Mercer Funds

N-CSR 1 d709955dncsr.htm MERCER FUNDS Mercer Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:

811-21732

Mercer Funds

(Exact Name of Registrant as Specified in Charter)

99 High Street

Boston, MA 02110

(Address of Principal Executive Offices)(Zip Code)

Scott M. Zoltowski, Esq.

Mercer Investment Management, Inc.

99 High Street

Boston, MA 02110

(Name and Address of Agent for Service)

Registrant’s Telephone Number, including Area Code:

(617) 747-9500

Date of Fiscal Year End: March 31, 2014

Date of Reporting Period: March 31, 2014

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

LOGO

Mercer Funds^™

Annual Report

Mercer US Large Cap Growth Equity Fund

Mercer US Large Cap Value Equity Fund

Mercer US Small/Mid Cap Growth Equity Fund

Mercer US Small/Mid Cap Value Equity Fund

Mercer Non-US Core Equity Fund

Mercer Core Fixed Income Fund (formerly known as Mercer Core Opportunistic Fixed Income Fund)

Mercer Opportunistic Fixed Income Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

This report has been prepared for Mercer Funds shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Mercer Funds prospectus. The prospectus contains more complete information about the Funds’ investment objectives, risks, and expenses. Investors are reminded to read the prospectus carefully before investing.

March 31, 2014

MERCER FUNDS

TABLE OF CONTENTS


		Page

Management’s Discussion of Fund Performance		1

Schedules of Investments		28

Statements of Assets and Liabilities		143

Statements of Operations		147

Statements of Changes in Net Assets		150

Financial Highlights		155

Notes to the Financial Statements		164

Report of Independent Registered Public Accounting Firm		204

Additional Information		205

Understanding Your Fund’s Expenses		220

Trustees and Officers		223

Mercer US Large Cap Growth Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is long-term total return, which includes capital appreciation and income. The benchmark for the Fund is the Russell 1000^® Growth Index.

Investment Strategy

The Fund invests principally in equity securities issued by large capitalization U.S. companies. The companies will generally have higher earnings and/or revenue growth histories or expectations relative to the Russell 1000^® Growth Index.

Performance

For the fiscal year ended March 31, 2014, the Fund’s Y-3 share class performance was 23.99% compared to its benchmark return of 23.22%. Performance for the Fund is reported net of operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2014, the Fund employed four sub-advisors, Atlanta Capital Management Company, LLC (Atlanta), Neuberger Berman Management LLC (Neuberger Berman), Sands Capital Management, LLC (Sands) and Winslow Capital Management, LLC (Winslow). Atlanta manages its allocated portion of the Fund using high quality securities as a key part of their selection criteria. The firm seeks companies that have a demonstrated history of consistent growth (typically greater than 8%) and earnings stability. Neuberger Berman uses a fundamental process to identify companies with accelerating earnings while seeking to avoid those companies with decelerating earnings. Sands manages a concentrated portfolio using a fundamental, bottom-up approach to identify leading companies in various industries. Winslow manages a portfolio of securities across a range of market capitalizations, earnings growth, market valuations and industry sectors.

Market Commentary and Fund Performance

For the Fund’s fiscal year, the market, as measured by the Russell 3000 Index, rose 22.61%, which exceeded expectations for the period, given the already strong four-year performance coming into the fiscal year. Overall, the fiscal year rewarded economically sensitive stocks, but began with more defensive sectors such as utilities, staples and telecommunications in favor. It wasn’t until the Federal Reserve (Fed) provided guidance in May 2013 on the winding down of asset purchases through its quantitative easing program that more cyclical (i.e., economically sensitive), or at least, non-defensive stocks returned to favor. Bond markets tended to react negatively to the Fed’s guidance leading to a sell off and likewise, bond proxies (i.e., high dividend yielding stocks) within equities also experienced a sharp decline. While economic growth was weak in the first half of 2013, it did nothing to deter the consensus view, as represented by a Bloomberg poll of economists, that predicted 2.5% growth in the second half of the year. Indeed, by the end of the calendar year, U.S. GDP growth was 2.6%. The markets rose largely on valuation expansion, evidence of an improved growth outlook. However, political and economic risks remain and the withdrawal of the Fed’s support is expected to increase the volatility of equity markets. Despite the risks, we expect stronger global growth for the next fiscal year driven by Europe and emerging markets, which will help the U.S. economy and we expect earnings growth to grow at a similar pace as the economy, which will support the current level of the markets.

Among major U.S. equity indices, smaller cap and growth indices outperformed. The best performing index for the fiscal year among 62 U.S. indices was the Russell Microcap^® Growth Index and the worst was the Russell Top 200^® Value-Defensive™ Index. In addition, cyclical stocks, outperformed on the fiscal year and this is evident in sector performance as industrials, technology and consumer discretionary sectors outperformed.

Within the Russell 1000^® Growth Index, the best performing sectors for the fiscal year were health care, industrials, and consumer discretionary, posting gains of 31.1%, 27.6%, and 26.2% respectively. All ten sectors generated positive returns, with financials, utilities, staples and telecommunications lagging on the year, posting returns of 16.2%, 14.0%, 9.4%, and 4.9%, respectively.

Mercer US Large Cap Growth Equity Fund

The Mercer U.S. Large Cap Growth Equity Fund outperformed the Russell 1000^® Growth Index during this fiscal year. The Fund’s bias overall is pro-cyclical, although the Fund does employ more defensive type sub-advisors, and the prior fiscal year was a good market environment for the Fund. On a sector attribution basis, the primary driver of the Fund’s outperformance was stock selection in the technology and consumer discretionary sectors. An underweight position to the consumer staples sector was an additional positive contributor to returns. Notable positive contributors in the technology sector included the holdings Facebook and Google, which advanced 136% and 40%, respectively. An underweight to the holding IBM, a large holding in the Index, was also a source of value for the period. In the consumer discretionary sector, holdings priceline.com and Chipotle Mexican Grill were large positive contributors. Stock selection in the energy and health care sectors were areas of weakness. In the energy sector, Cameron and FMC Technologies were large negative contributors posting returns on the fiscal year of -5.3% and -3.9%, respectively. In the health care sector, the holdings Allergan and Biomarin hampered results.

The Winslow portion of the Fund outperformed the Russell 1000^® Growth Index for the fiscal year. Stock selection in the consumer discretionary sector and an underweight position in the consumer staples sector added value. In the consumer discretionary sector, holdings priceline.com, BestBuy and Wynn Resorts were notable positive contributors. Stock selection in the health care sector detracted from results. The Sands portion of the Fund outperformed the Index. The primary driver of outperformance was stock selection in the technology and consumer discretionary sectors. In the technology sector, holdings Facebook, Baidu and Splunk were significant positive contributors to excess return. In the consumer discretionary sector, priceline.com and Chipotle Mexican Grill helped results. In the energy sector, FMC Technologies and National Oilwell Varco hampered returns over the fiscal year. Atlanta Capital underperformed on the year, which was not an unexpected result for this more “core growth” oriented sub-advisor. The primary driver of underperformance was stock selection in the energy and industrials sectors. Good stock selection in the financials sector was able to partially offset some of the underperformance. Neuberger Berman underperformed the benchmark for the fiscal year. Overall, this more defensively positioned sub-advisor was in a poor market environment to outperform. Stock selection in the energy sector and an overweight position to the consumer staples sector were the primary drivers of underperformance for the period. Good stock selection in the technology and financials sectors helped results.

Risk Considerations

The Fund invests in growth stocks which may be particularly sensitive to market conditions. The Fund may experience high portfolio turnover which may result in higher costs and capital gains. The Fund’s volatility may be amplified by its ability to select sub-advisors to allocate assets.

Mercer Funds

March 31, 2014

Comparison of Change in Value of a $10,000 Investment in

Mercer US Large Cap Growth Equity Shares vs. the

Russell 1000^® Growth Index

As of March 31, 2014

LOGO

This graph shows the performance of the Mercer US Large Cap Growth Equity Fund Class Y-3 shares versus the Russell 1000^® Growth Index from August 15, 2005, which is the inception date of the Fund, through March 31, 2014. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

The table and graph assume reinvestment of dividends and capital gains, but do not reflect a deduction of taxes an investor might pay on fund distributions or upon redemption of fund shares. Performance shown reflects a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.

The data quoted represents past performance and does not guarantee future results. Current performance of the Fund may be lower or higher than the performance quoted. Please call 1-866-658-9896 for the Fund’s most recent month-end performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than when purchased.

Mercer US Large Cap Value Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income. The benchmark for the Fund is the Russell 1000^® Value Index.

Investment Strategy

The Fund invests principally in equity securities issued by large capitalization U.S. companies that are considered undervalued based on the stocks’ intrinsic values relative to their current market prices.

Performance

For the fiscal year ended March 31, 2014, the Fund’s Y-3 share class performance was 29.54% compared to its benchmark return of 21.57%. Performance for the Fund is reported net of operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2014, the Fund employed four sub-advisors, Brandywine Global Investment Management, LLC (Brandywine), The Boston Company Asset Management, LLC (TBCAM), Robeco Investment Management, Inc. (Robeco), and O’Shaughnessy Asset Management, LLC (O’Shaughnessy). Brandywine seeks to build portfolios comprised of companies whose valuations are below the market but whose earnings growth prospects are equal or better than the market. The firm favors industry leaders with strong competitive positions and reasonable growth expectations given the team’s view of industry and overall economic conditions. TBCAM’s investment process is driven by bottom-up, fundamental security selection, combining traditional valuation measures with the identification of improving business momentum. Robeco’s process begins with a quantitative analysis that provides a statistical ranking of the investment universe based on valuation, momentum, and fundamental factors. The firm then applies fundamental analysis to those securities that includes validation of the quantitative analysis and fundamental research, including an in-depth review of the issuer’s financials. O’Shaughnessy uses quantitative models in seeking to find the most attractive companies on a shareholder yield basis. This is a combination of dividend yield and share buybacks.

Market Commentary and Fund Performance

Mercer US Large Cap Value Equity Fund

Within the Russell 1000^® Value Index, the best performing sectors for the fiscal year were technology, health care and industrials, posting gains of 32.2%, 28.7%, and 27.2%, respectively. All ten sectors generated positive returns, with telecommunications, utilities and energy lagging the other sectors for the year. These latter sectors posted returns of 5.2%, 9.8% and 12.9%, respectively.

The Mercer U.S. Large Cap Value Equity Fund outperformed the Russell 1000^® Value Index during the fiscal period. On a sector attribution basis, all sectors posted flat to positive performance indicating a good market environment for the Fund. The Fund employs a combination of yield-seeking, low price-to-earnings and relative value sub-advisors that all enjoyed varying degrees of success over the year. The largest sources of excess return were in the financials, industrials and technology sectors. The only negative contributor to returns on a sector attribution basis was cash, which averaged 0.9% of the portfolio over the period, costing the Fund 0.2% in excess return.

O’Shaughnessy’s outperformance was strong over the period. The primary driver of excess returns was stock selection in the consumer discretionary and industrials sectors. There were no sectors where the strategy did not add value over the benchmark. Brandywine outperformed for the fiscal year. The primary driver of excess returns was stock selection in the industrials and financials sectors. In industrials, an overweight position and good stock selection amongst airlines helped results. The holdings American Airlines and Delta Air Lines were significant positive contributors over the period. In financials, insurance holdings MetLife and Lincoln National were positive contributors. Stock selection in the telecommunications and consumer discretionary sectors hampered results. The holdings China Mobile and Toyota Motor were notable detractors. Robeco outperformed for the fiscal year. Good stock selection in the energy, consumer staples and financials sectors helped results. Stock selection in the materials sector hampered results. The Boston Company outperformed for the fiscal year and like Robeco, the pro-cyclical bias of the portfolio was beneficial. Good sector weighting decisions and stock selection in the financials, consumer discretionary and utilities sectors added value over the period. Stock selection in the health care sector hampered results.

Risk Considerations

Value investing involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time. The Fund may invest in derivative instruments such as exchange-listed equity futures contracts which involves special risks and may increase volatility due to the use of leverage and management of these sophisticated type instruments. The Fund may experience high portfolio turnover which may result in higher costs and capital gains. The Fund’s volatility may be amplified by its ability to select sub-advisors to allocate assets.

Mercer Funds

March 31, 2014

Comparison of Change in Value of a $10,000 Investment in

Mercer US Large Cap Value Equity Shares vs. the

Russell 1000^® Value Index

As of March 31, 2014

LOGO

This graph shows the performance of the Mercer US Large Cap Value Equity Fund Class Y-3 shares versus the Russell 1000^® Value Index from August 15, 2005, which is the inception date of the Fund, through March 31, 2014. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

Mercer US Small/Mid Cap Growth Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, comprised primarily of capital appreciation. The benchmark for the Fund is the Russell 2500^® Growth Index.

Investment Strategy

The Fund invests principally in equity securities issued by small-to-medium capitalization U.S. companies. The companies will generally have higher earnings and/or revenue growth histories or expectations relative to the Russell 2500^® Growth Index.

Performance

For the fiscal year ended March 31, 2014, the Fund’s Y-3 share class performance was 22.34% compared to its benchmark return of 26.66%. Performance for the Fund is reported net of operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2014, the Fund employed three sub-advisors, Delaware Investments Fund Advisers (Delaware), Palisade Capital Management, L.L.C. (Palisade), and Westfield Capital Management Company, L.P. (Westfield). Delaware uses a bottom-up fundamental process in seeking to find companies with attractive business models that generate strong free cash flow. They also believe in a concentrated portfolio and will typically hold approximately 25 to 30 holdings. Palisade believes companies with strong or improving prospects for growth generate superior returns. Palisade believes that fundamental research is the basis for identifying superior businesses, and that long term investment success is the result of owning fundamentally strong and dynamic companies trading at a discount to their growth rates. Palisade also believes that identifying a dynamic of change before it appears in consensus estimates leads to superior returns, and that management plays a significant role in the success of a company. Westfield employs a fundamental, bottom-up approach which seeks to identify reasonably priced stocks with high earnings growth potential.

Market Commentary and Fund Performance

Within the Russell 2500^® Growth Index, the best performing sectors for the fiscal year were consumer staples, telecommunications and health care posting gains of 38.9%, 33.6%, and 32.7%, respectively. Lagging sectors for the fiscal year were financials, utilities and materials, posting returns of 13.8%, 14.6%, and 17.3%, respectively.

Mercer US Small/Mid Cap Growth Equity Fund

The Mercer US Small/Mid Cap Growth Equity Fund underperformed the Russell 2500^® Growth Index for the period. The primary driver of underperformance was stock selection in the technology, industrials and consumer discretionary sectors. Notable detractors in the technology sector included the holdings Neustar, Jive Software, and Nuance Communications. In industrials, stock selection among industry grouping road and rail stocks was a significant detractor. In the consumer discretionary sector, a lack of exposure to the security Tesla Motors, which advanced over 180% for the fiscal year was a large negative contributor. An underweight to REITs and good stock selection in the financials sectors helped results.

Palisade underperformed for the fiscal year. The primary driver of underperformance was stock selection in the technology sector. In the technology sector, a significant overweight to, and stock selection among, semi-conductor and software industry stocks were large detractors. A number of mergers and/or acquisitions in the portfolio boosted results. Delaware underperformed the index for the period. Delaware manages a quality-focused, concentrated and high tracking error portfolio with a long term investment horizon, which can result in performance varying significantly from year to year. The primary areas of underperformance were in the technology, consumer discretionary, and industrials sectors. Good stock selection in the financials sector helped to offset some of the underperformance in other sectors. Westfield outperformed for the period. The primary driver of outperformance for the period was stock selection in the financials and technology sectors. In financials, an underweight to REITs as well as good stock selection boosted results. Technology holdings Alliance Data Systems and NXP Semiconductors were significant positive contributors. Stock selection in the energy sector detracted from results. Energy holdings Tesoro and Denbury Resources were notable detractors.

Risk Considerations

The Fund invests in growth stocks which may be particularly sensitive to market conditions. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may invest in derivative instruments such as exchange-listed equity futures contracts which involves special risks and may increase volatility due to the use of leverage and management of these sophisticated type instruments. The Fund may experience high portfolio turnover which may result in higher costs and capital gains. The Fund’s volatility may be amplified by its ability to select sub advisors to allocate assets.

Mercer Funds

March 31, 2014

Comparison of Change in Value of a $10,000 Investment in

Mercer US Small/Mid Cap Growth Equity Shares vs. the

Russell 2500^® Growth Index

As of March 31, 2014

LOGO

This graph shows the performance of the Mercer US Small/Mid Cap Growth Equity Fund Class Y-3 shares versus the Russell 2500^® Growth Index from August 15, 2005, which is the inception date of the Fund, through March 31, 2014. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

Mercer US Small/Mid Cap Value Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, comprised primarily of capital appreciation. The benchmark for the Fund is the Russell 2500^® Value Index.

Investment Strategy

The Fund invests principally in equity securities issued by small-to-medium sized capitalization U.S. companies. Generally, the Fund invests in stocks that appear to be undervalued based on the stocks’ intrinsic values relative to their current market prices.

Performance

For the fiscal year ended March 31, 2014, the Fund’s Y-3 share class performance was 21.61% compared to its benchmark return of 21.76%. Performance for the Fund is reported net of operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2014, the Fund employed three sub-advisors, NWQ Investment Management Company, LLC (NWQ), Systematic Financial Management, L.P. (Systematic), and River Road Asset Management, LLC (River Road). AQR Capital Management, LLC (AQR) was terminated as a sub-advisor to the Fund on December 10, 2013. NWQ uses bottom-up fundamental analysis to identify undervalued companies where catalysts for improved valuation exist. The firm seeks stocks that are mispriced or neglected by Wall Street with attractive risk/reward characteristics. Systematic’s investment philosophy is predicated on its belief that stock prices are a reflection of consensus earnings estimates, and as revisions to those estimates rise or fall, stock prices will move accordingly. Systematic applies a strategic combination of qualitative and quantitative research seeking to identify high-quality, attractively valued small and medium-sized companies exhibiting a confirmed catalyst for stock price appreciation. River Road believes inefficiencies can be captured in smaller capitalization and out-of-favor companies and in those securities with little analyst coverage. Through bottom-up, fundamental research, the team seeks companies with attractive, sustainable returns that are financially strong and trade at compelling valuations.

Market Commentary and Fund Performance

For the Fund’s fiscal year, the market, as measured by the Russell 3000 Index, rose 22.61%, which exceeded expectations for the period, given the already strong four-year performance coming into the fiscal year. Overall, the fiscal year rewarded economically sensitive stocks, but began with more defensive sectors such as utilities, staples and telecommunications in favor. It wasn’t until the Federal Reserve (Fed) provided guidance in May 2013 on the winding down of asset purchases through its quantitative easing program that more cyclical (i.e., economically sensitive), or at least, non-defensive stocks returned to favor. Bond markets tended to react negatively to the Fed’s guidance leading to a sell off and likewise, bond proxies (i.e., high dividend yielding stocks) within equities also experienced a sharp decline. While economic growth was weak in the first half of 2013, it did nothing to deter the consensus view, as represented by a Bloomberg poll of economists that predicted 2.5% growth in the second half of the year. Indeed, by the end of the calendar year, U.S. GDP growth was 2.6%. The markets rose largely on valuation expansion, evidence of an improved growth outlook. However, political and economic risks remain and the withdrawal of the Fed’s support is expected to increase the volatility of equity markets. Despite the risks, we expect stronger global growth for the next fiscal year driven by Europe and emerging markets, which will help the U.S. economy and we expect earnings growth to grow at a similar pace as the economy, which will support the current level of the markets.

Mercer US Small/Mid Cap Value Equity Fund

Within the Russell 2500^® Value Index, the best performing sectors were telecommunications, technology and consumer discretionary with gains of 48.3%, 31.6%, and 27.3%, respectively. Lagging sectors included utilities, financials, and consumer staples, which posted returns of 12.0%, 16.8%, and 17.3%, respectively.

The Mercer U.S. Small/Mid Cap Value Equity Fund underperformed the Russell 2500^® Value Index for the fiscal year. The largest detractor for the period was an average cash position of 1.9%, which detracted 0.57% from relative results. Stock selection in the materials, energy and consumer discretionary sectors also hampered results. Good stock selection in the industrials, health care and technology sectors was able to offset most of the underperformance from other sectors.

AQR, for its portion of the fiscal year, outperformed the index. The primary driver of excess returns was stock selection in the financials and technology sectors. Stock selection in the health care and telecommunications sectors hampered results. NWQ outperformed the benchmark, with the strategy posting positive results in the health care, consumer discretionary and financials sectors. In the health care sector, notable positive contributors included Jazz Pharmaceuticals, Vertez Pharmaceuticals and Bruker. The holding Harman International in the consumer discretionary sector gained over 140% for the period and was a significant positive contributor. In the financials sector, a zero weight to the underperforming REITs sector and good stock selection added value. In the consumer staples sector, the holding Elizabeth Arden was a significant negative contributor to results. River Road underperformed for the fiscal year. River Road is expected to be a down market outperformer and the market environment for the fiscal year was a poor one for this sub-advisor as the market gained over 21% for the fiscal year. The primary driver of underperformance was stock selection in the consumer discretionary sector. Specialty retail holdings Rent-A-Center, Ascena Retail and Pep Boys were all significant detractors. Good stock selection in the health care sector as well as some acquisitions across sectors helped results. Systematic posted strong returns and outperformed the benchmark for the period. Stock selection in the industrials sector was a large source of excess returns for the period. Industrials sector holdings Aercap, Generac and Swift Transportation were notable positive contributors. Stock selection in the energy sector was a negative contributor for the period.

Risk Considerations

Value investing involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may invest in derivative instruments such as exchange-listed equity futures contracts which involves special risks and may increase volatility due to the use of leverage and management of these sophisticated type instruments. The Fund may experience high portfolio turnover which may result in higher costs and capital gains. The Fund’s volatility may be amplified by its ability to select sub advisors to allocate assets.

Mercer Funds

March 31, 2014

Comparison of Change in Value of a $10,000 Investment in

Mercer US Small/Mid Cap Value Equity Shares vs. the

Russell 2500^® Value Index

As of March 31, 2014

LOGO

This graph shows the performance of the Mercer US Small/Mid Cap Value Equity Fund Class Y-3 shares versus the Russell 2500^® Value Index from August 15, 2005, which is the inception date of the Fund, through March 31, 2014. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

Mercer Non-US Core Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income. The benchmark for the Fund is the MSCI EAFE Index.

Investment Strategy

The Fund invests principally in equity securities issued by non-U.S. companies of any capitalization, located in the world’s developed and emerging capital markets.

Performance

For the fiscal year ended March 31, 2014, the Fund’s Y-3 share class performance was 21.48% compared to its benchmark return of 17.56%. Performance for the Fund is reported net of operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2014, the Fund employed four sub-advisors, Arrowstreet Capital, Limited Partnership (Arrowstreet), American Century Investment Management (American Century), Lingohr & Partner North America, Inc. (Lingohr) and Massachusetts Financial Services Company (MFS). American Century replaced Echo Point Investment Management, LLC (Echo Point) as sub-advisor to the Fund on November 15, 2013.

Arrowstreet employs a quantitative investment approach, focusing on developing and exploiting proprietary signals. Arrowstreet’s proprietary investment process measures the direct effects on stocks, as well as the indirect effects on countries, global sectors, country/sector interactions, and expanded linkages of inter-related companies. Arrowstreet constructs portfolios with an integrated alpha forecast, while simultaneously estimating risk and transaction costs, to create optimized portfolios. American Century manages a growth portfolio, which focuses on identifying stocks early in the growth cycle where company fundamentals are at an inflection point, when earnings growth accelerates, when market expectations rise, and multiples expand. American Century will invest opportunistically in emerging markets. Lingohr manages a value portfolio, which consists of undervalued stocks identified through the firm’s disciplined, systematic, quantitative investment approach. Stock selection includes a fundamental qualitative overlay through the portfolio management team. This strategy invests opportunistically in emerging markets. MFS manages a value portfolio, which focuses on stocks whose long-term value they believe is not adequately reflected in the stock price. MFS invests opportunistically in emerging markets.

Market Commentary and Fund Performance

Notwithstanding some short-term weakness along the way, global equity markets, as measured by the MSCI World Index, rallied and returned 19.1% during the 12-month period ending March 31, 2014. U.S. equities were the market leaders with the S&P 500 Index up 21.9% for the fiscal year. The MSCI EAFE Index and MSCI Emerging Markets Index returned 17.6% and -1.4%, respectively, over the same time period.

Global equities started the fiscal year well as central banks around the world remained committed to maintaining low interest rate policies. However, the rally stalled on soft economic data, particularly in emerging markets where local currency weakness contributed to losses. Lower-than-expected gross domestic product (GDP) forecasts and signs of stress in China’s financial system also weighed heavily on emerging markets. The European economy remained in recession with weak data reported out of core economies such as Germany. Unemployment in Europe rose to a record high of 12.2% in May; and in June, European Central Bank (ECB) President Mario Draghi confirmed that the ECB would continue to support the European economy with low interest rates. Volatility spiked up in June as firm economic data in the U.S. led the Federal Reserve (Fed) to announce that it would reduce its asset purchases and end the quantitative easing program (QE3) by mid-2014. However, the downward revision of first quarter U.S. GDP from 2.4% to 1.8% suggested that the proposed wind down of QE3 may be premature. May and June 2013 were difficult months for international equities as the MSCI EAFE Index fell -5.9% and the MSCI Emerging Markets Index lost -8.8% over the 2-month period.

Mercer Non-US Core Equity Fund

impacted the markets during the previous two months started to dissipate; and the appointment of Janet Yellen as the new Fed Chairman suggested to the market that the Fed’s easy monetary policy would be maintained. Japanese stocks benefited from the government’s reflationary policy and the Bank of Japan’s additional monetary action to stimulate the economy. Developed markets were up strongly led by the U.S., Europe, and stocks that benefit from an improved economic environment. Emerging markets (EM) recovered some of their earlier losses but currency weakness continued to plague some EM countries. Although global equities generally posted gains, emerging markets and Japan underperformed on a relative basis. The divergence between developed and emerging markets continued during the last three months of the fiscal year despite a strong rebound by EM in February and March 2014. Financial and political instability in emerging markets drove up market volatility in January, sparking another sell-off in EM currencies and putting downward pressure on commodity prices. While developed markets were not immune to the negative impact volatility had on equity prices, better-than-expected economic data particularly in Europe and the U.S. and solid earnings reports provided support for developed markets. By contrast, emerging markets were grappling with growth concerns in China, financial turmoil in Argentina, Turkey, South Africa, and Russia, currency fluctuations, the negative effects of Fed tapering and tighter monetary policies, and elevated tensions between Russia and Ukraine. Despite these increased risks, emerging markets rebounded back strongly after some stabilization of the crisis in Ukraine and ended the first quarter of 2014 trailing developed markets by a much smaller margin; the MSCI EAFE Index returned 0.7% for the quarter and the MSCI Emerging Markets Index returned -0.4%.

In this environment, the Mercer Non-US Core Equity Fund outperformed the MSCI EAFE Index by 3.92% for the 12-month period ending March 31, 2014. The Fund benefitted from a bias to stocks with positive fundamental momentum, such as price momentum and company level fundamental improvement, such as earnings growth and margin expansion. Stock selection was strong in 7 of the 10 Global Industry Classification Standard sectors. Stock selection was particularly strong in the consumer discretionary, financial and industrials sectors. From a country perspective, the majority of outperformance was a result of positive selection in Western Europe, in particular, United Kingdom, Germany and Switzerland contributed positively to performance. Conversely, stock selection in Norway, Hong Kong and Spain detracted from performance. An allocation to emerging markets equity detracted from performance, in particular, overweights to Mexico and South Korea.

In aggregate, performance of the Fund’s sub-advisors was positive, with three of the four sub-advisors outperforming. In addition, American Century outperformed since joining the Fund in November 2013. Arrowstreet led all sub-advisors, by outperforming the index by 11.98%, as their style of investing in positively trending securities did well over the past fiscal year. Performance was driven primarily by security selection decisions, particularly in financials, information technology, industrials, and consumer discretionary. From a regional perspective, selection in the Western Europe region contributed positively to performance. Slightly offsetting the positive performance was the decision to overweight Japan and underweight Spain. Another strong contributor for the fiscal year was MFS. MFS outperformed from a sector perspective as a result of positive contributors from strong stock selection. Selection was strong in financials, industrials and telecommunication services. From a regional perspective, most of the value-add was driven by positions in the Asia Pacific region, particularly Japan. In addition, positions in Western Europe, led by strong stock selection in the United Kingdom and Switzerland, also added value. Slightly offsetting the positives was an overweight to health care and an underweight to utilities. Prior to termination in November, Echo Point was underperforming due to poor stock selection in the United Kingdom and an overweight to emerging markets equity. Since joining the Fund, American Century outperformed with positive selection in industrials and financials. Offsetting some of the positives was poor selection in health care and energy. Lingohr outperformed for the period, with positive performance due to sector allocation and selection decisions. Sector allocations were helped by underweighting consumer staples, and overweighting consumer discretionary. Selection was positive in consumer discretionary, financials and industrials. From a regional perspective, most of the outperformance was due to positive selection in the Western European Region, particularly in France, United Kingdom and Switzerland. Slightly offsetting the positive performance was an underweight to Japan in favor of overweights to China and Hong Kong.

Risk Considerations

The Fund invests in foreign and emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Emerging markets may be more volatile and less liquid than more developed markets and therefore may involve greater risks. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may invest in derivative instruments such as exchange-listed equity futures contracts which involves special risks and may increase volatility due to the use of leverage and management of these sophisticated type instruments. The Fund may experience high portfolio turnover which may result in higher costs and capital gains. The Fund’s volatility may be amplified by its ability to select sub-advisors to allocate assets.

Mercer Funds

March 31, 2014

Comparison of Change in Value of a $10,000 Investment in

Mercer Non-US Core Equity Shares vs. the

MSCI EAFE Index

As of March 31, 2014

LOGO

This graph shows the performance of the Mercer Non-US Core Equity Fund Class Y-3 shares versus the MSCI EAFE Index from August 18, 2006, which is the inception date of the Fund, through March 31, 2014. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

Mercer Core Fixed Income Fund (formerly Mercer Core Opportunistic Fixed Income Fund)

Investment Objective and Benchmark

The investment objective of the Fund is to provide total return, consisting of both current income and capital appreciation. The benchmark for the Fund is the Barclays U.S. Aggregate Bond™ Index.

Investment Strategy

The Fund invests principally in investment grade fixed income securities, including government securities, corporate bonds and securitized bonds such as mortgage and asset-backed securities. The Fund may also invest in non-investment grade bonds, non-U.S. dollar denominated bonds, bonds issued by issuers located in emerging capital markets, and certain derivative instruments. The Fund may invest in derivative instruments, such as options, futures, and swap agreements. The Fund may engage in transactions in derivatives for a variety of purposes, including changing the investment characteristics of its portfolio, enhancing total returns or as a substitute for taking a position in an underlying asset.

Performance

For the fiscal year ended March 31, 2014, the Fund’s Y-3 share class performance was 0.44% compared to its benchmark return of -0.10%. Performance for the Fund is reported net of operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2014, the Fund employed three sub-advisors, Dodge & Cox, Western Asset Management Company (WAMCO) and Pacific Investment Management Company LLC (PIMCO). MacKay Shields was terminated as a sub-advisor to the Fund on August 15, 2013. Dodge & Cox manages its allocated portion of the Fund with an extended investment horizon supported by fundamental research and a strict valuation discipline. Their process emphasizes security-level research and individual security and sector selection to build a high-average-quality portfolio that seeks incremental yield versus the broad market. WAMCO manages its allocated portion of the Fund using a diversified, tightly controlled, value-oriented portfolio. The firm’s management style emphasizes the use of multiple strategies and active sector rotation and issue selection, while constraining overall interest rate risk relative to the benchmark. PIMCO manages its allocated portion of the Fund using a blend of long-range macro-economic forecasts with shorter-term, bottom-up security selection focused on valuation. The firm uses sector rotation and duration targeting as primary drivers of performance within a disciplined, risk-controlled approach.

Market Commentary and Fund Performance

Over the one-year period ending March 31, 2014, fixed income market returns were slightly negative, reflecting price declines associated with rising interest rates. Intermediate long-term U.S. Treasury rates increased between 0.44% and 0.86% year-over-year (with significant interim volatility), while the short end of the yield curve remained anchored by the Federal Reserve’s (Fed) accommodative monetary policy. Interest rate volatility was largely the result of investor anticipation of (and reaction to) the Fed’s policy, particularly the timing and pace of potential tapering of its large asset purchase program, its third quantitative easing program (QE3).

Starting in early May, bond prices fell due in large part to speculation about the potential end of the Fed’s QE3 and the likelihood for such changes coming sooner than projected. Treasury yields climbed into the third quarter of 2013, with the ten-year reaching 3.0% in early September, until the Fed announced it would not taper its asset purchases until it saw further progress in economic conditions. This surprising development sent Treasury rates down substantially (and bond prices up) to a low of 2.50% in October. Later, solid economic news (including higher than expected Gross Domestic Product and better employment numbers) influenced the Fed’s announcement on December 18th to begin tapering asset purchases starting in January. Ten-year Treasury yields had been rising prior to this announcement and continued their climb, ending at a two-year high of 3.03%.

Returns from securities not backed by a U.S. Government guarantee were positive, as they benefitted from the market view of improving economic conditions and earned enough income to overcome the losses from rising rates. Corporate bonds in particular performed well, continuing the strong performance of the past several years. In addition, investment-grade corporate bond issuers were issuing a large amount of new debt to take advantage of very low funding rates. One example of

Mercer Core Fixed Income Fund (formerly Mercer Core Opportunistic Fixed Income Fund)

this was Verizon, which issued an unprecedented $49 billion of debt. As evidence of the market’s demand for corporate debt, the bond orders for this historic deal (the largest-ever bond issuance) were more than double the amount available. By the end of the period, the difference between corporate and Treasury yields was at its lowest level in years.

Given the uptrend in the U.S. Treasury curve (i.e., rates higher) working against the downward move in credit spreads (i.e., buyers pushing up prices for riskier assets) over the twelve months ending March 31, 2014, absolute returns in fixed income were close to zero. Spread sectors (i.e., non-Treasury securities) provided higher returns in relation to similar-duration Treasuries (i.e., excess returns) while registering much smaller gains in absolute terms. The Fund’s return was positive in both absolute terms and in relation to the Barclays U.S. Aggregate Bond Index for the period. The Fund benefited from its strategic overweight to spread sectors including an allocation to high yield that was the top performing sub-sector for the trailing twelve months. The Fund’s underweight to lower yielding U.S. Treasuries in the form of a shorter duration positioning or term structure bias (i.e. favoring certain maturities over others), relative to the index, contributed to performance at times.

The respective performance results of each sub-advisor correlated with their risk posture. Dodge & Cox’s bias towards corporate credit and avoidance of U.S. Treasuries, as well as a relatively shorter duration position, led them to have the strongest returns over the period. WAMCO’s more aggressive spread sector allocation also provided returns well ahead of the Fund’s benchmark. PIMCO’s relatively defensive top-down positioning was particularly helpful during periods of condensed risk-aversion but ended up underperforming the benchmark over the 12 months. MacKay slightly trailed its sector benchmark before their termination in August, but the high yield market itself outperformed broad market fixed income, prompting MacKay to surpass the Fund’s benchmark and benefitting the Fund. Strategic and/or tactical underweights to lower yielding US Treasuries in the form of a shorter duration stance or term structure bias (i.e. favoring certain maturities over others), relative to benchmarks proved beneficial as rates rose over the period.

Risk Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline. The Fund may invest in more aggressive investments such as foreign securities which may expose the Fund to currency and exchange rate fluctuations, derivatives (futures, options, swaps), high yield debt (also known as junk bonds) and asset-backed type securities, (mortgage-backed securities and collateralized-loan obligations) all of which may cause greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify risks. The Fund may experience high portfolio turnover which may result in higher costs and capital gains. The Fund’s volatility may be amplified by its ability to select sub- advisors to allocate assets.

Mercer Funds

March 31, 2014

Comparison of Change in Value of a $10,000 Investment in

Mercer Core Fixed Income¹ Shares vs. the

Barclays U.S. Aggregate Bond^™ Index

As of March 31, 2014

LOGO

This graph shows the performance of the Mercer Core Fixed Income Fund¹ Class Y-3 shares versus the Barclays US Aggregate Bond^™ Index from August 15, 2005, which is the inception date of the Fund, through March 31, 2014. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

¹	Formerly known as Mercer Core Opportunistic Fixed Income Fund.

Mercer Opportunistic Fixed Income Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income. The Fund’s primary benchmark is the Bank of America Merrill Lynch Global High Yield 2% Constrained Index. The Fund’s secondary benchmark is a blended benchmark consisting of 50% JP Morgan Government Bond Index — Emerging Markets Global Diversified and 50% Bank of America Merrill Lynch Global High Yield 2% Constrained Index.

Investment Strategy

The Fund invests principally in fixed income securities of U.S. and non-U.S. issuers, including those in emerging and frontier markets. The Fund invests in various strategic and tactical global bond market opportunities without limitations in geography, issuer type, quality and currency denomination. The Fund may invest in derivatives such as futures (including among others, interest rate futures, swaps (currency, interest rate, credit default and total return), forwards, options, and credit-linked notes. The Fund may engage in transactions in derivatives for a variety of purposes, including hedging, risk management, efficient portfolio management, enhance total returns, or as a substitute for taking position in the underlying asset.

Performance*

For the fiscal ended March 31, 2014, the Fund’s Y-3 share class performance was 7.00% compared to its primary benchmark return of 8.53% and secondary benchmark return of 6.03%. Performance for the Fund is reported net of operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2014, the Fund employed two sub-advisors, Franklin Advisers, Inc. (“Franklin”) and Investec Asset Management US Limited (“Investec”). In managing its allocated portion of the Fund’s portfolio, Franklin will typically invest in non-investment grade securities issued globally. Franklin is a research driven, fundamental investor that relies on a team of analysts to provide in-depth industry expertise, using both qualitative and quantitative analysis to evaluate issuers. Although bottom-up security selection forms the core part of Franklin’s process, it uses industry attractiveness when selecting investments. In managing its allocated portion of the Fund’s portfolio, Investec will invest in public sector, sovereign and corporate bonds issued by emerging market borrowers and those denominated in local emerging market currencies. Investec’s portfolio construction process promotes allocation to countries and currencies identified based on economic fundamentals, valuations and market price behavior.

Market Commentary and Fund Performance

For the seven month period since the Fund’s inception on August 21, 2013 and ending March 31, 2014, fixed income markets experienced a volatile period driven by a few broad underlying factors: the uncertainty and the eventual tapering of the third quantitative easing program (QE3) in the U.S.; an improving global macroeconomic backdrop; pockets of weakness in select emerging market economies; large currency swings in the emerging markets; and geopolitical risk with the Russian annexation of Crimea being the latest example. Riskier fixed income securities showed a mixed response with the global high yield markets rising 8.53% over this time period while local currency emerging markets debt rose by 3.44%.

The global high yield market performed well during this period, outperforming most other interest-rate sensitive fixed income market sectors. The global high yield market benefited from the low yield environment since the 2008 financial crisis, with the overall market in positive territory for all seven months of the period. Although the increase in the U.S. Treasury interest rates was somewhat negative, high yield sectors benefitted from the improving U.S. economic outlook. Global high yield market spreads tightened by over 1.15%, ending the fiscal year period at a near historical low spread of 4.02%. Despite the expensive valuation, credit market outlooks remained relatively stable with low default rates and strong interest coverage ratios. Given the significant refinancing activity that has taken place in the market over the last few years, the maturities of a number of issues have been extended and only a small percentage of outstanding global high yield debt matures over the next few years.

Local emerging markets debt experienced a volatile environment during this period. Much of it was driven by currency swings as a result of the tapering. The QE3 pushed interest rates to historically low levels which lifted emerging markets as

Mercer Opportunistic Fixed Income Fund

investors searched for higher returns while supplying the world with dollar liquidity. With the tapering of QE3 now in process, these flows have started to reverse over this time period, leading to currency swings. This is having a greater effect for the countries that have the highest current account deficits, and therefore leading to the new term: “Fragile Five” denoting the five countries (India, Indonesia, Brazil, South Africa and Turkey) that fit that category. Given this dynamic, as well as political tensions in Turkey, Thailand and Russia, there was a wide dispersion in regional and country returns.

In this environment, the Mercer Opportunistic Fixed Income Fund underperformed its primary benchmark by 1.53% but outperformed its secondary benchmark by 0.97% for the 7-month period ending March 31, 2014. The Fund underperformed its primary benchmark because the global high yield market performed better compared to the local emerging markets debt. Since the Fund invests in both global high yield and local emerging markets debt, the comparison to the secondary benchmark is meaningful.

In aggregate, both sub-advisors outperformed the respective benchmarks during this period. Franklin outperformed the Bank of America Merrill Lynch Global High Yield Index by over 2.2%, driven primarily by strong security selection while industry allocation also contributed positively. Franklin’s underweight quality position has worked well during the period as the supply/demand dynamics was favorable for the high yield market with lower rated names outpacing BB-rated names. Investec outperformed the JP Morgan Government Bond Index — Emerging Markets Global Diversified Index by 0.87% during this period. All of the outperformance came in the first month following the Fund’s launch while Investec has since underperformed slightly over the subsequent two quarters. The underperformance was driven by poor duration positioning that led to negative performance from local rates while currency selection was somewhat positive although it was a period with dramatic currency swings. The outperformance in the first month of the Fund’s inception was driven by both positive currency selection and local rates positioning although country selection was a slight detractor.

Risk Considerations

The Fund invests in non-investment grade and emerging market fixed income securities which involves certain risks such as higher volatility, currency fluctuation, political and social instability and reduced market liquidity. The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, call and interest rate risk. The Fund may invest in more aggressive investments such as derivatives (futures, options, swaps) all of which may cause greater volatility and less liquidity. Derivatives are more sensitive to changes in market conditions and may amplify risks. The Fund may experience high portfolio turnover which may result in higher costs and capital gains. The Fund’s volatility may be amplified by its ability to select sub-advisors to allocate assets.

*	The Fund commenced investment operations on August 21, 2013.

Mercer Funds

March 31, 2014

Comparison of Change in Value of a $10,000 Investment in

Mercer Opportunistic Fixed Income Shares vs. the

Bank of America ML Global High Yield 2% Constrained Index Unhedged and the Fund’s Secondary Index¹

As of March 31, 2014

LOGO

This graph shows the performance of the Mercer Opportunistic Fixed Income Fund Class Y-3 shares versus the Bank of America ML Global High Yield 2% Constrained Index Unhedged and the Fund’s Secondary Index¹ from August 21, 2013, which is the inception date of the Fund, through March 31, 2014. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

¹ The Mercer Opportunistic Fixed Income Fund’s Secondary Index is a blended benchmark consisting of 50% JP Morgan Government Bond Index — Emerging Markets Global Diversified USD Unhedged and 50% Bank of America ML Global High Yield 2% Constrained Index Unhedged.

Mercer Emerging Markets Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income. The benchmark for the Fund is the MSCI Emerging Markets Index.

Investment Strategy

The Fund invests principally in equity securities of large, medium and small capitalization companies, located in emerging markets, other investments that are tied economically to emerging markets, as well as in American, European and Global Depository receipts. Stock index futures and various types of swaps may be used to implement the country selection component of the Fund’s investment strategy. Currency forwards may be used to make stock-selection and country allocation decisions independently of the underlying currency.

Performance

For the fiscal year ended March 31, 2014, the Fund’s Y-3 share class performance was -2.61% compared to its benchmark return of -1.43%. Performance for the Fund is reported net of operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2014, the Fund employed four sub-advisors, AQR Capital Management, LLC (AQR), Kleinwort Benson Investors International Ltd. (KBI), Investec Asset Management US Limited (Investec) and Vontobel Asset Management, Inc. (Vontobel). Investec was added to the Fund as a sub-advisor on October 29, 2013.

AQR employs a systematic, research-driven investment approach focused on sourcing alpha (i.e., excess return relative to the benchmark) from currency, country and security selection strategies. AQR’s proprietary investment process uses fundamental factors, such as value, momentum and quality within the alpha models. AQR uses quantitative tools to construct optimized portfolios based on this diversified set of fundamental factors, along with estimates of risk and transactions costs. KBI manages a systematic process focusing on quality firms growing their dividend yield. The portfolio construction process uses sector and region constraints to minimize uncompensated risks to ensure the majority of risk is associated with the alpha model. Investec uses a 4-Factor Model comprised of Strategy, Value, Earnings and Technicals, to build its portfolio. Investec’s strategy looks for high quality, attractively valued companies which have improving operating performance and are receiving increasing investor attention. Vontobel uses a fundamental process to identify high quality, sustainable growth companies in businesses with high barrier to entry. Vontobel’s risk management process focused on capital preservation and manages risk in absolute terms.

Market Commentary and Fund Performance

In an environment where equity markets across the globe increased by over double-digits, emerging markets was the only laggard, trailing the developed markets by over 20.5%. Much of the increase in the global equity market was fueled by loose monetary policies across much of the developed markets, particularly in the U.S. with quantitative easing (QE3) and most recently in Japan with the Bank of Japan announcing an aggressive $1.4 trillion stimulus that will double its monetary base by 2014. The increase in returns of developed markets was also driven by improving U.S. employment numbers, recovery in the housing market and signs of an overall improving global economy.

Looking into the actual performance of the emerging markets, the -1.4% return of the Emerging Markets Index for the fiscal year understates the volatile period with few sharp swings in the market driven by the risk-on/risk-off mentality. Overall, there are two key factors that contributed to the poor performance of the emerging markets — the actual tapering, as well as the uncertainty over the tapering, of the QE3 in the U.S. and the slowing growth in the major emerging economies of China,

Mercer Emerging Markets Equity Fund

Brazil and India. QE3 pushed interest rates to historically low levels which led to gains in the emerging markets as investors searched for higher returns while supplying the world with dollar liquidity. With the tapering of QE3 now in process, these flows have started to reverse during the year, leading to currency swings. This is having a greater effect for the countries that have the highest current account deficits, and therefore leading to the new term: “Fragile Five” denoting the five countries (India, Indonesia, Brazil, South Africa and Turkey) that fit that category.

Fears of a slow-down in growth in China and potential Chinese credit bubble continue to remain in the market. There is a wide acceptance in the market that the new leadership in China is willing to accept short-term underperformance in order to make structural reforms and lead the transition from an investment led economy to a more consumer driven economy. Given China’s significance in emerging markets and the global economy overall, any slowdown will have spillover effects as it is the second largest economy in the world and the largest exporter to many developing economies. A key risk in the emerging market is geo-political risk, with the Russian annexation of Crimea being the latest example. Unexpected events such as this can have a significant impact on the market and result in sharp asset price adjustments. Although emerging markets as a whole were broadly affected by a few underlying macro drivers, there was dispersion in performance across the various countries, with Emerging Markets Europe & the Middle East declining by 8.3% and Emerging Markets Latin America declining by 13.7%. Emerging Markets Asia rose by 3%.

In this environment, the Mercer Emerging Markets Equity Fund underperformed the MSCI Emerging Markets Index by 1.18% for the 12-month period ending March 31, 2014. Much of the underperformance was driven by the Fund’s defensive positioning that targets sustainable levels of profitability and positive exposures to defensive sectors. Whereas this defensive position helped the Fund outperform last year, it resulted in an underperformance for the year. Stock selection was negative overall, particularly within materials, energy and financials. Country selection and currency effect were major detractors for the Fund, particularly in India, where the Fund had a large overweight position. India is one of the Fragile Five countries and the Indian Rupee declined during the fiscal year before correcting somewhat in the last quarter.

In aggregate, performance of the Fund’s sub-advisors was mixed with two of the four sub-advisors outperforming against the benchmark. AQR and KBI were the two managers that outperformed over this time period. AQR uses three distinct stock selection models that have worked well during this period with only one quarter of underperformance. Currency selection accounted for the majority of the outperformance, much of it coming in the second and third quarters of 2013 when there was a sharp volatility in the market as a result of currency movement. KBI’s dividend focus style of investing that is generally more conservative resulted in slight outperformance over the period. The primary driver of KBI’s outperformance was positive security selection in information technology, materials and consumer staples. KBI’s overweight position in Taiwan also contributed positively to performance while its overweight position in China was a slight detractor. Vontobel, which was the largest contributor to outperformance last year, was the largest detractor this year. As noted earlier, Vontobel’s style of focusing on high quality, sustainable growth businesses did not do well over the year. Performance was driven by both sector and selection decisions. Security selection was particularly weak in materials while poor sector allocations were driven by overweight in consumer staples and underweight in information technology. From a regional perspective, Vontobel’s stock selection in Mexico and underweight position in Taiwan detracted from performance. Investec was added to the Fund in order to lower the defensive bias of the Fund. The strategy worked well initially as Investec outperformed the MSCI Emerging Markets Index in the first two months. However, it has underperformed in the first quarter of 2014 with financials, industrials and services being the major sector detractors in this period. From a regional perspective, underweight to South Africa and overweight to Russia and China were the major drivers of underperformance during the quarter.

Risk Considerations

The Fund invests in emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Emerging markets may be more volatile and less liquid than more developed markets and therefore may involve greater risks. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may invest in more aggressive investments such as mortgage- and asset-backed securities and derivatives (futures, forwards, options, swaps) all of which may cause greater volatility and less liquidity. Derivatives are more sensitive to changes in market conditions and may amplify risks. The Fund may experience high portfolio turnover which may result in higher costs and capital gains. The Fund’s volatility may be amplified by its ability to select sub advisors to allocate assets.

Mercer Funds

March 31, 2014

Comparison of Change in Value of a $10,000 Investment in

Mercer Emerging Markets Equity Shares vs. the

MSCI Emerging Markets Index

As of March 31, 2014

LOGO

This graph shows the performance of the Mercer Emerging Markets Equity Fund Class Y-3 shares versus the MSCI Emerging Markets Index from May 1, 2012, which is the inception date of the Fund, through March 31, 2014. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

Mercer Global Low Volatility Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income. The benchmark for the Fund is the MSCI World Index.

Investment Strategy

The Fund invests principally in equity securities of U.S. and foreign issuers, of large, medium and small capitalization companies. Stock index futures and various types of swaps may be used to implement the equity security selection component of the Fund’s investment strategy. Currency forwards may be used to make stock-selection and country allocation decisions independently of the underlying currency.

Performance

For the fiscal year ended March 31, 2014, the Fund’s Y-3 share class performance was 14.40% compared to its benchmark return of 19.07%. Performance for the Fund is reported net of operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2014, the Fund employed three sub-advisors, Acadian Asset Management LLC (Acadian), MFG Asset Management (MFG) and First Eagle Investment Management, LLC (First Eagle). Acadian’s process uses both risk analysis and stock forecasts to create the portfolio. The process uses a risk model to determine the systematic risk and the level of volatility of each stock in the investable universe. Once a stock’s risk is determined, Acadian uses its stock forecast model as an overlay to determine the optimal mix of securities. The security return forecasting model incorporates five categories including value, growth, risk, macroeconomic, and technical factors. MFG screens the universe of investable global stocks to identify high quality companies based on key quality criteria: the sustainability of a company’s competitive advantages; the predictability and reliability of future cash flows and earnings; the extent to which management will act in the best interest of shareholders; and re-investment potential. MFG then evaluates investment opportunities quantitatively incorporating both long-term intrinsic value and three-year forecast total shareholder returns using MFG’s proprietary forecasts. Portfolio construction is determined by each stock’s ranking based on the qualitative assessment of the key criteria, the quantitative assessment driven by valuation, and detailed macroeconomic research within a robust risk management framework. From time to time, MFG may hold up to 20% of its portion of the Fund in cash if warranted by their assessment of the macro environment. First Eagle can be broadly characterized as value in approach, looking to identify companies selling at a discount to intrinsic value with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). First Eagle’s primary valuation measure is the ratio of enterprise value to normalized earnings before interest and taxes, although other metrics can be applied depending on the company or industry. If stocks are deemed too expensive, based on their bottom up valuation analysis, cash or bonds will be held instead, up to 20% of its portion of the Fund. In addition, a gold exposure is maintained (both through gold-backed exchange traded funds and the equities of gold mining companies), with the view that it is a potential portfolio hedge.

Market Commentary and Fund Performance

Mercer Global Low Volatility Equity Fund

to announce that it would reduce its asset purchases and end the quantitative easing program (QE3) by mid-2014. However, the downward revision of first quarter U.S. GDP from 2.4% to 1.8% suggested that the proposed wind down of QE3 may be premature. May and June 2013 were difficult months for international equities as the MSCI EAFE Index fell -5.9% and the MSCI Emerging Markets Index lost -8.8% over the 2-month period. U.S. equities fared much better, with the S&P 500 Index returning 1.0% during the same 2-month span.

Positive economic data and strong earnings from the corporate sector helped equities climb higher over the next 6 months, from July to December 2013. European markets rose sharply, reflecting signals of a stabilizing job market, improving consumer confidence, and increasing regional manufacturing activity. Concerns over a shift in Fed policy that negatively impacted the markets during the previous two months started to dissipate; and the appointment of Janet Yellen as the new Fed Chairman suggested to the market that the Fed’s easy monetary policy would be maintained. Japanese stocks benefited from the government’s reflationary policy and the Bank of Japan’s additional monetary action to stimulate the economy. Developed markets were up strongly, led by the U.S., Europe, and stocks that benefit from an improved economic environment. Although global equities generally posted gains, emerging markets (EM) and Japan underperformed on a relative basis. Financial and political instability in emerging markets drove up market volatility in January, sparking another sell-off in EM currencies and putting downward pressure on commodity prices. While developed markets were not immune to the negative impact volatility had on equity prices, better-than-expected economic data particularly in Europe and the U.S. and solid earnings reports provided support for developed markets. The divergence between international and U.S. equity markets continued during the last three months of the fiscal year with the S&P 500 Index up 1.8% versus the MSCI EAFE Index’s return of 0.7%. Global equities, as measured by the MSCI World Index, rose to an overall gain of 1.3% for the quarter.

In this environment, the Mercer Global Low Volatility Equity Fund returned 14.4%, underperforming the MSCI World Index by 4.7% for the 12-month period ending March 31, 2014. The Fund’s defensive posture — Acadian’s focus on low volatility stocks and First Eagle’s strategic weight to gold and cash — was a drag on relative performance during the fiscal year. The majority of relative underperformance was during the third and fourth calendar quarters of 2013; the Fund returned an 11.6% gain while the MSCI World Index rose 16.8% during the 6-month period. The defensive sector allocations such as overweight positions in consumer staples, a gold-backed exchange traded fund, and utilities detracted from performance. In addition, unfavorable security selection in consumer discretionary, utilities, and materials contributed negatively to performance. From a country perspective, negative selection in the U.S., United Kingdom, and France also hurt relative performance. Offsetting some of the negatives was strong stock selection in technology and industrials and underweight positions in sector laggards, energy and materials.

All three of the Fund’s sub-advisors underperformed the MSCI World Index during the fiscal year ending March 31, 2014. The largest driver of underperformance was Acadian, whose focus on low volatility stocks was a hindrance as higher volatility stocks outperformed on a relative basis. Sector decisions that drove relative underperformance were the large overweight positions in consumer staples and utilities as well as underweight positions in technology, consumer discretionary, and financials. Poor stock selection in utilities, financials, and telecom services also hurt performance. From a regional perspective, Acadian’s positioning in North America was the biggest detractor from performance. MFG underperformed the MSCI World benchmark during the fiscal year but was the best performing sub-advisor on a relative basis. Underperformance was driven by both sector and security selection decisions. Security selection was weak in consumer discretionary and consumer staples. MFG’s overweight to consumer staples and underweight to industrials also detracted from performance. First Eagle lagged the MSCI World benchmark, with the majority of underperformance driven by a strategic allocation to gold and a tactical allocation to cash which both underperformed during the equity market rally of the last fiscal year. Offsetting some of the negative performance was strong security selection in industrials, technology, and consumer discretionary.

Risk Considerations

The Fund invests in emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Emerging markets may be more volatile and less liquid than more developed markets and therefore may involve greater risks. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may invest in more aggressive investments such as mortgage- and asset-backed securities and derivatives (futures, options, swaps) all of which may cause greater volatility and less liquidity. Derivatives are more sensitive to changes in market conditions and may amplify risks. The Fund may experience high portfolio turnover which may result in higher costs and capital gains. The Fund’s volatility may be amplified by its ability to select sub-advisors to allocate assets.

