NPORT-EX

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 96.8%
		Basic Materials — 2.3%
	83,041	Axalta Coating Systems, Ltd.*		2,370,820
	41,000	Cabot Corp.		1,840,080
	9,100	Celanese Corp. Class A		1,182,454
	70,200	Chemours Co. (The)		1,740,258
	11,700	Eastman Chemical Co.		1,173,276
	275,903	Element Solutions, Inc.		4,891,760
	35,772	FMC Corp.		4,111,276
	80,900	Huntsman Corp.		2,033,826
	56,300	Koppers Holdings, Inc.*		1,754,308
	29,453	Quaker Chemical Corp.(a)		7,463,096
	17,400	Reliance Steel & Aluminum Co.		2,083,650
	90,945	RPM International, Inc.		8,255,987
	35,900	Schweitzer-Mauduit International, Inc.		1,443,539
	56,300	Steel Dynamics, Inc.		2,075,781
				42,420,111
		Communications — 4.2%
	65,100	AMC Networks, Inc. Class A* (a)		2,328,627
	69,170	Anaplan, Inc.*		4,969,865
	80,500	Cars.com, Inc.*		909,650
	165,800	CenturyLink, Inc.		1,616,550
	43,400	Ciena Corp.*		2,293,690
	193,037	Discovery, Inc. Class C*		5,055,639
	214,200	Entercom Communications Corp. Class A(a)		529,074
	61,012	ePlus, Inc.*		5,366,005
	42,590	Etsy, Inc.*		7,577,187
	39,660	F5 Networks, Inc.*		6,977,780
	64,400	Gray Television, Inc.*		1,152,116
	54,600	Juniper Networks, Inc.		1,229,046
	19,336	Liberty Broadband Corp. Class C*		3,062,198
	160,890	Liberty Latin America, Ltd. Class A*		1,790,706
	281,316	Liberty Latin America, Ltd. Class C*		3,119,795
	15,880	Nexstar Media Group, Inc. Class A		1,733,937
	12,640	Nice, Ltd., ADR* (a)		3,583,946
	91,770	Open Lending Corp. Class A* (a)		3,208,279
	9,700	Preformed Line Products Co.		663,868
	47,694	Q2 Holdings, Inc.* (a)		6,034,722
	113,296	Revolve Group, Inc.* (a)		3,531,436
	107,200	TEGNA, Inc.		1,495,440
	67,200	ViacomCBS, Inc. Class B		2,503,872
	239,401	Vonage Holdings Corp.*		3,082,288
	111,260	Yelp, Inc. Class A*		3,634,864
				77,450,580
		Consumer, Cyclical — 15.5%
	46,242	Advance Auto Parts, Inc.		7,283,577
	22,100	Alaska Air Group, Inc.		1,149,200
	62,800	Allison Transmission Holdings, Inc.		2,708,564

See accompanying Notes to the Schedule of Investments.

9

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Cyclical — continued
	83,200	American Axle & Manufacturing Holdings, Inc.*		693,888
	425,815	BJ’s Wholesale Club Holdings, Inc.*		15,874,383
	58,700	BorgWarner, Inc.		2,268,168
	63,955	BRP, Inc.		4,219,751
	91,186	Brunswick Corp.		6,952,021
	48,200	Buckle, Inc. (The)(a)		1,407,440
	40,852	Burlington Stores, Inc.*		10,684,841
	261,586	Cannae Holdings, Inc.*		11,580,412
	22,200	Capri Holdings, Ltd.*		932,400
	41,729	Carter’s, Inc.		3,925,447
	19,603	Casey’s General Stores, Inc.		3,501,488
	28,084	Cavco Industries, Inc.*		4,927,338
	31,908	Columbia Sportswear Co.		2,788,121
	39,880	Darden Restaurants, Inc.		4,750,506
	50,600	Dick’s Sporting Goods, Inc.		2,844,226
	19,000	Dillard’s, Inc. Class A(a)		1,197,950
	61,353	Dorman Products, Inc.*		5,326,667
	41,100	Ethan Allen Interiors, Inc.		830,631
	689,550	Extended Stay America, Inc.		10,212,235
	68,596	Five Below, Inc.*		12,002,928
	50,595	Floor & Decor Holdings, Inc. Class A*		4,697,746
	39,400	Foot Locker, Inc.		1,593,336
	22,900	Fox Factory Holding Corp.*		2,420,759
	46,522	Freshpet, Inc.*		6,605,659
	37,900	Genesco, Inc.*		1,140,411
	62,700	GMS, Inc.*		1,911,096
	79,900	Goodyear Tire & Rubber Co. (The)		871,709
	23,900	Group 1 Automotive, Inc.		3,134,246
	45,000	Harley-Davidson, Inc.		1,651,500
	41,200	Haverty Furniture Cos., Inc.		1,140,004
	59,200	Hawaiian Holdings, Inc.		1,047,840
	47,600	Herman Miller, Inc.		1,608,880
	51,000	Hibbett Sports, Inc.*		2,355,180
	143,500	JetBlue Airways Corp.*		2,086,490
	16,828	Johnson Outdoors, Inc. Class A		1,895,338
	64,400	Knoll, Inc.		945,392
	28,200	Kohl’s Corp.		1,147,458
	68,400	La-Z-Boy, Inc.		2,725,056
	26,442	LCI Industries		3,428,999
	10,200	Lear Corp.		1,622,106
	32,250	Lithia Motors, Inc. Class A		9,438,607
	252,670	LKQ Corp.*		8,904,091
	33,300	MDC Holdings, Inc.		1,618,380
	193,080	Meritor, Inc.*		5,388,863
	42,600	Methode Electronics, Inc.		1,630,728
	53,100	Miller Industries, Inc.		2,018,862
	39,068	Modine Manufacturing Co.*		490,694
	17,023	MSC Industrial Direct Co., Inc. Class A		1,436,571
	116,571	National Vision Holdings, Inc.*		5,279,501

See accompanying Notes to the Schedule of Investments.

