Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 92.0%
		Australia — 1.8%
	19,017	Ansell, Ltd.		481,962
	42,400	Cochlear, Ltd.		5,519,522
	49,233	Coles Group, Ltd.		583,480
	302,618	Evolution Mining, Ltd.		1,207,002
	124,341	Newcrest Mining, Ltd.		2,765,786
	25,320	Northern Star Resources, Ltd.		240,450
	301,629	Regis Resources, Ltd.		1,106,710
	69,940	Saracen Mineral Holdings, Ltd.*		267,994
	329,851	Sonic Healthcare, Ltd.		6,947,359
	142,363	Westgold Resources, Ltd.*		207,818
	27,601	Woolworths Group, Ltd.		710,124
		Total Australia		20,038,207
		Austria — 0.3%
	24,241	EVN AG		408,692
	9,298	Flughafen Wien AG*		263,979
	15,021	Oesterreichische Post AG(a)		496,601
	34,645	Telekom Austria AG Class A*		239,173
	62,196	UNIQA Insurance Group AG		418,033
	44,426	Vienna Insurance Group AG Wiener Versicherung Gruppe*		992,009
		Total Austria		2,818,487
		Belgium — 0.1%
	28,446	Colruyt SA		1,563,713
		Bermuda — 1.2%
	149,500	CK Infrastructure Holdings, Ltd.		770,268
	96,800	Dairy Farm International Holdings, Ltd.		450,802
	342,000	Emperor International Holdings, Ltd.		56,852
	27,106	Enstar Group, Ltd.*		4,140,984
	10,414	Everest Re Group, Ltd.		2,147,367
	38,529	Genpact, Ltd.		1,407,079
	89,500	Kerry Logistics Network, Ltd.		118,828
	300,000	Regal Hotels International Holdings, Ltd.		118,460
	15,373	RenaissanceRe Holdings, Ltd.		2,629,244
	120,500	SmarTone Telecommunications Holdings, Ltd.		64,546
	7,500	Soundwill Holdings, Ltd.		6,650
	58,000	Transport International Holdings, Ltd.		112,434
	114,600	VTech Holdings, Ltd.		688,756
	1,100	White Mountains Insurance Group, Ltd.		976,767
	3,000	Wing On Co. International, Ltd.		6,731
	32,000	Wing Tai Properties, Ltd.		16,102
		Total Bermuda		13,711,870
		Canada — 5.4%
	7,500	Alimentation Couche-Tard, Inc. Class B		234,416
	32,812	Atco, Ltd. Class I		970,146

See accompanying Notes to the Schedule of Investments.

161

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Canada — continued
	70,200	B2Gold Corp.		397,903
	36,600	Bank of Montreal		1,941,789
	32,400	Bank of Nova Scotia (The)		1,336,440
	48,301	BCE, Inc.		2,017,533
	5,689	Canadian Imperial Bank of Commerce		379,016
	75,548	Canadian National Railway Co.		6,662,313
	27,600	Canadian Pacific Railway, Ltd.		7,047,384
	2,719	Canadian Utilities, Ltd. Class A		67,476
	24,400	Canadian Western Bank		423,686
	98,789	Centerra Gold, Inc.		1,098,864
	3,400	Cogeco Communications, Inc.		244,166
	6,400	Cogeco, Inc.		380,711
	2,912	Constellation Software, Inc.		3,277,368
	19,000	Dundee Precious Metals, Inc.		124,714
	62,900	Empire Co., Ltd. Class A		1,501,380
	1,703	Fortis, Inc.		64,556
	29,600	George Weston, Ltd.		2,161,322
	121,478	Intact Financial Corp.(a)		11,524,356
	42,100	Loblaw Cos., Ltd.		2,043,488
	47,200	National Bank of Canada		2,131,971
	39,300	North West Co., Inc. (The)(a)		856,405
	171,567	OceanaGold Corp.*		398,056
	18,400	Osisko Gold Royalties, Ltd.		183,189
	27,800	Rogers Communications, Inc. Class B		1,113,429
	29,800	Royal Bank of Canada		2,015,329
	90,900	Shaw Communications, Inc. Class B		1,477,626
	45,500	SSR Mining, Inc.*		966,457
	12,331	Timbercreek Financial Corp.		77,770
	34,600	Torex Gold Resources, Inc.*		543,388
	7,400	Toronto-Dominion Bank (The)		329,197
	55,428	Waste Connections, Inc.		5,198,592
	114,600	Yamana Gold, Inc.		620,960
		Total Canada		59,811,396
		Cayman Islands — 0.7%
	33,200	Alibaba Group Holding, Ltd., ADR*		7,161,240
	249,000	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		38,785
		Total Cayman Islands		7,200,025
		Denmark — 0.4%
	3,247	Carlsberg AS Class B		428,705
	2,224	Coloplast AS Class B		344,605
	5,248	Genmab AS*		1,754,655
	30,844	Novo Nordisk AS Class B		1,994,914
	2,693	Schouw & Co. AS		214,177
	5,230	Spar Nord Bank AS*		41,520
		Total Denmark		4,778,576

See accompanying Notes to the Schedule of Investments.

