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

NPORT-EX

Mercer Core Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		DEBT OBLIGATIONS — 98.7%
		Asset Backed Securities — 10.3%
	400,000	AmeriCredit Automobile Receivables Trust, Series 2018-1, Class C, 3.50%, due 01/18/24		414,563
	100,000	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, due 02/18/25		103,546
	200,000	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, due 02/18/25		210,739
	400,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, due 04/18/25		416,936
	600,000	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, due 07/18/25		622,119
	500,000	AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, due 01/21/25		509,293
	100,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class C, 1.48%, due 02/18/26		101,469
	200,000	AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C, 1.06%, due 08/18/26		201,080
	1,507,000	AMSR Trust, Series 2020-SFR4, Class A, 1.36%, due 11/17/37 144A		1,524,240
	500,000	Anchorage Capital CLO 11, Ltd., Series 2019-11A, Class A, 1.61% (3 mo. USD LIBOR + 1.39%), due 07/22/32(b) 144A		500,685
	3,500,000	Anchorage Capital CLO 7, Ltd., Series 2015-7A, Class AR2, 1.31% (3 mo. USD LIBOR + 1.09%), due 01/28/31(b) 144A		3,494,194
	426,930	Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A		423,436
	430,920	Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A		443,310
	1,550,000	ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, due 08/15/28 144A		1,589,709
	20,471	Asset-Backed Pass-Through Certificates, Series 2004-R2, Class A1A, 0.84% (1 mo. USD LIBOR + 0.69%), due 04/25/34(b)		20,449
	985,701	Atlas Senior Loan Fund CLO V, Ltd., Series 2014-1A, Class AR2, 1.49% (3 mo. USD LIBOR + 1.26%), due 07/16/29(b) 144A		982,804
	377,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, due 03/20/26 144A		394,070
	207,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, due 08/20/26 144A		214,227
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class A1, 1.49% (3 mo. USD LIBOR + 1.25%), due 10/15/30(b) 144A		250,390
	112,683	BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21		112,860
	185,000	Bojangles Issuer LLC, Series 2020-1A, Class A2, 3.83%, due 10/20/50 144A		190,046
	97,254	BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A, 3.28%, due 09/26/33 144A		101,043
	305,000	Capital Automotive REIT, LP, Series 2020-1A, Class B1, 4.17%, due 02/15/50 144A		318,845
	1,713,000	Capital One Prime Auto Receivables Trust, Series 2019-1, Class A3, 2.51%, due 11/15/23		1,744,478
	497,130	Carlyle U.S. CLO, Ltd., Series 2017-1A, Class A1B, 1.45% (3 mo. USD LIBOR + 1.23%), due 04/20/31(b) 144A		496,717
	400,000	CarMax Auto Owner Trust, Series 2020-4, Class C, 1.30%, due 08/17/26		403,247
	1,126,167	CF Hippolyta LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A		1,150,198
	850,000	CIFC Funding CLO, Ltd., Series 2014-2RA, Class A1, 1.26% (3 mo. USD LIBOR + 1.05%), due 04/24/30 (b) 144A		848,437

See accompanying Notes to the Schedule of Investments.

45

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	1,200,000	Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30		1,452,794
	340,645	CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A		345,297
	310,284	Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 144A		318,420
	280,500	Credit Suisse Mortgage Trust, Series 2018-RPL8, Class A1, 4.13%, due 07/25/58(c) 144A		281,702
	907,343	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, due 11/20/47 144A		932,585
	145,875	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A		155,090
	741,613	DB Master Finance LLC, Series 2019-1A, Class A2I, 3.79%, due 05/20/49 144A		764,319
	485,000	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A		521,384
	840,020	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2I, 1.46% (3 mo. USD LIBOR + 1.25%), due 07/25/47(b) 144A		844,749
	300,000	Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65%, due 02/15/24		303,195
	200,000	Drive Auto Receivables Trust, Series 2020-2, Class B, 1.42%, due 03/17/25		202,751
	288,000	Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A		295,973
	1,406,000	FirstKey Homes Trust, Series 2020-SFR1, Class A, 1.34%, due 09/17/25 144A		1,426,091
	595,000	FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, due 10/19/37 144A		599,317
	220,335	Five Guys Funding LLC, Series 2017-1A, Class A2, 4.60%, due 07/25/47 144A		229,936
	125,450	FOCUS Brands Funding LLC, Series 2017-1A, Class A2I, 3.86%, due 04/30/47 144A		125,913
	511,000	Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04%, due 08/15/31 144A		539,418
	300,000	Ford Credit Auto Owner Trust, Series 2020-C, Class C, 1.04%, due 05/15/28		301,279
	1,600,000	Ford Credit Floorplan Master Owner Trust, Series 2018-2, Class A, 3.17%, due 03/15/25		1,697,859
	2,564,000	Ford Credit Floorplan Master Owner Trust, Series 2018-3, Class A1, 3.52%, due 10/15/23		2,629,843
	573,000	Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, due 04/15/26		621,750
	453,000	Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06%, due 09/15/27		460,792
	100,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, due 06/17/24		105,210
	872,354	GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.97%, due 11/16/23		887,410
	495,000	GMF Floorplan Owner Revolving Trust, Series 2019-2, Class A, 2.90%, due 04/15/26 144A		534,339
	224,000	GMF Floorplan Owner Revolving Trust, Series 2020-1, Class A, 0.68%, due 08/15/25 144A		225,612
	315,000	Golub Capital Partners ABS Funding CLO, Ltd., Series 2020-1A, Class A2, 3.21%, due 01/22/29 144A		315,000
	191,084	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A		195,624
	66,154	Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32 144A		70,283
	138,615	Home Equity Asset Trust, Series 2003-8, Class M1, 1.23% (1 mo. USD LIBOR + 1.08%), due 04/25/34(b)		138,827
	1,737,214	HPS Loan Management CLO, Ltd., Series 10A-2016, Class A1R, 1.36% (3 mo. USD LIBOR + 1.14%), due 01/20/28(b) 144A		1,735,362
	750,000	HPS Loan Management CLO, Ltd., Series 15A-2019, Class A1, 1.54% (3 mo. USD LIBOR + 1.32%), due 07/22/32(b) 144A		750,523

See accompanying Notes to the Schedule of Investments.

46

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	ICG US CLO, Ltd., Series 2017-2A, Class A1, 1.49% (3 mo. USD LIBOR + 1.28%), due 10/23/29(b) 144A		499,268
	508,930	Invitation Homes Trust, Series 2018-SFR1, Class A, 0.85% (1 mo. USD LIBOR + 0.70%), due 03/17/37(b) 144A		505,969
	153,838	Jack In The Box Funding LLC, Series 2019-1A, Class A21, 3.98%, due 08/25/49 144A		158,430
	153,838	Jack In The Box Funding LLC, Series 2019-1A, Class A23, 4.97%, due 08/25/49 144A		166,148
	208,358	Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 144A		212,195
	249,538	Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.44%, due 05/25/59(d) 144A		251,083
	181,493	Limerock CLO III LLC, Series 2014-3A, Class A1R, 1.42% (3 mo. USD LIBOR + 1.20%), due 10/20/26(b) 144A		181,512
	120,905	MelTel Land Funding LLC, Series 2019-1A, Class A, 3.77%, due 04/15/49 144A		126,112
	743,240	MidOcean Credit CLO III, Series 2014-3A, Class A1R, 1.33% (3 mo. USD LIBOR + 1.12%), due 04/21/31(b) 144A		738,379
	117,855	Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.48%, due 08/25/58(c) 144A		124,500
	100,665	Morgan Stanley ABS Capital I, Inc., Series 2003-NC10, Class M1, 1.17% (1 mo. USD LIBOR + 1.02%), due 10/25/33(b)		100,449
	49,835	Morgan Stanley ABS Capital I, Inc., Series 2003-NC7, Class M1, 1.20% (1 mo. USD LIBOR + 1.05%), due 06/25/33(b)		49,915
	131,222	MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/36 144A		136,595
	88,099	Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/45 144A		92,562
	336,000	Navient Private Education Refi Student Loan Trust, Series 2019-FA, Class A2, 2.60%, due 08/15/68 144A		347,263
	257,345	Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A		258,265
	197,279	New Century Home Equity Loan Trust, Series 2003-A, Class A, 0.87% (1 mo. USD LIBOR + 0.72%), due 10/25/33(b) 144A		192,973
	97,755	New Residential Mortgage LLC, Series 2018-FNT2, Class A, 3.79%, due 07/25/54 144A		98,044
	1,815,000	NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.69%, due 10/15/23 144A		1,862,562
	2,655,000	NextGear Floorplan Master Owner Trust, Series 2020-1A, Class A2, 1.55%, due 02/15/25 144A		2,716,444
	600,000	North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 1.01% (3 mo. USD LIBOR + 0.80%), due 07/25/36(b)		598,404
	156,963	NRZ Excess Spread-Collateralized Notes, Series 2018-FNT1, Class A, 3.61%, due 05/25/23 144A		157,478
	250,000	OCP CLO, Ltd., Series 2017-13A, Class A1A, 1.50% (3 mo. USD LIBOR + 1.26%), due 07/15/30(b) 144A		250,125
	131,492	OneMain Financial Issuance Trust, Series 2017-1A, Class A2, 0.95% (1 mo. USD LIBOR + 0.80%), due 09/14/32(b) 144A		131,595
	170,000	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, due 03/14/29 144A		171,762
	206,000	Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, due 02/15/27 144A		213,309
	2,340,084	OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 1.47% (3 mo. USD LIBOR + 1.25%), due 10/22/30(b) 144A		2,339,280
	741,917	OZLM IX CLO, Ltd., Series 2014-9A, Class A1AR, 1.50% (3 mo. USD LIBOR + 1.28%), due 10/20/31(b) 144A		741,941

See accompanying Notes to the Schedule of Investments.

47

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	247,297	OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 1.46% (3 mo. USD LIBOR + 1.25%), due 10/30/30(b) 144A		246,249
	500,000	OZLM XXIV CLO, Ltd., Series 2019-24A, Class A1A, 1.61% (3 mo. USD LIBOR + 1.39%), due 07/20/32(b) 144A		500,540
	1,000,000	Palmer Square CLO, Ltd., Series 2015-1A, Class A1R2, 1.43% (3 mo. USD LIBOR + 1.22%), due 05/21/29(b)		1,000,107
	1,000,000	Palmer Square CLO, Ltd., Series 2015-1A, Class A1R3 (3 mo. USD LIBOR + 1.00%), due 05/21/29(b) (e) 144A		1,000,500
	750,000	Palmer Square CLO, Ltd., Series 2018-2A, Class A1A, 1.33% (3 mo. USD LIBOR + 1.10%), due 07/16/31(b) 144A		750,002
	277,000	PFS Financing Corp., Series 2020-E, Class A, 1.00%, due 10/15/25 144A		279,489
	1,250,000	Pikes Peak CLO 4, Series 2019-4A, Class A, 1.61% (3 mo. USD LIBOR + 1.37%), due 07/15/32(b) 144A		1,251,119
	649,359	Progress Residential Trust, Series 2019-SFR1, Class A, 3.42%, due 08/17/35 144A		668,642
	1,329,000	Progress Residential Trust, Series 2019-SFR4, Class A, 2.69%, due 10/17/36 144A		1,374,015
	1,313,000	Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, due 04/17/37 144A		1,338,899
	6,716	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35(d)		6,977
	250,000	Romark CLO II, Ltd., Series 2018-2A, Class A1, 1.39% (3 mo. USD LIBOR + 1.18%), due 07/25/31(b) 144A		248,392
	739,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, due 04/20/45 144A		788,888
	900,000	Santander Drive Auto Receivables Trust, Series 2019-3, Class B, 2.28%, due 09/15/23		907,245
	400,000	Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, due 10/15/25		408,462
	500,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class C, 1.46%, due 09/15/25		506,992
	600,000	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, due 01/15/26		605,283
	400,000	Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, due 01/15/26		402,109
	438,000	Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, due 01/26/32 144A		466,275
	91,121	Saxon Asset Securities Trust, Series 2005-1, Class M1, 0.84% (1 mo. USD LIBOR + 0.69%), due 05/25/35(b)		91,177
	385,125	Sesac Finance LLC, Series 2019-1, Class A2, 5.22%, due 07/25/49 144A		410,733
	79,545	Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A, 3.20%, due 01/20/36 144A		82,599
	500,000	Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 1.46% (3 mo. USD LIBOR + 1.24%), due 07/20/30(b) 144A		500,176
	2,339,977	Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33		2,503,294
	1,449,509	Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33		1,569,409
	2,205,546	Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34		2,369,579
	850,969	Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34		917,654
	713,655	Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34		767,913
	2,491,907	Small Business Administration, Series 2019-25F, Class 1, 2.77%, due 06/01/44		2,712,234
	983,341	Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45		1,011,340
	60,758	SMB Private Education Loan Trust, Series 2015-C, Class A2A, 2.75%, due 07/15/27 144A		61,652
	387,000	SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.84%, due 06/15/37 144A		409,204
	210,000	SMB Private Education Loan Trust, Series 2020-PTA, Class A2A, 1.60%, due 09/15/54 144A		212,651
	330,225	Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A		354,172

See accompanying Notes to the Schedule of Investments.

48

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	1,750,000	Sound Point CLO VII-R, Ltd., Series 2014-3RA, Class A1, 1.46% (3 mo. USD LIBOR + 1.25%), due 10/23/31(b) 144A		1,746,941
	2,750,000	Sound Point CLO XIV, Ltd., Series 2016-3A, Class AR, 1.36% (3 mo. USD LIBOR + 1.15%), due 01/23/29(b) 144A		2,748,238
	500,000	Sound Point CLO XVI, Ltd., Series 2017-2A, Class A, 1.49% (3 mo. USD LIBOR + 1.28%), due 07/25/30(b) 144A		499,379
	663,607	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, due 02/25/44 144A		712,369
	547,000	Stack Infrastructure Issuer LLC, Series 2019-2A, Class A2, 3.08%, due 10/25/44 144A		569,364
	651,814	STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A		686,184
	231,376	Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A		208,235
	344,960	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, due 11/25/48 144A		351,610
	208,002	Telos CLO, Series 2013-3A, Class AR, 1.52% (3 mo. USD LIBOR + 1.30%), due 07/17/26(b) 144A		208,049
	978,000	Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, due 11/25/31 144A		1,045,521
	487,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, due 05/25/33 144A		502,154
	1,537,000	Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.75%, due 03/17/38 144A		1,621,066
	667,506	Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 144A		677,526
	2,132,000	Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, due 09/15/45 144A		2,152,797
	249,000	Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A		251,713
	500,000	Venture XIX CLO, Ltd., Series 2014-19A, Class ARR, 1.50% (3 mo. USD LIBOR + 1.26%), due 01/15/32(b) 144A		499,753
	3,462,000	Verizon Owner Trust, Series 2019-B, Class A1A, 2.33%, due 12/20/23		3,531,775
	597,000	Verizon Owner Trust, Series 2020-B, Class A, 0.47%, due 02/20/25		599,504
	488,360	VR Funding LLC, Series 2020-1A, Class A, 2.79%, due 11/15/50 144A		470,905
	114,526	VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A		117,107
	500,000	Wellfleet CLO, Ltd., Series 2018-3A, Class A1A, 1.47% (3 mo. USD LIBOR + 1.25%), due 01/20/32(b) 144A		500,036
	750,000	Wellfleet CLO, Ltd., Series 2019-1A, Class A1, 1.56% (3 mo. USD LIBOR + 1.34%), due 07/20/32(b) 144A		750,434
	558,735	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A		595,241
	62,200	Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/30 144A		62,431
	153,000	Westlake Automobile Receivables Trust, Series 2019-1A, Class C, 3.45%, due 03/15/24 144A		156,124
	129,704	Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A		112,785
	1,442,000	World Omni Auto Receivables Trust, Series 2019-B, Class A3, 2.59%, due 07/15/24		1,466,372
	1,100,000	World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, due 12/15/25		1,130,983
	200,000	World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, due 12/15/25		206,964
	1,000,000	York CLO-2, Ltd., Series 2015-1A, Class AR, 1.37% (3 mo. USD LIBOR + 1.15%), due 01/22/31(b) 144A		997,632
	3,500,000	York CLO-4, Ltd., Series 2016-2A, Class A1R, 1.31% (3 mo. USD LIBOR + 1.09%), due 04/20/32(b) 144A		3,486,126
	750,000	York CLO-6, Ltd., Series 2019-1A, Class A1, 1.57% (3 mo. USD LIBOR + 1.35%), due 07/22/32(b) 144A		750,438
	242,872	Zais CLO 6, Ltd., Series 2017-1A, Class A1, 1.61% (3 mo. USD LIBOR + 1.37%), due 07/15/29(b) 144A		242,468
				107,596,535

See accompanying Notes to the Schedule of Investments.

49

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — 40.0%
	490,000	1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 144A		497,193
	748,000	AbbVie, Inc., 3.20%, due 11/21/29		839,558
	300,000	AbbVie, Inc., 3.60%, due 05/14/25		334,420
	678,000	AbbVie, Inc., 4.25%, due 11/21/49		853,124
	1,400,000	AbbVie, Inc., 4.50%, due 05/14/35		1,760,397
	640,000	AbbVie, Inc., 4.55%, due 03/15/35		811,314
	170,000	AbbVie, Inc., 4.70%, due 05/14/45		222,744
	290,000	AbbVie, Inc., 4.75%, due 03/15/45		380,478
	130,829	ABY Transmision Sur SA, 6.88%, due 04/30/43 144A		176,618
	145,000	Activision Blizzard, Inc., 3.40%, due 09/15/26		165,131
	336,000	Advantage Sales & Marketing, Inc., 6.50%, due 11/15/28 144A		355,950
	1,340,000	Advocate Health & Hospitals Corp., 2.21%, due 06/15/30(f)		1,399,622
	620,000	AECOM, 5.13%, due 03/15/27		692,162
	400,000	AEP Texas, Inc., 3.80%, due 10/01/47		475,343
	260,000	AEP Transmission Co. LLC, 3.80%, due 06/15/49		321,918
	432,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.88%, due 08/14/24		449,726
	1,600,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26		1,796,120
	252,000	AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A		272,954
	370,000	Aetna, Inc., 4.75%, due 03/15/44		477,643
	111,000	Affinity Gaming, 6.88%, due 12/15/27 144A		116,582
	233,000	Ahern Rentals, Inc., 7.38%, due 05/15/23 144A		170,818
	712,773	Air Canada Pass Through Trust, 3.60%, due 09/15/28 144A		703,039
	164,868	Air Canada Pass Through Trust, 3.70%, due 07/15/27 144A		153,134
	117,907	Air Canada Pass Through Trust, 4.13%, due 11/15/26 144A		113,956
	169,000	Air Lease Corp., 3.63%, due 12/01/27		182,708
	180,000	Air Lease Corp., (MTN), 2.88%, due 01/15/26		190,640
	199,000	Aircastle, Ltd., 5.50%, due 02/15/22		207,325
	231,000	Aker BP ASA, 2.88%, due 01/15/26 144A		236,012
	170,000	Aker BP ASA, 3.00%, due 01/15/25 144A		178,746
	427,000	Aker BP ASA, 4.00%, due 01/15/31 144A		463,489
	118,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 3.25%, due 03/15/26 144A		119,918
	296,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 3.50%, due 03/15/29 144A		299,958
	92,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 4.88%, due 02/15/30 144A		101,465
	572,000	Ally Financial, Inc., 5.13%, due 09/30/24		659,992
	279,000	Ally Financial, Inc., 5.80%, due 05/01/25		331,617
	210,000	Altria Group, Inc., 3.40%, due 05/06/30		235,992
	663,000	Amazon.com, Inc., 3.15%, due 08/22/27		755,309
	284,000	Amazon.com, Inc., 4.05%, due 08/22/47		375,666
	217,177	American Airlines Pass Through Trust, 3.15%, due 08/15/33		213,835
	730,575	American Airlines Pass Through Trust, 3.38%, due 11/01/28		687,501
	144,785	American Airlines Pass Through Trust, 3.50%, due 08/15/33		127,225
	193,691	American Airlines Pass Through Trust, 3.60%, due 04/15/31		179,799
	208,845	American Airlines Pass Through Trust, 3.65%, due 02/15/29		211,366
	97,823	American Airlines Pass Through Trust, 3.70%, due 11/01/24		81,999
	114,368	American Airlines Pass Through Trust, 4.00%, due 08/15/30		101,866
	283,277	American Airlines Pass Through Trust, 4.10%, due 07/15/29		264,552

See accompanying Notes to the Schedule of Investments.

