NPORT-EX

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 92.3%
		Belgium — 0.0%
	1,709	Titan Cement International SA*		20,476
		Bermuda — 1.3%
	1,878,000	Beijing Enterprises Water Group, Ltd.*		736,437
	614,600	China Gas Holdings, Ltd.		1,892,663
	132,000	China Grand Pharmaceutical and Healthcare Holdings, Ltd.		92,550
	124,000	China Oriental Group Co., Ltd.		33,793
	735,900	China Resources Gas Group, Ltd.		3,581,161
	745,512	COSCO SHIPPING Ports, Ltd.		401,734
	748,000	CP Pokphand Co., Ltd.		64,640
	38,674	Credicorp, Ltd.		5,169,554
	1,746,000	Gemdale Properties & Investment Corp., Ltd.		324,959
	95,000	Haier Electronics Group Co., Ltd.		288,846
	322,000	Hopson Development Holdings, Ltd.		336,092
	1,398,000	Joy City Property, Ltd.		90,048
	1,278,000	Kunlun Energy Co., Ltd.		836,078
	312,000	Luye Pharma Group, Ltd.(a) 144A		191,004
	1,500,000	Nan Hai Corp., Ltd.*		11,410
	764,000	Nine Dragons Paper Holdings, Ltd.		694,201
	198,000	Pou Sheng International Holdings, Ltd.*		45,601
	460,001	Shenzhen International Holdings, Ltd.		734,405
	284,000	United Energy Group, Ltd.		51,277
		Total Bermuda		15,576,453
		Brazil — 4.1%
	844,400	B3 SA - Brasil Bolsa Balcao		8,471,989
	126,741	Banco Bradesco SA		437,643
	14,344	Banco BTG Pactual SA		199,846
	307,000	Banco do Brasil SA		1,797,561
	43,682	Banco Santander Brasil SA		222,913
	249,000	BB Seguridade Participacoes SA		1,236,656
	12,000	Cia Brasileira de Distribuicao		155,125
	380,500	Cia de Locacao das Americas		1,173,211
	106,979	Cia Siderurgica Nacional SA		208,082
	343,100	Cielo SA		288,687
	227,202	Cogna Educacao		273,513
	196,800	Construtora Tenda SA		1,111,453
	11,994	Cosan SA		154,916
	88,560	Duratex SA		207,416
	128,700	Embraer SA*		189,623
	40,880	Guararapes Confeccoes SA		131,482
	777,632	Hypera SA		4,716,097
	17,211	Itau Unibanco Holding SA		75,228
	300,411	Itau Unibanco Holding SA, ADR		1,408,928
	58,216	JBS SA		224,242
	1,612	LOG Commercial Properties e Participacoes SA		9,674
	509,000	Marfrig Global Foods SA*		1,168,954
	68,800	MRV Engenharia e Participacoes SA		225,541

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Brazil — continued
	829,200	Odontoprev SA		2,148,961
	558,974	Petroleo Brasileiro SA		2,274,255
	8,082	Porto Seguro SA		74,214
	109,900	Raia Drogasil SA		2,214,092
	1,057,400	Rumo SA*		4,331,050
	12,100	Sao Martinho SA		46,740
	26,945	Sul America SA		221,172
	2,200	Suzano SA*		14,741
	980,600	TOTVS SA		4,134,350
	78,100	Ultrapar Participacoes SA		261,433
	8,072	Usinas Siderurgicas de Minas Gerais SA Usiminas		11,893
	340,811	Vale SA		3,470,924
	243,700	WEG SA		2,246,241
	246,100	YDUQS Participacoes SA		1,508,207
		Total Brazil		47,047,053
		Cayman Islands — 18.8%
	207,000	3SBio, Inc.* (a) 144A		263,674
	2,600	51job, Inc., ADR*		186,654
	7,256	58.com, Inc., ADR*		391,389
	49,500	AAC Technologies Holdings, Inc.(a)		303,064
	31,167	Afya, Ltd. Class A*		730,554
	520,000	Agile Group Holdings, Ltd.		616,755
	93,000	Alchip Technologies, Ltd.		1,570,132
	1,261,784	Alibaba Group Holding, Ltd.*		34,097,100
	68,392	Alibaba Group Holding, Ltd., ADR*		14,752,154
	326,400	ANTA Sports Products, Ltd.		2,911,179
	228,500	Asia Cement China Holdings Corp.		225,303
	47,672	Baidu, Inc., ADR*		5,715,396
	16,000	Bizlink Holding, Inc.		114,701
	526,000	Bosideng International Holdings, Ltd.		163,081
	84,000	CAR, Inc.*		25,275
	74,000	Casetek Holdings, Ltd.		165,933
	73,000	Central China Real Estate, Ltd.		34,029
	843,765	Chailease Holding Co., Ltd.		3,562,694
	1,124,000	China Aoyuan Group, Ltd.		1,360,963
	464,900	China Conch Venture Holdings, Ltd.		1,963,100
	186,000	China Evergrande Group(a)		486,127
	359,000	China Hongqiao Group, Ltd.		159,456
	1,395,000	China Lesso Group Holdings, Ltd.		1,811,094
	4,110,000	China Medical System Holdings, Ltd.		4,846,255
	90,000	China Mengniu Dairy Co., Ltd.*		343,226
	1,618,900	China Resources Cement Holdings, Ltd.		1,998,175
	234,000	China Resources Land, Ltd.		884,221
	983,000	China SCE Group Holdings, Ltd.		429,273
	110,000	China Shanshui Cement Group, Ltd.*		28,734
	926,000	China State Construction International Holdings, Ltd.		540,701
	106,000	China Tianrui Group Cement Co., Ltd.* (a)		109,428
	920,500	China Yongda Automobiles Services Holdings, Ltd.*		1,103,333

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	3,392,086	China Yuhua Education Corp., Ltd.		2,779,805
	554,800	China Zhongwang Holdings, Ltd.(a)		104,577
	274,000	Chinasoft International, Ltd.*		150,110
	247,147	CIFI Holdings Group Co., Ltd.		192,876
	484,001	Country Garden Holdings Co., Ltd.		595,652
	329,460	Country Garden Services Holdings Co., Ltd.		1,532,040
	103,500	Dali Foods Group Co., Ltd. 144A		63,028
	317,100	ENN Energy Holdings, Ltd.		3,561,425
	564,000	Ever Sunshine Lifestyle Services Group, Ltd.		873,093
	1,267,000	Fu Shou Yuan International Group, Ltd.		1,164,141
	17,000	Fulgent Sun International Holding Co., Ltd.		60,035
	445,000	Fullshare Holdings, Ltd.* (a)		8,100
	559,000	GCL-Poly Energy Holdings, Ltd.* (a)		15,822
	196,000	Geely Automobile Holdings, Ltd.		307,743
	90,000	General Interface Solution Holding, Ltd.		345,182
	5,000	Ginko International Co., Ltd.		24,761
	39,000	Golden Eagle Retail Group, Ltd.		37,295
	13,000	Gourmet Master Co., Ltd.		44,819
	342,500	Greentown China Holdings, Ltd.		346,200
	87,000	Haitian International Holdings, Ltd.		177,154
	6,000	Health & Happiness H&H International Holdings, Ltd.		27,150
	450,500	Hengan International Group Co., Ltd.		3,524,032
	25,572	JD.com, Inc., ADR*		1,538,923
	79,398	Jiayuan International Group, Ltd.		32,785
	17,199	JOYY, Inc., ADR*		1,522,971
	1,216,000	Kaisa Group Holdings, Ltd.		458,823
	325,000	Kingboard Holdings, Ltd.		843,863
	375,000	Kingboard Laminates Holdings, Ltd.		376,295
	41,000	Kingdee International Software Group Co., Ltd.*		95,448
	596,000	KWG Group Holdings, Ltd.*		999,455
	602,000	Lee & Man Paper Manufacturing, Ltd.		323,573
	8,029	LexinFintech Holdings, Ltd., ADR* (a)		85,429
	118,000	Logan Group Co., Ltd.		210,923
	300,900	Longfor Group Holdings, Ltd. 144A		1,433,216
	133,000	Lonking Holdings, Ltd.		40,570
	106,000	Minth Group, Ltd.		300,856
	16,231	Momo, Inc., ADR		283,718
	677,200	NagaCorp, Ltd.		788,894
	5,000	NetDragon Websoft Holdings, Ltd.		14,052
	146,500	NetEase, Inc.		2,525,324
	38,673	NetEase, Inc., ADR		16,605,413
	14,500	New Oriental Education & Technology Group, Inc., ADR*		1,888,335
	250,000	Nexteer Automotive Group, Ltd.		173,136
	45,000	Parade Technologies, Ltd.		1,507,236
	7,692	Pharmally International Holding Co., Ltd.		42,621
	566,000	Powerlong Real Estate Holdings, Ltd.		317,344
	116,000	Redco Properties Group, Ltd. 144A		53,597
	279,000	Ronshine China Holdings, Ltd.*		245,797
	475,200	Sands China, Ltd.		1,859,576

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	127,000	Sany Heavy Equipment International Holdings Co., Ltd.		59,023
	188,000	Seazen Group, Ltd.*		163,470
	368,000	Semiconductor Manufacturing International Corp.* (a)		1,283,736
	460,600	Shenzhou International Group Holdings, Ltd.		5,537,235
	83,000	Shimao Property Holdings, Ltd.		351,738
	1,547,000	Shui On Land, Ltd.		260,672
	24,000	Silergy Corp.		1,557,538
	32,845	SINA Corp.*		1,179,464
	1,487,600	Sino Biopharmaceutical, Ltd.		2,805,865
	946,000	SOHO China, Ltd.*		332,374
	66,000	SSY Group, Ltd.		45,090
	107,000	Sunac China Holdings, Ltd.		448,832
	75,000	Sunny Optical Technology Group Co., Ltd.		1,196,910
	67,839	TAL Education Group, ADR*		4,638,831
	644,700	Tencent Holdings, Ltd.		41,411,803
	458,833	Tencent Music Entertainment Group, ADR*		6,175,892
	1,886,000	Tingyi Cayman Islands Holding Corp.		2,922,881
	148,000	TPK Holding Co., Ltd.*		234,449
	18,373	Trip.com Group, Ltd., ADR*		476,228
	206,000	Uni-President China Holdings, Ltd.		206,403
	46,000	Vinda International Holdings, Ltd.		164,229
	108,423	Vipshop Holdings, Ltd., ADR*		2,158,702
	229,000	Want Want China Holdings, Ltd.		173,499
	4,773	Weibo Corp., ADR* (a)		160,373
	6,674,000	WH Group, Ltd.		5,727,567
	177,000	Wisdom Marine Lines Co., Ltd.*		148,480
	818,000	Xinyi Glass Holdings, Ltd.		1,006,116
	225,302	Xinyi Solar Holdings, Ltd.		214,383
	39,141	Xtep International Holdings, Ltd.		13,134
	961,456	Yuzhou Properties Co., Ltd.		416,077
	402,400	Zhen Ding Technology Holding, Ltd.		1,747,362
	349,000	Zhongsheng Group Holdings, Ltd.		1,947,392
	69,500	Zhou Hei Ya International Holdings Co., Ltd.* 144A		59,605
	12,140	ZTO Express Cayman, Inc., ADR		445,659
		Total Cayman Islands		218,067,378
		Chile — 0.2%
	1,567	Banco de Credito e Inversiones SA		53,279
	17,274	CAP SA*		111,988
	189,731	Cencosud SA		265,892
	49,989	Empresa Nacional de Telecomunicaciones SA		322,863
	150,283	Empresas CMPC SA		298,881
	42,916	Empresas COPEC SA		288,164
	1,234,654	Enel Americas SA		186,567
	25,280	Falabella SA		80,097
	83,808	Inversiones Aguas Metropolitanas SA		72,206
	41,323,860	Itau CorpBanca Chile SA		111,745
	5,838	Latam Airlines Group SA, ADR* (a)		7,881
	97,672	Ripley Corp. SA		31,780