Mercer Funds

March 31, 2014

Comparison of Change in Value of a $10,000 Investment in

Mercer Global Low Volatility Equity Shares vs. the

MSCI World Index

As of March 31, 2014

LOGO

This graph shows the performance of the Mercer Global Low Volatility Equity Fund Class Y-3 shares versus the MSCI World Index from November 6, 2012, which is the inception date of the Fund, through March 31, 2014. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

Mercer US Large Cap Growth Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		COMMON STOCKS — 98.1%

		Aerospace & Defense — 0.6%

	8,452	Boeing Co. (The)		1,060,641
	9,950	United Technologies Corp.		1,162,558

				2,223,199


		Agriculture — 3.8%

	96,914	Monsanto Co.		11,025,906
	29,910	Philip Morris International, Inc.		2,448,731

				13,474,637


		Airlines — 0.5%

	53,798	Delta Air Lines, Inc.		1,864,101


		Apparel — 2.1%

	66,901	NIKE, Inc. Class B		4,941,308
	16,601	Ralph Lauren Corp.		2,671,599

				7,612,907


		Auto Manufacturers — 0.5%

	48,973	General Motors Co.		1,685,651


		Auto Parts & Equipment — 0.3%

	19,400	BorgWarner, Inc.		1,192,518


		Banks — 1.1%

	34,959	Comerica, Inc.		1,810,876
	45,856	Wells Fargo & Co.		2,280,878

				4,091,754


		Beverages — 0.9%

	60,475	Coca-Cola Co. (The)		2,337,963
	9,740	PepsiCo, Inc.		813,290

				3,151,253


		Biotechnology — 4.9%

	24,000	Alexion Pharmaceuticals, Inc.*		3,651,120
	12,500	Amgen, Inc.		1,541,750
	18,145	Biogen Idec, Inc.*		5,550,011
	23,346	Celgene Corp.*		3,259,102
	12,900	Incyte Corp.*		690,408
	9,300	Regeneron Pharmaceuticals, Inc.*		2,792,604

				17,484,995


		Chemicals — 1.9%

	19,420	Ecolab, Inc.		2,097,166
	10,192	LyondellBasell Industries NV Class A		906,476
	7,157	PPG Industries, Inc.		1,384,593


28		See accompanying Notes to the Financial Statements.

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Chemicals — continued

	5,268	Praxair, Inc.		689,950
	8,373	Sherwin-Williams Co. (The)		1,650,570

				6,728,755


		Commercial Services — 4.6%

	8,460	Alliance Data Systems Corp.*		2,304,927
	20,250	Mastercard, Inc. Class A		1,512,675
	4,900	McKesson Corp.		865,193
	54,149	Visa, Inc. Class A		11,688,603

				16,371,398


		Computers — 3.2%

	19,385	Apple, Inc.		10,404,705
	22,800	Cognizant Technology Solutions Corp. Class A*		1,153,908

				11,558,613


		Cosmetics & Personal Care — 0.5%

	8,100	Estee Lauder Cos. (The), Inc. Class A		541,728
	15,412	Procter & Gamble Co. (The)		1,242,207

				1,783,935


		Distribution & Wholesale — 0.5%

	35,365	Fastenal Co.		1,744,202


		Diversified Financial Services — 4.1%

	27,808	American Express Co.		2,503,554
	5,520	BlackRock, Inc.		1,735,930
	120,400	Charles Schwab Corp. (The)		3,290,532
	25,618	CIT Group, Inc.		1,255,794
	9,424	IntercontinentalExchange Group, Inc.		1,864,350
	16,300	JPMorgan Chase & Co.		989,573
	36,900	Morgan Stanley		1,150,173
	17,345	Raymond James Financial, Inc.		970,106
	13,465	T. Rowe Price Group, Inc.		1,108,843

				14,868,855


		Electric — 0.9%

	26,431	Dominion Resources, Inc.		1,876,337
	13,573	NextEra Energy, Inc.		1,297,850

				3,174,187


		Food — 1.1%

	18,269	Kraft Foods Group, Inc. Class A		1,024,891
	26,585	Unilever NV		1,093,175
	34,501	Whole Foods Market, Inc.		1,749,546

				3,867,612


		See accompanying Notes to the Financial Statements.			29

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Health Care - Products — 1.2%

	5,100	Intuitive Surgical, Inc.*		2,233,749
	21,412	Johnson & Johnson		2,103,301

				4,337,050


		Health Care - Services — 0.9%

	14,118	DaVita HealthCare Partners, Inc.*		972,025
	26,873	UnitedHealth Group, Inc.		2,203,317

				3,175,342


		Insurance — 0.3%

	10,427	Aon Plc		878,787


		Internet — 15.5%

	31,401	Amazon.Com, Inc.*		10,567,065
	29,935	Baidu, Inc., Sponsored ADR*		4,561,495
	17,010	Check Point Software Technologies, Ltd.*		1,150,386
	41,379	eBay, Inc.*		2,285,776
	82,500	Facebook, Inc. Class A*		4,969,800
	15,793	Google, Inc. Class A*		17,601,457
	18,760	LinkedIn Corp. Class A*		3,469,474
	740	Netflix, Inc.*		260,502
	6,928	priceline.com, Inc.*		8,257,414
	31,600	Splunk, Inc.*		2,259,084
	3,300	TripAdvisor, Inc.*		298,947

				55,681,400


		Lodging — 1.3%

	38,800	Hilton Worldwide Holdings, Inc.*		862,912
	36,000	Las Vegas Sands Corp.		2,908,080
	3,300	Wynn Resorts, Ltd.		733,095

				4,504,087


		Machinery - Diversified — 0.2%

	4,314	Rockwell Automation, Inc.		537,309


		Media — 4.0%

	19,900	CBS Corp. Class B		1,229,820
	53,137	Comcast Corp. Class A		2,657,913
	35,800	Liberty Global Plc Series C*		1,457,418
	50,122	Nielsen Holdings NV		2,236,945
	106,039	Twenty-First Century Fox, Inc.		3,390,067
	40,295	Walt Disney Co. (The)		3,226,420

				14,198,583


		Metal Fabricate & Hardware — 1.4%

	20,321	Precision Castparts Corp.		5,136,336


30		See accompanying Notes to the Financial Statements.

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Miscellaneous - Manufacturing — 3.0%

	75,248	Danaher Corp.		5,643,600
	31,407	Eaton Corp. Plc		2,359,294
	35,200	General Electric Co.		911,328
	21,143	Honeywell International, Inc.		1,961,224

				10,875,446


		Oil & Gas — 2.9%

	29,037	Noble Energy, Inc.		2,062,788
	17,821	Occidental Petroleum Corp.		1,698,163
	3,800	Pioneer Natural Resources Co.		711,132
	36,384	Range Resources Corp.		3,018,781
	64,400	Southwestern Energy Co.*		2,963,044

				10,453,908


		Oil & Gas Services — 3.7%

	18,342	Cameron International Corp.*		1,132,985
	40,600	FMC Technologies, Inc.*		2,122,974
	31,600	National Oilwell Varco, Inc.		2,460,692
	78,845	Schlumberger, Ltd.		7,687,388

				13,404,039


		Pharmaceuticals — 6.1%

	27,562	Abbott Laboratories		1,061,413
	8,553	Allergan, Inc.		1,061,427
	53,071	BioMarin Pharmaceutical, Inc.*		3,619,973
	57,816	Bristol-Myers Squibb Co.		3,003,541
	37,654	Express Scripts Holding Co.*		2,827,439
	67,111	Gilead Sciences, Inc.*		4,755,486
	17,991	Perrigo Co. Plc		2,782,488
	29,069	Pfizer, Inc.		933,696
	16,919	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		894,000
	36,300	Zoetis, Inc.		1,050,522

				21,989,985


		Pipelines — 0.3%

	38,088	Kinder Morgan, Inc.		1,237,479


		REITS — 0.4%

	19,400	American Tower Corp. REIT		1,588,278


		Retail — 11.1%

	7,820	Chipotle Mexican Grill, Inc.*		4,442,151
	38,139	Costco Wholesale Corp.		4,259,363
	71,881	CVS Caremark Corp.		5,381,012
	20,200	Dollar General Corp.*		1,120,696
	12,981	Family Dollar Stores, Inc.		753,028
	24,376	Home Depot, Inc. (The)		1,928,873
	65,714	Lowe’s Cos., Inc.		3,213,415


		See accompanying Notes to the Financial Statements.			31

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Retail — continued

	17,369	McDonald’s Corp.		1,702,683
	24,941	Michael Kors Holdings, Ltd.*		2,326,247
	15,499	Nordstrom, Inc.		967,912
	6,883	O’Reilly Automotive, Inc.*		1,021,368
	3,814	Panera Bread Co. Class A*		673,057
	15,323	Ross Stores, Inc.		1,096,361
	95,142	Starbucks Corp.		6,981,520
	26,336	Ulta Salon Cosmetics & Fragrance, Inc.*		2,567,233
	19,406	Wal-Mart Stores, Inc.		1,483,201

				39,918,120


		Semiconductors — 2.8%

	48,400	Applied Materials, Inc.		988,328
	82,100	ARM Holdings Plc, Sponsored ADR		4,184,637
	37,940	ASML Holding NV, ADR		3,542,078
	29,226	Texas Instruments, Inc.		1,378,006

				10,093,049


		Software — 6.4%

	11,900	athenahealth, Inc.*		1,906,856
	61,500	Cerner Corp.*		3,459,375
	22,022	Informatica Corp.*		831,991
	11,748	Intuit, Inc.		913,172
	51,821	Microsoft Corp.		2,124,143
	97,443	Oracle Corp.		3,986,393
	105,800	Salesforce.com, Inc.*		6,040,122
	8,900	ServiceNow, Inc.*		533,288
	22,242	VMware, Inc. Class A*		2,402,581
	6,975	Workday, Inc. Class A*		637,724

				22,835,645


		Telecommunications — 2.8%

	17,669	Crown Castle International Corp.		1,303,619
	37,625	Juniper Networks, Inc.*		969,220
	56,332	QUALCOMM, Inc.		4,442,341
	14,200	SBA Communications Corp. Class A*		1,291,632
	39,129	Verizon Communications, Inc.		1,861,367

				9,868,179


		Transportation — 2.3%

	4,470	Genesee & Wyoming, Inc. Class A*		435,020
	42,200	Union Pacific Corp.		7,919,252

				8,354,272


		TOTAL COMMON STOCKS (COST $264,546,422)		351,945,866


32		See accompanying Notes to the Financial Statements.

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)			Description	Value ($)

			SHORT-TERM INVESTMENTS — 1.3%

			Bank Deposit — 1.3%

	4,741,760		State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14		4,741,760


			TOTAL SHORT-TERM INVESTMENTS (COST $4,741,760)		4,741,760


			TOTAL INVESTMENTS — 99.4% (Cost $269,288,182)		356,687,626

			Other Assets and Liabilities (net) — 0.6%		2,174,610


			NET ASSETS — 100.0%	$	358,862,236


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			REIT — Real Estate Investment Trust

		*	Non-income producing security


		See accompanying Notes to the Financial Statements.			33

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		98.1
Short-Term Investments		1.3
Other Assets and Liabilities (net)		0.6

		100.0	%


34		See accompanying Notes to the Financial Statements.

Mercer US Large Cap Value Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		COMMON STOCKS — 99.2%

		Advertising — 0.1%

	6,694	Omnicom Group, Inc.		485,984


		Aerospace & Defense — 2.6%

	27,364	L-3 Communications Holdings, Inc.		3,233,056
	9,965	Lockheed Martin Corp.		1,626,687
	29,053	Northrop Grumman Corp.		3,584,559
	13,590	Raytheon Co.		1,342,556

				9,786,858


		Agriculture — 0.9%

	20,790	Archer-Daniels-Midland Co.		902,078
	23,084	Lorillard, Inc.		1,248,383
	8,572	Philip Morris International, Inc.		701,790
	9,444	Reynolds American, Inc.		504,498

				3,356,749


		Airlines — 1.5%

	35,400	American Airlines Group, Inc.*		1,295,640
	123,180	Delta Air Lines, Inc.		4,268,187

				5,563,827


		Auto Manufacturers — 2.2%

	123,430	General Motors Co.		4,248,460
	14,270	PACCAR, Inc.		962,369
	27,100	Toyota Motor Corp., Sponsored ADR		3,059,590

				8,270,419


		Auto Parts & Equipment — 0.5%

	9,490	Johnson Controls, Inc.		449,067
	14,710	Lear Corp.		1,231,521

				1,680,588


		Banks — 7.5%

	398,300	Bank of America Corp.		6,850,760
	23,580	BB&T Corp.		947,208
	38,220	Capital One Financial Corp.		2,949,055
	22,140	Comerica, Inc.		1,146,852
	118,660	Fifth Third Bancorp		2,723,247
	52,075	Grupo Financiero Santander Mexico SAB de CV Class B, ADR‡		640,002
	13,020	PNC Financial Services Group, Inc.		1,132,740
	42,660	Regions Financial Corp.		473,953
	12,870	State Street Corp.		895,108
	23,700	SunTrust Banks, Inc.		943,023
	182,297	Wells Fargo & Co.		9,067,453

				27,769,401


		See accompanying Notes to the Financial Statements.			35

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Beverages — 1.4%

	94,080	Coca-Cola Enterprises, Inc.		4,493,261
	8,280	PepsiCo, Inc.		691,380

				5,184,641


		Biotechnology — 0.5%

	16,334	Amgen, Inc.		2,014,636


		Building Materials — 0.4%

	8,740	Martin Marietta Materials, Inc.		1,121,779
	10,630	Owens Corning		458,897

				1,580,676


		Chemicals — 1.4%

	5,080	CF Industries Holdings, Inc.		1,324,051
	50,590	Dow Chemical Co. (The)		2,458,168
	6,464	PPG Industries, Inc.		1,250,526

				5,032,745


		Commercial Services — 2.2%

	21,192	ADT Corp. (The)		634,700
	17,155	Apollo Group, Inc. Class A*		587,387
	27,791	H&R Block, Inc.		839,010
	35,160	Hertz Global Holdings, Inc.*		936,663
	18,735	McKesson Corp.		3,308,039
	120,871	Western Union Co. (The)		1,977,450

				8,283,249


		Computers — 4.6%

	5,480	Apple, Inc.		2,941,335
	127,980	Brocade Communications Systems, Inc.*		1,357,868
	80,810	EMC Corp.		2,215,002
	14,650	NetApp, Inc.		540,585
	108,166	Seagate Technology Plc		6,074,603
	42,550	Western Digital Corp.		3,906,941

				17,036,334


		Cosmetics & Personal Care — 0.1%

	23,840	Avon Products, Inc.		349,018


		Diversified Financial Services — 11.9%

	37,119	Ameriprise Financial, Inc.		4,085,688
	78,289	Berkshire Hathaway, Inc. Class B*		9,783,776
	42,800	Blackstone Group (The), LP		1,423,100
	162,653	Citigroup, Inc.		7,742,283
	26,235	Discover Financial Services		1,526,615
	15,185	Goldman Sachs Group, Inc. (The)		2,488,062
	15,110	Invesco, Ltd.		559,070
	177,872	JPMorgan Chase & Co.		10,798,609


36		See accompanying Notes to the Financial Statements.

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Diversified Financial Services — continued

	54,800	KKR & Co., LP		1,251,632
	35,210	Morgan Stanley		1,097,496
	22,240	Santander Consumer USA Holdings, Inc.*		535,539
	75,242	SLM Corp.		1,841,924
	26,510	TD Ameritrade Holding Corp.		900,015

				44,033,809


		Electric — 1.2%

	94,900	AES Corp.		1,355,172
	25,245	FirstEnergy Corp.		859,087
	7,120	NextEra Energy, Inc.		680,815
	42,950	NRG Energy, Inc.		1,365,810

				4,260,884


		Electronics — 0.6%

	10,890	Agilent Technologies, Inc.		608,969
	22,753	Koninklijke Philips Electronics NV, ADR		799,996
	12,697	TE Connectivity, Ltd.		764,486

				2,173,451


		Entertainment — 0.1%

	13,765	Six Flags Entertainment Corp.		552,665


		Food — 0.9%

	47,162	Koninklijke Ahold NV, Sponsored ADR		877,213
	11,265	Kroger Co. (The)		491,717
	44,605	Tyson Foods, Inc. Class A		1,963,066

				3,331,996


		Forest Products & Paper — 0.2%

	18,695	International Paper Co.		857,727


		Hand & Machine Tools — 0.1%

	5,955	Stanley Black & Decker, Inc.		483,784


		Health Care - Products — 1.8%

	15,205	Covidien Plc		1,120,000
	29,164	Johnson & Johnson		2,864,780
	15,750	Medtronic, Inc.		969,255
	14,846	St. Jude Medical, Inc.		970,780
	8,080	Zimmer Holdings, Inc.		764,206

				6,689,021


		Health Care - Services — 1.3%

	9,070	Aetna, Inc.		679,978
	2,915	Laboratory Corp. of America Holdings*		286,282
	29,858	Quest Diagnostics, Inc.		1,729,375
	5,790	UnitedHealth Group, Inc.		474,722


		See accompanying Notes to the Financial Statements.			37

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Health Care - Services — continued

	15,000	WellPoint, Inc.		1,493,250

				4,663,607


		Insurance — 5.5%

	25,900	ACE, Ltd.		2,565,654
	31,220	Allstate Corp. (The)		1,766,427
	22,340	American International Group, Inc.		1,117,223
	23,555	Cigna Corp.		1,972,260
	1,776	Everest Re Group, Ltd.		271,817
	28,900	Hartford Financial Services Group, Inc. (The)		1,019,303
	58,240	ING US, Inc.		2,112,365
	24,500	Lincoln National Corp.		1,241,415
	114,540	MetLife, Inc.		6,047,712
	9,700	Prudential Financial, Inc.		821,105
	7,930	Travelers Cos. (The), Inc.		674,843
	15,370	Validus Holdings, Ltd.		579,603

				20,189,727


		Internet — 0.9%

	15,200	Check Point Software Technologies, Ltd.*		1,027,976
	570	Google, Inc. Class A*		635,271
	7,225	IAC/InterActiveCorp		515,793
	30,313	Yahoo!, Inc.*		1,088,236

				3,267,276


		Iron & Steel — 0.4%

	20,500	Reliance Steel & Aluminum Co.		1,448,530


		Leisure Time — 0.3%

	25,960	Carnival Corp.		982,846


		Lodging — 0.1%

	6,124	Wyndham Worldwide Corp.		448,461


		Machinery - Construction & Mining — 0.7%

	11,000	Caterpillar, Inc.		1,093,070
	27,400	Joy Global, Inc.‡		1,589,200

				2,682,270


		Machinery - Diversified — 1.3%

	13,690	Cummins, Inc.		2,039,673
	33,306	Flowserve Corp.		2,609,192

				4,648,865


		Media — 5.7%

	26,383	British Sky Broadcasting Group Plc, Sponsored ADR‡		1,617,278
	9,995	CBS Corp. Class B		617,691
	43,601	Comcast Corp. Class A		2,180,922


38		See accompanying Notes to the Financial Statements.

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Media — continued

	46,686	DIRECTV*		3,567,744
	25,680	Gannett Co., Inc.		708,768
	34,740	Liberty Global Plc Series C*		1,414,265
	9,785	Liberty Media Corp. - Capital Series A*		1,279,193
	53,020	News Corp. Class A*		913,004
	27,047	Time Warner, Inc.		1,766,981
	18,000	Tribune Co.*		1,433,700
	19,970	Twenty-First Century Fox, Inc.		638,441
	37,728	Viacom, Inc. Class B		3,206,503
	24,200	Walt Disney Co. (The)		1,937,694

				21,282,184


		Mining — 0.2%

	11,180	Vulcan Materials Co.		742,911


		Miscellaneous - Manufacturing — 2.5%

	4,950	Crane Co.		352,193
	10,655	Dover Corp.		871,046
	12,150	Eaton Corp. Plc		912,708
	103,900	General Electric Co.		2,689,971
	22,565	Honeywell International, Inc.		2,093,129
	6,800	Parker Hannifin Corp.		814,028
	6,165	Siemens AG, Sponsored ADR		833,200
	20,318	Tyco International, Ltd.		861,483

				9,427,758


		Office & Business Equipment — 0.4%

	134,103	Xerox Corp.		1,515,364


		Oil & Gas — 10.4%

	4,100	Anadarko Petroleum Corp.		347,516
	23,700	Apache Corp.		1,965,915
	80,371	BP Plc, Sponsored ADR		3,865,845
	24,800	Canadian Natural Resources, Ltd.		951,576
	13,200	Chevron Corp.		1,569,612
	2,256	Ecopetrol SA, Sponsored ADR‡		92,022
	27,255	ENI Spa, Sponsored ADR‡		1,367,384
	4,089	EOG Resources, Inc.		802,139
	102,840	Exxon Mobil Corp.		10,045,411
	25,000	Hess Corp.		2,072,000
	19,510	Marathon Oil Corp.		692,995
	23,141	Marathon Petroleum Corp.		2,014,193
	82,797	Occidental Petroleum Corp.		7,889,726
	39,605	Phillips 66		3,051,961
	19,050	QEP Resources, Inc.		560,832
	23,670	Valero Energy Corp.		1,256,877

				38,546,004


		See accompanying Notes to the Financial Statements.			39

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Oil & Gas Services — 1.3%

	7,460	Cameron International Corp.*		460,804
	47,137	Halliburton Co.		2,775,898
	15,510	Schlumberger, Ltd.		1,512,225

				4,748,927


		Packaging & Containers — 0.5%

	20,855	Crown Holdings, Inc.*		933,053
	7,860	Rock-Tenn Co. Class A		829,780

				1,762,833


		Pharmaceuticals — 7.5%

	30,250	AbbVie, Inc.		1,554,850
	34,491	AmerisourceBergen Corp.		2,262,265
	15,027	AstraZeneca Plc, Sponsored ADR		974,952
	19,720	Cardinal Health, Inc.		1,380,006
	8,650	Eli Lilly & Co.		509,139
	22,635	Express Scripts Holding Co.*		1,699,662
	77,110	Merck & Co., Inc.		4,377,535
	20,574	Mylan, Inc.*		1,004,628
	12,700	Novartis AG, ADR		1,079,754
	24,565	Omnicare, Inc.		1,465,793
	308,144	Pfizer, Inc.		9,897,585
	31,515	Sanofi, ADR		1,647,604

				27,853,773


		REITS — 1.0%

	24,165	American Capital Agency Corp. REIT		519,306
	30,995	American Homes 4 Rent Class A REIT		517,927
	13,565	Equity Residential REIT		786,634
	55,700	Hatteras Financial Corp. REIT		1,049,945
	67,600	Two Harbors Investment Corp. REIT		692,900

				3,566,712


		Retail — 5.2%

	10,365	Bed Bath & Beyond, Inc.*		713,112
	53,860	CVS Caremark Corp.		4,031,959
	11,700	Dillard’s, Inc. Class A		1,081,080
	2,395	Gap, Inc. (The)		95,944
	62,374	Kohl’s Corp.		3,542,843
	44,544	Lowe’s Cos., Inc.		2,178,201
	38,820	Macy’s, Inc.		2,301,638
	1,977	Nordstrom, Inc.		123,464
	14,787	O’Reilly Automotive, Inc.*		2,194,243
	7,740	PVH Corp.		965,720
	11,900	Target Corp.		720,069
	17,300	Wal-Mart Stores, Inc.		1,322,239

				19,270,512


40		See accompanying Notes to the Financial Statements.

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Semiconductors — 3.0%

	187,545	Applied Materials, Inc.		3,829,669
	5,080	Avago Technologies, Ltd.		327,203
	8,112	Lam Research Corp.*		446,160
	87,560	LSI Corp.		969,289
	10,200	Micron Technology, Inc.*		241,332
	95,839	NVIDIA Corp.		1,716,477
	56,600	ON Semiconductor Corp.*		532,040
	39,660	Texas Instruments, Inc.		1,869,969
	19,490	Xilinx, Inc.		1,057,722

				10,989,861


		Software — 2.2%

	102,300	Activision Blizzard, Inc.		2,091,012
	3,410	Fidelity National Information Services, Inc.		182,264
	6,670	Global Payments, Inc.		474,304
	111,930	Microsoft Corp.		4,588,011
	21,915	Oracle Corp.		896,543

				8,232,134


		Telecommunications — 5.6%

	4,018	America Movil SA de CV Series L, ADR		79,878
	73,295	AT&T, Inc.		2,570,456
	37,774	CenturyLink, Inc.		1,240,498
	52,600	China Mobile, Ltd., Sponsored ADR		2,398,034
	324,410	Cisco Systems, Inc.		7,270,028
	5,325	Knowles Corp.*		168,110
	30,495	Motorola Solutions, Inc.		1,960,523
	38,589	Nippon Telegraph & Telephone Corp., ADR‡		1,051,164
	14,145	QUALCOMM, Inc.		1,115,475
	51,436	Telefonica Brasil SA, ADR‡		1,092,501
	8,762	TELUS Corp.		314,994
	29,500	Verizon Communications, Inc.		1,403,315

				20,664,976


		Transportation — 0.5%

	5,080	FedEx Corp.		673,405
	13,030	Norfolk Southern Corp.		1,266,125

				1,939,530


		TOTAL COMMON STOCKS (COST $281,543,135)		367,653,523


		INVESTMENT COMPANY — 0.1%

		Investment Company — 0.1%

	3,100	iShares Russell 1000 Value Index Fund		299,150


		TOTAL INVESTMENT COMPANY (COST $291,014)		299,150


		See accompanying Notes to the Financial Statements.			41

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)			Description	Value ($)

			SHORT-TERM INVESTMENTS — 2.1%

			Bank Deposit — 0.5%

	1,683,192		State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14		1,683,192


			Securities Lending Collateral — 1.6%

	5,975,569		State Street Navigator Securities Lending Prime Portfolio***		5,975,569


			TOTAL SHORT-TERM INVESTMENTS (COST $7,658,761)		7,658,761


			TOTAL INVESTMENTS — 101.4% (Cost $289,492,910)		375,611,434

			Other Assets and Liabilities (net) — (1.4)%		(5,133,572	)


			NET ASSETS — 100.0%	$	370,477,862


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			REIT — Real Estate Investment Trust

		*	Non-income producing security

		‡	All or a portion of this security is out on loan.

		***	Represents an investment of securities lending cash collateral.


42		See accompanying Notes to the Financial Statements.

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

March 31, 2014

A summary of outstanding financial instruments at March 31, 2014 is as follows:

Forward Foreign Currency Contracts

Settlement
Date

Currency

Counterparty

Units of
Currency

Value

Unrealized
Appreciation
(Depreciation)

Sales

04/09/14

JPY

Barclays Bank Plc

207,100,000

2,011,050

(23,526

)

Currency Abbreviations

JPY	Japanese Yen


		See accompanying Notes to the Financial Statements.			43

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		99.2
Investment Company		0.1
Forward Foreign Currency Contracts		0.0
Short-Term Investments		2.1
Other Assets and Liabilities (net)		(1.4	)

		100.0	%


44		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		COMMON STOCKS — 99.0%

		Aerospace & Defense — 1.7%

	30,480	BE Aerospace, Inc.*		2,645,360
	14,470	TransDigm Group, Inc.		2,679,844
	20,199	Triumph Group, Inc.		1,304,451

				6,629,655


		Apparel — 0.3%

	62,355	Ascena Retail Group, Inc.*		1,077,494


		Auto Parts & Equipment — 1.2%

	18,737	Dorman Products, Inc.*		1,106,607
	16,397	Tenneco, Inc.*		952,174
	25,960	WABCO Holdings, Inc.*		2,740,338

				4,799,119


		Banks — 1.8%

	40,465	BankUnited, Inc.		1,406,968
	38,580	Comerica, Inc.		1,998,444
	48,410	First Republic Bank		2,613,656
	19,723	Texas Capital Bancshares, Inc.*		1,280,812

				7,299,880


		Biotechnology — 0.7%

	45,340	Aegerion Pharmaceuticals, Inc.*		2,091,081
	86,240	Sunesis Pharmaceuticals, Inc.*		570,046

				2,661,127


		Building Materials — 1.2%

	51,893	Boise Cascade Co.*		1,486,216
	11,150	Eagle Materials, Inc.		988,559
	16,955	Martin Marietta Materials, Inc.		2,176,174

				4,650,949


		Chemicals — 3.8%

	58,506	Axiall Corp.		2,628,089
	22,990	Cytec Industries, Inc.		2,244,054
	16,501	FMC Corp.		1,263,317
	30,135	HB Fuller Co.		1,454,918
	99,520	Huntsman Corp.		2,430,278
	65,780	PolyOne Corp.		2,411,495
	33,370	Rockwood Holdings, Inc.		2,482,728

				14,914,879


		Coal — 0.8%

	82,960	Consol Energy, Inc.		3,314,252


		See accompanying Notes to the Financial Statements.			45

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Commercial Services — 7.5%

	55,226	Acacia Research Corp.‡		843,853
	31,319	Bright Horizons Family Solutions, Inc.*		1,224,886
	19,185	FleetCor Technologies, Inc.*		2,208,193
	138,243	Heartland Payment Systems, Inc.		5,730,172
	17,448	Huron Consulting Group, Inc.*		1,105,854
	153,000	K12, Inc.* ‡		3,465,450
	20,550	Nord Anglia Education, Inc.*		393,944
	43,680	On Assignment, Inc.*		1,685,611
	150,975	Ritchie Bros Auctioneers, Inc.‡		3,643,027
	46,400	Robert Half International, Inc.		1,946,480
	122,300	Service Corp. International		2,431,324
	65,450	Total System Services, Inc.		1,990,335
	30,890	United Rentals, Inc.*		2,932,697

				29,601,826


		Computers — 4.0%

	93,594	Cadence Design Systems, Inc.*		1,454,451
	65,329	Fortinet, Inc.*		1,439,198
	19,870	IHS, Inc. Class A*		2,414,205
	118,290	j2 Global, Inc.‡		5,920,414
	252,290	Logitech International SA		3,769,998
	16,780	Synaptics, Inc.* ‡		1,007,136

				16,005,402


		Distribution & Wholesale — 1.5%

	34,999	Beacon Roofing Supply, Inc.*		1,353,061
	46,630	Ingram Micro, Inc. Class A*		1,378,383
	9,455	MWI Veterinary Supply, Inc.*		1,471,387
	19,420	WESCO International, Inc.* ‡		1,616,133

				5,818,964


		Diversified Financial Services — 3.7%

	27,550	Affiliated Managers Group, Inc.*		5,511,378
	18,100	CBOE Holdings, Inc.		1,024,460
	51,500	Ellie Mae, Inc.* ‡		1,485,260
	22,367	Financial Engines, Inc.		1,135,796
	30,425	Lazard, Ltd. Class A		1,432,713
	50,410	Raymond James Financial, Inc.		2,819,431
	23,781	WageWorks, Inc.*		1,334,352

				14,743,390


		Electrical Components & Equipment — 1.4%

	17,507	Belden, Inc.		1,218,487
	28,320	Generac Holdings, Inc.		1,670,030
	23,680	Hubbell, Inc. Class B		2,838,522

				5,727,039


46		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Electronics — 0.9%

	20,604	Coherent, Inc.*		1,346,472
	35,740	Gentex Corp.		1,126,882
	25,174	Woodward, Inc.		1,045,476

				3,518,830


		Engineering & Construction — 0.2%

	119,310	McDermott International, Inc.* ‡		933,004


		Entertainment — 0.6%

	42,967	Cinemark Holdings, Inc.		1,246,472
	38,519	Multimedia Games Holding Co., Inc.*		1,118,592

				2,365,064


		Environmental Control — 0.3%

	31,263	Waste Connections, Inc.		1,371,195


		Food — 0.3%

	12,749	Hain Celestial Group (The), Inc.*		1,166,151


		Hand & Machine Tools — 0.8%

	41,340	Lincoln Electric Holdings, Inc.		2,976,893


		Health Care - Products — 5.7%

	147,666	ABIOMED, Inc.* ‡		3,845,223
	41,620	ArthroCare Corp.*		2,005,668
	48,025	DexCom, Inc.*		1,986,314
	93,675	Endologix, Inc.*		1,205,597
	20,870	IDEXX Laboratories, Inc.*		2,533,618
	51,540	Spectranetics Corp.*		1,562,177
	66,179	Techne Corp.		5,649,701
	36,460	Thoratec Corp.*		1,305,633
	85,020	Wright Medical Group, Inc.*		2,641,571

				22,735,502


		Health Care - Services — 4.2%

	59,667	Acadia Healthcare Co., Inc.*		2,692,175
	47,060	Brookdale Senior Living, Inc.*		1,576,981
	72,090	Community Health Systems, Inc.*		2,823,765
	22,630	Covance, Inc.*		2,351,257
	41,139	Envision Healthcare Holdings, Inc.*		1,391,732
	29,317	Magellan Health Services, Inc.*		1,739,964
	11,720	Mettler-Toledo International, Inc.*		2,762,170
	22,606	WellCare Health Plans, Inc.*		1,435,933

				16,773,977


		Home Builders — 0.3%

	1,038	NVR, Inc.*		1,190,586


		See accompanying Notes to the Financial Statements.			47

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Home Furnishings — 1.3%

	36,354	Harman International Industries, Inc.		3,868,065
	28,880	Tempur Sealy International, Inc.*		1,463,350

				5,331,415


		Household Products & Wares — 1.3%

	45,460	Jarden Corp.*		2,719,872
	41,410	Scotts Miracle-Gro Co. (The) Class A		2,537,605

				5,257,477


		Insurance — 0.6%

	126,380	Genworth Financial, Inc. Class A*		2,240,717


		Internet — 4.1%

	47,514	CyrusOne, Inc.		989,717
	15,542	FireEye, Inc.* ‡		956,921
	39,965	HomeAway, Inc.*		1,505,482
	29,550	Marketo, Inc.*		965,398
	148,834	NIC, Inc.		2,873,984
	51,360	Pandora Media, Inc.*		1,557,235
	30,075	Shutterstock, Inc.* ‡		2,183,746
	98,875	VeriSign, Inc.* ‡		5,330,351

				16,362,834


		Leisure Time — 1.2%

	105,440	Interval Leisure Group, Inc.		2,756,202
	13,430	Polaris Industries, Inc.		1,876,305

				4,632,507


		Lodging — 0.4%

	22,038	Wyndham Worldwide Corp.		1,613,843


		Machinery - Construction & Mining — 0.5%

	44,132	Terex Corp.		1,955,048


		Machinery - Diversified — 2.0%

	25,330	Cognex Corp.*		857,674
	76,475	Graco, Inc.		5,715,741
	15,533	Wabtec Corp.		1,203,808

				7,777,223


		Media — 0.2%

	24,650	Nexstar Broadcasting Group, Inc. Class A‡		924,868


		Metal Fabricate & Hardware — 0.7%

	48,410	Timken Co. (The)		2,845,540


48		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Miscellaneous - Manufacturing — 1.0%

	11,620	Carlisle Cos., Inc.		921,931
	43,158	Hexcel Corp.*		1,879,099
	37,213	Trimas Corp.*		1,235,472

				4,036,502


		Oil & Gas — 3.3%

	76,898	Bill Barrett Corp.* ‡		1,968,589
	91,410	Denbury Resources, Inc.		1,499,124
	232,689	Magnum Hunter Resources Corp.*		1,977,857
	32,725	Oasis Petroleum, Inc.*		1,365,614
	75,750	Rowan Cos. Plc Class A*		2,551,260
	73,400	Tesoro Corp.		3,713,306

				13,075,750


		Oil & Gas Services — 1.6%

	32,150	Core Laboratories NV		6,379,846


		Packaging & Containers — 1.8%

	58,049	Berry Plastics Group, Inc.*		1,343,834
	60,233	Crown Holdings, Inc.*		2,694,825
	42,390	Packaging Corp. of America		2,982,984

				7,021,643


		Pharmaceuticals — 3.3%

	111,848	ACADIA Pharmaceuticals, Inc.*		2,721,262
	31,820	Alkermes Plc*		1,402,944
	47,020	Cubist Pharmaceuticals, Inc.*		3,439,513
	18,250	Jazz Pharmaceuticals Plc*		2,530,910
	18,308	Medivation, Inc.*		1,178,486
	16,478	Sirona Dental Systems, Inc.* ‡		1,230,412
	8,570	Synageva BioPharma Corp.*		711,053

				13,214,580


		Real Estate — 0.7%

	23,140	Jones Lang Lasalle, Inc.		2,742,090


		REITS — 1.5%

	174,725	CommonWealth REIT		4,595,268
	62,390	Starwood Property Trust, Inc. REIT		1,471,780

				6,067,048


		Retail — 10.2%

	17,923	Asbury Automotive Group, Inc.*		991,321
	43,050	Bloomin’ Brands, Inc.*		1,037,505
	25,920	Brinker International, Inc.		1,359,504
	25,022	Childrens Place Retail Stores (The), Inc.		1,246,346
	22,895	Dick’s Sporting Goods, Inc.		1,250,296
	75,125	DineEquity, Inc.		5,865,009


		See accompanying Notes to the Financial Statements.			49

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Retail — continued

	52,100	Dunkin’ Brands Group, Inc.		2,614,378
	62,728	Francesca’s Holdings Corp.* ‡		1,137,886
	19,870	GNC Holdings, Inc. Class A		874,677
	21,334	Red Robin Gourmet Burgers, Inc.*		1,529,221
	16,036	Restoration Hardware Holdings, Inc.*		1,180,089
	179,125	Sally Beauty Holdings, Inc.*		4,908,025
	24,370	Signet Jewelers, Ltd.		2,579,808
	22,770	Tractor Supply Co.		1,608,245
	52,200	Ulta Salon Cosmetics & Fragrance, Inc.*		5,088,456
	110,248	Urban Outfitters, Inc.*		4,020,745
	47,459	Williams-Sonoma, Inc.		3,162,668

				40,454,179


		Semiconductors — 2.1%

	59,001	Ceva, Inc.*		1,036,058
	35,417	Mellanox Technologies, Ltd.* ‡		1,385,867
	29,480	NXP Semiconductor NV*		1,733,719
	37,608	Semtech Corp.*		952,987
	35,590	Skyworks Solutions, Inc.*		1,335,337
	51,082	Teradyne, Inc.* ‡		1,016,021
	18,980	Veeco Instruments, Inc.*		795,831

				8,255,820


		Software — 11.7%

	161,910	Allscripts Healthcare Solutions, Inc.*		2,919,237
	15,875	athenahealth, Inc.* ‡		2,543,810
	110,742	Blackbaud, Inc.		3,466,225
	26,058	Commvault Systems, Inc.*		1,692,467
	13,790	Concur Technologies, Inc.*		1,366,175
	31,432	EPAM Systems, Inc.*		1,034,113
	37,548	Imperva, Inc.*		2,091,424
	57,770	Infoblox, Inc.*		1,158,866
	68,041	Informatica Corp.*		2,570,589
	151,850	MSCI, Inc. Class A*		6,532,587
	52,690	Proofpoint, Inc.*		1,953,745
	131,237	QLIK Technologies, Inc.*		3,489,592
	18,470	Rocket Fuel, Inc.* ‡		791,994
	61,030	ServiceNow, Inc.*		3,656,917
	32,061	SS&C Technologies Holdings, Inc.*		1,283,081
	48,446	Synchronoss Technologies, Inc.*		1,661,213
	246,935	VeriFone Systems, Inc.*		8,351,342

				46,563,377


		Telecommunications — 3.7%

	77,545	Allot Communications, Ltd.* ‡		1,043,756
	79,100	Aruba Networks, Inc.*		1,483,125
	6,000	IPG Photonics Corp.* ‡		426,480
	120,290	JDS Uniphase Corp.*		1,684,060


50		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares			Description	Value ($)

			Telecommunications — continued

	29,080		MasTec, Inc.*		1,263,235
	78,250		NeuStar, Inc. Class A* ‡		2,543,907
	69,525		SBA Communications Corp. Class A*		6,323,994

					14,768,557


			Transportation — 2.9%

	106,100		Expeditors International of Washington, Inc.		4,204,743
	52,725		Genesee & Wyoming, Inc. Class A*		5,131,197
	76,674		XPO Logistics, Inc.* ‡		2,254,982

					11,590,922


			TOTAL COMMON STOCKS (COST $318,205,205)		393,386,964


			WARRANTS — 0.0%

			Oil & Gas — 0.0%

	27,862		Magnum Hunter Resources Corp., Strike Price $8.50, Expires 4/15/16* ‡ ****		—


			TOTAL WARRANTS (COST $—)		—


Par Value ($)			Description	Value ($)

			SHORT-TERM INVESTMENTS — 9.8%

			Bank Deposit — 0.9%

	3,776,068		State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14		3,776,068


			Securities Lending Collateral — 8.9%

	35,237,041		State Street Navigator Securities Lending Prime Portfolio***		35,237,041


			TOTAL SHORT-TERM INVESTMENTS (COST $39,013,109)		39,013,109


			TOTAL INVESTMENTS — 108.8% (Cost $357,218,314)		432,400,073

			Other Assets and Liabilities (net) — (8.8)%		(35,039,953	)


			NET ASSETS — 100.0%	$	397,360,120


			Notes to Schedule of Investments:

			REIT — Real Estate Investment Trust

		*	Non-income producing security

		‡	All or a portion of this security is out on loan.

		***	Represents an investment of securities lending cash collateral.

		****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at year end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2014 was $0.


		See accompanying Notes to the Financial Statements.			51

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		99.0
Warrants		0.0
Short-Term Investments		9.8
Other Assets and Liabilities (net)		(8.8	)

		100.0	%


52		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		COMMON STOCKS — 98.1%

		Aerospace & Defense — 1.8%

	14,325	AAR Corp.		371,734
	6,570	Alliant Techsystems, Inc.		933,925
	28,175	Astronics Corp.*		1,786,577
	144,081	Orbital Sciences Corp.*		4,019,860

				7,112,096


		Airlines — 0.5%

	225,100	JetBlue Airways Corp.* ‡		1,956,119


		Apparel — 1.3%

	137,810	Ascena Retail Group, Inc.*		2,381,357
	33,875	Hanesbrands, Inc.		2,590,760

				4,972,117


		Auto Parts & Equipment — 0.5%

	37,175	Allison Transmission Holdings, Inc.		1,113,019
	29,850	Tower International, Inc.*		812,517

				1,925,536


		Banks — 4.8%

	364,775	Huntington Bancshares, Inc.		3,636,807
	50,900	MB Financial, Inc.		1,575,864
	47,806	PrivateBancorp, Inc.		1,458,561
	13,459	Prosperity Bancshares, Inc.		890,313
	82,650	Regions Financial Corp.		918,241
	46,976	Texas Capital Bancshares, Inc.*		3,050,621
	51,675	United Community Banks, Inc.*		1,003,012
	103,083	Webster Financial Corp.		3,201,758
	115,505	Western Alliance Bancorp*		2,841,423

				18,576,600


		Biotechnology — 1.2%

	24,090	Bio-Rad Laboratories, Inc. Class A*		3,086,411
	40,826	Myriad Genetics, Inc.* ‡		1,395,841

				4,482,252


		Building Materials — 0.9%

	20,465	Drew Industries, Inc.		1,109,203
	138,105	Louisiana-Pacific Corp.*		2,329,831

				3,439,034


		Chemicals — 1.8%

	69,567	American Vanguard Corp.		1,506,126
	51,550	Huntsman Corp.		1,258,851
	30,754	Innophos Holdings, Inc.		1,743,752
	57,638	Intrepid Potash, Inc.* ‡		891,083


		See accompanying Notes to the Financial Statements.			53

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Chemicals — continued

	63,141	Kraton Performance Polymers, Inc.*		1,650,506

				7,050,318


		Coal — 0.5%

	51,866	Cloud Peak Energy, Inc.*		1,096,447
	59,100	Peabody Energy Corp.		965,694

				2,062,141


		Commercial Services — 5.2%

	58,775	ABM Industries, Inc.		1,689,193
	88,420	ADT Corp. (The)‡		2,648,179
	74,850	AMN Healthcare Services, Inc.*		1,028,439
	112,688	Convergys Corp.		2,468,994
	38,815	Euronet Worldwide, Inc.*		1,614,316
	65,249	Geo Group (The), Inc.		2,103,628
	62,996	Insperity, Inc.		1,951,616
	49,245	Korn/Ferry International*		1,466,024
	10,000	Manpower, Inc.		788,300
	44,786	Rent-A-Center, Inc.		1,191,308
	61,400	RR Donnelley & Sons Co.		1,099,060
	19,050	Sotheby’s		829,627
	53,714	SP Plus Corp.*		1,411,067

				20,289,751


		Computers — 1.0%

	10,765	DST Systems, Inc.		1,020,414
	16,888	j2 Global, Inc.‡		845,244
	66,750	Logitech International SA‡		993,908
	60,810	Sykes Enterprises, Inc.*		1,208,295

				4,067,861


		Cosmetics & Personal Care — 1.8%

	159,941	Elizabeth Arden, Inc.*		4,719,859
	61,209	Inter Parfums, Inc.		2,216,378

				6,936,237


		Distribution & Wholesale — 1.0%

	67,120	Owens & Minor, Inc.‡		2,351,214
	20,610	WESCO International, Inc.* ‡		1,715,164

				4,066,378


		Diversified Financial Services — 2.5%

	44,784	Blackhawk Network Holdings, Inc.* ‡		1,092,282
	52,200	Eaton Vance Corp.		1,991,952
	28,470	Outerwall, Inc.* ‡		2,064,075
	71,850	Raymond James Financial, Inc.		4,018,570
	9,190	Waddell & Reed Financial, Inc. Class A		676,568

				9,843,447


54		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Electric — 1.7%

	72,900	AES Corp.		1,041,012
	55,807	Ameren Corp.		2,299,248
	28,575	Cleco Corp.		1,445,324
	57,125	CMS Energy Corp.		1,672,620

				6,458,204


		Electrical Components & Equipment — 1.5%

	46,525	Advanced Energy Industries, Inc.*		1,139,862
	16,350	EnerSys		1,132,892
	40,700	Generac Holdings, Inc.		2,400,079
	31,519	Universal Display Corp.* ‡		1,005,771

				5,678,604


		Electronics — 2.6%

	59,395	Coherent, Inc.*		3,881,464
	36,302	Cubic Corp.		1,853,943
	18,250	Dolby Laboratories, Inc. Class A* ‡		812,125
	78,475	Stoneridge, Inc.*		881,274
	66,885	Woodward, Inc.		2,777,734

				10,206,540


		Energy - Alternate Sources — 0.2%

	12,295	First Solar, Inc.*		858,068


		Engineering & Construction — 0.3%

	167,236	McDermott International, Inc.* ‡		1,307,786


		Entertainment — 1.7%

	27,125	Ascent Capital Group, Inc. Class A*		2,049,294
	118,140	International Game Technology		1,661,048
	56,867	International Speedway Corp. Class A		1,932,909
	20,520	Madison Square Garden, Inc.*		1,165,126

				6,808,377


		Environmental Control — 0.7%

	43,923	Nuverra Environmental Solutions, Inc.* ‡		891,198
	74,050	Progressive Waste Solutions, Ltd.		1,874,205

				2,765,403


		Food — 2.2%

	12,555	Hormel Foods Corp.		618,585
	19,621	Industrias Bachoco, S.A.B., Sponsored ADR		856,457
	18,263	Ingles Markets, Inc.		435,025
	15,300	Pilgrim’s Pride Corp.*		320,076
	53,780	Pinnacle Foods, Inc.		1,605,871
	249,850	SUPERVALU, Inc.* ‡		1,708,974
	30,003	TreeHouse Foods, Inc.*		2,159,916


		See accompanying Notes to the Financial Statements.			55

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Food — continued

	26,969	Village Super Market, Inc. Class A		711,981

				8,416,885


		Forest Products & Paper — 2.6%

	68,427	Clearwater Paper Corp.*		4,288,320
	27,714	Deltic Timber Corp.		1,807,784
	4,941	Domtar Corp.		554,479
	122,668	Glatfelter		3,339,023

				9,989,606


		Gas — 0.7%

	55,808	Atmos Energy Corp.		2,630,231


		Hand & Machine Tools — 0.2%

	12,050	Regal-Beloit Corp.		876,156


		Health Care - Products — 2.6%

	131,250	Bruker Corp.*		2,991,188
	12,325	ICU Medical, Inc.*		738,021
	286,056	Nordion, Inc.*		3,295,365
	35,800	NuVasive, Inc.*		1,375,078
	23,920	Orthofix International NV*		721,188
	22,432	STERIS Corp.		1,071,128

				10,191,968


		Health Care - Services — 1.4%

	22,000	Centene Corp.*		1,369,500
	43,839	Ensign Group (The), Inc.		1,913,134
	24,425	Universal Health Services, Inc. Class B		2,004,560

				5,287,194


		Home Builders — 0.5%

	84,650	D.R. Horton, Inc.		1,832,672


		Home Furnishings — 1.1%

	22,310	Harman International Industries, Inc.		2,373,784
	130,350	TiVo, Inc.*		1,724,530

				4,098,314


		Insurance — 7.3%

	4,927	Alleghany Corp.*		2,007,161
	78,170	Axis Capital Holdings, Ltd.		3,584,095
	5,250	Everest Re Group, Ltd.		803,513
	108,925	Genworth Financial, Inc. Class A*		1,931,240
	53,852	HCC Insurance Holdings, Inc.		2,449,727
	101,114	ING US, Inc.		3,667,405
	26,590	Lincoln National Corp.		1,347,315
	14,742	Navigators Group, Inc.*		905,011


56		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Insurance — continued

	16,521	PartnerRe, Ltd.		1,709,924
	57,811	Reinsurance Group of America, Inc.		4,603,490
	27,904	Validus Holdings, Ltd.		1,052,260
	7,348	White Mountains Insurance Group, Ltd.		4,408,065

				28,469,206


		Internet — 1.3%

	20,925	F5 Networks, Inc.*		2,231,232
	135,275	Orbitz Worldwide, Inc.*		1,060,556
	54,525	Web.com Group, Inc.*		1,855,486

				5,147,274


		Investment Company — 0.4%

	45,215	Capital Southwest Corp.		1,569,865


		Iron & Steel — 0.3%

	189,875	Gerdau SA, Sponsored ADR		1,217,099


		Leisure Time — 0.5%

	32,725	Royal Caribbean Cruises, Ltd.		1,785,476


		Lodging — 0.3%

	51,210	MGM Resorts International*		1,324,291


		Machinery - Construction & Mining — 0.2%

	13,800	Terex Corp.		611,340


		Machinery - Diversified — 0.6%

	64,587	Albany International Corp. Class A		2,295,422


		Media — 1.1%

	84,700	Cumulus Media, Inc. Class A*		585,277
	82,775	Entravision Communications Corp.		554,592
	67,300	Gannett Co., Inc.		1,857,480
	55,500	Gray Television, Inc.*		575,535
	33,875	New York Times Co. (The) Class A		579,940

				4,152,824


		Mining — 0.5%

	182,931	AuRico Gold, Inc.‡		795,750
	101,900	Century Aluminum Co.*		1,346,099

				2,141,849


		Miscellaneous - Manufacturing — 3.0%

	1,290	Brink’s Co. (The)		36,830
	182,148	Griffon Corp.		2,174,847
	35,650	ITT Corp.		1,524,394
	543,762	Orkla ASA, Sponsored ADR‡		4,649,165


		See accompanying Notes to the Financial Statements.			57

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Miscellaneous - Manufacturing — continued

	18,975	SPX Corp.		1,865,432
	45,007	Trimas Corp.*		1,494,232

				11,744,900


		Office & Business Equipment — 0.9%

	46,225	Avery Dennison Corp.		2,342,221
	50,150	Pitney Bowes, Inc.		1,303,398

				3,645,619


		Oil & Gas — 6.3%

	48,177	Carrizo Oil & Gas, Inc.*		2,575,542
	34,500	Cimarex Energy Co.		4,109,295
	90,200	Comstock Resources, Inc.‡		2,061,070
	184,607	Denbury Resources, Inc.		3,027,555
	210,383	Miller Energy Resources, Inc.* ‡		1,237,052
	41,150	Murphy USA, Inc.*		1,670,278
	101,914	Ocean Rig UDW, Inc.*		1,813,050
	165,320	Parker Drilling Co.*		1,172,119
	101,975	PBF Energy, Inc. Class A		2,630,955
	115,550	Vaalco Energy, Inc.*		987,952
	24,630	Whiting Petroleum Corp.*		1,709,076
	91,654	WPX Energy, Inc.*		1,652,522

				24,646,466


		Oil & Gas Services — 0.6%

	36,361	MRC Global, Inc.*		980,293
	119,720	TETRA Technologies, Inc.*		1,532,416

				2,512,709


		Packaging & Containers — 0.5%

	131,335	Graphic Packaging Holding Co.*		1,334,364
	22,975	Owens-Illinois, Inc.*		777,244

				2,111,608


		Pharmaceuticals — 1.5%

	23,150	Anika Therapeutics, Inc.*		951,465
	19,800	Jazz Pharmaceuticals Plc*		2,745,864
	31,865	Mallinckrodt Plc*		2,020,560

				5,717,889


		Pipelines — 0.7%

	39,698	National Fuel Gas Co.		2,780,448


		Real Estate — 2.2%

	57,950	CBRE Group, Inc.*		1,589,569
	85,030	Forest City Enterprises, Inc. Class A*		1,624,073
	214,613	Forestar Group, Inc.*		3,820,111


58		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Real Estate — continued

	62,490	Hilltop Holdings, Inc.*		1,486,637

				8,520,390


		REITS — 3.8%

	152,225	BioMed Realty Trust, Inc. REIT		3,119,090
	150,700	Brandywine Realty Trust REIT		2,179,122
	162,994	CBL & Associates Properties, Inc. REIT		2,893,143
	91,709	DuPont Fabros Technology, Inc. REIT		2,207,436
	83,500	Liberty Property Trust REIT		3,086,160
	114,900	Strategic Hotels & Resorts, Inc. REIT*		1,170,831

				14,655,782


		Retail — 4.0%

	54,118	Abercrombie & Fitch Co. Class A		2,083,543
	50,070	Big Lots, Inc.*		1,896,151
	77,018	Bob Evans Farms, Inc.		3,853,210
	18,380	Childrens Place Retail Stores (The), Inc.		915,508
	6,920	Dillard’s, Inc. Class A		639,408
	85,630	Pep Boys - Manny, Moe & Jack (The)*		1,089,214
	265,825	Rite Aid Corp.*		1,666,723
	42,800	Stage Stores, Inc.‡		1,046,460
	21,440	Texas Roadhouse, Inc. Class A		559,155
	195,313	Wendy’s Co. (The)‡		1,781,254

				15,530,626


		Savings & Loans — 0.3%

	59,253	Dime Community Bancshares		1,006,116


		Semiconductors — 6.4%

	77,675	GT Advanced Technologies, Inc.*		1,324,359
	178,250	International Rectifier Corp.*		4,884,050
	36,475	Lam Research Corp.*		2,006,125
	202,572	Microsemi Corp.*		5,070,377
	59,504	MKS Instruments, Inc.		1,778,575
	236,925	ON Semiconductor Corp.*		2,227,095
	92,544	Rovi Corp.*		2,108,152
	266,790	Teradyne, Inc.* ‡		5,306,453

				24,705,186


		Shipbuilding — 0.4%

	15,800	Huntington Ingalls Industries, Inc.		1,615,708


		Software — 1.8%

	87,280	CSG Systems International, Inc.		2,272,771
	32,875	Electronic Arts, Inc.*		953,704
	27,550	PTC, Inc.*		976,096
	37,719	Schawk, Inc.		754,003


		See accompanying Notes to the Financial Statements.			59

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Software — continued

	60,400	VeriFone Systems, Inc.*		2,042,728

				6,999,302


		Telecommunications — 2.6%

	17,980	Atlantic Tele-Network, Inc.		1,185,242
	82,525	Finisar Corp.*		2,187,738
	85,000	JDS Uniphase Corp.*		1,190,000
	23,725	Level 3 Communications, Inc.*		928,596
	71,245	NeuStar, Inc. Class A*		2,316,175
	85,258	Telephone & Data Systems, Inc.		2,234,612

				10,042,363


		Textiles — 0.6%

	21,266	UniFirst Corp.		2,337,984


		Transportation — 4.0%

	192,976	Air Transport Services Group, Inc.*		1,514,862
	67,125	Arkansas Best Corp.		2,480,269
	38,542	Forward Air Corp.		1,777,172
	42,300	GasLog, Ltd.		985,167
	37,770	Heartland Express, Inc.‡		857,001
	63,588	Marten Transport, Ltd.		1,368,414
	99,250	Safe Bulkers, Inc.		944,860
	94,275	Swift Transportation Co.* ‡		2,333,306
	76,675	Tsakos Energy Navigation, Ltd.		594,998
	82,980	UTi Worldwide, Inc.		878,758
	65,520	Werner Enterprises, Inc.		1,671,415

				15,406,222


		Trucking & Leasing — 0.6%

	70,872	Aircastle, Ltd.		1,373,499
	20,750	Greenbrier Cos. (The), Inc.*		946,200

				2,319,699


		Water — 0.6%

	86,402	PICO Holdings, Inc.*		2,245,588


		TOTAL COMMON STOCKS (COST $345,423,452)		381,445,146


Par Value ($)		Description	Value ($)

		SHORT-TERM INVESTMENTS — 8.1%

		Bank Deposit — 1.5%

	5,717,334	State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14		5,717,334


60		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)			Description	Value ($)

			Securities Lending Collateral — 6.6%

	25,511,034		State Street Navigator Securities Lending Prime Portfolio***		25,511,034


			TOTAL SHORT-TERM INVESTMENTS (COST $31,228,368)		31,228,368


			TOTAL INVESTMENTS — 106.2% (Cost $376,651,820)		412,673,514

			Other Assets and Liabilities (net) — (6.2)%		(23,961,840	)


			NET ASSETS — 100.0%	$	388,711,674


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			REIT — Real Estate Investment Trust

		*	Non-income producing security

		‡	All or a portion of this security is out on loan.

		***	Represents an investment of securities lending cash collateral.


		See accompanying Notes to the Financial Statements.			61

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		98.1
Short-Term Investments		8.1
Other Assets and Liabilities (net)		(6.2	)

		100.0	%


62		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		COMMON STOCKS — 94.5%

		Australia — 3.5%

	54,749	BC Iron, Ltd.		240,527
	1,486,082	Beach Energy, Ltd.		2,348,425
	220,868	Bendigo and Adelaide Bank, Ltd.		2,329,617
	294,129	BGP Holdings Plc¤ ****		—
	69,278	BHP Billiton, Ltd.		2,341,751
	906,058	Brambles, Ltd.		7,776,363
	220,448	carsales.com, Ltd.		2,216,897
	308,355	Computershare, Ltd.		3,458,167
	95,704	Crown Resorts, Ltd.		1,475,135
	129,314	CSL, Ltd.		8,337,093
	504,745	Downer EDI, Ltd.		2,348,471
	515,359	Fortescue Metals Group, Ltd.‡		2,507,718
	104,408	Iress Market Technology, Ltd.		830,292
	43,908	Macquarie Group, Ltd.		2,357,527
	777,871	Metcash, Ltd.‡		1,888,941
	214,634	Mineral Resources, Ltd.		2,283,757
	146,164	Monadelphous Group, Ltd.‡		2,277,287
	71,590	National Australia Bank, Ltd.		2,352,885
	289,823	Platinum Asset Management, Ltd.‡		2,003,924
	95,486	Premier Investments, Ltd.		871,737
	435,842	Primary Health Care, Ltd.		1,902,653
	51,792	Ramsay Health Care, Ltd.		2,310,405
	83,332	Seven West Media, Ltd.‡		152,928
	860,565	Sigma Pharmaceuticals, Ltd.		530,414
	21,529	Sirtex Medical, Ltd.		309,689
	29,647	Sonic Healthcare, Ltd.		474,551
	1,777,991	Southern Cross Media Group, Ltd.		2,257,666
	106,397	Super Retail Group, Ltd.		1,088,699
	489,997	Telstra Corp., Ltd.		2,307,101
	362,357	TPG Telecom, Ltd.		2,233,407
	84,504	Virtus Health, Ltd.		570,188
	64,419	Woodside Petroleum, Ltd.		2,329,758

		Total Australia		66,713,973


		Austria — 0.4%

	12,316	Austriamicrosystems AG		1,728,855
	37,682	CA Immobilien Anlagen AG*		681,130
	54,404	OMV AG		2,469,542
	2,208	Schoeller-Bleckmann Oilfield Equipment AG		258,305
	56,604	Voestalpine AG		2,489,050

		Total Austria		7,626,882


		Belgium — 0.6%

	54,321	Ageas		2,421,602
	77,422	Belgacom SA‡		2,425,446
	48,093	Delhaize Group		3,516,375
	8,700	Delhaize Group SA, Sponsored ADR		632,229


		See accompanying Notes to the Financial Statements.			63

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Belgium — continued

	15,576	Solvay SA		2,446,235

		Total Belgium		11,441,887


		Bermuda — 1.3%

	245,159	BW Offshore, Ltd.		317,349
	672,664	Catlin Group, Ltd.		6,033,304
	1,189,215	Digital China Holdings, Ltd.		1,198,866
	1,469,933	Esprit Holdings, Ltd.		2,448,293
	2,326,000	Haier Electronics Group Co., Ltd.		6,296,981
	258,937	Hiscox, Ltd.		2,944,100
	353,822	Hongkong Land Holdings, Ltd.		2,289,228
	673,000	Luk Fook Holdings International, Ltd.		2,121,277

		Total Bermuda		23,649,398


		Brazil — 0.4%

	146,555	Banco do Brasil SA		1,480,813
	253,500	Banco Santander Brasil SA		1,412,140
	139,700	Cia de Saneamento Basico do Estado de Sao Paulo		1,306,302
	179,600	Light SA		1,492,355
	92,200	Porto Seguro SA		1,301,383

		Total Brazil		6,992,993


		Canada — 0.1%

	5,410	Fairfax Financial Holdings, Ltd.		2,352,707


		Cayman Islands — 0.7%

	6,738,000	Hutchison Telecommunications Hong Kong Holdings, Ltd.		2,232,377
	159,150	Tencent Holdings, Ltd.		11,068,824

		Total Cayman Islands		13,301,201


		China — 0.2%

	1,832,327	China Communications Construction Co., Ltd. Class H		1,277,920
	1,410,048	China Petroleum & Chemical Corp. Class H		1,265,163
	1,230,272	PetroChina Co., Ltd. Class H		1,340,174

		Total China		3,883,257


		Denmark — 1.5%

	13,457	Genmab AS*		547,273
	321,428	GN Store Nord AS		7,980,813
	21,086	Jyske Bank AS*		1,159,204
	16,874	NKT Holding AS‡		978,113
	148,147	Pandora AS‡		9,804,449
	6,899	SimCorp AS		280,188
	43,127	Sydbank AS*		1,104,249
	709,131	TDC AS		6,558,513

		Total Denmark		28,412,802


64		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Finland — 1.5%

	83,408	Elisa OYJ‡		2,401,453
	16,596	Huhtamaki OYJ		455,181
	23,620	Kemira OYJ‡		344,424
	77,346	Neste Oil OYJ‡		1,577,711
	1,287,601	Nokia OYJ*		9,565,285
	222,912	Nokia OYJ, Sponsored ADR*		1,636,174
	70,587	Orion OYJ Class B		2,131,547
	39,630	Sampo OYJ Class A		2,056,444
	56,977	Sponda OYJ		270,138
	218,043	Stora Enso OYJ		2,333,520
	91,530	Tieto OYJ‡		2,352,720
	133,786	UPM-Kymmene OYJ		2,288,286

		Total Finland		27,412,883


		France — 8.4%

	252,904	Accor SA		12,954,412
	130,852	Airbus Group NV		9,376,226
	602,072	Alcatel-Lucent*		2,374,903
	466,636	Alcatel-Lucent, Sponsored ADR		1,819,880
	90,491	AXA SA		2,352,827
	218,397	BNP Paribas		16,853,302
	19,960	Cie Generale des Etablissements Michelin		2,497,345
	160,426	CNP Assurances		3,398,416
	216,692	Danone SA		15,329,995
	13,974	Dassault Systemes SA		1,637,842
	31,485	Edenred		988,303
	60,057	Electricite de France		2,376,842
	19,697	Essilor International SA		1,987,188
	13,588	Euler Hermes SA		1,715,453
	47,897	Faurecia*		2,025,310
	166,736	France Telecom SA		2,463,497
	172,860	GDF Suez		4,731,530
	85,231	Havas SA		638,330
	9,996	Ipsen SA		409,452
	92,195	Legrand SA		5,730,119
	143,352	Metropole Television SA		3,119,707
	88,677	Neopost SA‡		7,005,595
	23,809	Nexans SA‡		1,248,437
	103,621	Orange SA, Sponsored ADR		1,522,193
	59,483	Pernod-Ricard SA		6,927,514
	28,976	Plastic Omnium SA		1,075,880
	82,188	Publicis Groupe SA		7,428,612
	19,706	Renault SA		1,915,851
	35,494	Safran SA		2,460,166
	116,280	Sanofi, ADR		6,079,118
	34,934	Sanofi-Aventis		3,643,823
	27,375	Schneider Electric SA		2,427,899
	31,928	SCOR SE		1,117,721
	87,760	Societe Generale		5,407,301


		See accompanying Notes to the Financial Statements.			65

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		France — continued

	176,954	Technicolor*		1,277,967
	16,691	Teleperformance		968,139
	37,896	Total SA		2,486,155
	140,099	UBISOFT Entertainment*		2,510,188
	17,466	Valeo SA		2,461,414
	87,308	Vivendi SA		2,433,117
	73,656	Zodiac Aerospace		2,603,894

		Total France		157,781,863


		Germany — 9.5%

	25,067	Aareal Bank AG*		1,102,963
	13,275	Adidas AG		1,436,989
	77,243	Allianz AG		13,062,658
	22,103	BASF SE		2,457,791
	215,530	Bayer AG		29,164,774
	40,003	Bayerische Motoren Werke AG		5,051,388
	13,165	Bechtle AG		1,134,585
	7,522	Bertrandt AG		1,152,832
	7,317	Bilfinger SE		928,696
	21,108	Brenntag AG		3,917,250
	73,780	Continental AG		17,683,413
	82,442	DaimlerChrysler AG		7,793,583
	130,474	Deutsche Annington Immobilien SE*		3,724,191
	90,136	Deutsche Post AG		3,350,480
	372,613	Deutsche Telekom AG		6,023,985
	218,309	Deutsche Wohnen AG		4,681,759
	156,119	Deutsche Wohnen AG - New*		3,261,992
	30,167	Deutz AG*		254,331
	79,947	DIC Asset AG		739,685
	51,389	Drillisch AG		1,865,580
	13,454	Duerr AG		1,038,406
	615,929	E.ON AG		12,045,946
	10,578	ElringKlinger AG		417,109
	13,614	Grammer AG		666,948
	25,635	HeidelbergCement AG		2,197,968
	412,112	Infineon Technologies AG		4,919,957
	72,307	Kloeckner & Co. SE* ‡		1,066,829
	23,399	KUKA AG‡		1,145,508
	40,180	LEG Immobilien AG		2,636,550
	58,382	Leoni AG		4,262,229
	19,670	LPKF Laser & Electronics AG		459,924
	9,853	Merck KGaA		1,660,142
	21,955	Metro AG*		896,437
	44,009	Nordex SE*		710,881
	788,368	Premiere AG*		6,801,915
	33,519	ProSiebenSat.1 Media AG		1,534,683
	58,736	QSC AG		293,049
	63,329	Rheinmetall AG		4,455,806
	34,647	Rhoen Klinikum AG		1,110,239


66		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Germany — continued

	118,614	RWE AG		4,816,112
	61,637	Software AG		2,233,366
	19,339	Stada Arzneimittel AG		828,006
	80,477	Suedzucker AG‡		2,293,217
	86,577	Symrise AG		4,326,714
	186,653	TAG Immobilien AG‡		2,315,290
	70,048	Talanx AG*		2,520,754
	123,519	TUI AG‡		2,059,904

		Total Germany		178,502,814


		Greece — 0.3%

	187,407	Hellenic Telecommunications Organization SA*		3,099,524
	65,793	OPAP SA		1,060,946
	106,291	Public Power Corp. SA		1,757,946

		Total Greece		5,918,416


		Hong Kong — 0.6%

	287,000	CLP Holdings, Ltd.		2,162,568
	148,000	Galaxy Entertainment Group, Ltd.*		1,287,861
	1,619,820	New World Development, Ltd.		1,628,789
	4,653,178	PCCW, Ltd.		2,321,475
	4,426,000	Shougang Fushan Resources Group, Ltd.		1,346,563
	186,000	Sun Hung Kai Properties, Ltd.		2,277,928

		Total Hong Kong		11,025,184


		India — 1.0%

	288,011	Tata Consultancy Services, Ltd.		10,315,301
	1,337,817	Tata Motors, Ltd.		8,926,620

		Total India		19,241,921


		Indonesia — 0.3%

	1,964,700	Astra International Tbk PT		1,275,498
	11,869,900	Bank Tabungan Negara Persero Tbk PT		1,342,678
	6,533,900	Telekomunikasi Indonesia Persero Tbk PT		1,273,995
	718,496	United Tractors Tbk PT		1,312,394

		Total Indonesia		5,204,565


		Ireland — 0.3%

	12,482,174	Governor & Co. of the Bank of Ireland (The)*		5,298,694


		Italy — 2.6%

	869,489	A2A Spa		1,127,669
	28,604	Ansaldo STS Spa		335,296
	53,752	Azimut Holding Spa		1,918,767
	33,425	Banca Generali Spa		1,103,328
	150,150	Banco Popolare SC* ‡		3,265,577
	617,294	Beni Stabili Spa REIT‡		531,741
	7,697	Danieli & C. Officine Meccaniche Spa		256,829