50

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	19,789	American Airlines Pass Through Trust, 6.98%, due 11/23/22		19,244
	700,000	American Express Co., 3.40%, due 02/27/23		744,716
	287,000	American Homes 4 Rent, LP REIT, 4.25%, due 02/15/28		330,397
	1,780,000	American Honda Finance Corp. (MTN), 0.88%, due 07/07/23		1,802,339
	1,400,000	American International Group, Inc., 4.88%, due 06/01/22		1,485,653
	485,000	American Tower Corp. REIT, 2.40%, due 03/15/25		515,840
	230,000	American Tower Corp. REIT, 2.95%, due 01/15/25		249,359
	618,000	American Tower Corp. REIT, 3.55%, due 07/15/27		699,849
	239,000	American Tower Corp. REIT, 3.80%, due 08/15/29		278,275
	575,000	American Water Capital Corp., 2.80%, due 05/01/30		636,528
	190,000	AmeriGas Partners, LP/AmeriGas Finance Corp., 5.50%, due 05/20/25		210,900
	250,000	AmeriGas Partners, LP/AmeriGas Finance Corp., 5.88%, due 08/20/26		281,829
	386,000	AmerisourceBergen Corp., 2.80%, due 05/15/30		420,172
	665,000	Amgen, Inc., 2.20%, due 02/21/27		713,288
	158,000	ANGI Group LLC, 3.88%, due 08/15/28 144A		161,061
	150,000	Anglo American Capital Plc, 4.75%, due 04/10/27 144A		177,191
	2,014,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46		2,626,853
	367,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48		465,179
	350,000	Anheuser-Busch InBev Worldwide, Inc., 5.55%, due 01/23/49(f)		498,467
	361,000	Antero Resources Corp., 5.00%, due 03/01/25(f)		343,627
	146,000	Anthem, Inc., 2.25%, due 05/15/30		155,277
	5,000	Anthem, Inc., 5.10%, due 01/15/44		6,955
	835,000	Apple, Inc., 2.65%, due 05/11/50		888,034
	250,000	Applied Materials, Inc., 2.75%, due 06/01/50		273,104
	230,000	APX Group, Inc., 7.63%, due 09/01/23(f)		239,056
	225,000	Aquarion Co., 4.00%, due 08/15/24(f) 144A		246,312
	97,000	Arconic Corp., 6.00%, due 05/15/25 144A		103,729
	34,000	Arconic Corp., 6.13%, due 02/15/28 144A		36,720
	234,000	Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.00%, due 02/15/25 144A		242,716
	332,000	Ares Capital Corp., 3.88%, due 01/15/26		360,156
	314,000	Ares Capital Corp., 4.20%, due 06/10/24		339,103
	146,000	Asbury Automotive Group, Inc., 4.75%, due 03/01/30		156,767
	710,000	Ascension Health, 2.53%, due 11/15/29		778,484
	150,000	Ascension Health, 3.11%, due 11/15/39		167,643
	140,000	Ashtead Capital, Inc., 4.38%, due 08/15/27 144A		148,225
	700,000	AT&T, Inc., 1.40% (3 mo. USD LIBOR + 1.18%), due 06/12/24(b)		717,376
	274,000	AT&T, Inc., 2.30%, due 06/01/27		292,572
	2,377,000	AT&T, Inc., 2.55%, due 12/01/33 144A		2,442,022
	150,000	AT&T, Inc., 2.63%, due 12/01/22		155,649
	438,000	AT&T, Inc., 3.10%, due 02/01/43		445,955
	814,000	AT&T, Inc., 3.50%, due 06/01/41		880,125
	2,000,000	AT&T, Inc., 3.50%, due 09/15/53 144A		2,010,661
	122,000	AT&T, Inc., 3.65%, due 06/01/51		127,981
	535,000	AT&T, Inc., 3.65%, due 09/15/59 144A		541,325
	201,000	AT&T, Inc., 3.80%, due 12/01/57 144A		210,875
	25,000	AT&T, Inc., 4.30%, due 02/15/30		29,886
	41,000	ATS Automation Tooling Systems, Inc., 4.13%, due 12/15/28 144A		41,820

See accompanying Notes to the Schedule of Investments.

51

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	130,000	Australia & New Zealand Banking Group, Ltd., 6.75% (5 yr. USD ICE swap + 5.17%)(b) (f) (g) 144A		151,838
	128,000	Autodesk, Inc., 2.85%, due 01/15/30		142,410
	209,000	AutoNation, Inc., 4.75%, due 06/01/30		251,784
	192,000	Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		205,654
	139,000	AXA SA, 8.60%, due 12/15/30		216,745
	942,000	BAE Systems Finance, Inc., 7.50%, due 07/01/27 144A		1,267,059
	696,000	BAE Systems Holdings, Inc., 3.85%, due 12/15/25 144A		790,304
	440,000	BAE Systems Plc, 1.90%, due 02/15/31 144A		445,818
	1,000,000	BAE Systems Plc, 3.40%, due 04/15/30 144A		1,134,659
	321,000	Bally’s Corp., 6.75%, due 06/01/27 144A		344,874
	200,000	Banco Santander SA, 3.85%, due 04/12/23		214,965
	100,000	Banco Santander SA, 4.38%, due 04/12/28(f)		116,715
	511,000	Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31(b)		548,124
	877,000	Bank of America Corp., 4.24% (3 mo. USD LIBOR + 1.81%), due 04/24/38(b)		1,081,718
	160,000	Bank of America Corp., 5.13% (3 mo. USD LIBOR + 3.29%)(b) (g)		169,292
	621,000	Bank of America Corp., 6.30% (3 mo. USD LIBOR + 4.55%)(b) (g)		725,406
	610,000	Bank of America Corp., (MTN), 2.50% (3 mo. USD LIBOR + 0.99%), due 02/13/31(b)		648,390
	303,000	Bank of America Corp., (MTN), 2.83% (SOFR + 1.88%), due 10/24/51(b)		316,693
	160,000	Bank of America Corp., (MTN), 2.88% (3 mo. USD LIBOR + 1.19%), due 10/22/30(b)		175,835
	491,000	Bank of America Corp., (MTN), 3.25%, due 10/21/27		549,767
	1,270,000	Bank of America Corp., (MTN), 3.50%, due 04/19/26		1,440,382
	755,000	Bank of America Corp., (MTN), 3.59% (3 mo. USD LIBOR + 1.37%), due 07/21/28(b)		858,201
	493,000	Bank of America Corp., (MTN), 3.95%, due 04/21/25		555,975
	500,000	Bank of America Corp., (MTN), 4.13%, due 01/22/24		554,408
	165,000	Bank of America Corp., (MTN), 4.20%, due 08/26/24		184,809
	210,000	Bank of America Corp., (MTN), 4.27% (3 mo. USD LIBOR + 1.31%), due 07/23/29(b)		250,221
	213,000	Bank of America Corp., (MTN), 4.33% (3 mo. USD LIBOR + 1.52%), due 03/15/50(b)		279,950
	1,376,000	Bank of America Corp., (MTN), 4.45%, due 03/03/26		1,604,548
	1,053,000	Barclays Bank Plc, 1.70%, due 05/12/22		1,071,825
	575,000	Barclays Plc, 3.68%, due 01/10/23		592,831
	264,000	Barclays Plc, 4.38%, due 01/12/26		304,633
	400,000	Barclays Plc, 4.97% (3 mo. USD LIBOR + 1.90%), due 05/16/29(b)		480,148
	770,000	BAT Capital Corp., 3.22%, due 08/15/24		834,030
	157,000	Bausch Health Cos., Inc., 5.25%, due 01/30/30 144A		165,026
	359,000	Bausch Health Cos., Inc., 6.13%, due 04/15/25 144A		370,366
	329,000	Bausch Health Cos., Inc., 6.25%, due 02/15/29 144A		357,850
	605,000	Berkshire Hathaway Energy Co., 3.70%, due 07/15/30 144A		717,635
	85,000	Berkshire Hathaway Energy Co., 5.95%, due 05/15/37		123,542
	1,312,000	Berkshire Hathaway Energy Co., 6.13%, due 04/01/36		1,944,002
	1,015,000	Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A		1,040,282
	542,000	Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A		604,322
	110,000	BMW US Capital LLC, 0.63% (3 mo. USD LIBOR + 0.41%), due 04/12/21(b) 144A		110,078
	310,000	BNP Paribas SA, 3.38%, due 01/09/25 144A		339,633
	200,000	BNP Paribas SA, 4.38%, due 09/28/25 144A		229,045
	631,000	Boeing Co. (The), 3.20%, due 03/01/29		666,571
	185,000	Boeing Co. (The), 3.75%, due 02/01/50		194,890
	295,000	Boeing Co. (The), 3.95%, due 08/01/59		316,366
	450,000	Boeing Co. (The), 5.04%, due 05/01/27		526,791

See accompanying Notes to the Schedule of Investments.

52

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	271,000	Boeing Co. (The), 5.81%, due 05/01/50		374,080
	44,000	Boise Cascade Co., 4.88%, due 07/01/30 144A		47,713
	170,000	Booking Holdings, Inc., 4.63%, due 04/13/30		211,479
	605,000	BP Capital Markets America, Inc., 2.94%, due 04/06/23		638,756
	338,000	BPCE SA, 4.50%, due 03/15/25 144A		382,523
	360,000	BPCE SA, 5.70%, due 10/22/23 144A		407,729
	310,000	Braskem Netherlands Finance BV, 8.50% (5 yr. CMT + 8.22%), due 01/23/81(b) (f) 144A		345,498
	230,000	BRF SA, 5.75%, due 09/21/50 144A		256,306
	347,000	Brighthouse Financial, Inc., 3.70%, due 06/22/27		377,686
	115,000	Brightstar Escrow Corp., 9.75%, due 10/15/25 144A		123,194
	715,000	Bristol-Myers Squibb Co., 2.25%, due 08/15/21		722,957
	55,000	Bristol-Myers Squibb Co., 4.13%, due 06/15/39		70,266
	230,000	Bristol-Myers Squibb Co., 4.25%, due 10/26/49(f)		311,598
	135,000	Bristol-Myers Squibb Co., 5.00%, due 08/15/45		195,571
	87,029	British Airways Pass Through Trust, 4.13%, due 03/20/33 144A		82,869
	182,000	British Airways Pass Through Trust, 4.25%, due 05/15/34(f) 144A		195,309
	151,000	British Airways Pass Through Trust, Class B, 8.38%, due 11/15/28 144A		167,232
	257,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.13%, due 01/15/25		277,657
	1,070,000	Broadcom, Inc., 3.15%, due 11/15/25		1,169,693
	1,046,000	Broadcom, Inc., 4.11%, due 09/15/28		1,199,079
	460,000	Broadcom, Inc., 4.70%, due 04/15/25		527,349
	1,544,000	Broadcom, Inc., 4.75%, due 04/15/29		1,842,819
	1,139,000	Broadcom, Inc., 5.00%, due 04/15/30		1,386,134
	32,000	Builders FirstSource, Inc., 5.00%, due 03/01/30 144A		34,700
	63,000	Builders FirstSource, Inc., 6.75%, due 06/01/27 144A		68,415
	140,000	C&W Senior Financing DAC, 6.88%, due 09/15/27 144A		151,392
	99,000	Cable One, Inc., 4.00%, due 11/15/30 144A		103,022
	100,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, due 07/01/25 144A		106,083
	509,000	Canadian Pacific Railway Co., 6.13%, due 09/15/15(h)		854,425
	451,000	Cantor Fitzgerald, LP, 4.88%, due 05/01/24 144A		502,619
	1,595,000	Capital One Financial Corp., 3.30%, due 10/30/24		1,753,097
	180,000	Cargill, Inc., 2.13%, due 04/23/30 144A		189,608
	1,000,000	Carlyle Holdings Finance LLC, 3.88%, due 02/01/23 144A		1,064,562
	160,000	Carrier Global Corp., 2.72%, due 02/15/30		171,377
	55,000	Catalent Pharma Solutions, Inc., 5.00%, due 07/15/27 144A		58,181
	245,000	Caterpillar, Inc., 2.60%, due 04/09/30(f)		270,404
	113,000	CCM Merger, Inc., 6.38%, due 05/01/26 144A		118,933
	210,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A		230,452
	124,000	CDW LLC/CDW Finance Corp., 3.25%, due 02/15/29		126,598
	450,000	CDW LLC/CDW Finance Corp., 5.50%, due 12/01/24		503,939
	279,000	Cemex SAB de CV, 5.20%, due 09/17/30 144A		306,272
	210,000	Cemex SAB de CV, 7.38%, due 06/05/27 144A		239,242
	240,000	Cenovus Energy, Inc., 5.40%, due 06/15/47		282,156
	328,000	Centene Corp., 3.00%, due 10/15/30		348,057
	143,000	Centene Corp., 3.38%, due 02/15/30		150,673
	103,000	Centene Corp., 4.25%, due 12/15/27		109,418
	115,000	Centene Corp., 4.63%, due 12/15/29		127,823
	284,000	Centene Corp., 5.38%, due 06/01/26 144A		299,893

See accompanying Notes to the Schedule of Investments.

53

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	335,000	CenterPoint Energy, Inc., 3.70%, due 09/01/49		387,272
	354,000	CenturyLink, Inc., 4.00%, due 02/15/27 144A		365,990
	305,000	CenturyLink, Inc., 4.50%, due 01/15/29 144A		310,909
	350,000	CenturyLink, Inc., 6.75%, due 12/01/23		390,469
	50,000	Charles River Laboratories International, Inc., 4.25%, due 05/01/28 144A		52,460
	880,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, due 04/01/31		931,979
	577,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		666,108
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, due 07/23/22		5,273
	928,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, due 03/01/50		1,110,252
	270,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 05/01/47		337,501
	682,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.75%, due 04/01/48		894,406
	1,964,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35		2,696,258
	883,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45		1,251,620
	336,000	Cheniere Energy Partners, LP, 4.50%, due 10/01/29		355,915
	643,000	Chevron Corp., 2.00%, due 05/11/27		682,492
	92,000	Choice Hotels International, Inc., 3.70%, due 12/01/29		100,628
	158,000	Choice Hotels International, Inc., 3.70%, due 01/15/31		175,284
	1,790,000	Cigna Corp., 3.40%, due 03/01/27		2,023,874
	660,000	Cigna Corp., 4.38%, due 10/15/28		798,257
	295,000	Cigna Corp., 4.80%, due 07/15/46		389,768
	245,000	Cigna Corp., 4.90%, due 12/15/48		337,481
	185,000	Cimarex Energy Co., 4.38%, due 06/01/24		201,984
	330,000	Cimpress Plc, 7.00%, due 06/15/26 144A		348,087
	317,000	Cincinnati Bell, Inc., 7.00%, due 07/15/24 144A		330,667
	555,000	Citigroup, Inc., 3.20%, due 10/21/26		620,783
	2,487,000	Citigroup, Inc., 3.40%, due 05/01/26		2,801,378
	625,000	Citigroup, Inc., 3.52% (3 mo. USD LIBOR + 1.15%), due 10/27/28(b)		707,029
	310,000	Citigroup, Inc., 3.67% (3 mo. USD LIBOR + 1.39%), due 07/24/28(b)		351,655
	1,585,000	Citigroup, Inc., 3.89% (3 mo. USD LIBOR + 1.56%), due 01/10/28(b)		1,817,521
	1,400,000	Citigroup, Inc., 4.08% (3 mo. USD LIBOR + 1.19%), due 04/23/29(b)		1,643,093
	550,000	Citigroup, Inc., 4.32% (3 mo. USD LIBOR + 4.10%)(b) (g)		548,625
	180,000	Citigroup, Inc., 4.40%, due 06/10/25		205,879
	440,000	Citigroup, Inc., 4.41% (SOFR + 3.91%), due 03/31/31(b)		533,985
	660,000	Citigroup, Inc., 4.60%, due 03/09/26		773,990
	174,000	Citigroup, Inc., 4.70% (3 mo. USD LIBOR + 4.48%)(b) (g)		174,266
	998,000	Citigroup, Inc., 4.70% (SOFR + 3.23%)(b) (g)		1,027,406
	150,000	Citigroup, Inc., 5.50%, due 09/13/25		180,436
	426,000	Citigroup, Inc., 6.25% (3 mo. USD LIBOR + 4.52%)(b) (g)		489,669
	509,000	Citizens Financial Group, Inc., 3.25%, due 04/30/30		574,503
	39,000	Clark Equipment Co., 5.88%, due 06/01/25 144A		41,267
	45,000	Clean Harbors, Inc., 4.88%, due 07/15/27 144A		47,025

See accompanying Notes to the Schedule of Investments.