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Chile — continued
	105,226	Sigdo Koppers SA		103,354
	290,338	SMU SA		53,691
	44,005	Vina Concha y Toro SA		68,641
		Total Chile		2,057,029
		China — 13.1%
	252,000	A-Living Services Co., Ltd. Class H		1,271,616
	4,620,000	Agricultural Bank of China, Ltd. Class H		1,861,817
	294,000	Air China, Ltd. Class H(a)		175,482
	1,450,000	Aluminum Corp. of China, Ltd. Class H*		270,766
	747,999	Angang Steel Co., Ltd. Class H(a)		182,596
	781,100	Anhui Conch Cement Co., Ltd. Class H		5,253,721
	1,084,000	AviChina Industry & Technology Co., Ltd. Class H		491,326
	729,500	BAIC Motor Corp., Ltd. Class H 144A		317,586
	11,869,000	Bank of China, Ltd. Class H		4,389,600
	144,500	Bank of Chongqing Co., Ltd. Class H		72,395
	1,385,000	Bank of Communications Co., Ltd. Class H		852,851
	211,200	Bank of Zhengzhou Co., Ltd. Class H 144A		49,621
	998,000	BBMG Corp. Class H(a)		194,643
	764,000	Beijing Capital International Airport Co., Ltd. Class H		478,305
	284,000	Beijing North Star Co., Ltd. Class H		62,342
	28,500	BYD Co., Ltd. Class H(a)		219,574
	28,000	Central China Securities Co., Ltd. Class H		4,556
	23,994	Changchun High & New Technology Industry Group, Inc. Class A		1,477,488
	2,831,000	China Cinda Asset Management Co., Ltd. Class H		555,719
	1,518,000	China CITIC Bank Corp., Ltd. Class H		662,563
	678,000	China Coal Energy Co., Ltd. Class H		154,083
	689,000	China Communications Construction Co., Ltd. Class H		387,914
	1,040,000	China Communications Services Corp., Ltd. Class H		647,553
	14,557,000	China Construction Bank Corp. Class H		11,763,291
	518,000	China Eastern Airlines Corp., Ltd. Class H* (a)		184,935
	1,760,000	China Energy Engineering Corp., Ltd. Class H		165,656
	535,000	China Everbright Bank Co., Ltd. Class H		201,010
	664,000	China Galaxy Securities Co., Ltd. Class H		359,334
	3,691,000	China Huarong Asset Management Co., Ltd. Class H 144A		373,931
	276,000	China International Capital Corp., Ltd. Class H* (a) 144A		542,613
	228,780	China International Marine Containers Group Co., Ltd. Class H		186,939
	345,000	China Life Insurance Co., Ltd. Class H		692,886
	273,000	China Machinery Engineering Corp. Class H		71,727
	2,715,800	China Merchants Bank Co., Ltd. Class H		12,508,419
	14,800	China Merchants Securities Co., Ltd. Class H 144A		16,585
	1,202,500	China Minsheng Banking Corp., Ltd. Class H		826,042
	306,000	China Molybdenum Co., Ltd. Class H(a)		100,017
	2,268,400	China National Building Material Co., Ltd. Class H		2,418,018
	224,000	China Oilfield Services, Ltd. Class H		201,486
	114,400	China Pacific Insurance Group Co., Ltd. Class H		305,951
	4,036,000	China Petroleum & Chemical Corp. Class H		1,678,988
	334,000	China Railway Construction Corp., Ltd. Class H		262,687
	641,000	China Railway Group, Ltd. Class H		331,051

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, 2020 (Unaudited)

Shares		Description	Value ($)
		China — continued
	123,000	China Railway Signal & Communication Corp., Ltd. Class H 144A		53,074
	1,639,000	China Reinsurance Group Corp. Class H		167,911
	537,500	China Shenhua Energy Co., Ltd. Class H		839,443
	608,000	China Southern Airlines Co., Ltd. Class H* (a)		268,511
	451,010	China Tourism Group Duty Free Corp., Ltd. Class A*		9,878,678
	534,600	China Vanke Co., Ltd. Class H		1,686,578
	892,000	Chongqing Rural Commercial Bank Co., Ltd. Class H		352,372
	75,000	CITIC Securities Co., Ltd. Class H(a)		142,059
	666,000	COSCO SHIPPING Development Co., Ltd. Class H		63,651
	602,000	COSCO SHIPPING Energy Transportation Co., Ltd. Class H		269,065
	211,000	COSCO SHIPPING Holdings Co., Ltd. Class H*		60,760
	305,000	CRRC Corp., Ltd. Class H		128,802
	30,000	CSSC Offshore and Marine Engineering Group Co., Ltd. Class H*		20,138
	141,600	Dongfang Electric Corp., Ltd. Class H		74,024
	76,000	Everbright Securities Co., Ltd. Class H 144A		55,215
	44,000	Fuyao Glass Industry Group Co., Ltd. Class H* 144A		104,912
	17,995	G-bits Network Technology Xiamen Co., Ltd. Class A		1,395,563
	174,400	GF Securities Co., Ltd. Class H		186,933
	723,000	Great Wall Motor Co., Ltd. Class H(a)		453,299
	752,000	Guangshen Railway Co., Ltd. Class H		141,097
	86,800	Guangzhou Automobile Group Co., Ltd. Class H		62,677
	20,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		50,527
	539,600	Guangzhou R&F Properties Co., Ltd. Class H		628,793
	43,800	Guotai Junan Securities Co., Ltd. Class H 144A		60,999
	298,800	Haitong Securities Co., Ltd. Class H		241,611
	644,099	Hangzhou Hikvision Digital Technology Co., Ltd. Class A		2,778,255
	305,000	Harbin Bank Co., Ltd. Class H 144A		45,202
	63,000	Hisense Home Appliances Group Co., Ltd. Class H		73,565
	67,000	Huatai Securities Co., Ltd. Class H 144A		106,758
	67,100	Huishang Bank Corp., Ltd. Class H		23,312
	9,919,000	Industrial & Commercial Bank of China, Ltd. Class H		6,007,994
	38,100	Inner Mongolia Yitai Coal Co., Ltd. Class H		24,333
	297,338	Jiangsu Hengrui Medicine Co., Ltd. Class A		3,881,800
	220,524	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A		3,279,882
	410,000	Jiangxi Copper Co., Ltd. Class H		415,168
	28,804	Kweichow Moutai Co., Ltd. Class A		5,961,087
	177,900	Legend Holdings Corp. Class H 144A		207,868
	15,233	Livzon Pharmaceutical Group, Inc. Class H		77,519
	211,888	Luxshare Precision Industry Co., Ltd. Class A		1,540,197
	1,001,000	Metallurgical Corp. of China, Ltd. Class H		159,584
	1,444,438	Midea Group Co., Ltd. Class A		12,218,634
	36,600	New China Life Insurance Co., Ltd. Class H		122,697
	17,200	Orient Securities Co., Ltd. Class H 144A		9,507
	396,000	People’s Insurance Co. Group of China, Ltd. (The) Class H		116,211
	3,068,000	PetroChina Co., Ltd. Class H		1,014,264
	2,910,400	PICC Property & Casualty Co., Ltd. Class H		2,394,368
	2,598,400	Ping An Insurance Group Co. of China, Ltd. Class H		25,950,533
	1,257,000	Postal Savings Bank of China Co., Ltd. Class H(a) 144A		722,511
	201,000	Qingdao Port International Co., Ltd. Class H 144A		106,895

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, 2020 (Unaudited)

Shares		Description	Value ($)
		China — continued
	82,500	Qinhuangdao Port Co., Ltd. Class H		12,673
	170,606	Red Star Macalline Group Corp., Ltd. Class H(a) 144A		95,593
	114,500	Shandong Chenming Paper Holdings, Ltd. Class H		41,094
	236,000	Shandong Weigao Group Medical Polymer Co., Ltd. Class H		524,374
	702,000	Shanghai Electric Group Co., Ltd. Class H*		200,038
	36,000	Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		120,409
	80,000	Shanghai Jin Jiang Capital Co., Ltd. Class H		14,152
	169,600	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		285,034
	152,000	Shengjing Bank Co., Ltd. Class H* (a) 144A		139,139
	735,500	Sinopec Engineering Group Co., Ltd. Class H		313,886
	256,000	Sinopec Oilfield Service Corp. Class H*		16,615
	760,000	Sinopec Shanghai Petrochemical Co., Ltd. Class H		182,082
	381,200	Sinopharm Group Co., Ltd. Class H		976,931
	1,024,000	Sinotrans, Ltd. Class H		207,612
	23,000	Tong Ren Tang Technologies Co., Ltd. Class H		17,562
	1,839,000	TravelSky Technology, Ltd. Class H		3,240,255
	28,000	Tsingtao Brewery Co., Ltd. Class H		207,927
	806,100	Weichai Power Co., Ltd. Class H		1,503,863
	78,000	Xinhua Winshare Publishing and Media Co., Ltd. Class H		52,856
	60,849	Xinjiang Goldwind Science & Technology Co., Ltd. Class H		52,404
	650,000	Yanzhou Coal Mining Co., Ltd. Class H		486,027
	400,600	YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H(a)		817,753
	158,300	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A		3,812,256
	12,000	Zhaojin Mining Industry Co., Ltd. Class H		14,261
	192,400	Zhuzhou CRRC Times Electric Co., Ltd. Class H		491,506
	412,000	Zijin Mining Group Co., Ltd. Class H		195,171
	181,200	Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H*		139,680
		Total China		152,011,672
		Colombia — 0.1%
	3,883	Banco de Bogota SA		62,846
	3,647	Bancolombia SA		23,408
	2,050	Bancolombia SA, ADR		53,936
	66,156	Cementos Argos SA		60,153
	13,229	Corp. Financiera Colombiana SA*		98,281
	62,535	Grupo Argos SA		165,566
	35,111	Grupo de Inversiones Suramericana SA		175,025
	8,951	Grupo Nutresa SA		50,030
		Total Colombia		689,245
		Cyprus — 0.1%
	51,243	TCS Group Holding Plc, Reg S, GDR(b)		1,038,724
		Czech Republic — 0.0%
	24,764	CEZ AS		528,750
		France — 0.3%
	37,323	Sanofi		3,796,024

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Greece — 0.2%
	132,595	Alpha Bank AE*		99,335
	171,019	Eurobank Ergasias Services and Holdings SA*		78,925
	8,853	GEK Terna Holding Real Estate Construction SA*		60,218
	5,559	Hellenic Petroleum SA		37,280
	74,300	JUMBO SA		1,339,315
	5,901	LAMDA Development SA*		39,765
	24,764	Mytilineos SA		203,398
	61,833	National Bank of Greece SA*		87,323
	106,195	Piraeus Bank SA*		188,678
		Total Greece		2,134,237
		Hong Kong — 2.9%
	266,000	Beijing Enterprises Holdings, Ltd.		894,569
	94,000	BYD Electronic International Co., Ltd.(a)		215,434
	430,000	China Everbright, Ltd.		623,164
	648,000	China Jinmao Holdings Group, Ltd.		456,251
	511,637	China Merchants Port Holdings Co., Ltd.		603,771
	1,148,000	China Mobile, Ltd.		7,757,164
	55,482	China Mobile, Ltd., ADR		1,866,414
	2,226,000	China Overseas Grand Oceans Group, Ltd.		1,256,793
	652,000	China Overseas Land & Investment, Ltd.		1,968,957
	631,000	China Resources Pharmaceutical Group, Ltd. 144A		365,422
	596,000	China Taiping Insurance Holdings Co., Ltd.		956,339
	1,142,000	China Traditional Chinese Medicine Holdings Co., Ltd.		550,459
	1,020,000	China Unicom Hong Kong, Ltd.		552,127
	1,977	China Unicom Hong Kong, Ltd., ADR(a)		10,775
	867,000	CITIC, Ltd.		815,718
	2,375,000	CNOOC, Ltd.		2,667,375
	2,200	CNOOC, Ltd., ADR		248,248
	3,081,600	CSPC Pharmaceutical Group, Ltd.		5,809,559
	931,000	Far East Horizon, Ltd.		791,047
	785,000	Fosun International, Ltd.		996,873
	231,000	Hua Hong Semiconductor, Ltd.* (a) 144A		802,949
	620,000	Lenovo Group, Ltd.		343,483
	396,000	MMG, Ltd.*		81,865
	704,000	Poly Property Group Co., Ltd.		211,871
	202,000	Shanghai Industrial Holdings, Ltd.		310,253
	1,501,936	Shenzhen Investment, Ltd.		475,195
	1,456,000	Sino-Ocean Group Holding, Ltd.		349,797
	535,000	Sinotruk Hong Kong, Ltd.(a)		1,382,043
	147,000	Sun Art Retail Group, Ltd.		251,000
	3,346,000	Yuexiu Property Co., Ltd.		596,288
		Total Hong Kong		34,211,203
		Hungary — 0.4%
	69,547	MOL Hungarian Oil & Gas Plc*		410,944
	30,080	OTP Bank Nyrt*		1,052,219
	131,744	Richter Gedeon Nyrt		2,724,581
		Total Hungary		4,187,744

