NPORT-EX

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		DEBT OBLIGATIONS — 93.1%
		Asset Backed Securities — 3.7%
	250,000	522 Funding CLO I, Ltd., Series 2019-5A, Class E, 7.58% (3 mo. USD LIBOR + 7.34%), due 01/15/33(b) 144A		251,609
	1,090,000	Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 0.79% (1 mo. USD LIBOR + 0.65%), due 12/25/35(b)		1,041,925
	500,000	Allegro CLO XI, Ltd., Series 2019-2A, Class A1A, 1.61% (3 mo. USD LIBOR + 1.39%), due 01/19/33(b) 144A		501,028
	250,000	AMMC CLO, Ltd., Series 2017-20A, Class D, 3.62% (3 mo. USD LIBOR + 3.40%), due 04/17/29(b) 144A		248,010
	300,000	Anchorage Capital CLO, Ltd., Series 2014-3RA, Class E, 5.72% (3 mo. USD LIBOR + 5.50%), due 01/28/31(b) 144A		287,462
	391,766	Apex Credit CLO, Ltd., Series 2017-1A, Class A1, 1.68% (3 mo. USD LIBOR + 1.47%), due 04/24/29(b) 144A		391,792
	420,000	Apidos CLO XXII, Series 2015-22A, Class DR, 6.97% (3 mo. USD LIBOR + 6.75%), due 04/20/31(b) 144A		420,491
	962,588	Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A		954,709
	400,000	Ares LII CLO, Ltd., Series 2019-52A, Class D, 4.17% (3 mo. USD LIBOR + 3.95%), due 04/22/31(b) 144A		400,829
	300,000	Ares XLI CLO, Ltd., Series 2016-41A, Class D, 4.44% (3 mo. USD LIBOR + 4.20%), due 01/15/29(b) 144A		300,087
	500,000	Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class C, 3.12% (3 mo. USD LIBOR + 2.90%), due 05/15/30(b) 144A		484,261
	1,290,000	Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Series 2006-HE5, Class M1, 0.43% (1 mo. USD LIBOR + 0.28%), due 07/25/36(b)		1,088,197
	625,492	Asset Backed Securities Corp. Home Equity Loan Trust Series RFC, Series 2007-HE1, Class A4, 0.29% (1 mo. USD LIBOR + 0.14%), due 12/25/36(b)		603,029
	410,000	Avery Point VI CLO, Ltd., Series 2015-6A, Class DR, 3.17% (3 mo. USD LIBOR + 2.95%), due 08/05/27(b) 144A		409,770
	545,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class A, 3.07%, due 09/20/23 144A		563,393
	1,130,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.25%, due 02/20/27 144A		1,162,898
	250,000	Ballyrock CLO, Ltd., Series 2016-1A, Class ER, 7.19% (3 mo. USD LIBOR + 6.95%), due 10/15/28(b) 144A		248,180
	500,000	Barings CLO, Ltd., Series 2013-IA, Class CR, 1.72% (3 mo. USD LIBOR + 1.50%), due 01/20/28(b) 144A		494,047
	250,000	Benefit Street Partners CLO IV, Ltd., Series 2014-IVA, Class CRR, 4.02% (3 mo. USD LIBOR + 3.80%), due 01/20/29(b) 144A		248,150
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class C, 3.29% (3 mo. USD LIBOR + 3.05%), due 10/15/30(b) 144A		242,907
	700,000	BlueMountain CLO XXII, Ltd., Series 2018-22A, Class A1, 1.32% (3 mo. USD LIBOR + 1.08%), due 07/15/31(b) 144A		696,462
	650,000	BlueMountain CLO, Ltd., Series 2012-2A, Class AR2, 1.27% (3 mo. USD LIBOR + 1.05%), due 11/20/28(b) 144A		649,964
	246,852	BlueMountain CLO, Ltd., Series 2015-1A, Class A1R, 1.55% (3 mo. USD LIBOR + 1.33%), due 04/13/27(b) 144A		246,880
	89,019	BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21		89,159
	500,000	Bristol Park CLO, Ltd., Series 2016-1A, Class ER, 7.24% (3 mo. USD LIBOR + 7.00%), due 04/15/29(b) 144A		500,115

See accompanying Notes to the Schedule of Investments.

86

Mercer Opportunistic 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
	385,000	California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.87%, due 10/16/23		396,707
	600,000	Canyon CLO, Ltd., Series 2020-1A, Class B, 2.99% (3 mo. USD LIBOR + 2.75%), due 07/15/28(b) 144A		604,641
	650,519	Carlyle Global Market Strategies CLO, Ltd., Series 2014-2RA, Class A1, 1.27% (3 mo. USD LIBOR + 1.05%), due 05/15/31(b) 144A		646,617
	600,000	Catskill Park CLO, Ltd., Series 2017-1A, Class D, 6.22% (3 mo. USD LIBOR + 6.00%), due 04/20/29(b) 144A		589,465
	200,000	CCG Receivables Trust, Series 2018-1, Class C, 3.42%, due 06/16/25 144A		202,062
	330,000	Cent CLO 24, Ltd., Series 2015-24A, Class CR, 3.39% (3 mo. USD LIBOR + 3.15%), due 10/15/26(b) 144A		325,773
	250,000	CIFC Funding CLO, Ltd., Series 2017-1A, Class D, 3.71% (3 mo. USD LIBOR + 3.50%), due 04/23/29(b) 144A		244,850
	598,300	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		584,794
	250,000	Cumberland Park CLO, Ltd., Series 2015-2A, Class ER, 5.87% (3 mo. USD LIBOR + 5.65%), due 07/20/28(b) 144A		242,792
	177,333	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.53%, due 01/21/31 144A		181,804
	400,000	Dryden 72 CLO, Ltd., Series 2019-72A, Class D, 3.92% (3 mo. USD LIBOR + 3.70%), due 05/15/32(b) 144A		400,818
	420,708	Dryden CLO XXV Senior Loan Fund, Series 2012-25A, Class ARR, 1.14% (3 mo. USD LIBOR + 0.90%), due 10/15/27(b) 144A		420,109
	650,000	DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, due 03/15/24 144A		667,042
	547,666	Falcon Aerospace, Ltd., Series 2017-1, Class A, 4.58%, due 02/15/42 144A		527,386
	600,000	FBR Securitization Trust, Series 2005-2, Class M4, 1.08% (1 mo. USD LIBOR + 0.93%), due 09/25/35(b)		517,981
	1,070,016	First Franklin Mortgage Loan Trust, Series 2005-FF12, Class M1, 0.82% (1 mo. USD LIBOR + 0.68%), due 11/25/36(b)		1,067,493
	260,000	Flatiron CLO, Ltd., Series 2017-1A, Class A, 1.47% (3 mo. USD LIBOR + 1.25%), due 05/15/30(b) 144A		260,021
	250,000	Golub Capital Partners CLO, Ltd., Series 2020-49A, Class A1, 2.78% (3 mo. USD LIBOR + 2.50%), due 07/20/32(b) 144A		251,207
	400,000	Golub Capital Partners CLO, Ltd., Series 2020-49A, Class B, 3.48% (3 mo. USD LIBOR + 3.20%), due 07/20/32(b) 144A		402,033
	250,000	Greenwood Park CLO, Ltd., Series 2018-1A, Class E, 5.19% (3 mo. USD LIBOR + 4.95%), due 04/15/31(b) 144A		237,230
	250,000	Greywolf CLO IV, Ltd., Series 2019-1A, Class C, 4.17% (3 mo. USD LIBOR + 3.95%), due 04/17/30(b) 144A		250,023
	700,000	Greywolf CLO V, Ltd., Series 2015-1A, Class A1R, 1.37% (3 mo. USD LIBOR + 1.16%), due 01/27/31(b) 144A		699,624
	280,099	GSAA Home Equity Trust, Series 2007-7, Class A4, 0.69% (1 mo. USD LIBOR + 0.54%), due 07/25/37(b)		273,887
	290,000	Halsey Point CLO I, Ltd., Series 2019-1A, Class F, 8.42% (3 mo. USD LIBOR + 8.20%), due 01/20/33(b) 144A		266,649
	510,000	Hertz Vehicle Financing II, LP, Series 2015-3A, Class C, 4.44%, due 09/25/21 144A		507,908
	760,000	Hertz Vehicle Financing II, LP, Series 2018-1A, Class D, 5.86%, due 02/25/24 144A		749,403
	350,000	Hildene Community Funding CDO CLO, Ltd., Series 2015-1A, Class AR, 3.25%, due 11/01/35 144A		350,000
	383,046	KeyCorp Student Loan Trust, Series 2005-A, Class 2C, 1.55% (3 mo. USD LIBOR + 1.30%), due 12/27/38(b)		360,271

See accompanying Notes to the Schedule of Investments.

87

Mercer Opportunistic 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
	400,000	KKR CLO 14, Ltd., Series 14, Class BR, 2.04% (3 mo. USD LIBOR + 1.80%), due 07/15/31(b) 144A		398,121
	897,658	LCM CLO XVIII, LP, Series 19A, Class AR, 1.48% (3 mo. USD LIBOR + 1.24%), due 07/15/27(b) 144A		897,722
	250,000	LCM CLO XXII, Ltd., Series 22A, Class DR, 5.72% (3 mo. USD LIBOR + 5.50%), due 10/20/28(b) 144A		229,867
	251,490	Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, due 01/25/59(c) 144A		257,915
	650,000	Magnetite CLO XII, Ltd., Series 2015-12A, Class ER, 5.92% (3 mo. USD LIBOR + 5.68%), due 10/15/31(b) 144A		628,475
	984,925	Magnolia Financial X DAC, Series 2020-1, 0.80%, due 08/13/24(d) (e)		955,426
	198,725	MAPS, Ltd., Series 2018-1A, Class A, 4.21%, due 05/15/43 144A		190,373
	209,810	MAPS, Ltd., Series 2018-1A, Class B, 5.19%, due 05/15/43 144A		177,436
	250,000	Marathon CLO 14, Ltd., Series 2019-2A, Class BA, 3.52% (3 mo. USD LIBOR + 3.30%), due 01/20/33(b) 144A		249,578
	1,043,913	Mill City Solar Loan, Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A		1,109,157
	290,000	Nassau CLO, Ltd., Series 2020-1A, Class D, 5.00% (3 mo. USD LIBOR + 4.77%), due 07/20/29(b) 144A		291,560
	575,000	Navient Private Education Refi Student Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A		600,863
	200,000	Navient Private Education Refi Student Loan Trust, Series 2020-A, Class B, 3.16%, due 11/15/68 144A		207,840
	1,150,000	Navient Private Education Refi Student Loan Trust, Series 2020-GA, Class B, 2.50%, due 09/16/69 144A		1,163,700
	250,000	Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class DR2, 6.13% (3 mo. USD LIBOR + 5.92%), due 10/21/30(b) 144A		245,236
	250,000	Oaktree CLO, Ltd., Series 2015-1A, Class DR, 5.42% (3 mo. USD LIBOR + 5.20%), due 10/20/27(b) 144A		230,115
	250,000	Oaktree CLO, Ltd., Series 2019-1A, Class D, 4.02% (3 mo. USD LIBOR + 3.80%), due 04/22/30(b) 144A		243,469
	1,505,000	Oaktree CLO, Ltd., Series 2019-4A, Class E, 7.45% (3 mo. USD LIBOR + 7.23%), due 10/20/32(b) 144A		1,509,042
	355,000	Ocean Trails CLO IX, Series 2020-9A, Class A1, 2.15% (3 mo. USD LIBOR + 1.87%), due 10/15/29(b) 144A		356,324
	405,000	Ocean Trails CLO IX, Series 2020-9A, Class A2, 2.55% (3 mo. USD LIBOR + 2.27%), due 10/15/29(b) 144A		407,624
	500,000	Ocean Trails CLO X, Series 2020-10A, Class D, 4.89% (3 mo. USD LIBOR + 4.70%), due 10/15/31(b) 144A		501,914
	575,000	Octagon Investment Partners 35 CLO, Ltd., Series 2018-1A, Class C, 2.82% (3 mo. USD LIBOR + 2.60%), due 01/20/31(b) 144A		545,187
	1,900,000	OHA Credit Funding CLO 3, Ltd., Series 2019-3A, Class E1, 5.22% (3 mo. USD LIBOR + 5.00%), due 07/20/32(b) 144A		1,794,964
	1,470,000	OHA Credit Funding CLO 4, Ltd., Series 2019-4A, Class E, 6.32% (3 mo. USD LIBOR + 6.10%), due 10/22/32(b) 144A		1,441,848
	250,000	OHA Loan Funding CLO, Ltd., Series 2015-1A, Class DR2, 4.22% (3 mo. USD LIBOR + 4.00%), due 11/15/32(b) 144A		250,618
	280,000	OneMain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, due 03/14/29 144A		289,250
	1,340,000	Option One Mortgage Loan Trust, Series 2005-3, Class M4, 1.08% (1 mo. USD LIBOR + 0.93%), due 08/25/35(b)		1,180,880

See accompanying Notes to the Schedule of Investments.