162

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Finland — 0.4%
	34,895	Aktia Bank OYJ*		345,463
	13,028	Elisa OYJ		791,661
	129,444	Kesko OYJ Class B		2,211,027
	1,759	Lassila & Tikanoja OYJ		25,827
	18,684	Orion OYJ Class B		903,026
	50,685	Raisio OYJ Class V		172,923
		Total Finland		4,449,927
		France — 3.2%
	1,502	BioMerieux		206,161
	20,813	BNP Paribas SA*		824,835
	1,791	Boiron SA		73,801
	1,637	Caisse Regionale de Credit Agricole Mutuel Brie Picardie*		42,366
	7,622	Caisse Regionale de Credit Agricole Mutuel Nord de France*		177,083
	93,074	Carrefour SA		1,436,365
	49,735	Credit Agricole SA*		469,638
	7,826	Danone SA		540,620
	119,479	Edenred		5,218,036
	5,600	IPSOS		140,066
	65,169	Lagardere SCA* (a)		926,114
	470	LNA Sante SA		25,061
	552	Manutan International		32,084
	36,602	Metropole Television SA*		412,373
	176,300	Orange SA		2,105,455
	123,700	Rubis SCA		5,935,558
	69,993	Safran SA*		6,999,378
	19,941	Sanofi		2,028,146
	523	Sartorius Stedim Biotech		131,971
	304	Savencia SA*		18,436
	74	Societe Fonciere Lyonnaise SA REIT		5,904
	23,808	Suez		278,672
	97,444	Veolia Environnement SA		2,187,984
	1,091	Vetoquinol SA		74,971
	10	Vilmorin & Cie SA		529
	38,164	Vinci SA		3,508,422
	478	Virbac SA*		104,592
	72,927	Vivendi SA		1,868,623
		Total France		35,773,244
		Germany — 1.4%
	9,941	Beiersdorf AG		1,127,504
	109,291	Brenntag AG		5,735,664
	25,720	CTS Eventim AG & Co. KGaA*		1,067,947
	158,790	Deutsche Telekom AG		2,655,318
	2,290	Freenet AG		36,736
	3,385	Hornbach Holding AG & Co. KGaA		280,205
	1,985	KWS Saat SE & Co. KGaA		148,468
	2,128	McKesson Europe AG		62,399
	26,054	Merck KGaA		3,019,487

See accompanying Notes to the Schedule of Investments.

163

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	503	MorphoSys AG*		63,517
	28,520	Talanx AG*		1,058,087
	8,278	United Internet AG		349,194
	18,732	Wuestenrot & Wuerttembergische AG		318,630
		Total Germany		15,923,156
		Hong Kong — 1.7%
	810,027	AIA Group, Ltd.		7,539,025
	71,000	BOC Hong Kong Holdings, Ltd.		225,431
	420,000	CITIC Telecom International Holdings, Ltd.		133,398
	99,500	CLP Holdings, Ltd.		974,385
	104,000	Dah Sing Banking Group, Ltd.		95,073
	18,800	Dah Sing Financial Holdings, Ltd.		52,894
	1,953,119	Guangdong Investment, Ltd.		3,352,588
	239,000	HK Electric Investments & HK Electric Investments, Ltd.		248,283
	1,823,000	HKT Trust & HKT, Ltd.		2,679,623
	16,000	Hong Kong Ferry Holdings Co., Ltd.(a)		12,140
	49,000	Kowloon Development Co., Ltd.		53,194
	38,000	Liu Chong Hing Investment, Ltd.		34,722
	12,000	Miramar Hotel & Investment		21,483
	3,014,000	PCCW, Ltd.		1,719,744
	360,000	Power Assets Holdings, Ltd.		1,954,934
	361,000	Regal Real Estate Investment Trust REIT		57,044
	393,000	Sunlight Real Estate Investment Trust REIT		196,001
		Total Hong Kong		19,349,962
		Ireland — 1.9%
	23,437	Accenture Plc Class A		5,032,393
	14,403	Aon Plc Class A		2,774,018
	6,851	C&C Group Plc		19,449
	3,040	ICON Plc, ADR*		512,118
	17,300	Jazz Pharmaceuticals Plc*		1,908,882
	45,806	Medtronic Plc		4,200,410
	43,900	Perrigo Co. Plc		2,426,353
	5,300	STERIS Plc		813,232
	23,991	Total Produce Plc		30,709
	14,100	Willis Towers Watson Plc		2,776,995
		Total Ireland		20,494,559
		Israel — 0.5%
	184,763	Bank Hapoalim BM		1,107,613
	25,476	Bank Leumi Le-Israel BM		128,479
	4,896	Check Point Software Technologies, Ltd.*		525,977
	3,121	FIBI Holdings, Ltd.		76,291
	22,262	First International Bank Of Israel, Ltd.		470,972
	3	Isracard, Ltd.		7
	331,092	Israel Discount Bank, Ltd. Class A		1,013,981
	3,054	Mizrahi Tefahot Bank, Ltd.		57,534

