NPORT-EX 1 NPORT_7999937231528356.htm Mercer

Mercer US Large Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
   

COMMON STOCKS — 93.5%

 

          Aerospace & Defense — 2.9%  
  17,161      

Airbus SE, ADR

     606,813  
  5,179      

Boeing Co. (The)

     1,885,208  
  8,600      

Northrop Grumman Corp.

     2,778,746  
  15,300      

Raytheon Co.

     2,660,364  
  33,612      

Safran SA, ADR

     1,227,510  
  23,109      

Spirit AeroSystems Holdings, Inc. Class A

     1,880,379  
      

 

 

 
         11,039,020  
      

 

 

 
          Agriculture — 0.9%  
  13,388      

Altria Group, Inc.

     633,922  
  68,100      

Archer-Daniels-Midland Co.

     2,778,480  
      

 

 

 
         3,412,402  
      

 

 

 
          Airlines — 0.8%  
  47,170      

American Airlines Group, Inc.

     1,538,214  
  13,146      

Delta Air Lines, Inc.

     746,036  
  10,419      

United Continental Holdings, Inc.*

     912,183  
      

 

 

 
         3,196,433  
      

 

 

 
          Apparel — 1.4%  
  17,246      

Kering SA, ADR

     1,017,686  
  52,282      

NIKE, Inc. Class B

     4,389,074  
      

 

 

 
         5,406,760  
      

 

 

 
          Auto Manufacturers — 0.6%  
  43,803      

General Motors Co.

     1,687,730  
  3,152      

Tesla, Inc.*

     704,346  
      

 

 

 
         2,392,076  
      

 

 

 
          Auto Parts & Equipment — 0.2%  
  18,800      

Magna International, Inc. Class A

     934,360  
      

 

 

 
          Banks — 5.7%  
  181,600      

Banco Santander SA, ADR‡

     831,728  
  76,691      

Bank of America Corp.

     2,224,039  
  64,000      

Bank of New York Mellon Corp. (The)

     2,825,600  
  61,251      

BB&T Corp.

     3,009,262  
  87,907      

Citigroup, Inc.

     6,156,127  
  7,335      

Comerica, Inc.

     532,814  
  78,228      

Fifth Third Bancorp

     2,182,561  
  19,298      

JPMorgan Chase & Co.

     2,157,517  
  92,333      

Regions Financial Corp.

     1,379,455  
  14,779      

Wells Fargo & Co.

     699,342  
      

 

 

 
         21,998,445  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

1

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Beverages — 0.6%  
  5,067      

Constellation Brands, Inc. Class A

     997,895  
  25,700      

Molson Coors Brewing Co. Class B

     1,439,200  
      

 

 

 
         2,437,095  
      

 

 

 
          Biotechnology — 2.8%  
  8,326      

Alexion Pharmaceuticals, Inc.*

     1,090,540  
  15,090      

Amgen, Inc.

     2,780,785  
  7,448      

BioMarin Pharmaceutical, Inc.*

     637,921  
  3,291      

Exact Sciences Corp.* ‡

     388,470  
  8,400      

Gilead Sciences, Inc.

     567,504  
  3,815      

Guardant Health, Inc.* ‡

     329,349  
  4,671      

Illumina, Inc.*

     1,719,629  
  5,400      

Regeneron Pharmaceuticals, Inc.*

     1,690,200  
  3,102      

Sage Therapeutics, Inc.* ‡

     567,945  
  5,280      

Vertex Pharmaceuticals, Inc.*

     968,246  
      

 

 

 
         10,740,589  
      

 

 

 
          Chemicals — 1.4%  
  218      

Celanese Corp.

     23,500  
  16,973      

CORTEVA, Inc.*

     501,892  
  4,973      

DOW, Inc.*

     245,219  
  42,473      

DuPont de Nemours, Inc.

     3,188,448  
  11,600      

Eastman Chemical Co.

     902,828  
  24,000      

Huntsman Corp.

     490,560  
      

 

 

 
         5,352,447  
      

 

 

 
          Commercial Services — 3.2%  
  15,528      

Automatic Data Processing, Inc.

     2,567,244  
  3,891      

FleetCor Technologies, Inc.*

     1,092,787  
  16,500      

Gartner, Inc.*

     2,655,510  
  36,490      

PayPal Holdings, Inc.*

     4,176,646  
  3,960      

S&P Global, Inc.

     902,048  
  12,885      

Square, Inc. Class A*

     934,549  
      

 

 

 
         12,328,784  
      

 

 

 
          Computers — 1.7%  
  19,100      

Accenture Plc Class A

     3,529,107  
  11,576      

Apple, Inc.

     2,291,122  
  12,599      

Seagate Technology Plc

     593,665  
      

 

 

 
         6,413,894  
      

 

 

 
          Cosmetics & Personal Care — 0.3%  
  5,686      

Estee Lauder Cos., Inc. (The) Class A

     1,041,163  
      

 

 

 
          Distribution & Wholesale — 0.3%  
  25,781      

HD Supply Holdings, Inc.*

     1,038,459  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

2

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Diversified Financial Services — 6.5%  
  53,280      

Ally Financial, Inc.

     1,651,147  
  23,724      

Ameriprise Financial, Inc.

     3,443,776  
  6,675      

Discover Financial Services

     517,913  
  15,900      

E*TRADE Financial Corp.

     709,140  
  41,796      

Franklin Resources, Inc.‡

     1,454,501  
  26,873      

Mastercard, Inc. Class A

     7,108,715  
  45,700      

SLM Corp.

     444,204  
  16,777      

Synchrony Financial

     581,658  
  47,036      

Visa, Inc. Class A

     8,163,098  
  48,458      

Western Union Co. (The)‡

     963,830  
      

 

 

 
         25,037,982  
      

 

 

 
          Electric — 0.7%  
  42,400      

Edison International

     2,858,184  
      

 

 

 
          Environmental Control — 0.7%  
  23,600      

Waste Management, Inc.

     2,722,732  
      

 

 

 
          Food — 2.2%  
  32,629      

Conagra Brands, Inc.

     865,321  
  63,563      

Kroger Co. (The)

     1,379,953  
  49,800      

Mondelez International, Inc. Class A

     2,684,220  
  24,400      

Nestle SA, ADR

     2,522,960  
  14,800      

Tyson Foods, Inc. Class A

     1,194,952  
      

 

 

 
         8,647,406  
      

 

 

 
          Health Care - Products — 2.3%  
  32,600      

Abbott Laboratories

     2,741,660  
  8,700      

Align Technology, Inc.*

     2,381,190  
  5,818      

Danaher Corp.

     831,509  
  3,757      

Edwards Lifesciences Corp.*

     694,068  
  1,930      

Intuitive Surgical, Inc.*

     1,012,381  
  7,500      

Medtronic Plc

     730,425  
  5,600      

Zimmer Biomet Holdings, Inc.

     659,344  
      

 

 

 
         9,050,577  
      

 

 

 
          Health Care - Services — 0.9%  
  4,128      

DaVita, Inc.*

     232,241  
  27,300      

Quest Diagnostics, Inc.

     2,779,413  
  2,294      

UnitedHealth Group, Inc.

     559,759  
      

 

 

 
         3,571,413  
      

 

 

 
          Home Builders — 0.6%  
  18,600      

D.R. Horton, Inc.

     802,218  
  45,968      

PulteGroup, Inc.

     1,453,508  
      

 

 

 
         2,255,726  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

3

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Home Furnishings — 0.1%  
  2,438      

Whirlpool Corp.

     347,074  
      

 

 

 
          Insurance — 3.5%  
  27,000      

Allstate Corp. (The)

     2,745,630  
  51,700      

American International Group, Inc.

     2,754,576  
  1,894      

Aon Plc

     365,504  
  10,416      

Berkshire Hathaway, Inc. Class B*

     2,220,379  
  72,756      

MetLife, Inc.

     3,613,790  
  32,499      

Voya Financial, Inc.

     1,797,195  
      

 

 

 
         13,497,074  
      

 

 

 
          Internet — 9.1%  
  11,594      

Alibaba Group Holding, Ltd., ADR*

     1,964,603  
  3,127      

Alphabet, Inc. Class A*

     3,385,916  
  6,059      

Alphabet, Inc. Class C*

     6,549,234  
  2,437      

Amazon.com, Inc.*

     4,614,776  
  800      

Booking Holdings, Inc.*

     1,499,768  
  59,081      

eBay, Inc.

     2,333,699  
  54,365      

Facebook, Inc. Class A*

     10,492,445  
  6,699      

Netflix, Inc.*

     2,460,677  
  33,729      

Tencent Holdings, Ltd., ADR

     1,526,575  
  6,682      

Uber Technologies, Inc.* ‡

     309,911  
      

 

 

 
         35,137,604  
      

 

 

 
          Leisure Time — 0.1%  
  6,400      

Norwegian Cruise Line Holdings, Ltd.*

     343,232  
      

 

 

 
          Lodging — 0.5%  
  14,575      

Marriott International, Inc. Class A

     2,044,727  
      

 

 

 
          Machinery - Diversified — 0.5%  
  7,198      

Dover Corp.

     721,239  
  7,767      

Rockwell Automation, Inc.

     1,272,468  
      

 

 

 
         1,993,707  
      

 

 

 
          Media — 0.7%  
  1,221      

Charter Communications, Inc. Class A*

     482,515  
  15,640      

Walt Disney Co. (The)

     2,183,969  
      

 

 

 
         2,666,484  
      

 

 

 
          Mining — 0.4%  
  32,200      

Freeport-McMoRan, Inc.

     373,842  
  33,800      

Newmont Goldcorp Corp.

     1,300,286  
      

 

 

 
         1,674,128  
      

 

 

 
          Miscellaneous - Manufacturing — 0.2%  
  16,347      

Textron, Inc.

     867,045  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

4

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Oil & Gas — 5.5%  
  56,673      

BP Plc, ADR

     2,363,264  
  6,263      

Cabot Oil & Gas Corp.

     143,798  
  78,900      

Canadian Natural Resources, Ltd.

     2,127,933  
  10,600      

Chevron Corp.

     1,319,064  
  68,873      

ConocoPhillips

     4,201,253  
  27,528      

Devon Energy Corp.

     785,099  
  8,704      

Hess Corp.

     553,313  
  198,300      

Marathon Oil Corp.

     2,817,843  
  22,506      

Marathon Petroleum Corp.

     1,257,635  
  55,500      

Occidental Petroleum Corp.

     2,790,540  
  20,442      

Phillips 66

     1,912,145  
  13,000      

Royal Dutch Shell Plc Class B, ADR

     854,620  
      

 

 

 
         21,126,507  
      

 

 

 
          Oil & Gas Services — 1.4%  
  161,900      

Halliburton Co.

     3,681,606  
  45,800      

Schlumberger, Ltd.

     1,820,092  
      

 

 

 
         5,501,698  
      

 

 

 
          Packaging & Containers — 0.5%  
  22,300      

Crown Holdings, Inc.*

     1,362,530  
  10,067      

Sealed Air Corp.

     430,666  
      

 

 

 
         1,793,196  
      

 

 

 
          Pharmaceuticals — 7.7%  
  3,893      

AbbVie, Inc.

     283,099  
  33,847      

AstraZeneca Plc, ADR

     1,397,204  
  11,900      

Bristol-Myers Squibb Co.

     539,665  
  100,074      

Cardinal Health, Inc.

     4,713,486  
  17,200      

Cigna Corp.*

     2,709,860  
  70,600      

CVS Health Corp.

     3,846,994  
  2,479      

DexCom, Inc.*

     371,453  
  829      

Eli Lilly & Co.

     91,845  
  13,400      

Horizon Therapeutics Plc*

     322,404  
  4,300      

Jazz Pharmaceuticals Plc*

     613,008  
  25,900      

Johnson & Johnson

     3,607,352  
  32,400      

Merck & Co., Inc.

     2,716,740  
  19,300      

Mylan NV*

     367,472  
  98,100      

Pfizer, Inc.

     4,249,692  
  34,300      

Zoetis, Inc.

     3,892,707  
      

 

 

 
         29,722,981  
      

 

 

 
          Private Equity — 0.4%  
  21,420      

Blackstone Group, LP (The)*

     951,477  
  23,230      

KKR & Co., Inc. Class A‡

     587,022  
      

 

 

 
         1,538,499  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

5

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          REITS — 1.5%  
  1,929      

American Tower Corp. REIT

     394,384  
  128,900      

Annaly Capital Management, Inc. REIT

     1,176,857  
  518      

Boston Properties, Inc. REIT

     66,822  
  6,420      

Crown Castle International Corp. REIT

     836,847  
  35,400      

Equity Residential REIT

     2,687,568  
  3,674      

Regency Centers Corp. REIT

     245,203  
  27,700      

Two Harbors Investment Corp. REIT

     350,959  
      

 

 

 
         5,758,640  
      

 

 

 
          Retail — 6.4%  
  429      

AutoZone, Inc.*

     471,673  
  19,864      

Best Buy Co., Inc.

     1,385,117  
  1,005      

Chipotle Mexican Grill, Inc. Class A*

     736,544  
  6,194      

Costco Wholesale Corp.

     1,636,827  
  20,669      

Dollar General Corp.

     2,793,622  
  25,100      

Dollar Tree, Inc.*

     2,695,489  
  3,655      

Home Depot, Inc. (The)

     760,130  
  27,900      

Lowe’s Cos., Inc.

     2,815,389  
  6,639      

Lululemon Athletica, Inc.*

     1,196,414  
  7,149      

O’Reilly Automotive, Inc.*

     2,640,269  
  46,894      

Starbucks Corp.

     3,931,124  
  9,736      

Walgreens Boots Alliance, Inc.

     532,267  
  26,578      

Yum! Brands, Inc.

     2,941,387  
      

 

 

 
         24,536,252  
      

 

 

 
          Semiconductors — 3.8%  
  9,900      

Broadcom, Inc.

     2,849,814  
  58,400      

Intel Corp.

     2,795,608  
  5,900      

IPG Photonics Corp.*

     910,075  
  1,299      

Lam Research Corp.

     244,004  
  48,900      

Marvell Technology Group, Ltd.

     1,167,243  
  21,175      

Micron Technology, Inc.*

     817,143  
  14,925      

NVIDIA Corp.

     2,451,133  
  13,664      

NXP Semiconductors NV

     1,333,743  
  26,842      

QUALCOMM, Inc.

     2,041,871  
      

 

 

 
         14,610,634  
      

 

 

 
          Shipbuilding — 0.2%  
  2,653      

Huntington Ingalls Industries, Inc.

     596,235  
      

 

 

 
          Software — 8.5%  
  22,410      

Adobe, Inc.*

     6,603,106  
  9,591      

CDK Global, Inc.

     474,179  
  21,632      

Citrix Systems, Inc.

     2,122,964  
  80,125      

Microsoft Corp.

     10,733,545  
  104,372      

Oracle Corp.

     5,946,073  
  19,329      

salesforce.com, Inc.*

     2,932,789  
  3,880      

ServiceNow, Inc.*

     1,065,332  

 

 

See accompanying Notes to the Schedule of Investments.

6

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Software — continued  
  6,600      

Splunk, Inc.*

     829,950  
  3,043      

Twilio, Inc. Class A* ‡

     414,913  
  7,403      

Workday, Inc. Class A*

     1,521,909  
      

 

 

 
         32,644,760  
      

 

 

 
          Telecommunications — 4.3%  
  159,400      

AT&T, Inc.

     5,341,494  
  99,894      

Cisco Systems, Inc.

     5,467,199  
  35,825      

Corning, Inc.

     1,190,465  
  68,569      

Juniper Networks, Inc.

     1,825,992  
  47,700      

Verizon Communications, Inc.

     2,725,101  
      

 

 

 
         16,550,251  
      

 

 

 
          Textiles — 0.3%  
  8,300      

Mohawk Industries, Inc.*

     1,224,001  
      

 

 

 
          Transportation — 1.0%  
  12,721      

CSX Corp.

     984,224  
  16,049      

Union Pacific Corp.

     2,714,046  
      

 

 

 
         3,698,270  
      

 

 

 
          Trucking & Leasing — 0.2%  
  17,000      

AerCap Holdings NV*

     884,170  
      

 

 

 
   

TOTAL COMMON STOCKS (COST $335,847,713)

     360,633,116  
      

 

 

 
Par Value ($)          Description    Value ($)  
   

SHORT-TERM INVESTMENTS — 0.4%

 

          Mutual Fund - Securities Lending Collateral — 0.2%  
  948,329      

State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.31%## ***

     948,329  
      

 

 

 
          U.S. Government and Agency Obligations — 0.2%  
  600,000      

United States Treasury Bill, 2.07%, due 09/12/19** ‡‡

     597,496  
      

 

 

 
   

TOTAL SHORT-TERM INVESTMENTS (COST $1,545,353)

     1,545,825  
      

 

 

 
   

TOTAL INVESTMENTS — 93.9%

(Cost $337,393,066)

     362,178,941  
   

Other Assets and Liabilities (net) — 6.1%

     23,437,613  
      

 

 

 
          NET ASSETS — 100.0%    $385,616,554  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

7

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

   

Notes to Schedule of Investments:

 

    ADR — American Depository Receipt   
    REIT — Real Estate Investment Trust   
  ##   The rate disclosed is the 7 day net yield as of June 30, 2019.   
  *   Non-income producing security   
  **   All or a portion of this security is pledged for open futures collateral.   
  ***   Represents an investment of securities lending cash collateral.   
    All or a portion of this security is out on loan.   
  ‡‡   Interest rate presented is yield to maturity.   

 

 

See accompanying Notes to the Schedule of Investments.

8

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Futures Contracts

 

Number of
Contracts

         

Description

       

Expiration Date

    

Notional
Value

    

Market Value/
Unrealized
Appreciation
(Depreciation)

 
  Buys                    
  103        

S&P 500 E-mini Index

        Sep 2019      $ 15,162,630      $ 235,390  
  6        

S&P Mid 400 E-mini Index

        Sep 2019        1,170,000        27,383  
                 

 

 

 
   $ 262,773  
                 

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

9

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Asset Class Summary (Unaudited)    % of Net Assets

Common Stocks

       93.5

Futures Contracts

       0.1

Short-Term Investments

       0.4

Other Assets and Liabilities (net)

       6.0
    

 

 

 
       100.0 %
    

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

10

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
   

COMMON STOCKS — 94.3%

 

          Advertising — 0.1%  
  33,560      

Interpublic Group of Cos., Inc. (The)

     758,120  
      

 

 

 
          Aerospace & Defense — 1.1%  
  17,619      

HEICO Corp.‡

     2,357,598  
  34,100      

Spirit AeroSystems Holdings, Inc. Class A

     2,774,717  
  11,535      

Teledyne Technologies, Inc.*

     3,159,091  
      

 

 

 
         8,291,406  
      

 

 

 
          Airlines — 0.6%  
  22,100      

Alaska Air Group, Inc.

     1,412,411  
  111,000      

JetBlue Airways Corp.*

     2,052,390  
  22,800      

SkyWest, Inc.

     1,383,276  
      

 

 

 
         4,848,077  
      

 

 

 
          Apparel — 1.0%  
  22,200      

Capri Holdings, Ltd.*

     769,896  
  27,530      

Carter’s, Inc.

     2,685,276  
  14,973      

Columbia Sportswear Co.

     1,499,696  
  12,470      

Ralph Lauren Corp. Class A

     1,416,467  
  63,219      

Under Armour, Inc. Class A* ‡

     1,602,602  
      

 

 

 
         7,973,937  
      

 

 

 
          Auto Manufacturers — 0.2%  
  93,900      

Wabash National Corp.

     1,527,753  
      

 

 

 
          Auto Parts & Equipment — 1.6%  
  44,300      

Allison Transmission Holdings, Inc.

     2,053,305  
  64,700      

American Axle & Manufacturing Holdings, Inc.*

     825,572  
  30,100      

BorgWarner, Inc.

     1,263,598  
  8,800      

Cooper-Standard Holdings, Inc.*

     403,216  
  26,270      

Dorman Products, Inc.*

     2,289,168  
  61,600      

Goodyear Tire & Rubber Co. (The)

     942,480  
  6,800      

Lear Corp.

     947,036  
  67,090      

Meritor, Inc.*

     1,626,932  
  27,700      

Tenneco, Inc. Class A

     307,193  
  39,700      

Tower International, Inc.

     774,150  
  6,033      

WABCO Holdings, Inc.*

     799,976  
      

 

 

 
         12,232,626  
      

 

 

 
          Banks — 4.5%  
  46,000      

Associated Banc-Corp.

     972,440  
  41,680      

Atlantic Union Bankshares Corp.

     1,472,554  
  52,700      

BankUnited, Inc.

     1,778,098  
  32,282      

Chemical Financial Corp.

     1,327,113  
  40,300      

CIT Group, Inc.

     2,117,362  
  18,000      

Comerica, Inc.

     1,307,520  
  145,700      

First Horizon National Corp.

     2,175,301  

 

 

See accompanying Notes to the Schedule of Investments.

11

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Banks — continued  
  35,232      

Glacier Bancorp, Inc.

     1,428,658  
  48,700      

Hanmi Financial Corp.

     1,084,549  
  91,700      

Hope Bancorp, Inc.

     1,263,626  
  36,171      

Pinnacle Financial Partners, Inc.

     2,079,109  
  21,100      

Popular, Inc.

     1,144,464  
  18,000      

Preferred Bank/Los Angeles CA

     850,500  
  154,500      

Regions Financial Corp.

     2,308,230  
  17,298      

Signature Bank/New York NY

     2,090,290  
  119,400      

TCF Financial Corp.

     2,482,326  
  51,494      

Webster Financial Corp.

     2,459,868  
  77,770      

Western Alliance Bancorp*

     3,477,875  
  62,700      

Zions Bancorp NA

     2,882,946  
      

 

 

 
         34,702,829  
      

 

 

 
          Biotechnology — 2.6%  
  47,000      

Acceleron Pharma, Inc.* ‡

     1,930,760  
  30,250      

Alnylam Pharmaceuticals, Inc.*

     2,194,940  
  6,755      

Argenx SE, ADR* ‡

     956,373  
  15,042      

Bio-Rad Laboratories, Inc. Class A*

     4,701,979  
  30,887      

Blueprint Medicines Corp.*

     2,913,571  
  19,150      

Exact Sciences Corp.* ‡

     2,260,466  
  58,100      

Innoviva, Inc.*

     845,936  
  87,230      

Medicines Co. (The)* ‡

     3,181,278  
  39,130      

Rocket Pharmaceuticals, Inc.* ‡

     586,950  
  6,100      

United Therapeutics Corp.*

     476,166  
      

 

 

 
         20,048,419  
      

 

 

 
          Building Materials — 1.4%  
  23,800      

Apogee Enterprises, Inc.

     1,033,872  
  18,884      

Armstrong World Industries, Inc.

     1,835,525  
  17,811      

Eagle Materials, Inc.

     1,651,079  
  12,025      

Lennox International, Inc.

     3,306,875  
  26,500      

Owens Corning

     1,542,300  
  80,083      

Summit Materials, Inc. Class A* ‡

     1,541,598  
      

 

 

 
         10,911,249  
      

 

 

 
          Chemicals — 2.7%  
  23,000      

Cabot Corp.

     1,097,330  
  13,100      

Celanese Corp.

     1,412,180  
  46,300      

Chemours Co. (The)

     1,111,200  
  26,400      

Eastman Chemical Co.

     2,054,712  
  113,700      

Huntsman Corp.

     2,324,028  
  18,308      

Ingevity Corp.*

     1,925,452  
  72,220      

Orion Engineered Carbons SA

     1,546,230  
  11,703      

Quaker Chemical Corp.

     2,374,305  
  7,133      

Rogers Corp.*

     1,231,013  
  54,311      

RPM International, Inc.

     3,318,945  
  31,250      

W.R. Grace & Co.

     2,378,438  
      

 

 

 
         20,773,833  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

12

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Coal — 0.1%  
  8,600      

Arch Coal, Inc. Class A‡

     810,206  
      

 

 

 
          Commercial Services — 7.1%  
  77,444      

Booz Allen Hamilton Holding Corp. Class A

     5,127,567  
  12,845      

Bright Horizons Family Solutions, Inc.*

     1,937,925  
  5,138      

CoStar Group, Inc.*

     2,846,760  
  47,856      

Evo Payments, Inc. Class A* ‡

     1,508,900  
  21,637      

Gartner, Inc.*

     3,482,259  
  45,847      

Grand Canyon Education, Inc.*

     5,365,016  
  10,691      

Harsco Corp.*

     293,361  
  21,253      

IAA, Inc.*

     824,191  
  86,696      

Laureate Education, Inc. Class A*

     1,361,994  
  9,425      

LSC Communications, Inc.

     34,590  
  29,000      

ManpowerGroup, Inc.

     2,801,400  
  17,840      

MarketAxess Holdings, Inc.

     5,734,133  
  9,396      

Morningstar, Inc.

     1,359,037  
  66,577      

Nielsen Holdings Plc

     1,504,640  
  17,852      

Paylocity Holding Corp.*

     1,674,875  
  33,850      

Resources Connection, Inc.

     541,939  
  87,550      

Ritchie Bros Auctioneers, Inc.

     2,908,411  
  18,133      

RR Donnelley & Sons Co.‡

     35,722  
  148,130      

Sabre Corp.

     3,288,486  
  27,100      

Total System Services, Inc.

     3,476,117  
  47,473      

TransUnion

     3,489,740  
  19,876      

TriNet Group, Inc.*

     1,347,593  
  27,839      

Viad Corp.

     1,844,055  
  8,550      

WEX, Inc.*

     1,779,255  
      

 

 

 
         54,567,966  
      

 

 

 
          Computers — 2.8%  
  6,900      

Amdocs, Ltd.

     428,421  
  166,680      

Conduent, Inc.*

     1,598,461  
  32,200      

Cubic Corp.

     2,076,256  
  20,017      

EPAM Systems, Inc.*

     3,464,943  
  30,250      

Fortinet, Inc.*

     2,324,107  
  48,860      

Lumentum Holdings, Inc.*

     2,609,613  
  102,500      

NCR Corp.* ‡

     3,187,750  
  107,140      

Pure Storage, Inc. Class A* ‡

     1,636,028  
  38,704      

Rapid7, Inc.*

     2,238,639  
  42,200      

Seagate Technology Plc

     1,988,464  
      

 

 

 
         21,552,682  
      

 

 

 
          Distribution & Wholesale — 1.4%  
  9,191      

Anixter International, Inc.*

     548,795  
  21,253      

KAR Auction Services, Inc.

     531,325  
  114,750      

LKQ Corp.*

     3,053,497  
  17,003      

Pool Corp.

     3,247,573  
  25,400      

ScanSource, Inc.*

     827,024  
  20,144      

SiteOne Landscape Supply, Inc.* ‡

     1,395,979  

 

 

See accompanying Notes to the Schedule of Investments.

13

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Distribution & Wholesale — continued  
  32,500      

Triton International, Ltd.

     1,064,700  
      

 

 

 
         10,668,893  
      

 

 

 
          Diversified Financial Services — 2.4%  
  3,887      

Alliance Data Systems Corp.

     544,685  
  78,600      

Ally Financial, Inc.

     2,435,814  
  30,931      

Ares Management Corp.

     809,464  
  24,116      

Artisan Partners Asset Management, Inc. Class A

     663,672  
  30,700      

Deluxe Corp.

     1,248,262  
  18,000      

Federal Agricultural Mortgage Corp. Class C

     1,307,880  
  30,600      

Lazard, Ltd. Class A

     1,052,334  
  39,200      

Legg Mason, Inc.

     1,500,576  
  24,420      

LPL Financial Holdings, Inc.

     1,991,940  
  96,000      

Navient Corp.

     1,310,400  
  25,905      

Raymond James Financial, Inc.

     2,190,268  
  33,700      

WageWorks, Inc.*

     1,711,623  
  73,600      

Western Union Co. (The)‡

     1,463,904  
      

 

 

 
         18,230,822  
      

 

 

 
          Electric — 0.8%  
  37,100      

AES Corp.

     621,796  
  20,800      

Entergy Corp.

     2,140,944  
  40,389      

OGE Energy Corp.

     1,718,956  
  34,568      

Portland General Electric Co.

     1,872,548  
      

 

 

 
         6,354,244  
      

 

 

 
          Electrical Components & Equipment — 0.4%  
  7,744      

Acuity Brands, Inc.

     1,067,975  
  29,073      

Generac Holdings, Inc.*

     2,017,957  
      

 

 

 
         3,085,932  
      

 

 

 
          Electronics — 3.2%  
  19,397      

Advanced Energy Industries, Inc.*

     1,091,469  
  15,200      

Arrow Electronics, Inc.*

     1,083,304  
  49,069      

Atkore International Group, Inc.*

     1,269,415  
  22,700      

Avnet, Inc.

     1,027,629  
  10,540      

Coherent, Inc.*

     1,437,340  
  37,000      

Flex, Ltd.*

     354,090  
  28,246      

FLIR Systems, Inc.

     1,528,109  
  44,000      

Jabil, Inc.

     1,390,400  
  2,967      

Mettler-Toledo International, Inc.*

     2,492,280  
  74,593      

Resideo Technologies, Inc.*

     1,635,078  
  43,100      

Sanmina Corp.*

     1,305,068  
  7,906      

SYNNEX Corp.

     777,950  
  19,400      

Tech Data Corp.*

     2,029,240  
  37,338      

Trimble, Inc.*

     1,684,317  
  68,200      

TTM Technologies, Inc.*

     695,640  
  117,800      

Vishay Intertechnology, Inc.‡

     1,946,056  

 

 

See accompanying Notes to the Schedule of Investments.

14

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Electronics — continued  
  21,660      

Woodward, Inc.

     2,451,046  
      

 

 

 
         24,198,431  
      

 

 

 
          Engineering & Construction — 0.9%  
  37,400      

Argan, Inc.

     1,516,944  
  56,641      

Exponent, Inc.

     3,315,764  
  26,700      

TopBuild Corp.*

     2,209,692  
      

 

 

 
         7,042,400  
      

 

 

 
          Entertainment — 1.2%  
  48,010      

Eldorado Resorts, Inc.* ‡

     2,211,821  
  31,495      

Live Nation Entertainment, Inc.*

     2,086,544  
  7,648      

Madison Square Garden Co. (The) Class A*

     2,140,981  
  13,711      

Vail Resorts, Inc.

     3,060,021  
      

 

 

 
         9,499,367  
      

 

 

 
          Food — 2.0%  
  308,510      

Hostess Brands, Inc. Class A*

     4,454,885  
  64,509      

Ingles Markets, Inc. Class A

     2,008,165  
  13,200      

Ingredion, Inc.

     1,088,868  
  12,460      

JM Smucker Co. (The)

     1,435,267  
  68,397      

Nomad Foods, Ltd.*

     1,460,960  
  46,500      

Performance Food Group Co.*

     1,861,395  
  59,600      

Pilgrim’s Pride Corp.*

     1,513,244  
  29,600      

SpartanNash Co.

     345,432  
  48,626      

Sprouts Farmers Market, Inc.*

     918,545  
  11,000      

Weis Markets, Inc.

     400,510  
      

 

 

 
         15,487,271  
      

 

 

 
          Food Service — 0.4%  
  79,370      

Aramark

     2,862,082  
      

 

 

 
          Forest Products & Paper — 0.2%  
  35,400      

Schweitzer-Mauduit International, Inc.

     1,174,572  
      

 

 

 
          Gas — 0.3%  
  39,900      

National Fuel Gas Co.

     2,104,725  
      

 

 

 
          Hand & Machine Tools — 0.8%  
  56,900      

Colfax Corp.* ‡

     1,594,907  
  17,301      

Lincoln Electric Holdings, Inc.

     1,424,218  
  24,900      

Regal Beloit Corp.

     2,034,579  
  5,300      

Snap-on, Inc.‡

     877,892  
      

 

 

 
         5,931,596  
      

 

 

 
          Health Care - Products — 3.4%  
  19,192      

Globus Medical, Inc. Class A*

     811,822  
  17,150      

Haemonetics Corp.*

     2,063,831  

 

 

See accompanying Notes to the Schedule of Investments.

15

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Health Care - Products — continued  
  10,201      

ICU Medical, Inc.*

     2,569,734  
  25,540      

Insulet Corp.* ‡

     3,048,965  
  63,100      

Lantheus Holdings, Inc.*

     1,785,730  
  27,192      

Merit Medical Systems, Inc.*

     1,619,555  
  26,100      

Patterson Cos., Inc.‡

     597,690  
  5,634      

Penumbra, Inc.* ‡

     901,440  
  38,161      

STERIS Plc*

     5,681,410  
  38,442      

West Pharmaceutical Services, Inc.

     4,811,016  
  57,291      

Wright Medical Group NV* ‡

     1,708,418  
      

 

 

 
         25,599,611  
      

 

 

 
          Health Care - Services — 1.9%  
  42,499      

Acadia Healthcare Co., Inc.* ‡

     1,485,340  
  66,315      

Catalent, Inc.*

     3,594,936  
  12,620      

Charles River Laboratories International, Inc.*

     1,790,778  
  11,847      

ICON Plc, ADR*

     1,824,083  
  13,912      

LHC Group, Inc.*

     1,663,597  
  27,430      

Quest Diagnostics, Inc.

     2,792,648  
  2,220      

Universal Health Services, Inc. Class B

     289,466  
  3,201      

WellCare Health Plans, Inc.*

     912,509  
      

 

 

 
         14,353,357  
      

 

 

 
          Home Builders — 0.9%  
  12,493      

Cavco Industries, Inc.*

     1,968,147  
  53,136      

MDC Holdings, Inc.

     1,741,798  
  53,000      

PulteGroup, Inc.

     1,675,860  
  13,200      

Thor Industries, Inc.

     771,540  
  60,900      

TRI Pointe Group, Inc.*

     728,973  
      

 

 

 
         6,886,318  
      

 

 

 
          Home Furnishings — 0.3%  
  23,400      

Ethan Allen Interiors, Inc.

     492,804  
  28,048      

Sleep Number Corp.*

     1,132,859  
  5,800      

Whirlpool Corp.

     825,688  
      

 

 

 
         2,451,351  
      

 

 

 
          Household Products & Wares — 0.3%  
  20,570      

Avery Dennison Corp.

     2,379,538  
      

 

 

 
          Housewares — 0.4%  
  40,060      

Toro Co. (The)

     2,680,014  
      

 

 

 
          Insurance — 5.1%  
  39,485      

Arthur J. Gallagher & Co.

     3,458,491  
  51,900      

Assured Guaranty, Ltd.

     2,183,952  
  38,700      

Axis Capital Holdings, Ltd.

     2,308,455  
  134,700      

CNO Financial Group, Inc.

     2,246,796  
  61,120      

Essent Group, Ltd.*

     2,872,029  

 

 

See accompanying Notes to the Schedule of Investments.

16

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Insurance — continued  
  12,400      

Everest Re Group, Ltd.

     3,065,032  
  189,920      

FGL Holdings

     1,595,328  
  36,159      

Fidelity National Financial, Inc.

     1,457,207  
  116,380      

Genworth Financial, Inc. Class A*

     431,770  
  18,600      

HCI Group, Inc.

     752,742  
  66,600      

Heritage Insurance Holdings, Inc.

     1,026,306  
  36,942      

James River Group Holdings, Ltd.

     1,732,580  
  17,510      

Kemper Corp.

     1,510,938  
  42,000      

Lincoln National Corp.

     2,706,900  
  106,700      

MGIC Investment Corp.*

     1,402,038  
  17,800      

Reinsurance Group of America, Inc. Class A

     2,777,334  
  53,800      

Universal Insurance Holdings, Inc.

     1,501,020  
  73,600      

Unum Group

     2,469,280  
  3,557      

White Mountains Insurance Group, Ltd.

     3,633,333  
      

 

 

 
         39,131,531  
      

 

 

 
          Internet — 1.3%  
  24,579      

Cogent Communications Holdings, Inc.

     1,459,010  
  5,000      

F5 Networks, Inc.*

     728,150  
  36,103      

Farfetch, Ltd. Class A* ‡

     750,942  
  37,150      

GoDaddy, Inc. Class A*

     2,606,073  
  65,900      

Liberty Expedia Holdings, Inc. Class A*

     3,149,361  
  17,405      

Zendesk, Inc.*

     1,549,567  
      

 

 

 
         10,243,103  
      

 

 

 
          Investment Companies — 0.6%  
  57,300      

Ares Capital Corp.

     1,027,962  
  59,200      

New Mountain Finance Corp.‡

     827,024  
  411,178      

Oaktree Specialty Lending Corp.

     2,228,585  
  105,900      

Prospect Capital Corp.‡

     691,527  
      

 

 

 
         4,775,098  
      

 

 

 
          Iron & Steel — 0.5%  
  31,372      

Allegheny Technologies, Inc.* ‡

     790,574  
  104,400      

Cleveland-Cliffs, Inc.‡

     1,113,948  
  14,000      

Reliance Steel & Aluminum Co.

     1,324,680  
  40,300      

United States Steel Corp.‡

     616,993  
      

 

 

 
         3,846,195  
      

 

 

 
          Leisure Time — 0.7%  
  19,100      

Brunswick Corp.

     876,499  
  36,900      

Harley-Davidson, Inc.‡

     1,322,127  
  21,500      

Planet Fitness, Inc. Class A*

     1,557,460  
  19,874      

Polaris Industries, Inc.

     1,813,105  
      

 

 

 
         5,569,191  
      

 

 

 
          Lodging — 0.5%  
  165,730      

Extended Stay America, Inc.

     2,799,180  

 

 

See accompanying Notes to the Schedule of Investments.

17

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Lodging — continued  
  14,900      

Wyndham Destinations, Inc.

     654,110  
      

 

 

 
         3,453,290  
      

 

 

 
          Machinery - Construction & Mining — 0.3%  
  26,400      

Oshkosh Corp.

     2,204,136  
      

 

 

 
          Machinery - Diversified — 2.5%  
  13,054      

Albany International Corp. Class A

     1,082,307  
  53,600      

Briggs & Stratton Corp.

     548,864  
  32,635      

Cactus, Inc.*

     1,080,871  
  49,609      

Cognex Corp.

     2,380,240  
  31,770      

Flowserve Corp.

     1,673,961  
  124,959      

Gardner Denver Holdings, Inc.*

     4,323,582  
  34,210      

Graco, Inc.

     1,716,658  
  71,472      

GrafTech International, Ltd.‡

     821,928  
  10,566      

Middleby Corp. (The)*

     1,433,806  
  13,437      

Nordson Corp.

     1,898,783  
  24,428      

Wabtec Corp.‡

     1,752,953  
      

 

 

 
         18,713,953  
      

 

 

 
          Media — 2.1%  
  22,900      

AMC Networks, Inc. Class A* ‡

     1,247,821  
  109,020      

Discovery, Inc. Class C*

     3,101,619  
  234,800      

Entercom Communications Corp. Class A‡

     1,361,840  
  36,810      

Liberty Broadband Corp. Class C*

     3,836,338  
  57,470      

Liberty Latin America, Ltd. Class A*

     990,208  
  110,186      

Liberty Latin America, Ltd. Class C*

     1,894,098  
  89,130      

MSG Networks, Inc. Class A*

     1,848,556  
  67,300      

TEGNA, Inc.

     1,019,595  
  9,100      

World Wrestling Entertainment, Inc. Class A‡

     657,111  
      

 

 

 
         15,957,186  
      

 

 

 
          Metal Fabricate & Hardware — 0.7%  
  29,000      

Global Brass & Copper Holdings, Inc.

     1,268,170  
  24,341      

Helios Technologies, Inc.

     1,129,666  
  18,177      

RBC Bearings, Inc.*

     3,032,105  
      

 

 

 
         5,429,941  
      

 

 

 
          Miscellaneous - Manufacturing — 0.9%  
  11,609      

AptarGroup, Inc.

     1,443,463  
  50,433      

Hexcel Corp.

     4,079,021  
  35,700      

Trinseo SA

     1,511,538  
      

 

 

 
         7,034,022  
      

 

 

 
          Multi-National — 0.1%  
  33,800      

Banco Latinoamericano de Comercio Exterior SA

     704,054  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

18

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Office & Business Equipment — 0.8%  
  93,800      

Pitney Bowes, Inc.‡

     401,464  
  47,000      

Xerox Corp.

     1,664,270  
  18,297      

Zebra Technologies Corp. Class A*

     3,833,039  
      

 

 

 
         5,898,773  
      

 

 

 
          Office Furnishings — 0.1%  
  22,600      

Knoll, Inc.

     519,348  
      

 

 

 
          Oil & Gas — 2.6%  
  131,650      

Callon Petroleum Co.* ‡

     867,574  
  62,900      

Carrizo Oil & Gas, Inc.*

     630,258  
  27,900      

Delek US Holdings, Inc.

     1,130,508  
  34,252      

Diamondback Energy, Inc.

     3,732,440  
  117,600      

Gulfport Energy Corp.*

     577,416  
  25,200      

HollyFrontier Corp.

     1,166,256  
  37,300      

Laredo Petroleum, Inc.*

     108,170  
  54,533      

Matador Resources Co.* ‡

     1,084,116  
  19,890      

Murphy USA, Inc.*

     1,671,357  
  62,842      

Parsley Energy, Inc. Class A*

     1,194,626  
  156,440      

PBF Energy, Inc. Class A

     4,896,572  
  190,000      

Southwestern Energy Co.* ‡

     600,400  
  134,000      

SRC Energy, Inc.*

     664,640  
  117,500      

W&T Offshore, Inc.*

     582,800  
  99,270      

WPX Energy, Inc.*

     1,142,598  
      

 

 

 
         20,049,731  
      

 

 

 
          Oil & Gas Services — 0.2%  
  11,076      

Dril-Quip, Inc.* ‡

     531,648  
  68,800      

McDermott International, Inc.* ‡

     664,608  
      

 

 

 
         1,196,256  
      

 

 

 
          Packaging & Containers — 0.8%  
  33,607      

Berry Global Group, Inc.*

     1,767,392  
  74,600      

Owens-Illinois, Inc.

     1,288,342  
  16,400      

Packaging Corp. of America

     1,563,248  
  47,900      

Westrock Co.

     1,746,913  
      

 

 

 
         6,365,895  
      

 

 

 
          Pharmaceuticals — 2.8%  
  33,290      

Agios Pharmaceuticals, Inc.* ‡

     1,660,505  
  9,852      

Ascendis Pharma AS, ADR* ‡

     1,134,458  
  33,614      

Horizon Therapeutics Plc*

     808,753  
  24,138      

Jazz Pharmaceuticals Plc*

     3,441,113  
  50,275      

Lannett Co., Inc.* ‡

     304,666  
  36,800      

Mallinckrodt Plc* ‡

     337,824  
  29,227      

Neurocrine Biosciences, Inc.*

     2,467,636  
  53,800      

Owens & Minor, Inc.‡

     172,160  
  12,180      

PRA Health Sciences, Inc.*

     1,207,647  

 

 

See accompanying Notes to the Schedule of Investments.

19

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Pharmaceuticals — continued  
  168,435      

Premier, Inc. Class A*

     6,587,493  
  18,975      

Sarepta Therapeutics, Inc.* ‡

     2,883,251  
      

 

 

 
         21,005,506  
      

 

 

 
          Real Estate — 0.3%  
  283,148      

Newmark Group, Inc. Class A

     2,542,669  
      

 

 

 
          REITS — 6.5%  
  54,865      

American Campus Communities, Inc. REIT

     2,532,568  
  253,100      

Annaly Capital Management, Inc. REIT

     2,310,803  
  80,900      

Brixmor Property Group, Inc. REIT

     1,446,492  
  163,500      

Cedar Realty Trust, Inc. REIT

     433,275  
  99,300      

Chimera Investment Corp. REIT

     1,873,791  
  104,500      

City Office, Inc. REIT

     1,252,955  
  43,300      

CoreCivic, Inc. REIT

     898,908  
  14,393      

CoreSite Realty Corp. REIT

     1,657,642  
  90,994      

Easterly Government Properties, Inc. REIT

     1,647,901  
  109,500      

Franklin Street Properties Corp. REIT

     808,110  
  35,400      

Gaming and Leisure Properties, Inc. REIT

     1,379,892  
  59,600      

Hospitality Properties Trust REIT

     1,490,000  
  48,140      

Industrial Logistics Properties Trust REIT

     1,002,275  
  203,400      

Lexington Realty Trust REIT

     1,913,994  
  69,900      

Medical Properties Trust, Inc. REIT

     1,219,056  
  13,266      

Mid-America Apartment Communities, Inc. REIT

     1,562,204  
  39,583      

Office Properties Income Trust REIT

     1,039,846  
  37,300      

Outfront Media, Inc. REIT

     961,967  
  93,647      

Physicians Realty Trust REIT

     1,633,204  
  95,600      

Piedmont Office Realty Trust, Inc. REIT Class A

     1,905,308  
  56,600      

Preferred Apartment Communities, Inc. REIT Class A‡

     846,170  
  65,800      

QTS Realty Trust, Inc. REIT Class A‡

     3,038,644  
  6,248      

Retail Value, Inc. REIT

     217,430  
  69,400      

RLJ Lodging Trust REIT

     1,231,156  
  52,300      

Sabra Healthcare, Inc. REIT

     1,029,787  
  139,600      

Senior Housing Properties Trust REIT

     1,154,492  
  81,300      

SITE Centers Corp. REIT

     1,076,412  
  15,300      

Spirit Realty Capital, Inc. REIT‡

     652,698  
  13,000      

Starwood Property Trust, Inc. REIT

     295,360  
  213,595      

Summit Hotel Properties, Inc. REIT

     2,449,935  
  39,504      

Sun Communities, Inc. REIT

     5,064,018  
  221,500      

VEREIT, Inc. REIT

     1,995,715  
  70,800      

Xenia Hotels & Resorts, Inc. REIT

     1,476,180  
      

 

 

 
         49,498,188  
      

 

 

 
          Retail — 5.1%  
  35,400      

American Eagle Outfitters, Inc.

     598,260  
  32,939      

BJ’s Restaurants, Inc.

     1,447,340  
  55,020      

BJ’s Wholesale Club Holdings, Inc.*

     1,452,528  
  33,400      

Bloomin’ Brands, Inc.

     631,594  
  23,879      

Burlington Stores, Inc.*

     4,063,012  

 

 

See accompanying Notes to the Schedule of Investments.

20

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Retail — continued  
  151,646      

Cannae Holdings, Inc.*

     4,394,701  
  9,206      

Casey’s General Stores, Inc.

     1,436,044  
  14,770      

Children’s Place (The), Inc.‡

     1,408,762  
  44,300      

Dick’s Sporting Goods, Inc.‡

     1,534,109  
  16,800      

Dillard’s, Inc. Class A‡

     1,046,304  
  47,505      

Five Below, Inc.*

     5,701,550  
  39,400      

Foot Locker, Inc.

     1,651,648  
  18,184      

Freshpet, Inc.*

     827,554  
  28,200      

Kohl’s Corp.

     1,340,910  
  13,809      

Lithia Motors, Inc. Class A‡

     1,640,233  
  55,250      

Michaels Cos., Inc. (The)* ‡

     480,675  
  22,090      

MSC Industrial Direct Co., Inc. Class A

     1,640,403  
  285,900      

Office Depot, Inc.

     588,954  
  13,000      

Signet Jewelers, Ltd.‡

     232,440  
  35,900      

Sonic Automotive, Inc. Class A‡

     838,265  
  52,989      

Texas Roadhouse, Inc. Class A

     2,843,920  
  23,900      

Williams-Sonoma, Inc.‡

     1,553,500  
  35,500      

World Fuel Services Corp.

     1,276,580  
      

 

 

 
         38,629,286  
      

 

 

 
          Savings & Loans — 0.1%  
  33,800      

Berkshire Hills Bancorp, Inc.

     1,060,982  
      

 

 

 
          Semiconductors — 2.2%  
  26,400      

Diodes, Inc.*

     960,168  
  78,800      

Entegris, Inc.

     2,940,816  
  60,700      

Kulicke & Soffa Industries, Inc.

     1,368,785  
  246,280      

ON Semiconductor Corp.*

     4,977,319  
  16,708      

Power Integrations, Inc.

     1,339,647  
  19,743      

Semtech Corp.*

     948,651  
  30,142      

Silicon Laboratories, Inc.*

     3,116,683  
  24,400      

Teradyne, Inc.

     1,169,004  
      

 

 

 
         16,821,073  
      

 

 

 
          Shipbuilding — 0.3%  
  10,900      

Huntington Ingalls Industries, Inc.

     2,449,666  
      

 

 

 
          Software — 6.7%  
  10,940      

ANSYS, Inc.*

     2,240,731  
  155,500      

Avaya Holdings Corp.*

     1,852,005  
  87,043      

Black Knight, Inc.*

     5,235,636  
  10,574      

Broadridge Financial Solutions, Inc.

     1,350,088  
  44,300      

CDK Global, Inc.

     2,190,192  
  29,990      

Ceridian HCM Holding, Inc.* ‡

     1,505,498  
  79,613      

Covetrus, Inc.* ‡

     1,947,334  
  14,073      

CSG Systems International, Inc.

     687,185  
  49,051      

Envestnet, Inc.*

     3,353,617  
  11,904      

Everbridge, Inc.* ‡

     1,064,456  
  5,225      

Fair Isaac Corp.*

     1,640,755  

 

 

See accompanying Notes to the Schedule of Investments.

21

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Software — continued  
  47,156      

Guidewire Software, Inc.*

     4,780,675  
  10,831      

HubSpot, Inc.*

     1,846,902  
  16,541      

j2 Global, Inc.‡

     1,470,329  
  13,671      

Medidata Solutions, Inc.*

     1,237,362  
  7,562      

MSCI, Inc. Class A

     1,805,730  
  15,600      

New Relic, Inc.*

     1,349,556  
  11,087      

Pegasystems, Inc.

     789,505  
  19,553      

PTC, Inc.*

     1,755,077  
  49,730      

RealPage, Inc.* ‡

     2,926,611  
  16,545      

Splunk, Inc.*

     2,080,534  
  46,737      

SS&C Technologies Holdings, Inc.

     2,692,519  
  14,070      

Twilio, Inc. Class A* ‡

     1,918,445  
  10,901      

Tyler Technologies, Inc.*

     2,354,834  
  13,348      

Verint Systems, Inc.*

     717,855  
  54,300      

Verra Mobility Corp. Class A* ‡

     710,787  
      

 

 

 
         51,504,218  
      

 

 

 
          Telecommunications — 1.4%  
  62,515      

Ciena Corp.*

     2,571,242  
  83,200      

GCI Liberty, Inc. Class A*

     5,113,472  
  54,600      

Juniper Networks, Inc.

     1,453,998  
  103,471      

Vonage Holdings Corp.*

     1,172,326  
      

 

 

 
         10,311,038  
      

 

 

 
          Textiles — 0.4%  
  17,200      

UniFirst Corp.

     3,243,404  
      

 

 

 
          Transportation — 1.7%  
  115,330      

Air Transport Services Group, Inc.*

     2,814,052  
  31,300      

Atlas Air Worldwide Holdings, Inc.*

     1,397,232  
  14,910      

Forward Air Corp.

     881,927  
  23,205      

J.B. Hunt Transport Services, Inc.

     2,121,169  
  15,200      

Kansas City Southern

     1,851,664  
  9,470      

Old Dominion Freight Line, Inc.

     1,413,492  
  24,200      

Ryder System, Inc.

     1,410,860  
  58,504      

Schneider National, Inc. Class B

     1,067,113  
      

 

 

 
         12,957,509  
      

 

 

 
   

TOTAL COMMON STOCKS (COST $638,258,649)

     721,104,869  
      

 

 

 
Par Value ($)          Description    Value ($)  
   

SHORT-TERM INVESTMENTS — 1.2%

 

          Mutual Fund - Securities Lending Collateral — 1.0%  
  7,342,298      

State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.31%## ***

     7,342,298  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

22

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          U.S. Government and Agency Obligations — 0.2%  
  1,600,000      

United States Treasury Bill, 2.07%, due 09/12/19** ‡‡

     1,593,324  
      

 

 

 
   

TOTAL SHORT-TERM INVESTMENTS (COST $8,934,362)

     8,935,622  
      

 

 

 
   

TOTAL INVESTMENTS — 95.5%

(Cost $647,193,011)

     730,040,491  
   

Other Assets and Liabilities (net) — 4.5%

     34,419,983  
      

 

 

 
          NET ASSETS — 100.0%    $764,460,474  
      

 

 

 
   

Notes to Schedule of Investments:

 

    ADR — American Depository Receipt   
    REIT — Real Estate Investment Trust   
  ##   The rate disclosed is the 7 day net yield as of June 30, 2019.   
  *   Non-income producing security   
  **   All or a portion of this security is pledged for open futures collateral.   
  ***   Represents an investment of securities lending cash collateral.   
    All or a portion of this security is out on loan.   
  ‡‡   Interest rate presented is yield to maturity.   

 

 

See accompanying Notes to the Schedule of Investments.

23

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Futures Contracts

 

Number of
Contracts

         

Description

       

Expiration Date

    

Notional
Value

    

Market Value/
Unrealized
Appreciation
(Depreciation)

 
  Buys                    
  172        

Russell 2000 E-mini Index

        Sep 2019      $ 13,477,060      $ 331,494  
  93        

S&P Mid 400 E-mini Index

        Sep 2019        18,135,000        424,444  
                 

 

 

 
   $ 755,938  
                 

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

24

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Asset Class Summary (Unaudited)    % of Net Assets

Common Stocks

       94.3

Futures Contracts

       0.1

Short-Term Investments

       1.2

Other Assets and Liabilities (net)

       4.4
    

 

 

 
       100.0 %
    

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

25

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
   

COMMON STOCKS — 91.7%

 

          Australia — 4.1%  
  123,800      

AGL Energy, Ltd.

     1,738,402  
  306,773      

ALS, Ltd.

     1,580,140  
  49,220      

Altium, Ltd.

     1,181,273  
  53,234      

Appen, Ltd.

     1,045,621  
  339,600      

Asaleo Care, Ltd.*

     215,674  
  154,500      

Australia & New Zealand Banking Group, Ltd.

     3,058,539  
  294,129      

BGP Holdings Plc* ****

      
  217,813      

BHP Group, Ltd.

     6,291,317  
  45,500      

BHP Group, Ltd., ADR

     2,644,005  
  196,300      

BlueScope Steel, Ltd.

     1,659,930  
  407,445      

Brambles, Ltd.

     3,682,708  
  25,512      

CIMIC Group, Ltd.

     801,519  
  172,133      

Cleanaway Waste Management, Ltd.

     281,451  
  254,300      

Coca-Cola Amatil, Ltd.

     1,823,810  
  87,136      

Collins Foods, Ltd.

     507,526  
  116,188      

Computershare, Ltd.

     1,321,681  
  91,530      

CSL, Ltd.

     13,809,702  
  593,400      

CSR, Ltd.

     1,628,196  
  246,584      

Downer EDI, Ltd.

     1,197,439  
  520,600      

Fortescue Metals Group, Ltd.

     3,295,286  
  113,346      

G8 Education, Ltd.

     241,008  
  1,233,793      

Genworth Mortgage Insurance Australia, Ltd.‡

     2,432,938  
  1,084,366      

Harvey Norman Holdings, Ltd.‡

     3,097,082  
  490,000      

Inghams Group, Ltd.

     1,382,307  
  95,984      

IPH, Ltd.

     502,482  
  93,026      

IRESS, Ltd.

     909,364  
  19,783      

JB Hi-Fi, Ltd.‡

     358,868  
  225,600      

Lendlease Group

     2,058,092  
  90,554      

Link Administration Holdings, Ltd.

     317,731  
  27,500      

Macquarie Group, Ltd.

     2,419,792  
  42,665      

Magellan Financial Group, Ltd.

     1,526,948  
  42,269      

McMillan Shakespeare, Ltd.

     362,176  
  1,116,569      

Metcash, Ltd.

     2,013,729  
  1,454,500      

Mirvac Group REIT

     3,194,776  
  39,942      

Monadelphous Group, Ltd.

     527,231  
  10,589      

Perpetual, Ltd.

     313,878  
  1,046,570      

Qantas Airways, Ltd.

     3,965,924  
  300,605      

QBE Insurance Group, Ltd.

     2,495,533  
  10,312      

REA Group, Ltd.

     694,988  
  155,597      

Rio Tinto, Ltd.

     11,329,574  
  574,116      

Scentre Group REIT

     1,547,082  
  226,928      

South32, Ltd.

     506,405  
  8,900      

South32, Ltd., ADR

     98,879  
  240,885      

Steadfast Group, Ltd.

     593,334  
  489,740      

Treasury Wine Estates, Ltd.

     5,127,631  
  41,580      

WiseTech Global, Ltd.

     808,544  
      

 

 

 
 

Total Australia

     96,590,515  
    

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

26

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Austria — 0.6%  
  194,728      

Erste Group Bank AG*

     7,238,127  
  63,550      

OMV AG

     3,101,087  
  38,347      

Raiffeisen Bank International AG

     900,903  
  33,264      

UNIQA Insurance Group AG

     310,435  
  17,974      

Vienna Insurance Group AG Wiener Versicherung Gruppe

     461,571  
  50,100      

voestalpine AG

     1,550,155  
      

 

 

 
 

Total Austria

     13,562,278  
    

 

 

 
          Belgium — 0.8%  
  88,882      

Ageas

     4,626,714  
  96,250      

KBC Group NV

     6,317,894  
  135,504      

Proximus SADP

     3,999,767  
  1,838      

Sofina SA

     350,806  
  2,205      

Telenet Group Holding NV

     123,042  
  33,307      

UCB SA

     2,765,857  
      

 

 

 
 

Total Belgium

     18,184,080  
    

 

 

 
          Bermuda — 0.2%  
  1,023,000      

Esprit Holdings, Ltd.*

     195,106  
  156,395      

Hiscox, Ltd.

     3,367,824  
  743,000      

Shenzhen International Holdings, Ltd.

     1,474,112  
      

 

 

 
 

Total Bermuda

     5,037,042  
    

 

 

 
          Brazil — 0.8%  
  179,800      

Cia de Saneamento Basico do Estado de Sao Paulo*

     2,217,564  
  515,500      

JBS SA

     2,854,138  
  579,759      

Localiza Rent a Car SA

     6,198,981  
  119,600      

Magazine Luiza SA

     6,588,118  
  217,800      

Sao Martinho SA

     1,144,506  
      

 

 

 
 

Total Brazil

     19,003,307  
    

 

 

 
          Canada — 0.7%  
  151,980      

Canada Goose Holdings, Inc.*

     5,886,185  
  9,200      

Canadian Pacific Railway, Ltd.

     2,164,208  
  26,922      

Descartes Systems Group (The), Inc.*

     998,179  
  6,972      

Fairfax Financial Holdings, Ltd.

     3,429,365  
  168,200      

Seven Generations Energy, Ltd. Class A*

     826,359  
  62,733      

Thomson Reuters Corp.

     4,055,622  
      

 

 

 
 

Total Canada

     17,359,918  
    

 

 

 
          Cayman Islands — 1.5%  
  50,180      

Alibaba Group Holding, Ltd., ADR*

     8,503,001  
  2,916,000      

China Resources Cement Holdings, Ltd.

     2,825,487  
  183,500      

CK Asset Holdings, Ltd.

     1,436,291  
  1,693,000      

IGG, Inc.

     1,887,492  
  3,714,000      

Jiangnan Group, Ltd.*

     161,633  
  3,247,000      

Lee & Man Paper Manufacturing, Ltd.

     2,273,420  
  171,750      

Tencent Holdings, Ltd.

     7,751,559  

 

 

See accompanying Notes to the Schedule of Investments.

27

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Cayman Islands — continued  
  70,800      

Tongcheng Elong Holdings, Ltd.*

     140,467  
  9,510,000      

Tongda Group Holdings, Ltd.

     730,368  
  850,000      

Want Want China Holdings, Ltd.

     690,880  
  5,349,500      

WH Group, Ltd.

     5,423,109  
  2,084,000      

Xinyi Glass Holdings, Ltd.

     2,187,366  
  2,446,000      

Xinyi Solar Holdings, Ltd.

     1,205,389  
      

 

 

 
 

Total Cayman Islands

     35,216,462  
    

 

 

 
          China — 0.4%  
  2,636,000      

Agricultural Bank of China, Ltd. Class H

     1,103,324  
  8,334,000      

Bank of China, Ltd. Class H

     3,520,282  
  383,000      

Bank of Communications Co., Ltd. Class H

     290,712  
  886,000      

China Minsheng Banking Corp., Ltd. Class H

     613,537  
  1,195,500      

China Railway Construction Corp., Ltd. Class H

     1,465,970  
  50,400      

New China Life Insurance Co., Ltd. Class H

     245,146  
  628,600      

Shanghai Pharmaceuticals Holding Co., Ltd. Class H

     1,235,878  
      

 

 

 
 

Total China

     8,474,849  
    

 

 

 
          Denmark — 0.8%  
  28,321      

Carlsberg AS Class B

     3,760,289  
  127,200      

Danske Bank A/S

     2,013,579  
  34,600      

DFDS AS

     1,469,734  
  25,395      

GN Store Nord AS

     1,186,831  
  26,522      

Jyske Bank AS

     920,622  
  118,721      

Novo Nordisk AS, ADR

     6,059,520  
  24,472      

Novozymes AS Class B

     1,142,948  
  11,550      

Orsted AS

     1,000,272  
  15,846      

Pandora AS

     564,547  
  10,560      

SimCorp AS

     1,023,131  
  35,168      

Sydbank AS

     671,272  
      

 

 

 
 

Total Denmark

     19,812,745  
    

 

 

 
          Finland — 1.0%  
  262,150      

Neste OYJ

     8,908,330  
  460,631      

Nokia OYJ

     2,290,258  
  283,966      

Nokia OYJ, ADR

     1,422,670  
  471,106      

Nordea Bank Abp

     3,423,290  
  501,000      

Outokumpu OYJ‡

     1,711,617  
  43,982      

Sampo OYJ Class A

     2,078,599  
  15,262      

Tieto OYJ

     452,932  
  85,700      

UPM-Kymmene OYJ

     2,280,800  
  56,216      

Wartsila OYJ Abp

     816,560  
      

 

 

 
 

Total Finland

     23,385,056  
    

 

 

 
          France — 9.6%  
  71,610      

Airbus SE

     10,167,591  
  31,100      

Arkema SA

     2,896,377  
  335,218      

AXA SA

     8,818,342  

 

 

See accompanying Notes to the Schedule of Investments.

28

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          France — continued  
  141,505      

BNP Paribas SA‡

     6,730,261  
  78,800      

Bouygues SA

     2,922,749  
  160,600      

Carrefour SA‡

     3,105,495  
  143,073      

Cie de Saint-Gobain

     5,584,480  
  42,927      

Cie Generale des Etablissements Michelin SCA

     5,453,154  
  120,300      

CNP Assurances

     2,734,474  
  59,201      

Coface SA

     597,999  
  259,275      

Danone SA

     21,997,055  
  131,817      

Dassault Systemes SE

     21,060,890  
  101,485      

Electricite de France SA

     1,281,106  
  452,496      

Engie SA

     6,874,137  
  12,577      

EssilorLuxottica SA

     1,643,529  
  10,833      

Gaztransport Et Technigaz SA

     1,087,473  
  42,863      

IPSOS‡

     1,132,448  
  3,802      

Kaufman & Broad SA

     145,652  
  20,953      

Kering SA

     12,410,254  
  61,981      

L’Oreal SA

     17,681,289  
  122,837      

Legrand SA

     8,994,723  
  4,551      

LVMH Moet Hennessy Louis Vuitton SE

     1,939,877  
  48,100      

Metropole Television SA

     912,025  
  536,500      

Natixis SA

     2,162,210  
  35,500      

Neopost SA

     760,035  
  14,726      

Nexans SA

     495,050  
  36,500      

Nexity SA

     1,579,516  
  272,700      

Orange SA

     4,305,788  
  80,793      

Pernod Ricard SA‡

     14,909,751  
  72,859      

Peugeot SA

     1,798,000  
  40,737      

Publicis Groupe SA

     2,153,949  
  31,598      

Renault SA

     1,989,545  
  11,589      

Rexel SA

     147,351  
  141,477      

Sanofi

     12,230,169  
  211,873      

Schneider Electric SE

     19,244,577  
  5,494      

Societe BIC SA‡

     419,503  
  125,353      

Societe Generale SA

     3,171,951  
  107,834      

Television Francaise 1 SA

     1,137,141  
  167,100      

TOTAL SA

     9,376,715  
  40,051      

Veolia Environnement SA

     976,968  
  128,511      

Vivendi SA

     3,543,094  
      

 

 

 
 

Total France

     226,572,693  
    

 

 

 
          Germany — 7.5%  
  20,567      

Aareal Bank AG

     542,681  
  21,405      

adidas AG

     6,618,090  
  83,558      

Allianz SE

     20,173,048  
  1,031      

Amadeus Fire AG

     140,658  
  30,500      

Aurubis AG

     1,487,632  
  47,300      

BASF SE

     3,443,067  
  115,325      

Bayer AG

     8,003,382  
  34,200      

BMW AG

     2,535,059  

 

 

See accompanying Notes to the Schedule of Investments.

29

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Germany — continued  
  60,772      

Brenntag AG

     2,997,363  
  23,019      

Continental AG

     3,361,165  
  101,479      

Covestro AG

     5,166,881  
  37,605      

Daimler AG

     2,095,193  
  45,444      

Deutsche Boerse AG

     6,437,905  
  215,602      

Deutsche Lufthansa AG

     3,700,102  
  405,247      

Deutsche Telekom AG

     7,020,269  
  217,038      

Deutsche Wohnen SE

     7,975,949  
  86,787      

Deutz AG

     846,999  
  457,356      

E.ON SE

     4,974,516  
  68,600      

Evonik Industries AG

     2,000,697  
  30,626      

Fresenius Medical Care AG & Co. KGaA

     2,407,901  
  119,895      

GEA Group AG

     3,413,412  
  33,783      

Hamburger Hafen und Logistik AG

     894,091  
  157,074      

Heidelberger Druckmaschinen AG*

     252,573  
  25,925      

HUGO BOSS AG

     1,727,119  
  256,131      

Infineon Technologies AG

     4,535,656  
  181,829      

Kloeckner & Co. SE

     1,090,207  
  11,472      

Koenig & Bauer AG

     473,712  
  30,971      

LEG Immobilien AG

     3,498,763  
  22,512      

Leoni AG*

     372,629  
  204,300      

METRO AG

     3,739,960  
  34,083      

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     8,566,191  
  2,600      

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, ADR

     65,104  
  17,208      

Nemetschek SE

     1,037,634  
  28,400      

Rheinmetall AG

     3,481,609  
  21,867      

SAP SE, ADR

     2,991,406  
  85,526      

SAP SE

     11,761,667  
  20,648      

Siemens AG

     2,459,559  
  6,800      

Siemens AG, ADR

     405,688  
  17,136      

Siltronic AG

     1,253,610  
  36,192      

Software AG

     1,244,707  
  185,132      

Symrise AG

     17,844,516  
  118,458      

TAG Immobilien AG*

     2,741,168  
  42,000      

Talanx AG*

     1,822,308  
  173,978      

Vonovia SE

     8,321,301  
  10,587      

Wacker Neuson SE

     266,689  
  7,532      

Wirecard AG

     1,269,891  
      

 

 

 
 

Total Germany

     177,459,727  
    

 

 

 
          Hong Kong — 1.3%  
  1,704,800      

AIA Group, Ltd.

     18,384,563  
  3,081,000      

Champion REIT

     2,567,336  
  18,141      

China Mobile, Ltd., ADR

     821,606  
  624,000      

Lenovo Group, Ltd.

     483,226  
  234,500      

Link REIT

     2,881,536  
  93,000      

Sun Hung Kai Properties, Ltd.

     1,577,280  
  143,000      

Swire Pacific, Ltd. Class A

     1,757,184  
  253,000      

Techtronic Industries Co., Ltd.

     1,936,563  

 

 

See accompanying Notes to the Schedule of Investments.

30

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Hong Kong — continued  
  152,000      

Wheelock & Co., Ltd.

     1,089,536  
      

 

 

 
 

Total Hong Kong

     31,498,830  
    

 

 

 
          Hungary — 0.1%  
  229,600      

MOL Hungarian Oil & Gas Plc

     2,553,322  
      

 

 

 
          India — 0.3%  
  228,390      

HDFC Bank, Ltd.

     8,076,491  
      

 

 

 
          Indonesia — 0.4%  
  3,118,400      

Bank Central Asia Tbk PT

     6,616,460  
  3,540,700      

Bank Negara Indonesia Persero Tbk PT

     2,305,747  
      

 

 

 
 

Total Indonesia

     8,922,207  
    

 

 

 
          Ireland — 0.5%  
  313,147      

C&C Group Plc

     1,394,353  
  56,498      

Kerry Group Plc Class A

     6,755,694  
  41,416      

Ryanair Holdings Plc, ADR*

     2,656,422  
      

 

 

 
 

Total Ireland

     10,806,469  
    

 

 

 
          Israel — 0.4%  
  112,540      

Bank Leumi Le-Israel BM

     812,839  
  23,634      

Check Point Software Technologies, Ltd.*

     2,732,327  
  5,794      

First International Bank Of Israel, Ltd.*

     146,550  
  7,941      

Hilan, Ltd.

     258,276  
  1,168      

Nice, Ltd.*

     158,864  
  18,213      

Nice, Ltd., ADR*

     2,495,181  
  68,353      

Teva Pharmaceutical Industries, Ltd., ADR*

     630,898  
  81,500      

Teva Pharmaceutical Industries, Ltd.*

     747,235  
  6,614      

Wix.com, Ltd.*

     939,849  
      

 

 

 
 

Total Israel

     8,922,019  
    

 

 

 
          Italy — 2.4%  
  1,985,117      

A2A SpA

     3,449,755  
  157,952      

Assicurazioni Generali SpA

     2,978,743  
  18,444      

Datalogic SpA

     365,890  
  151,026      

Davide Campari-Milano SpA

     1,481,681  
  11,242      

DiaSorin SpA

     1,307,124  
  2,662,001      

Enel SpA

     18,613,335  
  463,909      

Eni SpA

     7,716,346  
  784,350      

Intesa Sanpaolo SpA

     1,681,037  
  142,005      

Italgas SpA

     955,414  
  133,129      

Leonardo SpA

     1,689,664  
  475,199      

Mediobanca Banca di Credito Finanziario SpA

     4,906,128  
  9,506      

Reply SpA

     648,985  
  307,265      

Saras SpA

     463,286  
  300,863      

Societa Cattolica di Assicurazioni SC

     2,694,729  
  46,100      

Societa Iniziative Autostradali e Servizi SpA

     856,254  

 

 

See accompanying Notes to the Schedule of Investments.

31

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Italy — continued  
  286,265      

UniCredit SpA

     3,529,262  
  609,469      

Unipol Gruppo SpA

     2,972,674  
      

 

 

 
 

Total Italy

     56,310,307  
    

 

 

 
          Japan — 19.4%  
  14,800      

Advantest Corp.

     407,295  
  1,600      

AEON REIT Investment Corp. REIT

     2,049,378  
  143,700      

AGC, Inc./Japan‡

     4,968,280  
  18,700      

Aica Kogyo Co., Ltd.

     624,838  
  19,330      

Altech Corp.

     294,417  
  8,700      

Amada Holdings Co., Ltd.

     97,950  
  27,100      

Amano Corp.

     747,803  
  14,900      

Argo Graphics, Inc.

     328,176  
  48,600      

Asahi Diamond Industrial Co., Ltd.

     296,363  
  667,500      

Astellas Pharma, Inc.

     9,510,047  
  5,216      

Astellas Pharma, Inc., ADR

     74,171  
  21,400      

Bandai Namco Holdings, Inc.