88

Mercer Opportunistic 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
	250,000	Owl Rock CLO, Ltd., Series 2020-3A, Class A1L, 2.02% (3 mo. USD LIBOR + 1.80%), due 04/20/32(b) 144A		250,124
	376,000	OZLM CLO XXII, Ltd., Series 2018-22A, Class C, 2.87% (3 mo. USD LIBOR + 2.65%), due 01/17/31(b) 144A		357,213
	250,000	Parallel CLO, Ltd., Series 2017-1A, Class CR, 2.22% (3 mo. USD LIBOR + 2.00%), due 07/20/29(b) 144A		240,870
	510,000	Parallel CLO, Ltd., Series 2020-1A, Class A1, 1.98% (3 mo. USD LIBOR + 1.83%), due 07/20/31(b) 144A		511,895
	698,913	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 144A		699,470
	246,991	PRPM LLC, Series 2019-4A, Class A1, 3.35%, due 11/25/24(c) 144A		248,268
	151,049	Recette CLO, Ltd., Series 2015-1A, Class AR, 1.14% (3 mo. USD LIBOR + 0.92%), due 10/20/27(b) 144A		150,981
	1,840,000	Residential Asset Securities Trust, Series 2006-KS2, Class M3, 0.76% (1 mo. USD LIBOR + 0.62%), due 03/25/36(b)		1,735,250
	500,000	Romark CLO III, Ltd., Series 2019-3A, Class A1, 1.61% (3 mo. USD LIBOR + 1.37%), due 07/15/32(b) 144A		500,137
	182,023	Saranac CLO III, Ltd., Series 2014-3A, Class DR, 3.49% (3 mo. USD LIBOR + 3.25%), due 06/22/30(b) 144A		169,474
	184,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 4.08% (28 day ARS), due 06/15/32(b)		182,952
	91,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 4.03% (28 day ARS), due 03/15/33(b)		90,364
	360,000	Sound Point CLO XXIII, Series 2019-2A, Class A1, 1.64% (3 mo. USD LIBOR + 1.40%), due 04/15/32(b) 144A		360,234
	250,000	Symphony CLO XIX, Ltd., Series 2018-19A, Class A, 1.19% (3 mo. USD LIBOR + 0.96%), due 04/16/31(b) 144A		248,926
	250,000	Symphony CLO XIX, Ltd., Series 2018-19A, Class E, 5.43% (3 mo. USD LIBOR + 5.20%), due 04/16/31(b) 144A		234,973
	500,000	TCI-Symphony CLO, Ltd., Series 2016-1A, Class DR, 3.22% (3 mo. USD LIBOR + 3.00%), due 10/13/29(b) 144A		491,786
	256,291	Tralee CLO III, Ltd., Series 2014-3A, Class AR, 1.25% (3 mo. USD LIBOR + 1.03%), due 10/20/27(b) 144A		255,763
	340,000	Venture CLO 31, Ltd., Series 2018-31A, Class A1, 1.25% (3 mo. USD LIBOR + 1.03%), due 04/20/31(b) 144A		337,721
	132,873	VOLT LXXXIII LLC, Series 2019-NPL9, Class A1A, 3.33%, due 11/26/49(c) 144A		133,453
	245,584	VOLT LXXXV LLC, Series 2020-NPL1, Class A1A, 3.23%, due 01/25/50(c) 144A		246,641
	500,000	Voya CLO, Ltd., Series 2015-2A, Class ER, 5.61% (3 mo. USD LIBOR + 5.40%), due 07/23/27(b) 144A		465,280
	250,000	Voya CLO, Ltd., Series 2016-3A, Class A1R, 1.41% (3 mo. USD LIBOR + 1.19%), due 10/18/31(b) 144A		249,925
	525,000	Webster Park CLO, Ltd., Series 2015-1A, Class CR, 3.12% (3 mo. USD LIBOR + 2.90%), due 07/20/30(b) 144A		520,686
	600,000	Wellfleet CLO, Ltd., Series 2017-2A, Class C, 3.62% (3 mo. USD LIBOR + 3.40%), due 10/20/29(b) 144A		585,345
	260,000	Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, due 10/16/23 144A		267,933
	250,000	Whitebox CLO II, Ltd., Series 2020-2A, Class A1, 1.99% (3 mo. USD LIBOR + 1.75%), due 10/24/31(b) 144A		251,319

See accompanying Notes to the Schedule of Investments.

89

Mercer Opportunistic 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
	410,000		Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 3.89% (3 mo. USD LIBOR + 3.65%), due 10/15/31(b) 144A		390,768
	490,000		Zais CLO 16, Ltd., Series 2020-16A, Class D1, 5.77% (3 mo. USD LIBOR + 5.48%), due 10/20/31(b) 144A		490,735
					51,776,934
			Bank Loans — 11.2%
	989,899		8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 3.65% (1 mo. USD LIBOR + 3.50%), due 10/01/25(b)		989,280
	1,260,000		Academy, Ltd., 2020 Term Loan, 5.75% (1 mo. USD LIBOR + 5.00%), due 10/28/27(b)		1,261,575
	529,875		ACProducts, Inc., 2020 Term Loan B, 7.50% (3 mo. USD LIBOR + 6.50%), due 08/18/25(b)		545,440
	198,500		Acrisure, LLC, 2020 Term Loan B, 3.65% (1 mo. USD LIBOR + 3.50%), due 02/15/27(b)		195,473
	1,111,000	EUR	Adevinta ASA, EUR Term Loan B, TBD , due 10/13/27(f)		1,366,161
	95,515		Advanced Drainage Systems, Inc., Term Loan B, 2.44% (3 mo. USD LIBOR + 2.25%), due 07/31/26(b)		95,634
	1,489,761		Air Canada, 2019 Term Loan, 1.90% (1 mo. USD LIBOR + 1.75%), due 10/06/23(b)		1,462,201
	992,500		Aldevron, LLC, 2019 Term Loan B, 5.25% (1 mo. USD LIBOR + 4.25%), due 10/12/26(b)		997,462
	1,261,518		Allen Media, LLC, 2020 Term Loan B, 5.75% (3 mo. USD LIBOR + 5.50%), due 02/10/27(b)		1,258,890
	1,657,374		Allied Universal Holdco LLC, 2019 Term Loan B, 4.40% (1 mo. USD LIBOR + 4.25%), due 07/10/26(b)		1,653,527
	1,899,897		Alpha 3 BV, 2017 Term Loan B1, TBD , due 01/31/24(f)		1,895,295
	391,919		Alterra Mountain Co., Term Loan B1, 2.90% (1 mo. USD LIBOR + 2.75%), due 07/31/24(b)		386,816
	625,275		Alterra Mountain Co., 2020 Term Loan B, 5.50% (1 mo. USD LIBOR + 4.50%), due 08/01/26(b)		631,007
	796,000		Amentum Government Services Holdings LLC, Term Loan B, 3.65% (1 mo. USD LIBOR + 3.50%), due 02/01/27(b)		795,005
	178,368		American Axle & Manufacturing, Inc., Term Loan B, 3.00% (1 mo. USD LIBOR + 2.25%), due 04/06/24(b)		176,250
	89,562		Amerilife Holdings, LLC, 2020 Term Loan, 4.15% (1 mo. USD LIBOR + 4.00%), due 03/18/27(b)		87,995
	920,700		APi Group DE, Inc., Term Loan B, 2.65% (1 mo. USD LIBOR + 2.50%), due 10/01/26(b)		918,974
	503,540		AppLovin Corp., 2018 Term Loan B, 3.65% (1 mo. USD LIBOR + 3.50%), due 08/15/25(b)		503,068
	347,375		AppLovin Corp., 2020 Incremental Term Loan B, 4.15% (1 mo. USD LIBOR + 4.00%), due 08/15/25(b)		347,321
	407,576		Aristocrat Leisure, Ltd., 2020 Incremental Term Loan B, 4.75% (3 mo. USD LIBOR + 3.75%), due 10/19/24(b)		410,887
	1,840,000	EUR	Aruba Investments, Inc., 2020 EUR Term Loan, 4.00% (3 mo. EURIBOR + 4.00%), due 10/28/27(b)		2,251,332
	1,526,175		Asplundh Tree Expert, LLC, Term Loan B, 2.65% (1 mo. USD LIBOR + 2.50%), due 09/07/27(b)		1,532,716
	1,390,303		Asurion LLC, 2017 2nd Lien Term Loan, 6.65% (1 mo. USD LIBOR + 6.50%), due 08/04/25(b)		1,402,468

See accompanying Notes to the Schedule of Investments.