54

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	524,000	Cleveland Clinic Foundation (The), 4.86%, due 01/01/14(h)		741,657
	169,000	CNA Financial Corp., 2.05%, due 08/15/30		172,670
	245,000	CNAC HK Finbridge Co., Ltd., Reg S, 3.50%, due 07/19/22(i) 144A		247,436
	122,000	CNO Financial Group, Inc., 5.25%, due 05/30/25		141,883
	428,000	CNO Financial Group, Inc., 5.25%, due 05/30/29		518,461
	335,000	CNOOC Finance 2013, Ltd., 2.88%, due 09/30/29		349,360
	153,000	Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, due 08/15/26 144A		174,108
	500,000	Comcast Corp., 2.45%, due 08/15/52		486,277
	429,000	Comcast Corp., 3.30%, due 04/01/27		488,357
	1,007,000	Comcast Corp., 3.40%, due 04/01/30		1,165,364
	2,400,000	Comcast Corp., 3.95%, due 10/15/25		2,759,080
	5,000	Comcast Corp., 3.97%, due 11/01/47		6,281
	86,000	Comcast Corp., 4.00%, due 11/01/49		108,764
	446,000	Comcast Corp., 4.05%, due 11/01/52		572,081
	1,184,000	Comcast Corp., 4.15%, due 10/15/28		1,426,211
	20,000	Comcast Corp., 6.50%, due 11/15/35		30,983
	54,000	Commercial Metals Co., 5.38%, due 07/15/27		56,970
	1,419,000	CommonSpirit Health, 2.76%, due 10/01/24		1,521,994
	357,000	CommonSpirit Health, 4.19%, due 10/01/49		417,372
	350,000	Commonwealth Edison Co., 4.00%, due 03/01/48		444,063
	940,000	Concho Resources, Inc., 3.75%, due 10/01/27		1,074,964
	45,000	Concho Resources, Inc., 4.88%, due 10/01/47		61,051
	326,000	Connect Finco SARL/Connect US Finco LLC, 6.75%, due 10/01/26 144A		351,672
	65,000	Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56		82,834
	350,000	Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45		454,361
	137,000	Constellation Brands, Inc., 2.88%, due 05/01/30		150,424
	798,915	Continental Airlines Pass Through Trust, 5.98%, due 10/19/23		808,898
	141,000	Continental Resources, Inc., 4.50%, due 04/15/23(f)		145,643
	1,185,000	Cooperatieve Rabobank UA, 3.88%, due 09/26/23 144A		1,293,444
	451,000	CoStar Group, Inc., 2.80%, due 07/15/30 144A		469,371
	212,000	Cox Communications, Inc., 1.80%, due 10/01/30 144A		212,063
	292,000	Cox Communications, Inc., 2.95%, due 10/01/50 144A		299,133
	1,876,000	Cox Communications, Inc., 3.35%, due 09/15/26 144A		2,110,587
	1,750,000	Cox Communications, Inc., 3.50%, due 08/15/27 144A		1,981,258
	536,000	Credit Agricole SA, 3.25%, due 01/14/30 144A		588,802
	250,000	Credit Agricole SA, 3.75%, due 04/24/23 144A		268,549
	225,000	Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)(b) (f) (g) 144A		256,354
	235,000	Credit Suisse Group AG, 5.25% (5 yr. CMT + 4.89%)(b) (g) 144A		249,100
	275,000	Credit Suisse Group AG, 7.50% (5 yr. USD swap + 4.60%)(b) (g) 144A		300,437
	500,000	Credit Suisse Group Funding Guernsey, Ltd., 3.45%, due 04/16/21		504,596
	125,000	Credito Real SAB de CV SOFOM ER, 9.13% (5 yr. CMT + 7.03%)(b) (g) 144A		120,939
	541,000	Crown Castle International Corp. REIT, 2.25%, due 01/15/31		561,939
	510,000	Crown Castle International Corp. REIT, 3.30%, due 07/01/30		571,751
	492,000	Crown Castle International Corp. REIT, 3.65%, due 09/01/27		556,263
	85,000	Crown Castle International Corp. REIT, 4.15%, due 07/01/50		103,690
	270,000	CSC Holdings LLC, 3.38%, due 02/15/31 144A		265,275
	338,000	CSC Holdings LLC, 5.75%, due 01/15/30 144A		370,957
	450,000	CSC Holdings LLC, 6.75%, due 11/15/21		471,094

See accompanying Notes to the Schedule of Investments.

55

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	125,000		CSC Holdings LLC, 7.50%, due 04/01/28 144A		140,798
	247,000		CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A		234,315
	226,373		CSI Compressco, LP/CSI Compressco Finance, Inc., 10.00% (10.00% Cash or 7.25% plus 3.50% PIK), due 04/01/26 144A		174,873
	72,000		CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A		68,302
	414,000		CSN Islands XI Corp., 6.75%, due 01/28/28 144A		448,776
	254,000		CVS Health Corp., 2.70%, due 08/21/40		257,727
	73,000		CVS Health Corp., 3.00%, due 08/15/26		80,877
	96,000		CVS Health Corp., 3.70%, due 03/09/23		102,734
	318,000		CVS Health Corp., 3.75%, due 04/01/30		370,511
	413,000		CVS Health Corp., 4.30%, due 03/25/28		491,756
	50,000		CVS Health Corp., 4.78%, due 03/25/38		63,426
	432,000		CVS Health Corp., 5.05%, due 03/25/48		586,442
	130,000		CVS Health Corp., 5.13%, due 07/20/45		175,295
	669,614		CVS Pass-Through Trust, 6.94%, due 01/10/30		801,039
	1,777,816		CVS Pass-Through Trust, 7.51%, due 01/10/32 144A		2,186,555
	220,000		Cydsa SAB de CV, 6.25%, due 10/04/27 144A		231,882
	161,000		CyrusOne, LP/CyrusOne Finance Corp. REIT, 2.15%, due 11/01/30		157,328
	328,000		CyrusOne, LP/CyrusOne Finance Corp. REIT, 3.45%, due 11/15/29		353,392
	1,135,000		Daimler Finance North America LLC, 2.55%, due 08/15/22 144A		1,174,306
	155,000		Daimler Finance North America LLC, 3.50%, due 08/03/25 144A		172,641
	45,000		Dave & Buster’s, Inc., 7.63%, due 11/01/25(f) 144A		47,475
	311,000		DaVita, Inc., 3.75%, due 02/15/31 144A		316,360
	312,000		DaVita, Inc., 4.63%, due 06/01/30 144A		331,305
	226,000		DCP Midstream Operating, LP, 5.85% (3 mo. USD LIBOR + 3.85%), due 05/21/43(b) 144A		195,331
	77,000		Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A		81,268
	536,000		Dell International LLC/EMC Corp., 4.90%, due 10/01/26 144A		633,401
	524,000		Dell International LLC/EMC Corp., 5.30%, due 10/01/29 144A		642,850
	162,000		Dell International LLC/EMC Corp., 5.85%, due 07/15/25 144A		194,688
	368,000		Dell International LLC/EMC Corp., 8.35%, due 07/15/46 144A		557,440
	1,404,709		Delta Air Lines Pass Through Trust, 2.00%, due 12/10/29		1,407,454
	696,380		Delta Air Lines Pass Through Trust, 6.82%, due 02/10/24		714,165
	570,000		Delta Air Lines, Inc., 2.90%, due 10/28/24		562,782
	268,000		Delta Air Lines, Inc., 3.80%, due 04/19/23		275,322
	315,000		Delta Air Lines, Inc., 4.38%, due 04/19/28		317,231
	86,000		Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, due 10/20/25 144A		91,966
	300,000		Deutsche Bank AG, 5.00%, due 02/14/22		313,761
	375,000		Deutsche Bank AG, (MTN), 3.38%, due 05/12/21		378,393
	305,000	EUR	DH Europe Finance II SARL, 1.35%, due 09/18/39		402,542
	560,000		Diageo Capital Plc, 2.13%, due 04/29/32		592,442
	865,000		Diamondback Energy, Inc., 3.25%, due 12/01/26		924,763
	1,494,000		Digital Realty Trust, LP REIT, 3.70%, due 08/15/27		1,718,157
	517,000		Discover Financial Services, 3.95%, due 11/06/24(f)		574,677
	103,000		Discover Financial Services, 4.10%, due 02/09/27		118,758
	268,000		Dollar General Corp., 3.50%, due 04/03/30		308,138
	749,000		Dollar Tree, Inc., 4.20%, due 05/15/28		891,996
	854,000		Dominion Energy, Inc., 2.72%, due 08/15/21(d)		864,748
	115,000		Dominion Energy, Inc., 2.85%, due 08/15/26		126,876

See accompanying Notes to the Schedule of Investments.

56

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	271,000	Dominion Energy, Inc., 3.38%, due 04/01/30		309,058
	186,000	DPL, Inc., 4.13%, due 07/01/25 144A		201,033
	850,000	DTE Electric Co., 2.25%, due 03/01/30(f)		912,973
	411,000	Duke Energy Carolinas LLC, 3.95%, due 03/15/48		516,616
	1,839,000	Duke Energy Corp., 3.55%, due 09/15/21		1,865,360
	420,000	Duke Energy Florida LLC, 3.40%, due 10/01/46		481,268
	195,000	Duke Energy Progress LLC, 3.70%, due 10/15/46		236,310
	490,000	Duke University, 2.83%, due 10/01/55		531,957
	481,000	eBay, Inc., 2.70%, due 03/11/30		518,256
	138,000	Edgewell Personal Care Co., 5.50%, due 06/01/28 144A		148,500
	190,000	El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32(f)		267,890
	42,000	Embraer Netherlands Finance BV, 5.05%, due 06/15/25		44,583
	250,000	Embraer Overseas, Ltd., 5.70%, due 09/16/23 144A		266,877
	416,000	Emera US Finance, LP, 3.55%, due 06/15/26		467,860
	338,000	Enbridge, Inc., 5.50% (3 mo. USD LIBOR + 3.42%), due 07/15/77(b)		347,004
	385,000	Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80(b)		434,232
	332,000	Enbridge, Inc., 6.25% (3 mo. USD LIBOR + 3.64%), due 03/01/78(b)		363,679
	148,000	Encompass Health Corp., 4.50%, due 02/01/28		154,910
	126,000	Encompass Health Corp., 4.63%, due 04/01/31		134,978
	450,000	Enel Finance International NV, 4.63%, due 09/14/25 144A		524,292
	70,000	Energy Transfer Operating, LP, 4.20%, due 04/15/27		77,255
	358,000	Energy Transfer Operating, LP, 4.25%, due 03/15/23		380,789
	360,000	Energy Transfer Operating, LP, 5.15%, due 03/15/45		391,501
	900,000	Energy Transfer Operating, LP, 5.50%, due 06/01/27		1,060,708
	298,000	Energy Transfer Operating, LP, 5.88%, due 01/15/24		335,195
	340,000	Energy Transfer Operating, LP, 6.25%, due 04/15/49		411,843
	227,000	Enova International, Inc., 8.50%, due 09/15/25 144A		221,325
	639,000	Enterprise Products Operating LLC, 5.25% (3 mo. USD LIBOR + 3.03%), due 08/16/77(b)		648,977
	373,000	Equinix, Inc. REIT, 1.55%, due 03/15/28		379,667
	135,000	Equinix, Inc. REIT, 1.80%, due 07/15/27		139,177
	499,000	Equinix, Inc. REIT, 3.20%, due 11/18/29		548,825
	214,000	Equinix, Inc. REIT, 5.38%, due 05/15/27		233,335
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49* (j) (k) 144A		—
	450,000	ESH Hospitality, Inc. REIT, 5.25%, due 05/01/25 144A		461,914
	460,000	Essential Utilities, Inc., 2.70%, due 04/15/30		499,686
	1,320,000	Eversource Energy, 2.90%, due 10/01/24		1,426,002
	285,000	Exelon Corp., 4.70%, due 04/15/50		380,306
	1,128,000	Exelon Corp., 5.10%, due 06/15/45		1,532,887
	389,000	Expedia Group, Inc., 3.25%, due 02/15/30		405,316
	628,000	Expedia Group, Inc., 3.80%, due 02/15/28		674,964
	565,000	Expedia Group, Inc., 5.00%, due 02/15/26		633,394
	995,000	FedEx Corp., 4.05%, due 02/15/48		1,204,780
	715,000	Ferguson Finance Plc, 4.50%, due 10/24/28 144A		858,030
	219,000	Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR + 3.03%)(b) (g)		222,756
	135,000	First Quantum Minerals, Ltd., 6.88%, due 03/01/26 144A		140,991
	200,000	First Quantum Minerals, Ltd., 7.50%, due 04/01/25 144A		208,500
	194,000	FirstEnergy Corp., 2.65%, due 03/01/30		194,923
	1,260,000	Fiserv, Inc., 3.50%, due 07/01/29		1,441,348

See accompanying Notes to the Schedule of Investments.

57

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	200,000	Flowserve Corp., 3.50%, due 10/01/30		213,661
	915,000	Ford Motor Credit Co. LLC, 3.35%, due 11/01/22		932,257
	356,000	Ford Motor Credit Co. LLC, 4.13%, due 08/17/27		373,355
	1,049,000	Ford Motor Credit Co. LLC, 4.13%, due 08/04/25		1,102,106
	565,000	Ford Motor Credit Co. LLC, 5.11%, due 05/03/29		629,947
	202,000	Freedom Mortgage Corp., 8.13%, due 11/15/24 144A		211,341
	72,000	Freedom Mortgage Corp., 8.25%, due 04/15/25 144A		75,420
	534,000	Fresenius Medical Care US Finance III, Inc., 2.38%, due 02/16/31 144A		543,446
	46,000	Frontier Communications Corp., 5.88%, due 10/15/27 144A		49,824
	428,000	FS Luxembourg SARL, 10.00%, due 12/15/25 144A		464,059
	61,000	Gartner, Inc., 3.75%, due 10/01/30 144A		64,356
	71,000	Gartner, Inc., 4.50%, due 07/01/28 144A		74,994
	143,000	GCI LLC, 4.75%, due 10/15/28 144A		152,785
	1,162,000	GE Capital International Funding Co. Unlimited Co., 4.42%, due 11/15/35		1,388,464
	820,000	General Dynamics Corp., 4.25%, due 04/01/50		1,120,555
	436,000	General Electric Co., 4.25%, due 05/01/40		516,136
	563,000	General Electric Co., (MTN), 5.55%, due 01/05/26		682,504
	175,000	General Motors Co., 5.40%, due 04/01/48		220,725
	160,000	General Motors Financial Co., Inc., 1.08% (3 mo. USD LIBOR + 0.85%), due 04/09/21(b)		160,102
	605,000	General Motors Financial Co., Inc., 2.90%, due 02/26/25		646,714
	120,000	General Motors Financial Co., Inc., 3.55%, due 04/09/21		120,932
	775,000	General Motors Financial Co., Inc., 3.60%, due 06/21/30		865,139
	1,199,000	General Motors Financial Co., Inc., 4.15%, due 06/19/23		1,290,350
	370,000	General Motors Financial Co., Inc., 4.30%, due 07/13/25		415,064
	535,000	General Motors Financial Co., Inc., 5.10%, due 01/17/24		599,023
	313,000	General Motors Financial Co., Inc., 5.20%, due 03/20/23		343,346
	821,000	Georgia-Pacific LLC, 2.30%, due 04/30/30 144A		878,869
	286,000	GFL Environmental, Inc., 3.50%, due 09/01/28 144A		291,541
	402,000	Gilead Sciences, Inc., 2.80%, due 10/01/50		400,560
	325,000	Globo Comunicacao e Participacoes SA, 4.88%, due 01/22/30 144A		347,753
	515,000	GLP Capital, LP/GLP Financing II, Inc. REIT, 5.38%, due 04/15/26		592,016
	161,000	Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, due 05/01/24 144A		172,691
	1,200,000	Goldman Sachs Group, Inc. (The), 3.27% (3 mo. USD LIBOR + 1.20%), due 09/29/25(b)		1,315,209
	140,000	Goldman Sachs Group, Inc. (The), 3.50%, due 01/23/25		154,651
	560,000	Goldman Sachs Group, Inc. (The), 3.69% (3 mo. USD LIBOR + 1.51%), due 06/05/28(b)		645,507
	85,000	Goldman Sachs Group, Inc. (The), 3.75%, due 02/25/26		96,621
	1,131,000	Goldman Sachs Group, Inc. (The), 3.80%, due 03/15/30		1,331,828
	320,000	Goldman Sachs Group, Inc. (The), 3.81% (3 mo. USD LIBOR + 1.16%), due 04/23/29(b)		370,614
	1,101,000	Goldman Sachs Group, Inc. (The), 3.85%, due 01/26/27		1,257,040
	465,000	Goldman Sachs Group, Inc. (The), 4.13% (3 mo. USD LIBOR + 3.92%)(b) (g)		465,223
	125,000	Goldman Sachs Group, Inc. (The), 5.30% (3 mo. USD LIBOR + 3.83%)(b) (g)		136,840
	1,850,000	Goldman Sachs Group, Inc. (The), 5.75%, due 01/24/22		1,955,746
	20,000	Graham Packaging Co., Inc., 7.13%, due 08/15/28 144A		22,138
	220,000	Graphic Packaging International LLC, 3.50%, due 03/01/29 144A		225,362
	175,000	Greenko Dutch BV, 4.88%, due 07/24/22 144A		177,187

See accompanying Notes to the Schedule of Investments.

58

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	14,000	Group 1 Automotive, Inc., 4.00%, due 08/15/28 144A		14,448
	262,000	H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A		265,131
	104,000	Hanesbrands, Inc., 5.38%, due 05/15/25 144A		110,164
	73,000	Harsco Corp., 5.75%, due 07/31/27 144A		77,334
	209,000	HCA, Inc., 4.13%, due 06/15/29		242,714
	333,000	HCA, Inc., 5.25%, due 04/15/25		389,066
	227,000	HCA, Inc., 5.25%, due 06/15/26		268,953
	50,000	HCA, Inc., 5.38%, due 02/01/25		56,301
	150,000	HCA, Inc., 5.88%, due 02/01/29		180,778
	620,000	Healthpeak Properties, Inc. REIT, 4.25%, due 11/15/23		679,223
	84,000	Hillenbrand, Inc., 5.75%, due 06/15/25		90,878
	139,000	Hilton Domestic Operating Co., Inc., 4.00%, due 05/01/31 144A		146,921
	236,000	Hilton Domestic Operating Co., Inc., 4.88%, due 01/15/30		258,272
	77,000	Hilton Domestic Operating Co., Inc., 5.75%, due 05/01/28 144A		83,882
	777,000	Home Depot, Inc. (The), 3.30%, due 04/15/40		917,756
	375,000	Host Hotels & Resorts, LP REIT, 3.38%, due 12/15/29		385,991
	277,000	Host Hotels & Resorts, LP REIT, 3.50%, due 09/15/30		292,420
	170,000	Host Hotels & Resorts, LP REIT, 4.50%, due 02/01/26		186,403
	319,000	Howmet Aerospace, Inc., 5.13%, due 10/01/24		351,564
	260,000	HSBC Holdings Plc, 6.88% (5 yr. USD ICE swap + 5.51%)(b) (g)		265,200
	85,000	Huntington Ingalls Industries, Inc., 3.84%, due 05/01/25 144A		94,732
	383,000	Huntington Ingalls Industries, Inc., 4.20%, due 05/01/30 144A		454,737
	224,000	Husky Energy, Inc., 3.95%, due 04/15/22		230,877
	170,000	Hyundai Capital America, 1.80%, due 10/15/25 144A		174,491
	170,000	Hyundai Capital America, 2.38%, due 10/15/27 144A		178,514
	1,668,000	Hyundai Capital America, 5.75%, due 04/06/23 144A		1,848,369
	298,000	IHS Markit, Ltd., 4.00%, due 03/01/26 144A		342,079
	125,000	IHS Markit, Ltd., 4.75%, due 02/15/25 144A		143,606
	202,000	IHS Markit, Ltd., 4.75%, due 08/01/28		249,148
	126,000	Infor, Inc., 1.75%, due 07/15/25 144A		131,021
	480,000	Infraestructura Energetica Nova SAB de CV, 4.75%, due 01/15/51 144A		526,800
	200,000	Instituto Costarricense de Electricidad, 6.38%, due 05/15/43 144A		162,252
	170,000	International Game Technology Plc, 6.50%, due 02/15/25 144A		190,488
	80,000	IPALCO Enterprises, Inc., 4.25%, due 05/01/30 144A		92,709
	200,000	Israel Electric Corp., Ltd., 6.88%, due 06/21/23 144A		227,482
	194,000	J2 Global, Inc., 4.63%, due 10/15/30 144A		205,034
	217,000	Jacobs Entertainment, Inc., 7.88%, due 02/01/24 144A		222,945
	107,000	JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		113,420
	385,000	JBS Investments II GmbH, 5.75%, due 01/15/28 144A		412,676
	500,000	Jefferies Group LLC, 5.13%, due 01/20/23		546,539
	300,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, due 01/23/30		350,345
	446,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, due 01/15/27		522,404
	297,697	JetBlue Pass Through Trust, Class A, 2.75%, due 11/15/33		298,935
	900,000	Johnson & Johnson, 2.10%, due 09/01/40		909,730
	243,000	Johnson Controls International Plc/Tyco Fire & Security Finance SCA, 1.75%, due 09/15/30		248,253
	532,000	JPMorgan Chase & Co., 2.52% (SOFR + 2.04%), due 04/22/31(b)		572,541
	624,000	JPMorgan Chase & Co., 2.95%, due 10/01/26		692,646
	505,000	JPMorgan Chase & Co., 2.96% (SOFR + 2.52%), due 05/13/31(b)		554,462

See accompanying Notes to the Schedule of Investments.

