group Holdings, Ltd. | 692,095 | ||||||||
1,775,384 | Alibaba Group Holding, Ltd.* | 53,257,971 | ||||||||
97,024 | Alibaba Group Holding, Ltd., ADR* | 22,580,396 | ||||||||
494,400 | ANTA Sports Products, Ltd. | 7,836,334 | ||||||||
82,000 | Asia Cement China Holdings Corp. | 74,768 | ||||||||
27,000 | Ausnutria Dairy Corp., Ltd.* | 45,766 | ||||||||
22,000 | Autohome, Inc., ADR(a) | 2,191,640 | ||||||||
116,403 | Baidu, Inc., ADR* | 25,170,985 | ||||||||
4,182 | Baozun, Inc., ADR* (a) | 143,652 | ||||||||
16,000 | Bizlink Holding, Inc. | 138,658 | ||||||||
526,000 | Bosideng International Holdings, Ltd.(a) | 267,957 | ||||||||
84,000 | CAR, Inc.* (a) | 40,517 | ||||||||
65,000 | Casetek Holdings, Ltd. | 201,954 | ||||||||
52,000 | Central China Real Estate, Ltd. | 24,143 | ||||||||
403,741 | Chailease Holding Co., Ltd. | 2,413,997 | ||||||||
359,000 | China Aoyuan Group, Ltd. | 349,099 | ||||||||
508,900 | China Conch Venture Holdings, Ltd. | 2,474,323 | ||||||||
9,000 | China Education Group Holdings, Ltd. | 17,341 | ||||||||
198,000 | China Evergrande Group(a) | 380,482 | ||||||||
554,500 | China Hongqiao Group, Ltd. | 507,741 | ||||||||
293,000 | China Lesso Group Holdings, Ltd. | 458,742 | ||||||||
3,622,000 | China Medical System Holdings, Ltd. | 4,045,283 | ||||||||
97,000 | China Mengniu Dairy Co., Ltd.* | 585,464 | ||||||||
2,106,900 | China Resources Cement Holdings, Ltd. | 2,353,122 | ||||||||
402,000 | China Resources Land, Ltd. | 1,659,047 | ||||||||
983,000 | China SCE Group Holdings, Ltd. | 405,682 | ||||||||
504,000 | China State Construction International Holdings, Ltd. | 287,300 | ||||||||
106,000 | China Tianrui Group Cement Co., Ltd.* (a) | 94,327 |
See accompanying Notes to the Schedule of Investments.
132
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Cayman Islands — continued | ||||||||||
254,500 | China Yongda Automobiles Services Holdings, Ltd. | 420,783 | ||||||||
2,154,086 | China Yuhua Education Corp., Ltd. | 1,875,208 | ||||||||
298,000 | China Zhongwang Holdings, Ltd.* (a) | 56,111 | ||||||||
118,000 | Chinasoft International, Ltd.* | 131,638 | ||||||||
1,117,584 | CIFI Holdings Group Co., Ltd. | 946,952 | ||||||||
1,017,909 | Country Garden Holdings Co., Ltd. | 1,407,299 | ||||||||
368,300 | Country Garden Services Holdings Co., Ltd. | 2,491,322 | ||||||||
103,500 | Dali Foods Group Co., Ltd. 144A | 59,133 | ||||||||
398,200 | ENN Energy Holdings, Ltd. | 5,844,214 | ||||||||
127,000 | Fu Shou Yuan International Group, Ltd. | 119,239 | ||||||||
17,729 | Fulgent Sun International Holding Co., Ltd. | 70,669 | ||||||||
559,000 | GCL-Poly Energy Holdings, Ltd.* (a) | 88,675 | ||||||||
780,000 | Geely Automobile Holdings, Ltd. | 2,665,772 | ||||||||
42,000 | General Interface Solution Holding, Ltd. | 171,151 | ||||||||
5,250 | Ginko International Co., Ltd. | 27,280 | ||||||||
12,000 | Golden Eagle Retail Group, Ltd. | 10,895 | ||||||||
13,000 | Gourmet Master Co., Ltd. | 65,236 | ||||||||
342,500 | Greentown China Holdings, Ltd.(a) | 500,906 | ||||||||
168,000 | Haitian International Holdings, Ltd. | 580,666 | ||||||||
6,000 | Health & Happiness H&H International Holdings, Ltd. | 22,208 | ||||||||
550,000 | Hengan International Group Co., Ltd. | 3,894,194 | ||||||||
1,040 | HUYA, Inc., ADR* (a) | 20,727 | ||||||||
52,890 | JD.com, Inc., ADR* | 4,649,031 | ||||||||
82,202 | Jiayuan International Group, Ltd. | 32,546 | ||||||||
2,937 | JinkoSolar Holding Co., Ltd., ADR* (a) | 181,712 | ||||||||
10,141 | JOYY, Inc., ADR | 811,077 | ||||||||
1,216,000 | Kaisa Group Holdings, Ltd.* | 600,641 | ||||||||
325,000 | Kingboard Holdings, Ltd. | 1,370,609 | ||||||||
375,000 | Kingboard Laminates Holdings, Ltd. | 612,276 | ||||||||
123,000 | Kingsoft Corp., Ltd. | 793,154 | ||||||||
596,000 | KWG Group Holdings, Ltd. | 813,232 | ||||||||
298,000 | KWG Living Group Holdings, Ltd.* | 242,125 | ||||||||
602,000 | Lee & Man Paper Manufacturing, Ltd. | 493,007 | ||||||||
274,000 | Logan Group Co., Ltd. | 448,784 | ||||||||
73,000 | Longfor Group Holdings, Ltd. 144A | 427,426 | ||||||||
307,200 | Meituan Class B* | 11,671,766 | ||||||||
254,000 | Minth Group, Ltd. | 1,339,799 | ||||||||
82,069 | Momo, Inc., ADR | 1,145,683 | ||||||||
1,233,425 | NetEase, Inc. | 23,479,114 | ||||||||
12,924 | NetEase, Inc., ADR | 1,237,731 | ||||||||
10,700 | New Oriental Education & Technology Group, Inc., ADR* | 1,988,167 | ||||||||
128,000 | Nexteer Automotive Group, Ltd.(a) | 137,511 | ||||||||
51,000 | Parade Technologies, Ltd. | 2,014,734 | ||||||||
7,692 | Pharmally International Holding Co., Ltd.* (b) | 11,621 | ||||||||
566,000 | Powerlong Real Estate Holdings, Ltd. | 390,529 | ||||||||
92,000 | Redco Properties Group, Ltd.(a) 144A | 34,409 | ||||||||
132,000 | Ronshine China Holdings, Ltd.* (a) | 92,269 | ||||||||
127,000 | Sany Heavy Equipment International Holdings Co., Ltd. | 94,998 | ||||||||
34,920 | Sea, Ltd., ADR* | 6,950,826 |
See accompanying Notes to the Schedule of Investments.
133
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Cayman Islands — continued | ||||||||||
688,000 | Seazen Group, Ltd.* | 572,309 | ||||||||
380,900 | Shenzhou International Group Holdings, Ltd. | 7,466,846 | ||||||||
334,000 | Shimao Group Holdings, Ltd. | 1,063,962 | ||||||||
466,500 | Shui On Land, Ltd.(a) | 64,977 | ||||||||
25,585 | SINA Corp.* | 1,084,292 | ||||||||
464,000 | Sino Biopharmaceutical, Ltd. | 448,809 | ||||||||
946,000 | SOHO China, Ltd.* (a) | 281,829 | ||||||||
48,000 | SSY Group, Ltd.(a) | 27,238 | ||||||||
695,000 | Sunac China Holdings, Ltd. | 2,567,982 | ||||||||
20,495 | Sunac Services Holdings, Ltd.* 144A | 45,357 | ||||||||
80,492 | TAL Education Group, ADR* | 5,755,983 | ||||||||
862,200 | Tencent Holdings, Ltd. | 62,714,755 | ||||||||
546,624 | Tencent Music Entertainment Group, ADR* | 10,517,046 | ||||||||
2,830,000 | Tingyi Cayman Islands Holding Corp. | 4,832,335 | ||||||||
258,000 | Tongcheng-Elong Holdings, Ltd.* (a) | 499,107 | ||||||||
148,000 | TPK Holding Co., Ltd.* | 243,875 | ||||||||
18,373 | Trip.com Group, Ltd., ADR* | 619,721 | ||||||||
291,000 | Uni-President China Holdings, Ltd. | 296,110 | ||||||||
46,000 | Vinda International Holdings, Ltd.(a) | 125,473 | ||||||||
110,161 | Vipshop Holdings, Ltd., ADR* | 3,096,626 | ||||||||
229,000 | Want Want China Holdings, Ltd. | 165,684 | ||||||||
4,773 | Weibo Corp., ADR* (a) | 195,645 | ||||||||
7,325,000 | WH Group, Ltd. | 6,140,498 | ||||||||
113,182 | Wisdom Marine Lines Co., Ltd.* | 98,487 | ||||||||
768,800 | Xiaomi Corp. Class B* 144A | 3,291,805 | ||||||||
1,032,485 | Yuzhou Group Holdings Co., Ltd. | 372,842 | ||||||||
52,000 | Zhen Ding Technology Holding, Ltd. | 210,976 | ||||||||
41,000 | Zhenro Properties Group, Ltd.(a) | 24,694 | ||||||||
386,500 | Zhongsheng Group Holdings, Ltd. | 2,754,003 | ||||||||
69,500 | Zhou Hei Ya International Holdings Co., Ltd.* 144A | 73,858 | ||||||||
18,899 | ZTO Express Cayman, Inc., ADR | 551,095 | ||||||||
|
| |||||||||
Total Cayman Islands | 329,555,940 | |||||||||
|
| |||||||||
Chile — 0.1% | ||||||||||
1,916 | Banco de Credito e Inversiones SA | 75,211 | ||||||||
13,297 | CAP SA | 178,635 | ||||||||
247,612 | Cencosud SA | 440,857 | ||||||||
49,989 | Empresa Nacional de Telecomunicaciones SA | 310,206 | ||||||||
119,833 | Empresas CMPC SA | 315,394 | ||||||||
26,589 | Empresas COPEC SA | 269,819 | ||||||||
1,234,654 | Enel Americas SA | 201,594 | ||||||||
32,777 | Falabella SA | 121,328 | ||||||||
46,636,581 | Itau CorpBanca Chile SA | 156,878 | ||||||||
105,226 | Sigdo Koppers SA | 118,481 | ||||||||
290,338 | SMU SA | 43,724 | ||||||||
|
| |||||||||
Total Chile | 2,232,127 | |||||||||
|
| |||||||||
China — 13.7% | ||||||||||
62,750 | A-Living Smart City Services Co., Ltd. Class H 144A | 278,391 |
See accompanying Notes to the Schedule of Investments.