90

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	504,178		Asurion LLC, 2017 Term Loan B4, 3.40% (1 mo. USD LIBOR + 3.25%), due 08/04/22(b)		504,043
	335,517		Asurion LLC, 2018 Term Loan B6, 3.15% (1 mo. USD LIBOR + 3.00%), due 11/03/23(b)		334,521
	470,848		Asurion LLC, 2018 Term Loan B7, 3.15% (1 mo. USD LIBOR + 3.00%), due 11/03/24(b)		468,052
	170,000		Asurion LLC, 2020 Term Loan B8, TBD , due 12/23/26(f)		168,619
	679,706		Athenahealth, Inc., 2019 Term Loan B, 4.65% (1 mo. USD LIBOR + 4.50%), due 02/11/26(b)		680,839
	293,170		Bass Pro Group, LLC, Term Loan B, 5.75% (1 mo. USD LIBOR + 5.00%), due 09/25/24(b)		294,476
	1,424,390		Bausch Health Companies, Inc., 2018 Term Loan B, 3.15% (1 mo. USD LIBOR + 3.00%), due 06/02/25(b)		1,420,607
	25,878		Berry Global, Inc., Term Loan W, 2.15% (1 mo. USD LIBOR + 2.00%), due 10/01/22(b)		25,888
	609,725		BJ’s Wholesale Club, Inc., 2017 1st Lien Term Loan, 2.15% (1 mo. USD LIBOR + 2.00%), due 02/03/24(b)		610,182
	2,460,000		Boeing Co. (The), Term Loan, 1.47% (3 mo. USD LIBOR + 1.25%), due 02/07/22(b)		2,434,632
	922,394		Boyd Gaming Corp., Term Loan B3, 2.35% (1 Week USD LIBOR + 2.25%), due 09/15/23(b)		917,205
	91,346		BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 2.69% (1 mo. USD LIBOR + 2.50%), due 08/15/25(b)		90,775
	113,404		BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 2.69% (3 mo. USD LIBOR + 2.50%), due 08/15/25(b)		112,695
	750,628		Brookfield WEC Holdings, Inc., 2020 Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), due 08/01/25(b)		750,092
	1,249,478		Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 2.90% (1 mo. USD LIBOR + 2.75%), due 12/23/24(b)		1,228,480
	927,675		Caesars Resort Collection, LLC, 2020 Term Loan B1, 4.65% (1 mo. USD LIBOR + 4.50%), due 07/21/25(b)		930,516
	693,000		Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 4.00% (1 mo. USD LIBOR + 3.00%), due 10/30/26(b)		692,856
	1,103,398		Camelot U.S. Acquisition 1 Co., Term Loan B, 3.15% (1 mo. USD LIBOR + 3.00%), due 10/30/26(b)		1,099,812
	906,750		Cardinal Parent, Inc., 2020 Term Loan B, 5.25% (6 mo. USD LIBOR + 4.50%), due 11/12/27(b)		897,682
	3,900,993	EUR	Carnival Corp., EUR Term Loan B, 7.50% (1 mo. EURIBOR + 7.50%), due 06/30/25(b)		4,908,295
	198,750		Castle US Holding Corp., USD Term Loan B, 4.00% (3 mo. USD LIBOR + 3.75%), due 01/29/27(b)		195,322
	1,262		CEC Entertainment, Inc., 2019 Term Loan B, 9.50% (3 mo. USD LIBOR + 8.50%), due 08/30/26(b) (g)		826
	22,369		Change Healthcare Holdings, LLC, 2017 Term Loan B, 3.50% (1 mo. USD LIBOR + 2.50%), due 03/01/24(b)		22,296
	698,174		Change Healthcare Holdings, LLC, 2017 Term Loan B, 3.50% (3 mo. USD LIBOR + 2.50%), due 03/01/24(b)		695,895
	228,821		Cinemark USA, Inc., 2018 Term Loan B, 1.90% (1 mo. USD LIBOR + 1.75%), due 03/31/25(b)		212,612
	1,406,448		Citadel Securities, LP, 2020 Term Loan B, 2.90% (1 mo. USD LIBOR + 2.75%), due 02/27/26(b)		1,409,378

See accompanying Notes to the Schedule of Investments.

91

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	436,339		Clarios Global, LP, USD Term Loan B, 3.65% (1 mo. USD LIBOR + 3.50%), due 04/30/26(b)		435,248
	568,561		Claros Mortgage Trust, Inc., Term Loan B, 6.00% (1 mo. USD LIBOR + 5.00%), due 08/09/26(b)		572,825
	1,505,166		Clear Channel Outdoor Holdings, Inc., Term Loan B, 3.71% (3 mo. USD LIBOR + 3.50%), due 08/21/26(b)		1,452,173
	1,070,000		CNT Holdings I Corp., 2020 Term Loan, 4.50% (6 mo. USD LIBOR + 3.75%), due 11/08/27(b)		1,071,815
	1,744,780		CommScope, Inc., 2019 Term Loan B, 3.40% (1 mo. USD LIBOR + 3.25%), due 04/06/26(b)		1,736,992
	199,500		CoreCivic, Inc., 2019 Term Loan, 5.50% (1 mo. USD LIBOR + 4.50%), due 12/18/24(b)		198,004
	150,000		CP Atlas Buyer, Inc., 2020 Delayed Draw Term Loan B2, 5.25% (3 mo. USD LIBOR + 4.50%), due 11/23/27(b)		150,469
	450,000		CP Atlas Buyer, Inc., 2020 Term Loan B1, 5.25% (3 mo. USD LIBOR + 4.50%), due 11/23/27(b)		451,406
	1,734,440		CWGS Group, LLC, 2016 Term Loan, 3.50% (1 mo. USD LIBOR + 2.75%), due 11/08/23(b)		1,720,213
	2,173,575		DCert Buyer, Inc., 2019 Term Loan B, 4.15% (1 mo. USD LIBOR + 4.00%), due 10/16/26(b)		2,176,292
	520,000		Deerfield Dakota Holding, LLC, 2020 2nd Lien Term Loan, 9.00% (1 mo. USD LIBOR + 8.00%), due 04/07/28(b)		530,400
	159,200		Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 4.75% (3 mo. USD LIBOR + 3.75%), due 04/09/27(b)		159,697
	796,000		Delta Air Lines, Inc., 2020 GSR Term Loan B, 5.75% (3 mo. USD LIBOR + 4.75%), due 04/29/23(b)		810,303
	1,270,000		Delta TopCo, Inc., 2020 Term Loan B, 4.50% (6 mo. USD LIBOR + 3.75%), due 12/01/27(b)		1,272,381
	473,509		Diamond Sports Group, LLC, Term Loan, 3.40% (1 mo. USD LIBOR + 3.25%), due 08/24/26(b)		423,790
	923,945		Douglas Dynamics Holdings, Inc., 2020 Additional Term Loan B, 4.75% (1 mo. USD LIBOR + 3.75%), due 06/08/26(b)		933,185
	103,220		Dun & Bradstreet Corp. (The), Term Loan, 3.90% (1 mo. USD LIBOR + 3.75%), due 02/06/26(b)		103,375
	290,000		Dun & Bradstreet Corp. (The), Term Loan, TBD , due 02/06/26(f)		290,435
	419,275		Elanco Animal Health, Inc., Term Loan B, 1.90% (3 mo. USD LIBOR + 1.75%), due 08/01/27(b)		416,261
	633,436		Endo Luxembourg Finance Co. I SARL, 2017 Term Loan B, 5.00% (3 mo. USD LIBOR + 4.25%), due 04/29/24(b)		625,716
	288,550		Equinox Holdings, Inc., 2020 Term Loan B2, 10.00% (3 mo. USD LIBOR + 9.00%), due 03/08/24(b)		291,435
	83,243		EyeCare Partners, LLC, 2020 Delayed Draw Term Loan, 3.90% (1 mo. USD LIBOR + 3.75%), due 02/18/27(b)		81,349
	340,000		EyeCare Partners, LLC, 2020 2nd Lien Term Loan, 8.40% (1 mo. USD LIBOR + 8.25%), due 02/18/28(b)		310,250
	354,081		EyeCare Partners, LLC, 2020 Term Loan, 3.90% (1 mo. USD LIBOR + 3.75%), due 02/18/27(b)		346,026
	1,347,082		Focus Financial Partners, LLC, 2020 Term Loan, 2.15% (1 mo. USD LIBOR + 2.00%), due 07/03/24(b)		1,340,515
	180,000	EUR	Froneri International, Ltd., 2020 EUR Term Loan, 2.63% (1 mo. EURIBOR + 2.63%), due 01/31/27(b)		217,658

See accompanying Notes to the Schedule of Investments.

92

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	1,297,480	Froneri International, Ltd., 2020 USD Term Loan, 2.40% (1 mo. USD LIBOR + 2.25%), due 01/31/27(b)		1,287,100
	870,000	Frontier Communications Corp., 2020 DIP Exit Term Loan, 5.75% (1 mo. USD LIBOR + 4.75%), due 10/08/21(b)		878,700
	268,849	Gannett Holdings LLC, Fixed Term Loan, 11.50%, due 11/19/24		259,439
	1,131,488	Garda World Security Corp., 2019 1st Lien Term Loan B, 4.99% (1 mo. USD LIBOR + 4.75%), due 10/30/26(b)		1,135,024
	1,011,103	Genesee & Wyoming, Inc., Term Loan, 2.25% (3 mo. USD LIBOR + 2.00%), due 12/30/26(b)		1,010,218
	552,297	GFL Environmental, Inc., 2018 USD Term Loan B, 3.50% (3 mo. USD LIBOR + 3.00%), due 05/30/25(b)		553,539
	690,000	Global Medical Response, Inc., 2020 Term Loan B, 5.75% (3 mo. USD LIBOR + 4.75%), due 10/02/25(b)		687,240
	275,384	Global Tel*Link Corp., 2018 1st Lien Term Loan, 4.40% (1 mo. USD LIBOR + 4.25%), due 11/29/25(b)		255,763
	490,000	Global Tel*Link Corp., 2018 2nd Lien Term Loan, 8.40% (1 mo. USD LIBOR + 8.25%), due 11/29/26(b)		343,817
	242,714	GlobalTranz Enterprises, Inc., 2019 Term Loan, 5.15% (1 mo. USD LIBOR + 5.00%), due 05/15/26(b)		226,938
	1,890,746	Graham Packaging Co. Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), due 08/04/27(b)		1,899,018
	1,089,844	Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 2.10% (1 Week USD LIBOR + 2.00%), due 11/15/27(b)		1,079,918
	970,000	Harbor Freight Tools USA, Inc., 2020 Term Loan B, 4.00% (1 mo. USD LIBOR + 3.25%), due 10/19/27(b)		971,026
	514,800	HC Group Holdings II, Inc., Term Loan B, 4.40% (1 mo. USD LIBOR + 4.25%), due 08/06/26(b)		514,693
	390,000	Hilton Worldwide Finance, LLC, 2019 Term Loan B2, 1.90% (1 mo. USD LIBOR + 1.75%), due 06/22/26(b)		386,274
	616,884	Hudson River Trading LLC, 2020 Term Loan B, 3.15% (1 mo. USD LIBOR + 3.00%), due 02/18/27(b)		617,398
	213,499	IAA, Inc., Term Loan B, 2.44% (1 mo. USD LIBOR + 2.25%), due 06/28/26(b)		213,232
	434,400	iHeartCommunications, Inc., 2020 Incremental Term Loan, 4.75% (1 mo. USD LIBOR + 4.00%), due 05/01/26(b)		429,751
	641,850	iHeartCommunications, Inc., 2020 Incremental Term Loan, TBD , due 05/01/26(f)		644,257
	725,293	iHeartCommunications, Inc., 2020 Term Loan, 3.15% (1 mo. USD LIBOR + 3.00%), due 05/01/26(b)		714,716
	743,138	Illuminate Buyer, LLC, Term Loan, 4.15% (1 mo. USD LIBOR + 4.00%), due 06/30/27(b)		744,531
	620,000	IRB Holding Corp., 2020 Fourth Amendment Incremental Term Loan, TBD , due 12/15/27(f)		620,852
	1,111,632	IRB Holding Corp., 2020 Term Loan B, 3.75% (6 mo. USD LIBOR + 2.75%), due 02/05/25(b)		1,104,268
	1,125,690	Jane Street Group, LLC, 2020 Term Loan, 3.23% (3 mo. USD LIBOR + 3.00%), due 01/31/25(b)		1,125,690
	1,913,360	JetBlue Airways Corp., Term Loan, 6.25% (3 mo. USD LIBOR + 5.25%), due 06/17/24(b)		1,973,495
	177,750	KAR Auction Services, Inc., 2019 Term Loan B6, 2.44% (1 mo. USD LIBOR + 2.25%), due 09/19/26(b)		174,713

See accompanying Notes to the Schedule of Investments.