     1,038,816  
  33,600      

Benefit One, Inc.

     579,439  
  58,700      

Broadleaf Co., Ltd.‡

     289,850  
  32,200      

Brother Industries, Ltd.

     608,196  
  24,900      

Central Glass Co., Ltd.

     552,820  
  8,400      

Central Japan Railway Co.

     1,682,495  
  212,994      

Chiba Bank, Ltd. (The)

     1,039,863  
  351,000      

Dai-ichi Life Holdings, Inc.

     5,293,995  
  6,700      

Daikin Industries, Ltd.

     874,657  
  12,200      

Daito Trust Construction Co., Ltd.

     1,555,290  
  34,000      

Daiwa House Industry Co., Ltd.

     991,220  
  16,400      

Daiwabo Holdings Co., Ltd.

     780,880  
  62,300      

Denso Corp.

     2,621,180  
  72,100      

DIC Corp.‡

     1,903,215  
  4,300      

Digital Arts, Inc.

     379,153  
  6,500      

Disco Corp.‡

     1,066,642  
  121,900      

DMG Mori Co., Ltd.‡

     1,951,712  
  31,800      

DTS Corp.

     662,918  
  25,800      

East Japan Railway Co.

     2,413,811  
  13,900      

Eisai Co., Ltd.

     785,826  
  19,700      

Enplas Corp.‡

     585,112  
  26,300      

ESPEC Corp.

     572,185  
  10,100      

Ezaki Glico Co., Ltd.

     449,972  
  63,500      

Fancl Corp.

     1,561,862  
  3,000      

Fast Retailing Co., Ltd.

     1,813,533  
  50,600      

Foster Electric Co., Ltd.

     727,956  
  41,600      

FUJIFILM Holdings Corp.

     2,109,345  
  239,500      

Fujikura, Ltd.

     900,292  
  40,100      

Fujitsu, Ltd.

     2,795,909  
  107,400      

Fukuoka Financial Group, Inc.

     1,960,793  
  23,600      

Funai Soken Holdings, Inc.

     571,272  
  7,400      

Fuyo General Lease Co., Ltd.

     421,032  
  208,794      

Hachijuni Bank, Ltd. (The)

     850,757  

 

 

See accompanying Notes to the Schedule of Investments.

32

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Japan — continued  
  11,000      

Hankyu Hanshin Holdings, Inc.

     394,097  
  326,100      

Hazama Ando Corp.

     2,179,246  
  46,100      

Hirose Electric Co., Ltd.

     5,143,141  
  130,500      

Hitachi Capital Corp.

     2,900,942  
  50,200      

Hitachi Chemical Co., Ltd.

     1,363,330  
  230,400      

Hitachi, Ltd.

     8,444,864  
  1,080      

Hitachi, Ltd., ADR

     79,466  
  116,200      

Honda Motor Co., Ltd.

     3,003,685  
  81,800      

Hosiden Corp.

     907,286  
  152,200      

Hoya Corp.

     11,660,097  
  36,700      

IBJ Leasing Co., Ltd.

     918,692  
  48,700      

Ines Corp.

     518,912  
  38,000      

Infocom Corp.

     865,175  
  256,000      

Isuzu Motors, Ltd.

     2,915,463  
  134,700      

Ito En, Ltd.

     6,276,165  
  234,400      

ITOCHU Corp.

     4,482,840  
  30,600      

Itochu Techno-Solutions Corp.

     784,455  
  40,000      

JAC Recruitment Co., Ltd.

     942,640  
  99,200      

Japan Airlines Co., Ltd.

     3,170,091  
  153,300      

Japan Aviation Electronics Industry, Ltd.

     2,249,557  
  75,700      

Japan Exchange Group, Inc.

     1,202,881  
  115,400      

Japan Post Holdings Co., Ltd.

     1,306,738  
  86,700      

Japan Tobacco, Inc.‡

     1,914,819  
  40,400      

JFE Holdings, Inc.

     593,401  
  59,600      

JTEKT Corp.

     722,458  
  29,200      

K’s Holdings Corp.

     275,630  
  84,800      

Kajima Corp.

     1,163,304  
  18,700      

Kaken Pharmaceutical Co., Ltd.

     874,773  
  37,800      

Kaneka Corp.

     1,420,921  
  132,600      

Kanematsu Corp.

     1,469,504  
  62,800      

Kansai Electric Power Co., Inc. (The)

     719,571  
  99,200      

Kansai Paint Co., Ltd.

     2,079,941  
  151,408      

Kao Corp.

     11,537,588  
  49,900      

Kawasaki Heavy Industries, Ltd.

     1,173,164  
  469,500      

KDDI Corp.

     11,955,386  
  85,400      

Keihin Corp.

     1,223,057  
  4,300      

Keio Corp.

     282,968  
  17,100      

Keyence Corp.

     10,495,851  
  77,100      

Kobayashi Pharmaceutical Co., Ltd.‡

     5,517,366  
  106,300      

Komatsu, Ltd.

     2,565,250  
  18,800      

Konami Holdings Corp.

     881,195  
  385,700      

Konica Minolta, Inc.

     3,755,330  
  9,386      

Kose Corp.

     1,574,207  
  16,700      

Kyocera Corp.

     1,090,445  
  335,200      

Marubeni Corp.

     2,218,281  
  136,200      

Mazda Motor Corp.

     1,421,542  
  351,800      

Mebuki Financial Group, Inc.

     917,540  
  9,600      

Meitec Corp.

     492,742  
  7,700      

Menicon Co., Ltd.

     253,713  

 

 

See accompanying Notes to the Schedule of Investments.

33

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Japan — continued  
  86,100      

MISUMI Group, Inc.

     2,159,293  
  457,700      

Mitsubishi Chemical Holdings Corp.

     3,197,188  
  53,100      

Mitsubishi Corp.

     1,399,703  
  190,900      

Mitsubishi Electric Corp.

     2,514,267  
  118,900      

Mitsubishi Gas Chemical Co., Inc.

     1,584,745  
  55,100      

Mitsubishi Heavy Industries, Ltd.

     2,399,054  
  33,200      

Mitsubishi Shokuhin Co., Ltd.

     871,138  
  514,600      

Mitsubishi UFJ Financial Group, Inc.

     2,445,472  
  6,100      

Mitsuboshi Belting, Ltd.

     107,687  
  38,400      

Miura Co., Ltd.

     1,185,075  
  3,003,500      

Mizuho Financial Group, Inc.

     4,351,646  
  6,600      

Mochida Pharmaceutical Co., Ltd.

     280,871  
  330,400      

MonotaRO Co., Ltd.‡

     8,053,002  
  128,700      

MS&AD Insurance Group Holdings, Inc.

     4,085,335  
  23,600      

NEC Networks & System Integration Corp.

     602,157  
  46,400      

NET One Systems Co., Ltd.

     1,276,926  
  140,600      

Nihon Kohden Corp.

     3,807,971  
  37,500      

Nihon Unisys, Ltd.

     1,258,237  
  10,100      

Nikkon Holdings Co., Ltd.

     231,736  
  5,100      

Nintendo Co., Ltd.

     1,869,306  
  13,800      

Nippon Express Co., Ltd.

     733,934  
  56,200      

Nippon Soda Co., Ltd.

     1,423,518  
  203,400      

Nippon Telegraph & Telephone Corp.

     9,471,485  
  7,700      

Nissan Chemical Corp.

     346,979  
  305,100      

Nissan Motor Co., Ltd.

     2,185,030  
  49,200      

Nisshin Oillio Group, Ltd. (The)

     1,376,815  
  21,000      

Nissin Foods Holdings Co., Ltd.

     1,352,701  
  19,900      

Nissin Kogyo Co., Ltd.

     273,546  
  30,900      

Nitto Denko Corp.

     1,524,924  
  23,200      

Nomura Co., Ltd.

     289,623  
  322,200      

Nomura Research Institute, Ltd.

     5,164,650  
  313,141      

North Pacific Bank, Ltd.

     744,051  
  12,000      

NSD Co., Ltd.

     346,946  
  675,200      

NTN Corp.

     2,005,420  
  69,000      

NTT Data Corp.

     919,018  
  165,000      

NTT DOCOMO, Inc.

     3,847,805  
  61,900      

Obic Co., Ltd.

     7,009,282  
  67,100      

Oki Electric Industry Co., Ltd.

     837,660  
  95,500      

Omron Corp.

     4,981,530  
  34,200      

Ono Pharmaceutical Co., Ltd.

     613,276  
  8,000      

Open Door, Inc.*

     206,943  
  11,600      

Oracle Corp. Japan

     847,336  
  489,600      

ORIX Corp.

     7,307,191  
  14,000      

Otsuka Corp.

     563,301  
  124,000      

Pan Pacific International Holdings Corp.

     7,872,285  
  334,000      

Panasonic Corp.

     2,782,610  
  29,600      

Prima Meat Packers, Ltd.

     564,307  
  490,400      

Recruit Holdings Co., Ltd.

     16,358,804  
  714,000      

Resona Holdings, Inc.

     2,972,901  

 

 

See accompanying Notes to the Schedule of Investments.

34

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Japan — continued  
  72,900      

Ricoh Co., Ltd.

     728,053  
  106,400      

Rohto Pharmaceutical Co., Ltd.

     2,887,633  
  10,700      

Royal Holdings Co., Ltd.‡

     264,272  
  15,400      

Ryobi, Ltd.

     290,590  
  29,400      

Sanki Engineering Co., Ltd.

     340,553  
  7,700      

Sankyu, Inc.

     404,511  
  365,500      

Santen Pharmaceutical Co., Ltd.

     6,055,481  
  61,800      

Sanwa Holdings Corp.

     664,232  
  40,100      

Sawai Pharmaceutical Co., Ltd.

     2,166,159  
  28,000      

SCSK Corp.

     1,377,390  
  74,800      

Secom Co., Ltd.

     6,438,604  
  47,400      

Seibu Holdings, Inc.

     790,147  
  126,800      

Seiko Epson Corp.

     2,006,627  
  8,900      

Sekisui Chemical Co., Ltd.

     133,657  
  512,700      

Senshu Ikeda Holdings, Inc.

     946,977  
  57,100      

Shin-Etsu Chemical Co., Ltd.

     5,318,345  
  63,700      

Shin-Etsu Polymer Co., Ltd.

     461,757  
  35,500      

Shindengen Electric Manufacturing Co., Ltd.

     1,212,549  
  21,400      

Shionogi & Co., Ltd.

     1,233,271  
  137,000      

Shiseido Co., Ltd.‡

     10,326,499  
  68,500      

Shizuoka Bank, Ltd. (The)

     504,817  
  9,700      

SMC Corp./Japan

     3,616,568  
  10,500      

Softbank Group Corp.

     503,365  
  50,900      

Sohgo Security Services Co., Ltd.

     2,347,995  
  896,700      

Sojitz Corp.

     2,879,694  
  110,000      

Sompo Holdings, Inc.

     4,248,283  
  63,600      

Sony Financial Holdings, Inc.

     1,527,722  
  30,600      

Star Micronics Co., Ltd.‡

     394,784  
  44,600      

Subaru Corp.

     1,084,160  
  558,300      

Sumitomo Chemical Co., Ltd.

     2,590,960  
  183,400      

Sumitomo Corp.

     2,778,917  
  7,500      

Sumitomo Dainippon Pharma Co., Ltd.

     142,217  
  136,600      

Sumitomo Electric Industries, Ltd.

     1,793,398  
  23,200      

Sumitomo Heavy Industries, Ltd.

     797,810  
  117,400      

Sumitomo Mitsui Financial Group, Inc.

     4,147,247  
  125,700      

Sumitomo Rubber Industries, Ltd.‡

     1,453,705  
  43,900      

Sumitomo Warehouse Co., Ltd. (The)

     560,261  
  51,200      

Systena Corp.

     837,334  
  600      

T Hasegawa Co., Ltd.‡

     10,709  
  30,900      

Taiheiyo Cement Corp.

     934,973  
  21,600      

Taikisha, Ltd.

     653,573  
  148,300      

Teijin, Ltd.

     2,528,560  
  449,900      

Terumo Corp.

     13,404,297  
  10,500      

TIS, Inc.

     535,038  
  120,400      

Tokio Marine Holdings, Inc.

     6,033,410  
  198,000      

Tokyo Electric Power Co. Holdings, Inc.*

     1,032,820  
  63,500      

Tokyu Construction Co., Ltd.

     429,070  
  92,000      

Tokyu Corp.

     1,631,817  
  49,400      

Tomy Co., Ltd.

     574,515  

 

 

See accompanying Notes to the Schedule of Investments.

35

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Japan — continued  
  64,500      

Towa Pharmaceutical Co., Ltd.

     1,637,943  
  20,900      

Toyo Ink SC Holdings Co., Ltd.‡

     451,404  
  31,700      

Toyo Seikan Group Holdings, Ltd.

     629,057  
  148,900      

Toyo Suisan Kaisha, Ltd.

     6,136,217  
  70,700      

Toyoda Gosei Co., Ltd.

     1,378,696  
  65,800      

Toyota Motor Corp.

     4,084,559  
  15,700      

Toyota Tsusho Corp.

     475,780  
  17,100      

Trend Micro, Inc./Japan

     762,628  
  49,200      

TS Tech Co., Ltd.

     1,339,369  
  14,800      

Tsubakimoto Chain Co.

     482,848  
  88,300      

Ube Industries, Ltd.

     1,830,910  
  62,400      

Ulvac, Inc.‡

     1,977,873  
  58,400      

Unipres Corp.

     959,421  
  40,300      

Unitika, Ltd.*

     144,383  
  73,970      

USS Co., Ltd.

     1,457,567  
  25,700      

Valor Holdings Co., Ltd.

     533,369  
  500      

Wacoal Holdings Corp.

     12,980  
  35,500      

WATAMI Co., Ltd.

     471,510  
  16,500      

West Japan Railway Co.

     1,334,825  
  78,400      

Yamaha Motor Co., Ltd.‡

     1,393,503  
  166,800      

Yokogawa Electric Corp.

     3,269,738  
  73,000      

Yokohama Rubber Co., Ltd. (The)‡

     1,341,563  
      

 

 

 
 

Total Japan

     456,826,575  
    

 

 

 
          Luxembourg — 0.3%  
  1,771,725      

B&M European Value Retail SA

     7,515,498  
      

 

 

 
          Malaysia — 0.1%  
  628,000      

Tenaga Nasional Bhd

     2,103,211  
      

 

 

 
          Netherlands — 5.1%  
  10,586      

ABN AMRO Bank NV CVA

     226,821  
  11,899      

Adyen NV*

     9,195,428  
  863,554      

Aegon NV

     4,305,394  
  32,700      

ASML Holding NV

     6,842,252  
  69,528      

ASR Nederland NV

     2,831,424  
  195,308      

CNH Industrial NV

     2,005,755  
  25,580      

Core Laboratories NV

     1,337,322  
  36,720      

Euronext NV

     2,782,905  
  85,020      

Heineken NV

     9,501,994  
  2,650      

IMCD NV

     243,236  
  146,400      

ING Groep NV

     1,699,881  
  121,830      

InterXion Holding NV*

     9,270,045  
  351,439      

Koninklijke Ahold Delhaize NV

     7,915,529  
  100,290      

Koninklijke DSM NV

     12,414,659  
  855,453      

Koninklijke KPN NV

     2,630,314  
  200,756      

Koninklijke Philips NV

     8,729,893  
  55,537      

Koninklijke Philips NV ADR

     2,420,302  
  11,641      

Koninklijke Volkerwessels NV

     234,115  

 

 

See accompanying Notes to the Schedule of Investments.

36

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Netherlands — continued  
  155,672      

NN Group NV

     6,275,688  
  155,156      

Signify NV

     4,593,985  
  145,000      

STMicroelectronics NV ADR

     2,554,900  
  45,272      

Unilever NV (New York Exchange)

     2,748,916  
  137,048      

Unilever NV CVA

     8,359,126  
  45,846      

Wolters Kluwer NV

     3,342,449  
  170,980      

Yandex NV Class A*

     6,497,240  
      

 

 

 
 

Total Netherlands

     118,959,573  
    

 

 

 
          New Zealand — 0.1%  
  31,078      

a2 Milk Co., Ltd.*

     306,215  
  301,415      

Air New Zealand, Ltd.

     536,480  
  363,746      

SKY Network Television, Ltd.

     288,286  
  35,497      

Xero, Ltd.*

     1,493,106  
      

 

 

 
 

Total New Zealand

     2,624,087  
    

 

 

 
          Norway — 0.6%  
  100,400      

Austevoll Seafood ASA

     1,054,512  
  330,237      

DNB ASA

     6,146,881  
  83,922      

Elkem ASA

     236,429  
  126,967      

Equinor ASA

     2,508,499  
  117,914      

Norwegian Finans Holding ASA*

     857,451  
  25,751      

Salmar ASA

     1,120,219  
  69,427      

SpareBank 1 SMN

     795,564  
  209,533      

Storebrand ASA

     1,540,400  
  43,589      

Telenor ASA

     925,865  
      

 

 

 
 

Total Norway

     15,185,820  
    

 

 

 
          Philippines — 0.0%  
  6,261,800      

Vista Land & Lifescapes, Inc.

     871,409  
      

 

 

 
          Poland — 0.1%  
  521,100      

PGE Polska Grupa Energetyczna SA*

     1,340,339  
      

 

 

 
          Portugal — 0.0%  
  782,528      

Banco Espirito Santo SA* **** ^

      
  32,663      

NOS SGPS SA

     214,997  
      

 

 

 
 

Total Portugal

     214,997  
    

 

 

 
          Russia — 1.4%  
  1,253,240      

Alrosa PJSC

     1,711,519  
  7,630,000      

ENEL RUSSIA PJSC

     138,084  
  120,640,000      

Federal Grid Co. Unified Energy System PJSC

     387,578  
  426,500      

Gazprom PJSC, ADR

     3,124,539  
  2,017,780      

Gazprom PJSC

     7,453,710  
  52,600      

LUKOIL PJSC, ADR

     4,419,452  
  57,560      

LUKOIL PJSC

     4,858,036  
  538,500      

Magnitogorsk Iron & Steel Works PJSC

     385,253  

 

 

See accompanying Notes to the Schedule of Investments.

37

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Russia — continued  
  125,400      

MMC Norilsk Nickel PJSC, ADR

     2,847,834  
  15,461,000      

ROSSETI PJSC

     338,267  
  29,415,000      

RusHydro PJSC

     281,722  
  1,005,620      

Sberbank of Russia PJSC

     3,800,869  
  78,430      

Severstal PJSC

     1,332,222  
  26,100      

Tatneft PJSC, ADR

     1,926,180  
  7,516,000      

Unipro PJSC

     313,271  
      

 

 

 
 

Total Russia

     33,318,536  
    

 

 

 
          Singapore — 0.4%  
  209,100      

Ascott Residence Trust REIT

     200,917  
  990,900      

CapitaLand Retail China Trust REIT

     1,142,543  
  259,300      

United Overseas Bank, Ltd.

     5,007,952  
  2,756,900      

Yangzijiang Shipbuilding Holdings, Ltd.

     3,117,674  
      

 

 

 
 

Total Singapore

     9,469,086  
    

 

 

 
          South Africa — 0.1%  
  1,003,000      

Old Mutual, Ltd.‡

     1,498,888  
      

 

 

 
          South Korea — 0.6%  
  10,900      

KB Financial Group, Inc., ADR

     430,332  
  62,900      

Kia Motors Corp.

     2,396,917  
  238,849      

Samsung Electronics Co., Ltd.

     9,722,343  
  8,800      

SK Telecom Co., Ltd.

     1,973,931  
      

 

 

 
 

Total South Korea

     14,523,523  
    

 

 

 
          Spain — 2.5%  
  181,961      

Amadeus IT Group SA

     14,434,754  
  614,700      

Banco Santander SA

     2,856,434  
  252,560      

Cellnex Telecom SA* ‡

     9,359,006  
  200,300      

Ence Energia y Celulosa SA

     905,108  
  64,465      

Endesa SA‡

     1,659,863  
  2,201      

Grupo Catalana Occidente SA

     81,461  
  848,828      

Iberdrola SA

     8,473,616  
  363,227      

International Consolidated Airlines Group SA‡

     2,204,609  
  20,191      

Let’s GOWEX SA* **** ^ ‡

      
  1,567,692      

Mapfre SA

     4,589,976  
  51,575      

Naturgy Energy Group SA

     1,423,116  
  466,764      

Repsol SA

     7,327,431  
  544,517      

Telefonica SA

     4,477,715  
      

 

 

 
 

Total Spain

     57,793,089  
    

 

 

 
          Sweden — 2.4%  
  13,923      

Atlas Copco AB Class A

     445,382  
  54,337      

Bilia AB Class A

     491,939  
  127,805      

Boliden AB

     3,270,817  
  91,106      

Elekta AB Class B

     1,322,668  
  67,233      

Getinge AB Class B

     1,060,140  

 

 

See accompanying Notes to the Schedule of Investments.

38

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Sweden — continued  
  20,815      

Hennes & Mauritz AB Class B

     370,974  
  189,851      

Hexagon AB Class B

     10,550,233  
  122,591      

Lindab International AB

     1,411,127  
  223,660      

Lundin Petroleum AB‡

     6,940,109  
  189,200      

Sandvik AB

     3,478,856  
  645,800      

SAS AB* ‡

     861,698  
  237,400      

SKF AB Class B‡

     4,368,956  
  293,391      

Svenska Handelsbanken AB Class A

     2,905,387  
  32,247      

Swedish Match AB

     1,362,422  
  25,435      

Swedish Orphan Biovitrum AB*

     490,294  
  1,291,413      

Telefonaktiebolaget LM Ericsson Class B

     12,262,452  
  14,825      

Vitrolife AB

     289,208  
  289,000      

Volvo AB Class B

     4,589,700  
      

 

 

 
 

Total Sweden

     56,472,362  
    

 

 

 
          Switzerland — 8.8%  
  68,908      

Alcon, Inc.*

     4,260,281  
  14,476      

Ascom Holding AG

     189,747  
  9,800      

Autoneum Holding AG‡

     1,413,210  
  63      

Chocoladefabriken Lindt & Spruengli AG

     459,092  
  81,230      

Cie Financiere Richemont SA

     6,901,634  
  112,500      

Credit Suisse Group AG*

     1,350,577  
  4,877      

Geberit AG

     2,280,935  
  6,550      

Givaudan SA

     18,514,667  
  1,245      

Inficon Holding AG

     760,408  
  30,558      

Julius Baer Group, Ltd.*

     1,362,103  
  26,600      

Landis & Gyr Group AG* ‡

     2,121,179  
  37,890      

Lonza Group AG*

     12,800,991  
  368,055      

Nestle SA

     38,149,373  
  10,085      

Nestle SA, ADR

     1,042,789  
  249,474      

Novartis AG

     22,823,673  
  150,575      

Roche Holding AG

     42,415,819  
  9,531      

Schindler Holding AG

     2,124,191  
  3,039      

SGS SA

     7,751,788  
  61,824      

Sika AG

     10,563,978  
  12,800      

Swiss Life Holding AG

     6,351,426  
  46,900      

Swiss Re AG

     4,773,698  
  5,400      

Swisscom AG‡

     2,714,400  
  7,465      

Temenos AG*

     1,337,192  
  700,444      

UBS Group AG*

     8,333,487  
  18,700      

Zurich Insurance Group AG

     6,519,108  
      

 

 

 
 

Total Switzerland

     207,315,746  
    

 

 

 
          Taiwan — 0.6%  
  565,000      

Charoen Pokphand Enterprise

     1,258,810  
  1,419,000      

Compeq Manufacturing Co., Ltd.

     1,190,133  
  940,000      

Fubon Financial Holding Co., Ltd.

     1,387,627  
  250,097      

Taiwan Semiconductor Manufacturing Co., Ltd., ADR

     9,796,300  
      

 

 

 
 

Total Taiwan

     13,632,870  
    

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

39

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Thailand — 0.1%  
  16,831,100      

Quality Houses PCL Class F

     1,701,359  
  16,156,000      

Sansiri PCL Class F

     779,681  
      

 

 

 
 

Total Thailand

     2,481,040  
    

 

 

 
          Turkey — 0.0%  
  229,100      

TAV Havalimanlari Holding AS

     1,069,450  
      

 

 

 
          United Kingdom — 13.8%  
  339,008      

3i Group Plc

     4,804,258  
  98,576      

Aggreko Plc

     991,116  
  194,685      

Anglo American Plc

     5,561,324  
  111,745      

Ashmore Group Plc

     724,600  
  91,678      

Ashtead Group Plc

     2,629,936  
  30,658      

Associated British Foods Plc

     961,024  
  165,920      

AstraZeneca Plc

     13,594,894  
  118,334      

AstraZeneca Plc, ADR

     4,884,828  
  319,109      

Avast Plc

     1,218,390  
  23,751      

AVEVA Group Plc

     1,221,812  
  12,100      

Aviva Plc, ADR

     128,260  
  262,527      

Babcock International Group Plc

     1,530,929  
  1,374,236      

BAE Systems Plc

     8,664,499  
  45,361      

Bank of Georgia Group Plc

     864,810  
  280,200      

Barratt Developments Plc

     2,041,952  
  48,300      

Bellway Plc

     1,711,979  
  33,600      

Berkeley Group Holdings Plc

     1,595,477  
  148,250      

BHP Group Plc, ADR

     7,577,058  
  1,295,400      

BP Plc

     9,044,526  
  129,300      

Britvic Plc

     1,462,117  
  1,192,600      

BT Group Plc

     2,981,914  
  92,200      

BT Group Plc, ADR

     1,177,394  
  15,171      

Carnival Plc, ADR

     686,791  
  1,284,086      

Centrica Plc

     1,434,550  
  623,751      

Compass Group Plc

     14,979,912  
  208,800      

Crest Nicholson Holdings Plc

     948,691  
  19,435      

Croda International Plc

     1,266,428  
  16,818      

Diageo Plc, ADR

     2,898,078  
  560,096      

Diageo Plc

     24,122,312  
  751,600      

Dixons Carphone Plc

     1,046,957  
  44,534      

EMIS Group Plc

     689,210  
  1,308,680      

EnQuest Plc*

     328,948  
  305,005      

Experian Plc

     9,254,209  
  91,295      

Ferrexpo Plc

     322,198  
  701,600      

Firstgroup Plc*

     872,836  
  76,465      

Galliford Try Plc

     613,584  
  379,000      

GlaxoSmithKline Plc

     7,604,783  
  116,182      

GlaxoSmithKline Plc, ADR

     4,649,604  
  1,437,851      

Glencore Plc*

     5,002,177  
  123,403      

Great Portland Estates Plc REIT

     1,074,256  
  52,816      

Greggs Plc

     1,544,691  

 

 

See accompanying Notes to the Schedule of Investments.

40

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          United Kingdom — continued  
  361,983      

Halma Plc

     9,306,056  
  240,893      

Hammerson Plc REIT

     849,546  
  118,224      

IG Group Holdings Plc

     879,009  
  359,159      

IMI Plc

     4,744,716  
  112,000      

Imperial Brands Plc

     2,632,473  
  22,500      

Imperial Brands Plc, ADR

     529,425  
  365,272      

Inchcape Plc

     2,863,672  
  30,282      

InterContinental Hotels Group Plc

     1,993,284  
  107,298      

Intermediate Capital Group Plc

     1,885,869  
  91,630      

Intertek Group Plc

     6,416,296  
  305,507      

IWG Plc

     1,323,928  
  998,600      

J Sainsbury Plc

     2,490,365  
  59,510      

JD Sports Fashion Plc

     444,130  
  151,674      

Jupiter Fund Management Plc

     815,575  
  1,350,537      

Kingfisher Plc

     3,693,763  
  5,315,800      

Lloyds Banking Group Plc

     3,828,551  
  180,980      

London Stock Exchange Group Plc

     12,636,084  
  569,000      

Man Group Plc

     1,128,251  
  676,700      

Marks & Spencer Group Plc

     1,814,625  
  243,230      

Meggitt Plc

     1,622,088  
  38,327      

Micro Focus International Plc, ADR

     1,003,784  
  26,683      

Micro Focus International Plc

     700,923  
  484,800      

Mitchells & Butlers Plc*

     1,767,719  
  256,118      

Moneysupermarket.com Group Plc

     1,343,939  
  55,240      

National Grid Plc, ADR

     2,937,663  
  277,200      

Paragon Banking Group Plc

     1,548,053  
  1,148,816      

Pets at Home Group Plc

     2,735,586  
  73,478      

Provident Financial Plc

     385,751  
  1,132,996      

QinetiQ Group Plc

     4,028,848  
  269,633      

Quilter Plc

     481,731  
  148,838      

Reckitt Benckiser Group Plc

     11,770,941  
  211,904      

Redrow Plc

     1,467,115  
  98,187      

RELX Plc*

     2,379,432  
  192,666      

RELX Plc (London Exchange)*

     4,682,210  
  11,123      

Renishaw Plc

     602,773  
  249,538      

Rentokil Initial Plc

     1,262,409  
  226,599      

Restaurant Group Plc (The)

     380,101  
  84,972      

Rightmove Plc

     578,245  
  177,364      

Rio Tinto Plc, ADR

     11,056,872  
  79,327      

Rio Tinto Plc

     4,927,328  
  266,653      

Rotork Plc

     1,074,443  
  280,600      

Royal Dutch Shell Plc Class B

     9,217,259  
  275,200      

Royal Mail Plc

     742,174  
  66,039      

Safestore Holdings Plc REIT

     515,634  
  913,004      

Saga Plc

     462,236  
  324,347      

Sage Group Plc (The)

     3,312,279  
  52,002      

Savills Plc

     593,661  
  376,251      

Senior Plc

     1,033,368  
  312,296      

Smith & Nephew Plc

     6,776,679  

 

 

See accompanying Notes to the Schedule of Investments.

41

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          United Kingdom — continued  
  95,213      

Spectris Plc

     3,487,491  
  63,765      

Spirax-Sarco Engineering Plc

     7,453,970  
  758,300      

Stagecoach Group Plc

     1,224,697  
  181,500      

Tate & Lyle Plc

     1,705,668  
  1,395,319      

Taylor Wimpey Plc

     2,801,360  
  269,872      

TP ICAP Plc

     1,029,025  
  72,420      

Unilever Plc, ADR

     4,487,867  
  1,296,195      

Vodafone Group Plc

     2,133,350  
  38,247      

Whitbread Plc

     2,253,257  
  620,760      

Wm Morrison Supermarkets Plc

     1,591,143  
      

 

 

 
 

Total United Kingdom

     324,548,002  
    

 

 

 
          United States — 1.9%  
  66,325      

Analog Devices, Inc.

     7,486,103  
  31,711      

ANSYS, Inc.*

     6,495,047  
  188,701      

Cadence Design Systems, Inc.*

     13,361,918  
  120,641      

Colgate-Palmolive Co.

     8,646,340  
  33,030      

DENTSPLY SIRONA, Inc.

     1,927,631  
       

International Flavors & Fragrances, Inc.

     63  
  25,584      

Nordson Corp.

     3,615,275  
  27,868      

Texas Instruments, Inc.

     3,198,132  
      

 

 

 
 

Total United States

     44,730,509  
    

 

 

 
   

TOTAL COMMON STOCKS (COST $1,976,875,281)

     2,160,242,927  
      

 

 

 
   

INVESTMENT COMPANIES — 0.9%

 

          United States — 0.9%  
  307,194      

iShares MSCI EAFE ETF

     20,191,862  
  42,200      

iShares MSCI Eurozone ETF

     1,669,221  
      

 

 

 
 

Total United States

     21,861,083  
    

 

 

 
   

TOTAL INVESTMENT COMPANIES (COST $20,131,450)

     21,861,083  
      

 

 

 
   

PREFERRED STOCKS — 0.9%

 

          Brazil — 0.1%  
  517,660      

Itausa - Investimentos Itau SA, 3.08%

     1,740,998  
      

 

 

 
          Germany — 0.7%  
  123,724      

Henkel AG & Co. KGaA, 2.10%

     12,119,955  
  29,593      

Porsche Automobil Holding SE, 3.75%

     1,925,648  
  18,200      

Volkswagen AG, 3.16%

     3,072,032  
      

 

 

 
 

Total Germany

     17,117,635  
    

 

 

 
          Russia — 0.1%  
  276,220      

Sberbank of Russia PJSC, 7.64%

     900,458  
  56      

Transneft PJSC, 2.55%

     146,936  
      

 

 

 
 

Total Russia

     1,047,394  
    

 

 

 
   

TOTAL PREFERRED STOCKS (COST $21,990,958)

     19,906,027  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

42

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
   

RIGHTS — 0.0%

 

          Spain — 0.0%  
  740,406      

Repsol SA* ‡

     411,300  
      

 

 

 
   

TOTAL RIGHTS (COST $419,746)

     411,300  
      

 

 

 
Par Value ($)          Description    Value ($)  
   

SHORT-TERM INVESTMENTS — 2.8%

 

          Mutual Fund - Securities Lending Collateral — 2.6%  
  60,440,485      

State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.31%## ***

     60,440,485  
      

 

 

 
          U.S. Government and Agency Obligations — 0.2%  
  5,500,000      

United States Treasury Bill, 2.07%, due 09/12/19** ‡‡

     5,477,053  
      

 

 

 
   

TOTAL SHORT-TERM INVESTMENTS (COST $65,913,573)

     65,917,538  
      

 

 

 
   

TOTAL INVESTMENTS — 96.3%

(Cost $2,085,331,008)

     2,268,338,875  
   

Other Assets and Liabilities (net) — 3.7%

     88,028,278  
      

 

 

 
          NET ASSETS — 100.0%    $2,356,367,153  
      

 

 

 
   

Notes to Schedule of Investments:

 

    ADR — American Depository Receipt   
    CVA — Certificaten Van Aandelen   
    REIT — Real Estate Investment Trust   
  ##   The rate disclosed is the 7 day net yield as of June 30, 2019.   
  *   Non-income producing security   
  **   All or a portion of this security is pledged for open futures collateral.   
  ***   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 period end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at June 30, 2019 was $1,457,972.   
  ^   Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.   
    All or a portion of this security is out on loan.   
  ‡‡   Interest rate presented is yield to maturity.   

 

 

See accompanying Notes to the Schedule of Investments.

43

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Forward Foreign Currency Contracts

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
USD      20,179,100      JPY      2,204,429,000        08/22/19     

Citibank N.A.

   $ (358,616
                 

 

 

 

Currency Abbreviations

 

JPY

— Japanese Yen

USD

— U.S. Dollar

Futures Contracts

 

Number of
Contracts

         

Description

       

Expiration Date

    

Notional
Value

    

Market Value/
Unrealized
Appreciation
(Depreciation)

 
  Buys                    
  1,218        

MSCI EAFE Index

        Sep 2019      $ 117,128,970      $ 3,303,273  
                 

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

44

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Industry Sector Summary (Unaudited)    % of Net Assets

Pharmaceuticals

       6.6

Insurance

       6.4

Banks

       5.7

Food

       4.9

Chemicals

       4.1

Commercial Services

       4.1

Software

       4.1

Oil & Gas

       3.7

Telecommunications

       3.4

Beverages

       3.2

Cosmetics & Personal Care

       3.0

Mining

       2.6

Electric

       2.5

Health Care — Products

       2.3

Retail

       2.2

Diversified Financial Services

       2.0

Electronics

       2.0

Machinery — Diversified

       1.9

Semiconductors

       1.9

Auto Manufacturers

       1.7

Internet

       1.6

Electrical Components & Equipment

       1.4

Real Estate

       1.4

Apparel

       1.2

Auto Parts & Equipment

       1.2

Building Materials

       1.2

Computers

       1.2

Aerospace & Defense

       1.1

Engineering & Construction

       1.1

Household Products & Wares

       1.0

Machinery — Construction & Mining

       0.9

Unaffiliated Funds

       0.9

Distribution & Wholesale

       0.8

Airlines

       0.7

Home Builders

       0.7

REITS

       0.7

Transportation

       0.7

Biotechnology

       0.6

Food Service

       0.6

Health Care — Services

       0.6

Media

       0.6

Metal Fabricate & Hardware

       0.6

Iron & Steel

       0.5

Miscellaneous — Manufacturing

       0.5

Agriculture

       0.4

Hand & Machine Tools

       0.4

Gas

       0.3

Office & Business Equipment

       0.3

Private Equity

       0.3

Advertising

       0.2

Energy-Alternate Sources

       0.2

 

 

See accompanying Notes to the Schedule of Investments.

45

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Industry Sector Summary (Unaudited)    % of Net Assets

Lodging

       0.2

Toys, Games & Hobbies

       0.2

Forest Products & Paper

       0.1

Holding Companies — Diversified

       0.1

Home Furnishings

       0.1

Investment Companies

       0.1

Leisure Time

       0.1

Oil & Gas Services

       0.1

Packaging & Containers

       0.1

Shipbuilding

       0.1

Water

       0.1

Environmental Control

       0.0 *

Pipelines

       0.0 *

Storage/Warehousing

       0.0 *

Textiles

       0.0 *

Short-Term Investments and Other Assets and Liabilities (net)

       6.5
    

 

 

 
       100.0 %
    

 

 

 

* Amount rounds to zero.

 

 

See accompanying Notes to the Schedule of Investments.

46

Mercer Core Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
   

DEBT OBLIGATIONS — 98.4%

 

          Asset Backed Securities — 11.4%  
  160,490      

AccessLex Institute, Series 2005-1, Class A4, 2.55% (3 mo. USD LIBOR plus 0.210%), due 06/22/37†

     154,620  
  542,199      

AccessLex Institute, Series 2006-1, Class A3, 2.72% (3 mo. USD LIBOR plus 0.200%), due 08/25/37†

     528,079  
  226,336      

AccessLex Institute, Series 2007-A, Class A3, 2.82% (3 mo. USD LIBOR plus 0.300%), due 05/25/36†

     223,129  
  563,000      

Ally Master Owner Trust, Series 2018-1, Class A2, 2.70%, due 01/17/23

     566,793  
  250,000      

ALM CLO VIII, Ltd., Series 2013-8A, Class A1R, 4.09% (3 mo. USD LIBOR plus 1.490%), due 10/15/28† 144A

     250,213  
  400,000      

AmeriCredit Automobile Receivables Trust, Series 2018-1, Class C, 3.50%, due 01/18/24

     410,950  
  170,000      

AmeriCredit Automobile Receivables Trust, Series 2018-2, Class C, 3.59%, due 06/18/24

     175,031  
  141,000      

AmeriCredit Automobile Receivables Trust, Series 2018-3, Class C, 3.74%, due 10/18/24

     145,957  
  100,000      

AmeriCredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, due 02/18/25

     101,925  
  200,000      

AmeriCredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, due 02/18/25

     205,061  
  400,000      

AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, due 04/18/25

     402,038  
  354,000      

Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A

     359,431  
  250,900      

Arbys Funding LLC, Series 2015-1A, Class A2, 4.97%, due 10/30/45 144A

     261,666  
  249,029      

Asset Backed Securities Corp Home Equity Loan Trust, Series 2003-HE7, Class M1, 3.37% (1 mo. USD LIBOR plus 0.975%), due 12/15/33†

     251,660  
  64,075      

Asset-Backed Pass-Through Certificates, Series 2004-R2, Class A1A, 3.09% (1 mo. USD LIBOR plus 0.690%), due 04/25/34†

     64,082  
  1,000,000      

Atlas Senior Loan Fund CLO V, Ltd., Series 2014-1A, Class AR2, 3.86% (3 mo. USD LIBOR plus 1.260%), due 07/16/29† 144A

     1,000,020  
  167,000      

Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.45%, due 03/20/23 144A

     171,247  
  250,000      

Battalion CLO VIII, Ltd., Series 2015-8A, Class A1R, 3.94% (3 mo. USD LIBOR plus 1.340%), due 07/18/30† 144A

     250,019  
  250,000      

Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class A1, 3.85% (3 mo. USD LIBOR plus 1.250%), due 10/15/30† 144A

     249,714  
  250,000      

BlueMountain CLO, Ltd., Series 2015-1A, Class A1R, 3.93% (3 mo. USD LIBOR plus 1.330%), due 04/13/27† 144A

     250,431  
  1,000,000      

BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21

     1,013,295  
  138,825      

BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A, 3.28%, due 09/26/33 144A

     141,186  
  1,713,000      

Capital One Prime Auto Receivables Trust, Series 2019-1, Class A3, 2.51%, due 11/15/23

     1,734,548  
  500,000      

Carlyle Global Market Strategies CLO, Ltd., Series 2017-1A, Class A1B, 3.82% (3 mo. USD LIBOR plus 1.230%), due 04/20/31† 144A

     500,326  
  930,000      

Citibank Credit Card Issuance Trust, Series 2018-A1, Class A1, 2.49%, due 01/20/23

     936,632  

 

 

See accompanying Notes to the Schedule of Investments.

47

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Asset Backed Securities — continued  
  1,300,000      

Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30

     1,445,156  
  246,064      

CLI Funding LLC, Series 2018-1A, Class A, 4.03%, due 04/18/43 144A

     253,244  
  292,000      

CNH Equipment Trust, Series 2018-B, Class A3, 3.19%, due 11/15/23

     297,292  
  323,400      

Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A

     331,509  
  223,000      

Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 2.53% (3 mo. USD LIBOR plus 0.200%), due 03/28/35†

     215,896  
  587,549      

Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 144A

     588,477  
  367,721      

CSMC Trust, Series 2018-RPL8, Class A1, 4.13%, due 07/25/58◆◆ 144A

     373,634  
  1,084,485      

DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, due 11/20/47 144A

     1,102,607  
  147,750      

DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A

     150,587  
  751,000      

DB Master Finance LLC, Series 2019-1A, Class A2I, 3.79%, due 05/20/49 144A

     784,611  
  245,000      

DLL LLC, Series 2018-ST2, Class A3, 3.46%, due 01/20/22 144A

     248,659  
  383,175      

Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A

     398,582  
  850,845      

Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2I, 3.83% (3 mo. USD LIBOR plus 1.250%), due 07/25/47† 144A

     848,036  
  599,940      

Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I, 4.12%, due 07/25/48 144A

     619,017  
  118,768      

Drive Auto Receivables Trust, Series 2018-1, Class B, 2.88%, due 02/15/22

     118,786  
  300,000      

Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65%, due 02/15/24

     301,222  
  332,925      

Driven Brands Funding LLC, Series 2015-1A, Class A2, 5.22%, due 07/20/45 144A

     345,233  
  326,000      

Enterprise Fleet Financing LLC, Series 2018-3, Class A2, 3.38%, due 05/20/24 144A

     330,711  
  490,000      

Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, due 03/15/23 144A

     497,453  
  127,400      

FOCUS Brands Funding LLC, Series 2017-1A, Class A2I, 3.86%, due 04/30/47 144A

     131,219  
  113,000      

Ford Credit Auto Owner Trust, Series 2017-B, Class A4, 1.87%, due 09/15/22

     112,530  
  285,000      

Ford Credit Auto Owner Trust, Series 2017-C, Class A4, 2.16%, due 03/15/23

     284,942  
  350,000      

Ford Credit Auto Owner Trust, Series 2018-B, Class A3, 3.24%, due 04/15/23

     357,003  
  1,900,000      

Ford Credit Floorplan Master Owner Trust, Series 2018-2, Class A, 3.17%, due 03/15/25

     1,968,946  
  2,564,000      

Ford Credit Floorplan Master Owner Trust, Series 2018-3, Class A1, 3.52%, due 10/15/23

     2,638,527  
  128,000      

Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, due 04/15/26

     132,093  
  197,611      

Fremont Home Loan Trust, Series 2004-B, Class M1, 3.27% (1 mo. USD LIBOR plus 0.870%), due 05/25/34†

     198,459  
  100,000      

GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, due 06/17/24

     103,151  
  1,245,000      

GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.97%, due 11/16/23

     1,264,770  
  335,000      

GMF Floorplan Owner Revolving Trust, Series 2019-2, Class A, 2.90%, due 04/15/26 144A

     342,595  
  936,000      

Goal Capital Funding Trust, Series 2005-2, Class A4, 2.72% (3 mo. USD LIBOR plus 0.200%), due 08/25/44†

     913,429  

 

 

See accompanying Notes to the Schedule of Investments.

48

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Asset Backed Securities — continued  
  390,000      

Golden Credit Card Trust, Series 2018-1A, Class A, 2.62%, due 01/15/23 144A

     392,649  
  240,289      

Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A

     241,704  
  99,824      

Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32 144A

     102,895  
  190,478      

Home Equity Asset Trust, Series 2003-8, Class M1, 3.48% (1 mo. USD LIBOR plus 1.080%), due 04/25/34†

     192,247  
  125,000      

Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.87%, due 09/15/23

     124,627  
  145,000      

Honda Auto Receivables Owner Trust, Series 2017-3, Class A4, 1.98%, due 11/20/23

     144,763  
  221,000      

Hyundai Auto Receivables Trust, Series 2018-B, Class A3, 3.20%, due 12/15/22

     225,131  
  500,000      

ICG US CLO, Ltd., Series 2017-2A, Class A1, 3.87% (3 mo. USD LIBOR plus 1.280%), due 10/23/29† 144A

     499,440  
  561,247      

Invitation Homes Trust, Series 2018-SFR1, Class A, 3.09%, due 03/17/37◆◆ 144A

     555,112  
  155,000      

Jack In The Box Funding LLC, Series 2019-1A, Class A21, 3.98%, due 08/25/49◆◆ 144A

     142,370  
  155,000      

Jack In The Box Funding LLC, Series 2019-1A, Class A23, 4.97%, due 08/25/49◆◆ 144A

     138,380  
  180,811      

KeyCorp Student Loan Trust, Series 2004-A, Class 1A2, 2.82% (3 mo. USD LIBOR plus 0.240%), due 10/27/42†

     173,477  
  483,809      

Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 144A

     489,723  
  298,337      

Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.44%, due 05/25/59†† 144A

     301,288  
  696,622      

Limerock CLO III LLC, Series 2014-3A, Class A1R, 3.79% (3 mo. USD LIBOR plus 1.200%), due 10/20/26† 144A

     696,940  
  122,000      

MelTel Land Funding LLC, Series 2019-1A, Class A, 3.77%, due 04/15/49 144A

     125,103  
  2,370,000      

Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A4, 1.46%, due 12/15/22

     2,353,545  
  750,000      

MidOcean Credit CLO III, Series 2014-3A, Class A1R, 3.71%, due 04/21/31◆◆ 144A

     742,336  
  157,820      

Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.50%, due 08/25/58◆◆ 144A

     162,651  
  210,000      

MMAF Equipment Finance LLC, Series 2017-B, Class A3, 2.21%, due 10/17/22 144A

     209,993  
  161,000      

MMAF Equipment Finance LLC, Series 2019-A, Class A3, 2.84%, due 11/13/23 144A

     162,861  
  139,253      

Morgan Stanley ABS Capital I, Inc., Series 2003-NC10, Class M1, 3.42% (1 mo. USD LIBOR plus 1.020%), due 10/25/33†

     138,837  
  71,197      

Morgan Stanley ABS Capital I, Inc., Series 2003-NC7, Class M1, 3.45% (1 mo. USD LIBOR plus 1.050%), due 06/25/33†

     72,244  
  202,056      

MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/36 144A

     207,874  
  383,780      

Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/45 144A

     396,501  
  419,000      

Nelnet Student Loan Trust, Series 2006-1, Class A6, 2.97% (3 mo. USD LIBOR plus 0.450%), due 08/23/36† 144A

     408,192  

 

 

See accompanying Notes to the Schedule of Investments.

49

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Asset Backed Securities — continued  
  236,381      

New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.12% (1 mo. USD LIBOR plus 0.720%), due 10/25/33† 144A

     233,747  
  220,467      

New Residential Mortgage LLC, Series 2018-FNT1, Class A, 3.61%, due 05/25/23 144A

     224,575  
  138,598      

New Residential Mortgage LLC, Series 2018-FNT2, Class A, 3.79%, due 07/25/54 144A

     142,108  
  120,000      

NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A2, 3.22%, due 02/15/23 144A

     121,709  
  2,050,000      

NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.69%, due 10/15/23 144A

     2,106,807  
  330,000      

Nissan Auto Receivables Owner Trust, Series 2017-B, Class A4, 1.95%, due 10/16/23

     329,095  
  600,000      

North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3.38% (3 mo. USD LIBOR plus 0.800%), due 07/25/36†

     604,350  
  85,685      

NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.19%, due 01/25/23 144A

     86,134  
  223,348      

NRZ Excess Spread-Collateralized Notes, Series 2018-PLS2, Class A, 3.27%, due 02/25/23 144A

     224,974  
  250,000      

OCP CLO, Ltd., Series 2017-13A, Class A1A, 3.86% (3 mo. USD LIBOR plus 1.260%), due 07/15/30† 144A

     250,134  
  2,000,000      

OCP CLO, Ltd., Series 2019-17A, Class A1, 1.00% (3 mo. USD LIBOR plus 1.330%), due 07/20/32† 144A

     2,000,000  
  1,300,000      

OneMain Direct Auto Receivables Trust, Series 2017-2A, Class B, 2.55%, due 11/14/23 144A

     1,298,337  
  300,000      

OneMain Direct Auto Receivables Trust, Series 2017-2A, Class C, 2.82%, due 07/15/24 144A

     300,510  
  700,000      

OneMain Financial Issuance Trust, Series 2017-1A, Class A2, 3.20% (1 mo. USD LIBOR plus 0.800%), due 09/14/32† 144A

     701,617  
  170,000      

OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, due 03/14/29 144A

     172,300  
  108,000      

Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, due 02/15/27 144A

     110,984  
  750,000      

OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 3.84% (3 mo. USD LIBOR plus 1.250%), due 10/22/30† 144A

     748,125  
  750,000      

OZLM IX CLO, Ltd., Series 2014-9A, Class A1AR, 3.87% (1 mo. USD LIBOR plus 1.280%), due 10/20/31† 144A

     748,205  
  250,000      

OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 3.83% (1 mo. USD LIBOR plus 1.250%), due 10/30/30† 144A

     250,058  
  750,000      

OZLM XV CLO, Ltd., Series 2016-15A, Class A1, 4.08% (3 mo. USD LIBOR plus 1.490%), due 01/20/29† 144A

     750,225  
  1,000,000      

Palmer Square CLO Ltd., Series 2015-1A, Class A1R2, 3.74% (3 mo. USD LIBOR plus 1.220%), due 05/21/29† 144A

     1,000,994  
  750,000      

Palmer Square CLO Ltd., Series 2018-2A, Class A1A, 3.70%, due 07/16/31◆◆ 144A

     743,956  
  240,000      

PFS Financing Corp., Series 2018-B, Class A, 2.89%, due 02/15/23 144A

     242,267  
  650,000      

Progress Residential Trust, Series 2019-SFR1, Class A, 3.42%, due 08/17/35 144A

     667,442  
  9,215      

Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35††

     9,514  

 

 

See accompanying Notes to the Schedule of Investments.

50

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Asset Backed Securities — continued  
  250,000      

Romark CLO II, Ltd., Series 2018-2A, Class A1, 3.76%, due 07/25/31◆◆ 144A

     248,162  
  500,000      

Santander Drive Auto Receivables Trust, Series 2018-2, Class C, 3.35%, due 07/17/23

     504,937  
  430,000      

Santander Drive Auto Receivables Trust, Series 2018-3, Class C, 3.51%, due 08/15/23

     435,706  
  500,000      

Santander Drive Auto Receivables Trust, Series 2018-5, Class C, 3.81%, due 12/16/24

     510,614  
  222,084      

Saxon Asset Securities Trust, Series 2005-1, Class M1, 2.71% (1 mo. USD LIBOR plus 0.690%), due 05/25/35†

     222,302  
  115,381      

Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A, 3.50%, due 06/20/35 144A

     118,738  
  133,849      

Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A, 3.20%, due 01/20/36 144A

     137,242  
  500,000      

Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 3.83% (3 mo. USD LIBOR plus 1.240%), due 07/20/30† 144A

     498,066  
  99,930      

SLM Private Credit Student Loan Trust, Series 2006-A, Class A5, 2.70% (3 mo. USD LIBOR plus 0.290%), due 06/15/39†

     97,159  
  3,088,900      

Small Business Administration Participation Certificates, Series 2013-20H, Class 1, 3.16%, due 08/01/33

     3,183,552  
  1,776,502      

Small Business Administration Participation Certificates, Series 2013-20L, Class 1, 3.38%, due 12/01/33

     1,849,689  
  2,766,924      

Small Business Administration Participation Certificates, Series 2014-20C, Class 1, 3.21%, due 03/01/34

     2,886,104  
  1,121,421      

Small Business Administration Participation Certificates, Series 2014-20D, Class 1, 3.11%, due 04/01/34

     1,163,647  
  882,008      

Small Business Administration Participation Certificates, Series 2014-20I, Class 1, 2.92%, due 09/01/34

     906,864  
  2,723,000      

Small Business Administration Participation Certificates, Series 2019-25F, Class 1, 2.77%, due 06/01/44

     2,773,143  
  134,709      

SMB Private Education Loan Trust, Series 2015-C, Class A2A, 2.75%, due 07/15/27 144A

     135,497  
  387,000      

SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.84%, due 06/15/37 144A

     390,498  
  1,750,000      

Sound Point CLO VII-R, Ltd., Series 2014-3RA, Class A1, 3.84% (1 mo. USD LIBOR plus 1.250%), due 10/23/31† 144A

     1,746,514  
  500,000      

Sound Point CLO XVI, Ltd., Series 2017-2A, Class A, 3.86% (3 mo. USD LIBOR plus 1.280%), due 07/25/30† 144A

     499,526  
  3,231,250      

STORE Master Funding I LLC, Series 2015-1A, Class A1, 3.75%, due 04/20/45 144A

     3,292,697  
  656,869      

STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A

     687,192  
  767,221      

SunTrust Student Loan Trust, Series 2006-1A, Class A4, 2.77% (3 mo. USD LIBOR plus 0.190%), due 10/28/37† 144A

     753,235  
  285,565      

Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, due 11/25/48 144A

     296,571  
  750,000      

Telos CLO, Series 2013-3A, Class AR, 3.89% (3 mo. USD LIBOR plus 1.300%), due 07/17/26† 144A

     750,308  
  84,060      

Textainer Marine Containers VII, Ltd., Series 2018-1A, Class A, 4.11%, due 07/20/43 144A

     84,997  

 

 

See accompanying Notes to the Schedule of Investments.

51

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Asset Backed Securities — continued  
  250,000      

TICP CLO VII, Ltd., Series 2017-7A, Class AS, 3.83% (3 mo. USD LIBOR plus 1.230%), due 07/15/29† 144A

     250,180  
  115,000      

Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.96%, due 10/25/53◆◆ 144A

     119,739  
  265,000      

Towd Point Mortgage Trust, Series 2015-2, Class 1M2, 3.80%, due 11/25/60◆◆ 144A

     272,849  
  690,284      

Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, due 06/25/57◆◆ 144A

     695,188  
  769,485      

Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, due 10/25/57◆◆ 144A

     775,896  
  740,779      

Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/58◆◆ 144A

     750,484  
  244,893      

Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75%, due 05/25/58◆◆ 144A

     255,459  
  368,537      

Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58◆◆ 144A

     375,260  
  272,881      

Towd Point Mortgage Trust, Series 2018-5, Class A1, 3.25%, due 07/25/58◆◆ 144A

     279,655  
  195,591      

Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58◆◆ 144A

     204,496  
  102,892      

Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25%, due 07/25/58◆◆ 144A

     104,967  
  406,668      

Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75%, due 03/25/58◆◆ 144A

     419,584  
  1,761,000      

Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, due 11/25/31 144A

     1,783,879  
  300,000      

Toyota Auto Receivables Owner Trust, Series 2017-C, Class A4, 1.98%, due 12/15/22

     299,608  
  460,000      

Toyota Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.02%, due 12/15/22

     467,686  
  500,000      

Trinitas CLO VI, Ltd., Series 2017-6A, Class A, 3.90% (3 mo. USD LIBOR plus 1.320%), due 07/25/29† 144A

     500,256  
  214,375      

Triton Container Finance V LLC, Series 2018-1A, Class A, 3.95%, due 03/20/43 144A

     219,656  
  182,533      

Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, due 02/16/43 144A

     187,740  
  500,000      

Venture XIX CLO, Ltd., Series 2014-19A, Class ARR, 3.86%, due 01/15/32◆◆ 144A

     499,676  
  3,462,000      

Verizon Owner Trust, Series 2019-B, Class A1A, 2.33%, due 12/20/23

     3,474,457  
  199,571      

VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A

     199,313  
  54,991      

Wachovia Student Loan Trust, Series 2006-1, Class B, 2.82% (3 mo. USD LIBOR plus 0.240%), due 04/25/40† 144A

     51,708  
  500,000      

Wellfleet CLO, Ltd., Series 2018-3A, Class A1A, 4.07% (1 mo. USD LIBOR plus 1.250%), due 01/20/32† 144A

     497,769  
  579,000      

Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A

     584,853  
  138,143      

Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/30 144A

     138,311  
  153,000      

Westlake Automobile Receivables Trust, Series 2019-1A, Class C, 3.45%, due 03/15/24 144A

     155,328  
  1,442,000      

World Omni Auto Receivables Trust, Series 2019-B, Class A3, 2.59%, due 07/15/24

     1,458,526  

 

 

See accompanying Notes to the Schedule of Investments.

52

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Asset Backed Securities — continued  
  317,000      

World Omni Automobile Lease Securitization Trust, Series 2018-B, Class A3, 3.19%, due 12/15/21

     322,218  
  250,000      

Zais CLO 6, Ltd., Series 2017-1A, Class A1, 3.97% (3 mo. USD LIBOR plus 1.370%), due 07/15/29† 144A

     250,153  
      

 

 

 
     91,283,333  
  

 

 

 
          Corporate Debt — 32.7%  
  310,000      

3M Co. (MTN), 3.25%, due 02/14/24

     324,063  
  300,000      

AbbVie, Inc., 3.60%, due 05/14/25

     310,205  
  500,000      

AbbVie, Inc., 4.50%, due 05/14/35

     516,627  
  132,840      

ABY Transmision Sur SA, 6.88%, due 04/30/43 144A

     151,438  
  235,000      

Activision Blizzard, Inc., 3.40%, due 09/15/26‡

     238,540  
  111,000      

Advanced Micro Devices, Inc., 7.00%, due 07/01/24‡

     115,312  
  330,000      

AECOM, 5.13%, due 03/15/27

     344,850  
  400,000      

AEP Texas, Inc., 3.80%, due 10/01/47

     405,654  
  260,000      

AEP Transmission Co. LLC, 3.80%, due 06/15/49

     269,092  
  285,000      

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.63%, due 10/30/20

     292,301  
  200,000      

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.00%, due 10/01/21

     209,834  
  370,000      

Aetna, Inc., 4.75%, due 03/15/44

     377,743  
  310,000      

Ahern Rentals, Inc., 7.38%, due 05/15/23 144A

     276,675  
  780,008      

Air Canada Pass Through Trust, Series 2015-1, Class A, 3.60%, due 09/15/28 144A

     805,475  
  194,967      

Air Canada Pass Through Trust, Series 2017-1, Class B, 3.70%, due 07/15/27 144A

     194,655  
  130,570      

Air Canada Pass Through Trust, Series 2013-1, Class A, 4.13%, due 11/15/26 144A

     137,562  
  705,000      

Air Lease Corp., 3.25%, due 03/01/25

     709,865  
  117,000      

Aircastle, Ltd., 4.40%, due 09/25/23

     121,596  
  199,000      

Aircastle, Ltd., 5.50%, due 02/15/22

     211,010  
  200,000      

Alimentation Couche-Tard, Inc., 2.70%, due 07/26/22 144A

     200,468  
  640,000      

Allergan Funding SCS, 4.55%, due 03/15/35

     647,219  
  55,000      

Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, due 07/15/26 144A

     55,963  
  415,000      

Ally Financial, Inc., 5.13%, due 09/30/24

     449,237  
  130,000      

Altice Financing SA, 6.63%, due 02/15/23 144A

     133,575  
  525,000      

Amazon.com, Inc., 3.15%, due 08/22/27‡

     552,345  
  284,000      

Amazon.com, Inc., 4.05%, due 08/22/47

     322,937  
  340,000      

AMC Networks, Inc., 5.00%, due 04/01/24‡

     350,625  
  303,451      

American Airlines Pass Through Trust, Series 2015-1, Class A, 3.38%, due 11/01/28

     309,308  
  141,882      

American Airlines Pass Through Trust, Series 2017-2, Class A, 3.60%, due 04/15/31

     142,372  
  226,800      

American Airlines Pass Through Trust, Series 2017-1, Class AA, 3.65%, due 02/15/29

     235,797  
  121,457      

American Airlines Pass Through Trust, Series 2015-1, Class B, 3.70%, due 11/01/24

     122,253  

 

 

See accompanying Notes to the Schedule of Investments.

53

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  124,200      

American Airlines Pass Through Trust, Series 2017-1, Class A, 4.00%, due 08/15/30

     129,364  
  249,212      

American Airlines Pass Through Trust, Series 2016-1, Class A, 4.10%, due 07/15/29

     262,962  
  2,665,900      

American Airlines Pass Through Trust, Series 2013-2, Class A, 4.95%, due 07/15/24

     2,798,261  
  48,337      

American Airlines Pass Through Trust, Series 2001-1, Class A, 6.98%, due 11/23/22

     49,334  
  390,000      

American Express Co., 2.50%, due 08/01/22

     392,622  
  982,000      

American Express Co., 3.70%, due 08/03/23

     1,031,506  
  280,000      

American Homes 4 Rent, LP REIT, 4.25%, due 02/15/28

     290,428  
  1,400,000      

American International Group, Inc., 4.88%, due 06/01/22

     1,501,423  
  421,000      

American Tower Corp. REIT, 3.55%, due 07/15/27

     429,504  
  205,000      

American Tower Corp. REIT, 4.70%, due 03/15/22

     216,890  
  1,160,000      

American Water Capital Corp., 3.45%, due 06/01/29

     1,207,110  
  190,000      

AmeriGas Partners, LP/AmeriGas Finance Corp., 5.50%, due 05/20/25

     200,925  
  4,000,000      

Anadarko Petroleum Corp., 6.24%, due 10/10/36‡‡

     1,896,181  
  613,000      

Andeavor Logistics, LP, 6.88%◆ †††††

     611,795  
  86,000      

Andeavor Logistics, LP/Tesoro Logistics Finance Corp., 4.25%, due 12/01/27

     91,000  
  180,000      

Andeavor Logistics, LP/Tesoro Logistics Finance Corp., 5.25%, due 01/15/25

     190,534  
  145,000      

Andeavor Logistics, LP/Tesoro Logistics Finance Corp., 6.38%, due 05/01/24

     152,431  
  150,000      

Anglo American Capital Plc, 4.75%, due 04/10/27 144A

     159,019  
  1,295,000      

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46

     1,444,099  
  260,000      

Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48

     278,741  
  205,000      

Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, due 09/15/24

     204,744  
  200,000      

Antero Resources Corp., 5.00%, due 03/01/25‡

     185,500  
  150,000      

Antero Resources Corp., 5.38%, due 11/01/21

     148,688  
  5,000      

Anthem, Inc., 5.10%, due 01/15/44

     5,757  
  225,000      

Aquarion Co., 4.00%, due 08/15/24 144A

     235,533  
  295,000      

Aquarius & Investments Plc for Swiss Reinsurance Co., Ltd., Reg S, 6.38% (USD 5 year swap rate plus 5.210%), due 09/01/24† ‡‡‡

     296,949  
  233,000      

Archrock Partners, LP/Archrock Partners Finance Corp., 6.00%, due 10/01/22

     237,077  
  265,000      

Arconic, Inc., 5.13%, due 10/01/24

     280,048  
  175,000      

Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.00%, due 02/15/25‡ 144A

     181,781  
  239,000      

Ares Capital Corp., 3.63%, due 01/19/22

     241,597  
  140,000      

Ashtead Capital, Inc., 4.38%, due 08/15/27 144A

     140,875  
  140,000      

ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A

     84,350  
  150,000      

AT&T, Inc., 2.63%, due 12/01/22‡

     151,120  
  2,000,000      

AT&T, Inc., 2.74%, due 11/27/22‡‡ 144A

     1,827,728  
  1,074,000      

AT&T, Inc., 3.40%, due 05/15/25

     1,104,979  
  700,000      

AT&T, Inc., 3.62%, due 06/12/24◆◆

     709,299  
  461,000      

AT&T, Inc., 3.80%, due 02/15/27

     480,521  
  25,000      

AT&T, Inc., 4.30%, due 02/15/30

     26,782  
  356,000      

AT&T, Inc., 4.35%, due 03/01/29

     383,768  
  10,000      

AT&T, Inc., 4.45%, due 05/15/21

     10,383  
  1,055,000      

AT&T, Inc., 4.85%, due 03/01/39

     1,134,341  

 

 

See accompanying Notes to the Schedule of Investments.

54

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  110,000      

AT&T, Inc., 5.25%, due 03/01/37

     123,633  
  130,000      

Australia & New Zealand Banking Group, Ltd., 6.75% (USISDA05 plus 5.168%)† ††††† 144A

     143,599  
  192,000      

Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A

     203,712  
  139,000      

AXA SA, 8.60%, due 12/15/30

     197,853  
  160,000      

Azul Investments LLP, 5.88%, due 10/26/24 144A

     158,200  
  942,000      

BAE Systems Finance, Inc., 7.50%, due 07/01/27 144A

     1,196,163  
  200,000      

Banco Santander SA, 3.85%, due 04/12/23

     207,762  
  100,000      

Banco Santander SA, 4.38%, due 04/12/28‡

     106,515  
  137,000      

Banff Merger Sub, Inc., 9.75%, due 09/01/26 144A

     119,533  
  470,000      

Bank of America Corp., 3.50%, due 04/19/26

     492,592  
  160,000      

Bank of America Corp., 5.13% (3 mo. USD LIBOR plus 3.292%)† †††††

     161,200  
  420,000      

Bank of America Corp., 5.80% (3 mo. USD LIBOR plus 3.387%)† ††††† ‡

     419,362  
  470,000      

Bank of America Corp., Series DD, 6.30% (3 mo. USD LIBOR plus 4.553%)† ††††† ‡

     525,063  
  755,000      

Bank of America Corp., (MTN), 3.59% (3 mo. USD LIBOR plus 1.370%), due 07/21/28†

     787,834  
  1,535,000      

Bank of America Corp., (MTN), 3.82% (3 mo. USD LIBOR plus 1.575%), due 01/20/28†

     1,626,152  
  342,000      

Bank of America Corp., (MTN), Series L, 3.95%, due 04/21/25

     358,863  
  500,000      

Bank of America Corp., (MTN), 4.13%, due 01/22/24

     535,122  
  135,000      

Bank of America Corp., (MTN), 4.20%, due 08/26/24

     143,602  
  210,000      

Bank of America Corp., (MTN), 4.27% (1 mo. USD LIBOR plus 1.310%), due 07/23/29†

     229,543  
  713,000      

Bank of America Corp., (MTN), 4.33%, due 03/15/50◆

     796,060  
  1,197,000      

Bank of America Corp., (MTN), 4.45%, due 03/03/26

     1,292,183  
  200,000      

Bank of Montreal (MTN), 2.90%, due 03/26/22

     203,139  
  575,000      

Barclays Plc, 3.68%, due 01/10/23

     582,824  
  190,000      

Barclays Plc, 4.38%, due 01/12/26

     197,044  
  400,000      

Barclays Plc, 4.97%, due 05/16/29◆ ‡

     426,971  
  190,000      

Barclays Plc, 7.75% (1 mo. USD LIBOR plus 4.842%)† †††††

     194,886  
  770,000      

BAT Capital Corp., 3.22%, due 08/15/24

     775,603  
  305,000      

Bausch Health Cos., Inc., 6.13%, due 04/15/25 144A

     312,235  
  255,000      

Bayer US Finance II LLC, 2.98%, due 06/25/21◆◆ 144A

     253,373  
  335,000      

Bayer US Finance II LLC, 3.50%, due 06/25/21 144A

     339,961  
  85,000      

Berkshire Hathaway Energy Co., 5.95%, due 05/15/37

     109,858  
  1,312,000      

Berkshire Hathaway Energy Co., 6.13%, due 04/01/36

     1,757,762  
  105,000      

BHP Billiton Finance USA, Ltd., 6.25% (USD 5 year swap rate plus 4.971%), due 10/19/75† 144A

     109,491  
  1,099,000      

Blackstone Holdings Finance Co. LLC, 4.75%, due 02/15/23 144A

     1,183,651  
  110,000      

BMW US Capital LLC, 3.01%, due 04/12/21◆◆ 144A

     110,132  
  145,000      

BMW US Capital LLC, 3.10%, due 04/12/21 144A

     146,745  
  510,000      

BNP Paribas SA, 3.38%, due 01/09/25 144A

     519,274  
  595,000      

Boeing Co. (The), 3.10%, due 05/01/26

     612,827  
  1,835,000      

Boston Properties, LP REIT, 5.63%, due 11/15/20

     1,905,729  
  250,000      

BPCE SA, 4.50%, due 03/15/25 144A

     263,677  
  315,000      

BPCE SA, 5.70%, due 10/22/23 144A

     344,966  
  190,000      

Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A

     192,897  
  455,000      

Brighthouse Financial, Inc., 3.70%, due 06/22/27

     432,702  

 

 

See accompanying Notes to the Schedule of Investments.

55

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  585,000      

Bristol-Myers Squibb Co., 2.90%, due 07/26/24 144A

     599,117  
  55,000      

Bristol-Myers Squibb Co., 4.13%, due 06/15/39 144A

     59,422  
  360,000      

Bristol-Myers Squibb Co., 4.25%, due 10/26/49 144A

     398,536  
  97,278      

British Airways Pass Through Trust, Series 2018-1, Class A, 4.13%, due 03/20/33 144A

     101,738  
  345,000      

Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.88%, due 01/15/27

     338,383  
  585,000      

Broadcom, Inc., 3.63%, due 10/15/24 144A

     588,323  
  140,000      

C&W Senior Financing DAC, 6.88%, due 09/15/27 144A

     145,264  
  130,000      

Cablevision Systems Corp., 5.88%, due 09/15/22

     136,825  
  485,000      

Canadian Imperial Bank of Commerce, 2.70%, due 02/02/21

     488,872  
  859,000      

Canadian Pacific Railway Co., 6.13%, due 09/15/15#

     1,178,616  
  330,000      

Cantor Fitzgerald, LP, 4.88%, due 05/01/24 144A

     340,607  
  958,000      

Capital One Financial Corp., 3.20%, due 01/30/23

     982,846  
  1,095,000      

Capital One Financial Corp., 3.30%, due 10/30/24

     1,123,982  
  410,000      

Capital One Financial Corp., 3.45%, due 04/30/21

     417,575  
  200,000      

Capital One Financial Corp., 3.50%, due 06/15/23

     207,793  
  155,000      

Capital One Financial Corp., 3.90%, due 01/29/24

     163,007  
  55,000      

Catalent Pharma Solutions, Inc., 5.00%, due 07/15/27 144A

     56,100  
  82,000      

CBS Corp., 3.38%, due 03/01/22

     83,932  
  1,180,000      

CBS Corp., 3.70%, due 08/15/24

     1,222,361  
  115,000      

CCM Merger, Inc., 6.00%, due 03/15/22 144A

     118,163  
  210,000      

CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A

     217,350  
  715,000      

Celgene Corp., 2.25%, due 08/15/21

     712,891  
  218,000      

Celgene Corp., 3.25%, due 02/20/23‡

     223,617  
  130,000      

Cemex SAB de CV, 6.13%, due 05/05/25 144A

     136,338  
  258,000      

Cengage Learning, Inc., 9.50%, due 06/15/24‡ 144A

     247,035  
  250,000      

Cenovus Energy, Inc., 5.40%, due 06/15/47‡

     271,726  
  218,000      

Centene Corp., 5.38%, due 06/01/26 144A

     229,717  
  125,000      

CenterPoint Energy, Inc., 2.50%, due 09/01/22

     125,214  
  454,000      

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28

     472,022  
  5,000      

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, due 07/23/22

     5,256  
  270,000      

Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 05/01/47

     285,359  
  531,000      

Charter Communications Operating LLC/Charter Communications Operating Capital, 5.75%, due 04/01/48

     588,198  
  1,846,000      

Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35

     2,171,015  
  744,000      

Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45

     877,905  
  342,000      

Chemours Co. (The), 6.63%, due 05/15/23‡

     355,037  
  439,000      

Cheniere Corpus Christi Holdings LLC, 5.13%, due 06/30/27

     477,961  
  101,000      

Chesapeake Energy Corp., 7.50%, due 10/01/26‡

     90,395  
  520,000      

Cigna Corp., 4.90%, due 12/15/48‡ 144A

     566,277  
  185,000      

Cimarex Energy Co., 4.38%, due 06/01/24

     196,069  
  315,000      

Cincinnati Bell, Inc., 7.00%, due 07/15/24‡ 144A

     279,562  
  415,000      

Citigroup, Inc., 2.35%, due 08/02/21

     414,872  
  2,447,000      

Citigroup, Inc., 3.40%, due 05/01/26

     2,534,932  

 

 

See accompanying Notes to the Schedule of Investments.