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, 2020 (Unaudited)

Shares		Description	Value ($)
		India — 10.1%
	50,750	ACC, Ltd.		903,926
	51,815	Adani Enterprises, Ltd.		107,348
	35,296	Adani Gas, Ltd.		71,653
	41,266	Adani Green Energy, Ltd.*		196,306
	23,504	Adani Ports & Special Economic Zone, Ltd.		108,861
	104,805	Adani Power, Ltd.*		49,844
	19,503	Adani Transmission, Ltd.*		67,234
	139,935	Aditya Birla Capital, Ltd.*		117,674
	700	Ajanta Pharma, Ltd.		13,154
	73,483	Alembic Pharmaceuticals, Ltd.		887,385
	1,582	Amara Raja Batteries, Ltd.		13,698
	174,970	Ambuja Cements, Ltd.		451,968
	100,932	Apollo Tyres, Ltd.		144,553
	4,534	Arvind Fashions, Ltd.*		10,120
	22,672	Arvind, Ltd.		9,765
	486,970	Ashok Leyland, Ltd.		307,175
	148,754	Asian Paints, Ltd.		3,344,263
	1,268	Atul, Ltd.		77,630
	59,092	Aurobindo Pharma, Ltd.		603,955
	255,808	Axis Bank, Ltd.		1,396,859
	53,455	Bajaj Auto, Ltd.		2,016,131
	49,613	Bajaj Finance, Ltd.		1,880,631
	724	Bajaj Finserv, Ltd.		56,512
	8,264	Bajaj Holdings & Investment, Ltd.		279,065
	7,393	Balkrishna Industries, Ltd.		124,673
	101,945	Bank of Baroda*		65,851
	39,561	Bata India, Ltd.		686,362
	98,240	Bharat Electronics, Ltd.		115,407
	19,571	Bharat Forge, Ltd.		83,200
	152,407	Bharti Airtel, Ltd.*		1,129,978
	19,200	Bharti Infratel, Ltd.		56,327
	1,542	Birla Corp., Ltd.		11,883
	19,360	Birlasoft, Ltd.*		23,147
	49,869	Britannia Industries, Ltd.		2,396,096
	45,555	Cadila Healthcare, Ltd.		213,494
	27,266	Canara Bank*		36,400
	6,409	Ceat, Ltd.		77,696
	3,469	Century Textiles & Industries, Ltd.		13,558
	18,755	Chambal Fertilizers and Chemicals, Ltd.		35,374
	22,089	Cholamandalam Investment and Finance Co., Ltd.		56,062
	86,800	Cipla, Ltd.		739,820
	36,248	City Union Bank, Ltd.		58,615
	5,698	Cochin Shipyard, Ltd. 144A		22,580
	13,925	Container Corp. Of India, Ltd.		77,760
	4,759	Coromandel International, Ltd.		47,761
	7,878	Cummins India, Ltd.		41,023
	8,817	Dalmia Bharat, Ltd.*		79,527
	25,348	DCB Bank, Ltd.*		25,674
	5,663	DCM Shriram, Ltd.		23,821

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, 2020 (Unaudited)

Shares		Description	Value ($)
		India — continued
	4,025	Dilip Buildcon, Ltd. 144A		14,747
	13,685	Dixon Technologies India, Ltd.		1,053,617
	102,560	DLF, Ltd.		201,938
	3,946	Dr. Reddy’s Laboratories, Ltd.		207,566
	1,155	eClerx Services, Ltd.		6,786
	114,738	Edelweiss Financial Services, Ltd.		94,557
	16,647	EIH, Ltd.		13,975
	1,345	Endurance Technologies, Ltd. 144A		15,585
	16,885	Engineers India, Ltd.		16,885
	8,422	Escorts, Ltd.		116,535
	79,688	Exide Industries, Ltd.		157,029
	542,651	Federal Bank, Ltd.		367,469
	2,842	Finolex Cables, Ltd.		10,804
	4,764	Finolex Industries, Ltd.		31,694
	21,744	Firstsource Solutions, Ltd.		10,307
	233,402	GAIL India, Ltd.		316,827
	17,950	General Insurance Corp. of India 144A		35,632
	38,255	Glenmark Pharmaceuticals, Ltd.		227,998
	4,323	Godrej Industries, Ltd.		24,126
	61,691	Grasim Industries, Ltd.		505,599
	9,916	Great Eastern Shipping Co., Ltd. (The)		28,222
	9,733	Gujarat Fluorochemicals, Ltd.*		47,070
	6,590	Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.		13,405
	35,445	Gujarat Pipavav Port, Ltd.		35,986
	29,302	Gujarat State Petronet, Ltd.		85,522
	546,694	HCL Technologies, Ltd.		4,051,872
	347,573	HDFC Bank, Ltd.		4,957,305
	23,784	HDFC Bank, Ltd., ADR		1,081,221
	6,326	Hero MotoCorp, Ltd.		214,782
	7,904	Hexaware Technologies, Ltd.		34,708
	322,010	Hindalco Industries, Ltd.		635,381
	434,105	Housing Development Finance Corp., Ltd.		10,219,235
	150,299	ICICI Bank, Ltd.		697,796
	142,522	ICICI Bank, Ltd., ADR		1,324,029
	422,223	IDFC First Bank, Ltd.*		145,394
	168,339	IDFC, Ltd.		41,428
	838	IIFL Wealth Management, Ltd.		11,415
	654,139	Indiabulls Housing Finance, Ltd., ADR		1,806,468
	35,342	Indiabulls Real Estate, Ltd.*		23,138
	15,841	Indiabulls Ventures, Ltd.		24,629
	27,565	Indian Hotels Co., Ltd. (The)*		29,384
	380,841	Indraprastha Gas, Ltd.		2,237,788
	487,217	Infosys, Ltd.		4,740,206
	116,402	Infosys, Ltd., ADR		1,124,443
	41,819	Ipca Laboratories, Ltd.		926,609
	173,466	Jindal Steel & Power, Ltd.*		371,793
	1,744	JK Cement, Ltd.		31,576
	41,440	JM Financial, Ltd.		38,594
	134,159	JSW Energy, Ltd.		84,225

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, 2020 (Unaudited)

Shares		Description	Value ($)
		India — continued
	126,913	JSW Steel, Ltd.		319,952
	14,600	Jubilant Life Sciences, Ltd.		127,876
	4,066	Kalpataru Power Transmission, Ltd.		11,676
	31,853	Karnataka Bank, Ltd. (The)		17,610
	56,526	Karur Vysya Bank, Ltd. (The)		25,138
	3,700	KEC International, Ltd.		13,178
	19,360	KPIT Technologies, Ltd.*		16,192
	1,219	KPR Mill, Ltd.		7,907
	2,301	KRBL, Ltd.		7,508
	127,540	L&T Finance Holdings, Ltd.		111,765
	41,363	Larsen & Toubro, Ltd.		518,284
	1,896	Laurus Labs, Ltd. 144A		13,095
	98,662	LIC Housing Finance, Ltd.		346,716
	50,662	Lupin, Ltd.		614,024
	153,025	Mahanagar Gas, Ltd.		2,138,603
	109,705	Mahindra & Mahindra Financial Services, Ltd.		244,350
	90,471	Mahindra & Mahindra, Ltd.		614,960
	20,010	Mahindra CIE Automotive, Ltd.*		31,179
	1,007,686	Manappuram Finance, Ltd.		2,046,054
	32,801	Maruti Suzuki India, Ltd.		2,545,930
	126,273	Max Financial Services, Ltd.*		897,264
	1,238	Mindtree, Ltd.		15,335
	3,137,570	Motherson Sumi Systems, Ltd.		3,956,489
	3,874	Motilal Oswal Financial Services, Ltd.		30,695
	11,977	Mphasis, Ltd.		137,960
	233	MRF, Ltd.		207,797
	54,967	Multi Commodity Exchange of India, Ltd.		935,305
	126,766	Muthoot Finance, Ltd.		1,833,066
	8,687	Natco Pharma, Ltd.		72,795
	124,982	National Aluminium Co., Ltd.		53,217
	96,063	NCC, Ltd.		37,096
	288,899	Nippon Life India Asset Management, Ltd.		1,213,416
	30,348	NMDC, Ltd.		32,921
	19,035	Oberoi Realty, Ltd.		91,879
	54,159	PC Jeweller, Ltd.*		12,028
	8,118	Persistent Systems, Ltd.		68,465
	36,873	Petronet LNG, Ltd.		127,538
	1,284	Pfizer, Ltd.		67,470
	6,186	Phoenix Mills, Ltd. (The)		47,674
	26,959	Piramal Enterprises, Ltd.		492,017
	11,541	PNB Housing Finance, Ltd. 144A		31,813
	174,603	Power Finance Corp., Ltd.		195,776
	21,563	Prestige Estates Projects, Ltd.		60,061
	6,287	Quess Corp., Ltd.* 144A		30,495
	8,780	Rain Industries, Ltd.		8,907
	22,196	Rajesh Exports, Ltd.		136,584
	4,988	Ramco Cements, Ltd. (The)		42,311
	4,818	Raymond, Ltd.*		17,873
	93,936	RBL Bank, Ltd. 144A		216,714

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, 2020 (Unaudited)

Shares		Description	Value ($)
		India — continued
	198,915	REC, Ltd.		284,944
	34,104	Reliance Capital, Ltd.*		5,663
	1,212,512	Reliance Industries, Ltd.		27,458,851
	1,442	Reliance Industries, Ltd., GDR 144A		66,516
	28,395	Reliance Industries, Ltd. (Partly Paid-up Shares)*		300,822
	191,600	Reliance Power, Ltd.*		10,764
	2,509	Sadbhav Engineering, Ltd.		1,498
	2,694	Shriram City Union Finance, Ltd.		23,690
	41,486	Shriram Transport Finance Co., Ltd.		383,464
	8,357	Sobha, Ltd.		25,419
	1,607	SRF, Ltd.		76,821
	255,206	State Bank of India*		606,168
	269,432	Steel Authority of India, Ltd.		109,001
	7,488	Strides Pharma Science, Ltd.		40,714
	80,635	Sun Pharmaceutical Industries, Ltd.		505,515
	10,790	Sun TV Network, Ltd.		57,915
	3,547	Sundaram Finance, Ltd.		68,776
	8,857	Sunteck Realty, Ltd.		22,505
	19,260	Tata Chemicals, Ltd.		79,951
	90,475	Tata Consumer Products, Ltd.		466,107
	383,877	Tata Motors, Ltd.*		502,577
	114,010	Tata Steel, Ltd.		494,943
	13,961	Tech Mahindra, Ltd.		101,226
	1,123	Thermax, Ltd.		11,142
	22,198	Thomas Cook India, Ltd.		7,858
	37,503	TV18 Broadcast, Ltd.*		16,968
	3,361	UltraTech Cement, Ltd.		174,341
	56,007	Union Bank of India*		23,630
	967,570	UPL, Ltd.*		5,484,888
	1,848	Vardhman Textiles, Ltd.		16,044
	345,735	Vedanta, Ltd.		485,528
	1,853,830	Vodafone Idea, Ltd.*		258,635
	39,909	Welspun India, Ltd.		19,692
	76,145	Wipro, Ltd.		222,247
	3,632	Wockhardt, Ltd.*		13,595
	324,058	Yes Bank, Ltd.*		110,081
	242,266	Zee Entertainment Enterprises, Ltd.		548,435
	2,971	Zensar Technologies, Ltd.		4,899
		Total India		117,785,890
		Indonesia — 1.6%
	4,188,200	Adaro Energy Tbk PT		292,079
	761,600	AKR Corporindo Tbk PT		135,467
	3,996,800	Aneka Tambang Tbk PT		169,424
	160,000	Astra Agro Lestari Tbk PT		92,789
	1,148,000	Astra International Tbk PT		385,971
	104,300	Bank Danamon Indonesia Tbk PT		19,755
	5,936,000	Bank Mandiri Persero Tbk PT		2,058,632
	799,500	Bank Maybank Indonesia Tbk PT		9,013