93

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	750,000		LBM Acquisition LLC, Term Loan B, TBD , due 12/09/27(f)		751,125
	510,000		Les Schwab Tire Centers, Term Loan B, 4.25% (3 mo. USD LIBOR + 3.50%), due 11/02/27(b)		510,637
	646,667		Leslie’s Poolmart, Inc., 2016 Term Loan, 3.65% (1 mo. USD LIBOR + 3.50%), due 08/16/23(b)		647,138
	344,074		Level 3 Financing, Inc., 2019 Term Loan B, 1.90% (1 mo. USD LIBOR + 1.75%), due 03/01/27(b)		339,405
	2,440,000		LogMeIn, Inc., Term Loan B, 4.90% (1 mo. USD LIBOR + 4.75%), due 08/31/27(b)		2,435,425
	2,164,388	EUR	MA FinanceCo., LLC, 2020 EUR Term Loan B, 4.50% (3 mo. EURIBOR + 4.50%), due 06/05/25(b)		2,667,272
	201,667		Maravai Intermediate Holdings, LLC, 2020 Term Loan B, 5.25% (3 mo. USD LIBOR + 4.25%), due 10/19/27(b)		202,801
	563,555		Mayfield Agency Borrower, Inc., 2018 1st Lien Term Loan, TBD , due 02/28/25(f)		549,466
	863,735		McAfee, LLC, 2018 USD Term Loan B, 3.90% (1 mo. USD LIBOR + 3.75%), due 09/30/24(b)		864,994
	1,441,755		MH Sub I, LLC, 2020 Incremental Term Loan, 4.75% (1 mo. USD LIBOR + 3.75%), due 09/13/24(b)		1,442,956
	3,665,919		Michaels Stores, Inc., 2020 Term Loan B, 4.25% (1 mo. USD LIBOR + 3.50%), due 10/01/27(b)		3,654,463
	3,165,000		Milano Acquisition Corp., Term Loan B, 4.75% (3 mo. USD LIBOR + 4.00%), due 10/01/27(b)		3,172,912
	950,000		Mileage Plus Holdings LLC, 2020 Term Loan B, 6.25% (3 mo. USD LIBOR + 5.25%), due 06/25/27(b)		991,628
	309,215		Mister Car Wash Holdings, Inc., 2019 Term Loan B, TBD , due 05/14/26(f)		302,606
	382,958		MPH Acquisition Holdings LLC, 2016 Term Loan B, 3.75% (3 mo. USD LIBOR + 2.75%), due 06/07/23(b)		382,041
	1,096,327		Nexstar Broadcasting, Inc., 2019 Term Loan B4, 2.90% (3 mo. USD LIBOR + 2.75%), due 09/18/26(b)		1,090,998
	1,439,812	EUR	Nielsen Finance LLC, 2020 EUR Term Loan B3, 3.75% (1 mo. EURIBOR + 3.75%), due 06/04/25(b)		1,769,389
	109,450		Nielsen Finance LLC, 2020 USD Term Loan B5, 4.75% (1 mo. USD LIBOR + 3.75%), due 06/04/25(b)		110,545
	965,150		Pacific Gas & Electric Co., 2020 Term Loan, 5.50% (1 mo. USD LIBOR + 4.50%), due 06/23/25(b)		978,421
	610,000		PAE Holding Corp., 2020 Term Loan B, 5.25% (3 mo. USD LIBOR + 4.50%), due 10/19/27(b)		613,431
	660,000		Parexel International Corp., Term Loan B, 2.90% (1 mo. USD LIBOR + 2.75%), due 09/27/24(b)		649,982
	457,700		Particle Investments SARL, Term Loan, 5.75% (3 mo. USD LIBOR + 5.25%), due 02/18/27(b)		457,700
	726,188		Petco Animal Supplies, Inc., 2017 Term Loan B, 4.25% (3 mo. USD LIBOR + 3.25%), due 01/26/23(b)		699,763
	370,311		Phoenix Guarantor, Inc., 2020 Term Loan B, 3.40% (1 mo. USD LIBOR + 3.25%), due 03/05/26(b)		368,980
	370,000		Planview Parent, Inc., Term Loan, 4.75% (3 mo. USD LIBOR + 4.00%), due 12/17/27(b)		370,694
	791,960		Pluto Acquisition I, Inc., Term Loan B, 5.15% (1 mo. USD LIBOR + 5.00%), due 06/22/26(b)		790,970
	973,077		Precision Medicine Group, LLC, Term Loan, 4.50% (3 mo. USD LIBOR + 3.75%), due 11/18/27(b)		975,510

See accompanying Notes to the Schedule of Investments.

94

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	482,575	Presidio, Inc., 2020 Term Loan B, 3.72% (3 mo. USD LIBOR + 3.50%), due 01/22/27(b)		482,675
	1,269,312	Prime Security Services Borrower, LLC, 2019 Term Loan B1, 4.25% (3 mo. USD LIBOR + 3.25%), due 09/23/26(b)		1,273,755
	1,082,216	Prime Security Services Borrower, LLC, 2019 Term Loan B1, 4.25% (1 mo. USD LIBOR + 3.25%), due 09/23/26(b)		1,086,003
	118,496	Project Alpha Intermediate Holding, Inc., 2019 Incremental Term Loan B, 4.48% (3 mo. USD LIBOR + 4.25%), due 04/26/24(b)		117,904
	359,070	Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, TBD , due 11/03/23(f)		359,219
	538,387	Radiology Partners, Inc., 2018 1st Lien Term Loan B, 4.40% (1 mo. USD LIBOR + 4.25%), due 07/09/25(b)		530,984
	461,613	Radiology Partners, Inc., 2018 1st Lien Term Loan B, 5.29% (12 mo. USD LIBOR + 4.25%), due 07/09/25(b)		455,266
	936,296	RadNet, Inc., Reprice Term Loan, 4.75% (3 mo. USD LIBOR + 3.75%), due 06/30/23(b)		936,296
	397,949	Realogy Group LLC, 2018 Term Loan B, 3.00% (1 mo. USD LIBOR + 2.25%), due 02/08/25(b)		392,601
	1,260,000	Redstone Buyer LLC, Term Loan, 6.00% (2 mo. USD LIBOR + 5.00%), due 09/01/27(b)		1,267,875
	1,347,335	RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3.90% (1 mo. USD LIBOR + 3.75%), due 11/16/25(b)		1,344,914
	1,164,344	Reynolds Consumer Products LLC, Term Loan, 1.90% (1 mo. USD LIBOR + 1.75%), due 02/04/27(b)		1,158,886
	81,697	Reynolds Group Holdings, Inc., USD 2017 Term Loan, 2.90% (1 mo. USD LIBOR + 2.75%), due 02/05/23(b)		81,421
	698,250	Ryan Specialty Group, LLC, Term Loan, 4.00% (1 mo. USD LIBOR + 3.25%), due 09/01/27(b)		698,250
	99,733	Science Applications International Corp., 2020 Incremental Term Loan B, 2.40% (1 mo. USD LIBOR + 2.25%), due 03/12/27(b)		99,796
	407,882	Scientific Games International, Inc., 2018 Term Loan B5, 2.90% (1 mo. USD LIBOR + 2.75%), due 08/14/24(b)		399,470
	444,333	Sedgwick Claims Management Services, Inc., 2018 Term Loan B, 3.40% (1 mo. USD LIBOR + 3.25%), due 12/31/25(b)		438,131
	1,054,700	Sedgwick Claims Management Services, Inc., 2020 Term Loan B3, 5.25% (1 mo. USD LIBOR + 4.25%), due 09/03/26(b)		1,063,929
	5,074,253	SkyMiles IP, Ltd., 2020 Skymiles Term Loan B, 4.75% (3 mo. USD LIBOR + 3.75%), due 10/20/27(b)		5,271,515
	498,701	SkyMiles IP, Ltd., 2020 Skymiles Term Loan B, TBD , due 10/20/27(f)		518,088
	399,192	Sotera Health Holdings, LLC, 2019 Term Loan, 5.50% (3 mo. USD LIBOR + 4.50%), due 12/11/26(b)		401,238
	157,616	Stars Group Holdings BV (The), 2018 USD Incremental Term Loan, 3.75% (3 mo. USD LIBOR + 3.50%), due 07/10/25(b)		158,349
	792,163	Station Casinos LLC, 2020 Term Loan B, 2.50% (1 mo. USD LIBOR + 2.25%), due 02/08/27(b)		782,162
	248,750	Surf Holdings, LLC, USD Term Loan, 3.73% (3 mo. USD LIBOR + 3.50%), due 03/05/27(b)		246,947
	656,607	Surgery Center Holdings, Inc., 2017 Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), due 09/03/24(b)		647,168
	700,000	Symplr Software, Inc., 2020 Term Loan, 5.25% (6 mo. USD LIBOR + 4.50%), due 12/22/27(b)		693,875

See accompanying Notes to the Schedule of Investments.

95

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	977,550		Tech Data Corp., ABL FILO Term Loan, 5.65% (1 mo. USD LIBOR + 5.50%), due 06/30/25(b)		979,994
	1,486,275		Tech Data Corp., ABL Term Loan, 3.65% (1 mo. USD LIBOR + 3.50%), due 06/30/25(b)		1,499,280
	648,800		Telenet Financing USD LLC, 2020 USD Term Loan AR, 2.16% (1 mo. USD LIBOR + 2.00%), due 04/30/28(b)		640,741
	504,850		Terrier Media Buyer, Inc., Term Loan B, 4.40% (1 mo. USD LIBOR + 4.25%), due 12/17/26(b)		505,622
	417,323		TKC Holdings, Inc., 2017 1st Lien Term Loan, 4.75% (3 mo. USD LIBOR + 3.75%), due 02/01/23(b)		410,280
	379,005		Trans Union, LLC, 2019 Term Loan B5, 1.90% (1 mo. USD LIBOR + 1.75%), due 11/16/26(b)		378,491
	634,592		TransDigm, Inc., 2020 Term Loan F, 2.40% (1 mo. USD LIBOR + 2.25%), due 12/09/25(b)		623,487
	290,000		TruGreen Limited Partnership, 2020 2nd Lien Term Loan, 9.25% (1 mo. USD LIBOR + 8.50%), due 11/02/28(b)		292,900
	598,500		Tutor Perini Corp., Term Loan B, 5.75% (3 mo. USD LIBOR + 4.75%), due 08/13/27(b)		601,867
	453,006		U.S. Renal Care, Inc., 2019 Term Loan B, 5.15% (1 mo. USD LIBOR + 5.00%), due 06/26/26(b)		451,685
	1,779,516		Uber Technologies, Inc., 2018 Term Loan, 5.00% (1 mo. USD LIBOR + 4.00%), due 04/04/25(b)		1,791,008
	167,506		UFC Holdings, LLC, 2019 Term Loan, 4.25% (6 mo. USD LIBOR + 3.25%), due 04/29/26(b)		167,401
	332,635		Ultimate Software Group, Inc. (The), 2020 Incremental Term Loan B, 4.75% (3 mo. USD LIBOR + 4.00%), due 05/04/26(b)		335,005
	324,977		Ultimate Software Group, Inc. (The), Term Loan B, 3.90% (1 mo. USD LIBOR + 3.75%), due 05/04/26(b)		325,302
	522,403		Univision Communications Inc., 2020 Replacement Term Loan, 4.75% (1 mo. USD LIBOR + 3.75%), due 03/15/26(b)		523,522
	490,000	EUR	UPC Broadband Holding BV, 2020 EUR Term Loan, 3.50% (3 mo. USD LIBOR + 3.50%), due 01/31/29(b)		602,591
	490,000	EUR	UPC Broadband Holding BV, 2020 EUR Term Loan B1, 3.50% (3 mo. USD LIBOR + 3.50%), due 01/31/29(b)		602,591
	989,637		US Foods, Inc., 2016 Term Loan B, 1.90% (1 mo. USD LIBOR + 1.75%), due 06/27/23(b)		977,576
	1,492,443		US Foods, Inc., 2019 Term Loan B, 2.15% (1 mo. USD LIBOR + 2.00%), due 09/13/26(b)		1,470,904
	1,211,481		USS Ultimate Holdings, Inc., 1st Lien Term Loan, 4.75% (1 mo. USD LIBOR + 3.75%), due 08/25/24(b)		1,216,546
	282,454		USS Ultimate Holdings, Inc., 1st Lien Term Loan, TBD , due 08/25/24(f)		279,629
	871,563		Verscend Holding Corp., 2018 Term Loan B, 4.65% (1 mo. USD LIBOR + 4.50%), due 08/27/25(b)		872,871
	989,848		Vertex Aerospace Services Corp., Term Loan B, 4.65% (1 mo. USD LIBOR + 4.50%), due 06/29/25(b)		981,187
	1,675,800		Vertical Midco GmbH, USD Term Loan B, 4.57% (6 mo. USD LIBOR + 4.25%), due 07/30/27(b)		1,685,619
	734,346		VFH Parent LLC, 2019 Term Loan B, 3.15% (3 mo. USD LIBOR + 3.00%), due 03/01/26(b)		735,540
	1,350,000		VICI Properties 1 LLC, Replacement Term Loan B, 1.89% (1 mo. USD LIBOR + 1.75%), due 12/20/24(b)		1,330,875

See accompanying Notes to the Schedule of Investments.