See accompanying Notes to the Schedule of Investments.

164

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Israel — continued
	696	Nice, Ltd., ADR* (a)		131,711
	14,032	Radware, Ltd.*		331,015
	1,503	Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		83,342
	46,098	Shufersal, Ltd.		301,110
	56,884	Strauss Group, Ltd.		1,576,764
	1,613	Taro Pharmaceutical Industries, Ltd.*		107,248
		Total Israel		5,912,044
		Italy — 0.0%
	30,454	Ascopiave SpA		128,262
		Japan — 4.5%
	17,500	Aeon Co., Ltd.		406,814
	7,100	Aeon Hokkaido Corp.(a)		55,088
	2,100	Ain Holdings, Inc.		137,518
	6,900	Alpen Co., Ltd.		106,998
	11,800	Arcs Co., Ltd.		237,282
	46,500	Astellas Pharma, Inc.		774,714
	1,900	AT-Group Co., Ltd.		23,838
	1,200	Belc Co., Ltd.		82,071
	6,100	Cawachi, Ltd.		157,196
	17,800	Chugoku Electric Power Co., Inc. (The)		237,871
	1,600	Cosmos Pharmaceutical Corp.		245,424
	7,000	Create SD Holdings Co., Ltd.		217,185
	146,242	DCM Holdings Co., Ltd.(a)		1,679,445
	15,400	DyDo Group Holdings, Inc.		696,338
	6,989	Earth Corp.		532,278
	39,731	EDION Corp.		402,899
	7,300	Fujitsu, Ltd.		855,208
	8,600	Heiwado Co., Ltd.		150,843
	3,400	Hokuto Corp.		64,120
	4,900	J-Oil Mills, Inc.		181,146
	143,300	Japan Post Bank Co., Ltd.		1,066,496
	221,100	Japan Post Holdings Co., Ltd.		1,573,547
	121,700	Japan Tobacco, Inc.(a)		2,259,886
	11,400	Japan Wool Textile Co., Ltd. (The)		112,970
	19,155	Kaken Pharmaceutical Co., Ltd.		979,685
	900	Kameda Seika Co., Ltd.		43,235
	17,700	Kato Sangyo Co., Ltd.		579,593
	80,900	KDDI Corp.		2,427,637
	18,287	Kohnan Shoji Co., Ltd.		577,786
	53,300	Komeri Co., Ltd.		1,362,846
	82,500	KYORIN Holdings, Inc.		1,696,763
	17,600	Lawson, Inc.		883,207
	2,000	Life Corp.		64,021
	15,300	Lion Corp.(a)		367,121
	114,900	Marui Group Co., Ltd.		2,076,709
	71,100	Medipal Holdings Corp.		1,369,907
	15,700	Mitsubishi Shokuhin Co., Ltd.		399,917

See accompanying Notes to the Schedule of Investments.