59

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	3,605,000	JPMorgan Chase & Co., 3.78% (3 mo. USD LIBOR + 1.34%), due 02/01/28(b)		4,145,748
	475,000	JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.25%), due 01/29/27(b)		546,198
	625,000	JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.38%), due 11/15/48(b)		787,977
	585,000	JPMorgan Chase & Co., 4.00% (SOFR + 2.75%)(b) (f) (g)		594,872
	340,000	JPMorgan Chase & Co., 4.01% (3 mo. USD LIBOR + 1.12%), due 04/23/29(b)		399,559
	555,000	JPMorgan Chase & Co., 4.01% (3 mo. USD LIBOR + 3.80%)(b) (g)		553,293
	2,450,000	JPMorgan Chase & Co., 4.20% (3 mo. USD LIBOR + 1.26%), due 07/23/29(b)		2,932,094
	1,207,000	JPMorgan Chase & Co., 4.49% (SOFR + 3.79%), due 03/24/31(b)		1,487,072
	314,000	JPMorgan Chase & Co., 4.60% (SOFR + 3.13%)(b) (g)		324,597
	180,000	JPMorgan Chase & Co., 5.00% (SOFR + 3.38%)(b) (g)		189,520
	538,000	JPMorgan Chase & Co., 6.75% (3 mo. USD LIBOR + 3.78%)(b) (g)		604,183
	107,000	JW Aluminum Continuous Cast Co., 10.25%, due 06/01/26 144A		113,801
	200,000	KazMunayGas National Co. JSC, 4.75%, due 04/24/25 144A		228,500
	140,000	Ken Garff Automotive LLC, 4.88%, due 09/15/28 144A		145,863
	133,000	Keurig Dr Pepper, Inc., 3.20%, due 05/01/30		150,826
	160,000	Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32		226,587
	1,240,000	KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A		1,641,090
	540,000	KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A		603,811
	226,000	KLA Corp., 4.10%, due 03/15/29		271,040
	360,000	Kraft Heinz Foods Co., 3.00%, due 06/01/26		376,207
	27,000	Kraft Heinz Foods Co., 3.88%, due 05/15/27 144A		29,129
	258,000	Kraft Heinz Foods Co., 4.38%, due 06/01/46		279,575
	120,000	Kraft Heinz Foods Co., 4.88%, due 10/01/49 144A		140,223
	115,000	Kraft Heinz Foods Co., 5.20%, due 07/15/45		136,941
	189,000	Kraft Heinz Foods Co., 5.50%, due 06/01/50 144A		239,048
	129,000	Kratos Defense & Security Solutions, Inc., 6.50%, due 11/30/25 144A		135,759
	225,000	Kroger Co. (The), 2.20%, due 05/01/30(f)		236,728
	150,000	L Brands, Inc., 5.63%, due 10/15/23		161,906
	510,000	Laboratory Corp. of America Holdings, 2.95%, due 12/01/29		564,366
	47,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 5.25%, due 03/15/22 144A		47,323
	397,000	Lam Research Corp., 2.88%, due 06/15/50(f)		429,061
	323,000	Lam Research Corp., 3.75%, due 03/15/26		369,458
	281,000	Lam Research Corp., 4.88%, due 03/15/49		406,881
	201,000	Lazard Group LLC, 4.38%, due 03/11/29		235,862
	470,000	Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%(g) (j) (l)		165
	890,000	Lehman Brothers Holdings, Inc., 6.50%, due 07/19/17(j) (l)		312
	270,000	Lehman Brothers Holdings, Inc., (MTN), 6.75%, due 12/28/17(j) (l)		95
	279,000	Level 3 Financing, Inc., 3.40%, due 03/01/27 144A		304,371
	475,000	Level 3 Financing, Inc., 5.38%, due 01/15/24		480,436
	189,000	Levi Strauss & Co., 5.00%, due 05/01/25		193,961
	354,000	Leviathan Bond, Ltd., Reg S, 6.50%, due 06/30/27(i) 144A		400,020
	69,000	Leviathan Bond, Ltd., Reg S, 6.75%, due 06/30/30(i) 144A		78,833
	530,000	Liberty Mutual Group, Inc., 3.95%, due 10/15/50 144A		637,019
	254,000	Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A		276,560
	2,679,000	Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A		3,296,354
	903,000	Lincoln National Corp., 3.40%, due 01/15/31		1,036,957
	242,000	Lions Gate Capital Holdings LLC, 5.88%, due 11/01/24 144A		246,512
	16,000	Lions Gate Capital Holdings LLC, 6.38%, due 02/01/24 144A		16,450

See accompanying Notes to the Schedule of Investments.

60

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	145,000	Liquid Telecommunications Financing Plc, 8.50%, due 07/13/22 144A		148,545
	1,150,000	Lloyds Banking Group Plc, 2.44% (1 yr. CMT + 1.00%), due 02/05/26(b)		1,215,640
	824,000	Lloyds Banking Group Plc, 4.45%, due 05/08/25		945,363
	321,000	Lloyds Banking Group Plc, 7.50% (5 yr. USD swap + 4.76%)(b) (g)		362,730
	712,000	Lockheed Martin Corp., 2.80%, due 06/15/50		772,134
	713,000	Lockheed Martin Corp., 4.70%, due 05/15/46		1,006,643
	160,000	LogMeIn, Inc., 5.50%, due 09/01/27 144A		167,800
	212,000	Lowe’s Cos., Inc., 5.00%, due 04/15/40		287,788
	304,000	Lowe’s Cos., Inc., 5.13%, due 04/15/50(f)		458,601
	284,000	LSC Communications, Inc., 8.75%, due 10/15/23(m) (l)		32,660
	380,000	LYB International Finance III LLC, 4.20%, due 05/01/50		444,392
	185,000	M&T Bank Corp., 5.13% (3 mo. USD LIBOR + 3.52%)(b) (g)		201,419
	280,000	Macquarie Bank, Ltd., 3.62%, due 06/03/30 144A		307,150
	270,000	Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A		306,684
	1,484,000	Macquarie Group, Ltd., 4.15% (3 mo. USD LIBOR + 1.33%), due 03/27/24(b) 144A		1,595,764
	106,000	Macy’s, Inc., 8.38%, due 06/15/25(f) 144A		117,866
	325,000	Magellan Midstream Partners, LP, 3.25%, due 06/01/30		367,697
	55,000	Magellan Midstream Partners, LP, 4.25%, due 09/15/46		63,555
	200,000	Magellan Midstream Partners, LP, 5.15%, due 10/15/43		257,629
	127,000	Magna International, Inc., 2.45%, due 06/15/30		136,782
	115,000	Markel Corp., 4.15%, due 09/17/50		146,141
	134,000	Marriott International, Inc., 3.13%, due 06/15/26		143,076
	335,000	Marriott International, Inc., 3.50%, due 10/15/32		367,228
	201,000	Marriott International, Inc., 4.63%, due 06/15/30		236,140
	400,000	Martin Marietta Materials, Inc., 2.50%, due 03/15/30		426,700
	230,000	Martin Marietta Materials, Inc., 4.25%, due 07/02/24		256,708
	445,000	Marvell Technology Group, Ltd., 4.88%, due 06/22/28		526,297
	460,000	Massachusetts Institute of Technology, 4.68%, due 07/01/14(h)		703,752
	605,000	Massachusetts Mutual Life Insurance Co., 3.38%, due 04/15/50 144A		662,800
	164,000	MasTec, Inc., 4.50%, due 08/15/28 144A		172,405
	258,000	Mastercard, Inc., 3.85%, due 03/26/50		333,947
	162,000	Match Group Holdings II LLC, 4.13%, due 08/01/30 144A		168,759
	46,000	Mauser Packaging Solutions Holding Co., 8.50%, due 04/15/24 144A		47,840
	801,000	McDonald’s Corp., (MTN), 3.50%, due 07/01/27		919,910
	418,000	MDC Partners, Inc., 6.50%, due 05/01/24 144A		424,379
	275,000	MEDNAX, Inc., 5.25%, due 12/01/23 144A		278,520
	206,000	MEDNAX, Inc., 6.25%, due 01/15/27 144A		221,188
	398,000	Meredith Corp., 6.88%, due 02/01/26(f)		388,796
	198,000	Methanex Corp., 4.25%, due 12/01/24		209,197
	85,000	Methanex Corp., 5.25%, due 12/15/29		92,276
	355,000	MetLife, Inc., 6.40%, due 12/15/66		460,160
	200,000	Mexico City Airport Trust, 5.50%, due 07/31/47 144A		211,150
	165,000	MGM Growth Properties Operating Partnership, LP/MGP Finance Co-Issuer, Inc. REIT, 3.88%, due 02/15/29 144A		169,022
	338,000	MGM Resorts International, 4.75%, due 10/15/28		362,926
	67,000	Michaels Stores, Inc., 4.75%, due 10/01/27(f) 144A		68,776
	756,000	Microchip Technology, Inc., 4.33%, due 06/01/23		818,928
	860,000	Micron Technology, Inc., 4.19%, due 02/15/27		1,007,735
	155,000	Micron Technology, Inc., 4.98%, due 02/06/26		183,369

See accompanying Notes to the Schedule of Investments.

61

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	775,000	Micron Technology, Inc., 5.33%, due 02/06/29		970,669
	288,000	Microsoft Corp., 2.53%, due 06/01/50		304,338
	295,000	Microsoft Corp., 2.68%, due 06/01/60		321,279
	174,000	Midwest Connector Capital Co. LLC, 3.63%, due 04/01/22(f) 144A		177,108
	398,000	Midwest Connector Capital Co. LLC, 3.90%, due 04/01/24 144A		408,373
	950,000	Moody’s Corp., 3.25%, due 05/20/50		1,059,518
	895,000	Morgan Stanley, 2.19% (SOFR + 1.99%), due 04/28/26(b)		946,118
	945,000	Morgan Stanley, 3.59% (3 mo. USD LIBOR + 1.34%), due 07/22/28(b)		1,079,858
	325,000	Morgan Stanley, 3.85% (3 mo. USD LIBOR + 3.61%)(b) (g)		322,669
	921,000	Morgan Stanley, 3.88%, due 04/29/24		1,020,782
	785,000	Morgan Stanley, (MTN), 2.70% (SOFR + 1.14%), due 01/22/31(b)		855,707
	1,301,000	Morgan Stanley, (MTN), 3.13%, due 07/27/26		1,455,338
	1,311,000	Morgan Stanley, (MTN), 3.62% (SOFR + 3.12%), due 04/01/31(b)		1,526,045
	620,000	Morgan Stanley, (MTN), 3.77% (3 mo. USD LIBOR + 1.14%), due 01/24/29(b)		719,209
	230,000	Morgan Stanley, (MTN), 3.88%, due 01/27/26		263,950
	1,000,000	Morgan Stanley, (MTN), 4.35%, due 09/08/26		1,179,894
	411,000	Motorola Solutions, Inc., 2.30%, due 11/15/30		419,486
	595,000	Motorola Solutions, Inc., 4.60%, due 02/23/28		718,258
	109,000	Motorola Solutions, Inc., 4.60%, due 05/23/29		130,674
	263,000	MPLX, LP, 4.00%, due 03/15/28		302,784
	87,000	MPLX, LP, 4.13%, due 03/01/27(f)		100,420
	86,000	MPLX, LP, 4.25%, due 12/01/27		101,128
	250,000	MPLX, LP, 4.50%, due 04/15/38		286,300
	25,000	MPLX, LP, 5.20%, due 03/01/47		30,481
	160,000	MPLX, LP, 5.25%, due 01/15/25		164,201
	813,000	MPLX, LP, 6.88% (3 mo. USD LIBOR + 4.65%)(b) (f) (g)		786,577
	300,000	MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.50%, due 03/15/31		310,312
	145,000	MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24(f) 144A		153,453
	435,000	Mylan, Inc., 5.20%, due 04/15/48		568,124
	450,000	Mylan, Inc., 5.40%, due 11/29/43		600,678
	110,000	National CineMedia LLC, 5.88%, due 04/15/28 144A		93,500
	141,000	Nationstar Mortgage Holdings, Inc., 5.13%, due 12/15/30 144A		147,552
	158,000	Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A		166,196
	62,000	Nationstar Mortgage Holdings, Inc., 6.00%, due 01/15/27 144A		65,904
	323,000	Natura Cosmeticos SA, 5.38%, due 02/01/23(f) 144A		331,401
	926,000	Natwest Group Plc, 3.88%, due 09/12/23		1,005,262
	210,000	Natwest Group Plc, 4.45% (3 mo. USD LIBOR + 1.87%), due 05/08/30(b)		250,360
	430,000	Natwest Group Plc, 6.00% (5 yr. CMT + 5.63%)(b) (f) (g)		472,084
	643,000	Natwest Group Plc, 8.63% (5 yr. USD swap + 7.60%)(b) (g)		668,804
	200,000	NBM US Holdings, Inc., 6.63%, due 08/06/29 144A		229,771
	630,000	Netflix, Inc., 4.88%, due 04/15/28		711,478
	229,000	Netflix, Inc., 4.88%, due 06/15/30 144A		263,779
	59,000	Netflix, Inc., 5.38%, due 11/15/29 144A		69,620
	425,000	Netflix, Inc., 5.88%, due 11/15/28		510,227
	226,000	New York Life Insurance Co., 3.75%, due 05/15/50 144A		271,106
	100,000	Newfield Exploration Co., 5.38%, due 01/01/26		107,405
	435,000	Newmont Corp., 2.25%, due 10/01/30		458,590
	150,000	Newmont Corp., 2.80%, due 10/01/29		164,049
	265,000	Newmont Corp., 3.63%, due 06/09/21		267,413

See accompanying Notes to the Schedule of Investments.

62

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	905,000	NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30		949,995
	638,000	NextEra Energy Capital Holdings, Inc., 3.55%, due 05/01/27		727,431
	207,000	NextEra Energy Operating Partners, LP, 3.88%, due 10/15/26 144A		221,361
	75,000	NextEra Energy Operating Partners, LP, 4.50%, due 09/15/27 144A		84,133
	220,000	Nippon Life Insurance Co., 5.10% (5 yr. USD ICE swap + 3.65%), due 10/16/44(b) 144A		247,334
	670,000	NiSource, Inc., 3.49%, due 05/15/27		760,789
	173,000	NiSource, Inc., 3.60%, due 05/01/30		200,506
	195,000	Nissan Motor Acceptance Corp., 3.45%, due 03/15/23 144A		203,672
	43,000	Nordstrom, Inc., 8.75%, due 05/15/25 144A		48,216
	970,000	Norfolk Southern Corp., 4.84%, due 10/01/41		1,327,735
	195,000	Northern States Power Co., 3.60%, due 09/15/47		241,138
	880,000	Northern Trust Corp., 1.95%, due 05/01/30		918,401
	392,000	Northrop Grumman Corp., 5.25%, due 05/01/50		584,755
	300,000	NOVA Chemicals Corp., 4.88%, due 06/01/24 144A		312,937
	298,000	NRG Energy, Inc., 2.45%, due 12/02/27 144A		313,937
	50,000	NRG Energy, Inc., 3.38%, due 02/15/29 144A		51,284
	139,000	NRG Energy, Inc., 3.63%, due 02/15/31 144A		143,264
	160,000	NRG Energy, Inc., 3.75%, due 06/15/24 144A		175,331
	315,000	Nutrien, Ltd., 4.90%, due 06/01/43		404,429
	129,000	Nutrition & Biosciences, Inc., 1.83%, due 10/15/27 144A		133,038
	258,000	Nutrition & Biosciences, Inc., 2.30%, due 11/01/30 144A		265,974
	349,000	NVIDIA Corp., 2.85%, due 04/01/30		392,917
	815,000	NXP BV/NXP Funding LLC, 4.63%, due 06/01/23 144A		891,314
	921,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, due 05/01/25 144A		992,071
	130,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, due 05/01/30 144A		147,713
	517,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.88%, due 06/18/26 144A		592,890
	4,349,000	Occidental Petroleum Corp., 7.08%, due 10/10/36(n)		2,016,849
	510,000	ONE Gas, Inc., 2.00%, due 05/15/30		532,634
	655,000	ONEOK, Inc., 3.10%, due 03/15/30		698,857
	390,000	ONEOK, Inc., 4.45%, due 09/01/49		410,877
	200,000	ONEOK, Inc., 4.95%, due 07/13/47		223,797
	200,000	Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, due 02/11/25 144A		208,875
	1,542,000	Oracle Corp., 2.50%, due 04/01/25		1,658,593
	754,000	Oracle Corp., 2.95%, due 04/01/30		843,748
	265,000	Ovintiv, Inc., 6.50%, due 08/15/34		307,168
	321,000	Owens Corning, 3.95%, due 08/15/29		370,605
	350,000	Owens Corning, 4.30%, due 07/15/47		422,092
	146,000	Owens-Brockway Glass Container, Inc., 6.63%, due 05/13/27 144A		158,319
	211,000	Oztel Holdings SPC, Ltd., 6.63%, due 04/24/28 144A		227,264
	265,000	PacifiCorp, 2.70%, due 09/15/30		292,099
	110,000	PacifiCorp, 3.30%, due 03/15/51		126,806
	582,000	PayPal Holdings, Inc., 2.85%, due 10/01/29		647,717
	205,000	PECO Energy Co., 3.70%, due 09/15/47		251,963
	580,000	Pennsylvania Electric Co., 3.60%, due 06/01/29 144A		636,169
	2,450,000	Penske Truck Leasing Co., LP/PTL Finance Corp., 3.90%, due 02/01/24 144A		2,676,854
	525,000	PepsiCo, Inc., 3.63%, due 03/19/50		668,107
	975,000	Petrobras Global Finance BV, 5.09%, due 01/15/30		1,090,781
	185,000	Petrobras Global Finance BV, 5.75%, due 02/01/29		215,941

See accompanying Notes to the Schedule of Investments.