		See accompanying Notes to the Financial Statements.			67

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Italy — continued

	12,685	Danieli & C. Officine Meccaniche Spa-RSP		291,968
	459,394	Enel Spa		2,601,020
	98,588	ENI Spa		2,474,354
	46,679	ERG Spa		755,940
	29,857	Exor Spa		1,340,680
	207,934	Hera Spa		607,560
	178,272	Iren Spa		321,871
	185,158	Mediobanca Spa*		2,118,110
	298,427	Mediolanum Spa		2,817,452
	141,579	Pirelli & C. Spa		2,224,496
	10,847	Societa Cattolica di Assicurazioni SCRL		278,516
	110,026	Societa Iniziative Autostradali e Servizi Spa		1,323,846
	4,024,536	Telecom Italia Spa		4,748,074
	2,743,163	Telecom Italia Spa-RNC		2,567,138
	1,753,930	UniCredit Spa		16,027,052
	16,019	Yoox Spa*		548,201

		Total Italy		49,585,485


		Japan — 20.6%

	50,200	Aisin Seiki Co., Ltd.		1,815,750
	63,400	Alpine Electronics, Inc.		832,939
	191,100	Alps Electric Co., Ltd.*		2,284,256
	103,000	Amada Co., Ltd.		726,106
	44,900	Amano Corp.		464,761
	58,200	Aoyama Trading Co., Ltd.		1,531,505
	275,000	Asahi Glass Co., Ltd.‡		1,596,834
	126,000	Asahi Kasei Corp.		858,882
	307,500	Astellas Pharma, Inc.		3,654,707
	138,100	Bridgestone Corp.		4,907,957
	151,800	Brother Industries, Ltd.		2,126,984
	184,000	Calsonic Kansei Corp.		855,814
	115,300	Canon, Inc.		3,572,581
	19,832	Canon, Inc., Sponsored ADR		615,982
	203,000	Central Glass Co., Ltd.		660,339
	30,500	Central Japan Railway Co.‡		3,571,685
	215,294	Chiba Bank, Ltd. (The)		1,329,582
	47,600	Chugai Pharmaceutical Co., Ltd.		1,217,905
	180,600	Citizen Holdings Co., Ltd.		1,362,589
	40,000	CKD Corp.		382,192
	90,200	COMSYS Holdings Corp.		1,417,135
	112,500	Dai-ichi Life Insurance Co., Ltd. (The)		1,638,588
	67,000	Daicel Corp.		550,391
	81,900	Daiei, Inc. (The)* ‡		270,389
	44,000	Daifuku Co., Ltd.		545,167
	96,000	Daiichi Sanyko Co., Ltd.‡		1,620,119
	233,760	Daikin Industries, Ltd.		13,124,244
	340,246	Daiwa Securities Group, Inc.		2,966,849
	389,000	Denki Kagaku Kogyo KK		1,337,146
	94,400	Denso Corp.		4,535,527


68		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Japan — continued

	394,000	DIC Corp.		1,036,792
	40,600	Disco Corp.‡		2,530,971
	96,000	DMG Mori Seiki Co., Ltd.		1,216,488
	48,400	East Japan Railway Co.		3,574,602
	142,000	Ebara Corp.‡		892,110
	12,000	Eizo Corp.		314,376
	21,400	Exedy Corp.		600,118
	17,600	Fanuc, Ltd.		3,111,210
	218,000	Fuji Electric Holdings Co., Ltd.		975,851
	109,900	Fuji Heavy Industries, Ltd.		2,979,471
	188,500	Fuji Media Holdings, Inc.		3,468,539
	255,700	FUJIFILM Holdings Corp.		6,880,077
	394,000	Fujikura, Ltd.		1,805,778
	145,000	Fujitsu General, Ltd.		1,402,340
	375,000	Fujitsu, Ltd.		2,272,176
	355,000	Fukuoka Financial Group, Inc.		1,461,572
	95,797	Glory, Ltd.		2,631,545
	211,294	Hachijuni Bank, Ltd. (The)		1,204,346
	249,000	Hankyu Hanshin Holdings, Inc.		1,358,819
	54,000	Hanwa Co., Ltd.		209,739
	221,800	Hino Motors, Ltd.		3,297,333
	32,800	Hirose Electric Co., Ltd.		4,516,230
	31,300	Hitachi High-Technologies Corp.‡		730,642
	59,500	Hitachi Koki Co., Ltd.		467,403
	834,000	Hitachi, Ltd.		6,170,879
	40,900	Honda Motor Co., Ltd.		1,443,226
	126,579	Ibiden Co., Ltd.		2,499,992
	320,000	IHI Corp.		1,348,546
	203,200	Inpex Holdings, Inc.		2,641,985
	180,000	Isuzu Motors, Ltd.		1,036,462
	84,900	IT Holdings Corp.		1,396,520
	44,600	Ito En, Ltd.‡		1,000,398
	174,900	Itochu Corp.		2,048,157
	17,800	Jafco Co., Ltd.* ‡		800,252
	68,000	Japan Aviation Electronics Industry, Ltd.		1,018,168
	42,400	Japan Petroleum Exploration Co.		1,414,225
	279,000	Japan Tobacco, Inc.		8,777,589
	78,200	JFE Holdings, Inc.		1,475,386
	303,714	Joyo Bank, Ltd. (The)		1,518,791
	39,400	JTEKT Corp.		586,878
	51,000	Kandenko Co., Ltd.		258,999
	230,600	Kaneka Corp.		1,401,715
	385,508	Kao Corp.		13,689,399
	274,000	Kawasaki Heavy Industries, Ltd.		1,011,021
	420,000	Kawasaki Kisen Kaisha, Ltd.		909,453
	256,200	KDDI Corp.		14,866,740
	21,900	Keyence Corp.		9,052,610
	52,400	Kobayashi Pharmaceutical Co., Ltd.‡		3,027,431
	326,500	Komatsu, Ltd.		6,778,240


		See accompanying Notes to the Financial Statements.			69

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Japan — continued

	71,400	Komori Corp.		892,977
	454,800	Konica Minolta Holdings, Inc.		4,252,779
	59,686	Kose Corp.		1,964,709
	15,900	Kuroda Electric Co., Ltd.		257,988
	43,800	Kyocera Corp.		1,978,943
	2,600	Kyoei Steel, Ltd.		46,201
	66,873	Lawson, Inc.‡		4,740,233
	57,000	Makino Milling Machine Co., Ltd.		402,379
	196,000	Marubeni Corp.‡		1,318,910
	82,000	Maruha Nichiro Holdings, Inc.* ****		135,360
	56,200	Maruichi Steel Tube, Ltd.		1,456,501
	450,500	Matsushita Electric Industrial Co., Ltd.		5,131,199
	192,000	Mazda Motor Corp.		853,872
	49,900	Medipal Holdings Corp.		764,599
	187,000	Meidensha Corp.		829,820
	143,000	Minebea Co., Ltd.		1,274,690
	195,000	Mitsubishi Chemical Holdings Corp.		812,303
	195,000	Mitsubishi Electric Corp.		2,200,223
	313,000	Mitsubishi Heavy Industries, Ltd.		1,814,449
	254,000	Mitsubishi Materials Corp.		722,649
	100,100	Mitsubishi Tanabe Pharma Corp.		1,402,576
	99,600	Mitsui & Co., Ltd.		1,411,044
	327,000	Mitsui Engineering & Shipbuilding Co., Ltd.		692,198
	323,000	Mitsui Mining & Smelting Co., Ltd.		746,458
	40,400	Mitsumi Electric Co., Ltd.		293,041
	754,500	Mizuho Financial Group, Inc.‡		1,494,567
	63,100	MS&AD Insurance Group Holdings		1,448,448
	22,600	Murata Manufacturing Co., Ltd.		2,136,340
	504,000	NEC Corp.		1,551,372
	38,000	NGK Insulators, Ltd.		793,319
	168,200	Nidec Corp.‡		10,255,161
	49,300	Nihon Kohden Corp.		1,969,894
	10,900	Nintendo Co., Ltd.‡		1,297,606
	41,000	Nippon Konpo Unyu Soko Co., Ltd.		724,173
	95,000	Nippon Soda Co., Ltd.		517,503
	27,000	Nippon Telegraph & Telephone Corp.		1,473,156
	191,200	Nippon Television Network Corp.		3,130,196
	53,000	Nippon Yusen KK		154,391
	77,900	Nissan Chemical Industries, Ltd.		1,171,696
	92,000	Nisshinbo Holdings, Inc.		787,921
	23,200	Nissin Kogyo Co., Ltd.		433,655
	58,500	NKSJ Holdings, Inc.		1,506,452
	180,641	Nomura Research Institute, Ltd.		5,718,208
	450,641	North Pacific Bank, Ltd.		1,833,457
	60,000	NSK, Ltd.		618,731
	154,000	NTN Corp.* ‡		524,873
	204,400	NTT DoCoMo, Inc.		3,231,181
	115,100	Obic Co., Ltd.		3,643,501
	256,000	Oki Electric Industry Co., Ltd.‡		549,362


70		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Japan — continued

	20,200	Omron Corp.		835,578
	542,400	Orix Corp.*		7,652,641
	25,300	OSG Corp.		439,744
	132,700	Otsuka Holdings Co., Ltd.		3,977,714
	686,600	Pioneer Corp.* ‡		1,473,405
	12,500	Plenus Co., Ltd.		291,183
	168,000	Press Kogyo Co., Ltd.		610,108
	531,390	Rakuten, Inc.‡		7,105,152
	226,500	Ricoh Co., Ltd.		2,617,226
	21,000	Sanken Electric Co., Ltd.‡		148,857
	24,134	Sankyo Co., Ltd.		1,018,228
	79,233	Santen Pharmaceutical Co., Ltd.		3,523,689
	77,000	Sanwa Holdings Corp.		500,199
	76,700	Seiko Epson Corp.		2,390,707
	115,100	Sekisui House, Ltd.		1,431,695
	80,700	Shinko Electric Industries Co., Ltd.‡		583,789
	38,800	Shionogi & Co., Ltd.		720,730
	130,400	Showa Corp.		1,435,875
	125,000	SKY Perfect JSAT Holdings, Inc.		670,000
	7,500	SMC Corp.		1,982,692
	79,900	Sodick Co., Ltd.		301,026
	196,600	Sony Financial Holdings, Inc.		3,226,237
	46,200	Star Micronics Co., Ltd.‡		558,070
	75,000	Sumitomo Bakelite Co., Ltd.		289,120
	406,000	Sumitomo Chemical Co., Ltd.		1,502,025
	113,300	Sumitomo Corp.		1,444,510
	202,800	Sumitomo Electric Industries, Ltd.		3,024,720
	93,300	Sumitomo Forestry Co., Ltd.‡		939,478
	135,741	Sumitomo Mitsui Financial Group		5,811,352
	417,000	Sumitomo Osaka Cement Co., Ltd.		1,728,980
	13,300	Sumitomo Real Estate Sales Co., Ltd.		420,367
	50,800	Suzuki Motor Corp.		1,328,885
	119,100	T&D Holdings, Inc.		1,419,000
	36,200	Takeda Pharmaceutical Co., Ltd.		1,719,575
	40,300	TDK Corp.		1,686,585
	370,000	Toagosei Co., Ltd.		1,587,998
	45,500	Tokai Rika Co., Ltd.		766,102
	21,900	Tokyo Electron, Ltd.		1,345,026
	37,700	Tokyo Ohka Kogyo Co., Ltd.		835,012
	24,000	Tokyo Seimitsu Co., Ltd.		423,440
	205,000	Toppan Printing Co., Ltd.		1,471,039
	139,000	Tosoh Corp.		537,185
	34,000	TOTO, Ltd.‡		472,438
	318,000	Toyo Ink SC Holdings Co., Ltd.		1,287,624
	67,000	Toyo Suisan Kaisha, Ltd.		2,241,249
	313,000	Toyo Tire & Rubber Co., Ltd.		2,221,712
	24,300	Toyoda Gosei Co., Ltd.		466,958
	55,000	Toyota Industries Corp.		2,648,929
	99,900	Toyota Motor Corp.		5,651,477


		See accompanying Notes to the Financial Statements.			71

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Japan — continued

	14,518	Toyota Motor Corp., Sponsored ADR		1,639,082
	72,100	TS Tech Co., Ltd.		2,191,319
	92,000	Tsubakimoto Chain Co.		659,280
	21,900	TV Asahi Corp.		397,660
	37,000	Ushio, Inc.		478,555
	239,170	USS Co., Ltd.		3,365,124
	87,300	Yamaha Corp.		1,126,588
	405,462	Yamato Holdings Co., Ltd.‡		8,756,105
	152,000	Yokohama Rubber Co., Ltd. (The)		1,431,665

		Total Japan		387,658,468


		Luxembourg — 0.4%

	911	Eurofins Scientific SE		272,776
	121,895	Gagfah SA*		1,851,379
	18,868	SAF-Holland SA*		293,724
	130,253	Subsea 7 SA		2,421,420
	71,635	Tenaris SA		1,580,682
	20,408	Tenaris SA, ADR		903,054

		Total Luxembourg		7,323,035


		Malaysia — 0.2%

	976,700	Genting Malaysia Bhd		1,256,206
	445,400	Sime Darby Bhd		1,269,844
	342,900	Tenaga Nasional Bhd		1,255,882

		Total Malaysia		3,781,932


		Malta — 0.1%

	26,735	Unibet Group Plc, ADR		1,340,142


		Mexico — 0.1%

	1,266,400	America Movil SAB de CV Series L		1,263,610


		Netherlands — 3.5%

	380,900	Aegon NV		3,497,910
	107,528	Aegon NV, ADR		989,258
	153,359	Akzo Nobel NV		12,519,266
	63,092	Arcadis NV		2,427,391
	32,964	ASM International NV		1,323,679
	80,215	BinckBank NV		948,905
	140,231	Delta Lloyd NV		3,889,625
	121,015	Heineken NV		8,426,174
	1,371,742	ING Groep NV, ADR*		19,425,944
	48,311	Koninklijke Boskalis Westminster NV		2,661,387
	93,298	Reed Elsevier NV		2,016,902
	98,617	TomTom NV*		666,818
	25,891	USG People NV		418,220
	10,964	Vastned Retail NV REIT		540,147
	9,720	Wereldhave NV		827,775


72		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Netherlands — continued

	190,850	Yandex NV Class A*		5,761,761

		Total Netherlands		66,341,162


		New Zealand — 0.3%

	334,864	Fisher & Paykel Healthcare Corp., Ltd.		1,234,957
	251,223	Ryman Healthcare, Ltd.		1,907,488
	605,423	Sky Network Television, Ltd.		3,283,473

		Total New Zealand		6,425,918


		Norway — 1.2%

	15,305	Aker ASA		494,654
	313,021	DnB NOR ASA		5,442,661
	70,212	Fred Olsen Energy ASA		2,345,462
	38,847	Marine Harvest ASA		439,921
	283,505	Orkla ASA		2,417,373
	1,593,193	REC Silicon ASA*		1,038,880
	91,036	SpareBank 1 SMN		817,295
	90,561	Statoil ASA		2,556,319
	321,797	Storebrand ASA*		1,857,022
	76,076	TGS Nopec Geophysical Co. ASA‡		2,494,337
	55,240	Yara International ASA		2,441,353

		Total Norway		22,345,277


		Singapore — 0.7%

	178,000	DBS Group Holdings, Ltd.		2,288,784
	71,000	Jardine Cycle & Carriage, Ltd.		2,559,286
	538,000	SembCorp Industries, Ltd.		2,348,710
	471,000	UOL Group, Ltd.		2,344,606
	82,230	Venture Corp., Ltd.		487,802
	2,626,243	Yangzijiang Shipbuilding Holdings, Ltd.‡		2,255,451

		Total Singapore		12,284,639


		South Africa — 0.1%

	36,445	Kumba Iron Ore, Ltd.‡		1,309,787
	23,056	Sasol, Ltd.		1,292,380

		Total South Africa		2,602,167


		South Korea — 0.5%

	15,332	Daelim Industrial Co., Ltd.		1,248,799
	44,140	Hyundai Marine & Fire Insurance Co., Ltd.		1,273,050
	5,713	Hyundai Motor Co.		1,347,140
	23,239	Kia Motors Corp.		1,294,634
	1,006	Samsung Electronics Co., Ltd.		1,269,254
	6,860	SK Holdings Co., Ltd.		1,243,816
	6,429	SK Telecom Co., Ltd.		1,301,564

		Total South Korea		8,978,257


		See accompanying Notes to the Financial Statements.			73

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Spain — 3.6%

	36,127	Almirall SA		616,923
	379,434	Amadeus IT Holding SA		15,767,086
	1,345,885	Banco Popular Espanol SA		10,165,212
	4,673	Construcciones y Auxiliar de Ferrocarriles SA		2,398,787
	347,049	Duro Felguera SA‡		2,377,251
	65,052	Enagas SA		1,979,198
	73,934	Endesa SA		2,662,125
	130,790	Gamesa Corp. Tecnologica SA*		1,420,459
	77,622	Gas Natural SDG SA		2,183,513
	15,440	Grifols SA, ADR		637,672
	30,883	Grifols SA		1,693,002
	750,178	Iberdrola SA		5,248,241
	141,832	Indra Sistemas SA‡		2,851,074
	65,536	International Consolidated Airlines Group SA (Barcelona Exchange)*		457,044
	1,100,171	International Consolidated Airlines Group SA (London Exchange)*		7,652,075
	6,877	Mediaset Espana Comunicacion SA* ‡		80,138
	611,379	Prosegur Cia de Seguridad SA		3,935,095
	98,004	Repsol VPF SA‡		2,502,245
	154,879	Telefonica SA		2,451,610

		Total Spain		67,078,750


		Sweden — 3.5%

	17,343	Axis Communications AB‡		592,763
	156,489	Boliden AB		2,375,013
	90,592	Hennes & Mauritz AB Class B		3,856,435
	64,156	Holmen AB‡		2,350,109
	129,722	Hufvudstaden AB‡		1,826,718
	119,528	Industrivarden AB Class C		2,311,822
	30,754	Intrum Justitia AB		837,682
	29,445	Investment AB Oresund*		896,945
	43,190	Investor AB Class B		1,560,117
	73,361	JM AB		2,403,294
	9,513	Lundbergforetagen AB Class B		449,126
	27,785	Nobia AB		245,343
	119,576	Nordea Bank AB		1,693,066
	141,571	Peab AB		998,752
	127,449	Saab AB		3,884,280
	229,369	SAS AB* ‡		507,661
	105,335	Skandinaviska Enskilda Banken AB‡		1,443,502
	274,157	Svenska Cellulosa AB Class B		8,055,295
	41,410	Swedish Orphan Biovitrum AB*		452,833
	1,796,752	Telefonaktiebolaget LM Ericsson		23,888,151
	201,520	Telefonaktiebolaget LM Ericsson Class B, Sponsored ADR		2,686,262
	344,363	TeliaSonera AB		2,591,931

		Total Sweden		65,907,100


		Switzerland — 6.1%

	12,238	Actelion, Ltd.*		1,159,586
	35,672	Aryzta AG*		3,153,884


74		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Switzerland — continued

	12,028	Ascom Holding AG		247,137
	18,268	Baloise-Holding AG		2,299,657
	10,357	Basilea Pharmaceutica*		1,183,021
	11,091	Bucher Industries AG		3,766,684
	114,384	Clariant AG*		2,224,619
	73,585	Credit Suisse Group AG*		2,381,610
	5,241	Flughafen Zuerich AG		3,372,965
	2,648	Forbo Holding AG*		2,781,846
	2,133	Galenica AG‡		2,065,751
	77,704	GAM Holding AG*		1,403,044
	19,948	Geberit AG		6,537,551
	1,944	Georg Fischer AG*		1,508,589
	3,893	Givaudan SA*		6,024,487
	8,081	Helvetia Holding AG		4,141,816
	5,000	Implenia AG*		374,144
	50,039	Julius Baer Group, Ltd.*		2,222,256
	194,014	Nestle SA		14,616,666
	78,641	Nobel Biocare Holding AG* ‡		1,130,628
	233,152	Novartis AG		19,795,551
	6,861	Panalpina Welttransport Holding AG		1,054,762
	4,844	Rieter Holding AG*		1,079,186
	62,470	Roche Holding AG		18,740,646
	46,038	Roche Holding AG, Sponsored ADR		1,736,553
	11,928	Schindler Holding AG		1,759,459
	1,077	Swisscom AG		662,038
	9,908	Temenos Group AG		348,830
	2,607	U-Blox AG*		358,284
	3,361	Vontobel Holding AG		132,979
	20,103	Zurich Insurance Group AG*		6,176,435

		Total Switzerland		114,440,664


		Taiwan — 0.8%

	771,206	Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		15,439,544


		Thailand — 0.1%

	234,700	PTT Exploration & Production PCL		1,135,878
	24,700	PTT Exploration & Production PCL (Public Co.)		119,541
	514,600	PTT Global Chemical PCL		1,146,111
	34,300	PTT Global Chemical PCL Class C		76,393

		Total Thailand		2,477,923


		United Kingdom — 19.5%

	58,648	Abcam Plc		380,345
	384,029	Aberdeen Asset Management Plc		2,498,833
	505,151	Amlin Plc		4,078,593
	173,763	Antofagasta Plc		2,420,352
	1,086,559	Ashtead Group Plc		17,226,956
	218,477	Associated British Foods Plc		10,129,347
	143,972	AstraZeneca Plc, Sponsored ADR		9,340,903


		See accompanying Notes to the Financial Statements.			75

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		United Kingdom — continued

	516,504	Barratt Developments Plc		3,551,995
	103,000	BBA Aviation Plc		569,755
	158,863	Bellway Plc		4,396,485
	47,243	Berendsen Plc		880,550
	57,245	Berkeley Group Holdings Plc		2,500,423
	288,224	BG Group Plc		5,369,729
	52,026	Bodycote Plc		699,953
	303,105	BP Plc		2,425,543
	32,604	BP Plc, Sponsored ADR		1,568,252
	146,387	British American Tobacco Plc		8,140,258
	1,433,706	BT Group Plc		9,070,821
	32,771	BT Group Plc, Sponsored ADR		2,092,428
	164,344	BTG Plc*		1,486,375
	322,893	Bunzl Plc		8,591,445
	513,234	Cairn Energy Plc*		1,428,060
	449,560	Centrica Plc		2,471,049
	1,763,242	Cobham Plc		8,789,372
	821,014	Compass Group Plc		12,524,096
	42,211	Dairy Crest Group Plc		340,319
	40,289	Dialog Semiconductor Plc* ‡		995,622
	55,982	easyJet Plc		1,600,616
	512,225	GlaxoSmithKline Plc		13,590,709
	267,631	GlaxoSmithKline Plc, Sponsored ADR		14,299,524
	127,650	Greene King Plc		1,921,690
	355,249	Halma Plc		3,411,380
	9,272	Hargreaves Lansdown Plc		225,375
	955,097	Hays Plc		2,308,821
	367,761	Home Retail Group		1,328,002
	688,143	HSBC Holdings Plc (Ordinary Shares)		6,969,469
	254,737	IG Group Holdings Plc		2,664,897
	342,672	Intermediate Capital Group Plc		2,363,409
	795,381	ITV Plc		2,539,327
	579,420	J Sainsbury Plc‡		3,053,463
	155,626	Jardine Lloyd Thompson Group Plc		2,760,568
	198,255	John Wood Group Plc		2,535,095
	841,680	Legal & General Group Plc		2,872,365
	6,069,595	Lloyds TSB Group Plc*		7,553,778
	74,320	London Stock Exchange Group Plc		2,440,881
	623,869	Man Group Plc		1,052,564
	314,923	Meggitt Plc		2,519,590
	194,976	Mitchells & Butlers Plc*		1,481,597
	133,399	Mondi Plc		2,332,936
	447,500	Ocado Group Plc*		3,436,305
	1,776,905	Old Mutual Plc		5,957,321
	103,949	Pearson Plc		1,842,164
	100,725	Persimmon Plc*		2,260,253
	111,495	Petrofac, Ltd.		2,672,939
	925,195	QinetiQ Group Plc		3,484,370
	4,027,572	Quindell Plc* ‡		2,467,603


76		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		United Kingdom — continued

	283,531	Reckitt Benckiser Group Plc		23,100,299
	169,078	Reed Elsevier Plc		2,582,006
	227,657	Resolution, Ltd.		1,134,061
	75,888	Restaurant Group Plc (The)		902,064
	11,953	Rightmove Plc		525,686
	183,607	Rio Tinto Plc		10,216,102
	68,010	Royal Dutch Shell Plc Class A (Amsterdam Exchange)		2,485,846
	232,318	Royal Dutch Shell Plc Class A (London Exchange)		8,485,940
	201,041	Shire Plc		9,870,625
	19,179	Shire Plc, ADR		2,848,657
	464,440	Smith & Nephew Plc		7,038,307
	133,993	Spectris Plc		5,178,098
	815,950	St James’s Place Plc		11,222,567
	239,153	Stagecoach Group Plc		1,573,685
	549,233	Standard Life Plc		3,456,593
	167,928	TalkTalk Telecom Group Plc		896,716
	2,455,692	Taylor Wimpey Plc		4,822,741
	670,778	Thomas Cook Group Plc*		2,016,273
	276,770	Travis Perkins Plc		8,697,713
	79,808	Ultra Electronics Holdings Plc		2,381,629
	109,650	United Business Media, Ltd.		1,246,717
	2,433,693	Vodafone Group Plc		8,938,300
	166,874	Vodafone Group Plc, Sponsored ADR		6,142,649
	139,652	WH Smith Plc		2,800,835
	117,808	Whitbread Plc		8,174,319
	541,332	William Hill Plc		3,077,463

		Total United Kingdom		367,730,761


		TOTAL COMMON STOCKS (COST $1,523,389,488)		1,777,766,274


		INVESTMENT COMPANY — 0.9%

		United States — 0.9%

	265,178	iShares MSCI EAFE Index Fund		17,812,006


		TOTAL INVESTMENT COMPANY (COST $16,032,972)		17,812,006


		PREFERRED STOCKS — 0.8%

		Brazil — 0.1%

	94,900	Itau Unibanco Holding SA, 3.40%		1,425,708


		Germany — 0.7%

	92,536	Henkel AG & Co. KGaA, 1.21%		9,963,245
	23,083	Porsche Automobil Holding SE, 2.59%		2,371,108
	9,738	Volkswagen AG, 1.86%		2,524,564

		Total Germany		14,858,917


		TOTAL PREFERRED STOCKS (COST $11,693,643)		16,284,625


		See accompanying Notes to the Financial Statements.			77

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares			Description	Value ($)

			RIGHTS — 0.1%

			Hong Kong — 0.0%

	539,940		New World Development Co., Ltd., Strike Price $0.80, Expires 04/17/14* ****		111,370


			Italy — 0.1%

	150,150		Banco Popolare SC, Strike Price $12.45, Expires 04/17/14*		1,278,914


			TOTAL RIGHTS (COST $713,859)		1,390,284


Notional			Description	Value ($)

			OPTIONS PURCHASED — 0.0%

			Call Options — 0.0%

	9,336,730		OTC Euro versus Japanese Yen with UBS AG, Strike Price $0.01, Expires 04/24/15		183,374


			Put Options — 0.0%

	2,095,817,921		OTC Japanese Yen versus U.S. Dollar with Deutsche Bank Securities, Strike Price $102.50, Expires 04/02/14		154,421


			TOTAL OPTIONS PURCHASED (COST $569,021)		337,795


Par Value ($)			Description	Value ($)

			SHORT-TERM INVESTMENTS — 7.0%

			Bank Deposit — 3.1%

	57,687,891		State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14		57,687,891


			Securities Lending Collateral — 3.9%

	72,792,139		State Street Navigator Securities Lending Prime Portfolio***		72,792,139


			TOTAL SHORT-TERM INVESTMENTS (COST $130,480,030)		130,480,030


			TOTAL INVESTMENTS — 103.3% (Cost $1,682,879,013)		1,944,071,014

			Other Assets and Liabilities (net) — (3.3)%		(62,595,380	)


			NET ASSETS — 100.0%	$	1,881,475,634


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			REIT — Real Estate Investment Trust

		*	Non-income producing security

		‡	All or a portion of this security is out on loan.

		¤	Illiquid security. The total market value of this security at year end is $0 which represents 0.0% of net assets. The aggregate tax cost of this security held at March 31, 2014 was $0.

		***	Represents an investment of securities lending cash collateral.

		****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at year end is $246,730 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2014 was $166,588.


78		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Industry Sector Summary (Unaudited)	% of Net Assets
Telecommunications		7.7
Pharmaceuticals		7.2
Banks		7.0
Insurance		6.4
Chemicals		4.2
Food		3.4
Auto Manufacturers		2.8
Auto Parts & Equipment		2.8
Commercial Services		2.8
Electronics		2.8
Retail		2.8
Oil & Gas		2.4
Electric		2.1
Diversified Financial Services		2.0
Building Materials		1.9
Media		1.9
Household Products & Wares		1.7
Aerospace & Defense		1.6
Computers		1.6
Internet		1.6
Real Estate		1.6
Semiconductors		1.6
Software		1.6
Transportation		1.6
Electrical Components & Equipment		1.5
Machinery — Diversified		1.3
Engineering & Construction		1.2
Beverages		1.0
Home Builders		1.0
Agriculture		0.9
Forest Products & Paper		0.9
Home Furnishings		0.9
Lodging		0.9
Mining		0.9
Unaffiliated Fund		0.9
Cosmetics & Personal Care		0.8
Health Care — Products		0.8
Miscellaneous — Manufacturing		0.8
Distribution & Wholesale		0.7
Food Service		0.7
Biotechnology		0.6
Gas		0.6
Hand & Machine Tools		0.6
Iron & Steel		0.6
Machinery — Construction & Mining		0.6
Office & Business Equipment		0.6
Advertising		0.5
Airlines		0.5
Entertainment		0.5
Health Care — Services		0.5
Oil & Gas Services		0.5


		See accompanying Notes to the Financial Statements.			79

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Industry Sector Summary (Unaudited)	% of Net Assets
Holding Companies — Diversified		0.3
Investment Companies		0.3
Leisure Time		0.3
Metal Fabricate & Hardware		0.3
Apparel		0.2
Coal		0.1
Energy — Alternate Sources		0.1
Shipbuilding		0.1
Toys, Games & Hobbies		0.1
Water		0.1
Packaging & Containers		0.0
REITS		0.0
Textiles		0.0
Short-Term Investments and Other Assets and Liabilities (net)		3.7

		100.0	%


80		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		DEBT OBLIGATIONS — 91.9%

		Asset Backed Securities — 3.6%

	8,538	ACE Securities Corp., Series 2005-SD3, Class A, 0.55%, due 08/25/45†		8,534
	6,700,000	ACE Securities Corp. Home Equity Loan Trust, Series 2005-SD3, Class M1, 0.85%, due 08/25/45†		6,462,930
	421,374	Ameriquest Mortgage Securities, Inc., Series 2003-9, Class AV1, 0.91%, due 09/25/33†		407,037
	303,231	Ameriquest Mortgage Securities, Inc., Series 2004-R2, Class A1A, 0.84%, due 04/25/34†		289,087
	246,731	Asset Backed Securities Corp. Home Equity, Series 2003-HE7, Class M1, 1.13%, due 12/15/33†		233,626
	18,860	Bayview Financial Acquisition Trust, Series 2004-A, Class A, 0.83%, due 02/28/44†		18,707
	25,465	Bayview Financial Acquisition Trust, Series 2004-C, Class A1, 0.78%, due 05/28/44†		25,418
	117,924	Bear Stearns Asset Backed Securities Trust, Series 2004-SD3, Class A3, 0.72%, due 09/25/34†		115,260
	429,700	Bear Stearns Asset Backed Securities, Inc., Series 2005-AQ2, Class A3, 0.51%, due 09/25/35†		415,391
	19,615	Bear Stearns Asset Backed Securities, Inc., Series 2005-SD4, Class 2A1, 0.55%, due 12/25/42†		19,357
	1,361,729	BNSF Railway Co. 2007-1 Pass Through Trust, 6.00%, due 04/01/24		1,533,035
	703,983	Burlington Northern and Santa Fe Railway Co. 2006-1 Pass Through Trust, 5.72%, due 01/15/24		801,602
	3,230,000	Chase Issuance Trust, Series 2012-A8, Class A8, 0.54%, due 10/16/17		3,230,593
	224,397	Citigroup Mortgage Loan Trust, Inc., Series 2006-SHL1, Class A, 0.35%, due 11/25/45† 144A		217,206
	47,395	Citigroup Mortgage Loan Trust, Inc., Series 2007-AHL2, Class A3A, 0.22%, due 05/25/37†		35,372
	35,913	Countrywide Home Equity Loan Trust, Series 2005-G, Class 2A, 0.39%, due 12/15/35†		29,048
	195,181	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.82%, due 02/10/24		229,338
	425,000	Greenpoint Manufactured Housing, Series 1999-2, Class A2, 2.91%, due 03/18/29†		367,253
	250,000	Greenpoint Manufactured Housing, Series 1999-3, Class 2A2, 3.54%, due 06/19/29†		217,500
	250,000	Greenpoint Manufactured Housing, Series 1999-4, Class A2, 3.66%, due 02/20/30†		217,500
	375,000	Greenpoint Manufactured Housing, Series 2001-2, Class IA2, 3.66%, due 02/20/32†		344,124
	500,000	Greenpoint Manufactured Housing, Series 2001-2, Class IIA2, 3.65%, due 03/13/32†		451,006
	7,286	Greenpoint Mortgage Funding Trust, Series 2005-HE4, Class 2A1, 0.59%, due 07/25/30†		7,266
	15,735	GSAMP Trust, Series 2004-SEA2, Class A2B, 0.70%, due 03/25/34†		15,764
	398,615	Home Equity Asset Trust, Series 2003-8, Class M1, 1.23%, due 04/25/34†		379,355
	7,399,419	Home Equity Mortgage Loan Asset-Backed Trust Series INDS- 2006-A, Series 2006-A, Class A, 0.41%, due 06/25/36†		1,872,253
	4,000,000	Merrill Lynch Mortgage Investors Trust, Series 2005-FM1, Class M1, 0.63%, due 05/25/36†		3,517,956
	129,724	Merrill Lynch Mortgage Investors, Inc., Series 2007-MLN1, Class A2A, 0.26%, due 03/25/37†		79,542
	370,983	Morgan Stanley ABS Capital I, Series 2003-NC10, Class M1, 1.17%, due 10/25/33†		350,747
	336,444	Morgan Stanley ABS Capital I, Series 2003-NC6, Class M1, 1.35%, due 06/25/33†		326,550
	263,440	Morgan Stanley ABS Capital I, Series 2003-NC7, Class M1, 1.20%, due 06/25/33†		248,925
	110,268	Morgan Stanley ABS Capital I, Series 2007-NC2, Class A2FP, 0.30%, due 02/25/37†		61,526


		See accompanying Notes to the Financial Statements.			81

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Asset Backed Securities — continued

	380,698	New Century Home Equity Loan Trust, Series 2003-A, Class A, 0.87%, due 10/25/33† 144A		359,654
	189,006	Novastar Home Equity Loan, Series 2003-3, Class A3, 1.05%, due 12/25/33†		177,865
	196,679	NovaStar Mortgage Funding Trust, Series 2003-3, Class A2C, 1.21%, due 12/25/33†		185,016
	1,700,000	Ownit Mortgage Loan Trust, Series 2005-2, Class M4, 1.08%, due 03/25/36†		1,639,474
	1,000,000	People’s Choice Home Loan Securities Trust, Series 2005-3, Class M2, 0.95%, due 08/25/35†		902,850
	154,434	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF1, 5.89%, due 06/25/37††		87,913
	253,357	SACO I, Inc., Series 2006-5, Class 1A, 0.45%, due 04/25/36†		366,184
	100,905	SACO I, Inc., Series 2006-6, Class A, 0.41%, due 06/25/36†		151,238
	940,928	Saxon Asset Securities Trust, Series 2005-1, Class M1, 0.84%, due 05/25/35†		885,261
	530,000	SLM Student Loan Trust, Series 2008-5, Class A3, 1.54%, due 01/25/18†		534,463
	1,332,604	SLM Student Loan Trust, Series 2008-9, Class A, 1.74%, due 04/25/23†		1,376,260
	43,548	SLM Student Loan Trust, Series 2009-CT, Class 1A, 2.35%, due 04/15/39† ¤ 144A		43,558
	623,560	SLM Student Loan Trust, Series 2010-1, Class A, 0.55%, due 03/25/25†		624,892
	2,629,150	SLM Student Loan Trust, Series 2010-A, Class 2A, 3.41%, due 05/16/44† 144A		2,801,501
	2,000,000	SLM Student Loan Trust, Series 2012-B, Class A2, 3.48%, due 10/15/30 144A		2,079,922
	381,917	Small Business Administration Participation Certificates, Series 2008-20L, Class 1, 6.22%, due 12/01/28		437,916
	66,901	Soundview Home Equity Loan Trust, Series 2006-EQ2, Class A2, 0.26%, due 01/25/37†		42,634
	1,977,156	Specialty Underwriting & Residential Finance Trust, Series 2004-BC2, Class M1, 0.98%, due 05/25/35†		1,847,500
	29,014	Structured Asset Securities Corp., Series 2002-AL1, Class A3, 3.45%, due 02/25/32		28,711
	613,688	Structured Asset Securities Corp., Series 2006-ARS1, Class A1, 0.37%, due 02/25/36† 144A		43,091
	72,117	UAL Pass Through Trust, Series 2009-2A, 9.75%, due 07/15/18		82,934
	1,419,858	Washington Mutual Alternative Mortgage Pass Through Certificates, Series 2006-AR3, Class A1A, 1.10%, due 05/25/46†		1,065,568
	950,135	Washington Mutual, Inc., Series 2005-AR8, Class 2A1A, 0.44%, due 07/25/45†		888,484

				39,181,697


		Bank Loans — 0.2%

	200,000	Aramark Corp., Term Loan F, 4.00%, due 02/21/21¤		198,709
	397,000	Charter Communications Operating, LLC, Term Loan F, 3.00%, due 01/04/21¤		394,221
	397,000	CSC Holdings, Inc., New Term Loan B, 2.65%, due 04/17/20¤		392,999
	358,200	Fortescue Metal Group, Ltd., New Term Loan B, 4.25%, due 06/30/19¤		361,390
	396,992	NRG Energy, Inc., Term Loan B, 2.75%, due 07/02/18¤		394,189
	122,523	Phillips-Van Heusen Corp., Term Loan B, 3.25%, due 02/13/20¤		122,934
	119,095	Windstream Corp., Term Loan B4, 3.50%, due 01/23/20¤		119,120

				1,983,562


		Corporate Debt — 25.2%

	20,000	21st Century Fox America, Inc., 6.75%, due 01/09/38		24,011
	290,000	Access Midstream Partners LP/ACMP Finance Corp., 4.88%, due 05/15/23		293,625
	170,000	Access Midstream Partners LP/ACMP Finance Corp., 4.88%, due 03/15/24		169,788
	180,000	Activision Blizzard, Inc., 5.63%, due 09/15/21 144A		193,050


82		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Corporate Debt — continued

	680,000	AES Corp. (The), Senior Note, 8.00%, due 06/01/20		805,800
	170,000	Aleris International, Inc., Senior Note, (PIK), 9.00%, due 12/15/14**** ††† ¤		—
	390,000	Altria Group, Inc., 4.75%, due 05/05/21		426,263
	490,000	Altria Group, Inc., 9.25%, due 08/06/19		647,291
	150,000	Altria Group, Inc., 9.95%, due 11/10/38		241,397
	620,000	America Movil SAB de CV, 5.00%, due 03/30/20		682,392
	150,000	America Movil SAB de CV, Guaranteed Senior Note, 5.63%, due 11/15/17		170,813
	300,000	American International Group, Inc., 5.85%, due 01/16/18		343,124
	400,000	American International Group, Inc., 8.25%, due 08/15/18		500,944
	250,000	Anadarko Finance Co., Senior Note, 7.50%, due 05/01/31		319,151
	220,000	Anadarko Petroleum Corp., 6.38%, due 09/15/17		252,057
	290,000	Anheuser-Busch InBev Worldwide, Inc., 2.50%, due 07/15/22		274,321
	570,000	Anheuser-Busch InBev Worldwide, Inc., 5.00%, due 04/15/20		644,687
	340,000	Anheuser-Busch InBev Worldwide, Inc., 5.38%, due 01/15/20		390,807
	160,000	ArcelorMittal, 5.00%, due 02/25/17		170,600
	150,000	AT&T, Inc., 2.63%, due 12/01/22‡		139,735
	120,000	AT&T, Inc., 3.88%, due 08/15/21		125,360
	91,000	AT&T, Inc., 4.35%, due 06/15/45		80,637
	10,000	AT&T, Inc., 4.45%, due 05/15/21		10,823
	610,000	AT&T, Inc., Global Note, 5.50%, due 02/01/18		688,843
	2,150,000	AT&T, Inc., Global Note, 6.55%, due 02/15/39		2,545,170
	3,125,000	BAC Capital Trust XI, 6.63%, due 05/23/36		3,431,000
	610,000	Ball Corp., 5.75%, due 05/15/21		654,225
	1,200,000	Bank of America Corp., 2.00%, due 01/11/18		1,198,835
	600,000	Bank of America Corp., 2.60%, due 01/15/19		603,041
	350,000	Bank of America Corp., 3.30%, due 01/11/23		338,066
	140,000	Bank of America Corp., 3.88%, due 03/22/17		149,436
	500,000	Bank of America Corp., 4.13%, due 01/22/24		506,648
	400,000	Bank of America Corp., 4.50%, due 04/01/15		415,093
	910,000	Bank of America Corp., 5.00%, due 05/13/21		1,004,920
	880,000	Bank of America Corp., 5.00%, due 01/21/44		901,885
	500,000	Bank of America Corp., 5.63%, due 07/01/20		569,733
	2,600,000	Bank of America Corp., 7.63%, due 06/01/19		3,203,525
	500,000	Bank of America Corp., (MTN), Series L, 5.65%, due 05/01/18		565,738
	3,010,000	Bank of America Corp., Senior Note, 5.75%, due 12/01/17		3,410,598
	375,000	Bank One Capital III, 8.75%, due 09/01/30		501,615
	290,000	BHP Billiton Finance USA, Ltd., 5.00%, due 09/30/43		308,084
	415,000	Boston Properties, LP REIT, 3.13%, due 09/01/23		390,190
	2,450,000	Boston Properties, LP REIT, 4.13%, due 05/15/21		2,579,681
	250,000	Boston Properties, LP REIT, 5.63%, due 11/15/20		285,940
	250,000	Boston Properties, LP REIT, 5.88%, due 10/15/19		288,783
	2,325,000	Boston Scientific Corp., 6.00%, due 01/15/20		2,671,850
	425,000	Boston Scientific Corp., 6.40%, due 06/15/16		471,308
	220,000	BP Capital Markets Plc, 3.25%, due 05/06/22		218,534
	1,100,000	Burlington Northern Santa Fe LLC, 3.05%, due 09/01/22		1,055,681
	2,675,000	Burlington Northern Santa Fe LLC, 3.75%, due 04/01/24		2,688,209
	53,000	Calpine Corp., 7.50%, due 02/15/21 144A		58,168
	311,000	Calpine Corp., 7.88%, due 01/15/23 144A		349,875


		See accompanying Notes to the Financial Statements.			83

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Corporate Debt — continued

	2,025,000	Capital One Financial Corp., 3.50%, due 06/15/23		1,989,026
	1,425,000	Capital One Financial Corp., 4.75%, due 07/15/21		1,563,600
	500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, due 01/15/19		530,000
	925,000	Cemex Finance LLC, 6.00%, due 04/01/24†††† 144A		929,625
	1,425,000	Cemex SAB de CV, 6.50%, due 12/10/19 144A		1,519,406
	350,000	Cemex SAB de CV, 7.25%, due 01/15/21‡ 144A		383,250
	430,000	CGG, 6.50%, due 06/01/21		438,600
	350,000	Chrysler Group LLC/CG Co-Issuer, Inc., 8.00%, due 06/15/19 144A		385,000
	120,000	Cie Generale de Geophysique - Veritas SA, Senior Note, 7.75%, due 05/15/17		122,100
	525,000	Cigna Corp., 4.00%, due 02/15/22		545,289
	525,000	Cigna Corp., 5.38%, due 02/15/42		579,131
	250,000	Cigna Corp., 5.88%, due 03/15/41		296,510
	1,100,000	Cigna Corp., 6.15%, due 11/15/36		1,320,436
	325,000	Cigna Corp., 7.88%, due 05/15/27		415,914
	375,000	Cigna Corp., 8.50%, due 05/01/19		477,618
	170,000	CIT Group, Inc., 5.00%, due 08/01/23		174,675
	4,300,000	Citigroup, Inc., 1.04%, due 04/01/16†		4,331,545
	825,000	Citigroup, Inc., 3.50%, due 05/15/23		779,842
	560,000	Citigroup, Inc., 3.95%, due 06/15/16		593,680
	950,000	Citigroup, Inc., 4.05%, due 07/30/22		955,341
	3,000,000	Citigroup, Inc., 4.59%, due 12/15/15		3,183,261
	20,000	Citigroup, Inc., 5.38%, due 08/09/20		22,534
	380,000	Citigroup, Inc., 5.50%, due 09/13/25		405,641
	130,000	Citigroup, Inc., 5.90%, due 12/31/49†		127,857
	230,000	Citigroup, Inc., 5.95%, due 12/31/49† ‡		225,113
	748,000	Citigroup, Inc., 6.01%, due 01/15/15		779,779
	80,000	Citigroup, Inc., 6.68%, due 09/13/43		94,008
	2,725,000	Citigroup, Inc., Global Senior Note, 6.13%, due 11/21/17		3,122,746
	320,000	Comcast Corp., 5.65%, due 06/15/35		362,773
	350,000	Comcast Corp., 5.70%, due 05/15/18		402,320
	1,075,000	Comcast Corp., 5.88%, due 02/15/18		1,231,970
	100,000	Comcast Corp., 6.30%, due 11/15/17		116,320
	500,000	Comcast Corp., 6.45%, due 03/15/37		617,111
	640,000	Comcast Corp., 6.50%, due 01/15/15		669,484
	130,000	Comcast Corp., 6.50%, due 01/15/17		148,517
	20,000	Comcast Corp., 6.50%, due 11/15/35		24,880
	170,000	Comcast Corp., 6.55%, due 07/01/39		212,925
	90,000	Comcast Corp., 6.95%, due 08/15/37		117,286
	60,000	Concho Resources, Inc., 5.50%, due 04/01/23		62,700
	228,000	Concho Resources, Inc., 6.50%, due 01/15/22		249,660
	300,000	ConocoPhillips Holding Co., 6.95%, due 04/15/29		400,908
	120,000	Continental Resources, Inc., 4.50%, due 04/15/23		124,506
	50,000	Continental Resources, Inc., 5.00%, due 09/15/22		52,563
	210,000	Countrywide Financial Corp., Subordinated Note, 6.25%, due 05/15/16		230,447
	825,000	COX Communications, Inc., 2.95%, due 06/30/23 144A		754,425
	1,950,000	COX Communications, Inc., 3.25%, due 12/15/22 144A		1,835,205
	2,150,000	COX Communications, Inc., 5.88%, due 12/01/16 144A		2,398,914
	875,000	COX Communications, Inc., 9.38%, due 01/15/19 144A		1,114,746


84		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Corporate Debt — continued

	150,000	CSC Holdings LLC, 6.75%, due 11/15/21		168,375
	550,000	CSX Corp., 7.38%, due 02/01/19		669,897
	1,160,000	CVS Caremark Corp., 2.75%, due 12/01/22		1,096,333
	250,000	Daimler Finance North America LLC, 1.30%, due 07/31/15 144A		251,825
	550,000	Daimler Finance North America LLC, 2.63%, due 09/15/16 144A		570,421
	310,000	Deutsche Telekom International Finance BV, 5.75%, due 03/23/16		338,844
	520,000	Devon Energy Corp., 7.95%, due 04/15/32		713,757
	500,000	Dominion Resources, Inc., 5.20%, due 08/15/19		558,956
	359,000	Dow Chemical Co. (The), 5.70%, due 05/15/18		408,389
	1,275,000	Dow Chemical Co. (The), 7.38%, due 11/01/29		1,657,922
	1,885,000	Dow Chemical Co. (The), 8.55%, due 05/15/19		2,416,242
	575,000	Dow Chemical Co. (The), 9.40%, due 05/15/39		911,320
	240,000	Eagle Spinco, Inc., 4.63%, due 02/15/21 144A		238,200
	250,000	Eaton Corp., 1.50%, due 11/02/17		249,013
	650,000	Eaton Corp., 2.75%, due 11/02/22		616,473
	110,000	Ecolab, Inc., 4.35%, due 12/08/21		118,554
	190,000	El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32		254,412
	725,000	Enel Finance International SA, 6.00%, due 10/07/39 144A		759,959
	625,000	Enel Finance International SA, Guaranteed Note, 6.80%, due 09/15/37 144A		710,562
	400,000	Enel Spa, 8.75%, due 09/24/73† 144A		449,840
	1,350,000	ERP Operating, LP, 3.00%, due 04/15/23		1,277,049
	825,000	ERP Operating, LP, 4.63%, due 12/15/21		893,307
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49**** ¤		—
	1,450,000	Export-Import Bank of Korea, 4.00%, due 01/11/17		1,569,664
	1,200,000	Express Scripts Holding Co., 3.50%, due 11/15/16		1,271,354
	150,000	FirstEnergy Corp., 2.75%, due 03/15/18		149,684
	1,475,000	FirstEnergy Corp., Series C, 7.38%, due 11/15/31		1,698,656
	540,000	Ford Motor Co., 4.75%, due 01/15/43		524,206
	350,000	Ford Motor Credit Co., 8.00%, due 12/15/16		410,168
	900,000	Ford Motor Credit Co. LLC, 1.33%, due 08/28/14†		903,575
	350,000	Ford Motor Credit Co. LLC, 4.25%, due 09/20/22		361,319
	800,000	Ford Motor Credit Co. LLC, 4.38%, due 08/06/23		826,980
	1,025,000	Ford Motor Credit Co. LLC, 5.63%, due 09/15/15		1,092,990
	2,100,000	Ford Motor Credit Co. LLC, 5.75%, due 02/01/21		2,401,610
	650,000	Ford Motor Credit Co. LLC, 5.88%, due 08/02/21		749,046
	580,000	Ford Motor Credit Co. LLC, 8.13%, due 01/15/20		732,253
	440,000	Ford Motor Credit Co. LLC, 12.00%, due 05/15/15		494,133
	2,403,000	General Electric Capital Corp., 1.50%, due 07/12/16		2,436,200
	210,000	General Electric Capital Corp., 1.63%, due 07/02/15		212,920
	2,205,000	General Electric Capital Corp., 4.38%, due 09/16/20		2,398,301
	1,165,000	General Electric Capital Corp., 4.63%, due 01/07/21		1,284,567
	450,000	General Electric Capital Corp., 4.65%, due 10/17/21		494,997
	1,275,000	General Electric Capital Corp., 5.50%, due 01/08/20		1,468,989
	310,000	General Electric Capital Corp., 5.88%, due 01/14/38		366,710
	380,000	General Electric Capital Corp., 6.00%, due 08/07/19		446,625
	720,000	General Electric Capital Corp., 6.38%, due 11/15/67†		794,700
	150,000	General Electric Capital Corp., 6.88%, due 01/10/39		198,208
	270,000	General Electric Co., 0.85%, due 10/09/15		271,324


		See accompanying Notes to the Financial Statements.			85

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Corporate Debt — continued

	310,000	General Electric Co., 4.50%, due 03/11/44		316,109
	490,000	GlaxoSmithKline Capital, Inc., Guaranteed Note, 5.65%, due 05/15/18		562,702
	320,000	Glitnir Banki HF, Subordinated Note, 6.69%, due 06/15/16††† **** 144A		—
	150,000	Goldman Sachs Group (The), Inc., 4.00%, due 03/03/24		149,638
	140,000	Goldman Sachs Group (The), Inc., 5.25%, due 07/27/21		155,216
	1,380,000	Goldman Sachs Group (The), Inc., 5.95%, due 01/18/18		1,564,175
	100,000	Goldman Sachs Group (The), Inc., 6.00%, due 05/01/14		100,442
	400,000	Goldman Sachs Group (The), Inc., 6.15%, due 04/01/18		457,687
	1,660,000	Goldman Sachs Group (The), Inc., 6.25%, due 02/01/41		1,978,106
	480,000	Goldman Sachs Group (The), Inc., 7.50%, due 02/15/19		581,306
	460,000	HCA, Inc., 5.88%, due 03/15/22		496,800
	1,475,000	HCA, Inc., 6.38%, due 01/15/15		1,534,000
	1,815,000	HCA, Inc., 6.50%, due 02/15/16		1,973,812
	875,000	Health Net, Inc., 6.38%, due 06/01/17		955,937
	1,250,000	Hewlett-Packard Co., 3.30%, due 12/09/16		1,315,530
	220,000	Hexion US Finance Corp., 6.63%, due 04/15/20		228,800
	580,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.63%, due 10/15/21 144A		607,187
	740,000	HSBC Finance Corp., 6.68%, due 01/15/21		864,739
	350,000	HSBC Holdings Plc, 5.10%, due 04/05/21		391,919
	875,000	HSBC Holdings Plc, Subordinated Note, 6.50%, due 05/02/36		1,033,420
	2,665,000	HSBC Holdings Plc, Subordinated Note, 6.50%, due 09/15/37		3,163,272
	420,000	Imperial Tobacco Finance Plc, 2.05%, due 02/11/18 144A		417,020
	260,000	Intelsat Jackson Holdings SA, 5.50%, due 08/01/23 144A		255,775
	120,000	Intelsat Jackson Holdings SA, 7.25%, due 10/15/20		130,650
	220,000	International Lease Finance Corp., 6.50%, due 09/01/14 144A		225,500
	250,000	Intesa Sanpaolo Spa, 3.13%, due 01/15/16		256,063
	250,000	Intesa Sanpaolo Spa, 3.63%, due 08/12/15 144A		256,583
	100,000	John Deere Capital Corp., 1.70%, due 01/15/20		95,891
	220,000	John Deere Capital Corp., 2.25%, due 04/17/19		220,453
	2,100,000	JPMorgan Chase & Co., 0.76%, due 02/15/17†		2,103,293
	3,400,000	JPMorgan Chase & Co., 0.85%, due 02/26/16†		3,417,915
	990,000	JPMorgan Chase & Co., 1.10%, due 10/15/15		994,440
	300,000	JPMorgan Chase & Co., 3.25%, due 09/23/22		296,070
	1,280,000	JPMorgan Chase & Co., 3.38%, due 05/01/23		1,214,007
	90,000	JPMorgan Chase & Co., 4.35%, due 08/15/21		96,623
	860,000	JPMorgan Chase & Co., 4.40%, due 07/22/20		928,308
	200,000	JPMorgan Chase & Co., 4.50%, due 01/24/22		215,973
	250,000	JPMorgan Chase & Co., 4.95%, due 03/25/20		278,282
	1,030,000	JPMorgan Chase & Co., Global Subordinated Note, 5.15%, due 10/01/15		1,093,485
	1,250,000	JPMorgan Chase & Co., Subordinated Note, 6.13%, due 06/27/17		1,418,025
	300,000	JPMorgan Chase Bank NA, 0.56%, due 06/13/16†		298,625
	100,000	Kaupthing Bank HF, 7.13%, due 05/19/16††† **** 144A		—
	430,000	Key Energy Services, Inc., 6.75%, due 03/01/21		454,188
	440,000	Kinder Morgan Finance Co. LLC, 6.00%, due 01/15/18 144A		478,500
	2,300,000	Kinder Morgan Finance Co. ULC, Guaranteed Note, 5.70%, due 01/05/16		2,461,000
	600,000	Koninklijke Philips Electronics NV, 5.75%, due 03/11/18		684,028
	360,000	Kraft Foods Group, Inc., 3.50%, due 06/06/22		362,811


86		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Corporate Debt — continued

	349,000	Kraft Foods Group, Inc., 5.38%, due 02/10/20		398,475
	691,000	Kraft Foods, Inc., 5.38%, due 02/10/20		782,168
	400,000	Kroger Co. (The), Senior Note, 6.15%, due 01/15/20		466,733
	775,000	Lafarge SA, 6.20%, due 07/09/15 144A		823,437
	2,350,000	Lafarge SA, 6.50%, due 07/15/16		2,596,750
	1,325,000	Legg Mason, Inc., 5.50%, due 05/21/19		1,465,084
	470,000	Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%, due 12/31/49†††		165
	270,000	Lehman Brothers Holdings, Inc., (MTN), Series I, 6.75%, due 12/28/17†††		95
	890,000	Lehman Brothers Holdings, Inc., Subordinated Note, 6.50%, due 07/19/17†††		312
	390,000	Lorillard Tobacco Co., 3.75%, due 05/20/23		368,298
	525,000	Macy’s Retail Holdings, Inc., 6.38%, due 03/15/37		636,666
	3,090,000	Macy’s Retail Holdings, Inc., 6.65%, due 07/15/24		3,699,688
	350,000	Macy’s Retail Holdings, Inc., 6.90%, due 01/15/32		426,248
	600,000	Macy’s Retail Holdings, Inc., 7.00%, due 02/15/28		729,118
	70,000	Medtronic, Inc., 3.13%, due 03/15/22		70,266
	240,000	Medtronic, Inc., 4.45%, due 03/15/20		263,820
	600,000	Merrill Lynch & Co., Inc., 6.40%, due 08/28/17		689,321
	1,720,000	Merrill Lynch & Co., Inc., 6.88%, due 04/25/18		2,030,247
	840,000	Merrill Lynch & Co., Inc., Subordinated Note, 5.70%, due 05/02/17		934,953
	250,000	MetLife, Inc., 4.75%, due 02/08/21		278,537
	420,000	MetLife, Inc., Subordinated Note, 6.40%, due 12/15/66		445,200
	80,000	MidAmerican Energy Holdings Co., Senior Note, 6.50%, due 09/15/37		99,262
	165,630	Miran Mid-Atlantic Series C Pass Through Trust, 10.06%, due 12/30/28		185,092
	70,000	Morgan Stanley, 4.75%, due 03/22/17		76,446
	130,000	Morgan Stanley, (MTN), Series F, 0.69%, due 10/18/16†		129,757
	1,000,000	Morgan Stanley, (MTN), Series F, 6.63%, due 04/01/18		1,166,802
	600,000	Murray Street Investment Trust I, 4.65%, due 03/09/17††		648,527
	1,050,000	Myriad International Holdings BV, 6.00%, due 07/18/20 144A		1,144,500
	50,000	News America, Inc., 4.50%, due 02/15/21		54,332
	525,000	News America, Inc., 5.65%, due 08/15/20		602,558
	475,000	News America, Inc., 6.20%, due 12/15/34		555,325
	275,000	News America, Inc., 6.40%, due 12/15/35		329,670
	20,000	News America, Inc., 6.90%, due 08/15/39		25,220
	30,000	News America, Inc., Senior Note, 6.65%, due 11/15/37		36,761
	1,000,000	NextEra Energy Capital Holdings, Inc., 1.34%, due 09/01/15		1,007,616
	780,000	Noble Energy, Inc., 4.15%, due 12/15/21		823,129
	1,000,000	Nordstrom, Inc., 6.25%, due 01/15/18		1,151,850
	920,000	Pacific Gas & Electric Co., 6.05%, due 03/01/34		1,089,886
	606,000	Pemex Project Funding Master Trust, 6.63%, due 06/15/35		675,690
	1,175,000	Petrobras Global Finance BV, 4.38%, due 05/20/23‡		1,078,087
	675,000	Petrobras Global Finance BV, 6.25%, due 03/17/24		697,114
	400,000	Petrobras International Finance Co., 3.88%, due 01/27/16		411,776
	4,275,000	Petrobras International Finance Co., 5.38%, due 01/27/21		4,344,772
	992,000	Petroleos Mexicanos, 3.50%, due 01/30/23		935,952
	430,000	Petroleos Mexicanos, 5.50%, due 01/21/21		471,925
	2,150,000	Petroleos Mexicanos, 6.38%, due 01/23/45 144A		2,324,687
	480,000	Philip Morris International, Inc., 2.90%, due 11/15/21		474,505
	675,000	Provident Cos., Inc., 7.25%, due 03/15/28		807,361


		See accompanying Notes to the Financial Statements.			87

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Corporate Debt — continued

	170,000	QEP Resources, Inc., 6.88%, due 03/01/21		187,850
	45,000	Qwest Corp., 7.50%, due 10/01/14		46,467
	500,000	Range Resources Corp., 6.75%, due 08/01/20		542,500
	2,153,000	Reed Elsevier Capital, Inc., 3.13%, due 10/15/22		2,069,302
	316,000	Reed Elsevier Capital, Inc., Guaranteed Note, 8.63%, due 01/15/19		399,686
	755,000	Reynolds American, Inc., Senior Note, 6.75%, due 06/15/17		871,092
	410,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 7.13%, due 04/15/19		435,625
	920,000	Rio Tinto Finance USA, Ltd., 9.00%, due 05/01/19		1,198,028
	262,000	Roche Holdings, Inc., Guaranteed Note, 6.00%, due 03/01/19 144A		308,147
	170,000	Rock-Tenn Co., 3.50%, due 03/01/20		172,664
	90,000	Rock-Tenn Co., 4.00%, due 03/01/23		90,661
	3,150,000	Royal Bank of Scotland Group Plc, 6.13%, due 12/15/22		3,310,061
	575,000	Royal Bank of Scotland Plc (The), 5.63%, due 08/24/20		650,160
	325,000	Royal Bank of Scotland Plc (The), 6.13%, due 01/11/21		379,662
	110,000	Service Corp. International, Senior Note, 7.50%, due 04/01/27		117,150
	580,000	Shell International Finance BV, 4.38%, due 03/25/20		637,446
	1,270,000	SLM Corp., 3.88%, due 09/10/15		1,314,450
	400,000	SLM Corp., 4.63%, due 09/25/17		421,500
	10,000	SLM Corp., 5.00%, due 04/15/15		10,400
	1,750,000	SLM Corp., 6.00%, due 01/25/17		1,914,062
	475,000	SLM Corp., 6.25%, due 01/25/16		512,406
	320,000	Softbank Corp., 4.50%, due 04/15/20 144A		320,000
	880,000	Southern Copper Corp., 5.25%, due 11/08/42		757,817
	880,000	Sprint Corp., 7.88%, due 09/15/23 144A		970,200
	375,000	Sprint Nextel Corp., 6.00%, due 12/01/16		412,031
	850,000	State Street Corp., 4.96%, due 03/15/18		926,823
	3,800,000	Statoil ASA, 0.70%, due 11/08/18†		3,826,752
	270,000	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, due 04/15/21 144A		274,050
	70,000	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 7.75%, due 04/15/20 144A		77,525
	380,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		500,364
	666,000	Telecom Italia Capital SA, 6.18%, due 06/18/14		673,492
	1,250,000	Telecom Italia Capital SA, 7.00%, due 06/04/18		1,423,437
	1,900,000	Telecom Italia Capital SA, 7.18%, due 06/18/19		2,187,375
	450,000	Telecom Italia Capital SA, Guaranteed Senior Note, 7.20%, due 07/18/36		460,125
	825,000	Telecom Italia Capital SA, Guaranteed Senior Note, 7.72%, due 06/04/38		886,875
	90,000	Tenet Healthcare Corp., 4.50%, due 04/01/21		88,313
	350,000	Tenet Healthcare Corp., 6.00%, due 10/01/20 144A		375,156
	220,000	Thermo Fisher Scientific, Inc., 3.60%, due 08/15/21		224,432
	520,000	Time Warner Cable, Inc., 4.13%, due 02/15/21		545,191
	10,000	Time Warner Cable, Inc., 5.00%, due 02/01/20		10,935
	740,000	Time Warner Cable, Inc., 5.85%, due 05/01/17		832,555
	2,055,000	Time Warner Cable, Inc., 8.25%, due 04/01/19		2,563,146
	2,150,000	Time Warner Cable, Inc., 8.75%, due 02/14/19		2,722,597
	180,000	Time Warner Entertainment Co. LP, Senior Subordinated Note, 8.38%, due 07/15/33		248,737
	260,000	Time Warner, Inc., 4.70%, due 01/15/21		284,773