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Indonesia — continued
	1,157,800	Bank Negara Indonesia Persero Tbk PT		371,614
	928,000	Bank Pan Indonesia Tbk PT*		53,128
	1,484,800	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		79,475
	956,700	Bank Pembangunan Daerah Jawa Timur Tbk PT		33,579
	31,153,700	Bank Rakyat Indonesia Persero Tbk PT		6,650,500
	1,273,000	Bank Tabungan Negara Persero Tbk PT		111,838
	1,324,100	Barito Pacific Tbk PT*		108,294
	669,500	Bukit Asam Tbk PT		94,761
	1,040,000	Bumi Serpong Damai Tbk PT*		53,997
	4,209,500	Ciputra Development Tbk PT		179,912
	15,100	Gudang Garam Tbk PT		49,877
	756,600	Indah Kiat Pulp & Paper Corp. Tbk PT		316,830
	160,400	Indo Tambangraya Megah Tbk PT		80,106
	3,700	Indocement Tunggal Prakarsa Tbk PT*		3,059
	683,500	Indofood Sukses Makmur Tbk PT		312,405
	371,800	Japfa Comfeed Indonesia Tbk PT		30,909
	544,400	Jaya Real Property Tbk PT		15,554
	97,200	Link Net Tbk PT		15,310
	2,110,500	Medco Energi Internasional Tbk PT*		66,846
	682,000	Media Nusantara Citra Tbk PT		43,168
	705,900	Mitra Adiperkasa Tbk PT*		38,569
	131,500	Pabrik Kertas Tjiwi Kimia Tbk PT		47,649
	1,351,600	Pakuwon Jati Tbk PT		39,587
	228,200	PP Persero Tbk PT		13,917
	1,205,900	Puradelta Lestari Tbk PT		14,582
	257,300	Semen Indonesia Persero Tbk PT		173,471
	78,000	Siloam International Hospitals Tbk PT*		28,472
	1,350,500	Summarecon Agung Tbk PT		55,456
	27,705,500	Telekomunikasi Indonesia Persero Tbk PT		5,919,389
	219,300	United Tractors Tbk PT		254,248
	367,100	Vale Indonesia Tbk PT*		72,035
	1,419,900	Waskita Karya Persero Tbk PT		70,637
	1,604,800	Wijaya Karya Persero Tbk PT		134,992
	855,500	XL Axiata Tbk PT		166,878
		Total Indonesia		18,864,174
		Japan — 0.1%
	165,000	Isuzu Motors, Ltd.		1,491,248
		Luxembourg — 0.5%
	25,185	Globant SA*		3,773,972
	21,502	Kernel Holding SA		226,606
	180,098	PLAY Communications SA		1,381,468
		Total Luxembourg		5,382,046
		Malaysia — 0.6%
	536,700	AirAsia Group Bhd		110,832
	370,400	Alliance Bank Malaysia Bhd		189,186
	439,400	AMMB Holdings Bhd		320,078

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Malaysia — continued
	1,600	Batu Kawan Bhd		5,436
	15,500	BIMB Holdings Bhd		12,416
	81,500	Boustead Holdings Bhd*		11,643
	71,300	Bumi Armada Bhd*		3,855
	28,500	Cahya Mata Sarawak Bhd		10,512
	599,588	CIMB Group Holdings Bhd		501,709
	339,700	DRB-Hicom Bhd		137,197
	4,900	Eco World Development Group Bhd*		481
	631,000	FGV Holdings Bhd		147,689
	406,163	Gamuda Bhd		347,022
	285,500	Genting Bhd		275,405
	827,300	Genting Malaysia Bhd		492,112
	12,100	Genting Plantations Bhd		27,544
	20,900	Hong Leong Bank Bhd		68,963
	44,800	Hong Leong Financial Group Bhd		137,809
	793,700	IJM Corp. Bhd		337,499
	328,300	IOI Properties Group Bhd		75,372
	131,000	Lotte Chemical Titan Holding Bhd 144A		55,059
	72,000	Magnum Bhd		37,117
	144,940	Malayan Banking Bhd		255,034
	279,100	Malaysia Airports Holdings Bhd		357,204
	683,234	Malaysia Building Society Bhd		99,612
	158,000	MISC Bhd		282,809
	102,700	MMC Corp. Bhd		17,603
	89,300	Oriental Holdings Bhd		118,409
	69,600	Petronas Chemicals Group Bhd		101,380
	11,700	Pos Malaysia Bhd		2,562
	5,100	PPB Group Bhd		21,186
	90,400	Public Bank Bhd		349,723
	293,600	RHB Bank Bhd		330,047
	1,152,800	Sapura Energy Bhd*		25,954
	7,800	Scientex Bhd		16,269
	705,200	Sime Darby Bhd		356,482
	1,138,700	Sime Darby Property Bhd		181,365
	616,553	SP Setia Bhd Group		122,617
	420,696	Sunway Bhd		135,338
	523,700	UEM Sunrise Bhd*		53,786
	241,300	UOA Development Bhd		104,307
	30,000	Yinson Holdings Bhd		41,531
	737,900	YTL Corp. Bhd		143,933
		Total Malaysia		6,422,087
		Marshall Islands — 0.0%
	10,988	Atlas Corp.(c)		83,509
		Mexico — 2.0%
	42,023	ALEATICA SAB de CV* (a)		36,354
	775,577	Alfa SAB de CV Class A		433,319
	147,998	Alpek SAB de CV(a)		112,086

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Mexico — continued
	49,168	Arca Continental SAB de CV		214,699
	196,588	Banco del Bajio SA* 144A		167,432
	1,601	Becle SAB de CV		3,061
	2,191,822	Cemex SAB de CV		614,663
	130,050	Cemex SAB de CV, ADR		374,544
	12,081	Coca-Cola Femsa SAB de CV		52,450
	560	Coca-Cola Femsa SAB de CV, ADR		24,556
	32,999	El Puerto de Liverpool SAB de CV(a)		80,687
	2,838,859	Fibra Uno Administracion SA de CV REIT		2,233,542
	52,116	Fomento Economico Mexicano SAB de CV		321,781
	732	Fomento Economico Mexicano SAB de CV, ADR		45,391
	279,328	Gentera SAB de CV(a)		135,028
	382,500	Grupo Aeroportuario del Centro Norte SAB de CV*		1,768,402
	534,300	Grupo Aeroportuario del Pacifico SAB de CV Class B		3,836,545
	39,702	Grupo Bimbo SAB de CV Series A(a)		66,253
	51,326	Grupo Carso SAB de CV Series A-1		98,911
	51,304	Grupo Cementos de Chihuahua SAB de CV(a)		216,011
	81,374	Grupo Comercial Chedraui SA de CV(a)		95,682
	6,983	Grupo Elektra SAB DE CV		380,776
	1,211,565	Grupo Financiero Banorte SAB de CV Series O*		4,169,982
	178,449	Grupo Financiero Inbursa SAB de CV Series O*		123,332
	34,200	Grupo Lala SAB de CV(a)		18,086
	327,910	Grupo Mexico SAB de CV Series B		757,796
	76,700	Grupo Sanborns SAB de CV		66,387
	475,614	Grupo Televisa SAB*		496,671
	19,886	Grupo Televisa SAB, ADR*		104,203
	76,227	Industrias Bachoco SAB de CV Series B		221,090
	14,508	Industrias CH SAB de CV Series B		54,065
	34,549	Industrias Penoles SAB de CV		352,996
	51,353	Megacable Holdings SAB de CV		149,879
	231,985	Orbia Advance Corp. SAB de CV		341,045
	14,495	Organizacion Soriana SAB de CV Class B		11,291
	20,910	Promotora y Operadora de Infraestructura SAB de CV*		150,208
	1,809	Promotora y Operadora de Infraestructura SAB de CV Series L*		8,602
	2,026,900	Wal-Mart de Mexico SAB de CV		4,821,859
		Total Mexico		23,159,665
		Netherlands — 1.2%
	116,237	Unilever NV		6,162,752
	25,779	X5 Retail Group NV, Reg S, GDR(b)		911,351
	3,300	X5 Retail Group NV, Reg S (London Exchange), GDR(b)		116,820
	142,370	Yandex NV Class A*		7,121,347
		Total Netherlands		14,312,270
		Philippines — 0.3%
	102,600	8990 Holdings, Inc.*		20,034
	1,291,000	Alliance Global Group, Inc.*		176,780
	8,223	Altus Property Ventures, Inc.* (c)		321
	19,680	Ayala Corp.		307,275

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Philippines — continued
	122,369	Bank of the Philippine Islands		178,054
	72,770	BDO Unibank, Inc.		143,576
	285,500	Bloomberry Resorts Corp.		42,856
	6,590	Cebu Air, Inc.		5,233
	156,200	China Banking Corp.		65,739
	217,800	Cosco Capital, Inc.		22,122
	1,203,900	DMCI Holdings, Inc.		99,681
	33,900	Eagle Cement Corp.		6,753
	204,200	Emperador, Inc.		33,725
	160,300	Filinvest Development Corp.		25,378
	5,355	GT Capital Holdings, Inc.		49,088
	191,740	JG Summit Holdings, Inc.		250,674
	416,900	LT Group, Inc.		66,806
	2,448,300	Megaworld Corp.		150,830
	221,746	Metropolitan Bank & Trust Co.		164,983
	693,000	Nickel Asia Corp.		25,223
	448,700	Petron Corp.		27,892
	90,389	Philippine National Bank*		36,343
	72,220	Pilipinas Shell Petroleum Corp.*		26,078
	3,135	PLDT, Inc.		78,224
	700	PLDT, Inc., ADR(a)		17,087
	95,700	Puregold Price Club, Inc.		89,475
	558,300	Robinsons Land Corp.		196,962
	130,730	Robinsons Retail Holdings, Inc.		170,404
	55,020	San Miguel Corp.		110,449
	12,670	San Miguel Food and Beverage, Inc.		17,648
	80,330	Security Bank Corp.		167,189
	198,600	Semirara Mining & Power Corp.		50,758
	4,270	Top Frontier Investment Holdings, Inc.*		11,133
	28,020	Union Bank of the Philippines		30,590
	1,677,500	Vista Land & Lifescapes, Inc.		124,684
		Total Philippines		2,990,047
		Poland — 0.7%
	13,850	Alior Bank SA*		56,502
	15,923	Asseco Poland SA		265,592
	2,685	Bank Handlowy w Warszawie SA*		25,987
	95,985	Bank Millennium SA*		73,283
	17,711	Bank Polska Kasa Opieki SA		240,895
	7,436	Cyfrowy Polsat SA		49,420
	70,479	Dino Polska SA*		3,572,117
	73,605	Enea SA*		133,173
	5,344	Grupa Azoty SA*		41,390
	6,244	Grupa Lotos SA		94,636
	824	ING Bank Slaski SA*		29,607
	31,265	KGHM Polska Miedz SA*		717,826
	2,816	mBank SA*		163,632
	97,901	PGE Polska Grupa Energetyczna SA*		169,995
	105,121	Polski Koncern Naftowy ORLEN SA		1,663,010

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Poland — continued
	63,627	Powszechna Kasa Oszczednosci Bank Polski SA		368,433
	1,870	Santander Bank Polska SA*		82,858
	226,231	Tauron Polska Energia SA*		135,124
		Total Poland		7,883,480
		Russia — 1.8%
	714,521	Gazprom PJSC, ADR		3,848,252
	513,364	Gazprom PJSC (OTC Exchange), ADR(a)		2,782,433
	16,700	LUKOIL PJSC, ADR		1,239,474
	59,612	LUKOIL PJSC (Euroclear Shares), ADR		4,418,797
	53,200	MMC Norilsk Nickel PJSC, ADR(a)		1,400,756
	144,257	MMC Norilsk Nickel PJSC (London Exchange), ADR		3,771,449
	105,969	Rosneft Oil Co. PJSC, Reg S, GDR(b)		531,558
	72,100	Sberbank of Russia PJSC, ADR		817,614
	190,367	Sberbank of Russia PJSC (London Exchange), ADR		2,162,739
	303,080	VTB Bank PJSC, Reg S, GDR(b)		284,440
	20,403	VTB Bank PJSC, Reg S (London Exchange), GDR(b)		19,115
		Total Russia		21,276,627
		Singapore — 0.2%
	138,980	United Overseas Bank, Ltd.		2,019,573
		South Africa — 2.8%
	97,313	Absa Group, Ltd.		477,457
	22,457	AECI, Ltd.		99,917
	207,698	African Rainbow Minerals, Ltd.		2,013,809
	869	Anglo American Platinum, Ltd.		62,662
	29,672	AngloGold Ashanti, Ltd.		870,120
	87,158	Aspen Pharmacare Holdings, Ltd.*		719,715
	94,040	Barloworld, Ltd.		372,184
	152,751	Bid Corp., Ltd.		2,491,494
	348,983	Bidvest Group, Ltd. (The)		2,851,349
	56,145	Capitec Bank Holdings, Ltd.		2,773,437
	196,683	Clicks Group, Ltd.		2,380,158
	65,938	Discovery, Ltd.		396,491
	11,359	Distell Group Holdings, Ltd.		49,872
	68,610	Exxaro Resources, Ltd.		514,812
	366,394	FirstRand, Ltd.		802,113
	53,176	Foschini Group, Ltd. (The)		196,348
	5,470	Gold Fields, Ltd.		51,646
	104,255	Gold Fields, Ltd., ADR		979,997
	68,037	Harmony Gold Mining Co., Ltd., ADR*		283,714
	55,422	Impala Platinum Holdings, Ltd.		369,720
	16,608	Imperial Logistics, Ltd.		37,580
	38,754	Investec, Ltd.		76,962
	21,750	Italtile, Ltd.		14,387
	345,425	KAP Industrial Holdings, Ltd.		49,593
	2,551	Kumba Iron Ore, Ltd.		68,041
	46,699	Liberty Holdings, Ltd.		177,472