56

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  310,000      

Citigroup, Inc., 3.67% (3 mo. USD LIBOR plus 1.390%), due 07/24/28†

     323,779  
  1,585,000      

Citigroup, Inc., 3.89% (3 mo. USD LIBOR plus 1.563%), due 01/10/28†

     1,678,192  
  180,000      

Citigroup, Inc., 4.40%, due 06/10/25

     192,260  
  509,000      

Citigroup, Inc., 4.60%, due 03/09/26

     551,163  
  150,000      

Citigroup, Inc., 5.50%, due 09/13/25

     170,035  
  130,000      

Citigroup, Inc., 5.90% (3 mo. USD LIBOR plus 4.230%)† ††††† ‡

     134,830  
  230,000      

Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.068%)† †††††

     238,748  
  550,000      

Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.095%)† ††††† ‡

     565,694  
  120,000      

Citigroup, Inc., 6.13% (3 mo. USD LIBOR plus 4.478%)† †††††

     123,342  
  360,000      

Citigroup, Inc., Series T, 6.25% (3 mo. USD LIBOR plus 4.517%)† ††††† ‡

     395,692  
  45,000      

Clean Harbors, Inc., 4.88%, due 07/15/27†††† 144A

     45,848  
  230,000      

Clear Channel Worldwide Holdings, Inc., Series B, 6.50%, due 11/15/22

     235,462  
  208,000      

Clearway Energy Operating LLC, 5.38%, due 08/15/24

     212,680  
  1,024,000      

Cleveland Clinic Foundation (The), 4.86%, due 01/01/14#

     1,242,738  
  535,000      

CNAC HK Finbridge Co., Ltd., Reg S, 3.50%, due 07/19/22‡‡‡

     538,703  
  261,000      

CNO Financial Group, Inc., 5.25%, due 05/30/25‡

     282,043  
  105,000      

CNO Financial Group, Inc., 5.25%, due 05/30/29

     113,925  
  153,000      

Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, due 08/15/26 144A

     158,311  
  130,000      

Columbia Pipeline Group, Inc., 4.50%, due 06/01/25

     140,012  
  1,400,000      

Comcast Cable Communications Holdings, Inc., 9.46%, due 11/15/22

     1,725,542  
  5,000      

Comcast Corp., 3.97%, due 11/01/47

     5,245  
  20,000      

Comcast Corp., 6.50%, due 11/15/35

     27,138  
  54,000      

Commercial Metals Co., 5.38%, due 07/15/27

     53,865  
  350,000      

Commonwealth Edison Co., 4.00%, due 03/01/48‡

     380,344  
  315,000      

CommScope, Inc., 8.25%, due 03/01/27‡ 144A

     322,434  
  130,000      

Comunicaciones Celulares SA Via Comcel Trust, 6.88%, due 02/06/24 144A

     134,794  
  862,000      

Conagra Brands, Inc., 3.80%, due 10/22/21

     886,308  
  45,000      

Concho Resources, Inc., 4.88%, due 10/01/47

     50,442  
  330,000      

Consolidated Edison Co. of New York, Inc., 4.13%, due 05/15/49

     356,295  
  65,000      

Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56

     70,057  
  240,000      

Constellation Brands, Inc., 3.20%, due 02/15/23

     245,537  
  1,026,404      

Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.98%, due 10/19/23

     1,089,784  
  700,000      

Continental Resources, Inc., 4.50%, due 04/15/23

     736,078  
  433,000      

Continental Resources, Inc., 5.00%, due 09/15/22

     437,002  
  1,185,000      

Cooperatieve Rabobank UA, 3.88%, due 09/26/23 144A

     1,250,877  
  595,000      

Corp. Andina de Fomento, 2.13%, due 09/27/21

     590,537  
  55,000      

Corp. Andina de Fomento, 2.75%, due 01/06/23

     55,430  
  1,526,000      

Cox Communications, Inc., 3.35%, due 09/15/26 144A

     1,542,231  
  118,000      

Credit Acceptance Corp., 6.13%, due 02/15/21‡

     118,221  
  250,000      

Credit Agricole SA, 3.75%, due 04/24/23 144A

     259,664  
  175,000      

Credit Agricole SA, 7.88% (USD 5 year swap rate plus 4.898%)† ††††† 144A

     193,142  
  275,000      

Credit Suisse Group AG, 7.50% (1 mo. USD LIBOR plus 4.600%)† ††††† 144A

     293,916  
  500,000      

Credit Suisse Group Funding Guernsey, Ltd., 3.45%, due 04/16/21

     507,992  
  125,000      

Credito Real SAB de CV SOFOM ER, 9.13% (10 year CMT plus 7.026%)† ††††† 144A

     126,970  
  230,000      

Crown Castle Holdings GS V LLC/Crown Castle GS III Corp. REIT, 3.85%, due 04/15/23

     240,460  

 

 

See accompanying Notes to the Schedule of Investments.

57

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  125,000      

CSC Holdings LLC, 7.50%, due 04/01/28‡ 144A

     137,850  
  311,000      

CSI Compressco, LP/CSI Compressco Finance, Inc., 7.25%, due 08/15/22‡

     280,677  
  239,000      

CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A

     235,714  
  1,160,000      

CVS Health Corp., 2.75%, due 12/01/22

     1,164,556  
  604,000      

CVS Health Corp., 3.35%, due 03/09/21

     612,591  
  50,000      

CVS Health Corp., 4.78%, due 03/25/38

     52,242  
  199,000      

CVS Health Corp., 5.05%, due 03/25/48

     212,285  
  130,000      

CVS Health Corp., 5.13%, due 07/20/45

     138,846  
  745,181      

CVS Pass-Through Trust, 6.94%, due 01/10/30

     877,341  
  1,928,306      

CVS Pass-Through Trust, 7.51%, due 01/10/32 144A

     2,330,317  
  160,000      

Cydsa SAB DE CV, 6.25%, due 10/04/27 144A

     160,562  
  361,000      

Daimler Finance North America LLC, 3.75%, due 11/05/21 144A

     370,330  
  187,000      

Danske Bank AS, 5.00%, due 01/12/22 144A

     195,683  
  355,000      

DaVita, Inc., 5.00%, due 05/01/25‡

     351,805  
  70,000      

DCP Midstream Operating, LP, 5.13%, due 05/15/29

     72,013  
  578,000      

DCP Midstream Operating, LP, 5.35%, due 03/15/20 144A

     587,392  
  380,000      

DCP Midstream Operating, LP, 5.85% (3 mo. USD LIBOR plus 3.850%), due 05/21/43† 144A

     358,150  
  371,000      

DCP Midstream, LP, Series A, 7.38% (1 mo. USD LIBOR plus 5.148%)† †††††

     365,071  
  392,000      

Dell International LLC/EMC Corp., 4.90%, due 10/01/26‡ 144A

     409,325  
  399,000      

Dell International LLC/EMC Corp., 5.30%, due 10/01/29 144A

     420,826  
  530,000      

Dell International LLC/EMC Corp., 6.02%, due 06/15/26 144A

     585,141  
  514,000      

Dell International LLC/EMC Corp., Reg S, 8.35%, due 07/15/46 144A

     649,754  
  812,597      

Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.82%, due 02/10/24

     895,320  
  380,000      

Delta Air Lines, Inc., 3.63%, due 03/15/22

     386,726  
  268,000      

Delta Air Lines, Inc., 3.80%, due 04/19/23

     275,361  
  315,000      

Delta Air Lines, Inc., 4.38%, due 04/19/28

     321,677  
  300,000      

Deutsche Bank AG, 5.00%, due 02/14/22

     309,362  
  375,000      

Deutsche Bank AG, (MTN), 3.38%, due 05/12/21‡

     373,527  
  132,000      

Diamondback Energy, Inc., 4.75%, due 11/01/24 144A

     136,290  
  1,522,000      

Digital Realty Trust, LP REIT, 3.70%, due 08/15/27

     1,565,678  
  362,000      

Discover Financial Services, 3.95%, due 11/06/24‡

     381,064  
  70,000      

Discover Financial Services, 4.10%, due 02/09/27

     72,979  
  600,000      

Discovery Communications LLC, 2.80%, due 06/15/20

     601,296  
  245,000      

Dollar Tree, Inc., 3.29%, due 04/17/20◆◆

     245,030  
  560,000      

Dollar Tree, Inc., 4.20%, due 05/15/28‡

     580,448  
  854,000      

Dominion Energy, Inc., 2.72%, due 08/15/21††

     856,353  
  115,000      

Dominion Energy, Inc., 2.85%, due 08/15/26

     114,074  
  325,000      

DTE Electric Co., 4.05%, due 05/15/48

     360,059  
  1,839,000      

Duke Energy Corp., 3.55%, due 09/15/21

     1,880,568  
  740,000      

Duke Energy Corp., 3.75%, due 04/15/24

     781,165  
  420,000      

Duke Energy Florida LLC, 3.40%, due 10/01/46

     410,749  
  195,000      

Duke Energy Progress LLC, 3.70%, due 10/15/46

     198,405  
  190,000      

El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32

     255,474  
  95,000      

Eldorado Resorts, Inc., 6.00%, due 09/15/26

     104,263  
  80,000      

Eldorado Resorts, Inc., 7.00%, due 08/01/23

     83,800  
  360,000      

Electricite de France SA, 5.25% (USD 10 year swap rate plus 3.709%)† ††††† 144A

     367,457  

 

 

See accompanying Notes to the Schedule of Investments.

58

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  102,000      

Embraer Netherlands Finance BV, 5.05%, due 06/15/25

     110,352  
  250,000      

Embraer Overseas, Ltd., 5.70%, due 09/16/23‡ 144A

     275,002  
  308,000      

Emera US Finance, LP, 3.55%, due 06/15/26‡

     314,974  
  279,000      

Enable Midstream Partners, LP, 3.90%, due 05/15/24

     282,908  
  360,000      

Enable Midstream Partners, LP, 4.95%, due 05/15/28

     377,710  
  335,000      

Enbridge Energy Partners, LP, 4.38%, due 10/15/20

     342,709  
  285,000      

Enbridge, Inc., 5.50% (3 mo. USD LIBOR plus 3.418%), due 07/15/77†

     276,017  
  247,000      

Enbridge, Inc., 6.25% (1 mo. USD LIBOR plus 3.641%), due 03/01/78†

     250,330  
  265,000      

Encana Corp., 6.50%, due 08/15/34‡

     325,717  
  70,000      

Energy Transfer Operating, LP, 4.20%, due 04/15/27‡

     72,808  
  358,000      

Energy Transfer Operating, LP, 4.25%, due 03/15/23

     374,022  
  270,000      

Energy Transfer Operating, LP, 4.95%, due 06/15/28

     295,449  
  240,000      

Energy Transfer Operating, LP, 5.15%, due 03/15/45

     244,424  
  970,000      

Energy Transfer Operating, LP, 5.50%, due 06/01/27

     1,086,008  
  109,000      

Energy Transfer Operating, LP, 5.88%, due 01/15/24

     121,428  
  300,000      

Energy Transfer Operating, LP, 6.00%, due 06/15/48

     342,924  
  340,000      

Energy Transfer Operating, LP, 6.25%, due 04/15/49

     403,407  
  227,000      

Enova International, Inc., 8.50%, due 09/15/25 144A

     215,082  
  440,000      

Enterprise Products Operating LLC, 5.25% (1 mo. USD LIBOR plus 3.033%), due 08/16/77†

     421,111  
  45,000      

Equifax, Inc., 7.00%, due 07/01/37

     53,729  
  179,000      

Equinix, Inc. REIT, 5.38%, due 05/15/27

     192,330  
  2,045,000      

Escrow GCB General Motors, 8.38%, due 07/15/49* ***** ^

      
  769,000      

Exelon Corp., 5.10%, due 06/15/45

     886,744  
  912,000      

Exelon Generation Co. LLC, 4.25%, due 06/15/22

     955,247  
  300,000      

Exelon Generation Co. LLC, 5.20%, due 10/01/19

     301,838  
  520,000      

Expedia Group, Inc., 3.80%, due 02/15/28

     529,775  
  420,000      

Expedia Group, Inc., 5.00%, due 02/15/26

     457,830  
  1,790,000      

Express Scripts Holding Co., 3.40%, due 03/01/27

     1,816,903  
  770,000      

FedEx Corp., 4.05%, due 02/15/48

     741,564  
  1,360,000      

Ferguson Finance Plc, 4.50%, due 10/24/28 144A

     1,422,005  
  157,000      

Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR plus 3.033%)† †††††

     155,669  
  200,000      

First Quantum Minerals, Ltd., 6.88%, due 03/01/26 144A

     186,250  
  245,000      

FirstEnergy Corp., Series C, 7.38%, due 11/15/31

     335,210  
  259,000      

Fiserv, Inc., 2.75%, due 07/01/24

     261,607  
  380,000      

Fiserv, Inc., 3.20%, due 07/01/26

     388,458  
  200,000      

FLIR Systems, Inc., 3.13%, due 06/15/21

     202,019  
  200,000      

Ford Motor Credit Co. LLC, 3.34%, due 03/18/21

     201,093  
  495,000      

Ford Motor Credit Co. LLC, 3.81%, due 10/12/21

     502,615  
  495,000      

Ford Motor Credit Co. LLC, 5.88%, due 08/02/21

     522,126  
  160,000      

Freedom Mortgage Corp., 8.13%, due 11/15/24‡ 144A

     136,800  
  72,000      

Freedom Mortgage Corp., 8.25%, due 04/15/25 144A

     62,280  
  113,000      

GCI LLC, 6.63%, due 06/15/24 144A

     118,684  
  186,000      

GCI LLC, 6.88%, due 04/15/25‡

     194,835  
  1,355,000      

GE Capital International Funding Co. Unlimited Co., 2.34%, due 11/15/20

     1,349,009  
  563,000      

GE Capital International Funding Co. Unlimited Co., 4.42%, due 11/15/35

     558,166  
  80,000      

General Electric Co., (MTN), 4.38%, due 09/16/20

     81,649  
  375,000      

General Electric Co., (MTN), 5.55%, due 01/05/26

     419,120  
  305,000      

General Motors Co., 4.00%, due 04/01/25

     310,759  

 

 

See accompanying Notes to the Schedule of Investments.

59

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  435,000      

General Motors Co., 4.88%, due 10/02/23

     461,629  
  160,000      

General Motors Financial Co., Inc., 3.44% (3 mo. USD LIBOR plus 0.850%), due 04/09/21†

     159,980  
  1,045,000      

General Motors Financial Co., Inc., 3.50%, due 07/10/19

     1,045,216  
  366,000      

General Motors Financial Co., Inc., 3.55%, due 04/09/21

     371,453  
  346,000      

General Motors Financial Co., Inc., 4.00%, due 01/15/25

     351,442  
  1,485,000      

General Motors Financial Co., Inc., 4.15%, due 06/19/23

     1,530,583  
  304,000      

General Motors Financial Co., Inc., 4.30%, due 07/13/25

     313,603  
  44,000      

GEO Group (The), Inc. REIT, 6.00%, due 04/15/26

     38,487  
  361,000      

GlaxoSmithKline Capital Plc, 3.00%, due 06/01/24

     372,389  
  424,000      

GLP Capital, LP/GLP Financing II, Inc. REIT, 5.38%, due 04/15/26

     459,595  
  161,000      

Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, due 05/01/24‡ 144A

     166,031  
  919,000      

Goldman Sachs Group (The), Inc., 2.63%, due 04/25/21

     922,420  
  140,000      

Goldman Sachs Group (The), Inc., 3.50%, due 01/23/25

     144,937  
  85,000      

Goldman Sachs Group (The), Inc., 3.75%, due 02/25/26

     88,795  
  320,000      

Goldman Sachs Group (The), Inc., 3.81%, due 04/23/29◆

     334,728  
  962,000      

Goldman Sachs Group (The), Inc., 3.85%, due 01/26/27

     1,006,265  
  125,000      

Goldman Sachs Group (The), Inc., 5.30% (3 mo. USD LIBOR plus 3.834%)† †††††

     130,581  
  465,000      

Goldman Sachs Group (The), Inc., 5.38% (3 mo. USD LIBOR plus 3.922%)† †††††

     465,681  
  1,850,000      

Goldman Sachs Group (The), Inc., 5.75%, due 01/24/22

     2,000,169  
  175,000      

Greenko Dutch BV, 4.88%, due 07/24/22 144A

     175,325  
  20,000      

GrubHub Holdings, Inc., 5.50%, due 07/01/27 144A

     20,577  
  84,000      

H&E Equipment Services, Inc., 5.63%, due 09/01/25‡

     86,709  
  73,000      

Harsco Corp., 5.75%, due 07/31/27 144A

     76,202  
  123,000      

HCA, Inc., 4.13%, due 06/15/29

     126,694  
  230,000      

HCA, Inc., 5.25%, due 04/15/25

     255,151  
  227,000      

HCA, Inc., 5.25%, due 06/15/26

     251,683  
  150,000      

HCA, Inc., 5.38%, due 02/01/25‡

     162,281  
  190,000      

HCA, Inc., 7.50%, due 02/15/22

     209,950  
  1,320,000      

HCP, Inc. REIT, 4.25%, due 11/15/23

     1,402,860  
  45,000      

Hewlett Packard Enterprise Co., 2.10%, due 10/04/19 144A

     44,940  
  85,000      

Hilton Domestic Operating Co., Inc., 5.13%, due 05/01/26

     88,931  
  97,000      

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, due 12/01/24

     104,033  
  440,000      

HSBC Holdings Plc, 3.12%, due 05/18/21◆◆

     440,418  
  405,000      

HSBC Holdings Plc, 3.95% (1 mo. USD LIBOR plus 0.987%), due 05/18/24† ‡

     423,944  
  260,000      

HSBC Holdings Plc, 6.88% (USISDA05 plus 5.514%)† ††††† ‡

     274,391  
  297,000      

Huntington Ingalls Industries, Inc., 5.00%, due 11/15/25‡ 144A

     308,137  
  224,000      

Husky Energy, Inc., 3.95%, due 04/15/22‡

     231,951  
  332,000      

IHS Markit, Ltd., 4.00%, due 03/01/26 144A

     343,454  
  125,000      

IHS Markit, Ltd., 4.75%, due 02/15/25 144A

     134,388  
  165,000      

IHS Markit, Ltd., 4.75%, due 08/01/28

     180,456  
  110,000      

IHS Markit, Ltd., 5.00%, due 11/01/22 144A

     117,095  
  220,000      

ING Bank NV, 5.80%, due 09/25/23 144A

     243,527  
  215,000      

ING Groep NV, 3.55%, due 04/09/24‡

     222,561  
  200,000      

Instituto Costarricense de Electricidad, 6.38%, due 05/15/43 144A

     168,002  

 

 

See accompanying Notes to the Schedule of Investments.

60

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  765,000      

International Business Machines Corp., 2.85%, due 05/13/22

     778,338  
  170,000      

International Game Technology Plc, 6.50%, due 02/15/25 144A

     186,575  
  100,000      

IQVIA, Inc., 4.88%, due 05/15/23 144A

     102,750  
  200,000      

Israel Electric Corp., Ltd., 6.88%, due 06/21/23 144A

     227,296  
  182,000      

Jacobs Entertainment, Inc., 7.88%, due 02/01/24 144A

     194,740  
  52,000      

JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A

     53,300  
  245,000      

Jefferies Financial Group, Inc, 5.50%, due 10/18/23

     264,474  
  500,000      

Jefferies Group LLC, 5.13%, due 01/20/23‡

     535,882  
  300,000      

Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, due 01/23/30

     287,858  
  308,000      

Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, due 01/15/27

     318,072  
  500,000      

JPMorgan Chase & Co., 2.40%, due 06/07/21

     501,511  
  1,002,000      

JPMorgan Chase & Co., 3.20%, due 01/25/23

     1,028,913  
  359,000      

JPMorgan Chase & Co., 3.20%, due 06/15/26

     369,759  
  1,430,000      

JPMorgan Chase & Co., 3.38%, due 05/01/23

     1,471,277  
  560,000      

JPMorgan Chase & Co., 3.51% (1 mo. USD LIBOR plus 0.610%), due 06/18/22†

     572,445  
  1,200,000      

JPMorgan Chase & Co., 3.78% (3 mo. USD LIBOR plus 1.337%), due 02/01/28†

     1,273,140  
  625,000      

JPMorgan Chase & Co., 3.96%, due 11/15/48◆

     664,154  
  340,000      

JPMorgan Chase & Co., 4.01%, due 04/23/29◆

     367,054  
  1,200,000      

JPMorgan Chase & Co., 4.20% (3 mo. USD LIBOR plus 1.260%), due 07/23/29†

     1,313,080  
  90,000      

JPMorgan Chase & Co., 4.35%, due 08/15/21

     93,645  
  555,000      

JPMorgan Chase & Co., 5.30% (3 mo. USD LIBOR plus 3.800%)† †††††

     561,541  
  373,000      

JPMorgan Chase & Co., Series S, 6.75% (3 mo. USD LIBOR plus 3.780%)† ††††† ‡

     412,517  
  250,000      

JPMorgan Chase Bank NA, 3.09%, due 04/26/21◆

     251,443  
  200,000      

KazMunayGas National Co. JSC, 4.75%, due 04/24/25 144A

     213,538  
  449,000      

Keurig Dr Pepper, Inc., 3.55%, due 05/25/21

     458,828  
  160,000      

Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32

     216,166  
  160,000      

Kinder Morgan Inc., 3.15%, due 01/15/23

     162,869  
  1,240,000      

KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A

     1,436,591  
  226,000      

KLA-Tencor Corp., 4.10%, due 03/15/29‡

     237,960  
  225,000      

Klabin Finance SA, 4.88%, due 09/19/27 144A

     229,781  
  360,000      

Kraft Heinz Foods Co., 3.50%, due 06/06/22

     369,715  
  205,000      

Kraft Heinz Foods Co., 4.88%, due 02/15/25 144A

     211,471  
  129,000      

Kratos Defense & Security Solutions, Inc., 6.50%, due 11/30/25 144A

     138,998  
  1,140,000      

Kroger Co. (The), 4.00%, due 02/01/24

     1,205,985  
  300,000      

L Brands, Inc., 5.63%, due 10/15/23‡

     312,597  
  47,000      

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, due 03/15/22 144A

     48,058  
  88,000      

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, due 10/01/25 144A

     88,440  
  286,000      

Lam Research Corp., 3.75%, due 03/15/26

     301,168  
  232,000      

Lam Research Corp., 4.88%, due 03/15/49

     255,869  
  110,000      

Laureate Education, Inc., 8.25%, due 05/01/25 144A

     120,725  
  201,000      

Lazard Group LLC, 4.38%, due 03/11/29

     212,598  
  215,000      

Lear Corp., 5.25%, due 01/15/25

     222,770  
  470,000      

Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%***** ††† †††††

     165  

 

 

See accompanying Notes to the Schedule of Investments.

61

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  890,000      

Lehman Brothers Holdings, Inc., 6.50%, due 07/19/17***** †††

     312  
  270,000      

Lehman Brothers Holdings, Inc., (MTN), 6.75%, due 12/28/17***** †††

     95  
  254,000      

Liberty Mutual Group, Inc., 4.25%, due 06/15/23‡ 144A

     268,699  
  2,033,000      

Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A

     2,236,514  
  324,000      

Liberty Mutual Group, Inc., 7.80%, due 03/07/87 144A

     408,757  
  105,000      

Lions Gate Capital Holdings LLC, 5.88%, due 11/01/24 144A

     108,150  
  145,000      

Liquid Telecommunications Financing Plc, 8.50%, due 07/13/22 144A

     145,494  
  800,000      

Lloyds Bank Plc, 3.30%, due 05/07/21‡

     812,783  
  585,000      

Lloyds Banking Group Plc, 4.45%, due 05/08/25

     623,323  
  265,000      

Lloyds Banking Group Plc, 7.50% (USD 5 year swap rate plus 4.760%)† ††††† ‡

     279,244  
  713,000      

Lockheed Martin Corp., 4.70%, due 05/15/46

     873,558  
  127,000      

LSC Communications, Inc., 8.75%, due 10/15/23‡ 144A

     121,285  
  140,000      

M&T Bank Corp., Series F, 5.13% (3 mo. USD LIBOR plus 3.520%)† ††††† ‡

     145,026  
  270,000      

Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A

     288,787  
  1,484,000      

Macquarie Group, Ltd., 4.15%, due 03/27/24◆ 144A

     1,547,941  
  55,000      

Magellan Midstream Partners, LP, 4.25%, due 09/15/46

     56,808  
  200,000      

Magellan Midstream Partners, LP, 5.15%, due 10/15/43

     227,186  
  230,000      

Martin Marietta Materials, Inc., 4.25%, due 07/02/24

     244,314  
  328,000      

Marvell Technology Group, Ltd., 4.88%, due 06/22/28‡

     348,016  
  460,000      

Massachusetts Institute of Technology, 4.68%, due 07/01/14#

     582,549  
  145,000      

McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, due 05/15/24‡ 144A

     134,850  
  321,000      

MDC Partners, Inc., 6.50%, due 05/01/24‡ 144A

     296,591  
  170,000      

MEDNAX, Inc., 5.25%, due 12/01/23 144A

     168,300  
  154,000      

MEDNAX, Inc., 6.25%, due 01/15/27 144A

     151,883  
  145,000      

MetLife, Inc., 6.40%, due 12/15/66

     166,023  
  185,000      

Mexichem SAB de CV, 5.50%, due 01/15/48 144A

     184,352  
  103,000      

MGIC Investment Corp., 5.75%, due 08/15/23

     112,141  
  190,000      

Microchip Technology, Inc., 3.92%, due 06/01/21

     193,499  
  618,000      

Microchip Technology, Inc., 4.33%, due 06/01/23

     644,988  
  350,000      

Micron Technology, Inc., 4.98%, due 02/06/26‡

     368,141  
  572,000      

Micron Technology, Inc., 5.33%, due 02/06/29‡

     606,946  
  295,000      

Microsoft Corp., 4.00%, due 02/12/55

     332,117  
  288,000      

Microsoft Corp., 4.45%, due 11/03/45

     345,863  
  585,000      

Mitsubishi UFJ Financial Group, Inc., 3.22%, due 03/07/22

     597,574  
  1,300,000      

Moody’s Corp., 3.25%, due 06/07/21‡

     1,318,798  
  1,883,000      

Morgan Stanley, 3.13%, due 07/27/26

     1,920,442  
  945,000      

Morgan Stanley, 3.59% (3 mo. USD LIBOR plus 1.340%), due 07/22/28†

     984,772  
  921,000      

Morgan Stanley, 3.88%, due 04/29/24

     976,793  
  325,000      

Morgan Stanley, 5.45% (3 mo. USD LIBOR plus 3.610%)† †††††

     324,594  
  1,320,000      

Morgan Stanley, (MTN), 3.77%, due 01/24/29◆

     1,385,981  
  230,000      

Morgan Stanley, (MTN), 3.88%, due 01/27/26

     244,692  
  1,000,000      

Morgan Stanley, (MTN), 4.35%, due 09/08/26

     1,073,189  
  463,000      

Motorola Solutions, Inc., 4.60%, due 02/23/28

     486,187  
  252,000      

MPLX, LP, 4.00%, due 03/15/28

     261,217  
  250,000      

MPLX, LP, 4.50%, due 04/15/38

     252,825  
  100,000      

MPLX, LP, 4.80%, due 02/15/29

     110,232  
  25,000      

MPLX, LP, 5.20%, due 03/01/47

     26,912  

 

 

See accompanying Notes to the Schedule of Investments.

62

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  145,000      

MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24 144A

     145,869  
  154,000      

Murphy Oil Corp., 5.75%, due 08/15/25

     160,376  
  305,000      

Mylan, Inc., 5.20%, due 04/15/48

     282,122  
  265,000      

Myriad International Holdings BV, 5.50%, due 07/21/25 144A

     289,698  
  44,000      

National CineMedia LLC, 6.00%, due 04/15/22

     44,550  
  102,000      

Nationstar Mortgage Holdings, Inc., 8.13%, due 07/15/23‡ 144A

     104,295  
  83,000      

Nationstar Mortgage Holdings, Inc., 9.13%, due 07/15/26 144A

     84,453  
  220,000      

Nationwide Building Society, 3.62%, due 04/26/23◆ 144A

     224,172  
  295,000      

Natura Cosmeticos SA, 5.38%, due 02/01/23‡ 144A

     308,865  
  215,000      

Netflix, Inc., 4.88%, due 04/15/28

     222,256  
  59,000      

Netflix, Inc., 5.38%, due 11/15/29 144A

     62,817  
  335,000      

Netflix, Inc., 5.88%, due 11/15/28‡

     371,723  
  445,000      

New England Power Co., 3.80%, due 12/05/47 144A

     451,323  
  160,000      

Newfield Exploration Co., 5.63%, due 07/01/24

     177,262  
  265,000      

Newmont Goldcorp Corp., 3.63%, due 06/09/21 144A

     269,923  
  463,000      

NextEra Energy Capital Holdings, Inc., 3.55%, due 05/01/27

     483,774  
  75,000      

NextEra Energy Operating Partners, LP, 4.50%, due 09/15/27 144A

     74,344  
  165,000      

Nippon Life Insurance Co., 5.10% (USISDA05 plus 3.650%), due 10/16/44† 144A

     177,213  
  670,000      

NiSource, Inc., 3.49%, due 05/15/27

     693,637  
  135,000      

Nissan Motor Acceptance Corp., 3.65%, due 09/21/21 144A

     138,256  
  780,000      

Noble Energy, Inc., 4.15%, due 12/15/21

     805,184  
  115,000      

Norbord, Inc., 6.25%, due 04/15/23 144A

     121,900  
  970,000      

Norfolk Southern Corp., 4.84%, due 10/01/41

     1,125,187  
  195,000      

Northern States Power Co., 3.60%, due 09/15/47

     199,208  
  220,000      

Northern States Power Co., 4.13%, due 05/15/44

     240,051  
  300,000      

NOVA Chemicals Corp., 4.88%, due 06/01/24‡ 144A

     311,625  
  160,000      

NRG Energy, Inc., 3.75%, due 06/15/24 144A

     164,523  
  315,000      

Nutrien, Ltd., 4.90%, due 06/01/43

     343,486  
  475,000      

NXP BV/NXP Funding LLC, 4.63%, due 06/01/23 144A

     501,885  
  163,000      

NXP BV/NXP Funding LLC, 4.88%, due 03/01/24 144A

     174,894  
  1,064,000      

NXP BV/NXP Funding LLC/NXP USA, Inc., 3.88%, due 06/18/26 144A

     1,094,502  
  139,000      

ONEOK Partners, LP, 5.00%, due 09/15/23

     150,250  
  200,000      

ONEOK, Inc., 4.95%, due 07/13/47

     210,999  
  100,000      

Owens Corning, 4.20%, due 12/15/22

     104,139  
  350,000      

Owens Corning, 4.30%, due 07/15/47‡

     295,919  
  155,000      

Oztel Holdings SPC, Ltd., 6.63%, due 04/24/28 144A

     152,463  
  155,000      

Parsley Energy LLC/Parsley Finance Corp., 5.63%, due 10/15/27 144A

     162,750  
  205,000      

PECO Energy Co., 3.70%, due 09/15/47

     210,692  
  580,000      

Pennsylvania Electric Co., 3.60%, due 06/01/29 144A

     600,355  
  2,450,000      

Penske Truck Leasing Co. LP/PTL Finance Corp., 3.90%, due 02/01/24 144A

     2,564,489  
  155,000      

Petrobras Global Finance BV, 5.30%, due 01/27/25‡

     164,842  
  295,000      

Petrobras Global Finance BV, 5.75%, due 02/01/29

     308,245  
  80,000      

Petrobras Global Finance BV, 6.25%, due 03/17/24

     87,804  
  125,000      

Petrobras Global Finance BV, 6.90%, due 03/19/49‡

     133,375  
  380,000      

Petrobras Global Finance BV, 7.38%, due 01/17/27

     435,480  
  190,000      

Petroleos Mexicanos, 4.88%, due 01/24/22

     190,000  
  155,000      

Petroleos Mexicanos, 5.50%, due 01/21/21

     157,093  
  76,000      

Petroleos Mexicanos, 6.35%, due 02/12/48

     65,531  

 

 

See accompanying Notes to the Schedule of Investments.

63

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  255,000      

Petroleos Mexicanos, 6.50%, due 06/02/41

     226,822  
  520,000      

Petroleos Mexicanos, 6.75%, due 09/21/47

     464,360  
  350,000      

Petroleos Mexicanos, 6.88%, due 08/04/26

     355,215  
  1,006,000      

Phillips 66 Partners, LP, 3.61%, due 02/15/25

     1,037,283  
  774,000      

Phillips 66 Partners, LP, 3.75%, due 03/01/28

     789,876  
  145,000      

Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29

     151,914  
  65,000      

Plains All American Pipeline, LP/PAA Finance Corp., 4.70%, due 06/15/44

     62,729  
  50,000      

Plains All American Pipeline, LP/PAA Finance Corp., 5.15%, due 06/01/42

     49,917  
  390,000      

PNC Bank NA, 2.45%, due 07/28/22

     394,175  
  207,000      

PNC Financial Services Group (The), Inc., 3.50%, due 01/23/24

     218,140  
  215,000      

PNC Financial Services Group (The), Inc., Series R, 4.85% (3 mo. USD LIBOR plus 3.040%)† †††††

     217,477  
  463,000      

PNC Financial Services Group (The), Inc., Series O, 6.75% (3 mo. USD LIBOR plus 3.678%)† ††††† ‡

     491,521  
  120,000      

Post Holdings, Inc., 5.50%, due 12/15/29†††† 144A

     120,750  
  540,000      

PPL Capital Funding, Inc., 5.00%, due 03/15/44

     601,072  
  26,000      

Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 05/15/23 144A

     27,354  
  90,000      

Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26

     89,766  
  490,000      

Prudential Financial, Inc., 5.88% (3 mo. USD LIBOR plus 4.175%), due 09/15/42†

     519,574  
  445,000      

Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27

     453,387  
  315,000      

Public Service Electric & Gas Co., (MTN), 3.20%, due 05/15/29

     326,240  
  355,000      

Public Service Electric & Gas Co., (MTN), 3.70%, due 05/01/28

     382,341  
  170,000      

QEP Resources, Inc., 6.88%, due 03/01/21

     175,525  
  65,000      

Qorvo, Inc., 5.50%, due 07/15/26

     68,952  
  205,000      

Quicken Loans, Inc., 5.75%, due 05/01/25 144A

     212,431  
  200,000      

QVC, Inc., 4.38%, due 03/15/23

     203,154  
  125,000      

QVC, Inc., 5.13%, due 07/02/22

     130,197  
  130,000      

QVC, Inc., 5.45%, due 08/15/34

     128,222  
  87,000      

Radian Group, Inc., 4.50%, due 10/01/24

     89,548  
  160,000      

Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, due 02/15/25 144A

     155,600  
  52,000      

Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, due 02/15/23‡ 144A

     52,260  
  62,000      

Refinitiv US Holdings, Inc., 8.25%, due 11/15/26 144A

     63,922  
  38,000      

Refinitiv US Holdings, Inc., 6.25%, due 05/15/26 144A

     39,178  
  328,000      

Regions Bank, 3.37% (1 mo. USD LIBOR plus 0.500%), due 08/13/21†

     330,851  
  415,000      

Regions Financial Corp., 2.75%, due 08/14/22

     418,150  
  200,000      

Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29 144A

     206,772  
  490,000      

Royal Bank of Canada, (MTN), 2.97%, due 04/30/21◆◆

     491,526  
  855,000      

Royal Bank of Scotland Group Plc, 3.88%, due 09/12/23

     877,882  
  210,000      

Royal Bank of Scotland Group Plc, 4.45%, due 05/08/30◆‡

     217,557  
  487,000      

Royal Bank of Scotland Group Plc, 8.63% (USD 5 year swap rate plus 7.598%)† †††††

     526,082  
  539,000      

Ryder System, Inc., (MTN), 2.88%, due 06/01/22

     545,409  
  151,000      

Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28

     159,093  
  219,000      

Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27

     240,314  
  340,000      

Sabine Pass Liquefaction LLC, 5.75%, due 05/15/24

     378,343  
  76,000      

Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26

     86,910  
  110,000      

Sabra Health Care, LP/Sabra Capital Corp. REIT, 4.80%, due 06/01/24

     113,300  

 

 

See accompanying Notes to the Schedule of Investments.

64

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  320,000      

Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25‡

     315,184  
  290,000      

San Diego Gas & Electric Co., 4.15%, due 05/15/48‡

     302,633  
  190,000      

Santander Holdings USA, Inc., 3.40%, due 01/18/23

     192,932  
  490,000      

Santander Holdings USA, Inc., 3.50%, due 06/07/24

     498,021  
  365,000      

Santander Holdings USA, Inc., 3.70%, due 03/28/22

     373,990  
  200,000      

Santander Holdings USA, Inc., 4.45%, due 12/03/21

     208,109  
  170,000      

Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A

     176,761  
  200,000      

SASOL Financing USA LLC, 5.88%, due 03/27/24

     216,871  
  200,000      

SASOL Financing USA LLC, 6.50%, due 09/27/28

     224,674  
  310,000      

SBA Tower Trust REIT, 3.72%, due 04/09/48 144A

     320,055  
  400,000      

Schlumberger Holdings Corp., 3.00%, due 12/21/20 144A

     403,405  
  320,000      

Seagate HDD Cayman, 4.75%, due 01/01/25‡

     323,623  
  236,000      

Select Medical Corp., 6.38%, due 06/01/21

     236,614  
  1,312,000      

SES SA, 3.60%, due 04/04/23 144A

     1,326,773  
  485,000      

Shire Acquisitions Investments Ireland DAC, 2.88%, due 09/23/23

     490,077  
  800,000      

Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26

     807,387  
  120,000      

Simmons Foods, Inc., 5.75%, due 11/01/24‡ 144A

     109,800  
  850,000      

Simon Property Group, LP REIT, 6.75%, due 02/01/40

     1,216,053  
  415,000      

Sirius XM Radio, Inc., 5.00%, due 08/01/27‡ 144A

     423,777  
  225,000      

Sirius XM Radio, Inc., 5.38%, due 07/15/26‡ 144A

     234,000  
  35,000      

SM Energy Co., 6.63%, due 01/15/27‡

     32,550  
  195,000      

Societe Generale SA, 7.38% (USD 5 year swap rate plus 6.238%)† ††††† ‡ 144A

     205,491  
  335,000      

Southern California Edison Co., 4.00%, due 04/01/47

     334,177  
  1,318,000      

Southern Co. (The), 3.25%, due 07/01/26

     1,339,634  
  1,260,000      

Southern Co. Gas Capital Corp., 2.45%, due 10/01/23

     1,257,557  
  62,000      

Springleaf Finance Corp., 6.88%, due 03/15/25

     68,044  
  50,000      

Sprint Communications, Inc., 7.00%, due 03/01/20 144A

     51,375  
  225,000      

Sprint Corp., 7.88%, due 09/15/23

     244,969  
  357,188      

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, due 03/20/23 144A

     358,173  
  25,000      

Standard Industries, Inc./NJ, 4.75%, due 01/15/28 144A

     24,875  
  280,000      

Standard Industries, Inc./NJ, 5.38%, due 11/15/24 144A

     290,850  
  67,000      

State Street Corp., 3.41% (3 mo. USD LIBOR plus 1.000%), due 06/01/77† ‡

     51,027  
  18,000      

Stearns Holdings LLC, 9.38%, due 08/15/20 144A

     17,190  
  183,000      

Stifel Financial Corp., 4.25%, due 07/18/24

     192,196  
  922,000      

Sunoco Logistics Partners Operations, LP, 3.45%, due 01/15/23

     937,859  
  350,000      

Sunoco Logistics Partners Operations, LP, 3.90%, due 07/15/26

     357,699  
  226,000      

Sunoco Logistics Partners Operations, LP, 4.40%, due 04/01/21

     232,689  
  202,000      

Sunoco Logistics Partners Operations, LP, 5.40%, due 10/01/47

     214,877  
  301,000      

SunTrust Bank/Atlanta GA, 2.45%, due 08/01/22

     302,016  
  175,000      

Synchrony Financial, 2.70%, due 02/03/20

     175,037  
  303,000      

Syngenta Finance NV, 4.44%, due 04/24/23 144A

     315,188  
  152,000      

Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 4.75%, due 10/01/23 144A

     154,663  
  160,000      

Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.88%, due 04/15/26

     170,200  
  110,000      

Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A

     112,475  

 

 

See accompanying Notes to the Schedule of Investments.

65

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  672,000      

Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A

     728,652  
  34,000      

Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A

     48,257  
  40,000      

Team Health Holdings, Inc., 6.38%, due 02/01/25‡ 144A

     30,800  
  161,000      

Tech Data Corp., 3.70%, due 02/15/22

     163,824  
  401,000      

Tech Data Corp., 4.95%, due 02/15/27

     420,002  
  160,000      

Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, due 07/15/23 144A

     158,275  
  120,000      

Telecom Argentina SA, 6.50%, due 06/15/21 144A

     119,280  
  293,000      

Telecom Italia Capital SA, 7.20%, due 07/18/36

     324,497  
  205,000      

Telecom Italia SpA, 5.30%, due 05/30/24 144A

     212,944  
  980,000      

Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22

     1,015,133  
  138,000      

Tervita Escrow Corp., 7.63%, due 12/01/21 144A

     141,065  
  1,303,000      

Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26

     1,013,082  
  145,000      

Teva Pharmaceutical Finance Netherlands III BV, 6.75%, due 03/01/28‡

     133,853  
  70,000      

Time Warner Cable LLC, 4.13%, due 02/15/21

     71,322  
  315,000      

Toronto-Dominion Bank, (MTN) (The), 3.25%, due 03/11/24

     326,319  
  500,000      

Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48

     531,373  
  225,000      

Tribune Media Co., 5.88%, due 07/15/22

     230,040  
  55,000      

Trident Merger Sub, Inc., 6.63%, due 11/01/25 144A

     51,563  
  118,000      

Twin River Worldwide Holdings, Inc., 6.75%, due 06/01/27 144A

     123,310  
  430,000      

Tyson Foods, Inc., 5.10%, due 09/28/48

     486,423  
  380,000      

UBS Group Funding Switzerland AG, 2.86% (1 mo. USD LIBOR plus 0.954%), due 08/15/23† 144A

     383,533  
  1,547,000      

UBS Group Funding Switzerland AG, 4.13%, due 04/15/26 144A

     1,654,056  
  185,000      

UBS Group Funding Switzerland AG, 7.00%◆ ††††† 144A

     196,661  
  235,738      

United Airlines Pass Through Trust, Series 2016-1, Class A, 3.45%, due 01/07/30

     241,144  
  266,991      

United Airlines Pass Through Trust, Series 2016-1, Class B, 3.65%, due 07/07/27

     267,454  
  327,790      

United Airlines Pass Through Trust, Series 2014-2, Class A, 3.75%, due 03/03/28

     341,164  
  2,218,014      

United Airlines Pass Through Trust, Series 2014-1, Class A, 4.00%, due 10/11/27

     2,334,349  
  230,000      

United Airlines Pass Through Trust, Series 2019-1 Class A, 4.55%, due 08/25/31

     247,657  
  66,689      

United Airlines Pass Through Trust, Series 2018-1, Class B, 4.60%, due 09/01/27

     69,269  
  123,747      

United Airlines Pass Through Trust, Series 2014-2, Class B, 4.63%, due 03/03/24

     127,496  
  530,000      

United Rentals North America, Inc., 4.88%, due 01/15/28‡

     541,925  
  35,000      

United Rentals North America, Inc., 5.25%, due 01/15/30

     36,050  
  225,000      

United Rentals North America, Inc., 5.50%, due 07/15/25

     234,844  
  105,000      

United Rentals North America, Inc., 5.88%, due 09/15/26

     112,219  
  200,000      

Universal Health Services, Inc., 4.75%, due 08/01/22 144A

     202,250  
  210,000      

Universal Health Services, Inc., 5.00%, due 06/01/26 144A

     217,875  
  140,000      

UPCB Finance IV, Ltd., 5.38%, due 01/15/25 144A

     144,243  
  105,330      

US Airways Pass Through Trust, Series 2012-1, Class A, 5.90%, due 04/01/26

     116,284  
  90,903      

US Airways Pass Through Trust, Series 2010-1, Class A, 6.25%, due 10/22/24

     99,071  

 

 

See accompanying Notes to the Schedule of Investments.

66

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Corporate Debt — continued  
  85,000      

US Concrete, Inc., 6.38%, due 06/01/24

     88,825  
  490,000      

Valero Energy Corp., 3.40%, due 09/15/26

     500,085  
  216,000      

Ventas Realty, LP REIT, 3.50%, due 02/01/25

     223,779  
  250,000      

VEREIT Operating Partnership, LP REIT, 4.60%, due 02/06/24

     265,633  
  70,000      

VeriSign, Inc., 4.75%, due 07/15/27

     73,150  
  134,000      

VeriSign, Inc., 5.25%, due 04/01/25

     143,548  
  235,000      

Verizon Communications, Inc., 4.40%, due 11/01/34

     260,916  
  175,000      

Verizon Communications, Inc., 4.67%, due 03/15/55

     198,738  
  964,000      

Verizon Communications, Inc., 4.86%, due 08/21/46

     1,123,986  
  500,000      

Verizon Communications, Inc., 5.01%, due 04/15/49

     596,337  
  225,000      

Viacom, Inc., 6.25% (3 mo. USD LIBOR plus 3.899%), due 02/28/57†

     233,217  
  1,400,000      

Virginia Electric & Power Co., 3.15%, due 01/15/26

     1,447,081  
  340,000      

Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A

     345,089  
  135,000      

Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A

     140,231  
  361,000      

Vodafone Group Plc, 7.00%, due 04/04/79◆‡

     390,110  
  683,000      

Volkswagen Group of America Finance LLC, 4.63%, due 11/13/25 144A

     742,695  
  390,000      

Voya Financial, Inc., 5.65% (3 mo. USD LIBOR plus 3.580%), due 05/15/53† ‡

     405,007  
  1,178,000      

Voya Financial, Inc., 3.13%, due 07/15/24

     1,198,420  
  710,000      

Wells Fargo & Co., Series U, 5.88% (3 mo. USD LIBOR plus 3.990%)† †††††

     772,405  
  240,000      

Wells Fargo & Co., Series K, 6.18% (3 mo. USD LIBOR plus 3.770%)† †††††

     242,280  
  708,000      

Welltower, Inc. REIT, 4.50%, due 01/15/24

     760,759  
  218,000      

Williams Cos. (The), Inc., 3.70%, due 01/15/23

     225,453  
  288,000      

Williams Cos. (The), Inc., 3.75%, due 06/15/27

     297,608  
  250,000      

Williams Cos. (The), Inc., 4.55%, due 06/24/24

     269,558  
  240,000      

Williams Cos. (The), Inc., 5.75%, due 06/24/44

     280,491  
  85,000      

WMG Acquisition Corp., 4.88%, due 11/01/24 144A

     87,444  
  117,000      

WMG Acquisition Corp., 5.50%, due 04/15/26 144A

     121,083  
  50,000      

WPX Energy, Inc., 5.25%, due 09/15/24

     51,563  
  99,000      

Wyndham Destinations, Inc., 5.40%, due 04/01/24

     104,192  
  116,000      

XPO Logistics, Inc., 6.50%, due 06/15/22 144A

     118,610  
  175,000      

YPF SA, 8.50%, due 07/28/25‡ 144A

     175,954  
      

 

 

 
     260,695,790  
  

 

 

 
          Mortgage Backed Securities - Private Issuers — 8.6%  
  67,191      

Angel Oak Mortgage Trust I LLC, Series 2018-1, Class A1, 3.26%, due 04/27/48◆◆ 144A

     67,701  
  156,550      

Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, due 09/25/48◆◆ 144A

     158,768  
  597,985      

Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.76%, due 04/25/48◆◆ 144A

     614,907  
  352,944      

Arroyo Mortgage Trust, Series 2019-2, Class A1, 3.35%, due 04/25/49◆◆ 144A

     358,992  
  200,000      

BBCMS Mortgage Trust, Series 2015-SRCH, Class D, 5.12%, due 08/10/35◆◆ 144A

     217,636  
  191,000      

BBCMS Mortgage Trust, Series 2018-TALL, Class B, 3.37% (1 mo. USD LIBOR plus 0.971%), due 03/15/37† 144A

     190,822  
  207,000      

BBCMS Mortgage Trust, Series 2018-TALL, Class E, 4.83% (1 mo. USD LIBOR plus 2.437%), due 03/15/37† 144A

     208,143  
  107,165      

Bellemeade Re, Ltd., Series 2017-1, Class M1, 4.10%, due 10/25/27◆◆ 144A

     107,854  

 

 

See accompanying Notes to the Schedule of Investments.

67

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Mortgage Backed Securities - Private Issuers — continued  
  293,000      

Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 4.00%, due 04/25/28◆◆ 144A

     294,202  
  98,001      

Bellemeade Re, Ltd., Series 2018-2A, Class M1A, 3.35%, due 08/25/28◆◆ 144A

     98,112  
  235,000      

BENCHMARK Mortgage Trust, Series 2019-B10, Class A2, 3.61%, due 03/15/62

     248,482  
  235,000      

BENCHMARK Mortgage Trust, Series 2019-B11, Class A2, 3.41%, due 05/15/52

     246,866  
  215,000      

BX Commercial Mortgage Trust, Series 2018-BIOA, Class D, 3.72% (1 mo. USD LIBOR plus 1.321%), due 03/15/37† 144A

     215,478  
  700,000      

CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58

     714,352  
  2,500,000      

CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49

     2,544,127  
  240,000      

CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class E, 4.54% (1 mo. LIBOR plus 2.150%), due 07/15/32† 144A

     240,238  
  206,000      

CHT Mortgage Trust, Series 2017-CSMO, Class D, 4.64% (1 mo. USD LIBOR plus 2.250%), due 11/15/36† 144A

     207,043  
  172,297      

CIM Trust, Series 2017-2, Class A1, 4.44% (1 mo. USD LIBOR plus 2.000%), due 12/25/57† 144A

     173,624  
  679,584      

CIM Trust, Series 2017-3, Class A1, 4.44%, due 01/25/57◆◆ 144A

     695,026  
  618,891      

CIM Trust, Series 2017-6, Class A1, 3.02%, due 06/25/57◆◆ 144A

     620,499  
  1,772,000      

Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.40%, due 10/10/49

     1,772,220  
  115,000      

Citigroup Commercial Mortgage Trust, Series 2017-1500, Class E, 4.89% (1 mo. USD LIBOR plus 2.500%), due 07/15/32† 144A

     113,617  
  27,500,000      

Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.60%, due 05/10/47◆◆

     593,730  
  54,819      

COLT Mortgage Loan Trust, Series 2018-2, Class A1, 3.47%, due 07/27/48◆◆ 144A

     55,160  
  147,321      

COLT Mortgage Loan Trust, Series 2019-2, Class A1, 3.34%, due 05/25/49◆◆ 144A

     149,843  
  221,000      

Commercial Mortgage Pass Through Certificates, Series 2012-LC4, Class B, 4.93%, due 12/10/44◆◆

     231,022  
  235,000      

Commercial Mortgage Pass Through Certificates, Series 2013-300P, Class D, 4.54%, due 08/10/30◆◆ 144A

     245,534  
  72,946      

Commercial Mortgage Pass Through Certificates, Series 2013-LC6, Class A3, 2.67%, due 01/10/46

     73,746  
  890,000      

Commercial Mortgage Pass Through Certificates, Series 2013-LC6, Class A4, 2.94%, due 01/10/46

     908,148  
  455,000      

Commercial Mortgage Pass Through Certificates, Series 2014-CR20, Class A3, 3.33%, due 11/10/47

     474,958  
  435,938      

Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A2, 2.82%, due 03/10/47

     435,665  
  1,200,000      

Commercial Mortgage Pass Through Certificates, Series 2015-CR25, Class A3, 3.51%, due 08/10/48

     1,267,619  
  540,000      

Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 3.99% (1 mo. LIBOR plus 1.600%), due 05/15/36† 144A

     542,229  
  179,662      

Credit Suisse Mortgage Trust, 3.83%, due 08/25/37◆◆ ‡‡‡‡

     189,848  

 

 

See accompanying Notes to the Schedule of Investments.

68

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Mortgage Backed Securities - Private Issuers — continued  
  305,000      

Credit Suisse Mortgage Trust, Series 2006-OMA, Class B2, 5.54%, due 05/15/23 144A

     309,094  
  695,057      

Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3, 3.50%, due 06/25/47◆◆ 144A

     703,986  
  820,377      

Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A, 3.85%, due 09/25/57◆◆ 144A

     852,422  
  1,100,000      

CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50

     1,128,313  
  775,000      

CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50

     797,975  
  468,501      

FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-HQA4, Class M2, 3.70% (1 mo. USD LIBOR plus 1.300%), due 04/25/29†

     470,085  
  393,095      

FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA1, Class M1, 3.60% (1 mo. USD LIBOR plus 1.200%), due 07/25/29†

     394,766  
  1,056,951      

FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M1, 3.15% (1 mo. USD LIBOR plus 0.750%), due 03/25/30†

     1,058,553  
  100,000      

FHLMC Structured Agency Credit Risk Debt Notes, Series 2019-HRP1, Class M1, 3.16% (1 mo. USD LIBOR plus 0.750%), due 02/25/49† 144A

     100,035  
  274,636      

FHMLC Structured Agency Credit Risk Debt Notes, Series 2018-DNA3, Class M1, 3.15% (1 mo. USD LIBOR plus 0.750%), due 09/25/48† 144A

     274,977  
  77,610      

FNMA Connecticut Avenue Securities, Series 2016-C04, Class 1M1, 3.85% (1 mo. USD LIBOR plus 1.450%), due 01/25/29†

     77,854  
  1,961,724      

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-4, Class MA, 3.50%, due 03/25/58

     2,034,159  
  1,574,029      

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50%, due 08/25/58

     1,635,406  
  134,810      

Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, due 11/25/57◆◆ 144A

     136,112  
  416,976      

GCAT LLC, Series 2019-NQM1, Class A1, 2.99%, due 02/25/59†† 144A

     421,299  
  85,000      

Great Wolf Trust, Series 2017-WOLF, Class E, 5.49% (1 mo. USD LIBOR plus 3.100%), due 09/15/34† 144A

     85,222  
  1,150,634      

GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, due 05/10/45

     1,171,745  
  900,000      

GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48

     931,626  
  285,000      

GS Mortgage Securities Trust, Series 2019-GC39, Class A2, 3.46%, due 05/10/52

     300,603  
  300,000      

GS Mortgage Securities Trust, Series 2019-GC40, Class A2, 2.97%, due 07/10/52††††

     308,987  
  100,000      

Hilton Orlando Trust, Series 2018-ORL, Class D, 4.09% (1 mo. USD LIBOR plus 1.700%), due 12/15/34† 144A

     100,342  
  100,000      

Hudsons Bay Simon JV Trust, Series 2015-HBFL, Class DFL, 6.33% (1 mo. LIBOR plus 3.650%), due 08/05/34† 144A

     100,152  
  170,000      

IMT Trust, Series 2017-APTS, Class CFX, 3.61%, due 06/15/34◆◆ 144A

     172,960  
  115,000      

Irvine Core Office Trust, Series 2013-IRV, Class A2, 3.28%, due 05/15/48◆◆ 144A

     119,355  
  1,725,000      

JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due 04/15/47

     1,763,068  

 

 

See accompanying Notes to the Schedule of Investments.

69

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Mortgage Backed Securities - Private Issuers — continued  
  824,000      

JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due 11/15/48

     827,014  
  700,000      

JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49

     715,021  
  1,300,000      

JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50

     1,369,520  
  1,170,805      

JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.72%, due 02/15/46 144A

     1,206,986  
  1,449,919      

JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class A4, 2.69%, due 04/15/46

     1,473,435  
  760,000      

JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, 2.56%, due 08/15/49

     760,485  
  1,600,000      

JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50

     1,646,345  
  148,000      

JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class A, 3.30% (1 mo. USD LIBOR plus 0.910%), due 06/15/35† 144A

     148,184  
  2,438,000      

JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%, due 06/13/52

     2,528,152  
  863,761      

JPMorgan Mortgage Trust, Series 2016-1, Class A5, 3.50%, due 05/25/46 144A

     879,721  
  558,282      

JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, due 10/25/46 144A

     568,205  
  1,302,366      

JPMorgan Mortgage Trust, Series 2017-2, Class A5, 3.50%, due 05/25/47 144A

     1,325,514  
  1,071,426      

JPMorgan Mortgage Trust, Series 2018-4, Class A15, 3.50%, due 10/25/48 144A

     1,087,301  
  180,224      

MetLife Securization Trust, Series 2018-1A, Class A, 3.75%, due 03/25/57◆◆ 144A

     189,022  
  197,563      

Mill City Mortgage Loan Trust, Series 2019-1, Class A1, 3.25%, due 10/25/69◆◆ 144A

     202,070  
  100,000      

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46

     102,051  
  1,600,000      

Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49

     1,594,911  
  212,000      

Morgan Stanley Capital I Trust, Series 2017-CLS, Class D, 3.79% (1 mo. USD LIBOR plus 1.400%), due 11/15/34† 144A

     212,051  
  2,600,000      

Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52

     2,680,263  
  95,000      

Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.92%, due 11/15/32◆◆ 144A

     97,081  
  165,000      

Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.46%, due 01/15/43◆◆ 144A

     179,296  
  384,870      

New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A, 4.00%, due 12/25/57 144A

     401,294  
  234,673      

New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 3.15% (1 mo. USD LIBOR plus 0.750%), due 01/25/48† 144A

     235,096  
  19,757      

Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 4.85%, due 05/25/35◆◆

     19,822  
  1,569,000      

PSMC Trust, Series 2019-1, Class A3, 4.00%, due 07/25/49 144A

     1,618,161  
  297,207      

Radnor RE Ltd., Series 2018-1, Class M1, 3.80%, due 03/25/28◆◆ 144A

     298,052  
  100,830      

Starwood Mortgage Residential Trust, Series 2018-IMC1, Class A1, 3.79%, due 03/25/48◆◆ 144A

     102,861  
  675,000      

UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50

     702,037  

 

 

See accompanying Notes to the Schedule of Investments.

70

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Mortgage Backed Securities - Private Issuers — continued  
  2,272,000      

UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, due 08/10/49

     2,326,005  
  1,453,919      

UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A3, 2.92%, due 03/10/46

     1,485,081  
  1,523,797      

UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, due 01/10/45

     1,559,331  
  348,742      

Verus Securitization Trust, Series 2018-3, Class A1, 4.11%, due 10/25/58◆◆ 144A

     357,710  
  240,000      

VNO Mortgage Trust, Series 2013-PENN, Class D, 4.08%, due 12/13/29◆◆ 144A

     241,971  
  17,509      

WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A7, 4.35%, due 09/25/33◆◆

     18,352  
  188,000      

Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class C, 2.80%, due 03/18/28◆◆ 144A

     187,269  
  1,500,000      

Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49

     1,486,357  
  3,000,000      

Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49

     3,008,248  
  950,000      

Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50

     984,520  
  1,400,000      

Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50

     1,468,990  
  110,000      

Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class D, 4.04% (1 mo. USD LIBOR plus 1.650%), due 12/15/34† 144A

     109,721  
  1,360,000      

WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.90%, due 06/15/44 144A

     1,417,066  
      

 

 

 
     68,545,879  
  

 

 

 
          Mortgage Backed Securities - U.S. Government Agency Obligations — 25.4%  
  2,055,522      

FHLMC, Pool # ZA7040, 3.50%, due 06/01/49

     2,113,608  
  2,256,298      

FHLMC, Pool # ZM1609, 3.50%, due 09/01/46

     2,340,379  
  1,080,200      

FHLMC, Pool # ZN6183, 3.50%, due 05/01/49

     1,116,647  
  2,350,000      

FHLMC, Pool # ZT2100, 3.00%, due 04/01/47

     2,381,217  
  575,185      

FHLMC Gold, Pool # A89870, 4.50%, due 11/01/39

     618,291  
  455,498      

FHLMC Gold, Pool # A96970, 4.00%, due 02/01/41

     480,903  
  760,739      

FHLMC Gold, Pool # C91908, 3.00%, due 01/01/37

     775,471  
  606,168      

FHLMC Gold, Pool # G06231, 4.00%, due 12/01/40

     639,975  
  278,771      

FHLMC Gold, Pool # G06409, 6.00%, due 11/01/39

     316,556  
  146,336      

FHLMC Gold, Pool # G06875, 5.50%, due 12/01/38

     162,672  
  547,706      

FHLMC Gold, Pool # G07021, 5.00%, due 09/01/39

     595,340  
  767,236      

FHLMC Gold, Pool # G08672, 4.00%, due 10/01/45

     803,354  
  188,534      

FHLMC Gold, Pool # G08735, 4.50%, due 10/01/46

     198,897  
  97,655      

FHLMC Gold, Pool # G08748, 3.50%, due 02/01/47

     100,811  
  1,001,233      

FHLMC Gold, Pool # G08771, 4.00%, due 07/01/47

     1,046,027  
  824,644      

FHLMC Gold, Pool # G08805, 4.00%, due 03/01/48

     857,266  
  6,005,556      

FHLMC Gold, Pool # G08883, 4.50%, due 06/01/49

     6,291,393  
  248,848      

FHLMC Gold, Pool # G16177, 2.00%, due 01/01/32

     246,626  
  423,553      

FHLMC Gold, Pool # G16501, 3.00%, due 04/01/33

     434,370  
  1,628,002      

FHLMC Gold, Pool # G16634, 3.00%, due 10/01/31

     1,668,661  

 

 

See accompanying Notes to the Schedule of Investments.

71

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Mortgage Backed Securities - U.S. Government Agency Obligations — continued  
  1,681,085      

FHLMC Gold, Pool # G60564, 5.00%, due 02/01/42

     1,827,606  
  1,549,091      

FHLMC Gold, Pool # G60722, 3.00%, due 10/01/46

     1,576,276  
  671,725      

FHLMC Gold, Pool # G60767, 3.50%, due 10/01/46

     698,083  
  375,308      

FHLMC Gold, Pool # G60788, 3.50%, due 12/01/46

     389,220  
  1,515,506      

FHLMC Gold, Pool # G60804, 4.50%, due 05/01/42

     1,628,206  
  1,724,359      

FHLMC Gold, Pool # G60931, 3.00%, due 02/01/47

     1,764,217  
  1,896,256      

FHLMC Gold, Pool # G60934, 3.50%, due 06/01/45

     1,976,347  
  2,059,317      

FHLMC Gold, Pool # G60985, 3.00%, due 05/01/47

     2,099,914  
  1,661,883      

FHLMC Gold, Pool # G61242, 4.50%, due 12/01/45

     1,786,225  
  1,196,703      

FHLMC Gold, Pool # G61282, 3.00%, due 01/01/48

     1,217,666  
  1,360,841      

FHLMC Gold, Pool # G61748, 3.50%, due 11/01/48

     1,413,139  
  1,923,920      

FHLMC Gold, Pool # G61891, 4.00%, due 05/01/48

     2,003,137  
  250,925      

FHLMC Gold, Pool # G61948, 4.00%, due 12/01/48

     261,005  
  717,368      

FHLMC Gold, Pool # G61995, 4.00%, due 11/01/44

     755,560  
  1,229,986      

FHLMC Gold, Pool # G67703, 3.50%, due 04/01/47

     1,281,036  
  167,085      

FHLMC Gold, Pool # J16432, 3.50%, due 08/01/26

     173,985  
  178,887      

FHLMC Gold, Pool # J17763, 3.50%, due 01/01/27

     186,282  
  492,306      

FHLMC Gold, Pool # J24414, 2.50%, due 06/01/28

     497,132  
  578,294      

FHLMC Gold, Pool # J34888, 2.50%, due 07/01/31

     583,435  
  1,098,117      

FHLMC Gold, Pool # Q09224, 4.00%, due 07/01/42

     1,170,944  
  244,228      

FHLMC Gold, Pool # Q11218, 3.50%, due 09/01/42

     253,872  
  482,764      

FHLMC Gold, Pool # Q12052, 3.50%, due 10/01/42

     501,680  
  986,246      

FHLMC Gold, Pool # Q12862, 3.50%, due 11/01/42

     1,027,995  
  454,525      

FHLMC Gold, Pool # Q17792, 3.50%, due 05/01/43

     473,768  
  1,822,530      

FHLMC Gold, Pool # Q34842, 3.00%, due 07/01/45

     1,860,118  
  1,398,222      

FHLMC Gold, Pool # Q36815, 4.00%, due 10/01/45

     1,464,044  
  1,954,862      

FHLMC Gold, Pool # Q41918, 3.50%, due 07/01/46

     2,036,235  
  1,329,603      

FHLMC Gold, Pool # Q42618, 3.00%, due 08/01/46

     1,348,277  
  1,994,452      

FHLMC Gold, Pool # Q44178, 3.00%, due 11/01/46

     2,035,618  
  1,402,924      

FHLMC Gold, Pool # Q44455, 3.50%, due 11/01/46

     1,454,443  
  1,406,282      

FHLMC Gold, Pool # Q45741, 3.50%, due 01/01/47

     1,464,651  
  216,883      

FHLMC Gold, Pool # Q49494, 4.50%, due 07/01/47

     228,600  
  670,661      

FHLMC Gold, Pool # Q52312, 4.00%, due 11/01/47

     698,711  
  898,582      

FHLMC Gold, Pool # Q54957, 4.00%, due 03/01/48

     935,874  
  1,224,897      

FHLMC Gold, Pool # Q60989, 3.00%, due 12/01/46

     1,244,121  
  394,385      

FHLMC Gold, Pool # V60565, 3.00%, due 06/01/29

     403,749  
  1,008,028      

FHLMC Gold, Pool # V60599, 3.00%, due 09/01/29

     1,031,919  
  1,349,872      

FHLMC Gold, Pool # V82292, 4.00%, due 04/01/46

     1,415,484  
  1,624,400      

FHLMC Gold, Pool # V82515, 3.50%, due 06/01/46

     1,680,631  
  385,578      

FHLMC Gold, Pool # V82848, 3.00%, due 12/01/46

     393,775  
  519,459      

FHLMC Gold, Pool # Q44963, 3.50%, due 12/01/46

     537,217  
  550,000      

FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class AM, 3.17%, due 09/25/26◆◆

     578,204  
  325,000      

FHLMC Multifamily Structured Pass Through Certificates, Series K083, Class AM, 4.03%, due 10/25/28◆◆

     363,975  
  200,000      

FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class AM, 3.92%, due 12/25/28◆◆

     222,701  
  900,000      

FHLMC Multifamily Structured Pass Through Certificates, Series K157, Class A2, 3.99%, due 05/25/33◆◆

     1,014,849  

 

 

See accompanying Notes to the Schedule of Investments.

72

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Mortgage Backed Securities - U.S. Government Agency Obligations — continued  
  490,000      

FHLMC Multifamily Structured Pass Through Certificates, Series KIR3, Class A1, 3.04%, due 08/25/27

     508,888  
  480,000      

FHLMC Multifamily Structured Pass Through Certificates, Series W5FX, Class AFX, 3.34%, due 04/25/28◆◆

     503,287  
  29,638,671      

FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K006, Class AX1, 1.09%, due 01/25/20◆◆

     79,340  
  20,880,192      

FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K007, Class X1, 1.20%, due 04/25/20◆◆

     105,750  
  25,734,510      

FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 0.95%, due 10/25/22◆◆

     615,127  
  90,631      

FHLMC Reference REMIC, Series R007, Class ZA, 6.00%, due 05/15/36

     103,967  
  917,445      

FHLMC REMIC, Series 4777, Class CB, 3.50%, due 10/15/45

     946,364  
  3,806      

FNMA, Pool # 254548, 5.50%, due 12/01/32

     4,150  
  1,722,986      

FNMA, Pool # 254903, 5.00%, due 10/01/33

     1,873,933  
  1,910,922      

FNMA, Pool # 725027, 5.00%, due 11/01/33

     2,076,255  
  1,194,304      

FNMA, Pool # 725331, 4.00%, due 01/01/34

     1,246,834  
  1,322,055      

FNMA, Pool # 735676, 5.00%, due 07/01/35

     1,445,685  
  483,877      

FNMA, Pool # 745148, 5.00%, due 01/01/36

     529,434  
  559,632      

FNMA, Pool # 932807, 4.00%, due 09/01/40

     590,373  
  487,640      

FNMA, Pool # 983471, 5.50%, due 05/01/38

     528,678  
  550,832      

FNMA, Pool # 985184, 5.50%, due 08/01/38

     596,802  
  387,241      

FNMA, Pool # 995245, 5.00%, due 01/01/39

     419,962  
  861,394      

FNMA, Pool # AB6212, 3.00%, due 09/01/42

     876,504  
  1,180,256      

FNMA, Pool # AB6802, 3.50%, due 11/01/42

     1,225,529  
  277,038      

FNMA, Pool # AB7059, 2.50%, due 11/01/42

     276,282  
  675,386      

FNMA, Pool # AB8703, 3.00%, due 03/01/38

     687,221  
  257,666      

FNMA, Pool # AB9383, 4.00%, due 05/01/43

     272,780  
  1,570,639      

FNMA, Pool # AB9659, 3.00%, due 06/01/43

     1,603,989  
  517,288      

FNMA, Pool # AD9153, 4.50%, due 08/01/40

     555,834  
  300,477      

FNMA, Pool # AE0469, 6.00%, due 12/01/39

     340,979  
  303,095      

FNMA, Pool # AE7685, 4.00%, due 10/01/40

     319,715  
  1,285,552      

FNMA, Pool # AH4404, 4.00%, due 01/01/41

     1,356,086  
  191,713      

FNMA, Pool # AI1892, 5.00%, due 05/01/41

     208,444  
  944,560      

FNMA, Pool # AJ9278, 3.50%, due 12/01/41

     980,957  
  475,093      

FNMA, Pool # AJ9317, 4.00%, due 01/01/42

     501,809  
  992,160      

FNMA, Pool # AL0215, 4.50%, due 04/01/41**

     1,063,164  
  1,475,742      

FNMA, Pool # AL1895, 3.50%, due 06/01/42

     1,532,611  
  759,599      

FNMA, Pool # AL2466, 4.00%, due 09/01/42

     812,156  
  834,360      

FNMA, Pool # AL3000, 3.50%, due 12/01/42

     866,484  
  1,098,410      

FNMA, Pool # AL3316, 3.50%, due 03/01/43

     1,140,727  
  1,102,985      

FNMA, Pool # AL6301, 4.50%, due 06/01/42

     1,185,117  
  1,288,277      

FNMA, Pool # AL6663, 4.00%, due 03/01/39

     1,338,520  
  576,884      

FNMA, Pool # AL6839, 5.00%, due 04/01/42

     627,747  
  1,693,117      

FNMA, Pool # AL7521, 5.00%, due 06/01/39

     1,851,750  
  3,228,470      

FNMA, Pool # AL7594, 3.50%, due 08/01/45

     3,353,106  
  1,128,766      

FNMA, Pool # AL8191, 4.00%, due 12/01/45

     1,183,084  
  200,746      

FNMA, Pool # AO4109, 4.00%, due 06/01/42

     211,814  
  474,183      

FNMA, Pool # AQ7923, 3.00%, due 12/01/42

     482,500  
  1,178,022      

FNMA, Pool # AS5133, 3.50%, due 06/01/45

     1,215,370  

 

 

See accompanying Notes to the Schedule of Investments.