134
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
China — continued | ||||||||||
4,172,000 | Agricultural Bank of China, Ltd. Class H | 1,528,077 | ||||||||
344,000 | Air China, Ltd. Class H | 270,627 | ||||||||
1,450,000 | Aluminum Corp. of China, Ltd. Class H* | 512,391 | ||||||||
747,999 | Angang Steel Co., Ltd. Class H(a) | 304,839 | ||||||||
665,600 | Anhui Conch Cement Co., Ltd. Class H | 4,167,592 | ||||||||
1,084,000 | AviChina Industry & Technology Co., Ltd. Class H | 756,326 | ||||||||
729,500 | BAIC Motor Corp., Ltd. Class H 144A | 270,016 | ||||||||
10,491,000 | Bank of China, Ltd. Class H | 3,585,464 | ||||||||
126,500 | Bank of Chongqing Co., Ltd. Class H | 79,125 | ||||||||
1,385,000 | Bank of Communications Co., Ltd. Class H | 732,346 | ||||||||
211,200 | Bank of Zhengzhou Co., Ltd. Class H 144A | 54,476 | ||||||||
998,000 | BBMG Corp. Class H(a) | 193,065 | ||||||||
764,000 | Beijing Capital International Airport Co., Ltd. Class H | 637,500 | ||||||||
232,000 | Beijing North Star Co., Ltd. Class H | 43,385 | ||||||||
28,000 | Central China Securities Co., Ltd. Class H* | 6,067 | ||||||||
27,294 | Changchun High & New Technology Industry Group, Inc. Class A | 1,873,536 | ||||||||
2,831,000 | China Cinda Asset Management Co., Ltd. Class H | 536,710 | ||||||||
1,442,000 | China CITIC Bank Corp., Ltd. Class H | 611,848 | ||||||||
678,000 | China Coal Energy Co., Ltd. Class H | 203,736 | ||||||||
243,202 | China Communications Construction Co., Ltd. Class H | 105,074 | ||||||||
1,040,000 | China Communications Services Corp., Ltd. Class H | 458,714 | ||||||||
12,144,000 | China Construction Bank Corp. Class H | 9,224,857 | ||||||||
518,000 | China Eastern Airlines Corp., Ltd. Class H | 223,798 | ||||||||
1,760,000 | China Energy Engineering Corp., Ltd. Class H | 170,238 | ||||||||
535,000 | China Everbright Bank Co., Ltd. Class H | 203,544 | ||||||||
906,500 | China Galaxy Securities Co., Ltd. Class H | 568,181 | ||||||||
3,691,000 | China Huarong Asset Management Co., Ltd. Class H 144A | 409,379 | ||||||||
118,000 | China International Capital Corp., Ltd. Class H* 144A | 319,583 | ||||||||
228,780 | China International Marine Containers Group Co., Ltd. Class H(a) | 333,410 | ||||||||
309,000 | China Life Insurance Co., Ltd. Class H | 681,455 | ||||||||
221,000 | China Machinery Engineering Corp. Class H | 58,429 | ||||||||
3,343,600 | China Merchants Bank Co., Ltd. Class H | 21,129,684 | ||||||||
19,240 | China Merchants Securities Co., Ltd. Class H 144A | 28,784 | ||||||||
960,500 | China Minsheng Banking Corp., Ltd. Class H | 547,523 | ||||||||
306,000 | China Molybdenum Co., Ltd. Class H | 199,689 | ||||||||
2,396,400 | China National Building Material Co., Ltd. Class H | 2,880,433 | ||||||||
518,000 | China Oilfield Services, Ltd. Class H | 438,244 | ||||||||
330,400 | China Pacific Insurance Group Co., Ltd. Class H | 1,293,247 | ||||||||
3,430,000 | China Petroleum & Chemical Corp. Class H | 1,534,992 | ||||||||
136,000 | China Railway Construction Corp., Ltd. Class H | 74,368 | ||||||||
585,000 | China Railway Group, Ltd. Class H | 258,027 | ||||||||
351,000 | China Railway Signal & Communication Corp., Ltd. Class H 144A | 117,696 | ||||||||
1,639,000 | China Reinsurance Group Corp. Class H | 169,103 | ||||||||
537,500 | China Shenhua Energy Co., Ltd. Class H | 1,012,078 | ||||||||
608,000 | China Southern Airlines Co., Ltd. Class H* (a) | 362,266 | ||||||||
282,963 | China Tourism Group Duty Free Corp., Ltd. Class A | 12,221,001 | ||||||||
2,188,000 | China Tower Corp., Ltd. Class H(a) 144A | 321,688 | ||||||||
1,215,900 | China Vanke Co., Ltd. Class H | 4,194,732 | ||||||||
45,000 | China Zheshang Bank Co., Ltd. Class H | 21,996 |
See accompanying Notes to the Schedule of Investments.
135
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
China — continued | ||||||||||
988,000 | Chongqing Rural Commercial Bank Co., Ltd. Class H | 402,649 | ||||||||
166,500 | CITIC Securities Co., Ltd. Class H | 375,352 | ||||||||
666,000 | COSCO SHIPPING Development Co., Ltd. Class H | 108,225 | ||||||||
602,000 | COSCO SHIPPING Energy Transportation Co., Ltd. Class H | 236,798 | ||||||||
383,000 | COSCO SHIPPING Holdings Co., Ltd. Class H* | 459,372 | ||||||||
30,000 | CSSC Offshore and Marine Engineering Group Co., Ltd. Class H* (a) | 29,985 | ||||||||
141,600 | Dongfang Electric Corp., Ltd. Class H | 103,545 | ||||||||
76,000 | Everbright Securities Co., Ltd. Class H(a) 144A | 68,023 | ||||||||
166,860 | Foshan Haitian Flavouring & Food Co., Ltd. Class A | 5,116,686 | ||||||||
44,000 | Fuyao Glass Industry Group Co., Ltd. Class H 144A | 241,738 | ||||||||
265,400 | GF Securities Co., Ltd. Class H | 375,141 | ||||||||
417,000 | Great Wall Motor Co., Ltd. Class H | 1,430,541 | ||||||||
426,000 | Guangshen Railway Co., Ltd. Class H | 76,917 | ||||||||
86,800 | Guangzhou Automobile Group Co., Ltd. Class H | 96,496 | ||||||||
44,000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H | 107,931 | ||||||||
942,000 | Guangzhou R&F Properties Co., Ltd. Class H | 1,211,236 | ||||||||
43,800 | Guotai Junan Securities Co., Ltd. Class H(a) 144A | 63,832 | ||||||||
152,000 | Haier Smart Home Co., Ltd. Class H* | 550,849 | ||||||||
298,800 | Haitong Securities Co., Ltd. Class H | 267,052 | ||||||||
533,699 | Hangzhou Hikvision Digital Technology Co., Ltd. Class A | 3,958,797 | ||||||||
63,000 | Hisense Home Appliances Group Co., Ltd. Class H | 97,012 | ||||||||
67,000 | Huatai Securities Co., Ltd. Class H 144A | 105,419 | ||||||||
67,100 | Huishang Bank Corp., Ltd. Class H | 21,981 | ||||||||
7,667,000 | Industrial & Commercial Bank of China, Ltd. Class H | 4,973,660 | ||||||||
237,642 | Jiangsu Hengrui Medicine Co., Ltd. Class A | 4,050,212 | ||||||||
199,024 | Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A | 7,181,821 | ||||||||
410,000 | Jiangxi Copper Co., Ltd. Class H | 644,041 | ||||||||
33,904 | Kweichow Moutai Co., Ltd. Class A | 10,358,144 | ||||||||
194,500 | Legend Holdings Corp. Class H(a) 144A | 255,358 | ||||||||
15,233 | Livzon Pharmaceutical Group, Inc. Class H | 59,035 | ||||||||
288,700 | LONGi Green Energy Technology Co., Ltd. Class A | 4,070,176 | ||||||||
238,788 | Luxshare Precision Industry Co., Ltd. Class A | 2,049,112 | ||||||||
1,001,000 | Metallurgical Corp. of China, Ltd. Class H | 176,863 | ||||||||
1,385,838 | Midea Group Co., Ltd. Class A | 20,860,255 | ||||||||
46,700 | New China Life Insurance Co., Ltd. Class H | 182,190 | ||||||||
17,200 | Orient Securities Co., Ltd. Class H 144A | 12,112 | ||||||||
958,000 | People’s Insurance Co. Group of China, Ltd. (The) Class H | 303,937 | ||||||||
3,068,000 | PetroChina Co., Ltd. Class H | 949,619 | ||||||||
3,818,400 | PICC Property & Casualty Co., Ltd. Class H | 2,890,694 | ||||||||
2,933,900 | Ping An Insurance Group Co. of China, Ltd. Class H | 35,946,078 | ||||||||
1,257,000 | Postal Savings Bank of China Co., Ltd. Class H 144A | 710,055 | ||||||||
184,000 | Qingdao Port International Co., Ltd. Class H 144A | 113,667 | ||||||||
82,500 | Qinhuangdao Port Co., Ltd. Class H | 13,832 | ||||||||
170,606 | Red Star Macalline Group Corp., Ltd. Class H 144A | 103,633 | ||||||||
695,987 | Sany Heavy Industry Co., Ltd. Class A | 3,722,687 | ||||||||
1,028,995 | Shaanxi Coal Industry Co., Ltd. Class A | 1,469,588 | ||||||||
114,500 | Shandong Chenming Paper Holdings, Ltd. Class H | 55,080 | ||||||||
29,500 | Shandong Gold Mining Co., Ltd. Class H 144A | 68,102 | ||||||||
236,000 | Shandong Weigao Group Medical Polymer Co., Ltd. Class H | 533,247 |
��
See accompanying Notes to the Schedule of Investments.
136
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
China — continued | ||||||||||
702,000 | Shanghai Electric Group Co., Ltd. Class H* | 215,475 | ||||||||
358,000 | Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H | 1,710,621 | ||||||||
241,000 | Shanghai Pharmaceuticals Holding Co., Ltd. Class H | 424,571 | ||||||||
152,000 | Shengjing Bank Co., Ltd. Class H* (a) 144A | 141,731 | ||||||||
573,500 | Sinopec Engineering Group Co., Ltd. Class H(a) | 247,037 | ||||||||
256,000 | Sinopec Oilfield Service Corp. Class H* | 20,140 | ||||||||
760,000 | Sinopec Shanghai Petrochemical Co., Ltd. Class H | 161,726 | ||||||||
496,400 | Sinopharm Group Co., Ltd. Class H | 1,207,414 | ||||||||
1,024,000 | Sinotrans, Ltd. Class H | 372,419 | ||||||||
2,649,000 | TravelSky Technology, Ltd. Class H | 6,388,607 | ||||||||
28,000 | Tsingtao Brewery Co., Ltd. Class H | 293,222 | ||||||||
933,100 | Weichai Power Co., Ltd. Class H | 1,872,494 | ||||||||
61,000 | Xinhua Winshare Publishing and Media Co., Ltd. Class H | 37,605 | ||||||||
124,449 | Xinjiang Goldwind Science & Technology Co., Ltd. Class H(a) | 250,058 | ||||||||
650,000 | Yanzhou Coal Mining Co., Ltd. Class H | 519,742 | ||||||||
150,331 | Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A | 6,149,278 | ||||||||
739,500 | Zhaojin Mining Industry Co., Ltd. Class H | 880,283 | ||||||||
204,800 | Zhuzhou CRRC Times Electric Co., Ltd. Class H | 892,749 | ||||||||
292,000 | Zijin Mining Group Co., Ltd. Class H | 330,643 | ||||||||
1,453,200 | Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H | 1,742,974 | ||||||||
23,200 | ZTE Corp. Class H(a) | 58,345 | ||||||||
|
| |||||||||
Total China | 217,383,639 | |||||||||
|
| |||||||||
Colombia — 0.1% | ||||||||||
3,647 | Bancolombia SA | 37,296 | ||||||||
3,719 | Bancolombia SA, ADR | 149,429 | ||||||||
66,156 | Cementos Argos SA | 119,528 | ||||||||
4,344 | Corp. Financiera Colombiana SA* | 41,148 | ||||||||
62,535 | Grupo Argos SA | 254,125 | ||||||||
26,734 | Grupo de Inversiones Suramericana SA | 197,584 | ||||||||
|
| |||||||||
Total Colombia | 799,110 | |||||||||
|
| |||||||||
Czech Republic — 0.0% | ||||||||||
21,689 | CEZ AS | 520,404 | ||||||||
4,075 | Komercni Banka AS* | 124,735 | ||||||||
|
| |||||||||
Total Czech Republic | 645,139 | |||||||||
|
| |||||||||
France — 0.2% | ||||||||||
39,634 | Sanofi | 3,816,492 | ||||||||
|
| |||||||||
Greece — 0.1% | ||||||||||
185,049 | Alpha Bank AE* | 216,047 | ||||||||
21,622 | Ellaktor SA* | 45,636 | ||||||||
171,019 | Eurobank Ergasias Services and Holdings SA* | 121,072 | ||||||||
5,462 | GEK Terna Holding Real Estate Construction SA* | 52,662 | ||||||||
5,901 | LAMDA Development SA* | 51,263 | ||||||||
1,550 | Motor Oil Hellas Corinth Refineries SA | 22,379 | ||||||||
6,454 | Mytilineos SA | 93,972 |
See accompanying Notes to the Schedule of Investments.