10

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Cyclical — continued
	21,000	Nu Skin Enterprises, Inc. Class A		1,147,230
	49,220	ODP Corp. (The)		1,442,146
	49,771	Polaris, Inc.		4,742,181
	26,491	Pool Corp.		9,867,897
	43,500	PulteGroup, Inc.		1,875,720
	16,900	PVH Corp.		1,586,741
	124,300	Sally Beauty Holdings, Inc.*		1,620,872
	25,400	ScanSource, Inc.*		670,052
	48,000	SiteOne Landscape Supply, Inc.* (a)		7,614,240
	66,778	Skechers U.S.A., Inc. Class A*		2,400,001
	32,100	SkyWest, Inc.		1,293,951
	41,300	Sonic Automotive, Inc. Class A(a)		1,592,941
	135,618	Texas Roadhouse, Inc. Class A		10,599,903
	47,400	Toll Brothers, Inc.		2,060,478
	81,060	Toro Co. (The)		7,687,730
	105,600	TRI Pointe Group, Inc.*		1,821,600
	53,100	Triton International, Ltd.		2,575,881
	46,523	UniFirst Corp.		9,848,454
	13,365	Vail Resorts, Inc.		3,728,300
	161,374	Wendy’s Co. (The)		3,537,318
	17,500	Whirlpool Corp.		3,158,575
	13,200	Williams-Sonoma, Inc.		1,344,288
	153,954	World Fuel Services Corp.		4,797,207
	31,900	Wyndham Destinations, Inc.		1,431,034
				286,742,424
		Consumer, Non-cyclical — 23.9%
	162,791	Acadia Healthcare Co., Inc.*		8,181,876
	42,564	ACADIA Pharmaceuticals, Inc.*		2,275,471
	45,670	Acceleron Pharma, Inc.*		5,843,020
	144,100	ACCO Brands Corp.		1,217,645
	33,388	Adtalem Global Education, Inc.*		1,133,523
	153,527	Amicus Therapeutics, Inc.*		3,544,938
	9,692	Argenx SE, ADR*		2,850,320
	49,036	Ascendis Pharma AS, ADR*		8,178,224
	48,989	Avalara, Inc. *		8,077,796
	26,335	Bio-Rad Laboratories, Inc. Class A*		15,351,725
	13,919	Bio-Techne Corp.		4,419,978
	38,538	Blueprint Medicines Corp.*		4,322,037
	137,648	Booz Allen Hamilton Holding Corp. Class A		12,000,153
	28,356	Bright Horizons Family Solutions, Inc.*		4,905,304
	209,164	Catalent, Inc.*		21,767,698
	157,400	Catalyst Pharmaceuticals, Inc.*		525,716
	75,300	Central Garden & Pet Co. Class A*		2,735,649
	47,871	Charles River Laboratories International, Inc.*		11,961,048
	71,073	Chegg, Inc.* (a)		6,420,024
	16,790	Chemed Corp.		8,942,522
	30,057	ChemoCentryx, Inc.*		1,861,129
	26,708	CRA International, Inc.		1,360,238

See accompanying Notes to the Schedule of Investments.

11

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Non-cyclical — continued
	29,400	DaVita, Inc.*		3,451,560
	51,700	Deluxe Corp.		1,509,640
	15,100	Emergent BioSolutions, Inc.*		1,352,960
	28,763	Encompass Health Corp.		2,378,412
	39,829	Gartner, Inc.*		6,380,208
	144,835	Globus Medical, Inc. Class A*		9,446,139
	33,402	Grand Canyon Education, Inc.*		3,110,060
	63,661	Grocery Outlet Holding Corp.*		2,498,694
	46,699	H&R Block, Inc.		740,646
	80,813	Halozyme Therapeutics, Inc.*		3,451,523
	18,843	Helen of Troy, Ltd.*		4,186,726
	216,963	Horizon Therapeutics Plc*		15,870,843
	617,000	Hostess Brands, Inc. Class A*		9,032,880
	41,473	ICON Plc, ADR*		8,086,406
	92,545	Ingles Markets, Inc. Class A		3,947,970
	34,900	Ingredion, Inc.		2,745,583
	132,416	Innoviva, Inc.*		1,640,634
	20,454	Insperity, Inc.		1,665,365
	53,772	Insulet Corp.*		13,745,736
	47,970	Integer Holdings Corp.*		3,894,684
	264,195	Ironwood Pharmaceuticals, Inc. Class A*		3,009,181
	66,064	Jazz Pharmaceuticals Plc*		10,903,863
	24,100	JM Smucker Co. (The)		2,785,960
	31,739	Lancaster Colony Corp.		5,831,407
	50,275	Lannett Co., Inc.* (a)		327,793
	63,100	Lantheus Holdings, Inc.*		851,219
	22,687	LHC Group, Inc.*		4,839,591
	29,127	Magellan Health, Inc.*		2,412,881
	27,500	ManpowerGroup, Inc.		2,479,950
	9,877	MarketAxess Holdings, Inc.		5,635,421
	131,755	MEDNAX, Inc.*		3,233,268
	25,162	Molina Healthcare, Inc.*		5,351,454
	115,635	Molson Coors Beverage Co. Class B		5,225,546
	20,000	Morningstar, Inc.		4,631,400
	143,304	Neurocrine Biosciences, Inc.*		13,735,688
	233,138	Nielsen Holdings Plc		4,865,590
	145,924	Nomad Foods, Ltd.*		3,709,388
	36,300	Owens & Minor, Inc.		981,915
	38,944	Pacira BioSciences, Inc.*		2,330,409
	81,888	Paya Holdings, Inc. Class A*		1,112,039
	27,389	Paylocity Holding Corp.*		5,639,669
	67,600	Perdoceo Education Corp.*		853,788
	69,502	Performance Food Group Co.*		3,308,990
	49,600	Pilgrim’s Pride Corp.*		972,656
	30,656	PRA Health Sciences, Inc.*		3,845,489
	257,680	Premier, Inc. Class A		9,044,568
	53,600	Prestige Consumer Healthcare, Inc.*		1,869,032
	42,613	PTC Therapeutics, Inc.*		2,600,671
	50,310	Quest Diagnostics, Inc.		5,995,443
	63,160	Rent-A-Center, Inc.		2,418,396