165

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	1,701,000	Mizuho Financial Group, Inc.		2,087,638
	7,400	Mizuno Corp.		142,358
	30,000	Mochida Pharmaceutical Co., Ltd.		1,116,314
	64,700	Nichi-iko Pharmaceutical Co., Ltd.		782,255
	40,900	Nippon Flour Mills Co., Ltd.		613,784
	9,701	Nippon Kanzai Co., Ltd.		177,563
	96,000	Nippon Telegraph & Telephone Corp.		2,236,763
	30,100	Nisshin Oillio Group, Ltd. (The)		939,436
	108,300	NTT DOCOMO, Inc.		2,891,469
	4,500	Ohsho Food Service Corp.		252,038
	10,500	Okinawa Cellular Telephone Co.		401,908
	21,472	Okinawa Electric Power Co., Inc. (The)		356,836
	3,300	Okuwa Co., Ltd.		50,587
	1,200	San-A Co., Ltd.		45,886
	17,300	Sankyo Co., Ltd.		418,389
	7,700	Sawai Pharmaceutical Co., Ltd.		395,722
	62,400	Seven & i Holdings Co., Ltd.		2,038,057
	22,459	Showa Sangyo Co., Ltd.		688,253
	9,800	SKY Perfect JSAT Holdings, Inc.(a)		36,383
	170,900	Softbank Corp.		2,177,086
	23,800	Sugi Holdings Co., Ltd.		1,611,341
	30,400	Sumitomo Mitsui Financial Group, Inc.(a)		855,657
	15,900	Sundrug Co., Ltd.		525,787
	11,700	Suzuken Co., Ltd.		436,458
	69,600	Toho Holdings Co., Ltd.		1,296,159
	1,100	Tsuruha Holdings, Inc.(a)		151,540
	9,800	Unicharm Corp.		401,846
	13,500	United Super Markets Holdings, Inc.		142,152
	14,000	Valor Holdings Co., Ltd.		273,012
	55,500	Vital KSK Holdings, Inc.		530,643
	2,600	Wowow, Inc.		58,408
	6,000	Yaoko Co., Ltd.(a)		428,574
	18,800	ZERIA Pharmaceutical Co., Ltd.(a)		349,015
		Total Japan		49,994,919
		Luxembourg — 0.1%
	4,400	Spotify Technology SA*		1,136,036
		Netherlands — 1.4%
	58,108	Airbus SE*		4,133,605
	1,216	Amsterdam Commodities NV		26,599
	77,720	Koninklijke Ahold Delhaize NV		2,115,758
	343,219	Koninklijke KPN NV		908,761
	7,754	Sligro Food Group NV(a)		119,360
	159,051	Unilever NV		8,432,701
		Total Netherlands		15,736,784
		New Zealand — 0.4%
	197,552	Argosy Property, Ltd.		149,500

See accompanying Notes to the Schedule of Investments.

166

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		New Zealand — continued
	32,985	Arvida Group, Ltd.		30,742
	40,901	Chorus, Ltd.		196,168
	218,346	Contact Energy, Ltd.		887,545
	46,009	EBOS Group, Ltd.		644,436
	10,490	Fonterra Co-operative Group, Ltd.*		25,251
	317,738	Infratil, Ltd.		959,647
	32,213	Mainfreight, Ltd.		822,679
	106,533	Mercury NZ, Ltd.		321,967
	157,944	Spark New Zealand, Ltd.		466,575
	6,801	Trustpower, Ltd.		30,391
	15,201	Vector, Ltd.		35,215
	3,702	Warehouse Group, Ltd. (The)		4,902
		Total New Zealand		4,575,018
		Norway — 0.3%
	4,194	Olav Thon Eiendomsselskap ASA*		60,923
	209,680	Orkla ASA		1,833,783
	45,940	SpareBank 1 SR-Bank ASA*		333,397
	61,697	Telenor ASA		896,806
		Total Norway		3,124,909
		Portugal — 0.2%
	72,611	Jeronimo Martins SGPS SA*		1,270,014
	81,509	NOS SGPS SA* (a)		355,191
	99,893	REN—Redes Energeticas Nacionais SGPS SA		272,456
	276,933	Sonae SGPS SA		199,415
		Total Portugal		2,097,076
		Singapore — 0.5%
	24,921	Best World International, Ltd.(b)		24,295
	216,400	Frasers Hospitality Trust REIT		72,338
	8,000	Great Eastern Holdings, Ltd.		112,803
	2,000	Haw Par Corp., Ltd.		14,103
	57,384	Hong Leong Finance, Ltd.		102,765
	645,210	Keppel Infrastructure Trust		251,625
	3,404,049	NetLink NBN Trust		2,380,863
	263,100	Olam International, Ltd.		263,619
	181,200	OUE, Ltd.		154,900
	1,324,901	Sheng Siong Group, Ltd.		1,569,005
	257,500	Singapore Telecommunications, Ltd.		454,903
	12,200	Straits Trading Co., Ltd.		13,922
	33,000	United Industrial Corp., Ltd.		52,112
	29,200	Wing Tai Holdings, Ltd.		37,557
		Total Singapore		5,504,810
		Spain — 0.8%
	30,146	Aena SME SA*		4,012,025
	1,020	Cia de Distribucion Integral Logista Holdings SA		18,994

See accompanying Notes to the Schedule of Investments.