137
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Greece — continued | ||||||||||
97,950 | National Bank of Greece SA* | 270,974 | ||||||||
106,195 | Piraeus Bank SA* | 168,915 | ||||||||
|
| |||||||||
Total Greece | 1,042,920 | |||||||||
|
| |||||||||
Hong Kong — 2.2% | ||||||||||
266,000 | Beijing Enterprises Holdings, Ltd. | 867,930 | ||||||||
870,500 | BYD Electronic International Co., Ltd.(a) | 4,558,032 | ||||||||
286,000 | China Everbright, Ltd. | 382,865 | ||||||||
1,464,000 | China Jinmao Holdings Group, Ltd. | 674,050 | ||||||||
543,878 | China Merchants Port Holdings Co., Ltd. | 665,657 | ||||||||
573,000 | China Mobile, Ltd. | 3,266,326 | ||||||||
48,847 | China Mobile, Ltd., ADR | 1,394,093 | ||||||||
772,000 | China Overseas Grand Oceans Group, Ltd. | 414,184 | ||||||||
652,000 | China Overseas Land & Investment, Ltd. | 1,417,711 | ||||||||
4,000 | China Resources Beer Holdings Co., Ltd. | 36,833 | ||||||||
631,000 | China Resources Pharmaceutical Group, Ltd. 144A | 323,888 | ||||||||
600,600 | China Taiping Insurance Holdings Co., Ltd. | 1,082,867 | ||||||||
1,142,000 | China Traditional Chinese Medicine Holdings Co., Ltd. | 565,562 | ||||||||
1,130,000 | China Unicom Hong Kong, Ltd. | 648,517 | ||||||||
1,977 | China Unicom Hong Kong, Ltd., ADR(a) | 11,229 | ||||||||
867,000 | CITIC, Ltd. | 613,867 | ||||||||
2,463,000 | CNOOC, Ltd. | 2,280,717 | ||||||||
1,780 | CNOOC, Ltd., ADR | 163,137 | ||||||||
9,325,560 | CSPC Pharmaceutical Group, Ltd. | 9,537,416 | ||||||||
931,000 | Far East Horizon, Ltd.(a) | 959,354 | ||||||||
785,000 | Fosun International, Ltd. | 1,233,104 | ||||||||
128,000 | Hua Hong Semiconductor, Ltd.* (a) 144A | 726,349 | ||||||||
740,000 | Lenovo Group, Ltd. | 698,595 | ||||||||
396,000 | MMG, Ltd.* | 172,111 | ||||||||
124,000 | Poly Property Group Co., Ltd. | 36,302 | ||||||||
108,000 | Shanghai Industrial Holdings, Ltd. | 147,643 | ||||||||
1,501,936 | Shenzhen Investment, Ltd. | 515,247 | ||||||||
1,308,000 | Sino-Ocean Group Holding, Ltd. | 261,470 | ||||||||
186,000 | Sinotruk Hong Kong, Ltd. | 474,964 | ||||||||
3,346,000 | Yuexiu Property Co., Ltd. | 673,183 | ||||||||
|
| |||||||||
Total Hong Kong | 34,803,203 | |||||||||
|
| |||||||||
Hungary — 0.0% | ||||||||||
69,547 | MOL Hungarian Oil & Gas Plc* | 513,824 | ||||||||
703 | OTP Bank Nyrt* | 31,685 | ||||||||
|
| |||||||||
Total Hungary | 545,509 | |||||||||
|
| |||||||||
India — 10.9% | ||||||||||
6,171 | ACC, Ltd. | 136,777 | ||||||||
44,749 | Adani Enterprises, Ltd. | 292,131 | ||||||||
3,674 | Adani Gas, Ltd. | 18,941 | ||||||||
38,930 | Adani Green Energy, Ltd.* | 558,902 | ||||||||
30,247 | Adani Ports & Special Economic Zone, Ltd. | 199,011 |
See accompanying Notes to the Schedule of Investments.
138
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
India — continued | ||||||||||
104,805 | Adani Power, Ltd.* | 71,359 | ||||||||
16,809 | Adani Transmission, Ltd.* | 100,301 | ||||||||
139,935 | Aditya Birla Capital, Ltd.* | 162,404 | ||||||||
700 | Ajanta Pharma, Ltd. | 15,654 | ||||||||
1,619 | Alembic Pharmaceuticals, Ltd. | 22,933 | ||||||||
23,416 | Alkem Laboratories, Ltd. | 937,377 | ||||||||
1,582 | Amara Raja Batteries, Ltd. | 19,984 | ||||||||
174,970 | Ambuja Cements, Ltd. | 595,306 | ||||||||
23,129 | Apollo Tyres, Ltd. | 56,360 | ||||||||
7,623 | Arvind Fashions, Ltd.* | 16,046 | ||||||||
22,672 | Arvind, Ltd.* | 14,506 | ||||||||
322,163 | Ashok Leyland, Ltd. | 422,173 | ||||||||
127,930 | Asian Paints, Ltd. | 4,833,300 | ||||||||
329 | Atul, Ltd. | 28,929 | ||||||||
153,894 | Aurobindo Pharma, Ltd. | 1,937,694 | ||||||||
255,808 | Axis Bank, Ltd.* | 2,167,108 | ||||||||
2,807 | Bajaj Auto, Ltd. | 131,961 | ||||||||
58,933 | Bajaj Finance, Ltd. | 4,264,663 | ||||||||
8,264 | Bajaj Holdings & Investment, Ltd. | 348,803 | ||||||||
2,657 | Balkrishna Industries, Ltd. | 59,971 | ||||||||
101,945 | Bank of Baroda* | 85,666 | ||||||||
98,240 | Bharat Electronics, Ltd. | 162,081 | ||||||||
19,571 | Bharat Forge, Ltd. | 140,620 | ||||||||
62,808 | Bharti Airtel, Ltd. | 437,960 | ||||||||
1,542 | Birla Corp., Ltd. | 15,195 | ||||||||
19,360 | Birlasoft, Ltd.* | 65,684 | ||||||||
82,417 | Britannia Industries, Ltd. | 4,029,626 | ||||||||
36,735 | Cadila Healthcare, Ltd. | 239,763 | ||||||||
27,266 | Canara Bank* | 48,138 | ||||||||
2,595 | Ceat, Ltd. | 38,427 | ||||||||
3,469 | Century Textiles & Industries, Ltd. | 19,496 | ||||||||
22,089 | Cholamandalam Investment and Finance Co., Ltd. | 116,994 | ||||||||
36,527 | Cipla, Ltd. | 409,374 | ||||||||
36,248 | City Union Bank, Ltd. | 89,618 | ||||||||
20,876 | Container Corp. Of India, Ltd. | 113,798 | ||||||||
115,422 | Coromandel International, Ltd. | 1,280,317 | ||||||||
7,878 | Cummins India, Ltd. | 61,834 | ||||||||
8,817 | Dalmia Bharat, Ltd. | 130,329 | ||||||||
18,651 | DCB Bank, Ltd.* | 30,631 | ||||||||
3,643 | DCM Shriram, Ltd. | 19,694 | ||||||||
15,841 | Dhani Services, Ltd. | 69,040 | ||||||||
102,560 | DLF, Ltd. | 325,924 | ||||||||
252 | Dr. Reddy’s Laboratories, Ltd. | 17,982 | ||||||||
1,155 | eClerx Services, Ltd. | 13,958 | ||||||||
114,738 | Edelweiss Financial Services, Ltd.* | 107,566 | ||||||||
1,345 | Endurance Technologies, Ltd. 144A | 24,721 | ||||||||
16,885 | Engineers India, Ltd. | 18,071 | ||||||||
5,565 | Escorts, Ltd. | 96,677 | ||||||||
79,688 | Exide Industries, Ltd. | 208,633 |
See accompanying Notes to the Schedule of Investments.
139
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
India — continued | ||||||||||
542,651 | Federal Bank, Ltd.* | 496,104 | ||||||||
2,842 | Finolex Cables, Ltd. | 13,287 | ||||||||
3,589 | Finolex Industries, Ltd. | 31,822 | ||||||||
21,744 | Firstsource Solutions, Ltd. | 30,339 | ||||||||
266,518 | GAIL India, Ltd. | 449,926 | ||||||||
17,950 | General Insurance Corp. of India* 144A | 34,098 | ||||||||
38,255 | Glenmark Pharmaceuticals, Ltd. | 257,878 | ||||||||
2,536 | Godrej Industries, Ltd.* | 14,634 | ||||||||
61,691 | Grasim Industries, Ltd. | 779,712 | ||||||||
7,206 | Great Eastern Shipping Co., Ltd. (The) | 25,957 | ||||||||
9,733 | Gujarat Fluorochemicals, Ltd.* | 75,528 | ||||||||
6,590 | Gujarat Narmada Valley Fertilizers & Chemicals, Ltd. | 20,207 | ||||||||
27,059 | Gujarat Pipavav Port, Ltd. | 35,829 | ||||||||
29,302 | Gujarat State Petronet, Ltd. | 88,667 | ||||||||
812,359 | HCL Technologies, Ltd. | 10,522,004 | ||||||||
497,294 | HDFC Bank, Ltd.* | 9,790,024 | ||||||||
20,284 | HDFC Bank, Ltd., ADR* | 1,465,722 | ||||||||
6,326 | Hero MotoCorp, Ltd. | 268,931 | ||||||||
322,010 | Hindalco Industries, Ltd. | 1,054,159 | ||||||||
629,906 | Housing Development Finance Corp., Ltd. | 21,982,808 | ||||||||
304,668 | ICICI Bank, Ltd.* | 2,226,608 | ||||||||
157,174 | ICICI Bank, Ltd., ADR* | 2,335,606 | ||||||||
422,223 | IDFC First Bank, Ltd.* | 213,806 | ||||||||
108,770 | IDFC, Ltd.* | 55,228 | ||||||||
838 | IIFL Wealth Management, Ltd. | 11,553 | ||||||||
27,565 | Indian Hotels Co., Ltd. (The) | 45,459 | ||||||||
32,410 | Indus Towers, Ltd. | 101,997 | ||||||||
17,518 | IndusInd Bank, Ltd.* | 214,098 | ||||||||
576,283 | Infosys, Ltd. | 9,886,348 | ||||||||
340,102 | Infosys, Ltd., ADR | 5,764,729 | ||||||||
173,466 | Jindal Steel & Power, Ltd.* | 632,685 | ||||||||
1,744 | JK Cement, Ltd. | 45,347 | ||||||||
27,085 | JM Financial, Ltd. | 31,193 | ||||||||
67,162 | JSW Energy, Ltd. | 62,366 | ||||||||
104,961 | JSW Steel, Ltd. | 554,487 | ||||||||
12,063 | Jubilant Life Sciences, Ltd. | 139,009 | ||||||||
4,066 | Kalpataru Power Transmission, Ltd. | 17,835 | ||||||||
31,853 | Karnataka Bank, Ltd. (The)* | 25,197 | ||||||||
3,700 | KEC International, Ltd. | 18,369 | ||||||||
19,360 | KPIT Technologies, Ltd. | 37,518 | ||||||||
1,219 | KPR Mill, Ltd. | 14,554 | ||||||||
2,301 | KRBL, Ltd. | 7,709 | ||||||||
127,540 | L&T Finance Holdings, Ltd. | 163,031 | ||||||||
41,363 | Larsen & Toubro, Ltd. | 729,213 | ||||||||
9,480 | Laurus Labs, Ltd. 144A | 45,845 | ||||||||
98,662 | LIC Housing Finance, Ltd. | 487,723 | ||||||||
33,224 | Lupin, Ltd. | 444,654 | ||||||||
219,410 | Mahindra & Mahindra Financial Services, Ltd.* | 523,996 | ||||||||
81,527 | Mahindra & Mahindra, Ltd. | 804,531 |
See accompanying Notes to the Schedule of Investments.