73

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Mortgage Backed Securities - U.S. Government Agency Obligations — continued  
  327,817      

FNMA, Pool # AS6286, 4.00%, due 12/01/45

     343,031  
  528,188      

FNMA, Pool # AS6304, 4.00%, due 12/01/45

     552,702  
  708,467      

FNMA, Pool # AS6452, 3.50%, due 01/01/46

     730,930  
  1,274,740      

FNMA, Pool # AS7198, 4.50%, due 05/01/46

     1,358,481  
  285,507      

FNMA, Pool # AS7693, 2.00%, due 08/01/31

     282,793  
  419,122      

FNMA, Pool # AS8073, 2.50%, due 10/01/46

     416,291  
  876,497      

FNMA, Pool # AT0232, 3.00%, due 03/01/43

     891,874  
  385,247      

FNMA, Pool # AX3719, 3.50%, due 07/01/27

     400,577  
  345,635      

FNMA, Pool # AZ3743, 3.50%, due 11/01/45

     356,593  
  514,838      

FNMA, Pool # BC9468, 3.00%, due 06/01/46

     521,880  
  2,822,450      

FNMA, Pool # BD7043, 4.00%, due 03/01/47

     2,957,555  
  2,439,724      

FNMA, Pool # BE7192, 4.00%, due 03/01/47

     2,546,765  
  1,471,793      

FNMA, Pool # BH1207, 4.00%, due 06/01/47

     1,537,092  
  1,239,149      

FNMA, Pool # BK1023, 4.50%, due 02/01/48

     1,302,990  
  1,385,560      

FNMA, Pool # BK7611, 4.50%, due 09/01/48

     1,454,779  
  1,515,865      

FNMA, Pool # BM1573, 3.50%, due 07/01/47

     1,577,807  
  1,412,540      

FNMA, Pool # BM1655, 5.00%, due 11/01/44

     1,544,264  
  1,611,903      

FNMA, Pool # BM1972, 3.50%, due 10/01/37

     1,676,278  
  2,043,000      

FNMA, Pool # BM2006, 4.00%, due 01/01/48

     2,129,529  
  934,982      

FNMA, Pool # BM3033, 3.00%, due 10/01/47

     950,530  
  1,056,559      

FNMA, Pool # BM3116, 3.00%, due 02/01/47

     1,080,322  
  286,716      

FNMA, Pool # BM3258, 3.00%, due 02/01/47

     292,632  
  759,364      

FNMA, Pool # BM3286, 4.50%, due 11/01/47

     799,668  
  1,124,769      

FNMA, Pool # BM3332, 3.50%, due 01/01/48

     1,160,751  
  958,370      

FNMA, Pool # BM3491, 4.50%, due 01/01/38

     1,010,175  
  1,684,355      

FNMA, Pool # BM3641, 4.00%, due 04/01/48

     1,773,395  
  2,896,337      

FNMA, Pool # BM3820, 4.00%, due 02/01/47

     3,055,915  
  1,567,152      

FNMA, Pool # BM4425, 5.00%, due 07/01/47

     1,713,231  
  1,402,528      

FNMA, Pool # BM5213, 3.00%, due 07/01/45

     1,423,401  
  1,926,314      

FNMA, Pool # BM5694, 4.00%, due 06/01/48

     2,005,122  
  1,431,506      

FNMA, Pool # BM5827, 5.00%, due 04/01/49

     1,521,517  
  449,163      

FNMA, Pool # BM5874, 4.00%, due 01/01/48

     469,777  
  1,709,694      

FNMA, Pool # BN2763, 4.50%, due 11/01/48

     1,787,008  
  1,451,209      

FNMA, Pool # CA0655, 3.50%, due 11/01/47

     1,500,318  
  1,454,844      

FNMA, Pool # CA1560, 4.50%, due 04/01/48

     1,545,760  
  1,996,049      

FNMA, Pool # CA2057, 4.50%, due 07/01/48

     2,099,292  
  8,996      

FNMA, Pool # MA2064, 3.00%, due 10/01/24

     9,179  
  520,913      

FNMA, Pool # MA3087, 3.50%, due 08/01/47

     536,453  
  350,339      

FNMA, Pool # MA3155, 3.00%, due 10/01/32

     358,253  
  754,229      

FNMA, Pool # MA3211, 4.00%, due 12/01/47

     785,275  
  504,678      

FNMA, Pool # MA3238, 3.50%, due 01/01/48

     519,863  
  507,872      

FNMA, Pool # MA3364, 3.50%, due 05/01/33

     525,060  
  392,785      

FNMA, Pool # MA3385, 4.50%, due 06/01/48

     411,065  
  573,052      

FNMA, Pool # MA3521, 4.00%, due 11/01/48

     592,655  
  1,081,187      

FNMA REMIC, Series 2011-59, Class NZ, 5.50%, due 07/25/41

     1,221,247  
  26,428      

FNMA REMIC, Series 2012-28, Class B, 6.50%, due 06/25/39

     28,559  
  1,000,000      

FNMA TBA, 3.00%, due 08/13/49

     1,007,793  
  1,000,000      

FNMA TBA, 3.50%, due 07/15/49

     1,022,461  
  3,500,000      

FNMA TBA, 3.50%, due 08/13/49

     3,577,881  

 

 

See accompanying Notes to the Schedule of Investments.

74

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Mortgage Backed Securities - U.S. Government Agency Obligations — continued  
  1,700,000      

FNMA-ACES, Series 2015-M10, Class A2, 3.09%, due 04/25/27◆◆

     1,774,964  
  684,223      

FNMA-ACES, Series 2015-M8, Class AB2, 2.83%, due 01/25/25◆◆

     706,351  
  500,000      

FNMA-ACES, Series 2016-M7, Class AB2, 2.38%, due 09/25/26

     498,995  
  500,000      

FNMA-ACES, Series 2017-M1, Class A2, 2.50%, due 10/25/26◆◆

     500,279  
  1,700,000      

FNMA-ACES, Series 2017-M8, Class A2, 3.06%, due 05/25/27◆◆

     1,772,557  
  434,838      

FNMA-ACES, Series 2018-M10, Class A1, 3.50%, due 07/25/28◆◆

     462,450  
  352,683      

GNMA, Pool # 004636, 4.50%, due 02/20/40

     376,438  
  64,835      

GNMA, Pool # 004678, 4.50%, due 04/20/40

     69,192  
  422,068      

GNMA, Pool # 004833, 4.00%, due 10/20/40

     447,228  
  364,798      

GNMA, Pool # 004977, 4.00%, due 03/20/41

     386,562  
  939,135      

GNMA, Pool # 004978, 4.50%, due 03/20/41

     1,002,325  
  1,472,695      

GNMA, Pool # 005055, 4.50%, due 05/20/41

     1,571,798  
  642,495      

GNMA, Pool # 734152, 4.00%, due 01/15/41

     682,761  
  51,369      

GNMA, Pool # 783637, 3.00%, due 06/20/42

     52,603  
  399,160      

GNMA, Pool # AL8626, 3.00%, due 08/15/45

     407,851  
  75,816      

GNMA, Pool # MA0624, 3.00%, due 12/20/42

     77,637  
  342,976      

GNMA, Pool # MA0625, 3.50%, due 12/20/42

     357,973  
  196,568      

GNMA, Pool # MA0698, 3.00%, due 01/20/43

     201,291  
  674,597      

GNMA, Pool # MA0851, 3.00%, due 03/20/43

     690,806  
  114,932      

GNMA, Pool # MA1156, 3.00%, due 07/20/43

     117,693  
  160,813      

GNMA, Pool # MA1599, 3.00%, due 01/20/44

     164,678  
  324,409      

GNMA, Pool # MA2372, 4.00%, due 11/20/44

     342,221  
  316,964      

GNMA, Pool # MA3377, 4.00%, due 01/20/46

     334,333  
  589,209      

GNMA, Pool # MA3873, 3.00%, due 08/20/46

     603,368  
  232,112      

GNMA, Pool # MA4125, 2.50%, due 12/20/46

     233,543  
  3,730,436      

GNMA I, Pool # 784369, 4.00%, due 08/15/45

     3,983,460  
  468,538      

GNMA I, Pool # 784605, 4.50%, due 01/15/42

     505,170  
  536,037      

GNMA I, Pool # 784699, 5.00%, due 04/15/48

     562,446  
  1,471,194      

GNMA II, Pool # 796468, 4.00%, due 09/20/42

     1,529,939  
  1,290,021      

GNMA II, Pool # AV9421, 3.50%, due 11/20/46

     1,337,028  
  918,704      

GNMA II, Pool # AY7555, 3.50%, due 04/20/47

     952,180  
  533,151      

GNMA II, Pool # MA0462, 3.50%, due 10/20/42

     556,525  
  531,788      

GNMA II, Pool # MA0852, 3.50%, due 03/20/43

     554,878  
  441,722      

GNMA II, Pool # MA1376, 4.00%, due 10/20/43

     466,345  
  454,351      

GNMA II, Pool # MA2371, 3.50%, due 11/20/44

     471,626  
  361,852      

GNMA II, Pool # MA2825, 3.00%, due 05/20/45

     370,549  
  790,365      

GNMA II, Pool # MA3310, 3.50%, due 12/20/45

     822,826  
  464,416      

GNMA II, Pool # MA3455, 4.00%, due 02/20/46

     488,163  
  814,202      

GNMA II, Pool # MA3456, 4.50%, due 02/20/46

     862,674  
  1,692,913      

GNMA II, Pool # MA3803, 3.50%, due 07/20/46

     1,752,550  
  546,564      

GNMA II, Pool # MA4004, 3.50%, due 10/20/46

     565,819  
  302,371      

GNMA II, Pool # MA4071, 4.50%, due 11/20/46

     323,069  
  547,546      

GNMA II, Pool # MA4263, 4.00%, due 02/20/47

     571,794  
  728,057      

GNMA II, Pool # MA4510, 3.50%, due 06/20/47

     753,258  
  790,578      

GNMA II, Pool # MA4585, 3.00%, due 07/20/47

     809,151  
  977,468      

GNMA II, Pool # MA4720, 4.00%, due 09/20/47

     1,019,551  
  669,343      

GNMA II, Pool # MA4838, 4.00%, due 11/20/47

     697,936  
  389,699      

GNMA II, Pool # MA5021, 4.50%, due 02/20/48

     409,674  
  133,089      

GNMA II, Pool # MA5079, 4.50%, due 03/20/48

     139,544  

 

 

See accompanying Notes to the Schedule of Investments.

75

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          Mortgage Backed Securities - U.S. Government Agency Obligations — continued  
  1,003,743      

GNMA II, Pool # MA5466, 4.00%, due 09/20/48

     1,040,969  
  973,099      

GNMA II, Pool # MA5467, 4.50%, due 09/20/48

     1,017,314  
      

 

 

 
     203,160,602  
  

 

 

 
          Municipal Obligations — 0.7%  
  60,000      

Alabama Economic Settlement Authority, 4.26%, due 09/15/32

     65,922  
  300,000      

Bay Area Toll Authority, 6.26%, due 04/01/49

     450,510  
  90,000      

District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14#

     115,434  
  461,000      

Municipal Electric Authority of Georgia, 6.64%, due 04/01/57

     554,592  
  2,049,000      

New Jersey Economic Development Authority, 2.94%, due 02/15/20‡‡

     2,017,507  
  1,000,000      

State of California General Obligation, 7.55%, due 04/01/39

     1,585,060  
  695,000      

State of Illinois, General Obligation, 5.00%, due 11/01/22

     760,726  
  105,000      

University of Virginia, 4.18%, due 09/01/17#

     119,337  
      

 

 

 
     5,669,088  
  

 

 

 
          Sovereign Debt Obligations — 0.8%  
  181,000      

Argentine Republic Government International Bond, 5.88%, due 01/11/28

     138,126  
  135,000      

Colombia Government International Bond, 7.38%, due 09/18/37

     184,107  
  215,000      

Export-Import Bank of India, 3.88%, due 02/01/28‡ 144A

     221,061  
  600,000      

Hashemite Kingdom of Jordan Government AID Bond, 3.00%, due 06/30/25

     630,511  
  400,000      

Hungary Government International Bond, 5.75%, due 11/22/23

     454,093  
  200,000      

Indonesia Government International Bond, 4.45%, due 02/11/24

     212,672  
  220,000      

Indonesia Government International Bond, 5.88%, due 01/15/24 144A

     246,945  
  200,000      

Japan Bank for International Cooperation, 3.38%, due 10/31/23

     210,597  
  200,000      

Panama Government International Bond, 4.00%, due 09/22/24

     213,102  
  250,000      

Province of Alberta Canada, 3.30%, due 03/15/28

     267,582  
  100,000      

Province of Manitoba Canada, 2.13%, due 06/22/26

     99,262  
  145,000      

Province of Ontario Canada, 3.40%, due 10/17/23

     153,242  
  220,000      

Province of Quebec Canada, 2.75%, due 04/12/27

     228,745  
  150,000      

Provincia de Buenos Aires, 7.88%, due 06/15/27 144A

     112,126  
  246,000      

Qatar Government International Bond, 3.38%, due 03/14/24 144A

     254,518  
  520,000      

Qatar Government International Bond, 5.10%, due 04/23/48 144A

     620,750  
  375,000      

Saudi Government International Bond, 2.88%, due 03/04/23 144A

     379,922  
  235,000      

Saudi Government International Bond, 4.00%, due 04/17/25 144A

     250,488  
  445,000      

Saudi Government International Bond, 4.38%, due 04/16/29 144A

     481,770  
  330,000      

Saudi Government International Bond, 5.25%, due 01/16/50 144A

     376,048  
  400,000      

Tokyo Metropolitan Government, 2.50%, due 06/08/22 144A

     404,216  
  300,000      

Turkey Government International Bond, 7.00%, due 06/05/20

     307,182  
  90,000      

Uruguay Government International Bond, 5.10%, due 06/18/50

     101,476  
      

 

 

 
     6,548,541  
  

 

 

 
          U.S. Government and Agency Obligations — 18.8%  
  140,000      

FHLMC, 1.38%, due 08/15/19

     139,853  
  270,000      

FNMA, 2.38%, due 01/19/23

     275,400  
  315,000      

FNMA, 2.50%, due 02/05/24

     324,606  
  310,000      

FNMA, 6.63%, due 11/15/30***

     443,581  
  25,000      

Tennessee Valley Authority, 7.13%, due 05/01/30

     36,096  
  4,360,000      

U.S. Treasury Bond, 2.75%, due 11/15/42

     4,571,698  

 

 

See accompanying Notes to the Schedule of Investments.

76

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
          U.S. Government and Agency Obligations — continued  
  2,033,000      

U.S. Treasury Bond, 2.75%, due 11/15/47

     2,122,420  
  5,135,000      

U.S. Treasury Bond, 3.00%, due 02/15/47

     5,632,654  
  243,000      

U.S. Treasury Bond, 3.00%, due 02/15/48

     266,261  
  8,915,000      

U.S. Treasury Bond, 3.00%, due 08/15/48

     9,778,989  
  10,148,000      

U.S. Treasury Bond, 3.00%, due 02/15/49

     11,147,340  
  3,040,000      

U.S. Treasury Bond, 3.63%, due 08/15/43

     3,670,206  
  2,680,000      

U.S. Treasury Bond, 3.75%, due 11/15/43

     3,299,698  
  10,742,000      

U.S. Treasury Bond, 4.50%, due 05/15/38

     14,433,933  
  3,550,000      

U.S. Treasury Bond, 5.25%, due 11/15/28

     4,541,019  
  1,457,107      

U.S. Treasury Inflation Indexed Bonds, 0.88%, due 01/15/29

     1,534,370  
  1,740,000      

U.S. Treasury Note, 1.13%, due 02/28/21

     1,720,663  
  2,910,000      

U.S. Treasury Note, 1.38%, due 04/30/21

     2,889,028  
  1,640,000      

U.S. Treasury Note, 1.63%, due 04/30/23

     1,633,786  
  2,425,000      

U.S. Treasury Note, 2.00%, due 11/30/20

     2,430,352  
  14,485,000      

U.S. Treasury Note, 2.00%, due 05/31/24

     14,656,726  
  2,965,000      

U.S. Treasury Note, 2.25%, due 04/30/21

     2,990,191  
  14,495,000      

U.S. Treasury Note, 2.25%, due 11/15/27

     14,841,804  
  12,534,000      

U.S. Treasury Note, 2.38%, due 02/29/24

     12,888,477  
  4,970,000      

U.S. Treasury Note, 2.38%, due 08/15/24

     5,116,576  
  12,139,000      

U.S. Treasury Note, 2.38%, due 05/15/29

     12,545,846  
  2,395,000      

U.S. Treasury Note, 2.50%, due 12/31/20

     2,418,529  
  3,575,000      

U.S. Treasury Note, 2.63%, due 02/15/29

     3,770,438  
  5,285,000      

U.S. Treasury Note, 2.75%, due 09/15/21

     5,403,087  
  4,420,000      

U.S. Treasury Note, 3.13%, due 11/15/28

     4,848,705  
      

 

 

 
     150,372,332  
  

 

 

 
   

TOTAL DEBT OBLIGATIONS (COST $773,681,563)

     786,275,565  
      

 

 

 
Number
of Contracts
    Notional
Value ($)
  Description    Value ($)  
   

OPTIONS PURCHASED — 0.0%

 

          Purchased Futures Options — 0.0%  
          Put Options — 0.0%  
  47     11,567,288  

Eurodollar Mid-Curve 1-Year Futures Option with JP Morgan Securities LLC, Strike Price $97.75, Expires 07/12/19

     294  
  47     11,567,288  

Eurodollar Mid-Curve 1-Year Futures Option with JP Morgan Securities LLC, Strike Price $98.25, Expires 07/12/19

     2,350  
  115     28,302,938  

Eurodollar Mid-Curve 1-Year Futures Option with JP Morgan Securities LLC, Strike Price $98.13, Expires 07/12/19

     2,156  
  47     11,567,288  

Eurodollar Mid-Curve 1-Year Futures Option with JP Morgan Securities LLC, Strike Price $98.25, Expires 08/16/19

     6,756  
  47     11,567,288  

Eurodollar Mid-Curve 1-Year Futures Option with JP Morgan Securities LLC, Strike Price $97.75, Expires 08/16/19

     294  
  47     11,567,288  

Eurodollar Mid-Curve 1-Year Futures Option with JP Morgan Securities LLC, Strike Price $98.25, Expires 09/13/19

     9,400  
  47     11,567,288  

Eurodollar Mid-Curve 1-Year Futures Option with JP Morgan Securities LLC, Strike Price $97.75, Expires 09/13/19

     588  

 

 

See accompanying Notes to the Schedule of Investments.

77

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Number
of Contracts
    Notional
Value ($)
  Description    Value ($)  
          Purchased Futures Options — continued  
          Put Options — continued  
  34     4,350,938  

U.S. Treasury Note 10-Year Futures Option with JP Morgan Securities LLC, Strike Price $123.00, Expires 07/26/19

     531  
  34     4,350,938  

U.S. Treasury Note 10-Year Futures Option with JP Morgan Securities LLC, Strike Price $126.00, Expires 07/26/19

     2,656  
  104     22,378,688  

U.S. Treasury Note 2-Year Futures Option with JP Morgan Securities LLC, Strike Price $107.00, Expires 08/23/19

     11,375  
      

 

 

 
   

TOTAL FUTURES OPTIONS PURCHASED (PREMIUMS PAID $116,216)

     36,400  
      

 

 

 
   

TOTAL OPTIONS PURCHASED (PREMIUMS PAID $116,216)

     36,400  
      

 

 

 
Par Value ($)          Description    Value ($)  
   

SHORT-TERM INVESTMENTS — 0.9%

 

          Mutual Fund - Securities Lending Collateral — 0.9%  
  6,731,855      

State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.31%## ****

     6,731,855  
      

 

 

 
   

TOTAL MUTUAL FUND — SECURITIES LENDING COLLATERAL
(COST $6,731,855)

     6,731,855  
      

 

 

 
   

TOTAL INVESTMENTS BEFORE TBA SALE
COMMITMENTS — 99.3%

(Cost $780,529,634)

     793,043,820  
      

 

 

 
          TBA Sale Commitments — (0.1)%  
  (500,000    

FNMA TBA, 2.50%, due 08/13/49

     (495,820
      

 

 

 
   

TOTAL TBA SALE COMMITMENTS (PROCEEDS $493,203)

     (495,820
      

 

 

 
   

TOTAL INVESTMENTS NET OF TBA SALE
COMMITMENTS — 99.2%

(Cost $780,036,431)

     792,548,000  
   

Other Assets and Liabilities (net) — 0.8%

     6,028,767  
      

 

 

 
          NET ASSETS — 100.0%    $798,576,767  
      

 

 

 
   

Notes to Schedule of Investments:

  
    ACES — Alternative Credit Enhancement Securities   
    CLO — Collateralized Loan Obligation   
    CMT — Constant Maturing Treasury Rate   
    FHLMC — Federal Home Loan Mortgage Corporation   
    FNMA — Federal National Mortgage Association   
    GNMA — Government National Mortgage Association   
    IO — Interest Only   
    MTN — Medium Term Note   

 

 

See accompanying Notes to the Schedule of Investments.

78

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

    REIT — Real Estate Investment Trust   
    REMIC — Real Estate Mortgage Investment Conduit   
    TBA — To Be Announced   
  #   Year of maturity is greater than 2100.   
  ##   The rate disclosed is the 7 day net yield as of June 30, 2019.   
  *   Non-income producing security   
  **   All or a portion of this security is pledged for open futures collateral.   
  ***   All or a portion of this security is pledged for open futures and open centrally cleared swaps collateral.   
  ****   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 period end is $572 which represents 0.0% of net assets. The aggregate tax cost of these securities held at June 30, 2019 was $1,565,555.   
  ^   Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.   
    Variable or floating rate note. Rate shown is as of June 30, 2019.   
    Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.   
  ◆◆   Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.   
  ††   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.   
  †††††   Security is perpetual and has no stated maturity date.   
    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.   
  ‡‡‡‡   Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period end, the market value of restricted securities was $189,848, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.   
  144A   Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $131,251,631 which represents 16.4% of net assets.   

 

 

See accompanying Notes to the Schedule of Investments.

79

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

At June 30, 2019, the Fund held the following restricted security:

 

Restricted Security

   Acquistion Date    Principal
Amount
   Cost    Value

Credit Suisse Mortgage Trust, 3.83%, due 08/25/37

       11/28/18      USD $ 179,662      $ 179,662      $ 189,848
                   

 

 

 
                    $ 189,848
                   

 

 

 

Futures Contracts

 

Number of
Contracts

         

Description

       

Expiration Date

    

Notional
Value

    

Market Value/
Unrealized
Appreciation
(Depreciation)

 
  Buys                    
  88        

U.S. Treasury Note 10-Year

        Sep 2019      $ 11,261,250      $ 164,532  
  38        

U.S. Treasury Note 2-Year

        Sep 2019        8,176,828        45,518  
  150        

U.S. Treasury Note 5-Year

        Sep 2019        17,723,437        279,071  
  28        

U.S. Ultra 10-Year

        Sep 2019        3,867,500        122,658  
  87        

U.S. Ultra Bond

        Sep 2019        15,447,938        646,885  
                 

 

 

 
   $ 1,258,664  
                 

 

 

 
  Sales                    
  49        

U.S. Long Bond

        Sep 2019      $ 7,624,094      $ (299,107
                 

 

 

 

Written Options

Written Futures Options

 

Type of Contract

   Counterparty    Number of
Contracts
   Notional
Value
   Premiums
Received
   Value at
June 30, 2019

Put — Eurodollar Mid-Curve 1-Year Futures Option

       JP Morgan Securities LLC        115      $ (28,302,938 )      $ (4,143 )      $ (719 )

Strike @ $97.88

                        

Expires 07/12/2019

                        

Put — Eurodollar Mid-Curve 1-Year Futures Option

       JP Morgan Securities LLC        94        (23,134,575 )        (5,737 )        (587 )

Strike @ $98.00

                        

Expires 07/12/2019

                        

Put — Eurodollar Mid-Curve 1-Year Futures Option

       JP Morgan Securities LLC        94        (23,134,575 )        (10,437 )        (3,525 )

Strike @ $98.00

                        

Expires 08/16/2019

                        

Put — Eurodollar Mid-Curve 1-Year Futures Option

       JP Morgan Securities LLC        94        (23,134,575 )        (13,962 )        (5,875 )

Strike @ $98.00

                        

Expires 09/13/2019

                        

Put — U.S. Treasury Note 10-Year Futures Option

       JP Morgan Securities LLC        68        (8,701,875 )        (10,530 )        (1,063 )
                        

 

 

 

Strike @ $124.50

Expires 07/26/2019

                           (11,769 )
                        

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

80

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Centrally Cleared Interest Rate Swaps

 

Payments
Received by Fund

 

Payments
Made by Fund

  Maturity
Date
  Upfront
Premiums
Paid
(Received)
   

Notional
Value

    Market
Value
    Unrealized
Appreciation
(Depreciation)
 
Overnight Federal Funds Effective Rate (12M)  

2.58%

  08/15/28   $ (123,603   $ 6,783,600     $ (516,961   $ (393,358
Overnight Federal Funds Effective Rate (12M)  

2.41%

  02/12/25     117       2,295,000       (108,427     (108,544
Overnight Federal Funds Effective Rate (12M)  

2.37%

  03/23/21     92       4,545,000       (60,298     (60,390
Overnight Federal Funds Effective Rate (12M)  

2.27%

  01/31/26     (3,617     488,000       (21,411     (17,794
Overnight Federal Funds Effective Rate (12M)  

2.07%

  02/15/27     (336     920,000       (29,859     (29,523
Overnight Federal Funds Effective Rate (12M)  

1.96%

  02/15/27     102       265,000       (6,624     (6,726
Overnight Federal Funds Effective Rate (12M)  

1.95%

  03/29/24     124       4,490,000       (90,821     (90,945
Overnight Federal Funds Effective Rate (12M)  

1.82%

  02/15/27     20,041       1,447,000       (21,396     (41,437
2.17%  

Overnight Federal Funds Effective Rate (12M)

  03/31/21     (255     1,726,000       17,492       17,747  
3-Month USD LIBOR  

3.11%

  07/31/25     340       2,709,000       (206,411     (206,751
3-Month USD LIBOR  

3.00%

  05/31/25     49       120,000       (8,187     (8,236
3-Month USD LIBOR  

2.84%

  08/15/28     (3,212     1,662,000       (129,032     (125,820
3-Month USD LIBOR  

2.66%

  11/15/43     103       145,000       (13,024     (13,127
3-Month USD LIBOR  

2.33%

  11/15/24     12,963       3,810,000       (110,679     (123,642
3-Month USD LIBOR  

2.29%

  05/15/27     101       130,000       (4,118     (4,219
3-Month USD LIBOR  

2.21%

  01/08/26           7,920,000       (196,228     (196,228
3-Month USD LIBOR  

2.18%

  08/15/24     1,488       385,000       (7,863     (9,351
3-Month USD LIBOR  

2.17%

  08/15/24     10,977       7,885,000       (158,891     (169,868
3-Month USD LIBOR  

1.88%

  04/30/26     (391     125,000       (623     (232
12-Month USD LIBOR  

1.90%

  02/15/27     797       390,000       (7,888     (8,685
           

 

 

 
            $ (1,597,129
           

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

81

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Asset Class Summary (Unaudited)    % of Net Assets

Debt Obligations

       98.4

Futures Contracts

       0.1

Options Purchased

       0.0 *

Written Options

       0.0 *

TBA Sale Commitments

       (0.1 )

Swaps

       (0.2 )

Short-Term Investments

       0.9

Other Assets and Liabilities (net)

       0.9
    

 

 

 
       100.0 %
    

 

 

 

* Amount rounds to zero.

 

 

See accompanying Notes to the Schedule of Investments.

82

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
   

DEBT OBLIGATIONS — 92.9%

 

          Asset Backed Securities — 3.0%  
  1,090,000      

Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 2.83% (1 mo. USD LIBOR plus 0.430%), due 12/25/35†

     1,072,071  
  250,000      

AMMC CLO, Ltd., Series 2017-20A, Class D, 5.99% (3 mo. USD LIBOR plus 3.400%), due 04/17/29† 144A

     248,994  
  965,000      

Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A

     979,805  
  1,290,000      

Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Series 2006-HE5, Class M1, 2.68% (1 mo. USD LIBOR plus 0.280%), due 07/25/36†

     1,064,351  
  660,000      

Avery Point VI CLO, Ltd., Series 2015-6A, Class DR, 5.52%, due 08/05/27◆◆ 144A

     653,094  
  250,000      

Benefit Street Partners CLO IV, Ltd., Series 2014-IVA, Class CRR, 6.39%, due 01/20/29◆◆ 144A

     250,655  
  250,000      

BlueMountain CLO, Ltd., Series 2012-2A, Class AR2, 3.57%, due 11/20/28◆◆ 144A

     250,054  
  790,000      

BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21

     800,503  
  385,000      

California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.87%, due 10/16/23

     397,060  
  250,000      

California Street CLO IX, LP, Series 2012-9A, Class AR2, 1.00% (3 mo. USD LIBOR plus 1.320%), due 07/16/32† †††† 144A

     250,000  
  380,000      

California Street CLO IX, LP, Series 2012-9A, Class ER, 9.78% (3 mo. USD LIBOR plus 7.180%), due 10/16/28† 144A

     379,491  
  660,000      

Carlyle Global Market Strategies CLO, Ltd., Series 2014-2RA, Class A1, 3.57%, due 05/15/3◆◆ 144A

     656,326  
  600,000      

Catskill Park CLO, Ltd., Series 2017-1A, Class D, 8.59% (3 mo. USD LIBOR plus 6.000%), due 04/20/29† 144A

     581,012  
  200,000      

CCG Receivables Trust, Series 2018-1, Class C, 3.42%, due 06/16/25 144A

     202,960  
  330,000      

Cent CLO, Ltd., Series 2015-24A, Class CR, 5.75%, due 10/15/26◆◆ 144A

     330,130  
  607,600      

Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A

     622,835  
  250,000      

Cumberland Park CLO, Ltd., Series 2015-2A, Class ER, 8.24%, due 07/20/28◆◆ 144A

     246,792  
  324,231      

Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.53%,
due 01/21/31 144A

     328,541  
  650,000      

DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, due 03/15/24 144A

     668,472  
  225,000      

First Investors Auto Owner Trust, Series 2016-2A, Class D, 3.35%,
due 11/15/22 144A

     226,859  
  260,000      

Flatiron CLO, Ltd., Series 2017-1A, Class A, 3.77% (3 mo. USD LIBOR plus 1.250%), due 05/15/30† 144A

     260,156  
  250,000      

Greywolf CLO IV, Ltd., Series 2019-1A, Class C, 6.54%,
due 04/17/30◆◆ 144A

     250,398  
  470,680      

GSAA Home Equity Trust, Series 2007-7, Class A4, 2.67% (1 mo. USD LIBOR plus 0.270%), due 07/25/37†

     458,848  
  499,932      

Invitation Homes Trust, Series 2018-SFR1, Class E, 4.39%, due 03/17/37◆◆ 144A

     501,550  
  1,190,000      

Jack In The Box Funding LLC, Series 2019-1A, Class A21, 3.98%, due 08/25/49◆◆ 144A

     1,093,034  
  250,000      

KKR CLO, Ltd., Series 11, Class AR, 3.78%, due 01/15/31◆◆ 144A

     250,012  
  250,000      

LCM CLO XXII, Ltd., Series 22A, Class DR, 8.09%, due 10/20/28◆◆ 144A

     237,786  

 

 

See accompanying Notes to the Schedule of Investments.

83

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
          Asset Backed Securities — continued  
  353,253      

Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, due 01/25/59†† 144A

     360,047  
  670,000      

Madison Park Funding XXI, Ltd., Series 2016-21A, Class A1, 4.11% (3 mo. USD LIBOR plus 1.530%), due 07/25/29† 144A

     672,427  
  360,000      

Madison Park Funding XXVI, Ltd., Series 2007-4A, Class AR, 3.78%, due 07/29/30◆◆ 144A

     360,291  
  227,575      

MAPS, Ltd., Series 2018-1A, Class A, 4.21%, due 05/15/43 144A

     233,466  
  227,575      

MAPS, Ltd., Series 2018-1A, Class B, 5.19%, due 05/15/43 144A

     232,163  
  1,394,295      

Mill City Solar Loan, Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A

     1,441,524  
  575,000      

Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A

     612,636  
  250,000      

Neuberger Berman CLO XVII, Ltd., Series 2014-17A, Class ER, 9.14% (3 mo. USD LIBOR plus 6.550%), due 04/22/29† 144A

     245,667  
  500,000      

Oaktree CLO, Ltd., Series 2015-1A, Class DR, 7.79%, due 10/20/27◆◆ 144A

     488,757  
  250,000      

Oaktree CLO, Ltd., Series 2019-1A, Class D, 6.38%, due 04/22/30◆◆ 144A

     250,663  
  250,000      

Octagon Investment Partners CLO XXIII, Ltd., Series 2015-1A, Class ER, 8.35%, due 07/15/27◆◆ 144A

     248,028  
  280,000      

OneMain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, due 03/14/29 144A

     284,937  
  530,000      

OZLM VII CLO, Ltd., Series 2014-7RA, Class CR, 5.59%, due 07/17/29◆◆ 144A

     519,661  
  750,000      

OZLM XII CLO, Ltd., Series 2015-12A, Class CR, 5.58%, due 04/30/27◆◆ 144A

     735,940  
  709,638      

Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 144A

     745,964  
  250,000      

PPM CLO 3 Ltd, Series 2019-3A, Class A, 3.85%, due 07/17/30◆◆ 144A

     250,126  
  180,000      

Saranac CLO III, Ltd., Series 2014-3A, Class DR, 5.59%, due 06/22/30◆◆ 144A

     177,885  
  272,000      

SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 4.28% (28 day ARS), due 06/15/32†

     272,348  
  132,000      

SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 4.30% (28 day ARS), due 03/15/33†

     132,047  
  360,000      

Sound Point CLO XXIII, Series 2019-2A, Class A1, 3.88%, due 04/15/32◆◆ 144A

     360,344  
  750,000      

THL Credit Wind River CLO, Ltd., Series 2016-1A, Class ER, 8.15%, due 07/15/28◆◆ 144A

     736,415  
  340,000      

Venture CLO, Ltd., Series 2018-31A, Class A1, 3.62%, due 04/20/31◆◆ 144A

     335,835  
  330,974      

VOLT LXVIII LLC, Series 2018-NPL4, Class A1A, 4.34%, due 07/27/48†† 144A

     334,454  
  500,000      

Voya CLO, Ltd., Series 2015-2A, Class ER, 7.99%, due 07/23/27◆◆ 144A

     488,305  
  215,000      

Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A

     217,173  
  260,000      

Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, due 10/16/23 144A

     266,738  
  410,000      

Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 6.25%, due 10/15/31◆◆ 144A

     407,983  
      

 

 

 
     24,673,613  
  

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

84

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
          Bank Loans — 5.6%  
  797,959      

1011778 B.C. Unlimited Liability Co., Term Loan B3, 4.65% (1 mo. USD LIBOR plus 2.250%), due 02/16/24†

     793,595  
  504,861      

Albany Molecular Research, Inc., 2017 1st Lien Term Loan, 5.65% (1 mo. USD LIBOR plus 3.250%), due 08/30/24†

     496,657  
  1,110,518      

Albertsons, LLC, USD 2017 Term Loan B5, 5.31% (3 mo. USD LIBOR plus 3.000%), due 12/21/22†

     1,112,214  
  259,338      

Albertsons, LLC, USD 2017 Term Loan B6, 5.40% (1 mo. USD LIBOR plus 3.000%), due 06/22/23†

     259,483  
  34,234      

Allied Universal Holdco LLC, 2019 Delayed Draw Term Loan, TBD, due 06/26/26###

     34,199  
  345,766      

Allied Universal Holdco LLC, 2019 Term Loan B, TBD, due 06/26/26###

     345,405  
  397,980      

Alterra Mountain Company, Term Loan B1, 5.40% (1 mo. USD LIBOR plus 3.000%), due 07/31/24†

     396,923  
  703,528      

American Axle & Manufacturing, Inc., Term Loan B, 4.84% (1 mo. USD LIBOR plus 2.250%), due 04/06/24†

     689,721  
  259,348      

AppLovin Corp., 2018 Term Loan B, 5.90% (1 mo. USD LIBOR plus 3.500%), due 08/15/25†

     259,024  
  9,971      

Asurion LLC, 2017 Term Loan B4, 5.40% (1 mo. USD LIBOR plus 3.000%), due 08/04/22†

     9,960  
  1,384,609      

Asurion LLC, 2018 Term Loan B6, 5.40% (1 mo. USD LIBOR plus 3.000%), due 11/03/23†

     1,383,398  
  417,940      

Asurion LLC, 2018 Term Loan B7, 5.40% (1 mo. USD LIBOR plus 3.000%), due 11/03/24†

     417,548  
  418,950      

Athenahealthy, Inc., 2019 Term Loan B, 7.05% (3 mo. USD LIBOR plus 4.500%), due 02/11/26†

     418,819  
  505,972      

Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 4.13% (1 mo. USD LIBOR plus 1.750%), due 01/15/25†

     505,796  
  841,065      

Bass Pro Group, LLC, Term Loan B, 7.40% (1 mo. USD LIBOR plus 5.000%), due 09/25/24†

     805,052  
  330,000      

Berry Global, Inc., Term Loan Q, 4.41% (1 mo. USD LIBOR plus 2.000%), due 10/01/22†

     328,175  
  482,434      

Boyd Gaming Corp., Term Loan B3, 4.62% (1 mo. USD LIBOR plus 2.250%), due 09/15/23†

     480,685  
  207,900      

BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 4.94% (1 mo. USD LIBOR plus 2.500%), due 08/15/25†

     208,030  
  9,975      

Brookfield WEC Holdings Inc., 2018 1st Lien Term Loan, 5.90% (1 mo. USD LIBOR plus 3.500%), due 08/01/25†

     9,981  
  504,874      

Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 5.15% (1 mo. USD LIBOR plus 2.750%), due 12/22/24†

     496,219  
  513,993      

Camelot UK Holdco, Ltd., 2017 Repriced Term Loan, 5.65% (1 mo. USD LIBOR plus 3.250%), due 10/03/23†

     515,728  
  504,674      

CEC Entertainment, Inc., Term Loan B, 5.65% (1 mo. USD LIBOR plus 3.250%), due 02/14/21†

     501,835  
  1,343,011      

Change Healthcare Holdings LLC, 2017 Term Loan B, 5.15% (1 mo. USD LIBOR plus 2.750%), due 03/01/24†

     1,334,338  
  29,924      

CityCenter Holdings, LLC, 2017 Term Loan B, 4.65% (1 mo. USD LIBOR plus 2.250%), due 04/18/24†

     29,860  
  660,000      

CommScope, Inc., 2019 Term Loan B, 5.65% (1 mo. USD LIBOR plus 3.250%), due 04/06/26†

     660,082  

 

 

See accompanying Notes to the Schedule of Investments.

85

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
          Bank Loans — continued  
  504,874      

Dell International LLC, 2017 Term Loan B, 4.41% (1 mo. USD LIBOR plus 2.000%), due 09/07/23†

     502,813  
  418,882      

DigiCert, Inc., 2017 Term Loan B1, 6.40% (1 mo. USD LIBOR plus 4.000%), due 10/31/24†

     418,097  
  99,749      

Edelman Financial Center, LLC, 2018 1st Lien Term Loan, TBD, due 07/21/25###

     99,671  
  813,123      

Falcon Aerospace, Ltd., 2017 Term Loan A, 4.58%, due 02/15/42 144A

     817,189  
  288,515      

First Data Corp., 2017 USD Term Loan, 4.40% (1 mo. USD LIBOR plus 2.000%), due 07/08/22†

     288,515  
  360,000      

First Data Corp., 2024 USD Term Loan, 4.40% (1 mo. USD LIBOR plus 2.000%), due 04/26/24†

     360,000  
  29,925      

First Eagle Investment Management, LLC, 2018 Term Loan B, 5.08% (1 mo. USD LIBOR plus 2.750%), due 12/26/24†

     29,931  
  999,746      

Four Seasons Hotels, Ltd., New 1st Lien Term Loan, 4.40% (1 mo. USD LIBOR plus 2.000%), due 11/30/23†

     998,887  
  1,218,307      

Frontier Communications Corp., 2017 Term Loan B1, 6.16% (1 mo. USD LIBOR plus 3.750%), due 06/15/24†

     1,197,495  
  418,931      

Garda World Security Corp., 2017 Term Loan, TBD, due 05/24/24###

     416,680  
  198,982      

Garda World Security Corp., 2017 Term Loan, 6.02% (3 mo. USD LIBOR plus 3.500%), due 05/24/24†

     197,913  
  509      

Garda World Security Corp., 2017 Term Loan, 8.00% (PRIME plus 2.500%), due 05/24/24†

     506  
  631,414      

GFL Environmental Inc., 2018 USD Term Loan B, 5.40% (1 mo. USD LIBOR plus 3.000%), due 05/30/25†

     621,785  
  267,302      

Global Business Travel Holdings, Ltd., 2018 Term Loan B, 5.04% (3 mo. USD LIBOR plus 2.500%), due 08/13/25†

     268,304  
  159,599      

Global Tel*Link Corp., 2018 1st Lien Term Loan, 6.65% (1 mo. USD LIBOR plus 4.250%), due 11/29/25†

     154,452  
  246,410      

GlobalTranz Enterprises, Inc., 2019 Term Loan, TBD, due 05/15/26###

     238,402  
  53,522      

Golden Nugget, Inc., 2017 Incremental Term Loan B, 5.14% (1 mo. USD LIBOR plus 2.750%), due 10/04/23†

     53,150  
  66,762      

Golden Nugget, Inc., 2017 Incremental Term Loan B, 5.15% (1 mo. USD LIBOR plus 2.750%), due 10/04/23†

     66,298  
  507,236      

GrafTech Finance, Inc., 2018 Term Loan B, 5.90% (1 mo. USD LIBOR plus 3.500%), due 02/12/25†

     499,152  
  400,000      

HC Group Holdings II, Inc., Term Loan B, TBD, due 05/21/26###

     396,000  
  378,095      

Hyland Software, Inc., 2018 Term Loan 3, 5.65% (1 mo. USD LIBOR plus 3.500%), due 07/01/24†

     377,339  
  220,670      

IAA Spinco Inc., Term Loan B, TBD, due 06/28/26###

     221,774  
  1,555,000      

iHeartCommunications, Inc., Exit Term Loan, TBD, due 05/01/26###

     1,558,887  
  130,000      

Intelsat Jackson Holdings SA, 2017 Term Loan B3, 6.15% (1 mo. USD LIBOR plus 3.750%), due 11/27/23†

     128,741  
  504,742      

Jaguar Holding Co. II, 2018 Term Loan, 4.90% (1 mo. USD LIBOR plus 2.500%), due 08/18/22†

     502,309  
  389,020      

Jane Street Group, LLC, 2018 Term Loan B, 5.40% (1 mo. USD LIBOR plus 3.000%), due 08/25/22†

     387,399  
  703,680      

Kraton Polymers, LLC, 2018 USD Term Loan, 4.90% (1 mo. USD LIBOR plus 2.500%), due 03/05/25†

     702,712  
  510,000      

Level 3 Financing, Inc., 2017 Term Loan B, 4.65% (1 mo. USD LIBOR plus 2.250%), due 02/22/24†

     506,441  

 

 

See accompanying Notes to the Schedule of Investments.

86

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
          Bank Loans — continued  
  975,076      

Life Time, Inc., 2017 Term Loan B, 5.27% (3 mo. USD LIBOR plus 2.750%), due 06/10/22†

     972,463  
  69,724      

McAfee, LLC, 2018 USD Term Loan B, 6.15% (1 mo. USD LIBOR plus 3.750%), due 09/30/24†

     69,691  
  992,419      

MEG Energy Corp., 2017 Term Loan B, 5.91% (1 mo. USD LIBOR plus 3.500%), due 12/31/23†

     993,039  
  891,973      

Meredith Corp., 2018 Term Loan B, 5.15% (1 mo. USD LIBOR plus 2.750%), due 01/31/25†

     892,740  
  504,025      

MGM Growth Properties Operating Partnership, LP, 2016 Term Loan B, 4.40% (1 mo. USD LIBOR plus 2.000%), due 03/21/25†

     501,820  
  377,638      

Michaels Stores, Inc., 2018 Term Loan B, 4.90% (1 mo. USD LIBOR plus 2.500%), due 01/30/23†

     365,837  
  1,195,842      

Midas Intermediate Holdco II, LLC, Incremental Term Loan B, 5.08% (1 mo. USD LIBOR plus 2.750%), due 08/18/21†

     1,162,957  
  473,322      

MPH Acquisition Holdings LLC, 2016 Term Loan B, 5.08% (3 mo. USD LIBOR plus 2.750%), due 06/07/23†

     453,699  
  384,632      

Natgasoline LLC, Term Loan B, 5.94% (3 mo. USD LIBOR plus 3.500%), due 11/14/25†

     385,113  
  250,000      

Nexstar Broadcasting, Inc., 2019 Term Loan B4, TBD, due 06/19/26###

     249,427  
  410,000      

Panther BF Aggregator 2 L P, Term Loan B, 5.90% (1 mo. USD LIBOR plus 3.500%), due 04/30/26

     407,130  
  185,455      

Phoenix Guarantor, Inc., Term Loan B, 6.92% (1 mo. USD LIBOR plus 4.500%), due 03/05/26†

     184,798  
  306,632      

Post Holdings, Inc., 2017 Series A Incremental Term Loan, 4.40% (1 mo. USD LIBOR plus 2.000%), due 05/24/24†

     305,619  
  441,485      

Prime Security Services Borrower, LLC, 2016 1st Lien Term Loan, 5.15% (1 mo. USD LIBOR plus 2.750%), due 05/02/22†

     439,077  
  564,728      

Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 5.15% (1 mo. USD LIBOR plus 2.750%), due 11/15/23†

     555,860  
  236,571      

RadNet, Inc., Reprice Term Loan, 6.11% (3 mo. USD LIBOR plus 3.500%), due 06/30/23†

     236,054  
  418,947      

RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 6.90% (1 mo. USD LIBOR plus 4.500%), due 11/17/25†

     417,586  
  396,552      

Reynolds Group Holdings, Inc., USD 2017 Term Loan, 5.15% (1 mo. USD LIBOR plus 2.750%), due 02/05/23†

     394,141  
  504,887      

Scientific Games International, Inc., 2018 Term Loan B5, 5.23% (1 mo. USD LIBOR plus 2.750%), due 08/14/24†

     497,945  
  339,139      

Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan, 6.83% (3 mo. USD LIBOR plus 4.500%), due 11/01/24

     318,579  
  367,772      

Sophia, L.P., 2017 Term Loan B, 5.58% (3 mo. USD LIBOR plus 3.250%), due 09/30/22†

     367,313  
  820,000      

Staples, Inc., 7 Year Term Loan, 7.60% (1 mo. USD LIBOR plus 5.000%), due 04/16/26†

     788,994  
  249,375      

Starfruit Finco B.V, 2018 USD Term Loan B, 5.67% (1 mo. USD LIBOR plus 3.250%), due 10/01/25†

     246,049  
  345,184      

Stars Group Holdings B.V. (The), 2018 USD Incremental Term Loan, 5.83% (3 mo. USD LIBOR plus 3.500%), due 07/10/25†

     345,615  
  650,242      

Telenet Financing USD LLC, USD Term Loan AN, 4.64% (1 mo. USD LIBOR plus 2.250%), due 08/15/26†

     644,213  

 

 

See accompanying Notes to the Schedule of Investments.

87

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
          Bank Loans — continued  
  423,903      

TKC Holdings, Inc., 2017 1st Lien Term Loan, 6.16% (1 mo. USD LIBOR plus 3.750%), due 02/01/23†

     415,425  
  463,471      

Trans Union, LLC, Term Loan B3, 4.40% (1 mo. USD LIBOR plus 2.000%), due 04/10/23†

     463,430  
  634,782      

TransDigm, Inc., 2018 Term Loan E, 4.83% (1 mo. USD LIBOR plus 0.025%), due 05/30/25†

     621,576  
  320,000      

Travelport Finance (Luxembourg) S.a.r.l., 2019 Term Loan, 7.54% (3 mo. USD LIBOR plus 5.000%), due 05/29/26

     302,160  
  410,000      

U.S. Renal Care, Inc., 2019 Term Loan B, TBD, due 06/26/26###

     403,484  
  761,599      

Uber Technologies, 2018 Incremental Term Loan, 5.90% (1 mo. USD LIBOR plus 3.500%), due 07/13/23†

     761,520  
  793,555      

Uber Technologies, 2018 Term Loan, 6.41% (1 mo. USD LIBOR plus 4.000%), due 04/04/25†

     795,043  
  60,000      

UFC Holdings, LLC, 2019 Term Loan, 5.66% (1 mo. USD LIBOR plus 3.250%), due 04/29/26

     60,027  
  420,000      

Ultimate Software Group, Inc. (The), Term Loan B, 6.08% (3 mo. USD LIBOR plus 3.750%), due 05/04/26

     421,208  
  249,873      

UPC Financing Partnership, USD Term Loan AR, 4.89% (1 mo. USD LIBOR plus 2.500%), due 01/15/26†

     249,820  
  963,979      

Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 5.41% (1 mo. USD LIBOR plus 3.000%), due 06/02/25†

     964,581  
  510,000      

VICI Properties 1 LLC, Replacement Term Loan B, 4.40% (1 mo. USD LIBOR plus 2.000%), due 12/20/24†

     505,166  
  420,000      

Virgin Media Bristol LLC, USD Term Loan K, 4.89% (1 mo. USD LIBOR plus 2.500%), due 01/15/26†

     419,008  
  1,039,643      

Wall Street Systems Delaware, Inc., 2017 Term Loan B, 5.65% (1 mo. USD LIBOR plus 3.000%), due 11/21/24†

     1,011,486  
  139,293      

Wink Holdco, Inc., 1st Lien Term Loan B, 5.40% (1 mo. USD LIBOR plus 3.000%), due 12/02/24†

     136,681  
  985,000      

Ziggo Secured Finance Partnership, USD Term Loan E, 4.89% (1 mo. USD LIBOR plus 2.500%), due 04/15/25†

     966,599  
      

 

 

 
     45,196,542  
  

 

 

 
          Convertible Debt — 0.3%  
  230,000      

Cheniere Energy, Inc., 4.25%, due 03/15/45

     181,263  
  550,000      

DISH Network Corp., 3.38%, due 08/15/26

     536,076  
  130,000      

Liberty Latin America, Ltd., 2.00%, due 07/15/24 144A

     131,533  
  750,000      

Liberty Media Corp., 2.13%, due 03/31/48 144A

     731,719  
  230,000      

Teva Pharmaceutical Finance Co. LLC, 0.25%, due 02/01/26

     211,456  
  320,000      

Twitter, Inc., 1.00%, due 09/15/21

     307,070  
  190,000      

Vishay Intertechnology, Inc., 2.25%, due 06/15/25

     175,275  
  480,000      

Whiting Petroleum Corp., 1.25%, due 04/01/20

     465,600  
      

 

 

 
     2,739,992  
  

 

 

 
    Corporate Debt — 27.1%  
  400,000      

1011778 B.C. Unlimited Liability Co./New Red Finance, Inc., 4.25%, due 05/15/24‡ 144A

     405,500  
  1,000,000      

1MDB Global Investments, Ltd., Reg S, 4.40%, due 03/09/23‡‡‡

     950,620  
  490,000      

ABN AMRO Bank NV, 4.75%, due 07/28/25 144A

     526,281  

 

 

See accompanying Notes to the Schedule of Investments.

88

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Corporate Debt — continued  
  770,000      

Abu Dhabi Crude Oil Pipeline LLC, 3.65%, due 11/02/29 144A

     811,260  
  750,000      

Acwa Power Management And Investments One, Ltd., 5.95%, due 12/15/39 144A

     780,037  
  915,000      

Adani Green Energy UP Ltd./Prayatna Developers Pvt. Ltd./Parampujya Solar Energ, 6.25%, due 12/10/24 144A

     936,164  
  240,000      

Advanced Micro Devices, Inc., 7.50%, due 08/15/22‡

     271,800  
  245,000      

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26

     258,772  
  175,000      

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, due 01/16/24

     188,040  
  1,115,000      

AES Corp., 5.50%, due 04/15/25

     1,160,994  
  375,000      

AES Corp., 6.00%, due 05/15/26

     399,375  
  375,000      

AHP Health Partners, Inc., 9.75%, due 07/15/26‡ 144A

     405,938  
  810,000      

AIB Group Plc, 4.26%, due 04/10/25◆ 144A

     834,548  
  440,000      

Alcoa Nederland Holding BV, 6.13%, due 05/15/28 144A

     460,900  
  360,000      

Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, due 07/15/26 144A

     366,300  
  1,000,000      

Altice France SA/France, 7.38%, due 05/01/26 144A

     1,027,500  
  300,000      

Altice Luxembourg SA, 10.50%, due 05/15/27 144A

     309,000  
  50,000      

Altria Group, Inc., 4.40%, due 02/14/26

     53,545  
  180,000      

Altria Group, Inc., 4.80%, due 02/14/29

     193,804  
  10,540,000   MXN     

America Movil SAB de CV, 7.13%, due 12/09/24

     518,451  
  240,000      

American Axle & Manufacturing, Inc., 6.50%, due 04/01/27

     240,300  
  670,000      

American Media LLC, 10.50%, due 12/31/26 144A

     698,475  
  550,000      

Amsted Industries, Inc., 5.63%, due 07/01/27 144A

     574,750  
  200,000      

Anglo American Capital Plc, 4.00%, due 09/11/27 144A

     200,953  
  670,000      

Anheuser-Busch InBev Worldwide, Inc., 5.55%, due 01/23/49

     822,257  
  50,000      

Anheuser-Busch InBev Worldwide, Inc., 5.80%, due 01/23/59

     62,760  
  640,000      

Aon Corp., 4.50%, due 12/15/28

     704,983  
  375,000      

AP Moller — Maersk AS, 4.50%, due 06/20/29 144A

     381,141  
  350,000      

ArcelorMittal, 7.00%, due 10/15/39

     415,972  
  645,000      

Archer-Daniels-Midland Co., 4.50%, due 03/15/49

     754,265  
  200,000      

ARD Securities Finance SARL, 8.75% (8.75% Cash or PIK), due 01/31/23 144A

     202,500  
  1,430,000      

Ardonagh Midco 3 Plc, 8.63%, due 07/15/23‡ 144A

     1,351,350  
  715,000      

Ardonagh Midco 3 Plc, Reg S, 8.63%, due 07/15/23‡‡‡

     675,675  
  500,000   EUR     

Arion Banki HF, (MTN), Reg S, 1.00%, due 03/20/23‡‡‡

     568,489  
  203,000   EUR     

Arion Banki HF, (MTN), Reg S, 1.63%, due 12/01/21‡‡‡

     235,546  
  330,000      

Ashtead Capital, Inc., 5.25%, due 08/01/26 144A

     345,675  
  330,000      

ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A

     198,825  
  730,000      

AT&T, Inc., 4.85%, due 03/01/39

     784,899  
  540,000      

Avolon Holdings Funding, Ltd., 4.38%, due 05/01/26 144A

     556,443  
  260,000      

Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A

     275,860  
  703,000      

Avolon Holdings Funding, Ltd., 5.25%, due 05/15/24 144A

     752,836  
  380,000      

AXIS Specialty Finance LLC, 3.90%, due 07/15/29

     387,984  
  400,000      

Baidu, Inc., 3.88%, due 09/29/23

     415,078  
  800,000      

Banco Bilbao Vizcaya Argentaria SA, 6.13%◆ ††††† ‡

     753,720  
  400,000   EUR     

Banco Bilbao Vizcaya Argentaria SA, Reg S, 5.88%◆ ††††† ‡‡‡

     472,172  
  215,000      

Banco Mercantil del Norte SA, 6.75% (5 year CMT plus 4.967%)† ††††† 144A

     215,000  

 

 

See accompanying Notes to the Schedule of Investments.

89

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Corporate Debt — continued  
  200,000      

Banco Mercantil del Norte SA, 7.50% (10 year CMT plus 5.470%)† ††††† 144A

     202,400  
  320,000      

Banco Mercantil del Norte SA, 7.63% (10 year CMT plus 5.353%)† ††††† 144A

     328,800  
  200,000      

Banco Santander SA, 4.38%, due 04/12/28‡

     213,029  
  835,000      

Bank of America Corp., (MTN), 3.56%, due 04/23/27◆

     872,354  
  700,000      

Barclays Bank Plc, 7.63%, due 11/21/22

     764,816  
  790,000      

Barclays Plc, 5.09% (3 mo. USD LIBOR plus 3.054%), due 06/20/30†

     808,917  
  210,000   GBP     

Barclays Plc, 7.13% (5 year UK Government Bond plus 6.579%)† †††††

     279,628  
  1,315,000      

Barclays Plc, 8.00%due◆ †††††

     1,380,046  
  310,000      

Bausch Health Americas, Inc., 8.50%, due 01/31/27‡ 144A

     341,626  
  270,000      

Bausch Health Americas, Inc., 9.25%, due 04/01/26 144A

     302,751  
  120,000      

Bausch Health Cos., Inc., 7.00%, due 03/15/24 144A

     127,812  
  150,000      

Beacon Roofing Supply, Inc., 4.88%, due 11/01/25‡ 144A

     149,063  
  349,000      

Becton Dickinson and Co., 3.19%, due 12/29/20◆◆

     349,057  
  482,000      

Berry Petroleum Co. LLC, 7.00%, due 02/15/26‡ 144A

     469,950  
  580,000      

BioScrip, Inc., 8.88%, due 02/15/21

     590,150  
  295,000      

BlackRock, Inc., 3.25%, due 04/30/29

     309,303  
  400,000      

Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, due 07/15/26 144A

     405,000  
  180,000      

BP Capital Markets America, Inc., 3.94%, due 09/21/28

     196,223  
  440,000      

Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A

     446,710  
  160,000      

Bristol-Myers Squibb Co., 4.25%, due 10/26/49 144A

     177,127  
  650,000      

Bruin E&P Partners LLC, 8.88%, due 08/01/23 144A

     549,250  
  805,000      

Cabot Corp., 4.00%, due 07/01/29

     817,179  
  800,000   EUR     

CaixaBank SA, Reg S, 5.25%◆ ††††† ‡‡‡

     858,031  
  1,600,000      

Capital One NA, 2.35%, due 01/31/20

     1,599,446  
  320,000      

Carriage Services, Inc., 6.63%, due 06/01/26 144A

     329,600  
  220,000      

CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28 144A

     225,214  
  530,000      

CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, due 02/15/23

     539,699  
  200,000      

CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, due 09/30/22

     203,395  
  330,000      

CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, due 05/01/26 144A

     346,187  
  385,000      

CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, due 02/15/26 144A

     404,731  
  230,000      

CDK Global, Inc., 5.25%, due 05/15/29 144A

     238,625  
  345,000      

Celulosa Arauco y Constitucion SA, 4.25%, due 04/30/29 144A

     363,803  
  519,000      

Celulosa Arauco y Constitucion SA, 5.50%, due 04/30/49‡ 144A

     548,194  
  230,000      

Centene Corp., 5.38%, due 06/01/26 144A

     242,363  
  80,000      

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28

     83,176  
  150,000      

Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 04/01/38

     160,886  
  700,000      

Chesapeake Energy Corp., 8.00%, due 06/15/27‡

     620,375  
  890,000      

China Evergrande Group, Reg S, 8.75%, due 06/28/25‡‡‡

     791,310  
  1,000,000      

Cigna Corp., 3.06%, due 09/17/21◆◆ 144A

     1,000,456  
  1,000,000      

Cigna Corp., 3.75%, due 07/15/23 144A

     1,041,840  
  765,000      

Cigna Corp., 4.38%, due 10/15/28 144A

     826,044  
  635,000   EUR     

Cirsa Finance International Sarl, Reg S, 6.25%, due 12/20/23‡‡‡

     787,704  
  450,000      

CIT Group, Inc., 5.25%, due 03/07/25

     494,437  
  170,000      

Citigroup, Inc., 4.65%, due 07/30/45

     196,093  

 

 

See accompanying Notes to the Schedule of Investments.

90

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Corporate Debt — continued  
  550,000      

Citigroup, Inc., 6.30% (3 mo. USD LIBOR plus 3.423%)† †††††

     571,706  
  630,000      

Clear Channel Worldwide Holdings, Inc., 9.25%, due 02/15/24 144A

     685,125  
  150,000      

Cleaver-Brooks, Inc., 7.88%, due 03/01/23 144A

     144,219  
  220,000      

Cogent Communications Group, Inc., 5.38%, due 03/01/22 144A

     228,800  
  420,000      

Comcast Corp., 2.76%, due 10/01/21◆◆

     421,785  
  580,000      

Comcast Corp., 4.25%, due 10/15/30

     647,839  
  360,000      

Comcast Corp., 4.70%, due 10/15/48‡

     422,237  
  190,000      

CommScope Technologies LLC, 5.00%, due 03/15/27 144A

     166,250  
  510,000      

CONSOL Energy, Inc., 11.00%, due 11/15/25 144A

     553,350  
  600,000   EUR     

Cooperatieve Rabobank UA, Reg S, 4.63%◆ ††††† ‡‡‡

     734,253  
  410,000      

CoreCivic, Inc. REIT, 4.63%, due 05/01/23

     400,263  
  525,000      

Corp. Nacional del Cobre de Chile, 4.50%, due 09/16/25 144A

     570,726  
  280,000      

Country Garden Holdings Co., Ltd., Reg S, 7.25%, due 04/04/21‡‡‡

     284,670  
  370,000      

Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, due 05/15/25 144A

     268,250  
  575,000      

Credit Agricole SA, 7.88% (USD 5 year swap rate plus 4.898%)† ††††† 144A

     634,610  
  400,000      

Credit Agricole SA, 8.13% (USD 5 year swap rate plus 6.185%)† ††††† 144A

     463,797  
  300,000   EUR     

Credit Agricole SA, Reg S, 6.50% (5 year EUR swap plus 5.120%)† ††††† ‡‡‡

     374,222  
  465,000      

Credit Suisse Group AG, 7.25%◆ ††††† ‡ 144A

     500,273  
  1,425,000      

Credit Suisse Group Funding Guernsey, Ltd., 2.75%, due 03/26/20

     1,427,543  
  1,010,000      

CSC Holdings LLC, 6.50%, due 02/01/29 144A

     1,104,056  
  760,000      

CVS Health Corp., 4.30%, due 03/25/28‡

     802,087  
  800,000      

CVS Health Corp., 4.78%, due 03/25/38

     835,868  
  590,000      

CVS Health Corp., 5.05%, due 03/25/48

     629,388  
  810,000      

DAE Funding LLC, 5.75%, due 11/15/23 144A

     852,525  
  200,000      

Danske Bank AS, 5.00%, due 01/12/22 144A

     209,286  
  250,000   EUR     

Danske Bank AS, Reg S, 5.75% (6 year EUR swap plus 4.640%)† ††††† ‡‡‡

     291,814  
  200,000      

DCP Midstream Operating, LP, 6.75%, due 09/15/37 144A

     216,000  
  245,000      

Delhi International Airport, Ltd., 6.45%, due 06/04/29 144A

     258,659  
  475,000      

Dell International LLC/EMC Corp., Reg S, 8.35%, due 07/15/46

     600,453  
  1,797,000      

Diamondback Energy, Inc., 4.75%, due 11/01/24 144A

     1,855,402  
  1,460,000      

DISH DBS Corp., 7.75%, due 07/01/26‡

     1,419,850  
  325,000      

Dow Chemical Co. (The), 3.63%, due 05/15/26 144A

     337,302  
  745,000      

DP World Crescent, Ltd., 4.85%, due 09/26/28 144A

     795,503  
  430,000      

DP World, Ltd., 5.63%, due 09/25/48 144A

     477,794  
  1,115,000      

Ecopetrol SA, 4.13%, due 01/16/25

     1,156,812  
  275,000      

Edison International, 5.75%, due 06/15/27

     295,835  
  625,000      

Electricite de France SA, 4.50%, due 09/21/28 144A

     686,009  
  685,000      

Enel Finance International NV, 3.50%, due 04/06/28 144A

     675,957  
  80,000      

Energy Transfer Operating, LP, 6.25%, due 04/15/49

     94,919  
  305,000      

Enstar Group, Ltd., 4.95%, due 06/01/29

     308,911  
  100,000   GBP     

Entertainment One, Ltd., 4.63%, due 07/15/26 144A

     131,185  
  27,485,000   BRL     

European Investment Bank, (MTN), 5.59%, due 08/27/21‡‡

     6,403,665  
  64,770,000   MXN     

European Investment Bank, (MTN), Reg S, 4.00%, due 02/25/20‡‡‡

     3,284,848  
  9,280,000,000   IDR     

European Investment Bank, (MTN), Reg S, 6.95%, due 02/06/20‡‡‡

     655,266  
  8,150,000   ZAR     

European Investment Bank, (MTN), Reg S, 8.50%, due 09/17/24‡‡‡

     606,422  
  100,000      

Extraction Oil & Gas, Inc., 5.63%, due 02/01/26 144A

     81,250  
  200,000      

Extraction Oil & Gas, Inc., 7.38%, due 05/15/24 144A

     172,000  
  150,000      

First Data Corp., 5.75%, due 01/15/24 144A

     154,500  

 

 

See accompanying Notes to the Schedule of Investments.

91

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Corporate Debt — continued  
  400,000      

First Quantum Minerals, Ltd., 6.50%, due 03/01/24 144A

     375,500  
  2,180,000      

First Quantum Minerals, Ltd., 7.25%, due 04/01/23 144A

     2,130,950  
  835,000      

Fiserv, Inc., 4.40%, due 07/01/49

     882,176  
  510,000      

Five Point Operating Co., LP/Five Point Capital Corp., 7.88%, due 11/15/25 144A

     513,835  
  795,000      

Flex, Ltd., 4.88%, due 06/15/29

     811,634  
  1,530,000      

Ford Motor Credit Co. LLC, 2.98%, due 08/03/22

     1,514,375  
  160,000      

Fox Corp., 4.71%, due 01/25/29‡ 144A

     179,143  
  50,000      

Fox Corp., 5.48%, due 01/25/39 144A

     59,102  
  640,000      

Freeport-McMoRan, Inc., 5.45%, due 03/15/43

     588,800  
  530,000      

Gazprom OAO Via Gaz Capital SA, 4.95%, due 03/23/27 144A

     560,810  
  315,000      

General Electric Co., 4.13%, due 10/09/42

     290,737  
  540,000      

General Electric Co., (MTN), 6.88%, due 01/10/39

     678,147  
  222,000      

General Motors Financial Co., Inc., 4.15%, due 06/19/23

     228,814  
  675,000      

General Motors Financial Co., Inc., 4.20%, due 11/06/21

     695,271  
  300,000      

Genesis Energy, LP/Genesis Energy Finance Corp., 6.00%, due 05/15/23

     298,500  
  210,000      

GEO Group (The), Inc. REIT, 5.88%, due 01/15/22

     206,325  
  320,000      

GEO Group (The), Inc. REIT, 6.00%, due 04/15/26

     279,904  
  605,000      

Geopark, Ltd., 6.50%, due 09/21/24 144A

     625,419  
  240,000      

GFL Environmental, Inc., 5.38%, due 03/01/23 144A

     238,800  
  20,000      

GFL Environmental, Inc., 5.63%, due 05/01/22 144A

     20,250  
  180,000      

GFL Environmental, Inc., 8.50%, due 05/01/27 144A

     194,175  
  400,000      

Glencore Funding LLC, 4.00%, due 03/27/27‡ 144A

     404,274  
  450,000      

Gold Fields Orogen Holdings BVI, Ltd., 5.13%, due 05/15/24 144A

     470,531  
  1,635,000      

Gold Fields Orogen Holdings BVI, Ltd., 6.13%, due 05/15/29 144A

     1,798,500  
  100,000      

Goldman Sachs Group (The), Inc., 5.15%, due 05/22/45

     114,619  
  600,000      

GTP Acquisition Partners I LLC, 3.48%, due 06/15/50 144A

     620,047  
  1,245,000      

Hanesbrands, Inc., 4.88%, due 05/15/26‡ 144A

     1,297,776  
  410,000      

Harley-Davidson Financial Services, Inc., Series S, 3.55%, due 05/21/21 144A

     416,406  
  290,000      

Harsco Corp., 5.75%, due 07/31/27 144A

     302,719  
  515,000      

HCA, Inc., 5.00%, due 03/15/24

     561,652  
  600,000      

HCA, Inc., 5.50%, due 06/15/47

     641,973  
  850,000      

HCA, Inc., 5.63%, due 09/01/28

     922,250  
  115,000      

HCP, Inc. REIT, 3.50%, due 07/15/29††††

     115,650  
  60,000,000   INR     

HDFC Bank, Ltd., Reg S, 8.10%, due 03/22/25‡‡‡

     868,809  
  965,000      

Hess Infrastructure Partners, LP/Hess Infrastructure Partners Finance Corp., 5.63%, due 02/15/26 144A

     997,569  
  750,000      

Hexion, Inc., 7.88%, due 07/15/27†††† 144A

     757,500  
  900,000      

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, due 04/01/27‡

     933,480  
  400,000      

HSBC Holdings Plc, 4.58%, due 06/19/29◆

     437,805  
  400,000      

HSBC Holdings Plc, 6.50%◆ †††††

     419,672  
  250,000   EUR     

HSBC Holdings Plc, Reg S, 5.25% (5 year EUR swap plus 4.383%)† ††††† ‡‡‡

     307,540  
  400,000      

HudBay Minerals, Inc., 7.63%, due 01/15/25 144A

     415,000  
  600,000      

IAA, Inc., 5.50%, due 06/15/27 144A

     625,500  
  380,000      

ICICI Bank, Ltd./Hong Kong, Reg S, 5.75%, due 11/16/20‡‡‡

     394,347  
  230,000      

Indigo Natural Resources LLC, 6.88%, due 02/15/26 144A

     207,575  
  450,000      

Intelsat Jackson Holdings SA, 5.50%, due 08/01/23

     412,875  
  1,145,000      

Intelsat Jackson Holdings SA, 9.50%, due 09/30/22 144A

     1,341,528  

 

 

See accompanying Notes to the Schedule of Investments.