167

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Spain — continued
	40,006	Endesa SA(a)		984,334
	21,765	Faes Farma SA		88,407
	56,041	Viscofan SA		3,653,896
		Total Spain		8,757,656
		Sweden — 1.3%
	71,433	Akelius Residential Property AB Class D(a)		130,059
	91,216	Axfood AB		1,990,302
	60,503	Essity AB Class B*		1,953,619
	63,665	ICA Gruppen AB		3,017,334
	723,900	Svenska Handelsbanken AB Class A*		6,863,397
	10,264	Swedish Match AB		720,804
		Total Sweden		14,675,515
		Switzerland — 3.1%
	4,888	AEVIS VICTORIA SA*		63,397
	11,952	Allreal Holding AG		2,364,725
	1,348	Banque Cantonale de Geneve		259,591
	168	Basellandschaftliche Kantonalbank		154,659
	579	Basler Kantonalbank		38,978
	1,076	Berner Kantonalbank AG		260,547
	17,306	BKW AG		1,551,439
	27,870	Coca-Cola HBC AG*		697,499
	438	Emmi AG		381,875
	9	Graubuendner Kantonalbank		14,056
	713	Helvetia Holding AG		66,375
	588	Intershop Holding AG		351,655
	180	Luzerner Kantonalbank AG*		74,434
	2,790	Mobimo Holding AG*		806,295
	55,565	Nestle SA		6,137,906
	152,356	Novartis AG		13,236,917
	3,664	Orior AG		301,010
	10,016	Roche Holding AG		3,467,489
	3,921	Sonova Holding AG*		781,773
	245	St. Galler Kantonalbank AG		109,279
	5,472	Swisscom AG		2,861,647
	603	Thurgauer Kantonalbank		67,771
	3,202	TX Group AG		237,505
	294	Vaudoise Assurances Holding SA		137,663
	13	Warteck Invest AG		28,537
		Total Switzerland		34,453,022
		United Kingdom — 3.7%
	873	4imprint Group Plc		26,552
	11,062	Associated British Foods Plc		261,398
	6,811	AstraZeneca Plc		708,019
	31,079	Atlantica Sustainable Infrastructure Plc		904,399
	9,500	Atlassian Corp. Plc Class A*		1,712,565

See accompanying Notes to the Schedule of Investments.

168

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	1,568,500	BAE Systems Plc		9,355,301
	221,774	Britvic Plc		2,108,262
	786,398	BT Group Plc		1,106,783
	231,012	Central Asia Metals Plc		417,704
	10,157	Cranswick Plc		453,644
	26,882	Diageo Plc		889,799
	20,695	EMIS Group Plc		276,501
	24,932	Ferguson Plc		2,033,800
	310,143	GCP Student Living Plc REIT		474,753
	5,532	Genus Plc		241,233
	8,173	Hikma Pharmaceuticals Plc		224,009
	676,864	J Sainsbury Plc		1,743,879
	289,567	National Express Group Plc		670,997
	11,366	National Grid Plc		138,786
	177,596	Nomad Foods, Ltd.*		3,809,434
	58,048	Reckitt Benckiser Group Plc		5,326,983
	25,890	Secure Income REIT Plc REIT		86,334
	75,518	Smith & Nephew Plc		1,402,907
	103,833	Spirent Communications Plc		308,783
	234,086	Tate & Lyle Plc		1,929,018
	1,739	Telecom Plus Plc		30,567
	85,538	Tesco Plc		240,839
	37,082	Unilever Plc		1,993,723
	48,764	Vectura Group Plc		58,470
	45,501	Vodafone Group Plc		72,349
	814,768	Wm Morrison Supermarkets Plc		1,916,679
	4,972	YouGov Plc		47,266
		Total United Kingdom		40,971,736
		United States — 56.7%
	116,400	Abbott Laboratories		10,642,452
	16,375	Adobe, Inc.*		7,128,201
	27,000	Akamai Technologies, Inc.*		2,891,430
	2,485	Alleghany Corp.		1,215,513
	30,605	Allstate Corp. (The)		2,968,379
	13,844	Alphabet, Inc. Class A*		19,631,484
	158,422	Altice USA, Inc. Class A*		3,570,832
	49,900	Altria Group, Inc.		1,958,575
	2,700	Amazon.com, Inc.*		7,448,814
	51,271	Amdocs, Ltd.		3,121,378
	30,478	Ameren Corp.		2,144,432
	8,613	American Electric Power Co., Inc.		685,939
	51,584	American Tower Corp. REIT		13,336,527
	23,000	American Water Works Co., Inc.		2,959,180
	9,700	AmerisourceBergen Corp. Class A		977,469
	17,482	AMETEK, Inc.		1,562,366
	15,700	Amgen, Inc.		3,703,002
	8,646	ANSYS, Inc.*		2,522,298
	4,200	Anthem, Inc.		1,104,516