140
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
India — continued | ||||||||||
20,010 | Mahindra CIE Automotive, Ltd.* | 46,912 | ||||||||
678,138 | Manappuram Finance, Ltd. | 1,539,715 | ||||||||
36,494 | Maruti Suzuki India, Ltd. | 3,822,836 | ||||||||
6,843 | Max Financial Services, Ltd.* | 63,216 | ||||||||
3,712,999 | Motherson Sumi Systems, Ltd. | 8,384,642 | ||||||||
3,874 | Motilal Oswal Financial Services, Ltd. | 32,016 | ||||||||
11,977 | Mphasis, Ltd. | 252,432 | ||||||||
233 | MRF, Ltd. | 241,044 | ||||||||
139,973 | Muthoot Finance, Ltd. | 2,312,210 | ||||||||
8,687 | Natco Pharma, Ltd. | 114,253 | ||||||||
96,063 | NCC, Ltd. | 75,793 | ||||||||
30,348 | NMDC, Ltd. | 47,370 | ||||||||
19,035 | Oberoi Realty, Ltd.* | 150,902 | ||||||||
54,159 | PC Jeweller, Ltd.* | 18,790 | ||||||||
5,014 | Persistent Systems, Ltd. | 104,030 | ||||||||
36,873 | Petronet LNG, Ltd. | 124,950 | ||||||||
6,186 | Phoenix Mills, Ltd. (The)* | 65,689 | ||||||||
26,959 | Piramal Enterprises, Ltd. | 525,215 | ||||||||
9,329 | PNB Housing Finance, Ltd.* 144A | 46,347 | ||||||||
174,603 | Power Finance Corp., Ltd. | 272,894 | ||||||||
15,450 | Prestige Estates Projects, Ltd. | 56,245 | ||||||||
6,287 | Quess Corp., Ltd.* 144A | 46,550 | ||||||||
8,780 | Rain Industries, Ltd. | 15,044 | ||||||||
22,196 | Rajesh Exports, Ltd. | 147,604 | ||||||||
4,988 | Ramco Cements, Ltd. (The) | 54,640 | ||||||||
93,936 | RBL Bank, Ltd. 144A | 296,589 | ||||||||
198,915 | REC, Ltd. | 365,611 | ||||||||
34,104 | Reliance Capital, Ltd.* | 5,578 | ||||||||
1,389,658 | Reliance Industries, Ltd. | 37,691,507 | ||||||||
34,712 | Reliance Industries, Ltd. (Partly Paid-up Shares) | 529,700 | ||||||||
191,600 | Reliance Power, Ltd.* | 8,784 | ||||||||
2,509 | Sadbhav Engineering, Ltd.* | 2,150 | ||||||||
2,004 | Shriram City Union Finance, Ltd. | 29,345 | ||||||||
46,272 | Shriram Transport Finance Co., Ltd. | 663,041 | ||||||||
5,971 | Sobha, Ltd. | 33,382 | ||||||||
1,352 | SRF, Ltd. | 102,835 | ||||||||
255,206 | State Bank of India* | 958,409 | ||||||||
269,432 | Steel Authority of India, Ltd.* | 272,686 | ||||||||
4,325 | Strides Pharma Science, Ltd. | 51,852 | ||||||||
53,011 | Sun Pharmaceutical Industries, Ltd. | 428,376 | ||||||||
10,790 | Sun TV Network, Ltd. | 70,941 | ||||||||
3,547 | Sundaram Finance, Ltd. | 88,350 | ||||||||
8,853 | Sunteck Realty, Ltd. | 41,801 | ||||||||
19,260 | Tata Chemicals, Ltd. | 125,786 | ||||||||
70,675 | Tata Consumer Products, Ltd. | 571,165 | ||||||||
383,877 | Tata Motors, Ltd.* | 964,060 | ||||||||
120,845 | Tata Steel, Ltd. | 1,062,702 | ||||||||
18,822 | Tech Mahindra, Ltd. | 250,900 | ||||||||
1,123 | Thermax, Ltd. | 14,000 |
See accompanying Notes to the Schedule of Investments.
141
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
India — continued | ||||||||||
22,198 | Thomas Cook India, Ltd.* | 14,279 | ||||||||
37,503 | TV18 Broadcast, Ltd.* | 15,860 | ||||||||
3,361 | UltraTech Cement, Ltd. | 242,826 | ||||||||
1,312,048 | UPL, Ltd. | 8,380,372 | ||||||||
435 | Vardhman Textiles, Ltd.* | 6,403 | ||||||||
345,735 | Vedanta, Ltd. | 761,097 | ||||||||
1,792,167 | Vodafone Idea, Ltd.* | 261,218 | ||||||||
39,909 | Welspun India, Ltd. | 37,196 | ||||||||
84,309 | Wipro, Ltd. | 445,386 | ||||||||
3,632 | Wockhardt, Ltd.* | 26,842 | ||||||||
324,058 | Yes Bank, Ltd.* | 79,166 | ||||||||
242,266 | Zee Entertainment Enterprises, Ltd. | 741,876 | ||||||||
2,971 | Zensar Technologies, Ltd. | 9,637 | ||||||||
|
| |||||||||
Total India | 173,121,788 | |||||||||
|
| |||||||||
Indonesia — 1.4% | ||||||||||
5,204,400 | Adaro Energy Tbk PT | 529,701 | ||||||||
903,600 | Aneka Tambang Tbk PT | 124,446 | ||||||||
260,400 | Astra Agro Lestari Tbk PT | 228,429 | ||||||||
1,769,800 | Astra International Tbk PT | 758,936 | ||||||||
3,308,000 | Bank Central Asia Tbk PT | 7,969,808 | ||||||||
104,300 | Bank Danamon Indonesia Tbk PT | 23,310 | ||||||||
4,970,400 | Bank Mandiri Persero Tbk PT | 2,237,564 | ||||||||
541,200 | Bank Maybank Indonesia Tbk PT | 13,328 | ||||||||
945,400 | Bank Negara Indonesia Persero Tbk PT | 415,505 | ||||||||
928,000 | Bank Pan Indonesia Tbk PT* | 70,343 | ||||||||
19,566,400 | Bank Rakyat Indonesia Persero Tbk PT | 5,807,252 | ||||||||
796,500 | Bank Tabungan Negara Persero Tbk PT | 97,791 | ||||||||
267,700 | Barito Pacific Tbk PT* | 20,959 | ||||||||
1,408,400 | Bukit Asam Tbk PT | 281,680 | ||||||||
1,040,000 | Bumi Serpong Damai Tbk PT* | 90,676 | ||||||||
4,559,300 | Ciputra Development Tbk PT | 319,638 | ||||||||
23,400 | Gudang Garam Tbk PT* | 68,285 | ||||||||
825,600 | Indah Kiat Pulp & Paper Corp. Tbk PT | 612,589 | ||||||||
50,800 | Indocement Tunggal Prakarsa Tbk PT | 52,337 | ||||||||
457,200 | Indofood Sukses Makmur Tbk PT | 222,905 | ||||||||
960,600 | Japfa Comfeed Indonesia Tbk PT | 100,162 | ||||||||
340,800 | Media Nusantara Citra Tbk PT* | 27,652 | ||||||||
131,500 | Pabrik Kertas Tjiwi Kimia Tbk PT | 92,190 | ||||||||
4,429,400 | Pakuwon Jati Tbk PT* | 160,782 | ||||||||
257,300 | Semen Indonesia Persero Tbk PT | 227,541 | ||||||||
219,300 | United Tractors Tbk PT | 415,187 | ||||||||
486,700 | Vale Indonesia Tbk PT* | 176,667 | ||||||||
1,992,800 | XL Axiata Tbk PT | 387,213 | ||||||||
|
| |||||||||
Total Indonesia | 21,532,876 | |||||||||
|
| |||||||||
Luxembourg — 0.8% | ||||||||||
241,940 | Allegro.eu SA* | 5,499,817 | ||||||||
35,214 | Globant SA* | 7,662,919 |
See accompanying Notes to the Schedule of Investments.
142
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Luxembourg — continued | ||||||||||
21,502 | Kernel Holding SA | 284,500 | ||||||||
|
| |||||||||
Total Luxembourg | 13,447,236 | |||||||||
|
| |||||||||
Malaysia — 0.5% | ||||||||||
370,400 | Alliance Bank Malaysia Bhd* | 267,959 | ||||||||
463,200 | AMMB Holdings Bhd | 420,306 | ||||||||
118,000 | Axiata Group Bhd | 109,713 | ||||||||
1,600 | Batu Kawan Bhd | 7,120 | ||||||||
27,700 | BIMB Holdings Bhd | 29,335 | ||||||||
599,588 | CIMB Group Holdings Bhd | 640,952 | ||||||||
339,700 | DRB-Hicom Bhd | 175,656 | ||||||||
631,000 | FGV Holdings Bhd | 200,790 | ||||||||
459,763 | Gamuda Bhd | 444,618 | ||||||||
445,500 | Genting Bhd | 493,954 | ||||||||
869,600 | Genting Malaysia Bhd | 581,535 | ||||||||
16,700 | Genting Plantations Bhd | 40,894 | ||||||||
25,000 | Hong Leong Bank Bhd | 113,114 | ||||||||
44,800 | Hong Leong Financial Group Bhd | 201,141 | ||||||||
11,400 | IHH Healthcare Bhd | 15,587 | ||||||||
1,055,200 | IJM Corp. Bhd | 453,821 | ||||||||
328,300 | IOI Properties Group Bhd | 126,505 | ||||||||
186,600 | KPJ Healthcare Bhd | 46,389 | ||||||||
214,500 | Lotte Chemical Titan Holding Bhd 144A | 147,710 | ||||||||
72,720 | Magnum Bhd | 41,218 | ||||||||
217,840 | Malayan Banking Bhd | 458,154 | ||||||||
297,600 | Malaysia Airports Holdings Bhd | 437,984 | ||||||||
825,635 | Malaysia Building Society Bhd | 138,547 | ||||||||
34,900 | Mega First Corp. Bhd | 59,866 | ||||||||
179,200 | MISC Bhd | 306,054 | ||||||||
96,300 | Oriental Holdings Bhd | 130,954 | ||||||||
69,600 | Petronas Chemicals Group Bhd | 128,559 | ||||||||
102,800 | Public Bank Bhd | 526,459 | ||||||||
251,200 | RHB Bank Bhd | 340,345 | ||||||||
7,800 | Scientex Bhd | 24,588 | ||||||||
220,600 | Serba Dinamik Holdings Bhd | 96,521 | ||||||||
705,200 | Sime Darby Bhd | 404,975 | ||||||||
1,139,600 | Sime Darby Property Bhd | 188,399 | ||||||||
188,853 | SP Setia Group Bhd | 46,480 | ||||||||
548,196 | Sunway Bhd | 219,415 | ||||||||
13,000 | UMW Holdings Bhd | 11,098 | ||||||||
239,100 | UOA Development Bhd | 100,455 | ||||||||
56,000 | Yinson Holdings Bhd | 80,050 | ||||||||
904,786 | YTL Corp. Bhd* | 172,072 | ||||||||
|
| |||||||||
Total Malaysia | 8,429,292 | |||||||||
|
| |||||||||
Marshall Islands — 0.0% | ||||||||||
10,988 | Atlas Corp.(a) | 119,110 | ||||||||
|
|
See accompanying Notes to the Schedule of Investments.
143
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Mexico — 2.1% | ||||||||||
10,775 | ALEATICA SAB de CV(a) | 13,249 | ||||||||
775,577 | Alfa SAB de CV Class A | 557,389 | ||||||||
147,998 | Alpek SAB de CV(a) | 127,977 | ||||||||
49,168 | Arca Continental SAB de CV | 234,816 | ||||||||
2,350,778 | Cemex SAB de CV* | 1,213,997 | ||||||||
120,950 | Cemex SAB de CV, ADR* | 625,312 | ||||||||
12,081 | Coca-Cola Femsa SAB de CV | 55,568 | ||||||||
560 | Coca-Cola Femsa SAB de CV, ADR | 25,816 | ||||||||
775,577 | Controladora Nemak SAB de CV* | 102,759 | ||||||||
40,947 | El Puerto de Liverpool SAB de CV* (a) | 143,316 | ||||||||
52,116 | Fomento Economico Mexicano SAB de CV | 394,764 | ||||||||
735,200 | Grupo Aeroportuario del Pacifico SAB de CV Class B* | 8,191,232 | ||||||||
39,702 | Grupo Bimbo SAB de CV Series A | 85,977 | ||||||||
51,326 | Grupo Carso SAB de CV Series A-1* | 169,880 | ||||||||
62,104 | Grupo Cementos de Chihuahua SAB de CV | 375,638 | ||||||||
4,142 | Grupo Elektra SAB DE CV | 273,874 | ||||||||
1,725,592 | Grupo Financiero Banorte SAB de CV Series O* | 9,495,931 | ||||||||
261,449 | Grupo Financiero Inbursa SAB de CV Series O* | 262,689 | ||||||||
34,200 | Grupo Lala SAB de CV | 26,295 | ||||||||
716,271 | Grupo Mexico SAB de CV Series B | 3,033,606 | ||||||||
76,700 | Grupo Sanborns SAB de CV* | 74,138 | ||||||||
499,284 | Grupo Televisa SAB* | 817,377 | ||||||||
19,886 | Grupo Televisa SAB, ADR* | 163,861 | ||||||||
72,426 | Industrias Bachoco SAB de CV Series B(a) | 272,686 | ||||||||
14,508 | Industrias CH SAB de CV Series B(a) | 68,807 | ||||||||
21,786 | Industrias Penoles SAB de CV* | 369,888 | ||||||||
57,010 | Megacable Holdings SAB de CV | 206,461 | ||||||||
195,875 | Orbia Advance Corp. SAB de CV | 459,963 | ||||||||
14,495 | Organizacion Soriana SAB de CV Class B* | 14,731 | ||||||||
26,674 | Promotora y Operadora de Infraestructura SAB de CV | 236,198 | ||||||||
1,809 | Promotora y Operadora de Infraestructura SAB de CV Series L(a) | 9,804 | ||||||||
1,989,300 | Wal-Mart de Mexico SAB de CV | 5,580,882 | ||||||||
|
| |||||||||
Total Mexico | 33,684,881 | |||||||||
|
| |||||||||
Netherlands — 0.7% | ||||||||||
32,721 | X5 Retail Group NV, Reg S, GDR(c) | 1,181,883 | ||||||||
145,909 | Yandex NV Class A* (a) | 10,152,348 | ||||||||
|
| |||||||||
Total Netherlands | 11,334,231 | |||||||||
|
| |||||||||
Philippines — 0.2% | ||||||||||
1,514,400 | Alliance Global Group, Inc. | 334,266 | ||||||||
14,920 | Ayala Corp. | 256,933 | ||||||||
238,400 | Ayala Land, Inc. | 203,037 | ||||||||
73,229 | Bank of the Philippine Islands | 124,047 | ||||||||
136,330 | BDO Unibank, Inc. | 303,186 | ||||||||
402,700 | Bloomberry Resorts Corp. | 68,006 | ||||||||
156,200 | China Banking Corp. | 81,152 | ||||||||
1,030,300 | DMCI Holdings, Inc. | 121,430 | ||||||||
143,300 | Emperador, Inc. | 30,138 |
See accompanying Notes to the Schedule of Investments.