See accompanying Notes to the Schedule of Investments.

12

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Non-cyclical — continued
	179,541	Ritchie Bros Auctioneers, Inc.		12,487,077
	69,169	Rocket Pharmaceuticals, Inc.*		3,793,228
	37,300	Sage Therapeutics, Inc.*		3,226,823
	29,235	Sarepta Therapeutics, Inc.*		4,984,275
	62,800	Select Medical Holdings Corp.*		1,737,048
	94,595	Simply Good Foods Co. (The)*		2,966,499
	84,200	SpartanNash Co.		1,465,922
	74,000	Sprouts Farmers Market, Inc.*		1,487,400
	55,407	STERIS Plc		10,501,843
	165,914	Syneos Health, Inc.*		11,303,721
	98,199	TransUnion		9,743,305
	9,000	United Rentals, Inc.*		2,087,190
	22,700	United Therapeutics Corp.*		3,445,633
	27,300	Universal Corp.		1,327,053
	16,000	Universal Health Services, Inc. Class B		2,200,000
	118,333	Viad Corp.		4,280,105
	31,200	Weis Markets, Inc.		1,491,672
	24,290	WEX, Inc.*		4,943,744
	53,590	Xencor, Inc.*		2,338,132
				443,626,038
		Energy — 0.9%
	16,661	Core Laboratories NV		441,683
	42,080	Dril-Quip, Inc.*		1,246,410
	209,500	HollyFrontier Corp.		5,415,575
	17,419	Murphy USA, Inc.		2,279,624
	29,790	National Energy Services Reunited Corp.* (a)		295,815
	398,947	Parsley Energy, Inc. Class A		5,665,047
	113,268	PBF Energy, Inc. Class A		804,203
	190,000	Southwestern Energy Co.*		566,200
				16,714,557
		Financial — 16.8%
	82,900	Ally Financial, Inc.		2,956,214
	98,328	American Campus Communities, Inc. REIT		4,205,489
	183,071	American Equity Investment Life Holding Co.		5,063,744
	41,100	American Financial Group, Inc.		3,601,182
	253,200	Annaly Capital Management, Inc. REIT		2,139,540
	124,900	Ares Capital Corp.(a)		2,109,561
	118,259	Ares Management Corp. Class A		5,564,086
	30,555	Arthur J. Gallagher & Co.		3,779,959
	56,193	Artisan Partners Asset Management, Inc. Class A		2,828,756
	155,400	Associated Banc-Corp.		2,649,570
	27,870	Assurant, Inc.		3,796,451
	65,500	Assured Guaranty, Ltd.		2,062,595
	97,258	Atlantic Union Bankshares Corp.		3,203,678
	142,160	Axis Capital Holdings, Ltd.		7,163,442
	46,900	Bank of NT Butterfield & Son, Ltd. (The)		1,461,404
	69,900	BankUnited, Inc.		2,431,122

See accompanying Notes to the Schedule of Investments.

13

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		Financial — continued
	33,800	Berkshire Hills Bancorp, Inc.		578,656
	268,222	BlackRock Capital Investment Corp.(a)		721,517
	129,000	Braemar Hotels & Resorts, Inc. REIT*		594,690
	226,600	Brandywine Realty Trust REIT		2,698,806
	80,900	Brixmor Property Group, Inc. REIT		1,338,895
	6,897	C&F Financial Corp.		255,948
	140,800	Cadence BanCorp Class A		2,311,936
	67,515	Cedar Realty Trust, Inc. REIT		683,927
	99,300	Chimera Investment Corp. REIT		1,017,825
	36,900	CIT Group, Inc.		1,324,710
	61,400	Citizens Financial Group, Inc.		2,195,664
	170,300	City Office, Inc. REIT		1,663,831
	90,782	CNA Financial Corp.		3,536,867
	174,000	CNO Financial Group, Inc.		3,868,020
	41,900	Comerica, Inc.		2,340,534
	65,496	CoreCivic, Inc. REIT		428,999
	33,571	CoreSite Realty Corp. REIT		4,205,775
	139,600	Diversified Healthcare Trust REIT		575,152
	261,083	Easterly Government Properties, Inc. REIT		5,913,530
	20,500	eHealth, Inc.*		1,447,505
	57,900	Equitable Holdings, Inc.		1,481,661
	41,800	Essent Group, Ltd.		1,805,760
	245,490	Essential Properties Realty Trust, Inc. REIT		5,204,388
	21,700	Federal Agricultural Mortgage Corp. Class C		1,611,225
	215,181	Fidelity National Financial, Inc.		8,411,425
	94,800	Fifth Third Bancorp		2,613,636
	35,500	Financial Institutions, Inc.		798,750
	77,700	First Busey Corp.		1,674,435
	184,900	First Horizon Corp.		2,359,324
	26,080	First Republic Bank		3,831,934
	46,200	Flagstar Bancorp, Inc.		1,883,112
	238,900	FNB Corp.		2,269,550
	196,300	Franklin Street Properties Corp. REIT		857,831
	53,026	Gaming and Leisure Properties, Inc. REIT		2,248,302
	86,200	GEO Group, Inc. (The) REIT(a)		763,732
	82,184	Glacier Bancorp, Inc.		3,781,286
	85,200	Global Net Lease, Inc. REIT		1,460,328
	29,832	Hamilton Lane, Inc. Class A		2,328,388
	47,200	Hancock Whitney Corp.		1,605,744
	66,600	Hanmi Financial Corp.		755,244
	32,800	Heritage Insurance Holdings, Inc.		332,264
	138,200	Hope Bancorp, Inc.		1,507,762
	86,500	Horizon Bancorp, Inc.		1,371,890
	170,346	Hudson Pacific Properties, Inc. REIT		4,091,711
	69,000	Independent Bank Corp.		1,274,430
	64,000	Industrial Logistics Properties Trust REIT		1,490,560
	39,200	International Bancshares Corp.		1,467,648
	94,000	Iron Mountain, Inc. REIT(a)		2,771,120
	87,500	Jefferies Financial Group, Inc.		2,152,500
	31,959	Jones Lang LaSalle, Inc.*		4,741,757