88		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Corporate Debt — continued

	200,000	Time Warner, Inc., 4.75%, due 03/29/21		219,153
	50,000	Time Warner, Inc., 6.25%, due 03/29/41		58,780
	1,000,000	Time Warner, Inc., 7.63%, due 04/15/31		1,335,842
	3,380,000	Time Warner, Inc., 7.70%, due 05/01/32		4,545,116
	130,000	Transocean, Inc., 5.05%, due 12/15/16		141,489
	130,000	tw telecom holdings, Inc., 5.38%, due 10/01/22		133,088
	3,087,000	Union Pacific Corp., 4.16%, due 07/15/22		3,269,290
	260,000	United Business Media, Ltd., 5.75%, due 11/03/20 144A		278,995
	270,000	United Technologies Corp., 4.50%, due 06/01/42		276,036
	90,000	UnitedHealth Group, Inc., 3.38%, due 11/15/21		91,326
	520,000	UnitedHealth Group, Inc., Senior Note, 6.00%, due 02/15/18		598,969
	170,000	Univision Communications, Inc., 5.13%, due 05/15/23‡ 144A		174,675
	200,000	Verizon Communications, Inc., 1.98%, due 09/14/18†		210,263
	40,000	Verizon Communications, Inc., 2.45%, due 11/01/22		36,521
	200,000	Verizon Communications, Inc., 2.50%, due 09/15/16		207,217
	350,000	Verizon Communications, Inc., 3.45%, due 03/15/21		355,338
	500,000	Verizon Communications, Inc., 3.65%, due 09/14/18		532,814
	1,140,000	Verizon Communications, Inc., 4.15%, due 03/15/24		1,160,531
	110,000	Verizon Communications, Inc., 5.05%, due 03/15/34		113,202
	2,660,000	Verizon Communications, Inc., 5.15%, due 09/15/23		2,916,387
	50,000	Verizon Communications, Inc., 6.35%, due 04/01/19		59,046
	1,230,000	Verizon Communications, Inc., 6.40%, due 09/15/33		1,464,629
	5,270,000	Verizon Communications, Inc., 6.55%, due 09/15/43		6,436,441
	31,000	Vulcan Materials Co., 6.50%, due 12/01/16		34,739
	1,850,000	Vulcan Materials Co., 7.50%, due 06/15/21		2,187,625
	250,000	Wachovia Bank NA, 6.00%, due 11/15/17		288,272
	130,000	WellPoint, Inc., 1.25%, due 09/10/15		130,917
	30,000	WellPoint, Inc., 3.70%, due 08/15/21		30,680
	425,000	WellPoint, Inc., 4.35%, due 08/15/20		452,268
	730,000	WellPoint, Inc., 5.88%, due 06/15/17		823,686
	1,746,000	WellPoint, Inc., 7.00%, due 02/15/19		2,078,573
	1,900,000	Wells Fargo & Co., 1.25%, due 07/20/16		1,917,028
	190,000	Wells Fargo & Co., 1.50%, due 01/16/18		188,359
	250,000	Wells Fargo & Co., 3.45%, due 02/13/23		243,105
	420,000	Wells Fargo & Co., 3.68%, due 06/15/16††		445,581
	1,308,000	Wells Fargo & Co., 4.48%, due 01/16/24		1,354,043
	90,000	Wells Fargo & Co., 4.60%, due 04/01/21		99,207
	260,000	Wells Fargo & Co., 5.38%, due 11/02/43		274,919
	290,000	Williams Partners, LP/Williams Partners Finance Corp., Senior Note, 7.25%, due 02/01/17		334,035
	80,000	WM Wrigley Jr Co., 2.40%, due 10/21/18 144A		80,316
	320,000	WM Wrigley Jr Co., 2.90%, due 10/21/19 144A		323,290
	90,000	WM Wrigley Jr Co., 3.38%, due 10/21/20 144A		90,995
	510,000	Wyeth LLC, 5.95%, due 04/01/37		619,335
	2,025,000	Xerox Corp., 4.50%, due 05/15/21		2,137,230
	600,000	Xerox Corp., 5.63%, due 12/15/19		680,698
	2,500,000	Xerox Corp., 6.35%, due 05/15/18		2,891,555
	520,000	Xstrata Finance Canada, Ltd., 2.05%, due 10/23/15 144A		526,178


		See accompanying Notes to the Financial Statements.			89

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Corporate Debt — continued

	470,000	Xstrata Finance Canada, Ltd., 2.70%, due 10/25/17 144A		476,089
	100,000	Xstrata Finance Canada, Ltd., 5.80%, due 11/15/16 144A		110,163
	90,000	Zoetis, Inc., 3.25%, due 02/01/23		86,975

				271,510,883


		Mortgage Backed Securities - Private Issuers — 2.0%

	2,141,122	Alternative Loan Trust, Series 2005-36, Class 3A1, 2.62%, due 08/25/35†		1,875,561
	145,530	Banc of America Funding Corp., Series 2005-E, Class 8A1, 2.21%, due 06/20/35†		94,895
	136,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-1, Class AM, 5.42%, due 09/10/45†		145,646
	743,288	Bear Stearns ALT-A Trust, Series 2004-12, Class 1A3, 0.85%, due 01/25/35†		723,813
	711,413	Bear Stearns ALT-A Trust, Series 2004-7, Class 2A1, 3.05%, due 08/25/34†		721,307
	324,060	Citigroup Mortgage Loan Trust, Inc., Series 2010-3, Class 4A1, 2.38%, due 02/25/36† 144A		325,715
	80,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR3, Class A3, 2.82%, due 10/15/45		76,784
	120,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR12, Class A4, 4.05%, due 10/10/46		124,377
	65,558	Countrywide Alternative Loan Trust, Series 2005-61, Class 1A1, 0.41%, due 12/25/35†		58,140
	55,385	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-R3, Class AF, 0.55%, due 09/25/35† 144A		50,396
	175,906	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR30, Class 2A1, 2.51%, due 01/25/34†		173,589
	402,919	Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR1, Class A2A, 0.98%, due 09/19/44†		395,637
	898,906	DSLA Mortgage Loan Trust, Series 2004-AR2, Class A1A, 0.98%, due 11/19/44†		803,640
	179,521	First Horizon Alternative Mortgage Securities, Series 2006-FA1, Class 1A6, 0.90%, due 04/25/36†		179,951
	290,000	Fremont Home Loan Trust, Series 2004-B, Class M1, 1.02%, due 05/25/34†		269,007
	82,847	Granite Mortgages Plc, Series 2004-3, Class 2A1, 0.51%, due 09/20/44†		82,446
	360,000	GS Mortgage Securities Corp. II, Series 2013-GC16, Class A4, 4.27%, due 11/10/46		381,049
	227,584	GSMPS Mortgage Loan Trust, Series 2005-RP2, Class 1AF, 0.50%, due 03/25/35† 144A		200,677
	69,080	GSR Mortgage Loan Trust, Series 2004-7, Class 4A1, 4.67%, due 06/25/34†		68,507
	65,086	Harborview Mortgage Loan Trust, Series 2005-9, Class 2A1A, 0.50%, due 06/20/35†		61,746
	888,245	Harborview Mortgage Loan Trust, Series 2007-4, Class 2A1, 0.38%, due 07/19/47†		762,163
	290,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP9, Class A3, 5.34%, due 05/15/47		316,939
	450,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2013-INN, Class A, 1.56%, due 10/15/30† 144A		450,674
	77,468	Lehman XS Trust, Series 2005-7N, Class 1A1B, 0.45%, due 12/25/35†		43,957
	99,086	MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1, 2.63%, due 01/25/36†		97,261
	300,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.70%, due 09/12/49		335,458
	142,998	MLCC Mortgage Investors, Inc., Series 2007-1, Class 4A3, 5.62%, due 01/25/37†		144,448


90		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Mortgage Backed Securities - Private Issuers — continued

	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46		96,067
	285,584	Morgan Stanley Capital I, Inc., Series 2007-IQ15, Class A4, 5.91%, due 06/11/49†		318,708
	175,603	Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 2A, 2.68%, due 07/25/34†		175,397
	288,635	Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A6, 2.47%, due 09/25/34†		288,153
	385,610	Nomura Asset Acceptance Corp., Series 2004-R3, Class A1, 6.50%, due 02/25/35 144A		400,850
	331,024	Novastar Mortgage-Backed Notes, Series 2006-MTA1, Class 2A1A, 0.34%, due 09/25/46†		277,416
	209,815	Prime Mortgage Trust, Series 2006-DR1, Class 1A1, 5.50%, due 05/25/35 144A		218,803
	87,254	Prime Mortgage Trust, Series 2006-DR1, Class 1A2, 6.00%, due 05/25/35 144A		91,799
	1,120,020	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, due 05/25/35 144A		1,122,113
	930,061	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, due 05/25/35 144A		924,411
	321,900	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 2.52%, due 05/25/35†		330,249
	146,949	RBSSP Resecuritization Trust, Series 2010-3, Class 4A1, 3.09%, due 12/26/35† 144A		147,836
	1,603,332	Residential Accredit Loans, Inc., Series 2004-QS16, Class 1A1, 5.50%, due 12/25/34		1,640,082
	68,303	Residential Asset Securitization Trust, Series 2003-A8, Class A2, 0.50%, due 10/25/18†		66,888
	748,000	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Class 2A, 2.39%, due 08/25/34†		737,106
	180,240	WaMu Mortgage Pass Through Certificates, Series 2002-AR19, Class A6, 2.46%, due 02/25/33†		178,129
	54,280	WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A7, 2.42%, due 09/25/33†		55,588
	359,652	WaMu Mortgage Pass Through Certificates, Series 2004-CB2, Class 4A, 6.50%, due 08/25/34		399,187
	754,099	WaMu Mortgage Pass Through Certificates, Series 2005-AR11, Class A1A, 0.47%, due 08/25/45†		705,157
	424,017	WaMu Mortgage Pass Through Certificates, Series 2005-AR3, Class A2, 2.41%, due 03/25/35†		426,174
	288,905	WaMu Mortgage Pass Through Certificates, Series 2005-AR6, Class 2A1A, 0.38%, due 04/25/45†		271,310
	59,245	WaMu Mortgage Pass Through Certificates, Series 2006-AR14, Class 1A1, 2.06%, due 11/25/36†		51,931
	1,426,204	WaMu Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, 1.09%, due 08/25/46†		985,537
	881,466	WaMu Mortgage Pass-Through Certificates, Series 2007-OA2, Class 1A, 0.83%, due 03/25/47†		713,631
	104,215	Washington Mutual, Inc., Series 2005-AR13, Class A1A1, 0.44%, due 10/25/45†		96,575
	100,485	Washington Mutual, Inc., Series 2005-AR15, Class A1A1, 0.41%, due 11/25/45†		93,247
	147,066	Washington Mutual, Inc., Series 2005-AR19, Class A1A1, 0.42%, due 12/25/45†		138,518
	183,833	Washington Mutual, Inc., Series 2005-AR19, Class A1A2, 0.44%, due 12/25/45†		170,407
	235,851	Washington Mutual, Inc., Series 2006-AR14, Class 1A4, 2.06%, due 11/25/36†		206,734
	584,599	Washington Mutual, Inc., Series 2006-AR16, Class 1A1, 2.05%, due 12/25/36†		507,555


		See accompanying Notes to the Financial Statements.			91

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Mortgage Backed Securities - Private Issuers — continued

	254,010	Wells Fargo Mortgage Backed Securities Trust, Series 2004-Y, Class 1A2, 2.62%, due 11/25/34†		253,329
	203,311	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR8, Class 2A1, 2.63%, due 06/25/35†		205,775
	481,666	Wells Fargo Mortgage Loan Trust, Series 2010-RR4, Class 2A1, 3.15%, due 08/27/35 144A		488,373

				21,746,818


		Mortgage Backed Securities - U.S. Government Agency Obligations — 13.7%

	862,708	FHLMC, Pool # Q17792, 3.50%, due 05/01/43		868,323
	2,198,898	FHLMC, Pool # 849096, 3.62%, due 10/01/41†		2,304,439
	4,833,000	FHLMC, Pool # J13193, 4.00%, due 10/01/25		5,127,496
	1,335,889	FHLMC, Pool # G14919, 4.00%, due 06/01/26		1,416,007
	1,042,001	FHLMC, Pool # G14678, 4.00%, due 12/01/26		1,105,594
	139,390	FHLMC, Pool # G14350, 4.00%, due 12/01/26		147,805
	3,832,441	FHLMC, Pool # C91402, 4.00%, due 10/01/31		4,042,039
	2,304,612	FHLMC, Pool # Q02552, 4.50%, due 08/01/41		2,462,289
	1,404,717	FHLMC, Pool # G07515, 4.50%, due 09/01/41		1,500,923
	3,038,580	FHLMC, Pool # G07491, 4.50%, due 03/01/42		3,246,175
	1,502,859	FHLMC, Pool # U92272, 4.50%, due 12/01/43		1,604,188
	4,900,685	FHLMC, Pool # G08568, 4.50%, due 01/01/44		5,241,561
	1,187,143	FHLMC, Pool # 1Q0481, 5.05%, due 02/01/38†		1,274,387
	563,885	FHLMC, Pool # G01749, 5.50%, due 01/01/35		625,621
	728,877	FHLMC, Pool # G04587, 5.50%, due 08/01/38		801,466
	818,029	FHLMC, Pool # G05979, 5.50%, due 10/01/38		899,497
	548,422	FHLMC, Pool # G06875, 5.50%, due 12/01/38		607,259
	341,014	FHLMC, Pool # G06020, 5.50%, due 12/01/39		374,976
	243,540	FHLMC, Pool # G06945, 5.50%, due 02/01/40		267,795
	1,879,233	FHLMC, Pool # 782735, 5.68%, due 09/01/36†		2,002,860
	28,875	FHLMC, Pool # H09061, 6.00%, due 06/01/37		31,248
	1,026,832	FHLMC, Pool # G03265, 6.00%, due 08/01/37		1,148,126
	422,800	FHLMC, Pool # G03362, 6.00%, due 09/01/37		469,725
	573,060	FHLMC, Pool # G08271, 6.00%, due 05/01/38		636,462
	1,177,437	FHLMC, Pool # G06409, 6.00%, due 11/01/39		1,309,115
	351,642	FHLMC, Pool # G06832, 6.00%, due 03/01/40		391,198
	4,106,702	FHLMC, Series 311, Class F1, 0.71%, due 08/15/43†		4,107,349
	3,267,230	FHLMC, Series 317, Class F3, 0.68%, due 11/15/43†		3,271,925
	2,730,483	FHLMC, Series 3556, Class ZL, 5.50%, due 07/15/38		2,967,083
	3,416,241	FHLMC, Series 4240, Class FA, 0.66%, due 08/15/43†		3,399,148
	5,893,887	FHLMC, Series 4283, Class EW, 6.65%, due 12/15/43†		6,546,399
	1,629,418	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K006, Class AX1, 1.04%, due 01/25/20†		79,311
	3,066,614	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K007, Class X1, 1.20%, due 04/25/20†		163,834
	1,351,480	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K008, Class X1, 1.66%, due 06/25/20†		105,005
	336,684	FHLMC Reference REMIC, Series R007, Class ZA, 6.00%, due 05/15/36		376,055


92		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Mortgage Backed Securities - U.S. Government Agency Obligations — continued

	337,705	FHLMC Structured Pass Through Securities, Series T-61, Class 1A1, 1.53%, due 07/25/44†		342,019
	2,764,096	FNMA, Pool # AE4096, 4.00%, due 09/01/30		2,915,962
	2,231,061	FNMA, Pool # MA0587, 4.00%, due 12/01/30		2,355,588
	64,719	FNMA, Pool # 776565, 4.00%, due 04/01/34		67,507
	474,382	FNMA, Pool # AH1338, 4.00%, due 12/01/40		494,341
	126,990	FNMA, Pool # AH6392, 4.00%, due 02/01/41		132,258
	573,178	FNMA, Pool # AB9383, 4.00%, due 05/01/43		597,052
	21,151	FNMA, Pool # 254802, 4.50%, due 07/01/18		22,456
	434,179	FNMA, Pool # 725602, 4.50%, due 06/01/19		460,477
	5,580,371	FNMA, Pool # AD0244, 4.50%, due 10/01/24		5,927,024
	1,729,772	FNMA, Pool # AL4147, 4.50%, due 01/01/25		1,837,299
	2,527,366	FNMA, Pool # AL1900, 4.50%, due 08/01/26		2,720,796
	357,746	FNMA, Pool # MA0634, 4.50%, due 01/01/31		383,846
	1,583,938	FNMA, Pool # AL4549, 4.50%, due 01/01/32		1,699,409
	3,353,374	FNMA, Pool # 310098, 4.50%, due 06/01/36		3,576,260
	2,312,607	FNMA, Pool # AL0215, 4.50%, due 04/01/41		2,470,513
	3,660,470	FNMA, Pool # AL2439, 5.00%, due 06/01/26		3,953,256
	567,416	FNMA, Pool # AI1892, 5.00%, due 05/01/41		623,549
	402,190	FNMA, Pool # AE0011, 5.50%, due 09/01/23		437,585
	1,580,143	FNMA, Pool # 995253, 5.50%, due 12/01/23		1,721,457
	2,136,768	FNMA, Pool # AL0278, 5.50%, due 01/01/25		2,327,502
	13,381	FNMA, Pool # 254548, 5.50%, due 12/01/32		14,911
	1,260,875	FNMA, Pool # 704235, 5.50%, due 05/01/33		1,395,728
	142,430	FNMA, Pool # 555591, 5.50%, due 07/01/33		158,652
	1,824,949	FNMA, Pool # 725221, 5.50%, due 01/01/34		2,032,370
	86,830	FNMA, Pool # 735224, 5.50%, due 02/01/35		96,644
	185,206	FNMA, Pool # 990906, 5.50%, due 10/01/35		206,183
	938,231	FNMA, Pool # 849077, 5.50%, due 01/01/36		1,040,321
	1,510,286	FNMA, Pool # AL0144, 5.63%, due 11/01/37†		1,620,948
	1,266,698	FNMA, Pool # 745506, 5.66%, due 02/01/16		1,354,081
	262,370	FNMA, Pool # 256517, 6.00%, due 12/01/26		292,835
	255,499	FNMA, Pool # 256962, 6.00%, due 11/01/27		285,881
	2,784,431	FNMA, Pool # 725162, 6.00%, due 02/01/34		3,136,052
	1,831,762	FNMA, Pool # AD0218, 6.00%, due 09/01/36		2,066,738
	1,645,491	FNMA, Pool # 831834, 6.00%, due 09/01/36		1,836,617
	80,449	FNMA, Pool # 888736, 6.00%, due 10/01/37		87,247
	175,393	FNMA, Pool # 955166, 6.00%, due 11/01/37		189,875
	2,273,211	FNMA, Pool # 967691, 6.00%, due 01/01/38		2,532,037
	277,051	FNMA, Pool # AL0852, 6.00%, due 06/01/38		300,301
	927,533	FNMA, Pool # AL0406, 6.00%, due 06/01/38		1,005,005
	646,000	FNMA, Pool # AL0901, 6.00%, due 07/01/38		700,027
	632,102	FNMA, Pool # 190391, 6.00%, due 09/01/38		704,072
	247,976	FNMA, Pool # AE0028, 6.00%, due 10/01/39		276,724
	1,241,183	FNMA, Pool # AE0469, 6.00%, due 12/01/39		1,382,503
	231,584	FNMA, Pool # AE0616, 6.00%, due 03/01/40		258,040
	1,156,833	FNMA, Pool # 256421, 6.50%, due 09/01/36		1,261,867
	748,095	FNMA, Pool # AL0778, 6.50%, due 01/01/49		817,354


		See accompanying Notes to the Financial Statements.			93

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Mortgage Backed Securities - U.S. Government Agency Obligations — continued

	1,900,433	FNMA, Pool # 888369, 7.00%, due 03/01/37		2,110,430
	2,359,019	FNMA, Series 2007-50, Class DZ, 5.50%, due 06/25/37		2,548,454
	1,904,380	FNMA, Series 2007-63, Class VZ, 5.50%, due 07/25/37		2,042,562
	3,592,804	FNMA, Series 2007-70, Class Z, 5.50%, due 07/25/37		3,872,973
	1,162,886	FNMA, Series 2011-59, Class NZ, 5.50%, due 07/25/41		1,324,340
	1,851,651	FNMA, Series 2012-134, Class FD, 0.50%, due 12/25/42†		1,840,014
	191,789	FNMA, Series 2012-28, Class B, 6.50%, due 06/25/39		213,253
	4,365,802	FNMA, Series 2013-101, Class CF, 0.75%, due 10/25/43†		4,398,680
	88,928	FNMA Grantor Trust, Series 2004-T1, Class 1A2, 6.50%, due 01/25/44		101,091
	1,091,716	FNMA REMIC Trust 2007-W1, Series 2007-W10, Class 2A, 6.29%, due 08/25/47†		1,231,169
	2,520,129	FNMA Trust, Series 2004-W1, Class 2A2, 7.00%, due 12/25/33		2,896,223
	127,665	FNMA Trust, Series 2004-W9, Class 2A1, 6.50%, due 02/25/44		145,232
	3,208,757	GNMA, Pool # 004978, 4.50%, due 03/20/41		3,469,783
	157,072	GNMA, Pool # 641779, 5.00%, due 09/15/35		173,602

				147,409,658


		Municipal Obligations — 4.0%

	2,250,000	American Municipal Power-Ohio, Inc., 8.08%, due 02/15/50		3,227,512
	600,000	Chicago Transit Authority, Series B, 6.90%, due 12/01/40		710,118
	1,535,000	Los Angeles Unified School District, 6.76%, due 07/01/34		1,987,119
	1,850,000	New Jersey State Turnpike Authority, 7.10%, due 01/01/41		2,515,593
	300,000	New Jersey State Turnpike Authority, 7.41%, due 01/01/40		421,017
	1,800,000	New York City Transitional Finance Authority, 4.73%, due 11/01/23		1,985,580
	1,300,000	New York City Transitional Finance Authority, 4.91%, due 11/01/24		1,422,343
	1,300,000	New York City Transitional Finance Authority, 5.08%, due 11/01/25		1,461,837
	3,000,000	New York State Urban Development Corp., 5.00%, due 03/15/23		3,463,290
	3,100,000	Ohio Tobacco Settlement Financing Authority, 6.50%, due 06/01/47		2,702,053
	1,100,000	Port Authority of New York and New Jersey, 4.46%, due 10/01/62		1,031,349
	4,300,000	State of California General Obligation, 7.30%, due 10/01/39		5,758,861
	1,735,000	State of California General Obligation, 7.50%, due 04/01/34		2,341,903
	1,700,000	State of California General Obligation, 7.55%, due 04/01/39		2,363,816
	350,000	State of California General Obligation, 7.60%, due 11/01/40		492,901
	350,000	State of California General Obligation, 7.63%, due 03/01/40		488,905
	1,600,000	State of Illinois General Obligation, 4.96%, due 03/01/16		1,712,432
	1,600,000	State of Illinois General Obligation, 5.37%, due 03/01/17		1,752,928
	2,325,000	State of Illinois General Obligation, 5.67%, due 03/01/18		2,581,006
	1,000,000	State of Kentucky Property & Building Commission, 4.30%, due 11/01/19		1,066,050
	1,200,000	State of Kentucky Property & Building Commission, 4.40%, due 11/01/20		1,258,512
	2,400,000	State of Kentucky Property & Building Commission, 5.37%, due 11/01/25		2,632,056

				43,377,181


		Sovereign Debt Obligations — 0.9%

	680,000	Colombia Government International Bond, 5.63%, due 02/26/44		713,320
	912,000	Hungary Government International Bond, 5.75%, due 11/22/23		946,200
	720,000	Indonesia Government International Bond, 5.88%, due 01/15/24 144A		774,900
	140,000	Mexico Government International Bond, 4.75%, due 03/08/44		133,700
	1,600,000	Mexico Government International Bond, 5.55%, due 01/21/45		1,704,000
	2,600,000	Province of Ontario Canada, 2.70%, due 06/16/15		2,674,428


94		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		Sovereign Debt Obligations — continued

	727,050	Russian Foreign - Eurobond, REG S, 7.50%, due 03/31/30†† ‡‡‡		828,473
	1,500,000	Spain Government International Bond, 4.00%, due 03/06/18 144A		1,588,365

				9,363,386


		U.S. Government and Agency Obligations — 42.3%

	72,954	FNMA, 2.52%, due 09/01/35†		77,396
	2,300,000	FNMA, 2.86%, due 10/09/19‡‡		1,982,692
	1,235,000	FNMA, 6.63%, due 11/15/30		1,701,718
	190,000	Tennessee Valley Authority, 5.25%, due 09/15/39		215,946
	2,064,000	U.S. Treasury Bond, 2.75%, due 08/15/42		1,762,623
	5,450,000	U.S. Treasury Bond, 3.63%, due 02/15/44		5,513,869
	13,510,000	U.S. Treasury Bond, 3.75%, due 11/15/43		13,989,186
	23,000,000	U.S. Treasury Bond, 5.25%, due 02/15/29		28,784,132
	3,823,469	U.S. Treasury Inflation Indexed Bond, 0.13%, due 01/15/22		3,749,389
	2,542,675	U.S. Treasury Inflation Indexed Bond, 0.13%, due 07/15/22		2,492,717
	1,114,608	U.S. Treasury Inflation Indexed Bond, 0.13%, due 01/15/23		1,079,384
	8,542,755	U.S. Treasury Inflation Indexed Bond, 0.38%, due 07/15/23		8,455,995
	8,553,520	U.S. Treasury Inflation Indexed Bond, 1.13%, due 01/15/21		9,087,448
	536,230	U.S. Treasury Inflation Indexed Bond, 1.25%, due 07/15/20		578,374
	111,643	U.S. Treasury Inflation Indexed Bond, 1.75%, due 01/15/28		123,871
	1,861,215	U.S. Treasury Inflation Indexed Bond, 2.00%, due 07/15/14		1,892,478
	6,800,000	U.S. Treasury Note, 0.25%, due 01/15/15		6,807,970
	5,300,000	U.S. Treasury Note, 0.25%, due 07/31/15		5,305,178
	5,700,000	U.S. Treasury Note, 0.25%, due 05/15/16		5,670,833
	12,500,000	U.S. Treasury Note, 0.38%, due 04/15/15		12,530,275
	7,600,000	U.S. Treasury Note, 0.38%, due 02/15/16		7,600,448
	4,000,000	U.S. Treasury Note, 0.38%, due 03/15/16		3,997,656
	8,800,000	U.S. Treasury Note, 0.38%, due 03/31/16		8,790,716
	5,250,000	U.S. Treasury Note, 0.63%, due 10/15/16		5,241,799
	500,000	U.S. Treasury Note, 0.75%, due 03/15/17		498,145
	1,000,000	U.S. Treasury Note, 0.75%, due 12/31/17		980,625
	66,800,000	U.S. Treasury Note, 1.25%, due 11/30/18		65,638,816
	6,500,000	U.S. Treasury Note, 1.25%, due 01/31/19		6,368,986
	68,780,000	U.S. Treasury Note, 1.38%, due 06/30/18		68,465,675
	2,700,000	U.S. Treasury Note, 1.50%, due 06/30/16		2,756,954
	14,850,000	U.S. Treasury Note, 1.50%, due 07/31/16		15,166,721
	500,000	U.S. Treasury Note, 1.50%, due 12/31/18		496,270
	80,000	U.S. Treasury Note, 1.50%, due 01/31/19		79,303
	42,250,000	U.S. Treasury Note, 1.50%, due 02/28/19		41,830,795
	34,250,000	U.S. Treasury Note, 1.63%, due 03/31/19		34,077,414
	100,000	U.S. Treasury Note, 1.88%, due 08/31/17		102,547
	6,500,000	U.S. Treasury Note, 2.00%, due 09/30/20		6,423,826
	4,950,000	U.S. Treasury Note, 2.00%, due 11/30/20		4,876,329
	6,130,000	U.S. Treasury Note, 2.00%, due 02/28/21		6,014,345
	4,700,000	U.S. Treasury Note, 2.13%, due 02/29/16		4,855,782
	2,000,000	U.S. Treasury Note, 2.25%, due 03/31/16		2,072,266
	24,460,000	U.S. Treasury Note, 2.25%, due 03/31/21		24,372,091
	31,740,000	U.S. Treasury Note, 2.75%, due 02/15/24		31,811,923


		See accompanying Notes to the Financial Statements.			95

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)		Description	Value ($)

		U.S. Government and Agency Obligations — continued

	510,000	U.S. Treasury Note, 3.63%, due 08/15/19		556,936
	1,060,000	U.S. Treasury STRIPS, 6.61%, due 11/15/43‡‡		350,665

				455,228,507


		TOTAL DEBT OBLIGATIONS (COST $972,759,594)		989,801,692


Shares		Description	Value ($)

		PREFERRED STOCK — 0.3%

		Diversified Financial Services — 0.3%

	116,800	Citigroup Capital XIII, 7.10%†		3,240,032


		TOTAL PREFERRED STOCK (COST $3,160,968)		3,240,032


Notional		Description	Value ($)

		OPTIONS PURCHASED — 0.0%

		Call Options — 0.0%

	67,000	U.S. Treasury Note 5-Year Futures Option with Barclays Capital, Inc., Strike Price $121.75, Expires 05/23/14		523

		TOTAL CALL OPTIONS PURCHASED (COST $7,546)		523


		Put Options — 0.0%

	202,500	IMM Eurodollar 3 Month Futures Option with Barclays Capital, Inc., Strike Price $99.75, Expires 06/16/14		3,038

		TOTAL PUT OPTIONS PURCHASED (COST $5,326)		3,038


		TOTAL OPTIONS PURCHASED (COST $12,872)		3,561


Par Value ($)		Description	Value ($)

		SHORT-TERM INVESTMENTS — 9.0%

		Bank Deposit — 7.8%

	84,220,655	State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14		84,220,655

		TOTAL BANK DEPOSITS (COST $84,220,655)		84,220,655


		Securities Lending Collateral — 0.3%

	2,627,065	State Street Navigator Securities Lending Prime Portfolio***		2,627,065

		TOTAL SECURITIES LENDING COLLATERAL (COST $2,627,065)		2,627,065


96		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)			Description	Value ($)

			U.S. Government and Agency Obligations — 0.9%

	10,000,000		FHLMC Discount Notes, 0.06%, due 11/17/14‡‡		9,996,170

			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $9,989,778)		9,996,170


			TOTAL SHORT-TERM INVESTMENTS (COST $96,837,498)		96,843,890


			TOTAL INVESTMENTS — 101.2% (Cost $1,072,770,932)		1,089,889,175

			Other Assets and Liabilities (net) — (1.2)%		(13,449,698	)


			NET ASSETS — 100.0%	$	1,076,439,477


			Notes to Schedule of Investments:

			FHLMC — Federal Home Loan Mortgage Corporation

			FNMA — Federal National Mortgage Association

			GNMA — Government National Mortgage Association

			IO — Interest Only

			MTN — Medium Term Note

			PIK — Payment In Kind

			REIT — Real Estate Investment Trust

			REMIC — Real Estate Mortgage Investment Conduit

		¤	Illiquid security. The total market value of the securities at year end is $2,027,120 which represents 0.2% of net assets. The aggregate tax cost of these securities held at March 31, 2014 was $2,175,829.

		***	Represents an investment of securities lending cash collateral.

		****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at year end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2014 was $561,882.

		†	Floating rate note. Rate shown is as of March 31, 2014.

		††	Debt obligation initially issued in zero coupon form which converts to coupon form at a specific rate and date. The rate shown is the rate at period end.

		†††	Security is currently in default.

		††††	When-issued security

		‡	All or a portion of this security is out on loan.

		‡‡	Interest rate presented is yield to maturity.

		‡‡‡	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.

			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 year end is $36,651,647 which represents 3.4% of net assets.


		See accompanying Notes to the Financial Statements.			97

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

March 31, 2014

A summary of outstanding financial instruments at March 31, 2014 is as follows:

Forward Foreign Currency Contracts


Settlement Date		Currency	Counterparty	Units of Currency		Value		Unrealized Appreciation (Depreciation)
	Buys
	04/02/14	BRL	Citibank N.A.		572,874	$	253,877	$	11,888
	04/02/14	BRL	UBS AG		1,145,748		507,754		14,940
	04/02/14	EUR	Royal Bank of Scotland Plc		49,392,000		68,074,503		71,480

								$	98,308

	Sales
	04/02/14	BRL	Citibank N.A.		572,874	$	253,877	$	(729	)
	04/02/14	BRL	UBS AG		1,145,748		507,754		(20,392	)
	04/02/14	EUR	Bank of America N.A.		5,690,000		7,842,240		(32,715	)
	04/02/14	EUR	HSBC Bank USA		10,774,000		14,849,261		3,522
	04/02/14	EUR	Royal Bank of Scotland Plc		32,928,000		45,383,002		(23,249	)
	04/01/14	EUR	UBS AG		3,300,000		4,548,224		(85,551	)

								$	(159,114	)

Currency Abbreviations

BRL	Brazilian Real

EUR

Euro

Futures Contracts


Number of Contracts		Type	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
	Sales
	2	U.S. Long Bond	June 2014	$	266,438	$	(132	)

Written Options


Type of Contract	Counterparty	Number of Contracts / Notional Amount		Premiums Received			Value at March 31, 2014
CALL — U.S. Treasury Note 10-Year Futures Strike @ $126.50 Expires 05/23/2014	Barclays Capital, Inc.		21		$	7,260		$	(2,297	)
PUT — Euro Dollar Futures Strike @ $99.63 Expires 06/16/2014	Barclays Capital, Inc.		81			1,256			(1,013	)
PUT — U.S. Treasury Note 10-Year Futures Strike @ $121.50 Expires 05/23/2014	Barclays Capital, Inc.		21			5,182			(5,906	)
PUT — U.S. Treasury Note 5-Year Futures Strike @ $117.75 Expires 05/23/2014	Barclays Capital, Inc.		52			9,581			(11,781	)
TOTAL					$	23,279		$	(20,997	)


98		See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

(formerly known as Mercer Core Opportunistic Fixed Income Fund)

Schedule of Investments (Continued)

March 31, 2014


Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		91.9
Preferred Stocks		0.3
Options Purchased		0.0
Futures Contracts		0.0
Written Options		0.0
Forward Foreign Currency Contracts		0.0
Short-Term Investments		9.0
Other Assets and Liabilities (net)		(1.2	)

		100.0	%


		See accompanying Notes to the Financial Statements.			99

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2014


Par Value**			Description	Value ($)

			DEBT OBLIGATIONS — 91.8%

			Corporate Debt — 45.5%

	400,000		Abengoa Finance SAU, 7.75%, due 02/01/20 144A		434,000
	250,000		Abengoa Finance SAU, 8.88%, due 11/01/17 144A		281,875
	1,100,000		Alcatel-Lucent USA, Inc., 6.75%, due 11/15/20 144A		1,168,750
	900,000		Alere, Inc., 6.50%, due 06/15/20		949,500
	200,000		Alere, Inc., 7.25%, due 07/01/18		221,000
	1,200,000		Ally Financial, Inc., 7.50%, due 09/15/20		1,431,000
	900,000		ArcelorMittal, 6.00%, due 03/01/21		964,125
	600,000		ArcelorMittal, 6.13%, due 06/01/18		660,000
	100,000	EUR	Ardagh Packaging Finance Plc, 7.38%, due 10/15/17 144A		146,956
	500,000	EUR	Ardagh Packaging Finance Plc, 9.25%, due 10/15/20 144A		771,820
	600,000	EUR	Avis Budget Finance Plc, 6.00%, due 03/01/21 144A		878,700
	600,000		Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp., 6.00%, due 10/15/21		625,500
	300,000	EUR	Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B BV, 5.75%, due 02/01/21 144A		444,287
	1,500,000		Bank of America Corp., Series M, 8.13%, due 12/31/49†		1,721,959
	500,000		Barminco Finance Pty, Ltd., 9.00%, due 06/01/18 144A		463,750
	242,000		Big Heart Pet Brands, 7.63%, due 02/15/19		252,436
	500,000		Blackboard, Inc., 7.75%, due 11/15/19 144A		526,250
	700,000		BMC Software Finance, Inc., 8.13%, due 07/15/21 144A		740,250
	1,000,000		BreitBurn Energy Partners LP/BreitBurn Finance Corp., 7.88%, due 04/15/22		1,087,500
	400,000	EUR	Cable Communications Systems NV, 7.50%, due 11/01/20 144A		585,756
	500,000		Caesars Entertainment Operating Co., Inc., 9.00%, due 02/15/20		451,250
	600,000		Caesars Entertainment Operating Co., Inc., 11.25%, due 06/01/17		579,000
	900,000		Calpine Corp., 6.00%, due 01/15/22 144A		949,500
	267,000		Calpine Corp., 7.50%, due 02/15/21 144A		293,033
	800,000		Carrizo Oil & Gas, Inc., 7.50%, due 09/15/20		884,000
	100,000		Carrizo Oil & Gas, Inc., 8.63%, due 10/15/18		107,750
	1,000,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, due 09/30/22		991,250
	200,000	EUR	Cegedim SA, 6.75%, due 04/01/20 144A		295,359
	1,000,000		Cemex Finance LLC, 9.38%, due 10/12/22 144A		1,178,750
	200,000		Cemex SAB de CV, 9.00%, due 01/11/18 144A		218,500
	1,600,000		CenturyLink, Inc., 6.75%, due 12/01/23		1,706,000
	400,000	EUR	CeramTec Group GmbH, 8.25%, due 08/15/21 144A		609,186
	1,100,000		CGG, 6.50%, due 06/01/21		1,122,000
	630,000		CHC Helicopter SA, 9.25%, due 10/15/20		687,487
	500,000		CHC Helicopter SA, 9.38%, due 06/01/21		532,500
	1,500,000		Chesapeake Energy Corp., 6.13%, due 02/15/21		1,642,500
	150,000		CHS/Community Health Systems, Inc., 5.13%, due 08/15/18		157,875
	1,000,000		CHS/Community Health Systems, Inc., 6.88%, due 02/01/22 144A		1,050,000
	200,000		CHS/Community Health Systems, Inc., 7.13%, due 07/15/20		217,250
	1,200,000		CIT Group, Inc., 5.00%, due 08/01/23		1,233,000
	500,000		CIT Group, Inc., 5.50%, due 02/15/19 144A		540,625
	900,000		Clayton Williams Energy, Inc., 7.75%, due 04/01/19		960,750
	1,200,000		Clear Channel Communications, Inc., 9.00%, due 03/01/21		1,258,500
	800,000		Clear Channel Worldwide Holdings, Inc., 7.63%, due 03/15/20		868,000
	500,000		CONSOL Energy, Inc., 6.38%, due 03/01/21		531,875
	600,000		CONSOL Energy, Inc., 8.25%, due 04/01/20		654,750
	900,000		CSC Holdings LLC, 6.75%, due 11/15/21		1,010,250


100		See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value**			Description	Value ($)

			Corporate Debt — continued

	400,000	EUR	Deutsche Raststaetten Gruppe IV GmbH, 6.75%, due 12/30/20 144A		605,052
	300,000		Digicel Group, Ltd., 7.13%, due 04/01/22†††† 144A		304,125
	200,000		Digicel Group, Ltd., 8.25%, due 09/30/20 144A		214,500
	500,000		Digicel, Ltd., 6.00%, due 04/15/21 144A		512,500
	1,200,000		DISH DBS Corp., 5.13%, due 05/01/20		1,254,000
	600,000		Dole Food Co., Inc., 7.25%, due 05/01/19 144A		603,750
	700,000		E*TRADE Financial Corp., 6.38%, due 11/15/19		764,750
	300,000		eAccess, Ltd., 8.25%, due 04/01/18 144A		327,750
	300,000		Eagle Rock Energy Partners, LP/Eagle Rock Energy Finance Corp., 8.38%, due 06/01/19		327,000
	700,000	EUR	Edcon Pty, Ltd., 9.50%, due 03/01/18 144A		946,857
	1,000,000		Eldorado Gold Corp., 6.13%, due 12/15/20 144A		1,005,000
	400,000	EUR	Empark Funding SA, 6.75%, due 12/15/19 144A		594,026
	1,500,000		Energy Transfer Equity, LP, 7.50%, due 10/15/20		1,723,125
	300,000		Energy XXI Gulf Coast, Inc., 7.50%, due 12/15/21 144A		315,750
	250,000		EPL Oil & Gas, Inc., 8.25%, due 02/15/18		271,875
	400,000		Equinix, Inc., 4.88%, due 04/01/20		411,000
	800,000		Equinix, Inc., 5.38%, due 04/01/23		820,000
	400,000	EUR	Financiere Gaillon 8 SAS, 7.00%, due 09/30/19 144A		556,124
	400,000	EUR	Findus Bondco SA, 9.13%, due 07/01/18 144A		604,522
	1,200,000		First Data Corp., 8.25%, due 01/15/21 144A		1,308,000
	500,000		First Data Corp., 11.25%, due 01/15/21		573,125
	500,000		First Quantum Minerals, Ltd., 6.75%, due 02/15/20 144A		508,750
	700,000		First Quantum Minerals, Ltd., 7.00%, due 02/15/21 144A		715,750
	900,000		FMG Resources August 2006 Pty, Ltd., 6.88%, due 04/01/22 144A		973,125
	500,000		FMG Resources August 2006 Pty, Ltd., 8.25%, due 11/01/19 144A		551,875
	500,000		Freescale Semiconductor, Inc., 6.00%, due 01/15/22 144A		531,875
	103,000		Freescale Semiconductor, Inc., 8.05%, due 02/01/20		113,686
	1,000,000		Frontier Communications Co., Senior Note, 7.88%, due 01/15/27		1,012,500
	200,000		Frontier Communications Corp., 7.63%, due 04/15/24		210,000
	700,000		Gannett Co., Inc., 5.13%, due 07/15/20 144A		722,750
	400,000		Gannett Co., Inc., 6.38%, due 10/15/23 144A		425,500
	700,000		Goodrich Petroleum Corp., 8.88%, due 03/15/19		728,000
	1,000,000		Goodyear Tire & Rubber Co. (The), 6.50%, due 03/01/21		1,095,000
	200,000		Grifols Worldwide Operations, Ltd., 5.25%, due 04/01/22 144A		205,000
	900,000		Halcon Resources Corp., 8.88%, due 05/15/21		938,250
	600,000		HCA, Inc., 5.00%, due 03/15/24		602,625
	900,000		HCA, Inc., 5.88%, due 05/01/23		928,125
	500,000		HCA, Inc., 6.50%, due 02/15/20		561,250
	600,000		Hertz Corp. (The), 6.25%, due 10/15/22		645,000
	700,000		Hertz Corp. (The), 6.75%, due 04/15/19		753,375
	100,000		Ineos Finance Plc, 7.50%, due 05/01/20 144A		110,125
	300,000	EUR	INEOS Group Holdings SA, 5.75%, due 02/15/19 144A		424,796
	400,000	GBP	Infinis Plc, 7.00%, due 02/15/19 144A		728,545
	1,700,000		Intelsat Jackson Holdings SA, 5.50%, due 08/01/23 144A		1,672,375
	700,000		InterGen NV, 7.00%, due 06/30/23 144A		738,500
	100,000	EUR	Jarden Corp., 7.50%, due 01/15/20		149,689
	1,000,000		JBS USA LLC/JBS USA Finance, Inc., 7.25%, due 06/01/21 144A		1,067,500
	200,000		JBS USA LLC/JBS USA Finance, Inc., 8.25%, due 02/01/20 144A		220,000


		See accompanying Notes to the Financial Statements.			101

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value**			Description	Value ($)

			Corporate Debt — continued

	1,000,000		JPMorgan Chase & Co., 6.00%, due 12/31/49†		990,000
	300,000		KB Home, 4.75%, due 05/15/19		303,000
	1,200,000		KB Home, 7.50%, due 09/15/22		1,320,000
	300,000		Kinder Morgan Finance Co. LLC, 6.00%, due 01/15/18 144A		326,250
	100,000		Kinder Morgan, Inc., 5.00%, due 02/15/21 144A		100,641
	1,200,000		Kinder Morgan, Inc., 5.63%, due 11/15/23 144A		1,192,813
	400,000	EUR	KraussMaffei Group GmbH, 8.75%, due 12/15/20 144A		620,301
	200,000	EUR	Labeyrie Fine Foods SAS, 5.63%, due 03/15/21 144A		282,886
	750,000		Landry’s, Inc., 9.38%, due 05/01/20 144A		829,687
	1,200,000		Linn Energy LLC/Linn Energy Finance Corp., 7.25%, due 11/01/19 144A		1,257,000
	400,000	EUR	Loxam SAS, 7.38%, due 01/24/20 144A		606,430
	100,000		Martin Midstream Partners, LP/Martin Midstream Finance Corp., 7.25%, due 02/15/21†††† 144A		105,375
	600,000		Martin Midstream Partners, LP/Martin Midstream Finance Corp., 7.25%, due 02/15/21		632,250
	1,200,000		MGM Resorts International, 6.75%, due 10/01/20		1,333,500
	400,000		Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 9.25%, due 06/01/21		420,000
	1,200,000		Millicom International Cellular SA, 6.63%, due 10/15/21 144A		1,275,000
	500,000	EUR	Mobile Challenger Intermediate Group SA, 8.75%, due 03/15/19 144A		717,586
	500,000		Murray Energy Corp., 8.63%, due 06/15/21 144A		528,750
	800,000		Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.88%, due 03/15/22 144A		856,000
	450,000	GBP	New Look Bondco I Plc, 8.75%, due 05/14/18 144A		808,404
	100,000		Nielsen Co. Luxembourg SARL (The), 5.50%, due 10/01/21 144A		104,875
	400,000		Nielsen Finance LLC/Nielsen Finance Co., 5.00%, due 04/15/22 144A		401,000
	300,000	EUR	Nokia Siemens Networks Finance BV, 7.13%, due 04/15/20 144A		475,910
	300,000		Novelis, Inc., 8.75%, due 12/15/20		336,750
	300,000		Nuveen Investments, Inc., 9.13%, due 10/15/17 144A		318,750
	400,000		Nuveen Investments, Inc., 9.50%, due 10/15/20 144A		428,000
	700,000		Ocean Rig UDW, Inc., 7.25%, due 04/01/19 144A		700,875
	800,000		Offshore Group Investment, Ltd., 7.13%, due 04/01/23		818,000
	200,000		Offshore Group Investment, Ltd., 7.50%, due 11/01/19		214,000
	1,000,000		Olin Corp., 5.50%, due 08/15/22		1,027,500
	300,000		Orion Engineered Carbons Finance & Co. SCA, 9.25%, due 08/01/19 144A		312,750
	300,000		Paris Las Vegas Holding LLC/Harrahs Las Vegas LLC/Flamingo Las Vegas Holding, 8.00%, due 10/01/20 144A		317,250
	500,000		Peabody Energy Corp., 6.00%, due 11/15/18		526,875
	800,000		Peabody Energy Corp., 6.25%, due 11/15/21		806,000
	200,000		Penn Virginia Corp., 8.50%, due 05/01/20		223,500
	200,000		Penn Virginia Resource Partners, LP/Penn Virginia Resource Finance Corp. II, 6.50%, due 05/15/21		214,500
	79,000		Penn Virginia Resource Partners, LP/Penn Virginia Resource Finance Corp. II, 8.38%, due 06/01/20		89,073
	6,000,000	MXN	Petroleos Mexicanos, Reg S, 7.19%, due 09/12/24‡‡‡		448,949
	100,000	EUR	Play Finance 1 SA, 6.50%, due 08/01/19 144A		144,716
	300,000	EUR	Play Finance 2 SA, 5.25%, due 02/01/19 144A		422,447
	600,000		Post Holdings, Inc., 6.75%, due 12/01/21 144A		636,750
	200,000		Post Holdings, Inc., 7.38%, due 02/15/22 144A		216,000
	200,000	GBP	Premier Foods Plc, 6.50%, due 03/15/21 144A		342,633
	300,000		QEP Resources, Inc., 5.38%, due 10/01/22		303,000


102		See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value**			Description	Value ($)

			Corporate Debt — continued

	600,000		QR Energy, LP/QRE Finance Corp., 9.25%, due 08/01/20		645,000
	800,000		Quicksilver Resources, Inc., 7.00%, due 06/21/19† 144A		792,500
	200,000		Radio One, Inc., 9.25%, due 02/15/20 144A		213,000
	700,000	EUR	Rain CII Carbon LLC/CII Carbon Corp., 8.50%, due 01/15/21 144A		984,070
	600,000		Regency Energy Partners, LP/Regency Energy Finance Corp., 5.88%, due 03/01/22		624,000
	700,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 5.75%, due 10/15/20		736,750
	400,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 8.25%, due 02/15/21		438,500
	400,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 9.00%, due 04/15/19		430,000
	100,000		Royal Bank of Scotland Group Plc, 6.13%, due 12/15/22		105,081
	1,000,000	EUR	Royal Bank of Scotland Plc (The), 6.93%, due 04/09/18		1,576,964
	400,000		Sabine Pass Liquefaction LLC, 5.63%, due 02/01/21		414,500
	600,000		Sabine Pass Liquefaction LLC, 5.63%, due 04/15/23		599,250
	200,000		Samson Investment Co., 10.75%, due 02/15/20 144A		219,000
	800,000		Sanchez Energy Corp., 7.75%, due 06/15/21 144A		858,000
	1,500,000		SLM Corp., 5.50%, due 01/15/19		1,591,879
	200,000		SLM Corp., 8.45%, due 06/15/18		236,250
	800,000		Sprint Communications, Inc., 6.00%, due 11/15/22		819,000
	800,000		Sprint Communications, Inc., 7.00%, due 03/01/20 144A		926,000
	900,000		Sprint Corp., 7.13%, due 06/15/24 144A		947,250
	100,000		Sprint Corp., 7.88%, due 09/15/23 144A		110,250
	200,000		SRA International, Inc., 11.00%, due 10/01/19		211,500
	300,000		Stena AB, 7.00%, due 02/01/24 144A		306,000
	500,000		Stena International SA, 5.75%, due 03/01/24 144A		500,000
	1,000,000		T-Mobile USA, Inc., 6.13%, due 01/15/22		1,051,250
	100,000		T-Mobile USA, Inc., 6.50%, due 01/15/24		105,000
	200,000		T-Mobile USA, Inc., 6.54%, due 04/28/20		216,000
	600,000		Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.63%, due 03/01/24 144A		595,500
	1,100,000	EUR	Telecom Italia Spa, 5.38%, due 01/29/19		1,658,652
	1,000,000		Tenet Healthcare Corp., 8.13%, due 04/01/22		1,120,000
	1,000,000		Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Series 1, 11.50%, due 10/01/20 144A		772,500
	1,000,000		Toll Brothers Finance Corp., 5.63%, due 01/15/24		1,037,500
	2,880,000	ZAR	Transnet SOC, Ltd., Reg S, 9.50%, due 05/13/21‡‡‡		267,327
	400,000		United Rentals North America, Inc., 5.75%, due 11/15/24		403,500
	700,000	EUR	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.75%, due 01/15/23 144A		1,050,398
	1,100,000		Valeant Pharmaceuticals International, 6.38%, due 10/15/20 144A		1,193,500
	200,000		Valeant Pharmaceuticals International, Inc., 5.63%, due 12/01/21 144A		210,500
	300,000		Videotron, Ltd., 5.38%, due 06/15/24†††† 144A		302,250
	100,000	GBP	Virgin Media Secured Finance Plc, 5.50%, due 01/15/25 144A		168,799
	500,000	GBP	Virgin Media Secured Finance Plc, 6.00%, due 04/15/21 144A		884,632
	100,000		Visant Corp., 10.00%, due 10/01/17		100,125
	400,000		VTR Finance BV, 6.88%, due 01/15/24 144A		417,000
	250,000		W&T Offshore, Inc., 8.50%, due 06/15/19		271,250
	1,200,000		Wind Acquisition Finance SA, 11.75%, due 07/15/17 144A		1,266,000


		See accompanying Notes to the Financial Statements.			103

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value**			Description	Value ($)

			Corporate Debt — continued

	300,000		WMG Acquisition Corp., 5.63%, due 04/15/22†††† 144A		305,250

					118,480,804


			Sovereign Debt Obligations — 46.3%

	260,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/18		488,899
	185,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/20		356,140
	170,000,000	CLP	Bonos del Banco Central de Chile en Pesos, 6.00%, due 02/01/16		319,762
	9,800,000	BRL	Brazil Notas do Tesouro Nacional Serie F, 10.00%, due 01/01/17		4,119,477
	13,400,000	BRL	Brazil Notas do Tesouro Nacional Serie F, 10.00%, due 01/01/18		5,517,355
	14,041,000	BRL	Brazil Notas do Tesouro Nacional Serie F, 10.00%, due 01/01/23		5,401,542
	680,200,000	COP	Colombian TES, 6.00%, due 04/28/28		319,764
	1,546,500,000	COP	Colombian TES, 7.00%, due 05/04/22		819,565
	609,900,000	COP	Colombian TES, 7.50%, due 08/26/26		319,826
	2,336,000,000	COP	Colombian TES, 10.00%, due 07/24/24		1,490,737
	67,800,000	COP	Colombian TES, 11.25%, due 10/24/18		41,993
	43,610,000	CZK	Czech Republic Government Bond, 2.50%, due 08/25/28		2,121,480
	12,020,000	HUF	Hungary Government Bond, 5.50%, due 12/22/16		55,949
	264,980,000	HUF	Hungary Government Bond, 5.50%, due 12/20/18		1,231,945
	519,170,000	HUF	Hungary Government Bond, 6.00%, due 11/24/23		2,433,417
	338,000,000	HUF	Hungary Government Bond, 6.50%, due 06/24/19		1,631,349
	7,290,000	HUF	Hungary Government Bond, 6.75%, due 10/22/28		35,101
	73,000,000	HUF	Hungary Government Bond, 7.00%, due 06/24/22		363,137
	117,610,000	HUF	Hungary Government Bond, 7.75%, due 08/24/15		559,122
	3,000,000,000	IDR	Indonesia Treasury Bond, 5.25%, due 05/15/18		243,133
	11,500,000,000	IDR	Indonesia Treasury Bond, 5.63%, due 05/15/23		859,783
	8,900,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		633,234
	9,178,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		657,628
	3,300,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		257,094
	16,228,000,000	IDR	Indonesia Treasury Bond, 7.88%, due 04/15/19		1,444,235
	45,390,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		4,120,461
	20,939,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		1,925,144
	1,161,000	MYR	Malaysia Government Bond, 3.20%, due 10/15/15		356,020
	12,900,000	MYR	Malaysia Government Bond, 3.26%, due 03/01/18		3,894,500
	2,078,000	MYR	Malaysia Government Bond, 3.42%, due 08/15/22		608,773
	120,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		35,038
	418,000	MYR	Malaysia Government Bond, 3.49%, due 03/31/20		125,122
	1,059,000	MYR	Malaysia Government Bond, 3.58%, due 09/28/18		322,776
	2,169,000	MYR	Malaysia Government Bond, 3.84%, due 08/12/15		670,501
	6,302,000	MYR	Malaysia Government Bond, 3.89%, due 07/31/20		1,921,077
	550,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		159,228
	7,600,000	MYR	Malaysia Government Bond, 4.01%, due 09/15/17		2,360,773
	174,000	MYR	Malaysia Government Bond, 4.16%, due 07/15/21		53,787
	9,323,000	MYR	Malaysia Government Bond, 4.18%, due 07/15/24		2,868,175
	1,221,000	MYR	Malaysia Government Bond, 4.38%, due 11/29/19		383,958
	9,000,000	MXN	Mexican Bonos, 7.25%, due 12/15/16		743,611
	7,430,000	MXN	Mexican Bonos, 7.75%, due 05/29/31		622,394
	11,000,000	MXN	Mexican Bonos, 8.00%, due 12/17/15		899,248
	31,000,000	MXN	Mexican Bonos, 8.00%, due 06/11/20		2,688,551
	9,500,000	MXN	Mexican Bonos, 8.00%, due 12/07/23		825,382


104		See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value**			Description	Value ($)

			Sovereign Debt Obligations — continued

	19,040,000	MXN	Mexican Bonos, 8.50%, due 05/31/29		1,708,660
	30,850,000	MXN	Mexican Bonos, 10.00%, due 12/05/24		3,065,554
	9,000,000	MXN	Mexican Bonos, 10.00%, due 11/20/36		916,107
	90,340,000	NGN	Nigeria Government Bond, 14.20%, due 03/14/24		545,836
	18,396,000	NGN	Nigeria Government Bond, 15.10%, due 04/27/17		115,094
	54,793,000	NGN	Nigeria Government Bond, 16.00%, due 06/29/19		358,391
	63,905,000	NGN	Nigeria Government Bond, 16.39%, due 01/27/22		433,509
	530,000	PEN	Peruvian Government International Bond, Reg S, 6.95%, due 08/12/31‡‡‡		190,675
	2,100,000	PEN	Peruvian Government International Bond, Reg S, 7.84%, due 08/12/20‡‡‡		831,827
	2,189,000	PEN	Peruvian Government International Bond, Reg S, 8.20%, due 08/12/26‡‡‡		900,814
	3,272,000	PLN	Poland Government Bond, 3.75%, due 04/25/18		1,093,731
	2,520,000	PLN	Poland Government Bond, 4.00%, due 10/25/23		819,676
	4,563,000	PLN	Poland Government Bond, 5.75%, due 10/25/21		1,674,842
	4,111,000	PLN	Poland Government Bond, 5.75%, due 09/23/22		1,513,191
	1,830,000	RON	Romania Government Bond, 4.75%, due 06/24/19		568,540
	1,580,000	RON	Romania Government Bond, 5.95%, due 06/11/21		513,339
	33,000,000	RUB	Russian Federal Bond - OFZ, 5.50%, due 08/08/18††		845,229
	25,000,000	RUB	Russian Federal Bond - OFZ, 6.20%, due 01/31/18		672,484
	19,000,000	RUB	Russian Federal Bond - OFZ, 6.88%, due 07/15/15		538,015
	7,560,000	RUB	Russian Federal Bond - OFZ, 6.90%, due 08/03/16		211,292
	15,500,000	RUB	Russian Federal Bond - OFZ, 7.00%, due 01/25/23		397,884
	15,500,000	RUB	Russian Federal Bond - OFZ, 7.00%, due 08/16/23		395,215
	69,183,000	RUB	Russian Federal Bond - OFZ, 7.05%, due 01/19/28		1,716,856
	10,000,000	RUB	Russian Federal Bond - OFZ, 7.35%, due 01/20/16		282,170
	21,000,000	RUB	Russian Federal Bond - OFZ, 7.40%, due 04/19/17		589,569
	25,000,000	RUB	Russian Federal Bond - OFZ, 7.40%, due 06/14/17		697,243
	25,000,000	RUB	Russian Federal Bond - OFZ, 7.50%, due 03/15/18		693,330
	47,000,000	RUB	Russian Federal Bond - OFZ, 7.50%, due 02/27/19		1,291,021
	30,000,000	RUB	Russian Federal Bond - OFZ, 7.60%, due 04/14/21		810,652
	57,000,000	RUB	Russian Federal Bond - OFZ, 8.15%, due 02/03/27		1,549,971
	70,000,000	RUB	Russian Foreign Bond-Eurobond, Reg S, 7.85%, due 03/10/18‡‡‡		1,966,623
	4,702,500	ZAR	South Africa Government Bond, 6.50%, due 02/28/41		335,840
	10,434,700	ZAR	South Africa Government Bond, 6.75%, due 03/31/21		917,404
	3,965,000	ZAR	South Africa Government Bond, 7.00%, due 02/28/31		319,095
	26,713,000	ZAR	South Africa Government Bond, 7.25%, due 01/15/20		2,448,718
	22,100,000	ZAR	South Africa Government Bond, 7.75%, due 02/28/23		2,031,959
	14,180,000	ZAR	South Africa Government Bond, 8.00%, due 12/21/18		1,358,479
	7,255,000	ZAR	South Africa Government Bond, 8.00%, due 01/31/30		643,803
	38,747,586	ZAR	South Africa Government Bond, 8.50%, due 01/31/37		3,533,844
	6,500,000	ZAR	South Africa Government Bond, 8.75%, due 12/21/14		628,260
	17,438,500	ZAR	South Africa Government Bond, 8.75%, due 02/28/48		1,605,491
	12,568,000	ZAR	South Africa Government Bond, 10.50%, due 12/21/26		1,387,030
	9,000,000	ZAR	South Africa Government Bond, 13.50%, due 09/15/15		933,573
	10,700,000	THB	Thailand Government Bond, 3.58%, due 12/17/27		317,414
	82,479,000	THB	Thailand Government Bond, 3.63%, due 06/16/23		2,538,665
	110,290,000	THB	Thailand Government Bond, 3.65%, due 12/17/21		3,425,511
	2,000,000	THB	Thailand Government Bond, 3.78%, due 06/25/32		58,680
	4,856,000	THB	Thailand Government Bond, 3.88%, due 06/13/19		154,868
	24,680,000	THB	Thailand Government Bond, 4.88%, due 06/22/29		831,160


		See accompanying Notes to the Financial Statements.			105

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value**			Description	Value ($)

			Sovereign Debt Obligations — continued

	2,616,728	TRY	Turkey Government Bond, 6.50%, due 01/07/15		1,186,531
	1,207,834	TRY	Turkey Government Bond, 7.10%, due 03/08/23		467,223
	3,740,272	TRY	Turkey Government Bond, 8.30%, due 10/07/15		1,702,111
	3,788,483	TRY	Turkey Government Bond, 8.50%, due 09/14/22		1,620,448
	1,704,000	TRY	Turkey Government Bond, 8.80%, due 11/14/18		758,723
	776,683	TRY	Turkey Government Bond, 8.80%, due 09/27/23		335,297
	6,000,000	TRY	Turkey Government Bond, 9.00%, due 03/08/17		2,731,862
	2,458,338	TRY	Turkey Government Bond, 9.50%, due 01/12/22		1,111,837
	250,000	TRY	Turkey Government Bond, 10.00%, due 06/17/15		115,931
	4,122,969	TRY	Turkey Government Bond, 10.50%, due 01/15/20		1,968,779

					120,682,062


			TOTAL DEBT OBLIGATIONS (COST $234,335,669)		239,162,866


Shares			Description	Value ($)

			PREFERRED STOCK — 0.1%

			Diversified Financial Services — 0.1%

	14,000		GMAC Capital Trust I, 7.441%†		382,200


			TOTAL PREFERRED STOCK (COST $377,520)		382,200


Par Value**			Description	Value ($)

			SHORT-TERM INVESTMENTS — 7.2%

			Bank Deposit — 7.2%

	18,686,992		State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14		18,686,992

			TOTAL BANK DEPOSITS (COST $18,686,992)		18,686,992


			TOTAL INVESTMENTS — 99.1% (Cost $253,400,181)		258,232,058

			Other Assets and Liabilities (net) — 0.9%		2,348,791


			NET ASSETS — 100.0%	$	260,580,849


106		See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


				Notes to Schedule of Investments:

		**		Unless otherwise indicated, all par values are denominated in United States dollars ($).

		†		Floating rate note. Rate shown is as of March 31, 2014.