96

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	840,000		Virgin Media Bristol LLC, 2020 USD Term Loan Q, TBD , due 01/31/29(f)		840,262
	1,140,000		Virgin Media Bristol LLC, USD Term Loan N, 2.66% (1 mo. USD LIBOR + 2.50%), due 01/31/28(b)		1,130,839
	387,075		VS Buyer, LLC, Term Loan B, 3.40% (1 mo. USD LIBOR + 3.25%), due 02/28/27(b)		385,946
	172,297		Whatabrands LLC, 2020 Term Loan B, 2.97% (1 mo. USD LIBOR + 2.75%), due 07/31/26(b)		171,051
	791,531		William Morris Endeavor Entertainment, LLC, 2018 1st Lien Term Loan, 2.90% (1 mo. USD LIBOR + 2.75%), due 05/18/25(b)		731,177
	2,567,082		Windstream Services, LLC, 2020 Exit Term Loan B, 7.25% (1 mo. USD LIBOR + 6.25%), due 09/21/27(b)		2,517,024
	950,400		WP CityMD Bidco LLC, 2019 Term Loan B, 5.50% (6 mo. USD LIBOR + 4.50%), due 08/13/26(b)		952,578
	1,124,502		WP CPP Holdings, LLC, 2018 Term Loan, 4.75% (3 mo. USD LIBOR + 3.75%), due 04/30/25(b)		1,056,751
					157,007,307
			Convertible Debt — 1.1%
	2,420,000		Apollo Commercial Real Estate Finance, Inc. REIT, 4.75%, due 08/23/22		2,317,374
	955,000		Atlas Air Worldwide Holdings, Inc., 1.88%, due 06/01/24		1,088,263
	2,497,000		Blackstone Mortgage Trust, Inc. REIT, 4.38%, due 05/05/22		2,504,741
	410,000		Blackstone Mortgage Trust, Inc. REIT, 4.75%, due 03/15/23		412,255
	1,930,000		Cheniere Energy, Inc., 4.25%, due 03/15/45		1,527,152
	2,680,000		DISH Network Corp., 3.38%, due 08/15/26		2,561,361
	126,000		Gannett Co., Inc., 6.00%, due 12/01/27		119,700
	550,000		Ionis Pharmaceuticals, Inc., 0.13%, due 12/15/24		564,064
	720,000		Liberty Interactive LLC, 3.75%, due 02/15/30		554,400
	610,000		Liberty Interactive LLC, 4.00%, due 11/15/29		469,700
	1,060,000		Lumentum Holdings, Inc., 0.50%, due 12/15/26		1,297,864
	260,000		NextEra Energy Partners, LP, 0.00%, due 11/15/25(d) 144A		260,732
	1,710,000		PDC Energy, Inc., 1.13%, due 09/15/21		1,678,501
	315,000		Uber Technologies, Inc., 0.00%, due 12/15/25(d) 144A		323,832
	170,000		Vishay Intertechnology, Inc., 2.25%, due 06/15/25		177,497
					15,857,436
			Corporate Debt — 35.6%
	975,000		1011778 BC ULC/New Red Finance, Inc., 5.75%, due 04/15/25 144A		1,044,781
	530,000		AbbVie, Inc., 4.05%, due 11/21/39		643,154
	490,000		ABN AMRO Bank NV, 4.75%, due 07/28/25 144A		565,032
	1,985,000		Acwa Power Management And Investments One, Ltd., 5.95%, due 12/15/39 144A		2,379,102
	1,610,700		Adani Renewable Energy RJ, Ltd./Kodangal Solar Parks Pvt, Ltd./Wardha Solar Maharash, 4.63%, due 10/15/39 144A		1,674,323
	580,000		AdaptHealth LLC, 4.63%, due 08/01/29(h) 144A		596,675
	430,000		AdaptHealth LLC, 6.13%, due 08/01/28 144A		462,788
	365,000	EUR	Adevinta ASA, 3.00%, due 11/15/27 144A		463,222
	1,630,000	EUR	Adient Global Holdings, Ltd., Reg S, 3.50%, due 08/15/24(i)		1,995,633
	150,000		AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/23/23		156,563
	339,000		AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50%, due 05/26/22		350,750
	420,000		AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, due 09/15/23		455,656
	490,000		AES Corp. (The), 2.45%, due 01/15/31 144A		497,040

See accompanying Notes to the Schedule of Investments.

97

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	1,565,000		AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A		1,695,130
	250,000		Air Canada, 7.75%, due 04/15/21 144A		251,563
	1,525,000		Air Canada Pass Through Trust, 5.25%, due 10/01/30 144A		1,634,681
	200,000		Air Methods Corp., 8.00%, due 05/15/25 144A		169,729
	3,420,000		Akbank TAS, 6.80%, due 02/06/26 144A		3,630,330
	900,000		Akumin, Inc., 7.00%, due 11/01/25 144A		948,375
	5,635,000		Alaska Airlines Pass Through Trust, Class B, 8.00%, due 02/15/27 144A		6,133,411
	150,000		Alcoa Nederland Holding BV, 6.13%, due 05/15/28 144A		164,156
	250,000		Alcoa Nederland Holding BV, 7.00%, due 09/30/26 144A		266,719
	450,000		Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, due 02/15/28 144A		467,930
	350,000		Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, due 07/15/26 144A		373,643
	2,800,000		Altice France Holding SA, 7.38%, due 05/01/26 144A		2,950,500
	300,000		Altice France Holding SA, 10.50%, due 05/15/27 144A		337,313
	50,000		Altria Group, Inc., 4.40%, due 02/14/26		58,080
	280,000		Altria Group, Inc., 4.80%, due 02/14/29		335,692
	750,000		Altria Group, Inc., 5.95%, due 02/14/49		1,052,370
	10,540,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		559,899
	2,370,000		American Airlines, Inc., 11.75%, due 07/15/25 144A		2,736,757
	325,000		American Express Co., 4.05%, due 12/03/42		414,982
	1,094,697		American News Co. LLC, 8.50% (8.50% Cash or 10.00% PIK), due 09/01/26 144A		1,234,780
	495,000		Anglo American Capital Plc, 3.95%, due 09/10/50 144A		557,883
	200,000		Anglo American Capital Plc, 4.00%, due 09/11/27 144A		229,797
	1,065,000		AngloGold Ashanti Holdings Plc, 3.75%, due 10/01/30		1,147,048
	270,000		Anheuser-Busch InBev Worldwide, Inc., 5.55%, due 01/23/49		384,532
	50,000		Anheuser-Busch InBev Worldwide, Inc., 5.80%, due 01/23/59		77,191
	10,000		ArcelorMittal SA, 3.60%, due 07/16/24		10,797
	350,000		ArcelorMittal SA, 7.25%, due 10/15/39		491,663
	1,515,000	EUR	ARD Finance SA, Reg S, 5.00% (5.00% Cash or 5.75% PIK), due 06/30/27(i)		1,896,120
	425,000	EUR	ARD Finance SA, 5.00% (5.00% Cash or 5.75% PIK), due 06/30/27 144A		531,915
	200,000		ARD Finance SA, 6.50% (6.50% Cash or 7.25% PIK), due 06/30/27 144A		213,750
	200,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 4.13%, due 08/15/26 144A		209,250
	1,010,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 5.25%, due 04/30/25 144A		1,066,908
	980,000		Ardonagh Midco 2 Plc, 11.50% (11.50% Cash or 12.75% PIK), due 01/15/27 144A		1,051,050
	200,000		Ashtead Capital, Inc., 4.25%, due 11/01/29 144A		219,468
	867,000		AT&T, Inc., 3.50%, due 09/15/53 144A		871,621
	605,000		Australia & New Zealand Banking Group, Ltd., 2.95% (5 yr. CMT + 1.29%), due 07/22/30(b) 144A		638,742
	85,000		AutoNation, Inc., 4.75%, due 06/01/30		102,400
	1,635,000	EUR	Avantor Funding, Inc., 3.88%, due 07/15/28 144A		2,110,532
	410,000		Aviation Capital Group LLC, 2.88%, due 01/20/22 144A		415,213
	500,000		Aviation Capital Group LLC, 5.50%, due 12/15/24 144A		554,019
	470,000		Avolon Holdings Funding, Ltd., 4.25%, due 04/15/26 144A		506,837
	260,000		Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		278,490
	765,000		Baidu, Inc., 2.38%, due 10/09/30		786,015
	200,000		Baidu, Inc., 3.43%, due 04/07/30(j)		221,716
	210,000		Bally’s Corp., 6.75%, due 06/01/27 144A		225,619
	400,000	EUR	Banco Bilbao Vizcaya Argentaria SA, Reg S, 5.88% (5 yr. EUR swap annual + 5.66%)(b) (i) (k)		513,218

See accompanying Notes to the Schedule of Investments.