See accompanying Notes to the Schedule of Investments.

14

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		Financial — continued
	59,429	Kemper Corp.		4,565,930
	55,416	Kinsale Capital Group, Inc.		11,090,404
	55,520	Lamar Advertising Co. REIT Class A		4,620,374
	63,300	Lincoln National Corp.		3,184,623
	40,460	LPL Financial Holdings, Inc.		4,216,741
	262,500	MFA Financial, Inc. REIT		1,021,125
	141,500	MGIC Investment Corp.		1,775,825
	36,000	National Health Investors, Inc. REIT		2,490,120
	139,500	Navient Corp.		1,369,890
	139,400	New Mountain Finance Corp.(a)		1,583,584
	190,407	Newmark Group, Inc. Class A		1,388,067
	863,168	Oaktree Specialty Lending Corp.		4,807,846
	55,083	Office Properties Income Trust REIT		1,251,486
	46,100	Omega Healthcare Investors, Inc. REIT		1,674,352
	49,693	Pacific Premier Bancorp, Inc.		1,556,882
	80,000	PennyMac Mortgage Investment Trust REIT		1,407,200
	278,368	Physicians Realty Trust REIT		4,954,950
	97,400	Piedmont Office Realty Trust, Inc. REIT Class A		1,580,802
	102,788	Pinnacle Financial Partners, Inc.		6,619,547
	48,633	Piper Sandler Cos.		4,907,070
	25,500	Popular, Inc.		1,436,160
	75,567	Preferred Apartment Communities, Inc. REIT Class A		559,196
	18,000	Preferred Bank		908,460
	255,300	Prospect Capital Corp.(a)		1,381,173
	127,300	Radian Group, Inc.		2,577,825
	132,600	Regions Financial Corp.		2,137,512
	17,000	Reinsurance Group of America, Inc. Class A		1,970,300
	83,500	Retail Properties of America, Inc. REIT Class A		714,760
	6,493	Retail Value, Inc. REIT		96,551
	18,992	RLI Corp.		1,978,017
	143,600	Sabra Health Care REIT, Inc.		2,494,332
	37,800	Sandy Spring Bancorp, Inc.		1,216,782
	59,600	Service Properties Trust REIT		684,804
	47,731	Signature Bank		6,457,527
	81,300	SITE Centers Corp. REIT		822,756
	509,236	Summit Hotel Properties, Inc. REIT		4,588,216
	49,844	Sun Communities, Inc. REIT		7,573,796
	96,263	Tanger Factory Outlet Centers, Inc. REIT(a)		958,779
	152,503	TCF Financial Corp.		5,645,661
	72,400	Universal Insurance Holdings, Inc.		1,093,964
	110,400	Unum Group		2,532,576
	62,800	VEREIT, Inc. REIT		2,373,212
	21,550	Victory Capital Holdings, Inc. Class A		534,655
	146,602	Voya Financial, Inc.		8,621,664
	16,500	Walker & Dunlop, Inc.		1,518,330
	130,166	Western Alliance Bancorp		7,803,452
	73,600	Western Union Co. (The)		1,614,784
	10,934	White Mountains Insurance Group, Ltd.		10,941,216
	51,600	Zions Bancorp NA		2,241,504
				311,212,059

See accompanying Notes to the Schedule of Investments.