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, 2020 (Unaudited)

Shares		Description	Value ($)
		South Africa — continued
	487,162	Life Healthcare Group Holdings, Ltd.		471,929
	341,743	Momentum Metropolitan Holdings		346,220
	12,457	Motus Holdings, Ltd.(a)		22,031
	165,842	MTN Group, Ltd.		503,870
	16,234	MultiChoice Group*		99,265
	38,605	Naspers, Ltd. Class N		7,033,601
	75,818	Nedbank Group, Ltd.		445,168
	30,344	Netcare, Ltd.		23,812
	19,377	Ninety One, Ltd.*		48,849
	7,817	Northam Platinum, Ltd.*		52,238
	901,420	Old Mutual, Ltd.		624,306
	92,773	Pepkor Holdings, Ltd.(a) 144A		58,714
	8,856	PSG Group, Ltd.		80,677
	42,112	Reunert, Ltd.		82,738
	69,664	Sanlam, Ltd.		236,219
	799	Santam, Ltd.		12,321
	145,744	Sappi, Ltd.*		227,300
	45,095	Sasol, Ltd.* (a)		344,376
	8,988	Sasol, Ltd., ADR*		69,297
	19,754	Shoprite Holdings, Ltd.		121,194
	197,426	Sibanye Stillwater, Ltd.*		429,086
	161,774	Standard Bank Group, Ltd.		972,443
	85,548	Telkom SA SOC, Ltd.		145,769
	11,291	Tiger Brands, Ltd.		115,896
	34,879	Tongaat Hulett, Ltd.*		10,921
	67,408	Transaction Capital, Ltd.		72,130
	127,402	Truworths International, Ltd.		249,244
	23,147	Vodacom Group, Ltd.(a)		163,734
		Total South Africa		32,244,398
		South Korea — 9.4%
	6,100	Asiana Airlines, Inc.*		19,468
	4,361	BGF Co., Ltd.		15,479
	785	Binggrae Co., Ltd.		39,516
	99,703	BNK Financial Group, Inc.		414,294
	52,182	Cheil Worldwide, Inc.		720,314
	2,348	CJ CheilJedang Corp.		642,172
	5,394	CJ Corp.		390,525
	870	CJ ENM Co., Ltd.		80,717
	809	CJ Logistics Corp.*		105,914
	10,165	Daeduck Co., Ltd.		48,975
	17,571	Daeduck Electronics Co., Ltd.*		113,357
	2,932	Daekyo Co., Ltd.		10,506
	28,022	Daelim Industrial Co., Ltd.		1,935,183
	11,002	Daesang Corp.		238,486
	30,023	Daewoo Engineering & Construction Co., Ltd.*		86,621
	3,025	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		68,971
	16,520	Daishin Securities Co., Ltd.		133,811
	14,584	Daou Technology, Inc.		243,807

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, 2020 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	17,794	DB Insurance Co., Ltd.		633,723
	86,845	DGB Financial Group, Inc.		372,990
	803	Dong-A ST Co., Ltd.		57,930
	26,905	Dongkuk Steel Mill Co., Ltd.*		119,391
	184	Dongwon F&B Co., Ltd.		27,375
	637	Dongwon Industries Co., Ltd.		106,890
	17,953	Doosan Bobcat, Inc.		397,988
	2,955	Doosan Co., Ltd.		93,305
	1,787	Doosan Fuel Cell Co., Ltd.*		48,872
	64,498	Doosan Heavy Industries & Construction Co., Ltd.*		262,320
	66,417	Doosan Infracore Co., Ltd.*		405,971
	985	Doosan Solus Co., Ltd.*		27,801
	36,760	Douzone Bizon Co., Ltd.		3,146,137
	37,070	Duk San Neolux Co., Ltd.*		1,039,747
	7,498	E-MART, Inc.(a)		663,077
	29,375	F&F Co., Ltd.		2,270,159
	24,488	Fila Holdings Corp.		724,498
	20,632	GS Engineering & Construction Corp.		426,402
	11,678	GS Holdings Corp.		351,823
	1,043	GS Home Shopping, Inc.		95,274
	857	GS Retail Co., Ltd.		26,162
	620	Halla Holdings Corp.		13,758
	49,984	Hana Financial Group, Inc.		1,137,784
	6,945	Handsome Co., Ltd.		204,584
	373	Hanil Cement Co., Ltd.		25,299
	442	Hanil Holdings Co., Ltd.		16,918
	3,975	Hanjin Transportation Co., Ltd.		146,885
	26,719	Hankook Tire & Technology Co., Ltd.		547,329
	379	Hansae Co., Ltd.		3,361
	776	Hansol Paper Co., Ltd.		9,076
	11,140	Hanwha Aerospace Co., Ltd.*		227,735
	14,190	Hanwha Corp.		264,568
	6,843	Hanwha Investment & Securities Co., Ltd.*		9,506
	106,293	Hanwha Life Insurance Co., Ltd.		120,131
	36,127	Hanwha Solutions Corp.		586,567
	19,079	Harim Holdings Co., Ltd.		107,909
	18,034	HDC Holdings Co., Ltd.		127,863
	8,362	HDC Hyundai Development Co-Engineering & Construction		148,035
	1,275	Huchems Fine Chemical Corp.		16,848
	156	Hyosung Advanced Materials Corp.*		14,957
	111	Hyosung Chemical Corp.		9,799
	3,397	Hyosung Corp.		178,986
	413	Hyosung TNC Co., Ltd.		38,807
	1,793	Hyundai Construction Equipment Co., Ltd.*		33,094
	4,891	Hyundai Department Store Co., Ltd.		230,969
	16,209	Hyundai Engineering & Construction Co., Ltd.		450,206
	470	Hyundai Glovis Co., Ltd.		40,060
	22,628	Hyundai Greenfood Co., Ltd.		146,478
	1,587	Hyundai Heavy Industries Holdings Co., Ltd.		324,414

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, 2020 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	2,815	Hyundai Home Shopping Network Corp.		151,001
	22,088	Hyundai Marine & Fire Insurance Co., Ltd.		420,424
	8,249	Hyundai Mipo Dockyard Co., Ltd.		217,482
	17,259	Hyundai Mobis Co., Ltd.		2,753,690
	19,477	Hyundai Motor Co.		1,600,873
	29,265	Hyundai Steel Co.		505,078
	8,365	Hyundai Wia Corp.		243,579
	42,311	Industrial Bank of Korea		287,350
	7,034	IS Dongseo Co., Ltd.		164,543
	63,062	JB Financial Group Co., Ltd.		250,736
	10,601	Kakao Corp.		2,380,248
	57,989	KB Financial Group, Inc.		1,658,053
	2,600	KB Financial Group, Inc., ADR(a)		72,332
	1,703	KCC Corp.		188,229
	43,618	Kia Motors Corp.		1,176,188
	2,141	KIWOOM Securities Co., Ltd.		156,590
	8,959	Kolon Industries, Inc.		241,644
	6,176	Korea Asset In Trust Co., Ltd.		14,505
	7,407	Korea Investment Holdings Co., Ltd.		273,885
	5,996	Korea Line Corp.*		86,684
	1,596	Korea Petrochemical Ind Co., Ltd.		149,871
	86,346	Korea Real Estate Investment & Trust Co., Ltd.		122,875
	1,163	Korea Shipbuilding & Offshore Engineering Co., Ltd.*		85,653
	364	Korea Zinc Co., Ltd.		102,113
	16,985	Korean Air Lines Co., Ltd.*		248,513
	47,417	Korean Reinsurance Co.		292,164
	4,315	KT Skylife Co., Ltd.		28,621
	1,911	Kumho Industrial Co., Ltd.		10,675
	15,406	Kumho Petrochemical Co., Ltd.		962,749
	33,269	Kumho Tire Co., Inc.*		83,367
	14,732	LEENO Industrial, Inc.		1,397,582
	7,083	LF Corp.		73,341
	5,213	LG Chem, Ltd.		2,153,798
	2,708	LG Corp.		160,230
	37,842	LG Display Co., Ltd.*		361,315
	17,609	LG Electronics, Inc.		934,712
	2,907	LG Hausys, Ltd.		155,350
	5,847	LG Household & Health Care, Ltd.		6,541,472
	11,133	LG Innotek Co., Ltd.		1,635,147
	14,270	LG International Corp.		186,932
	14,079	LG Uplus Corp.		143,879
	1,034	LIG Nex1 Co., Ltd.		25,781
	2,136	Lock&Lock Co., Ltd.*		20,091
	2,783	Lotte Chemical Corp.		386,220
	1,830	Lotte Chilsung Beverage Co., Ltd.		156,578
	482	Lotte Confectionery Co., Ltd.		42,663
	5,740	Lotte Corp.		152,124
	7,115	Lotte Fine Chemical Co., Ltd.		205,773
	40	Lotte Food Co., Ltd.		11,707

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, 2020 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	4,985	Lotte Himart Co., Ltd.		161,121
	3,942	Lotte Shopping Co., Ltd.		263,340
	6,096	LS Corp.		176,311
	1,230	LS Electric Co., Ltd.		49,486
	4,412	Mando Corp.		81,939
	14,919	Meritz Financial Group, Inc.		117,348
	4,269	Meritz Fire & Marine Insurance Co., Ltd.		45,295
	110,816	Meritz Securities Co., Ltd.		282,262
	32,691	Mirae Asset Daewoo Co., Ltd.		183,812
	30,912	Mirae Asset Life Insurance Co., Ltd.		68,611
	2,471	Namhae Chemical Corp.		15,192
	28,480	NAVER Corp.		6,387,128
	2,000	NCSoft Corp.		1,491,966
	19,956	Nexen Tire Corp.		89,231
	49,662	NH Investment & Securities Co., Ltd.		345,305
	1,141	NHN Corp.*		79,073
	2,544	NICE Holdings Co., Ltd.		45,234
	92,798	NICE Information Service Co., Ltd.		1,409,522
	4,851	NongShim Co., Ltd.		1,473,984
	5,227	OCI Co., Ltd.*		162,711
	13,810	Orion Corp.		1,550,103
	12,241	Orion Holdings Corp.		135,306
	53,377	Pan Ocean Co., Ltd.*		171,593
	2,500	Paradise Co., Ltd.		28,091
	9,343	Poongsan Corp.		172,261
	11,637	POSCO		1,682,813
	13,167	Posco International Corp.		154,437
	1,276	S&T Motiv Co., Ltd.		40,592
	740	S-Oil Corp.		39,493
	3,569	Samsung C&T Corp.		347,775
	10,400	Samsung Card Co., Ltd.		236,393
	353,055	Samsung Electronics Co., Ltd.		15,650,621
	4,400	Samsung Electronics Co., Ltd., GDR(d)		4,853,200
	4,455	Samsung Electronics Co., Ltd. (London Exchange) Reg S, GDR(b)		4,906,440
	4,055	Samsung Fire & Marine Insurance Co., Ltd.		593,152
	11,648	Samsung Heavy Industries Co., Ltd.*		58,394
	11,402	Samsung Life Insurance Co., Ltd.		423,558
	22,443	Samsung Securities Co., Ltd.		497,372
	1,020	Samyang Corp.		34,041
	1,710	Samyang Holdings Corp.		81,003
	5,459	Sangsangin Co., Ltd.		28,128
	2,785	Sebang Global Battery Co., Ltd.		70,476
	34,721	SFA Engineering Corp.		953,409
	191,939	Shinhan Financial Group Co., Ltd.		4,585,634
	6,194	Shinsegae International, Inc.		809,382
	2,572	Shinsegae, Inc.		476,781
	1,161	Shinyoung Securities Co., Ltd.		41,256
	28,060	Silicon Works Co., Ltd.		910,111
	513	Sindoh Co., Ltd.		10,437