		††		Debt obligation initially issued in zero coupon form which converts to coupon form at a specific rate and date. The rate shown is the rate at period end.

		††††		When-issued security

		‡‡‡		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.

				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 year end is $56,423,247 which represents 21.7% of net assets.


		See accompanying Notes to the Financial Statements.			107

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2014

A summary of outstanding financial instruments at March 31, 2014 is as follows:

Cross Currency Foreign Currency Contracts


Settlement Date		Deliver/Receive	Counterparty	Contract Amount Purchased		Contract Amount Sold		Unrealized Appreciation (Depreciation)
	06/18/14	CZK/EUR	Citibank N.A.		1,552,428		42,580,000	$	101
	06/18/14	EUR/PLN	Goldman Sachs		8,960,000		2,132,572		8,883
	06/18/14	RON/EUR	Citibank N.A.		712,076		3,200,000		(2,470	)

								$	6,514

Forward Foreign Currency Contracts


Settlement Date		Currency	Counterparty	Units of Currency		Value		Unrealized Appreciation (Depreciation)
	Buys
	05/02/14	BRL	Citibank N.A.		2,676,000	$	1,177,066	$	48,190
	05/02/14	BRL	Goldman Sachs		1,500,000		659,790		30,331
	04/16/14	CLP	Citibank N.A.		1,131,242,000		2,050,990		4,693
	07/16/14	COP	Goldman Sachs		10,357,400,000		5,210,262		153,079
	12/04/14	EUR	Deutsche Bank AG		200,000		275,501		491
	02/09/15	EUR	Deutsche Bank AG		1,452,000		2,000,357		1,243
	01/09/15	EUR	Deutsche Bank AG		330,350		455,074		(2,249	)
	12/11/14	EUR	Deutsche Bank AG		442,408		609,422		8,666
	06/18/14	EUR	Goldman Sachs		862,000		1,187,399		(7,240	)
	09/04/14	EUR	JPMorgan Chase Bank		100,000		137,746		4,880
	12/11/14	GBP	Deutsche Bank AG		222,000		369,388		8,572
	06/18/14	HUF	Citibank N.A.		80,000,000		357,175		2,915
	06/18/14	HUF	Goldman Sachs		155,787,000		695,539		10,400
	07/16/14	IDR	Citibank N.A.		52,486,830,000		4,533,333		10,556
	07/16/14	IDR	Goldman Sachs		24,500,000,000		2,116,086		9,464
	06/18/14	ILS	Citibank N.A.		401,642		115,057		380
	04/16/14	KRW	Citibank N.A.		573,750,000		538,633		4,793
	04/16/14	KRW	Goldman Sachs		2,764,300,000		2,595,108		26,825
	06/18/14	MXN	Citibank N.A.		25,075,000		1,909,041		29,147
	06/18/14	MXN	Goldman Sachs		38,550,000		2,934,937		29,027
	04/16/14	MYR	Citibank N.A.		12,572,733		3,846,323		53,045
	04/16/14	MYR	Goldman Sachs		2,590,000		792,348		3,386
	07/16/14	NGN	Citibank N.A.		563,971,091		3,289,848		38,946
	07/16/14	NGN	Goldman Sachs		41,138,909		239,978		572
	04/16/14	PHP	Goldman Sachs		17,500,000		390,094		1,663
	06/18/14	PLN	Citibank N.A.		9,525,000		3,132,286		17,480
	06/18/14	PLN	Goldman Sachs		16,384,000		5,387,861		41,534
	06/18/14	RON	Citibank N.A.		4,239,000		1,302,632		5,906
	06/18/14	RON	Goldman Sachs		1,134,000		348,475		4,911
	07/16/14	RUB	Citibank N.A.		151,750,000		4,214,199		146,416
	07/16/14	RUB	Goldman Sachs		63,652,000		1,767,659		73,207
	05/21/14	THB	Citibank N.A.		53,100,000		1,633,314		41,620
	04/16/14	THB	Goldman Sachs		18,070,000		556,684		16,797
	06/18/14	TRY	Goldman Sachs		7,933,000		3,620,946		160,651
	04/16/14	TWD	Citibank N.A.		20,120,000		660,980		(3,358	)


108		See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2014

Forward Foreign Currency Contracts — continued


Settlement Date		Currency	Counterparty	Units of Currency		Value		Unrealized Appreciation (Depreciation)
	04/16/14	TWD	Goldman Sachs		92,813,000	$	3,049,081	$	(17,469	)
	06/18/14	ZAR	Goldman Sachs		11,800,000		1,107,299		14,854

								$	974,324

	Sales
	05/02/14	BRL	Citibank N.A.		3,847,000	$	1,692,142	$	(65,847	)
	07/02/14	BRL	Goldman Sachs		700,000		302,952		(7,593	)
	06/18/14	CZK	Goldman Sachs		33,398,000		1,677,241		17,315
	06/18/14	EUR	Citibank N.A.		3,905,326		5,379,562		(7,310	)
	12/04/14	EUR	Deutsche Bank AG		200,000		275,501		(4,481	)
	12/11/14	EUR	Deutsche Bank AG		442,408		609,422		(2,637	)
	01/09/15	EUR	Deutsche Bank AG		1,400,000		1,928,574		(24,909	)
	02/09/15	EUR	Deutsche Bank AG		200,000		275,531		2,009
	03/09/15	EUR	Deutsche Bank AG		400,000		551,100		(1,140	)
	06/18/14	ILS	Citibank N.A.		10,811,000		3,096,984		23,704
	06/18/14	MXN	Goldman Sachs		9,250,000		704,233		(12,379	)
	04/16/14	MYR	Citibank N.A.		3,030,000		926,955		(21,667	)
	07/16/14	MYR	Goldman Sachs		1,767,000		537,313		(2,264	)
	07/16/14	NGN	Citibank N.A.		33,350,000		194,543		(1,153	)
	04/16/14	NGN	Citibank N.A.		111,300,000		672,007		7,896
	07/16/14	PEN	Citibank N.A.		7,942,000		2,791,058		(7,917	)
	07/16/14	PEN	Goldman Sachs		800,000		281,144		(442	)
	06/18/14	PLN	Goldman Sachs		1,580,000		519,581		(4,049	)
	06/18/14	RON	Citibank N.A.		2,970,000		912,672		(3,370	)
	06/18/14	RON	Goldman Sachs		750,000		230,473		(1,402	)
	07/16/14	RUB	Citibank N.A.		47,194,564		1,310,625		(39,599	)
	07/16/14	RUB	Goldman Sachs		142,871,436		3,967,635		(103,443	)
	06/18/14	SGD	Citibank N.A.		850,000		675,510		(4,162	)
	06/18/14	SGD	Goldman Sachs		7,760,000		6,167,008		(36,904	)
	04/16/14	THB	Citibank N.A.		12,300,000		378,927		(3,245	)
	05/21/14	THB	Goldman Sachs		34,530,000		1,062,116		(35,659	)
	06/18/14	TRY	Goldman Sachs		330,000		150,626		(6,180	)
	04/16/14	TWD	Citibank N.A.		112,999,000		3,712,229		6,067
	06/18/14	ZAR	Citibank N.A.		47,735,000		4,479,399		(112,816	)
	06/18/14	ZAR	Goldman Sachs		17,827,000		1,672,866		(30,052	)

								$	(483,629	)

Currency Abbreviations

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

CZK	Czech Koruna

EUR

Euro

GBP	British Pound Sterling

HUF	Hungarian Forint

IDR	Indonesian Rupiah

ILS	Israeli Shekel


		See accompanying Notes to the Financial Statements.			109

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2014

Currency Abbreviations — continued

KRW	South Korean Won

MXN	Mexican Peso

MYR	Malaysian Ringgit

NGN	Nigeria Naira

PEN	Peruvian Nouveau Sol

PHP	Philippines Peso

PLN	Polish Zloty

RON	New Romanian Leu

RUB	Russian Ruble

SGD	Singapore Dollar

THB

Thai Baht

TRY	New Turkish Lira

TWD	Taiwan Dollar

ZAR	South African Rand


110		See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2014


Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		91.8
Forward Foreign Currency Contracts		0.2
Preferred Stocks		0.1
Cross Currency Foreign Currency Contracts		0.0
Short-Term Investments		7.2
Other Assets and Liabilities (net)		0.7

		100.0	%


		See accompanying Notes to the Financial Statements.			111

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		COMMON STOCKS — 90.7%

		Bermuda — 0.9%

	558,000	China Gas Holdings, Ltd.‡		871,847
	536,000	COSCO Pacific, Ltd.		683,384
	4,500	Credicorp, Ltd.		620,640
	52,977	Dairy Farm International Holdings, Ltd.		515,996
	18,968,000	GOME Electrical Appliances Holding, Ltd.‡		3,203,290
	1,203,000	Sihuan Pharmaceutical Holdings Group, Ltd.		1,448,491

		Total Bermuda		7,343,648


		Brazil — 7.4%

	916,863	AMBEV SA, ADR		6,793,955
	494,200	AMBEV SA		3,712,249
	159,800	Arteris SA		1,290,297
	252,559	Banco Bradesco SA, ADR		3,452,482
	174,100	Banco do Brasil SA		1,759,132
	81,092	BB Seguridade Participacoes SA		902,380
	568,974	BM&FBovespa SA		2,836,675
	181,900	BR Malls Participacoes SA		1,578,375
	113,500	BR Properties SA		937,073
	136,500	CCR SA		1,053,769
	19,000	Cia Brasileira de Distribuicao Grupo, ADR‡		831,440
	50,600	Cia Hering		613,972
	3,000	Cia Paranaense de Energia, Sponsored ADR‡		39,330
	142,919	Cielo SA		4,579,868
	192,092	Companhia Energetica de Minas Gerais, Sponsored ADR‡		1,306,226
	26,128	CPFL Energia SA		215,369
	333,000	EcoRodovias Infraestrutura e Logistica SA		2,007,002
	288,000	Even Construtora e Incorporadora SA		969,998
	94,000	Fibria Celulose SA, Sponsored ADR* ‡		1,039,640
	208,300	Gerdau SA, Sponsored ADR		1,335,203
	51,835	Grupo BTG Pactual		659,050
	457,766	Itau Unibanco Holding SA, ADR		6,802,403
	3,191	Itausa - Investimentos Itau SA, ADR* ¤ ****		13,081
	476,700	JBS SA		1,639,350
	114,100	Kroton Educacional SA		2,523,195
	63,700	Lojas Renner SA		1,812,902
	200,800	MRV Engenharia e Participacoes SA		719,908
	8,900	Multiplan Empreendimentos Imobiliarios SA		190,976
	32,100	Petroleo Brasileiro SA, Sponsored ADR‡		445,227
	346,300	Porto Seguro SA		4,887,948
	128,200	Qualicorp SA*		1,303,873
	260,394	Souza Cruz SA		2,377,184
	14,200	Telefonica Brasil SA, ADR		301,608
	80,400	Tim Participacoes SA		422,220
	36,700	Tim Participacoes SA, ADR		952,732
	25,913	Totvs SA		408,820
	14,384	Ultrapar Participacoes SA		350,022
	85,200	Vale SA, ADR		1,060,740

		Total Brazil		64,125,674


112		See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		British Virgin Islands — 0.1%

	23,894	Mail.ru Group, Ltd., Reg S, GDR* ‡‡‡		847,042


		Cayman Islands — 4.2%

	391,500	AAC Technologies Holdings, Inc.		2,033,950
	122,000	Agile Property Holdings, Ltd.‡		100,028
	213,000	Anta Sports Products, Ltd.‡		355,867
	11,053	Baidu, Inc., Sponsored ADR*		1,684,256
	976,000	Belle International Holdings, Ltd.		967,564
	7,685	Bitauto Holdings, Ltd., ADR*		275,430
	272,000	China Mengniu Dairy Co., Ltd.		1,360,517
	2,100,000	China Resources Cement Holdings, Ltd.		1,654,108
	228,000	China Resources Land, Ltd.		502,026
	255,000	Country Garden Holdings Co., Ltd.		105,852
	2,541,000	Evergrande Real Estate Group, Ltd.‡		1,202,193
	1,905,000	Geely Automobile Holdings, Ltd.‡		749,028
	60,000	Kingboard Chemical Holdings, Ltd.		117,106
	78,500	Longfor Properties Co., Ltd.		109,092
	32,740	NetEase, Inc., ADR		2,203,402
	42,200	New Oriental Education & Technology Group, Inc., Sponsored ADR		1,238,570
	506,265	Sands China, Ltd.		3,775,589
	77,000	Shimao Property Holdings, Ltd.‡		168,750
	2,612,000	Sino Biopharmaceutical, Ltd.		2,222,391
	2,649,500	Soho China, Ltd.		2,179,155
	8,600	SouFun Holdings, Ltd., ADR‡		588,412
	167,340	Tencent Holdings, Ltd.		11,638,436
	341,000	Want Want China Holdings, Ltd.‡		507,299
	22,000	Zhen Ding Technology Holding, Ltd.		56,422

		Total Cayman Islands		35,795,443


		Chile — 1.2%

	21,325,102	Banco de Chile		2,679,480
	3,974	Banco de Credito e Inversiones		230,824
	28,900	Banco Santander Chile, ADR		677,416
	75,454,181	Banco Santander Chile		4,411,564
	14,316	CAP SA		231,088
	83,277	Empresas CMPC SA		190,675
	105,900	Enersis SA, Sponsored ADR		1,644,627
	52,668	ENTEL Chile SA		642,356

		Total Chile		10,708,030


		China — 9.5%

	6,071,000	Agricultural Bank of China, Ltd. Class H		2,645,333
	29,708,000	Bank of China, Ltd. Class H		13,174,534
	1,388,000	Bank of Communications Co., Ltd. Class H‡		907,195
	498,000	Beijing Capital International Airport Co., Ltd. Class H		339,616
	2,366,000	China BlueChemical, Ltd. Class H‡		1,217,001
	1,896,000	China Citic Bank Corp., Ltd. Class H		1,092,570
	107,000	China Communications Construction Co., Ltd. Class H‡		74,625
	1,272,000	China Communications Services Corp., Ltd. Class H		588,688


		See accompanying Notes to the Financial Statements.			113

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		China — continued

	15,046,000	China Construction Bank Corp. Class H		10,532,326
	440,500	China Merchants Bank Co., Ltd. Class H		799,562
	1,024,500	China Minsheng Banking Corp., Ltd. Class H‡		1,027,531
	294,000	China Oilfield Services, Ltd. Class H		690,556
	19,930	China Petroleum & Chemical Corp., ADR‡		1,783,735
	5,404,000	China Petroleum & Chemical Corp. Class H		4,848,730
	2,323,000	China Railway Construction Corp. Class H‡		1,964,520
	575,000	China Railway Group, Ltd. Class H		267,595
	1,380,000	China Shenhua Energy Co., Ltd. Class H		3,985,020
	2,366,000	China Telecom Corp., Ltd. Class H		1,094,996
	763,000	Chongqing Rural Commercial Bank Class H‡		335,415
	458,000	Datang International Power Generation Co., Ltd. Class H‡		167,092
	2,480,000	Dongfeng Motor Group Co., Ltd. Class H		3,523,195
	207,500	Great Wall Motor Co., Ltd. Class H‡		1,041,907
	904,800	Guangzhou R&F Properties Co., Ltd. Class H‡		1,304,061
	944,000	Huaneng Power International, Inc. Class H		900,549
	21,193,000	Industrial & Commercial Bank of China Class H		13,032,095
	1,592,000	Jiangsu Expressway Co., Ltd. Class H‡		1,816,309
	1,604,000	Jiangxi Copper Co., Ltd. Class H‡		2,696,407
	154,800	New China Life Insurance Co., Ltd. Class H*		467,969
	3,400	PetroChina Co., Ltd., ADR		368,900
	840,000	PICC Property & Casualty Co., Ltd. Class H		1,150,025
	278,000	Ping An Insurance Group Co. Class H		2,304,407
	376,000	Shandong Weigao Group Medical Polymer Co., Ltd. Class H		428,008
	783,500	Sinopec Engineering Group Co., Ltd. Class H		846,421
	3,408,000	Sinopec Shanghai Petrochemical Co., Ltd. Class H‡		874,291
	147,669	Tsingtao Brewery Co., Ltd. Class H‡		1,083,191
	2,254,000	Zhejiang Expressway Co., Ltd. Class H		2,054,361
	95,000	Zhuzhou CSR Times Electric Co., Ltd. Class H		318,420

		Total China		81,747,156


		Colombia — 0.2%

	111,522	Cementos Argos SA		571,094
	750,316	Ecopetrol SA		1,536,158

		Total Colombia		2,107,252


		Czech Republic — 0.6%

	72,069	CEZ AS		2,067,541
	11,532	Komercni Banka AS		2,757,916

		Total Czech Republic		4,825,457


		Denmark — 0.2%

	13,972	Carlsberg A/S Class B		1,390,236


		Germany — 0.3%

	28,098	HeidelbergCement AG		2,409,148


		Hong Kong — 4.8%

	478,800	AIA Group, Ltd.		2,271,461


114		See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Hong Kong — continued

	658,000	Cathay Pacific Airways, Ltd.		1,224,888
	311,000	China Agri-Industries Holdings, Ltd.		121,080
	98,900	China Mobile, Ltd., Sponsored ADR		4,508,851
	460,000	China Mobile, Ltd.		4,210,364
	972,000	China Overseas Land & Investment, Ltd.‡		2,512,373
	1,236,000	China Resources Power Holdings Co., Ltd.		3,218,646
	4,033,000	CNOOC, Ltd.		6,062,199
	11,700	CNOOC, Ltd., ADR		1,776,177
	1,028,000	Far East Horizon, Ltd.		758,041
	314,000	Franshion Properties China, Ltd.‡		104,841
	144,530	Galaxy Entertainment Group, Ltd.*		1,257,666
	1,372,000	Guangdong Investment, Ltd.‡		1,317,692
	456,982	Hongkong Electric Holdings		3,961,820
	2,180,000	Lenovo Group, Ltd.		2,394,415
	318,480	Link (The) REIT		1,570,424
	6,416,000	Shougang Fushan Resources Group, Ltd.‡		1,952,000
	184,000	Sino-Ocean Land Holdings, Ltd.‡		100,337
	832,000	SJM Holdings, Ltd.		2,338,208
	442,000	Yuexiu Property Co., Ltd.‡		91,169

		Total Hong Kong		41,752,652


		Hungary — 0.2%

	3,142	MOL Hungarian Oil and Gas Plc		176,782
	76,514	OTP Bank Nyrt‡		1,465,416

		Total Hungary		1,642,198


		India — 9.1%

	486,926	Apollo Tyres, Ltd.		1,297,572
	84,819	Asian Paints, Ltd.		777,002
	355,055	Aurobindo Pharma, Ltd.		3,045,664
	50,296	Axis Bank, Ltd.		1,229,556
	44,468	Bajaj Auto, Ltd.		1,544,402
	211,043	Cipla, Ltd.		1,350,060
	217,534	Coal India, Ltd.		1,050,472
	25,964	Colgate-Palmolive India, Ltd.		597,534
	34,578	Dr Reddy’s Laboratories, Ltd.		1,479,983
	18,900	Dr. Reddy’s Laboratories, Ltd., ADR		829,710
	230,784	Glenmark Pharmaceuticals, Ltd.		2,197,032
	142,823	HCL Technologies, Ltd. Class T		3,333,673
	134,293	HDFC Bank, Ltd., ADR		5,510,042
	399,822	Hindustan Unilever, Ltd.		4,054,288
	360,681	Housing Development Finance Corp.		5,314,568
	73,974	ICICI Bank, Ltd.		1,538,686
	48,915	Infosys, Ltd.		2,692,178
	39,800	Infosys, Ltd., Sponsored ADR‡		2,156,364
	959,854	ITC, Ltd.		5,672,577
	77,083	Kotak Mahindra Bank, Ltd.		1,006,735
	50,508	Maruti Suzuki India, Ltd.		1,663,557
	12,897	Nestle India, Ltd.		1,092,744


		See accompanying Notes to the Financial Statements.			115

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		India — continued

	690,357	NMDC, Ltd.		1,609,070
	302,942	Oil & Natural Gas Corp., Ltd.		1,615,082
	200,630	Oil India, Ltd.		1,615,857
	593,871	Power Finance Corp., Ltd.		1,917,670
	45,485	Reliance Industries, Ltd., GDR 144A		1,410,035
	546,898	Sesa Sterlite, Ltd.		1,720,202
	7,490	State Bank of India, Ltd., Reg S, GDR‡‡‡		476,364
	245,608	Sun Pharmaceutical Industries, Ltd.		2,365,091
	98,114	Tata Consultancy Services, Ltd.		3,514,016
	306,897	Tata Motors, Ltd.		2,047,779
	72,700	Tata Motors, Ltd., Sponsored ADR		2,574,307
	107,244	Tech Mahindra, Ltd.		3,220,507
	6,903	United Spirits, Ltd.		305,155
	47,671	Westlife Development, Ltd.*		295,337
	179,193	Wipro, Ltd., ADR‡		2,401,186
	134,003	Wipro, Ltd.		1,222,850
	114,474	Zee Entertainment Enterprises, Ltd.		521,360

		Total India		78,266,267


		Indonesia — 2.6%

	4,426,700	Adaro Energy Tbk PT		381,881
	1,299,338	Bank Central Asia Tbk PT		1,212,410
	3,433,200	Bank Negara Indonesia Persero Tbk PT		1,499,003
	4,552,600	Bank Rakyat Indonesia Persero Tbk PT		3,837,249
	1,564,400	Global Mediacom Tbk PT		323,622
	11,700	Gudang Garam Tbk PT		50,879
	423,300	Indocement Tunggal Prakarsa Tbk PT		871,007
	3,565,200	Indofood Sukses Makmur Tbk PT		2,291,018
	7,377,200	Kalbe Farma Tbk PT		951,373
	1,366,500	Lippo Karawaci Tbk PT		130,515
	765,700	Media Nusantara Citra Tbk PT		177,270
	6,965,400	Perusahaan Gas Negara Persero Tbk PT		3,142,401
	659,769	Semen Gresik Persero Tbk PT		917,636
	43,100	Telekomunikasi Indonesia Persero Tbk PT, Sponsored ADR		1,696,847
	15,718,650	Telekomunikasi Indonesia Persero Tbk PT		3,064,860
	839,096	Unilever Indonesia Tbk PT		2,160,524
	71,900	United Tractors Tbk PT		131,331

		Total Indonesia		22,839,826


		Luxembourg — 0.3%

	6,792	Kernel Holding SA*		65,775
	93,000	Ternium SA, Sponsored ADR		2,750,940

		Total Luxembourg		2,816,715


		Malaysia — 3.6%

	1,855,845	Alliance Financial Group Bhd		2,506,286
	1,304,800	AMMB Holdings Bhd		2,868,922
	41,412	British American Tobacco Malaysia Bhd		749,740


116		See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Malaysia — continued

	88,500	DiGi.Com Bhd		146,077
	3,788,600	Genting Malaysia Bhd		4,872,797
	102,100	IJM Corp. Bhd		191,975
	583,900	IOI Corp. Bhd		858,282
	1,254,608	Malayan Banking Bhd		3,719,065
	101,400	MISC Bhd*		214,258
	1,228,000	Petronas Chemicals Group Bhd		2,598,524
	313,000	Public Bank Bhd		1,836,497
	106,200	Public Bank Bhd (Foreign Market)		624,419
	26,000	RHB Capital Bhd		67,040
	1,836,200	Tenaga Nasional Bhd		6,725,142
	898,800	UMW Holdings Bhd		3,022,148

		Total Malaysia		31,001,172


		Mexico — 4.9%

	1,316,200	Alfa SAB de CV Class A‡		3,328,641
	187,700	America Movil SA de CV Series L, ADR		3,731,476
	146,100	Arca Continental SAB de CV‡		872,093
	72,500	Cemex SAB de CV, Sponsored ADR*		915,675
	11,340	Coca-Cola Femsa SAB de CV, Sponsored ADR‡		1,196,597
	1,339,455	Compartamos SAB de CV		2,451,283
	91,600	Fibra Uno Administracion SA de CV REIT‡		296,518
	47,092	Fomento Economico Mexicano SA de CV, Sponsored ADR		4,390,858
	100,700	Fomento Economico Mexicano SAB de CV‡		939,648
	56,800	Genomma Lab Internacional SAB de CV Class B*		146,214
	133,500	Grupo Carso SAB de CV Series A-1‡		700,814
	63,423	Grupo Financiero Banorte SAB de CV Series O‡		429,131
	315,600	Grupo Financiero Inbursa SAB de CV Series O‡		815,801
	125,603	Grupo Financiero Santander Mexico SAB de CV Class B, ADR		1,543,661
	2,019,200	Grupo Mexico SAB de CV Series B‡		6,375,403
	112,589	Grupo Televisa SAB, Sponsored ADR		3,748,088
	126,739	Industrias Penoles SAB de CV‡		3,303,397
	763,600	Kimberly-Clark de Mexico SAB de CV‡		2,039,388
	16,422	Promotora y Operadora de Infraestructura SAB de CV*		220,705
	1,984,299	Wal-Mart de Mexico SAB de CV‡		4,729,319

		Total Mexico		42,174,710


		Netherlands — 0.2%

	56,881	Yandex NV Class A*		1,717,237


		Panama — 0.1%

	72,600	Avianca Holdings SA, Sponsored ADR*		1,237,830


		Peru — 0.0%

	12,700	Cia de Minas Buenaventura SA, ADR		159,639


		Philippines — 0.6%

	844,500	Aboitiz Equity Ventures, Inc.		1,054,566
	3,032,600	Alliance Global Group, Inc.		1,927,285


		See accompanying Notes to the Financial Statements.			117

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Philippines — continued

	673,420	Metropolitan Bank & Trust Co.		1,160,784
	40,550	SM Investments Corp.		637,479

		Total Philippines		4,780,114


		Poland — 1.4%

	8,236	Bank Pekao SA		535,910
	30,835	Eurocash SA		408,119
	24,683	Grupa Lotos SA*		310,355
	186,704	Orange Polska SA		639,567
	314,479	PGE SA		1,967,185
	628,771	Polskie Gornictwo Naftowe i Gazownictwo SA		923,990
	178,461	Powszechna Kasa Oszczednosci Bank Polski SA		2,509,109
	32,440	Powszechny Zaklad Ubezpieczen SA		4,611,432
	69,443	Synthos SA		112,160
	53,249	Tauron Polska Energia SA		92,526

		Total Poland		12,110,353


		Russia — 4.1%

	766,920	Aeroflot - Russian Airlines OJSC*		1,206,961
	1,673,823	Alrosa AO		1,717,724
	543,221	Gazprom OAO, Sponsored ADR		4,182,802
	39,150	LUKOIL OAO (DTC Shares), Sponsored ADR		2,189,464
	54,671	LUKOIL OAO (Euroclear Shares), Sponsored ADR		3,037,521
	116,564	MMC Norilsk Nickel OJSC, ADR		1,938,459
	56,166	MMC Norilsk Nickel OJSC (London Exchange), ADR		934,041
	612,607	Moscow Exchange MICEX OAO		1,005,425
	436,614	Rosneft Oil Co., Reg S, GDR‡‡‡		2,907,413
	1,114,636	Sberbank of Russia*		2,651,266
	227,808	Sberbank of Russia, Sponsored ADR		2,225,684
	151,625	Sistema JSFC, Reg S, GDR‡‡‡		3,413,079
	268,367	Surgutneftegas OAO, Sponsored ADR		1,977,865
	43,875	Tatneft, Sponsored ADR		1,503,157
	74,851	Tatneft OAO, Sponsored ADR		2,564,395
	16,912	Uralkali (Ordinary Shares), Reg S, GDR‡‡‡		401,322
	506,283	VTB Bank OJSC, Reg S, GDR		1,113,316

		Total Russia		34,969,894


		Singapore — 0.1%

	94,650	DBS Group Holdings, Ltd.		1,217,041


		South Africa — 5.4%

	17,335	African Rainbow Minerals, Ltd.		343,803
	89,310	Barclays Africa Group, Ltd.		1,265,195
	25,232	Barloworld, Ltd.		264,533
	26,324	Bidvest Group, Ltd.		696,799
	456,107	FirstRand, Ltd.		1,565,471
	78,083	Foschini Group, Ltd. (The)		795,462
	65,050	Growthpoint Properties, Ltd.		150,907


118		See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		South Africa — continued

	227,200	Harmony Gold Mining Co., Ltd., Sponsored ADR* ‡		692,960
	85,232	Imperial Holdings, Ltd.		1,527,513
	137,122	Investec, Ltd.		1,106,060
	44,477	Kumba Iron Ore, Ltd.		1,598,447
	95,419	Liberty Holdings, Ltd.		1,128,110
	451,740	Life Healthcare Group Holdings, Ltd.		1,653,991
	29,491	Mediclinic International, Ltd.		209,815
	442,394	MMI Holdings, Ltd.		1,034,702
	542,465	MTN Group, Ltd.		11,117,080
	116,443	Nampak, Ltd.		398,000
	32,433	Naspers, Ltd.		3,581,108
	256,614	Netcare, Ltd.		569,445
	26,253	Northam Platinum, Ltd.*		97,170
	158,622	Redefine Properties, Ltd.		144,025
	105,615	Remgro, Ltd.		2,057,895
	234,106	Reunert, Ltd.		1,435,632
	160,206	RMB Holdings, Ltd.		730,515
	120,062	Salam, Ltd.		656,820
	104,148	Sasol, Ltd.		5,837,908
	108,928	Spar Group, Ltd. (The)		1,258,515
	115,817	Standard Bank Group, Ltd.		1,528,385
	301,430	Steinhoff International Holdings, Ltd.		1,461,597
	92,564	Truworths International, Ltd.		679,848
	158,912	Woolworths Holdings, Ltd.		1,108,678

		Total South Africa		46,696,389


		South Korea — 10.8%

	4,840	BS Financial Group, Inc.		68,432
	21,806	Daelim Industrial Co., Ltd.		1,776,110
	121,770	DGB Financial Group, Inc.		1,761,715
	37,716	Dongbu Insurance Co., Ltd.		1,955,868
	5,494	E-Mart Co., Ltd.		1,259,370
	42,230	Grand Korea Leisure Co., Ltd.		1,735,697
	44,320	Halla Visteon Climate Control Corp.		2,023,535
	21,352	Hana Financial Group, Inc.		780,302
	115,040	Hanwha Life Insurance Co., Ltd.		754,361
	48,710	Hite Jinro Co., Ltd.		1,075,377
	27,030	Hyosung Corp.		1,950,213
	2,866	Hyundai Department Store Co., Ltd.		382,331
	6,571	Hyundai Engineering & Construction Co., Ltd.		345,696
	8	Hyundai Hysco Co., Ltd.		413
	70,000	Hyundai Marine & Fire Insurance Co., Ltd.		2,018,883
	18,670	Hyundai Mobis		5,524,966
	21,401	Hyundai Motor Co.		5,046,410
	7,646	Hyundai Wia Corp.		1,228,302
	74,200	Industrial Bank of Korea		941,049
	100,800	Kangwon Land, Inc.		2,935,601
	32,550	KB Financial Group, Inc.		1,139,074
	1,095	KCC Corp.		560,642


		See accompanying Notes to the Financial Statements.			119

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		South Korea — continued

	36,795	Kia Motors Corp.		2,049,832
	26,430	Korea Electric Power Corp.		905,043
	36,550	Korean Air Lines Co., Ltd.*		1,323,691
	177,384	Korean Reinsurance Co.		1,716,431
	49,800	KT Corp., Sponsored ADR*		691,722
	52,482	KT&G Corp.		3,944,347
	4,316	LG Chem, Ltd.		1,029,888
	30,610	LG Corp.		1,665,009
	126,300	LG Display Co., Ltd., ADR* ‡		1,578,750
	2,893	LG Household & Health Care, Ltd.		1,248,845
	2,795	LS Corp.		200,346
	42,960	Mirae Asset Securities Co., Ltd.		1,666,821
	2,176	NAVER Corp.		1,582,248
	2,242	NHN Entertainment Corp.*		202,200
	1,281	Orion Corp. Republic of South Korea		985,616
	630	POSCO		175,189
	21,638	S1 Corp. Korea		1,809,180
	26,850	Samsung Card Co., Ltd.		874,022
	3,033	Samsung Electronics Co., Ltd.		3,826,689
	17,297	Samsung Electronics Reg S, GDR‡‡‡		10,879,813
	7,444	Samsung Fire & Marine Insurance Co., Ltd.		1,674,891
	58,760	Samsung Heavy Industries Co., Ltd.		1,758,191
	2,469	Samsung Life Insurance Co., Ltd.		233,110
	26,700	Shinhan Financial Group Co., Ltd.		1,178,919
	1,262	Shinsegae Co., Ltd.		273,278
	13,978	SK C&C Co., Ltd.		1,963,184
	11,922	SK Holdings Co., Ltd.		2,161,629
	85,310	SK Hynix, Inc.*		2,885,208
	23,540	SK Networks Co., Ltd.*		209,205
	29,982	SK Telecom Co., Ltd.		6,069,915
	114,360	Woori Finance Holdings Co., Ltd.*		1,299,973

		Total South Korea		93,327,532


		Switzerland — 0.2%

	197,812	Cie Financiere Richemont SA, ADR		1,899,149


		Taiwan — 10.6%

	2,194,000	Advanced Semiconductor Engineering, Inc.		2,435,176
	254,000	Asustek Computer, Inc.		2,514,769
	2,945,000	AU Optronics Corp.*		1,039,611
	164,000	Cathay Financial Holding Co., Ltd.		239,113
	300	Cheng Shin Rubber Industry Co., Ltd.		856
	135,000	Cheng Uei Precision Industry Co., Ltd.		285,937
	247,560	Chicony Electronics Co., Ltd.		642,221
	250,000	China Airlines, Ltd.*		82,506
	207,000	China Development Financial Holding Corp.		59,206
	571,000	China Life Insurance Co., Ltd.		524,077
	1,273,000	China Motor Corp.		1,137,036
	225	China Petrochemical Development Corp.		93


120		See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Taiwan — continued

	330,000	Compal Electronics, Inc.		234,069
	2,024,000	CTBC Financial Holding Co., Ltd.		1,266,142
	878,000	CTCI Corp.		1,316,171
	577,000	Delta Electronics, Inc.		3,562,138
	3,027,000	E.Sun Financial Holding Co., Ltd.		1,824,003
	27,000	Eclat Textile Co., Ltd.		312,093
	458,000	Eva Airways Corp.*		230,109
	194,000	Far Eastern Department Stores, Ltd.		171,050
	372,000	Far EasTone Telecommunications Co., Ltd.		787,916
	1,162,000	Farglory Land Development Co., Ltd.		1,980,389
	39,000	Formosa Chemicals & Fibre Corp.		94,258
	892	Foxconn Technology Co., Ltd.		2,103
	4,420,997	Fubon Financial Holding Co., Ltd.		5,995,802
	2,418,670	Hon Hai Precision Industry Co., Ltd.		6,854,321
	2,696,000	Inventec Corp.		2,655,940
	782,000	Kinsus Interconnect Technology Corp.		2,901,765
	30,000	Largan Precision Co., Ltd.		1,418,603
	1,882,165	Lite-On Technology Corp.		2,806,019
	42,880	MediaTek, Inc.		632,939
	283,000	Mega Financial Holding Co., Ltd.		219,319
	395,000	Pegatron Corp.		588,236
	169,000	Phison Electronics Corp.		1,087,727
	1,704,000	Pou Chen Corp.		2,403,310
	450,062	President Chain Store Corp.		3,177,517
	1,079,000	Quanta Computer, Inc.		2,905,443
	619,060	Radiant Opto-Electronics Corp.		2,500,431
	938,212	Realtek Semiconductor Corp.		2,828,269
	57,000	Ruentex Development Co., Ltd.		104,257
	105,000	Ruentex Industries, Ltd.		251,014
	199,000	Siliconware Precision Industries Co.		264,658
	2,491,731	SinoPac Financial Holdings Co., Ltd.		1,198,715
	1,124,000	Taishin Financial Holding Co., Ltd.		509,357
	457	Taiwan Business Bank*		135
	1,973,000	Taiwan Cement Corp.		3,045,103
	170,000	Taiwan Cooperative Financial Holding Co., Ltd.		90,994
	4,195,000	Taiwan Semiconductor Manufacturing Co., Ltd.		16,324,029
	192,600	Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		3,855,852
	1,160,000	Teco Electric and Machinery Co., Ltd.		1,293,227
	583,000	Transcend Information, Inc.		1,895,312
	1,220,282	Uni-President Enterprises Corp.		2,123,798
	882,000	Walsin Lihwa Corp.*		280,653
	448,000	Yuanta Financial Holding Co., Ltd.		225,821

		Total Taiwan		91,179,608


		Thailand — 3.1%

	268,600	Advanced Info Service PCL (Registered Shares)		1,871,258
	191,700	Airports of Thailand PCL, NVDR		1,146,418
	239,800	Bangkok Bank PCL		1,326,883
	708,100	Bangkok Bank PCL, NVDR		3,896,296


		See accompanying Notes to the Financial Statements.			121

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Thailand — continued

	54,955	Bangkok Dusit Medical Services PCL Class F		225,309
	423,000	BEC World PCL, NVDR		710,650
	1,355,600	CP All PCL Class F		1,817,774
	265,673	Kasikornbank PCL		1,515,090
	989,900	Krung Thai Bank PCL, NVDR		570,627
	3,582,000	Krung Thai Bank PCL		2,064,840
	332,700	PTT Exploration & Production PCL Class N, NVDR		1,610,170
	887,300	PTT Global Chemical PCL Class N, NVDR		1,976,185
	1,602,400	PTT Global Chemical PCL		3,568,847
	149,600	PTT PCL		1,378,866
	27,700	PTT PCL, NVDR		255,311
	285,400	Siam Commercial Bank PCL		1,385,650
	2,934,900	Thai Beverage PCL Class C‡		1,411,963

		Total Thailand		26,732,137


		Turkey — 1.4%

	99,088	Arcelik AS		553,525
	13,969	Coca-Cola Icecek AS		336,296
	1,560,089	Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,837,801
	134,750	Enka Insaat ve Sanayi AS		402,512
	70,103	KOC Holding AS		295,591
	24,772	Koza Altin Isletmeleri AS		214,810
	193,298	TAV Havalimanlari Holding AS		1,554,191
	140,243	Tofas Turk Otomobil Fabrikasi AS		796,537
	776,734	Turk Hava Yollari AS		2,392,800
	588,395	Turk Telekomunikasyon AS		1,636,570
	302,852	Turkcell Iletisim Hizmetleri AS*		1,691,792
	56,916	Turkiye Halk Bankasi AS		352,532
	42,762	Turkiye Is Bankasi		94,951

		Total Turkey		12,159,908


		United Kingdom — 2.2%

	142,801	British American Tobacco Plc		7,978,902
	106,764	Mondi Plc		1,867,132
	498,713	Old Mutual Plc		1,678,988
	11,944	Randgold Resources, Ltd., ADR‡		895,800
	12,027	Randgold Resources, Ltd.		902,687
	112,852	SABMiller Plc		5,643,083

		Total United Kingdom		18,966,592


		United States — 0.4%

	3,500	Southern Copper Corp.		101,885
	20,454	Visteon Corp.*		1,808,952
	19,199	Yum! Brands, Inc.		1,447,412

		Total United States		3,358,249


		TOTAL COMMON STOCKS (COST $767,126,130)		782,304,298


122		See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		PREFERRED STOCKS — 1.7%

		Brazil — 1.3%

	425,300	Bradespar SA, 6.42%		3,709,242
	291,200	Cia Energetica de Sao Paulo, 5.25%		3,439,167
	87,500	Cia Paranaense de Energia, 5.68%		1,155,939
	274,178	Itausa - Investimentos Itau SA, 4.06%		1,123,929
	1,000,500	Klabin SA, 2.88%		1,033,089
	86,600	Metalurgica Gerdau SA, 2.27%		668,161
	153,500	Usinas Siderurgicas de Minas Gerais SA, 0.68% Series A		695,903

		Total Brazil		11,825,430


		Chile — 0.1%

	14,936	Sociedad Quimica y Minera de Chile SA, 3.11% Class B		471,343


		Colombia — 0.3%

	64,688	Banco Davivienda SA, 3.52%		837,355
	137,776	Bancolombia SA, 2.76%		1,920,633

		Total Colombia		2,757,988


		India — 0.0%

	2,134,356	Zee Entertainment Enterprises, Ltd., 0.72%¤		25,731


		TOTAL PREFERRED STOCKS (COST $14,616,900)		15,080,492


Par Value ($)		Description	Value ($)

		SHORT-TERM INVESTMENTS — 11.2%

		Bank Deposit — 5.8%

	49,615,231	State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14		49,615,231


		Investment Fund — 1.2%

	10,390,000	State Street Institutional Treasury Money Market Fund*****		10,390,000


		Securities Lending Collateral — 4.2%

	36,536,471	State Street Navigator Securities Lending Prime Portfolio***		36,536,471


		TOTAL SHORT-TERM INVESTMENTS (COST $96,541,702)		96,541,702


		TOTAL INVESTMENTS — 103.6% (Cost $878,284,732)		893,926,492

		Other Assets and Liabilities (net) — (3.6)%		(31,003,651	)


		NET ASSETS — 100.0%	$	862,922,841


		See accompanying Notes to the Financial Statements.			123

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


				Notes to Schedule of Investments:


				ADR — American Depository Receipt

				GDR — Global Depository Receipt

				NVDR — Non-Voting Depository Receipt

				REIT — Real Estate Investment Trust

		*		Non-income producing security

		***		Represents an investment of securities lending cash collateral.

		¤		Illiquid security. The total market value of the securities at year end is $38,812 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2014 was $33,780.

		****		Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at year end is $13,081 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2014 was $8,590.

		*****		Security has been segregated to cover collateral requirements on open synthetic futures contracts.

		‡		All or a portion of this security is out on loan.

		‡‡‡		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.

				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 year end is $1,410,035 which represents 0.2% of net assets.


124		See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2014

A summary of outstanding financial instruments at March 31, 2014 is as follows:

Forward Foreign Currency Contracts


Settlement Date		Currency	Counterparty	Units of Currency		Value		Unrealized Appreciation (Depreciation)
	Buys
	06/18/14	BRL	Royal Bank of Scotland Plc		74,703,000	$	32,433,406	$	1,267,151
	06/18/14	COP	Royal Bank of Scotland Plc		6,000,000,000		3,027,833		(2,160	)
	06/18/14	CZK	Royal Bank of Scotland Plc		151,310,000		7,605,634		(114,264	)
	06/18/14	HKD	Royal Bank of Scotland Plc		30,300,000		3,907,212		2,225
	06/18/14	HUF	Royal Bank of Scotland Plc		3,339,450,000		14,906,679		178,497
	06/18/14	IDR	Royal Bank of Scotland Plc		111,931,756,836		9,717,873		150,177
	06/18/14	ILS	Royal Bank of Scotland Plc		7,800,000		2,233,376		(15,282	)
	06/18/14	INR	Royal Bank of Scotland Plc		1,750,834,000		28,785,368		651,746
	06/18/14	KRW	Royal Bank of Scotland Plc		3,814,447,000		3,569,730		8,208
	06/18/14	MXN	Royal Bank of Scotland Plc		99,900,000		7,610,781		126,031
	06/18/14	MYR	Royal Bank of Scotland Plc		24,606,000		7,495,469		6,885
	06/18/14	PEN	Royal Bank of Scotland Plc		1,238,000		436,067		1,844
	06/18/14	PLN	Royal Bank of Scotland Plc		60,247,000		19,843,153		120,522
	06/18/14	RUB	Royal Bank of Scotland Plc		555,087,000		15,525,490		473,769
	06/18/14	THB	Royal Bank of Scotland Plc		13,000,000		399,381		(232	)
	06/18/14	TRY	Royal Bank of Scotland Plc		36,477,000		16,667,373		513,561
	06/18/14	TWD	Royal Bank of Scotland Plc		111,930,000		3,683,997		(24,750	)
	06/18/14	ZAR	Royal Bank of Scotland Plc		77,500,000		7,280,657		177,837

								$	3,521,765

	Sales
	06/18/14	CLP	Royal Bank of Scotland Plc		10,789,108,000	$	19,442,637	$	(518,692	)
	06/18/14	COP	Royal Bank of Scotland Plc		6,813,000,000		3,438,104		(127,370	)
	06/18/14	CZK	Royal Bank of Scotland Plc		36,000,000		1,809,549		(72	)
	06/18/14	HKD	Royal Bank of Scotland Plc		29,300,000		3,778,262		(2,570	)
	06/18/14	ILS	Royal Bank of Scotland Plc		15,280,000		4,375,127		20,058
	06/18/14	KRW	Royal Bank of Scotland Plc		17,420,000,000		16,302,415		(132,662	)
	06/18/14	MXN	Royal Bank of Scotland Plc		82,679,000		6,298,816		(78,966	)
	06/18/14	PEN	Royal Bank of Scotland Plc		200,000		70,447		(182	)
	06/18/14	PHP	Royal Bank of Scotland Plc		288,100,000		6,412,295		43,991
	06/18/14	PLN	Royal Bank of Scotland Plc		100,000		32,936		(95	)
	06/18/14	RUB	Royal Bank of Scotland Plc		1,419,254,000		39,695,785		(1,512,558	)
	06/18/14	SGD	Royal Bank of Scotland Plc		44,626,000		35,487,760		(258,924	)
	06/18/14	THB	Royal Bank of Scotland Plc		41,221,000		1,266,375		1,065
	06/18/14	TRY	Royal Bank of Scotland Plc		18,900,000		8,635,945		(401,364	)
	06/18/14	ZAR	Royal Bank of Scotland Plc		13,600,000		1,277,638		(41,386	)

								$	(3,009,727	)

Currency Abbreviations

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

CZK	Czech Koruna

HKD	Hong Kong Dollar


		See accompanying Notes to the Financial Statements.			125

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2014

Currency Abbreviations — continued

HUF	Hungarian Forint

IDR	Indonesian Rupiah

ILS	Israeli Shekel

INR	Indian Rupee

KRW	South Korean Won

MXN	Mexican Peso

MYR	Malaysian Ringgit

PEN	Peruvian Nouveau Sol

PHP	Philippines Peso

PLN	Polish Zloty

RUB	Russian Ruble

SGD	Singapore Dollar

THB

Thai Baht

TRY	New Turkish Lira

TWD	Taiwan Dollar

ZAR	South African Rand

Futures Contracts


Number of Contracts		Type	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
	Buys
	165	FTSE Bursa Malaysia KLCI Index	April 2014	$	4,672,600	$	16,809
	81	FTSE/JSE TOP 40	June 2014		3,340,454		75,780
	145	H-shares Index	April 2014		9,422,042		296,277
	67	MSCI Singapore Index	April 2014		3,808,326		94,605
	76	MSCI Taiwan Index	April 2014		2,373,480		55,304

							$538,775

	Sales
	136	BIST 30 Index	April 2014	$	543,409	$	(62,477	)
	42	KOSPI 200 Index	June 2014		5,097,844		(56,557	)
	61	Mexico Bolsa Index	June 2014		1,899,082		(70,076	)
	72	SET50 Index	June 2014		2,056,794		(62,983	)
	407	SGX CNX Nifty Index	April 2014		5,497,756		(81,083	)

							$(333,176)

Synthetic Futures


Number of Contracts		Reference Entity	Expiration Date	Counterparty		Notional Value		Value
	772	Brazil Bovespa Stock Index	04/16/2014		Goldman Sachs	$	15,500,094	$	719,279
	400	MSCI Taiwan Stock Index	04/29/2014		Goldman Sachs		122,031		2,889
	7,200	Taiwan Stock Exchange Capitalization Weighted Stock Index	04/16/2014		Goldman Sachs		2,061,566		16,552
	400	Tel Aviv 25 Index	04/25/2014		Goldman Sachs		159,688		1,317
	1,790	Warsaw WIG 20 Index	06/20/2014		Goldman Sachs		1,410,009		38,876

								$	778,913


126		See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Industry Sector Summary (Unaudited)	% of Net Assets
Banks		14.5
Oil & Gas		6.3
Telecommunications		5.7
Diversified Financial Services		5.5
Semiconductors		4.1
Beverages		3.3
Electric		3.3
Insurance		3.3
Retail		3.0
Mining		2.8
Auto Manufacturers		2.7
Agriculture		2.6
Computers		2.6
Internet		2.5
Electronics		2.4
Commercial Services		2.2
Pharmaceuticals		1.9
Chemicals		1.7
Electrical Components & Equipment		1.7
Food		1.7
Real Estate		1.7
Lodging		1.6
Holding Companies — Diversified		1.4
Auto Parts & Equipment		1.3
Building Materials		1.3
Engineering & Construction		1.1
Media		1.0
Software		1.0
Iron & Steel		0.9
Airlines		0.8
Coal		0.8
Household Products & Wares		0.8
Forest Products & Paper		0.6
Home Furnishings		0.5
Gas		0.4
Apparel		0.3
Cosmetics & Personal Care		0.3
Entertainment		0.3
Health Care — Services		0.3
Home Builders		0.2
Leisure Time		0.2
Machinery — Diversified		0.2
Metal Fabricate & Hardware		0.2
Miscellaneous — Manufacturing		0.2
Office & Business Equipment		0.2
Oil & Gas Services		0.2
REITS		0.2
Shipbuilding		0.2
Health Care — Products		0.1
Pipelines		0.1
Textiles		0.1


		See accompanying Notes to the Financial Statements.			127

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Industry Sector Summary (Unaudited)	% of Net Assets
Water		0.1
Distribution & Wholesale		0.0
Machinery — Construction & Mining		0.0
Packaging & Containers		0.0
Transportation		0.0
Short-Term Investments and Other Assets and Liabilities (net)		7.6

		100.0	%


128		See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		COMMON STOCKS — 89.1%

		Australia — 0.4%

	196,707	Newcrest Mining, Ltd.* ‡		1,803,124
	283,615	Telstra Corp., Ltd.‡		1,335,373

		Total Australia		3,138,497


		Austria — 0.2%

	182	Agrana Beteiligungs AG		22,024
	14,153	EVN AG‡		199,355
	1,130	Flughafen Wien AG		111,979
	1,752	Oesterreichische Post AG		88,257
	14,592	OMV AG		662,370
	7,654	Verbund AG		157,498

		Total Austria		1,241,483


		Bahamas — 0.0%

	1,372	United International Enterprises		277,338


		Belgium — 0.6%

	2,428	Elia System Operator SA		122,696
	46,519	Groupe Bruxelles Lambert SA		4,647,040
	47	Lotus Bakeries		53,441

		Total Belgium		4,823,177


		Bermuda — 0.6%

	28,116	Bunge, Ltd.		2,235,503
	6,221	China Yuchai International, Ltd.		131,761
	9,000	Guoco Group, Ltd.		107,205
	25,000	Jardine Matheson Holdings, Ltd.		1,577,000
	13,600	Transport International Holdings, Ltd.		25,422
	5,000	Wing On Co. International, Ltd.		13,214

		Total Bermuda		4,090,105


		Canada — 4.7%

	41,799	Agnico-Eagle Mines, Ltd.		1,267,508
	33,300	Bank of Montreal‡		2,231,364
	69,166	Barrick Gold Corp.		1,233,230
	47,445	BCE, Inc.		2,046,777
	34,007	Bell Aliant, Inc.‡		833,114
	27,200	Canadian Imperial Bank of Commerce‡		2,347,271
	79,286	Canadian Natural Resources, Ltd.		3,043,577
	24,500	Canadian Tire Corp., Ltd. Class A		2,313,599
	5,900	Capital Power Corp.‡		137,484
	91,094	Cenovus Energy, Inc.‡		2,638,082
	15,400	Empire Co., Ltd.		944,161
	2,700	First Capital Realty, Inc.‡		42,931
	24,700	Fortis, Inc.‡		705,363
	20,100	George Weston, Ltd.		1,499,464
	94,887	Goldcorp, Inc.		2,322,834


		See accompanying Notes to the Financial Statements.			129

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Canada — continued
	35,700	Jean Coutu Group PJC, Inc. (The) Class A		706,722
	253,978	Kinross Gold Corp.		1,051,469
	1,400	Laurentian Bank of Canada		59,894
	37,800	Manitoba Telecom Services, Inc.		1,038,365
	31,800	Metro, Inc.‡		1,869,826
	10,100	National Bank of Canada		405,373
	103,158	Penn West Petroleum, Ltd.‡		862,401
	52,728	Potash Corp. of Saskatchewan, Inc.		1,909,808
	14,700	Saputo, Inc.		741,692
	5,244	Tim Hortons, Inc.		290,046
	48,400	Toronto-Dominion Bank		2,272,772

		Total Canada		34,815,127


		Cayman Islands — 0.1%

	401,800	Chow Tai Fook Jewellery Group, Ltd.		632,972
	1,566	Fresh Del Monte Produce, Inc.		43,175
	368,000	Logan Property Holdings Co., Ltd.*		112,909
	103,000	Times Property Holdings, Ltd.*		42,490

		Total Cayman Islands		831,546


		Denmark — 0.9%

	6,051	Carlsberg A/S Class B		602,084
	6,449	D/S Norden		275,008
	1,035	Dfds AS		84,738
	1,887	Ringkjoebing Landbobank AS		411,051
	10,039	Royal UNIBREW AS		1,671,622
	3,399	Schouw & Co.		166,593
	1,139	SimCorp AS		46,258
	1,562	Sydbank AS*		39,994
	239,753	TDC AS		2,217,394
	39,130	Topdanmark AS*		1,139,877

		Total Denmark		6,654,619


		France — 4.9%

	1,437	Bongrain SA		124,735
	61,491	Bouygues SA		2,565,804
	6,427	Caisse Regionale de Credit Agricole Mutuel Nord de France		161,216
	57,021	Carrefour SA		2,207,963
	32,253	Cie de Saint-Gobain		1,949,250
	103,431	Danone SA		7,317,283
	2,682	Korian-Medica		102,939
	9,928	Legrand SA		617,047
	872	Manutan International		62,075
	9,196	Neopost SA‡		726,496
	126,505	Sanofi-Aventis		13,195,221
	20,066	Sodexo		2,105,448
	1,815	Stef		149,516
	43,799	Total SA		2,873,419
	858	Vetoquinol SA		44,783


130		See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		France — continued

	41,360	Vivendi SA		1,152,629
	5,979	Wendel SA		929,946

		Total France		36,285,770


		Germany — 2.8%

	37,941	Adidas AG		4,107,027
	16,076	DaimlerChrysler AG		1,519,731
	19,538	Fielmann AG		2,626,311
	4,362	Fraport AG Frankfurt Airport Services Worldwide		325,967
	19,944	Fresenius Medical Care AG & Co. KGaA		1,392,258
	43,582	HeidelbergCement AG		3,736,760
	7,041	Merck KGaA		1,186,345
	32,016	Rhoen Klinikum AG		1,025,930
	55,673	SAP AG		4,508,730
	16,323	Stada Arzneimittel AG		698,875

		Total Germany		21,127,934


		Hong Kong — 0.3%

	6,500	Aeon Stores Hong Kong Co., Ltd.		7,290
	276,000	CLP Holdings, Ltd.		2,079,683
	33,000	Miramar Hotel & Investment Co., Ltd.		40,840
	233,000	Regal Real Estate Investment Trust REIT		69,686
	109,000	Sunlight Real Estate Investment Trust REIT		40,750

		Total Hong Kong		2,238,249


		Ireland — 0.6%

	61,337	CRH Plc		1,712,821
	27,368	Greencore Group Plc		125,793
	16,440	Kerry Group Plc		1,255,503
	27,870	Willis Group Holdings Plc		1,229,903

		Total Ireland		4,324,020


		Israel — 0.8%

	25,758	Azrieli Group		900,384
	86,725	Israel Chemicals, Ltd.		757,631
	38,508	Osem Investments, Ltd.		904,734
	4,793	Plus500, Ltd.		47,784
	22,401	Strauss Group, Ltd.		404,869
	56,191	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		2,969,133

		Total Israel		5,984,535


		Italy — 0.0%

	28,600	Italcementi Spa		353,185


		Japan — 7.3%

	179,500	Astellas Pharma, Inc.		2,133,398
	3,000	AT-Group Co., Ltd.		54,183
	48,700	Bic Camera, Inc.‡		294,134


		See accompanying Notes to the Financial Statements.			131

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Japan — continued

	59,800	Coca-Cola West Co., Ltd.‡		1,045,781
	21,600	Dydo Drinco, Inc.		902,928
	6,600	Earth Chemical Co., Ltd.		240,647
	35,900	Fancl Corp.		427,377
	18,300	Fanuc, Ltd.		3,234,952
	2,600	Fuji Co., Ltd.		47,918
	4,800	Fukuda Denshi Co., Ltd.		212,303
	5,900	Hirose Electric Co., Ltd.		812,371
	71,000	House Foods Group, Inc.‡		1,181,667
	89,300	Hoya Corp.		2,786,045
	15,300	Inageya Co., Ltd.		152,577
	41,300	Ito En, Ltd.‡		926,378
	17,000	Itoham Foods, Inc.		77,584
	56,800	KDDI Corp.		3,295,983
	1,000	Kentucky Fried Chicken, Ltd.		20,479
	94,800	Kewpie Corp.		1,308,062
	8,300	Keyence Corp.		3,430,898
	26,100	Kose Corp.		859,144
	306,000	Lion Corp.		1,815,468
	1,400	McDonald’s Holdings Co., Ltd.‡		37,751
	18,000	Megmilk Snow Brand Co., Ltd.		235,257
	20,300	MISUMI Group, Inc.		563,752
	69,300	Mitsubishi Estate Co., Ltd.		1,645,946
	159,000	Morinaga & Co., Ltd.		348,925
	163,000	Morinaga Milk Industry Co., Ltd.‡		525,475
	4,800	MOS Food Services, Inc.‡		96,853
	99,000	MS&AD Insurance Group Holdings		2,272,525
	66,000	Nippon Flour Mills Co., Ltd.		362,092
	38,100	Nippon Telegraph & Telephone Corp.		2,078,787
	147,000	Nisshin Oillio Group, Ltd. (The)‡		479,604
	26,600	Nissin Foods Holdings Co., Ltd.‡		1,202,340
	2,600	Nitori Holdings Co., Ltd.		112,978
	93,600	NKSJ Holdings, Inc.		2,410,324
	29,200	Noevir Holdings Co., Ltd.		552,329
	22,900	Nomura Research Institute, Ltd.		724,902
	101,200	NTT DoCoMo, Inc.		1,599,782
	17,900	Ohsho Food Service Corp.‡		603,127
	4,500	Okinawa Cellular Telephone Co.		114,832
	10,100	Ono Pharmaceutical Co., Ltd.		876,768
	4,900	Plenus Co., Ltd.		114,144
	1,000	Riken Vitamin Co., Ltd.		22,935
	39,500	Royal Holdings Co., Ltd.		569,573
	62,500	Secom Co., Ltd.		3,608,535
	25,100	Shimano, Inc.		2,527,426
	6,000	Shin-Etsu Chemical Co., Ltd.		343,623
	34,000	Showa Sangyo Co., Ltd.		111,259
	13,100	SMC Corp.		3,463,101
	22,500	Starbucks Coffee Japan, Ltd.‡		249,284
	9,000	Yamazaki Baking Co., Ltd.		106,792


132		See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Japan — continued

	61,400	Yoshinoya Holdings Co., Ltd.‡		784,604

		Total Japan		54,005,902


		Malaysia — 0.0%

	96,900	Genting Malaysia Bhd		124,630


		Mexico — 0.5%

	84,966	Grupo Televisa SAB, Sponsored ADR		2,828,518
	20,878	Industrias Penoles SAB de CV		544,176

		Total Mexico		3,372,694


		Netherlands — 0.9%

	7,954	Koninklijke Ahold NV		159,838
	2,451	Sligro Food Group NV		100,498
	91,530	TNT Express NV		899,332
	125,788	Unilever NV, ADR		5,172,412

		Total Netherlands		6,332,080


		New Zealand — 0.7%

	464,842	Air New Zealand, Ltd.		824,885
	244,990	Argosy Property, Ltd.		193,457
	376,248	Auckland International Airport, Ltd.		1,243,923
	22,392	Contact Energy, Ltd.		103,371
	68,522	Fisher & Paykel Healthcare Corp., Ltd.		252,705
	523,521	Infratil, Ltd.		1,026,685
	48,956	Meridian Energy, Ltd.		49,279
	7,205	Nuplex Industries, Ltd.		21,632
	201,290	Sky Network Television, Ltd.		1,091,683
	2,733	TrustPower, Ltd.		15,391
	20,235	Vector, Ltd.		42,668
	8,880	Warehouse Group, Ltd. (The)		24,812

		Total New Zealand		4,890,491


		Norway — 1.2%

	5,525	Cermaq ASA		61,368
	258,291	Norsk Hydro ASA		1,287,777
	279,662	Orkla ASA		2,384,604
	96,680	Statoil ASA		2,729,044
	97,358	Telenor ASA		2,157,892

		Total Norway		8,620,685


		Portugal — 0.4%

	15,507	CTT-Correios de Portugal SA*		170,339
	555,394	EDP - Energias de Portugal SA		2,580,405
	9,710	Portucel SA		44,203
	58,031	REN - Redes Energeticas Nacionais SGPS SA		228,826
	70,665	Sonaecom SGPS SA		210,371

		Total Portugal		3,234,144


		See accompanying Notes to the Financial Statements.			133

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Russia — 0.1%

	101,800	Gazprom OAO, Sponsored ADR		783,860
	4,548	IBS Group Holding, Ltd., Reg S, GDR‡‡‡		124,087

		Total Russia		907,947


		Singapore — 0.6%

	7,000	Bukit Sembawang Estates, Ltd.		30,170
	53,000	Fraser and Neave, Ltd.		132,758
	106,000	Frasers Centrepoint, Ltd.		129,386
	20,000	Great Eastern Holdings, Ltd.		297,563
	15,000	Hong Leong Finance, Ltd.		32,683
	318,000	M1, Ltd.‡		877,468
	123,000	OSIM International, Ltd.‡		253,326
	17,000	Raffles Medical Group, Ltd.		43,394
	1,005,000	Singapore Post, Ltd.‡		1,086,875
	44,000	Singapore Press Holdings, Ltd.		146,952
	101,000	Singapore Telecommunications, Ltd.		293,149
	321,000	StarHub, Ltd.		1,072,085
	64,000	Yanlord Land Group, Ltd.		54,455