15

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		Government — 0.1%
	62,217	Banco Latinoamericano de Comercio Exterior SA		984,895
		Industrial — 17.0%
	21,300	Acuity Brands, Inc.		2,579,217
	140,325	Advanced Drainage Systems, Inc.		11,728,364
	50,992	Advanced Energy Industries, Inc.*		4,944,694
	31,100	AGCO Corp.		3,206,099
	397,002	Air Transport Services Group, Inc.*		12,442,043
	42,100	Apogee Enterprises, Inc.		1,333,728
	45,131	AptarGroup, Inc.		6,177,983
	130,960	Argan, Inc.		5,826,410
	84,735	Armstrong World Industries, Inc.		6,303,437
	20,000	Arrow Electronics, Inc.*		1,946,000
	188,860	Atkore International Group, Inc.*		7,764,035
	34,700	Atlas Air Worldwide Holdings, Inc.*		1,892,538
	44,366	Axon Enterprise, Inc.*		5,436,166
	69,380	AZEK Co., Inc. (The) Class A*		2,667,661
	45,300	Benchmark Electronics, Inc.		1,223,553
	32,230	Berry Global Group, Inc.*		1,811,004
	76,700	Builders FirstSource, Inc.*		3,130,127
	77,787	Cognex Corp.		6,245,129
	55,293	Colfax Corp.*		2,114,404
	117,537	Comfort Systems USA, Inc.		6,189,498
	28,700	Crane Co.		2,228,842
	53,064	Eagle Materials, Inc.		5,378,036
	39,923	ESCO Technologies, Inc.		4,120,852
	102,189	Exponent, Inc.		9,200,076
	150,705	Federal Signal Corp.		4,998,885
	56,671	FLIR Systems, Inc.		2,483,890
	24,305	Generac Holdings, Inc.*		5,527,200
	121,084	Gibraltar Industries, Inc.*		8,710,783
	79,873	Graco, Inc.		5,778,812
	557,566	GrafTech International, Ltd.		5,943,654
	58,200	Greif, Inc. Class A		2,728,416
	220,153	Harsco Corp.*		3,958,351
	30,534	HEICO Corp.		4,042,702
	32,500	HEICO Corp. Class A		3,804,450
	92,235	Hexcel Corp.		4,472,475
	44,828	Huntington Ingalls Industries, Inc.		7,642,277
	21,810	IDEX Corp.		4,344,552
	290,042	Ingersoll Rand, Inc.*		13,214,314
	74,400	Jabil, Inc.		3,164,232
	89,893	KBR, Inc.		2,780,390
	23,831	Landstar System, Inc.		3,209,082
	36,930	Lincoln Electric Holdings, Inc.		4,293,113
	22,064	Masonite International Corp.*		2,169,774
	38,100	MasTec, Inc.*		2,597,658
	42,300	Matthews International Corp. Class A		1,243,620
	66,400	MDU Resources Group, Inc.		1,748,976
	31,900	Moog, Inc. Class A		2,529,670

See accompanying Notes to the Schedule of Investments.

16

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		Industrial — continued
	36,726	Nordson Corp.		7,380,090
	91,269	nVent Electric Plc		2,125,655
	128,400	O-I Glass, Inc.		1,527,960
	15,435	Old Dominion Freight Line, Inc.		3,012,603
	31,300	Oshkosh Corp.		2,693,991
	15,500	OSI Systems, Inc.*		1,444,910
	26,500	Owens Corning		2,007,640
	71,100	Primoris Services Corp.		1,963,071
	42,436	RBC Bearings, Inc.*		7,597,741
	11,600	Regal Beloit Corp.		1,424,596
	43,100	Sanmina Corp.*		1,374,459
	136,400	Schneider National, Inc. Class B		2,823,480
	92,660	Sensata Technologies Holding Plc*		4,886,888
	73,400	Silgan Holdings, Inc.		2,721,672
	41,500	SMART Global Holdings, Inc.*		1,561,645
	12,200	Snap-on, Inc.		2,087,908
	17,900	SYNNEX Corp.		1,457,776
	12,745	Teledyne Technologies, Inc.*		4,995,785
	28,218	Tetra Tech, Inc.		3,267,080
	43,900	Textron, Inc.		2,121,687
	27,700	Timken Co. (The)		2,142,872
	35,400	TopBuild Corp.*		6,516,432
	129,252	Trex Co., Inc.*		10,820,977
	57,175	TriMas Corp.*		1,810,732
	79,633	Trimble, Inc.*		5,317,095
	35,000	Trinseo SA		1,792,350
	107,400	TTM Technologies, Inc.*		1,481,583
	81,767	Universal Logistics Holdings, Inc.		1,683,583
	88,078	US Ecology, Inc.		3,199,874
	82,300	Vishay Intertechnology, Inc.		1,704,433
	65,900	Westrock Co.		2,868,627
				315,092,367
		Technology — 14.9%
	68,018	1Life Healthcare, Inc.* (a)		2,968,986
	66,196	ACI Worldwide, Inc.*		2,543,912
	33,080	Alteryx, Inc. Class A* (a)		4,028,813
	30,600	Amdocs, Ltd.		2,170,458
	177,100	Amkor Technology, Inc.*		2,670,668
	409,231	Avaya Holdings Corp.*		7,836,774
	127,532	Black Knight, Inc.*		11,267,452
	41,663	Blackline, Inc.*		5,557,011
	28,122	Broadridge Financial Solutions, Inc.		4,308,290
	113,520	CDK Global, Inc.		5,883,742
	87,540	Cerence, Inc.* (a)		8,796,019
	39,090	Ceridian HCM Holding, Inc.*		4,165,430
	38,610	Cirrus Logic, Inc.*		3,173,742
	13,206	Concentrix Corp.*		1,303,432
	43,800	CSG Systems International, Inc.		1,974,066

See accompanying Notes to the Schedule of Investments.