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, 2020 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	1,323	SK Chemicals Co., Ltd.		142,510
	5,863	SK Discovery Co., Ltd.		192,434
	1,422	SK Gas, Ltd.		88,102
	1,247	SK Holdings Co., Ltd.		305,411
	6,887	SK Innovation Co., Ltd.		760,660
	56,615	SK Networks Co., Ltd.		225,259
	1,642	SKC Co., Ltd.		84,369
	8,183	SL Corp.(c)		93,882
	16,900	Soulbrain Holdings Co., Ltd.		1,356,287
	617	Ssangyong Motor Co.*		1,651
	188	Taekwang Industrial Co., Ltd.		109,731
	11,802	Taeyoung Engineering & Construction Co., Ltd.		154,766
	14,048	Tongyang Life Insurance Co., Ltd.		33,916
	89,769	Woori Financial Group, Inc.		665,083
	154	Young Poong Corp.		59,642
	11,364	Youngone Corp.		242,787
	2,086	Youngone Holdings Co., Ltd.		67,502
	46,630	Yuanta Securities Korea Co., Ltd.*		101,130
	22,338	Yuhan Corp.		945,600
		Total South Korea		109,564,132
		Spain — 0.0%
	16,331	CEMEX Latam Holdings SA*		6,638
		Switzerland — 0.3%
	145,750	ABB, Ltd.		3,275,758
		Taiwan — 13.6%
	138,900	Accton Technology Corp.		1,071,001
	822,000	Acer, Inc.		497,943
	92,000	Aerospace Industrial Development Corp.		92,817
	16,991	Arcadyan Technology Corp.		48,027
	74,000	Ardentec Corp.		80,156
	134,000	ASE Technology Holding Co., Ltd.		306,031
	1,481,000	Asia Cement Corp.		2,184,689
	32,000	Asia Optical Co., Inc.		75,813
	34,000	Asia Vital Components Co., Ltd.		47,999
	105,000	Asustek Computer, Inc.		767,737
	2,760,000	AU Optronics Corp.		863,797
	351,000	Bioteque Corp.		1,870,462
	71,000	Brighton-Best International Taiwan, Inc.		64,596
	537,140	Capital Securities Corp.		188,074
	198,000	Career Technology MFG. Co., Ltd.		204,621
	89,000	Catcher Technology Co., Ltd.		668,250
	1,980,058	Cathay Financial Holding Co., Ltd.		2,804,553
	260,000	Cathay Real Estate Development Co., Ltd.		174,493
	26,519	Center Laboratories, Inc.		67,220
	356,049	Chang Hwa Commercial Bank, Ltd.		233,113
	27,000	Charoen Pokphand Enterprise		62,321

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	335,000	Cheng Loong Corp.		264,280
	69,000	Cheng Shin Rubber Industry Co., Ltd.		78,770
	163,000	Cheng Uei Precision Industry Co., Ltd.		219,747
	35,110	Chicony Electronics Co., Ltd.		101,264
	90,000	Chilisin Electronics Corp.		273,604
	71,000	Chin-Poon Industrial Co., Ltd.		63,451
	1,022,000	China Airlines, Ltd.		283,369
	266,000	China Bills Finance Corp.		138,259
	1,889,000	China Development Financial Holding Corp.		604,390
	854,335	China Life Insurance Co., Ltd.*		629,296
	403,260	China Man-Made Fiber Corp.		90,787
	70,800	China Motor Corp.		87,867
	460,950	China Petrochemical Development Corp.*		129,107
	1,711,000	China Steel Corp.		1,198,379
	251,000	Chipbond Technology Corp.		545,942
	264,944	ChipMOS Technologies, Inc.		302,959
	26,000	Chong Hong Construction Co., Ltd.		76,360
	112,000	Chung Hung Steel Corp.		31,180
	1,334,000	Compal Electronics, Inc.		869,115
	148,000	Compeq Manufacturing Co., Ltd.		238,339
	178,000	Coretronic Corp.		191,488
	2,539,000	CTBC Financial Holding Co., Ltd.		1,747,249
	80,000	CTCI Corp.		105,520
	75,000	Delta Electronics, Inc.		427,966
	190,000	E Ink Holdings, Inc.		260,714
	5,274,459	E.Sun Financial Holding Co., Ltd.		4,956,271
	558,100	Elite Material Co., Ltd.		3,009,198
	7,000	Ennoconn Corp.		66,414
	77,000	EnTie Commercial Bank Co., Ltd.		37,211
	115,000	Epistar Corp.*		144,622
	128,740	Eternal Materials Co., Ltd.		136,150
	741,208	Eva Airways Corp.		280,614
	236,000	Evergreen International Storage & Transport Corp.		109,007
	750,060	Evergreen Marine Corp. Taiwan, Ltd.*		272,746
	180,000	Everlight Electronics Co., Ltd.		189,956
	435,000	Far Eastern Department Stores, Ltd.		366,608
	1,026,282	Far Eastern International Bank		385,234
	476,000	Far Eastern New Century Corp.		449,188
	135,000	Farglory Land Development Co., Ltd.		215,963
	55,000	Feng Hsin Steel Co., Ltd.		97,114
	277,750	First Financial Holding Co., Ltd.		212,736
	343,000	FLEXium Interconnect, Inc.		1,407,865
	33,000	Formosa Advanced Technologies Co., Ltd.		42,683
	264,000	Formosa Chemicals & Fibre Corp.		675,570
	50,000	Formosa Petrochemical Corp.		149,656
	182,000	Formosa Plastics Corp.		539,131
	7,000	Formosa Sumco Technology Corp.		32,452
	263,000	Formosa Taffeta Co., Ltd.		323,977
	293,000	Foxconn Technology Co., Ltd.		559,800

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	923,000	Fubon Financial Holding Co., Ltd.		1,370,568
	48,000	Getac Technology Corp.		70,885
	23,000	Giant Manufacturing Co., Ltd.		205,217
	62,000	Gigabyte Technology Co., Ltd.		138,401
	51,000	Gold Circuit Electronics, Ltd.*		57,931
	385,000	Grand Pacific Petrochemical*		188,700
	80,298	Great Wall Enterprise Co., Ltd.		115,890
	45,000	Greatek Electronics, Inc.		70,410
	137,274	Hannstar Board Corp.		180,013
	801,000	HannStar Display Corp.		175,436
	58,000	Highwealth Construction Corp.		85,407
	16,000	Holy Stone Enterprise Co., Ltd.		65,456
	2,069,200	Hon Hai Precision Industry Co., Ltd.		6,039,539
	445,120	Hua Nan Financial Holdings Co., Ltd.		301,065
	32,000	Huaku Development Co., Ltd.		91,207
	80,880	Hung Sheng Construction, Ltd.*		48,950
	877,766	IBF Financial Holdings Co., Ltd.		349,509
	2,696,000	Innolux Corp.		719,687
	309,809	International CSRC Investment Holdings Co.		212,702
	164,000	Inventec Corp.		140,306
	417,790	Jih Sun Financial Holdings Co., Ltd.		136,215
	76,000	Kenda Rubber Industrial Co., Ltd.		75,553
	19,000	Kerry TJ Logistics Co., Ltd.		26,202
	80,000	Kindom Development Co., Ltd.		84,005
	153,000	King Yuan Electronics Co., Ltd.		177,720
	370,000	King’s Town Bank Co., Ltd.		448,915
	493,000	Kinpo Electronics		182,333
	123,000	Kinsus Interconnect Technology Corp.		292,125
	178,000	Lite-On Technology Corp., ADR		280,588
	260,076	Longchen Paper & Packaging Co., Ltd.		126,322
	3,000	Lotes Co., Ltd.		38,370
	12,000	Lotus Pharmaceutical Co., Ltd.*		33,922
	26,000	Lung Yen Life Service Corp.		51,464
	119,000	Macronix International		126,108
	8,000	Marketech International Corp.		23,079
	480,000	MediaTek, Inc.		9,391,595
	445,000	Mega Financial Holding Co., Ltd.		465,282
	146,480	Mercuries & Associates Holding, Ltd.*		131,259
	470,445	Mercuries Life Insurance Co., Ltd.*		159,065
	21,000	Merry Electronics Co., Ltd.		99,094
	835,200	Micro-Star International Co., Ltd.		3,036,339
	15,000	Namchow Holdings Co., Ltd.		23,448
	47,000	Nan Kang Rubber Tire Co., Ltd.		70,566
	211,000	Nan Ya Plastics Corp.		460,623
	69,000	Nan Ya Printed Circuit Board Corp.*		184,988
	44,000	Nantex Industry Co., Ltd.		58,236
	42,000	Nanya Technology Corp.		86,499
	315,000	Novatek Microelectronics Corp.		2,429,670
	473,000	O-Bank Co., Ltd.*		115,424

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	94,000	Oriental Union Chemical Corp.		53,764
	291,000	Pegatron Corp.		629,848
	125,000	Phison Electronics Corp.		1,241,086
	705,000	Pou Chen Corp.		686,491
	396,000	Powertech Technology, Inc.		1,432,580
	119,000	President Securities Corp.		54,970
	785,000	Primax Electronics, Ltd.		1,270,955
	378,000	Prince Housing & Development Corp.		129,123
	626,000	Qisda Corp., ADR		373,655
	5,000	Quang Viet Enterprise Co., Ltd.		23,084
	107,000	Quanta Computer, Inc.		256,968
	754,200	Radiant Opto-Electronics Corp.		3,045,281
	79,560	Radium Life Tech Co., Ltd.		27,721
	365,000	Realtek Semiconductor Corp.		3,687,908
	25,000	Ruentex Industries, Ltd.*		59,908
	136,000	Sanyang Motor Co., Ltd.		97,657
	31,000	Sercomm Corp.		81,921
	95,000	Shihlin Electric & Engineering Corp.		146,680
	1,806,574	Shin Kong Financial Holding Co., Ltd.*		525,267
	24,000	Shin Zu Shing Co., Ltd.		120,905
	508,000	Shinkong Synthetic Fibers Corp.		193,280
	43,342	Sigurd Microelectronics Corp.		59,517
	240,000	Simplo Technology Co., Ltd.		2,593,185
	33,000	Sino-American Silicon Products, Inc.		106,900
	1,574,480	SinoPac Financial Holdings Co., Ltd.		577,623
	34,000	Sinyi Realty, Inc.		31,157
	989,000	Sunonwealth Electric Machine Industry Co., Ltd.		1,716,369
	187,000	Synnex Technology International Corp.		263,675
	5,000	Systex Corp.		13,758
	327,530	TA Chen Stainless Pipe		300,351
	1,141,983	Taichung Commercial Bank Co., Ltd.		449,980
	1,435,703	Taishin Financial Holding Co., Ltd.		648,063
	1,708,514	Taiwan Business Bank		623,840
	1,519,909	Taiwan Cement Corp.		2,197,760
	1,139,085	Taiwan Cooperative Financial Holding Co., Ltd.		799,309
	397,000	Taiwan Glass Industry Corp.		134,186
	81,000	Taiwan Hon Chuan Enterprise Co., Ltd.		151,535
	33,000	Taiwan Paiho, Ltd.		71,925
	1,434,000	Taiwan Semiconductor Manufacturing Co., Ltd.		15,174,646
	533,013	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		30,259,148
	28,000	Taiwan Shin Kong Security Co., Ltd.		35,133
	26,000	Taiwan Surface Mounting Technology Corp.		114,170
	52,000	Tatung Co., Ltd.*		36,940
	117,000	TCI Co., Ltd.		1,091,818
	595,000	Teco Electric and Machinery Co., Ltd.		544,916
	330,000	Ton Yi Industrial Corp.		102,212
	15,000	Tong Hsing Electronic Industries, Ltd.		70,963
	100,000	Tong Yang Industry Co., Ltd.		123,380
	25,000	Topco Scientific Co., Ltd.		92,160

See accompanying Notes to the Schedule of Investments.