92

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Corporate Debt — continued  
  35,350,000,000   IDR     

Inter-American Development Bank, (MTN), Reg S, 7.88%, due 03/14/23‡‡‡

     2,622,443  
  700,000      

InterGen NV, 7.00%, due 06/30/23 144A

     651,437  
  1,800,000      

International Business Machines Corp., 3.00%, due 05/15/24

     1,849,847  
  900,000      

Intesa Sanpaolo SpA, 5.02%, due 06/26/24 144A

     903,115  
  350,000      

Intesa Sanpaolo SpA, 5.71%, due 01/15/26‡ 144A

     354,531  
  205,000      

IQVIA, Inc., 5.00%, due 10/15/26 144A

     212,431  
  570,000      

IQVIA, Inc., 5.00%, due 05/15/27 144A

     589,950  
  100,000   EUR     

Islandsbanki HF, (MTN), Reg S, 1.13%, due 01/19/24◆ ‡‡‡

     113,421  
  260,000      

j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 07/15/25 144A

     273,325  
  320,000      

Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 10.25%, due 11/15/22 144A

     344,000  
  580,000   EUR     

James Hardie Industries Plc, 3.63%, due 10/01/26 144A

     702,427  
  260,000      

JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A

     266,500  
  800,000      

JBS USA LUX SA/JBS USA Finance, Inc., 5.75%, due 06/15/25 144A

     835,000  
  615,000      

JPMorgan Chase & Co., 3.70%, due 05/06/30◆

     648,977  
  1,000,000      

JPMorgan Chase & Co., 4.63%, due 05/10/21

     1,041,331  
  568,994      

K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22‡‡‡‡

     5,690  
  123,799      

K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22‡‡‡‡

     4,642  
  510,000      

KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A

     547,717  
  440,000      

KazTransGas JSC, 4.38%, due 09/26/27 144A

     449,091  
  785,000      

KKR Group Finance Co. VI LLC, 3.75%, due 07/01/29†††† 144A

     806,617  
  950,000      

KLX Energy Services Holdings, Inc., 11.50%, due 11/01/25 144A

     964,250  
  1,335,000      

Kosmos Energy, Ltd., 7.13%, due 04/04/26 144A

     1,348,350  
  205,000   EUR     

Kraton Polymers LLC/Kraton Polymers Capital Corp., Reg S, 5.25%, due 05/15/26‡‡‡

     242,063  
  450,000      

L Brands, Inc., 5.25%, due 02/01/28‡

     413,438  
  320,000      

L Brands, Inc., 5.63%, due 10/15/23

     333,437  
  300,000      

Lamb Weston Holdings, Inc., 4.88%, due 11/01/26‡ 144A

     313,500  
  3,390,000   EUR     

Landsbankinn HF, (MTN), Reg S, 1.38%, due 03/14/22‡‡‡

     3,913,434  
  655,000      

Lazard Group LLC, 4.38%, due 03/11/29

     692,795  
  695,000      

Lear Corp., 4.25%, due 05/15/29

     702,687  
  1,600,000      

Lennar Corp., 4.75%, due 11/29/27

     1,692,000  
  70,000      

Levi Strauss & Co., 5.00%, due 05/01/25

     72,800  
  350,000      

Lions Gate Capital Holdings LLC, 6.38%, due 02/01/24 144A

     368,813  
  200,000      

Lloyds Banking Group Plc, 4.65%, due 03/24/26

     208,992  
  450,000   EUR     

Lloyds Banking Group Plc, Reg S, 6.38% (5 year EUR swap plus 5.290%)† ††††† ‡‡‡

     532,257  
  1,305,000      

Lonestar Resources America, Inc., 11.25%, due 01/01/23 144A

     1,246,275  
  800,000      

MAF Global Securities, Ltd., Reg S, 5.50% (5 year USD swap plus 3.476%)† ††††† ‡‡‡

     801,536  
  240,000      

Magellan Health, Inc., 4.90%, due 09/22/24

     237,960  
  400,000      

Match Group, Inc., 5.00%, due 12/15/27 144A

     420,960  
  830,000      

McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.63%, due 05/01/24 144A

     778,897  
  890,000      

MEG Energy Corp., 7.00%, due 03/31/24‡ 144A

     849,950  
  250,000      

Mercer International, Inc., 6.50%, due 02/01/24

     259,688  
  370,000      

Meredith Corp., 6.88%, due 02/01/26

     394,468  

 

 

See accompanying Notes to the Schedule of Investments.

93

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Corporate Debt — continued  
  200,000      

MGM China Holdings, Ltd., 5.88%, due 05/15/26‡ 144A

     205,750  
  1,000,000      

Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 9.25%, due 06/01/21* **** ^

      
  775,000      

Millicom International Cellular SA, 5.13%, due 01/15/28 144A

     788,562  
  850,000      

Millicom International Cellular SA, 6.25%, due 03/25/29 144A

     913,750  
  815,000      

Millicom International Cellular SA, 6.63%, due 10/15/26 144A

     889,287  
  750,000      

Mineral Resources, Ltd., 8.13%, due 05/01/27 144A

     782,812  
  740,000      

Montage Resources Corp., 8.88%, due 07/15/23

     627,150  
  1,000,000      

Morgan Stanley, (MTN), 2.50%, due 04/21/21

     1,002,207  
  300,000      

MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27

     309,750  
  615,000      

Nationstar Mortgage Holdings, Inc., 8.13%, due 07/15/23‡ 144A

     628,837  
  450,000      

Navient Corp., 6.75%, due 06/25/25

     466,875  
  1,490,000      

NBM US Holdings, Inc., 7.00%, due 05/14/26 144A

     1,572,322  
  200,000      

NCL Corp., Ltd., Class C, 4.75%, due 12/15/21 144A

     203,250  
  275,000   EUR     

Netflix, Inc., 3.88%, due 11/15/29 144A

     340,027  
  540,000      

Netflix, Inc., 5.38%, due 11/15/29 144A

     574,933  
  300,000      

Netflix, Inc., 5.88%, due 11/15/28‡

     332,886  
  270,000      

Netflix, Inc., 6.38%, due 05/15/29 144A

     307,544  
  210,000   EUR     

Netflix, Inc., Reg S, 3.88%, due 11/15/29‡‡‡

     259,657  
  430,000      

NGPL PipeCo LLC, Senior Note, 7.77%, due 12/15/37 144A

     548,250  
  41,000,000   SEK     

Nordea Hypotek AB, (MTN), Reg S, 1.25%, due 05/19/21‡‡‡

     4,537,133  
  150,075      

Northern Oil and Gas, Inc., 9.50% (9.50% Cash or PIK), due 05/15/23

     155,703  
  400,000      

Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22‡ 144A

     277,000  
  1,050,000      

NRG Energy, Inc., 7.25%, due 05/15/26

     1,160,250  
  785,000      

OCP SA, 4.50%, due 10/22/25 144A

     806,376  
  1,205,000      

Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, due 08/15/27 144A

     1,236,571  
  570,000      

Oversea-Chinese Banking Corp., Ltd., (MTN), Reg S, 4.25%, due 06/19/24‡‡‡

     600,359  
  290,000      

Pactiv LLC, 8.38%, due 04/15/27

     316,100  
  140,000      

Park Aerospace Holdings, Ltd., 4.50%, due 03/15/23 144A

     144,852  
  110,000      

Park-Ohio Industries, Inc., 6.63%, due 04/15/27

     110,550  
  430,000      

Perrigo Finance Unlimited Co., 3.90%, due 12/15/24

     427,194  
  440,000      

Perusahaan Listrik Negara PT, 4.13%, due 05/15/27 144A

     450,093  
  770,000      

Petrobras Global Finance BV, 5.30%, due 01/27/25

     818,895  
  1,460,000      

Petrobras Global Finance BV, 5.75%, due 02/01/29

     1,525,554  
  720,000      

Petrobras Global Finance BV, 6.85%, due 06/05/15#

     748,195  
  755,000      

Petroleos Mexicanos, 4.88%, due 01/24/22

     755,000  
  8,487,700   MXN     

Petroleos Mexicanos, Reg S (GDN), 7.19%, due 09/12/24‡‡‡

     369,065  
  610,000      

PetSmart, Inc., 5.88%, due 06/01/25 144A

     594,750  
  350,000      

PetSmart, Inc., 7.13%, due 03/15/23 144A

     329,875  
  290,000      

Polaris Intermediate Corp., 8.50% (8.50% Cash or PIK), due 12/01/22 144A

     257,375  
  220,000      

Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, due 04/15/26‡ 144A

     227,700  
  178,000      

Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 05/15/23 144A

     187,269  
  280,000      

Prosperous Ray, Ltd., Reg S, 4.63%, due 11/12/23‡‡‡

     299,468  

 

 

See accompanying Notes to the Schedule of Investments.

94

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Corporate Debt — continued  
  1,165,000      

Prosus Nv, 4.85%, due 07/06/27 144A

     1,247,534  
  900,000      

Quicken Loans, Inc., 5.75%, due 05/01/25 144A

     932,625  
  119,925      

Range Resources Corp., 4.88%, due 05/15/25‡

     105,834  
  270,000      

Range Resources Corp., 5.00%, due 03/15/23‡

     255,488  
  1,000,000   EUR     

RCI Banque SA, (MTN), Reg S, 2.25%, due 03/29/21‡‡‡

     1,182,968  
  264,000      

Refinitiv US Holdings, Inc., 8.25%, due 11/15/26 144A

     272,184  
  215,000      

Reinsurance Group of America, Inc., 3.90%, due 05/15/29

     223,376  
  200,000      

Resolute Forest Products, Inc., 5.88%, due 05/15/23‡

     202,000  
  445,000      

Royal Bank of Scotland Group Plc, 4.27%, due 03/22/25◆

     460,490  
  300,000      

Royal Bank of Scotland Group Plc, 4.89%, due 05/18/29◆ ‡

     320,610  
  200,000      

Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25‡

     196,990  
  400,000      

Sands China, Ltd., 5.13%, due 08/08/25

     429,768  
  1,000,000   EUR     

Santander Consumer Finance SA, Reg S, 0.88%, due 01/24/22‡‡‡

     1,165,361  
  590,000      

Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A

     613,466  
  755,000      

SASOL Financing USA LLC, 5.88%, due 03/27/24

     818,688  
  1,365,000      

Saudi Arabian Oil Co., 4.38%, due 04/16/49 144A

     1,386,446  
  180,000      

Seagate HDD Cayman, 4.75%, due 06/01/23

     185,877  
  270,000      

Service Corp. International, Senior Note, 7.50%, due 04/01/27

     324,000  
  1,325,000      

Shelf Drilling Holdings, Ltd., 8.25%, due 02/15/25 144A

     1,229,600  
  200,000      

Silversea Cruise Finance, Ltd., 7.25%, due 02/01/25 144A

     215,940  
  765,000      

Societe Generale SA, 4.75%, due 09/14/28‡ 144A

     843,463  
  1,200,000      

Southern California Edison Co., 4.88%, due 03/01/49

     1,351,253  
  555,000      

Southern Copper Corp., 3.88%, due 04/23/25

     578,562  
  320,000      

Speedway Motorsports, Inc., 5.13%, due 02/01/23

     323,200  
  600,000      

Sprint Capital Corp., 6.88%, due 11/15/28

     618,180  
  440,000      

Sprint Corp., 7.13%, due 06/15/24‡

     467,632  
  225,000      

Sprint Corp., 7.88%, due 09/15/23

     244,969  
  1,310,000      

SS&C Technologies, Inc., 5.50%, due 09/30/27 144A

     1,361,581  
  775,000      

Standard Chartered Plc, 4.30%, due 02/19/27 144A

     798,743  
  900,000      

Standard Chartered Plc, 4.31%, due 05/21/30◆ ‡ 144A

     933,689  
  585,000      

Standard Chartered Plc, 7.75% (USD 5 year swap rate plus 5.723%)† ††††† ‡ 144A

     621,981  
  110,000      

Standard Industries, Inc./NJ, 4.75%, due 01/15/28 144A

     109,450  
  370,000      

Standard Industries, Inc./NJ, 6.00%, due 10/15/25 144A

     394,513  
  775,000      

Stericycle, Inc., 5.38%, due 07/15/24 144A

     810,937  
  420,000      

Suzano Austria GmbH, 6.00%, due 01/15/29 144A

     458,850  
  260,000      

Suzano Austria GmbH, Reg S, 5.75%, due 07/14/26‡ ‡‡‡

     284,700  
  16,600,000   SEK     

Swedbank Hypotek AB, (MTN), Reg S, 1.00%, due 06/15/22‡‡‡

     1,843,693  
  370,000      

Swire Pacific MTN Financing, Ltd. (MTN), Reg S, 4.50%, due 10/09/23‡‡‡

     397,966  
  200,000      

T-Mobile USA, Inc., 6.38%, due 03/01/25

     208,200  
  280,000      

Talen Energy Supply LLC, 10.50%, due 01/15/26 144A

     280,000  
  310,000      

Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 6.88%, due 01/15/29 144A

     344,469  
  230,000      

Teck Resources, Ltd., 5.40%, due 02/01/43

     238,430  
  90,000      

Teck Resources, Ltd., 6.00%, due 08/15/40

     98,099  
  600,000      

Telecom Italia SpA, 5.30%, due 05/30/24 144A

     623,250  
  200,000      

Telefonica Emisiones SA, 5.21%, due 03/08/47

     220,830  
  200,000      

Telenet Finance Luxembourg Notes Sarl, 5.50%, due 03/01/28 144A

     204,000  
  400,000   EUR     

Telenet Finance Luxembourg Notes Sarl, Reg S, 3.50%, due 03/01/28‡‡‡

     473,167  

 

 

See accompanying Notes to the Schedule of Investments.

95

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Corporate Debt — continued  
  380,000      

Tenet Healthcare Corp., 8.13%, due 04/01/22

     399,950  
  300,000      

Tesla, Inc., 5.30%, due 08/15/25‡ 144A

     264,375  
  300,000   EUR     

Teva Pharmaceutical Finance Netherlands II BV, 4.50%, due 03/01/25

     328,859  
  220,000      

Teva Pharmaceutical Finance Netherlands III BV, 2.80%, due 07/21/23

     190,850  
  560,000      

TransDigm, Inc., 6.25%, due 03/15/26 144A

     590,800  
  2,880,000   ZAR     

Transnet SOC, Ltd., (MTN), Reg S, 9.50%, due 05/13/21‡‡‡

     208,700  
  434,700      

Transocean Pontus, Ltd., 6.13%, due 08/01/25 144A

     449,914  
  390,000      

Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A

     378,304  
  1,160,000      

Uber Technologies, Inc., 7.50%, due 11/01/23

     1,232,500  
  340,000      

UBS Group Funding Switzerland AG, 7.00%◆ ††††† 144A

     361,432  
  800,000      

Ultrapar International SA, 5.25%, due 06/06/29 144A

     820,000  
  755,000      

UniCredit SpA, 7.30%, due 04/02/34◆ 144A

     801,580  
  655,000      

UniCredit SpA, Reg S, 8.00% (USD 5 year swap rate plus 5.180%)† ††††† ‡‡‡

     634,757  
  200,000      

Union Pacific Corp., 4.50%, due 09/10/48

     227,892  
  90,000      

United Rentals North America, Inc., 4.63%, due 07/15/23

     92,205  
  500,000      

United Rentals North America, Inc., 4.88%, due 01/15/28‡

     511,250  
  250,000      

United Rentals North America, Inc., 5.88%, due 09/15/26

     267,188  
  90,000      

United Rentals North America, Inc., 6.50%, due 12/15/26‡

     97,650  
  600,000      

Univision Communications, Inc., 5.13%, due 05/15/23 144A

     589,500  
  105,000      

Unum Group, 4.00%, due 06/15/29

     108,000  
  500,000      

UPCB Finance IV, Ltd., 5.38%, due 01/15/25 144A

     515,155  
  380,000      

Vale Overseas, Ltd., 6.88%, due 11/10/39

     457,976  
  390,000      

Verizon Communications, Inc., 3.88%, due 02/08/29

     418,686  
  100,000      

Verizon Communications, Inc., 4.52%, due 09/15/48

     112,213  
  670,000      

Viacom, Inc., 6.88%, due 04/30/36

     850,059  
  300,000      

Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.75%, due 04/15/23 144A

     196,500  
  1,025,000      

Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.75%, due 04/15/23 144A

     668,812  
  500,000      

Virgin Media Secured Finance Plc, 5.50%, due 08/15/26‡ 144A

     519,375  
  855,000   GBP     

Virgin Media Secured Finance Plc, Reg S, 6.25%, due 03/28/29‡‡‡

     1,153,796  
  1,535,000      

Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A

     1,557,977  
  570,000      

Vistra Operations Co. LLC, 5.00%, due 07/31/27

     592,087  
  1,090,000      

Vistra Operations Co. LLC, 5.63%, due 02/15/27 144A

     1,158,125  
  650,000      

VOC Escrow, Ltd., 5.00%, due 02/15/28 144A

     662,187  
  130,000      

Vodafone Group Plc, 4.38%, due 05/30/28

     140,648  
  800,000      

Vodafone Group Plc, 4.88%, due 06/19/49

     843,987  
  230,000      

Waste Management, Inc., 3.45%, due 06/15/29

     242,647  
  490,000      

Waste Management, Inc., 4.15%, due 07/15/49‡

     535,998  
  350,000      

WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 144A

     386,985  
  460,000      

Weight Watchers International, Inc., 8.63%, due 12/01/25‡ 144A

     423,200  
  2,500,000      

Wells Fargo Bank NA, 3.09%, due 07/23/21◆◆

     2,503,055  
  505,000      

Whiting Petroleum Corp., 6.63%, due 01/15/26‡

     489,534  
  175,000      

William Carter Co., (The), 5.63%, due 03/15/27 144A

     183,969  
  100,000      

Williams Cos. (The), Inc., 8.75%, due 03/15/32

     142,427  
  440,000   EUR     

Wind Tre SpA, Reg S, 3.13%, due 01/20/25‡‡‡

     500,859  
  765,000      

Windstream Services LLC/Windstream Finance Corp., 8.63%, due 10/31/25††† 144A

     784,125  
  250,000      

WPX Energy, Inc., 8.25%, due 08/01/23

     286,250  
  900,000      

XPO CNW, Inc., 6.70%, due 05/01/34

     832,500  

 

 

See accompanying Notes to the Schedule of Investments.

96

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Corporate Debt — continued  
  290,000      

Yamana Gold, Inc., 4.63%, due 12/15/27

     296,718  
  150,000      

YPF SA, 8.50%, due 03/23/21‡ 144A

     153,150  
  710,000      

YPF SA, Reg S, 8.50%, due 03/23/21‡ ‡‡‡

     724,910  
  1,045,000   EUR     

Ziggo BV, 4.25%, due 01/15/27 144A

     1,266,215  
      

 

 

 
     220,100,386  
  

 

 

 
    Mortgage Backed Securities - Private Issuers — 2.3%  
  2,000,000      

BBCCRE Trust, Series 2015-GTP, Class F, 4.71%, due 08/10/33◆◆ 144A

     1,776,434  
  620,000      

BBCMS Trust, Series 2018-CBM, Class D, 4.79% (1 mo. USD LIBOR plus 2.391%), due 07/15/37† 144A

     623,483  
  1,000,000      

BHMS, Series 2018-MZB, Class MZB, 9.03% (1 mo. USD LIBOR plus 6.637%), due 07/15/20† 144A

     1,010,501  
  1,500,000      

BX Trust, Series 2018-BILT, 3.41% (1 mo. USD LIBOR plus 1.020%), due 05/15/30† 144A

     1,500,586  
  930,000      

BX Trust, Series 2019-IMC, Class E, 4.59%, due 04/15/34◆◆ 144A

     934,830  
  640,000      

CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.94%, due 12/15/47◆◆ 144A

     672,070  
  332,525      

Citigroup Mortgage Loan Trust, Series 2018-A, Class A1, 4.00%, due 01/25/68◆◆ 144A

     337,882  
  1,500,000      

FNMA Connecticut Avenue Securities, Series 2017-C03, Class 1B1, 7.25% (1 mo. USD LIBOR plus 4.850%), due 10/25/29† 144A

     1,684,011  
  1,920,000      

FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1B1, 6.65%, due 01/25/31◆◆ 144A

     2,031,864  
  1,580,000      

FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1M2, 4.75%, due 01/25/31◆◆ 144A

     1,596,032  
  665,000      

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class M, 4.75%, due 08/25/57◆◆ 144A

     656,440  
  440,000      

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class M, 4.75%, due 07/25/58◆◆ 144A

     436,533  
  410,000      

GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.56%, due 08/10/44◆◆ 144A

     404,312  
  1,390,000      

JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, 10.60% (1 mo. USD LIBOR plus 8.208%), due 06/15/35† 144A

     1,386,075  
  1,118,520      

Motel 6 Trust, Series 2017-MTL6, Class E, 5.64% (1 mo. USD LIBOR plus 3.250%), due 08/15/34† 144A

     1,128,352  
  230,000      

Starwood Retail Property Trust, Series 2014-STAR, Class C, 4.89% (1 mo. USD LIBOR plus 2.500%), due 11/15/27† 144A

     227,918  
  300,000      

Starwood Retail Property Trust, Series 2014-STAR, Class D, 5.64% (1 mo. USD LIBOR plus 3.250%), due 11/15/27† 144A

     273,078  
  1,297,652      

Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 2.96% (1 mo. USD LIBOR plus 0.560%), due 05/25/45†

     1,130,446  
  943,444      

WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR1, Class A1B, 3.18% (1 mo. USD LIBOR plus 0.780%), due 01/25/45†

     937,419  
  194,474      

Wells Fargo Mortgage Backed Securities Trust, Series 2006-3, Class A11, 5.50%, due 03/25/36

     198,311  
      

 

 

 
     18,946,577  
  

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

97

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Mortgage Backed Securities - U.S. Government Agency Obligations — 0.2%  
  1,530,686      

FNMA, Pool# BM5520, 3.50% , due 02/01/47

     1,578,839  
      

 

 

 
    Sovereign Debt Obligations — 42.1%  
  440,000      

Abu Dhabi Government International Bond, 4.13%, due 10/11/47 144A

     482,959  
  163,980,000   ARS     

Argentina POM Politica Monetaria, 63.70%, due 06/21/20◆◆

     3,787,464  
  1,110,000      

Argentine Republic Government International Bond, 4.63%, due 01/11/23

     890,786  
  5,205,000      

Argentine Republic Government International Bond, 5.88%, due 01/11/28

     3,972,066  
  210,000      

Argentine Republic Government International Bond, 6.88%, due 04/22/21

     184,905  
4,100,000   AUD     

Australia Government Bond, Reg S, 2.75%, due 04/21/24‡‡‡

     3,110,864  
  1,665,000,000   CLP     

Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/21

     2,530,739  
  5,880,000,000   CLP     

Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26

     9,386,232  
  1,990,000,000   CLP     

Bonos de la Tesoreria de la Republica en pesos, 4.70%, due 09/01/30‡‡‡‡

     3,338,276  
  615,000,000   CLP     

Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35

     1,068,194  
  640,000,000   CLP     

Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43

     1,286,481  
  650,000,000   CLP     

Bonos de la Tesoreria de la Republica en pesos, Reg S, 4.00%, due 03/01/23‡‡‡

     1,012,437  
  2,574,000   BRL     

Brazil Letras do Tesouro Nacional, 6.09%, due 07/01/21‡‡

     597,243  
  2,393,000   BRL     

Brazil Letras do Tesouro Nacional, 6.42%, due 01/01/22‡‡

     535,987  
  1,882,000   BRL     

Brazil Notas do Tesouro Nacional Series B, 6.00%, due 08/15/20

     1,643,333  
  1,197,000   BRL     

Brazil Notas do Tesouro Nacional Series B, 6.00%, due 05/15/45

     1,361,014  
  1,490,000   BRL     

Brazil Notas do Tesouro Nacional Series B, 6.00%, due 08/15/50

     1,745,436  
  20,530,000   BRL     

Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/21

     5,614,639  
  32,667,000   BRL     

Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/23

     9,378,672  
  17,510,000   BRL     

Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/25

     5,164,652  
  6,303,000   BRL     

Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/27

     1,849,464  
  6,535,000   BRL     

Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/29

     1,958,029  
  4,380,000   CAD     

Canadian Government Bond, 1.00%, due 06/01/27

     3,241,351  
  500,000      

Colombia Government International Bond, 4.50%, due 03/15/29

     546,750  
  21,874,700,000   COP     

Colombian TES, 6.00%, due 04/28/28

     6,855,335  
  576,900,000   COP     

Colombian TES, 6.25%, due 11/26/25

     187,017  
  16,549,400,000   COP     

Colombian TES, 7.00%, due 05/04/22

     5,455,548  
  2,708,800,000   COP     

Colombian TES, 7.00%, due 06/30/32

     897,388  
  10,400,300,000   COP     

Colombian TES, 7.50%, due 08/26/26

     3,597,965  
  7,095,200,000   COP     

Colombian TES, 7.75%, due 09/18/30

     2,499,442  
  7,065,100,000   COP     

Colombian TES, 10.00%, due 07/24/24

     2,672,152  
  6,650,400,000   COP     

Colombian TES, 11.00%, due 07/24/20

     2,218,169  
  72,000   EUR     

Cyprus Government International Bond, (MTN), 2.75%, due 05/03/49‡‡‡‡

     101,827  
  560,000   EUR     

Cyprus Government International Bond, (MTN), Reg S, 2.38%, due 09/25/28‡‡‡

     737,113  
  170,000   EUR     

Cyprus Government International Bond, (MTN), Reg S, 2.75%, due 06/27/24‡‡‡

     218,785  
  319,000   EUR     

Cyprus Government International Bond, (MTN), Reg S, 2.75%, due 02/26/34‡‡‡

     447,165  
  2,890,000   EUR     

Cyprus Government International Bond, (MTN), Reg S, 3.75%, due 07/26/23‡‡‡

     3,776,345  
  380,000   EUR     

Cyprus Government International Bond, (MTN), Reg S, 4.25%, due 11/04/25‡‡‡

     540,140  
  524,000   EUR     

Cyprus Government International Bond, (MTN), Reg S, 4.25%, due 11/04/25‡‡‡

     744,825  

 

 

See accompanying Notes to the Schedule of Investments.

98

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Sovereign Debt Obligations — continued  
  4,960,000   CZK     

Czech Republic Government Bond, 0.25%, due 02/10/27

     203,428  
  3,110,000   CZK     

Czech Republic Government Bond, 2.00%, due 10/13/33

     143,416  
  16,180,000   CZK     

Czech Republic Government Bond, 2.75%, due 07/23/29

     809,357  
  53,610,000   CZK     

Czech Republic Government Bond, Reg S, 0.95%, due 05/15/30‡‡‡

     2,257,859  
  11,210,000   CZK     

Czech Republic Government Bond, Reg S, 1.00%, due 06/26/26‡‡‡

     487,098  
  12,580,000   CZK     

Czech Republic Government Bond, Reg S, 2.40%, due 09/17/25‡‡‡

     595,475  
  390,000      

Ecuador Government International Bond, 9.63%, due 06/02/27 144A

     421,691  
  210,000      

Ecuador Government International Bond, 10.75%, due 01/31/29 144A

     237,565  
  620,000      

Egypt Government International Bond, 7.60%, due 03/01/29 144A

     655,512  
  415,000      

Egypt Government International Bond, 8.70%, due 03/01/49 144A

     447,540  
  21,300,000   EGP     

Egypt Treasury Bills, 17.16%, due 03/17/20‡‡

     1,133,601  
  700,000      

Ghana Government International Bond, 7.63%, due 05/16/29 144A

     713,346  
  200,000      

Ghana Government International Bond, 8.13%, due 03/26/32 144A

     203,709  
  55,240,000   HUF     

Hungary Government Bond, 3.00%, due 08/21/30

     202,385  
  601,520,000   HUF     

Hungary Government Bond, 0.50%, due 04/21/21

     2,128,205  
  100,670,000   HUF     

Hungary Government Bond, 1.75%, due 10/26/22

     365,511  
  61,510,000   HUF     

Hungary Government Bond, 2.50%, due 10/24/24

     226,962  
  88,770,000   HUF     

Hungary Government Bond, 2.75%, due 12/22/26

     327,937  
  660,120,000   HUF     

Hungary Government Bond, 3.00%, due 06/26/24

     2,503,764  
  120,080,000   HUF     

Hungary Government Bond, 3.00%, due 10/27/27

     448,971  
  187,110,000   HUF     

Hungary Government Bond, 5.50%, due 06/24/25

     800,158  
  115,450,000   HUF     

Hungary Government Bond, 6.75%, due 10/22/28

     554,329  
  121,670,000   HUF     

Hungary Government Bond, 7.00%, due 06/24/22

     507,505  
  1,200,000      

Indonesia Government International Bond, (MTN), Reg S, 5.25%, due 01/17/42‡‡‡

     1,369,890  
  6,489,000,000   IDR     

Indonesia Treasury Bond, 5.63%, due 05/15/23

     439,343  
  25,770,000,000   IDR     

Indonesia Treasury Bond, 6.13%, due 05/15/28

     1,681,571  
  15,805,000,000   IDR     

Indonesia Treasury Bond, 6.63%, due 05/15/33

     1,020,181  
  46,549,000,000   IDR     

Indonesia Treasury Bond, 7.00%, due 05/15/27

     3,225,385  
  42,591,000,000   IDR     

Indonesia Treasury Bond, 7.50%, due 08/15/32

     2,934,882  
  34,778,000,000   IDR     

Indonesia Treasury Bond, 7.50%, due 05/15/38

     2,364,096  
  25,235,000,000   IDR     

Indonesia Treasury Bond, 8.13%, due 05/15/24

     1,886,262  
  14,049,000,000   IDR     

Indonesia Treasury Bond, 8.25%, due 05/15/29

     1,056,596  
  11,789,000,000   IDR     

Indonesia Treasury Bond, 8.25%, due 06/15/32

     871,914  
  33,060,000,000   IDR     

Indonesia Treasury Bond, 8.25%, due 05/15/36

     2,472,299  
  9,098,000,000   IDR     

Indonesia Treasury Bond, 8.38%, due 03/15/24

     680,369  
  8,419,000,000   IDR     

Indonesia Treasury Bond, 8.38%, due 09/15/26

     634,436  
  38,463,000,000   IDR     

Indonesia Treasury Bond, 8.38%, due 03/15/34

     2,899,529  
  5,272,000,000   IDR     

Indonesia Treasury Bond, 8.38%, due 04/15/39

     388,846  
  36,373,000,000   IDR     

Indonesia Treasury Bond, 8.75%, due 05/15/31

     2,803,530  
  7,469,000,000   IDR     

Indonesia Treasury Bond, 9.00%, due 03/15/29

     585,071  
  9,536,000,000   IDR     

Indonesia Treasury Bond, 9.50%, due 07/15/31

     771,219  
  3,815,000,000   IDR     

Indonesia Treasury Bond, 10.50%, due 08/15/30

     329,787  
  5,660,000   ILS     

Israel Government Bond — Fixed, 3.75%, due 03/31/47

     1,847,818  
  4,389,000   ILS     

Israel Government Bond — Fixed, 5.50%, due 01/31/42

     1,848,491  
  500,000      

Kazakhstan Government International Bond, (MTN), Reg S, 5.13%, due 07/21/25‡‡‡

     566,105  
  580,000      

Kenya Government International Bond, 7.00%, due 05/22/27 144A

     606,825  
  9,590,000,000   KRW     

Korea Treasury Bond, 1.88%, due 03/10/24

     8,443,472  

 

 

See accompanying Notes to the Schedule of Investments.

99

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Sovereign Debt Obligations — continued  
  2,930,000,000   KRW     

Korea Treasury Bond, 2.38%, due 12/10/28

     2,705,668  
  630,000      

Kuwait International Government Bond, 3.50%, due 03/20/27 144A

     671,681  
  2,189,000   MYR     

Malaysia Government Bond, 3.42%, due 08/15/22

     530,514  
  3,174,000   MYR     

Malaysia Government Bond, 3.48%, due 03/15/23

     769,991  
  28,619,000   MYR     

Malaysia Government Bond, 3.62%, due 11/30/21

     6,975,534  
  17,343,000   MYR     

Malaysia Government Bond, 3.80%, due 08/17/23

     4,253,456  
  3,528,000   MYR     

Malaysia Government Bond, 3.84%, due 04/15/33

     846,998  
  14,200,000   MYR     

Malaysia Government Bond, 3.88%, due 03/10/22

     3,485,856  
  3,566,000   MYR     

Malaysia Government Bond, 3.88%, due 03/14/25

     880,022  
  1,047,000   MYR     

Malaysia Government Bond, 3.89%, due 03/15/27

     257,865  
  2,644,000   MYR     

Malaysia Government Bond, 3.90%, due 11/16/27

     651,211  
  10,864,000   MYR     

Malaysia Government Bond, 3.96%, due 09/15/25

     2,690,415  
  2,020,000   MYR     

Malaysia Government Bond, 4.06%, due 09/30/24

     503,007  
  989,000   MYR     

Malaysia Government Bond, 4.13%, due 04/15/32

     245,753  
  979,000   MYR     

Malaysia Government Bond, 4.16%, due 07/15/21

     238,308  
  1,511,000   MYR     

Malaysia Government Bond, 4.18%, due 07/15/24

     377,468  
  903,000   MYR     

Malaysia Government Bond, 4.23%, due 06/30/31

     227,426  
  3,565,000   MYR     

Malaysia Government Bond, 4.50%, due 04/15/30

     919,836  
  807,000   MYR     

Malaysia Government Bond, 4.74%, due 03/15/46

     206,787  
  360,000   MYR     

Malaysia Government Bond, 4.76%, due 04/07/37

     94,791  
  1,420,000   MYR     

Malaysia Government Bond, 4.89%, due 06/08/38

     381,176  
  6,410,000   MYR     

Malaysia Government Bond, 4.92%, due 07/06/48

     1,699,017  
  44,232,000   MXN     

Mexican Bonos, 5.75%, due 03/05/26

     2,095,533  
  41,298,900   MXN     

Mexican Bonos, 6.50%, due 06/10/21

     2,110,964  
  9,531,400   MXN     

Mexican Bonos, 6.50%, due 06/09/22

     483,807  
  15,261,400   MXN     

Mexican Bonos, 7.25%, due 12/09/21

     790,859  
  179,824,400   MXN     

Mexican Bonos, 7.50%, due 06/03/27

     9,351,282  
  13,952,100   MXN     

Mexican Bonos, 7.75%, due 05/29/31

     734,670  
  13,265,600   MXN     

Mexican Bonos, 7.75%, due 11/23/34

     694,102  
  86,579,000   MXN     

Mexican Bonos, 7.75%, due 11/13/42

     4,473,465  
  17,338,800   MXN     

Mexican Bonos, 8.00%, due 12/07/23

     922,460  
  31,307,500   MXN     

Mexican Bonos, 8.00%, due 11/07/47

     1,658,358  
  35,798,900   MXN     

Mexican Bonos, 8.50%, due 05/31/29

     1,983,062  
  32,612,500   MXN     

Mexican Bonos, 8.50%, due 11/18/38

     1,818,233  
  48,587,200   MXN     

Mexican Bonos, 10.00%, due 12/05/24

     2,823,385  
  62,728,700   MXN     

Mexican Bonos, 10.00%, due 11/20/36

     3,964,499  
  22,744,181   MXN     

Mexican Udibonos, 4.00%, due 11/30/28

     1,238,753  
  17,518,152   MXN     

Mexican Udibonos, 4.50%, due 11/22/35

     1,031,568  
  540,000      

Mexico Government International Bond, 3.60%, due 01/30/25

     554,040  
  4,332,000   PEN     

Peruvian Government International Bond, Reg S, 6.35%, due 08/12/28‡‡‡

     1,480,621  
  1,493,000   PEN     

Peruvian Government International Bond, Reg S (GDN), 5.70%, due 08/12/24‡‡‡

     493,682  
  5,378,000   PEN     

Peruvian Government International Bond, Reg S (GDN), 6.95%, due 08/12/31‡‡‡

     1,919,113  
  5,534,000   PEN     

Peruvian Government International Bond, Reg S (GDN), 8.20%, due 08/12/26‡‡‡

     2,091,084  
  58,000,000   PHP     

Philippine Government International Bond, 3.90%, due 11/26/22

     1,111,185  
  9,000,000   PHP     

Philippine Government International Bond, 4.95%, due 01/15/21

     177,066  
  70,000,000   PHP     

Philippine Government International Bond, 6.25%, due 01/14/36

     1,557,529  

 

 

See accompanying Notes to the Schedule of Investments.

100

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Sovereign Debt Obligations — continued  
  2,191,000   PLN     

Poland Government Bond, 2.00%, due 04/25/21

     592,696  
  7,648,000   PLN     

Poland Government Bond, 2.50%, due 01/25/23

     2,098,422  
  4,311,000   PLN     

Poland Government Bond, 2.50%, due 07/25/26

     1,177,655  
  9,155,000   PLN     

Poland Government Bond, 2.50%, due 07/25/27

     2,486,742  
  12,632,000   PLN     

Poland Government Bond, 3.25%, due 07/25/25

     3,603,941  
  1,216,000   PLN     

Poland Government Bond, 4.00%, due 10/25/23

     354,278  
  4,306,000   PLN     

Poland Government Bond, 5.25%, due 10/25/20

     1,212,705  
  1,710,000      

Provincia de Buenos Aires/Argentina, 6.50%, due 02/15/23 144A

     1,438,127  
  150,000      

Provincia de Buenos Aires/Argentina, 7.88%, due 06/15/27 144A

     112,126  
  180,000      

Provincia de Buenos Aires/Argentina, 9.13%, due 03/16/24 144A

     151,202  
  480,000      

Qatar Government International Bond, 4.00%, due 03/14/29 144A

     518,111  
  590,000      

Qatar Government International Bond, 4.82%, due 03/14/49 144A

     677,671  
  390,000      

Qatar Government International Bond, 5.10%, due 04/23/48 144A

     465,562  
  2,645,000   PLN     

Republic of Poland Government Bond, 2.25%, due 04/25/22

     720,922  
  3,143,000   PLN     

Republic of Poland Government Bond, 2.50%, due 04/25/24

     863,256  
  5,216,000   PLN     

Republic of Poland Government Bond, 2.75%, due 04/25/28

     1,443,100  
  3,256,000   PLN     

Republic of Poland Government Bond, 2.75%, due 10/25/29

     899,574  
  21,069,071   ZAR     

Republic of South Africa Government Bond, 8.75%, due 01/31/44

     1,362,717  
  2,175,000   RON     

Romania Government Bond, 3.25%, due 04/29/24

     503,342  
  2,690,000   RON     

Romania Government Bond, 3.40%, due 03/08/22

     641,347  
  2,020,000   RON     

Romania Government Bond, 3.65%, due 09/24/31

     427,639  
  17,075,000   RON     

Romania Government Bond, 4.25%, due 06/28/23

     4,134,433  
  11,280,000   RON     

Romania Government Bond, 5.00%, due 02/12/29

     2,784,046  
  7,720,000   RON     

Romania Government Bond, 5.80%, due 07/26/27

     2,014,982  
  240,613,000   RUB     

Russian Federal Bond — OFZ, 6.90%, due 05/23/29

     3,715,511  
  101,988,000   RUB     

Russian Federal Bond — OFZ, 7.00%, due 08/16/23

     1,604,951  
  332,510,000   RUB     

Russian Federal Bond — OFZ, 7.05%, due 01/19/28

     5,204,236  
  166,648,000   RUB     

Russian Federal Bond — OFZ, 7.10%, due 10/16/24

     2,628,732  
  54,252,000   RUB     

Russian Federal Bond — OFZ, 7.25%, due 05/10/34

     847,974  
  114,077,000   RUB     

Russian Federal Bond — OFZ, 7.40%, due 12/07/22

     1,826,733  
  131,980,000   RUB     

Russian Federal Bond — OFZ, 7.50%, due 08/18/21

     2,111,889  
  149,801,000   RUB     

Russian Federal Bond — OFZ, 7.70%, due 03/23/33

     2,437,202  
  156,365,000   RUB     

Russian Federal Bond — OFZ, 7.75%, due 09/16/26

     2,548,495  
  33,612,000   RUB     

Russian Federal Bond — OFZ, 7.95%, due 10/07/26

     555,276  
  107,362,000   RUB     

Russian Federal Bond — OFZ, 8.15%, due 02/03/27

     1,791,911  
  122,888,000   RUB     

Russian Federal Bond — OFZ, 8.50%, due 09/17/31

     2,128,325  
  440,000      

Senegal Government International Bond, 6.25%, due 05/23/33 144A

     426,716  
  62,432,000   ZAR     

South Africa Government Bond, 6.25%, due 03/31/36

     3,263,492  
  4,006,000   ZAR     

South Africa Government Bond, 6.50%, due 02/28/41

     203,336  
  6,213,819   ZAR     

South Africa Government Bond, 6.75%, due 03/31/21

     443,720  
  8,620,240   ZAR     

South Africa Government Bond, 7.00%, due 02/28/31

     523,862  
  10,195,806   ZAR     

South Africa Government Bond, 7.75%, due 02/28/23

     734,431  
  29,271,414   ZAR     

South Africa Government Bond, 8.00%, due 01/31/30

     1,961,989  
  14,291,364   ZAR     

South Africa Government Bond, 8.25%, due 03/31/32

     945,318  
  14,884,786   ZAR     

South Africa Government Bond, 8.50%, due 01/31/37

     965,222  
  61,907,624   ZAR     

South Africa Government Bond, 8.75%, due 02/28/48

     3,959,103  
  18,860,477   ZAR     

South Africa Government Bond, 8.88%, due 02/28/35

     1,277,228  
  7,991,471   ZAR     

South Africa Government Bond, 9.00%, due 01/31/40

     534,579  
  257,779,793   ZAR     

South Africa Government Bond, 10.50%, due 12/21/26

     20,677,225  

 

 

See accompanying Notes to the Schedule of Investments.

101

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value**          Description    Value ($)  
    Sovereign Debt Obligations — continued  
  95,080,000   THB     

Thailand Government Bond, 2.13%, due 12/17/26

     3,130,965  
  49,054,000   THB     

Thailand Government Bond, 2.88%, due 12/17/28

     1,702,863  
  19,725,000   THB     

Thailand Government Bond, 3.60%, due 06/17/67

     697,602  
  32,811,000   THB     

Thailand Government Bond, 3.65%, due 06/20/31

     1,227,675  
  31,590,000   THB     

Thailand Government Bond, 4.00%, due 06/17/66

     1,206,970  
  38,540,000   THB     

Thailand Government Bond, 4.88%, due 06/22/29

     1,568,144  
  96,366,320   THB     

Thailand Government Bond, Reg S, 1.25%, due 03/12/28‡‡‡

     3,007,201  
  7,240,894   TRY     

Turkey Government Bond, 4.00%, due 04/01/20

     1,258,143  
  913,622   TRY     

Turkey Government Bond, 8.00%, due 03/12/25

     109,180  
  7,221,548   TRY     

Turkey Government Bond, 9.00%, due 07/24/24

     928,289  
  1,100,695   TRY     

Turkey Government Bond, 10.40%, due 03/20/24

     151,003  
  1,137,819   TRY     

Turkey Government Bond, 10.50%, due 08/11/27

     147,440  
  10,595,220   TRY     

Turkey Government Bond, 10.60%, due 02/11/26

     1,421,489  
  7,199,347   TRY     

Turkey Government Bond, 11.00%, due 03/02/22

     1,079,778  
  2,164,019   TRY     

Turkey Government Bond, 11.00%, due 02/24/27

     288,835  
  828,139   TRY     

Turkey Government Bond, 12.20%, due 01/18/23

     125,567  
  6,714,000   TRY     

Turkey Government Bond, 12.40%, due 03/08/28

     965,776  
  21,388,000   UYU     

Uruguay Government International Bond, Reg S, 8.50%, due 03/15/28‡‡‡

     531,209  
      

 

 

 
     342,462,711  
  

 

 

 
          U.S. Government and Agency Obligations — 12.3%  
  700,000      

U.S. Treasury Bond, 3.13%, due 05/15/48

     785,627  
  150,000      

U.S. Treasury Bond, 3.38%, due 11/15/48

     176,604  
  1,286,474      

U.S. Treasury Inflation Indexed Bonds, 1.00%, due 02/15/49

     1,362,028  
  6,500,000      

U.S. Treasury Note, 1.38%, due 06/30/23

     6,410,879  
  12,600,000      

U.S. Treasury Note, 1.50%, due 10/31/19(a)

     12,575,883  
  7,250,000      

U.S. Treasury Note, 1.63%, due 03/15/20

     7,229,326  
  6,350,000      

U.S. Treasury Note, 2.13%, due 05/31/21

     6,393,780  
  1,220,700      

U.S. Treasury Note, 2.25%, due 03/31/20(b)

     1,222,822  
  16,230,000      

U.S. Treasury Note, 2.25%, due 08/15/27

     16,626,557  
  15,810,000      

U.S. Treasury Note, 2.25%, due 11/15/27

     16,188,267  
  17,000,000      

U.S. Treasury Note, 2.50%, due 05/31/20

     17,076,367  
  13,740,000      

U.S. Treasury Note, 2.50%, due 02/28/26

     14,293,089  
  90,000      

U.S. Treasury Note, 2.63%, due 02/15/29

     94,920  
      

 

 

 
         100,436,149  
      

 

 

 
   

TOTAL DEBT OBLIGATIONS (COST $737,911,078)

     756,134,809  
      

 

 

 
Shares          Description    Value ($)  
   

COMMON STOCKS — 0.1%

 

          Diversified Financial Services — 0.0%  
  7,396,155      

Edcon Holdings, Ltd. 1* **** ^

      
  736,020      

Edcon Holdings, Ltd. 2* **** ^

      
      

 

 

 
          
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

102

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Oil & Gas — 0.1%  
  8,511      

Birch Permian Holdings, Inc.* ****

     85,110  
  66,347      

Birch Permian Holdings, Inc.* ****

     663,470  
  14,783      

Nine Point Energy, LLC* ****

      
      

 

 

 
         748,580  
      

 

 

 
   

TOTAL COMMON STOCKS (COST $1,610,355)

     748,580  
      

 

 

 
   

CONVERTIBLE PREFERRED STOCK — 0.0%

 

          Oil & Gas — 0.0%  
  322      

Nine Point Energy Holdings, Inc., 0.00%* ****

     181,975  
      

 

 

 
   

TOTAL CONVERTIBLE PREFERRED STOCK (COST $300,884)

     181,975  
      

 

 

 
   

PREFERRED STOCK — 0.0%

 

          Diversified Financial Services — 0.0%  
  2,450      

B. Riley Financial, Inc., 6.88%*

     62,965  
      

 

 

 
   

TOTAL PREFERRED STOCK (COST $61,250)

     62,965  
      

 

 

 
Notional
Value
         Description    Value ($)  
   

OPTIONS PURCHASED — 0.1%

 

   

PURCHASED CURRENCY OPTIONS — 0.1%

 

          Call Options — 0.1%  
  7,100,000   USD     

USD/KRW Option with Bank of America N.A., Strike Price KRW 1,195.00, Expires 08/07/19

     12,049  
  14,450,000   USD     

EUR/USD Option with Citibank N.A., Strike Price USD 1.13, Expires 07/16/19

     198,471  
  14,400,000   USD     

EUR/USD Option with Citibank N.A., Strike Price USD 1.13, Expires 07/18/19

     144,187  
  3,800,000   USD     

USD/CAD Option with Morgan Stanley & Co., Strike Price CAD 1.34, Expires 07/24/19

     2,493  
  1,490,000   USD     

USD/AUD Option with UBS Securities LLC, Strike Price AUD 0.69, Expires 08/15/19

     7,657  
  1,610,000   USD     

USD/EUR Option with UBS Securities LLC, Strike Price EUR 1.14, Expires 07/15/19

     7,612  
  1,890,000   USD     

USD/EUR Option with UBS Securities LLC, Strike Price EUR 1.13, Expires 08/08/19

     8,469  
          Put Options — 0.0%  
  7,400,000   USD     

USD/JPY Option with HSBC Bank USA, N.A., Strike Price JPY 108.00, Expires 07/24/19

     69,175  
  10,700,000   EUR     

EUR/JPY Option with Morgan Stanley & Co., Strike Price JPY 121.50, Expires 07/19/19

     40,113  
  2,450,000   USD     

USD/JPY Option with HSBC Bank USA, N.A., Strike Price JPY 108.00, Expires 07/24/19

     22,903  
      

 

 

 
   

TOTAL CURRENCY OPTIONS PURCHASED (PREMIUMS PAID $571,926)

     513,129  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

103

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Number of
Contracts
    Notional
Value ($)
  Description    Value ($)  
   

PURCHASED FUTURES OPTIONS — 0.0%

 

          Put Options — 0.0%  
  47     6,918,988  

S&P 500 E-mini Futures Option with UBS Securities LLC, Strike Price $2,700.00, Expires 07/19/19

     8,460  
  14     2,060,975  

S&P 500 E-mini Futures Option with UBS Securities LLC, Strike Price $2,750.00, Expires 07/19/19

     3,850  
  7     1,030,488  

S&P 500 E-mini Futures Option with UBS Securities LLC, Strike Price $2,800.00, Expires 07/19/19

     3,063  
  25     3,680,313  

S&P 500 E-mini Futures Option with UBS Securities LLC, Strike Price $2,700.00, Expires 08/16/19

     15,000  
  19     2,797,038  

S&P 500 E-mini Futures Option with UBS Securities LLC, Strike Price $2,800.00, Expires 08/16/19

     21,375  
  510     60,205,500  

U.S. Treasury Note 5-Year Futures Option with JPMorgan Chase Bank N.A., Strike Price $117.50, Expires 07/26/19

     75,703  
      

 

 

 
   

TOTAL FUTURES OPTIONS PURCHASED (PREMIUMS PAID $232,994)

     127,451  
      

 

 

 
   

PURCHASED INDEX OPTIONS — 0.0%

 

          Put Options — 0.0%  
  43     12,649,568  

S&P 500 Index Option with Citigroup Global Markets Inc., Strike Price $2,750.00, Expires 08/16/19

     64,500  
  43     12,649,568  

S&P 500 Index Option with Citigroup Global Markets Inc., Strike Price $2,775.00, Expires 08/16/19

     74,390  
  52     15,297,152  

S&P 500 Index Option with Citigroup Global Markets Inc., Strike Price $2,700.00, Expires 07/19/19

     15,600  
  75     22,063,200  

S&P 500 Index Option with Citigroup Global Markets Inc., Strike Price $2,750.00, Expires 07/19/19

     31,500  
  33     9,707,808  

S&P 500 Index Option with Citigroup Global Markets Inc., Strike Price $2,850.00, Expires 07/19/19

     37,620  
      

 

 

 
   

TOTAL INDEX OPTIONS PURCHASED (PREMIUMS PAID $921,193)

     223,610  
      

 

 

 
Notional Value          Description    Value ($)  
   

PURCHASED SWAPTIONS — 0.0%

 

          Put Swaptions — 0.0%  
  14,300,000  USD     

CDX.NA.HY.32 Index Option with Citibank N.A., Strike Price $104.50, Expires 07/17/19

     100,543  
  11,900,000  USD     

CDX.NA.HY.32 Index Option with Citibank N.A., Strike Price $104.00, Expires 07/17/19

     72,656  
  4,390,000  USD     

CDX.NA.IG.32 Index Option with Goldman Sachs International, Strike Price $70.00, Expires 09/18/19

     4,198  
  508,000,000  USD     

CDX.NA.IG.32 Index Option with Citibank N.A., Strike Price $70.00, Expires 07/17/19

     74,005  
  50,800,000  USD     

CDX.NA.IG.32 Index Option with Citibank N.A., Strike Price $75.00, Expires 07/17/19

     5,596  
      

 

 

 
   

TOTAL PURCHASED SWAPTIONS (PREMIUMS PAID $373,465)

     256,998  
      

 

 

 
   

TOTAL OPTIONS PURCHASED (PREMIUMS PAID $2,099,578)

     1,121,188  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

104

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
   

SHORT-TERM INVESTMENTS — 4.6%

 

          Commercial Paper — 0.0%  
  380,000      

Enable Midstream Partners, 3.04%, due 09/10/19‡‡ 144A

     377,740  
      

 

 

 
          Investment Company — 2.3%  
  18,652,094      

T. Rowe Price Government Reserve Fund, 2.43%, due 09/19/34

     18,652,094  
      

 

 

 
          Mutual Fund - Securities Lending Collateral — 0.8%  
  6,541,613      

State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.31%## ***

     6,541,613  
      

 

 

 
          Sovereign Debt Obligations — 1.3%  
  124,300,000   EGP     

Egypt Treasury Bills, 17.53%, due 10/15/19‡‡

     7,082,308  
  51,800,000   EGP     

Egypt Treasury Bills, 15.55%, due 07/16/19‡‡

     3,081,782  
      

 

 

 
   

TOTAL SOVEREIGN DEBT OBLIGATIONS

     10,164,090  
      

 

 

 
          U.S. Government and Agency Obligations — 0.2%  
  1,210,000      

U.S. Treasury Bill, 0.98%, due 07/02/19‡‡

     1,209,935  
      

 

 

 
   

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(COST $1,209,925)

     1,209,935  
      

 

 

 
   

TOTAL SHORT-TERM INVESTMENTS (COST $36,613,904)

     36,945,472  
      

 

 

 
   

TOTAL INVESTMENTS — 97.7%

(Cost $778,597,049)

     795,194,989  
   

Other Assets and Liabilities (net) — 2.3% (c)

     18,339,381  
      

 

 

 
          NET ASSETS — 100.0%    $813,534,370  
      

 

 

 
   

Notes to Schedule of Investments:

 

    ARS — Auction Rate Security

 

    CDX.NA.HY — Markit North America High Yield CDS Index

 

    CDX.NA.IG — Markit North America Investment Grade CDS Index

 

    CLO — Collateralized Loan Obligation

 

    CMT — Constant Maturing Treasury Rate

 

    FNMA — Federal National Mortgage Association

 

    GDN — Global Depository Note

 

    MTN — Medium Term Note

 

    PIK — Payment In Kind

 

    REIT — Real Estate Investment Trust

 

  #   Year of maturity is greater than 2100.   
  ##   The rate disclosed is the 7 day net yield as of June 30, 2019.   

 

 

See accompanying Notes to the Schedule of Investments.

105

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

  ###   This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be disclosed as TBD (To Be Determined) and adjusted on settlement date.   
  *   Non-income producing security   
  **   Unless otherwise indicated, all par values are denominated in United States dollars ($).   
  ***   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 period end is $930,555 which represents 0.1% of net assets. The aggregate tax cost of these securities held at June 30, 2019 was $1,911,239.   
  ^   Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.   
    Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.   
  ◆◆   Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.   
    Variable or floating rate note. Rate shown is as of June 30, 2019.   
  ††   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.   
  †††††   Security is perpetual and has no stated maturity date.   
    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.   
  ‡‡‡‡   Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period end, the market value of restricted securities was $3,450,435, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.   
  (a)   All or a portion of this security is pledged for open futures and open centrally cleared swaps collateral.   
  (b)   All or a portion of this security is pledged for open forward foreign currency contracts collateral.   
  (c)   As of June 30, 2019, the value of unfunded loan commitments was $62,636 for the Fund. See Notes to Schedule of Investments.   
  144A   Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $147,814,551 which represents 18.2% of net assets.   

 

 

See accompanying Notes to the Schedule of Investments.

106

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

At June 30, 2019, the Fund held the following restricted securities:

 

Restricted Securities

   Acquistion
Date
   Principal Amount    Cost    Value

Bonos de la Tesoreria de la Republica en pesos, 4.70%, due 09/01/30

       06/11/19        CLP        1,990,000,000      $ 3,226,160      $ 3,338,276

Cyprus Government International Bond, (MTN), 2.75%, due 05/03/49

       04/24/19        EUR        72,000        79,290        101,827

K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22

       08/23/13        USD        568,994        862,963        5,690

K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22

       01/30/16        USD        123,799        123,800        4,642
                        

 

 

 
     $ 3,450,435
                        

 

 

 

Forward Foreign Currency Contracts

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
ARS      6,511,809      USD      134,209        07/10/19     

BNP Paribas S.A.

   $ 17,612  
ARS      12,639,420      USD      287,717        07/29/19     

Citibank N.A.

     (1,101
ARS      13,457,400      USD      259,595        09/12/19     

Citibank N.A.

     28,095  
ARS      11,994,930      USD      255,755        08/14/19     

Goldman Sachs International

     10,810  
ARS      7,845,190      USD      160,828        10/01/19     

Goldman Sachs International

     1,717  
ARS      56,426,000      USD      1,258,430        07/02/19     

JPMorgan Chase Bank N.A.

     72,906  
ARS      76,534,000      USD      1,630,840        07/03/19     

JPMorgan Chase Bank N.A.

     172,227  
ARS      2,243,000      USD      48,819        07/25/19     

JPMorgan Chase Bank N.A.

     2,339  
ARS      28,213,000      USD      637,798        08/02/19     

JPMorgan Chase Bank N.A.

     (1,697
ARS      25,511,000      USD      572,637        08/05/19     

JPMorgan Chase Bank N.A.

     460  
ARS      25,511,500      USD      567,300        08/06/19     

JPMorgan Chase Bank N.A.

     5,117  
ARS      25,511,500      USD      571,110        08/07/19     

JPMorgan Chase Bank N.A.

     618  
ARS      8,955,490      USD      201,700        08/02/19     

Morgan Stanley & Co.

     214  
ARS      2,788,810      USD      58,675        08/21/19     

Morgan Stanley & Co.

     2,788  
AUD      1,928,884      USD      1,360,651        07/26/19     

BNP Paribas S.A.

     (5,903
AUD      260,000      USD      179,059        07/17/19     

Citibank N.A.

     3,494  
AUD      9,566,707      USD      6,633,877        07/26/19     

HSBC Bank USA, N.A.

     85,279  
AUD      5,198,000      USD      3,635,336        07/19/19     

JPMorgan Chase Bank N.A.

     14,573  
AUD      1,147,597      USD      801,907        07/26/19     

State Street Bank London

     4,106  
BRL      4,648,000      USD      1,193,735        10/02/19     

BNP Paribas S.A.

     8,448  
BRL      6,495,650      USD      1,690,157        07/18/19     

Goldman Sachs International

     2,249  
BRL      1,869,450      USD      481,102        07/18/19     

HSBC Bank Plc

     5,974  
BRL      3,748,280      USD      969,639        07/18/19     

Morgan Stanley & Co.

     6,956  
BRL      4,987,000      USD      1,237,315        09/04/19     

Morgan Stanley & Co.

     56,312  
BRL      23,024,000      USD      5,950,013        10/02/19     

Morgan Stanley & Co.

     5,034  
BRL      4,165,000      USD      1,071,520        07/18/19     

Natwest Markets Plc

     13,648  
CAD      646,322      USD      479,560        07/17/19     

Barclays Bank Plc

     15,220  
CAD      3,225,000      USD      2,405,048        07/26/19     

BNP Paribas S.A.

     64,313  
CAD      1,010,000      USD      759,812        07/17/19     

Citibank N.A.

     13,374  
CAD      522,222      USD      389,820        08/19/19     

JPMorgan Chase Bank N.A.

     10,208  
CHF      4,381,000      USD      4,376,886        08/23/19     

BNP Paribas S.A.

     137,788  
CHF      8,762,000      USD      8,752,977        08/23/19     

State Street Bank London

     276,372  
CLP      340,330,599      USD      500,707        09/06/19     

Barclays Bank Plc

     889  

 

 

See accompanying Notes to the Schedule of Investments.

107

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Forward Foreign Currency Contracts — (Continued)

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
CLP      860,808,030      USD      1,236,793        07/18/19     

Goldman Sachs International

   $ 31,436  
CLP      366,519,037      USD      540,374        09/06/19     

HSBC Bank USA, N.A.

     (180
CLP      185,398,359      USD      272,464        09/06/19     

Morgan Stanley & Co.

     785  
CNH      16,588,000      USD      2,418,422        09/06/19     

JPMorgan Chase Bank N.A.

     (5,700
COP      2,463,101,130      USD      755,275        07/18/19     

Credit Suisse International

     12,045  
COP      66,164,400      USD      20,774        07/18/19     

Deutsche Bank AG

     (162
COP      3,405,446,030      USD      1,051,048        07/18/19     

Goldman Sachs International

     9,838  
COP      5,376,517,340      USD      1,670,861        07/18/19     

HSBC Bank Plc

     4,065  
COP      1,529,656,920      USD      477,799        07/18/19     

Morgan Stanley & Co.

     (1,271
CZK      43,747,000      USD      1,923,333        07/19/19     

Bank of America N.A.

     35,303  
CZK      1,667,470      USD      73,696        07/18/19     

Citibank N.A.

     958  
CZK      58,624,000      USD      2,585,723        07/02/19     

JPMorgan Chase Bank N.A.

     38,114  
CZK      75,328,360      USD      3,328,573        07/18/19     

JPMorgan Chase Bank N.A.

     43,952  
CZK      12,714,000      USD      559,285        07/19/19     

JPMorgan Chase Bank N.A.

     9,945  
CZK      51,249,000      USD      2,289,844        10/03/19     

JPMorgan Chase Bank N.A.

     7,202  
EUR      613,000      USD      692,997        07/31/19     

Bank of America N.A.

     6,757  
EUR      1,604,983      USD      1,813,552        07/17/19     

Barclays Bank Plc

     16,476  
EUR      955,000      USD      1,083,924        07/31/19     

Barclays Bank Plc

     6,231  
EUR      340,000      USD      381,584        07/03/19     

BNP Paribas S.A.

     5,641  
EUR      12,257,500      USD      13,822,966        07/31/19     

BNP Paribas S.A.

     169,256  
EUR      1,870,000      USD      2,110,545        07/17/19     

Citibank N.A.

     21,660  
EUR      856,800      USD      972,125        08/12/19     

Citibank N.A.

     6,827  
EUR      420,000      USD      472,176        07/18/19     

Deutsche Bank AG

     6,754  
EUR      280,000      USD      318,869        07/24/19     

Deutsche Bank AG

     575  
EUR      3,714,680      USD      4,237,150        07/18/19     

HSBC Bank Plc

     (1,265
EUR      1,243,792      USD      1,414,519        07/31/19     

HSBC Bank USA, N.A.

     5,300  
EUR      1,009,500      USD      1,142,084        07/18/19     

JPMorgan Chase Bank N.A.

     9,058  
EUR      8,660,176      USD      9,790,767        07/31/19     

State Street Bank London

     95,026  
EUR      1,441,080      USD      1,635,497        07/18/19     

Toronto Dominion Bank

     7,780  
GBP      609,590      USD      801,385        07/17/19     

Barclays Bank Plc

     (24,971
GBP      97,000      USD      123,371        08/23/19     

Deutsche Bank AG

     378  
HUF      198,385,020      USD      692,111        07/18/19     

Goldman Sachs International

     8,539  
HUF      76,495,000      USD      270,447        07/02/19     

JPMorgan Chase Bank N.A.

     (561
HUF      18,810,000      USD      66,352        07/18/19     

JPMorgan Chase Bank N.A.

     81  
HUF      19,800,000      USD      69,673        07/18/19     

State Street Bank London

     256  
HUF      91,114,810      USD      322,147        07/18/19     

Toronto Dominion Bank

     (350
IDR      2,628,862,600      USD      183,196        07/11/19     

Barclays Bank Plc

     2,705  
IDR      14,389,112,712      USD      1,014,246        07/17/19     

Barclays Bank Plc

     2,604  
IDR      5,778,828,000      USD      396,000        08/28/19     

Barclays Bank Plc

     10,403  
IDR      10,231,484,350      USD      715,150        07/18/19     

Deutsche Bank AG

     7,808  
IDR      16,338,396,718      USD      1,141,401        07/18/19     

HSBC Bank Plc

     13,073  
IDR      11,577,781,490      USD      808,617        07/18/19     

JPMorgan Chase Bank N.A.

     9,470  
IDR      9,116,368,359      USD      632,554        07/25/19     

JPMorgan Chase Bank N.A.

     11,106  
IDR      13,168,674,720      USD      925,057        07/18/19     

Morgan Stanley & Co.

     5,443  
IDR      4,255,752,362      USD      300,259        07/18/19     

Natwest Markets Plc

     453  
ILS      2,726,919      USD      765,303        07/17/19     

Bank of America N.A.

     (29
ILS      4,565,695      USD      1,277,249        07/17/19     

State Street Bank London

     4,054  

 

 

See accompanying Notes to the Schedule of Investments.

108

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Forward Foreign Currency Contracts — (Continued)

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
INR      166,117,000      USD      2,380,923        07/12/19     

Citibank N.A.

   $ 22,488  
INR      106,718,000      USD      1,524,216        07/12/19     

Credit Suisse

     19,800  
INR      139,360,000      USD      2,000,201        07/18/19     

Credit Suisse International

     14,646  
INR      70,696,140      USD      1,015,282        07/18/19     

HSBC Bank Plc

     6,833  
INR      114,023,590      USD      1,635,216        07/18/19     

JPMorgan Chase Bank N.A.

     13,321  
JPY      259,565,000      USD      2,410,251        07/26/19     

Bank of America N.A.

     3,429  
JPY      911,794,000      USD      8,382,652        07/26/19     

BNP Paribas S.A.

     96,069  
JPY      56,790,000      USD      513,101        07/17/19     

Citibank N.A.

     14,625  
JPY      561,684,000      USD      5,061,881        07/26/19     

Citibank N.A.

     161,187  
JPY      646,365,000      USD      5,936,434        07/26/19     

JPMorgan Chase Bank N.A.

     74,078  
JPY      236,963,370      USD      2,198,707        07/18/19     

State Street Bank London

     3,463  
JPY      542,314,810      USD      5,019,690        07/18/19     

Toronto Dominion Bank

     20,201  
KRW      3,873,991,890      USD      3,441,713        07/12/19     

HSBC Bank USA, N.A.

     (85,573
KRW      2,815,875,000      USD      2,380,762        07/12/19     

State Street Bank London

     58,703  
KZT      154,761,760      USD      402,344        07/18/19     

Citibank N.A.

     2,972  
KZT      111,680,260      USD      289,327        10/01/19     

HSBC Bank Plc

     (1,101
KZT      77,629,090      USD      203,404        07/22/19     

Natwest Markets Plc

     (256
KZT      144,304,690      USD      369,302        09/16/19     

Natwest Markets Plc

     4,256  
KZT      152,447,660      USD      394,176        09/30/19     

Natwest Markets Plc

     (658
KZT      96,126,770      USD      244,691        10/15/19     

Natwest Markets Plc

     2,727  
MXN      48,039,000      USD      2,403,332        08/23/19     

BNP Paribas S.A.

     76,039  
MXN      32,200,000      USD      1,651,324        07/17/19     

Citibank N.A.

     20,689  
MXN      41,451,980      USD      2,167,900        07/18/19     

Citibank N.A.

     (15,817
MXN      48,464,838      USD      2,503,512        08/23/19     

Citibank N.A.

     (2,163
MXN      7,303,920      USD      379,899        07/18/19     

Deutsche Bank AG

     (697
MXN      25,348,720      USD      1,333,492        07/18/19     

Goldman Sachs International

     (17,450
MXN      9,200,000      USD      477,043        07/18/19     

HSBC Bank Plc

     599  
MXN      103,818,000      USD      5,391,205        07/02/19     

JPMorgan Chase Bank N.A.

     12,703  
MXN      22,898,000      USD      1,196,565        08/23/19     

JPMorgan Chase Bank N.A.

     (14,762
MXN      13,056,000      USD      672,432        10/03/19     

JPMorgan Chase Bank N.A.

     (3,163
MXN      42,654,060      USD      2,225,267        07/18/19     

Morgan Stanley & Co.

     (10,774
MXN      90,204,000      USD      4,571,103        08/23/19     

Morgan Stanley & Co.

     84,473  
MXN      9,197,210      USD      476,943        07/18/19     

Natwest Markets Plc

     553  
MXN      76,410,000      USD      3,965,497        07/18/19     

State Street Bank London

     1,520  
MYR      1,500,280      USD      361,906        07/18/19     

Goldman Sachs International

     1,060  
MYR      3,983,260      USD      958,187        07/18/19     

Morgan Stanley & Co.

     5,491  
PEN      224,000      USD      66,766        07/25/19     

JPMorgan Chase Bank N.A.

     1,294  
PEN      129,000      USD      38,868        07/26/19     

JPMorgan Chase Bank N.A.

     325  
PHP      16,069,560      USD      310,733        07/18/19     

Credit Suisse International

     2,726  
PHP      11,371,940      USD      218,607        07/18/19     

HSBC Bank Plc

     3,218  
PHP      20,450,360      USD      392,734        07/18/19     

JPMorgan Chase Bank N.A.

     6,179  
PHP      98,094,000      USD      1,877,038        07/25/19     

JPMorgan Chase Bank N.A.

     35,859  
PLN      2,073,000      USD      545,387        08/16/19     

Bank of America N.A.

     11,120  
PLN      3,178,970      USD      844,678        07/18/19     

Citibank N.A.

     8,162  
PLN      1,292,000      USD      338,417        08/16/19     

Citibank N.A.

     8,427  
PLN      3,760,000      USD      1,007,449        07/18/19     

Goldman Sachs International

     1,266  
PLN      51,177,000      USD      13,456,711        07/02/19     

JPMorgan Chase Bank N.A.

     266,609  

 

 

See accompanying Notes to the Schedule of Investments.

109

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Forward Foreign Currency Contracts — (Continued)

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
PLN      45,772,000      USD      12,221,347        10/03/19     

JPMorgan Chase Bank N.A.

   $ 77,343  
PLN      3,410,000      USD      905,480        07/18/19     

State Street Bank London

     9,339  
RON      1,698,560      USD      399,573        07/19/19     

Bank of America N.A.

     9,296  
RON      2,683,330      USD      642,683        07/18/19     

Goldman Sachs International

     3,242  
RON      24,937,000      USD      5,877,566        07/02/19     

JPMorgan Chase Bank N.A.

     125,852  
RON      22,789,000      USD      5,475,493        10/03/19     

JPMorgan Chase Bank N.A.

     799  
RUB      650,000      USD      9,943        07/17/19     

Barclays Bank Plc

     340  
RUB      59,578,340      USD      942,422        07/18/19     

Goldman Sachs International

     (4
RUB      79,214,910      USD      1,228,540        07/18/19     

HSBC Bank Plc

     24,492  
RUB      75,470,060      USD      1,178,724        07/18/19     

Morgan Stanley & Co.

     15,071  
SEK      23,220,000      USD      2,475,123        08/16/19     

BNP Paribas S.A.

     35,795  
THB      270,401,080      USD      8,651,547        07/18/19     

Goldman Sachs International

     168,571  
THB      15,073,780      USD      483,754        07/18/19     

JPMorgan Chase Bank N.A.

     7,932  
THB      20,917,970      USD      669,804        07/18/19     

Morgan Stanley & Co.

     12,512  
TRY      13,968,810      USD      2,259,117        07/17/19     

Citibank N.A.

     134,838  
TRY      8,193,746      USD      1,369,699        07/18/19     

Citibank N.A.

     33,763  
TRY      3,719,674      USD      588,128        07/18/19     

Deutsche Bank AG

     48,995  
TRY      1,860,020      USD      313,748        07/18/19     

Goldman Sachs International

     4,844  
TRY      7,110,160      USD      1,213,501        07/18/19     

HSBC Bank Plc

     4,360  
TRY      10,687,000      USD      1,741,386        07/02/19     

JPMorgan Chase Bank N.A.

     105,283  
TRY      10,333,000      USD      1,701,325        10/03/19     

JPMorgan Chase Bank N.A.

     79  
TRY      10,098,400      USD      1,632,374        07/18/19     

Toronto Dominion Bank

     97,327  
TWD      154,941,000      USD      5,043,652        07/12/19     

BNP Paribas S.A.