17

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares		Description	Value ($)
		Technology — continued
	86,350	Cubic Corp.		5,357,154
	2,314	Diodes, Inc.*		163,137
	126,815	DXC Technology Co.		3,265,486
	60,100	Ebix, Inc.(a)		2,281,997
	82,100	Entegris, Inc.		7,889,810
	46,727	Envestnet, Inc.*		3,845,165
	38,709	EPAM Systems, Inc.*		13,871,370
	32,794	Five9, Inc.*		5,719,274
	43,940	Fortinet, Inc.*		6,526,408
	50,658	HubSpot, Inc.*		20,082,858
	19,500	Insight Enterprises, Inc.*		1,483,755
	32,400	j2 Global, Inc.*		3,165,156
	48,040	Lumentum Holdings, Inc.*		4,554,192
	106,886	MaxLinear, Inc.*		4,081,976
	67,078	MKS Instruments, Inc.		10,091,885
	16,763	Monolithic Power Systems, Inc.		6,139,114
	269,301	NCR Corp.* (a)		10,117,639
	40,402	Nova Measuring Instruments, Ltd.* (a)		2,852,381
	161,200	ON Semiconductor Corp.*		5,276,076
	30,778	Pegasystems, Inc.		4,101,476
	193,778	Perspecta, Inc.		4,666,174
	127,400	Pitney Bowes, Inc.		784,784
	50,232	Power Integrations, Inc.		4,111,992
	90,197	Rapid7, Inc.*		8,132,162
	72,220	RealPage, Inc.*		6,300,473
	47,100	Science Applications International Corp.		4,457,544
	47,300	Seagate Technology Plc		2,940,168
	63,150	Semtech Corp.*		4,552,484
	83,104	Silicon Laboratories, Inc.*		10,582,463
	98,874	Smartsheet, Inc. Class A*		6,850,979
	142,499	SVMK, Inc.*		3,640,849
	38,800	Sykes Enterprises, Inc.*		1,461,596
	105,480	Tenable Holdings, Inc.*		5,512,385
	9,465	Tyler Technologies, Inc.*		4,131,662
	45,300	Ultra Clean Holdings, Inc.*		1,411,095
	64,300	Xerox Holdings Corp.		1,491,117
	28,275	Zebra Technologies Corp. Class A*		10,866,931
	522,120	Zynga, Inc. Class A*		5,153,324
				276,563,286
		Utilities — 1.2%
	58,868	IDACORP, Inc.		5,653,094
	48,700	National Fuel Gas Co.		2,003,031
	108,100	NRG Energy, Inc.		4,059,155
	59,406	OGE Energy Corp.		1,892,675
	98,930	Portland General Electric Co.		4,231,236
	200,600	Vistra Corp.		3,943,796
				21,782,987
		TOTAL COMMON STOCKS (COST $1,425,354,592)		1,792,589,304

See accompanying Notes to the Schedule of Investments.

18

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 0.8%
			Mutual Fund - Securities Lending Collateral — 0.8%
	15,816,308		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b) (c)		15,816,308
			TOTAL SHORT-TERM INVESTMENT (COST $15,816,308)		15,816,308
			TOTAL INVESTMENTS — 97.6% (Cost $1,441,170,900)		1,808,405,612
			Other Assets and Liabilities (net) — 2.4%		44,274,135
			NET ASSETS — 100.0%	$1,852,679,747
			Notes to Schedule of Investments:
		*	Non-income producing security.
		(a)	All or a portion of this security is out on loan.
		(b)	The rate disclosed is the 7-day net yield as of December 31, 2020.
		(c)	Represents an investment of securities lending cash collateral.

See accompanying Notes to the Schedule of Investments.

19

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	152	Russell 2000 E-mini Index		Mar 2021	$	15,008,480	$	112,098
	53	S&P Mid 400 E-mini Index		Mar 2021		12,208,550		141,284
							$	253,382

Other Abbreviations

ADR — American Depository Receipt

REIT — Real Estate Investment Trust

See accompanying Notes to the Schedule of Investments.

20

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		96.8
Futures Contracts		0.0	*
Short-Term Investment		0.8
Other Assets and Liabilities (net)		2.4
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Schedule of Investments.

21

NPORT-EX

Mercer Funds

Notes to Schedule of Investments

December 31, 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, Class I, 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 December 31, 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

175

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

the close of trading. In cases where securities are traded on more than one exchange, the securities are generally valued on the exchange considered by the Advisor or the applicable Subadvisor as the primary market for such securities. Securities traded in the over-the-counter (“OTC”) market and listed on the NASDAQ Stock Market (“NASDAQ”) normally are valued at the NASDAQ official closing price; other OTC securities are valued at the last bid price available prior to valuation (other than short-term investments, which are valued as described below). The Funds may invest in securities that are traded in foreign markets. Foreign securities will be converted into U.S. dollar equivalents based on the exchange rate in effect at a uniform time on each business day. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board of Trustees of the Trust (the “Board”) has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments in open-end investment companies are valued at their net asset value (“NAV”) per share.

Certain fixed-income securities may be valued based upon appraisals received from 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

176

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

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.

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 December 31, 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.

The following is a summary of the portfolio securities by level based on inputs used as of December 31, 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	$	122,675,121	$	0	*	$	—	$	122,675,121
Austria		9,704,557		—			—		9,704,557
Belgium		8,825,890		—			—		8,825,890
Bermuda		9,781,980		—			—		9,781,980
Brazil		32,035,712		—			—		32,035,712
Canada		77,439,973		7,025			—		77,446,998
Cayman Islands		77,376,728		—			—		77,376,728
China		2,589,578		—			—		2,589,578
Denmark		49,217,025		—			—		49,217,025
Finland		46,839,118		—			—		46,839,118
France		468,858,574		—			—		468,858,574
Germany		298,632,486		—			—		298,632,486