154

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	20,000	Transcend Information, Inc.		48,748
	1,027,000	Tripod Technology Corp.		4,547,241
	263,000	TSRC Corp.		152,446
	339,000	Tung Ho Steel Enterprise Corp.		256,979
	49,000	TXC Corp.		106,226
	212,000	U-Ming Marine Transport Corp.		224,479
	2,657,000	Uni-President Enterprises Corp.		6,411,339
	80,000	Unimicron Technology Corp.		135,411
	609,577	Union Bank Of Taiwan*		231,142
	83,700	Unitech Printed Circuit Board Corp.		72,678
	1,709,000	United Microelectronics Corp.		919,397
	149,887	UPC Technology Corp.		50,684
	420,780	USI Corp.		174,955
	61,000	Wafer Works Corp.		68,854
	59,000	Wah Lee Industrial Corp.		112,963
	1,163,000	Walsin Lihwa Corp.		572,500
	19,000	Walsin Technology Corp.		114,909
	252,000	Wan Hai Lines, Ltd.		141,022
	960,000	Winbond Electronics Corp.		432,828
	844,447	Wistron Corp.		1,021,644
	41,560	Wistron NeWeb Corp.		90,445
	38,700	Wiwynn Corp.		1,049,555
	390,720	WPG Holdings, Ltd.		518,676
	159,000	WT Microelectronics Co., Ltd.		212,874
	7,000	Yageo Corp.		90,092
	459,000	Yang Ming Marine Transport Corp.*		100,874
	527,000	YFY, Inc.		246,150
	318,331	Yieh Phui Enterprise Co., Ltd.		93,241
	1,474,000	Yuanta Financial Holding Co., Ltd.		869,267
	15,100	Yulon Finance Corp.		55,632
	435,000	Yulon Motor Co., Ltd.		316,863
		Total Taiwan		157,399,354
		Thailand — 1.3%
	2,240,800	Airports of Thailand PCL Class F		4,394,728
	606,100	AP Thailand PCL Class F		115,857
	427,600	Bangchak Corp. PCL Class F		290,815
	50,100	Bangkok Bank PCL, NVDR		173,770
	346,000	Bangkok Bank PCL Class F		1,210,708
	876,200	Bangkok Land PCL Class F		28,933
	251,700	Bangkok Life Assurance PCL, NVDR		126,317
	1,917,900	Banpu PCL Class F		378,829
	46,300	Berli Jucker PCL Class F		59,208
	32,600	CH Karnchang PCL Class F		21,107
	163,200	Charoen Pokphand Foods PCL Class F		167,895
	28,300	Delta Electronics Thailand PCL Class F		49,215
	128,800	Esso Thailand PCL Class F*		29,171
	21,100	GFPT PCL Class F		8,879
	216,000	Hana Microelectronics PCL Class F		193,933

See accompanying Notes to the Schedule of Investments.

155

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Thailand — continued
	189,000	Indorama Ventures PCL Class F		169,692
	2,165,000	IRPC PCL Class F		183,904
	98,600	Kasikornbank PCL, NVDR		298,105
	147,700	Kasikornbank PCL Class F		445,198
	121,500	Kiatnakin Bank PCL Class F		157,499
	575,700	Krung Thai Bank PCL Class F		192,024
	815,500	Krungthai Card PCL Class F		801,527
	139,600	MBK PCL Class F		63,261
	154,800	Minor International PCL Class F*		102,817
	251,100	Pruksa Holding PCL Class F		93,497
	188,200	PTT Exploration & Production PCL Class F		559,881
	324,800	PTT Global Chemical PCL Class F		487,113
	628,500	PTT PCL Class F		769,229
	2,281,600	Quality Houses PCL Class F		165,455
	30,500	Siam Cement PCL (The) Class F		365,017
	3,000	Siam City Cement PCL Class F		12,630
	140,300	Siam Commercial Bank PCL (The) Class F		330,238
	62,100	Sri Trang Agro-Industry PCL Class F*		54,751
	594,200	Star Petroleum Refining PCL Class F		127,847
	661,900	Supalai PCL Class F		360,005
	64,600	Thai Airways International PCL Class F*		8,006
	333,600	Thai Oil PCL Class F		478,755
	231,000	Thai Union Group PCL Class F		96,523
	125,500	Thanachart Capital PCL Class F		144,738
	330,600	Tisco Financial Group PCL Class F		746,017
	5,275,336	TMB Bank PCL Class F		179,585
	1,080,600	TPI Polene PCL Class F		41,627
	598,500	TPI Polene Power PCL Class F		77,892
	3,034,100	True Corp. PCL Class F		334,404
	50,400	Vinythai PCL Class F		36,038
	572,900	WHA Corp. PCL Class F		61,585
		Total Thailand		15,194,225
		Turkey — 0.8%
	382,463	Akbank T.A.S.*		339,066
	9,640	Anadolu Efes Biracilik Ve Malt Sanayii AS		29,970
	903,000	Aselsan Elektronik Sanayi Ve Ticaret AS		4,276,645
	134,000	BIM Birlesik Magazalar AS		1,328,999
	377,430	Dogan Sirketler Grubu Holding AS		115,578
	89,241	Enka Insaat ve Sanayi AS		80,180
	67,443	Eregli Demir ve Celik Fabrikalari TAS		84,383
	23,713	KOC Holding AS		62,243
	186,055	Migros Ticaret AS*		1,044,614
	863	Pegasus Hava Tasimaciligi AS*		6,989
	16,306	Selcuk Ecza Deposu Ticaret ve Sanayi AS		20,902
	30,173	Soda Sanayii AS		26,929
	9,675	TAV Havalimanlari Holding AS		27,325
	13,791	Tekfen Holding AS		34,227
	218,592	Trakya Cam Sanayii AS		114,430

See accompanying Notes to the Schedule of Investments.

156

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Turkey — continued
	73,745	Turk Hava Yollari AO*		134,621
	96,072	Turkiye Garanti Bankasi AS*		118,503
	226,963	Turkiye Halk Bankasi AS*		212,143
	190,164	Turkiye Is Bankasi AS Class C*		154,728
	6,350	Turkiye Sinai Kalkinma Bankasi AS*		1,194
	113,221	Turkiye Sise ve Cam Fabrikalari AS		91,630
	170,595	Turkiye Vakiflar Bankasi TAO Series D*		132,582
	254,558	Ulker Biskuvi Sanayi AS*		902,149
	421,480	Yapi ve Kredi Bankasi AS*		149,953
		Total Turkey		9,489,983
		United Kingdom — 0.9%
	190,876	GlaxoSmithKline Plc		3,856,594
	216,255	Mondi Plc		4,029,489
	75,500	Polymetal International Plc		1,508,119
	5,856,000	West China Cement, Ltd.		1,066,511
		Total United Kingdom		10,460,713
		United States — 2.6%
	65,488	Colgate-Palmolive Co.		4,797,651
	36,933	Johnson & Johnson		5,193,888
	5,877	MercadoLibre, Inc.*		5,793,370
	20,441	Microsoft Corp.		4,159,948
	34,278	PepsiCo, Inc.		4,533,608
	22,967	Waters Corp.*		4,143,247
	40,973	Yum China Holdings, Inc.		1,969,572
		Total United States		30,591,284
		TOTAL COMMON STOCKS (COST $1,089,561,205)		1,071,263,089
		PREFERRED STOCKS — 1.6%
		Brazil — 1.0%
	1,340,669	Banco Bradesco SA, 7.77%		5,054,245
	88,000	Banco do Estado do Rio Grande do Sul SA, 6.74% Series B		217,163
	23,092	Banco Pan SA, 1.81%		37,009
	501,044	Gerdau SA, 0.88%		1,460,937
	155,856	Itau Unibanco Holding SA, 7.41%		722,397
	742,473	Petroleo Brasileiro SA, 3.69%		2,914,019
	481,100	Randon SA Implementos e Participacoes, 2.46%		842,021
	166,200	Usinas Siderurgicas de Minas Gerais SA, 0.59% Series A		220,054
		Total Brazil		11,467,845
		Colombia — 0.0%
	4,190	Banco Davivienda SA, 3.01%		31,375
	15,537	Grupo Argos SA, 4.29%		31,786
	10,752	Grupo de Inversiones Suramericana SA, 3.71%		45,662
		Total Colombia		108,823

See accompanying Notes to the Schedule of Investments.

157

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares			Description	Value ($)
			South Korea — 0.6%
	176,138		Samsung Electronics Co., Ltd., 2.27%		6,878,575
			TOTAL PREFERRED STOCKS (COST $23,285,273)		18,455,243
			RIGHTS — 0.0%
			Hong Kong — 0.0%
	6,462		Greentown China Holdings* (c)		—
	6,315		Legend Holdings Corp., Class H* (c) (e)		—
			Total Hong Kong		—
			India — 0.0%
	3,089		Arvind Fashions, Ltd. Expires 04/17/2020*		2,557
			South Korea — 0.0%
	11,238		Korean Air Lines Co., Ltd.*		16,116
			Thailand — 0.0%
	18,878		Minor International PCL* (c)		995
			TOTAL RIGHTS (COST $53,323)		19,668
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 0.2%
			Mutual Fund - Securities Lending Collateral — 0.2%
	2,403,820		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.12%(f) (g)		2,403,820
			TOTAL SHORT-TERM INVESTMENT (COST $2,403,820)		2,403,820
			TOTAL INVESTMENTS — 94.1% (Cost $1,115,303,621)		1,092,141,820
			Other Assets and Liabilities (net) — 5.9%		68,613,241
			NET ASSETS — 100.0%	$1,160,755,061
			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
		*	Non-income producing security.
		(a)	All or a portion of this security is out on loan.

See accompanying Notes to the Schedule of Investments.

158

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

June 30, 2020 (Unaudited)

(b)	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.
(c)	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 $178,707 which represents 0.0% of net assets. The aggregate tax cost of these securities held at June 30, 2020 was $251,335.
(d)	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 $4,853,200, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.
(e)	Level 3 - significant unobservable inputs were used in determining the value of this portfolio security.
(f)	The rate disclosed is the 7-day net yield as of June 30, 2020.
(g)	Represents an investment of securities lending cash collateral.
144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $6,968,886 which represents 0.6% of net assets.

At June 30, 2020, the Fund held the following restricted security:

Restricted Security	Acquisition Date		Principal Amount		Cost			Value
Samsung Electronics Co., Ltd.		10/10/2019		USD 4,400		$	4,736,525		$	4,853,200

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	1,171	MSCI Emerging Markets E-mini Index		Sep 2020	$	57,712,735	$	614,506

See accompanying Notes to the Schedule of Investments.

159

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

June 30, 2020 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Financial		21.5
Technology		14.3
Communications		14.2
Consumer, Non-cyclical		12.8
Industrial		10.4
Consumer, Cyclical		8.6
Energy		5.5
Basic Materials		4.9
Utilities		1.5
Diversified		0.2
Short-Term Investment		0.2
Other Assets and Liabilities (net)		5.9
		100.0	%

See accompanying Notes to the Schedule of Investments.

160

NPORT-EX

Mercer Funds

Notes to Schedule of Investments

June 30, 2020 (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”). Mercer Investments LLC (the “Advisor”), a Delaware limited liability company, serves as the investment advisor to the Funds. 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. As of June 30, 2020, only Class Y-3 was active.