     (52,115
TWD      72,300,000      USD      2,301,815        07/12/19     

JPMorgan Chase Bank N.A.

     27,383  
ZAR      16,596,000      USD      1,136,292        09/13/19     

Barclays Bank Plc

     30,029  
ZAR      60,980,870      USD      4,219,276        07/18/19     

Citibank N.A.

     96,645  
ZAR      34,122,000      USD      2,344,913        09/13/19     

Citibank N.A.

     53,087  
ZAR      11,858,100      USD      823,958        07/18/19     

HSBC Bank Plc

     15,299  
ZAR      97,023,000      USD      6,760,476        07/02/19     

JPMorgan Chase Bank N.A.

     119,976  
ZAR      6,103,000      USD      426,349        10/03/19     

JPMorgan Chase Bank N.A.

     1,484  
ZAR      5,078,730      USD      344,461        07/18/19     

Morgan Stanley & Co.

     14,986  
USD      131,952      ARS      6,511,809        07/10/19     

HSBC Bank USA, N.A.

     (19,869
USD      1,326,097      ARS      56,426,000        07/02/19     

JPMorgan Chase Bank N.A.

     (5,238
USD      1,783,900      ARS      76,534,000        07/03/19     

JPMorgan Chase Bank N.A.

     (19,168
USD      240,016      ARS      11,912,000        07/17/19     

JPMorgan Chase Bank N.A.

     (34,858
USD      6,183,853      AUD      8,625,000        07/26/19     

Bank of America N.A.

     126,104  
USD      2,131      AUD      3,001        07/17/19     

Barclays Bank Plc

     24  
USD      99,744      AUD      143,785        08/19/19     

Barclays Bank Plc

     (1,314
USD      442,809      AUD      621,350        07/17/19     

Citibank N.A.

     6,542  
USD      6,089,167      AUD      8,438,049        07/26/19     

Citibank N.A.

     162,721  
USD      1,500,990      AUD      2,158,685        07/17/19     

JPMorgan Chase Bank N.A.

     (14,680
USD      1,374,223      BRL      5,604,081        10/02/19     

Citibank N.A.

     (75,246
USD      366,823      BRL      1,412,820        07/18/19     

Credit Suisse International

     (1,280
USD      192,079      BRL      735,760        07/18/19     

Goldman Sachs International

     381  
USD      192,198      BRL      740,000        07/18/19     

HSBC Bank Plc

     (605
USD      140,478      BRL      545,520        07/18/19     

JPMorgan Chase Bank N.A.

     (1,654
USD      3,024,090      BRL      11,775,200        07/25/19     

JPMorgan Chase Bank N.A.

     (41,943

 

 

See accompanying Notes to the Schedule of Investments.

110

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Forward Foreign Currency Contracts — (Continued)

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
USD      5,790,242      BRL      22,227,200        07/30/19     

JPMorgan Chase Bank N.A.

   $ 5,317  
USD      1,313,635      BRL      5,027,100        07/18/19     

Morgan Stanley & Co.

     3,850  
USD      1,370,339      BRL      5,604,000        10/02/19     

Morgan Stanley & Co.

     (79,109
USD      596,156      CAD      790,000        07/17/19     

Barclays Bank Plc

     (8,613
USD      342,000      CAD      460,520        08/26/19     

BNP Paribas S.A.

     (10,799
USD      5,359,981      CAD      7,229,076        07/26/19     

Citibank N.A.

     (175,275
USD      4,956,826      CAD      6,572,000        07/26/19     

JPMorgan Chase Bank N.A.

     (75,311
USD      390,000      CAD      522,222        08/19/19     

JPMorgan Chase Bank N.A.

     (10,027
USD      369,786      CAD      483,569        10/02/19     

JPMorgan Chase Bank N.A.

     (867
USD      2,411,530      CAD      3,225,000        07/26/19     

State Street Bank London

     (57,831
USD      5,902,959      CLP      4,132,309,996        09/06/19     

BNP Paribas S.A.

     (187,447
USD      1,249,690      CLP      850,094,994        09/06/19     

Credit Suisse International

     (3,222
USD      84,140      CLP      57,263,394        09/06/19     

Deutsche Bank AG

     (257
USD      564,223      CLP      391,796,150        07/18/19     

HSBC Bank Plc

     (13,011
USD      1,448,984      CLP      1,012,260,000        07/25/19     

JPMorgan Chase Bank N.A.

     (42,588
USD      5,583,178      CLP      3,882,728,000        09/06/19     

Morgan Stanley & Co.

     (139,381
USD      1,550,135      CLP      1,073,825,330        07/18/19     

Natwest Markets Plc

     (31,932
USD      1,108,093      COP      3,649,505,080        07/18/19     

Goldman Sachs International

     (28,823
USD      2,811,774      COP      9,180,221,000        07/25/19     

JPMorgan Chase Bank N.A.

     (46,569
USD      1,407,219      COP      4,579,231,030        07/18/19     

Natwest Markets Plc

     (19,332
USD      2,454,815      CZK      56,461,000        07/19/19     

Bank of America N.A.

     (73,049
USD      561,246      CZK      12,667,480        07/18/19     

Citibank N.A.

     (5,890
USD      143,002      CZK      3,240,000        07/18/19     

HSBC Bank Plc

     (2,056
USD      2,605,492      CZK      58,624,000        07/02/19     

JPMorgan Chase Bank N.A.

     (18,345
USD      74,001      CZK      1,655,000        10/03/19     

JPMorgan Chase Bank N.A.

     (178
USD      426,611      EUR      380,000        07/31/19     

Bank of America N.A.

     (7,168
USD      6,900,411      EUR      6,083,417        07/17/19     

Barclays Bank Plc

     (36,000
USD      395,269      EUR      350,000        08/19/19     

Barclays Bank Plc

     (4,840
USD      149,486      EUR      132,960        08/23/19     

Barclays Bank Plc

     (2,556
USD      619,580      EUR      555,000        07/03/19     

BNP Paribas S.A.

     (12,507
USD      15,559,337      EUR      13,744,973        07/31/19     

BNP Paribas S.A.

     (130,871
USD      960,371      EUR      850,000        07/17/19     

Citibank N.A.

     (8,812
USD      5,274,419      EUR      4,667,000        07/31/19     

Citibank N.A.

     (53,071
USD      812,089      EUR      720,000        07/10/19     

Deutsche Bank AG

     (8,396
USD      317,134      EUR      280,000        07/24/19     

Deutsche Bank AG

     (2,310
USD      788,855      EUR      700,000        07/08/19     

Goldman Sachs & Co.

     (8,708
USD      1,205,917      EUR      1,070,000        07/09/19     

Goldman Sachs & Co.

     (13,317
USD      241,436      EUR      213,316        07/31/19     

HSBC Bank USA, N.A.

     (2,069
USD      1,586,525      EUR      1,404,125        07/17/19     

JPMorgan Chase Bank N.A.

     (14,481
USD      2,492,457      EUR      2,219,400        07/18/19     

JPMorgan Chase Bank N.A.

     (38,346
USD      12,491,406      EUR      11,073,430        07/31/19     

JPMorgan Chase Bank N.A.

     (149,173
USD      250,834      EUR      221,255        07/31/19     

Morgan Stanley & Co.

     (1,733
USD      6,070,663      EUR      5,374,200        07/18/19     

Natwest Markets Plc

     (57,588
USD      526,410      EUR      464,150        07/18/19     

State Street Bank London

     (2,864
USD      5,709,119      EUR      5,048,804        07/31/19     

State Street Bank London

     (54,210
USD      645,308      EUR      570,000        07/24/19     

UBS AG London

     (4,987
USD      1,116,470      GBP      875,501        08/23/19     

Bank of America N.A.

     (456

 

 

See accompanying Notes to the Schedule of Investments.

111

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Forward Foreign Currency Contracts — (Continued)

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
USD      273,668      GBP      215,000        07/10/19     

UBS AG London

   $ (75
USD      3,637,540      HKD      28,395,000        07/31/19     

Bank of America N.A.

     2,524  
USD      801,029      HUF      228,639,262        07/18/19     

Citibank N.A.

     (6,473
USD      588,232      HUF      166,828,510        07/18/19     

Deutsche Bank AG

     (969
USD      268,803      HUF      76,495,000        07/02/19     

JPMorgan Chase Bank N.A.

     (1,083
USD      943,069      HUF      270,160,000        07/18/19     

JPMorgan Chase Bank N.A.

     (11,074
USD      356,266      HUF      102,200,000        07/18/19     

Natwest Markets Plc

     (4,681
USD      183,196      IDR      2,628,862,600        07/11/19     

Barclays Bank Plc

     (2,705
USD      1,001,958      IDR      14,389,112,712        10/17/19     

Barclays Bank Plc

     (4,488
USD      995,649      IDR      14,389,112,712        07/17/19     

Citibank N.A.

     (21,202
USD      953,995      IDR      13,596,230,000        07/18/19     

HSBC Bank Plc

     (6,716
USD      1,485,398      IDR      21,253,077,938        07/18/19     

JPMorgan Chase Bank N.A.

     (16,347
USD      254,986      IDR      3,615,957,000        07/25/19     

JPMorgan Chase Bank N.A.

     (318
USD      396,027      IDR      5,778,828,000        08/28/19     

JPMorgan Chase Bank N.A.

     (10,375
USD      1,379,773      ILS      4,940,000        07/17/19     

Bank of America N.A.

     (6,574
USD      154,520      ILS      554,000        07/17/19     

Citibank N.A.

     (953
USD      1,380,660      ILS      4,940,000        07/17/19     

HSBC Bank USA, N.A.

     (5,687
USD      1,380,660      ILS      4,940,000        07/17/19     

JPMorgan Chase Bank N.A.

     (5,687
USD      1,465,304      ILS      5,249,772        07/17/19     

State Street Bank London

     (7,976
USD      2,365,120      INR      166,424,000        07/12/19     

Citibank N.A.

     (42,733
USD      1,216,758      INR      84,896,890        07/18/19     

Citibank N.A.

     (10,668
USD      375,691      INR      26,016,610        07/18/19     

HSBC Bank Plc

     (453
USD      1,830,604      INR      127,742,650        07/18/19     

Morgan Stanley & Co.

     (16,281
USD      4,826,705      JPY      523,999,000        07/26/19     

BNP Paribas S.A.

     (45,932
USD      3,718,172      JPY      397,410,000        07/18/19     

Citibank N.A.

     24,923  
USD      2,426,931      JPY      261,929,000        07/26/19     

Citibank N.A.

     (8,732
USD      370,391      JPY      41,127,000        07/26/19     

HSBC Bank USA, N.A.

     (12,047
USD      9,654,255      JPY      1,045,574,000        07/26/19     

JPMorgan Chase Bank N.A.

     (68,479
USD      3,025,156      JPY      327,899,650        07/18/19     

Morgan Stanley & Co.

     (22,112
USD      15,609,802      KRW      18,235,846,601        07/12/19     

BNP Paribas S.A.

     (188,384
USD      5,057,038      KRW      5,732,658,000        07/12/19     

Citibank N.A.

     90,688  
USD      2,597,051      KRW      3,099,061,000        07/12/19     

Credit Suisse International

     (87,746
USD      3,477,239      KRW      3,873,991,890        07/12/19     

HSBC Bank USA, N.A.

     121,098  
USD      2,482,479      MXN      48,242,000        08/23/19     

BNP Paribas S.A.

     (7,369
USD      1,040,386      MXN      20,051,370        07/18/19     

Citibank N.A.

     (631
USD      2,419,844      MXN      46,986,359        08/23/19     

Citibank N.A.

     (5,199
USD      5,840,339      MXN      112,668,900        07/18/19     

Goldman Sachs International

     (9,150
USD      5,397,888      MXN      103,818,000        07/02/19     

JPMorgan Chase Bank N.A.

     (6,021
USD      2,445,684      MXN      47,720,000        08/23/19     

JPMorgan Chase Bank N.A.

     (17,222
USD      2,042,536      MXN      39,805,000        10/03/19     

JPMorgan Chase Bank N.A.

     2,076  
USD      6,039,710      MXN      118,893,000        08/23/19     

Morgan Stanley & Co.

     (96,552
USD      384,106      MXN      7,406,340        07/18/19     

Natwest Markets Plc

     (412
USD      183,536      MXN      3,531,160        07/18/19     

State Street Bank London

     207  
USD      2,419,063      MXN      46,986,000        08/23/19     

State Street Bank London

     (5,961
USD      636,138      MXN      12,186,070        07/18/19     

Toronto Dominion Bank

     3,468  
USD      2,633,450      MYR      11,025,993        09/06/19     

HSBC Bank USA, N.A.

     (31,920
USD      2,622,452      MYR      11,024,000        09/06/19     

JPMorgan Chase Bank N.A.

     (42,436

 

 

See accompanying Notes to the Schedule of Investments.

112

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Forward Foreign Currency Contracts — (Continued)

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
USD      713,800      MYR      2,969,410        07/18/19     

Morgan Stanley & Co.

   $ (4,595
USD      2,495,468      PEN      8,325,130        07/18/19     

Credit Suisse International

     (34,837
USD      3,047,739      PEN      10,170,000        07/18/19     

HSBC Bank Plc

     (43,288
USD      2,625,447      PHP      137,280,000        09/06/19     

Citibank N.A.

     (46,526
USD      372,406      PHP      19,156,580        07/18/19     

Goldman Sachs International

     (1,269
USD      63,119      PHP      3,233,000        07/25/19     

JPMorgan Chase Bank N.A.

     73  
USD      191,663      PHP      10,000,000        09/06/19     

JPMorgan Chase Bank N.A.

     (2,974
USD      2,669,140      PLN      10,056,680        07/18/19     

Goldman Sachs International

     (28,818
USD      13,599,634      PLN      51,177,000        07/02/19     

JPMorgan Chase Bank N.A.

     (123,684
USD      121,599      PLN      454,000        10/03/19     

JPMorgan Chase Bank N.A.

     (389
USD      295,623      PLN      1,103,000        07/18/19     

State Street Bank London

     (285
USD      812,745      RON      3,446,000        07/19/19     

Barclays Bank Plc

     (16,758
USD      168,880      RON      713,561        07/19/19     

BNP Paribas S.A.

     (2,885
USD      148,157      RON      620,000        07/18/19     

Citibank N.A.

     (1,088
USD      153,126      RON      641,000        07/19/19     

Citibank N.A.

     (1,172
USD      197,997      RON      846,923        07/19/19     

Deutsche Bank AG

     (5,870
USD      591,036      RON      2,468,580        07/18/19     

Goldman Sachs International

     (3,195
USD      813,504      RON      3,446,000        07/19/19     

HSBC Bank USA, N.A.

     (15,999
USD      5,982,917      RON      24,937,000        07/02/19     

JPMorgan Chase Bank N.A.

     (20,502
USD      137,679      RON      570,000        07/18/19     

JPMorgan Chase Bank N.A.

     470  
USD      495,078      RON      2,102,009        07/19/19     

JPMorgan Chase Bank N.A.

     (10,906
USD      138,931      RON      579,000        10/03/19     

JPMorgan Chase Bank N.A.

     (205
USD      407,050      RON      1,723,000        07/19/19     

Morgan Stanley & Co.

     (7,702
USD      2,209,601      RUB      146,860,000        07/17/19     

Barclays Bank Plc

     (113,778
USD      372,172      RUB      23,525,000        07/18/19     

Goldman Sachs International

     50  
USD      3,917,097      RUB      251,917,890        07/18/19     

HSBC Bank Plc

     (67,773
USD      4,239,331      RUB      273,373,000        07/25/19     

JPMorgan Chase Bank N.A.

     (80,663
USD      585,716      RUB      37,743,520        07/18/19     

Morgan Stanley & Co.

     (11,316
USD      1,566,012      SEK      14,921,000        08/16/19     

Barclays Bank Plc

     (47,485
USD      3,125,914      SEK      29,843,474        08/16/19     

Citibank N.A.

     (101,239
USD      1,566,591      SEK      14,921,000        08/16/19     

JPMorgan Chase Bank N.A.

     (46,905
USD      3,950,594      THB      125,380,000        09/06/19     

Bank of America N.A.

     (144,176
USD      3,946,823      THB      125,378,710        09/06/19     

Citibank N.A.

     (147,905
USD      1,230,725      THB      37,862,020        07/18/19     

Goldman Sachs International

     (4,283
USD      2,628,514      THB      80,422,000        07/30/19     

JPMorgan Chase Bank N.A.

     4,526  
USD      1,255,964      THB      38,539,260        07/18/19     

Morgan Stanley & Co.

     (1,135
USD      302,561      TRY      1,892,000        07/17/19     

Citibank N.A.

     (21,687
USD      1,274,299      TRY      7,556,980        07/18/19     

Citibank N.A.

     (20,096
USD      68,399      TRY      430,930        07/18/19     

Goldman Sachs International

     (5,413
USD      584,460      TRY      3,608,440        07/17/19     

HSBC Bank Plc

     (33,950
USD      1,326,005      TRY      7,791,720        07/18/19     

HSBC Bank Plc

     (8,596
USD      1,845,579      TRY      10,687,000        07/02/19     

JPMorgan Chase Bank N.A.

     (1,091
USD      1,205,801      TRY      7,133,000        07/19/19     

JPMorgan Chase Bank N.A.

     (15,303
USD      109,044      TRY      663,000        10/03/19     

JPMorgan Chase Bank N.A.

     (124
USD      382,290      TRY      2,393,190        07/17/19     

Toronto Dominion Bank

     (27,852
USD      193,598      TRY      1,161,460        07/18/19     

Toronto Dominion Bank

     (5,343
USD      2,537,413      TWD      77,988,000        07/12/19     

Barclays Bank Plc

     24,973  

 

 

See accompanying Notes to the Schedule of Investments.

113

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Forward Foreign Currency Contracts — (Continued)

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
USD      4,853,756      TWD      149,253,000        07/12/19     

State Street Bank London

   $ 45,461  
USD      3,073,959      ZAR      45,398,512        09/13/19     

Bank of America N.A.

     (116,523
USD      3,582,109      ZAR      52,824,921        09/13/19     

Barclays Bank Plc

     (130,281
USD      3,642,729      ZAR      53,878,789        09/13/19     

BNP Paribas S.A.

     (143,724
USD      1,536,925      ZAR      22,976,026        09/13/19     

Citibank N.A.

     (77,766
USD      298,967      ZAR      4,282,950        07/18/19     

Deutsche Bank AG

     (4,159
USD      6,319,100      ZAR      93,266,960        07/18/19     

Goldman Sachs International

     (281,874
USD      6,785,113      ZAR      97,023,000        07/02/19     

JPMorgan Chase Bank N.A.

     (95,342
USD      262,167      ZAR      3,750,000        07/18/19     

JPMorgan Chase Bank N.A.

     (3,240
USD      4,825,524      ZAR      69,821,000        10/03/19     

JPMorgan Chase Bank N.A.

     (69,076
USD      551,433      ZAR      8,051,380        07/18/19     

Natwest Markets Plc

     (18,404
USD      1,010,175      ZAR      15,102,520        09/13/19     

State Street Bank London

     (51,188
                 

 

 

 
   $ (580,368
                 

 

 

 

Futures Contracts

 

Number of
Contracts

        

Description

      

Expiration Date

    

Notional
Value

    

Market Value/
Unrealized
Appreciation
(Depreciation)

 
  Buys                  
  10       

10 Yr Australian Bond Futures

       Sep 2019      $ 1,008,065      $ 6,649  
  30       

U.S. Long Bond

       Sep 2019        4,667,812        121,538  
  180       

U.S. Treasury Note 10-Year

       Sep 2019        23,034,375        328,482  
  1       

U.S. Treasury Note 2-Year

       Sep 2019        215,180        1,537  
  317       

U.S. Treasury Note 5-Year

       Sep 2019        37,455,531        (1,939
  35       

U.S. Ultra 10-Year

       Sep 2019        4,834,375        32,151  
  63       

U.S. Ultra Bond

       Sep 2019        11,186,438        379,454  
               

 

 

 
                $ 867,872  
               

 

 

 
  Sales                  
  6       

30 Day Federal Funds

       Aug 2019      $ 2,449,071      $ (1,074
  16       

30 Day Federal Funds

       Jan 2020        6,556,858        (10,364
  82       

Euro-BTP

       Sep 2019        12,541,153        (484,897
  25       

Euro-Bund

       Sep 2019        4,917,910        (53,170
  14       

Euro-Buxl

       Sep 2019        3,234,876        (98,225
  61       

Euro-OAT

       Sep 2019        11,452,995        (192,740
  5       

Long Gilt

       Sep 2019        829,164        (9,427
  60       

U.S. Treasury Note 10-Year

       Sep 2019        7,678,125        (64,271
  182       

U.S. Treasury Note 5-Year

       Sep 2019        21,504,438        (289,821
  66       

U.S. Ultra Bond

       Sep 2019        11,719,125        (281,063
               

 

 

 
                $ (1,485,052
               

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

114

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Written Options

Written Currency Options

 

Type of Contract

   Counterparty    Notional
Value
   Premiums
Received
   Value at
June 30, 2019

CALL — EUR/USD Option

       Citibank N.A.      USD  (4,800,000)        $ (7,907 )      $ (10,042 )

Strike @ $ 1.15

                   

Expires 07/16/2019

                   

CALL — USD/AUD Option

       UBS Securities LLC      USD  (2,980,000)          (25,753 )        (4,744 )

Strike @ AUD 0.68

                   

Expires 08/15/2019

                   

CALL — USD/CAD Option

       UBS Securities LLC      USD  (1,710,000)          (5,694 )        (716 )

Strike @ CAD 1.36

                   

Expires 08/16/2019

                   

CALL — USD/CAD Option

       UBS Securities LLC      USD  (1,520,000)          (6,513 )        (368 )

Strike @ CAD 1.37

                   

Expires 08/23/2019

                   

CALL — USD/CAD Option

       UBS Securities LLC      USD  (1,670,000)          (7,198 )        (7,198 )

Strike @ CAD 1.33

                   

Expires 10/01/2019

                   

CALL — USD/EUR Option

       UBS Securities LLC      USD  (1,710,000)          (5,301 )        (1,720 )

Strike @ EUR 1.11

                   

Expires 08/15/2019

                   

CALL — USD/EUR Option

       UBS Securities LLC      USD  (720,000)          (2,966 )        (421 )

Strike @ EUR 1.10

                   

Expires 08/21/2019

                   

CALL — USD/KRW Option

       Morgan Stanley & Co.      USD  (7,100,000)          (43,026 )        (12,049 )

Strike @ KRW 1,195.00

                   

Expires 08/07/2019

                   

PUT — USD/CAD Option

       Citibank N.A.      USD  (7,200,000)          (24,660 )        (97,625 )

Strike @ CAD 1.32

                   

Expires 08/05/2019

                   

PUT — USD/IDR Option

       UBS Securities LLC      USD  (676,000)          (3,677 )        (786 )

Strike @ IDR 13,990.00

                   

Expires 07/09/2019

                   

PUT — USD/IDR Option

       UBS Securities LLC      USD  (1,440,000)          (8,151 )        (14,442 )

Strike @ IDR 14,197.00

                   

Expires 08/26/2019

                   
              

 

 

      

 

 

 

Total Written Currency Options

 

     $ (140,846 )      $ (150,111 )
              

 

 

      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

115

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Written Futures Options

 

Type of Contract

   Counterparty    Number of
Contracts
   Notional
Value
   Premiums
Received
   Value at
June 30, 2019

PUT — U.S. Treasury Note 10-Year Futures Option

       UBS Securities LLC        12      $ (1,535,625 )      $ (4,292 )      $ (1,688 )

Strike @ $ 126.50

                        

Expires 07/26/2019

                        

PUT — U.S. Treasury Note 10-Year Futures Option

       UBS Securities LLC        24        (3,071,250 )        (10,458 )        (10,125 )

Strike @ $ 127.50

                        

Expires 07/26/2019

                        

PUT — S&P E-mini Futures Option

       UBS Securities LLC        36        (5,299,650 )        (21,512 )        (1,530 )

Strike @ $ 2,500.00

                        

Expires 07/19/2019

                        

PUT — S&P E-mini Futures Option

       UBS Securities LLC        21        (3,091,463 )        (13,956 )        (1,732 )

Strike @ $ 2,600.00

                        

Expires 07/19/2019

                        

PUT — S&P E-mini Futures Option

       UBS Securities LLC        19        (2,797,038 )        (6,610 )        (6,175 )

Strike @ $ 2,600.00

                        

Expires 08/16/2019

                        
                   

 

 

      

 

 

 

Total Written Futures Options

 

     $ (56,828 )      $ (21,250 )
                   

 

 

      

 

 

 

Written Swaptions

 

Type of Contract

   Counterparty    Notional
Value
   Premiums
Received
   Value at
June 30, 2019

PUT — CDX.NA.IG.32 Index Option

       Citibank N.A.      USD  (27,915,000)        $ (69,788 )      $ (8,947 )

Strike @ 62.50

              

Expires 07/17/2019

              
              

 

 

      

 

 

 

Total Written Swaptions

 

     $ (69,788 )      $ (8,947 )
              

 

 

      

 

 

 

Total Written Options

 

     $ (267,462 )      $ (180,308 )
              

 

 

      

 

 

 

OTC - Interest Rate Swaps

 

Payments
Received by Fund

  Payments
Made by Fund
  Maturity
Date
 

Counterparty

 

Upfront
Premiums
Paid
(Received)

    Notional
Value
    Market
Value
    Unrealized
Appreciation
(Depreciation)
 
12-Month US CPI   2.32%   09/14/23   HSBC Sec. New York   $   —     $ 11,300,000     $ (330,547   $ (330,547
12-Month US CPI   1.95%   03/28/24   Merrill Lynch Capital Services, Inc.           2,150,000       (11,391     (11,391
12-Month US CPI   1.91%   05/23/24   Bank of America N.A.           2,225,000       (9,832     (9,832
12-Month US CPI   1.90%   05/24/24   Bank of America N.A.           3,869,565       (16,673     (16,673
12-Month US CPI   1.90%   01/15/24   HSBC Sec. New York           1,635,000       (11,714     (11,714
12-Month US CPI   1.89%   05/24/24   Morgan Stanley & Co.           2,805,435       (10,600     (10,600
       

 

 

     

 

 

   

 

 

 
    $  —       $ (390,757   $ (390,757
       

 

 

     

 

 

   

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

116

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Centrally Cleared Interest Rate Swaps

 

Payments
Received by Fund

 

Payments
Made by Fund

  Maturity
Date
  Upfront
Premiums
Paid
(Received)
    Notional
Value
    Market
Value
    Unrealized
Appreciation
(Depreciation)
 
3-Month USD CDOR  

3.01%

  10/31/48   $     CAD  150,000     $ (24,101   $ (24,101
3-Month USD CDOR  

2.94%

  09/25/48         CAD 40,000       (5,968     (5,968
3-Month USD CDOR  

2.81%

  09/12/48         CAD 1,710,000       (214,647     (214,647
3-Month USD CDOR  

2.53%

  04/16/49     1     CAD 50,000       (3,952     (3,953
3-Month USD CDOR  

2.44%

  04/05/49     1     CAD 80,000       (4,984     (4,985
3-Month USD CDOR  

2.43%

  03/20/49     1     CAD 150,000       (9,102     (9,103
1.70%  

3-Month USD CDOR

  06/21/24         CAD 6,171,533       (5,263     (5,263
1.71%  

3-Month USD CDOR

  06/21/24         CAD 5,846,715       (7,975     (7,975
1.71%  

3-Month USD CDOR

  06/21/24         CAD 5,781,752       (2,805     (2,805
1.83%  

3-Month USD CDOR

  05/28/24     (233   CAD 6,256,591       13,607       13,840  
1.83%  

3-Month USD CDOR

  05/28/24     (233   CAD 6,256,590       14,175       14,408  
3-Month USD LIBOR  

2.88%

  05/15/44     10,379     USD  1,924,000       (248,448     (258,827
3-Month USD LIBOR  

2.75%

  08/15/44     (10,220   USD 2,295,000       (241,223     (231,003
3-Month USD LIBOR  

2.50%

  01/31/26     (122,884   USD 9,095,000       (387,452     (264,568
3-Month USD LIBOR  

2.30%

  04/26/23     661     USD 9,792,000       (55,266     (55,927
3-Month USD LIBOR  

2.25%

  12/31/25     21,665     USD 4,216,000       (113,437     (135,102
3-Month USD LIBOR  

1.80%

  06/28/21         USD 24,600,000       (4,005     (4,005
2.01%  

3-Month USD LIBOR

  06/28/20         USD  84,000,000       7,086       7,086  
2.25%  

3-Month USD LIBOR

  04/26/22     2,223     USD 9,612,000       60,109       57,886  
6-Month USD EURIBOR  

0.86%

  12/11/28         EUR 9,900,000       (788,682     (788,682
6-Month USD LIBOR  

1.45%

  03/08/69         GBP 520,000       (59,884     (59,884
6-Month USD LIBOR  

1.43%

  04/05/69         GBP 25,000       (2,683     (2,683
6-Month USD LIBOR  

1.27%

  10/26/21     656     GBP 1,348,000       (14,852     (15,508
6-Month USD LIBOR  

0.58%

  03/22/29         EUR 1,200,000       (57,355     (57,355
6-Month USD PRIBOR  

1.99%

  04/09/24         CZK 7,000,000       (4,655     (4,655
6-Month USD PRIBOR  

1.87%

  03/27/24         CZK 6,700,820       (2,693     (2,693
6-Month USD PRIBOR  

1.87%

  03/28/24         CZK 20,102,459       (8,105     (8,105
6-Month USD PRIBOR  

1.86%

  03/29/24         CZK 72,656,060       (27,353     (27,353
6-Month USD PRIBOR  

1.83%

  04/01/24         CZK 3,832,803       (1,253     (1,253
6-Month USD PRIBOR  

1.83%

  04/01/24         CZK 3,832,803       (1,232     (1,232
6-Month USD PRIBOR  

1.82%

  04/02/24         CZK 8,176,646       (2,460     (2,460
6-Month USD PRIBOR  

1.80%

  04/01/24         CZK 3,832,803       (990     (990
6-Month USD PRIBOR  

1.79%

  04/01/24         CZK 3,832,803       (910     (910
6-Month USD PRIBOR  

1.78%

  04/01/24         CZK 3,832,803       (829     (829
6-Month USD WIBOR  

2.98%

  09/17/28         PLN 34,190,000       (697,627     (697,627
6-Month USD WIBOR  

2.93%

  11/05/28         PLN 1,135,000       (21,867     (21,867
6-Month USD WIBOR  

2.47%

  01/14/29         PLN 3,300,000       (28,316     (28,316
6-Month USD WIBOR  

2.33%

  03/25/29         PLN 6,980,000       (35,847     (35,847
           

 

 

 
  $ (2,893,261
           

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

117

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

OTC Credit Default Swaps

Buy Protection

 

Notional
Amount*
    Currency     Expiration
Date
   

Counterparty

  Receive
(Pay)
Fixed
Rate
   

Deliverable
on Default

  Unrealized
Appreciation
(Depreciation)
    Upfront
Premiums
Paid/(Received)
    Value  
  214,942       EUR       06/20/24    

Citibank N.A.

    5.00   ArcelorMittal SA, 2.88%, 07/06/20   $ 4,733     $ 35,450     $ 40,183  
  5,640,000       USD       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Bank of China Ltd., 3.13%, 01/23/19     (63,074     (56,485     (119,559
  820,000       USD       12/20/23    

Barclays Bank Plc

    (1.00 %)    Bank of China Ltd., 3.13%, 01/23/19     (9,771     (7,612     (17,383
  200,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    BMW AG, 0.13%, 01/12/21     (3,955     (1,783     (5,738
  950,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    BMW AG, 0.13%, 01/12/21     (17,860     (9,395     (27,255
  345,000       EUR       06/20/24    

Barclays Bank Plc

    (1.00 %)    BMW AG, 0.13%, 01/12/21     (3,451     (6,283     (9,734
  560,000       USD       06/20/24    

Barclays Bank Plc

    (1.00 %)    Campbell Soup Co., 4.25%, 04/15/21     1,576       (5,503     (3,927
  2,200,000       USD       11/17/59    

Morgan Stanley & Co.

    (3.00 %)    CMBX.NA.BBB-.10**     (9,311     79,841       70,530  
  115,207       USD       11/17/59    

Credit Suisse

    (3.00 %)    CMBX.NA.BBB-.10**     (2,519     6,212       3,693  
  1,627,217       USD       11/17/59    

Morgan Stanley & Co.

    (3.00 %)    CMBX.NA.BBB-.10**     (39,626     91,793       52,167  
  757,576       USD       11/17/59    

Credit Suisse

    (3.00 %)    CMBX.NA.BBB-.10**     (17,600     41,887       24,287  
  200,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Daimler AG, 0.63%, 03/05/20     (5,184     (111     (5,295
  415,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Daimler AG, 0.63%, 03/05/20     (8,945     (2,041     (10,986
  415,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Daimler AG, 0.63%, 03/05/20     (9,397     (1,589     (10,986
  212,000       EUR       12/20/23    

Barclays Bank Plc

    (1.00 %)    Daimler AG, 0.63%, 03/05/20     (4,514     (1,098     (5,612
  335,893       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Daimler AG, 0.63%, 03/05/20     (6,682     (2,210     (8,892
  310,000       EUR       12/20/23    

Barclays Bank Plc

    (1.00 %)    Daimler AG, 0.63%, 03/05/20     (6,167     (2,040     (8,207
  230,000       EUR       06/20/24    

Merrill Lynch Capital Services, Inc.

    (1.00 %)    Daimler AG, 0.63%, 03/05/20     (3,243     (2,689     (5,932
  222,449       EUR       06/20/24    

Merrill Lynch Capital Services, Inc.

    (5.00 %)    Fiat Chrysler Automobiles NV, 4.50%, 04/15/20     (1,939     (45,449     (47,388
  222,449       EUR       06/20/24    

Merrill Lynch Capital Services, Inc.

    (5.00 %)    Fiat Chrysler Automobiles NV, 4.50%, 04/15/20     (1,792     (45,596     (47,388
  70,190       EUR       06/20/24    

Merrill Lynch Capital Services, Inc.

    (5.00 %)    Glencore International AG, 6.50%, 02/27/19     (65     (14,202     (14,267
  63,170       EUR       06/20/24    

Merrill Lynch Capital Services, Inc.

    (5.00 %)    Glencore International AG, 6.50%, 02/27/19     (17     (12,823     (12,840
  140,379       EUR       06/20/24    

Merrill Lynch Capital Services, Inc.

    (5.00 %)    Glencore International AG, 6.50%, 02/27/19     (399     (28,135     (28,534
  70,190       EUR       06/20/24    

Merrill Lynch Capital Services, Inc.

    (5.00 %)    Glencore International AG, 6.50%, 02/27/19     (109     (14,158     (14,267
  4,060,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (5.00 %)    Glencore International AG, 6.50%, 02/27/19     (76,677     (704,056     (780,733
  170,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (5.00 %)    Glencore International AG, 0.0338, 09/30/20     (2,704     (29,987     (32,691

 

 

See accompanying Notes to the Schedule of Investments.

118

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

OTC Credit Default Swaps — continued

Buy Protection — continued

 

Notional
Amount*
    Currency     Expiration
Date
   

Counterparty

  Receive
(Pay)
Fixed
Rate
   

Deliverable
on Default

  Unrealized
Appreciation
(Depreciation)
    Upfront
Premiums
Paid/(Received)
    Value  
  600,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (5.00 %)    Glencore International AG, 6.50%, 02/27/19   $ (17,894   $ (97,485   $ (115,379
  191,071       EUR       06/20/24    

Merrill Lynch Capital Services, Inc.

    (5.00 %)    Glencore International AG, 6.50%, 02/27/19     212       (39,050     (38,838
  525,000       USD       06/20/24    

Citibank N.A.

    (1.00 %)    Hess Corp., 3.50%, 07/15/24     (1,790     6,041       4,251  
  87,000       USD       06/20/24    

Citibank N.A.

    (1.00 %)    Hess Corp., 3.50%, 07/15/24     (297     1,001       704  
  385,000       USD       06/20/24    

Barclays Bank Plc

    (1.00 %)    Hess Corp., 3.50%, 07/15/24     (1,217     4,334       3,117  
  440,000       USD       06/20/24    

JPMorgan Chase Bank N.A.

    (1.00 %)    Hess Corp., 3.50%, 07/15/24     (1,293     4,855       3,562  
  350,000       USD       06/20/24    

Barclays Bank Plc

    (1.00 %)    Hess Corp., 3.50%, 07/15/24     (383     3,217       2,834  
  1,000,000       USD       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Kingdom of Bahrain, 5.50%, 03/31/20     (17,786     78,228       60,442  
  162,037       USD       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Kingdom of Bahrain, 5.50%, 03/31/20     (1,596     11,390       9,794  
  324,074       USD       12/20/23    

Barclays Bank Plc

    (1.00 %)    Kingdom of Bahrain, 5.50%, 03/31/20     (2,480     22,068       19,588  
  213,889       USD       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Kingdom of Bahrain, 5.50%, 03/31/20     (253     13,181       12,928  
  120,000       USD       06/20/24    

Barclays Bank Plc

    (1.00 %)    Kingdom of Bahrain, 5.50%, 03/31/20     540       7,970       8,510  
  200,000       EUR       12/20/23    

Morgan Stanley & Co.

    (1.00 %)    Volkswagen AG, 5.50%, 03/30/21     (4,998     2,415       (2,583
  302,272       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Volkswagen AG, 5.50%, 03/30/21     (7,823     3,919       (3,904
  770,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    (1.00 %)    Volkswagen AG, 5.50%, 03/30/21     (9,486     (458     (9,944
  350,000       EUR       06/20/24    

Barclays Bank Plc

    (1.00 %)    Volkswagen AG, 5.50%, 03/30/21     (4,436     1,214       (3,222
           

 

 

   

 

 

   

 

 

 
          Total Buy Protection   $ (359,672   $ (715,222   $ (1,074,894
           

 

 

   

 

 

   

 

 

 
  Sell Protection  
  124,511       EUR       06/20/24    

Citibank N.A.

    5.00   ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)     2,741       20,536       23,277  
  379,311       EUR       06/20/24    

Citibank N.A.

    5.00   ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)     8,354       62,558       70,912  
  252,873       EUR       06/20/24    

Citibank N.A.

    5.00   ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)     5,570       41,705       47,275  

 

 

See accompanying Notes to the Schedule of Investments.

119

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

OTC Credit Default Swaps — continued

Sell Protection — continued

 

Notional
Amount*
    Currency     Expiration
Date
   

Counterparty

  Receive
(Pay)
Fixed
Rate
   

Deliverable
on Default

  Unrealized
Appreciation
(Depreciation)
    Upfront
Premiums
Paid/(Received)
    Value  
  128,363       EUR       06/20/24    

Citibank N.A.

    5.00   ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)   $ 2,825     $ 21,172     $ 23,997  
  150,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    5.00   ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)     3,506       23,477       26,983  
  810,000       EUR       12/20/23    

JPMorgan Chase Bank N.A.

    5.00   ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)     (18,218     163,925       145,707  
  114,583       EUR       12/20/23    

BNP Paribas S.A.

    5.00   ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)     1,500       19,112       20,612  
  114,583       EUR       12/20/23     Barclays Bank Plc     5.00%     ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)     1,639       18,973       20,612  
           

 

 

   

 

 

   

 

 

 
          Total Sell Protection   $ 7,917       $371,458     $ 379,375  
 

 

 

   

 

 

   

 

 

 
     

Total OTC Credit Default Swaps

  $ (351,755     $(343,764)     $ (695,519
 

 

 

   

 

 

   

 

 

 

Centrally Cleared Credit Default Swaps

Buy Protection

 

Notional
Amount*
    Currency     Expiration
Date
    Receive
(Pay)
Fixed
Rate
 

Deliverable
on Default

  Unrealized
Appreciation
(Depreciation)
    Upfront
Premiums
Paid
(Received)
    Value  
  1,330,000       USD       06/20/24     (5.00%)   CDX.NA.HY.30***   $ 107     $ (99,883   $ (99,776
  9,000,000       USD       06/20/24     (5.00%)   CDX.NA.IG.31****     (162,177     (513,000     (675,177
  7,700,000       USD       06/20/24     (5.00%)   CDX.NA.IG.31****     (4,193     (573,458     (577,651
  4,500,000       USD       06/20/24     (5.00%)   CDX.NA.IG.31****     (18,538     (319,050     (337,588
  10,500,000       USD       06/20/24     (1.00%)   CDX.NA.IG.31****     (49,129     (174,439     (223,568
  8,609,044       USD       06/20/24     (5.00%)   CDX.NA.IG.31****     (215,396     (430,452     (645,848
  8,075,000       USD       06/20/24     (5.00%)   CDX.NA.IG.31****     (202,034     (403,750     (605,784
  2,255,000       USD       06/20/24     (5.00%)   CDX.NA.IG.31****     (56,419     (112,750     (169,169
  3,100,000       USD       06/20/24     (5.00%)   CDX.NA.IG.31****     (4,850     (227,711     (232,561
  250,000       USD       06/20/24     (1.00%)   CDX.NA.IG.31****     (175     (5,149     (5,324
  250,000       USD       06/20/20     (5.00%)   CDX.NA.IG.31****     13,587       (19,225     (5,638
  10,900,000       USD       06/20/24     (1.00%)   CDX.NA.IG.31****     (56,914     (175,171     (232,085
  10,200,000       EUR       06/20/24     (1.00%)   iTraxx Europe Crossover S30 Index     (91,617     (185,637     (277,254
  5,300,000       EUR       06/20/24     (5.00%)   iTraxx Europe Crossover S30 Index     (63,310     (620,553     (683,863
  10,600,000       EUR       06/20/24     (1.00%)   iTraxx Europe Crossover S30 Index     (95,917     (192,210     (288,127

 

 

See accompanying Notes to the Schedule of Investments.

120

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Centrally Cleared Credit Default Swaps — continued

Buy Protection — continued

 

Notional
Amount*
    Currency     Expiration
Date
    Receive
(Pay)
Fixed
Rate
 

Deliverable
on Default

  Unrealized
Appreciation
(Depreciation)
    Upfront
Premiums
Paid
(Received)
    Value  
  21,000,000       EUR       06/20/24     (1.00%)   iTraxx Europe Crossover S30 Index   $ (190,023   $ (380,794   $ (570,817
  11,000,000       EUR       06/20/24     (1.00%)   iTraxx Europe Crossover S30 Index     (79,078     (219,922     (299,000
         

 

 

   

 

 

   

 

 

 
  $ (1,276,076   $ (4,653,154   $ (5,929,230
         

 

 

   

 

 

   

 

 

 

 

  *

The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.

 

  **

The CMBX Index tracks the performance of a basket of twenty five commercial mortgage backed securities. The BBB- tranche represents underlying security tranches with an initial rating of BBB-.

 

  ***

CDX.NA.HY — Markit North America High Yield CDS Index. Represents an index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated BB and B.

 

****

CDX.NA.IG — Markit North America Investment Grade CDS Index. Represents an investment grade index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated investment grade or higher.Rating represents a weighted average of the credit ratings of all the companies underlying the single name CDS within the index.

U.S. Treasury securities in the amount of $284,000 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

Currency Abbreviations

 

ARS

— Argentine Peso

AUD

— Australian Dollar

BRL

— Brazilian Real

CAD

— Canadian Dollar

CHF

— Swiss Franc

CLP

— Chilean Peso

CNH

— Chinese Yuan Renminbi

COP

— Colombian Peso

CZK

— Czech Koruna

EGP

— Egyptian Pound

EUR

— Euro Currency

GBP

— British Pound Sterling

HKD

— Hong Kong Dollar

HUF

— Hungarian Forint

IDR

— Indonesian Rupiah

ILS

— Israeli Shekel

 

 

See accompanying Notes to the Schedule of Investments.

121

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Currency Abbreviations — continued

 

INR

— Indian Rupee

JPY

— Japanese Yen

KRW

— South Korean Won

KZT

— Kazakhstani Tenge

MXN

— Mexican Peso

MYR

— Malaysian Ringgit

PEN

— Peruvian Nuevo Sol

PHP

— Philippines Peso

PLN

— Polish Zloty

RON

— Romanian New Leu

RUB

— Russian Ruble

SEK

— Swedish Krona

THB

— Thai Baht

TRY

— Turkish New Lira

TWD

— Taiwan Dollar

USD

— U.S. Dollar

UYU

— Uruguayan Peso

ZAR

— South African Rand

 

 

See accompanying Notes to the Schedule of Investments.

122

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Asset Class Summary (Unaudited)    % of Net Assets

Sovereign Debt Obligations

       42.1

Corporate Debt

       27.1

U.S. Government and Agency Obligations

       12.3

Bank Loans

       5.6

Asset Backed Securities

       3.0

Mortgage Backed Securities — Private Issuers

       2.3

Convertible Debt

       0.3

Mortgage Backed Securities — U.S. Government Agency Obligations

       0.2

Common Stocks

       0.1

Purchased Currency Options

       0.1

Purchased Swaptions

       0.0 *

Purchased Index Options

       0.0 *

Convertible Preferred Stock

       0.0 *

Purchased Futures Options

       0.0 *

Preferred Stock

       0.0 *

Written Swaptions

       0.0 *

Written Futures Options

       0.0 *

Written Currency Options

       0.0 *

OTC Interest Rate Swaps

       0.0 *

Futures Contracts

       (0.1 )

OTC Credit Default Swaps

       (0.1 )

Centrally Cleared Interest Rate Swaps

       (0.4 )

Centrally Cleared Credit Default Swaps

       (0.7 )

Forward Foreign Currency Contracts

       (9.0 )

Short-Term Investments

       4.6

Other Assets and Liabilities (net)

       12.6
    

 

 

 
       100.0 %
    

 

 

 

* Amount rounds to zero.

 

 

See accompanying Notes to the Schedule of Investments.

123

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
   

COMMON STOCKS — 82.4%

 

          Bermuda — 1.6%  
  336,000      

Beijing Enterprises Water Group, Ltd.*

     199,557  
  814,000      

China Oriental Group Co., Ltd.

     476,157  
  44,000      

China Resources Gas Group, Ltd.

     218,240  
  510,688      

COSCO SHIPPING Ports, Ltd.

     503,988  
  748,000      

CP Pokphand Co., Ltd.

     64,148  
  27,930      

Credicorp, Ltd.

     6,393,456  
  1,468,000      

Gemdale Properties & Investment Corp., Ltd.

     174,751  
  1,716,000      

Haier Electronics Group Co., Ltd.*

     4,744,397  
  224,000      

Hopson Development Holdings, Ltd.

     242,278  
  19,300      

Jardine Matheson Holdings, Ltd.

     1,216,286  
  1,264,000      

Joy City Property, Ltd.

     158,556  
  408,000      

K Wah International Holdings, Ltd.

     238,141  
  664,000      

Kunlun Energy Co., Ltd.

     578,796  
  132,500      

Luye Pharma Group, Ltd.‡ 144A

     95,994  
  1,500,000      

Nan Hai Corp., Ltd.

     29,952  
  498,000      

Nine Dragons Paper Holdings, Ltd.

     441,746  
  220,298      

Shenzhen International Holdings, Ltd.

     437,071  
  1,431,000      

Sihuan Pharmaceutical Holdings Group, Ltd.

     322,376  
  224,000      

United Energy Group, Ltd.* ‡

     43,868  
  15,796      

VEON, Ltd., ADR‡

     44,229  
      

 

 

 
   

Total Bermuda

     16,623,987  
      

 

 

 
          Brazil — 6.4%  
  566,929      

Ambev SA, ADR

     2,647,558  
  428,321      

B3 SA — Brasil Bolsa Balcao

     4,186,374  
  55,857      

Banco Bradesco SA, ADR

     548,516  
  39,964      

Banco Bradesco SA

     348,792  
  7,744      

Banco BTG Pactual SA

     102,805  
  246,100      

Banco do Brasil SA

     3,463,565  
  14,600      

Banco Santander Brasil SA

     173,174  
  56,600      

BB Seguridade Participacoes SA

     478,183  
  27,000      

BRF SA*

     207,961  
  177,314      

CCR SA

     631,967  
  282,300      

Centrais Eletricas Brasileiras SA

     2,596,395  
  52,000      

Cia de Locacao das Americas

     663,186  
  206,383      

Cia de Saneamento Basico do Estado de Sao Paulo, ADR

     2,511,681  
  96,682      

Cia Energetica de Minas Gerais, ADR

     368,358  
  76,985      

Cia Siderurgica Nacional SA

     335,647  
  321,200      

Cielo SA

     563,178  
  15,594      

Cosan SA

     187,772  
  184,700      

Cyrela Brazil Realty SA Empreendimentos e Participacoes

     1,002,377  
  81,800      

Duratex SA

     252,273  
  142,494      

Embraer SA, ADR

     2,868,404  
  181,700      

Embraer SA

     920,198  
  148,800      

Fleury SA

     828,899  
  33,200      

Grendene SA

     67,567  
  10,480      

Guararapes Confeccoes SA

     44,243  
  385,400      

Hypera SA

     3,015,706  

 

 

See accompanying Notes to the Schedule of Investments.

124

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Brazil — continued  
  163,200      

IRB Brasil Resseguros SA

     4,194,278  
  287,286      

Itau Unibanco Holding SA, ADR

     2,706,234  
  472,200      

JBS SA

     2,614,401  
  578,776      

Kroton Educacional SA

     1,656,601  
  1,255      

LOG Commercial Properties e Participacoes SA

     6,526  
  349,000      

MRV Engenharia e Participacoes SA

     1,782,039  
  127,700      

Multiplan Empreendimentos Imobiliarios SA

     924,935  
  121,100      

Notre Dame Intermedica Participacoes SA

     1,273,989  
  101,300      

Odontoprev SA

     482,626  
  219,000      

Petrobras Distribuidora SA

     1,428,516  
  374,140      

Petroleo Brasileiro SA

     2,930,527  
  40,182      

Porto Seguro SA

     541,820  
  190,400      

Raia Drogasil SA

     3,780,528  
  22,300      

Sao Martinho SA

     117,183  
  226,934      

Sul America SA

     2,221,587  
  17,964      

Suzano SA

     153,971  
  85,286      

TIM Participacoes SA, ADR

     1,276,731  
  8,072      

Usinas Siderurgicas de Minas Gerais SA Usiminas

     22,114  
  205,784      

Vale SA Class B, ADR

     2,765,737  
  218,407      

Vale SA

     2,953,009  
  471,500      

WEG SA

     2,627,748  
      

 

 

 
   

Total Brazil

     65,475,879  
      

 

 

 
          British Virgin Islands — 0.1%  
  41,909      

Hollysys Automation Technologies, Ltd.

     796,271  
      

 

 

 
          Cayman Islands — 12.3%  
  8,333      

58.com, Inc., ADR*

     518,063  
  175,000      

AAC Technologies Holdings, Inc.

     993,440  
  368,000      

Agile Group Holdings, Ltd.

     492,708  
  169,627      

Alibaba Group Holding, Ltd., ADR*

     28,743,295  
  359,000      

ANTA Sports Products, Ltd.

     2,465,325  
  5,574,000      

Anton Oilfield Services Group

     734,876  
  143,500      

Asia Cement China Holdings Corp.

     230,335  
  22,962      

Baidu, Inc., ADR*

     2,694,820  
  21,528      

Baozun, Inc., ADR*

     1,073,386  
  2,340,000      

Beijing Enterprises Clean Energy Group, Ltd.*

     32,648  
  302,000      

Bosideng International Holdings, Ltd.‡

     83,884  
  84,000      

CAR, Inc.*

     66,447  
  59,000      

Casetek Holdings, Ltd.

     79,402  
  314,000      

Chailease Holding Co., Ltd.

     1,299,087  
  669,000      

China Aoyuan Group, Ltd.

     940,239  
  34,000      

China Conch Venture Holdings, Ltd.

     120,115  
  68,000      

China Everbright Greentech, Ltd. 144A

     44,216  
  653,000      

China Evergrande Group‡

     1,830,490  
  35,000      

China High Speed Transmission Equipment Group Co., Ltd.‡

     22,848  
  108,500      

China Hongqiao Group, Ltd.

     76,523  
  360,000      

China Lesso Group Holdings, Ltd.

     289,382  
  2,984,000      

China Medical System Holdings, Ltd.

     2,734,776  

 

 

See accompanying Notes to the Schedule of Investments.

125

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Cayman Islands — continued  
  34,000      

China Mengniu Dairy Co., Ltd.*

     131,648  
  1,804,000      

China Resources Cement Holdings, Ltd.

     1,748,004  
  396,000      

China Resources Land, Ltd.

     1,743,667  
  580,000      

China SCE Group Holdings, Ltd.

     279,142  
  110,000      

China Shanshui Cement Group, Ltd.* ‡

     46,042  
  580,000      

China State Construction International Holdings, Ltd.

     595,405  
  96,000      

China Tianrui Group Cement Co., Ltd.* ‡

     84,050  
  166,500      

China ZhengTong Auto Services Holdings, Ltd.

     69,051  
  550,400      

China Zhongwang Holdings, Ltd.

     277,578  
  232,000      

Chinasoft International, Ltd.* ‡

     114,033  
  72,000      

Chlitina Holding, Ltd.

     620,100  
  304,000      

CIFI Holdings Group Co., Ltd.

     200,397  
  50,000      

CIMC Enric Holdings, Ltd.

     40,320  
  520,000      

Country Garden Holdings Co., Ltd.‡

     790,733  
  176,160      

Country Garden Services Holdings Co., Ltd.

     407,226  
  22,446      

Ctrip.com International, Ltd., ADR*

     828,482  
  79,000      

Dongyue Group, Ltd.

     48,538  
  323,400      

ENN Energy Holdings, Ltd.

     3,146,035  
  1,013,000      

Fu Shou Yuan International Group, Ltd.

     888,198  
  172,000      

Fufeng Group, Ltd.*

     94,008  
  1,952,500      

Fullshare Holdings, Ltd.* ‡

     121,211  
  128,000      

Future Land Development Holdings, Ltd.

     168,428  
  4,630,000      

GCL-Poly Energy Holdings, Ltd.*

     254,835  
  140,000      

Geely Automobile Holdings, Ltd.

     239,411  
  20,000      

General Interface Solution Holding, Ltd.

     65,358  
  196,000      

Genscript Biotech Corp.*

     492,227  
  5,000      

Ginko International Co., Ltd.

     31,391  
  39,000      

Golden Eagle Retail Group, Ltd.

     45,427  
  236,500      

Greentown China Holdings, Ltd.‡

     168,312  
  67,000      

Haitian International Holdings, Ltd.

     139,103  
  290,000      

Hengan International Group Co., Ltd.‡

     2,132,544  
  124,536      

Huazhu Group, Ltd., ADR

     4,514,430  
  32,541      

JD.com, Inc., ADR*

     985,667  
  105,398      

Jiayuan International Group, Ltd.

     46,409  
  271,000      

Kaisa Group Holdings, Ltd.*

     133,896  
  220,000      

Kingboard Holdings, Ltd.

     612,480  
  1,177,000      

Kingboard Laminates Holdings, Ltd.

     1,078,697  
  455,000      

Kingsoft Corp., Ltd.* ‡

     984,256  
  396,000      

KWG Group Holdings, Ltd.*

     401,956  
  496,000      

Lee & Man Paper Manufacturing, Ltd.

     347,279  
  447,000      

Li Ning Co., Ltd.

     1,053,919  
  76,000      

Logan Property Holdings Co., Ltd.

     122,962  
  44,500      

Longfor Group Holdings, Ltd.

     167,747  
  70,000      

Minth Group, Ltd.

     188,608  
  6,310      

Momo, Inc., ADR

     225,898  
  13,912      

NetEase, Inc., ADR

     3,558,272  
  5,970      

New Oriental Education & Technology Group, Inc., ADR*

     576,583  
  82,000      

Nexteer Automotive Group, Ltd.

     102,021  
  460,000      

Powerlong Real Estate Holdings, Ltd.

     229,632  

 

 

See accompanying Notes to the Schedule of Investments.

126

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Cayman Islands — continued  
  84,000      

Ronshine China Holdings, Ltd.*

     103,542  
  636,800      

Sands China, Ltd.

     3,044,413  
  953,000      

Semiconductor Manufacturing International Corp.* ‡

     1,061,261  
  288,700      

Shenzhou International Group Holdings, Ltd.

     3,968,817  
  296,000      

Shimao Property Holdings, Ltd.

     901,734  
  1,127,500      

Shui On Land, Ltd.

     261,219  
  534,000      

Sino Biopharmaceutical, Ltd.

     546,132  
  694,000      

SOHO China, Ltd.

     245,176  
  1,012,000      

SSY Group, Ltd.

     914,524  
  98,000      

Sunac China Holdings, Ltd.

     481,690  
  82,377      

TAL Education Group, ADR*

     3,138,564  
  470,100      

Tencent Holdings, Ltd.

     21,216,929  
  278,406      

Tencent Music Entertainment Group, ADR*

     4,173,306  
  1,016,000      

Tingyi Cayman Islands Holding Corp.

     1,695,826  
  101,000      

TPK Holding Co., Ltd.

     161,128  
  630,000      

Uni-President China Holdings, Ltd.

     701,568  
  27,000      

Vinda International Holdings, Ltd.

     45,896  
  60,738      

Vipshop Holdings, Ltd., ADR*

     524,169  
  3,483,500      

WH Group, Ltd.

     3,531,433  
  99,000      

Wisdom Marine Lines Co., Ltd.*

     98,173  
  235,097      

Xinyi Solar Holdings, Ltd.

     115,856  
  50,500      

Xtep International Holdings, Ltd.

     30,445  
  526,008      

Yuzhou Properties Co., Ltd.

     247,098  
  4,431      

YY, Inc., ADR*

     308,796  
  26,000      

Zhen Ding Technology Holding, Ltd.

     83,208  
  24,500      

Zhongsheng Group Holdings, Ltd.

     68,208  
  29,865      

ZTO Express Cayman, Inc., ADR

     571,019  
      

 

 

 
   

Total Cayman Islands

     125,148,051  
      

 

 

 
          Chile — 0.7%  
  5,038,401      

Banco de Chile

     741,345  
  8,775      

Banco de Credito e Inversiones SA

     604,214  
  21,761      

Banco Santander Chile, ADR

     651,089  
  31,535      

CAP SA

     360,705  
  235,889      

Cencosud SA

     462,085  
  37,312      

Empresa Nacional de Telecomunicaciones SA*

     379,203  
  116,795      

Empresas CMPC SA

     319,963  
  93,089      

Empresas COPEC SA

     1,017,885  
  116,618      

Enel Americas SA, ADR

     1,034,402  
  931,109      

Enel Americas SA

     163,895  
  41,096      

Enel Chile SA, ADR

     196,439  
  151,852      

Grupo Security SA

     61,881  
  17,251      

Inversiones Aguas Metropolitanas SA

     26,679  
  32,770,092      

Itau CorpBanca

     273,088  
  7,591      

Latam Airlines Group SA, ADR‡

     71,128  
  184,975      

Ripley Corp. SA

     147,122  
  105,226      

Sigdo Koppers SA

     196,829  
  234,324      

SMU SA

     63,013  

 

 

See accompanying Notes to the Schedule of Investments.

127

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Chile — continued  
  21,395      

Vina Concha y Toro SA

     45,220  
      

 

 

 
   

Total Chile

     6,816,185  
      

 

 

 
          China — 10.2%  
  2,837,000      

Agricultural Bank of China, Ltd. Class H

     1,187,455  
  309,000      

Agricultural Bank of China, Ltd. Class A

     161,962  
  52,000      

Air China, Ltd. Class H

     52,449  
  410,000      

Aluminum Corp. of China, Ltd. Class H*

     145,370  
  338,000      

Angang Steel Co., Ltd. Class H‡

     154,020  
  83,000      

Anhui Conch Cement Co., Ltd. Class H

     520,045  
  16,100      

Anhui Conch Cement Co., Ltd. Class A

     97,280  
  2,925      

Autohome, Inc. Class H, ADR*

     250,439  
  248,000      

AviChina Industry & Technology Co., Ltd. Class H

     135,547  
  649,500      

BAIC Motor Corp., Ltd. Class H 144A

     407,366  
  157,200      

Bank of Beijing Co., Ltd. Class A

     135,267  
  11,394,000      

Bank of China, Ltd. Class H

     4,812,826  
  257,700      

Bank of China, Ltd. Class A

     140,326  
  144,500      

Bank of Chongqing Co., Ltd. Class H

     85,267  
  851,000      

Bank of Communications Co., Ltd. Class H

     645,943  
  167,400      

Bank of Communications Co., Ltd. Class A

     149,162  
  37,300      

Bank of Ningbo Co., Ltd. Class A

     131,641  
  66,200      

Bank of Shanghai Co., Ltd. Class A

     114,216  
  159,000      

Bank of Zhengzhou Co., Ltd. Class H‡ 144A

     60,445  
  187,100      

Baoshan Iron & Steel Co., Ltd. Class A

     177,067  
  362,000      

BBMG Corp. Class H‡

     116,303  
  1,730,000      

Beijing Capital International Airport Co., Ltd. Class H

     1,516,864  
  342,000      

Beijing Capital Land, Ltd. Class H‡

     122,135  
  234,000      

Beijing North Star Co., Ltd. Class H

     88,059  
  18,500      

BYD Co., Ltd. Class H‡

     111,651  
  28,000      

Central China Securities Co., Ltd. Class H

     6,523  
  524,000      

China BlueChemical, Ltd. Class H

     142,863  
  1,541,000      

China Cinda Asset Management Co., Ltd. Class H

     355,046  
  965,000      

China CITIC Bank Corp., Ltd. Class H

     549,664  
  475,000      

China Coal Energy Co., Ltd. Class H

     197,600  
  447,000      

China Communications Construction Co., Ltd. Class H

     399,940  
  1,874,000      

China Communications Services Corp., Ltd. Class H

     1,453,624  
  12,897,000      

China Construction Bank Corp. Class H

     11,109,992  
  48,000      

China Eastern Airlines Corp., Ltd. Class H

     28,324  
  1,640,000      

China Energy Engineering Corp., Ltd. Class H

     199,424  
  349,000      

China Everbright Bank Co., Ltd. Class H

     159,926  
  219,700      

China Everbright Bank Co., Ltd. Class A

     121,873  
  308,500      

China Galaxy Securities Co., Ltd. Class H

     182,829  
  2,053,000      

China Huarong Asset Management Co., Ltd. Class H 144A

     357,386  
  67,600      

China International Capital Corp., Ltd. Class H‡ 144A

     136,368  
  152,880      

China International Marine Containers Group Co., Ltd. Class H‡

     153,810  
  390,310      

China International Travel Service Corp., Ltd. Class A

     5,037,780  
  121,000      

China Life Insurance Co., Ltd. Class H

     297,989  
  2,053,000      

China Longyuan Power Group Corp., Ltd. Class H

     1,316,548  
  289,000      

China Machinery Engineering Corp. Class H

     130,212  

 

 

See accompanying Notes to the Schedule of Investments.

128

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          China — continued  
  579,000      

China Merchants Bank Co., Ltd. Class H

     2,886,662  
  42,200      

China Merchants Bank Co., Ltd. Class A

     221,067  
  14,800      

China Merchants Securities Co., Ltd. Class H 144A

     18,243  
  616,000      

China Minsheng Banking Corp., Ltd. Class H

     426,568  
  149,200      

China Minsheng Banking Corp., Ltd. Class A

     137,941  
  129,000      

China Molybdenum Co., Ltd. Class H‡

     40,785  
  2,998,000      

China National Building Material Co., Ltd. Class H

     2,628,646  
  370,000      

China Oilfield Services, Ltd. Class H

     366,093  
  83,400      

China Pacific Insurance Group Co., Ltd. Class H

     326,127  
  13,700      

China Pacific Insurance Group Co., Ltd. Class A

     72,825  
  3,302,000      

China Petroleum & Chemical Corp. Class H

     2,244,303  
  94,100      

China Petroleum & Chemical Corp. Class A

     74,942  
  221,000      

China Railway Construction Corp., Ltd. Class H

     270,999  
  415,000      

China Railway Group, Ltd. Class H

     315,533  
  81,000      

China Railway Signal & Communication Corp., Ltd. Class H 144A

     58,890  
  1,314,000      

China Reinsurance Group Corp. Class H

     233,787  
  444,000      

China Shenhua Energy Co., Ltd. Class H

     929,772  
  72,000      

China Southern Airlines Co., Ltd. Class H

     50,135  
  108,700      

China State Construction Engineering Corp., Ltd. Class A

     91,001  
  136,600      

China Vanke Co., Ltd. Class H

     512,305  
  43,900      

China Yangtze Power Co., Ltd. Class A*

     114,411  
  533,000      

Chongqing Rural Commercial Bank Co., Ltd. Class H

     289,952  
  66,000      

CITIC Securities Co., Ltd. Class H

     137,533  
  416,000      

COSCO SHIPPING Development Co., Ltd. Class H*

     52,183  
  436,000      

COSCO SHIPPING Energy Transportation Co., Ltd. Class H

     257,833  
  151,000      

COSCO SHIPPING Holdings Co., Ltd. Class H* ‡

     58,950  
  50,000      

CRRC Corp., Ltd. Class H

     41,792  
  30,000      

CSSC Offshore and Marine Engineering Group Co., Ltd. Class H* ‡

     26,150  
  202,000      

Dalian Port PDA Co., Ltd. Class H

     26,373  
  64,300      

Daqin Railway Co., Ltd. Class A

     75,737  
  49,400      

Dongfang Electric Corp., Ltd. Class H*

     32,248  
  22,600      

Dongjiang Environmental Co., Ltd. Class H‡

     22,998  
  60,200      

Everbright Securities Co., Ltd. Class H‡ 144A

     46,619  
  4,900      

Foshan Haitian Flavouring & Food Co., Ltd. Class A

     74,909  
  29,600      

Fuyao Glass Industry Group Co., Ltd. Class H 144A

     91,878  
  162,000      

GF Securities Co., Ltd. Class H

     192,638  
  416,000      

Great Wall Motor Co., Ltd. Class H‡

     297,656  
  450,000      

Guangshen Railway Co., Ltd. Class H

     153,792  
  86,800      

Guangzhou Automobile Group Co., Ltd. Class H

     92,661  
  12,000      

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H

     54,144  
  554,800      

Guangzhou R&F Properties Co., Ltd. Class H‡

     1,066,636  
  33,000      

Guotai Junan Securities Co., Ltd. Class H 144A

     58,798  
  333,600      

Haitong Securities Co., Ltd. Class H

     374,059  
  305,000      

Harbin Bank Co., Ltd. Class H* ‡ 144A

     63,635  
  43,000      

Hisense Home Appliances Group Co., Ltd. Class H

     52,178  
  2,116,000      

Huaneng Renewables Corp., Ltd. Class H

     582,323  
  47,200      

Huatai Securities Co., Ltd. Class H‡ 144A

     81,199  
  90,700      

Huaxia Bank Co., Ltd. Class A*

     101,683  
  67,100      

Huishang Bank Corp., Ltd. Class H

     27,055  

 

 

See accompanying Notes to the Schedule of Investments.

129

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          China — continued  
  6,859,000      

Industrial & Commercial Bank of China, Ltd. Class H

     5,004,326  
  189,800      

Industrial & Commercial Bank of China, Ltd. Class A

     162,766  
  75,700      

Industrial Bank Co., Ltd. Class A

     201,586  
  38,100      

Inner Mongolia Yitai Coal Co., Ltd. Class H

     32,041  
  227,708      

Jiangsu Hengrui Medicine Co., Ltd. Class A

     2,188,129  
  288,000      

Jiangxi Copper Co., Ltd. Class H

     383,386  
  113,000      

Kingdee International Software Group Co., Ltd.‡

     122,221  
  44,613      

Kweichow Moutai Co., Ltd. Class A

     6,391,566  
  88,400      

Legend Holdings Corp. Class H 144A

     207,973  
  7,410      

Livzon Pharmaceutical Group, Inc. Class H‡

     24,661  
  3,769,000      

Lonking Holdings, Ltd. Class H

     1,003,459  
  2,126,000      

Maanshan Iron & Steel Co., Ltd. Class H‡

     843,597  
  467,000      

Metallurgical Corp. of China, Ltd. Class H

     124,932  
  305,800      

Midea Group Co., Ltd. Class A

     2,308,983  
  182,900      

New China Life Insurance Co., Ltd. Class H

     889,626  
  2,476,000      

People’s Insurance Co. Group of China, Ltd. (The) Class H

     966,630  
  3,978,000      

PetroChina Co., Ltd. Class H

     2,194,583  
  3,435,000      

PICC Property & Casualty Co., Ltd. Class H

     3,706,502  
  67,700      

Ping An Bank Co., Ltd. Class A

     135,828  
  1,338,000      

Ping An Insurance Group Co. of China, Ltd. Class H

     16,064,563  
  18,500      

Ping An Insurance Group Co. of China, Ltd. Class A

     238,674  
  777,000      

Postal Savings Bank of China Co., Ltd. Class H 144A

     461,476  
  338,000      

Qingdao Port International Co., Ltd. Class H 144A

     246,172  
  82,500      

Qinhuangdao Port Co., Ltd. Class H

     16,051  
  87,897      

Red Star Macalline Group Corp., Ltd. Class H 144A

     76,956  
  338,603      

SAIC Motor Corp., Ltd. Class A

     1,257,135  
  40,800      

Sany Heavy Industry Co., Ltd.

     77,700  
  114,500      

Shandong Chenming Paper Holdings, Ltd. Class H

     50,270  
  876,000      

Shandong Weigao Group Medical Polymer Co., Ltd. Class H

     793,866  
  162,000      

Shanghai Electric Group Co., Ltd. Class H

     58,683  
  29,500      

Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H

     89,302  
  144,000      

Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H

     29,307  
  190,800      

Shanghai Pharmaceuticals Holding Co., Ltd. Class H

     375,128  
  92,450      

Shanghai Pudong Development Bank Co., Ltd. Class A

     157,217  
  120,000      

Shengjing Bank Co., Ltd. Class H‡ 144A

     89,856  
  17,632      

SINA Corp. Class H*

     760,468  
  763,500      

Sinopec Engineering Group Co., Ltd. Class H

     646,959  
  1,530,000      

Sinopec Shanghai Petrochemical Co., Ltd. Class H

     607,104  
  62,800      

Sinopharm Group Co., Ltd. Class H

     221,056  
  198,000      

Sinotrans, Ltd. Class H

     71,977  
  63,000      

Tong Ren Tang Technologies Co., Ltd. Class H‡

     75,076  
  20,000      

Tsingtao Brewery Co., Ltd. Class H

     127,360  
  599,000      

Weichai Power Co., Ltd. Class H

     1,012,070  
  4,316,000      

West China Cement, Ltd.

     662,938  
  7,400      

Wuliangye Yibin Co., Ltd. Class A

     127,081  
  50,000      

Xinhua Winshare Publishing and Media Co., Ltd. Class H

     35,392  
  41,649      

Xinjiang Goldwind Science & Technology Co., Ltd. Class H‡

     45,527  
  16,500      

Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H 144A

     33,665  
  434,000      

Yanzhou Coal Mining Co., Ltd. Class H

     405,530  

 

 

See accompanying Notes to the Schedule of Investments.