See accompanying Notes to the Schedule of Investments.

169

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(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	14,900	Apple, Inc.		5,435,520
	62,173	Arthur J. Gallagher & Co.		6,061,246
	11,900	Assurant, Inc.		1,229,151
	182,188	AT&T, Inc.		5,507,543
	231	Atmos Energy Corp.		23,003
	22,700	Automatic Data Processing, Inc.		3,379,803
	400	AutoZone, Inc.*		451,248
	98,650	Avangrid, Inc.		4,141,327
	33,157	Ball Corp.		2,304,080
	106,199	Baxter International, Inc.		9,143,734
	25,480	Becton Dickinson and Co.		6,096,600
	2,772	Berkshire Hathaway, Inc. Class B*		494,830
	100	Bio-Techne Corp.		26,407
	7,400	Biogen, Inc.*		1,979,870
	13,400	BioMarin Pharmaceutical, Inc.*		1,652,756
	1,825	Booking Holdings, Inc.*		2,906,021
	76,455	Bristol-Myers Squibb Co.		4,495,554
	14,400	Broadcom, Inc.		4,544,784
	5,780	Broadridge Financial Solutions, Inc.		729,378
	122,151	BWX Technologies, Inc.		6,918,633
	1,600	Cable One, Inc.		2,839,760
	24,835	Cadence Design Systems, Inc.*		2,383,167
	1,600	Camden Property Trust REIT		145,952
	15,000	Casey’s General Stores, Inc.		2,242,800
	23,200	CBOE Holdings, Inc.		2,164,096
	39,700	Cerner Corp.		2,721,435
	34,600	CH Robinson Worldwide, Inc.(a)		2,735,476
	36,500	Charter Communications, Inc. Class A*		18,616,460
	5,400	Chemed Corp.		2,435,778
	3,900	Church & Dwight Co., Inc.		301,470
	40,000	Cigna Corp.*		7,506,000
	16,600	Citrix Systems, Inc.		2,455,306
	23,072	Clean Harbors, Inc.*		1,383,859
	16,200	Clorox Co. (The)		3,553,794
	23,083	CMS Energy Corp.		1,348,509
	45,400	Coca-Cola Co. (The)		2,028,472
	42,800	Colgate-Palmolive Co.		3,135,528
	100,900	Comcast Corp. Class A		3,933,082
	22,949	Consolidated Edison, Inc.		1,650,722
	19,413	Cooper Cos., Inc. (The)		5,506,303
	49,105	Copart, Inc.*		4,088,973
	3,800	CoStar Group, Inc.*		2,700,546
	15,000	Costco Wholesale Corp.		4,548,150
	96,800	CVS Health Corp.		6,289,096
	43,476	Danaher Corp.		7,687,861
	3,600	Dollar General Corp.		685,836
	22,077	DTE Energy Co.		2,373,278
	800	Duke Energy Corp.		63,912
	39,300	eBay, Inc.		2,061,285

See accompanying Notes to the Schedule of Investments.