144
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Philippines — continued | ||||||||||
160,300 | Filinvest Development Corp. | 31,510 | ||||||||
5,355 | GT Capital Holdings, Inc. | 65,232 | ||||||||
162,457 | JG Summit Holdings, Inc. | 242,213 | ||||||||
4,950 | Jollibee Foods Corp. | 20,120 | ||||||||
485,800 | LT Group, Inc. | 132,518 | ||||||||
3,188,300 | Megaworld Corp. | 270,873 | ||||||||
344,546 | Metropolitan Bank & Trust Co. | 351,911 | ||||||||
111,100 | Nickel Asia Corp. | 12,955 | ||||||||
1,830 | PLDT, Inc. | 51,062 | ||||||||
95,700 | Puregold Price Club, Inc.* | 81,704 | ||||||||
621,000 | Robinsons Land Corp. | 274,141 | ||||||||
130,730 | Robinsons Retail Holdings, Inc. | 176,944 | ||||||||
55,020 | San Miguel Corp. | 146,763 | ||||||||
93,020 | Security Bank Corp. | 259,554 | ||||||||
570 | Top Frontier Investment Holdings, Inc.* | 1,662 | ||||||||
28,020 | Union Bank of the Philippines | 41,951 | ||||||||
358,900 | Vista Land & Lifescapes, Inc. | 34,976 | ||||||||
|
| |||||||||
Total Philippines | 3,718,284 | |||||||||
|
| |||||||||
Poland — 0.4% | ||||||||||
11,576 | Asseco Poland SA | 211,574 | ||||||||
2,685 | Bank Handlowy w Warszawie SA* | 25,330 | ||||||||
83,809 | Bank Millennium SA* | 73,552 | ||||||||
24,738 | Bank Polska Kasa Opieki SA* | 405,661 | ||||||||
7,436 | Cyfrowy Polsat SA | 60,430 | ||||||||
42,721 | Dino Polska SA* | 3,318,158 | ||||||||
10,974 | Enea SA* | 19,247 | ||||||||
6,244 | Grupa Lotos SA | 69,462 | ||||||||
824 | ING Bank Slaski SA* | 37,816 | ||||||||
7,292 | KGHM Polska Miedz SA* | 358,142 | ||||||||
2,816 | mBank SA* | 135,434 | ||||||||
155,122 | PGE Polska Grupa Energetyczna SA* | 270,610 | ||||||||
45,024 | Polski Koncern Naftowy ORLEN SA | 697,473 | ||||||||
38,524 | Powszechna Kasa Oszczednosci Bank Polski SA* | 296,943 | ||||||||
1,525 | Santander Bank Polska SA* | 76,005 | ||||||||
244,197 | Tauron Polska Energia SA* | 178,396 | ||||||||
|
| |||||||||
Total Poland | 6,234,233 | |||||||||
|
| |||||||||
Russia — 0.6% | ||||||||||
498,040 | Gazprom PJSC, ADR | 2,786,036 | ||||||||
26,715 | LUKOIL PJSC, ADR | 1,821,963 | ||||||||
75,769 | MMC Norilsk Nickel PJSC, ADR(a) | 2,363,993 | ||||||||
47,514 | Rosneft Oil Co. PJSC, Reg S, GDR(c) | 267,979 | ||||||||
14,489 | RusHydro PJSC, ADR | 15,619 | ||||||||
113,660 | Sberbank of Russia PJSC, ADR | 1,650,343 | ||||||||
303,080 | VTB Bank PJSC, Reg S, GDR(c) | 289,290 | ||||||||
20,403 | VTB Bank PJSC, Reg S, (London Exchange) GDR(c) | 19,474 | ||||||||
|
| |||||||||
Total Russia | 9,214,697 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
145
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
South Africa — 3.0% | ||||||||||
98,163 | Absa Group, Ltd. | 801,009 | ||||||||
6,115 | AECI, Ltd. | 36,218 | ||||||||
39,208 | African Rainbow Minerals, Ltd. | 699,104 | ||||||||
14,105 | AngloGold Ashanti, Ltd. | 328,908 | ||||||||
87,158 | Aspen Pharmacare Holdings, Ltd.* | 743,903 | ||||||||
20,143 | Barloworld, Ltd. | 124,927 | ||||||||
182,366 | Bid Corp., Ltd. | 3,265,610 | ||||||||
30,069 | Bidvest Group, Ltd. (The) | 321,432 | ||||||||
80,061 | Capitec Bank Holdings, Ltd.* (a) | 7,808,656 | ||||||||
303,001 | Clicks Group, Ltd. | 5,212,102 | ||||||||
65,938 | Discovery, Ltd. | 689,243 | ||||||||
11,359 | Distell Group Holdings, Ltd.(a) | 73,496 | ||||||||
73,160 | Exxaro Resources, Ltd. | 691,817 | ||||||||
313,266 | FirstRand, Ltd. | 1,088,527 | ||||||||
74,446 | Foschini Group, Ltd. (The)* (a) | 518,531 | ||||||||
39,189 | Gold Fields, Ltd., ADR | 363,282 | ||||||||
48,898 | Harmony Gold Mining Co., Ltd., ADR* (a) | 228,843 | ||||||||
47,836 | Impala Platinum Holdings, Ltd. | 657,516 | ||||||||
44,672 | Investec, Ltd. | 111,431 | ||||||||
127,755 | KAP Industrial Holdings, Ltd.* | 27,484 | ||||||||
41,613 | Kumba Iron Ore, Ltd. | 1,764,411 | ||||||||
43,319 | Liberty Holdings, Ltd. | 182,787 | ||||||||
487,162 | Life Healthcare Group Holdings, Ltd.* | 557,846 | ||||||||
341,743 | Momentum Metropolitan Holdings | 366,666 | ||||||||
7,473 | Motus Holdings, Ltd.* | 28,490 | ||||||||
194,112 | MTN Group(a) | 795,411 | ||||||||
16,234 | MultiChoice Group | 148,097 | ||||||||
64,572 | Naspers, Ltd. Class N | 13,273,115 | ||||||||
80,560 | Nedbank Group, Ltd. | 710,129 | ||||||||
40,837 | Netcare, Ltd. | 34,752 | ||||||||
19,377 | Ninety One, Ltd. | 58,044 | ||||||||
7,817 | Northam Platinum, Ltd.* | 111,507 | ||||||||
978,113 | Old Mutual, Ltd.(a) | 791,746 | ||||||||
259,564 | Pepkor Holdings, Ltd.(a) 144A | 240,855 | ||||||||
19,542 | PSG Group, Ltd. | 79,665 | ||||||||
16,439 | Reunert, Ltd. | 40,513 | ||||||||
75,030 | Sanlam, Ltd. | 300,094 | ||||||||
3,356 | Santam, Ltd. | 58,211 | ||||||||
10,040 | Sappi, Ltd.* | 22,433 | ||||||||
150,015 | Sasol, Ltd.* | 1,367,816 | ||||||||
8,988 | Sasol, Ltd., ADR* | 79,634 | ||||||||
111,500 | Sibanye Stillwater, Ltd. | 455,451 | ||||||||
151,875 | Standard Bank Group, Ltd. | 1,313,949 | ||||||||
23,097 | Telkom SA SOC, Ltd.(a) | 48,289 | ||||||||
17,783 | Tiger Brands, Ltd. | 252,034 | ||||||||
34,879 | Tongaat Hulett Pvt., Ltd.* | 23,152 | ||||||||
23,647 | Vodacom Group, Ltd. | 200,252 | ||||||||
|
| |||||||||
Total South Africa | 47,097,388 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
146
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
South Korea — 9.3% | ||||||||||
89,733 | BNK Financial Group, Inc.* | 469,192 | ||||||||
11,550 | Chong Kun Dang Pharmaceutical Corp.* | 2,408,244 | ||||||||
2,348 | CJ CheilJedang Corp.* | 823,518 | ||||||||
5,394 | CJ Corp.* | 457,321 | ||||||||
870 | CJ ENM Co., Ltd.* | 111,723 | ||||||||
809 | CJ Logistics Corp.* | 123,253 | ||||||||
30,324 | Daelim Industrial Co., Ltd.* (b) | 2,316,940 | ||||||||
11,002 | Daesang Corp.* | 263,833 | ||||||||
30,023 | Daewoo Engineering & Construction Co., Ltd.* | 137,775 | ||||||||
3,025 | Daewoo Shipbuilding & Marine Engineering Co., Ltd.* | 76,300 | ||||||||
2,546 | Daishin Securities Co., Ltd.* | 30,469 | ||||||||
13,352 | Daou Technology, Inc.* | 269,179 | ||||||||
17,794 | DB Insurance Co., Ltd.* | 716,641 | ||||||||
82,502 | DGB Financial Group, Inc.* | 515,685 | ||||||||
803 | Dong-A ST Co., Ltd.* | 65,494 | ||||||||
6,721 | Dongkuk Steel Mill Co., Ltd.* | 50,239 | ||||||||
184 | Dongwon F&B Co., Ltd.* | 30,319 | ||||||||
637 | Dongwon Industries Co., Ltd.* | 130,473 | ||||||||
16,157 | Doosan Bobcat, Inc.* | 440,997 | ||||||||
2,955 | Doosan Co., Ltd.* | 142,541 | ||||||||
2,020 | Doosan Fuel Cell Co., Ltd.* | 99,484 | ||||||||
4,031 | Doosan Heavy Industries & Construction Co., Ltd.* | 50,095 | ||||||||
66,417 | Doosan Infracore Co., Ltd.* (a) | 484,233 | ||||||||
54,927 | Douzone Bizon Co., Ltd.* | 5,258,592 | ||||||||
6,054 | E-MART, Inc.* | 844,317 | ||||||||
20,632 | GS Engineering & Construction Corp.* | 717,932 | ||||||||
11,678 | GS Holdings Corp.* | 403,672 | ||||||||
1,043 | GS Home Shopping, Inc.* | 133,459 | ||||||||
2,382 | GS Retail Co., Ltd.* | 75,541 | ||||||||
143,986 | Hana Financial Group, Inc. | 4,572,878 | ||||||||
6,945 | Handsome Co., Ltd.* | 193,396 | ||||||||
2,210 | Hanil Holdings Co., Ltd. | 22,175 | ||||||||
1,404 | Hanjin Transportation Co., Ltd.* | 61,780 | ||||||||
25,383 | Hankook Tire & Technology Co., Ltd.* | 920,639 | ||||||||
7,661 | Hansol Chemical Co., Ltd.* | 1,385,793 | ||||||||
11,140 | Hanwha Aerospace Co., Ltd.* | 292,267 | ||||||||
13,220 | Hanwha Corp.* | 344,404 | ||||||||
106,293 | Hanwha Life Insurance Co., Ltd.* | 238,751 | ||||||||
3,432 | Hanwha Solutions Corp.* | 151,333 | ||||||||
19,079 | Harim Holdings Co., Ltd.* | 158,245 | ||||||||
8,362 | HDC Hyundai Development Co-Engineering & Construction* | 200,910 | ||||||||
1,275 | Huchems Fine Chemical Corp.* | 30,106 | ||||||||
3,397 | Hyosung Corp.* | 238,913 | ||||||||
979 | Hyundai Construction Equipment Co., Ltd.* | 29,515 | ||||||||
4,891 | Hyundai Department Store Co., Ltd.* | 321,474 | ||||||||
16,209 | Hyundai Engineering & Construction Co., Ltd.* | 558,802 | ||||||||
367 | Hyundai Glovis Co., Ltd.* | 62,163 | ||||||||
22,628 | Hyundai Greenfood Co., Ltd.* | 182,474 | ||||||||
1,587 | Hyundai Heavy Industries Holdings Co., Ltd.* | 414,172 |
See accompanying Notes to the Schedule of Investments.