		Total Singapore		4,450,264


		South Africa — 0.3%

	95,213	AngloGold Ashanti, Ltd., Sponsored ADR*		1,626,238
	99,152	Gold Fields, Ltd., Sponsored ADR‡		365,871
	8,772	Harmony Gold Mining Co., Ltd., Sponsored ADR*		26,755

		Total South Africa		2,018,864


		South Korea — 0.3%

	23,778	KT&G Corp.		1,787,064
	323	Lotte Confectionery Co., Ltd.		553,177

		Total South Korea		2,340,241


		Spain — 0.2%

	50,751	Abengoa SA‡		236,003
	172,177	Iberdrola SA		1,204,549
	1,825	Red Electrica Corp. SA		148,403

		Total Spain		1,588,955


		Sweden — 0.9%

	10,956	Axfood AB		604,954
	46,420	Hennes & Mauritz AB Class B		1,976,066
	57,261	Investor AB Class B		2,068,392
	286,209	TeliaSonera AB		2,154,221

		Total Sweden		6,803,633


		Switzerland — 4.2%

	4,460	Allreal Holding AG*		643,742
	3,541	Alpiq Holding AG*		489,050
	280	APG SGA SA		95,092


134		See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		Switzerland — continued

	3,396	Aryzta AG*		300,252
	4,010	Bank Coop AG		198,605
	863	Banque Cantonale de Geneve		221,770
	9,411	Basler Kantonalbank		820,340
	18	Bell AG		49,394
	1,875	Berner Kantonalbank AG		456,359
	19,673	Coca-Cola HBC AG		490,000
	2,501	Galenica AG‡		2,422,149
	325	Graubuendner Kantonalbank		442,973
	809	Intershop Holdings		315,962
	2,500	Kuehne + Nagel International AG		350,088
	124	Luzerner Kantonalbank AG		50,780
	206	Mobimo Holding AG*		43,726
	192,746	Nestle SA		14,521,137
	76,672	Novartis AG		6,509,764
	3,971	Swisscom AG		2,440,995
	43	Walliser Kantonalbank		36,022

		Total Switzerland		30,898,200


		Thailand — 0.1%

	173,300	Bangkok Bank PCL, NVDR		953,577


		United Kingdom — 6.1%

	21,485	Anglo American Plc		546,773
	32,625	Associated British Foods Plc		1,512,607
	40,361	AstraZeneca Plc		2,608,413
	30,984	Berkeley Group Holdings Plc		1,353,361
	43,764	BP Plc, Sponsored ADR		2,105,048
	30,527	British American Tobacco Plc		1,697,539
	23,517	Cranswick Plc		479,494
	27,786	Dairy Crest Group Plc		224,020
	82,565	Diageo Plc		2,561,634
	95,571	Fresnillo Plc		1,343,959
	115,605	GlaxoSmithKline Plc		3,067,312
	107,864	Greggs Plc		909,018
	40,653	Imperial Tobacco Group Plc		1,642,180
	332,986	J Sainsbury Plc‡		1,754,790
	24,706	Next Plc		2,718,448
	60,713	Royal Dutch Shell Plc Class A (Amsterdam Exchange)		2,219,132
	126,345	Smith & Nephew Plc		1,914,682
	83,231	SSE Plc		2,038,364
	25,341	Synergy Health Plc		583,012
	115,603	Tate & Lyle Plc		1,286,457
	2,409,838	Tesco Plc		11,867,877
	214,776	WM Morrison Supermarkets Plc		762,676

		Total United Kingdom		45,196,796


		United States — 48.4%

	27,262	3M Co.		3,698,363


		See accompanying Notes to the Financial Statements.			135

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		United States — continued

	1,637	Alleghany Corp.*		666,881
	11,658	Alliant Techsystems, Inc.		1,657,185
	59,640	Altria Group, Inc.		2,232,325
	53,434	Amdocs, Ltd.		2,482,544
	81,180	American Express Co.		7,308,635
	10,548	Amsurg Corp.*		496,600
	9,028	Apache Corp.		748,873
	30,099	Archer-Daniels-Midland Co.		1,305,996
	21,413	AT&T, Inc.		750,954
	298	Atrion Corp.		91,230
	11,780	Automatic Data Processing, Inc.		910,123
	20,928	Avista Corp.		641,443
	375,582	Bank of New York Mellon Corp. (The)		13,254,289
	61,315	BB&T Corp.		2,463,024
	19,509	Becton Dickinson and Co.		2,284,114
	15	Berkshire Hathaway, Inc. Class A*		2,810,251
	12,629	Brookline Bancorp, Inc.		118,965
	88,038	Cablevision Systems Corp.‡		1,485,201
	7,136	CACI International, Inc. Class A*		526,637
	173,538	Capitol Federal Financial, Inc.		2,177,902
	31,270	Cardinal Health, Inc.		2,188,275
	5,742	Charles River Laboratories International, Inc.*		346,472
	702	Chemed Corp.‡		62,794
	11,208	Cigna Corp.		938,446
	35,708	Cincinnati Financial Corp.		1,737,551
	58,141	Cintas Corp.		3,465,785
	162,249	Cisco Systems, Inc.		3,636,000
	23,106	Clorox Co. (The)		2,033,559
	586	Coca-Cola Bottling Co. Consolidated		49,798
	70,056	Coca-Cola Co. (The)		2,708,365
	47,756	Colgate-Palmolive Co.		3,097,932
	73,082	Comcast Corp. Class A		3,563,478
	7,302	CONMED Corp.		317,272
	61,208	ConocoPhillips		4,305,983
	5,181	CR Bard, Inc.		766,684
	20,421	CVS Caremark Corp.		1,528,716
	30,814	Devon Energy Corp.		2,062,381
	166,042	DIRECTV*		12,688,930
	1,905	Dr Pepper Snapple Group, Inc.		103,746
	25,509	DST Systems, Inc.		2,417,998
	302,787	eBay, Inc.*		16,725,954
	7,503	Eli Lilly & Co.		441,627
	93,129	Empire District Electric Co. (The)		2,264,897
	1,489	Energizer Holdings, Inc.		150,002
	7,755	Exxon Mobil Corp.		757,508
	1,442	First American Financial Corp.		38,285
	20,691	General Mills, Inc.		1,072,208
	10,549	Google, Inc. Class A*		11,756,966
	43,931	Great Plains Energy, Inc.		1,187,894


136		See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		United States — continued

	16,715	H&R Block, Inc.		504,626
	4,993	Harris Corp.		365,288
	3,379	HealthSouth Corp.		121,407
	19,637	Henry Schein, Inc.*		2,344,069
	13,445	Hershey Co. (The)		1,403,658
	48,304	Hill-Rom Holdings, Inc.		1,861,636
	147,494	Intel Corp.		3,806,820
	19,702	Intuit, Inc.		1,531,436
	26,670	Jack Henry & Associates, Inc.		1,487,119
	54,685	Johnson & Johnson		5,371,708
	21,450	Kaiser Aluminum Corp.		1,531,959
	35,961	Kellogg Co.		2,255,114
	21,346	Kimberly-Clark Corp.		2,353,396
	6,823	L-3 Communications Holdings, Inc.		806,137
	23,554	Laboratory Corp. of America Holdings*		2,313,238
	75,756	Liberty Media Corp. - Interactive Class A*		2,187,076
	52,701	Linear Technology Corp.		2,566,012
	11,296	Lockheed Martin Corp.		1,843,959
	42,630	Lorillard, Inc.		2,305,430
	238,674	Lowe’s Cos., Inc.		11,671,159
	12,062	Martin Marietta Materials, Inc.		1,548,158
	111,638	Mastercard, Inc. Class A		8,339,359
	50,372	McDonald’s Corp.		4,937,967
	16,742	McKesson Corp.		2,956,135
	10,295	MEDNAX, Inc.*		638,084
	37,223	Medtronic, Inc.		2,290,703
	32,424	Merck & Co., Inc.		1,840,710
	527,828	Microsoft Corp.		21,635,670
	11,876	Monster Worldwide, Inc.*		88,832
	3,891	National Healthcare Corp.		217,001
	26,413	National Oilwell Varco, Inc.		2,056,780
	8,371	NetApp, Inc.		308,890
	15,317	Newmont Mining Corp.		359,030
	15,676	Northrop Grumman Corp.		1,934,105
	21,511	Northwest Bancshares, Inc.		314,061
	39,552	Nutri/System, Inc.		596,049
	12,321	Omnicare, Inc.		735,194
	41,032	Omnicom Group, Inc.		2,978,923
	517,897	Oracle Corp.		21,187,166
	62,641	Owens & Minor, Inc.‡		2,194,314
	44,619	Patterson Cos., Inc.		1,863,289
	50,696	People’s United Financial, Inc.		753,849
	25,275	PepsiCo, Inc.		2,110,462
	22,638	Philip Morris International, Inc.		1,853,373
	37,563	Plum Creek Timber Co., Inc. REIT		1,579,148
	11,200	Procter & Gamble Co. (The)		902,720
	28,919	Provident Financial Services, Inc.		531,242
	21,354	Quest Diagnostics, Inc.		1,236,824
	17,974	Rayonier, Inc. REIT		825,186


		See accompanying Notes to the Financial Statements.			137

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Shares		Description	Value ($)

		United States — continued

	6,024	San Juan Basin Royalty Trust		106,324
	22,518	Scotts Miracle-Gro Co. (The) Class A		1,379,903
	65,298	State Street Corp.		4,541,476
	79,302	Steel Dynamics, Inc.		1,410,783
	69,525	Sysco Corp.		2,511,938
	228,672	Target Corp.		13,836,943
	33,746	Teradata Corp.*		1,659,966
	17,795	Tyson Foods, Inc. Class A		783,158
	17,302	Universal Corp.‡		967,009
	213,566	US Bancorp		9,153,439
	31,802	Vector Group, Ltd.‡		685,015
	2,464	Vectren Corp.		97,057
	33,444	VeriSign, Inc.*		1,802,966
	61,329	Visa, Inc. Class A		13,238,478
	19,559	Vulcan Materials Co.		1,299,696
	133,561	Wal-Mart Stores, Inc.		10,208,067
	20,574	WellPoint, Inc.		2,048,142
	209,404	Wells Fargo & Co.		10,415,755
	63,760	Weyerhaeuser Co. REIT		1,871,356
	34,964	WR Berkley Corp.		1,455,202
	594	WSFS Financial Corp.		42,429
	152,522	Yum! Brands, Inc.		11,498,634
	6,773	Zimmer Holdings, Inc.		640,590

		Total United States		359,625,838


		TOTAL COMMON STOCKS (COST $584,767,403)		661,550,526


		INVESTMENT COMPANY — 1.6%

		United States — 1.6%

	94,628	SPDR Gold Shares* ‡		11,696,967


		TOTAL INVESTMENT COMPANY (COST $13,148,277)		11,696,967


		PREFERRED STOCKS — 0.1%

		Germany — 0.0%

	938	Henkel AG & Co. KGaA, 1.21%		100,993


		Japan — 0.0%

	113	Shinkin Central Bank, 3.44%		207,160


		Sweden — 0.1%

	49,515	Sagax AB, 5.99%		255,077


		TOTAL PREFERRED STOCKS (COST $537,179)		563,230


		WARRANTS — 0.1%

		United States — 0.1%

	36,776	JPMorgan Chase & Co., Strike Price $0.00, Expires 10/28/18*		742,876


		TOTAL WARRANTS (COST $545,378)		742,876


138		See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2014


Par Value ($)			Description	Value ($)

			SHORT-TERM INVESTMENTS — 13.5%

			Bank Deposit — 9.0%

	67,184,060		State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14		67,184,060


			Securities Lending Collateral — 4.5%

	33,949,069		State Street Navigator Securities Lending Prime Portfolio***		33,949,069


			TOTAL SHORT-TERM INVESTMENTS (COST $101,133,129)		101,133,129


			TOTAL INVESTMENTS — 104.4% (Cost $700,131,366)		775,686,728

			Other Assets and Liabilities (net) — (4.4)%		(33,045,334	)


			NET ASSETS — 100.0%	$	742,641,394


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			GDR — Global Depository Receipt

			NVDR — Non-Voting Depository Receipt

			REIT — Real Estate Investment Trust

		*	Non-income producing security

		***	Represents an investment of securities lending cash collateral.

		‡	All or a portion of this security is out on loan.

		‡‡‡	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.


		See accompanying Notes to the Financial Statements.			139

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

March 31, 2014

A summary of outstanding financial instruments at March 31, 2014 is as follows:

Forward Foreign Currency Contracts


Settlement Date		Currency	Counterparty	Units of Currency		Value		Unrealized Appreciation (Depreciation)
	Buys
	05/13/14	JPY	Bank of New York Mellon		214,963,000	$	2,087,790	$	30,255

	Sales
	05/13/14	EUR	Bank of New York Mellon		2,017,000	$	2,779,712	$	(87,420	)
	08/20/14	EUR	Bank of New York Mellon		1,158,000		1,595,791		(22,548	)
	09/17/14	EUR	Goldman Sachs		1,956,000		2,695,458		28,604
	06/18/14	EUR	HSBC Bank USA		260,000		358,304		(153	)
	07/16/14	EUR	JPMorgan Chase Bank		1,214,000		1,672,981		(27,768	)
	04/16/14	EUR	UBS AG		955,000		1,316,188		(21,263	)
	05/13/14	GBP	Bank of New York Mellon		80,000		133,331		(2,836	)
	08/20/14	GBP	Bank of New York Mellon		91,000		151,549		(922	)
	09/17/14	GBP	Goldman Sachs		8,000		13,320		13
	06/18/14	GBP	HSBC Bank USA		80,000		133,295		(2,818	)
	07/16/14	GBP	JPMorgan Chase Bank		54,000		89,955		(1,184	)
	04/16/14	GBP	UBS AG		80,000		133,358		(2,875	)
	05/13/14	JPY	Bank of New York Mellon		439,972,000		4,273,150		160,867
	09/17/14	JPY	Goldman Sachs		256,826,000		2,496,185		16,372
	06/18/14	JPY	HSBC Bank USA		198,155,000		1,924,901		10,528
	07/16/14	JPY	JPMorgan Chase Bank		190,991,000		1,855,597		(31,981	)
	04/16/14	JPY	UBS AG		189,480,000		1,840,022		46,147

								$	60,763

Currency Abbreviations

GBP	British Pound Sterling

EUR

Euro

JPY	Japanese Yen


140		See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Industry Sector Summary (Unaudited)	% of Net Assets
Food		10.2
Retail		9.1
Banks		6.9
Software		6.8
Pharmaceuticals		5.8
Internet		4.5
Commercial Services		4.2
Telecommunications		4.1
Oil & Gas		3.6
Media		3.2
Health Care — Products		2.4
Electric		2.3
Agriculture		2.2
Insurance		2.1
Mining		2.1
Beverages		1.7
Commodity Fund		1.6
Electronics		1.4
Health Care — Services		1.4
Building Materials		1.2
Cosmetics & Personal Care		1.1
Diversified Financial Services		1.1
Holding Companies — Diversified		0.9
Aerospace & Defense		0.8
Computers		0.8
Household Products & Wares		0.8
Semiconductors		0.8
Apparel		0.5
Chemicals		0.5
Engineering & Construction		0.5
Hand & Machine Tools		0.5
Miscellaneous — Manufacturing		0.5
Real Estate		0.5
Textiles		0.5
Advertising		0.4
REITS		0.4
Savings & Loans		0.4
Transportation		0.4
Distribution & Wholesale		0.3
Investment Companies		0.3
Leisure Time		0.3
Metal Fabricate & Hardware		0.3
Oil & Gas Services		0.3
Auto Manufacturers		0.2
Forest Products & Paper		0.2
Home Builders		0.2
Iron & Steel		0.2
Airlines		0.1
Auto Parts & Equipment		0.1
Electrical Components & Equipment		0.1
Office & Business Equipment		0.1


		See accompanying Notes to the Financial Statements.			141

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

March 31, 2014


Industry Sector Summary (Unaudited)	% of Net Assets
Biotechnology		0.0
Gas		0.0
Lodging		0.0
Short-Term Investments and Other Assets and Liabilities (net)		9.1

		100.0	%


142		See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Assets and Liabilities

March 31, 2014


	Mercer US Large Cap Growth Equity Fund		Mercer US Large Cap Value Equity Fund		Mercer US Small/Mid Cap Growth Equity Fund			Mercer US Small/Mid Cap Value Equity Fund
Assets
Investments, at value^(a)	$	356,687,626	$	375,611,434	$	432,400,073		$	412,673,514
Cash		—		61,535		150			67,273
Receivable for investments sold		2,214,083		5,109,928		1,812,983			5,120,389
Dividend and interest receivable		227,080		576,947		117,382			306,522
Receivable for expenses reimbursed by Advisor		34,872		29,559		24,605			27,838
Foreign tax reclaims receivable		1,667		14,532		—			—
Securities lending income receivable		663		4,292		12,327			36,859
Prepaid expenses		2,325		2,371		2,249			2,182

Total assets		359,168,316		381,410,598		434,369,769			418,234,577


Liabilities
Payable for investments purchased		51,460		4,084,703		1,374,845			3,625,717
Payable for Fund shares repurchased		—		600,595		—			—
Unrealized depreciation on open forward foreign currency contracts		—		23,526		—			—
Obligation to return securities lending collateral		—		5,975,569		35,237,041			25,511,034
Payable to affiliate for:
Advisor fee		172,945		168,336		309,569			297,354
Trustees fees		4,984		5,022		5,007			4,804
Accrued expenses		76,691		74,985		83,187			83,994

Total liabilities		306,080		10,932,736		37,009,649			29,522,903

Net assets	$	358,862,236	$	370,477,862	$	397,360,120		$	388,711,674


Net assets consist of:
Paid-in capital		243,457,704		274,105,907		300,098,812			300,924,371
Accumulated undistributed (distributions in excess of) net investment income		313,482		1,507,583		(914	)		(39,343	)
Accumulated net realized gain		27,691,606		8,769,372		22,080,463			51,804,936
Net unrealized appreciation on investments and foreign currencies		87,399,444		86,095,000		75,181,759			36,021,710

Net assets	$	358,862,236	$	370,477,862	$	397,360,120		$	388,711,674


Net assets attributable to:
Class Y-3 shares	$	358,862,236	$	370,477,862	$	397,360,120		$	388,711,674


Shares outstanding:
Class Y-3		27,259,950		29,274,767		31,932,265			35,398,053


Net asset value per share:
Class Y-3	$	13.16	$	12.66	$	12.44		$	10.98


(a) Investments, at cost		269,288,182		289,492,910		357,218,314			376,651,820


		See accompanying Notes to the Financial Statements.			143

Mercer Funds

Statements of Assets and Liabilities (Continued)

March 31, 2014


	Mercer Non-US Core Equity Fund			Mercer Core Fixed Income Fund (formerly known as Mercer Core Opportunistic Fixed Income Fund)			Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund
Assets
Investments, at value^(a)		$	1,944,071,014		$	1,089,889,175		$	258,232,058			$	893,926,492
Foreign currency, at value^(b)			3,062,511			728,001			601,013				2,533,132
Cash			—			5,767,936			22,889				—
Receivable for investments sold			14,315,657			48,839,650			1,159,032				2,266,688
Receivable for TBA securities sold			—			119,107,903			—				—
Dividend and interest receivable			5,987,558			6,349,919			4,359,550				1,796,451
Unrealized appreciation on open forward foreign currency contracts			—			101,830			1,070,615				3,743,567
Cash collateral held at broker on open future contracts			—			645,039			—				2,058,001
Receivable for variation margin on open futures contracts			—			11,975			—				40,342
Receivable for expenses reimbursed by Advisor			—			88,145			65,480				156,308
Synthetic futures, at value			—			—			—				778,913
Foreign tax reclaims receivable			1,222,307			—			56,235				2,477
Securities lending income receivable			71,757			2,455			—				12,175
Prepaid expenses			10,230			5,895			—				2,924

Total assets			1,968,741,034			1,271,537,923			265,566,872				907,317,470


Liabilities
Payable for investments purchased			12,903,119			71,599,757			2,729,691				3,306,297
Payable for TBA and when-issued securities purchased			—			120,111,828			1,403,926				—
Due to custodian			—			—			—				57,342
Written options, at value^(c)			—			20,997			—				—
Unrealized depreciation on open forward foreign currency contracts			—			162,636			573,406				3,231,529
Cash collateral due to broker on closed swap contracts			—			70,000			—				—
Obligation to return securities lending collateral			72,792,139			2,627,065			—				36,536,471
Payable to affiliate for:
Advisor fee			1,178,430			319,116			157,484				561,709
Trustees fees			23,337			13,217			1,460				7,478
Accrued expenses			368,375			173,830			120,056				693,803

Total liabilities			87,265,400			195,098,446			4,986,023				44,394,629

Net assets		$	1,881,475,634		$	1,076,439,477		$	260,580,849			$	862,922,841


Net assets consist of:
Paid-in capital			1,497,164,415			1,048,708,509			252,911,638				857,737,699
Accumulated undistributed net investment income			15,302,164			6,679,686			2,764,086				4,792,103
Accumulated net realized gain (loss)			107,815,425			3,960,942			(434,115	)			(16,319,065	)
Net unrealized appreciation on investments, futures contracts, options written and foreign currencies			261,193,630			17,090,340			5,339,240				16,712,104

Net assets		$	1,881,475,634		$	1,076,439,477		$	260,580,849			$	862,922,841


144		See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Assets and Liabilities (Continued)

March 31, 2014


	Mercer Non- US Core Equity Fund			Mercer Core Fixed Income Fund (formerly known as Mercer Core Opportunistic Fixed Income Fund)			Mercer Opportunistic Fixed Income Fund			Mercer Emerging Markets Equity Fund
Net assets attributable to:
Class Y-3 shares		$	1,881,475,634		$	1,076,439,477		$	260,580,849		$	862,922,841


Shares outstanding:
Class Y-3			157,869,071			103,276,370			24,973,336			86,340,076


Net asset value per share:
Class Y-3		$	11.92		$	10.42		$	10.43		$	9.99


(a) Investments, at cost			1,682,879,013			1,072,770,932			253,400,181			878,284,732

(b) Foreign currency, at cost			3,086,972			708,195			597,705			2,500,442

(c) Premiums on written options			—			23,279			—			—


		See accompanying Notes to the Financial Statements.			145

Mercer Funds

Statements of Assets and Liabilities (Continued)

March 31, 2014


	Mercer Global Low Volatility Equity Fund
Assets
Investments, at value^(a)		$	775,686,728
Foreign currency, at value^(b)			433,693
Receivable for investments sold			164,501
Dividend and interest receivable			1,302,938
Unrealized appreciation on open forward foreign currency contracts			292,786
Foreign tax reclaims receivable			278,929
Securities lending income receivable			18,013
Prepaid expenses			3,294

Total assets			778,180,882


Liabilities
Payable for investments purchased			317,025
Payable for Fund shares repurchased			400,000
Unrealized depreciation on open forward foreign currency contracts			201,768
Obligation to return securities lending collateral			33,949,069
Payable to affiliate for:
Advisor fee			542,784
Trustees fees			7,692
Accrued expenses			121,150

Total liabilities			35,539,488

Net assets		$	742,641,394


Net assets consist of:
Paid-in capital			653,027,930
Accumulated undistributed net investment income			1,063,496
Accumulated net realized gain			12,888,672
Net unrealized appreciation on investments and foreign currencies			75,661,296

Net assets		$	742,641,394


Net assets attributable to:
Class Y-3 shares		$	742,641,394


Shares outstanding:
Class Y-3			60,539,379


Net asset value per share:
Class Y-3		$	12.27


(a) Investments, at cost			700,131,366

(b) Foreign currency, at cost			430,390


146		See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Operations

For the Year Ended March 31, 2014


	Mercer US Large Cap Growth Equity Fund				Mercer US Large Cap Value Equity Fund				Mercer US Small/Mid Cap Growth Equity Fund				Mercer US Small/Mid Cap Value Equity Fund
Investment Income:
Interest		$	664			$	380			$	816			$	742
Dividends			4,276,491				8,855,125				3,071,257				5,146,364
Securities lending income			35,858				72,294				212,949				199,390
Withholding taxes			(38,108	)			(98,933	)			(21,819	)			(23,406	)

Total investment income			4,274,905				8,828,866				3,263,203				5,323,090


Expenses:
Advisory fees			2,238,991				2,174,473				3,690,903				3,541,415
Transfer agent fees			22,949				22,910				23,248				23,260
Custodian and fund accounting fees			150,612				147,872				159,420				186,207
Audit fees			48,410				48,694				52,639				54,392
Legal fees			41,454				41,183				42,918				50,414
Trustees fees			18,258				18,536				18,875				18,182
Registration fees			22,620				22,620				22,406				22,428
Miscellaneous			33,954				34,735				33,074				31,940

Total expenses			2,577,248				2,511,023				4,043,483				3,928,238
Fee reductions			(22,104	)			(22,071	)			(22,523	)			(22,510	)
Reimbursement of expenses			(234,734	)			(232,423	)			(42,987	)			(88,870	)

Net expenses			2,320,410				2,256,529				3,977,973				3,816,858

Net investment income (loss)			1,954,495				6,572,337				(714,770	)			1,506,232


Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			91,017,590				100,402,087				79,473,254				95,926,702
In-kind redemptions			—				—				—				7,168,911
Closed futures contracts			—				—				—				200,287
Forward foreign currency contracts and foreign currency related transactions			—				224,730				(6,593	)			—

Net realized gain			91,017,590				100,626,817				79,466,661				103,295,900

Change in net unrealized appreciation (depreciation) on:
Investments			(6,335,436	)			(562,872	)			3,771,797				(28,294,086	)
Forward foreign currency contracts and foreign currency related translations			—				(12,101	)			—				16

Change in net unrealized appreciation (depreciation)			(6,335,436	)			(574,973	)			3,771,797				(28,294,070	)

Net realized and unrealized gain (loss)			84,682,154				100,051,844				83,238,458				75,001,830


Net increase in net assets resulting from operations		$	86,636,649			$	106,624,181			$	82,523,688			$	76,508,062


		See accompanying Notes to the Financial Statements.			147

Mercer Funds

Statements of Operations (Continued)

For the Year Ended March 31, 2014


	Mercer Non-US Core Equity Fund				Mercer Core Fixed Income Fund (formerly known as Mercer Core Opportunistic Fixed Income Fund)				Mercer Opportunistic Fixed Income Fund^(a)				Mercer Emerging Markets Equity Fund
Investment Income:
Interest		$	5,851			$	28,837,115			$	5,035,600			$	4,794
Dividends			67,589,785				262,202				8,125				18,687,793
Securities lending income			1,463,686				43,755				—				66,605
Withholding taxes			(4,531,359	)			(5,555	)			(70,705	)			(1,815,558	)
Other income			4,784				3,415				23,620				—

Total investment income			64,532,747				29,140,932				4,996,640				16,943,634


Expenses:
Advisory fees			14,111,420				3,722,510				622,666				4,987,747
Transfer agent fees			26,013				24,320				13,583				23,276
Custodian and fund accounting fees			1,489,584				535,549				109,636				1,212,249
Audit fees			282,229				71,260				68,785				93,056
Legal fees			191,870				116,300				49,670				62,152
Trustees fees			86,707				47,874				3,335				28,171
Registration fees			25,545				23,840				31,578				25,706
Interest expense			—				—				—				5,132
Miscellaneous			158,571				91,824				11,892				56,286

Total expenses			16,371,939				4,633,477				911,145				6,493,775
Fee reductions			(22,479	)			(22,300	)			(13,583	)			(22,388	)
Reimbursement of expenses			—				(602,436	)			(193,679	)			(533,749	)

Net expenses			16,349,460				4,008,741				703,883				5,937,638

Net investment income			48,183,287				25,132,191				4,292,757				11,005,996


Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			279,473,579				4,692,757				(51,428	)			(12,987,238	)
Swap contracts			—				(1,324,502	)			(15,540	)			—
In-kind redemptions			30,662,932				—				—				—
Closed futures contracts			—				1,641,692				—				(1,815,107	)
Written option contracts			—				1,155,019				—				—
Forward foreign currency contracts and foreign currency related transactions			(685,925	)			(1,109,785	)			409,517				6,239,327

Net realized gain			309,450,586				5,055,181				342,549				(8,563,018	)

Change in net unrealized appreciation (depreciation) on:
Investments			24,613,279				(27,059,361	)			4,831,877				(8,905,767	)
Unfunded loan commitments			—				(2,725	)			—				—
TBA Sale Commitments			—				16,406				—				—
Swap contracts			—				(458,119	)			—				—
Open futures contracts			—				604,974				—				1,166,154
Written option contracts			—				(37,800	)			—				—
Forward foreign currency contracts and foreign currency related translations			575,261				264,522				507,363				670,354

Change in net unrealized appreciation (depreciation)			25,188,540				(26,672,103	)			5,339,240				(7,069,259	)

Net realized and unrealized gain (loss)			334,639,126				(21,616,922	)			5,681,789				(15,632,277	)


Net increase (decrease) in net assets resulting from operations		$	382,822,413			$	3,515,269			$	9,974,546			$	(4,626,281	)

(a)	The Fund commenced operations on August 21, 2013.


148		See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Operations (Continued)

For the Year Ended March 31, 2014


	Mercer Global Low Volatility Equity Fund
Investment Income:
Interest		$	5,985
Dividends			13,522,389
Securities lending income			108,304
Withholding taxes			(651,190	)

Total investment income			12,985,488


Expenses:
Advisory fees			4,744,812
Transfer agent fees			21,964
Custodian and fund accounting fees			315,817
Audit fees			61,361
Legal fees			51,249
Trustees fees			27,014
Registration fees			55,694
Miscellaneous			45,598

Total expenses			5,323,509
Fee reductions			(21,964	)
Recapture of expenses			76,000

Net expenses			5,377,545

Net investment income			7,607,943


Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			30,801,130
Forward foreign currency contracts and foreign currency related transactions			805,924

Net realized gain			31,607,054

Change in net unrealized appreciation (depreciation) on:
Investments			51,394,901
Forward foreign currency contracts and foreign currency related translations			(452,728	)

Change in net unrealized appreciation (depreciation)			50,942,173

Net realized and unrealized gain (loss)			82,549,227


Net increase in net assets resulting from operations		$	90,157,170


		See accompanying Notes to the Financial Statements.			149

Mercer Funds

Statements of Changes in Net Assets


	Mercer US Large Cap Growth Equity Fund								Mercer US Large Cap Value Equity Fund
	Year Ended March 31, 2014				Year Ended March 31, 2013				Year Ended March 31, 2014				Year Ended March 31, 2013
Increase (decrease) in net assets:
Operations:
Net investment income (loss)		$	1,954,495			$	2,674,597			$	6,572,337			$	9,196,651
Net realized gain (loss)			91,017,590				42,369,258				100,626,817				40,763,308
Change in net unrealized appreciation (depreciation)			(6,335,436	)			(18,880,192	)			(574,973	)			20,601,558

Net increase in net assets resulting from operations			86,636,649				26,163,663				106,624,181				70,561,517

Distributions to shareholders from:
Net investment income
Class Y-3			(2,145,143	)			(2,623,579	)			(6,835,803	)			(9,197,559	)

Total distributions from net investment income			(2,145,143	)			(2,623,579	)			(6,835,803	)			(9,197,559	)

Net realized gains
Class Y-3			(81,475,198	)			(12,798,740	)			—				—

Total distributions from net realized gains			(81,475,198	)			(12,798,740	)			—				—

Net share transactions (See Note 7):
Class Y-3			(109,941,413	)			(10,594,802	)			(205,208,131	)			(45,465,052	)

Decrease in net assets resulting from net shares transactions			(109,941,413	)			(10,594,802	)			(205,208,131	)			(45,465,052	)

Net increase (decrease) in net assets			(106,925,105	)			146,542				(105,419,753	)			15,898,906
Net assets:
Beginning of year			465,787,341				465,640,799				475,897,615				459,998,709

End of year		$	358,862,236			$	465,787,341			$	370,477,862			$	475,897,615

Undistributed net investment income included in net assets at end of year		$	313,482			$	565,314			$	1,507,583			$	1,635,764


150		See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Changes in Net Assets (Continued)


	Mercer US Small/Mid Cap Growth Equity Fund								Mercer US Small/Mid Cap Value Equity Fund
	Year Ended March 31, 2014				Year Ended March 31, 2013				Year Ended March 31, 2014				Year Ended March 31, 2013
Increase (decrease) in net assets:
Operations:
Net investment income (loss)		$	(714,770	)		$	(166,599	)		$	1,506,232			$	4,330,538
Net realized gain (loss)			79,466,661				17,825,972				103,295,900				26,146,088
Change in net unrealized appreciation (depreciation)			3,771,797				32,129,046				(28,294,070	)			32,460,899

Net increase in net assets resulting from operations			82,523,688				49,788,419				76,508,062				62,937,525

Distributions to shareholders from:
Net investment income
Class Y-3			—				(303,053	)			(3,068,973	)			(3,935,894	)

Total distributions from net investment income			—				(303,053	)			(3,068,973	)			(3,935,894	)

Net realized gains
Class Y-3			(61,044,497	)			(31,036,701	)			(68,563,917	)			(13,297,320	)

Total distributions from net realized gains			(61,044,497	)			(31,036,701	)			(68,563,917	)			(13,297,320	)

Net share transactions (See Note 7):
Class Y-3			(66,199,365	)			123,455,822				(45,575,148	)			91,316,151

Increase (decrease) in net assets resulting from net shares transactions			(66,199,365	)			123,455,822				(45,575,148	)			91,316,151

Net increase (decrease) in net assets			(44,720,174	)			141,904,487				(40,699,976	)			137,020,462
Net assets:
Beginning of year			442,080,294				300,175,807				429,411,650				292,391,188

End of year		$	397,360,120			$	442,080,294			$	388,711,674			$	429,411,650

Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	(914	)		$	(392,627	)		$	(39,343	)		$	728,939


		See accompanying Notes to the Financial Statements.			151

Mercer Funds

Statements of Changes in Net Assets (Continued)


	Mercer Non-US Core Equity Fund								Mercer Core Fixed Income Fund (formerly known as Mercer Core Opportunistic Fixed Income Fund)
	Year Ended March 31, 2014				Year Ended March 31, 2013				Year Ended March 31, 2014				Year Ended March 31, 2013
Increase (decrease) in net assets:
Operations:
Net investment income (loss)		$	48,183,287			$	41,544,097			$	25,132,191			$	27,293,670
Net realized gain (loss)			309,450,586				65,792,476				5,055,181				17,070,317
Change in net unrealized appreciation (depreciation)			25,188,540				124,651,565				(26,672,103	)			19,060,319

Net increase in net assets resulting from operations			382,822,413				231,988,138				3,515,269				63,424,306

Distributions to shareholders from:
Net investment income
Class Y-3			(51,237,787	)			(49,488,095	)			(24,984,359	)			(30,940,168	)

Total distributions from net investment income			(51,237,787	)			(49,488,095	)			(24,984,359	)			(30,940,168	)

Net realized gains
Class Y-3			(85,693,489	)			—				(5,718,416	)			(23,150,024	)

Total distributions from net realized gains			(85,693,489	)			—				(5,718,416	)			(23,150,024	)

Net share transactions (See Note 7):
Class Y-3			(503,345,330	)			63,645,562				10,374,161				58,295,119

Increase (decrease) in net assets resulting from net shares transactions			(503,345,330	)			63,645,562				10,374,161				58,295,119

Net increase (decrease) in net assets			(257,454,193	)			246,145,605				(16,813,345	)			67,629,233
Net assets:
Beginning of year			2,138,929,827				1,892,784,222				1,093,252,822				1,025,623,589

End of year		$	1,881,475,634			$	2,138,929,827			$	1,076,439,477			$	1,093,252,822

Undistributed net investment income included in net assets at end of year		$	15,302,164			$	8,552,915			$	6,679,686			$	6,883,601


152		See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Changes in Net Assets (Continued)


	Mercer Opportunistic Fixed Income Fund			Mercer Emerging Markets Equity Fund
	Period Ended March 31, 2014^(b)			Year Ended March 31, 2014			Period Ended March 31, 2013^(a)
Increase (decrease) in net assets:
Operations:
Net investment income (loss)	$	4,292,757		$	11,005,996		$	2,924,172
Net realized gain (loss)		342,549			(8,563,018	)		229,882
Change in net unrealized appreciation (depreciation)		5,339,240			(7,069,259	)		23,781,363

Net increase (decrease) in net assets resulting from operations		9,974,546			(4,626,281	)		26,935,417

Distributions to shareholders from:
Net investment income
Class Y-3		(1,909,755	)		(12,069,442	)		(2,704,695	)

Total distributions from net investment income		(1,909,755	)		(12,069,442	)		(2,704,695	)

Net realized gains
Class Y-3		(370,327	)		(1,819,134	)		(530,723	)

Total distributions from net realized gains		(370,327	)		(1,819,134	)		(530,723	)

Net share transactions (See Note 7):
Class Y-3		252,886,385			364,353,169			493,384,530

Increase in net assets resulting from net shares transactions		252,886,385			364,353,169			493,384,530

Net increase in net assets		260,580,849			345,838,312			517,084,529
Net assets:
Beginning of period		—			517,084,529			—

End of period	$	260,580,849		$	862,922,841		$	517,084,529

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	2,764,086		$	4,792,103		$	(118,819	)

(a)	The Fund commenced operations on May 1, 2012.

(b)	The Fund commenced operations on August 21, 2013.


		See accompanying Notes to the Financial Statements.			153

Mercer Funds

Statements of Changes in Net Assets (Continued)


	Mercer Global Low Volatility Equity Fund
	Year Ended March 31, 2014				Period Ended March 31, 2013^(a)
Increase (decrease) in net assets:
Operations:
Net investment income (loss)		$	7,607,943			$	1,567,709
Net realized gain (loss)			31,607,054				2,224,879
Change in net unrealized appreciation (depreciation)			50,942,173				24,719,123

Net increase in net assets resulting from operations			90,157,170				28,511,711

Distributions to shareholders from:
Net investment income
Class Y-3			(8,930,712	)			(485,259	)

Total distributions from net investment income			(8,930,712	)			(485,259	)

Net realized gains
Class Y-3			(19,639,446	)			—

Total distributions from net realized gains			(19,639,446	)			—

Net share transactions (See Note 7):
Class Y-3			379,824,244				273,203,686

Increase in net assets resulting from net shares transactions			379,824,244				273,203,686

Net increase in net assets			441,411,256				301,230,138
Net assets:
Beginning of year			301,230,138				—

End of year		$	742,641,394			$	301,230,138

Undistributed net investment income included in net assets at end of year		$	1,063,496			$	1,418,147

(a)	The Fund commenced operations on November 6, 2012.


154		See accompanying Notes to the Financial Statements.

Mercer US Large Cap Growth Equity Fund

Financial Highlights


	Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12				Year Ended 03/31/11				Year Ended 03/31/10
For a Class Y-3 Share Outstanding Throughout Each Period:

Net asset value at beginning of year		$	13.56			$	13.27			$	12.19			$	10.08			$	6.85

Net investment income†			0.07				0.08				0.04				0.03				0.05
Net realized and unrealized gain on investments			3.11				0.68				1.06				2.12				3.23


Total from investment operations			3.18				0.76				1.10				2.15				3.28

Less dividends and distributions:
From net investment income			(0.09	)			(0.08	)			(0.02	)			(0.04	)			(0.05	)
From net realized gain on investments			(3.49	)			(0.39	)			—				—				—


Total dividends and distributions			(3.58	)			(0.47	)			(0.02	)			(0.04	)			(0.05	)


Net asset value at end of year		$	13.16			$	13.56			$	13.27			$	12.19			$	10.08

Total investment return^(a)			23.99	%			6.03	%			9.08	%			21.38	%			47.85	%

Ratios/Supplemental Data:
Net investment income to average net assets			0.48	%			0.61	%			0.33	%			0.27	%			0.54	%
Net expenses to average daily net assets			0.57	%			0.57	%			0.57	%			0.57	%			0.57	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.63	%			0.63	%			0.63	%			0.64	%			0.66	%
Portfolio turnover rate			50	%			65	%			64	%			106	%^(b)			102	%
Net assets at end of year (in 000’s)		$	358,862			$	465,787			$	465,641			$	427,840			$	359,792

(a)	The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(b)	Portfolio turnover calculation does not include $23,568,413 of securities transferred into the Fund as part of in-kind contributions.

†	Computed using average shares outstanding throughout the year.


		See accompanying Notes to the Financial Statements.			155

Mercer US Large Cap Value Equity Fund

Financial Highlights (Continued)


	Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12				Year Ended 03/31/11				Year Ended 03/31/10
For a Class Y-3 Share Outstanding Throughout Each Period:

Net asset value at beginning of year		$	9.95			$	8.71			$	8.25			$	7.52			$	5.18

Net investment income†			0.18				0.18				0.16				0.11				0.11
Net realized and unrealized gain on investments			2.75				1.26				0.45				0.72				2.37


Total from investment operations			2.93				1.44				0.61				0.83				2.48

Less dividends and distributions:
From net investment income			(0.22	)			(0.20	)			(0.15	)			(0.10	)			(0.14	)


Total dividends and distributions			(0.22	)			(0.20	)			(0.15	)			(0.10	)			(0.14	)


Net asset value at end of year		$	12.66			$	9.95			$	8.71			$	8.25			$	7.52

Total investment return^(a)			29.54	%			16.71	%			7.69	%			11.07	%			47.96	%

Ratios/Supplemental Data:
Net investment income to average net assets			1.60	%			2.07	%			2.03	%			1.52	%			1.69	%
Net expenses to average daily net assets			0.55	%^(b)			0.55	%			0.55	%			0.55	%			0.55	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.61	%^(b)			0.60	%			0.62	%			0.63	%			0.64	%
Portfolio turnover rate			45	%			59	%			109	%			117	%^(c)			128	%
Net assets at end of year (in 000’s)		$	370,478			$	475,898			$	459,999			$	420,518			$	357,787

(a)	The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(b)	The Fund invests in Underlying Funds and consequently bears its proportionate share of operating expenses of the Underlying Funds. This ratio does not include the expenses of the Underlying Funds.

(c)	Portfolio turnover calculation does not include $21,956,759 of securities transferred into the Fund as part of in-kind contributions.

†	Computed using average shares outstanding throughout the year.


156		See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Growth Equity Fund

Financial Highlights (Continued)


	Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12				Year Ended 03/31/11				Year Ended 03/31/10
For a Class Y-3 Share Outstanding Throughout Each Period:

Net asset value at beginning of year		$	11.94			$	11.62			$	12.49			$	9.75			$	6.19

Net investment loss†			(0.02	)			(0.01	)			(0.04	)			(0.03	)			(0.04	)
Net realized and unrealized gain on investments			2.63				1.31				0.27				2.77				3.60


Total from investment operations			2.61				1.30				0.23				2.74				3.56

Less dividends and distributions:
From net investment income			—				(0.01	)			—				—				—
From net realized gain on investments			(2.11	)			(0.97	)			(1.10	)			—				—


Total dividends and distributions			(2.11	)			(0.98	)			(1.10	)			—				—


Net asset value at end of year		$	12.44			$	11.94			$	11.62			$	12.49			$	9.75

Total investment return^(a)			22.34	%			12.11	%			3.36	%			28.10	%			57.51	%

Ratios/Supplemental Data:
Net investment loss to average net assets			(0.17	)%			(0.05	)%			(0.36	)%			(0.34	)%			(0.45	)%
Net expenses to average daily net assets			0.97	%^(b)			0.96	%			0.92	%			0.92	%			0.92	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.99	%^(b)			1.01	%			1.01	%			1.02	%			1.04	%
Portfolio turnover rate			67	%			54	%			95	%			107	%			92	%
Net assets at end of year (in 000’s)		$	397,360			$	442,080			$	300,176			$	300,980			$	220,665

(a)	The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(b)	The Fund invests in Underlying Funds and consequently bears its proportionate share of operating expenses of the Underlying Funds. This ratio does not include the expenses of the Underlying Funds.

†	Computed using average shares outstanding throughout the year.


		See accompanying Notes to the Financial Statements.			157

Mercer US Small/Mid Cap Value Equity Fund

Financial Highlights (Continued)


	Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12				Year Ended 03/31/11				Year Ended 03/31/10
For a Class Y-3 Share Outstanding Throughout Each Period:

Net asset value at beginning of year		$	11.05			$	9.94			$	10.64			$	8.64			$	5.26

Net investment income†			0.04				0.13				0.06				0.05				0.06
Net realized and unrealized gain (loss) on investments			2.24				1.46				(0.14	)^(a)			2.05				3.35


Total from investment operations			2.28				1.59				(0.08	)			2.10				3.41

Less dividends and distributions:
From net investment income			(0.10	)			(0.11	)			(0.04	)			(0.10	)			(0.03	)
From net realized gain on investments			(2.25	)			(0.37	)			(0.58	)			—				—


Total dividends and distributions			(2.35	)			(0.48	)			(0.62	)			(0.10	)			(0.03	)


Net asset value at end of year		$	10.98			$	11.05			$	9.94			$	10.64			$	8.64

Total investment return^(b)			21.61	%			16.51	%			(0.03	)%			24.36	%			64.86	%

Ratios/Supplemental Data:
Net investment income to average net assets			0.38	%			1.26	%			0.60	%			0.65	%			0.81	%
Net expenses to average daily net assets			0.97	%^(c)			0.96	%			0.92	%			0.92	%			0.92	%
Total expenses (before reductions and reimbursements) to average daily net assets			1.00	%^(c)			1.01	%			1.01	%			1.02	%			1.07	%
Portfolio turnover rate			122	%^(d)			80	%			92	%			95	%			119	%
Net assets at end of year (in 000’s)		$	388,712			$	429,412			$	292,391			$	295,626			$	222,102

(a)	The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain for the period due to the timing of sales of the Fund in relation to the fluctuating net asset value per share of the Fund.

(b)	The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(c)	The Fund invests in Underlying Funds and consequently bears its proportionate share of operating expenses of the Underlying Funds. This ratio does not include the expenses of the Underlying Funds.

(d)	Portfolio turnover calculation does not include $38,447,113 of securities transferred out of the Fund as part of an in-kind redemption.

†	Computed using average shares outstanding throughout the year.


158		See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Financial Highlights (Continued)


	Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12				Year Ended 03/31/11				Year Ended 03/31/10
For a Class Y-3 Share Outstanding Throughout Each Period:

Net asset value at beginning of year		$	10.58			$	9.72			$	10.46			$	9.73			$	6.29

Net investment income†			0.29				0.21				0.25				0.17				0.17
Net realized and unrealized gain (loss) on investments			1.94				0.90				(0.81	)			0.74				3.38


Total from investment operations			2.23				1.11				(0.56	)			0.91				3.55

Less dividends and distributions:
From net investment income			(0.33	)			(0.25	)			(0.18	)			(0.18	)			(0.11	)
From net realized gain on investments			(0.56	)			—				—				—				—


Total dividends and distributions			(0.89	)			(0.25	)			(0.18	)			(0.18	)			(0.11	)


Net asset value at end of year		$	11.92			$	10.58			$	9.72			$	10.46			$	9.73

Total investment return^(a)			21.48	%			11.53	%			(5.15	)%			9.45	%			56.52	%

Ratios/Supplemental Data:
Net investment income to average net assets			2.52	%			2.17	%			2.57	%			1.76	%			1.93	%
Net expenses to average daily net assets			0.85	%^(b)			0.83	%			0.82	%			0.82	%			0.82	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.86	%^(b)			0.86	%			0.92	%			0.92	%			0.94	%
Portfolio turnover rate			95	%^(c)			90	%			105	%^(d)			87	%			51	%
Net assets at end of year (in 000’s)		$	1,881,476			$	2,138,930			$	1,892,784			$	1,563,529			$	1,042,831

(a)	The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(b)	The Fund invests in Underlying Funds and consequently bears its proportionate share of operating expenses of the Underlying Funds. This ratio does not include the expenses of the Underlying Funds.

(c)	Portfolio turnover calculation does not include $177,821,966 of securities transferred out of the Fund as part of an in-kind redemption.

(d)	Portfolio turnover calculation does not include $9,536,640 of securities transferred into the Fund as part of an in-kind contribution.

†	Computed using average shares outstanding throughout the year.


		See accompanying Notes to the Financial Statements.			159

Mercer Core Fixed Income Fund (formerly known as Mercer Core Opportunistic Fixed Income Fund)

Financial Highlights (Continued)


	Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12				Year Ended 03/31/11				Year Ended 03/31/10
For a Class Y-3 Share Outstanding Throughout Each Period:

Net asset value at beginning of year		$	10.68			$	10.58			$	10.23			$	10.11			$	9.00

Net investment income†			0.24				0.27				0.33				0.29				0.40
Net realized and unrealized gain (loss) on investments			(0.19	)			0.37				0.46				0.34				0.98


Total from investment operations			0.05				0.64				0.79				0.63				1.38

Less dividends and distributions:
From net investment income			(0.25	)			(0.31	)			(0.31	)			(0.36	)			(0.27	)
From net realized gain on investments			(0.06	)			(0.23	)			(0.13	)			(0.15	)			—


Total dividends and distributions			(0.31	)			(0.54	)			(0.44	)			(0.51	)			(0.27	)


Net asset value at end of year		$	10.42			$	10.68			$	10.58			$	10.23			$	10.11

Total investment return^(a)			0.44	%			6.15	%			7.88	%			6.25	%			15.34	%

Ratios/Supplemental Data:
Net investment income to average net assets			2.32	%			2.51	%			3.13	%			2.79	%			4.12	%
Net expenses to average daily net assets			0.37	%			0.37	%			0.37	%			0.37	%			0.37	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.43	%			0.43	%			0.44	%			0.45	%			0.47	%
Portfolio turnover rate			187	%^(b)			125	%			181	%			379	%			276	%
Net assets at end of year (in 000’s)		$	1,076,439			$	1,093,253			$	1,025,624			$	1,043,027			$	758,780

(a)	The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(b)	Excludes treasury dollar roll transactions. The Portfolio turnover rate including treasury dollar roll transactions was 251% for the year ended March 31, 2014.

†	Computed using average shares outstanding throughout the year.


160		See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Financial Highlights (Continued)


	Period Ended 03/31/14^(a)
For a Class Y-3 Share Outstanding Throughout the Period:

Net asset value at beginning of period		$	10.00

Net investment income†			0.34
Net realized and unrealized gain on investments			0.35


Total from investment operations			0.69

Less dividends and distributions:
From net investment income			(0.22	)
From net realized gain on investments			(0.04	)


Total dividends and distributions			(0.26	)


Net asset value at end of period		$	10.43

Total investment return^(b)			7.00	%**

Ratios/Supplemental Data:
Net investment income to average net assets			5.52	%*
Net expenses to average daily net assets			0.90	%*
Total expenses (before reductions and reimbursements) to average daily net assets			1.17	%*
Portfolio turnover rate			28	%**
Net assets at end of period (in 000’s)		$	260,581

(a)	The Fund commenced operations on August 21, 2013.

(b)	The total return would have been lower had certain expenses not been reduced or reimbursed during the period shown.

†	Computed using average shares outstanding throughout the period.

**	Not annualized.

*	Annualized.


		See accompanying Notes to the Financial Statements.			161

Mercer Emerging Markets Equity Fund

Financial Highlights (Continued)


	Year Ended 03/31/14				Period Ended 03/31/13^(a)
For a Class Y-3 Share Outstanding Throughout Each Period:

Net asset value at beginning of year		$	10.49			$	10.00

Net investment income†			0.18				0.10
Net realized and unrealized gain (loss) on investments			(0.46	)			0.46


Total from investment operations			(0.28	)			0.56

Less dividends and distributions:
From net investment income			(0.19	)			(0.06	)
From net realized gain on investments			(0.03	)			(0.01	)


Total dividends and distributions			(0.22	)			(0.07	)


Net asset value at end of year		$	9.99			$	10.49

Total investment return^(b)			(2.61	)%			5.64	%**

Ratios/Supplemental Data:
Net investment income to average net assets			1.77	%			1.08	%*
Net expenses to average daily net assets			0.95	%^(c)			0.95	%*^(c)
Total expenses (before reductions and reimbursements) to average daily net assets			1.04	%^(c)			1.15	%*^(c)
Portfolio turnover rate			64	%			52	%**
Net assets at end of year (in 000’s)		$	862,923			$	517,085

(a)	The Fund commenced operations on May 1, 2012.

(b)	The total return would have been lower had certain expenses not been reduced or reimbursed during the period shown.

(c)	Includes interest expense that amounts to less than 0.01%.

†	Computed using average shares outstanding throughout the year.

*	Annualized.

**	Not annualized.


162		See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Financial Highlights (Continued)


	Year Ended 03/31/14				Period Ended 03/31/13^(a)
For a Class Y-3 Share Outstanding Throughout Each Period:

Net asset value at beginning of year		$	11.19			$	10.00

Net investment income†			0.14				0.07
Net realized and unrealized gain on investments			1.45				1.14


Total from investment operations			1.59				1.21

Less dividends and distributions:
From net investment income			(0.16	)			(0.02	)
From net realized gain on investments			(0.35	)			—


Total dividends and distributions			(0.51	)			(0.02	)


Net asset value at end of year		$	12.27			$	11.19

Total investment return^(b)			14.40	%			12.13	%**

Ratios/Supplemental Data:
Net investment income to average net assets			1.20	%			1.62	%*
Net expenses to average daily net assets			0.85	%^(c)			0.85	%*
Total expenses (before reductions and reimbursements/recapture) to average daily net assets			0.84	%^(c)			1.00	%*
Portfolio turnover rate			46	%			12	%**
Net assets at end of year (in 000’s)		$	742,641			$	301,230

(a)	The Fund commenced operations on November 6, 2012.

(b)	The total return would have been lower had certain expenses not been reduced or reimbursed during the period shown.

(c)	The Fund invests in Underlying Funds and consequently bears its proportionate share of operating expenses of the Underlying Funds. This ratio does not include the expenses of the Underlying Funds.

†	Computed using average shares outstanding throughout the year.

*	Annualized.

**	Not annualized.


		See accompanying Notes to the Financial Statements.			163

Mercer Funds

Notes to the Financial Statements

March 31, 2014

1.	Organization

Mercer Funds (the “Trust”) consists of the following nine series: Mercer US Large Cap Growth Equity Fund (“Large Cap Growth”), Mercer US Large Cap Value Equity Fund (“Large Cap Value”), Mercer US Small/Mid Cap Growth Equity Fund (“Small/Mid Cap Growth”), Mercer US Small/Mid Cap Value Equity Fund (“Small/Mid Cap Value”), Mercer Non-US Core Equity Fund (“Non-US Core Equity”), Mercer Core Fixed Income Fund (“Core Fixed”) (formerly known as Mercer Core Opportunistic Fixed Income Fund), Mercer Opportunistic Fixed Income Fund (“Opportunistic Fixed”), which commenced operations on August 21, 2013, Mercer Emerging Markets Equity Fund (“Emerging Markets”) and Mercer Global Low Volatility Equity Fund (“Global Low Volatility”) (each a “Fund,” and collectively referred to as the “Funds”). The Trust is a Delaware statutory trust established on March 11, 2005. The Trust is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”). The Fund’s investment advisor is Mercer Investment Management, Inc. (the “Advisor”). The Advisor manages each Fund using a “manager of managers” approach by selecting one or more subadvisors (each a “Subadvisor,” and collectively referred to as the “Subadvisors”) to manage each Fund’s assets.

Under the 1940 Act, each Fund is classified as “diversified”, with the exception of Opportunistic Fixed. Opportunistic Fixed is classified as “non-diversified” under the 1940 Act, as amended, and may invest a larger percentage of its assets in fewer issuers than diversified funds.

The investment objectives of the Funds are:


Fund		Investment Objective
Large Cap Growth		Long-term total return, which includes capital appreciation and income
Large Cap Value		Long-term total return, which includes capital appreciation and income
Small/Mid Cap Growth		Long-term total return, comprised primarily of capital appreciation
Small/Mid Cap Value		Long-term total return, comprised primarily of capital appreciation
Non-US Core Equity		Long-term total return, which includes capital appreciation and income
Core Fixed		Total return, consisting of both current income and capital appreciation
Opportunistic Fixed		Long-term total return, which includes capital appreciation and income
Emerging Markets		Long-term total return, which includes capital appreciation and income
Global Low Volatility		Long-term total return, which includes capital appreciation and income

Each Fund has registered and is authorized to offer interests in four classes of shares: Class S, Class Y-1, Class Y-2 and Class Y-3. The principal difference between the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. As of March 31, 2014, only the Class Y-3 shares of each Fund had commenced operations.

2.	Significant Accounting Policies

The following are significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

164

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

(a) Security Valuation

Each Fund’s investments are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”) on each day when the NYSE is open. Portfolio securities listed on an exchange normally are valued at the last sale or official closing price on the day on which the securities are valued or, lacking any sales on such day, at the last available bid price using prices as of the close of trading. In cases where securities are traded on more than one exchange, the securities are generally valued on the exchange considered by the Advisor or the applicable Subadvisor as the primary market for such securities. Securities traded in the over-the-counter (“OTC”) market and listed on the NASDAQ Stock Market (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price; other OTC securities are valued at the last bid price available prior to valuation (other than short-term investments, which are valued as described below). The Funds may invest in securities that are traded in foreign markets. Foreign securities will be converted into U.S. dollar equivalents based on the exchange rate in effect at a uniform time on each business day. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board of Trustees of the Trust (the “Board”) has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments in open-end investment companies are valued at their net asset value (“NAV”) per share.

Certain fixed-income securities may be valued based upon appraisals received from a pricing service using a computerized matrix system or based upon appraisals derived from information concerning the securities or similar securities received from a recognized dealer or dealers in those securities. It should be recognized that judgment often plays a greater role in valuing thinly traded securities, as well as bonds and other securities with few dealer quotations, than is the case with respect to securities for which a broader range of dealer quotations and last-sale information is available. Each such determination is based on consideration of relevant factors, and judgment is made by or at the direction of the Board. Each Fund generally values short-term investments, which mature in 60 days or less, at amortized cost, which approximates fair value unless the Board determines that this approach does not represent fair value.

Derivative financial instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Futures traded on inactive markets are valued using broker quotations. OTC derivative financial instruments, such as foreign currency contracts, options contracts, or swaps agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of pricing service providers or broker dealer quotations. Depending on the derivative type and the terms of the derivative, the value of the derivative financial instruments is assigned by pricing service providers using a series of techniques, which may include pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, volatilities, dividends and exchange rates.

Senior secured floating rate loans and senior secured floating rate debt securities are valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, yield curves, prepayment speeds, tranche type, industry, company performance, spread, individual trading characteristics, institutional size trading in similar groups of securities and other market data.

The Board has delegated its responsibility for valuing portfolio securities to the Advisor, subject to continuing Board oversight. The Advisor has appointed a Valuation Committee that is responsible for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Advisor or the applicable Subadvisor) do not otherwise accurately reflect the fair values of the securities, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board.

165

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Notes to the Financial Statements (Continued)

March 31, 2014

The application of fair value pricing represents a good faith determination based on specific procedures performed under the supervision of the Board. Due to the subjective nature of fair value pricing, there can be no assurance that a Fund could realize the fair value assigned to the security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV per share. A Fund’s value for a particular security may be different from the last quoted market price.

The Funds follow a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

•

Level 1 — quoted prices unadjusted in active markets for identical investments

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The assets and liabilities shown in the Statements of Assets and Liabilities related to investments purchased for TBA or when-issued securities approximate fair value and are determined using Level 2 inputs, as of March 31, 2014. The assets and liabilities shown in the Statements of Assets and Liabilities related to cash collateral held at or due to broker for futures contracts are determined using Level 1 inputs as of March 31, 2014.

At March 31, 2014, Large Cap Growth held long-term investments whose value was determined using Level 1 inputs, with corresponding major categories as shown in the schedule of investments, and a short-term investment position in a Euro Time Deposit, as shown in the schedule of investments, whose value was determined using a Level 2 input.

At March 31, 2014, Small/Mid Cap Value held long-term investments whose value was determined using Level 1 inputs, with corresponding major categories as shown in the schedule of investments, and short-term investment positions in a Euro Time Deposit and in State Street Navigator Securities Lending Prime Portfolio, as shown in the schedule of investments, whose value was determined using Level 2 inputs.

The following is a summary of the inputs used as of March 31, 2014 in valuing the assets and liabilities of Large Cap Value, Small/Mid Cap Growth, Non-US Core Equity, Core Fixed, Opportunistic Fixed, Emerging Markets and Global Low Volatility for which fair valuation was used:

Large Cap Value

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Advertising	$	485,984	$	—	$	—	$	485,984
Aerospace & Defense		9,786,858		—		—		9,786,858
Agriculture		3,356,749		—		—		3,356,749
Airlines		5,563,827		—		—		5,563,827
Auto Manufacturers		8,270,419		—		—		8,270,419
Auto Parts & Equipment		1,680,588		—		—		1,680,588
Banks		27,769,401		—		—		27,769,401

166

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Notes to the Financial Statements (Continued)

March 31, 2014


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Beverages	$	5,184,641	$	—	$	—	$	5,184,641
Biotechnology		2,014,636		—		—		2,014,636
Building Materials		1,580,676		—		—		1,580,676
Chemicals		5,032,745		—		—		5,032,745
Commercial Services		8,283,249		—		—		8,283,249
Computers		17,036,334		—		—		17,036,334
Cosmetics & Personal Care		349,018		—		—		349,018
Diversified Financial Services		44,033,809		—		—		44,033,809
Electric		4,260,884		—		—		4,260,884
Electronics		2,173,451		—		—		2,173,451
Entertainment		552,665		—		—		552,665
Food		3,331,996		—		—		3,331,996
Forest Products & Paper		857,727		—		—		857,727
Hand & Machine Tools		483,784		—		—		483,784
Health Care - Products		6,689,021		—		—		6,689,021
Health Care - Services		4,663,607		—		—		4,663,607
Insurance		20,189,727		—		—		20,189,727
Internet		3,267,276		—		—		3,267,276
Iron & Steel		1,448,530		—		—		1,448,530
Leisure Time		982,846		—		—		982,846
Lodging		448,461		—		—		448,461
Machinery - Construction & Mining		2,682,270		—		—		2,682,270
Machinery - Diversified		4,648,865		—		—		4,648,865
Media		21,282,184		—		—		21,282,184
Mining		742,911		—		—		742,911
Miscellaneous - Manufacturing		9,427,758		—		—		9,427,758
Office & Business Equipment		1,515,364		—		—		1,515,364
Oil & Gas		38,546,004		—		—		38,546,004
Oil & Gas Services		4,748,927		—		—		4,748,927
Packaging & Containers		1,762,833		—		—		1,762,833
Pharmaceuticals		27,853,773		—		—		27,853,773
REITS		3,566,712		—		—		3,566,712
Retail		19,270,512		—		—		19,270,512
Semiconductors		10,989,861		—		—		10,989,861
Software		8,232,134		—		—		8,232,134
Telecommunications		20,664,976		—		—		20,664,976
Transportation		1,939,530		—		—		1,939,530

Total Common Stocks		367,653,523		—		—		367,653,523

Investment Company
Unaffiliated Fund		299,150		—		—		299,150

Total Investment Company		299,150		—		—		299,150

Short-Term Investments
Bank Deposit		—		1,683,192		—		1,683,192
Securities Lending Collateral		—		5,975,569		—		5,975,569

Total Short-Term Investments		—		7,658,761		—		7,658,761

Total	$	367,952,673	$	7,658,761	$	—	$	375,611,434

167

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Notes to the Financial Statements (Continued)

March 31, 2014

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts*
Sales	$	—	$	(23,526	)	$	—	$	(23,526	)

Total	$	—	$	(23,526	)	$	—	$	(23,526	)

Forward foreign currency contracts are valued at unrealized appreciation/depreciation.