170

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(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	3,800	Ecolab, Inc.		756,010
	16,000	Electronic Arts, Inc.*		2,112,800
	33,067	Eli Lilly & Co.		5,428,940
	28,700	Encompass Health Corp.		1,777,391
	200	Entergy Corp.		18,762
	4,200	Equinix, Inc. REIT		2,949,660
	31,600	Equity Commonwealth REIT		1,017,520
	11,432	Equity LifeStyle Properties, Inc. REIT		714,271
	67	Essex Property Trust, Inc. REIT		15,354
	1,400	Estee Lauder Cos., Inc. (The) Class A		264,152
	42,500	Evergy, Inc.		2,519,825
	47,262	Exelon Corp.		1,715,138
	35,900	Expeditors International of Washington, Inc.		2,729,836
	18,000	F5 Networks, Inc.*		2,510,640
	67,562	Facebook, Inc. Class A*		15,341,303
	62,137	Fidelity National Information Services, Inc.		8,331,950
	2,700	First Citizens BancShares, Inc. Class A		1,093,554
	60,718	FirstEnergy Corp.		2,354,644
	65,200	Flowers Foods, Inc.		1,457,872
	96,053	Fortive Corp.		6,498,946
	7,100	General Mills, Inc.		437,715
	54,455	Globe Life, Inc.		4,042,195
	40,224	GoDaddy, Inc. Class A*		2,949,626
	33,600	Grocery Outlet Holding Corp.*		1,370,880
	14,346	Hanover Insurance Group, Inc. (The)		1,453,680
	33,800	Hawaiian Electric Industries, Inc.		1,218,828
	33,298	HCA Healthcare, Inc.		3,231,904
	22,026	Hershey Co. (The)		2,855,010
	21,286	Hill-Rom Holdings, Inc.		2,336,777
	105,979	Hologic, Inc.*		6,040,803
	18,564	Home Depot, Inc. (The)		4,650,468
	18,843	Honeywell International, Inc.		2,724,509
	56,700	Hormel Foods Corp.		2,736,909
	15,853	Humana, Inc.		6,147,001
	13,000	IDACORP, Inc.		1,135,810
	15,000	Incyte Corp.*		1,559,550
	6,303	Ingredion, Inc.		523,149
	91,900	Intel Corp.		5,498,377
	118,200	Intercontinental Exchange, Inc.		10,827,120
	15,238	Intuit, Inc.		4,513,343
	3,400	Intuitive Surgical, Inc.*		1,937,422
	23,900	JB Hunt Transport Services, Inc.		2,876,126
	20,479	JM Smucker Co. (The)		2,166,883
	44,690	Johnson & Johnson		6,284,755
	27,738	Kellogg Co.		1,832,372
	400	Kimberly-Clark Corp.		56,540
	92,100	Kroger Co. (The)		3,117,585
	2,400	Laboratory Corp. of America Holdings*		398,664
	13,900	Landstar System, Inc.		1,561,109

See accompanying Notes to the Schedule of Investments.

171

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Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	5,675	Lockheed Martin Corp.		2,070,921
	2,000	Markel Corp.*		1,846,340
	2,000	Masimo Corp.*		455,980
	32,259	Mastercard, Inc. Class A		9,538,986
	3,459	McCormick & Co., Inc.		620,579
	15,900	McKesson Corp.		2,439,378
	438,214	Medical Properties Trust, Inc. REIT		8,238,423
	70,634	Merck & Co., Inc.		5,462,127
	15,540	Mercury General Corp.		633,255
	37,843	Microsoft Corp.		7,701,429
	13,925	Mid-America Apartment Communities, Inc. REIT		1,596,780
	41,700	Mondelez International, Inc. Class A		2,132,121
	3,100	Monolithic Power Systems, Inc.		734,700
	5,792	Morningstar, Inc.		816,498
	58,213	Motorola Solutions, Inc.		8,157,388
	3,000	Nasdaq, Inc.		358,410
	2,500	NewMarket Corp.		1,001,200
	67,651	Newmont Corp.		4,176,773
	16,070	NextEra Energy, Inc.		3,859,532
	6,500	NiSource, Inc.		147,810
	19,600	Old Dominion Freight Line, Inc.		3,323,964
	82,014	Oracle Corp.		4,532,914
	16,700	Paychex, Inc.		1,265,025
	42,648	PepsiCo, Inc.		5,640,625
	96,865	Performance Food Group Co.*		2,822,646
	147,434	Pfizer, Inc.		4,821,092
	56,800	Philip Morris International, Inc.		3,979,408
	26,900	Pinnacle West Capital Corp.		1,971,501
	900	Post Holdings, Inc.*		78,858
	52,380	Procter & Gamble Co. (The)		6,263,077
	38,283	Progressive Corp. (The)		3,066,851
	16,930	Prologis, Inc. REIT		1,580,077
	10,100	Public Service Enterprise Group, Inc.		496,516
	10,900	Public Storage REIT		2,091,601
	104,765	Raytheon Technologies Corp.		6,455,619
	3,900	Regeneron Pharmaceuticals, Inc.*		2,432,235
	38,204	Republic Services, Inc. Class A		3,134,638
	4,000	ResMed, Inc.		768,000
	23,900	Royal Gold, Inc.		2,971,248
	1,200	S&P Global, Inc.		395,376
	22,300	salesforce.com, Inc.*		4,177,459
	28,900	Schneider National, Inc. Class B		712,963
	54,061	Science Applications International Corp.		4,199,458
	10,400	Seattle Genetics, Inc.*		1,767,168
	11,400	Silgan Holdings, Inc.		369,246
	49,500	Southern Co. (The)		2,566,575
	48,100	Sprouts Farmers Market, Inc.*		1,230,879
	16,853	Stryker Corp.		3,036,742
	16,496	Sun Communities, Inc. REIT		2,238,177

See accompanying Notes to the Schedule of Investments.