177

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 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	$	39,869,188		$	—	$	—		$	39,869,188
Hungary		5,596,784			—		—			5,596,784
India		14,692,103			—		—			14,692,103
Indonesia		1,556,144			—		—			1,556,144
Ireland		31,549,287			—		—			31,549,287
Israel		13,771,399			—		—			13,771,399
Italy		86,516,045			—		—			86,516,045
Japan		881,019,152			—		—			881,019,152
Luxembourg		15,335,383			—		—			15,335,383
Malta		2,051,818			—		—			2,051,818
Marshall Islands		4,136,975			—		—			4,136,975
Mauritius		948,995			—		—			948,995
Mexico		9,820,829			—		—			9,820,829
Netherlands		164,127,095			—		—			164,127,095
New Zealand		2,775,391			—		—			2,775,391
Norway		21,859,790			—		—			21,859,790
Philippines		610,227			—		—			610,227
Portugal		2,253,018			—		0	**		2,253,018
Russia		30,033,570			—		—			30,033,570
Singapore		12,227,147			—		—			12,227,147
South Africa		5,838,616			—		—			5,838,616
South Korea		61,308,331			—		—			61,308,331
Spain		117,290,102			—		0	**		117,290,102
Sweden		97,703,759			—		—			97,703,759
Switzerland		321,586,473			—		—			321,586,473
Taiwan		73,269,826			—		—			73,269,826
Thailand		1,292,107			773,467		—			2,065,574
Turkey		2,856,358			—		—			2,856,358
United Kingdom		488,180,807			—		—			488,180,807
United States		88,629,268			—		—			88,629,268
Total Common Stocks		3,802,682,729			780,492		0			3,803,463,221
Investment Companies		35,050,145			—		—			35,050,145
Preferred Stocks
Brazil		4,068,103			—		—			4,068,103
Germany		49,821,476			—		—			49,821,476
Total Preferred Stocks		53,889,579			—		—			53,889,579
Rights
Australia		0	***		—		—			0
Spain		254,477			—		—			254,477
Total Rights		254,477			—		—			254,477
Warrant
Switzerland		61,644			—		—			61,644

178

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 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	$	56,631,500	$	—	$	—	$	56,631,500
Futures Contracts†
Buys		251,697		—		—		251,697
Total	$	3,948,821,771	$	780,492	$	0	$	3,949,602,263

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts†	$	—	$	(641,026	)	$	—	$	(641,026	)
Total	$	—	$	(641,026	)	$	—	$	(641,026	)

* Represents one or more Level 2 securities at $0 value as of December 31, 2020.

** Represents one or more Level 3 securities at $0 value as of December 31, 2020.

*** Represents one or more Level 1 securities at $0 value as of December 31, 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	$	—	$	107,596,535	$	—		$	107,596,535
Corporate Debt		—		416,310,798		0	**		416,310,798
Mortgage Backed Securities - Private Issuers		—		112,274,984		—			112,274,984
Mortgage Backed Securities - U.S. Government Agency Obligations		—		239,094,198		—			239,094,198
Municipal Obligations		—		13,136,699		—			13,136,699
Sovereign Debt Obligations		—		5,903,616		—			5,903,616
U.S. Government and Agency Obligations		—		133,261,186		—			133,261,186
Total Debt Obligations		—		1,027,578,016		0			1,027,578,016

179

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 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	$	4,450,665	$	—	$	—	$	4,450,665
U.S. Government and Agency Obligations		—		1,409,872		—		1,409,872
Total Short-Term Investments		4,450,665		1,409,872		—		5,860,537
Futures Contracts†
Buys		105,608		—		—		105,608
Sales		73,348		—		—		73,348
Total Futures Contracts		178,956		—		—		178,956
Total	$	4,629,621	$	1,028,987,888	$	0	$	1,033,617,509

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	$	(43,030	)	$	—		$	—	$	(43,030	)
Sales		(8,416	)		—			—		(8,416	)
Total Futures Contracts		(51,446	)		—			—		(51,446	)
Swaps
Centrally Cleared Interest Rate Swap†		—			(44,987	)		—		(44,987	)
Total Swaps		—			(44,987	)		—		(44,987	)
Forward Foreign Currency Contracts†		—			(10,838	)		—		(10,838	)
Total	$	(51,446	)	$	(55,825	)	$	—	$	(107,271	)

** Represents one or more Level 3 securities at $0 value as of December 31, 2020.

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

180

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 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	$	—	$	1,301,120,620		$	—		$	1,301,120,620
Common Stocks
Consumer, Cyclical		—		—			0	**		—
Energy		533,937		0	*		—			533,937
Utilities		—		524,006			—			524,006
Total Common Stocks		533,937		524,006			0			1,057,943
Convertible Preferred Stocks
Consumer, Non-cyclical		3,318,702		—			—			3,318,702
Energy		3,354,650		195,180			—			3,549,830
Total Convertible Preferred Stocks		6,673,352		195,180			—			6,868,532
Short-Term Investments
Mutual Fund—Securities Lending Collateral		13,530,458		—			—			13,530,458
Sovereign Debt Obligation		—		13,845,166			—			13,845,166
Total Short-Term Investments		13,530,458		13,845,166			—			27,375,624
Options Purchased		364,520		1,671,110			—			2,035,630
Futures Contracts†
Buys		85,824		—			—			85,824
Sales		183,910		—			—			183,910
Total Futures Contracts		269,734		—			—			269,734
Swaps
OTC Interest Rate Swaps		—		195,915			—			195,915
Centrally Cleared Interest Rate Swaps†		—		1,422,558			—			1,422,558
OTC Credit Default Swaps		—		63,455			—			63,455
Total Swaps		—		1,681,928			—			1,681,928
Forward Foreign Currency Contracts†		—		4,238,353			—			4,238,353
Total	$	21,372,001	$	1,323,276,363		$	0		$	1,344,648,364

181

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 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	$	(285,216	)	$	—		$	—	$	(285,216	)
Sales		(116,293	)		—			—		(116,293	)
Total Futures Contracts		(401,509	)		—			—		(401,509	)
Swaps
OTC Interest Rate Swaps		—			(130,291	)		—		(130,291	)
Centrally Cleared Credit Default Swap†		—			(29,710	)		—		(29,710	)
OTC Credit Default Swaps		—			(42,512	)		—		(42,512	)
Total Swaps		—			(202,513	)		—		(202,513	)
Forward Foreign Currency Contracts†		—			(4,247,988	)		—		(4,247,988	)
Written Options		(115,093	)		(355,895	)		—		(470,988	)
Total	$	(516,602	)	$	(4,806,396	)	$	—	$	(5,322,998	)

* Represents one or more Level 2 securities at $0 value as of December 31, 2020.