Small/Mid Cap Growth

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Aerospace & Defense	$	6,629,655	$	—	$	—	$	6,629,655
Apparel		1,077,494		—		—		1,077,494
Auto Parts & Equipment		4,799,119		—		—		4,799,119
Banks		7,299,880		—		—		7,299,880
Biotechnology		2,661,127		—		—		2,661,127
Building Materials		4,650,949		—		—		4,650,949
Chemicals		14,914,879		—		—		14,914,879
Coal		3,314,252		—		—		3,314,252
Commercial Services		29,601,826		—		—		29,601,826
Computers		16,005,402		—		—		16,005,402
Distribution & Wholesale		5,818,964		—		—		5,818,964
Diversified Financial Services		14,743,390		—		—		14,743,390
Electrical Components & Equipment		5,727,039		—		—		5,727,039
Electronics		3,518,830		—		—		3,518,830
Engineering & Construction		933,004		—		—		933,004
Entertainment		2,365,064		—		—		2,365,064
Environmental Control		1,371,195		—		—		1,371,195
Food		1,166,151		—		—		1,166,151
Hand & Machine Tools		2,976,893		—		—		2,976,893
Health Care - Products		22,735,502		—		—		22,735,502
Health Care - Services		16,773,977		—		—		16,773,977
Home Builders		1,190,586		—		—		1,190,586
Home Furnishings		5,331,415		—		—		5,331,415
Household Products & Wares		5,257,477		—		—		5,257,477
Insurance		2,240,717		—		—		2,240,717
Internet		16,362,834		—		—		16,362,834
Leisure Time		4,632,507		—		—		4,632,507
Lodging		1,613,843		—		—		1,613,843
Machinery - Construction & Mining		1,955,048		—		—		1,955,048

168

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Notes to the Financial Statements (Continued)

March 31, 2014


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Machinery - Diversified	$	7,777,223	$	—		$	—	$	7,777,223
Media		924,868		—			—		924,868
Metal Fabricate & Hardware		2,845,540		—			—		2,845,540
Miscellaneous - Manufacturing		4,036,502		—			—		4,036,502
Oil & Gas		13,075,750		—			—		13,075,750
Oil & Gas Services		6,379,846		—			—		6,379,846
Packaging & Containers		7,021,643		—			—		7,021,643
Pharmaceuticals		13,214,580		—			—		13,214,580
Real Estate		2,742,090		—			—		2,742,090
REITS		6,067,048		—			—		6,067,048
Retail		40,454,179		—			—		40,454,179
Semiconductors		8,255,820		—			—		8,255,820
Software		46,563,377		—			—		46,563,377
Telecommunications		14,768,557		—			—		14,768,557
Transportation		11,590,922		—			—		11,590,922

Total Common Stocks		393,386,964		—			—		393,386,964

Warrants
Oil & Gas		—		0	*		—		0

Total Warrants		—		0			—		0

Short-Term Investments
Bank Deposit		—		3,776,068			—		3,776,068
Securities Lending Collateral		—		35,237,041			—		35,237,041

Total Short-Term Investments		—		39,013,109			—		39,013,109

Total	$	393,386,964	$	39,013,109		$	—	$	432,400,073

Represents one security at $0 value as of March 31, 2014.

Non-US Core Equity

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	66,713,973	$	0	*	$	—	$	66,713,973
Austria		7,626,882		—			—		7,626,882
Belgium		11,441,887		—			—		11,441,887
Bermuda		23,649,398		—			—		23,649,398
Brazil		6,992,993		—			—		6,992,993
Canada		2,352,707		—			—		2,352,707
Cayman Islands		13,301,201		—			—		13,301,201
China		3,883,257		—			—		3,883,257
Denmark		28,412,802		—			—		28,412,802
Finland		27,412,883		—			—		27,412,883
France		157,781,863		—			—		157,781,863

169

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Notes to the Financial Statements (Continued)

March 31, 2014


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Germany	$	178,502,814	$	—	$	—	$	178,502,814
Greece		5,918,416		—		—		5,918,416
Hong Kong		11,025,184		—		—		11,025,184
India		19,241,921		—		—		19,241,921
Indonesia		5,204,565		—		—		5,204,565
Ireland		5,298,694		—		—		5,298,694
Italy		49,585,485		—		—		49,585,485
Japan		387,523,108		135,360		—		387,658,468
Luxembourg		7,323,035		—		—		7,323,035
Malaysia		3,781,932		—		—		3,781,932
Malta		1,340,142		—		—		1,340,142
Mexico		1,263,610		—		—		1,263,610
Netherlands		66,341,162		—		—		66,341,162
New Zealand		6,425,918		—		—		6,425,918
Norway		22,345,277		—		—		22,345,277
Singapore		12,284,639		—		—		12,284,639
South Africa		2,602,167		—		—		2,602,167
South Korea		8,978,257		—		—		8,978,257
Spain		67,078,750		—		—		67,078,750
Sweden		65,907,100		—		—		65,907,100
Switzerland		114,440,664		—		—		114,440,664
Taiwan		15,439,544		—		—		15,439,544
Thailand		195,934		2,281,989		—		2,477,923
United Kingdom		367,730,761		—		—		367,730,761

Total Common Stocks		1,775,348,925		2,417,349		—		1,777,766,274

Investment Company
United States		17,812,006		—		—		17,812,006

Total Investment Company		17,812,006		—		—		17,812,006

Preferred Stocks
Brazil		1,425,708		—		—		1,425,708
Germany		14,858,917		—		—		14,858,917

Total Preferred Stocks		16,284,625		—		—		16,284,625

Rights
Hong Kong		—		111,370		—		111,370
Italy		1,278,914		—		—		1,278,914

Total Rights		1,278,914		111,370		—		1,390,284

Options Purchased
Call Options		—		183,374		—		183,374
Put Options		—		154,421		—		154,421

Total Options Purchased		—		337,795		—		337,795

Short-Term Investments
Bank Deposit		—		57,687,891		—		57,687,891
Securities Lending Collateral		—		72,792,139		—		72,792,139

Total Short-Term Investments		—		130,480,030		—		130,480,030

Total	$	1,810,724,470	$	133,346,544	$	—	$	1,944,071,014

Represents one security at $0 value as of March 31, 2014.

170

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Notes to the Financial Statements (Continued)

March 31, 2014

Core Fixed

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Debt Obligations
Asset Backed Securities	$	—	$	39,181,697	$	—		$	39,181,697
Bank Loans		—		1,983,562		—			1,983,562
Corporate Debt		—		271,510,883		0	*		271,510,883
Mortgage Backed Securities - Private Issuers		—		21,746,818		—			21,746,818
Mortgage Backed Securities - U.S. Government Agency Obligations		—		147,409,658		—			147,409,658
Municipal Obligations		—		43,377,181		—			43,377,181
Sovereign Debt Obligations		—		9,363,386		—			9,363,386
U.S. Government and Agency Obligations		—		455,228,507		—			455,228,507

Total Debt Obligations		—		989,801,692		0			989,801,692

Preferred Stock
Diversified Financial Services		3,240,032		—		—			3,240,032

Total Preferred Stock		3,240,032		—		—			3,240,032

Options Purchased
Call Options		523		—		—			523
Put Options		3,038		—		—			3,038

Total Options Purchased		3,561		—		—			3,561

Short-Term Investments
Bank Deposit		—		84,220,655		—			84,220,655
Securities Lending Collateral		—		2,627,065		—			2,627,065
U.S. Government and Agency Obligations		—		9,996,170		—			9,996,170

Total Short-Term Investments		—		96,843,890		—			96,843,890

Forward Foreign Currency Contracts**
Buys		—		98,308		—			98,308
Sales		—		3,522		—			3,522

Total Forward Foreign Currency Contracts		—		101,830		—			101,830

Total	$	3,243,593	$	1,086,747,412	$	0		$	1,089,991,005

171

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Notes to the Financial Statements (Continued)

March 31, 2014

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts**
Sales	$	—		$	(162,636	)	$	—	$	(162,636	)

Total Forward Foreign Currency Contracts		—			(162,636	)		—		(162,636	)

Futures Contracts**
Sales		(132	)		—			—		(132	)

Total Futures Contracts		(132	)		—			—		(132	)

Written Options		(20,997	)		—			—		(20,997	)

Total	$	(21,129	)	$	(162,636	)	$	—	$	(183,765	)

Represents four securities at $0 value as of March 31, 2014.

Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

Opportunistic Fixed

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Debt Obligations
Corporate Debt	$	—	$	118,480,804	$	—	$	118,480,804
Sovereign Debt Obligations		—		120,682,062		—		120,682,062

Total Debt Obligations		—		239,162,866		—		239,162,866

Preferred Stock
Diversified Financial Services		382,200		—		—		382,200

Total Preferred Stock		382,200		—		—		382,200

Short-Term Investments
Bank Deposit		—		18,686,992		—		18,686,992

Total Short-Term Investments		—		18,686,992		—		18,686,992

Cross Currency Foreign Currency Contracts*		—		8,984		—		8,984

Forward Foreign Currency Contracts*
Buys		—		1,004,640		—		1,004,640
Sales		—		56,991		—		56,991

Total Forward Foreign Currency Contracts		—		1,061,631		—		1,061,631

Total	$	382,200	$	258,920,473	$	—	$	259,302,673

172

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Cross Currency Foreign Currency Contracts*	$	—	$	(2,470	)	$	—	$	(2,470	)

Forward Foreign Currency Contracts*
Buys		—		(30,316	)		—		(30,316	)
Sales		—		(540,620	)		—		(540,620	)

Total Forward Foreign Currency Contracts		—		(570,936	)		—		(570,936	)

Total	$	—	$	(573,406	)	$	—	$	(573,406	)

Cross currency foreign currency contracts and Forward foreign currency contracts are valued at unrealized appreciation/depreciation.

Emerging Markets

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Bermuda	$	7,343,648	$	—	$	—	$	7,343,648
Brazil		64,112,593		13,081		—		64,125,674
British Virgin Islands		847,042		—		—		847,042
Cayman Islands		35,795,443		—		—		35,795,443
Chile		10,708,030		—		—		10,708,030
China		81,747,156		—		—		81,747,156
Colombia		2,107,252		—		—		2,107,252
Czech Republic		4,825,457		—		—		4,825,457
Denmark		1,390,236		—		—		1,390,236
Germany		2,409,148		—		—		2,409,148
Hong Kong		41,752,652		—		—		41,752,652
Hungary		1,642,198		—		—		1,642,198
India		78,266,267		—		—		78,266,267
Indonesia		22,839,826		—		—		22,839,826
Luxembourg		2,816,715		—		—		2,816,715
Malaysia		31,001,172		—		—		31,001,172
Mexico		42,174,710		—		—		42,174,710
Netherlands		1,717,237		—		—		1,717,237
Panama		1,237,830		—		—		1,237,830
Peru		159,639		—		—		159,639
Philippines		4,780,114		—		—		4,780,114
Poland		12,110,353		—		—		12,110,353
Russia		28,388,518		6,581,376		—		34,969,894
Singapore		1,217,041		—		—		1,217,041

173

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
South Africa	$	46,696,389	$	—	$	—	$	46,696,389
South Korea		93,327,532		—		—		93,327,532
Switzerland		1,899,149		—		—		1,899,149
Taiwan		91,179,608		—		—		91,179,608
Thailand		11,577,620		15,154,517		—		26,732,137
Turkey		12,159,908		—		—		12,159,908
United Kingdom		18,966,592		—		—		18,966,592
United States		3,358,249		—		—		3,358,249

Total Common Stocks		760,555,324		21,748,974		—		782,304,298

Preferred Stocks
Brazil		11,825,430		—		—		11,825,430
Chile		471,343		—		—		471,343
Colombia		2,757,988		—		—		2,757,988
India		25,731		—		—		25,731

Total Preferred Stocks		15,080,492		—		—		15,080,492

Short-Term Investments
Bank Deposit		—		49,615,231		—		49,615,231
Investment Fund		—		10,390,000		—		10,390,000
Securities Lending Collateral		—		36,536,471		—		36,536,471

Total Short-Term Investments		—		96,541,702		—		96,541,702

Forward Foreign Currency Contracts*
Buys		—		3,678,453		—		3,678,453
Sales		—		65,114		—		65,114

Total Forward Foreign Currency Contracts		—		3,743,567		—		3,743,567

Futures Contracts*
Buys		538,775		—		—		538,775

Total Futures Contracts		538,775		—		—		538,775

Synthetic Futures		—		778,913		—		778,913

Total Swaps		—		778,913		—		778,913

Total	$	776,174,591	$	122,813,156	$	—	$	898,987,747

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts*
Buys	$	—	$	(156,688	)	$	—	$	(156,688	)
Sales		—		(3,074,841	)		—		(3,074,841	)

Total Forward Foreign Currency Contracts		—		(3,231,529	)		—		(3,231,529	)

174

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts*
Sales	$	(333,176	)	$	—		$	—	$	(333,176	)
Total Futures Contracts		(333,176	)		—			—		(333,176	)

Total	$	(333,176	)	$	(3,231,529	)	$	—	$	(3,564,705	)

Global Low Volatility

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	3,138,497	$	—	$	—	$	3,138,497
Austria		1,241,483		—		—		1,241,483
Bahamas		277,338		—		—		277,338
Belgium		4,823,177		—		—		4,823,177
Bermuda		4,090,105		—		—		4,090,105
Canada		34,815,127		—		—		34,815,127
Cayman Islands		831,546		—		—		831,546
Denmark		6,654,619		—		—		6,654,619
France		36,285,770		—		—		36,285,770
Germany		21,127,934		—		—		21,127,934
Hong Kong		2,238,249		—		—		2,238,249
Ireland		4,324,020		—		—		4,324,020
Israel		5,984,535		—		—		5,984,535
Italy		353,185		—		—		353,185
Japan		54,005,902		—		—		54,005,902
Malaysia		124,630		—		—		124,630
Mexico		3,372,694		—		—		3,372,694
Netherlands		6,332,080		—		—		6,332,080
New Zealand		4,890,491		—		—		4,890,491
Norway		8,620,685		—		—		8,620,685
Portugal		3,234,144		—		—		3,234,144
Russia		907,947		—		—		907,947
Singapore		4,450,264		—		—		4,450,264
South Africa		2,018,864		—		—		2,018,864
South Korea		2,340,241		—		—		2,340,241
Spain		1,588,955		—		—		1,588,955
Sweden		6,803,633		—		—		6,803,633
Switzerland		30,898,200		—		—		30,898,200
Thailand		953,577		—		—		953,577
United Kingdom		45,196,796		—		—		45,196,796
United States		359,625,838		—		—		359,625,838

Total Common Stocks		661,550,526		—		—		661,550,526

175

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment Company
United States	$	11,696,967	$	—	$	—	$	11,696,967

Total Investment Company		11,696,967		—		—		11,696,967

Preferred Stocks
Germany		100,993		—		—		100,993
Japan		207,160		—		—		207,160
Sweden		255,077		—		—		255,077

Total Preferred Stocks		563,230		—		—		563,230

Warrants
United States		742,876		—		—		742,876

Total Warrants		742,876		—		—		742,876

Short-Term Investments
Bank Deposit		—		67,184,060		—		67,184,060
Securities Lending Collateral		—		33,949,069		—		33,949,069

Total Short-Term Investments		—		101,133,129		—		101,133,129

Forward Foreign Currency Contracts*
Buys		—		30,255		—		30,255
Sales		—		262,531		—		262,531

Total Forward Foreign Currency Contracts		—		292,786		—		292,786

Total	$	674,553,599	$	101,425,915	$	—	$	775,979,514

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts*
Sales	$	—	$	(201,768	)	$	—	$	(201,768	)

Total Forward Foreign Currency Contracts		—		(201,768	)		—		(201,768	)

Total	$	—	$	(201,768	)	$	—	$	(201,768	)

Forward foreign currency contracts are valued at unrealized appreciation/depreciation.

176

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Emerging Markets


	Transfers In					Transfers Out
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs
Common Stocks	$	—	$	2,841,973	*	$	2,841,973	*	$	—

Transfers occurred between Level 1 and Level 2 as a result of foreign securities not receiving an exchange traded price.

For financial statement reporting purposes, the Funds recognize transfers between Levels as of the end of the reporting period.

The following table includes a rollforward of the amounts for the year ended March 31, 2014 for financial instruments classified as Level 3:

Core Fixed


Investments in Securities	Balance as of March 31, 2013			Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)			Net Transfers In (Out) of Level 3				Sales				Balance as of March 31, 2014			Change in Unrealized Appreciation (Depreciation) from Investments Held at March 31, 2014
DEBT OBLIGATIONS
Corporate Debt		$	0^		$	(77,175	)		$	77,242		$	—	^^		$	(67	)		$	0^^^		$	—

Total		$	0^		$	(77,175	)		$	77,242		$	—	^^		$	(67	)		$	0^^^		$	—

For financial statement reporting purposes, the Funds recognize transfers between Levels as of the end of the reporting period.

Represents three securities at $0 value as of March 31, 2013.

Represents two securities at $0 value as of March 31, 2014.

^^^

Represents four securities at $0 value as of March 31, 2014.

Investments in Derivative Instruments

Small/Mid Cap Value, Non-US Core Equity and Emerging Markets held rights during the year as a result of corporate actions. Small/Mid Cap Growth, Non-US Core Equity, Core Fixed and Global Low Volatility held warrants during the year as a result of corporate actions.

At March 31, 2014 and during the period then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

Large Cap Value

LIABILITY DERIVATIVES


	Foreign Exchange Risk			Total
Forward Foreign Currency Contracts⁽⁴⁾	$	(23,526	)	$	(23,526	)

Total Value	$	(23,526	)	$	(23,526	)

177

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

NET REALIZED GAIN (LOSS)


	Foreign Exchange Risk		Total
Forward Foreign Currency Contracts⁽⁷⁾	$	224,730	$	224,730

Total Net Realized Gain (Loss)	$	224,730	$	224,730

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION)


	Foreign Exchange Risk			Total
Forward Foreign Currency Contracts⁽¹²⁾	$	(12,103	)	$	(12,103	)

Total Change in Net Unrealized Appreciation (Depreciation)	$	(12,103	)	$	(12,103	)

NUMBER OF CONTRACTS⁽¹⁶⁾


	Foreign Exchange Risk			Total
Forward Foreign Currency Contracts		(2,286,780	)		(2,286,780	)

Small/Mid Cap Growth

ASSET DERIVATIVES


	Equity Risk			Total
Warrants⁽¹⁾	$	0	*	$	0

Total Value	$	0		$	0

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION)


	Equity Risk		Total
Warrants⁽¹¹⁾	$	0	$	0

Total Change in Net Unrealized Appreciation (Depreciation)	$	0	$	0

NUMBER OF CONTRACTS⁽¹⁶⁾


	Equity Risk		Total
Warrants		27,862		27,862

Small/Mid Cap Value

NET REALIZED GAIN (LOSS)


	Equity Risk		Total
Rights⁽⁶⁾	$	3,906	$	3,906
Futures Contracts⁽⁸⁾		200,287		200,287

Total Net Realized Gain (Loss)	$	204,193	$	204,193

178

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

NUMBER OF CONTRACTS⁽¹⁶⁾


	Equity Risk		Total
Rights		127		127
Futures Contracts		24		24

Non-US Core Equity

ASSET DERIVATIVES


	Foreign Exchange Risk		Equity Risk		Total
Rights⁽¹⁾	$	—	$	1,390,284	$	1,390,284
Options Purchased⁽¹⁾		337,795		—		337,795

Total Value	$	337,795	$	1,390,284	$	1,728,079

NET REALIZED GAIN (LOSS)


	Foreign Exchange Risk		Equity Risk			Total
Rights⁽⁶⁾	$	—	$	(18,854	)	$	(18,854	)
Options Purchased⁽⁶⁾		588,098		—			588,098

Total Net Realized Gain (Loss)	$	588,098	$	(18,854	)	$	569,244

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION)


	Foreign Exchange Risk			Equity Risk		Total
Rights⁽¹¹⁾	$	—		$	373,855	$	373,855
Options Purchased⁽¹¹⁾		(629,972	)		—		(629,972	)

Total Change in Net Unrealized Appreciation (Depreciation)	$	(629,972	)	$	373,855	$	(256,117	)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹⁶⁾


	Foreign Exchange Risk		Equity Risk		Total
Rights		—		264,077		264,077
Options Purchased		3,903,353,917		—		3,903,353,917

Core Fixed

ASSET DERIVATIVES


	Interest Rate Risk		Foreign Exchange Risk		Credit Risk		Equity Risk		Total
Options Purchased⁽¹⁾	$	3,561	$	—	$	—	$	—	$	3,561
Forward Foreign Currency Contracts⁽²⁾		—		101,830		—		—		101,830

Total Value	$	3,561	$	101,830	$	—	$	—	$	105,391

179

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

LIABILITY DERIVATIVES


	Interest Rate Risk			Foreign Exchange Risk			Credit Risk		Equity Risk		Total
Forward Foreign Currency Contracts⁽⁴⁾	$	—		$	(162,636	)	$	—	$	—	$	(162,636	)
Futures Contracts⁽³⁾		(132	)		—			—		—		(132	)
Options Written⁽⁵⁾		(20,997	)		—			—		—		(20,997	)

Total Value	$	(21,129	)	$	(162,636	)	$	—	$	—	$	(183,765	)

NET REALIZED GAIN (LOSS)


	Interest Rate Risk			Foreign Exchange Risk			Credit Risk		Equity Risk		Total
Warrants⁽⁶⁾	$	—		$	—		$	—	$	45,245	$	45,245
Options Purchased⁽⁶⁾		77,448			—			—		—		77,448
Forward Foreign Currency Contracts⁽⁷⁾		—			(1,150,960	)		—		—		(1,150,960	)
Futures Contracts⁽⁸⁾		1,641,692			—			—		—		1,641,692
Options Written⁽⁹⁾		767,028			234			387,757		—		1,155,019
Swap Contracts⁽¹⁰⁾		(1,500,883	)		—			176,381		—		(1,324,502	)

Total Net Realized Gain (Loss)	$	985,285		$	(1,150,726	)	$	564,138	$	45,245	$	443,942

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION)


	Interest Rate Risk			Foreign Exchange Risk		Credit Risk		Equity Risk		Total
Warrants⁽¹¹⁾	$	—		$	—	$	—	$	55,063	$	55,063
Options Purchased⁽¹¹⁾		(16,790	)		—		—		—		(16,790	)
Forward Foreign Currency Contracts⁽¹²⁾		—			229,315		—		—		229,315
Futures Contracts⁽¹³⁾		604,974			—		—		—		604,974
Options Written⁽¹⁴⁾		(37,800	)		—		—		—		(37,800	)
Swap Contracts⁽¹⁵⁾		(506,635	)		—		48,516		—		(458,119	)

Total Change in Net Unrealized Appreciation (Depreciation)	$	43,749		$	229,315	$	48,516	$	55,063	$	376,643

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹⁶⁾


	Interest Rate Risk			Foreign Exchange Risk			Credit Risk			Equity Risk		Total
Warrants		—			—			—			12,527		12,527
Options Purchased		5,209,083			—			—			—		5,209,083
Forward Foreign Currency Contracts		—			(18,413,092	)		—			—		(18,413,092	)
Futures Contracts		1,285			—						—		1,285
Options Written		(78,526,667	)		(200,000	)		(500,000	)		—		(79,226,667	)
Swap Contracts		85,045,455			—			27,918,182			—		112,963,637

180

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

Opportunistic Fixed

ASSET DERIVATIVES


	Foreign Exchange Risk		Credit Risk		Total
Forward Foreign Currency Contracts⁽²⁾	$	1,070,615	$	—	$	1,070,615

Total Value	$	1,070,615	$	—	$	1,070,615

LIABILITY DERIVATIVES


	Foreign Exchange Risk			Credit Risk		Total
Forward Foreign Currency Contracts⁽⁴⁾	$	(573,406	)	$	—	$	(573,406	)

Total Value	$	(573,406	)	$	—	$	(573,406	)

NET REALIZED GAIN (LOSS)


	Foreign Exchange Risk		Credit Risk			Total
Forward Foreign Currency Contracts⁽⁷⁾	$	149,975	$	—		$	149,975
Swap Contracts⁽¹⁵⁾		—		(15,540	)		(15,540	)

Total Net Realized Gain (Loss)	$	149,975	$	(15,540	)	$	134,435

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION)


	Foreign Exchange Risk		Credit Risk		Total
Forward Foreign Currency Contracts⁽¹²⁾	$	497,209	$	—	$	497,209

Total Change in Net Unrealized Appreciation (Depreciation)	$	497,209	$	—	$	497,209

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹⁶⁾


	Foreign Exchange Risk		Credit Risk		Total
Forward Foreign Currency Contracts		2,597,587		—		2,597,587
Swap Contracts		—		7,500,000		7,500,000

Emerging Markets

ASSET DERIVATIVES


	Foreign Exchange Risk		Equity Risk		Total
Forward Foreign Currency Contracts⁽²⁾	$	3,743,567	$	—	$	3,743,567
Futures Contracts⁽³⁾		—		1,317,688		1,317,688

Total Value	$	3,743,567	$	1,317,688	$	5,061,255

181

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

LIABILITY DERIVATIVES


	Foreign Exchange Risk			Equity Risk			Total
Forward Foreign Currency Contracts⁽⁴⁾	$	(3,231,529	)	$	—		$	(3,231,529	)
Futures Contracts⁽³⁾		—			(333,176	)		(333,176	)

Total Value	$	(3,231,529	)	$	(333,176	)	$	(3,564,705	)

NET REALIZED GAIN (LOSS)


	Foreign Exchange Risk		Equity Risk			Total
Rights⁽⁶⁾	$	—	$	19,891		$	19,891
Forward Foreign Currency Contracts⁽⁷⁾		6,932,379		—			6,932,379
Futures Contracts⁽⁸⁾		—		(1,815,107	)		(1,815,107	)

Total Net Realized Gain (Loss)	$	6,932,379	$	(1,795,216	)	$	5,137,163

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION)


	Foreign Exchange Risk		Equity Risk		Total
Forward Foreign Currency Contracts⁽¹²⁾	$	743,612	$	—	$	743,612
Futures Contracts⁽¹³⁾		—		1,166,154		1,166,154

Total Change in Net Unrealized Appreciation (Depreciation)	$	743,612	$	1,166,154	$	1,909,766

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹⁶⁾


	Foreign Exchange Risk		Equity Risk		Total
Rights		—		43,761		43,761
Forward Foreign Currency Contracts		21,843,094		—		21,843,094
Futures Contracts		—		17,089		17,089

Global Low Volatility

ASSET DERIVATIVES


	Foreign Exchange Risk		Equity Risk		Total
Warrants⁽¹⁾	$	—	$	742,876	$	742,876
Forward Foreign Currency Contracts⁽²⁾		292,786		—		292,786

Total Value	$	292,786	$	742,876	$	1,035,662

LIABILITY DERIVATIVES


	Foreign Exchange Risk			Equity Risk		Total
Forward Foreign Currency Contracts⁽⁴⁾	$	(201,768	)	$	—	$	(201,768	)

Total Value	$	(201,768	)	$	—	$	(201,768	)

182

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

NET REALIZED GAIN (LOSS)


	Foreign Exchange Risk		Equity Risk		Total
Rights⁽⁶⁾	$	—	$	2,442	$	2,442
Warrants⁽⁶⁾		—		45,830		45,830
Forward Foreign Currency Contracts⁽⁷⁾		963,466		—		963,466

Total Net Realized Gain (Loss)	$	963,466	$	48,272	$	1,011,738

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION)


	Foreign Exchange Risk			Equity Risk		Total
Warrants⁽¹¹⁾	$	—		$	171,815	$	171,815
Forward Foreign Currency Contracts⁽¹²⁾		(480,837	)		—		(480,837	)

Total Change in Net Unrealized Appreciation (Depreciation)	$	(480,837	)	$	171,815	$	(309,022	)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹⁶⁾


	Foreign Exchange Risk			Equity Risk		Total
Rights		—			1,625		1,625
Warrants		—			36,534		36,534
Forward Foreign Currency Contracts		(19,393,248	)		—		(19,393,248	)

Represents one security at $0 value as of March 31, 2014.

⁽¹⁾

Statements of Assets and Liabilities location: Investments, at value.

⁽²⁾

Statements of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.

⁽³⁾

Cumulative appreciation (depreciation) on futures contracts is disclosed within the Schedule of Investments under the open “Futures Contracts” section. Only current day’s variation margin, if any, are reported within the Statements of Assets and Liabilities. Synthetic Futures are presented as Synthetic futures, at value within the Statements of Assets and Liabilities.

⁽⁴⁾

Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

⁽⁵⁾

Statements of Assets and Liabilities location: Written options, at value.

⁽⁶⁾

Statements of Operations location: Amounts are included in Net realized gain (loss) on Investments.

⁽⁷⁾

Statements of Operations location: Amounts are included in Net realized gain (loss) on Forward foreign currency contracts and foreign currency related transactions.

⁽⁸⁾

Statements of Operations location: Amounts are included in Net realized gain (loss) on Closed futures contracts.

⁽⁹⁾

Statements of Operations location: Amounts are included in Net realized gain (loss) on Written option contracts.

⁽¹⁰⁾

Statements of Operations location: Amounts are included in Net realized gain (loss) on Swap contracts.

⁽¹¹⁾

Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Investments.

⁽¹²⁾

Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Forward foreign currency contracts and foreign currency related transactions.

⁽¹³⁾

Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Open futures contracts.

⁽¹⁴⁾

Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Written option contracts.

⁽¹⁵⁾

Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Swap contracts.

⁽¹⁶⁾

Amounts disclosed represent average number of contracts, notional amounts, or shares outstanding for the months that the Fund held such derivatives during the year ended March 31, 2014.

183

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

Netting Agreements and Collateral Requirements

In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with certain collateral held and/or posted and create a net payment. The provisions of the ISDA Master Agreement typically permit a net payment in the event of default including the bankruptcy or insolvency of the counterparty. Absent an event of default by the counterparty or termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Funds’ net assets decline by a stated percentage or if the Funds fail to meet the terms of its ISDA Master Agreements, which would cause the Funds to accelerate payment of any net liability owed to the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash collateral held at broker or cash collateral due to broker, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds and any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

During the current reporting period, the Funds adopted the new disclosure requirements for offsetting assets and liabilities, pursuant to which an entity is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowings transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. The Funds’ derivative assets and liabilities at fair value by risk are presented in the tables above. For financial reporting purposes the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The following tables present the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of related collateral received by the Funds for assets or pledged by the Funds for liabilities as of March 31, 2014.

184

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

Large Cap Value

Offsetting of Financial Liabilities and Derivative Liabilities:


Counterparty	Derivative Liabilities Subject to MNA^(a)			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Liabilities^(a)
Barclays Bank Plc	$	(23,526	)	$	—	$	—	$	(23,526	)

	$	(23,526	)	$	—	$	—	$	(23,526	)

^(a)

Represents the net amount payable to the counterparty in the event of default.

In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

Non-US Core Equity

Offsetting of Financial Assets and Derivative Assets:


Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset		Collateral Received*		Net Amount of Derivative Assets^(a)
Deutsche Bank Securities	$	154,421	$	—	$	—	$	154,421
UBS AG		183,374		—		—		183,374

	$	337,795	$	—	$	—	$	337,795

^(a)

Represents the net amount receivable from the counterparty in the event of default.

In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

Core Fixed

Offsetting of Financial Assets and Derivative Assets:


Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*		Net Amount of Derivative Assets^(a)
Citibank N.A.	$	11,888	$	(729	)	$	—	$	11,159
HSBC Bank USA		3,522		—			—		3,522
Royal Bank of Scotland Plc		71,480		(23,249	)		—		48,231
UBS AG		14,940		(14,940	)		—		—

	$	101,830	$	(38,918	)	$	—	$	62,912

Offsetting of Financial Liabilities and Derivative Liabilities:


Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Liabilities^(b)
Bank of America N.A.	$	(32,715	)	$	—	$	—	$	(32,715	)
Citibank N.A.		(729	)		729		—		—
Royal Bank of Scotland Plc		(23,249	)		23,249		—		—
UBS AG		(105,943	)		14,940		—		(91,003	)

	$	(162,636	)	$	38,918	$	—	$	(123,718	)

^(a)

Represents the net amount receivable from the counterparty in the event of default.

^(b)

Represents the net amount payable to the counterparty in the event of default.

In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

185

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

Opportunistic Fixed

Offsetting of Financial Assets and Derivative Assets:


Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*		Net Amount of Derivative Assets^(a)
Citibank N.A.	$	441,855	$	(272,914	)	$	—	$	168,941
Deutsche Bank AG		20,981		(20,981	)		—		—
Goldman Sachs		602,899		(265,076	)		—		337,823
JPMorgan Chase Bank		4,880		—			—		4,880

	$	1,070,615	$	(558,971	)	$	—	$	511,644

Offsetting of Financial Liabilities and Derivative Liabilities:


Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Liabilities^(b)
Citibank N.A.	$	(272,914	)	$	272,914	$	—	$	—
Deutsche Bank AG		(35,416	)		20,981		—		(14,435	)
Goldman Sachs		(265,076	)		265,076		—		—

	$	(573,406	)	$	558,971	$	—	$	(14,435	)

^(a)

Represents the net amount receivable from the counterparty in the event of default.

^(b)

Represents the net amount payable to the counterparty in the event of default.

In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

Emerging Markets

Offsetting of Financial Assets and Derivative Assets:


Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*		Net Amount of Derivative Assets^(a)
Goldman Sachs	$	778,913	$	—		$	—	$	778,913
Royal Bank of Scotland Plc		3,743,567		(3,231,529	)		—		512,038

	$	4,522,480	$	(3,231,529	)	$	—	$	1,290,951

Offsetting of Financial Liabilities and Derivative Liabilities:


Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Liabilities^(b)
Royal Bank of Scotland Plc	$	(3,231,529	)	$	3,231,529	$	—	$	—

	$	(3,231,529	)	$	3,231,529	$	—	$	—

^(a)

Represents the net amount receivable from the counterparty in the event of default.

^(b)

Represents the net amount payable to the counterparty in the event of default.

In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

186

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

Global Low Volatility

Offsetting of Financial Assets and Derivative Assets:


Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*		Net Amount of Derivative Assets^(a)
Bank of New York Mellon	$	191,122	$	(113,726	)	$	—	$	77,396
Goldman Sachs		44,989		—			—		44,989
HSBC Bank USA		10,528		(2,971	)		—		7,557
UBS AG		46,147		(24,138	)		—		22,009

	$	292,786	$	(140,835	)	$	—	$	151,951

Offsetting of Financial Liabilities and Derivative Liabilities:


Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Liabilities^(b)
Bank of New York Mellon	$	(113,726	)	$	113,726	$	—	$	—
HSBC Bank USA		(2,971	)		2,971		—		—
JPMorgan Chase Bank		(60,933	)		—		—		(60,933	)
UBS AG		(24,138	)		24,138		—		—

	$	(201,768	)	$	140,835	$	—	$	(60,933	)

^(a)

Represents the net amount receivable from the counterparty in the event of default.

^(b)

Represents the net amount payable to the counterparty in the event of default.

In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

(b) Security transactions and related investment income

Security transactions are accounted for on trade date. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date, if later. Interest income is recorded on the accrual basis, and is adjusted for amortization of premium and discounts for debt securities. Income is not recognized, nor are premium and discount amortized, on securities for which collection is not expected. Withholding taxes on foreign dividend, interest, and capital gains have been provided for in accordance with the respective country’s tax rules and rates. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income on inflation indexed securities is accrued daily based upon an inflation-adjusted principal. Additionally, any increase in the principal or face amount of these securities is recorded as interest income. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified-cost basis.

(c) Cash and short term investments

A Fund may invest a portion of its assets in short-term debt securities (including repurchase agreements and reverse repurchase agreements) of corporations, the U.S. government and its agencies and instrumentalities and banks and finance companies, which may be denominated in any currency.

A Fund may invest a portion of its assets in shares issued by money market mutual funds. A Fund also may invest in collective investment vehicles that are managed by an unaffiliated investment manager, pending investment of the Fund’s assets in portfolio securities. When unusual market conditions warrant, a Fund may make substantial temporary defensive investments in cash equivalents, up to a maximum of 100% of the Fund’s net assets. Cash equivalent holdings may be in any currency. When a Fund invests for temporary defensive purposes, such investments may affect the Fund’s ability to achieve its investment objective.

187

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

(d) Securities lending

A Fund may lend its portfolio securities to qualified broker-dealers and financial institutions pursuant to agreements, provided: (1) the loan is secured continuously by collateral marked-to-market daily and maintained in an amount at least equal to the current fair value of the securities loaned; (2) the Fund may call the loan at any time and receive the securities loaned; (3) the Fund will receive any interest or dividends paid on the loaned securities; and (4) the aggregate fair value of securities loaned will not at any time exceed 33¹/₃% of the total assets of the Fund. Collateral will consist of U.S. and non-U.S. securities, cash equivalents or irrevocable letters of credit. A liability for cash collateral is reflected in the Statements of Assets and Liabilities, and is categorized as Level 2 within the fair value hierarchy. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of a borrower of a Fund’s portfolio securities. A Fund may not retain voting rights on securities while they are on loan.

The Funds participate in a securities lending program under which the Funds’ custodian, State Street Bank and Trust Company (the “Custodian”), is authorized to lend Fund portfolio securities to qualified broker-dealers and financial institutions that post appropriate collateral. The Custodian has agreed to indemnify the Funds in case of default of any security borrower. Securities on Loan are fully collateralized and the collateral exceeded the securities on loan at March 31, 2014. Currently, the cash collateral is invested in the State Street Navigator Securities Lending Prime Portfolio. The Custodian receives a portion of the interest earned on any reinvested collateral. The market value of securities on loan to borrowers and the value of collateral held by the Funds with respect to such loans at March 31, 2014 were as follows:


	Market Value of Loaned Securities		Value of Cash Collateral		Value of Non-Cash Collateral
Large Cap Value	$	5,860,639	$	5,975,569	$	—
Small/Mid Cap Growth		34,777,618		35,237,041		—
Small/Mid Cap Value		25,811,115		25,511,034		573,651
Non-US Core Equity		69,765,454		72,792,139		789,112
Core Fixed		2,577,457		2,627,065		—
Emerging Markets		35,138,798		36,536,471		564,770
Global Low Volatility		33,543,500		33,949,069		890,722

(e) Repurchase agreements

A Fund may enter into a repurchase agreement under the terms of a Master Repurchase Agreement (“MRA”) where the Fund purchases securities from a bank or broker-dealer who simultaneously agrees to repurchase the securities at a mutually agreed upon time and price, thereby determining the yield during the term of the agreement. As a result, a repurchase agreement provides a fixed rate of return insulated from market fluctuations during the term of the agreement. The term of a repurchase agreement generally is short, possibly overnight or for a few days, although it may extend over a number of months (up to one year) from the date of delivery. Repurchase agreements are considered under the 1940 Act to be collateralized loans by a Fund to a seller secured by the securities transferred to the Fund. Repurchase agreements are fully collateralized and the collateral is marked-to-market daily. A Fund may not enter into a repurchase agreement having more than seven days remaining to maturity if, as a result, such agreement, together with any other illiquid securities held by the Fund, would exceed 15% of the value of the net assets of the Fund. As of March 31, 2014, none of the Funds held open repurchase agreements.

(f) Swaps

A Fund may engage in swaps, including, but not limited to, interest rate, currency, credit default, and index swaps, and the purchase or sale of related caps, floors, collars, and other derivative instruments. A Fund expects to enter into these transactions to preserve a return or spread on a particular investment or portion of the portfolio, to modify the portfolio’s duration, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

188

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal. Currency swaps involve the exchange of cash flows on a notional amount based on changes in the values of referenced currencies. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction.

The credit default swap agreements may have as reference obligations one or more securities that are not currently held by a Fund. The protection “buyer” in a credit default swap agreement is generally obligated to pay the protection “seller” an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If a Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit worthiness and an increased market perception that there is a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, as well as the annual payment rates, serve as an indication of the current status of the payment/performance risk.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. A Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid by the Advisor and/or the Subadvisor in accordance with procedures established by the Board of Trustees, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid by the Advisor and/or Subadvisor in accordance with procedures established by the Board of Trustees, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that a Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss.

The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling the cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of

189

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

an interest rate floor entitles the purchaser to receive payments on a notional principal amount from the party selling the floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return with a predetermined range of interest rates or values.

Swaps do not involve the delivery of securities or other underlying assets or principal, and are subject to counterparty risk. If the other party to a swap defaults and fails to consummate the transaction, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive.

Whether a Fund’s use of swap agreements or swap options will be successful in achieving the Fund’s investment objective will depend on the Subadvisor’s ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness.

If there is a default by the counterparty to a swap contract, a Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that a swap contract counterparty will be able to meet its obligations pursuant to a swap contract or that, in the event of a default, a Fund will succeed in pursuing contractual remedies. A Fund thus assumes the risk that it may be delayed in, or prevented from, obtaining payments owed to it pursuant to a swap contract. However, the amount at risk is only the net unrealized gain, if any, on the swap at the time of default, and not the entire notional amount of the swap contract now that the potential loss can be mitigated by the posting of collateral and offsetting provisions of the ISDA. The Subadvisor that enters into the swap agreement will closely monitor, subject to the oversight of the Board, the creditworthiness of swap counterparties in order to minimize the risk of counterparty default on swaps.

Because swaps are two party contracts that may be subject to contractual restrictions on transferability and termination, and they may have terms of greater than seven days, swap agreements may be considered to be illiquid and subject to a Fund’s limitation on investments in illiquid securities. However, the Trust has adopted procedures pursuant to which the Advisor may determine that swaps (including swap options) are liquid under certain circumstances. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Certain restrictions imposed on the Funds’ ability to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), may limit the Funds’ ability to use swap agreements. The swaps market is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect a Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

A Fund will accrue for interim payments on swap contracts on a daily basis, with the net amount recorded as interest payable or receivable on swap contracts on the Statements of Assets and Liabilities. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swap contracts, in addition to realized gain/loss recorded upon the termination of swap contracts on the Statements of Operations. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts (swap contracts, at value on the Statements of Assets and Liabilities).

190

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

Swap agreements are marked to market daily. The change in value, if any, is recorded as unrealized gain or loss in the Statements of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments are included as part of realized gain (loss) on the Statements of Operations.

The swaps in which the Fund may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. The Fund’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty, if possible.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Advisor or Subadvisor is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if this investment technique were not used.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund’s interest. A Fund bears the risk that Subadvisor will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If a Subadvisor attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments.

During the year ended March 31, 2014, Core Fixed used swap agreements to adjust interest rate and yield curve exposure or to manage credit exposure. Opportunistic Fixed used swap agreements to manage country and currency exposure as a substitute for holding securities directly and to facilitate the implementation of its investment strategy. As of March 31, 2014, none of the Funds held open swap agreements.

(g) Futures

A futures contract is a contractual agreement to buy or sell a specific amount of a commodity or financial instrument at a predetermined price on a stipulated future date. A Fund may enter into contracts for the purchase or sale for future delivery of securities, indices and foreign currencies. Futures contracts may be opened to protect against the adverse effects of fluctuations in security prices, interest rates, or foreign exchange rates without actually buying or selling the securities or foreign currency. A Fund also may enter into futures contracts as a low cost method for gaining or reducing exposure to a particular currency or securities market without directly investing in those currencies or securities.

A purchase of a futures contract means the acquisition of a contractual right of a Fund to obtain delivery of the securities or foreign currency underlying the contract at a specified price on a specified future date. When a futures contract is sold, a Fund incurs a contractual obligation to deliver the securities or foreign currency underlying the contract at a specified price on a specified date.

When a Fund enters into a futures contract, it must deliver to the futures commission merchant selected by the Fund an amount referred to as “initial margin.” This amount is maintained by the futures commission merchant in a segregated account at the custodian bank. Futures contracts are marked-to-market daily, depending upon changes in the price of the underlying securities subject to the futures contracts, and the change in value is recorded by the Fund as a variation margin payable or receivable. The Fund recognizes gains and losses on futures contracts in addition to the variation margin, which gains and losses are considered realized at the time the contracts expire or close.

191

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March 31, 2014

A Fund may enter into futures transactions on domestic exchanges and, to the extent such transactions have been approved by the Commodity Futures Trading Commission (“CFTC”) for sale to customers in the United States, or on foreign exchanges. In addition, a Fund may sell stock index futures in anticipation of, or during a market decline to attempt to offset the decrease in the market value of the Fund’s common stocks that might otherwise result, and a Fund may purchase such contracts in order to offset increases in the cost of common stocks that it intends to purchase. Unlike other futures contracts, a stock index futures contract specifies that no delivery of the actual stocks making up the index will take place. Instead, settlement in cash must occur upon the termination of the contract.

While futures contracts provide for the delivery of securities, deliveries usually do not occur. Contracts are generally terminated by entering into offsetting transactions.

Where the futures market is not as developed or where the regulations prevent or make it disadvantageous to trade futures, the Emerging Markets Fund will utilize synthetic futures as part of the country selection strategy implementation. A synthetic future operates like a swap transaction and uses equity index swaps on equity index futures. These are marked to market daily and the change in value is recorded as unrealized gain or loss in the Statement of Operations.

During the year ended March 31, 2014, Small/Mid Cap Value used futures to equitize cash. Core Fixed used futures to adjust interest rate exposure and replicate government bond positions. Emerging Markets used futures to create passive index exposure to certain domestic emerging market country indices in the Fund. See the Core Fixed and Emerging Markets Schedules of Investments for a listing of open futures contracts as of March 31, 2014.

(h) Options

The Funds may purchase and sell (write) put and call options on debt securities and indices to enhance investment performance, manage duration, or protect against changes in market prices. The Funds may also buy and sell combinations of put and call options on the same underlying security, currency or index. Short (sold) options positions will generally be hedged by the Funds with cash, cash equivalents, current portfolio security holdings, or other options or futures positions.

The Funds may enter into swap options (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. Each Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund generally will incur a greater degree of risk when the Fund writes a swaption than the Fund will incur when it purchases a swaption. When a Fund purchases a swaption, the Fund’s risk of loss is limited to the amount of the premium it has paid should it decide to let the swaption expire unexercised. However, when a Fund writes a swaption, upon exercise of the option, the Fund will become obligated according to the terms of the underlying agreement.

When the Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. The Fund receives a premium on the sale of a call option but gives up the opportunity to profit from any increase in stock value above the exercise price of the option, and when the Fund writes a put option, it is exposed to a decline in the price of the underlying security.

Whether an option which the Fund has written expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the underlying security, and the cost basis of the lots sold are decreased by the premium originally received. When a put option which a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Fund purchases upon exercise of the option. Realized gains (losses) on purchased options are included in net realized gain (loss) from investments.

192

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March 31, 2014

The Funds’ use of written options involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. The face or contract amounts of these instruments reflect the extent of the Fund’s exposure to market risk. The risks may be caused by an imperfect correlation between movements in the price of the instrument and the price of the underlying securities and interest rates.

During the year ended March 31, 2014, Non-US Core Equity used options to adjust exposure to foreign currency and to efficiently maintain liquidity. Core Fixed used options to manage interest rate and volatility exposure.

See the Non-US Core Equity and Core Fixed Schedules of Investments for a listing of options contracts as of March 31, 2014.

Transactions in written option contracts for Core Fixed for the year ended March 31, 2014, is as follows:


	Number of Contracts/ Notional Amount			Premiums Received
Options outstanding at March 31, 2013		35,400,095		$	309,231
Options written		239,702,387			1,871,530
Options terminated in closing purchase transactions		(117,801,593	)		(1,253,423	)
Options exercised		(25,000,000	)		(82,900	)
Options expired		(132,300,714	)		(821,159	)

Options outstanding at March 31, 2014		175		$	23,279

(i) Forward foreign currency contracts

The Funds may purchase or sell currencies and/or engage in forward foreign currency transactions in order to expedite settlement of portfolio transactions and to manage currency risk.

Forward foreign currency contracts are traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement and no commissions are charged at any stage for trades. The Funds will account for forward contracts by marking-to-market each day at current forward contract values. The change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time the contract was opened and the value at the time the contract was closed.

The Funds will only enter into forward contracts to sell, for a fixed amount of U.S. dollars or other appropriate currency, an amount of foreign currency, to the extent that the value of the short forward contract is covered by the underlying value of securities denominated in the currency being sold. Alternatively, when a Fund enters into a forward contract to sell an amount of foreign currency, the Custodian or the Fund’s sub-custodian will segregate assets in a segregated account of the Fund in an amount not less than the value of the Fund’s total assets committed to the consummation of such forward contract. If the additional segregated assets placed in the segregated account decline, additional cash or securities will be placed in the account on a daily basis so that the value of the account will equal the amount of the Fund’s commitments with respect to such contract.

During the year ended March 31, 2014, Large Cap Value used forward foreign currency contracts to partially hedge Japanese Yen exposure on the currency risk embedded in one ADR position. Core Fixed used forward foreign currency contracts to hedge, cross-hedge or to actively manage non-US Dollar exposures in the Fund. Opportunistic Fixed used forward foreign currency contracts for a variety of purposes, including hedging, risk management, efficient portfolio management, enhancing total returns, or as a substitute for taking a position in the underlying asset. Emerging Markets and Global Low Volatility used forward foreign currency contracts to hedge, cross hedge or to actively manage the currency exposures in the Funds. See the Large Cap Value, Core Fixed, Opportunistic Fixed, Emerging Markets and Global Low Volatility Schedules of Investments for a listing of open forward foreign currency contracts as of March 31, 2014.

193

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

(j) Foreign currency translation

The books and records of each Fund are maintained in US dollars. Foreign currencies, investments and other assets and liabilities denominated in foreign currencies are translated into US dollars at the foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated at exchange rates prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign currency exchange rates have been included in the unrealized gains (losses) on foreign currency translations within each Fund’s Statement of Operations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amount actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the purchase settlement date and subsequent sale trade date is included in realized gains and losses on investment transactions.

(k) When-issued securities/TBA securities

Purchasing securities on a “when-issued” basis is a commitment by a Fund to buy a security before the security is actually issued. A Fund may purchase securities offered on a “when-issued” or “forward delivery” basis such as “to-be-announced” (“TBA”) securities. When so offered, the price, which is generally expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment for the when-issued or forward delivery securities take place at a later date. During the period between purchase and settlement, no payment is made by the purchaser to the issuer and no interest on the when-issued or forward delivery security accrues to the purchaser. While when-issued or forward delivery securities may be sold prior to the settlement date, it is intended that a Fund will purchase such securities with the purpose of actually acquiring the securities unless a sale appears desirable for investment reasons. At the time a Fund makes the commitment to purchase a security on a when-issued or forward delivery basis, the Fund will record the transaction and reflect the value of the security in determining the Fund’s NAV. The market value of when-issued or forward delivery securities may be more or less than the purchase price. Certain risks may arise upon entering into when-issued or forward delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities due to political, economic, or other factors. Additionally, losses may arise due to declines in the value of the securities prior to settlement date. As of March 31, 2014, none of the Funds held TBA sale commitments.

(l) Real estate investment trusts

The Funds may invest in real estate investment trusts (“REITs”), which pool investors’ funds for investment, primarily in income producing real estate or real estate-related loans or interests. A REIT is not taxed on income distributed to its shareholders or unitholders if it complies with regulatory requirements relating to its organization, ownership, assets and income, and with a regulatory requirement to distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year.

A shareholder in a Fund, by investing in REITs through the Fund, will bear not only the shareholder’s proportionate share of the expenses of the Fund, but also, indirectly, the management expenses of the underlying REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income, or the REIT’s failure to maintain exemption from registration under the 1940 Act. Dividends representing a return of capital are reflected as a reduction of cost and/or as a realized gain when the amount of the return of capital is conclusively determined. See each Fund’s Schedule of Investments for REIT securities held as of March 31, 2014.

(m) Mortgage-related and other asset-backed securities

The Funds may invest in mortgage-backed and asset-backed securities. Mortgage-backed securities represent an interest in a pool of mortgages. Asset-backed securities are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables

194

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Notes to the Financial Statements (Continued)

March 31, 2014

from credit card agreements. The value of some mortgage or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of stripped mortgage-backed security has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for the IOs are included in interest income on the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the cost basis of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. See the Schedules of Investments for mortgage-backed and asset-backed securities held by Core Fixed as of March 31, 2014.

(n) Mortgage dollar roll and treasury roll transactions

The Funds may sell mortgage-backed securities and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities.

The Funds may enter into treasury roll transactions. In a treasury roll transaction the Fund sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price at a future settlement date. The Fund receives cash from the sale of the treasury security to use for other investment purposes. The difference between the sale and repurchase price represents net interest income or net interest expense. Under GAAP, the treasury roll transaction is accounted for as a financing transaction and not as a purchase or sale. During the term of the borrowing the Fund records the related interest income or interest expenses on an accrual basis. Treasury roll transactions involve the risk that the market value of the securities that the Fund is required to repurchase may decline below the agreed upon repurchase price of those securities.

Treasury roll transactions are entered into by the Funds under an MRA. An MRA permits the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. With treasury roll transactions, typically the Fund and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund obligation under bankruptcy law to return the excess to the counterparty. The Funds did not hold open treasury rolls as of March 31, 2014.

(o) Bank loans

Core Fixed invests in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ‘‘Lender’’) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fund generally has no right to enforce compliance with

195

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March 31, 2014

the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. At March 31, 2014, the Funds held no unfunded loan commitments.

(p) Indexed securities

The Funds may invest in indexed securities where the redemption values and/or coupons are linked to the prices of other securities, securities indices, or other financial indicators. The Funds use indexed securities to increase or decrease their exposure to different underlying instruments and to gain exposure to markets in which it may be difficult to invest through conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment.

(q) Taxes and distributions

The Funds intend to qualify each year as regulated investment companies under the Code. The Funds intend to distribute substantially all of their net investment income and net realized short-term and long-term gains, if any, after giving effect to any available capital loss carryovers for U.S. federal income tax purposes. Therefore, no provision for U.S. federal and state income or excise tax is necessary.

The Funds utilize the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

On March 31, 2014, the following Funds had deferred capital losses available to be offset against future net capital gains through the indicated expiration dates as follows:


	Expiring March 31,
	2016		2017		2018		2019		Unlimited
Emerging Markets	$	—	$	—	$	—	$	—	$	4,160,307

Net capital loss carry forwards for the Funds shown in the above table are from pre-enactment years and are, therefore, subject to the eight-year carryforward period and possible expiration.

During the year ended March 31, 2014 the following Funds utilized capital loss carryforwards:


Large Cap Value	$	87,427,715
Non-US Core Equity		71,876,353

As of March 31, 2014, the cost for U.S. federal income tax purposes and gross unrealized appreciation and depreciation in value of investments were as follows:


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Large Cap Growth	$	271,346,568	$	87,174,004	$	(1,832,946	)	$	85,341,058
Large Cap Value		291,142,480		85,907,769		(1,438,815	)		84,468,954
Small/Mid Cap Growth		359,528,504		79,332,270		(6,460,701	)		72,871,569
Small/Mid Cap Value		378,534,988		40,263,071		(6,124,545	)		34,138,526
Non-US Core Equity		1,698,875,573		276,962,166		(31,766,725	)		245,195,441
Core Fixed		1,073,188,307		24,085,627		(7,384,759	)		16,700,868
Opportunistic Fixed		253,902,257		5,615,183		(1,285,382	)		4,329,801
Emerging Markets		884,773,374		42,899,553		(33,746,435	)		9,153,118
Global Low Volatility		702,624,980		84,951,643		(11,889,895	)		73,061,748

196

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily due to wash sale loss deferrals, investments in passive foreign investment companies and other basis adjustments.

As of March 31, 2014, the Funds had no uncertain tax positions that would require recognition, derecognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended March 31, 2014 remains subject to examination by the Internal Revenue Service.

The Funds’ policy is to declare and pay distributions from net investment income and net realized short-term and long-term gains at least annually. All distributions are paid in shares of the Funds, at NAV, unless the shareholder elects to receive cash distributions. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise taxes on the Funds. The amount of any distribution will vary, and there is no guarantee that a Fund will pay either income dividends or capital gains distributions.

During the years ended March 31, 2014 and March 31, 2013 the tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid, were as follows:


	2014				2013
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
Large Cap Growth	$	10,178,962	$	73,441,379	$	2,623,579	$	12,798,740
Large Cap Value		6,835,803		—		9,197,559		—
Small/Mid Cap Growth		16,026,482		45,018,015		8,654,824		22,684,930
Small/Mid Cap Value		34,388,584		37,244,306		6,390,089		10,843,125
Non-US Core Equity		51,237,787		85,693,489		49,488,095		—
Core Fixed		24,984,359		5,718,416		49,088,858		5,001,334
Opportunistic Fixed		2,280,082		—		—		—
Emerging Markets		13,888,576		—		3,235,418		—
Global Low Volatility		28,469,221		100,937		485,259		—

As of March 31, 2014, the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Gains		Capital Losses Other Temporary Differences			Unrealized Appreciation (Depreciation)		Total Distributable Earnings
Large Cap Growth	$	5,237,112	$	24,831,262	$	(4,900	)	$	85,341,058	$	115,404,532
Large Cap Value		1,466,475		10,441,191		(4,668	)		84,468,957		96,371,955
Small/Mid Cap Growth		8,283,628		16,107,024		(913	)		72,871,569		97,261,308
Small/Mid Cap Value		19,725,930		33,923,581		(750	)		34,138,542		87,787,303
Non-US Core Equity		35,525,443		103,601,372		(6,809	)		245,191,213		384,311,219
Core Fixed		6,697,829		4,272,076		(10,931	)		16,771,994		27,730,968
Opportunistic Fixed		3,123,751		—		(11,614	)		4,557,074		7,669,211
Emerging Markets		6,698,164		—		(10,368,588	)		8,855,566		5,185,142
Global Low Volatility		9,726,069		6,810,728		—			73,076,667		89,613,464

All other differences are temporary losses related to mostly organizational costs and other timing adjustments.

(r) Allocation of expenses and income

The majority of expenses of the Trust are directly identifiable to an individual Fund. Expenses which are not readily identifiable to a specific Fund are allocated among the applicable Funds, taking into consideration, among other things, the nature and type of expense and the relative size of each applicable Fund.

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Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

(s) Redemption fees

While none of the Funds’ classes have initial or contingent deferred sales charges on purchases of Fund shares, redemptions of Fund shares held less than 30 days may be assessed a 2% short-term trading fee and recorded as paid-in capital.

3.	Credit agreement

The Trust entered into a Credit Agreement on behalf of the Funds (“the Agreement”) with a bank pursuant to a revolving line of credit through June 23, 2014. Borrowings for each Fund under the Agreement are limited to the lesser of $50,000,000 or 33¹/₃% of a Fund’s Total Net Assets provided borrowings did not exceed, in the aggregate, $50,000,000. Under the terms of the Agreement the Trust pays an annual commitment fee at the rate 0.15% per year on the difference between the total line of credit and the average daily amount of borrowings outstanding. Interest is charged to the Funds based on its borrowings at a variable rate equal to the Overnight Rate plus 1.25%. The Funds did not borrow under the Agreement during the year ended March 31, 2014.

4.	Indemnities

In the normal course of business, the Funds enter into contracts that require them to provide a variety of representations or general indemnification for certain liabilities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

5.	Fees and other transactions with affiliates

The Advisor provides investment advisory services to each Fund pursuant to an investment management agreement. Pursuant to the investment management agreement, each Fund pays the Advisor a fee for managing the Fund’s investments at an annual rate of:


	Average net assets up to $750 million		Average net assets in excess of $750 million
Large Cap Growth		0.55%		0.53%
Large Cap Value		0.53%		0.51%
Small/Mid Cap Growth		0.90%		0.90%
Small/Mid Cap Value		0.90%		0.90%
Non-US Core Equity		0.75%		0.73%
Core Fixed		0.35%		0.33%
Opportunistic Fixed		0.80%		0.80%
Emerging Markets		0.80%		0.80%
Global Low Volatility		0.75%		0.75%

Such fees as referenced above are shown in the Advisory fees line in the Statements of Operations. The Advisor provides certain internal administrative services to the Class S, Class Y-1 and Class Y-2 shares of the Funds, for which the Advisor receives a fee of 0.15%, 0.10% and 0.05% of the average daily net assets of the Class S, Class Y-1 and Class Y-2 shares of the Funds, respectively. These internal administrative services include attending to shareholder correspondence, assisting with the processing of purchases and redemptions of shares, preparing and disseminating information and documents for use by beneficial shareholders and monitoring and overseeing non-advisory relationships with entities providing services to the Class S, Class Y-1 and Class Y-2 shares, including the transfer agent. However, Class S, Class Y-1 and Class Y-2 shares have not commenced operations.

The Funds have adopted a plan of marketing and service, or “12b-1 plan” to finance the provision of certain shareholder services to the owners of Class S and Class Y-1 shares of the Funds (collectively referred to as the “plans”). The plan provides for payments at annual rates (based on average net assets) of up to 0.25% of each Fund’s Class S and Class Y-1 shares. However, Class S and Class Y-1 shares have not commenced operations.

198

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

The Trust, with respect to each Fund, and the Advisor have entered into a written contractual fee waiver and expense reimbursement agreement pursuant to which the Advisor has agreed to waive a portion of its fees and/or reimburse expenses. For the year ended March 31, 2014, the fees were reimbursed to the extent that each Fund’s class expenses exceeded the net expense rates as set forth below of average daily net assets of the Fund class. These reimbursements are shown in the Reimbursement of expenses line in the Statements of Operations.


	Class S		Class Y-1		Class Y-2		Class Y-3
Large Cap Growth		1.07%		1.02%		0.72%		0.57%
Large Cap Value		1.05%		1.00%		0.70%		0.55%
Small/Mid Cap Growth		1.47%		1.42%		1.12%		0.97%
Small/Mid Cap Value		1.47%		1.42%		1.12%		0.97%
Non-US Core Equity		1.37%		1.32%		1.02%		0.87%
Core Fixed		0.87%		0.82%		0.52%		0.37%
Opportunistic Fixed		1.40%		1.35%		1.05%		0.90%
Emerging Markets		1.60%		1.55%		1.25%		0.95%
Global Low Volatility		1.35%		1.30%		1.00%		0.85%

Pursuant to the expense reimbursement agreement, the Advisor is entitled to be reimbursed for any fees the Advisor waives and Fund expenses that the Advisor reimburses for a period of three years following such fee waivers and expense reimbursements, to the extent that such reimbursement of the Advisor by a Fund will not cause the Fund to exceed any applicable expense limitation that is in place for the Fund. For the year ended March 31, 2014, the Advisor recovered $76,000 in reimbursed expenses from Global Low Volatility.