63

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	408,000	Petrobras Global Finance BV, 6.90%, due 03/19/49		518,160
	25,000	Petroleos Mexicanos, 5.50%, due 01/21/21		25,100
	76,000	Petroleos Mexicanos, 6.35%, due 02/12/48		69,027
	270,000	Petroleos Mexicanos, 6.50%, due 03/13/27		284,834
	255,000	Petroleos Mexicanos, 6.50%, due 06/02/41		238,552
	403,000	Petroleos Mexicanos, 6.75%, due 09/21/47		378,459
	380,000	Petroleos Mexicanos, 6.88%, due 08/04/26		415,720
	115,000	Petroleos Mexicanos, 7.69%, due 01/23/50		116,150
	1,067,000	Pfizer, Inc., 2.55%, due 05/28/40		1,142,229
	1,006,000	Phillips 66 Partners, LP, 3.61%, due 02/15/25		1,088,417
	774,000	Phillips 66 Partners, LP, 3.75%, due 03/01/28		840,737
	31,000	Picasso Finance Sub, Inc., 6.13%, due 06/15/25 144A		33,215
	145,000	Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29		166,691
	855,000	Plains All American Pipeline, LP/PAA Finance Corp., 3.55%, due 12/15/29		896,435
	65,000	Plains All American Pipeline, LP/PAA Finance Corp., 4.70%, due 06/15/44		67,638
	50,000	Plains All American Pipeline, LP/PAA Finance Corp., 5.15%, due 06/01/42		53,849
	63,000	PNC Financial Services Group, Inc. (The), 3.15%, due 05/19/27		70,473
	215,000	PNC Financial Services Group, Inc. (The), 4.85% (3 mo. USD LIBOR + 3.04%)(b) (g)		224,534
	479,000	PNC Financial Services Group, Inc. (The), 6.75% (3 mo. USD LIBOR + 3.68%)(b) (g)		492,053
	166,000	Post Holdings, Inc., 5.50%, due 12/15/29 144A		181,359
	540,000	PPL Capital Funding, Inc., 5.00%, due 03/15/44		699,189
	51,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A		50,681
	136,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A		146,200
	265,000	Prosus NV, 5.50%, due 07/21/25 144A		305,240
	90,000	Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26		98,369
	726,000	Prudential Financial, Inc., 5.88% (3 mo. USD LIBOR + 4.18%), due 09/15/42(b)		780,336
	48,000	PTC, Inc., 4.00%, due 02/15/28 144A		50,400
	195,000	Public Service Electric & Gas Co., (MTN), 2.70%, due 05/01/50		206,752
	445,000	Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27		495,706
	315,000	Public Service Electric & Gas Co., (MTN), 3.20%, due 05/15/29		359,729
	1,700,000	Public Service Enterprise Group, Inc., 2.88%, due 06/15/24		1,832,155
	161,000	Qorvo, Inc., 3.38%, due 04/01/31 144A		166,434
	350,000	QVC, Inc., 4.38%, due 03/15/23		367,937
	130,000	QVC, Inc., 5.45%, due 08/15/34		135,525
	130,000	Radian Group, Inc., 4.50%, due 10/01/24		137,475
	191,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, due 09/15/28 144A		201,624
	128,000	Raymond James Financial, Inc., 4.65%, due 04/01/30		157,249
	330,000	Realty Income Corp. REIT, 3.25%, due 01/15/31		374,730
	330,000	Rede D’or Finance SARL, 4.50%, due 01/22/30 144A		344,685
	62,000	Refinitiv US Holdings, Inc., 8.25%, due 11/15/26 144A		67,735
	905,000	Regions Financial Corp., 2.25%, due 05/18/25		960,716
	200,000	Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29 144A		205,882
	299,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, due 10/15/27 144A		306,849
	405,000	Roper Technologies, Inc., 1.40%, due 09/15/27		410,395
	170,000	Royalty Pharma Plc, 1.75%, due 09/02/27 144A		175,139
	1,200,000	Ryder System, Inc., (MTN), 3.75%, due 06/09/23		1,292,021

See accompanying Notes to the Schedule of Investments.

64

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	189,000	Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28		216,843
	219,000	Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27		258,411
	518,000	Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26		626,731
	110,000	Sabra Health Care LP, REIT, 4.80%, due 06/01/24		118,104
	89,000	Sabre GLBL, Inc., 7.38%, due 09/01/25 144A		96,699
	320,000	Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25		329,280
	290,000	San Diego Gas & Electric Co., 4.15%, due 05/15/48		365,947
	717,000	Santander Holdings USA, Inc., 3.24%, due 10/05/26		779,676
	217,000	Santander Holdings USA, Inc., 3.40%, due 01/18/23		227,998
	651,000	Santander Holdings USA, Inc., 3.45%, due 06/02/25		711,679
	677,000	Santander Holdings USA, Inc., 3.50%, due 06/07/24		731,721
	128,000	Santander Holdings USA, Inc., 4.40%, due 07/13/27		146,366
	200,000	SASOL Financing USA LLC, 5.88%, due 03/27/24		213,050
	200,000	SASOL Financing USA LLC, 6.50%, due 09/27/28(f)		217,600
	797,000	SBA Communications Corp. REIT, 3.88%, due 02/15/27(j) 144A		838,085
	322,000	SBA Tower Trust REIT, 2.84%, due 01/15/25 144A		343,603
	408,000	Seagate HDD Cayman, 4.09%, due 06/01/29 144A		437,835
	405,000	Seagate HDD Cayman, 4.13%, due 01/15/31 144A		432,591
	193,000	Select Medical Corp., 6.25%, due 08/15/26 144A		208,143
	115,000	Sensata Technologies, Inc., 3.75%, due 02/15/31 144A		119,350
	122,000	Service Corp. International, 3.38%, due 08/15/30		127,134
	415,000	ServiceNow, Inc., 1.40%, due 09/01/30		405,394
	995,000	Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26		1,113,936
	145,000	Simmons Foods, Inc., 5.75%, due 11/01/24(f) 144A		148,444
	850,000	Simon Property Group, LP REIT, 6.75%, due 02/01/40		1,262,329
	270,000	Sinopec Group Overseas Development 2018, Ltd., 3.68%, due 08/08/49 144A		305,313
	386,000	Sirius XM Radio, Inc., 5.00%, due 08/01/27 144A		410,694
	284,000	Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)(b) (g) 144A		301,855
	280,000	Societe Generale SA, 7.38% (5 yr. USD swap + 6.24%)(b) (g) 144A		287,350
	204,000	SoftBank Group Corp., Reg S, 6.88% (5 yr. USD ICE swap + 4.85%)(b) (g) (i)		203,429
	200,000	Sotheby’s, 7.38%, due 10/15/27(f) 144A		214,588
	335,000	Southern California Edison Co., 4.00%, due 04/01/47		394,154
	1,318,000	Southern Co. (The), 3.25%, due 07/01/26		1,479,591
	1,260,000	Southern Co. Gas Capital Corp., 2.45%, due 10/01/23		1,324,642
	755,000	Southwest Airlines Co., 2.63%, due 02/10/30		771,501
	26,000	Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, due 09/30/26 144A		27,586
	62,000	Springleaf Finance Corp., 6.88%, due 03/15/25		72,114
	120,000	Springleaf Finance Corp., 8.88%, due 06/01/25		135,972
	300,000	Sprint Corp., 7.13%, due 06/15/24		351,378
	89,063	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, due 03/20/23 144A		90,039
	118,000	Standard Industries, Inc., 3.38%, due 01/15/31 144A		118,738
	375,000	Standard Industries, Inc., 4.38%, due 07/15/30 144A		401,724
	25,000	Standard Industries, Inc., 4.75%, due 01/15/28 144A		26,344
	62,000	Standard Industries, Inc., 5.00%, due 02/15/27 144A		64,906
	438,000	Starbucks Corp., 2.25%, due 03/12/30		464,580
	330,000	State Street Corp., 3.15% (SOFR + 2.65%), due 03/30/31(b)		376,549
	18,000	Stearns Holdings LLC/Escrow, 9.38%, due 08/15/20(j) (k) (l)		—

See accompanying Notes to the Schedule of Investments.

65

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	62,000	Steel Dynamics, Inc., 3.25%, due 01/15/31(f)		69,478
	63,000	Stericycle, Inc., 3.88%, due 01/15/29 144A		64,811
	922,000	Sunoco Logistics Partners Operations, LP, 3.45%, due 01/15/23		962,424
	399,000	Sunoco Logistics Partners Operations, LP, 3.90%, due 07/15/26(f)		437,526
	150,000	Sunoco Logistics Partners Operations, LP, 5.30%, due 04/01/44		162,423
	431,000	Sunoco Logistics Partners Operations, LP, 5.40%, due 10/01/47		482,277
	77,000	Sunoco, LP/Sunoco Finance Corp., 4.50%, due 05/15/29 144A		80,224
	68,000	Switch, Ltd., 3.75%, due 09/15/28 144A		69,148
	418,000	Syngenta Finance NV, 4.44%, due 04/24/23 144A		438,942
	113,000	Sysco Corp., 5.95%, due 04/01/30		148,704
	560,000	T-Mobile USA, Inc., 2.05%, due 02/15/28 144A		583,190
	179,000	T-Mobile USA, Inc., 2.55%, due 02/15/31 144A		188,186
	489,000	T-Mobile USA, Inc., 3.50%, due 04/15/25 144A		540,824
	246,000	T-Mobile USA, Inc., 3.75%, due 04/15/27 144A		280,391
	579,000	T-Mobile USA, Inc., 3.88%, due 04/15/30 144A		671,322
	350,000	T-Mobile USA, Inc., 4.00%, due 04/15/22(f)		362,028
	1,325,000	T-Mobile USA, Inc., 4.50%, due 04/15/50 144A		1,636,719
	225,000	Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A		231,958
	110,000	Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A		124,916
	150,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, due 03/01/24 144A		161,437
	741,000	Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A		929,711
	34,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		53,614
	40,000	Team Health Holdings, Inc., 6.38%, due 02/01/25 144A		34,600
	224,000	Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, due 07/15/23 144A		190,936
	158,000	Telecom Argentina SA, 8.00%, due 07/18/26 144A		146,468
	368,000	Telecom Italia Capital SA, 7.20%, due 07/18/36		497,654
	205,000	Telecom Italia SpA, 5.30%, due 05/30/24 144A		223,250
	891,000	Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22		928,311
	200,000	Telefonica Celular del Paraguay SA, 5.88%, due 04/15/27 144A		213,350
	90,000	Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, due 06/01/25 144A		93,132
	612,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		589,439
	1,354,000	Textron, Inc., 3.00%, due 06/01/30		1,462,480
	383,000	Total Play Telecomunicaciones SA de CV, 7.50%, due 11/12/25 144A		383,000
	88,000	Townsquare Media, Inc., 6.88%, due 02/01/26(e) 144A		92,330
	2,018,000	Toyota Motor Credit Corp., (MTN), 3.00%, due 04/01/25		2,220,457
	171,000	TransCanada PipeLines, Ltd., 4.25%, due 05/15/28		202,102
	140,000	Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50		159,062
	500,000	Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48		609,036
	603,000	TransDigm, Inc., 5.50%, due 11/15/27		634,838
	55,000	Trident TPI Holdings, Inc., 6.63%, due 11/01/25 144A		56,025
	1,040,000	Truist Bank, 2.25%, due 03/11/30		1,092,457
	191,000	Twitter, Inc., 3.88%, due 12/15/27 144A		203,654
	430,000	Tyson Foods, Inc., 5.10%, due 09/28/48		620,085
	259,000	Uber Technologies, Inc., 7.50%, due 05/15/25 144A		280,111
	451,000	Uber Technologies, Inc., 7.50%, due 09/15/27 144A		496,664

See accompanying Notes to the Schedule of Investments.

66

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	1,897,000	UBS Group AG, 4.13%, due 04/15/26 144A		2,196,123
	185,000	UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)(b) (g) 144A		202,935
	374,559	United Airlines Pass Through Trust, 3.45%, due 01/07/30		371,310
	391,368	United Airlines Pass Through Trust, 3.65%, due 07/07/27		384,851
	293,703	United Airlines Pass Through Trust, 3.75%, due 03/03/28		299,226
	2,473,762	United Airlines Pass Through Trust, 4.00%, due 10/11/27		2,508,861
	199,270	United Airlines Pass Through Trust, 4.55%, due 08/25/31		195,906
	84,818	United Airlines Pass Through Trust, 4.60%, due 09/01/27		84,160
	98,494	United Airlines Pass Through Trust, 4.63%, due 03/03/24		99,225
	738,000	United Airlines Pass Through Trust, 5.88%, due 04/15/29		799,392
	268,000	United Parcel Service, Inc., 5.30%, due 04/01/50		405,268
	211,000	United Rentals North America, Inc., 3.88%, due 11/15/27		221,286
	137,000	United Rentals North America, Inc., 3.88%, due 02/15/31		143,977
	616,000	United Rentals North America, Inc., 4.88%, due 01/15/28		656,810
	35,000	United Rentals North America, Inc., 5.25%, due 01/15/30		38,916
	225,000	United Rentals North America, Inc., 5.50%, due 05/15/27		241,172
	5,000	United Rentals North America, Inc., 5.88%, due 09/15/26		5,299
	218,000	Universal Health Services, Inc., 2.65%, due 10/15/30 144A		226,717
	436,000	Universal Health Services, Inc., 5.00%, due 06/01/26 144A		451,722
	120,000	University of Chicago (The), 2.76%, due 04/01/45		125,399
	1,037,747	US Airways Pass Through Trust, 4.63%, due 12/03/26		928,492
	88,146	US Airways Pass Through Trust, 5.90%, due 04/01/26		88,336
	72,697	US Airways Pass Through Trust, 6.25%, due 10/22/24		69,540
	108,000	US Concrete, Inc., 5.13%, due 03/01/29 144A		111,443
	490,000	Valero Energy Corp., 3.40%, due 09/15/26		537,663
	240,000	Valvoline, Inc., 3.63%, due 06/15/31(e) 144A		246,600
	125,000	Valvoline, Inc., 4.25%, due 02/15/30 144A		132,688
	116,000	Varex Imaging Corp., 7.88%, due 10/15/27 144A		123,830
	275,000	Vector Group, Ltd., 6.13%, due 02/01/25 144A		280,127
	216,000	Ventas Realty, LP REIT, 3.50%, due 02/01/25		238,138
	162,000	VeriSign, Inc., 5.25%, due 04/01/25		184,376
	878,000	Verisk Analytics, Inc., 3.63%, due 05/15/50		1,025,226
	592,000	Verizon Communications, Inc., 2.65%, due 11/20/40		598,685
	85,000	Verizon Communications, Inc., 3.00%, due 03/22/27		94,434
	674,000	Verizon Communications, Inc., 4.33%, due 09/21/28		812,195
	235,000	Verizon Communications, Inc., 4.40%, due 11/01/34		293,571
	322,000	Verizon Communications, Inc., 4.50%, due 08/10/33		406,710
	1,527,000	Verizon Communications, Inc., 4.86%, due 08/21/46		2,067,002
	1,000,000	ViacomCBS, Inc., 3.70%, due 08/15/24		1,097,000
	500,000	ViacomCBS, Inc., 4.38%, due 03/15/43		591,613
	179,000	Viatris, Inc., 2.30%, due 06/22/27 144A		190,847
	358,000	Viatris, Inc., 2.70%, due 06/22/30 144A		380,193
	325,000	Viatris, Inc., 3.85%, due 06/22/40 144A		367,324
	179,000	VICI Properties, LP/VICI Note Co., Inc. REIT, 4.13%, due 08/15/30 144A		189,182
	220,000	VICI Properties, LP/VICI Note Co., Inc. REIT, 4.63%, due 12/01/29 144A		235,772
	1,400,000	Virginia Electric & Power Co., 3.15%, due 01/15/26		1,554,327
	180,000	Visa, Inc., 2.70%, due 04/15/40		196,933
	460,000	Vistra Operations Co. LLC, 3.55%, due 07/15/24 144A		498,451
	467,000	Vistra Operations Co. LLC, 3.70%, due 01/30/27 144A		515,209

See accompanying Notes to the Schedule of Investments.