130

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          China — continued  
  180,800      

YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H

     903,711  
  99,000      

Zhaojin Mining Industry Co., Ltd. Class H

     110,880  
  94,000      

Zhejiang Expressway Co., Ltd. Class H

     99,023  
  30,300      

Zhuzhou CRRC Times Electric Co., Ltd. Class H

     159,596  
  172,000      

Zijin Mining Group Co., Ltd. Class H

     69,791  
  231,200      

Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H

     151,815  
  20,000      

ZTE Corp. Class H*

     57,728  
      

 

 

 
   

Total China

     103,671,371  
      

 

 

 
          Colombia — 0.1%  
  61,705      

Almacenes Exito SA

     320,935  
  3,883      

Banco de Bogota SA

     81,389  
  1,200      

Bancolombia SA, ADR

     61,248  
  2,350      

Bancolombia SA

     28,314  
  9,433      

Cementos Argos SA

     22,060  
  7,964      

Corp. Financiera Colombiana SA*

     61,835  
  51,910      

Grupo Argos SA

     280,026  
  14,750      

Grupo de Inversiones Suramericana SA

     156,837  
  2,902      

Grupo Nutresa SA

     22,641  
      

 

 

 
   

Total Colombia

     1,035,285  
      

 

 

 
          Cyprus — 0.1%  
  50,231      

TCS Group Holding Plc, Reg S, GDR‡‡‡

     984,528  
      

 

 

 
          Czech Republic — 0.0%  
  14,808      

CEZ AS

     357,892  
  10,729      

Moneta Money Bank AS 144A

     36,783  
      

 

 

 
   

Total Czech Republic

     394,675  
      

 

 

 
          France — 0.3%  
  35,757      

Sanofi

     3,091,062  
      

 

 

 
          Greece — 0.3%  
  2,612      

Aegean Airlines SA

     24,242  
  89,950      

Alpha Bank AE*

     180,286  
  1,894      

Bank of Greece

     31,059  
  24,347      

Ellaktor SA*

     52,735  
  194,194      

Eurobank Ergasias SA*

     191,293  
  4,115      

Fourlis Holdings SA*

     24,181  
  8,853      

GEK Terna Holding Real Estate Construction SA*

     56,559  
  2,981      

Hellenic Petroleum SA

     31,402  
  71,595      

JUMBO SA

     1,386,051  
  2,662      

LAMDA Development SA*

     27,314  
  1,016      

Motor Oil Hellas Corinth Refineries SA

     26,033  
  21,516      

Mytilineos Holdings SA

     248,700  
  48,959      

National Bank of Greece SA*

     134,368  
  53,913      

Piraeus Bank SA*

     188,118  
      

 

 

 
   

Total Greece

     2,602,341  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

131

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Hong Kong — 4.1%  
  186,500      

Beijing Enterprises Holdings, Ltd.

     947,718  
  70,500      

BYD Electronic International Co., Ltd.‡

     100,708  
  710,000      

China Agri-Industries Holdings, Ltd.

     228,109  
  316,000      

China Everbright, Ltd.

     466,770  
  614,000      

China Jinmao Holdings Group, Ltd.

     373,312  
  310,875      

China Merchants Port Holdings Co., Ltd.

     528,438  
  1,520,980      

China Mobile, Ltd.

     13,851,869  
  457,000      

China Overseas Grand Oceans Group, Ltd.

     201,226  
  874,000      

China Overseas Land & Investment, Ltd.

     3,221,914  
  84,000      

China Resources Pharmaceutical Group, Ltd. 144A

     94,725  
  1,088,000      

China Resources Power Holdings Co., Ltd.

     1,587,610  
  968,000      

China South City Holdings, Ltd.

     142,490  
  565,600      

China Taiping Insurance Holdings Co., Ltd.

     1,513,093  
  736,000      

China Traditional Chinese Medicine Holdings Co., Ltd.

     357,990  
  720,000      

China Travel International Investment Hong Kong, Ltd.

     149,299  
  764,000      

China Unicom Hong Kong, Ltd.

     838,077  
  857,000      

CITIC, Ltd.

     1,235,177  
  3,029,000      

CNOOC, Ltd.

     5,179,832  
  3,106,000      

CSPC Pharmaceutical Group, Ltd.

     5,009,357  
  679,000      

Far East Horizon, Ltd.

     694,427  
  269,500      

Fosun International, Ltd.

     358,068  
  284,000      

Guangdong Investment, Ltd.

     562,002  
  162,000      

Hua Hong Semiconductor, Ltd.‡ 144A

     313,528  
  274,000      

Lenovo Group, Ltd.

     212,186  
  616,000      

MMG, Ltd.*

     215,255  
  704,000      

Poly Property Group Co., Ltd.

     257,720  
  10,129      

Seaspan Corp.‡

     99,365  
  165,000      

Shanghai Industrial Holdings, Ltd.

     357,773  
  1,072,000      

Shenzhen Investment, Ltd.

     395,182  
  1,010,000      

Sino-Ocean Group Holding, Ltd.

     429,210  
  780,500      

Sinotruk Hong Kong, Ltd.‡

     1,350,702  
  135,500      

Sun Art Retail Group, Ltd.

     128,346  
  2,296,000      

Yuexiu Property Co., Ltd.

     520,182  
      

 

 

 
   

Total Hong Kong

     41,921,660  
      

 

 

 
          Hungary — 0.2%  
  48,705      

MOL Hungarian Oil & Gas Plc

     541,636  
  10,143      

OTP Bank Nyrt

     404,383  
  64,608      

Richter Gedeon Nyrt

     1,193,302  
      

 

 

 
   

Total Hungary

     2,139,321  
      

 

 

 
          India — 9.4%  
  2,729      

ACC, Ltd.

     61,833  
  51,815      

Adani Enterprises, Ltd.

     112,596  
  62,785      

Adani Gas, Ltd.*

     154,171  
  47,779      

Adani Green Energy, Ltd.*

     31,009  
  15,817      

Adani Ports & Special Economic Zone, Ltd.

     93,994  
  104,805      

Adani Power, Ltd.*

     77,889  
  19,503      

Adani Transmission, Ltd.*

     63,006  

 

 

See accompanying Notes to the Schedule of Investments.

132

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          India — continued  
  80,340      

Aditya Birla Capital, Ltd.*

     106,786  
  700      

Ajanta Pharma, Ltd.

     9,714  
  114,001      

Ambuja Cements, Ltd.

     351,611  
  839      

Anveshan Heavy Engineering, Ltd.*

     5,786  
  100,932      

Apollo Tyres, Ltd.

     292,440  
  4,534      

Arvind Fashions, Ltd.*

     45,388  
  22,672      

Arvind, Ltd.

     20,791  
  42,802      

Ashok Leyland, Ltd.

     54,225  
  104,731      

Asian Paints, Ltd.

     2,061,848  
  366      

Atul, Ltd.

     21,076  
  11,307      

Aurobindo Pharma, Ltd.

     99,593  
  53,644      

Axis Bank, Ltd.*

     629,289  
  37,220      

Bajaj Auto, Ltd.

     1,527,245  
  80,015      

Bajaj Finance, Ltd.

     4,271,910  
  1,132      

Bajaj Finserv, Ltd.

     140,212  
  8,555      

Bajaj Holdings & Investment, Ltd.

     446,790  
  2,174      

Balkrishna Industries, Ltd.

     23,812  
  101,945      

Bank of Baroda*

     178,554  
  54,528      

Bata India, Ltd.

     1,140,287  
  30,315      

Bharat Electronics, Ltd.

     49,495  
  203,463      

Bharat Heavy Electricals, Ltd.

     216,646  
  168,075      

Bharti Airtel, Ltd.

     843,936  
  7,319      

Bharti Infratel, Ltd.

     28,236  
  1,542      

Birla Corp., Ltd.

     13,210  
  46,053      

Britannia Industries, Ltd.

     1,832,780  
  2,962      

Cadila Healthcare, Ltd.

     10,333  
  27,266      

Canara Bank*

     112,181  
  7,138      

Ceat, Ltd.

     95,166  
  3,469      

Century Textiles & Industries, Ltd.

     47,793  
  18,755      

Chambal Fertilizers and Chemicals, Ltd.

     47,439  
  205,065      

Cholamandalam Investment and Finance Co., Ltd.

     846,670  
  16,693      

Cipla, Ltd.

     133,503  
  21,936      

City Union Bank, Ltd.

     69,277  
  5,698      

Cochin Shipyard, Ltd. 144A

     31,244  
  9,088      

Container Corp. Of India, Ltd.

     74,782  
  4,759      

Coromandel International, Ltd.

     29,205  
  372,441      

DCB Bank, Ltd.

     1,276,046  
  8,523      

DCM Shriram, Ltd.

     69,361  
  48,369      

Dewan Housing Finance Corp., Ltd.*

     50,942  
  4,025      

Dilip Buildcon, Ltd. 144A

     28,397  
  102,560      

DLF, Ltd.

     280,665  
  5,430      

Dr. Reddy’s Laboratories, Ltd.

     201,326  
  1,155      

eClerx Services, Ltd.

     12,884  
  70,317      

Edelweiss Financial Services, Ltd.

     173,278  
  16,647      

EIH, Ltd.

     44,242  
  16,885      

Engineers India, Ltd.

     29,647  
  8,422      

Escorts, Ltd.

     65,415  
  10,155      

Exide Industries, Ltd.

     29,673  
  404,467      

Federal Bank, Ltd.

     632,827  

 

 

See accompanying Notes to the Schedule of Investments.

133

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          India — continued  
  2,842      

Finolex Cables, Ltd.

     18,116  
  4,764      

Finolex Industries, Ltd.

     34,922  
  21,744      

Firstsource Solutions, Ltd.

     15,561  
  81,138      

GAIL India, Ltd.

     366,562  
  7,740      

General Insurance Corp. of India 144A

     24,371  
  23,543      

Glenmark Pharmaceuticals, Ltd.

     150,922  
  4,323      

Godrej Industries, Ltd.

     30,330  
  34,351      

Grasim Industries, Ltd.

     455,343  
  9,916      

Great Eastern Shipping Co., Ltd. (The)

     37,960  
  9,733      

Gujarat Fluorochemicals, Ltd.

     129,017  
  6,590      

Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.

     22,206  
  35,445      

Gujarat Pipavav Port, Ltd.

     44,802  
  32,753      

Gujarat State Petronet, Ltd.

     92,526  
  15,864      

HCL Technologies, Ltd. Class T

     244,932  
  21,924      

HDFC Bank, Ltd., ADR

     2,850,997  
  61,347      

HDFC Bank, Ltd.

     2,169,397  
  350,331      

HDFC Life Insurance Co., Ltd.

     2,357,702  
  1,224      

Hero MotoCorp, Ltd.

     45,926  
  2,138      

Hexaware Technologies, Ltd.

     11,683  
  230,566      

Hindalco Industries, Ltd.

     692,091  
  73,300      

Hindustan Unilever, Ltd.

     1,899,625  
  236,872      

Housing Development Finance Corp., Ltd.

     7,530,215  
  57,854      

ICICI Bank, Ltd., ADR

     728,382  
  221,189      

ICICI Bank, Ltd.

     1,399,344  
  422,223      

IDFC Bank, Ltd.*

     265,466  
  308,418      

IDFC, Ltd.

     154,594  
  320,807      

Indiabulls Housing Finance, Ltd., ADR

     2,821,047  
  58,726      

Indiabulls Real Estate, Ltd.*

     96,817  
  7,931      

Indiabulls Ventures, Ltd.

     31,361  
  8,531      

Indian Hotels Co., Ltd. (The)

     19,422  
  186,087      

Indraprastha Gas, Ltd.

     848,920  
  148,897      

IndusInd Bank, Ltd.

     3,063,036  
  369,490      

Infosys, Ltd., ADR

     3,953,543  
  504,856      

Infosys, Ltd.

     5,351,536  
  5,075      

Ipca Laboratories, Ltd.

     67,787  
  78,400      

Jindal Steel & Power, Ltd.*

     161,281  
  1,025      

JK Cement, Ltd.

     14,834  
  41,440      

JM Financial, Ltd.

     45,986  
  134,159      

JSW Energy, Ltd.*

     129,635  
  70,925      

JSW Steel, Ltd.

     284,255  
  63,121      

Jubilant Foodworks, Ltd.

     1,126,855  
  14,600      

Jubilant Life Sciences, Ltd.

     109,076  
  130,406      

Just Dial, Ltd.*

     1,424,921  
  121,137      

Kajaria Ceramics, Ltd.

     1,021,357  
  4,066      

Kalpataru Power Transmission, Ltd.

     30,919  
  28,958      

Karnataka Bank, Ltd. (The)

     43,546  
  100,410      

Karur Vysya Bank, Ltd. (The)

     102,552  
  3,700      

KEC International, Ltd.

     17,335  
  19,360      

KPIT Engineering, Ltd.*

     27,205  

 

 

See accompanying Notes to the Schedule of Investments.

134

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          India — continued  
  19,360      

KPIT Technologies, Ltd.*

     24,218  
  1,219      

KPR Mill, Ltd.

     10,914  
  2,301      

KRBL, Ltd.

     10,277  
  88,765      

L&T Finance Holdings, Ltd.

     148,076  
  74,782      

Larsen & Toubro, Ltd.

     1,689,887  
  1,896      

Laurus Labs, Ltd. 144A

     9,248  
  71,752      

LIC Housing Finance, Ltd.

     581,064  
  41,144      

Lupin, Ltd.

     448,827  
  39,491      

Mahindra & Mahindra Financial Services, Ltd.

     221,033  
  69,419      

Mahindra & Mahindra, Ltd.

     659,318  
  20,010      

Mahindra CIE Automotive, Ltd.*

     66,847  
  142,607      

Manappuram Finance, Ltd.

     285,927  
  18,661      

Maruti Suzuki India, Ltd.

     1,767,763  
  2,975      

Max Financial Services, Ltd.*

     17,498  
  973,406      

Motherson Sumi Systems, Ltd.

     1,722,524  
  3,645      

Motilal Oswal Financial Services, Ltd.

     36,911  
  77,686      

Mphasis, Ltd.

     1,139,222  
  3,526      

MRF, Ltd.

     2,900,895  
  8,766      

Muthoot Finance, Ltd.

     81,910  
  4,003      

Natco Pharma, Ltd.

     31,141  
  124,982      

National Aluminium Co., Ltd.

     89,535  
  166,229      

NCC, Ltd.

     234,314  
  65,889      

NIIT Technologies, Ltd.

     1,283,846  
  13,700      

Oberoi Realty, Ltd.*

     119,877  
  550      

ODISHA CEMENT, Ltd.*

     8,340  
  54,159      

PC Jeweller, Ltd.

     35,856  
  8,118      

Persistent Systems, Ltd.

     72,915  
  737,245      

Petronet LNG, Ltd.

     2,626,858  
  1,284      

Pfizer, Ltd.

     62,153  
  3,689      

Phoenix Mills, Ltd. (The)

     33,936  
  14,972      

Piramal Enterprises, Ltd.

     421,869  
  13,651      

PNB Housing Finance, Ltd. 144A

     152,296  
  149,632      

Power Finance Corp., Ltd.*

     291,449  
  26,482      

Prestige Estates Projects, Ltd.

     102,759  
  2,094      

Quess Corp., Ltd.* 144A

     17,504  
  8,780      

Rain Industries, Ltd.

     12,834  
  14,673      

Rajesh Exports, Ltd.

     152,974  
  1,045      

Ramco Cements, Ltd. (The)

     11,899  
  4,818      

Raymond, Ltd.

     51,162  
  122,075      

RBL Bank, Ltd. 144A

     1,135,376  
  157,497      

REC, Ltd.

     376,701  
  34,104      

Reliance Capital, Ltd.

     32,608  
  184,348      

Reliance Industries, Ltd.

     3,348,990  
  191,600      

Reliance Power, Ltd.*

     11,519  
  2,509      

Sadbhav Engineering, Ltd.

     8,985  
  3,895      

Shriram City Union Finance, Ltd.

     91,129  
  23,431      

Shriram Transport Finance Co., Ltd.

     366,600  
  8,357      

Sobha, Ltd.

     64,886  
  1,607      

SRF, Ltd.

     70,836  

 

 

See accompanying Notes to the Schedule of Investments.

135

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          India — continued  
  61,065      

State Bank of India*

     320,950  
  2,196      

State Bank of India, Reg S, GDR* ‡‡‡

     113,753  
  164,969      

Steel Authority of India, Ltd.*

     121,168  
  13,458      

Strides Pharma Science, Ltd.

     77,236  
  68,958      

Sun Pharmaceutical Industries, Ltd.

     400,946  
  1,498      

Sundaram Finance, Ltd.

     36,025  
  8,857      

Sunteck Realty, Ltd.

     55,796  
  13,534      

Tata Chemicals, Ltd.

     122,463  
  90,844      

Tata Global Beverages, Ltd.

     354,743  
  157,265      

Tata Motors, Ltd.*

     370,109  
  31,521      

Tata Steel, Ltd.

     230,514  
  13,961      

Tech Mahindra, Ltd.

     143,084  
  22,198      

Thomas Cook India, Ltd.

     78,112  
  68,915      

TV18 Broadcast, Ltd.*

     24,410  
  1,134      

UltraTech Cement, Ltd.

     74,699  
  56,007      

Union Bank of India*

     66,005  
  263,187      

UPL, Ltd.

     3,587,831  
  1,848      

Vardhman Textiles, Ltd.

     28,378  
  1,106,732      

Vedanta, Ltd.

     2,794,588  
  1,107,822      

Vodafone Idea, Ltd.*

     194,193  
  39,909      

Welspun India, Ltd.

     32,955  
  75,233      

Wipro, Ltd., ADR

     325,759  
  59,461      

Wipro, Ltd.

     241,927  
  3,632      

Wockhardt, Ltd.*

     19,589  
  324,058      

Yes Bank, Ltd.

     509,367  
  24,297      

Zee Entertainment Enterprises, Ltd.

     118,603  
  2,971      

Zensar Technologies, Ltd.

     11,085  
      

 

 

 
   

Total India

     95,562,466  
      

 

 

 
          Indonesia — 3.1%  
  9,683,600      

Adaro Energy Tbk PT

     932,203  
  189,900      

AKR Corporindo Tbk PT

     54,977  
  2,429,200      

Aneka Tambang Tbk PT

     145,296  
  128,100      

Astra Agro Lestari Tbk PT

     94,301  
  478,600      

Astra International Tbk PT

     252,385  
  364,200      

Bank Central Asia Tbk PT

     772,741  
  104,300      

Bank Danamon Indonesia Tbk PT

     35,437  
  3,222,700      

Bank Mandiri Persero Tbk PT

     1,830,626  
  799,500      

Bank Maybank Indonesia Tbk PT

     13,808  
  4,162,800      

Bank Negara Indonesia Persero Tbk PT

     2,710,866  
  624,500      

Bank Pan Indonesia Tbk PT*

     57,466  
  1,423,800      

Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT

     170,322  
  956,700      

Bank Pembangunan Daerah Jawa Timur Tbk PT

     43,002  
  25,981,800      

Bank Rakyat Indonesia Persero Tbk PT

     8,018,450  
  717,600      

Bank Tabungan Negara Persero Tbk PT

     124,955  
  6,176,700      

Bank Tabungan Pensiunan Nasional Syariah Tbk PT*

     1,508,378  
  285,600      

Barito Pacific Tbk PT

     64,893  
  850,000      

BFI Finance Indonesia Tbk PT

     36,100  
  1,140,200      

Bukit Asam Tbk PT

     238,895  

 

 

See accompanying Notes to the Schedule of Investments.

136

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Indonesia — continued  
  1,318,100      

Bumi Serpong Damai Tbk PT*

     143,216  
  3,729,200      

Ciputra Development Tbk PT

     303,562  
  490,300      

Indah Kiat Pulp & Paper Corp. Tbk PT

     325,363  
  101,300      

Indo Tambangraya Megah Tbk PT

     125,841  
  3,700      

Indocement Tunggal Prakarsa Tbk PT

     5,238  
  806,200      

Indofood Sukses Makmur Tbk PT

     400,889  
  1,185,800      

Japfa Comfeed Indonesia Tbk PT

     130,100  
  1,055,000      

Jaya Real Property Tbk PT

     39,579  
  35,600      

Link Net Tbk PT

     10,710  
  2,110,500      

Medco Energi Internasional Tbk PT*

     121,005  
  1,746,700      

Media Nusantara Citra Tbk PT

     128,584  
  131,500      

Pabrik Kertas Tjiwi Kimia Tbk PT

     117,049  
  640,900      

Pakuwon Jati Tbk PT

     33,117  
  5,573,000      

Perusahaan Gas Negara Tbk PT

     832,350  
  878,500      

PP Persero Tbk PT

     137,426  
  1,935,500      

PP Properti Tbk PT

     16,577  
  282,600      

Semen Indonesia Persero Tbk PT

     231,541  
  108,800      

Siloam International Hospitals Tbk PT*

     36,196  
  892,500      

Summarecon Agung Tbk PT

     77,073  
  14,942,600      

Telekomunikasi Indonesia Persero Tbk PT

     4,378,861  
  774,800      

Unilever Indonesia Tbk PT

     2,467,953  
  1,150,910      

United Tractors Tbk PT

     2,297,339  
  113,000      

Vale Indonesia Tbk PT*

     24,956  
  2,870,800      

Waskita Beton Precast Tbk PT

     81,283  
  992,400      

Waskita Karya Persero Tbk PT

     141,194  
  7,364,900      

Wijaya Karya Persero Tbk PT

     1,266,799  
  664,100      

XL Axiata Tbk PT*

     140,083  
      

 

 

 
   

Total Indonesia

     31,118,985  
      

 

 

 
          Isle of Man — 0.0%  
  25,196      

NEPI Rockcastle Plc

     231,229  
      

 

 

 
          Japan — 0.4%  
  85,800      

Honda Motor Co., Ltd.

     2,217,867  
  150,500      

Isuzu Motors, Ltd.

     1,713,974  
      

 

 

 
   

Total Japan

     3,931,841  
      

 

 

 
          Luxembourg — 0.0%  
  16,364      

Kernel Holding SA

     211,944  
      

 

 

 
          Malaysia — 1.3%  
  162,300      

Aeon Co. M Bhd

     66,373  
  2,755,715      

AirAsia Group Bhd

     1,820,472  
  337,500      

Alliance Bank Malaysia Bhd

     307,078  
  306,700      

AMMB Holdings Bhd

     313,936  
  53,023      

Axiata Group Bhd

     63,897  
  1,600      

Batu Kawan Bhd

     6,466  
  14,900      

BIMB Holdings Bhd

     16,477  
  81,500      

Boustead Holdings Bhd

     21,497  

 

 

See accompanying Notes to the Schedule of Investments.

137

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Malaysia — continued  
  71,300      

Bumi Armada Bhd*

     3,709  
  47,500      

Cahya Mata Sarawak Bhd

     34,713  
  403,282      

CIMB Group Holdings Bhd

     525,023  
  199,100      

DRB-Hicom Bhd

     105,994  
  312,500      

Eco World Development Group Bhd*

     62,765  
  258,100      

Ekovest BHD

     53,088  
  337,000      

FGV Holdings Bhd*

     91,335  
  331,400      

Gamuda Bhd

     301,528  
  328,600      

Genting Bhd

     538,324  
  2,223,300      

Genting Malaysia Bhd

     1,743,132  
  12,100      

Genting Plantations Bhd

     29,280  
  7,800      

Hengyuan Refining Co. Bhd*

     9,966  
  170,300      

Hong Leong Bank Bhd

     782,988  
  23,000      

Hong Leong Financial Group Bhd

     103,187  
  50,000      

IHH Healthcare Bhd

     70,175  
  540,500      

IJM Corp. Bhd

     313,902  
  328,300      

IOI Properties Group Bhd

     109,632  
  86,700      

Lotte Chemical Titan Holding Bhd 144A

     62,520  
  43,900      

Magnum Bhd

     28,257  
  321,300      

Mah Sing Group Bhd

     71,530  
  273,540      

Malayan Banking Bhd

     587,788  
  397,000      

Malaysia Airports Holdings Bhd

     819,458  
  363,674      

Malaysia Building Society Bhd

     79,203  
  435,900      

Malaysian Resources Corp. Bhd

     100,207  
  100,400      

MISC Bhd

     173,711  
  315,900      

MMC Corp. Bhd

     87,145  
  60,300      

Oriental Holdings Bhd

     94,554  
  570,100      

Petronas Chemicals Group Bhd

     1,158,824  
  86,900      

Petronas Gas Bhd

     365,054  
  11,700      

Pos Malaysia BHD

     4,275  
  81,100      

Public Bank Bhd

     451,373  
  399,000      

RHB Bank Bhd

     539,724  
  1,152,800      

Sapura Energy Bhd

     83,688  
  7,800      

Scientex BHD

     16,308  
  451,800      

Sime Darby Bhd

     247,082  
  516,300      

Sime Darby Property Bhd

     128,685  
  295,253      

SP Setia Bhd Group

     154,325  
  301,889      

Sunway Bhd

     122,728  
  65,600      

Supermax Corp. Bhd

     26,510  
  411,000      

UEM Sunrise Bhd*

     79,564  
  17,500      

UMW Holdings Bhd

     22,867  
  164,000      

UOA Development Bhd

     95,245  
  145,300      

VS Industry Bhd

     38,676  
  57,200      

Yinson Holdings Bhd

     84,295  
  737,900      

YTL Corp. Bhd

     199,987  
      

 

 

 
   

Total Malaysia

     13,418,520  
      

 

 

 
          Mexico — 2.9%  
  42,023      

ALEATICA SAB de CV

     38,673  

 

 

See accompanying Notes to the Schedule of Investments.

138

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Mexico — continued  
  1,700,055      

Alfa SAB de CV Class A

     1,665,398  
  163,800      

Alpek SAB de CV

     205,308  
  128,100      

Arca Continental SAB de CV

     692,121  
  538,288      

Banco del Bajio SA 144A

     1,077,044  
  10,037      

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, ADR

     76,783  
  62,866      

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander Class B

     96,369  
  8,331      

Becle SAB de CV

     12,888  
  130,050      

Cemex SAB de CV, ADR

     551,412  
  93,883      

Cemex SAB de CV

     39,632  
  15,200      

Coca-Cola Femsa SAB de CV

     94,072  
  15,700      

El Puerto de Liverpool SAB de CV

     87,499  
  95,500      

Elementia SAB de CV* 144A

     42,849  
  2,251,454      

Fibra Uno Administracion SA de CV REIT

     2,983,711  
  30,016      

Fomento Economico Mexicano SAB de CV

     290,135  
  323,136      

Gentera SAB de CV

     279,545  
  30,570      

Gruma SAB de CV Class B

     287,295  
  87,700      

Grupo Aeromexico SAB de CV* ‡

     82,945  
  209,200      

Grupo Aeroportuario del Centro Norte SAB de CV

     1,277,197  
  324,500      

Grupo Aeroportuario del Pacifico SAB de CV Class B

     3,376,132  
  31,002      

Grupo Bimbo SAB de CV Series A

     64,564  
  12,600      

Grupo Carso SAB de CV Series A-1

     46,985  
  33,217      

Grupo Cementos de Chihuahua SAB de CV

     182,099  
  107,100      

Grupo Comercial Chedraui SA de CV

     180,622  
  9,583      

Grupo Elektra SAB DE CV

     627,904  
  917,126      

Grupo Financiero Banorte SAB de CV Series O

     5,321,834  
  213,400      

Grupo Financiero Inbursa SAB de CV Series O

     308,465  
  34,200      

Grupo Lala SAB de CV‡

     41,905  
  292,560      

Grupo Mexico SAB de CV Series B

     778,469  
  76,700      

Grupo Sanborns SAB de CV

     75,855  
  19,886      

Grupo Televisa SAB, ADR

     167,838  
  65,200      

Grupo Televisa SAB

     109,958  
  57,100      

Industrias Bachoco SAB de CV Series B‡

     238,337  
  14,508      

Industrias CH SAB de CV Series B*

     44,404  
  18,654      

Industrias Penoles SAB de CV

     240,160  
  2,579      

Megacable Holdings SAB de CV

     10,981  
  237,110      

Mexichem SAB de CV

     498,740  
  220,500      

Minera Frisco SAB de CV Class A* ‡

     33,629  
  247,700      

Nemak SAB de CV 144A

     116,168  
  14,495      

Organizacion Soriana SAB de CV Class B* ‡

     16,893  
  1,809      

Promotora y Operadora de Infraestructura SAB de CV Series L

     11,299  
  12,412      

Promotora y Operadora de Infraestructura SAB de CV

     123,450  
  31,200      

Vitro SAB de CV Series A

     80,015  
  2,426,900      

Wal-Mart de Mexico SAB de CV

     6,618,135  
      

 

 

 
   

Total Mexico

     29,195,717  
      

 

 

 
          Netherlands — 0.4%  
  95,864      

Yandex NV Class A*

     3,642,832  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

139

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Papua New Guinea — 0.2%  
  428,562      

Oil Search, Ltd.

     2,126,256  
      

 

 

 
          Philippines — 0.5%  
  743,000      

Alliance Global Group, Inc.

     223,908  
  11,475      

Ayala Corp.

     200,227  
  191,300      

Ayala Land, Inc.

     189,676  
  102,229      

Bank of the Philippine Islands

     156,631  
  176,100      

BDO Unibank, Inc.

     481,195  
  156,200      

China Banking Corp.

     83,687  
  156,900      

DMCI Holdings, Inc.

     31,542  
  33,900      

Eagle Cement Corp.

     10,322  
  204,200      

Emperador, Inc.*

     30,450  
  160,300      

Filinvest Development Corp.

     43,802  
  6,070      

GT Capital Holdings, Inc.

     111,365  
  38,420      

International Container Terminal Services, Inc.

     109,782  
  293,890      

JG Summit Holdings, Inc.

     386,614  
  76,700      

LT Group, Inc.

     22,755  
  6,336,900      

Megaworld Corp.

     754,467  
  236,624      

Metropolitan Bank & Trust Co.

     329,061  
  548,200      

Petron Corp.

     62,272  
  55,500      

Philippine National Bank*

     53,350  
  31,520      

Pilipinas Shell Petroleum Corp.

     23,839  
  16,695      

PLDT, Inc.

     420,348  
  70,800      

Puregold Price Club, Inc.

     62,115  
  29,100      

Rizal Commercial Banking Corp.

     15,960  
  391,700      

Robinsons Land Corp.

     201,450  
  38,420      

Robinsons Retail Holdings, Inc.

     55,491  
  35,390      

San Miguel Corp.

     121,018  
  12,670      

San Miguel Food and Beverage, Inc.

     26,213  
  44,180      

Security Bank Corp.

     146,591  
  49,700      

Semirara Mining & Power Corp.

     22,457  
  159,300      

SM Prime Holdings, Inc.

     115,351  
  4,270      

Top Frontier Investment Holdings, Inc.*

     22,252  
  28,020      

Union Bank of the Philippines

     33,497  
  1,108,200      

Vista Land & Lifescapes, Inc.

     154,220  
      

 

 

 
   

Total Philippines

     4,701,908  
      

 

 

 
          Poland — 0.8%  
  28,407      

Alior Bank SA*

     379,501  
  22,601      

Asseco Poland SA

     323,027  
  2,148      

Bank Handlowy w Warszawie SA

     30,931  
  29,838      

Bank Millennium SA*

     74,891  
  3,429      

Bank Polska Kasa Opieki SA

     102,800  
  21,510      

Cyfrowy Polsat SA

     171,655  
  40,457      

Dino Polska SA*

     1,420,096  
  67,330      

Enea SA*

     168,542  
  9,123      

Grupa Azoty SA

     102,503  
  25,360      

Grupa Lotos SA

     575,993  
  59,612      

Jastrzebska Spolka Weglowa SA*

     754,501  

 

 

See accompanying Notes to the Schedule of Investments.

140

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Poland — continued  
  42,061      

KGHM Polska Miedz SA*

     1,167,359  
  1,220      

mBank SA

     140,674  
  341,112      

PGE Polska Grupa Energetyczna SA*

     877,386  
  21,077      

Polski Koncern Naftowy ORLEN SA

     508,556  
  508,793      

Polskie Gornictwo Naftowe i Gazownictwo SA

     724,469  
  21,324      

Powszechna Kasa Oszczednosci Bank Polski SA

     244,850  
  17,314      

Powszechny Zaklad Ubezpieczen SA

     202,705  
  231,480      

Tauron Polska Energia SA*

     106,392  
      

 

 

 
   

Total Poland

     8,076,831  
      

 

 

 
          Qatar — 0.1%  
  55,020      

Industries Qatar QSC

     173,767  
  13,120      

Qatar Islamic Bank SAQ

     59,848  
  203,020      

Qatar National Bank QPSC

     1,061,029  
      

 

 

 
   

Total Qatar

     1,294,644  
      

 

 

 
          Russia — 1.9%  
  699,560      

Gazprom PJSC, ADR

     5,124,977  
  318,164      

Gazprom PJSC (OTC Exchange), ADR

     2,328,960  
  39,762      

LUKOIL PJSC (Euroclear Shares), ADR

     3,356,708  
  6,698      

Magnitogorsk Iron & Steel Works PJSC, Reg S, GDR‡‡‡

     61,622  
  3,107      

MMC Norilsk Nickel PJSC, ADR

     70,560  
  337,220      

Mobile Telesystems PJSC, ADR

     3,139,518  
  4,578      

Novatek PJSC, Reg S, GDR‡‡‡

     970,536  
  12,492      

Novolipetsk Steel PJSC, GDR

     315,298  
  86,729      

Rosneft Oil Co. PJSC, Reg S, GDR‡‡‡

     568,075  
  23,672      

Sberbank of Russia PJSC, ADR

     364,075  
  109,621      

Severstal PJSC, Reg S, GDR‡‡‡

     1,847,114  
  88,066      

Surgutneftegas PJSC, ADR

     361,951  
  303,080      

VTB Bank PJSC, Reg S, GDR‡‡‡

     381,275  
      

 

 

 
   

Total Russia

     18,890,669  
      

 

 

 
          Singapore — 0.3%  
  512,700      

Singapore Telecommunications, Ltd.

     1,326,324  
  78,600      

Singapore Telecommunications, Ltd. (London Exchange)

     203,333  
  100,280      

United Overseas Bank, Ltd.

     1,936,743  
      

 

 

 
   

Total Singapore

     3,466,400  
      

 

 

 
          South Africa — 5.1%  
  68,121      

Absa Group, Ltd.

     850,229  
  38,082      

AECI, Ltd.

     247,079  
  138,939      

African Rainbow Minerals, Ltd.

     1,794,913  
  1,461      

Anglo American Platinum, Ltd.

     86,712  
  93,422      

AngloGold Ashanti, Ltd., ADR

     1,663,846  
  55,136      

AngloGold Ashanti, Ltd.

     993,181  
  60,711      

Aspen Pharmacare Holdings, Ltd.

     432,474  
  79,578      

AVI, Ltd.

     515,575  
  66,687      

Barloworld, Ltd.

     605,332  

 

 

See accompanying Notes to the Schedule of Investments.

141

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          South Africa — continued  
  111,648      

Bid Corp., Ltd.

     2,430,623  
  155,648      

Bidvest Group, Ltd. (The)

     2,090,024  
  42,396      

Capitec Bank Holdings, Ltd.

     3,904,716  
  170,637      

Clicks Group, Ltd.

     2,484,182  
  9,617      

Discovery, Ltd.

     101,692  
  5,870      

Distell Group Holdings, Ltd.

     53,991  
  131,397      

Exxaro Resources, Ltd.

     1,602,622  
  824,597      

FirstRand, Ltd.

     4,008,590  
  53,992      

Foschini Group, Ltd. (The)

     690,347  
  169,344      

Gold Fields, Ltd., ADR

     916,151  
  43,509      

Gold Fields, Ltd.

     236,810  
  250,718      

Growthpoint Properties, Ltd. REIT

     431,695  
  20,455      

Imperial Logistics, Ltd.

     74,603  
  64,765      

Investec, Ltd.

     421,900  
  46,715      

Italtile, Ltd.

     49,030  
  713,012      

KAP Industrial Holdings, Ltd.

     282,651  
  1,689      

Kumba Iron Ore, Ltd.‡

     59,814  
  48,530      

Liberty Holdings, Ltd.

     363,633  
  111,465      

Life Healthcare Group Holdings, Ltd.

     177,380  
  9,343      

Massmart Holdings, Ltd.

     41,212  
  470,749      

MMI Holdings, Ltd.

     633,285  
  15,021      

Mondi, Ltd.

     337,634  
  46,640      

Motus Holdings, Ltd.

     241,845  
  83,840      

Mr Price Group, Ltd.

     1,180,256  
  65,904      

MTN Group, Ltd.‡

     498,910  
  56,321      

MultiChoice Group, Ltd.*

     535,082  
  38,034      

Naspers, Ltd. Class N

     9,223,156  
  36,258      

Nedbank Group, Ltd.

     651,043  
  41,134      

Netcare, Ltd.

     52,448  
  7,817      

Northam Platinum, Ltd.*

     32,707  
  1,122      

Oceana Group, Ltd.

     5,490  
  485,281      

Old Mutual, Ltd.

     729,578  
  94,672      

Pick n Pay Stores, Ltd.

     463,247  
  22,181      

Pioneer Foods Group, Ltd.‡

     108,536  
  470,452      

PPC, Ltd.* ‡

     154,134  
  2,220      

PSG Group, Ltd.

     37,628  
  467,772      

Redefine Properties, Ltd. REIT

     299,878  
  25,055      

Remgro, Ltd.

     333,859  
  50,029      

Reunert, Ltd.

     239,586  
  74,875      

RMB Holdings, Ltd.

     448,148  
  47,419      

Sanlam, Ltd.

     262,833  
  135,117      

Sappi, Ltd.

     525,951  
  8,988      

Sasol, Ltd., ADR‡

     223,352  
  40,499      

Sasol, Ltd.‡

     1,005,808  
  568,362      

Sibanye Gold, Ltd.*

     675,525  
  17,032      

SPAR Group, Ltd. (The)

     225,660  
  97,286      

Standard Bank Group, Ltd.‡

     1,356,847  
  93,635      

Super Group, Ltd.*

     218,396  
  81,164      

Telkom SA SOC, Ltd.

     530,627  

 

 

See accompanying Notes to the Schedule of Investments.

142

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          South Africa — continued  
  4,339      

Tiger Brands, Ltd.‡

     68,833  
  34,879      

Tongaat Hulett, Ltd.* ****

     32,674  
  521,179      

Truworths International, Ltd.

     2,587,184  
  41,502      

Tsogo Sun Holdings, Ltd.

     44,824  
  16,811      

Vodacom Group, Ltd.‡

     142,666  
  52,776      

Woolworths Holdings, Ltd.‡

     182,941  
      

 

 

 
   

Total South Africa

     51,901,578  
      

 

 

 
          South Korea — 7.0%  
  20,204      

AfreecaTV Co., Ltd.

     1,076,123  
  1,044      

AK Holdings, Inc.

     40,190  
  302      

Asia Cement Co., Ltd.

     25,004  
  18,126      

Asiana Airlines, Inc.*

     86,183  
  4,361      

BGF Co., Ltd.

     27,949  
  592      

Binggrae Co., Ltd.

     35,018  
  64,347      

BNK Financial Group, Inc.

     417,407  
  44,590      

Cheil Worldwide, Inc.

     1,135,362  
  434      

CJ CheilJedang Corp.

     111,634  
  826      

CJ Corp.

     72,252  
  6,323      

CJ Hello Co., Ltd.

     37,785  
  448      

CJ Logistics Corp.*

     52,186  
  5,530      

Daeduck Electronics Co.

     56,514  
  2,932      

Daekyo Co., Ltd.

     15,921  
  6,283      

Daelim Industrial Co., Ltd.

     625,770  
  3,287      

Daesang Corp.

     69,034  
  6,651      

Daewoo Engineering & Construction Co., Ltd.*

     28,455  
  3,025      

Daewoo Shipbuilding & Marine Engineering Co., Ltd.*

     85,669  
  3,137      

Daou Technology, Inc.

     58,955  
  2,211      

DB HiTek Co., Ltd.

     28,244  
  2,778      

DB Insurance Co., Ltd.

     142,671  
  41,245      

DGB Financial Group, Inc.

     291,124  
  22,410      

Dongkuk Steel Mill Co., Ltd.*

     130,231  
  14,977      

Dongwon Development Co., Ltd.

     66,801  
  50      

Dongwon F&B Co., Ltd.

     12,168  
  287      

Dongwon Industries Co., Ltd.

     62,140  
  3,027      

Doosan Bobcat, Inc.

     95,425  
  852      

Doosan Corp.

     74,158  
  26,361      

Doosan Heavy Industries & Construction Co., Ltd.*

     141,548  
  30,395      

Doosan Infracore Co., Ltd.*

     163,735  
  5,023      

E-MART, Inc.

     609,033  
  15,593      

Eugene Corp.

     80,082  
  18,603      

Fila Korea, Ltd.

     1,235,743  
  4,455      

GS Engineering & Construction Corp.

     155,683  
  12,288      

GS Holdings Corp.

     544,880  
  363      

GS Home Shopping, Inc.

     54,105  
  1,535      

GS Retail Co., Ltd.

     52,246  
  1,992      

Halla Holdings Corp.

     76,168  
  33,635      

Hana Financial Group, Inc.

     1,089,463  
  2,051      

Handsome Co., Ltd.

     65,723  

 

 

See accompanying Notes to the Schedule of Investments.

143

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          South Korea — continued  
  538      

Hanil Cement Co., Ltd.

     59,408  
  442      

Hanil Holdings Co., Ltd.

     20,135  
  3,259      

Hanjin Kal Corp.

     84,675  
  2,473      

Hanjin Transportation Co., Ltd.

     78,068  
  17,840      

Hankook Tire & Technology Co., Ltd.

     542,315  
  776      

Hansol Paper Co., Ltd.

     9,846  
  10,091      

Hanwha Aerospace Co., Ltd.*

     290,587  
  23,695      

Hanwha Chemical Corp.

     465,835  
  9,719      

Hanwha Corp.

     224,741  
  16,935      

Hanwha General Insurance Co., Ltd.

     60,647  
  68,232      

Hanwha Life Insurance Co., Ltd.

     193,530  
  10,728      

Harim Holdings Co., Ltd.

     104,990  
  11,090      

HDC Holdings Co., Ltd.

     145,510  
  2,951      

Hite Jinro Co., Ltd.

     52,010  
  9,320      

Hotel Shilla Co., Ltd.

     782,956  
  156      

Hyosung Advanced Materials Corp.*

     16,145  
  111      

Hyosung Chemical Corp.

     14,372  
  2,155      

Hyosung Corp.

     135,498  
  150      

Hyosung TNC Co., Ltd.

     18,447  
  3,511      

Hyundai Construction Equipment Co., Ltd.

     123,302  
  3,515      

Hyundai Department Store Co., Ltd.

     251,756  
  2,852      

Hyundai Engineering & Construction Co., Ltd.

     132,393  
  618      

Hyundai Glovis Co., Ltd.

     86,172  
  13,527      

Hyundai Greenfood Co., Ltd.

     153,470  
  1,139      

Hyundai Heavy Industries Holdings Co., Ltd.

     319,609  
  1,756      

Hyundai Home Shopping Network Corp.

     161,206  
  537      

Hyundai Livart Furniture Co., Ltd.

     8,069  
  15,018      

Hyundai Marine & Fire Insurance Co., Ltd.

     370,036  
  5,196      

Hyundai Mipo Dockyard Co., Ltd.

     222,303  
  7,297      

Hyundai Mobis Co., Ltd.

     1,488,281  
  16,359      

Hyundai Motor Co.

     1,983,510  
  9,126      

Hyundai Steel Co.

     330,374  
  5,377      

Hyundai Wia Corp.

     226,554  
  29,070      

Industrial Bank of Korea

     353,729  
  2,322      

IS Dongseo Co., Ltd.

     77,725  
  47,860      

JB Financial Group Co., Ltd.

     244,968  
  42,727      

KB Financial Group, Inc.

     1,696,647  
  1,323      

KCC Corp.

     315,668  
  28,818      

Kia Motors Corp.

     1,098,161  
  2,041      

KISWIRE, Ltd.

     46,400  
  11,626      

KIWOOM Securities Co., Ltd.

     821,618  
  8,443      

Koh Young Technology, Inc.

     607,642  
  889      

Kolon Corp.

     13,897  
  5,789      

Kolon Industries, Inc.

     214,082  
  5,615      

Korea Asset In Trust Co., Ltd.

     20,206  
  787      

Korea Electric Terminal Co., Ltd.

     45,871  
  2,158      

Korea Investment Holdings Co., Ltd.

     150,825  
  2,429      

Korea Line Corp.*

     56,694  
  1,063      

Korea Petrochemical Ind Co., Ltd.

     119,681  

 

 

See accompanying Notes to the Schedule of Investments.

144

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          South Korea — continued  
  33,367      

Korea Real Estate Investment & Trust Co., Ltd.

     68,055  
  1,163      

Korea Shipbuilding & Offshore Engineering Co., Ltd.*

     119,357  
  3,136      

Korea Zinc Co., Ltd.

     1,292,804  
  4,635      

Korean Air Lines Co., Ltd.

     116,211  
  30,323      

Korean Reinsurance Co.

     229,001  
  30,360      

KT Corp., ADR

     375,553  
  2,427      

KT Skylife Co., Ltd.

     22,175  
  670      

Kumho Tire Co., Inc.*

     2,304  
  6,138      

LF Corp.

     122,266  
  14,673      

LG Chem, Ltd.

     4,504,896  
  2,708      

LG Corp.

     180,354  
  26,450      

LG Display Co., Ltd.*

     408,897  
  3,066      

LG Electronics, Inc.

     210,569  
  2,064      

LG Hausys, Ltd.

     109,935  
  2,447      

LG Household & Health Care, Ltd.

     2,782,584  
  691      

LG Innotek Co., Ltd.

     65,231  
  8,961      

LG International Corp.

     138,142  
  5,498      

LG Uplus Corp.

     69,043  
  1,034      

LIG Nex1 Co., Ltd.

     27,850  
  1,954      

Lotte Chemical Corp.

     427,303  
  235      

Lotte Chilsung Beverage Co., Ltd.

     34,905  
  1,164      

Lotte Fine Chemical Co., Ltd.

     53,228  
  40      

Lotte Food Co., Ltd.

     20,370  
  3,344      

Lotte Himart Co., Ltd.

     126,560  
  2,784      

Lotte Shopping Co., Ltd.

     386,985  
  4,120      

LS Corp.

     169,489  
  1,410      

Mando Corp.

     36,024  
  2,483      

Meritz Financial Group, Inc.

     31,504  
  2,886      

Meritz Fire & Marine Insurance Co., Ltd.

     51,739  
  30,315      

Meritz Securities Co., Ltd.

     140,725  
  65,536      

Mirae Asset Daewoo Co., Ltd.

     464,283  
  28,008      

Mirae Asset Life Insurance Co., Ltd.

     106,729  
  39,122      

Modetour Network, Inc.

     667,478  
  2,471      

Namhae Chemical Corp.

     23,112  
  12,549      

Nexen Tire Corp.

     105,965  
  11,431      

NH Investment & Securities Co., Ltd.

     143,550  
  722      

NHN Corp.*

     48,336  
  2,972      

NongShim Co., Ltd.

     653,781  
  4,484      

OCI Co., Ltd.

     362,324  
  6,767      

Orion Holdings Corp.

     100,510  
  12,140      

Pan Ocean Co., Ltd.*

     48,785  
  5,966      

Poongsan Corp.

     133,824  
  8,576      

POSCO

     1,815,989  
  3,308      

Posco International Corp.

     52,572  
  2,292      

S&T Motiv Co., Ltd.

     88,532  
  2,669      

Samsung C&T Corp.

     221,213  
  7,290      

Samsung Card Co., Ltd.

     241,180  
  356,562      

Samsung Electronics Co., Ltd.

     14,513,847  
  914      

Samsung Fire & Marine Insurance Co., Ltd.

     212,144  

 

 

See accompanying Notes to the Schedule of Investments.

145

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          South Korea — continued  
  11,648      

Samsung Heavy Industries Co., Ltd.*

     82,317  
  7,983      

Samsung Life Insurance Co., Ltd.

     577,992  
  173      

Samsung SDI Co., Ltd.

     35,435  
  15,205      

Samsung Securities Co., Ltd.

     514,888  
  1,020      

Samyang Corp.

     48,233  
  1,265      

Samyang Holdings Corp.

     80,744  
  4,072      

Seah Besteel Corp.

     64,890  
  2,084      

Sebang Global Battery Co., Ltd.

     77,158  
  28,327      

SFA Engineering Corp.

     989,906  
  115,563      

Shinhan Financial Group Co., Ltd.

     4,493,811  
  4,704      

Shinsegae International, Inc.

     867,754  
  511      

Shinsegae, Inc.

     133,210  
  287      

Shinyoung Securities Co., Ltd.

     14,963  
  29,184      

Silicon Works Co., Ltd.

     1,088,097  
  2,188      

Sindoh Co., Ltd.

     89,536  
  694      

SK Chemicals Co., Ltd.

     34,560  
  3,059      

SK Discovery Co., Ltd.

     72,458  
  1,185      

SK Gas, Ltd.

     80,461  
  921      

SK Holdings Co., Ltd.

     185,053  
  17,027      

SK Hynix, Inc.

     1,024,879  
  1,750      

SK Innovation Co., Ltd.

     240,982  
  50,434      

SK Networks Co., Ltd.

     221,016  
  2,271      

SKC Co., Ltd.

     77,886  
  3,982      

SL Corp.

     81,733  
  158,658      

Ssangyong Cement Industrial Co., Ltd.

     865,670  
  7,760      

Ssangyong Motor Co.*

     27,185  
  127      

Taekwang Industrial Co., Ltd.

     145,187  
  6,785      

Taeyoung Engineering & Construction Co., Ltd.

     87,556  
  14,048      

Tongyang Life Insurance Co., Ltd.

     53,107  
  928      

Unid Co., Ltd.

     40,426  
  5,297      

Wonik Holdings Co., Ltd.*

     18,465  
  53,336      

Woori Financial Group, Inc.

     649,003  
  86      

Young Poong Corp.

     53,627  
  1,900      

Youngone Corp.

     61,378  
  1,790      

Youngone Holdings Co., Ltd.

     94,255  
  32,918      

Yuanta Securities Korea Co., Ltd.*

     92,512  
  3,924      

Yuhan Corp.

     830,917  
      

 

 

 
   

Total South Korea

     70,794,809  
      

 

 

 
          Spain — 0.0%  
  16,331      

CEMEX Latam Holdings SA*

     23,170  
      

 

 

 
          Switzerland — 0.3%  
  106,053      

ABB, Ltd.

     2,130,850  
  12,170      

Nestle SA

     1,261,436  
      

 

 

 
   

Total Switzerland

     3,392,286  
      

 

 

 
          Taiwan — 7.5%  
  21,000      

A-DATA Technology Co., Ltd.

     30,290  

 

 

See accompanying Notes to the Schedule of Investments.

146

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Taiwan — continued  
  647,000      

Acer, Inc.*

     400,996  
  26,000      

Aerospace Industrial Development Corp.

     28,294  
  9,000      

Arcadyan Technology Corp.

     25,760  
  100,000      

Ardentec Corp.

     93,208  
  94,000      

ASE Technology Holding Co., Ltd.*

     186,127  
  1,096,000      

Asia Cement Corp.

     1,677,902  
  22,000      

Asia Optical Co., Inc.

     61,553  
  17,000      

Asia Vital Components Co., Ltd.

     21,045  
  75,000      

Asustek Computer, Inc.

     538,483  
  1,775,000      

AU Optronics Corp.

     531,480  
  276,000      

Bioteque Corp.

     1,075,227  
  21,000      

Brighton-Best International Taiwan, Inc.

     23,833  
  537,140      

Capital Securities Corp.

     163,946  
  69,000      

Catcher Technology Co., Ltd.

     494,293  
  775,000      

Cathay Financial Holding Co., Ltd.

     1,072,941  
  158,000      

Cathay Real Estate Development Co., Ltd.

     140,910  
  23,062      

Center Laboratories, Inc.*

     57,470  
  428,480      

Chang Hwa Commercial Bank, Ltd.

     289,015  
  206,000      

Cheng Loong Corp.

     133,975  
  53,000      

Cheng Shin Rubber Industry Co., Ltd.

     68,427  
  118,000      

Cheng Uei Precision Industry Co., Ltd.

     120,243  
  22,110      

Chicony Electronics Co., Ltd.

     54,386  
  50,000      

Chilisin Electronics Corp.

     146,171  
  119,000      

Chin-Poon Industrial Co., Ltd.

     133,140  
  633,000      

China Airlines, Ltd.

     200,542  
  184,000      

China Bills Finance Corp.

     88,566  
  1,337,000      

China Development Financial Holding Corp.

     407,650  
  32,960      

China General Plastics Corp.

     25,362  
  576,335      

China Life Insurance Co., Ltd.

     461,113  
  329,000      

China Man-Made Fiber Corp.

     98,087  
  68,000      

China Metal Products

     78,707  
  460,950      

China Petrochemical Development Corp.

     156,571  
  609,000      

China Steel Corp.

     489,208  
  46,000      

Chipbond Technology Corp.

     89,602  
  174,944      

ChipMOS Technologies, Inc.

     134,336  
  17,000      

Chong Hong Construction Co., Ltd.

     48,877  
  219,000      

Chung Hung Steel Corp.*

     74,035  
  117,000      

Chung Hwa Pulp Corp.

     36,690  
  939,000      

Compal Electronics, Inc.

     615,227  
  278,000      

Compeq Manufacturing Co., Ltd.

     233,162  
  103,000      

Continental Holdings Corp.

     56,873  
  120,000      

Coretronic Corp.

     167,678  
  512,000      

CTBC Financial Holding Co., Ltd.

     351,944  
  45,000      

CTCI Corp.

     67,008  
  66,000      

Darwin Precisions Corp.

     40,162  
  31,000      

Depo Auto Parts Ind Co., Ltd.

     68,269  
  44,000      

E Ink Holdings, Inc.

     47,174  
  3,181,661      

E.Sun Financial Holding Co., Ltd.

     2,663,378  
  241,000      

Elite Material Co., Ltd.

     727,047  

 

 

See accompanying Notes to the Schedule of Investments.

147

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Taiwan — continued  
  77,000      

EnTie Commercial Bank Co., Ltd.

     38,922  
  325,000      

Epistar Corp.

     261,595  
  87,740      

Eternal Materials Co., Ltd.

     76,414  
  528,442      

Eva Airways Corp.

     254,357  
  147,000      

Evergreen International Storage & Transport Corp.

     67,443  
  539,549      

Evergreen Marine Corp. Taiwan, Ltd.

     216,275  
  116,000      

Everlight Electronics Co., Ltd.

     108,308  
  304,000      

Far Eastern Department Stores, Ltd.

     220,223  
  633,720      

Far Eastern International Bank

     250,962  
  327,000      

Far Eastern New Century Corp.

     352,694  
  85,000      

Farglory Land Development Co., Ltd.

     112,888  
  34,000      

Feng Hsin Steel Co., Ltd.

     68,855  
  275,000      

First Financial Holding Co., Ltd.

     201,871  
  31,000      

FLEXium Interconnect, Inc.

     86,035  
  33,000      

Formosa Advanced Technologies Co., Ltd.

     37,824  
  103,000      

Formosa Chemicals & Fibre Corp.

     341,570  
  129,000      

Formosa Plastics Corp.

     475,555  
  204,000      

Foxconn Technology Co., Ltd.

     414,443  
  659,000      

Fubon Financial Holding Co., Ltd.

     972,815  
  33,000      

Getac Technology Corp.

     49,511  
  140,000      

Gigabyte Technology Co., Ltd.

     239,798  
  245,000      

Grand Pacific Petrochemical

     161,706  
  124,000      

Grape King Bio, Ltd.

     816,433  
  54,570      

Great Wall Enterprise Co., Ltd.

     70,190  
  29,000      

Greatek Electronics, Inc.

     40,149  
  74,000      

Hannstar Board Corp.

     73,977  
  801,000      

HannStar Display Corp.

     170,209  
  44,000      

Highwealth Construction Corp.

     70,053  
  16,000      

Holy Stone Enterprise Co., Ltd.

     53,832  
  1,258,200      

Hon Hai Precision Industry Co., Ltd.

     3,135,423  
  422,115      

Hua Nan Financial Holdings Co., Ltd.

     283,363  
  23,000      

Huaku Development Co., Ltd.

     63,092  
  173,600      

Hung Sheng Construction, Ltd.

     116,257  
  18,000      

IEI Integration Corp.

     19,269  
  2,011,000      

Innolux Corp.

     474,593  
  166,796      

International CSRC Investment Holdings Co.

     200,577  
  134,000      

Inventec Corp.

     106,563  
  54,000      

Kenda Rubber Industrial Co., Ltd.

     51,723  
  19,000      

Kerry TJ Logistics Co., Ltd.

     22,603  
  89,000      

Kindom Construction Corp.

     80,520  
  85,000      

King Yuan Electronics Co., Ltd.

     73,343  
  252,000      

King’s Town Bank Co., Ltd.

     274,235  
  338,000      

Kinpo Electronics

     116,985  
  99,000      

Kinsus Interconnect Technology Corp.

     126,700  
  178,000      

Lite-On Technology Corp., ADR

     260,758  
  301,462      

Longchen Paper & Packaging Co., Ltd.

     141,222  
  14,000      

Lung Yen Life Service Corp.

     28,577  
  144,000      

Macronix International

     107,330  
  146,000      

Makalot Industrial Co., Ltd.

     987,138  

 

 

See accompanying Notes to the Schedule of Investments.

148

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Taiwan — continued  
  45,000      

MediaTek, Inc.

     454,933  
  330,000      

Mega Financial Holding Co., Ltd.

     328,305  
  114,480      

Mercuries & Associates Holding, Ltd.

     66,898  
  284,445      

Mercuries Life Insurance Co., Ltd.*

     97,533  
  255,000      

Micro-Star International Co., Ltd.

     722,484  
  47,000      

Nan Kang Rubber Tire Co., Ltd.

     53,190  
  150,000      

Nan Ya Plastics Corp.

     379,594  
  21,000      

Nantex Industry Co., Ltd.

     24,340  
  108,000      

Nanya Technology Corp.

     224,279  
  317,000      

O-Bank Co., Ltd.

     84,099  
  62,000      

Oriental Union Chemical Corp.

     51,401  
  28,000      

Pan Jit International, Inc.*

     22,808  
  73,000      

Pan-International Industrial Corp.

     55,585  
  202,000      

Pegatron Corp.

     349,246  
  6,000      

Phison Electronics Corp.

     54,669  
  260,000      

Pou Chen Corp.

     322,285  
  365,000      

Powertech Technology, Inc.

     893,125  
  28,000      

President Securities Corp.

     12,351  
  562,000      

Primax Electronics, Ltd.

     978,902  
  324,000      

Prince Housing & Development Corp.

     122,571  
  412,000      

Qisda Corp., ADR

     266,624  
  73,000      

Quanta Computer, Inc.

     141,960  
  418,000      

Radiant Opto-Electronics Corp.

     1,399,636  
  78,000      

Radium Life Tech Co., Ltd.*

     34,154  
  31,000      

Rechi Precision Co., Ltd.

     26,050  
  25,000      

Ruentex Industries, Ltd.

     60,770  
  20,000      

San Fang Chemical Industry Co., Ltd.

     15,841  
  117,000      

Sanyang Motor Co., Ltd.

     84,945  
  80,000      

Shihlin Electric & Engineering Corp.

     120,285  
  1,167,305      

Shin Kong Financial Holding Co., Ltd.

     354,406  
  23,000      

Shin Zu Shing Co., Ltd.

     86,270  
  18,000      

Shinkong Insurance Co., Ltd.

     23,065  
  411,000      

Shinkong Synthetic Fibers Corp.

     183,934  
  33,000      

Sigurd Microelectronics Corp.

     31,556  
  119,000      

Simplo Technology Co., Ltd.

     959,755  
  25,000      

Sino-American Silicon Products, Inc.*

     65,680  
  1,109,480      

SinoPac Financial Holdings Co., Ltd.

     466,161  
  17,000      

Sinyi Realty, Inc.

     17,597  
  98,000      

Sunny Friend Environmental Technology Co., Ltd.

     872,422  
  75,000      

Synnex Technology International Corp.

     94,174  
  45,530      

TA Chen Stainless Pipe

     66,405  
  621,825      

Taichung Commercial Bank Co., Ltd.

     250,256  
  1,048,263      

Taishin Financial Holding Co., Ltd.

     482,627  
  836,680      

Taiwan Business Bank

     367,703  
  470,000      

Taiwan Cement Corp.

     696,840  
  785,840      

Taiwan Cooperative Financial Holding Co., Ltd.

     526,263  
  275,000      

Taiwan Glass Industry Corp.

     107,576  
  59,000      

Taiwan Hon Chuan Enterprise Co., Ltd.

     105,047  
  463,528      

Taiwan Semiconductor Manufacturing Co., Ltd., ADR

     18,156,392  

 

 

See accompanying Notes to the Schedule of Investments.

149

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Taiwan — continued  
  690,000      

Taiwan Semiconductor Manufacturing Co., Ltd.

     5,309,487  
  28,000      

Taiwan Shin Kong Security Co., Ltd.

     34,347  
  33,000      

Taiwan Styrene Monomer

     26,084  
  26,000      

Taiwan Surface Mounting Technology Corp.

     48,803  
  52,000      

Tatung Co., Ltd.*

     31,391  
  72,616      

TCI Co., Ltd.

     998,311  
  404,000      

Teco Electric and Machinery Co., Ltd.

     296,566  
  225,000      

Ton Yi Industrial Corp.

     93,087  
  15,000      

Tong Hsing Electronic Industries, Ltd.

     53,124  
  105,000      

Tong Yang Industry Co., Ltd.

     151,789  
  18,000      

Topco Scientific Co., Ltd.

     48,391  
  20,000      

Transcend Information, Inc.

     46,105  
  215,000      

Tripod Technology Corp.

     761,442  
  50,000      

TSRC Corp.

     44,592  
  283,000      

Tung Ho Steel Enterprise Corp.

     212,299  
  67,000      

TXC Corp.

     75,069  
  104,000      

U-Ming Marine Transport Corp.

     112,004  
  1,626,000      

Uni-President Enterprises Corp.

     4,329,439  
  384,000      

Unimicron Technology Corp.

     435,809  
  422,970      

Union Bank Of Taiwan

     159,331  
  35,700      

Unitech Printed Circuit Board Corp.

     24,023  
  1,212,000      

United Microelectronics Corp.

     544,355  
  230,040      

UPC Technology Corp.

     84,433  
  243,780      

USI Corp.

     92,616  
  40,000      

Wafer Works Corp.

     45,526  
  49,000      

Wah Lee Industrial Corp.

     85,349  
  565,000      

Walsin Lihwa Corp.

     267,406  
  157,000      

Wan Hai Lines, Ltd.

     91,492  
  688,224      

Waterland Financial Holdings Co., Ltd.

     237,093  
  655,000      

Winbond Electronics Corp.

     320,546  
  623,447      

Wistron Corp.

     485,759  
  28,560      

Wistron NeWeb Corp.

     67,309  
  288,720      

WPG Holdings, Ltd.

     375,082  
  153,000      

WT Microelectronics Co., Ltd.

     196,795  
  7,000      

Yageo Corp.

     59,499  
  368,000      

Yang Ming Marine Transport Corp.*

     96,682  
  341,000      

YFY, Inc.

     130,649  
  312,090      

Yieh Phui Enterprise Co., Ltd.

     92,644  
  1,037,000      

Yuanta Financial Holding Co., Ltd.

     622,677  
  11,000      

Yulon Finance Corp.

     40,728  
  258,000      

Yulon Motor Co., Ltd.

     189,391  
  8,000      

Yung Chi Paint & Varnish Manufacturing Co., Ltd.

     19,318  
      

 

 

 
   

Total Taiwan

     76,771,395  
      

 

 

 
          Thailand — 2.9%  
  1,947,200      

Airports of Thailand PCL Class F

     4,666,804  
  903,400      

AP Thailand PCL Class F

     231,245  
  293,600      

Bangchak Corp. PCL Class F

     291,996  
  85,600      

Bangkok Airways PCL Class F

     32,378  

 

 

See accompanying Notes to the Schedule of Investments.

150

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Thailand — continued  
  227,100      

Bangkok Bank PCL Class F, NVDR

     1,458,831  
  104,700      

Bangkok Life Assurance PCL, NVDR

     92,179  
  63,800      

Bank of Ayudhya PCL, NVDR

     80,095  
  975,100      

Banpu PCL Class F

     476,938  
  30,800      

Berli Jucker PCL

     50,718  
  184,600      

Charoen Pokphand Foods PCL Class F

     170,048  
  1,385,800      

CP ALL PCL Class F

     3,874,863  
  15,800      

Electricity Generating PCL Class N, NVDR

     167,441  
  128,800      

Esso Thailand PCL Class F

     45,359  
  52,400      

GFPT PCL Class F

     28,876  
  338,500      

Golden Land Property Development PCL Class F

     92,717  
  174,700      

Hana Microelectronics PCL Class F

     146,687  
  47,500      

Indorama Ventures PCL Class F

     72,797  
  2,430,100      

IRPC PCL Class F

     396,201  
  282,000      

Kasikornbank PCL, NVDR

     1,728,736  
  190,500      

Kasikornbank PCL Class F

     1,177,134  
  24,100      

Kiatnakin Bank PCL Class F

     54,617  
  1,248,200      

Krung Thai Bank PCL, NVDR

     793,671  
  645,200      

Krung Thai Bank PCL Class F

     410,252  
  851,900      

Krungthai Card PCL Class F

     1,201,424  
  1,785,300      

Land & Houses PCL Class F

     640,362  
  81,200      

MBK PCL Class F

     58,251  
  69,700      

Precious Shipping PCL Class F*

     18,409  
  318,500      

Pruksa Holding PCL Class F

     221,213  
  367,400      

PTT Exploration & Production PCL Class N, NVDR

     1,617,315  
  46,100      

PTT Exploration & Production PCL Class F

     202,935  
  247,000      

PTT Global Chemical PCL, NVDR

     515,464  
  266,800      

PTT Global Chemical PCL Class F

     556,785  
  1,223,500      

PTT PCL, NVDR

     1,944,913  
  387,000      

PTT PCL Class F

     615,187  
  2,363,200      

Sansiri PCL Class F

     114,047  
  1,400      

Siam Cement PCL (The) Class F

     21,547  
  201,300      

Siam Commercial Bank PCL (The) Class F

     915,671  
  1,470,500      

Sino-Thai Engineering & Construction PCL Class F

     1,294,644  
  286,300      

Sri Trang Agro-Industry PCL Class F

     118,562  
  594,200      

Star Petroleum Refining PCL Class F

     195,693  
  931,200      

Supalai PCL Class F

     713,563  
  262,000      

Thai Airways International PCL Class F*

     90,558  
  264,500      

Thai Oil PCL Class F

     573,547  
  129,200      

Thai Union Group PCL Class F

     77,097  
  146,200      

Thanachart Capital PCL Class F

     264,583  
  278,700      

Tisco Financial Group PCL Class F

     849,709  
  2,502,300      

TMB Bank PCL Class F

     159,925  
  53,800      

TPI Polene Power PCL Class F

     10,701  
  346,800      

True Corp. PCL Class F

     65,023  
  14,000      

Vinythai PCL Class F

     10,956  
      

 

 

 
   

Total Thailand

     29,608,667  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

151

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Turkey — 0.4%  
  289,818      

Akbank T.A.S.*

     340,727  
  4,992      

Anadolu Efes Biracilik Ve Malt Sanayii AS

     17,166  
  162,637      

Arcelik AS*

     546,903  
  8,486      

Aygaz AS

     12,882  
  28,851      

BIM Birlesik Magazalar AS

     397,300  
  3,454      

Coca-Cola Icecek AS

     17,843  
  87,117      

Dogan Sirketler Grubu Holding AS

     17,170  
  42,724      

Enka Insaat ve Sanayi AS

     40,405  
  41,412      

Eregli Demir ve Celik Fabrikalari TAS

     56,347  
  26,827      

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A*

     9,972  
  185,490      

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D*

     72,156  
  23,713      

KOC Holding AS

     71,910  
  22,782      

Koza Anadolu Metal Madencilik Isletmeleri AS*

     27,887  
  8,732      

Pegasus Hava Tasimaciligi AS*

     68,841  
  30,173      

Soda Sanayii AS

     33,178  
  233,700      

TAV Havalimanlari Holding AS

     1,090,923  
  133,289      

Tekfen Holding AS

     598,233  
  114,191      

Trakya Cam Sanayii AS

     57,846  
  53,537      

Turk Hava Yollari AO*

     119,311  
  98,151      

Turkiye Garanti Bankasi AS*

     154,422  
  131,148      

Turkiye Halk Bankasi AS

     130,150  
  175,563      

Turkiye Is Bankasi AS Class C*

     183,637  
  386,900      

Turkiye Sinai Kalkinma Bankasi AS*

     49,500  
  92,896      

Turkiye Sise ve Cam Fabrikalari AS

     83,356  
  129,193      

Turkiye Vakiflar Bankasi TAO Series D

     93,589  
  174,235      

Yapi ve Kredi Bankasi AS*

     72,598  
      

 

 

 
   

Total Turkey

     4,364,252  
      

 

 

 
          United Arab Emirates — 0.2%  
  85,401      

Abu Dhabi Commercial Bank PJSC

     192,976  
  2,421,761      

Emaar Malls PJSC

     1,338,408  
  55,296      

Emirates Telecommunications Group Co. PJSC

     251,103  
  113,451      

First Abu Dhabi Bank PJSC

     458,974  
      

 

 

 
   

Total United Arab Emirates

     2,241,461  
      

 

 

 
          United Kingdom — 0.5%  
  135,365      

GlaxoSmithKline Plc

     2,716,152  
  104,625      

Mondi Plc

     2,383,497  
      

 

 

 
   

Total United Kingdom

     5,099,649  
      

 

 

 
          United States — 0.8%  
  33,201      

Citigroup, Inc.

     2,325,066  
  20,998      

Johnson & Johnson

     2,924,601  
  12,877      

Microsoft Corp.

     1,725,003  
  8,900      

Southern Copper Corp.

     345,765  
  18,515      

Yum China Holdings, Inc.