As of March 31, 2014 only Class Y-3 had commenced operations.

Pursuant to the Funds’ expense reimbursement agreement, the Advisor can recapture certain amounts waived or reimbursed over the past three 12-month periods ended July 31, 2013. The following amounts were available for recapture as of July 31, 2013:


	Expenses Reimbursed in the 12-Months Ended July 31,
	2011		2012		2013
	Subject to Recapture until July 31,
	2014		2015		2016
Large Cap Growth	$	268,664	$	243,890	$	206,394
Large Cap Value		299,759		268,658		198,065
Small/Mid Cap Growth		254,984		240,500		85,083
Small/Mid Cap Value		259,564		237,686		84,500
Non-US Core Equity		1,571,260		1,321,132		—
Core Fixed		761,910		661,339		556,235
Opportunistic Fixed		—		—		—
Emerging Markets		—		83,093		556,088
Global Low Volatility		—		—		131,146

Pursuant to a transfer agency agreement with State Street Bank and Trust Co. (“SSB”), SSB has agreed to waive its fees and out of pocket expenses, up to $33,000 per month for the Funds in the aggregate. For the year ended March 31, 2014, the fees waived are shown in the Fee reductions line in the Statement of Operations.

199

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2014

6.	Purchases and sales of securities

Cost of purchases and proceeds from sales of securities, excluding short-term investments, for the period ended March 31, 2014, were as follows:


	Long-Term U.S. Government Securities		Other Long-Term Securities
Purchases
Large Cap Growth	$	—	$	200,132,255
Large Cap Value		—		182,347,592
Small/Mid Cap Growth		—		267,652,562
Small/Mid Cap Value		—		472,153,500
Non-US Core Equity		—		1,763,805,587
Core Fixed		1,580,530,036		249,430,468
Opportunistic Fixed		—		269,994,259
Emerging Markets		—		702,079,820
Global Low Volatility		—		579,019,264
Sales
Large Cap Growth		—		388,417,978
Large Cap Value		—		385,350,931
Small/Mid Cap Growth		—		391,377,320
Small/Mid Cap Value		—		549,491,242
Non-US Core Equity		—		2,197,005,276
Core Fixed		1,441,093,260		392,468,696
Opportunistic Fixed		—		35,070,595
Emerging Markets		—		372,407,783
Global Low Volatility		—		262,251,936

7.	Share transactions

Each Fund is authorized to issue an unlimited number of shares of beneficial interest without par value. Transactions in Fund shares were as follows:

Large Cap Growth


	Year Ended March 31, 2014						Year Ended March 31, 2013
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		220,686		$	2,949,064			5,065,500		$	64,873,285
Shares issued to shareholders in reinvestment of distributions		6,477,176			83,620,341			1,221,086			15,422,319
Shares repurchased		(13,790,756	)		(196,510,818	)		(7,036,336	)		(90,890,406	)

Net decrease		(7,092,894	)	$	(109,941,413	)		(749,750	)	$	(10,594,802	)

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March 31, 2014

Large Cap Value


	Year Ended March 31, 2014						Year Ended March 31, 2013
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		232,374		$	2,849,063			6,358,367		$	56,988,771
Shares issued to shareholders in reinvestment of distributions		570,125			6,835,803			1,020,817			9,197,559
Shares repurchased		(19,376,634	)		(214,892,997	)		(12,333,094	)		(111,651,382	)

Net decrease		(18,574,135	)	$	(205,208,131	)		(4,953,910	)	$	(45,465,052	)

Small/Mid Cap Growth


	Year Ended March 31, 2014						Year Ended March 31, 2013
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		2,889,213		$	37,028,139			11,992,815		$	134,366,284
Shares issued to shareholders in reinvestment of distributions		5,049,172			61,044,497			2,909,912			31,339,754
Shares repurchased		(13,016,216	)		(164,272,001	)		(3,732,632	)		(42,250,216	)

Net increase (decrease)		(5,077,831	)	$	(66,199,365	)		11,170,095		$	123,455,822

Small/Mid Cap Value


	Year Ended March 31, 2014						Year Ended March 31, 2013
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		6,584,297		$	74,869,203			12,039,409		$	117,965,935
Shares issued to shareholders in reinvestment of distributions		6,815,689			71,632,890			1,746,020			17,233,214
Shares repurchased through in-kind redemption*		(3,518,476	)		(39,406,931	)		—			—
Shares repurchased		(13,337,366	)		(152,670,310	)		(4,357,440	)		(43,882,998	)

Net increase (decrease)		(3,455,856	)	$	(45,575,148	)		9,427,989		$	91,316,151

The fund had a redemption in-kind on May 6, 2013.

201

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Notes to the Financial Statements (Continued)

March 31, 2014

Non-US Core Equity


	Year Ended March 31, 2014						Year Ended March 31, 2013
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		32,304,150		$	365,809,642			48,377,767		$	464,004,703
Shares issued to shareholders in reinvestment of distributions		11,990,479			136,931,276			4,934,007			49,488,095
Shares repurchased through in-kind redemption*		(16,779,118	)		(188,093,909	)		—			—
Shares repurchased		(71,884,254	)		(817,992,339	)		(45,785,469	)		(449,847,236	)

Net increase (decrease)		(44,368,743	)	$	(503,345,330	)		7,526,305		$	63,645,562

The fund had a redemption in-kind on May 3, 2013.

Core Fixed


	Year Ended March 31, 2014						Year Ended March 31, 2013
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		18,298,152		$	191,482,003			18,759,679		$	205,364,923
Shares issued to shareholders in reinvestment of distributions		2,998,318			30,702,775			5,093,239			54,090,192
Shares repurchased		(20,376,062	)		(211,810,617	)		(18,442,944	)		(201,159,996	)

Net increase		920,408		$	10,374,161			5,409,974		$	58,295,119

Opportunistic Fixed


	Period from August 21, 2013 (commencement of operations) through March 31, 2014
	Shares			Amount
Class Y-3:
Shares sold		25,054,617		$	253,754,909
Shares issued to shareholders in reinvestment of distributions		223,977			2,280,082
Shares repurchased		(305,258	)		(3,148,606	)

Net increase		24,973,336		$	252,886,385

202

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Notes to the Financial Statements (Continued)

March 31, 2014

Emerging Markets


	Year Ended March 31, 2014						Period from May 1, 2012 (commencement of operations) through March 31, 2013
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		42,700,320		$	421,595,439			50,549,371		$	506,456,931
Shares issued to shareholders in reinvestment of distributions		1,401,471			13,888,576			307,506			3,235,418
Shares repurchased		(7,061,813	)		(71,130,846	)		(1,556,779	)		(16,307,819	)

Net increase		37,039,978		$	364,353,169			49,300,098		$	493,384,530

Global Low Volatility


	Year Ended March 31, 2014						Period from November 6, 2012 (commencement of operations) through March 31, 2013
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		40,641,924		$	462,693,554			27,449,755		$	278,760,703
Shares issued to shareholders in reinvestment of distributions		2,435,648			28,570,158			46,930			485,259
Shares repurchased		(9,468,727	)		(111,439,468	)		(566,151	)		(6,042,276	)

Net increase		33,608,845		$	379,824,244			26,930,534		$	273,203,686

On May 6, 2013, Small/Mid Cap Value transferred securities in-kind valued at $38,447,113 and cash of $959,818 for a redemption. This transfer resulted in a realized gain of $7,168,911 which is shown on the Statements of Operations.

On May 3, 2013, Non-US Core Equity transferred securities in-kind valued at $177,821,966 and cash of $10,271,943 for a redemption. This transfer resulted in a realized gain of $30,662,932 which is shown on the Statements of Operations.

8.	Recent accounting pronouncement

In June 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the criteria that define an investment company, clarifies the measurement guidance and requires certain additional disclosures. Public companies are required to apply ASU 2013-08 prospectively for interim and annual reporting periods beginning after December 15, 2013. Management is currently evaluating the impact, if any, of applying this provision.

9.	Subsequent events

Management has evaluated the impact of subsequent events through May 28, 2014, the date the financial statements were available to be issued. Management has determined that there are no material events that would require adjustment or disclosure in the Funds’ financial statements through this date.

203

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Mercer Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Mercer Funds (the “Funds”), comprising Mercer US Large Cap Growth Equity Fund, Mercer US Large Cap Value Equity Fund, Mercer US Small/Mid Cap Growth Equity Fund, Mercer US Small/Mid Cap Value Equity Fund, Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund (formerly known as Mercer Core Opportunistic Fixed Income Fund), Mercer Opportunistic Fixed Income Fund, Mercer Emerging Markets Equity Fund, and Mercer Global Low Volatility Equity Fund as of March 31, 2014, the related statements of operations for the period then ended, and the statements of changes in net assets and the financial highlights for the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2014, by correspondence with the custodian, brokers, and agent banks; where replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2014, the results of their operations for the period then ended, the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

May 28, 2014

204

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Additional Information (Unaudited)

Proxy Voting

A description of the policies and procedures that the Advisor and each Fund’s Subadvisors use to determine how to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-866-658-9896, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. Information about Funds’ proxy voting decisions are available without charge, online on the Funds’ website at http://www.mercer.us/mutual-funds-on-offer.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q, which when filed, will be available on the SEC’s website at http://www.sec.gov. When filed, the Funds’ Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Federal Tax Information

The amount of long-term capital gains paid for the fiscal year ended March 31, 2014, the amount of long-term capital gains paid were as follows:


Fund
Large Cap Growth	$	73,441,379
Small/Mid Cap Growth		45,018,015
Small/Mid Cap Value		37,244,306
Non-US Core Equity		85,693,489
Core Fixed		5,718,416
Global Low Volatility		100,937

Qualified dividend income (“QDI”) received by the Funds through March 31, 2014, that qualified for a reduced tax rate pursuant to the Internal Revenue Code Section 1(h)(11) are as follows:


Fund	QDI
Large Cap Growth	$	3,909,998
Large Cap Value		8,004,334
Small/Mid Cap Growth		2,594,475
Small/Mid Cap Value		3,615,544
Non-US Core Equity		51,237,787
Core Fixed		75,270
Emerging Markets		11,232,195
Global Low Volatility		11,433,002

For corporate shareholders, a portion of the ordinary dividends paid during the Funds’ year ended March 31, 2014, qualified for the dividends received reduction, as follows:


Fund
Large Cap Growth			29.00%
Large Cap Value			99.19%
Small/Mid Cap Growth			18.15%
Small/Mid Cap Value			13.97%
Core Fixed			0.26%
Opportunistic Fixed			0.00%
Emerging Markets			0.00%
Global Low Volatility			19.57%

205

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Additional Information (Unaudited) (Continued)

Board Approval of Subadvisory Agreements for the Funds during the period October 1, 2013 through March 31, 2014

Mercer Non-US Core Equity Fund

At a meeting of the Board of Trustees (the “Board” or the “Trustees”) of Mercer Funds (the “Trust”) held on November 4, 2013 (the “November Meeting”), the Trustees, including the Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Trust or Mercer Investment Management, Inc., the Trust’s investment advisor (the “Advisor”) (together, the “Independent Trustees”), considered and approved the proposed subadvisory agreement (the “Proposed American Century Subadvisory Agreement”) between the Advisor and American Century Investment Management, Inc. (“American Century”) with respect to the Mercer Non-US Core Equity Fund (the “Non-US Core Equity Fund”).

In considering the approval of the Proposed American Century Subadvisory Agreement, the Board considered the information and materials from the Advisor, American Century and counsel that included, as to American Century and the Non-US Core Equity Fund: (i) the Proposed American Century Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended American Century for the Board’s approval, and the Advisor’s rationale for recommending that American Century be appointed as a subadvisor to the Non-US Core Equity Fund, and how American Century would supplement the Non-US Core Equity Fund’s other current subadvisors; (iii) the nature, extent, and quality of the services that American Century proposed to provide to the Non-US Core Equity Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of American Century; (v) American Century’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by American Century for its services to the Non-US Core Equity Fund, and a comparison of those fees to other accounts that American Century managed; (vii) American Century’s compliance program; (viii) information regarding American Century’s historical performance returns managing an investment mandate similar to the Non-US Core Equity Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of American Century.

In addition, the Board considered presentations made by, and discussions held with, representatives of the Advisor. The Board considered and analyzed factors that the Board deemed relevant with respect to American Century, including: the nature, extent, and quality of the services to be provided to the Non-US Core Equity Fund by American Century; American Century’s management style and investment decision-making process; American Century’s historical performance record managing investment products similar to the Non-US Core Equity Fund; the qualifications and experience of the members of American Century’s portfolio management team; and American Century’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards and reviewed materials supplied by their independent legal counsel.

In particular, and as to American Century, the Board, including the Independent Trustees, considered the following factors:

(a) The nature, extent, and quality of the services to be provided by American Century. The Board reviewed the nature, extent, and quality of the services to be provided by American Century to the Non-US Core Equity Fund. The Board discussed the specific investment management process that American Century indicated that it will employ to manage its allocated portion of the Non-US Core Equity Fund’s investment portfolio (which was described in detail in the materials provided by American Century), the qualifications of American Century’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Non-US Core Equity Fund’s investment portfolio that American Century would be managing, and the performance record of American Century as compared to a relevant benchmark. The Board considered American Century’s infrastructure and resources, and whether American Century’s organization appeared to support American Century’s strategy adequately. The Board also discussed the Advisor’s review, selection, and due diligence process with respect to American Century, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Non-US Core Equity Fund

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Additional Information (Unaudited) (Continued)

by American Century. The Board determined that the Non-US Core Equity Fund and its shareholders would benefit from the quality and experience of American Century’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by American Century, as well as American Century’s ability to render such services based on American Century’s experience, operations and resources, were appropriate for the Non-US Core Equity Fund, in light of the Non-US Core Equity Fund’s investment objective, and the mandate relating to the allocated portion of the Non-US Core Equity Fund’s investment portfolio that American Century would manage.

(b) Comparison of the services to be rendered and fees to be paid to American Century under other advisory and subadvisory contracts, such as those with other clients. The Board discussed the services that would be rendered by American Century and evaluated the compensation to be paid to American Century by the Advisor for those services. The Board noted that the services that American Century would furnish to the Non-US Core Equity Fund appeared to be comparable to the services that American Century currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that will be paid to American Century by the Advisor in light of the fees that were charged by American Century to its other advisory clients, as disclosed in American Century’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Board also considered that the fees agreed to by American Century were the result of an arm’s length bargain negotiated by unaffiliated parties.

The Board considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend American Century to serve as a subadvisor to the Non-US Core Equity Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to American Century for its services to the Non-US Core Equity Fund were reasonable. The Board emphasized in their discussions that the subadvisory fees of American Century would be paid by the Advisor, and were not additional fees to be borne by the Non-US Core Equity Fund or its shareholders. Based on their discussion, the Board concluded that, in light of the nature, quality, and extent of the services to be provided, the proposed fees to be paid to American Century with respect to the assets of the Non-US Core Equity Fund to be allocated to American Century appeared to be within a reasonable range. The Board also considered the potential “fallout” or ancillary benefits that may accrue to American Century from its relationship with the Non-US Core Equity Fund and concluded that they were reasonable.

Since the fees to be paid to American Century were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of American Century was not considered relevant to the Board’s deliberations. The Board took note of the Advisor’s explanation that the recommended appointment of American Century was not affected by the impact that the appointment would have on the Advisor revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of American Century may allow the Advisor to reach profitability when managing the Non-US Core Equity Fund slightly more quickly. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services expected to be provided by American Century and the proposed fees to be paid to American Century by the Advisor for managing its allocated portion of the Non-US Core Equity Fund, the potential benefits accruing to American Century as a result of serving as a subadvisor to the Non-US Core Equity Fund were reasonable.

(c) Investment performance of the Non-US Core Equity Fund and American Century. Because American Century was a newly proposed subadvisor to the Non-US Core Equity Fund, the Board, at the Meeting, could not consider American Century’s investment performance in managing the Non-US Core Equity Fund as a factor in evaluating the Proposed American Century Subadvisory Agreement. However, the Board reviewed American Century’s historical investment performance record in subadvising another investment company that was comparable to the Non-US Core Equity Fund. The Board also compared the historical investment performance of American Century to relevant benchmarks and concluded that American Century’s historical performance record, viewed together with the other factors considered by the Board, supported a decision to approve the Proposed American Century Subadvisory Agreement.

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Additional Information (Unaudited) (Continued)

the conclusion of its review, selection, and due diligence process to recommend American Century to serve as a new subadvisor to the Non-US Core Equity Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for American Century was reasonable in relation to the services that would be provided to the Non-US Core Equity Fund. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Proposed American Century Subadvisory Agreement was in the best interests of the Non-US Core Equity Fund and its shareholders and approved the Proposed American Century Subadvisory Agreement.

Mercer Non-US Core Equity Fund

At a meeting of the Board held on February 27, 2014 (the “February Meeting”), the Trustees, including the Independent Trustees, considered and approved a new subadvisory agreement (the “New Arrowstreet Subadvisory Agreement”) between the Advisor and Arrowstreet Capital, Limited Partnership (“Arrowstreet”) on behalf of the Non-US Core Equity Fund. Due to a change in the ownership and governance structure of Arrowstreet, effective April 1, 2014 (the “Arrowstreet Transaction”), the prior subadvisory agreement between Arrowstreet and the Advisor, on behalf of the Non-US Core Equity Fund (the “Prior Arrowstreet Subadvisory Agreement”), was terminated, and the Board approved the New Arrowstreet Subadvisory Agreement to replace the Prior Arrowstreet Subadvisory Agreement.

In considering the approval of the New Arrowstreet Subadvisory Agreement, the Board considered the information and materials from the Advisor, Arrowstreet and counsel that included, as to Arrowstreet and the Non-US Core Equity Fund (i) a copy of a form of the New Arrowstreet Subadvisory Agreement; (ii) information regarding the process by which the Advisor initially selected and recommended Arrowstreet for Board approval, and the Advisor’s rationale for retaining Arrowstreet following the closing of the Arrowstreet Transaction; (iii) information regarding the nature, extent and quality of the services that Arrowstreet provided to the Non-US Core Equity Fund; (iv) information regarding Arrowstreet’s reputation, investment management business, personnel, and operations, and the effect that the Arrowstreet Transaction may have on Arrowstreet’s business and operations; (v) information regarding Arrowstreet’s brokerage and trading policies and practices; (vi) information regarding the level of subadvisory fees charged by Arrowstreet; (vii) information regarding Arrowstreet’s compliance program; (viii) information regarding Arrowstreet’s historical performance returns managing its allocated portion of the Non-US Core Equity Fund’s portfolio and investment mandates similar to the Non-US Core Equity Fund’s investment mandate, including information comparing that performance to a relevant index; and (ix) information regarding Arrowstreet’s financial condition before and after the Arrowstreet Transaction.

In addition, the Board considered presentations made by, and discussions held with, representatives of the Advisor. The Board considered and analyzed factors that the Board deemed relevant with respect to Arrowstreet, including: the nature, extent, and quality of the services to be provided to the Non-US Core Equity Fund by Arrowstreet following the consummation of the Arrowstreet Transaction; Arrowstreet’s management style and investment decision-making process; Arrowstreet’s historical performance record managing investment products similar to the Non-US Core Equity Fund; the qualifications and experience of the members of Arrowstreet’s portfolio management team; and Arrowstreet’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards and reviewed materials supplied by their independent legal counsel.

In particular, the Board, including the Independent Trustees, considered the following factors:

(a) The nature, extent, and quality of the advisory services to be provided by Arrowstreet. In examining the nature, extent and quality of the services that had been furnished by Arrowstreet to the Non-US Core Equity Fund under the Prior Arrowstreet Subadvisory Agreement, and that are proposed to be provided by Arrowstreet to the Non-US Core Equity Fund under the New Arrowstreet Subadvisory Agreement, the Board considered: (i) Arrowstreet’s organization, history, reputation, qualification and background, as well as the qualifications of its personnel; (ii) its expertise in providing portfolio management services to the Non-US Core Equity Fund and other similar investment portfolios and the performance history of the Non-US Core Equity Fund and those other portfolios; (iii) its

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Additional Information (Unaudited) (Continued)

investment strategy for the Non-US Core Equity Fund; (iv) its performance relative to comparable mutual funds and unmanaged indices; and (v) its compliance program. The Board also considered the review process undertaken by the Advisor and the Advisor’s favorable assessment of the nature and quality of the subadvisory services provided and expected to be provided to the Non-US Core Equity Fund by Arrowstreet after consummation of the Arrowstreet Transaction. The Board also noted that the executive and portfolio management teams of Arrowstreet were expected to stay in place after consummation of the Arrowstreet Transaction. The Board concluded that the Non-US Core Equity Fund and its shareholders would continue to benefit from the quality and experience of Arrowstreet’s investment professionals. Based on their consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the subadvisory services provided by Arrowstreet under the Prior Arrowstreet Subadvisory Agreement, as well as Arrowstreet’s ability to render such services based on its experience, operations and resources, were adequate and appropriate for the Non-US Core Equity Fund in light of the Non-US Core Equity Fund’s investment objective, and supported a decision to approve the New Arrowstreet Subadvisory Agreement.

(b) Comparison of the services to be rendered and fees to be paid to Arrowstreet under other advisory and subadvisory contracts, such as those with other clients. The Trustees discussed the services that would be rendered by Arrowstreet and evaluated the compensation to be paid to Arrowstreet by the Advisor for those services. The Trustees considered the proposed new fees payable under the proposed New Arrowstreet Subadvisory Agreement, noting that the proposed fee would be paid by the Advisor, and not the Non-US Core Equity Fund, and, thus, would not impact the fees paid by the Non-US Core Equity Fund. The Board concluded that the proposed fee payable to Arrowstreet by the Advisor with respect to the assets allocated to Arrowstreet in its capacity as subadvisor was reasonable and appropriate. The Trustees noted that the services that Arrowstreet would furnish to the Non-US Core Equity Fund appeared to be comparable to the services that Arrowstreet currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered that the fees agreed to by Arrowstreet were the result of an arm’s length bargain negotiated by unaffiliated parties.

(c) The investment performance of the Non-US Core Equity Fund and Arrowstreet. The Trustees considered Arrowstreet’s prior investment performance in managing its allocated portion of the Non-US Core Equity Fund’s portfolio as a factor in evaluating the proposed New Arrowstreet Subadvisory Agreement. The Trustees also considered the Advisor’s conclusions, and the reasons supporting the Advisor’s conclusions, that the performance record of Arrowstreet supported the approval of the proposed New Arrowstreet Subadvisory Agreement.

Conclusion. Following full consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, along with the determination of the Advisor at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Trustees concluded that the fee rate for Arrowstreet pursuant to the New Arrowstreet Subadvisory Agreement was reasonable in relation to the services to be provided to the Non-US Core Equity Fund. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the New Arrowstreet Subadvisory Agreement was in the best interests of the Non-US Core Equity Fund and its shareholders and approved the New Arrowstreet Subadvisory Agreement.

Mercer Core Fixed Income Fund

At the February Meeting, the Board, including the Independent Trustees, considered and approved a new subadvisory agreement (the “Proposed IR+M Subadvisory Agreement”) entered into by the Advisor and Income Research & Management (“IR+M”), with respect to the Mercer Core Fixed Income Fund (the “Core Fixed Income Fund”).

In considering the approval of the Proposed IR+M Subadvisory Agreement, the Board considered the information and materials from the Advisor, IR+M and counsel, that included, as to IR+M and the Core Fixed Income Fund: (i) the Proposed IR+M Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended IR+M for the Board’s approval, and the Advisor’s rationale for recommending that IR+M be appointed as a subadvisor to the Core Fixed Income Fund, and how IR+M would supplement the Fund’s other current subadvisors; (iii) the nature, extent, and quality of the services that IR+M proposed to provide to the Core Fixed Income Fund; (iv) the investment management business, portfolio

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management personnel, operations, prior investment experience, and reputation of IR+M; (v) IR+M’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by IR+M for its services to the Core Fixed Income Fund, and a comparison of those fees to other accounts that IR+M manages; (vii) IR+M’s compliance program; (viii) information regarding IR+M’s historical performance returns managing an investment mandate similar to the Core Fixed Income Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of IR+M.

In addition, the Board considered presentations made by, and discussions held with, representatives of the Advisor. The Board considered and analyzed factors that the Board deemed relevant with respect to IR+M, including: the nature, extent, and quality of the services to be provided to the Core Fixed Income Fund by IR+M; IR+M’s management style and investment decision-making process; IR+M’s historical performance record managing investment products similar to the Core Fixed Income Fund; the qualifications and experience of the members of IR+M’s portfolio management team; and IR+M’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards and reviewed materials supplied by their independent legal counsel.

In particular, and as to IR+M, the Board, including the Independent Trustees, considered the following factors:

(a) The nature, extent, and quality of the services to be provided by IR+M. The Board reviewed the nature, extent, and quality of the services to be provided by IR+M to the Core Fixed Income Fund. The Board discussed the specific investment management process that IR+M indicated that it will employ to manage its allocated portion of the Core Fixed Income Fund’s investment portfolio (which was described in detail in the materials provided by IR+M), the qualifications of IR+M’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Core Fixed Income Fund’s investment portfolio that IR+M would be managing, and the performance record of IR+M as compared to the relevant benchmark. The Board considered IR+M’s infrastructure and resources, and whether IR+M’s organization appeared to support IR+M’s strategy adequately. The Board also discussed the Advisor’s review, selection, and due diligence process with respect to IR+M, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Core Fixed Income Fund by IR+M. The Board determined that the Core Fixed Income Fund and its shareholders would benefit from the quality and experience of IR+M’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by IR+M, as well as IR+M’s ability to render such services based on IR+M’s experience, operations and resources, were appropriate for the Core Fixed Income Fund, in light of the Core Fixed Income Fund’s investment objective, and the mandate relating to the allocated portion of the Core Fixed Income Fund’s investment portfolio that IR+M would manage.

(b) Comparison of the services to be rendered and fees to be paid to IR+M under other advisory and subadvisory contracts, such as those with other clients. The Board discussed the services that would be rendered by IR+M and evaluated the compensation to be paid to IR+M by the Advisor for those services. The Board noted that the services that IR+M would furnish to the Core Fixed Income Fund appeared to be comparable to the services that IR+M currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that will be paid to IR+M by the Advisor in light of the fees that were charged by IR+M to its other advisory clients, as disclosed in IR+M’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Board also considered that the fees agreed to by IR+M were the result of an arm’s length bargain negotiated by unaffiliated parties.

The Board considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend IR+M to serve as a subadvisor to the Core Fixed Income Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to IR+M for its services to the Core Fixed Income Fund were reasonable. The Board emphasized in their discussions that the subadvisory fees of IR+M would be paid by the Advisor, and were not additional fees to be borne by the Core Fixed Income Fund or its shareholders. Based

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on their discussion, the Board concluded that, in light of the nature, quality, and extent of the services to be provided, the proposed fees to be paid to IR+M with respect to the assets of the Core Fixed Income Fund to be allocated to IR+M appeared to be within a reasonable range. The Board also considered the potential “fallout” or ancillary benefits that may accrue to IR+M from its relationship with the Core Fixed Income Fund and concluded that they were reasonable.

Since the fees to be paid to IR+M were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of IR+M was not considered relevant to the Board’s deliberations. The Board took note of the Advisor’s explanation that the recommended appointment of IR+M was not affected by the impact that the appointment would have on the Advisor revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of IR+M may result in a benefit to the Advisor as a result of the level of the subadvisory fee. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services expected to be provided by IR+M and the proposed fees to be paid to IR+M by the Advisor for managing its allocated portion of the Core Fixed Income Fund, the potential benefits accruing to IR+M as a result of serving as a subadvisor to the Core Fixed Income Fund were reasonable.

(c) Investment performance of the Core Fixed Income Fund and IR+M. Because IR+M was a newly proposed subadvisor to the Core Fixed Income Fund, the Board, at the Meeting, could not consider IR+M’s investment performance in managing the Core Fixed Income Fund as a factor in evaluating the Proposed IR+M Subadvisory Agreement. However, the Board reviewed IR+M’s historical investment performance record in managing or subadvising other investment companies and accounts that were comparable to the Core Fixed Income Fund. The Board also compared the historical investment performance of IR+M to relevant benchmarks and concluded that IR+M’s historical performance record, viewed together with the other factors considered by the Board, supported a decision to approve the Proposed IR+M Subadvisory Agreement.

Conclusion. Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend IR+M to serve as a new subadvisor to the Core Fixed Income Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for IR+M was reasonable in relation to the services that would be provided to the Core Fixed Income Fund. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Proposed IR+M Subadvisory Agreement was in the best interests of the Core Fixed Income Fund and its shareholders and approved the Proposed IR+M Subadvisory Agreement.

Mercer Core Fixed Income Fund

At the February Meeting, the Board, including the Independent Trustees, considered and approved a new subadvisory agreement (the “Proposed Prudential Subadvisory Agreement”) entered into by the Advisor and Prudential Investment Management Inc. (“Prudential”), with respect to the Mercer Core Fixed Income Fund (the “Core Fixed Income Fund”).

In considering the approval of the Proposed Prudential Subadvisory Agreement, the Board considered the information and materials from the Advisor, Prudential and counsel, that included, as to Prudential and the Core Fixed Income Fund: (i) the Proposed Prudential Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Prudential for the Board’s approval, and the Advisor’s rationale for recommending that Prudential be appointed as a subadvisor to the Core Fixed Income Fund, and how Prudential would supplement the Fund’s other current subadvisors; (iii) the nature, extent, and quality of the services that Prudential proposed to provide to the Core Fixed Income Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of Prudential; (v) Prudential’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Prudential for its services to the Core Fixed Income Fund, and a comparison of those fees to other accounts that Prudential manages; (vii) Prudential’s compliance program; (viii) information regarding Prudential’s historical performance returns managing an investment mandate similar to the Core Fixed Income Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of Prudential.

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In addition, the Board considered presentations made by, and discussions held with, representatives of the Advisor. The Board considered and analyzed factors that the Board deemed relevant with respect to Prudential, including: the nature, extent, and quality of the services to be provided to the Core Fixed Income Fund by Prudential; Prudential’s management style and investment decision-making process; Prudential’s historical performance record managing investment products similar to the Core Fixed Income Fund; the qualifications and experience of the members of Prudential’s portfolio management team; and Prudential’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards and reviewed materials supplied by their independent legal counsel.

In particular, and as to Prudential, the Board, including the Independent Trustees, considered the following factors:

(a) The nature, extent, and quality of the services to be provided by Prudential. The Board reviewed the nature, extent, and quality of the services to be provided by Prudential to the Core Fixed Income Fund. The Board discussed the specific investment management process that Prudential indicated that it will employ to manage its allocated portion of the Core Fixed Income Fund’s investment portfolio (which was described in detail in the materials provided by Prudential), the qualifications of Prudential’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Core Fixed Income Fund’s investment portfolio that Prudential would be managing, and the performance record of Prudential as compared to a relevant benchmark. The Board considered Prudential’s infrastructure and resources, and whether Prudential’s organization appeared to support Prudential’s strategy adequately. The Board also discussed the Advisor’s review, selection, and due diligence process with respect to Prudential, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Core Fixed Income Fund by Prudential. The Board determined that the Core Fixed Income Fund and its shareholders would benefit from the quality and experience of Prudential’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by Prudential, as well as Prudential’s ability to render such services based on Prudential’s experience, operations and resources, were appropriate for the Core Fixed Income Fund, in light of the Core Fixed Income Fund’s investment objective, and the mandate relating to the allocated portion of the Core Fixed Income Fund’s investment portfolio that Prudential would manage.

(b) Comparison of the services to be rendered and fees to be paid to Prudential under other advisory and subadvisory contracts, such as those with other clients. The Board discussed the services that would be rendered by Prudential and evaluated the compensation to be paid to Prudential by the Advisor for those services. The Board noted that the services that Prudential would furnish to the Core Fixed Income Fund appeared to be comparable to the services that Prudential currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that will be paid to Prudential by the Advisor in light of the fees that were charged by Prudential to its other advisory clients, as disclosed in Prudential’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Board also considered that the fees agreed to by Prudential were the result of an arm’s length bargain negotiated by unaffiliated parties.

The Board considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend Prudential to serve as a subadvisor to the Core Fixed Income Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to Prudential for its services to the Core Fixed Income Fund were reasonable. The Board emphasized in their discussions that the subadvisory fees of Prudential would be paid by the Advisor, and were not additional fees to be borne by the Core Fixed Income Fund or its shareholders. Based on their discussion, the Board concluded that, in light of the nature, quality, and extent of the services to be provided, the proposed fees to be paid to Prudential with respect to the assets of the Core Fixed Income Fund to be allocated to Prudential appeared to be within a reasonable range. The Board also considered the potential “fallout” or ancillary benefits that may accrue to Prudential from its relationship with the Core Fixed Income Fund and concluded that they were reasonable.

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Since the fees to be paid to Prudential were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of Prudential was not considered relevant to the Board’s deliberations. The Board took note of the Advisor’s explanation that the recommended appointment of Prudential was not affected by the impact that the appointment would have on the Advisor revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of Prudential may result in a benefit to the Advisor as a result of the level of the subadvisory fee. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services expected to be provided by Prudential and the proposed fees to be paid to Prudential by the Advisor for managing its allocated portion of the Core Fixed Income Fund, the potential benefits accruing to Prudential as a result of serving as a subadvisor to the Core Fixed Income Fund were reasonable.

(c) Investment performance of the Core Fixed Income Fund and Prudential. Because Prudential was a newly proposed subadvisor to the Core Fixed Income Fund, the Board, at the Meeting, could not consider Prudential’s investment performance in managing the Core Fixed Income Fund as a factor in evaluating the Proposed Prudential Subadvisory Agreement. However, the Board reviewed Prudential’s historical investment performance record in managing or subadvising other investment companies and accounts that were comparable to the Core Fixed Income Fund. The Board also compared the historical investment performance of Prudential to relevant benchmarks and concluded that Prudential’s historical performance record, viewed together with the other factors considered by the Board, supported a decision to approve the Proposed Prudential Subadvisory Agreement.

Conclusion. Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend Prudential to serve as a new subadvisor to the Core Fixed Income Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for Prudential was reasonable in relation to the services that would be provided to the Core Fixed Income Fund. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Proposed Prudential Subadvisory Agreement was in the best interests of the Core Fixed Income Fund and its shareholders and approved the Proposed Prudential Subadvisory Agreement.

Mercer US Large Cap Growth Equity Fund

Mercer US Large Cap Value Equity Fund

Mercer US Small/Mid Cap Growth Equity Fund

Mercer US Small/Mid Cap Value Equity Fund

Mercer Non-US Core Equity Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

At the February Meeting, the Board, including the Independent Trustees, considered and approved a new subadvisory agreement (the “Proposed SSgA Subadvisory Agreement”) entered into by the Advisor and SSgA Funds Management. Inc. (“SSgA”), with respect to the Mercer US Large Cap Growth Equity Fund, Mercer US Large Cap Value Equity Fund, Mercer US Small/Mid Cap Growth Equity Fund, Mercer US Small/Mid Cap Value Equity Fund, Mercer Non-US Core Equity Fund, Mercer Emerging Markets Equity Fund and Mercer Global Low Volatility Equity Fund (the “Cash Equitization Funds”).

In considering the approval of the Proposed SSgA Subadvisory Agreement, the Board considered the information and materials from the Advisor, SSgA and counsel, that included, as to SSgA and the Cash Equitization Funds: (i) the Proposed SSgA Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended SSgA for the Board’s approval, and the Advisor’s rationale for recommending that SSgA be appointed as a subadvisor to the Cash Equitization Funds, and how SSgA would supplement the Fund’s other current subadvisors; (iii) the nature, extent, and quality of the services that SSgA proposed to provide to the Cash Equitization Funds; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of SSgA; (v) SSgA’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by SSgA for its services to the Cash Equitization Funds, and a comparison of those fees to other accounts that SSgA manages; (vii) SSgA’s compliance

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program; (viii) information regarding SSgA’s historical performance returns managing the investment mandate that it intended to use with respect to each of the Cash Equitization Fund’s, and a comparison of such performance to a relevant index; and (ix) the financial condition of SSgA.

In addition, the Board considered presentations made by, and discussions held with, representatives of the Advisor. The Board considered and analyzed factors that the Board deemed relevant with respect to SSgA, including: the nature, extent, and quality of the services to be provided to the Cash Equitization Funds by SSgA; SSgA’s management style and investment decision-making process; SSgA’s historical performance record managing investment products similar to the investment mandate that it intended to use with respect to each of the Cash Equitization Funds; the qualifications and experience of the members of SSgA’s portfolio management team; and SSgA’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards and reviewed materials supplied by their independent legal counsel.

In particular, and as to SSgA, the Board, including the Independent Trustees, considered the following factors:

(a) The nature, extent, and quality of the services to be provided by SSgA. The Board reviewed the nature, extent, and quality of the services to be provided by SSgA to the Cash Equitization Funds. The Board discussed the specific investment management process that SSgA indicated that it will employ to manage its allocated portion of each Cash Equitization Fund’s investment portfolio (which was described in detail in the materials provided by SSgA), the qualifications of SSgA’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of each Cash Equitization Fund’s investment portfolio that SSgA would be managing, and the performance record of SSgA as compared to a relevant benchmark. The Board considered SSgA’s infrastructure and resources, and whether SSgA’s organization appeared to support SSgA’s strategy adequately. The Board also discussed the Advisor’s review, selection, and due diligence process with respect to SSgA, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to each Cash Equitization Fund by SSgA. The Board determined that each Cash Equitization Fund and its shareholders would benefit from the quality and experience of SSgA’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by SSgA, as well as SSgA’s ability to render such services based on SSgA’s experience, operations and resources, were appropriate for each Cash Equitization Fund, in light of the such Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that SSgA would manage.

(b) Comparison of the services to be rendered and fees to be paid to SSgA under other advisory and subadvisory contracts, such as those with other clients. The Board discussed the services that would be rendered by SSgA and evaluated the compensation to be paid to SSgA by the Advisor for those services. The Board noted that the services that SSgA would furnish to each Cash Equitization Fund appeared to be comparable to the services that SSgA currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that will be paid to SSgA by the Advisor in light of the fees that were charged by SSgA to its other advisory clients, as disclosed in SSgA’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Board also considered that the fees agreed to by SSgA were the result of an arm’s length bargain negotiated by unaffiliated parties.

The Board considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend SSgA to serve as a subadvisor to each Cash Equitization Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to SSgA for its services to each Cash Equitization Fund were reasonable. The Board emphasized in their discussions that the subadvisory fees of SSgA would be paid by the Advisor, and were not additional fees to be borne by each Cash Equitization Funds or its shareholders. Based on their discussion, the Board concluded that, in light of the nature, quality, and extent of the services to be provided, the proposed fees to be paid to SSgA with respect to the assets of each Cash Equitization Fund to be allocated to SSgA appeared to be within a reasonable range. The Board also considered the potential “fallout” or ancillary benefits that may accrue to SSgA from its relationship with the Cash Equitization Funds and concluded that they were reasonable.

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Since the fees to be paid to SSgA were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of SSgA was not considered relevant to the Board’s deliberations. The Board took note of the Advisor’s explanation that the recommended appointment of SSgA was not affected by the impact that the appointment would have on the Advisor revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of SSgA may result in a benefit to the Advisor as a result of the level of the subadvisory fee. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services expected to be provided by SSgA and the proposed fees to be paid to SSgA by the Advisor for managing its allocated portion of the Cash Equitization Funds, the potential benefits accruing to SSgA as a result of serving as a subadvisor to each Cash Equitization Fund were reasonable.

(c) Investment performance of the Cash Equitization Funds and SSgA. Because SSgA was a newly proposed subadvisor to the Cash Equitization Funds, the Board, at the Meeting, could not consider SSgA’s investment performance in managing each Cash Equitization Fund as a factor in evaluating the Proposed SSgA Subadvisory Agreement. However, the Board reviewed SSgA’s historical investment performance record in managing or subadvising other investment companies and accounts that were comparable to the investment mandate that it intended to use with respect to each of the Cash Equitization Funds. The Board also compared the historical investment performance of SSgA to relevant benchmarks and concluded that SSgA’s historical performance record, viewed together with the other factors considered by the Board, supported a decision to approve the Proposed SSgA Subadvisory Agreement.

Conclusion. Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend SSgA to serve as a new subadvisor to each Cash Equitization Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for SSgA was reasonable in relation to the services that would be provided to the Cash Equitization Funds. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Proposed SSgA Subadvisory Agreement was in the best interests of each Cash Equitization Fund and its shareholders and approved the Proposed SSgA Subadvisory Agreement.

Mercer US Large Cap Growth Equity Fund

At a meeting of the Board on March 11-12, 2014 (the “March Meeting”), the Trustees, including the Independent Trustees, considered and approved a new subadvisory agreement (the “Proposed Columbia Subadvisory Agreement”) between the Advisor and Columbia Management Investment Advisers, LLC (“Columbia”) on behalf of the Mercer US Large Cap Growth Equity (“Large Cap Growth Fund”).

In considering the approval of the Proposed Columbia Subadvisory Agreement, the Board considered the information and materials from the Advisor, Columbia and counsel, that included, as to Columbia and the Large Cap Growth Fund: (i) the Proposed Columbia Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Columbia for the Board’s approval, and the Advisor’s rationale for recommending that Columbia be appointed as a subadvisor to the Large Cap Growth Fund, and how Columbia would supplement the Fund’s other current subadvisors; (iii) the nature, extent, and quality of the services that Columbia proposed to provide to the Large Cap Growth Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of Columbia; (v) Columbia’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Columbia for its services to the Large Cap Growth Fund, and a comparison of those fees to other accounts that Columbia manages; (vii) Columbia’s compliance program; (viii) information regarding Columbia’s historical performance returns managing an investment mandate similar to the Large Cap Growth Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of Columbia.

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investment products similar to the Large Cap Growth Fund; the qualifications and experience of the members of Columbia’s portfolio management team; and Columbia’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards and reviewed materials supplied by their independent legal counsel.

In particular, and as to Columbia, the Board, including the Independent Trustees, considered the following factors:

(a) The nature, extent, and quality of the services to be provided by Columbia. The Board reviewed the nature, extent, and quality of the services to be provided by Columbia to the Large Cap Growth Fund. The Board discussed the specific investment management process that Columbia indicated that it will employ to manage its allocated portion of the Large Cap Growth Fund’s investment portfolio (which was described in detail in the materials provided by Columbia), the qualifications of Columbia’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Large Cap Growth Fund’s investment portfolio that Columbia would be managing, and the performance record of Columbia as compared to a relevant benchmark. The Board considered Columbia’s infrastructure and resources, and whether Columbia’s organization appeared to support Columbia’s strategy adequately. The Board also discussed the Advisor’s review, selection, and due diligence process with respect to Columbia, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Large Cap Growth Fund by Columbia. The Board determined that the Large Cap Growth Fund and its shareholders would benefit from the quality and experience of Columbia’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by Columbia, as well as Columbia’s ability to render such services based on Columbia’s experience, operations and resources, were appropriate for the Large Cap Growth Fund, in light of the Large Cap Growth Fund’s investment objective, and the mandate relating to the allocated portion of the Large Cap Growth Fund’s investment portfolio that Columbia would manage.

(b) Comparison of the services to be rendered and fees to be paid to Columbia under other advisory and subadvisory contracts, such as those with other clients. The Board discussed the services that would be rendered by Columbia and evaluated the compensation to be paid to Columbia by the Advisor for those services. The Board noted that the services that Columbia would furnish to the Large Cap Growth Fund appeared to be comparable to the services that Columbia currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that will be paid to Columbia by the Advisor in light of the fees that were charged by Columbia to its other advisory clients, as disclosed in Columbia’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Board also considered that the fees agreed to by Columbia were the result of an arm’s length bargain negotiated by unaffiliated parties.

The Board considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend Columbia to serve as a subadvisor to the Large Cap Growth Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to Columbia for its services to the Large Cap Growth Fund were reasonable. The Board emphasized in their discussions that the subadvisory fees of Columbia would be paid by the Advisor, and were not additional fees to be borne by the Large Cap Growth Fund or its shareholders. Based on their discussion, the Board concluded that, in light of the nature, quality, and extent of the services to be provided, the proposed fees to be paid to Columbia with respect to the assets of the Large Cap Growth Fund to be allocated to Columbia appeared to be within a reasonable range. The Board also considered the potential “fallout” or ancillary benefits that may accrue to Columbia from its relationship with the Large Cap Growth Fund and concluded that they were reasonable.

Since the fees to be paid to Columbia were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of Columbia was not considered relevant to the Board’s deliberations. The Board took note of the Advisor’s explanation that the

216

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Additional Information (Unaudited) (Continued)

recommended appointment of Columbia was not affected by the impact that the appointment would have on the Advisor revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of Columbia may result in a benefit to the Advisor as a result of the level of the subadvisory fee. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services expected to be provided by Columbia and the proposed fees to be paid to Columbia by the Advisor for managing its allocated portion of the Large Cap Growth Fund, the potential benefits accruing to Columbia as a result of serving as a subadvisor to the Large Cap Growth Fund were reasonable.

(c) Investment performance of the Large Cap Growth Fund and Columbia. Because Columbia was a newly proposed subadvisor to the Large Cap Growth Fund, the Board, at the Meeting, could not consider Columbia’s investment performance in managing the Large Cap Growth Fund as a factor in evaluating the Proposed Columbia Subadvisory Agreement. However, the Board reviewed Columbia’s historical investment performance record in managing or subadvising other investment companies and accounts that were comparable to the Large Cap Growth Fund. The Board also compared the historical investment performance of Columbia to relevant benchmarks and concluded that Columbia’s historical performance record, viewed together with the other factors considered by the Board, supported a decision to approve the Proposed Columbia Subadvisory Agreement.

Conclusion. Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend Columbia to serve as a new subadvisor to the Large Cap Growth Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for Columbia was reasonable in relation to the services that would be provided to the Large Cap Growth Fund. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Proposed Columbia Subadvisory Agreement was in the best interests of the Large Cap Growth Fund and its shareholders and approved the Proposed Columbia Subadvisory Agreement.

Mercer US Large Cap Growth Equity Fund

At the March Meeting, the Trustees, including the Independent Trustees, considered and approved a new subadvisory agreement (the “Proposed HSMP Subadvisory Agreement”) between the Advisor and HS Management Partners, LLC (“HSMP”) on behalf of the Large Cap Growth Fund.

In considering the approval of the Proposed HSMP Subadvisory Agreement, the Board considered the information and materials from the Advisor, HSMP and counsel, that included, as to HSMP and the Large Cap Growth Fund: (i) the Proposed HSMP Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended HSMP for the Board’s approval, and the Advisor’s rationale for recommending that HSMP be appointed as a subadvisor to the Large Cap Growth Fund, and how HSMP would supplement the Fund’s other current subadvisors; (iii) the nature, extent, and quality of the services that HSMP proposed to provide to the Large Cap Growth Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of HSMP; (v) HSMP’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by HSMP for its services to the Large Cap Growth Fund, and a comparison of those fees to other accounts that HSMP manages; (vii) HSMP’s compliance program; (viii) information regarding HSMP’s historical performance returns managing an investment mandate similar to the Large Cap Growth Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of HSMP.

In addition, the Board considered presentations made by, and discussions held with, representatives of the Advisor. The Board considered and analyzed factors that the Board deemed relevant with respect to HSMP, including: the nature, extent, and quality of the services to be provided to the Large Cap Growth Fund by HSMP; HSMP’s management style and investment decision-making process; HSMP’s historical performance record managing investment products similar to the Large Cap Growth Fund; the qualifications and experience of the members of HSMP’s portfolio management team; and HSMP’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards and reviewed materials supplied by their independent legal counsel.

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Additional Information (Unaudited) (Continued)

In particular, and as to HSMP, the Board, including the Independent Trustees, considered the following factors:

(a) The nature, extent, and quality of the services to be provided by HSMP. The Board reviewed the nature, extent, and quality of the services to be provided by HSMP to the Large Cap Growth Fund. The Board discussed the specific investment management process that HSMP indicated that it will employ to manage its allocated portion of the Large Cap Growth Fund’s investment portfolio (which was described in detail in the materials provided by HSMP), the qualifications of HSMP’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Large Cap Growth Fund’s investment portfolio that HSMP would be managing, and the performance record of HSMP as compared to a relevant benchmark. The Board considered HSMP’s infrastructure and resources, and whether HSMP’s organization appeared to support HSMP’s strategy adequately. The Board also discussed the Advisor’s review, selection, and due diligence process with respect to HSMP, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Large Cap Growth Fund by HSMP. The Board determined that the Large Cap Growth Fund and its shareholders would benefit from the quality and experience of HSMP’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by HSMP, as well as HSMP’s ability to render such services based on HSMP’s experience, operations and resources, were appropriate for the Large Cap Growth Fund, in light of the Large Cap Growth Fund’s investment objective, and the mandate relating to the allocated portion of the Large Cap Growth Fund’s investment portfolio that HSMP would manage.

(b) Comparison of the services to be rendered and fees to be paid to HSMP under other advisory and subadvisory contracts, such as those with other clients. The Board discussed the services that would be rendered by HSMP and evaluated the compensation to be paid to HSMP by the Advisor for those services. The Board noted that the services that HSMP would furnish to the Large Cap Growth Fund appeared to be comparable to the services that HSMP currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that will be paid to HSMP by the Advisor in light of the fees that were charged by HSMP to its other advisory clients, as disclosed in HSMP’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Board also considered that the fees agreed to by HSMP were the result of an arm’s length bargain negotiated by unaffiliated parties.

The Board considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend HSMP to serve as a subadvisor to the Large Cap Growth Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to HSMP for its services to the Large Cap Growth Fund were reasonable. The Board emphasized in their discussions that the subadvisory fees of HSMP would be paid by the Advisor, and were not additional fees to be borne by the Large Cap Growth Fund or its shareholders. Based on their discussion, the Board concluded that, in light of the nature, quality, and extent of the services to be provided, the proposed fees to be paid to HSMP with respect to the assets of the Large Cap Growth Fund to be allocated to HSMP appeared to be within a reasonable range. The Board also considered the potential “fallout” or ancillary benefits that may accrue to HSMP from its relationship with the Large Cap Growth Fund and concluded that they were reasonable.

Since the fees to be paid to HSMP were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of HSMP was not considered relevant to the Board’s deliberations. The Board took note of the Advisor’s explanation that the recommended appointment of HSMP was not affected by the impact that the appointment would have on the Advisor revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of HSMP may result in a benefit to the Advisor as a result of the level of the subadvisory fee. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services expected to be provided by HSMP and the proposed fees to be paid to HSMP by the Advisor for managing its allocated portion of the Large Cap Growth Fund, the potential benefits accruing to HSMP as a result of serving as a subadvisor to the Large Cap Growth Fund were reasonable.

(c) Investment performance of the Large Cap Growth Fund and HSMP. Because HSMP was a newly proposed subadvisor to the Large Cap Growth Fund, the Board, at the Meeting, could not consider HSMP’s investment

218

Mercer Funds

Additional Information (Unaudited) (Continued)

performance in managing the Large Cap Growth Fund as a factor in evaluating the Proposed HSMP Subadvisory Agreement. However, the Board reviewed HSMP’s historical investment performance record in managing or subadvising other accounts that were comparable to the Large Cap Growth Fund. The Board also compared the historical investment performance of HSMP to relevant benchmarks and concluded that HSMP’s historical performance record, viewed together with the other factors considered by the Board, supported a decision to approve the Proposed HSMP Subadvisory Agreement.

Conclusion. Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend HSMP to serve as a new subadvisor to the Large Cap Growth Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for HSMP was reasonable in relation to the services that would be provided to the Large Cap Growth Fund. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Proposed HSMP Subadvisory Agreement was in the best interests of the Large Cap Growth Fund and its shareholders and approved the Proposed HSMP Subadvisory Agreement.

219

Mercer Funds

Understanding Your Fund’s Expenses (Unaudited)

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases, redemption fees and certain exchange fees and ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. These costs are described in more detail in the Funds’ prospectus. The examples below are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds. The first line in the table for each Fund shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2014 through March 31, 2014. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = $8.60) and multiply the result by the number in the Operating Expenses Incurred column as shown below for your Class. The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line in the table of each fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

Large Cap Growth — Class Y-3

Hypothetical Return on $1,000


	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.57%		1,000.00		1,102.50		1,051.25		2.99
Hypothetical		0.57%		1,000.00		1,022.09		1,011.05		2.87

*	Actual expenses are equal to the Class’ annualized expense ratio of 0.57%, multiplied by the average account value over the period, multiplied by 182/365

Large Cap Value — Class Y-3

Hypothetical Return on $1,000


	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.55%		1,000.00		1,145.70		1,072.85		2.94
Hypothetical		0.55%		1,000.00		1,022.19		1,011.10		2.77

*	Actual expenses are equal to the Class’ annualized expense ratio of 0.55%, multiplied by the average account value over the period, multiplied by 182/365

Small/Mid Cap Growth — Class Y-3

Hypothetical Return on $1,000


	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.97%		1,000.00		1,086.00		1,043.00		5.04
Hypothetical		0.97%		1,000.00		1,020.09		1,010.05		4.89

*	Actual expenses are equal to the Class’ annualized expense ratio of 0.97%, multiplied by the average account value over the period, multiplied by 182/365

220

Mercer Funds

Understanding Your Fund’s Expenses (Unaudited) (Continued)

Small/Mid Cap Value — Class Y-3

Hypothetical Return on $1,000


	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.97%		1,000.00		1,112.40		1,056.20		5.11
Hypothetical		0.97%		1,000.00		1,020.09		1,010.05		4.89

*	Actual expenses are equal to the Class’ annualized expense ratio of 0.97%, multiplied by the average account value over the period, multiplied by 182/365

Non-US Core Equity — Class Y-3

Hypothetical Return on $1,000


	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.86%		1,000.00		1,083.70		1,041.85		4.47
Hypothetical		0.86%		1,000.00		1,020.64		1,010.32		4.33

*	Actual expenses are equal to the Class’ annualized expense ratio of 0.86%, multiplied by the average account value over the period, multiplied by 182/365

Core Fixed — Class Y-3

Hypothetical Return on $1,000


	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.37%		1,000.00		1,022.60		1,011.30		1.87
Hypothetical		0.37%		1,000.00		1,023.09		1,011.55		1.87

*	Actual expenses are equal to the Class’ annualized expense ratio of 0.37%, multiplied by the average account value over the period, multiplied by 182/365

Opportunistic Fixed — Class Y-3

Hypothetical Return on $1,000


	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.91%		1,000.00		1,038.90		1,019.45		4.63
Hypothetical		0.91%		1,000.00		1,020.39		1,010.20		4.58

*	Actual expenses are equal to the Class’ annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 182/365

221

Mercer Funds

Understanding Your Fund’s Expenses (Unaudited) (Continued)

Emerging Markets — Class Y3

Hypothetical Return on $1,000


	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.95%		1,000.00		1,002.60		1,001.30		4.74
Hypothetical		0.95%		1,000.00		1,020.19		1,010.10		4.78

*	Actual expenses are equal to the Class’ annualized expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 182/365

Global Low Volatility — Class Y3

Hypothetical Return on $1,000


	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.83%		1,000.00		1,088.60		1,044.30		4.32
Hypothetical		0.83%		1,000.00		1,020.79		1,010.40		4.18

*	Actual expenses are equal to the Class’ annualized expense ratio of 0.83%, multiplied by the average account value over the period, multiplied by 182/365

222

Mercer Funds

Trustees and Officers (Unaudited)

The following tables list the Trust’s Trustees and Officers as of the date of this report; their address and age; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trust’s trustees, including changes subsequent to the date of the report. The SAI is available, without charge, upon request, by calling 1-866-658-9896, or on the SEC website at www.sec.gov.

Independent Trustees

Name, Address

and Age

Position(s)
Held with
Trust

Term of
Office⁽¹⁾ and
Length of
Time
Served

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios
in Fund
Complex*
Overseen
by Trustee

Other
Directorships
Held by
Trustee

Harrison M. Bains, Jr.

99 High Street

Boston, MA 02110

(71)

Trustee

Since 2005

Mr. Bains is retired.

Mr. Bains is a director of BG Medicine, Inc. and Trustee of BofA Fund Series Trust (11 portfolios).

Adela M. Cepeda

A.C. Advisory, Inc.

150 North Wacker Drive, Suite 2160

Chicago, IL 60606

(56)

Trustee

Since 2005

Ms. Cepeda is Founder and President of A.C. Advisory, Inc. (a financial advisory firm) since 1995.

Ms. Cepeda is a director of The UBS Funds (19 portfolios), UBS Relationship Funds (25 portfolios), Fort Dearborn Income Securities, Inc., SMA Relationship Trust (5 portfolios, Consulting Group Capital Markets Funds (11 portfolios), and the Amalgamated Bank of Chicago.

Gail A. Schneider

99 High Street

Boston, MA 02110

(65)

Chairperson and Trustee

Chairperson Since 2013; Trustee Since 2009

Ms. Schneider is a self-employed consultant since 2007. From 2002 to 2007, Ms. Schneider was retired.

None

223

Mercer Funds

Trustees and Officers (Unaudited) (Continued)

Interested Trustee:

Name, Address

and Age

Position(s)
Held with
Trust

Term of
Office⁽¹⁾ and
Length of
Time
Served

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios
in Fund
Complex*
Overseen
by Trustee

Other
Directorships
Held by
Trustee

Richard Nuzum**

(46)

Trustee, President, and Chief Executive Officer

Since 2010

Mr. Nuzum is President and Global Business Leader of Mercer’s Investment Management Business since 2009. Mr. Nuzum was Americas Business Leader for Mercer Investment Consulting from 2005-2008.

Mr. Nuzum is a trustee of Mercer Trust Company and a director of Mercer Investment Management, Inc. Mr. Nuzum served as a director of Mercer Investment Consulting, Inc. from 2005 to 2008.

(1)	Each Trustee holds office for an indefinite term.

*	The “Fund Complex” consists of the Trust, which has nine portfolios effective March 31, 2014.

**	Mr. Nuzum is considered to be an “interested person” of the Trust as defined in the 1940 Act, due to his relationship with the Advisor.

224

Mercer Funds

Trustees and Officers (Unaudited) (Continued)

Officers:

The executive officers of the Trust not named above are:


Name and Age	Position(s) Held with the Trust	Term of Office† and Length of Time Served	Principal Occupation(s) During Past 5 Years
Tom Murphy (43)	Vice President	Since 2011	Mr. Murphy is President of Mercer Investment Management, Inc. since 2011. He was Chief Investment Officer of Mercer Investment Management, Inc. from 2011-2012. Previously, Mr. Murphy was a Business Leader for Mercer Investment Management in EMEA since 2006.

Richard S. Joseph (49)	Vice President, Treasurer, and Chief Financial Officer	Since 2005	Mr. Joseph is Chief Operating Officer, Mercer Investment Management, Inc. since 2005.

Stan Mavromates (53)	Vice President and Chief Investment Officer	Since 2012	Mr. Mavromates is Vice President and Chief Investment Officer of Mercer Investment Management, Inc. since 2012. He served as Chief Investment Officer of the Massachusetts Pension Reserves Investment Management Board since 2005.

Scott M. Zoltowski (45)	Vice President, Chief Legal Officer and Secretary	Since 2008	Mr. Zoltowski is a partner of Mercer (US) Inc. and serves as Global Chief Counsel — Investments, for Mercer Investment Management, Inc. and Mercer Investment Consulting, Inc. Prior to this, Mr. Zoltowski was Senior Counsel and Vice President prior to this for State Street Global Advisors from 2006-2008.

Colin Dean (37)	Vice President and Assistant Secretary	Since 2010	Mr. Dean has served as Legal Counsel — Investments for Mercer Investment Management, Inc. since 2010. Prior to that, Mr. Dean was an Associate at Dechert LLP from 2007-2010 and Associate Counsel at Affiliated Managers Group, Inc. from 2005-2007.

Manny Weiss (65)	Vice President	Since 2010	Mr. Weiss is a Portfolio Manager and Principal of Mercer Investment Management, Inc. since 2009. From 2006 to 2008, Mr. Weiss worked for 21 Capital Group, an affiliate of Old Mutual Asset Management, in Hedge Fund Manager Research and Client Service.

Larry Vasquez (47)	Vice President	Since 2012	Mr. Vasquez is a Vice President and Portfolio Manager of Mercer Investment Management, Inc. since 2012. Prior to joining Mercer, he was a Portfolio Manager at UBS Global Asset Management, Inc. from 2009 to 2012. Prior to 2009, Mr. Vasquez was a Portfolio Manager at SEI Investments.

Mark Gilbert (42)	Vice President and Chief Compliance Officer	Since 2011	Mr. Gilbert is the Chief Compliance Officer — Investments of Mercer Investment Management, Inc. and Mercer Investment Consulting, Inc. since 2011. He previously held the position of Americas Compliance Leader — Investments since 2007.

†	Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board.

225

Shares of Mercer Funds are distributed by MGI Funds Distributors, LLC.

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to its President, Chief Financial Officer and Chief Investment Officer. During the period covered by this report, there were no amendments to a provision of its code of ethics, nor were there any waivers, including implicit waivers granted from a provision of the code of ethics. A copy of the Registrant’s code of ethics is filed with the Form N-CSR under Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The audit committee financial expert serving on the Registrant’s audit committee is Harrison M. Bains, Jr., who is “independent” as defined in Item 3(a)(2) of this Form.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees – The aggregate fee billed for the fiscal year for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements was $379,345 and $373,060 for the fiscal years ended March 31, 2013 and March 31, 2014, respectively.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended March 31, 2013 and March 31, 2014 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fee billed in the last fiscal year for professional services rendered by the principal accountant for the review of the Registrant’s tax returns and excise tax calculations was $67,133 and $72,252 for the fiscal years ended March 31, 2013 and March 31, 2014, respectively.

(d) All Other Fees – Fees in the amount of $134,080 were billed in the fiscal year ended March 31, 2014 for tax advisory services related to the reclamation of taxes paid by the Mercer Non-US Core Equity Fund in certain European Union countries.

(e) (1) The Registrant’s audit committee pre-approves all audit and non-audit services to be performed by the Registrant’s accountant before the accountant is engaged by the Registrant to perform such services.

(2) There were no services described in (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	None of the hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the fiscal year ended March 31, 2014 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)

There were no aggregate fees billed for the fiscal year ended March 31, 2014 by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant.

(h)	Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Registrant’s full schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))), are effective based on the evaluation of Registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))), that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics for the Registrant’s President, Chief Financial Officer and Chief Investment Officer (as referenced in Item 2 above), attached hereto as Exhibit (a)(1).

(a)(2) Certification of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		Mercer Funds

By (Signature and Title)

By: /s/ Richard Nuzum

Richard Nuzum

President and Chief Executive Officer

(Principal Executive Officer)


Date		May 28, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the date indicated.

By (Signature and Title)

By: /s/ Richard Nuzum

Richard Nuzum

President and Chief Executive Officer

(Principal Executive Officer)


Date		May 28, 2014

By (Signature and Title)

By: /s/ Richard S. Joseph

Richard S. Joseph

Vice President, Treasurer and Principal Accounting Officer

(Principal Financial Officer)


Date		May 28, 2014