67

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	436,000	Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A		495,260
	135,000	Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A		143,235
	546,000	Vodafone Group Plc, 7.00% (5 yr. USD swap + 4.87%), due 04/04/79(b)		679,674
	1,178,000	Voya Financial, Inc., 3.13%, due 07/15/24		1,274,315
	514,000	Voya Financial, Inc., 5.65% (3 mo. USD LIBOR + 3.58%), due 05/15/53(b) (f)		545,737
	275,000	Vulcan Materials Co., 3.50%, due 06/01/30		316,119
	598,000	Walt Disney Co. (The), 4.70%, due 03/23/50		846,162
	583,000	Wells Fargo & Co., 2.19% (SOFR + 2.00%), due 04/30/26(b)		614,468
	410,000	Wells Fargo & Co., 3.07% (SOFR + 2.53%), due 04/30/41(b)		446,656
	962,000	Wells Fargo & Co., 5.88% (3 mo. USD LIBOR + 3.99%)(b) (g)		1,093,072
	756,000	Wells Fargo & Co., (MTN), 2.39% (SOFR + 2.10%), due 06/02/28(b)		805,574
	765,000	Wells Fargo & Co., (MTN), 2.57% (3 mo. USD LIBOR + 1.00%), due 02/11/31(b)		812,705
	350,000	William Carter Co. (The), 5.63%, due 03/15/27 144A		369,031
	288,000	Williams Cos., Inc. (The), 3.75%, due 06/15/27		328,802
	95,000	Williams Cos., Inc. (The), 5.75%, due 06/24/44		123,470
	60,000	Williams Scotsman International, Inc., 4.63%, due 08/15/28 144A		62,213
	185,000	WR Berkley Corp., 4.00%, due 05/12/50		226,710
	124,000	WR Grace & Co., 4.88%, due 06/15/27 144A		131,659
	135,000	Wyndham Destinations, Inc., 4.63%, due 03/01/30 144A		142,995
	121,000	Wyndham Destinations, Inc., 6.60%, due 10/01/25		137,171
	67,000	Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28 144A		69,742
	265,000	Xerox Holdings Corp., 5.50%, due 08/15/28 144A		281,702
	34,000	XPO Logistics, Inc., 6.25%, due 05/01/25 144A		36,653
	610,000	Yale University, 2.40%, due 04/15/50		634,631
	201,000	Yum! Brands, Inc., 3.63%, due 03/15/31		203,428
	153,000	Yum! Brands, Inc., 4.75%, due 01/15/30 144A		167,994
				416,310,798
		Mortgage Backed Securities - Private Issuers — 10.8%
	481,000	Angel Oak Mortgage Trust CMO, Series 2020-R1, Class A1, 0.99%, due 04/25/53(c) 144A		484,705
	1,800,000	Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A4, 2.50%, due 05/15/53 144A		1,935,605
	355,362	Arroyo Mortgage Trust CMO, Series 2018-1, Class A1, 3.76%, due 04/25/48(c) 144A		361,280
	234,565	Arroyo Mortgage Trust CMO, Series 2019-2, Class A1, 3.35%, due 04/25/49(c) 144A		242,377
	148,135	Arroyo Mortgage Trust CMO, Series 2019-3, Class A1, 2.96%, due 10/25/48(c) 144A		153,172
	147,000	BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.72%, due 11/05/32(c) 144A		120,215
	1,200,000	BANK, Series 2019-BNK20, Class A2, 2.76%, due 09/15/62		1,326,034
	850,000	BANK, Series 2019-BNK23, Class A2, 2.67%, due 12/15/52		933,129
	1,806,000	BANK, Series 2020-BNK26, Class A2, 2.04%, due 03/15/63		1,893,311
	1,800,000	BANK, Series 2020-BNK26, Class A3, 2.16%, due 03/15/63		1,888,044
	869,000	BANK, Series 2020-BNK30, Class A4, 1.93%, due 12/10/53		900,500
	200,000	BBCMS Mortgage Trust, Series 2015-SRCH, Class D, 4.96%, due 08/10/35(c) 144A		221,292
	3,000,000	BBCMS Mortgage Trust, Series 2018-TALL, Class A, 0.88% (1 mo. USD LIBOR + 0.72%), due 03/15/37(b) 144A		2,955,266
	193,000	BBCMS Mortgage Trust, Series 2019-C5, Class A2, 3.04%, due 11/15/52		206,419
	130,000	BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53		137,696

See accompanying Notes to the Schedule of Investments.

68

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	109,396	Bellemeade Re, Ltd. CMO, Series 2018-1A, Class M1B, 1.75% (1 mo. USD LIBOR + 1.60%), due 04/25/28(b) 144A		109,283
	67,286	Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1A, 1.25% (1 mo. USD LIBOR + 1.10%), due 07/25/29(b) (m)		67,295
	150,000	Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1B, 1.75% (1 mo. USD LIBOR + 1.60%), due 07/25/29(b) 144A		150,279
	105,685	Bellemeade Re, Ltd. CMO, Series 2020-1A, Class M1A, 2.80% (1 mo. USD LIBOR + 2.65%), due 06/25/30(b) 144A		105,985
	150,000	Bellemeade Re, Ltd. CMO, Series 2020-1A, Class M1B, 3.55% (1 mo. USD LIBOR + 3.40%), due 06/25/30(b) 144A		151,718
	150,000	Bellemeade Re, Ltd. CMO, Series 2020-4A, Class M2A, 2.75% (1 mo. USD LIBOR + 2.60%), due 06/25/30(b) 144A		151,164
	320,000	Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52		340,581
	270,000	Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57		287,256
	324,000	Benchmark Mortgage Trust, Series 2019-B14, Class A2, 2.91%, due 12/15/62		346,472
	1,350,000	Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72		1,470,162
	657,000	Benchmark Mortgage Trust, Series 2019-B15, Class A5, 2.93%, due 12/15/72		733,347
	600,000	Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53		631,050
	1,200,000	Benchmark Mortgage Trust, Series 2020-B20, Class A2, 1.75%, due 10/15/53		1,243,821
	1,800,000	Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A		1,900,152
	104,215	BRAVO Residential Funding Trust CMO, Series 2019-NQM1, Class A1, 2.67%, due 07/25/59(c) 144A		106,926
	215,000	BX Commercial Mortgage Trust, Series 2018-BIOA, Class D, 1.48% (1 mo. USD LIBOR + 1.32%), due 03/15/37(b) 144A		215,546
	1,610,958	BX Commercial Mortgage Trust, Series 2019-XL, Class A, 1.08% (1 mo. USD LIBOR + 0.92%), due 10/15/36(b) 144A		1,617,589
	375,000	BX Commercial Mortgage Trust, Series 2020-VKNG, Class A, 1.09% (1 mo. USD LIBOR + 0.93%), due 10/15/37(b) 144A		376,102
	108,000	CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class F, 2.71% (1 mo. USD LIBOR + 2.55%), due 12/15/37(b) 144A		105,207
	1,200,000	CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, due 08/15/57		1,282,566
	995,956	CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/25(c) 144A		1,029,594
	700,000	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58		752,320
	2,500,000	CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49		2,656,059
	219,250	CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class E, 2.31% (1 mo. USD LIBOR + 2.15%), due 07/15/32(b) 144A		219,011
	458,980	CIM Trust CMO, Series 2017-3, Class A1, 2.15% (1 mo. USD LIBOR + 2.00%), due 01/25/57(b) 144A		462,942
	500,000	CIM Trust CMO, Series 2017-5, Class A3, 4.00%, due 05/25/57(c) 144A		504,480
	462,142	CIM Trust CMO, Series 2017-6, Class A1, 3.02%, due 06/25/57(c) 144A		463,417
	1,266,115	CIM Trust CMO, Series 2020-INV1, Class A2, 2.50%, due 04/25/50(c) 144A		1,303,842
	1,155,000	CIM Trust CMO, Series 2020-J2, Class A1, 2.50%, due 01/25/51(c) 144A		1,189,931
	1,772,000	Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.40%, due 10/10/49		1,782,742
	1,300,000	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72		1,421,361
	176,000	Citigroup Commercial Mortgage Trust, Series 2019-PRM, Class A, 3.34%, due 05/10/36 144A		188,199
	120,000	Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.15%, due 01/10/36 144A		130,640

See accompanying Notes to the Schedule of Investments.

69

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	27,500,000	Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.44%, due 05/10/47(c) 144A		398,822
	55,515	COLT Mortgage Loan Trust CMO, Series 2019-2, Class A1, 3.34%, due 05/25/49(c) 144A		55,916
	99,169	COLT Mortgage Loan Trust CMO, Series 2020-1, Class A1, 2.49%, due 02/25/50(c) 144A		100,468
	598,643	COLT Trust CMO, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65(c) 144A		602,446
	235,000	Commercial Mortgage Trust, Series 2013-300P, Class D, 4.39%, due 08/10/30(c) 144A		244,167
	714,112	Commercial Mortgage Trust, Series 2013-LC6, Class A4, 2.94%, due 01/10/46		742,801
	4,166	Commercial Mortgage Trust, Series 2014-UBS2, Class A2, 2.82%, due 03/10/47		4,170
	971,437	Commercial Mortgage Trust, Series 2015-CR25, Class A3, 3.51%, due 08/10/48		1,055,392
	862,000	Commercial Mortgage Trust, Series 2015-CR27, Class A4, 3.61%, due 10/10/48		966,705
	223,000	Commercial Mortgage Trust, Series 2020-CBM, Class A2, 2.90%, due 02/10/37 144A		223,227
	355,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1.76% (1 mo. USD LIBOR + 1.60%), due 05/15/36(b) 144A		352,341
	530,000	Credit Suisse Mortgage Trust, Series 2020-11R, 1.00%, due 04/28/38(m)		530,000
	113,783	Credit Suisse Mortgage Trust CMO, Series 2017-HL1, Class A3, 3.50%, due 06/25/47(c) 144A		114,218
	396,886	Credit Suisse Mortgage Trust CMO, Series 2018-RPL9, Class A, 3.85%, due 09/25/57(c) 144A		428,713
	250,346	Credit Suisse Mortgage Trust CMO, Series 2019-AFC1, Class A1, 2.57%, due 07/25/49(d) 144A		256,947
	168,725	Credit Suisse Mortgage Trust CMO, Series 2020-AFC1, Class A1, 2.24%, due 02/25/50(c) 144A		171,702
	355,000	Credit Suisse Mortgage Trust CMO, Series 2020-RPL6, Class A1, 2.69%, due 03/25/59 144A		355,668
	1,100,000	CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50		1,193,618
	775,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50		862,488
	1,050,000	CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52		1,152,410
	746,059	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class MA, 3.50%, due 08/25/57		808,381
	1,742,642	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-4, Class MA, 3.50%, due 03/25/58		1,892,113
	1,426,229	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-2, Class MA, 3.50%, due 08/25/58		1,554,778
	1,470,721	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class MA, 2.50%, due 08/25/59		1,549,922
	236,060	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-2, Class MA, 2.00%, due 11/25/59		243,178
	159,693	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-DNA3, Class M1, 0.90% (1 mo. USD LIBOR + 0.75%), due 03/25/30(b)		159,996
	685	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2018-DNA3, Class M1, 0.90% (1 mo. USD LIBOR + 0.75%), due 09/25/48(b) 144A		685
	380,000	FHLMC Structured Agency Credit Risk Debt Notes REMIC CMO, Series 2020-HQA3, Class M2, 3.75% (1 mo. USD LIBOR + 3.60%), due 07/25/50(b) 144A		384,529
	870,176	Flagstar Mortgage Trust CMO, Series 2020-2, Class A2, 3.00%, due 08/01/50(c) 144A		899,218
	726,081	GCAT LLC CMO, Series 2019-4, Class A1, 3.23%, due 11/26/49(d) 144A		766,396
	250,313	GCAT LLC CMO, Series 2019-NQM1, Class A1, 2.99%, due 02/25/59(d) 144A		255,893

See accompanying Notes to the Schedule of Investments.

70

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	329,614	GCAT LLC CMO, Series 2020-NQM1, Class A1, 2.25%, due 01/25/60(d) 144A		338,045
	882,515	GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, due 05/10/45		893,668
	900,000	GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48		964,224
	300,000	GS Mortgage Securities Trust, Series 2019-GC40, Class A2, 2.97%, due 07/10/52		320,116
	1,600,000	GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53		1,686,518
	1,062,000	GS Mortgage Securities Trust, Series 2020-GSA2, Class A5, 2.01%, due 12/12/53		1,101,072
	1,143,000	GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53		1,182,099
	196,000	GS Mortgage Securities Trust, Series 2020-UPTN, Class A, 2.75%, due 02/10/37 144A		200,503
	183,811	GS Mortgage-Backed Securities Trust CMO, Series 2020-NQM1, Class A1, 1.38%, due 09/27/60(c) 144A		185,060
	170,000	IMT Trust, Series 2017-APTS, Class CFX, 3.50%, due 06/15/34(c) 144A		170,321
	215,000	Irvine Core Office Trust, Series 2013-IRV, Class A2, 3.17%, due 05/15/48(c) 144A		225,794
	1,725,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due 04/15/47		1,737,826
	248,443	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due 11/15/48		248,342
	700,000	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49		748,100
	1,300,000	JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50		1,441,113
	560,320	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.72%, due 02/15/46 144A		562,315
	1,449,919	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class A4, 2.69%, due 04/15/46		1,509,944
	750,302	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, 2.56%, due 08/15/49		801,460
	1,600,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50		1,684,490
	938,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%, due 06/13/52		992,086
	216,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, 2.81%, due 01/16/37 144A		225,158
	54,759	JPMorgan Mortgage Trust CMO, Series 2016-1, Class A5, 3.50%, due 05/25/46(c) 144A		54,872
	155,077	JPMorgan Mortgage Trust CMO, Series 2016-4, Class A5, 3.50%, due 10/25/46(c) 144A		156,032
	356,561	JPMorgan Mortgage Trust CMO, Series 2017-2, Class A5, 3.50%, due 05/25/47(c) 144A		358,485
	130,000	KNDL Mortgage Trust, Series 2019-KNSQ, Class D, 1.51% (1 mo. USD LIBOR + 1.35%), due 05/15/36(b) 144A		129,975
	830,495	Legacy Mortgage Asset Trust CMO, Series 2019-PRI, Class A1, 3.86%, due 09/25/59(d) 144A		874,552
	280,969	Legacy Mortgage Asset Trust CMO, Series 2020-GS1, Class A1, 2.88%, due 10/25/59(d) 144A		282,250
	435,000	Mello Warehouse Securitization Trust CMO, Series 2020-1, Class A, 1.05% (1 mo. USD LIBOR + 0.90%), due 10/25/53(b) 144A		435,943
	1,089,640	MetLife Securization Trust CMO, Series 2020-INV1, Class A2A, 2.50%, due 05/25/50(c) 144A		1,134,559
	134,724	MFA Trust CMO, Series 2020-NQM1, Class A1, 1.48%, due 03/25/65(c) 144A		135,792

See accompanying Notes to the Schedule of Investments.

71

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	282,297	MFA Trust CMO, Series 2020-NQM3, Class A1, 1.01%, due 01/26/65(c) 144A		283,138
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46		104,008
	800,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A4, 3.73%, due 05/15/48		898,020
	1,600,000	Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49		1,703,878
	212,000	Morgan Stanley Capital I Trust, Series 2017-CLS, Class D, 1.56% (1 mo. USD LIBOR + 1.40%), due 11/15/34(b) 144A		211,619
	2,600,000	Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52		2,906,050
	980,000	Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53		1,024,581
	200,000	Mortgage Insurance-Linked Notes CMO, Series 2020-1, Class M1B, 1.60% (1 mo. USD LIBOR + 1.45%), due 02/25/30(b) 144A		198,099
	2,120,000	MRA Issuance Trust CMO, Series 2020-15, Class A, 1.50% (1 mo. USD LIBOR + 1.50%), due 07/15/21(b) 144A		2,116,820
	95,000	Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.79%, due 11/15/32(c) 144A		95,506
	165,000	Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.32%, due 01/15/43(c) 144A		175,036
	142,341	New Residential Mortgage Loan Trust CMO, Series 2018-4A, Class A1S, 0.90% (1 mo. USD LIBOR + 0.75%), due 01/25/48(b) 144A		142,685
	9,074	Oaktown Re III, Ltd. CMO, Series 2019-1A, Class M1A, 1.55% (1 mo. USD LIBOR + 1.40%), due 07/25/29(b) 144A		9,086
	200,000	Oaktown Re IV, Ltd. CMO, Series 2020-1A, Class M1B, 4.90% (1 mo. USD LIBOR + 4.75%), due 07/25/30(b) 144A		202,321
	281,983	OBX Trust CMO, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60(c) 144A		288,206
	810,000	PMT Credit Risk Transfer Trust CMO, Series 2020-2R, Class A, 3.97% (1 mo. USD LIBOR + 3.82%), due 12/25/22(b) 144A		816,132
	609,000	Provident Funding Mortgage Trust CMO, Series 2020-F1, Class A2, 2.00%, due 01/25/36(c) 144A		611,125
	12,953	Radnor RE, Ltd. CMO, Series 2018-1, Class M1, 1.55% (1 mo. USD LIBOR + 1.40%), due 03/25/28(b) 144A		12,952
	1,657,104	Sequoia Mortgage Trust CMO, Series 2020-3, Class A4, 3.00%, due 04/25/50(c) 144A		1,690,151
	129,116	Starwood Mortgage Residential Trust CMO, Series 2020-1, Class A1, 2.28%, due 02/25/50(c) 144A		132,119
	223,423	Starwood Mortgage Residential Trust CMO, Series 2020-3, Class A1, 1.49%, due 04/25/65(c) 144A		225,231
	930,000	Station Place Securitization Trust CMO, Series 2020-10, Class A, 1.64% (1 mo. USD LIBOR + 1.50%), due 05/20/21(b) 144A		932,584
	280,832	Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75%, due 03/25/58(c) 144A		296,355
	115,000	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.50%, due 10/25/53(c) 144A		122,371
	265,000	Towd Point Mortgage Trust, Series 2015-2, Class 1M2, 3.57%, due 11/25/60(c) 144A		281,089
	130,609	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, due 10/25/56(c) 144A		133,926
	517,323	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/58(c) 144A		538,279
	186,919	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75%, due 05/25/58(c) 144A		199,255
	361,871	Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58(c) 144A		384,706
	73,025	Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25%, due 07/25/58(c) 144A		76,500
	145,955	Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58(c) 144A		157,031
	289,523	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, due 10/25/59(c) 144A		306,043
	71,261	Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 1.15% (1 mo. USD LIBOR + 1.00%), due 10/25/59(b) 144A		71,661

See accompanying Notes to the Schedule of Investments.

72

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	290,407	Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75%, due 10/25/60 144A		297,646
	675,000	UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50		740,388
	2,624,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.53%, due 05/10/63		2,705,691
	2,098,741	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, due 08/10/49		2,171,983
	313,657	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A3, 2.92%, due 03/10/46		321,801
	1,523,797	UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, due 01/10/45		1,544,448
	187,391	Verus Securitization Trust CMO, Series 2020-5, Class A1, 1.22%, due 05/25/65(d) 144A		187,981
	11,626	WaMu Mortgage Pass Through Certificates CMO, Series 2003-AR9, Class 1A7, 2.78%, due 09/25/33(c)		11,600
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49		1,582,110
	3,000,000	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49		3,230,969
	950,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50		1,062,394
	1,400,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50		1,584,007
	110,000	Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class D, 1.81% (1 mo. USD LIBOR + 1.65%), due 12/15/34(b) 144A		93,408
	1,605,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A3, 1.94%, due 06/15/53		1,661,797
	1,360,000	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.90%, due 06/15/44(c) 144A		1,368,092
				112,274,984
		Mortgage Backed Securities - U.S. Government Agency Obligations — 22.9%
	366,327	FHLMC Gold, Pool # A89870, 4.50%, due 11/01/39		409,807
	262,877	FHLMC Gold, Pool # A96970, 4.00%, due 02/01/41		286,736
	501,358	FHLMC Gold, Pool # C91908, 3.00%, due 01/01/37		528,278
	390,406	FHLMC Gold, Pool # G06231, 4.00%, due 12/01/40		428,484
	205,382	FHLMC Gold, Pool # G06409, 6.00%, due 11/01/39		244,196
	104,959	FHLMC Gold, Pool # G06875, 5.50%, due 12/01/38		123,462
	392,325	FHLMC Gold, Pool # G07021, 5.00%, due 09/01/39		455,779
	524,490	FHLMC Gold, Pool # G08537, 3.00%, due 07/01/43		558,007
	408,051	FHLMC Gold, Pool # G08672, 4.00%, due 10/01/45		442,773
	583,709	FHLMC Gold, Pool # G08726, 3.00%, due 10/01/46		617,188
	116,353	FHLMC Gold, Pool # G08735, 4.50%, due 10/01/46		128,397
	52,622	FHLMC Gold, Pool # G08748, 3.50%, due 02/01/47		56,112
	825,277	FHLMC Gold, Pool # G08749, 4.00%, due 02/01/47		888,602
	469,091	FHLMC Gold, Pool # G08771, 4.00%, due 07/01/47		504,047
	420,956	FHLMC Gold, Pool # G08786, 4.50%, due 10/01/47		459,687
	178,279	FHLMC Gold, Pool # G16177, 2.00%, due 01/01/32		187,295
	1,179,636	FHLMC Gold, Pool # G16634, 3.00%, due 10/01/31		1,272,250

See accompanying Notes to the Schedule of Investments.