172

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Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	21,872	Synopsys, Inc.*		4,265,040
	33,700	T-Mobile US, Inc.*		3,509,855
	19,400	Take-Two Interactive Software, Inc.*		2,707,658
	32,600	Target Corp.		3,909,718
	113,689	TD Ameritrade Holding Corp.		4,136,006
	41,000	Texas Instruments, Inc.		5,205,770
	27,000	TFS Financial Corp.		386,370
	23,900	Thermo Fisher Scientific, Inc.		8,659,926
	7,700	Tyler Technologies, Inc.*		2,670,976
	30,000	United Parcel Service, Inc. Class B		3,335,400
	5,400	United Therapeutics Corp.*		653,400
	32,802	UnitedHealth Group, Inc.		9,674,950
	11,700	VeriSign, Inc.*		2,419,911
	112,812	Verizon Communications, Inc.		6,219,326
	9,500	Vertex Pharmaceuticals, Inc.*		2,757,945
	24,400	Visa, Inc. Class A		4,713,348
	43,036	Walmart, Inc.		5,154,852
	31,885	Waste Management, Inc.		3,376,940
	26,700	WEC Energy Group, Inc.		2,340,255
	600	West Pharmaceutical Services, Inc.		136,302
	17,759	Xcel Energy, Inc.		1,109,938
	79,187	Yum China Holdings, Inc.		3,806,519
	11,667	Zimmer Biomet Holdings, Inc.		1,392,573
	28,000	Zoetis, Inc.		3,837,120
		Total United States		629,533,525
		TOTAL COMMON STOCKS (COST $931,892,584)		1,022,514,434
		PREFERRED STOCK — 0.2%
		Germany — 0.2%
	22,459	Henkel AG & Co. KGaA, 2.36%		2,087,255
		TOTAL PREFERRED STOCK (COST $1,898,212)		2,087,255
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 0.6%
		Mutual Fund - Securities Lending Collateral — 0.5%
	5,056,955	State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.12%(c) (d)		5,056,955
		U.S. Government and Agency Obligations — 0.1%
	1,000,000	United States Treasury Bill, 0.04%, due 07/02/20(e) (f)		999,998
		TOTAL SHORT-TERM INVESTMENTS (COST $6,056,937)		6,056,953
		TOTAL INVESTMENTS — 92.8% (Cost $939,847,733)		1,030,658,642
		Other Assets and Liabilities (net) — 7.2%		80,378,215
		NET ASSETS — 100.0%	$1,111,036,857

See accompanying Notes to the Schedule of Investments.

173

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

June 30, 2020 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	REIT — Real Estate Investment Trust
*	Non-income producing security.
(a)	All or a portion of this security is out on loan.
(b)	Security fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the security at period end is $24,295 which represents 0.0% of net assets. The aggregate tax cost of these securities held at June 30, 2020 was $35,225.
(c)	The rate disclosed is the 7-day net yield as of June 30, 2020.
(d)	Represents an investment of securities lending cash collateral.
(e)	All or a portion of this security is pledged for open futures collateral.
(f)	Interest rate presented is yield to maturity.

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	38	Canadian Dollar		Sep 2020	$	2,797,560	$	(598	)
	280	MSCI EAFE Index		Sep 2020		24,897,600		196,059
	357	S&P 500 E-mini Index		Sep 2020		55,160,070		1,075,400
	21	S&P/TSX 60 Index		Sep 2020		2,863,216		44,371
							$	1,315,232

Industry Sector Summary (Unaudited)	% of Net Assets
Consumer, Non-cyclical		32.9
Financial		14.5
Communications		14.0
Technology		9.5
Industrial		9.4
Utilities		5.4
Consumer, Cyclical		4.2
Basic Materials		2.3
Energy		0.1
Diversified		0.0	*
Short-Term Investments		0.5
Other Assets and Liabilities (net)		7.2
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Schedule of Investments.

174