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, 2020 (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

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June 30, 2020 (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 the 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. The 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, 2020, 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, 2020 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	$	6,576,052	$	142,606,742	$	—	$	149,182,794
Austria		—		12,471,869		—		12,471,869
Belgium		—		13,011,637		—		13,011,637
Bermuda		—		6,717,552		—		6,717,552
Brazil		21,399,188		—		—		21,399,188
Canada		52,890,174		—		—		52,890,174
Cayman Islands		22,811,954		40,668,320		—		63,480,274
China		—		5,527,791		—		5,527,791
Denmark		—		54,326,088		—		54,326,088
Finland		—		18,389,788		—		18,389,788
France		583,363		331,261,158		—		331,844,521
Germany		—		200,353,831		—		200,353,831

177

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June 30, 2020 (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	$	—	$	25,076,450		$	—		$	25,076,450
Hungary		—		4,570,483			—			4,570,483
India		—		11,552,618			—			11,552,618
Indonesia		—		1,136,441			—			1,136,441
Ireland		4,436,686		11,953,354			—			16,390,040
Israel		13,288,426		5,367,756			—			18,656,182
Italy		—		57,020,137			—			57,020,137
Japan		3,566,630		709,396,334			—			712,962,964
Luxembourg		—		12,480,577			—			12,480,577
Malaysia		—		1,065,129			—			1,065,129
Mauritius		—		838,477			—			838,477
Mexico		3,383,396		—			—			3,383,396
Netherlands		7,806,128		133,563,766			—			141,369,894
New Zealand		—		3,680,318			—			3,680,318
Norway		—		9,110,898			—			9,110,898
Philippines		—		465,424			—			465,424
Portugal		—		—			0	**		0
Russia		5,024,694		24,427,161			—			29,451,855
Singapore		—		10,429,494			—			10,429,494
South Africa		—		696,970			—			696,970
South Korea		—		34,669,988			—			34,669,988
Spain		1,053,565		73,041,922			0	**		74,095,487
Sweden		—		70,564,140			—			70,564,140
Switzerland		1,563,386		279,949,529			—			281,512,915
Taiwan		21,430,618		14,699,423			—			36,130,041
Thailand		—		1,903,127			—			1,903,127
Turkey		—		2,292,909			—			2,292,909
United Kingdom		46,446,362		329,304,171			—			375,750,533
United States		75,195,832		54			—			75,195,886
Total Common Stocks		287,456,454		2,654,591,826			0			2,942,048,280
Investment Company		27,105,411		—			—			27,105,411
Preferred Stocks
Brazil		1,539,912		—			—			1,539,912
Germany		—		35,134,086			—			35,134,086
Russia		—		1,350,945			—			1,350,945
Total Preferred Stocks		1,539,912		36,485,031			—			38,024,943
Rights
Australia		—		0	*		—			0
Spain		195,690		—			—			195,690
Total Rights		195,690		0			—			195,690

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June 30, 2020 (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	$	58,630,932	$	—	$	—	$	58,630,932
U.S. Government and Agency Obligations		—		3,499,992		—		3,499,992
Total Short-Term Investments		58,630,932		3,499,992		—		62,130,924
Futures Contracts†
Buys		980,880		—		—		980,880
Total	$	375,909,279	$	2,694,576,849	$	0	$	3,070,486,128

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†	$	—	$	(509,849	)	$	—	$	(509,849	)
Total	$	—	$	(509,849	)	$	—	$	(509,849	)

* Represents one or more Level 2 securities at $0 value as of June 30, 2020.

** Represents one or more Level 3 securities at $0 value as of June 30, 2020.

† 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	$	—	$	97,932,258	$	—	$	97,932,258
Convertible Debt		—		340,939		—		340,939
Corporate Debt		—		410,340,192		1,554		410,341,746
Mortgage Backed Securities - Private Issuers		—		102,876,139		—		102,876,139
Mortgage Backed Securities - U.S. Government Agency Obligations		—		233,082,792		—		233,082,792
Municipal Obligations		—		8,161,256		—		8,161,256
Sovereign Debt Obligations		—		5,580,416		—		5,580,416
U.S. Government and Agency Obligations		—		146,951,129		—		146,951,129
Total Debt Obligations		—		1,005,265,121		1,554		1,005,266,675

179

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June 30, 2020 (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 Investment
Mutual Fund - Securities Lending Collateral	$	2,664,818	$	—	$	—	$	2,664,818
Options Purchased		28,422		—		—		28,422
Futures Contracts†
Buys		142,571		—		—		142,571
Total Futures Contracts		142,571		—		—		142,571
Swaps
Centrally Cleared Interest Rate Swaps†		—		928,834		—		928,834
Total Swaps		—		928,834		—		928,834
Forward Foreign Currency Contract†		—		1,342		—		1,342
Total	$	2,835,811	$	1,006,195,297	$	1,554	$	1,009,032,662

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†
Sales	$	(244,546	)	$	—		$	—	$	(244,546	)
Total Futures Contracts		(244,546	)		—			—		(244,546	)
Swaps
Centrally Cleared Interest Rate Swaps†		—			(459,831	)		—		(459,831	)
Total Swaps		—			(459,831	)		—		(459,831	)
Forward Foreign Currency Contracts†		—			(11,027	)		—		(11,027	)
Written Options		(10,031	)		—			—		(10,031	)
Total	$	(254,577	)	$	(470,858	)	$	—	$	(725,435	)

† Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation/depreciation.

180

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June 30, 2020 (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	$	—	$	1,062,212,884		$	—		$	1,062,212,884
Common Stocks
Consumer, Cyclical		—		—			0	**		0
Energy		12		0	*		—			12
Utilities		—		280,718			—			280,718
Total Common Stocks		12		280,718			0			280,730
Convertible Preferred Stocks
Energy		—		28,590			—			28,590
Industrial		432,824		—			—			432,824
Technology		547,146		—			—			547,146
Total Convertible Preferred Stocks		979,970		28,590			—			1,008,560
Preferred Stocks
Financial		190,348		—			—			190,348
Short-Term Investments
Mutual Fund - Securities Lending Collateral		15,293,110		—			—			15,293,110
Sovereign Debt Obligation		—		6,179,463			—			6,179,463
Total Short-Term Investments		15,293,110		6,179,463			—			21,472,573
Options Purchased		187,500		60,898			—			248,398
Futures Contracts†
Buys		192,889		—			—			192,889
Total Futures Contracts		192,889		—			—			192,889
Swaps
OTC Interest Rate Swaps		—		153,607			—			153,607
Centrally Cleared Interest Rate Swaps†		—		978,880			—			978,880
Centrally Cleared Credit Default Swaps†		—		542,944			—			542,944
Total Swaps		—		1,675,431			—			1,675,431
Forward Foreign Currency Contracts†		—		3,546,499			—			3,546,499
Total	$	16,843,829	$	1,073,984,483		$	0		$	1,090,828,312

181

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Notes to Schedule of Investments (Continued)

June 30, 2020 (Unaudited)

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†
Sales	$	(164,962	)	$	—		$	—	$	(164,962	)
Total Futures Contracts		(164,962	)		—			—		(164,962	)
Swaps
OTC Interest Rate Swaps		—			(59,014	)		—		(59,014	)
Centrally Cleared Interest Rate Swaps†		—			(1,343,072	)		—		(1,343,072	)
OTC Credit Default Swaps		—			(8,052	)		—		(8,052	)
Centrally Cleared Credit Default Swap†		—			(102,946	)		—		(102,946	)
Total Swaps		—			(1,513,084	)		—		(1,513,084	)
Forward Foreign Currency Contracts†		—			(6,158,975	)		—		(6,158,975	)
Written Options		(48,655	)		(27,991	)		—		(76,646	)
Total	$	(213,617	)	$	(7,700,050	)	$	—	$	(7,913,667	)

* Represents one or more Level 2 securities at $0 value as of June 30, 2020.

** Represents one or more Level 3 securities at $0 value as of June 30, 2020.

† Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation/depreciation.

Emerging Markets

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Belgium	$	—	$	20,476	$	—	$	20,476
Bermuda		5,169,554		10,406,899		—		15,576,453
Brazil		47,047,053		—		—		47,047,053
Cayman Islands		61,461,409		156,605,969		—		218,067,378
Chile		2,057,029		—		—		2,057,029
China		—		152,011,672		—		152,011,672
Colombia		689,245		—		—		689,245
Cyprus		—		1,038,724		—		1,038,724
Czech Republic		—		528,750		—		528,750
France		—		3,796,024		—		3,796,024
Greece		—		2,134,237		—		2,134,237
Hong Kong		2,125,437		32,085,766		—		34,211,203
Hungary		—		4,187,744		—		4,187,744

182

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Notes to Schedule of Investments (Continued)

June 30, 2020 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
India	$	3,830,515	$	113,955,375		$	—		$	117,785,890
Indonesia		—		18,864,174			—			18,864,174
Japan		—		1,491,248			—			1,491,248
Luxembourg		3,773,972		1,608,074			—			5,382,046
Malaysia		—		6,422,087			—			6,422,087
Marshall Islands		83,509		—			—			83,509
Mexico		23,159,665		—			—			23,159,665
Netherlands		7,238,167		7,074,103			—			14,312,270
Philippines		17,087		2,972,960			—			2,990,047
Poland		—		7,883,480			—			7,883,480
Russia		6,524,717		14,751,910			—			21,276,627
Singapore		—		2,019,573			—			2,019,573
South Africa		1,333,008		30,911,390			—			32,244,398
South Korea		5,038,889		104,525,243			—			109,564,132
Spain		6,638		—			—			6,638
Switzerland		—		3,275,758			—			3,275,758
Taiwan		30,259,148		127,140,206			—			157,399,354
Thailand		384,989		14,809,236			—			15,194,225
Turkey		—		9,489,983			—			9,489,983
United Kingdom		—		10,460,713			—			10,460,713
United States		30,591,284		—			—			30,591,284
Total Common Stocks		230,791,315		840,471,774			—			1,071,263,089
Preferred Stocks
Brazil		11,467,845		—			—			11,467,845
Colombia		63,161		45,662			—			108,823
South Korea		—		6,878,575			—			6,878,575
Total Preferred Stocks		11,531,006		6,924,237			—			18,455,243
Rights
Hong Kong		—		0	*		0	**		0
India		2,557		—			—			2,557
South Korea		16,116		—			—			16,116
Thailand		—		995			—			995
Total Rights		18,673		995			0			19,668
Short-Term Investment
Mutual Fund - Securities Lending Collateral		2,403,820		—			—			2,403,820
Futures Contracts†
Buys		614,506		—			—			614,506
Total	$	245,359,320	$	847,397,006		$	0		$	1,092,756,326

* Represents one or more Level 2 securities at $0 value as of June 30, 2020.

** Represents one or more Level 3 securities at $0 value as of June 30, 2020.

† Futures contracts are valued at unrealized appreciation/depreciation.

183

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Notes to Schedule of Investments (Continued)

June 30, 2020 (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
Australia	$	—	$	20,038,207	$	—	$	20,038,207
Austria		—		2,818,487		—		2,818,487
Belgium		—		1,563,713		—		1,563,713
Bermuda		11,301,441		2,410,429		—		13,711,870
Canada		59,811,396		—		—		59,811,396
Cayman Islands		7,161,240		38,785		—		7,200,025
Denmark		—		4,778,576		—		4,778,576
Finland		—		4,449,927		—		4,449,927
France		—		35,773,244		—		35,773,244
Germany		—		15,923,156		—		15,923,156
Hong Kong		—		19,349,962		—		19,349,962
Ireland		20,444,401		50,158		—		20,494,559
Israel		1,095,951		4,816,093		—		5,912,044
Italy		—		128,262		—		128,262
Japan		—		49,994,919		—		49,994,919
Luxembourg		1,136,036		—		—		1,136,036
Netherlands		—		15,736,784		—		15,736,784
New Zealand		—		4,575,018		—		4,575,018
Norway		—		3,124,909		—		3,124,909
Portugal		—		2,097,076		—		2,097,076
Singapore		—		5,504,810		—		5,504,810
Spain		—		8,757,656		—		8,757,656
Sweden		—		14,675,515		—		14,675,515
Switzerland		—		34,453,022		—		34,453,022
United Kingdom		6,426,398		34,545,338		—		40,971,736
United States		629,533,525		—		—		629,533,525
Total Common Stocks		736,910,388		285,604,046		—		1,022,514,434
Preferred Stock
Germany		—		2,087,255		—		2,087,255
Short-Term Investments
Mutual Fund - Securities Lending Collateral		5,056,955		—		—		5,056,955
U.S. Government and Agency Obligations		—		999,998		—		999,998
Total Short-Term Investments		5,056,955		999,998		—		6,056,953
Futures Contracts†
Buys		1,315,830		—		—		1,315,830
Total Futures Contracts		1,315,830		—		—		1,315,830
Total	$	743,283,173	$	288,691,299	$	—	$	1,031,974,472

184

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Notes to Schedule of Investments (Continued)

June 30, 2020 (Unaudited)

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	$	(598	)	$	—	$	—	$	(598	)
Total	$	(598	)	$	—	$	—	$	(598	)

† 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, 2020, Opportunistic Fixed had the following unfunded loan commitments:

Borrower	Par		Cost		Value		Unrealized Gain (Loss)
Amerilife Holdings, LLC	$	83,243	$	83,144	$	75,613	$	(7,531	)
EyeCare Partners, LLC		10,227		10,227		9,741		(486	)
	$	93,470	$	93,371	$	85,354	$	(8,017	)

For information regarding the Funds’ other significant accounting policies, please refer to the Funds’ most recent Annual or Semi-Annual Report. Additional investment related disclosures are hereby incorporated by reference to the Annual and Semi-Annual reports previously filed with the SEC on Form N-CSR.

185