98

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	400,000		Banco Bilbao Vizcaya Argentaria SA, 6.50% (5 yr. CMT + 5.19%)(b) (k)		426,794
	305,000		Banco Mercantil del Norte SA, 6.88% (5 yr. CMT + 5.04%)(b) (k) 144A		322,919
	200,000		Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)(b) (k) 144A		226,752
	970,000		Banco Mercantil del Norte SA, 7.63% (10 yr. CMT + 5.35%)(b) (k) 144A		1,102,172
	400,000		Banco Santander SA, 2.75%, due 12/03/30		412,648
	200,000		Banco Santander SA, 4.38%, due 04/12/28		233,430
	200,000		Banco Santander SA, Reg S, 7.50% (5 yr. USD ICE swap + 4.99%)(b) (i) (k)		222,045
	655,000		Banff Merger Sub, Inc., 9.75%, due 09/01/26 144A		708,415
	200,000		Barclays Plc, 5.09% (3 mo. USD LIBOR + 3.05%), due 06/20/30(b)		240,086
	830,000	GBP	Barclays Plc, Reg S, 6.38% (5 yr. UK Government Bond + 6.02%)(b) (i) (k)		1,228,737
	210,000	GBP	Barclays Plc, 7.13% (5 yr. UK Government Bond + 6.58%)(b) (k)		320,901
	1,370,000		Barclays Plc, 8.00% (5 yr. CMT + 5.67%)(b) (k)		1,528,246
	380,000	EUR	Barclays Plc, (MTN), Reg S, 2.00% (5 yr. EUR swap annual + 1.90%), due 02/07/28(b) (i)		475,735
	660,000		Bausch Health Americas, Inc., 8.50%, due 01/31/27 144A		734,966
	140,000		Bausch Health Americas, Inc., 9.25%, due 04/01/26 144A		156,282
	50,000		Bausch Health Cos., Inc., 9.00%, due 12/15/25 144A		55,291
	1,662,000		Berry Petroleum Co. LLC, 7.00%, due 02/15/26 144A		1,418,617
	755,000		BGC Partners, Inc., 4.38%, due 12/15/25		799,462
	620,000		Black Knight InfoServ LLC, 3.63%, due 09/01/28 144A		635,500
	960,000		Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, due 12/15/25 144A		1,024,800
	2,025,000		BNP Paribas SA, 4.50% (5 yr. CMT + 2.94%)(b) (k) 144A		2,047,589
	1,725,000		BNP Paribas SA, 6.75% (5 yr. USD swap + 4.92%)(b) (k) 144A		1,803,160
	80,000		Boeing Co. (The), 2.70%, due 02/01/27		83,257
	190,000		Boeing Co. (The), 3.25%, due 02/01/35		195,063
	1,630,000		Boeing Co. (The), 3.63%, due 02/01/31(j)		1,786,813
	800,000		Boeing Co. (The), 5.15%, due 05/01/30		969,645
	1,020,000		Boeing Co. (The), 5.93%, due 05/01/60		1,449,648
	210,000		Boyd Gaming Corp., 8.63%, due 06/01/25 144A		233,822
	450,000		Boyne USA, Inc., 7.25%, due 05/01/25 144A		473,344
	690,000		Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		727,226
	2,730,000		Brighthouse Financial, Inc., 4.70%, due 06/22/47		2,857,286
	590,000		Caesars Entertainment, Inc., 6.25%, due 07/01/25 144A		629,090
	1,065,000		Caesars Entertainment, Inc., 8.13%, due 07/01/27 144A		1,180,369
	2,200,000	EUR	CaixaBank SA, Reg S, 5.25% (5 yr. EUR swap annual + 4.50%)(b) (i) (k)		2,767,853
	655,000	EUR	CANPACK SA/Eastern PA Land Investment Holding LLC, 2.38%, due 11/01/27 144A		828,473
	390,000		Carnival Corp., 9.88%, due 08/01/27 144A		449,231
	130,000		Carriage Services, Inc., 6.63%, due 06/01/26 144A		139,400
	845,000	EUR	Catalent Pharma Solutions, Inc., Reg S, 2.38%, due 03/01/28(i)		1,043,008
	1,190,000	EUR	Catalent Pharma Solutions, Inc., 2.38%, due 03/01/28 144A		1,468,852
	545,000		Caterpillar, Inc., 3.25%, due 04/09/50		644,941
	1,215,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 08/15/30 144A		1,290,944
	3,510,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 144A		3,752,085
	375,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A		405,094
	220,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28 144A		232,870
	230,000		CDK Global, Inc., 5.25%, due 05/15/29 144A		255,038
	570,000		CDW LLC/CDW Finance Corp., 3.25%, due 02/15/29		581,942
	560,000		CDW LLC/CDW Finance Corp., 4.13%, due 05/01/25		586,911
	900,000		Celulosa Arauco y Constitucion SA, 5.15%, due 01/29/50(j) 144A		1,043,109

See accompanying Notes to the Schedule of Investments.

99

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	1,970,000		Cemex SAB de CV, 5.20%, due 09/17/30 144A		2,162,567
	3,080,000		Cemex SAB de CV, 7.38%, due 06/05/27 144A		3,508,890
	570,000		Cenovus Energy, Inc., 5.38%, due 07/15/25		643,143
	80,000		Centene Corp., 3.38%, due 02/15/30		84,292
	80,000		Centene Corp., 4.25%, due 12/15/27		84,985
	230,000		Centene Corp., 5.38%, due 06/01/26 144A		242,871
	190,000		Centene Corp., 5.38%, due 08/15/26 144A		201,163
	180,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		207,798
	550,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.13%, due 07/01/49		672,364
	450,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 04/01/38		562,681
	400,000		Cheniere Energy Partners, LP, 4.50%, due 10/01/29		423,708
	800,000		Cheplapharm Arzneimittel GmbH, 5.50%, due 01/15/28 144A		837,000
	280,000		Chevron Corp., 3.08%, due 05/11/50		313,482
	890,000		China Evergrande Group, Reg S, 8.75%, due 06/28/25(i)		738,730
	1,000,000		Cigna Corp., 0.88% (3 mo. USD LIBOR + 0.65%), due 09/17/21(b)		1,000,161
	450,000		Cigna Corp., 4.80%, due 08/15/38		587,372
	170,000		Citigroup, Inc., 4.65%, due 07/30/45		228,273
	137,000		Citigroup, Inc., 5.30%, due 05/06/44		193,586
	400,000		Citigroup, Inc., 6.30% (3 mo. USD LIBOR + 3.42%)(b) (k)		434,600
	1,000,000		Clarios Global, LP/Clarios US Finance Co., 6.25%, due 05/15/26 144A		1,073,750
	1,155,000		Clear Channel Worldwide Holdings, Inc., 5.13%, due 08/15/27 144A		1,167,994
	510,000		CNX Midstream Partners, LP/CNX Midstream Finance Corp., 6.50%, due 03/15/26 144A		520,200
	1,170,000		Cogent Communications Group, Inc., 5.38%, due 03/01/22 144A		1,207,750
	985,000		Colombia Telecomunicaciones SA ESP, 4.95%, due 07/17/30 144A		1,094,581
	580,000		Comcast Corp., 4.25%, due 10/15/30		714,757
	240,000		Comcast Corp., 4.70%, due 10/15/48		335,893
	2,200,000	EUR	Commerzbank AG, Reg S, 6.13% (5 yr. EUR swap annual + 6.36%)(b) (i) (k)		2,880,263
	80,000		CommScope Technologies LLC, 5.00%, due 03/15/27 144A		78,950
	346,000		CommScope Technologies LLC, 6.00%, due 06/15/25 144A		354,252
	1,220,000		CommScope, Inc., 8.25%, due 03/01/27 144A		1,303,881
	1,490,000		Comstock Resources, Inc., 9.75%, due 08/15/26		1,607,337
	165,000		Consolidated Energy Finance SA, 6.88%, due 06/15/25 144A		167,578
	600,000	EUR	Cooperatieve Rabobank UA, Reg S, 4.63% (5 yr. EUR swap annual + 4.10%)(b) (i) (k)		802,955
	440,000		CoreCivic, Inc. REIT, 4.63%, due 05/01/23(j)		424,600
	350,000		Cornerstone Building Brands, Inc., 6.13%, due 01/15/29 144A		372,531
	445,000		CP Atlas Buyer, Inc., 7.00%, due 12/01/28 144A		463,634
	705,000		Credit Agricole SA, 3.25%, due 01/14/30 144A		774,451
	300,000	EUR	Credit Agricole SA, Reg S, 6.50% (5 yr. EUR swap annual + 5.12%)(b) (i) (k)		376,104
	575,000		Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)(b) (j) (k) 144A		655,126
	600,000		Credit Agricole SA, 8.13% (5 yr. USD swap + 6.19%)(b) (k) 144A		731,565
	350,000		Credit Suisse Group AG, 2.59% (SOFR + 1.56%), due 09/11/25(b) 144A		368,490
	2,395,000		Credit Suisse Group AG, 4.50% (5 yr. CMT + 3.55%)(b) (k) 144A		2,412,723
	215,000		Credit Suisse Group AG, 5.10% (5 yr. CMT + 3.29%)(b) (k) 144A		224,138
	3,215,000		Credit Suisse Group AG, 5.25% (5 yr. CMT + 4.89%)(b) (k) 144A		3,407,900
	465,000		Credit Suisse Group AG, 7.25% (5 yr. CMT + 4.33%)(b) (k) 144A		523,557
	200,000		Credit Suisse Group AG, 7.50% (5 yr. USD swap + 4.60%)(b) (k) 144A		218,500

See accompanying Notes to the Schedule of Investments.

100

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	365,000		Crown Castle International Corp. REIT, 3.30%, due 07/01/30		409,195
	1,760,000		CSC Holdings LLC, 6.50%, due 02/01/29 144A		1,990,428
	270,000		CVS Health Corp., 4.78%, due 03/25/38		342,501
	150,000		CVS Health Corp., 5.05%, due 03/25/48		203,626
	200,000	EUR	CyrusOne, LP/CyrusOne Finance Corp. REIT, 1.45%, due 01/22/27		248,003
	1,150,000		DAE Funding LLC, 5.75%, due 11/15/23 144A		1,183,062
	265,000		Dar Al-Arkan Sukuk Co., Ltd., Reg S, 6.88%, due 03/21/23(i)		272,288
	50,000		DCP Midstream Operating, LP, 5.63%, due 07/15/27		55,550
	200,000		DCP Midstream Operating, LP, 6.75%, due 09/15/37 144A		216,859
	675,000		Dell International LLC/EMC Corp., 6.20%, due 07/15/30 144A		878,751
	2,110,000		Dell International LLC/EMC Corp., 8.35%, due 07/15/46 144A		3,196,194
	490,000		Delta Air Lines, Inc., 2.90%, due 10/28/24		483,795
	510,000		Delta Air Lines, Inc., 7.00%, due 05/01/25 144A		589,268
	3,535,000		Delta Air Lines, Inc., 7.38%, due 01/15/26		4,041,433
	50,000		Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, due 10/20/28 144A		54,636
	980,000		Deutsche Bank AG, 3.55% (SOFR + 3.04%), due 09/18/31(b)		1,064,261
	400,000		Deutsche Bank AG, Reg S, 4.79% (5 yr. USD swap + 4.36%)(b) (i) (k)		381,504
	3,000,000		Deutsche Bank AG, 6.00% (5 yr. CMT + 4.52%)(b) (k)		3,015,000
	600,000		Deutsche Bank AG, 7.50% (5 yr. USD swap + 5.00%)(b) (j) (k)		641,808
	200,000		Diamondback Energy, Inc., 3.50%, due 12/01/29		213,983
	1,500,000		DISH DBS Corp., 5.88%, due 11/15/24(j)		1,575,000
	980,000		DISH DBS Corp., 7.75%, due 07/01/26(j)		1,098,850
	560,000		Diversified Healthcare Trust REIT, 9.75%, due 06/15/25		637,000
	3,180,000		Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., 7.75%, due 12/15/25 144A		3,379,958
	540,000		Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, due 02/15/23 144A		550,068
	850,000		DP World Plc, 5.63%, due 09/25/48 144A		1,086,470
	450,000		eBay, Inc., 4.00%, due 07/15/42		513,083
	800,000		Empire Communities Corp., 7.00%, due 12/15/25 144A		845,088
	1,820,000		ENA Master Trust, 4.00%, due 05/19/48 144A		1,963,325
	1,120,000		Endeavor Energy Resources, LP/EER Finance, Inc., 5.75%, due 01/30/28(j) 144A		1,209,824
	380,000		Endeavor Energy Resources, LP/EER Finance, Inc., 6.63%, due 07/15/25 144A		407,193
	80,000		Energy Transfer Operating, LP, 6.25%, due 04/15/49		96,904
	305,000		Enstar Group, Ltd., 4.95%, due 06/01/29		346,181
	520,000		Entegris, Inc., 4.38%, due 04/15/28 144A		555,750
	700,000		Enterprise Products Operating LLC, 3.70%, due 01/31/51		773,403
	250,000		Enterprise Products Operating LLC, 3.95%, due 01/31/60		278,175
	405,000		EPR Properties REIT, 3.75%, due 08/15/29		388,822
	240,000		EQM Midstream Partners, LP, 6.00%, due 07/01/25 144A		263,100
	220,000		EQM Midstream Partners, LP, 6.50%, due 07/01/27 144A		248,039
	380,000		EQT Corp., 7.88%, due 02/01/25(j)		433,255
	1,035,000		EQT Corp., 8.75%, due 02/01/30		1,269,169
	830,000		FedEx Corp., 4.05%, due 02/15/48		1,004,993
	780,000		FedEx Corp., 5.25%, due 05/15/50		1,106,709
	620,000		Finance of America Funding LLC, 7.88%, due 11/15/25 144A		615,350
	1,145,000		First Quantum Minerals, Ltd., 6.88%, due 03/01/26 144A		1,195,809
	880,000		First Quantum Minerals, Ltd., 6.88%, due 10/15/27(j) 144A		955,900
	3,650,000		First Quantum Minerals, Ltd., 7.25%, due 04/01/23 144A		3,767,530
	530,000		FirstEnergy Corp., 2.25%, due 09/01/30		513,332
	200,000		FirstEnergy Corp., 7.38%, due 11/15/31		285,541

See accompanying Notes to the Schedule of Investments.