** Represents one or more Level 3 securities at $0 value as of December 31, 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	$	76,694	$	—	$	—	$	76,694
Bermuda		19,745,549		—		—		19,745,549
Brazil		64,471,501		—		—		64,471,501
Canada		3,169,518		—		—		3,169,518
Cayman Islands		329,544,319		11,621		—		329,555,940
Chile		2,232,127		—		—		2,232,127
China		217,383,639		—		—		217,383,639
Colombia		799,110		—		—		799,110
Czech Republic		645,139		—		—		645,139
France		3,816,492		—		—		3,816,492
Greece		1,042,920		—		—		1,042,920
Hong Kong		34,803,203		—		—		34,803,203
Hungary		545,509		—		—		545,509

182

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 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	$	173,121,788	$	—	$	—		$	173,121,788
Indonesia		21,532,876		—		—			21,532,876
Luxembourg		13,447,236		—		—			13,447,236
Malaysia		8,429,292		—		—			8,429,292
Marshall Islands		119,110		—		—			119,110
Mexico		33,684,881		—		—			33,684,881
Netherlands		11,334,231		—		—			11,334,231
Philippines		3,718,284		—		—			3,718,284
Poland		6,234,233		—		—			6,234,233
Russia		9,214,697		—		—			9,214,697
South Africa		47,097,388		—		—			47,097,388
South Korea		144,243,840		2,316,940		—			146,560,780
Spain		22,115		—		—			22,115
Taiwan		237,436,941		169,443		—			237,606,384
Thailand		3,538,170		7,525,996		—			11,064,166
Turkey		8,917,141		—		—			8,917,141
United Kingdom		29,485,610		—		—			29,485,610
United States		47,132,416		—		—			47,132,416
Total Common Stocks		1,476,985,969		10,024,000		—			1,487,009,969
Preferred Stocks
Brazil		16,706,469		—		—			16,706,469
Colombia		121,435		—		—			121,435
South Korea		18,814,783		—		—			18,814,783
Total Preferred Stocks		35,642,687		—		—			35,642,687
Rights
Hong Kong		—		—		0	**		—
Warrant
Thailand		1,752		—		—			1,752
Short-Term Investment
Mutual Fund - Securities Lending Collateral		4,813,638		—		—			4,813,638
Futures Contracts†
Buys		1,197,186		—		—			1,197,186
Total	$	1,518,641,232	$	10,024,000	$	0		$	1,528,665,232

** Represents one or more Level 3 securities at $0 value as of December 31, 2020.

† Futures contracts are valued at unrealized appreciation/depreciation.

183

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 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	$	21,476,273	$	—	$	—	$	21,476,273
Austria		1,684,269		—		—		1,684,269
Belgium		503,266		—		—		503,266
Bermuda		15,864,969		—		—		15,864,969
Canada		73,695,757		25,445		—		73,721,202
Cayman Islands		9,923,780		—		—		9,923,780
Denmark		3,968,864		—		—		3,968,864
Finland		3,644,382		—		—		3,644,382
France		65,303,826		—		—		65,303,826
Germany		17,644,951		—		—		17,644,951
Hong Kong		22,116,704		—		—		22,116,704
Ireland		21,798,357		—		—		21,798,357
Israel		6,653,746		—		—		6,653,746
Italy		81,215		—		—		81,215
Japan		57,943,911		—		—		57,943,911
Luxembourg		3,351,194		—		—		3,351,194
Netherlands		22,886,044		—		—		22,886,044
New Zealand		5,694,964		—		—		5,694,964
Norway		4,628,294		—		—		4,628,294
Portugal		802,979		—		—		802,979
Singapore		5,737,261		25,644		—		5,762,905
Spain		14,650,685		—		—		14,650,685
Sweden		16,993,740		—		—		16,993,740
Switzerland		38,124,600		—		—		38,124,600
United Kingdom		54,137,089		—		—		54,137,089
United States		765,484,335		—		—		765,484,335
Total Common Stocks		1,254,795,455		51,089		—		1,254,846,544
Preferred Stock
Germany		2,536,377		—		—		2,536,377
Short-Term Investment
Mutual Fund - Securities Lending Collateral		13,354,459		—		—		13,354,459
Futures Contracts†
Buys		472,480		—		—		472,480
Total Futures Contracts		472,480		—		—		472,480
Total	$	1,271,158,771	$	51,089	$	—	$	1,271,209,860

184

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 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	$	(3,349	)	$	—	$	—	$	(3,349	)
Total Futures Contracts		(3,349	)		—		—		(3,349	)
Total	$	(3,349	)	$	—	$	—	$	(3,349	)

† 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 December 31, 2020, Opportunistic Fixed had the following unfunded loan commitments:

Borrower	Par		Cost		Value		Unrealized Gain (Loss)
LBM Acquisition LLC	$	165,000	$	163,350	$	165,248	$	1,898
Planview Parent, Inc.		90,000		89,103		90,169		1,066
Precision Medicine Group, LLC		126,923		125,046		127,240		2,194
	$	381,923	$	377,499	$	382,657	$	5,158

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