147
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
South Korea — continued | ||||||||||
2,815 | Hyundai Home Shopping Network Corp.* | 211,196 | ||||||||
22,088 | Hyundai Marine & Fire Insurance Co., Ltd.* | 462,581 | ||||||||
8,249 | Hyundai Mipo Dockyard Co., Ltd.* | 364,496 | ||||||||
19,908 | Hyundai Mobis Co., Ltd.* | 4,682,403 | ||||||||
16,550 | Hyundai Motor Co. | 2,925,159 | ||||||||
27,801 | Hyundai Steel Co.* | 1,013,458 | ||||||||
7,893 | Hyundai Wia Corp.* | 388,728 | ||||||||
49,493 | Industrial Bank of Korea | 402,760 | ||||||||
2,951 | IS Dongseo Co., Ltd.* | 145,064 | ||||||||
63,062 | JB Financial Group Co., Ltd.* | 327,414 | ||||||||
12,592 | Kakao Corp. | 4,514,944 | ||||||||
111,989 | KB Financial Group, Inc. | 4,474,199 | ||||||||
2,600 | KB Financial Group, Inc., ADR | 102,960 | ||||||||
1,703 | KCC Corp. | 309,622 | ||||||||
1,587 | KEPCO Plant Service & Engineering Co., Ltd.* | 43,389 | ||||||||
33,130 | Kia Motors Corp.* | 1,903,077 | ||||||||
1,016 | KIWOOM Securities Co., Ltd.* | 118,314 | ||||||||
8,959 | Kolon Industries, Inc.* | 338,550 | ||||||||
3,697 | Korea Investment Holdings Co., Ltd.* | 268,860 | ||||||||
22,850 | Korea Line Corp.* | 63,946 | ||||||||
1,596 | Korea Petrochemical Ind Co., Ltd.* | 337,918 | ||||||||
4,542 | Korea Shipbuilding & Offshore Engineering Co., Ltd.* | 453,656 | ||||||||
988 | Korea Zinc Co., Ltd.* | 365,168 | ||||||||
7,058 | Korean Air Lines Co., Ltd.* | 176,726 | ||||||||
41,339 | Korean Reinsurance Co.* | 300,253 | ||||||||
172 | Kumho Petrochemical Co., Ltd.* | 22,959 | ||||||||
33,269 | Kumho Tire Co., Inc.* | 115,919 | ||||||||
4,934 | LG Chem, Ltd.* | 3,742,627 | ||||||||
2,708 | LG Corp.* | 218,126 | ||||||||
39,598 | LG Display Co., Ltd. | 676,188 | ||||||||
17,609 | LG Electronics, Inc. | 2,188,360 | ||||||||
813 | LG Hausys, Ltd.* | 58,376 | ||||||||
6,945 | LG Household & Health Care, Ltd.* | 10,357,084 | ||||||||
9,538 | LG Innotek Co., Ltd.* | 1,602,398 | ||||||||
4,910 | LG International Corp.* | 111,642 | ||||||||
35,705 | LG Uplus Corp.* | 386,204 | ||||||||
1,034 | LIG Nex1 Co., Ltd.* | 29,032 | ||||||||
2,136 | Lock&Lock Co., Ltd.* | 19,958 | ||||||||
2,379 | Lotte Chemical Corp.* | 604,441 | ||||||||
1,830 | Lotte Chilsung Beverage Co., Ltd.* | 182,781 | ||||||||
482 | Lotte Confectionery Co., Ltd.* | 45,258 | ||||||||
5,740 | Lotte Corp.* | 186,525 | ||||||||
7,115 | Lotte Fine Chemical Co., Ltd.* | 361,547 | ||||||||
4,985 | Lotte Himart Co., Ltd.* | 142,946 | ||||||||
3,654 | Lotte Shopping Co., Ltd.* | 344,780 | ||||||||
5,740 | LS Corp.* | 377,277 | ||||||||
1,230 | LS Electric Co., Ltd.* | 71,447 | ||||||||
14,919 | Meritz Financial Group, Inc.* | 134,728 | ||||||||
7,767 | Meritz Fire & Marine Insurance Co., Ltd.* | 104,389 |
See accompanying Notes to the Schedule of Investments.
148
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
South Korea — continued | ||||||||||
96,530 | Meritz Securities Co., Ltd.* | 325,677 | ||||||||
32,691 | Mirae Asset Daewoo Co., Ltd.* | 284,086 | ||||||||
27,209 | Mirae Asset Life Insurance Co., Ltd.* | 96,433 | ||||||||
33,831 | NAVER Corp.* | 9,109,424 | ||||||||
2,237 | NCSoft Corp.* | 1,917,193 | ||||||||
39,730 | NH Investment & Securities Co., Ltd.* | 413,283 | ||||||||
1,141 | NHN Corp.* | 78,356 | ||||||||
2,544 | NICE Holdings Co., Ltd.* | 45,550 | ||||||||
450 | NongShim Co., Ltd.* | 124,275 | ||||||||
5,227 | OCI Co., Ltd.* | 447,492 | ||||||||
12,241 | Orion Holdings Corp.* | 148,745 | ||||||||
53,377 | Pan Ocean Co., Ltd.* | 246,665 | ||||||||
2,500 | Paradise Co., Ltd.* | 35,211 | ||||||||
9,343 | Poongsan Corp.* | 240,391 | ||||||||
9,949 | POSCO | 2,491,142 | ||||||||
13,167 | Posco International Corp.* | 176,360 | ||||||||
1,276 | S&T Motiv Co., Ltd. | 58,027 | ||||||||
6,346 | Samsung C&T Corp.* | 806,175 | ||||||||
9,609 | Samsung Card Co., Ltd.* | 287,483 | ||||||||
11,000 | Samsung Electro-Mechanics Co., Ltd.* | 1,802,449 | ||||||||
343,065 | Samsung Electronics Co., Ltd. | 25,580,655 | ||||||||
5,855 | Samsung Electronics Co., Ltd., Reg S, GDR(c) | 10,685,375 | ||||||||
4,055 | Samsung Fire & Marine Insurance Co., Ltd.* | 699,910 | ||||||||
11,648 | Samsung Heavy Industries Co., Ltd.* | 75,487 | ||||||||
9,749 | Samsung Life Insurance Co., Ltd.* | 709,883 | ||||||||
20,199 | Samsung Securities Co., Ltd.* | 752,140 | ||||||||
1,186 | Sebang Global Battery Co., Ltd.* | 75,224 | ||||||||
9,000 | Seegene, Inc. | 1,599,006 | ||||||||
165,594 | Shinhan Financial Group Co., Ltd. | 4,885,656 | ||||||||
2,572 | Shinsegae, Inc.* | 567,057 | ||||||||
941 | Shinyoung Securities Co., Ltd. | 45,651 | ||||||||
5,499 | SK Discovery Co., Ltd.* | 332,582 | ||||||||
1,422 | SK Gas, Ltd.* | 136,794 | ||||||||
2,130 | SK Holdings Co., Ltd. | 471,569 | ||||||||
13,413 | SK Hynix, Inc. | 1,463,169 | ||||||||
2,057 | SK Innovation Co., Ltd.* | 359,781 | ||||||||
56,615 | SK Networks Co., Ltd.* | 253,029 | ||||||||
6,679 | SL Corp.* | 99,911 | ||||||||
985 | Solus Advanced Materials Co., Ltd.* | 44,929 | ||||||||
8,544 | Soulbrain Co., Ltd.* | 2,141,702 | ||||||||
151 | Taekwang Industrial Co., Ltd.* | 111,342 | ||||||||
6,008 | Taeyoung Engineering & Construction Co., Ltd.* | 65,262 | ||||||||
6,722 | Tongyang Life Insurance Co., Ltd.* | 21,782 | ||||||||
3,499 | TY Holdings Co., Ltd.* | 89,222 | ||||||||
95,443 | Woori Financial Group, Inc. | 854,884 | ||||||||
154 | Young Poong Corp.* | 76,270 | ||||||||
11,364 | Youngone Corp. | 331,620 | ||||||||
928 | Youngone Holdings Co., Ltd.* | 32,249 | ||||||||
20,175 | Yuanta Securities Korea Co., Ltd.* | 56,738 | ||||||||
|
| |||||||||
Total South Korea | 146,560,780 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
149
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Spain — 0.0% | ||||||||||
16,331 | CEMEX Latam Holdings SA* | 22,115 | ||||||||
|
| |||||||||
Taiwan — 15.0% | ||||||||||
822,000 | Acer, Inc. | 691,875 | ||||||||
92,000 | Aerospace Industrial Development Corp. | 94,953 | ||||||||
16,991 | Arcadyan Technology Corp. | 56,721 | ||||||||
74,000 | Ardentec Corp. | 101,790 | ||||||||
264,000 | ASE Technology Holding Co., Ltd. | 763,869 | ||||||||
378,000 | Asia Cement Corp. | 581,166 | ||||||||
32,000 | Asia Optical Co., Inc. | 84,163 | ||||||||
34,000 | Asia Vital Components Co., Ltd. | 79,984 | ||||||||
571,000 | Asustek Computer, Inc. | 5,090,594 | ||||||||
2,760,000 | AU Optronics Corp.* | 1,375,187 | ||||||||
71,000 | Brighton-Best International Taiwan, Inc.* | 69,615 | ||||||||
537,140 | Capital Securities Corp. | 259,031 | ||||||||
201,960 | Career Technology MFG. Co., Ltd. | 251,210 | ||||||||
130,000 | Catcher Technology Co., Ltd. | 953,093 | ||||||||
1,987,058 | Cathay Financial Holding Co., Ltd. | 2,987,871 | ||||||||
231,000 | Cathay Real Estate Development Co., Ltd. | 163,602 | ||||||||
445,290 | Chang Hwa Commercial Bank, Ltd. | 284,467 | ||||||||
27,000 | Charoen Pokphand Enterprise | 69,571 | ||||||||
211,000 | Cheng Loong Corp. | 255,321 | ||||||||
69,000 | Cheng Shin Rubber Industry Co., Ltd. | 108,173 | ||||||||
163,000 | Cheng Uei Precision Industry Co., Ltd. | 273,233 | ||||||||
35,110 | Chicony Electronics Co., Ltd. | 107,712 | ||||||||
90,000 | Chilisin Electronics Corp. | 358,744 | ||||||||
906,000 | China Airlines, Ltd.* | 388,544 | ||||||||
266,000 | China Bills Finance Corp. | 141,056 | ||||||||
2,400,000 | China Development Financial Holding Corp. | 794,363 | ||||||||
905,595 | China Life Insurance Co., Ltd. | 715,503 | ||||||||
294,260 | China Man-Made Fiber Corp.* | 117,293 | ||||||||
70,800 | China Motor Corp.* | 127,499 | ||||||||
460,950 | China Petrochemical Development Corp. | 191,119 | ||||||||
13,000 | China Steel Chemical Corp. | 50,199 | ||||||||
1,539,000 | China Steel Corp. | 1,355,621 | ||||||||
238,000 | Chipbond Technology Corp. | 562,431 | ||||||||
264,944 | ChipMOS Technologies, Inc. | 323,896 | ||||||||
26,000 | Chong Hong Construction Co., Ltd. | 74,027 | ||||||||
1,334,000 | Compal Electronics, Inc. | 982,767 | ||||||||
79,000 | Compeq Manufacturing Co., Ltd. | 122,304 | ||||||||
178,000 | Coretronic Corp. | 256,883 | ||||||||
2,539,000 | CTBC Financial Holding Co., Ltd. | 1,780,137 | ||||||||
80,000 | CTCI Corp. | 108,762 | ||||||||
1,517,000 | Delta Electronics, Inc. | 14,199,267 | ||||||||
1,080,000 | E Ink Holdings, Inc. | 1,760,410 | ||||||||
6,601,799 | E.Sun Financial Holding Co., Ltd. | 6,003,131 | ||||||||
322,100 | Elite Material Co., Ltd. | 1,799,762 | ||||||||
7,688 | Ennoconn Corp. | 68,677 | ||||||||
77,000 | EnTie Commercial Bank Co., Ltd. | 44,121 |
See accompanying Notes to the Schedule of Investments.