101

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	1,710,000	Five Point Operating Co., LP/Five Point Capital Corp., 7.88%, due 11/15/25 144A		1,813,327
	700,000	Ford Motor Co., 8.50%, due 04/21/23		788,974
	1,875,000	Ford Motor Co., 9.00%, due 04/22/25		2,301,178
	500,000	Ford Motor Credit Co. LLC, 3.09%, due 01/09/23		509,660
	470,000	Ford Motor Credit Co. LLC, 5.13%, due 06/16/25(j)		511,619
	130,000	Fox Corp., 4.71%, due 01/25/29		157,887
	510,000	Fox Corp., 5.48%, due 01/25/39		700,234
	705,000	Freeport-McMoRan, Inc., 4.63%, due 08/01/30		774,989
	510,000	Freeport-McMoRan, Inc., 5.45%, due 03/15/43		635,899
	510,000	Frontier Communications Corp., 5.88%, due 10/15/27 144A		552,394
	530,000	Frontier Communications Corp., 6.75%, due 05/01/29 144A		568,094
	1,955,000	FS KKR Capital Corp., 3.40%, due 01/15/26		1,944,209
	910,000	Gartner, Inc., 3.75%, due 10/01/30 144A		960,059
	940,000	Gazprom PJSC Via Gaz Capital SA, 4.95%, due 03/23/27 144A		1,066,899
	1,880,000	GEMS MENASA Cayman, Ltd./GEMS Education Delaware LLC, 7.13%, due 07/31/26 144A		1,964,600
	2,105,000	General Electric Co., 4.35%, due 05/01/50		2,564,503
	2,815,000	General Electric Co., 5.00% (3 mo. USD LIBOR + 3.33%)(b) (j) (k)		2,622,172
	1,420,000	General Electric Co., (MTN), 6.88%, due 01/10/39		2,094,049
	225,000	General Motors Co., 5.20%, due 04/01/45		273,649
	430,000	General Motors Co., 6.13%, due 10/01/25		522,010
	2,435,000	General Motors Financial Co., Inc., 5.75% (3 mo. USD LIBOR + 3.60%)(b) (k)		2,538,487
	210,000	GEO Group, Inc. (The) REIT, 5.88%, due 01/15/22		209,052
	320,000	GEO Group, Inc. (The) REIT, 6.00%, due 04/15/26(j)		255,200
	1,110,000	GFL Environmental, Inc., 3.75%, due 08/01/25 144A		1,139,831
	560,000	GFL Environmental, Inc., 4.25%, due 06/01/25 144A		582,050
	320,000	GFL Environmental, Inc., 5.13%, due 12/15/26 144A		340,832
	294,000	GFL Environmental, Inc., 8.50%, due 05/01/27 144A		326,891
	390,000	Glencore Funding LLC, 4.00%, due 03/27/27 144A		441,754
	1,853,650	Global Aircraft Leasing Co., Ltd., 6.50% (6.50% Cash or 7.25% PIK), due 09/15/24 144A		1,659,017
	425,000	Global Atlantic Fin Co., 4.40%, due 10/15/29 144A		469,118
	1,010,000	Global Medical Response, Inc., 6.50%, due 10/01/25 144A		1,056,713
	830,000	Gold Fields Orogen Holdings BVI, Ltd., Reg S, 6.13%, due 05/15/29(i)		1,010,525
	2,070,000	Gold Fields Orogen Holdings BVI, Ltd., 6.13%, due 05/15/29(j) 144A		2,520,225
	610,000	Golden Nugget, Inc., 6.75%, due 10/15/24 144A		606,383
	300,000	Goldman Sachs Group, Inc. (The), 5.15%, due 05/22/45		419,378
	600,000	GTP Acquisition Partners I LLC, 3.48%, due 06/15/50 144A		645,115
	920,000	H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A		930,994
	1,230,000	HCA, Inc., 3.50%, due 09/01/30		1,307,995
	600,000	HCA, Inc., 5.50%, due 06/15/47		802,667
	760,000	HCA, Inc., 5.63%, due 09/01/28		898,149
	115,000	Healthpeak Properties, Inc. REIT, 3.50%, due 07/15/29		130,639
	190,000	Hess Midstream Operations, LP, 5.13%, due 06/15/28 144A		198,788
	2,100,000	Hess Midstream Operations, LP, 5.63%, due 02/15/26 144A		2,187,937
	1,525,000	Hexion, Inc., 7.88%, due 07/15/27 144A		1,634,609
	65,000	Hill-Rom Holdings, Inc., 4.38%, due 09/15/27 144A		68,831
	1,490,000	Hilton Domestic Operating Co., Inc., 5.38%, due 05/01/25 144A		1,584,615
	900,000	Howard Hughes Corp. (The), 5.38%, due 08/01/28 144A		969,638

See accompanying Notes to the Schedule of Investments.

102

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	6,625,000		HSBC Holdings Plc, 4.60% (5 yr. CMT + 3.65%)(b) (k)		6,758,295
	250,000	EUR	HSBC Holdings Plc, Reg S, 5.25% (5 yr. EUR swap annual + 4.38%)(b) (i) (k)		320,035
	200,000		HSBC Holdings Plc, 6.50% (5 yr. USD ICE swap + 3.61%)(b) (k)		224,875
	6,520,000		HTA Group, Ltd., 7.00%, due 12/18/25 144A		7,053,988
	440,000		iHeartCommunications, Inc., 4.75%, due 01/15/28 144A		452,294
	765,000		iHeartCommunications, Inc., 5.25%, due 08/15/27 144A		804,543
	215,000		iHeartCommunications, Inc., 6.38%, due 05/01/26(j)		230,453
	915,000		iHeartCommunications, Inc., 8.38%, due 05/01/27		978,387
	1,150,000		IHS Netherlands Holdco BV, Reg S, 8.00%, due 09/18/27(i)		1,244,875
	980,000		IHS Netherlands Holdco BV, 7.13%, due 03/18/25 144A		1,031,450
	1,575,000		IHS Netherlands Holdco BV, 8.00%, due 09/18/27 144A		1,704,937
	1,265,000		Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, due 07/01/28 144A		1,393,081
	440,000		International Game Technology Plc, 5.25%, due 01/15/29 144A		474,806
	615,000		Intesa Sanpaolo SpA, 4.00%, due 09/23/29 144A		694,363
	900,000		Intesa Sanpaolo SpA, 5.02%, due 06/26/24 144A		985,144
	350,000		Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A		400,873
	915,000		Intesa Sanpaolo SpA, 7.70% (5 yr. USD swap + 5.46%)(b) (k) 144A		1,040,813
	1,439,000		Itau Unibanco Holding SA/Cayman Island, 4.63% (5 yr. CMT + 3.22%)(b) (k) 144A		1,413,832
	465,000		Jabil, Inc., 3.00%, due 01/15/31		493,884
	2,955,000		JetBlue Pass Through Trust, 7.75%, due 05/15/30		3,227,741
	603,909		K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22(e)		6,039
	176,269		K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22(e)		6,610
	915,000		Kaisa Group Holdings, Ltd., Reg S, 9.38%, due 06/30/24(i)		889,266
	1,050,000		KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A		1,220,704
	940,000		KazTransGas JSC, 4.38%, due 09/26/27 144A		1,083,303
	1,430,000		Kernel Holding SA, 6.75%, due 10/27/27 144A		1,524,737
	340,000		Kimberly-Clark de Mexico SAB de CV, 2.43%, due 07/01/31 144A		351,864
	340,000		KOC Holding AS, 6.50%, due 03/11/25 144A		371,012
	855,000		Kohl’s Corp., 9.50%, due 05/15/25		1,109,839
	1,580,000		Kosmos Energy, Ltd., 7.13%, due 04/04/26(j) 144A		1,536,297
	30,000		Kraft Heinz Foods Co., 3.88%, due 05/15/27 144A		32,365
	314,000		Kraft Heinz Foods Co., 3.95%, due 07/15/25(j)		346,005
	100,000		Kraft Heinz Foods Co., 4.25%, due 03/01/31 144A		111,597
	105,000		Kraft Heinz Foods Co., 4.38%, due 06/01/46		113,781
	520,000		Kraft Heinz Foods Co., 4.88%, due 10/01/49 144A		607,632
	660,000		Kraft Heinz Foods Co., 5.20%, due 07/15/45		785,920
	950,000		L Brands, Inc., 5.25%, due 02/01/28		993,182
	820,000		L Brands, Inc., 6.63%, due 10/01/30 144A		913,788
	80,000		L Brands, Inc., 6.69%, due 01/15/27		88,450
	755,000		L Brands, Inc., 6.88%, due 07/01/25 144A		820,904
	104,000		Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 5.25%, due 03/15/22 144A		104,715
	470,000		Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 5.88%, due 08/01/21 144A		470,588
	40,000		Las Vegas Sands Corp., 3.20%, due 08/08/24		42,395
	655,000		Lazard Group LLC, 4.38%, due 03/11/29		768,604
	820,000		LBM Acquisition LLC, 6.25%, due 01/15/29 144A		848,188
	260,000		Legacy LifePoint Health LLC, 4.38%, due 02/15/27 144A		260,975
	45,000		Lennar Corp., 4.50%, due 04/30/24		49,809

See accompanying Notes to the Schedule of Investments.