73

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,137,370	FHLMC Gold, Pool # G60722, 3.00%, due 10/01/46		1,224,771
	509,422	FHLMC Gold, Pool # G60767, 3.50%, due 10/01/46		559,741
	254,008	FHLMC Gold, Pool # G60788, 3.50%, due 12/01/46		276,320
	1,079,573	FHLMC Gold, Pool # G60804, 4.50%, due 05/01/42		1,194,042
	1,358,168	FHLMC Gold, Pool # G60934, 3.50%, due 06/01/45		1,484,761
	1,566,410	FHLMC Gold, Pool # G60985, 3.00%, due 05/01/47		1,697,194
	988,310	FHLMC Gold, Pool # G61748, 3.50%, due 11/01/48		1,080,276
	520,928	FHLMC Gold, Pool # G61995, 4.00%, due 11/01/44		573,967
	107,081	FHLMC Gold, Pool # J16432, 3.50%, due 08/01/26		113,738
	121,047	FHLMC Gold, Pool # J17763, 3.50%, due 01/01/27		128,572
	351,095	FHLMC Gold, Pool # J24414, 2.50%, due 06/01/28		371,375
	422,124	FHLMC Gold, Pool # J34888, 2.50%, due 07/01/31		448,651
	795,971	FHLMC Gold, Pool # Q09224, 4.00%, due 07/01/42		894,308
	153,257	FHLMC Gold, Pool # Q11218, 3.50%, due 09/01/42		165,409
	326,523	FHLMC Gold, Pool # Q12052, 3.50%, due 10/01/42		355,232
	750,488	FHLMC Gold, Pool # Q12862, 3.50%, due 11/01/42		821,154
	322,785	FHLMC Gold, Pool # Q17792, 3.50%, due 05/01/43		353,126
	953,340	FHLMC Gold, Pool # Q36815, 4.00%, due 10/01/45		1,039,461
	986,571	FHLMC Gold, Pool # Q41918, 3.50%, due 07/01/46		1,063,851
	845,631	FHLMC Gold, Pool # Q42618, 3.00%, due 08/01/46		889,945
	1,032,251	FHLMC Gold, Pool # Q44455, 3.50%, due 11/01/46		1,123,017
	348,583	FHLMC Gold, Pool # Q44963, 3.50%, due 12/01/46		377,295
	1,051,853	FHLMC Gold, Pool # Q45741, 3.50%, due 01/01/47		1,149,959
	120,789	FHLMC Gold, Pool # Q49494, 4.50%, due 07/01/47		132,459
	362,784	FHLMC Gold, Pool # Q52312, 4.00%, due 11/01/47		388,768
	446,586	FHLMC Gold, Pool # Q54957, 4.00%, due 03/01/48		480,132
	270,737	FHLMC Gold, Pool # V60565, 3.00%, due 06/01/29		289,598
	675,528	FHLMC Gold, Pool # V60599, 3.00%, due 09/01/29		722,981
	923,764	FHLMC Gold, Pool # V82292, 4.00%, due 04/01/46		1,011,555
	1,045,263	FHLMC Gold, Pool # V82515, 3.50%, due 06/01/46		1,131,294
	299,466	FHLMC Gold, Pool # V82848, 3.00%, due 12/01/46		325,525
	1,099,408	FHLMC Multifamily Structured Pass Through Certificates, Series KC07, Class ASB, 2.18%, due 08/25/29		1,158,745
	550,000	FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class AM, 3.17%, due 09/25/26(c)		622,053
	1,800,000	FHLMC Multifamily Structured Pass Through Certificates, Series K069, Class AM, 3.25%, due 09/25/27(c)		2,059,678
	725,000	FHLMC Multifamily Structured Pass Through Certificates, Series K077, Class AM, 3.85%, due 05/25/28(c)		867,321
	913,000	FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class A2, 3.86%, due 11/25/28(c)		1,100,338
	1,840,000	FHLMC Multifamily Structured Pass Through Certificates, Series K076, Class AM, 3.90%, due 04/25/28		2,187,632
	1,211,000	FHLMC Multifamily Structured Pass Through Certificates, Series K081, Class A2, 3.90%, due 08/25/28(c)		1,458,162
	200,000	FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class AM, 3.92%, due 12/25/28(c)		241,154
	900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K157, Class A2, 3.99%, due 05/25/33(c)		1,112,650

See accompanying Notes to the Schedule of Investments.

74

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	325,000	FHLMC Multifamily Structured Pass Through Certificates, Series K083, Class AM, 4.03%, due 10/25/28(c)		394,131
	870,000	FHLMC Multifamily Structured Pass Through Certificates, Series K085, Class A2, 4.06%, due 10/25/28(c)		1,054,877
	24,718,404	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 0.80%, due 10/25/22(c) 144A		282,437
	68,238	FHLMC Reference REMIC CMO, Series R007, Class ZA, 6.00%, due 05/15/36		81,090
	1,245,206	FHLMC REMIC CMO, Series 4739, Class Z, 3.50%, due 11/15/47		1,375,362
	821,829	FNMA REMIC CMO, Series 2011-59, Class NZ, 5.50%, due 07/25/41		926,380
	13,752	FNMA REMIC CMO, Series 2012-28, Class B, 6.50%, due 06/25/39		15,058
	596,720	FNMA-ACES, Series 2019-M25, Class AV1, 2.05%, due 12/25/26		610,744
	1,141,685	FNMA-ACES, Series 2019-M22, Class A1, 2.10%, due 08/25/29		1,224,118
	216,990	FNMA-ACES, Series 2015-M8, Class AB2, 2.83%, due 01/25/25(c)		232,400
	1,698,360	FNMA-ACES, Series 2015-M10, Class A2, 3.09%, due 04/25/27(c)		1,905,360
	265,878	FNMA-ACES, Series 2018-M10, Class A1, 3.37%, due 07/25/28(c)		293,192
	459,179	GNMA I, Pool # 734152, 4.00%, due 01/15/41		501,577
	2,695,070	GNMA I, Pool # 784369, 4.00%, due 08/15/45		3,059,100
	332,088	GNMA I, Pool # 784605, 4.50%, due 01/15/42		371,587
	223,343	GNMA I, Pool # AL8626, 3.00%, due 08/15/45		234,259
	228,304	GNMA II, Pool # 004636, 4.50%, due 02/20/40		254,233
	41,175	GNMA II, Pool # 004678, 4.50%, due 04/20/40		45,848
	266,719	GNMA II, Pool # 004833, 4.00%, due 10/20/40		295,117
	242,212	GNMA II, Pool # 004977, 4.00%, due 03/20/41		267,994
	605,982	GNMA II, Pool # 004978, 4.50%, due 03/20/41		675,301
	936,888	GNMA II, Pool # 005055, 4.50%, due 05/20/41		1,044,062
	35,168	GNMA II, Pool # 783637, 3.00%, due 06/20/42		37,583
	1,039,294	GNMA II, Pool # 796468, 4.00%, due 09/20/42		1,131,107
	1,088,420	GNMA II, Pool # AV9421, 3.50%, due 11/20/46		1,224,053
	809,063	GNMA II, Pool # AY7555, 3.50%, due 04/20/47		909,992
	356,772	GNMA II, Pool # MA0462, 3.50%, due 10/20/42		388,583
	51,388	GNMA II, Pool # MA0624, 3.00%, due 12/20/42		55,068
	233,209	GNMA II, Pool # MA0625, 3.50%, due 12/20/42		253,990
	131,757	GNMA II, Pool # MA0698, 3.00%, due 01/20/43		141,249
	450,981	GNMA II, Pool # MA0851, 3.00%, due 03/20/43		481,894
	359,724	GNMA II, Pool # MA0852, 3.50%, due 03/20/43		391,772
	76,630	GNMA II, Pool # MA1156, 3.00%, due 07/20/43		81,848
	274,606	GNMA II, Pool # MA1376, 4.00%, due 10/20/43		303,558
	104,758	GNMA II, Pool # MA1599, 3.00%, due 01/20/44		111,746
	272,039	GNMA II, Pool # MA2371, 3.50%, due 11/20/44		293,961
	206,188	GNMA II, Pool # MA2372, 4.00%, due 11/20/44		227,550
	207,488	GNMA II, Pool # MA2825, 3.00%, due 05/20/45		221,929
	479,082	GNMA II, Pool # MA3310, 3.50%, due 12/20/45		515,965
	192,399	GNMA II, Pool # MA3377, 4.00%, due 01/20/46		210,696
	281,238	GNMA II, Pool # MA3455, 4.00%, due 02/20/46		308,510
	509,446	GNMA II, Pool # MA3456, 4.50%, due 02/20/46		567,616
	506,207	GNMA II, Pool # MA3596, 3.00%, due 04/20/46		539,148
	980,379	GNMA II, Pool # MA3803, 3.50%, due 07/20/46		1,059,045
	702,182	GNMA II, Pool # MA3873, 3.00%, due 08/20/46		748,502
	1,145,982	GNMA II, Pool # MA3936, 3.00%, due 09/20/46		1,221,632

See accompanying Notes to the Schedule of Investments.

75

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	325,119	GNMA II, Pool # MA4004, 3.50%, due 10/20/46		350,697
	182,625	GNMA II, Pool # MA4071, 4.50%, due 11/20/46		203,470
	149,352	GNMA II, Pool # MA4125, 2.50%, due 12/20/46		159,070
	295,715	GNMA II, Pool # MA4263, 4.00%, due 02/20/47		320,557
	384,277	GNMA II, Pool # MA4510, 3.50%, due 06/20/47		411,154
	434,758	GNMA II, Pool # MA4585, 3.00%, due 07/20/47		461,765
	442,291	GNMA II, Pool # MA4586, 3.50%, due 07/20/47		475,065
	1,180,940	GNMA II, Pool # MA4720, 4.00%, due 09/20/47		1,273,351
	342,835	GNMA II, Pool # MA4838, 4.00%, due 11/20/47		370,330
	1,346,674	GNMA II, Pool # MA5019, 3.50%, due 02/20/48		1,445,381
	182,430	GNMA II, Pool # MA5021, 4.50%, due 02/20/48		198,577
	60,762	GNMA II, Pool # MA5079, 4.50%, due 03/20/48		65,879
	378,551	GNMA II, Pool # MA5397, 3.50%, due 08/20/48		402,843
	417,237	GNMA II, Pool # MA5466, 4.00%, due 09/20/48		449,390
	372,829	GNMA II, Pool # MA5467, 4.50%, due 09/20/48		403,570
	176,893	GNMA II, Pool # MA5530, 5.00%, due 10/20/48		193,525
	239,042	GNMA II, Pool # MA5762, 3.50%, due 02/20/49		254,604
	257,813	GNMA II, Pool # MA5817, 4.00%, due 03/20/49		276,455
	689,438	GNMA II, Pool # MA5874, 3.00%, due 04/20/49		722,319
	558,891	GNMA II, Pool # MA6338, 3.00%, due 12/20/49		584,832
	500,000	GNMA II, Pool # MA7051, 2.00%, due 12/20/50		523,392
	1,500,000	GNMA TBA, 2.50%, due 02/20/51		1,584,961
	500,000	GNMA TBA, 3.00%, due 01/21/51		522,891
	352,083	UMBS, Pool # 745148, 5.00%, due 01/01/36		409,239
	329,279	UMBS, Pool # 932807, 4.00%, due 09/01/40		360,197
	346,838	UMBS, Pool # 983471, 5.50%, due 05/01/38		407,562
	388,523	UMBS, Pool # 985184, 5.50%, due 08/01/38		447,661
	273,076	UMBS, Pool # 995245, 5.00%, due 01/01/39		317,318
	614,947	UMBS, Pool # AB6212, 3.00%, due 09/01/42		654,521
	775,297	UMBS, Pool # AB6802, 3.50%, due 11/01/42		843,199
	211,678	UMBS, Pool # AB7059, 2.50%, due 11/01/42		226,657
	500,008	UMBS, Pool # AB8703, 3.00%, due 03/01/38		528,890
	188,257	UMBS, Pool # AB9383, 4.00%, due 05/01/43		208,106
	1,260,267	UMBS, Pool # AB9659, 3.00%, due 06/01/43		1,375,209
	3,128,159	UMBS, Pool # AC3668, 4.50%, due 10/01/39		3,513,430
	340,456	UMBS, Pool # AD9153, 4.50%, due 08/01/40		381,045
	233,668	UMBS, Pool # AE0469, 6.00%, due 12/01/39		276,797
	875,589	UMBS, Pool # AH4404, 4.00%, due 01/01/41		964,853
	139,253	UMBS, Pool # AI1892, 5.00%, due 05/01/41		161,766
	749,084	UMBS, Pool # AI4815, 4.50%, due 06/01/41		841,022
	593,686	UMBS, Pool # AJ9278, 3.50%, due 12/01/41		640,526
	281,191	UMBS, Pool # AJ9317, 4.00%, due 01/01/42		307,285
	631,574	UMBS, Pool # AL0215, 4.50%, due 04/01/41(o)		709,102
	1,076,240	UMBS, Pool # AL1895, 3.50%, due 06/01/42		1,176,580
	602,647	UMBS, Pool # AL2466, 4.00%, due 09/01/42		681,638
	647,760	UMBS, Pool # AL3000, 3.50%, due 12/01/42		704,689
	807,993	UMBS, Pool # AL3316, 3.50%, due 03/01/43		879,104
	996,646	UMBS, Pool # AL6663, 4.00%, due 03/01/39		1,107,952
	1,020,101	UMBS, Pool # AL7594, 3.50%, due 08/01/45		1,120,627

See accompanying Notes to the Schedule of Investments.

76

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	857,530	UMBS, Pool # AL8191, 4.00%, due 12/01/45		940,557
	132,913	UMBS, Pool # AO4109, 4.00%, due 06/01/42		146,382
	345,506	UMBS, Pool # AQ7923, 3.00%, due 12/01/42		368,447
	659,456	UMBS, Pool # AS5133, 3.50%, due 06/01/45		706,428
	182,315	UMBS, Pool # AS6286, 4.00%, due 12/01/45		197,509
	290,702	UMBS, Pool # AS6304, 4.00%, due 12/01/45		315,379
	385,232	UMBS, Pool # AS6452, 3.50%, due 01/01/46		412,521
	210,705	UMBS, Pool # AS7693, 2.00%, due 08/01/31		221,356
	306,495	UMBS, Pool # AS8073, 2.50%, due 10/01/46		323,716
	237,985	UMBS, Pool # AX3719, 3.50%, due 07/01/27		252,693
	236,049	UMBS, Pool # AZ3743, 3.50%, due 11/01/45		254,102
	366,716	UMBS, Pool # BC9468, 3.00%, due 06/01/46		387,219
	1,015,188	UMBS, Pool # BD7043, 4.00%, due 03/01/47		1,105,537
	597,306	UMBS, Pool # BE7192, 4.00%, due 03/01/47		648,113
	798,435	UMBS, Pool # BK1023, 4.50%, due 02/01/48		874,645
	654,452	UMBS, Pool # BK7611, 4.50%, due 09/01/48		711,528
	1,075,092	UMBS, Pool # BM1573, 3.50%, due 07/01/47		1,175,015
	467,096	UMBS, Pool # BM1914, 2.50%, due 08/01/31		488,200
	1,269,502	UMBS, Pool # BM1972, 3.50%, due 10/01/37		1,408,909
	712,935	UMBS, Pool # BM3033, 3.00%, due 10/01/47		769,018
	228,675	UMBS, Pool # BM3258, 3.00%, due 02/01/47		248,289
	408,868	UMBS, Pool # BM3286, 4.50%, due 11/01/47		446,108
	701,127	UMBS, Pool # BM3332, 3.50%, due 01/01/48		754,481
	589,720	UMBS, Pool # BM3491, 4.50%, due 01/01/38		650,485
	1,144,746	UMBS, Pool # BM3641, 4.00%, due 04/01/48		1,252,095
	917,000	UMBS, Pool # BM4896, 3.00%, due 02/01/47		975,253
	1,036,880	UMBS, Pool # BM5213, 3.00%, due 07/01/45		1,097,512
	405,295	UMBS, Pool # BM5293, 3.50%, due 02/01/49		427,552
	833,339	UMBS, Pool # BM5694, 4.00%, due 06/01/48		890,330
	243,502	UMBS, Pool # BM5874, 4.00%, due 01/01/48		262,541
	325,096	UMBS, Pool # BM5950, 3.00%, due 11/01/48		341,962
	2,004,845	UMBS, Pool # BN6216, 4.50%, due 03/01/49		2,216,503
	776,970	UMBS, Pool # BO0988, 3.50%, due 07/01/49		820,836
	592,642	UMBS, Pool # BO1420, 3.50%, due 09/01/49		626,264
	364,891	UMBS, Pool # BO1439, 3.00%, due 10/01/49		383,131
	992,695	UMBS, Pool # BO5387, 3.50%, due 12/01/49		1,058,442
	933,084	UMBS, Pool # BP2898, 4.00%, due 03/01/50		1,025,275
	961,619	UMBS, Pool # BP3048, 3.00%, due 03/01/50		1,019,471
	690,338	UMBS, Pool # BP5462, 2.50%, due 06/01/50		729,576
	537,435	UMBS, Pool # BP5568, 3.00%, due 06/01/50		563,486
	1,011,608	UMBS, Pool # BQ3132, 2.00%, due 10/01/50		1,053,882
	848,190	UMBS, Pool # BQ3138, 2.50%, due 10/01/50		899,337
	965,416	UMBS, Pool # CA0655, 3.50%, due 11/01/47		1,047,971
	1,764,826	UMBS, Pool # CA3986, 5.00%, due 08/01/49		1,978,932
	423,492	UMBS, Pool # CA4149, 3.00%, due 09/01/49		459,876
	842,842	UMBS, Pool # CA4546, 3.00%, due 11/01/49		895,397
	1,449,670	UMBS, Pool # CA4831, 4.50%, due 12/01/49		1,586,913
	1,031,204	UMBS, Pool # CA5571, 4.00%, due 04/01/50		1,126,013
	968,667	UMBS, Pool # CA6871, 2.50%, due 08/01/35		1,018,535

See accompanying Notes to the Schedule of Investments.