     855,393  
      

 

 

 
   

Total United States

     8,175,828  
      

 

 

 
   

TOTAL COMMON STOCKS (COST $826,847,204)

     838,943,953  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

152

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
   

INVESTMENT COMPANY — 6.7%

 

          United States — 6.7%  
  1,590,054      

iShares MSCI Emerging Markets ETF

     68,229,217  
      

 

 

 
   

TOTAL INVESTMENT COMPANY (COST $68,057,495)

     68,229,217  
      

 

 

 
   

PREFERRED STOCKS — 1.4%

 

          Brazil — 1.2%  
  143,360      

Banco Bradesco SA, 2.60%

     1,411,662  
  250,000      

Banco do Estado do Rio Grande do Sul SA, 8.52% Series B

     1,549,189  
  21,700      

Banco Pan SA, 0.81%

     50,561  
  10,500      

Cia Brasileira de Distribuicao, 1.73%

     259,387  
  267,344      

Gerdau SA, 2.09%

     1,060,266  
  3,600      

Itau Unibanco Holding SA, 3.90%

     34,059  
  695,262      

Itausa — Investimentos Itau SA, 3.08%

     2,338,311  
  533,463      

Petroleo Brasileiro SA, 3.48%

     3,815,172  
  329,400      

Randon SA Implementos e Participacoes, 1.50%

     776,950  
  115,200      

Usinas Siderurgicas de Minas Gerais SA, 1.70% Series A

     268,714  
      

 

 

 
   

Total Brazil

     11,564,271  
      

 

 

 
          Colombia — 0.0%  
  5,238      

Banco Davivienda SA, 2.01%

     66,116  
  15,537      

Grupo Argos SA, 2.29%

     68,213  
  6,424      

Grupo de Inversiones Suramericana SA, 1.60%

     63,379  
      

 

 

 
   

Total Colombia

     197,708  
      

 

 

 
          Germany — 0.1%  
  19,121      

BMW AG, 6.17%

     1,188,915  
      

 

 

 
          South Korea — 0.1%  
  123      

CJ Corp., 0.00%* ****

     3,906  
  35,203      

Samsung Electronics Co., Ltd., 2.77%

     1,166,167  
      

 

 

 
   

Total South Korea

     1,170,073  
      

 

 

 
   

TOTAL PREFERRED STOCKS (COST $13,357,779)

     14,120,967  
      

 

 

 
   

RIGHTS — 0.0%

 

          Chile — 0.0%  
  303,545      

Enel Americas SA*

     4,471  
      

 

 

 
          Hong Kong — 0.0%  
  486      

China International Marine Containers Group Co., Ltd.* ****

      
  6,315      

Legend Holdings Corp.* ****

      
      

 

 

 
   

Total Hong Kong

      
      

 

 

 
          Philippines — 0.0%  
  12,290      

Philippine National Bank* ****

     1,408  
      

 

 

 
   

TOTAL RIGHTS (COST $—)

     5,879  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

153

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Par Value ($)          Description    Value ($)  
   

SHORT-TERM INVESTMENTS — 0.7%

  
          Investment Fund — 0.0%       
  40,000      

State Street Institutional Treasury Plus Money Market Fund, Institutional Class, 2.23%##

     40,000  
      

 

 

 
          MUTUAL FUND - SECURITIES LENDING COLLATERAL — 0.4%       
  3,984,958      

State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.31%## ***

     3,984,958  
      

 

 

 
          U.S. Government and Agency Obligations — 0.3%       
  2,000,000      

United States Treasury Bill, 2.09%, due 11/21/19** ‡‡

     1,983,674  
  1,000,000      

United States Treasury Bill, 2.07%, due 09/12/19** ‡‡

     995,828  
      

 

 

 
   

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $2,976,808)

     2,979,502  
      

 

 

 
   

TOTAL SHORT-TERM INVESTMENTS (COST $7,001,766)

     7,004,460  
      

 

 

 
   

TOTAL INVESTMENTS — 91.2%
(Cost $915,264,244)

     928,304,476  
   

Other Assets and Liabilities (net) — 8.8%

     89,745,978  
      

 

 

 
          NET ASSETS — 100.0%    $1,018,050,454  
      

 

 

 
   

Notes to Schedule of Investments:

  
    ADR — American Depository Receipt   
    GDR — Global Depository Receipt   
    NVDR — Non-Voting Depository Receipt   
    OTC — Over-The-Counter   
    REIT — Real Estate Investment Trust   
  ##   The rate disclosed is the 7 day net yield as of June 30, 2019.   
  *   Non-income producing security   
  **   All or a portion of this security is pledged for open futures collateral.   
  ***   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 period end is $37,988 which represents 0.0% of net assets. The aggregate tax cost of these securities held at June 30, 2019 was $319,045.   
    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 period end is $5,779,188 which represents 0.6% of net assets.   

 

 

See accompanying Notes to the Schedule of Investments.

154

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Forward Foreign Currency Contracts

 

Currency Purchased

    

Currency Sold

    

Settlement
Date

    

Counterparty

  

Unrealized
Appreciation
(Depreciation)

 
BRL      74,523,000      USD      19,047,366        09/18/19     

Citibank N.A.

   $ 255,730  
CLP      20,528,950,000      USD      30,343,045        09/23/19     

Citibank N.A.

     (86,448
CNH      200,850,000      USD      29,156,123        09/18/19     

Citibank N.A.

     53,736  
COP      10,700,000,000      USD      3,215,870        09/18/19     

Citibank N.A.

     104,179  
CZK      143,155,000      USD      6,320,551        09/18/19     

Citibank N.A.

     94,592  
EUR      800,000      USD      903,309        09/18/19     

Citibank N.A.

     13,287  
HKD      323,163,800      USD      41,258,525        09/18/19     

Citibank N.A.

     120,505  
HUF      1,904,650,000      USD      6,636,794        09/18/19     

Citibank N.A.

     115,287  
IDR      73,207,001,775      USD      5,133,704        09/18/19     

Citibank N.A.

     3,002  
ILS      3,983,000      USD      1,111,135        09/18/19     

Citibank N.A.

     10,894  
INR      1,713,910,000      USD      24,316,921        09/18/19     

Citibank N.A.

     274,214  
KRW      43,063,785,000      USD      37,302,494        09/18/19     

Citibank N.A.

     82,340  
MXN      765,746,000      USD      38,856,087        09/18/19     

Citibank N.A.

     494,936  
PEN      300,000      USD      90,748        09/18/19     

Citibank N.A.

     178  
PHP      844,829,000      USD      16,056,833        09/18/19     

Citibank N.A.

     376,720  
PLN      72,529,000      USD      19,045,866        09/18/19     

Citibank N.A.

     437,108  
RUB      907,870,000      USD      13,747,256        09/18/19     

Citibank N.A.

     488,368  
SGD      2,166,000      USD      1,603,392        09/18/19     

Citibank N.A.

     (564
THB      111,009,000      USD      3,496,100        09/18/19     

Citibank N.A.

     130,252  
TWD      353,689,000      USD      11,473,666        09/18/19     

Citibank N.A.

     (36,278
ZAR      227,061,000      USD      15,721,048        09/18/19     

Citibank N.A.

     226,221  
USD      18,839,466      BRL      74,523,000        09/18/19     

Citibank N.A.

     (463,631
USD      29,380,466      CLP      20,528,950,000        09/23/19     

Citibank N.A.

     (876,131
USD      28,951,574      CNH      200,850,000        09/18/19     

Citibank N.A.

     (258,285
USD      3,338,042      COP      10,700,000,000        09/18/19     

Citibank N.A.

     17,994  
USD      6,385,485      CZK      143,155,000        09/18/19     

Citibank N.A.

     (29,658
USD      915,559      EUR      800,000        09/18/19     

Citibank N.A.

     (1,039
USD      41,378,905      HKD      323,163,800        09/18/19     

Citibank N.A.

     (126
USD      6,723,971      HUF      1,904,650,000        09/18/19     

Citibank N.A.

     (28,110
USD      4,937,163      IDR      73,207,001,775        09/18/19     

Citibank N.A.

     (199,543
USD      1,112,132      ILS      3,983,000        09/18/19     

Citibank N.A.

     (9,895
USD      24,406,340      INR      1,713,910,000        09/18/19     

Citibank N.A.

     (184,796
USD      36,405,120      KRW      43,063,785,000        09/18/19     

Citibank N.A.

     (979,714
USD      39,281,064      MXN      765,746,000        09/18/19     

Citibank N.A.

     (69,958
USD      89,383      PEN      300,000        09/18/19     

Citibank N.A.

     (1,543
USD      16,273,874      PHP      844,829,000        09/18/19     

Citibank N.A.

     (159,674
USD      19,453,571      PLN      72,529,000        09/18/19     

Citibank N.A.

     (29,404
USD      14,346,432      RUB      907,870,000        09/18/19     

Citibank N.A.

     110,809  
USD      1,582,215      SGD      2,166,000        09/18/19     

Citibank N.A.

     (20,613
USD      3,610,306      THB      111,009,000        09/18/19     

Citibank N.A.

     (16,047
USD      11,256,419      TWD      353,689,000        09/18/19     

Citibank N.A.

     (180,970
USD      15,291,337      ZAR      227,061,000        09/18/19     

Citibank N.A.

     (655,932
                 

 

 

 
   $ (878,007
                 

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

155

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Currency Abbreviations

 

BRL

— Brazilian Real

CLP

— Chilean Peso

CNH

— Chinese Yuan Renminbi

COP

— Colombian Peso

CZK

— Czech Koruna

EUR

— Euro Currency

HKD

— Hong Kong Dollar

HUF

— Hungarian Forint

IDR

— Indonesian Rupiah

ILS

— Israeli Shekel

INR

— Indian Rupee

KRW

— South Korean Won

MXN

— Mexican Peso

PEN

— Peruvian Nuevo Sol

PHP

— Philippines Peso

PLN

— Polish Zloty

RUB

— Russian Ruble

SGD

— Singapore Dollar

THB

— Thai Baht

TWD

— Taiwan Dollar

USD

— U.S. Dollar

ZAR

— South African Rand

Futures Contracts

 

Number of
Contracts

         

Description

       

Expiration Date

    

Notional
Value

    

Market Value/
Unrealized
Appreciation
(Depreciation)

 
  Buys                    
  1,010        

MSCI Emerging Markets E-mini Index

        Sep 2019      $ 53,196,700      $ 1,920,435  
                 

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

156

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Industry Sector Summary (Unaudited)    % of Net Assets

Banks

       12.2

Internet

       7.4

Unaffiliated Fund

       6.7

Diversified Financial Services

       5.8

Oil & Gas

       4.6

Semiconductors

       4.4

Retail

       4.0

Insurance

       3.9

Telecommunications

       3.1

Food

       2.7

Pharmaceuticals

       2.7

Engineering & Construction

       2.5

Chemicals

       2.3

Real Estate

       2.1

Computers

       1.8

Electronics

       1.6

Auto Manufacturers

       1.5

Iron & Steel

       1.5

Mining

       1.5

Building Materials

       1.4

Commercial Services

       1.2

Beverages

       1.1

Software

       1.1

Auto Parts & Equipment

       1.0

Lodging

       1.0

Electric

       0.8

Home Furnishings

       0.8

Leisure Time

       0.8

Apparel

       0.7

Coal

       0.7

Gas

       0.7

Health Care — Products

       0.7

Forest Products & Paper

       0.5

Household Products & Wares

       0.5

Machinery — Diversified

       0.5

Aerospace & Defense

       0.4

Cosmetics & Personal Care

       0.4

Holding Companies — Diversified

       0.4

Pipelines

       0.4

Health Care — Services

       0.3

Home Builders

       0.3

Investment Companies

       0.3

Oil & Gas Services

       0.3

REITS

       0.3

Water

       0.3

Airlines

       0.2

Distribution & Wholesale

       0.2

Metal Fabricate & Hardware

       0.2

Advertising

       0.1

Energy-Alternate Sources

       0.1

Environmental Control

       0.1

 

 

See accompanying Notes to the Schedule of Investments.

157

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Industry Sector Summary (Unaudited)    % of Net Assets

Machinery — Construction & Mining

       0.1

Media

       0.1

Textiles

       0.1

Transportation

       0.1

Agriculture

       0.0 *

Electrical Components & Equipment

       0.0 *

Entertainment

       0.0 *

Food Service

       0.0 *

Housewares

       0.0 *

Miscellaneous — Manufacturing

       0.0 *

Office & Business Equipment

       0.0 *

Packaging & Containers

       0.0 *

Private Equity

       0.0 *

Shipbuilding

       0.0 *

Trucking & Leasing

       0.0 *

Short-Term Investments and Other Assets and Liabilities (net)

       9.5
    

 

 

 
       100.0 %
    

 

 

 

* Amount rounds to zero.

 

 

 

See accompanying Notes to the Schedule of Investments.

158

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
   

COMMON STOCKS — 88.8%

 

          Australia — 1.2%  
  40,944      

Fortescue Metals Group, Ltd.

     259,167  
  116,153      

Gold Road Resources, Ltd.*

     80,695  
  90,972      

Newcrest Mining, Ltd.

     2,039,675  
  124,880      

QBE Insurance Group, Ltd.

     1,036,717  
  205,729      

Regis Resources, Ltd.

     762,275  
  17,871      

Rio Tinto, Ltd.

     1,301,251  
  18,141      

Saracen Mineral Holdings, Ltd.*

     46,848  
  292,051      

Sonic Healthcare, Ltd.

     5,554,058  
  217,573      

Telstra Corp., Ltd.

     587,825  
  57,182      

Wesfarmers, Ltd.

     1,451,009  
      

 

 

 
   

Total Australia

     13,119,520  
      

 

 

 
          Austria — 0.3%  
  2,582      

Erste Group Bank AG*

     95,974  
  26,711      

EVN AG

     404,566  
  10,339      

Flughafen Wien AG‡

     464,486  
  9,486      

Oesterreichische Post AG‡

     319,219  
  34,645      

Telekom Austria AG Class A*

     261,973  
  39,732      

UNIQA Insurance Group AG

     370,798  
  30,457      

Vienna Insurance Group AG Wiener Versicherung Gruppe

     782,134  
  18,918      

voestalpine AG

     585,346  
      

 

 

 
   

Total Austria

     3,284,496  
      

 

 

 
          Belgium — 0.2%  
  1,527      

Colruyt SA

     88,686  
  7,172      

D’ieteren SA/NV

     329,966  
  14,256      

Elia System Operator SA/NV

     1,052,011  
  884      

Financiere de Tubize SA‡

     61,912  
      

 

 

 
   

Total Belgium

     1,532,575  
      

 

 

 
          Bermuda — 1.5%  
  6,500      

Arch Capital Group, Ltd.*

     241,020  
  24,200      

Assured Guaranty, Ltd.

     1,018,336  
  28,520      

Axis Capital Holdings, Ltd.

     1,701,218  
  4,346      

Bunge, Ltd.

     242,116  
  149,500      

CK Infrastructure Holdings, Ltd.

     1,218,963  
  21,000      

Clear Media, Ltd.

     12,177  
  342,000      

Emperor International Holdings, Ltd.

     88,427  
  21,114      

Enstar Group, Ltd.*

     3,679,748  
  8,914      

Everest Re Group, Ltd.

     2,203,362  
  63,229      

Genpact, Ltd.

     2,408,392  
  70,528      

GL, Ltd.

     41,182  
  2,000      

Guoco Group, Ltd.

     31,232  
  173      

Hudson, Ltd. Class A*

     2,386  
  300,000      

Regal Hotels International Holdings, Ltd.

     188,160  
  13,373      

RenaissanceRe Holdings, Ltd.

     2,380,528  
  34,000      

SmarTone Telecommunications Holding, Ltd.

     32,379  

 

 

See accompanying Notes to the Schedule of Investments.

159

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Bermuda — continued  
  7,500      

Soundwill Holdings, Ltd.

     10,272  
  58,000      

Transport International Holdings, Ltd.

     170,381  
  3,000      

Wing On Co. International, Ltd.

     9,677  
  32,000      

Wing Tai Properties, Ltd.

     22,528  
      

 

 

 
   

Total Bermuda

     15,702,484  
      

 

 

 
          Canada — 5.7%  
  14,800      

Alamos Gold, Inc. Class A

     89,474  
  12,100      

Algonquin Power & Utilities Corp.‡

     146,950  
  25,412      

Atco, Ltd. Class I

     858,378  
  37,600      

Bank of Montreal

     2,846,292  
  13,400      

Bank of Nova Scotia (The)

     721,298  
  48,301      

BCE, Inc.

     2,196,730  
  24,989      

Canadian Imperial Bank of Commerce‡

     1,969,288  
  70,588      

Canadian National Railway Co.

     6,546,980  
  25,800      

Canadian Pacific Railway, Ltd.

     6,069,192  
  1,619      

Canadian Utilities, Ltd. Class A‡

     45,792  
  14,400      

Centerra Gold, Inc.*

     101,602  
  6,400      

Cogeco, Inc.

     409,247  
  2,324      

Constellation Software, Inc.

     2,195,062  
  28,743      

Emera, Inc.

     1,176,995  
  7,996      

Fairfax Financial Holdings, Ltd.

     3,933,047  
  33,300      

Fortis, Inc.

     1,317,729  
  34,476      

George Weston, Ltd.

     2,621,680  
  110,065      

Intact Financial Corp.

     10,193,278  
  1,600      

Lululemon Athletica, Inc.*

     288,336  
  42,400      

National Bank of Canada

     2,018,522  
  8,878      

North West Co. (The), Inc.‡

     203,071  
  135,167      

OceanaGold Corp.

     370,306  
  50,500      

Rogers Communications, Inc. Class B

     2,709,049  
  29,100      

Royal Bank of Canada

     2,317,534  
  14,300      

SEMAFO, Inc.*

     56,467  
  49,300      

Toronto-Dominion Bank (The)

     2,886,884  
  74,235      

Waste Connections, Inc.

     7,095,381  
      

 

 

 
   

Total Canada

     61,384,564  
      

 

 

 
          Denmark — 0.2%  
  17,199      

Carlsberg AS Class B

     2,283,578  
  1,102      

Matas AS

     11,972  
      

 

 

 
   

Total Denmark

     2,295,550  
      

 

 

 
          Finland — 0.1%  
  27,182      

Aktia Bank OYJ

     267,140  
  21,988      

Kesko OYJ Class B

     1,224,954  
      

 

 

 
   

Total Finland

     1,492,094  
      

 

 

 
          France — 4.0%  
  45,708      

Airbus SE

     6,489,879  

 

 

See accompanying Notes to the Schedule of Investments.

160

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          France — continued  
  5,215      

Caisse Regionale de Credit Agricole Mutuel Nord de France

     145,205  
  25,160      

CNP Assurances

     571,898  
  112,012      

Credit Agricole SA

     1,345,113  
  47,400      

Edenred

     2,421,504  
  113,229      

Engie SA

     1,720,129  
  5,600      

IPSOS‡

     147,953  
  77,112      

Lagardere SCA‡

     2,010,968  
  552      

Manutan International

     44,003  
  36,602      

Metropole Television SA

     694,011  
  169,975      

Orange SA

     2,683,815  
  19,444      

Peugeot SA

     479,835  
  104,974      

Rubis SCA

     5,919,840  
  47,793      

Safran SA

     7,012,879  
  304      

Savencia SA

     22,849  
  74      

Societe Fonciere Lyonnaise SA REIT

     5,680  
  20,331      

Societe Generale SA

     514,459  
  44,231      

Suez‡

     639,199  
  97,444      

Veolia Environnement SA

     2,376,962  
  1,091      

Vetoquinol SA

     72,061  
  1,099      

Vilmorin & Cie SA

     62,953  
  70,596      

Vinci SA

     7,240,351  
  5,982      

Vivendi SA

     164,926  
      

 

 

 
   

Total France

     42,786,472  
      

 

 

 
          Germany — 1.2%  
  23,381      

Aareal Bank AG

     616,931  
  3,945      

Allianz SE

     952,424  
  68,627      

Brenntag AG

     3,384,783  
  158,790      

Deutsche Telekom AG

     2,750,788  
  3,099      

Hornbach Baumarkt AG

     60,878  
  3,385      

Hornbach Holding AG & Co. KGaA

     192,549  
  3,290      

McKesson Europe AG

     100,410  
  26,054      

Merck KGaA

     2,728,481  
  34,339      

RHOEN-KLINIKUM AG

     1,051,932  
  15,783      

Salzgitter AG

     452,578  
  6,310      

TAG Immobilien AG*

     146,016  
  14,124      

Talanx AG*

     612,816  
  11,701      

Wuestenrot & Wuerttembergische AG

     252,111  
      

 

 

 
   

Total Germany

     13,302,697  
      

 

 

 
          Hong Kong — 2.0%  
  655,719      

AIA Group, Ltd.

     7,071,274  
  1,101,000      

Champion REIT

     917,441  
  254,500      

CLP Holdings, Ltd.

     2,808,051  
  1,788,000      

Guangdong Investment, Ltd.

     3,538,237  
  239,000      

HK Electric Investments & HK Electric Investments, Ltd.

     244,736  
  1,823,000      

HKT Trust & HKT, Ltd.

     2,893,465  
  191,915      

Hong Kong & China Gas Co., Ltd.

     425,468  
  16,000      

Hong Kong Ferry Holdings Co., Ltd.

     17,224  

 

 

See accompanying Notes to the Schedule of Investments.

161

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Hong Kong — continued  
  49,000      

Kowloon Development Co., Ltd.

     64,476  
  249,000      

Langham Hospitality Investments and Langham Hospitality Investments, Ltd.

     95,935  
  38,000      

Liu Chong Hing Investment, Ltd.

     60,314  
  12,000      

Miramar Hotel & Investment

     26,266  
  360,000      

Power Assets Holdings, Ltd.

     2,589,696  
  361,000      

Regal Real Estate Investment Trust REIT

     111,823  
  545,000      

Sunlight Real Estate Investment Trust REIT

     416,467  
      

 

 

 
   

Total Hong Kong

     21,280,873  
      

 

 

 
          Ireland — 1.8%  
  22,037      

Accenture Plc Class A

     4,071,777  
  32,725      

C&C Group Plc

     145,715  
  5,340      

ICON Plc, ADR*

     822,200  
  109,749      

Irish Residential Properties Plc REIT

     210,720  
  16,300      

Jazz Pharmaceuticals Plc*

     2,323,728  
  42,206      

Medtronic Plc

     4,110,442  
  40,946      

STERIS Plc*

     6,096,040  
  23,991      

Total Produce Plc

     39,889  
  8,200      

Willis Towers Watson Plc

     1,570,628  
      

 

 

 
   

Total Ireland

     19,391,139  
      

 

 

 
          Israel — 0.6%  
  228,765      

Bank Hapoalim BM

     1,697,192  
  25,476      

Bank Leumi Le-Israel BM

     184,005  
  3,121      

FIBI Holdings, Ltd.

     92,145  
  14,841      

First International Bank Of Israel, Ltd.*

     375,379  
  331,092      

Israel Discount Bank, Ltd. Class A

     1,352,571  
  881,020      

Isramco Negev 2, LP*

     75,589  
  3,054      

Mizrahi Tefahot Bank, Ltd.

     70,447  
  1,508      

Paz Oil Co., Ltd.

     212,001  
  5,169      

Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.

     269,570  
  56,884      

Strauss Group, Ltd.

     1,634,804  
  1,613      

Taro Pharmaceutical Industries, Ltd.

     137,782  
      

 

 

 
   

Total Israel

     6,101,485  
      

 

 

 
          Italy — 0.0%  
  14,669      

A2A SpA

     25,492  
      

 

 

 
          Japan — 4.2%  
  7,100      

Aeon Hokkaido Corp.

     48,172  
  22,200      

Alpen Co., Ltd.‡

     314,229  
  1,300      

Aozora Bank, Ltd.

     31,203  
  121,500      

Astellas Pharma, Inc.

     1,731,042  
  1,900      

AT-Group Co., Ltd.

     33,507  
  17,800      

Chugoku Electric Power Co., Inc. (The)

     224,359  
  97,000      

DCM Holdings Co., Ltd.‡

     952,534  
  15,400      

DyDo Group Holdings, Inc.

     661,797  
  50,600      

EDION Corp.

     470,119  

 

 

See accompanying Notes to the Schedule of Investments.

162

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Japan — continued  
  20      

Frontier Real Estate Investment Corp. REIT

     85,391  
  145      

Industrial & Infrastructure Fund Investment Corp. REIT

     180,341  
  4,200      

J-Oil Mills, Inc.

     151,448  
  84      

Japan Logistics Fund, Inc. REIT

     192,341  
  74,800      

Japan Post Bank Co., Ltd.

     759,525  
  182,200      

Japan Post Holdings Co., Ltd.

     2,063,152  
  84      

Japan Rental Housing Investments, Inc. REIT

     65,335  
  9,300      

Japan Tobacco, Inc.‡

     205,396  
  1,200      

Kadoya Sesame Mills, Inc.

     43,661  
  6,300      

Kaken Pharmaceutical Co., Ltd.

     294,709  
  17,700      

Kato Sangyo Co., Ltd.

     537,210  
  69,500      

KDDI Corp.

     1,769,754  
  600      

KFC Holdings Japan, Ltd.

     11,116  
  10,800      

Kohnan Shoji Co., Ltd.

     224,540  
  56,200      

Komeri Co., Ltd.

     1,148,621  
  66,300      

KYORIN Holdings, Inc.

     1,174,127  
  58,400      

LIXIL VIVA Corp.

     677,557  
  168,300      

Marui Group Co., Ltd.

     3,427,234  
  66,800      

Matsumotokiyoshi Holdings Co., Ltd.

     1,953,035  
  71,100      

Medipal Holdings Corp.

     1,569,954  
  9,300      

Mitsubishi Shokuhin Co., Ltd.

     244,024  
  45,800      

Mitsubishi Tanabe Pharma Corp.

     510,117  
  1,563,900      

Mizuho Financial Group, Inc.

     2,265,870  
  7,400      

Mizuno Corp.

     167,383  
  30,000      

Mochida Pharmaceutical Co., Ltd.

     1,276,685  
  54,100      

Nichi-iko Pharmaceutical Co., Ltd.

     591,515  
  26,000      

Nippon Flour Mills Co., Ltd.

     415,556  
  44,700      

Nippon Telegraph & Telephone Corp.

     2,081,491  
  30,100      

Nisshin Oillio Group, Ltd. (The)

     842,319  
  115,800      

NTT DOCOMO, Inc.

     2,700,459  
  12,500      

Ohsho Food Service Corp.

     732,086  
  10,500      

Okinawa Cellular Telephone Co.

     333,302  
  23,250      

Okinawa Electric Power Co., Inc. (The)

     357,360  
  4,400      

Sawai Pharmaceutical Co., Ltd.

     237,683  
  2,700      

Seiko Holdings Corp.

     54,932  
  17,900      

Showa Sangyo Co., Ltd.

     501,745  
  35,900      

Softbank Corp.

     466,327  
  242,400      

Sony Financial Holdings, Inc.

     5,822,640  
  4,600      

St. Marc Holdings Co., Ltd.

     97,986  
  222      

Star Asia Investment Corp. REIT

     245,201  
  3,200      

Sugi Holdings Co., Ltd.

     151,179  
  11,700      

Suzuken Co., Ltd.

     686,319  
  61,600      

Toho Holdings Co., Ltd.‡

     1,380,197  
  176,600      

Tokyo Electric Power Co. Holdings, Inc.*

     921,192  
  28,900      

Tsumura & Co.

     806,056  
  6,000      

United Super Markets Holdings, Inc.

     52,515  
  43,000      

Vital KSK Holdings, Inc.

     407,091  
  5,800      

Yellow Hat, Ltd.

     77,412  

 

 

See accompanying Notes to the Schedule of Investments.

163

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Japan — continued  
  1,500      

ZERIA Pharmaceutical Co., Ltd.

     30,017  
      

 

 

 
   

Total Japan

     45,458,068  
      

 

 

 
          Liberia — 0.1%  
  10,898      

Royal Caribbean Cruises, Ltd.

     1,320,947  
      

 

 

 
          Luxembourg — 0.2%  
  62,700      

Atento SA*

     156,123  
  358,910      

B&M European Value Retail SA

     1,522,464  
      

 

 

 
   

Total Luxembourg

     1,678,587  
      

 

 

 
          Netherlands — 1.3%  
  1,216      

Amsterdam Commodities NV

     25,951  
  10,824      

ForFarmers NV

     91,585  
  7,523      

Heineken Holding NV

     790,752  
  22,927      

Koninklijke Ahold Delhaize NV

     516,389  
  15,952      

LyondellBasell Industries NV Class A

     1,373,946  
  7,071      

NN Group NV

     285,057  
  8,000      

NXP Semiconductors NV

     780,880  
  31,900      

QIAGEN NV*

     1,293,545  
  8,301      

Sligro Food Group NV

     309,591  
  139,351      

Unilever NV CVA

     8,499,596  
      

 

 

 
   

Total Netherlands

     13,967,292  
      

 

 

 
          New Zealand — 0.5%  
  253,622      

Argosy Property, Ltd.

     235,076  
  225,864      

Contact Energy, Ltd.

     1,213,612  
  26,891      

Ebos Group, Ltd.‡

     418,120  
  32,720      

Fonterra Co-operative Group, Ltd.*

     84,609  
  115,729      

Genesis Energy, Ltd.

     269,721  
  69,101      

Goodman Property Trust REIT

     89,807  
  458,079      

Infratil, Ltd.

     1,430,660  
  49,518      

Kiwi Property Group, Ltd. REIT

     53,214  
  35,536      

Mainfreight, Ltd.

     971,417  
  142,620      

Mercury NZ, Ltd.

     445,427  
  34,447      

Metlifecare, Ltd.

     101,569  
  6,801      

Trustpower, Ltd.

     33,802  
  47,722      

Vector, Ltd.

     121,158  
  3,702      

Warehouse Group, Ltd. (The)

     5,023  
  63,531      

Z Energy, Ltd.

     269,678  
      

 

 

 
   

Total New Zealand

     5,742,893  
      

 

 

 
          Norway — 0.6%  
  55,028      

DNB ASA

     1,024,266  
  4,194      

Olav Thon Eiendomsselskap ASA

     70,834  
  242,987      

Orkla ASA

     2,156,832  
  11,184      

SpareBank 1 SR-Bank ASA

     136,290  

 

 

See accompanying Notes to the Schedule of Investments.

164

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Norway — continued  
  135,738      

Telenor ASA

     2,883,182  
      

 

 

 
   

Total Norway

     6,271,404  
      

 

 

 
          Panama — 0.1%  
  19,509      

Carnival Corp.

     908,144  
      

 

 

 
          Portugal — 0.0%  
  99,893      

REN — Redes Energeticas Nacionais SGPS SA

     274,157  
      

 

 

 
          Puerto Rico — 0.2%  
  35,600      

Popular, Inc.

     1,930,944  
      

 

 

 
          Singapore — 0.4%  
  14,000      

AIMS APAC REIT

     15,004  
  24,921      

Best World International, Ltd.****

     25,051  
  27,600      

Fraser and Neave, Ltd.

     34,884  
  48,500      

Frasers Hospitality Trust REIT

     25,273  
  57,384      

Hong Leong Finance, Ltd.

     115,366  
  409,410      

Keppel Infrastructure Trust

     152,816  
  1,454,500      

NetLink NBN Trust

     956,802  
  263,100      

Olam International, Ltd.

     383,094  
  205,500      

OUE, Ltd.

     227,835  
  26,000      

Oversea-Chinese Banking Corp., Ltd.

     219,077  
  1,686,183      

Sheng Siong Group, Ltd.

     1,370,931  
  475,819      

SPH REIT

     376,308  
  33,000      

United Industrial Corp., Ltd.

     71,710  
      

 

 

 
   

Total Singapore

     3,974,151  
      

 

 

 
          Spain — 0.9%  
  30,146      

Aena SME SA

     5,983,767  
  1,020      

Cia de Distribucion Integral Logista Holdings SA

     23,139  
  3,568      

Endesa SA‡

     91,870  
  11,785      

Iberdrola SA

     117,646  
  55,113      

Viscofan SA

     2,890,850  
      

 

 

 
   

Total Spain

     9,107,272  
      

 

 

 
          Sweden — 1.4%  
  91,216      

Axfood AB

     1,806,486  
  15,343      

Bilia AB Class A

     138,908  
  58,525      

Cloetta AB Class B

     190,496  
  20,648      

Dios Fastigheter AB

     152,887  
  70,215      

ICA Gruppen AB‡

     3,021,042  
  42,161      

Nyfosa AB*

     264,693  
  570,400      

Svenska Handelsbanken AB Class A

     5,648,547  
  60,312      

Swedish Match AB

     2,548,156  
  314,494      

Telia Co. AB

     1,397,872  
      

 

 

 
   

Total Sweden

     15,169,087  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

165

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          Switzerland — 3.4%  
  15,289      

Alcon, Inc.*

     945,252  
  9,262      

Allreal Holding AG*

     1,595,914  
  187      

Baloise Holding AG

     33,142  
  1,221      

Banque Cantonale de Geneve

     251,714  
  228      

Banque Cantonale Vaudoise

     177,723  
  120      

Barry Callebaut AG

     240,985  
  74      

Basellandschaftliche Kantonalbank

     68,915  
  579      

Basler Kantonalbank

     43,945  
  215      

Bell Food Group AG*

     59,649  
  702      

Berner Kantonalbank AG

     167,400  
  17,306      

BKW AG

     1,157,283  
  686      

Chubb, Ltd.

     101,041  
  438      

Emmi AG

     410,148  
  282      

Fenix Outdoor International AG

     30,394  
  3,035      

Helvetia Holding AG

     381,320  
  1,003      

Intershop Holding AG

     511,273  
  180      

Luzerner Kantonalbank AG

     81,415  
  82,674      

Nestle SA

     8,569,266  
  115,485      

Novartis AG

     10,565,397  
  12,490      

Roche Holding AG

     3,518,337  
  107      

Sonova Holding AG

     24,341  
  180      

St. Galler Kantonalbank AG

     81,231  
  5,691      

Swiss Life Holding AG

     2,823,903  
  5,472      

Swisscom AG‡

     2,750,592  
  3,202      

Tamedia AG

     349,428  
  4,621      

Valora Holding AG* ‡

     1,177,763  
      

 

 

 
   

Total Switzerland

     36,117,771  
      

 

 

 
          United Kingdom — 4.5%  
  31,679      

AG Barr Plc

     373,747  
  13,603      

Aon Plc

     2,625,107  
  7,128      

Atlantica Yield Plc

     161,592  
  1,122,700      

BAE Systems Plc

     7,078,575  
  221,774      

Britvic Plc

     2,507,807  
  486,065      

BT Group Plc

     1,215,331  
  325,538      

Central Asia Metals Plc

     886,628  
  230,345      

Centrica Plc

     257,336  
  753      

Coca-Cola European Partners Plc*

     42,545  
  1,491      

Craneware Plc‡

     36,054  
  9,060      

Cranswick Plc

     298,183  
  61,686      

Diageo Plc

     2,656,704  
  343,277      

EI Group Plc*

     858,923  
  23,388      

EMIS Group Plc

     361,954  
  37,072      

Ferguson Plc*

     2,642,166  
  40,303      

GCP Student Living Plc REIT

     83,198  
  17,057      

Greggs Plc

     498,860  
  271,383      

Halfords Group Plc

     775,744  
  343,941      

Hansteen Holdings Plc REIT

     426,353  
  17,742      

HSBC Holdings Plc

     148,330  

 

 

See accompanying Notes to the Schedule of Investments.

166

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          United Kingdom — continued  
  55,621      

Imperial Brands Plc

     1,307,329  
  173,604      

Inchcape Plc

     1,361,026  
  523,827      

Legal & General Group Plc

     1,796,688  
  258,175      

Lloyds Banking Group Plc

     185,943  
  440,023      

Marston’s Plc

     653,540  
  168,727      

National Express Group Plc

     861,962  
  68,605      

Paragon Banking Group Plc

     383,132  
  11,691      

QinetiQ Group Plc

     41,572  
  80,548      

Reckitt Benckiser Group Plc

     6,370,186  
  472,411      

Rolls-Royce Holdings Plc*

     5,052,801  
  25,890      

Secure Income Plc REIT

     131,801  
  12,962      

Smith & Nephew Plc

     281,269  
  16,896      

SSP Group Plc

     147,514  
  107,275      

Tate & Lyle Plc

     1,008,130  
  30,296      

Telecom Plus Plc

     543,664  
  278,234      

Tritax Big Box Plc REIT

     546,389  
  23,567      

Unilever Plc

     1,468,043  
  814,768      

Wm Morrison Supermarkets Plc

     2,088,428  
      

 

 

 
   

Total United Kingdom

     48,164,554  
      

 

 

 
          United States — 52.2%  
  28,400      

Abbott Laboratories

     2,388,440  
  14,975      

Adobe, Inc.*

     4,412,384  
  53,283      

AGNC Investment Corp. REIT

     896,220  
  27,600      

Akamai Technologies, Inc.*

     2,211,864  
  2,785      

Alleghany Corp.*

     1,896,891  
  25,905      

Allstate Corp. (The)

     2,634,279  
  15,044      

Alphabet, Inc. Class A*

     16,289,643  
  29,287      

Altria Group, Inc.

     1,386,739  
  800      

Amazon.com, Inc.*

     1,514,904  
  38,971      

Amdocs, Ltd.

     2,419,709  
  31,678      

Ameren Corp.

     2,379,335  
  29,913      

American Electric Power Co., Inc.

     2,632,643  
  68,135      

American Express Co.

     8,410,584  
  20,802      

American Financial Group, Inc.

     2,131,581  
  3,100      

American National Insurance Co.

     361,057  
  56,677      

American Tower Corp. REIT

     11,587,613  
  2,600      

AmerisourceBergen Corp. Class A

     221,676  
  54,742      

AMETEK, Inc.

     4,972,763  
  12,146      

ANSYS, Inc.*

     2,487,744  
  5,502      

Apartment Investment & Management Co. REIT Class A

     275,760  
  192      

Apple Hospitality, Inc. REIT

     3,045  
  57,853      

Arthur J. Gallagher & Co.

     5,067,344  
  155,588      

AT&T, Inc.

     5,213,754  
  8,131      

Atmos Energy Corp.

     858,308  
  36,422      

Automatic Data Processing, Inc.

     6,021,649  
  1,600      

AutoZone, Inc.*

     1,759,152  
  11,500      

AvalonBay Communities, Inc. REIT

     2,336,570  
  115,716      

Avangrid, Inc.

     5,843,658  

 

 

See accompanying Notes to the Schedule of Investments.

167

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          United States — continued  
  115,987      

Ball Corp.

     8,117,930  
  111,339      

Baxter International, Inc.

     9,118,664  
  2,080      

Becton Dickinson and Co.

     524,181  
  5,172      

Berkshire Hathaway, Inc. Class B*

     1,102,515  
  1,900      

Black Knight, Inc.*

     114,285  
  1,380      

Boeing Co. (The)

     502,334  
  1,225      

Booking Holdings, Inc.*

     2,296,520  
  16,300      

Boston Properties, Inc. REIT

     2,102,700  
  8,912      

Bright Horizons Family Solutions, Inc.*

     1,344,553  
  31,255      

Bristol-Myers Squibb Co.

     1,417,414  
  17,680      

Broadridge Financial Solutions, Inc.

     2,257,382  
  11,748      

Brown & Brown, Inc.

     393,558  
  94,042      

BWX Technologies, Inc.‡

     4,899,588  
  1,600      

Cable One, Inc.

     1,873,584  
  37,035      

Cadence Design Systems, Inc.*

     2,622,448  
  19,200      

Camden Property Trust REIT

     2,004,288  
  5,200      

Capital One Financial Corp.

     471,848  
  5,200      

Casey’s General Stores, Inc.

     811,148  
  10,863      

CDK Global, Inc.

     537,067  
  60,498      

CenterPoint Energy, Inc.

     1,732,058  
  3,700      

Cerner Corp.

     271,210  
  31,600      

Charter Communications, Inc. Class A*

     12,487,688  
  5,300      

Chemed Corp.

     1,912,452  
  29,100      

Chevron Corp.

     3,621,204  
  45,094      

Chimera Investment Corp. REIT

     850,924  
  48,100      

Cigna Corp.*

     7,578,155  
  10,000      

Cinemark Holdings, Inc.

     361,000  
  27,085      

Cintas Corp.

     6,427,000  
  5,500      

Cisco Systems, Inc.

     301,015  
  21,600      

Citrix Systems, Inc.

     2,119,824  
  68,272      

Clean Harbors, Inc.*

     4,854,139  
  14,900      

Clorox Co. (The)

     2,281,339  
  300      

CME Group, Inc.

     58,233  
  27,983      

CMS Energy Corp.

     1,620,496  
  11,600      

CNA Financial Corp.

     546,012  
  38,300      

Coca-Cola Co. (The)

     1,950,236  
  10,492      

Cognizant Technology Solutions Corp. Class A

     665,088  
  35,300      

Colgate-Palmolive Co.

     2,529,951  
  2,200      

Columbia Sportswear Co.

     220,352  
  104,900      

Comcast Corp. Class A

     4,435,172  
  20,500      

ConocoPhillips

     1,250,500  
  5,649      

Consolidated Edison, Inc.

     495,304  
  15,449      

Cooper Cos., Inc. (The)

     5,204,614  
  57,619      

Copart, Inc.*

     4,306,444  
  700      

Costco Wholesale Corp.

     184,982  
  123,900      

CVS Health Corp.

     6,751,311  
  39,489      

Danaher Corp.

     5,643,768  
  21,515      

Darden Restaurants, Inc.

     2,619,021  
  13,100      

Delta Air Lines, Inc.

     743,425  

 

 

See accompanying Notes to the Schedule of Investments.

168

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          United States — continued  
  122,000      

DENTSPLY SIRONA, Inc.

     7,119,920  
  437      

Domino’s Pizza, Inc.

     121,608  
  14,800      

Douglas Emmett, Inc. REIT

     589,632  
  18,777      

DTE Energy Co.

     2,401,203  
  26,200      

Dunkin’ Brands Group, Inc.

     2,087,092  
  7,800      

eBay, Inc.

     308,100  
  6,900      

EchoStar Corp. Class A*

     305,808  
  1,400      

Ecolab, Inc.

     276,416  
  47,945      

Edison International

     3,231,972  
  28,667      

Eli Lilly & Co.

     3,176,017  
  32,300      

Encompass Health Corp.

     2,046,528  
  18,845      

Entergy Corp.

     1,939,716  
  18,000      

EPR Properties REIT

     1,342,620  
  31,500      

Equity Commonwealth REIT

     1,024,380  
  16,566      

Equity LifeStyle Properties, Inc. REIT

     2,010,118  
  14,800      

Equity Residential REIT

     1,123,616  
  7,758      

Erie Indemnity Co. Class A

     1,972,704  
  7,667      

Essex Property Trust, Inc. REIT

     2,238,227  
  7,300      

Estee Lauder Cos., Inc. (The) Class A

     1,336,703  
  59,062      

Exelon Corp.

     2,831,432  
  33,300      

Exxon Mobil Corp.

     2,551,779  
  63,462      

Facebook, Inc. Class A*

     12,248,166  
  2,200      

Fair Isaac Corp.*

     690,844  
  77,215      

Fidelity National Information Services, Inc.

     9,472,736  
  28,383      

First American Financial Corp.

     1,524,167  
  2,600      

First Citizens BancShares, Inc. Class A

     1,170,702  
  41,818      

FirstEnergy Corp.

     1,790,229  
  13,838      

Fiserv, Inc.* ‡

     1,261,472  
  60,800      

Flowers Foods, Inc.

     1,414,816  
  1,300      

Fortinet, Inc.*

     99,879  
  12,100      

General Mills, Inc.

     635,492  
  1,500      

Graham Holdings Co. Class B

     1,035,045  
  66,400      

H&R Block, Inc.‡

     1,945,520  
  13,846      

Hanover Insurance Group, Inc. (The)

     1,776,442  
  17,600      

Hawaiian Electric Industries, Inc.

     766,480  
  53,702      

HCA Healthcare, Inc.

     7,258,899  
  20,626      

Hershey Co. (The)

     2,764,503  
  10,816      

Highwoods Properties, Inc. REIT

     446,701  
  20,186      

Hill-Rom Holdings, Inc.

     2,111,859  
  65,535      

Hologic, Inc.*

     3,146,991  
  10,764      

Home Depot, Inc. (The)

     2,238,589  
  18,843      

Honeywell International, Inc.

     3,289,799  
  34,800      

Hormel Foods Corp.‡

     1,410,792  
  43,563      

Hospitality Properties Trust REIT

     1,089,075  
  7,926      

Huntington Ingalls Industries, Inc.

     1,781,289  
  4,200      

ICU Medical, Inc.*

     1,058,022  
  22,303      

Ingredion, Inc.

     1,839,774  
  6,700      

Intel Corp.

     320,729  
  62,800      

Intercontinental Exchange, Inc.

     5,397,032  

 

 

See accompanying Notes to the Schedule of Investments.

169

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          United States — continued  
  27,984      

International Business Machines Corp.

     3,858,994  
  13,538      

Intuit, Inc.

     3,537,886  
  7,542      

Jack Henry & Associates, Inc.

     1,010,025  
  10,879      

JM Smucker Co. (The)

     1,253,152  
  39,190      

Johnson & Johnson

     5,458,383  
  16,238      

Kellogg Co.

     869,870  
  22,400      

Lamb Weston Holdings, Inc.

     1,419,264  
  7,700      

Leidos Holdings, Inc.

     614,845  
  19,028      

Liberty Property Trust REIT

     952,161  
  8,875      

Lockheed Martin Corp.

     3,226,418  
  10,000      

Lowe’s Cos., Inc.

     1,009,100  
  1,432      

M&T Bank Corp.

     243,540  
  26,000      

Macquarie Infrastructure Corp.

     1,054,040  
  11,759      

Mastercard, Inc. Class A

     3,110,608  
  3,459      

McCormick & Co., Inc.‡

     536,180  
  20,796      

McDonald’s Corp.

     4,318,497  
  4,100      

McKesson Corp.

     550,999  
  59,634      

Merck & Co., Inc.

     5,000,311  
  11,940      

Mercury General Corp.

     746,250  
  873      

Mettler-Toledo International, Inc.*

     733,320  
  48,100      

MFA Financial, Inc. REIT

     345,358  
  103,643      

Microsoft Corp.

     13,884,016  
  18,625      

Mid-America Apartment Communities, Inc. REIT

     2,193,280  
  41,700      

Mondelez International, Inc. Class A

     2,247,630  
  5,792      

Morningstar, Inc.

     837,755  
  65,236      

Motorola Solutions, Inc.

     10,876,798  
  300      

MSCI, Inc. Class A

     71,637  
  6,300      

National Instruments Corp.

     264,537  
  49,451      

Newmont Goldcorp Corp.

     1,902,380  
  12,770      

NextEra Energy, Inc.

     2,616,062  
  2,490      

Northrop Grumman Corp.

     804,544  
  400      

O’Reilly Automotive, Inc.*

     147,728  
  21,700      

Old Republic International Corp.

     485,646  
  29,707      

Omnicom Group, Inc.

     2,434,489  
  74,714      

Oracle Corp.

     4,256,457  
  40,187      

Packaging Corp. of America

     3,830,625  
  16,700      

Paychex, Inc.

     1,374,243  
  34,948      

PepsiCo, Inc.

     4,582,731  
  91,034      

Pfizer, Inc.

     3,943,593  
  75,500      

Philip Morris International, Inc.

     5,929,015  
  15,900      

Phillips 66

     1,487,286  
  22,600      

Pinnacle West Capital Corp.

     2,126,434  
  16,400      

Post Holdings, Inc.*

     1,705,108  
  17,109      

Premier, Inc. Class A*

     669,133  
  46,780      

Procter & Gamble Co. (The)

     5,129,427  
  37,283      

Progressive Corp. (The)

     2,980,030  
  21,630      

Prologis, Inc. REIT

     1,732,563  
  500      

Public Storage REIT

     119,085  
  11,181      

Raytheon Co.

     1,944,152  

 

 

See accompanying Notes to the Schedule of Investments.

170

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
          United States — continued  
  10,620      

Reinsurance Group of America, Inc. Class A

     1,657,039  
  31,904      

Republic Services, Inc. Class A

     2,764,163  
  2,600      

Robert Half International, Inc.

     148,226  
  16,700      

Royal Gold, Inc.

     1,711,583  
  21,100      

S&P Global, Inc.

     4,806,369  
  53,800      

Sabre Corp.

     1,194,360  
  31      

Seaboard Corp.

     128,239  
  71,266      

Service Corp. International

     3,333,823  
  12,200      

Simon Property Group, Inc. REIT

     1,949,072  
  50,500      

Southern Co. (The)

     2,791,640  
  1,885      

Spirit AeroSystems Holdings, Inc. Class A

     153,382  
  44,349      

Starbucks Corp.

     3,717,777  
  18,700      

STORE Capital Corp. REIT

     620,653  
  16,253      

Stryker Corp.

     3,341,292  
  14,296      

Sun Communities, Inc. REIT

     1,832,604  
  21,372      

Synopsys, Inc.*

     2,750,363  
  36,647      

Sysco Corp.

     2,591,676  
  11,800      

Target Corp.

     1,021,998  
  82,279      

TD Ameritrade Holding Corp.

     4,107,368  
  27,000      

TFS Financial Corp.‡

     487,890  
  28,547      

Thermo Fisher Scientific, Inc.

     8,383,683  
  22,700      

TJX Cos., Inc. (The)

     1,200,376  
  57,243      

Torchmark Corp.

     5,120,959  
  2,093      

Total System Services, Inc.

     268,469  
  18,663      

Travelers Cos., Inc. (The)

     2,790,492  
  87,100      

Two Harbors Investment Corp. REIT

     1,103,557  
  30,979      

Tyson Foods, Inc. Class A

     2,501,244  
  36,664      

UDR, Inc. REIT

     1,645,847  
  34,687      

UGI Corp.

     1,852,633  
  8,000      

United Continental Holdings, Inc.*

     700,400  
  1,300      

United States Cellular Corp.*

     58,071  
  34,902      

UnitedHealth Group, Inc.

     8,516,437  
  20,243      

Universal Health Services, Inc. Class B

     2,639,485  
  23,359      

US Bancorp

     1,224,012  
  31,000      

US Foods Holding Corp.*

     1,108,560  
  14,043      

Varian Medical Systems, Inc.*

     1,911,674  
  2,500      

VeriSign, Inc.*

     522,900  
  81,412      

Verizon Communications, Inc.

     4,651,068  
  900      

VF Corp.

     78,615  
  39,436      

Walmart, Inc.

     4,357,284  
  27,985      

Waste Management, Inc.

     3,228,629  
  2,800      

WEC Energy Group, Inc.

     233,436  
  43,700      

Wendy’s Co. (The)

     855,646  
  6,700      

Williams-Sonoma, Inc.‡

     435,500  
  19,059      

Xcel Energy, Inc.

     1,133,820  
  54,865      

Yum China Holdings, Inc.

     2,534,763  
  24,571      

Yum! Brands, Inc.

     2,719,273  
  9,167      

Zimmer Biomet Holdings, Inc.

     1,079,323  
      

 

 

 
   

Total United States

     559,563,126  
      

 

 

 
   

TOTAL COMMON STOCKS (COST $832,185,216)

     951,347,838  
      

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

171

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2019 (Unaudited)

 

Shares          Description    Value ($)  
   

PREFERRED STOCK — 0.0%

  
          Sweden — 0.0%       
  3,600      

Akelius Residential Property AB, 5.67%

     135,414  
      

 

 

 
   

TOTAL PREFERRED STOCK (COST $125,559)

     135,414  
      

 

 

 
Par Value ($)          Description    Value ($)  
   

SHORT-TERM INVESTMENTS — 1.5%

  
          Mutual Fund — Securities Lending Collateral — 1.3%       
  14,341,913      

State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.31%## **

     14,341,913  
          U.S. Government and Agency Obligations — 0.2%       
  1,650,000      

United States Treasury Bill, 2.07%, due 09/12/19*** ‡‡

     1,643,116  
      

 

 

 
   

TOTAL SHORT-TERM INVESTMENTS (COST $15,983,729)

     15,985,029  
      

 

 

 
   

TOTAL INVESTMENTS — 90.3%

(Cost $848,294,504)

     967,468,281  
   

Other Assets and Liabilities (net) — 9.7%

     104,178,487  
      

 

 

 
          NET ASSETS — 100.0%    $1,071,646,768  
      

 

 

 
   

Notes to Schedule of Investments:

  
    ADR — American Depository Receipt   
    CVA — Certificaten Van Aandelen   
    REIT — Real Estate Investment Trust   
  ##   The rate disclosed is the 7 day net yield as of June 30, 2019.   
  *   Non-income producing security   
  **   Represents an investment of securities lending cash collateral.   
  ***   All or a portion of this security is held for open futures collateral.   
  ****   Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $25,051 which represents 0.0% of net assets. The aggregate tax cost of these securities held at June 30, 2019 was $35,226.   
    All or a portion of this security is out on loan.   
  ‡‡   Interest rate presented is yield to maturity.   

 

 

See accompanying Notes to the Schedule of Investments.

172

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Futures Contracts

 

Number of
Contracts

         

Description

       

Expiration Date

    

Notional
Value

    

Market Value/
Unrealized
Appreciation
(Depreciation)

 
  Buys                  
  16        

Canadian Dollar

        Sep 2019      $ 1,224,880      $ 22,439  
  127        

MSCI EAFE Index

        Sep 2019        12,212,955        341,435  
  152        

S&P 500 E-mini Index

        Sep 2019        22,375,920        336,529  
  8        

S&P/TSX 60 Index

        Sep 2019        1,197,107        5,024  
                 

 

 

 
   $ 705,427  
                 

 

 

 

 

 

See accompanying Notes to the Schedule of Investments.

173

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

Industry Sector Summary (Unaudited)    % of Net Assets

Insurance

       8.3

Pharmaceuticals

       6.1

Food

       5.5

Health Care — Products

       5.5

Software

       5.3

Electric

       5.1

Telecommunications

       5.0

REITS

       4.4

Retail

       4.4

Health Care — Services

       3.4

Aerospace & Defense

       3.1

Banks

       3.1

Internet

       2.9

Commercial Services

       2.8

Diversified Financial Services

       2.1

Media

       2.1

Environmental Control

       1.8

Cosmetics & Personal Care

       1.7

Beverages

       1.6

Computers

       1.5

Engineering & Construction

       1.5

Transportation

       1.4

Packaging & Containers

       1.2

Agriculture

       1.1

Distribution & Wholesale

       0.9

Gas

       0.9

Mining

       0.9

Household Products & Wares

       0.8

Oil & Gas

       0.7

Water

       0.6

Electrical Components & Equipment

       0.5

Machinery — Construction & Mining

       0.5

Chemicals

       0.4

Electronics

       0.4

Real Estate

       0.3

Advertising

       0.2

Airlines

       0.2

Leisure Time

       0.2

Shipbuilding

       0.2

Iron & Steel

       0.1

Semiconductors

       0.1

Apparel

       0.0 *

Auto Manufacturers

       0.0 *

Biotechnology

       0.0 *

Energy-Alternate Sources

       0.0 *

Entertainment

       0.0 *

Holding Companies — Diversified

       0.0 *

Investment Companies

       0.0 *

Lodging

       0.0 *

Private Equity

       0.0 *

Savings & Loans

       0.0 *

Short-Term Investments and Other Assets and Liabilities (net)

       11.2
    

 

 

 
       100.0 %
    

 

 

 

* Amount rounds to zero.

 

 

See accompanying Notes to the Schedule of Investments.

174

Mercer Funds

Notes to Schedule of Investments

June 30, 2019 (Unaudited)

 

 

1.

Organization

Mercer Funds (the “Trust”) consists of the following seven series: Mercer US Large Cap Equity Fund (“Large Cap”), Mercer US Small/Mid Cap Equity Fund (“Small/Mid Cap”), Mercer Non-US Core Equity Fund (“Non-US Core Equity”), Mercer Core Fixed Income Fund (“Core Fixed”), Mercer Opportunistic Fixed Income Fund (“Opportunistic Fixed”), 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 Funds’ investment advisor is Mercer Investments LLC, successor to 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. The Funds are open-end investment companies and accordingly follow the open-end investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946: Financial Services – Investment Companies.

Under the 1940 Act, each Fund is classified as diversified.

The investment objectives of the Funds are:

 

Fund

  

Investment Objective

Large Cap    Long-term total return, which includes capital appreciation and income
Small/Mid Cap    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: Adviser Class (formerly Class S), Class I (formerly 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.

 

2.

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 and exchange-traded funds 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

 

175

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

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 an independent 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 values its investments for which market quotations are readily available at market value. Each Fund may value short-term investments that will mature within 60 days or less by using pricing service quotations or at amortized cost, provided that such amortized cost approximates market 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, synthetic futures, 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 an independent 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 independent 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.

Bank loans 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.

 

176

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

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.

At June 30, 2019, Large Cap and Small/Mid Cap held long-term investments whose value was determined using Level 1 inputs, with corresponding major categories as shown in the schedule of investments, Futures Contracts and State Street Institutional U.S. Government Money Market Fund, Premier Class whose value was determined using Level 1 inputs and short-term investment positions in a United States Treasury Bill, as shown in the schedule of investments, whose value was determined using Level 2 inputs.

The following is a summary of the portfolio securities by level based on inputs used as of June 30, 2019 in valuing the assets and liabilities of Non-US Core Equity, Core Fixed, Opportunistic Fixed, Emerging Markets and Global Low Volatility for which fair valuation was used:

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

   $ 96,590,515      $ 0   $              —      $ 96,590,515  

Austria

     13,562,278                        —              13,562,278  

Belgium

     18,184,080                     18,184,080  

Bermuda

     5,037,042                     5,037,042  

Brazil

     19,003,307                     19,003,307  

Canada

     17,359,918                     17,359,918  

Cayman Islands

     35,216,462                     35,216,462  

China

     8,474,849                     8,474,849  

Denmark

     19,812,745                     19,812,745  

Finland

     23,385,056                     23,385,056  

France

     226,572,693                     226,572,693  

Germany

     177,459,727                     177,459,727  

 

177

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

Description

   Quoted Prices
in Active
Markets for
Identical Assets

(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs

(Level  3)
    Total  

Hong Kong

   $ 31,498,830      $      $              —     $ 31,498,830  

Hungary

     2,553,322                     2,553,322  

India

     8,076,491                     8,076,491  

Indonesia

     8,922,207                     8,922,207  

Ireland

     10,806,469                     10,806,469  

Israel

     8,922,019                     8,922,019  

Italy

     56,310,307                     56,310,307  

Japan

     456,826,575                     456,826,575  

Luxembourg

     7,515,498                     7,515,498  

Malaysia

     2,103,211                     2,103,211  

Netherlands

     118,959,573                     118,959,573  

New Zealand

     2,624,087                     2,624,087  

Norway

     15,185,820                     15,185,820  

Philippines

     871,409                     871,409  

Poland

     1,340,339                     1,340,339  

Portugal

     214,997               0 **      214,997  

Russia

     33,318,536                     33,318,536  

Singapore

     9,469,086                     9,469,086  

South Africa

     1,498,888                     1,498,888  

South Korea

     14,523,523                     14,523,523  

Spain

     57,793,089               0 **      57,793,089  

Sweden

     56,472,362                     56,472,362  

Switzerland

     207,315,746                     207,315,746  

Taiwan

     13,632,870                     13,632,870  

Thailand

            2,481,040              2,481,040  

Turkey

     1,069,450                     1,069,450  

United Kingdom

     324,548,002                     324,548,002  

United States

     44,730,509                     44,730,509  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Common Stocks

     2,157,761,887        2,481,040        0       2,160,242,927  
  

 

 

    

 

 

    

 

 

   

 

 

 

Investment Companies

 

    

United States

     21,861,083                     21,861,083  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Investment Companies

     21,861,083                     21,861,083  
  

 

 

    

 

 

    

 

 

   

 

 

 

Preferred Stocks

 

    

Brazil

     1,740,998                     1,740,998  

Germany

     17,117,635                     17,117,635  

Russia

     1,047,394                     1,047,394  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Preferred Stocks

     19,906,027                     19,906,027  
  

 

 

    

 

 

    

 

 

   

 

 

 

Rights

 

    

Spain

     411,300                     411,300  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Rights

     411,300                     411,300  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

178

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

Description

   Quoted Prices
in Active
Markets for
Identical Assets

(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs

(Level  3)
     Total  

Short-Term Investments

 

     

Mutual Fund - Securities Lending Collateral

   $ 60,440,485      $      $      $ 60,440,485  

U.S. Government and Agency Obligations

            5,477,053                        —        5,477,053  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Short-Term Investments

     60,440,485        5,477,053               65,917,538  
  

 

 

    

 

 

    

 

 

    

 

 

 

Futures Contracts†

 

     

Buys

     3,303,273                      3,303,273  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Futures Contracts

     3,303,273                      3,303,273  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 2,263,684,055      $ 7,958,093      $ 0      $ 2,271,642,148  
  

 

 

    

 

 

    

 

 

    

 

 

 

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†

   $              —      $ (358,616   $              —      $ (358,616
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Forward Foreign Currency Contracts

            (358,616            (358,616
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $      $ (358,616   $      $ (358,616
  

 

 

    

 

 

   

 

 

    

 

 

 

 

  *

Represents one or more Level 2 securities at $0 value as of June 30, 2019.

  **

Represents one or more Level 3 securities at $0 value as of June 30, 2019.

 

Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation.

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

   $              —      $ 91,283,333      $              —     $ 91,283,333  

Corporate Debt

            260,695,790        0 **      260,695,790  

Mortgage Backed Securities - Private Issuers

            68,545,879              68,545,879  

Mortgage Backed Securities - U.S. Government Agency Obligations

            203,160,602              203,160,602  

 

179

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

Description

   Quoted Prices
in Active
Markets for
Identical Assets

(Level 1)
     Significant
Other
Observable
Inputs

(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
     Total  

Municipal Obligations

   $      $ 5,669,088      $      $ 5,669,088  

Sovereign Debt Obligations

            6,548,541               6,548,541  

U.S. Government and Agency Obligations

            150,372,332               150,372,332  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Debt Obligations

            786,275,565        0        786,275,565  
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-Term Investments

 

     

Mutual Fund - Securities Lending Collateral

     6,731,855                            —        6,731,855  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Short-Term Investments

     6,731,855                      6,731,855  
  

 

 

    

 

 

    

 

 

    

 

 

 

Options Purchased

     36,400                      36,400  

Futures Contracts†

 

     

Buys

     1,258,664                      1,258,664  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Futures Contracts

     1,258,664                      1,258,664  
  

 

 

    

 

 

    

 

 

    

 

 

 

Swaps

 

     

Centrally Cleared Interest Rate Swaps†

            17,747               17,747  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Swaps

            17,747               17,747  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 8,026,919      $ 786,293,312      $ 0      $ 794,320,231  
  

 

 

    

 

 

    

 

 

    

 

 

 

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  

TBA Sale Commitments

   $     $ (495,820   $      $ (495,820

Futures Contracts†

 

    

Sales

     (299,107                  (299,107
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Futures Contracts

     (299,107                  (299,107
  

 

 

   

 

 

   

 

 

    

 

 

 

Swaps

 

    

Centrally Cleared Interest Rate Swaps†

           (1,614,876            (1,614,876
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Swaps

           (1,614,876            (1,614,876
  

 

 

   

 

 

   

 

 

    

 

 

 

Written Options

     (11,769                  (11,769
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ (310,876   $ (2,110,696   $              —      $ (2,421,572
  

 

 

   

 

 

   

 

 

    

 

 

 

 

  **

Represents one or more Level 3 securities at $0 value as of June 30, 2019.

 

Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation/depreciation.

 

180

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

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

 

    

Asset Backed Securities

   $      $ 24,673,613      $                —     $ 24,673,613  

Bank Loans (Less Unfunded Loan Commitments)

            45,196,542              45,196,542  

Convertible Debt

            2,739,992              2,739,992  

Corporate Debt

            220,100,386        0 **      220,100,386  

Mortgage Backed Securities - Private Issuers

            18,946,577              18,946,577  

Mortgage Backed Securities - U.S. Government Agency Obligations

            1,578,839              1,578,839  

Sovereign Debt Obligations

            342,462,711              342,462,711  

U.S. Government and Agency Obligations

            100,436,149              100,436,149  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Debt Obligations

            756,134,809        0       756,134,809  
  

 

 

    

 

 

    

 

 

   

 

 

 

Common Stocks

 

    

Diversified Financial Services

                   0 **       

Oil & Gas

            748,580              748,580  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Common Stocks

            748,580        0       748,580  
  

 

 

    

 

 

    

 

 

   

 

 

 

Convertible Preferred Stock

 

    

Oil & Gas

            181,975              181,975  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Convertible Preferred Stock

            181,975              181,975  
  

 

 

    

 

 

    

 

 

   

 

 

 

Preferred Stocks

 

    

Diversified Financial Services

     62,965                     62,965  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Preferred Stocks

     62,965                     62,965  
  

 

 

    

 

 

    

 

 

   

 

 

 

Short-Term Investments

 

    

Commercial Paper

            377,740              377,740  

Investment Companies

            18,652,094              18,652,094  

Mutual Fund - Securities Lending Collateral

     6,541,613                     6,541,613  

Sovereign Debt Obligations

            10,164,090              10,164,090  

U.S. Government and Agency Obligations

            1,209,935              1,209,935  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Short-Term Investments

     6,541,613        30,403,859              36,945,472  
  

 

 

    

 

 

    

 

 

   

 

 

 

Options Purchased

     351,061        770,127              1,121,188  

Futures Contracts†

 

    

Buys

     869,811                     869,811  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Futures Contracts

     869,811                     869,811  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

181

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

Description

   Quoted Prices
in Active
Markets for
Identical Assets

(Level 1)
     Significant
Other
Observable
Inputs

(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
     Total  

Swaps

 

     

Centrally Cleared Interest Rate Swaps†

   $      $ 93,220      $                —      $ 93,220  

OTC Credit Default Swaps

            695,965               695,965  

Centrally Cleared Credit Default Swaps†

            13,694               13,694  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Swaps

            802,879               802,879  
  

 

 

    

 

 

    

 

 

    

 

 

 

Forward Foreign Currency Contracts†

            4,638,045               4,638,045  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Forward Foreign Currency Contracts

            4,638,045               4,638,045  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 7,825,450      $ 793,680,274      $ 0      $ 801,505,724  
  

 

 

    

 

 

    

 

 

    

 

 

 

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  

Futures Contracts†

 

    

Buys

   $ (1,939   $     $              —      $ (1,939

Sales

     (1,485,052                  (1,485,052
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Futures Contracts

     (1,486,991                  (1,486,991
  

 

 

   

 

 

   

 

 

    

 

 

 

Swaps

 

    

OTC Interest Rate Swaps

           (390,757            (390,757

Centrally Cleared Interest Rate Swaps†

           (2,986,481            (2,986,481

OTC Credit Default Swaps

           (1,391,484            (1,391,484

Centrally Cleared Credit Default Swaps†

           (1,289,770            (1,289,770
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Swaps

           (6,058,492            (6,058,492
  

 

 

   

 

 

   

 

 

    

 

 

 

Forward Foreign Currency Contracts†

           (5,218,413            (5,218,413
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Forward Foreign Currency Contracts

           (5,218,413            (5,218,413
  

 

 

   

 

 

   

 

 

    

 

 

 

Written Options

     (21,250     (159,058            (180,308
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ (1,508,241   $ (11,435,963   $      $ (12,944,204
  

 

 

   

 

 

   

 

 

    

 

 

 

 

  **

Represents one or more Level 3 securities at $0 value as of June 30, 2019.

 

Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation/depreciation.

 

182

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

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

   $ 16,623,987      $      $              —      $ 16,623,987  

Brazil

     65,475,879                      65,475,879  

British Virgin Islands

     796,271                      796,271  

Cayman Islands

     125,148,051                      125,148,051  

Chile

     6,816,185                      6,816,185  

China

     103,671,371                      103,671,371  

Colombia

     1,035,285                      1,035,285  

Cyprus

     984,528                      984,528  

Czech Republic

     394,675                      394,675  

France

     3,091,062                      3,091,062  

Greece

     2,602,341                      2,602,341  

Hong Kong

     41,921,660                      41,921,660  

Hungary

     2,139,321                      2,139,321  

India

     95,562,466                      95,562,466  

Indonesia

     31,118,985                      31,118,985  

Isle of Man

     231,229                      231,229  

Japan

     3,931,841                      3,931,841  

Luxembourg

     211,944                      211,944  

Malaysia

     13,418,520                      13,418,520  

Mexico

     29,195,717                      29,195,717  

Netherlands

     3,642,832                      3,642,832  

Papua New Guinea

     2,126,256                      2,126,256  

Philippines

     4,701,908                      4,701,908  

Poland

     8,076,831                      8,076,831  

Qatar

     1,294,644                      1,294,644  

Russia

     18,890,669                      18,890,669  

Singapore

     3,466,400                      3,466,400  

South Africa

     51,901,578                      51,901,578  

South Korea

     70,794,809                      70,794,809  

Spain

     23,170                      23,170  

Switzerland

     3,392,286                      3,392,286  

Taiwan

     76,771,395                      76,771,395  

Thailand

     20,148,754        9,459,913               29,608,667  

Turkey

     4,364,252                      4,364,252  

United Arab Emirates

     2,241,461                      2,241,461  

United Kingdom

     5,099,649                      5,099,649  

United States

     8,175,828                      8,175,828  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stocks

     829,484,040        9,459,913               838,943,953  
  

 

 

    

 

 

    

 

 

    

 

 

 

Investment Companies

 

     

United States

     68,229,217                      68,229,217  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investment Companies

     68,229,217                      68,229,217  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

183

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

Description

   Quoted Prices
in Active
Markets for
Identical Assets

(Level 1)
     Significant
Other
Observable
Inputs

(Level 2)
    Significant
Unobservable
Inputs

(Level 3)
     Total  

Preferred Stocks

 

    

Brazil

   $ 11,564,271      $     $              —      $ 11,564,271  

Colombia

     197,708                     197,708  

Germany

     1,188,915                     1,188,915  

South Korea

     1,166,167        3,906              1,170,073  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Preferred Stocks

     14,117,061        3,906              14,120,967  
  

 

 

    

 

 

   

 

 

    

 

 

 

Rights

 

    

Chile

     4,471                     4,471  

Hong Kong

            0             

Philippines

            1,408              1,408  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Rights

     4,471        1,408              5,879  
  

 

 

    

 

 

   

 

 

    

 

 

 

Short-Term Investments

 

    

Investment Fund

     40,000                     40,000  

Mutual Fund - Securities Lending Collateral

     3,984,958                     3,984,958  

U.S. Government and Agency Obligations

            2,979,502              2,979,502  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Short-Term Investments

     4,024,958        2,979,502              7,004,460  
  

 

 

    

 

 

   

 

 

    

 

 

 

Futures Contracts†

 

    

Buys

     1,920,435                     1,920,435  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Futures Contracts

     1,920,435                     1,920,435  
  

 

 

    

 

 

   

 

 

    

 

 

 

Forward Foreign Currency Contracts†

            3,410,352              3,410,352  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Forward Foreign Currency Contracts

            3,410,352              3,410,352  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 917,780,182      $ 15,855,081     $      $ 933,635,263  
  

 

 

    

 

 

   

 

 

    

 

 

 

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†

   $      $ (4,288,359   $      $ (4,288,359
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Forward Foreign Currency Contracts

            (4,288,359            (4,288,359
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $                 —      $ (4,288,359   $                 —      $ (4,288,359
  

 

 

    

 

 

   

 

 

    

 

 

 

 

  *

Represents one or more Level 2 securities at $0 value as of June 30, 2019.

 

Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation.

 

184

Mercer Funds

Notes to Schedule of Investments (Continued)

June 30, 2019 (Unaudited)

 

 

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

   $ 951,347,838      $      $                 —      $ 951,347,838  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stocks

     951,347,838                      951,347,838  
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stock

     135,414                      135,414  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Preferred Stock

     135,414                      135,414  
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-Term Investments

           

Mutual Fund - Securities Lending Collateral

     14,341,913                      14,341,913  

U.S. Government and Agency Obligations

            1,643,116               1,643,116  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Short-Term Investments

     14,341,913        1,643,116               15,985,029  
  

 

 

    

 

 

    

 

 

    

 

 

 

Futures Contracts†

           

Buys

     705,427                      705,427  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Futures Contracts

     705,427                      705,427  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 966,530,592      $ 1,643,116      $      $ 968,173,708  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

Futures contracts are valued at unrealized appreciation/depreciation.

 

3.

Bank Loans

Core Fixed and Opportunistic Fixed may invest 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 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 June 30, 2019, Opportunistic Fixed had the following unfunded loan commitments:

 

Borrower

   Par      Cost      Value      Unrealized Gain
(Loss)
 

GlobalTranz Enterprises, Inc., 2019 Delayed Draw Term Loan

   $ 63,590      $ 62,336      $ 62,636      $ 300  

For information regarding the Funds’ other significant accounting policies, please refer to the Funds’ most recent Semi-Annual or Annual Report. Additional investment related disclosures are hereby incorporated by reference to the Annual and Semi-Annual reports previously filed with the SEC on Form N-CSR.

 

185