NPORT-EX 2 NPORT_959874399025242.htm Mercer Funds

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