77

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	2,279,455	UMBS, Pool # CA6872, 2.50%, due 08/01/35		2,378,635
	1,745,912	UMBS, Pool # CA7030, 2.50%, due 09/01/50		1,871,038
	1,440,321	UMBS, Pool # FM0030, 3.00%, due 02/01/49		1,506,512
	500,279	UMBS, Pool # FM1001, 3.50%, due 11/01/48		529,187
	509,256	UMBS, Pool # FM1266, 5.00%, due 07/01/49		567,845
	200,848	UMBS, Pool # FM1347, 3.00%, due 12/01/48		211,888
	1,153,811	UMBS, Pool # FM1467, 3.00%, due 12/01/47		1,219,853
	695,734	UMBS, Pool # FM1588, 3.00%, due 10/01/49		752,675
	446,949	UMBS, Pool # FM1715, 3.00%, due 12/01/45		470,367
	407,837	UMBS, Pool # FM1790, 3.00%, due 11/01/49		442,878
	388,523	UMBS, Pool # FM1864, 3.00%, due 11/01/49		415,093
	2,214,684	UMBS, Pool # FM2109, 3.50%, due 12/01/49		2,336,499
	4,497,644	UMBS, Pool # FM2217, 3.00%, due 03/01/47		4,900,562
	2,974,266	UMBS, Pool # FM2226, 3.00%, due 09/01/46		3,240,732
	945,022	UMBS, Pool # FM2336, 4.00%, due 01/01/50		1,025,239
	3,875,445	UMBS, Pool # FM2385, 3.00%, due 09/01/48		4,057,282
	1,296,754	UMBS, Pool # FM2461, 3.50%, due 03/01/50		1,370,292
	1,100,764	UMBS, Pool # FM2570, 4.50%, due 04/01/48		1,233,972
	975,604	UMBS, Pool # FM2674, 4.00%, due 03/01/50		1,061,801
	123,359	UMBS, Pool # FM3828, 4.00%, due 07/01/49		135,191
	1,886,261	UMBS, Pool # FM3889, 3.00%, due 07/01/50		1,998,190
	831,111	UMBS, Pool # FM4154, 2.00%, due 09/01/50		864,564
	1,043,648	UMBS, Pool # FM4330, 2.50%, due 10/01/50		1,111,441
	976,902	UMBS, Pool # FM4350, 2.00%, due 09/01/50		1,018,543
	2,118,881	UMBS, Pool # FM4583, 2.00%, due 10/01/50		2,216,386
	209,737	UMBS, Pool # MA2781, 2.50%, due 10/01/46		223,331
	241,265	UMBS, Pool # MA3087, 3.50%, due 08/01/47		256,030
	207,401	UMBS, Pool # MA3155, 3.00%, due 10/01/32		217,772
	791,617	UMBS, Pool # MA3182, 3.50%, due 11/01/47		840,571
	397,726	UMBS, Pool # MA3211, 4.00%, due 12/01/47		427,355
	258,176	UMBS, Pool # MA3238, 3.50%, due 01/01/48		273,840
	694,011	UMBS, Pool # MA3332, 3.50%, due 04/01/48		735,606
	242,305	UMBS, Pool # MA3364, 3.50%, due 05/01/33		258,400
	175,549	UMBS, Pool # MA3385, 4.50%, due 06/01/48		190,258
	674,223	UMBS, Pool # MA3414, 3.50%, due 07/01/48		713,856
	223,689	UMBS, Pool # MA3442, 3.50%, due 08/01/48		236,353
	197,820	UMBS, Pool # MA3521, 4.00%, due 11/01/48		211,095
	539,626	UMBS, Pool # MA3864, 2.50%, due 12/01/34		562,759
	3,399,085	UMBS, Pool # QA6328, 3.00%, due 01/01/50		3,611,787
	1,950,134	UMBS, Pool # QA6367, 3.00%, due 01/01/50		2,089,809
	1,061,027	UMBS, Pool # QA8518, 3.00%, due 04/01/50		1,131,794
	360,234	UMBS, Pool # QB0220, 3.00%, due 06/01/50		377,651
	1,153,292	UMBS, Pool # QB4847, 2.50%, due 10/01/50		1,225,839
	1,171,367	UMBS, Pool # QB6476, 2.50%, due 12/01/50		1,243,112
	1,951,560	UMBS, Pool # RA1741, 3.50%, due 11/01/49		2,089,780
	2,737,173	UMBS, Pool # RA1776, 3.00%, due 12/01/49		2,939,487
	2,596,359	UMBS, Pool # RA1860, 3.00%, due 12/01/49		2,723,944
	2,421,708	UMBS, Pool # RA1878, 3.50%, due 12/01/49		2,566,751
	1,152,836	UMBS, Pool # RA2572, 3.50%, due 05/01/50		1,242,897

See accompanying Notes to the Schedule of Investments.

78

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	3,215,219	UMBS, Pool # RA2790, 2.50%, due 06/01/50		3,393,274
	2,523,591	UMBS, Pool # RA2853, 2.50%, due 06/01/50		2,663,345
	882,460	UMBS, Pool # RA3206, 2.00%, due 08/01/50		919,354
	1,216,479	UMBS, Pool # RA3607, 3.00%, due 09/01/50		1,312,772
	1,391,786	UMBS, Pool # SD0100, 3.00%, due 10/01/49		1,490,987
	253,837	UMBS, Pool # SD7523, 2.50%, due 08/01/50		271,866
	8,231	UMBS, Pool # SD8025, 3.50%, due 11/01/49		8,692
	1,153,191	UMBS, Pool # ZA7040, 3.50%, due 06/01/49		1,234,308
	1,396,167	UMBS, Pool # ZM1609, 3.50%, due 09/01/46		1,502,054
	640,638	UMBS, Pool # ZS4727, 4.00%, due 07/01/47		688,241
	408,832	UMBS, Pool # ZS4760, 4.00%, due 03/01/48		438,923
	715,870	UMBS, Pool # ZT0657, 6.00%, due 07/01/40		851,543
	537,822	UMBS, Pool # ZT1748, 5.00%, due 01/01/49		602,368
	1,624,088	UMBS, Pool # ZT2100, 3.00%, due 04/01/47		1,709,777
	6,530,000	UMBS TBA, 2.00%, due 01/14/51		6,783,803
	11,000,000	UMBS TBA, 2.00%, due 02/12/51		11,408,251
	2,424,000	UMBS TBA, 2.50%, due 01/14/51		2,555,426
	2,500,000	UMBS TBA, 2.50%, due 02/12/51		2,631,163
				239,094,198
		Municipal Obligations — 1.3%
	60,000	Alabama Economic Settlement Authority, 4.26%, due 09/15/32		71,450
	165,000	Bay Area Toll Authority, 2.57%, due 04/01/31		178,075
	300,000	Bay Area Toll Authority, 6.26%, due 04/01/49		517,593
	90,000	District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14(h)		134,163
	650,000	Health & Educational Facilities Authority of the State of Missouri, 3.23%, due 05/15/50		760,409
	715,000	Michigan Finance Authority, 2.37%, due 09/01/49		736,271
	359,000	Municipal Electric Authority of Georgia, 6.64%, due 04/01/57		546,721
	327,000	New Jersey Transportation Trust Fund Authority, 4.08%, due 06/15/39		345,037
	25,000	New Jersey Transportation Trust Fund Authority, 4.13%, due 06/15/42		26,004
	1,350,000	New York State Urban Development Corp., 5.77%, due 03/15/39		1,737,356
	2,195,000	Port Authority of New York & New Jersey, 1.09%, due 07/01/23		2,228,254
	1,975,000	State Board of Administration Finance Corp., 1.26%, due 07/01/25		2,021,136
	489,000	State Board of Administration Finance Corp., 1.71%, due 07/01/27		507,890
	885,000	State of California, 7.50%, due 04/01/34		1,476,419
	555,000	State of California, General Obligation, 7.55%, due 04/01/39		975,651
	695,000	State of Illinois, General Obligation, 5.00%, due 11/01/22		733,906
	105,000	University of Virginia, 4.18%, due 09/01/17(h)		140,364
				13,136,699
		Sovereign Debt Obligations — 0.6%
	200,000	Bermuda Government International Bond, 2.38%, due 08/20/30 144A		210,250
	200,000	Colombia Government International Bond, 5.00%, due 06/15/45		244,750
	135,000	Colombia Government International Bond, 7.38%, due 09/18/37		197,608
	330,000	Corp. Andina de Fomento, 2.13%, due 09/27/21		334,132
	55,000	Corp. Andina de Fomento, 2.75%, due 01/06/23(f)		57,005
	215,000	Export-Import Bank of India, 3.88%, due 02/01/28 144A		237,459
	200,000	Indonesia Government International Bond, 4.45%, due 02/11/24		222,030

See accompanying Notes to the Schedule of Investments.

79

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Sovereign Debt Obligations — continued
	220,000	Indonesia Government International Bond, 5.88%, due 01/15/24 144A		253,163
	200,000	Japan Bank for International Cooperation, 3.38%, due 10/31/23		216,963
	200,000	Japan Finance Organization for Municipalities, 1.75%, due 09/05/24 144A		208,775
	200,000	Panama Government International Bond, 4.00%, due 09/22/24		221,752
	250,000	Province of Alberta Canada, 3.30%, due 03/15/28		289,081
	100,000	Province of Manitoba Canada, 2.13%, due 06/22/26		107,893
	220,000	Province of Quebec Canada, 2.75%, due 04/12/27		246,356
	301,000	Qatar Government International Bond, 3.38%, due 03/14/24 144A		326,435
	568,000	Qatar Government International Bond, 5.10%, due 04/23/48 144A		800,204
	235,000	Saudi Government International Bond, 4.00%, due 04/17/25 144A		262,865
	594,000	Saudi Government International Bond, 4.38%, due 04/16/29 144A		706,643
	400,000	Tokyo Metropolitan Government, 2.50%, due 06/08/22 144A		411,672
	185,000	Uruguay Government International Bond, 4.98%, due 04/20/55		257,381
	65,000	Uruguay Government International Bond, 5.10%, due 06/18/50		91,199
				5,903,616
		U.S. Government and Agency Obligations — 12.8%
	495,000	FNMA, 0.88%, due 08/05/30		486,232
	270,000	FNMA, 2.38%, due 01/19/23		282,423
	315,000	FNMA, 2.50%, due 02/05/24		337,486
	310,000	FNMA, 6.63%, due 11/15/30(p)		469,748
	25,000	Tennessee Valley Authority, 7.13%, due 05/01/30		38,172
	6,015,000	U.S. Treasury Bond, 1.13%, due 05/15/40		5,713,310
	7,440,000	U.S. Treasury Bond, 1.13%, due 08/15/40		7,045,913
	2,969,000	U.S. Treasury Bond, 1.25%, due 05/15/50		2,694,136
	11,351,000	U.S. Treasury Bond, 1.38%, due 08/15/50		10,633,581
	1,824,000	U.S. Treasury Bond, 2.25%, due 08/15/49		2,087,981
	2,532,000	U.S. Treasury Bond, 2.50%, due 02/15/45		3,020,300
	6,320,000	U.S. Treasury Bond, 2.75%, due 11/15/42		7,832,850
	1,441,000	U.S. Treasury Bond, 3.00%, due 02/15/47		1,884,670
	2,215,000	U.S. Treasury Bond, 3.00%, due 08/15/48		2,914,542
	4,307,000	U.S. Treasury Bond, 3.13%, due 11/15/41		5,634,599
	6,045,900	U.S. Treasury Bond, 3.63%, due 08/15/43		8,540,306
	6,605,919	U.S. Treasury Inflation Indexed Bonds, 0.13%, due 10/15/24		7,085,306
	1,624,340	U.S. Treasury Inflation Indexed Bonds, 0.13%, due 01/15/30		1,813,497
	5,023,000	U.S. Treasury Note, 0.13%, due 07/31/22		5,024,177
	10,945,000	U.S. Treasury Note, 0.13%, due 11/30/22		10,947,138
	70,000	U.S. Treasury Note, 0.13%, due 12/15/23		69,921
	5,940,000	U.S. Treasury Note, 0.25%, due 07/31/25		5,923,062
	4,704,000	U.S. Treasury Note, 0.38%, due 11/30/25		4,710,983
	1,979,000	U.S. Treasury Note, 0.63%, due 08/15/30		1,929,834
	3,863,000	U.S. Treasury Note, 0.88%, due 11/15/30		3,850,626
	6,775,000	U.S. Treasury Note, 1.63%, due 02/15/26		7,207,436
	4,020,000	U.S. Treasury Note, 2.88%, due 05/15/28(o)		4,658,332
	6,675,000	U.S. Treasury STRIPS, 1.10%, due 08/15/30(n)		6,033,440
	530,000	U.S. Treasury STRIPS, 1.39%, due 02/15/36(n)		429,949
	505,000	U.S. Treasury STRIPS, 1.56%, due 05/15/36(n)		406,960
	3,730,000	U.S. Treasury STRIPS, 1.62%, due 05/15/37(n) (p)		2,943,773
	360,000	U.S. Treasury STRIPS, 1.71%, due 11/15/38(n)		275,271

See accompanying Notes to the Schedule of Investments.

80

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			U.S. Government and Agency Obligations — continued
	370,000		U.S. Treasury STRIPS, 1.73%, due 02/15/39(n)		281,071
	155,000		U.S. Treasury STRIPS, 1.74%, due 05/15/39(n)		117,269
	255,000		U.S. Treasury STRIPS, 1.74%, due 08/15/39(n)		192,188
	3,180,000		U.S. Treasury STRIPS, 1.86%, due 11/15/41(n)		2,284,335
	985,000		U.S. Treasury STRIPS, 1.89%, due 05/15/42(n)		699,683
	85,000		U.S. Treasury STRIPS, 1.91%, due 08/15/42(n)		60,030
	1,750,000		U.S. Treasury STRIPS, 1.91%, due 11/15/42(n)		1,230,369
	4,620,000		U.S. Treasury STRIPS, 1.93%, due 02/15/43(n)		3,228,616
	646,000		U.S. Treasury STRIPS, 1.99%, due 11/15/43(n)		442,786
	1,950,000		U.S. Treasury STRIPS, 2.02%, due 11/15/44(n)		1,311,854
	430,000		U.S. Treasury STRIPS, 2.05%, due 11/15/45(n)		283,748
	310,000		U.S. Treasury STRIPS, 2.07%, due 02/15/46(n)		203,283
					133,261,186
			TOTAL DEBT OBLIGATIONS (COST $978,141,022)		1,027,578,016
			SHORT-TERM INVESTMENTS — 0.5%
			Mutual Fund - Securities Lending Collateral — 0.4%
	4,450,665		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(q) (r)		4,450,665
			U.S. Government and Agency Obligations — 0.1%
	1,410,000		U.S. Treasury Bill, 0.05%, due 03/04/21(n)		1,409,872
			TOTAL SHORT-TERM INVESTMENTS (COST $5,860,538)		5,860,537
			TOTAL INVESTMENTS — 99.2% (Cost $984,001,560)		1,033,438,553
			Other Assets and Liabilities (net) — 0.8%		8,097,290
			NET ASSETS — 100.0%	$1,041,535,843
			Notes to Schedule of Investments:
		*	Non-income producing security.
		(a)	Unless otherwise indicated, all par values are denominated in United States dollars ($).
		(b)	Variable or floating rate note. Rate shown is as of December 31, 2020.
		(c)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
		(d)	Step coupon security that pays an initial coupon rate for the first period and then a lower/higher coupon rate for the following periods. Rate shown is current coupon rate.
		(e)	When-issued security.
		(f)	All or a portion of this security is out on loan.
		(g)	Security is perpetual and has no stated maturity date.

See accompanying Notes to the Schedule of Investments.

81

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

(h)	Year of maturity is greater than 2100.
(i)	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
(j)	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $838,657 which represents 0.1% of net assets. The aggregate tax cost of these securities held at December 31, 2020 was $2,380,476.
(k)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
(l)	Security is currently in default.
(m)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period end, the market value of restricted securities was $629,955, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(n)	Interest rate presented is yield to maturity.
(o)	All or a portion of this security is pledged for open futures collateral.
(p)	All or a portion of this security is pledged for open centrally cleared swaps collateral.
(q)	The rate disclosed is the 7-day net yield as of December 31, 2020.
(r)	Represents an investment of securities lending cash collateral.
144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $219,512,373 which represents 21.1% of net assets.

See accompanying Notes to the Schedule of Investments.

82

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

At December 31, 2020, the Fund held the following restricted securities:

Restricted Securities	Acquisition Date		Principal Amount			Cost			Value
Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1A, 1.25% (1 mo. USD LIBOR + 1.10%), due 07/25/29		07/17/19		USD	67,286		$	67,286		$	67,295
Credit Suisse Mortgage Trust, Series 2020-11R, 1.00%, due 04/28/38		12/03/20		USD	530,000			530,000			530,000
LSC Communications, Inc., 8.75%, due 10/15/23		09/23/16		USD	284,000			257,703			32,660
												$	629,955

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	360,404	EUR	303,357		01/12/21	Barclays Bank Plc	$	(10,838	)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	4	U.S. Long Bond		Mar 2021	$	692,750	$	(6,264	)
	150	U.S. Treasury Note 10-Year		Mar 2021		20,711,719		35,810
	134	U.S. Treasury Note 2-Year		Mar 2021		29,610,859		31,557
	151	U.S. Treasury Note 5-Year		Mar 2021		19,050,773		38,241
	49	U.S. Ultra Bond		Mar 2021		10,464,563		(36,766	)
							$	62,578
	Sales
	1	Euro-Bund		Mar 2021	$	217,351	$	(564	)
	27	U.S. Long Bond		Mar 2021		4,676,063		(5,100	)
	16	U.S. Treasury Note 10-Year		Mar 2021		2,209,250		(2,752	)
	150	U.S. Ultra 10-Year		Mar 2021		23,453,906		73,348
							$	64,932

Centrally Cleared Interest Rate Swaps

Payments Received by Fund	Payment Frequency	Payments Made by Fund	Payment Frequency	Maturity Date	Upfront Premiums Paid (Received)		Notional Value			Market Value			Unrealized Appreciation (Depreciation)
Overnight Federal Funds Effective Rate (12M)	Annual	1.51%	Annual	08/09/49	$	110		USD	580,000	$	(44,877	)	$	(44,987	)

See accompanying Notes to the Schedule of Investments.

83

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Currency Abbreviations

EUR — Euro

USD — U.S. Dollar

Other Abbreviations

ACES — Alternative Credit Enhancement Securities

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

CMT — Constant Maturity Treasury Index

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

IO — Interest Only

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

PIK — Payment In Kind

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STRIPS — Separate Trading of Registered Interest and Principal of Securities

TBA — To Be Announced

UMBS — Uniform Mortgage-Backed Securities are single-Class securities backed by fixed-rate mortgage loans purchased by either FHLMC or FNMA

See accompanying Notes to the Schedule of Investments.

84

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		98.6
Futures Contracts		0.0	*
Swaps		0.0	*
Forward Foreign Currency Contracts		0.0	*
Short-Term Investments		0.6
Other Assets and Liabilities (net)		0.8
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Schedule of Investments.

85