150
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Taiwan — continued | ||||||||||
115,000 | Epistar Corp.* (b) | 169,443 | ||||||||
128,740 | Eternal Materials Co., Ltd. | 167,466 | ||||||||
741,208 | Eva Airways Corp. | 346,889 | ||||||||
236,000 | Evergreen International Storage & Transport Corp. | 170,083 | ||||||||
750,060 | Evergreen Marine Corp. Taiwan, Ltd.* | 1,086,463 | ||||||||
180,000 | Everlight Electronics Co., Ltd. | 270,339 | ||||||||
435,000 | Far Eastern Department Stores, Ltd. | 371,557 | ||||||||
1,054,504 | Far Eastern International Bank | 407,195 | ||||||||
476,000 | Far Eastern New Century Corp. | 490,433 | ||||||||
29,000 | Far EasTone Telecommunications Co., Ltd. | 63,165 | ||||||||
135,000 | Farglory Land Development Co., Ltd. | 270,500 | ||||||||
55,000 | Feng Hsin Steel Co., Ltd. | 139,174 | ||||||||
642,082 | First Financial Holding Co., Ltd. | 487,880 | ||||||||
45,000 | FLEXium Interconnect, Inc. | 193,786 | ||||||||
33,000 | Formosa Advanced Technologies Co., Ltd. | 44,395 | ||||||||
274,000 | Formosa Chemicals & Fibre Corp. | 825,959 | ||||||||
35,000 | Formosa Petrochemical Corp. | 124,315 | ||||||||
135,000 | Formosa Plastics Corp. | 463,165 | ||||||||
7,000 | Formosa Sumco Technology Corp. | 33,632 | ||||||||
263,000 | Formosa Taffeta Co., Ltd. | 290,631 | ||||||||
278,000 | Foxconn Technology Co., Ltd. | 528,337 | ||||||||
831,000 | Fubon Financial Holding Co., Ltd. | 1,382,634 | ||||||||
7,000 | Fusheng Precision Co., Ltd. | 43,224 | ||||||||
3,000 | Genius Electronic Optical Co., Ltd. | 61,644 | ||||||||
48,000 | Getac Technology Corp. | 83,536 | ||||||||
23,000 | Giant Manufacturing Co., Ltd. | 225,105 | ||||||||
583,000 | Gigabyte Technology Co., Ltd. | 1,614,257 | ||||||||
2,000 | Globalwafers Co., Ltd. | 50,395 | ||||||||
51,000 | Gold Circuit Electronics, Ltd.* | 91,661 | ||||||||
131,000 | Grand Pacific Petrochemical* | 110,728 | ||||||||
5,000 | Grape King Bio, Ltd. | 31,586 | ||||||||
80,298 | Great Wall Enterprise Co., Ltd. | 145,175 | ||||||||
45,000 | Greatek Electronics, Inc. | 89,686 | ||||||||
137,274 | Hannstar Board Corp. | 211,788 | ||||||||
801,000 | HannStar Display Corp.* | 350,641 | ||||||||
63,800 | Highwealth Construction Corp. | 104,108 | ||||||||
9,000 | Hiwin Technologies Corp. | 123,158 | ||||||||
16,000 | Holy Stone Enterprise Co., Ltd. | 66,339 | ||||||||
3,930,200 | Hon Hai Precision Industry Co., Ltd. | 12,868,475 | ||||||||
17,000 | Hota Industrial Manufacturing Co., Ltd. | 63,225 | ||||||||
471,060 | Hua Nan Financial Holdings Co., Ltd. | 305,959 | ||||||||
32,000 | Huaku Development Co., Ltd. | 99,993 | ||||||||
64,704 | Hung Sheng Construction, Ltd. | 45,135 | ||||||||
892,740 | IBF Financial Holdings Co., Ltd. | 408,275 | ||||||||
2,426,000 | Innolux Corp.* | 1,217,403 | ||||||||
309,809 | International CSRC Investment Holdings Co. | 285,574 | ||||||||
247,000 | Inventec Corp. | 210,976 | ||||||||
424,614 | Jih Sun Financial Holdings Co., Ltd. | 190,410 | ||||||||
79,040 | Kenda Rubber Industrial Co., Ltd. | 98,315 |
See accompanying Notes to the Schedule of Investments.
151
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Taiwan — continued | ||||||||||
19,000 | Kerry TJ Logistics Co., Ltd. | 30,294 | ||||||||
80,000 | Kindom Development Co., Ltd. | 95,808 | ||||||||
4,000 | King Slide Works Co., Ltd. | 42,281 | ||||||||
176,000 | King Yuan Electronics Co., Ltd. | 217,667 | ||||||||
370,000 | King’s Town Bank Co., Ltd. | 510,926 | ||||||||
493,000 | Kinpo Electronics | 213,181 | ||||||||
123,000 | Kinsus Interconnect Technology Corp. | 354,143 | ||||||||
3,000 | Largan Precision Co., Ltd. | 341,127 | ||||||||
178,000 | Lite-On Technology Corp., ADR | 315,481 | ||||||||
270,327 | Longchen Paper & Packaging Co., Ltd. | 223,685 | ||||||||
88,000 | Lotes Co., Ltd. | 1,486,084 | ||||||||
12,000 | Lotus Pharmaceutical Co., Ltd.* | 34,166 | ||||||||
26,000 | Lung Yen Life Service Corp. | 48,950 | ||||||||
119,000 | Macronix International | 179,148 | ||||||||
8,000 | Marketech International Corp. | 33,170 | ||||||||
561,000 | MediaTek, Inc. | 14,914,478 | ||||||||
1,015,000 | Mega Financial Holding Co., Ltd. | 1,076,482 | ||||||||
161,128 | Mercuries & Associates Holding, Ltd. | 118,704 | ||||||||
489,782 | Mercuries Life Insurance Co., Ltd.* | 150,257 | ||||||||
929,200 | Micro-Star International Co., Ltd. | 4,381,771 | ||||||||
47,000 | Nan Kang Rubber Tire Co., Ltd. | 70,170 | ||||||||
180,000 | Nan Ya Plastics Corp. | 460,602 | ||||||||
19,000 | Nan Ya Printed Circuit Board Corp.* | 123,069 | ||||||||
44,000 | Nantex Industry Co., Ltd. | 95,679 | ||||||||
50,000 | Nanya Technology Corp. | 154,459 | ||||||||
597,000 | Novatek Microelectronics Corp. | 7,840,167 | ||||||||
517,726 | O-Bank Co., Ltd. | 127,690 | ||||||||
291,000 | Pegatron Corp. | 697,000 | ||||||||
285,000 | Phison Electronics Corp. | 3,372,571 | ||||||||
10,000 | Pixart Imaging, Inc. | 68,332 | ||||||||
705,000 | Pou Chen Corp. | 787,850 | ||||||||
66,000 | Powertech Technology, Inc. | 222,913 | ||||||||
121,380 | President Securities Corp. | 79,486 | ||||||||
58,000 | Primax Electronics, Ltd. | 100,630 | ||||||||
378,000 | Prince Housing & Development Corp. | 154,708 | ||||||||
626,000 | Qisda Corp., ADR | 644,982 | ||||||||
107,000 | Quanta Computer, Inc. | 308,075 | ||||||||
421,200 | Radiant Opto-Electronics Corp. | 1,708,905 | ||||||||
245,000 | Realtek Semiconductor Corp. | 3,404,958 | ||||||||
25,000 | Ruentex Industries, Ltd. | 62,015 | ||||||||
85,000 | Sanyang Motor Co., Ltd. | 107,997 | ||||||||
31,000 | Sercomm Corp. | 86,056 | ||||||||
172,000 | Shanghai Commercial & Savings Bank, Ltd. (The) | 251,591 | ||||||||
95,000 | Shihlin Electric & Engineering Corp. | 171,756 | ||||||||
2,258,574 | Shin Kong Financial Holding Co., Ltd. | 708,166 | ||||||||
24,990 | Shin Zu Shing Co., Ltd. | 117,844 | ||||||||
508,000 | Shinkong Synthetic Fibers Corp. | 257,634 | ||||||||
43,342 | Sigurd Microelectronics Corp. | 69,799 | ||||||||
12,000 | Simplo Technology Co., Ltd. | 149,477 |
See accompanying Notes to the Schedule of Investments.
152
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Taiwan — continued | ||||||||||
33,000 | Sino-American Silicon Products, Inc. | 208,467 | ||||||||
1,717,480 | SinoPac Financial Holdings Co., Ltd. | 699,877 | ||||||||
34,000 | Sinyi Realty, Inc. | 35,212 | ||||||||
18,000 | Standard Foods Corp. | 39,270 | ||||||||
127,000 | Synnex Technology International Corp. | 212,435 | ||||||||
5,000 | Systex Corp. | 15,606 | ||||||||
413,719 | TA Chen Stainless Pipe | 460,866 | ||||||||
1,259,098 | Taichung Commercial Bank Co., Ltd. | 486,199 | ||||||||
1,551,655 | Taishin Financial Holding Co., Ltd. | 731,704 | ||||||||
1,613,939 | Taiwan Business Bank | 558,888 | ||||||||
1,726,929 | Taiwan Cement Corp. | 2,655,112 | ||||||||
893,097 | Taiwan Cooperative Financial Holding Co., Ltd. | 646,826 | ||||||||
397,000 | Taiwan Glass Industry Corp.* | 275,518 | ||||||||
81,000 | Taiwan Hon Chuan Enterprise Co., Ltd. | 173,831 | ||||||||
33,000 | Taiwan Paiho, Ltd. | 86,910 | ||||||||
1,932,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 36,442,451 | ||||||||
497,725 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 54,271,934 | ||||||||
28,280 | Taiwan Shin Kong Security Co., Ltd. | 37,189 | ||||||||
26,000 | Taiwan Surface Mounting Technology Corp. | 119,368 | ||||||||
18,000 | Taiwan Union Technology Corp. | 77,514 | ||||||||
52,000 | Tatung Co., Ltd.* | 48,950 | ||||||||
6,000 | TCI Co., Ltd. | 43,010 | ||||||||
595,000 | Teco Electric and Machinery Co., Ltd. | 585,513 | ||||||||
330,000 | Ton Yi Industrial Corp.* | 139,174 | ||||||||
11,332 | Tong Hsing Electronic Industries, Ltd. | 71,385 | ||||||||
100,000 | Tong Yang Industry Co., Ltd. | 138,800 | ||||||||
25,000 | Topco Scientific Co., Ltd. | 106,324 | ||||||||
20,000 | Transcend Information, Inc. | 46,267 | ||||||||
353,000 | Tripod Technology Corp. | 1,488,736 | ||||||||
170,000 | TSRC Corp. | 140,971 | ||||||||
17,000 | TTY Biopharm Co., Ltd. | 41,505 | ||||||||
339,000 | Tung Ho Steel Enterprise Corp. | 440,369 | ||||||||
49,000 | TXC Corp. | 130,618 | ||||||||
212,000 | U-Ming Marine Transport Corp. | 278,411 | ||||||||
2,377,000 | Uni-President Enterprises Corp. | 5,710,282 | ||||||||
80,000 | Unimicron Technology Corp. | 248,843 | ||||||||
652,247 | Union Bank Of Taiwan | 249,543 | ||||||||
453,000 | United Microelectronics Corp. | 760,159 | ||||||||
149,887 | UPC Technology Corp. | 102,421 | ||||||||
353,780 | USI Corp. | 284,555 | ||||||||
61,000 | Wafer Works Corp. | 92,918 | ||||||||
28,000 | Wah Lee Industrial Corp. | 75,735 | ||||||||
879,000 | Walsin Lihwa Corp. | 603,769 | ||||||||
19,000 | Walsin Technology Corp. | 155,865 | ||||||||
54,000 | Wan Hai Lines, Ltd. | 101,666 | ||||||||
960,000 | Winbond Electronics Corp. | 992,526 | ||||||||
806,447 | Wistron Corp. | 889,738 | ||||||||
41,560 | Wistron NeWeb Corp. | 114,927 | ||||||||
390,720 | WPG Holdings, Ltd. | 596,551 |
See accompanying Notes to the Schedule of Investments.
