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 |
Description |
Expiration Date |
Notional |
Market Value/ |
||||||||||||||||
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 |
Description |
Expiration Date |
Notional |
Market Value/ |
||||||||||||||||
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Description |
Expiration Date |
Notional |
Market Value/ |
||||||||||||||||
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 |
6,731,855 | |||||||||
|
|
|||||||||
TOTAL INVESTMENTS BEFORE TBA SALE (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 (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 |
Description |
Expiration Date |
Notional |
Market Value/ |
||||||||||||||||
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 |
Payments |
Maturity Date |
Upfront Premiums Paid (Received) |
Notional |
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%, |
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%, |
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%, |
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Description |
Expiration Date |
Notional |
Market
Value/ |
||||||||||||||||
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 |
Payments Made by Fund |
Maturity Date |
Counterparty |
Upfront |
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 |
Payments |
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 |
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 |
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 |
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 |
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 |
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% |
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 |
Counterparty |
Unrealized |
||||||||||||||||
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 |
Description |
Expiration Date |
Notional |
Market
Value/ |
||||||||||||||||
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 |
Description |
Expiration Date |
Notional |
Market
Value/ |
||||||||||||||||
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 | ||||||||
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† | 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.
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