153
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Taiwan — continued | ||||||||||
159,000 | WT Microelectronics Co., Ltd. | 228,048 | ||||||||
9,000 | Yageo Corp. | 165,919 | ||||||||
214,000 | Yang Ming Marine Transport Corp.* | 222,774 | ||||||||
527,000 | YFY, Inc. | 552,358 | ||||||||
318,331 | Yieh Phui Enterprise Co., Ltd.* | 154,079 | ||||||||
1,532,960 | Yuanta Financial Holding Co., Ltd. | 1,121,159 | ||||||||
16,610 | Yulon Finance Corp. | 59,410 | ||||||||
276,556 | Yulon Motor Co., Ltd.* | 461,616 | ||||||||
|
| |||||||||
Total Taiwan | 237,606,384 | |||||||||
|
| |||||||||
Thailand — 0.7% | ||||||||||
606,100 | AP Thailand PCL Class F | 146,670 | ||||||||
427,600 | Bangchak Corp. PCL Class F | 285,447 | ||||||||
50,100 | Bangkok Bank PCL, NVDR | 198,159 | ||||||||
876,200 | Bangkok Land PCL Class F | 34,217 | ||||||||
356,000 | Bangkok Life Assurance PCL, NVDR | 249,533 | ||||||||
2,251,000 | Banpu PCL Class F | 826,469 | ||||||||
46,300 | Berli Jucker PCL Class F | 53,703 | ||||||||
69,300 | CH Karnchang PCL Class F | 38,397 | ||||||||
187,800 | Charoen Pokphand Foods PCL Class F | 167,679 | ||||||||
173,300 | Hana Microelectronics PCL Class F | 229,929 | ||||||||
308,800 | Indorama Ventures PCL Class F | 381,362 | ||||||||
2,165,000 | IRPC PCL Class F | 268,818 | ||||||||
98,600 | Kasikornbank PCL, NVDR | 371,889 | ||||||||
195,300 | Kasikornbank PCL Class F | 743,131 | ||||||||
121,500 | Kiatnakin Phatra Bank PCL Class F | 209,867 | ||||||||
499,600 | Krung Thai Bank PCL Class F | 185,099 | ||||||||
139,600 | MBK PCL Class F | 58,710 | ||||||||
279,878 | Minor International PCL Class F* | 240,549 | ||||||||
282,200 | Pruksa Holding PCL Class F | 117,740 | ||||||||
219,500 | PTT Exploration & Production PCL Class F | 719,822 | ||||||||
331,800 | PTT Global Chemical PCL Class F | 647,874 | ||||||||
866,300 | PTT PCL Class F | 1,228,897 | ||||||||
2,621,900 | Quality Houses PCL Class F | 201,281 | ||||||||
34,500 | Siam Cement PCL (The) Class F | 435,280 | ||||||||
11,300 | Siam City Cement PCL Class F | 51,107 | ||||||||
140,300 | Siam Commercial Bank PCL (The) Class F | 409,755 | ||||||||
161,100 | Sri Trang Agro-Industry PCL Class F | 142,495 | ||||||||
594,200 | Star Petroleum Refining PCL Class F | 159,657 | ||||||||
746,200 | Supalai PCL Class F | 510,584 | ||||||||
2,456,200 | Super Energy Corp. PCL Class F* | 78,703 | ||||||||
64,600 | Thai Airways International PCL Class F* | 6,814 | ||||||||
333,600 | Thai Oil PCL Class F | 579,012 | ||||||||
265,400 | Thai Union Group PCL Class F | 120,475 | ||||||||
125,500 | Thanachart Capital PCL Class F | 144,518 | ||||||||
7,900 | Tisco Financial Group PCL Class F | 23,336 | ||||||||
7,275,336 | TMB Bank PCL Class F | 259,833 | ||||||||
1,481,600 | TPI Polene PCL Class F | 90,993 | ||||||||
523,700 | TPI Polene Power PCL Class F | 74,814 |
See accompanying Notes to the Schedule of Investments.
154
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Thailand — continued | ||||||||||
1,538,800 | True Corp. PCL Class F | 176,685 | ||||||||
50,400 | Vinythai PCL Class F | 53,832 | ||||||||
1,389,900 | WHA Corp. PCL Class F | 141,031 | ||||||||
|
| |||||||||
Total Thailand | 11,064,166 | |||||||||
|
| |||||||||
Turkey — 0.6% | ||||||||||
416,937 | Akbank T.A.S.* | 388,749 | ||||||||
17,871 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 55,735 | ||||||||
7,339 | Arcelik AS* | 30,018 | ||||||||
2,040,492 | Aselsan Elektronik Sanayi Ve Ticaret AS | 5,010,290 | ||||||||
150,282 | BIM Birlesik Magazalar AS | 1,526,578 | ||||||||
174,409 | Dogan Sirketler Grubu Holding AS | 72,040 | ||||||||
42,063 | Enka Insaat ve Sanayi AS | 41,709 | ||||||||
67,443 | Eregli Demir ve Celik Fabrikalari TAS | 135,476 | ||||||||
23,713 | KOC Holding AS | 67,382 | ||||||||
13,178 | Koza Anadolu Metal Madencilik Isletmeleri AS* | 27,464 | ||||||||
863 | Pegasus Hava Tasimaciligi AS* | 8,662 | ||||||||
16,306 | Selcuk Ecza Deposu Ticaret ve Sanayi AS | 29,946 | ||||||||
9,675 | TAV Havalimanlari Holding AS | 27,727 | ||||||||
25,495 | Tekfen Holding AS | 56,907 | ||||||||
179,250 | Turk Hava Yollari AO* | 311,351 | ||||||||
143,986 | Turkiye Garanti Bankasi AS* | 200,893 | ||||||||
226,963 | Turkiye Halk Bankasi AS* | 169,783 | ||||||||
190,164 | Turkiye Is Bankasi AS Class C* | 179,098 | ||||||||
296,021 | Turkiye Sise ve Cam Fabrikalari AS | 291,142 | ||||||||
133,817 | Turkiye Vakiflar Bankasi TAO Series D* | 84,800 | ||||||||
9,434 | Vestel Elektronik Sanayi ve Ticaret AS* | 26,731 | ||||||||
421,480 | Yapi ve Kredi Bankasi AS* | 174,660 | ||||||||
|
| |||||||||
Total Turkey | 8,917,141 | |||||||||
|
| |||||||||
United Kingdom — 1.9% | ||||||||||
330,533 | GlaxoSmithKline Plc | 6,063,449 | ||||||||
286,562 | Mondi Plc | 6,735,552 | ||||||||
502,303 | Network International Holdings Plc* | 2,242,510 | ||||||||
255,954 | Polymetal International Plc | 5,893,664 | ||||||||
140,991 | Unilever Plc | 8,550,435 | ||||||||
|
| |||||||||
Total United Kingdom | 29,485,610 | |||||||||
|
| |||||||||
United States — 3.0% | ||||||||||
76,087 | Colgate-Palmolive Co. | 6,506,199 | ||||||||
45,660 | Johnson & Johnson | 7,185,971 | ||||||||
6,982 | MercadoLibre, Inc.* | 11,696,386 | ||||||||
20,738 | Microsoft Corp. | 4,612,546 | ||||||||
50,471 | PepsiCo, Inc. | 7,484,849 | ||||||||
28,085 | Waters Corp.* | 6,948,791 | ||||||||
47,253 | Yum China Holdings, Inc. | 2,697,674 | ||||||||
|
| |||||||||
Total United States | 47,132,416 | |||||||||
|
| |||||||||
TOTAL COMMON STOCKS (COST $1,196,845,403) | 1,487,009,969 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
155
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
PREFERRED STOCKS — 2.3% | ||||||||||
Brazil — 1.1% | ||||||||||
1,857,269 | Banco Bradesco SA, 2.57% | 9,704,340 | ||||||||
227,144 | Gerdau SA, 1.14% | 1,069,206 | ||||||||
155,856 | Itau Unibanco Holding SA, 4.07% | 949,083 | ||||||||
760,902 | Petroleo Brasileiro SA, 0.00% | 4,151,546 | ||||||||
295,900 | Usinas Siderurgicas de Minas Gerais SA, 0.26% Series A | 832,294 | ||||||||
|
| |||||||||
Total Brazil | 16,706,469 | |||||||||
|
| |||||||||
Colombia — 0.0% | ||||||||||
15,537 | Grupo Argos SA, 3.57% | 47,694 | ||||||||
11,465 | Grupo de Inversiones Suramericana SA, 2.88% | 73,741 | ||||||||
|
| |||||||||
Total Colombia | 121,435 | |||||||||
|
| |||||||||
South Korea — 1.2% | ||||||||||
277,697 | Samsung Electronics Co., Ltd., 1.33% | 18,814,783 | ||||||||
|
| |||||||||
TOTAL PREFERRED STOCKS (COST $26,376,336) | 35,642,687 | |||||||||
|
| |||||||||
RIGHTS — 0.0% | ||||||||||
Hong Kong — 0.0% | ||||||||||
6,315 | Legend Holdings Corp., Class H* (b) (d) | — | ||||||||
|
| |||||||||
TOTAL RIGHTS (COST $—) | — | |||||||||
|
| |||||||||
WARRANT — 0.0% | ||||||||||
Thailand — 0.0% | ||||||||||
5,584 | MBK PCL Expires 11/15/2023* | 1,752 | ||||||||
|
| |||||||||
TOTAL WARRANT (COST $—) | 1,752 | |||||||||
|
| |||||||||
Par Value ($) | Description | Value ($) | ||||||||
SHORT-TERM INVESTMENT — 0.3% | ||||||||||
Mutual Fund - Securities Lending Collateral — 0.3% | ||||||||||
4,813,638 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e) (f) | 4,813,638 | ||||||||
|
| |||||||||
TOTAL SHORT-TERM INVESTMENT (COST $4,813,638) | 4,813,638 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS — 96.4% (Cost $1,228,035,377) | 1,527,468,046 | |||||||||
Other Assets and Liabilities (net) — 3.6% | 57,061,055 | |||||||||
|
| |||||||||
NET ASSETS — 100.0% | $1,584,529,101 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
156
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Notes to Schedule of Investments: | ||||||||||
* | Non-income producing security. | |||||||||
(a) | All or a portion of this security is out on loan. | |||||||||
(b) | Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $2,498,004 which represents 0.2% of net assets. The aggregate tax cost of these securities held at December 31, 2020 was $2,302,195. | |||||||||
(c) | 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. | |||||||||
(d) | Level 3 — significant unobservable inputs were used in determining the value of this portfolio security. | |||||||||
(e) | The rate disclosed is the 7-day net yield as of December 31, 2020. | |||||||||
(f) | Represents an investment of securities lending cash collateral. | |||||||||
144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $9,785,079 which represents 0.6% of net assets. |
See accompanying Notes to the Schedule of Investments.
157
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Futures Contracts
Number of | Description | Expiration Date | Notional | Market Value/ | ||||||||||||||
Buys | ||||||||||||||||||
847 | MSCI Emerging Markets E-mini Index | Mar 2021 | $ | 54,555,270 | $ | 1,197,186 | ||||||||||||
|
|
Other Abbreviations
ADR | — American Depository Receipt |
GDR | — Global Depository Receipt |
NVDR | — Non-Voting Depository Receipt |
See accompanying Notes to the Schedule of Investments.
158
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Industry Sector Summary (Unaudited) | % of Net Assets | ||||
Financial | 21.2 | ||||
Technology | 17.8 | ||||
Communications | 17.1 | ||||
Consumer, Non-cyclical | 11.5 | ||||
Industrial | 9.0 | ||||
Consumer, Cyclical | 8.5 | ||||
Basic Materials | 5.4 | ||||
Energy | 4.7 | ||||
Utilities | 0.7 | ||||
Diversified | 0.2 | ||||
Short-Term Investment | 0.3 | ||||
Other Assets and Liabilities (net) | 3.6 | ||||
|
| ||||
100.0 | % | ||||
|
|
See accompanying Notes to the Schedule of Investments.
159