103

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	175,000		Lennar Corp., 4.75%, due 11/15/22		185,014
	870,000		Lennar Corp., 4.88%, due 12/15/23		962,438
	500,000		Levi Strauss & Co., 5.00%, due 05/01/25		513,125
	1,385,000		Leviathan Bond, Ltd., Reg S, 6.13%, due 06/30/25(i) 144A		1,526,962
	2,300,000		Leviathan Bond, Ltd., Reg S, 6.50%, due 06/30/27(i) 144A		2,599,000
	1,035,000		Liquid Telecommunications Financing Plc, Reg S, 8.50%, due 07/13/22(i)		1,060,306
	300,000		Lloyds Banking Group Plc, 4.65%, due 03/24/26		345,754
	450,000	EUR	Lloyds Banking Group Plc, Reg S, 4.95% (5 yr. EURIBOR + 5.29%)(b) (i) (k)		593,398
	1,350,000		LogMeIn, Inc., 5.50%, due 09/01/27 144A		1,415,812
	640,000		Lukoil International Finance BV, 4.75%, due 11/02/26 144A		730,652
	1,170,000		LYB International Finance III LLC, 3.63%, due 04/01/51		1,283,283
	1,700,000		Macy’s, Inc., 8.38%, due 06/15/25(j) 144A		1,890,298
	800,000		MAF Global Securities, Ltd., Reg S, 5.50% (5 yr. USD swap + 3.48%)(b) (i) (k)		822,950
	935,000		MAF Sukuk, Ltd., Reg S, 4.64%, due 05/14/29(i)		1,054,300
	100,000		Massachusetts Mutual Life Insurance Co., 3.38%, due 04/15/50 144A		109,554
	480,000		Match Group Holdings II LLC, 4.63%, due 06/01/28 144A		504,000
	550,000		MDC Holdings, Inc., 6.00%, due 01/15/43		738,331
	680,000		MEG Energy Corp., 6.50%, due 01/15/25 144A		700,964
	354,000		MEG Energy Corp., 7.00%, due 03/31/24 144A		358,425
	340,000		MEG Energy Corp., 7.13%, due 02/01/27 144A		351,900
	2,310,000		Meituan, 3.05%, due 10/28/30 144A		2,404,941
	520,000		Melco Resorts Finance, Ltd., 5.38%, due 12/04/29 144A		541,813
	3,330,000		Meredith Corp., 6.88%, due 02/01/26(j)		3,252,994
	360,000		Michaels Stores, Inc., 8.00%, due 07/15/27 144A		387,608
	1,520,000		Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, due 06/20/27 144A		1,636,850
	775,000		Millicom International Cellular SA, 4.50%, due 04/27/31 144A		837,969
	4,225,000		Millicom International Cellular SA, 6.25%, due 03/25/29 144A		4,762,906
	675,000		Millicom International Cellular SA, 6.63%, due 10/15/26 144A		723,263
	270,000		Mohegan Gaming & Entertainment, 7.88%, due 10/15/24(j) 144A		282,488
	1,000,000		Morgan Stanley, (MTN), 2.50%, due 04/21/21		1,006,231
	770,000		MPH Acquisition Holdings LLC, 5.75%, due 11/01/28(j) 144A		757,719
	260,000	GBP	MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.69%, due 06/05/28		385,790
	800,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27		852,420
	175,000		MSCI, Inc., 4.00%, due 11/15/29 144A		186,671
	445,000		Mylan, Inc., 5.40%, due 11/29/43		594,004
	1,060,000		Nationstar Mortgage Holdings, Inc., 5.13%, due 12/15/30 144A		1,109,258
	620,000		Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A		652,163
	445,000		Natwest Group Plc, 4.27% (3 mo. USD LIBOR + 1.76%), due 03/22/25(b)		492,524
	300,000		Natwest Group Plc, 4.89% (3 mo. USD LIBOR + 1.75%), due 05/18/29(b)		360,981
	435,000		NBM US Holdings, Inc., 7.00%, due 05/14/26 144A		474,263
	350,000		NCL Corp., Ltd., Class C, 3.63%, due 12/15/24 144A		333,156
	500,000		NCL Corp., Ltd., Class C, 5.88%, due 03/15/26 144A		526,848
	750,000		NCL Corp., Ltd., Class C, 10.25%, due 02/01/26 144A		879,375
	640,000		NCL Corp., Ltd., Class C, 12.25%, due 05/15/24(j) 144A		768,800
	640,000		NCR Corp., 8.13%, due 04/15/25 144A		713,530
	210,000	EUR	Netflix, Inc., Reg S, 3.88%, due 11/15/29(i)		297,710
	1,035,000	EUR	Netflix, Inc., Reg S, 3.63%, due 06/15/30(i)		1,444,160
	275,000	EUR	Netflix, Inc., 3.88%, due 11/15/29 144A		389,858
	300,000		Netflix, Inc., 5.88%, due 11/15/28		360,161

See accompanying Notes to the Schedule of Investments.

104

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	1,070,000		Netflix, Inc., 6.38%, due 05/15/29		1,322,787
	1,344,000		Newell Brands, Inc., 4.70%, due 04/01/26		1,482,338
	340,000		Newell Brands, Inc., 4.88%, due 06/01/25		374,527
	2,570,000		Nexstar Broadcasting, Inc., 5.63%, due 07/15/27 144A		2,757,135
	620,000		NGPL PipeCo LLC, 7.77%, due 12/15/37 144A		840,431
	2,125,000		Nielsen Finance LLC/Nielsen Finance Co., 5.88%, due 10/01/30 144A		2,407,891
	660,000		NMI Holdings, Inc., 7.38%, due 06/01/25 144A		740,154
	640,000		Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22(e) (g)		4,720
	230,000		NRG Energy, Inc., 3.38%, due 02/15/29 144A		235,905
	680,000		NRG Energy, Inc., 3.63%, due 02/15/31 144A		700,859
	430,000		Occidental Petroleum Corp., 6.13%, due 01/01/31		461,261
	1,980,000		Occidental Petroleum Corp., 7.08%, due 10/10/36(d)		918,225
	2,190,000		Occidental Petroleum Corp., 7.15%, due 05/15/28		2,228,325
	3,060,000		OCP SA, 6.88%, due 04/25/44 144A		4,018,392
	2,000,000		OI European Group BV, 4.00%, due 03/15/23 144A		2,046,250
	1,535,000		Oleoducto Central SA, 4.00%, due 07/14/27(j) 144A		1,667,793
	560,000		ON Semiconductor Corp., 3.88%, due 09/01/28 144A		580,300
	370,000		OneMain Finance Corp., 5.38%, due 11/15/29		417,175
	955,000		ONEOK, Inc., 4.50%, due 03/15/50		1,005,502
	615,000		ONEOK, Inc., 7.15%, due 01/15/51		851,830
	1,050,000		Open Text Holdings, Inc., 4.13%, due 02/15/30 144A		1,118,922
	1,025,000		Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, due 03/15/30 144A		1,048,974
	1,250,000		Oversea-Chinese Banking Corp., Ltd., (MTN), Reg S, 4.25%, due 06/19/24(i)		1,371,072
	2,205,000		Oztel Holdings SPC, Ltd., 5.63%, due 10/24/23 144A		2,343,121
	140,000		Park Aerospace Holdings, Ltd., 4.50%, due 03/15/23 144A		146,784
	190,000		Park-Ohio Industries, Inc., 6.63%, due 04/15/27		197,125
	830,000		Parsley Energy LLC/Parsley Finance Corp., 5.38%, due 01/15/25 144A		855,128
	400,000		Parsley Energy LLC/Parsley Finance Corp., 5.63%, due 10/15/27 144A		438,400
	400,000		Pattern Energy Operations, LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28 144A		422,750
	260,000		PBF Holding Co. LLC/PBF Finance Corp., 9.25%, due 05/15/25 144A		256,705
	2,400,000		Petrobras Global Finance BV, 5.30%, due 01/27/25		2,715,024
	4,135,000		Petrobras Global Finance BV, 5.60%, due 01/03/31		4,758,558
	720,000		Petrobras Global Finance BV, 6.85%, due 06/05/15(l)		899,208
	2,790,000		Petroleos Mexicanos, 6.84%, due 01/23/30		2,925,399
	1,895,000		Petroleos Mexicanos, 6.88%, due 10/16/25(j) 144A		2,079,573
	11,184,300	MXN	Petroleos Mexicanos, (GDN), Reg S, 7.19%, due 09/12/24(i)		508,854
	2,250,000		PetSmart, Inc., 8.88%, due 06/01/25 144A		2,314,687
	205,000	EUR	PLT VII Finance SARL, 4.63%, due 01/05/26 144A		261,212
	1,260,000		PM General Purchaser LLC, 9.50%, due 10/01/28 144A		1,397,025
	1,380,000	EUR	PPF Telecom Group BV, (MTN), Reg S, 3.13%, due 03/27/26(i)		1,795,550
	1,000,000		Prestige Brands, Inc., 6.38%, due 03/01/24 144A		1,023,750
	910,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A		904,313
	160,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, due 04/15/26 144A		175,400
	180,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A		193,500
	1,000,000		Primo Water Holdings, Inc., 5.50%, due 04/01/25 144A		1,033,750
	280,000		Prosperous Ray, Ltd., Reg S, 4.63%, due 11/12/23(i)		304,617
	1,840,000		Prosus NV, 3.83%, due 02/08/51 144A		1,810,435
	1,590,000		Prosus NV, 4.03%, due 08/03/50 144A		1,673,268

See accompanying Notes to the Schedule of Investments.

105

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	1,080,000		Prosus NV, 4.85%, due 07/06/27 144A		1,246,417
	895,000		Radian Group, Inc., 6.63%, due 03/15/25		1,015,266
	360,000		Radiology Partners, Inc., 9.25%, due 02/01/28 144A		405,000
	995,000		Range Resources Corp., 4.88%, due 05/15/25(j)		941,733
	550,000		Range Resources Corp., 5.00%, due 08/15/22		545,875
	290,000		Range Resources Corp., 5.75%, due 06/01/21		290,329
	807,000		Range Resources Corp., 5.88%, due 07/01/22		809,837
	1,930,000		Range Resources Corp., 9.25%, due 02/01/26		2,019,745
	640,000		Raytheon Technologies Corp., 3.13%, due 07/01/50		707,103
	350,000		Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, due 06/15/25 144A		380,532
	430,000		Resolute Forest Products, Inc., 5.88%, due 05/15/23		430,492
	326,000		RR Donnelley & Sons Co., 8.25%, due 07/01/27		374,289
	1,985,000		Rumo Luxembourg SARL, 5.25%, due 01/10/28 144A		2,152,732
	300,000		Sally Holdings LLC/Sally Capital, Inc., 5.50%, due 11/01/23		302,438
	200,000		Sands China, Ltd., 3.80%, due 01/08/26 144A		214,092
	400,000		Sands China, Ltd., 5.13%, due 08/08/25		449,654
	390,000		Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		440,226
	2,280,000		SASOL Financing USA LLC, 6.50%, due 09/27/28		2,480,640
	1,660,000		Saudi Arabian Oil Co., 2.25%, due 11/24/30 144A		1,692,643
	1,545,000		Saudi Arabian Oil Co., 3.25%, due 11/24/50 144A		1,569,703
	165,000		Science Applications International Corp., 4.88%, due 04/01/28 144A		175,184
	650,000		Scientific Games International, Inc., 7.00%, due 05/15/28 144A		699,985
	1,920,000		Scripps Escrow II, Inc., 5.38%, due 01/15/31 144A		2,005,200
	525,000		Seagate HDD Cayman, 4.09%, due 06/01/29 144A		563,391
	486,000		Seagate HDD Cayman, 4.88%, due 06/01/27		547,763
	980,000		Service Corp. International, 3.38%, due 08/15/30		1,021,243
	500,000		Service Properties Trust REIT, 5.50%, due 12/15/27		547,142
	870,000		Silversea Cruise Finance, Ltd., 7.25%, due 02/01/25 144A		902,081
	990,000		Societe Generale SA, 3.00%, due 01/22/30 144A		1,058,740
	765,000		Societe Generale SA, 4.75%, due 09/14/28 144A		915,658
	350,000		Societe Generale SA, 6.75% (5 yr. USD swap + 3.93%)(b) (k) 144A		393,005
	780,000		Societe Generale SA, 7.38% (5 yr. USD swap + 4.30%)(b) (k) 144A		841,967
	400,000	EUR	Sofima Holding SpA, 3.75%, due 01/15/28 144A		497,202
	1,240,000		Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, due 09/20/25 144A		1,395,000
	490,000		Sprint Capital Corp., 6.88%, due 11/15/28		646,974
	1,230,000		Sprint Capital Corp., 8.75%, due 03/15/32		1,948,781
	1,020,000		SRM Escrow Issuer LLC, 6.00%, due 11/01/28 144A		1,067,971
	775,000		Standard Chartered Plc, 4.30%, due 02/19/27 144A		861,241
	725,000		Standard Chartered Plc, 6.00% (5 yr. CMT + 5.66%)(b) (j) (k) 144A		776,656
	585,000		Standard Chartered Plc, 7.75% (5 yr. USD swap + 5.72%)(b) (k) 144A		634,280
	1,018,189	EUR	Summer BC Holdco A SARL, Reg S, 9.25%, due 10/31/27(i)		1,320,429
	2,055,000	EUR	Summer BC Holdco B SARL, Reg S, 5.75%, due 10/31/26(i)		2,659,224
	325,000	EUR	Summer BC Holdco B SARL, 5.75%, due 10/31/26 144A		420,559
	1,490,000		Summit Materials LLC/Summit Materials Finance Corp., 5.25%, due 01/15/29 144A		1,566,362
	370,000		Suzano Austria GmbH, 3.75%, due 01/15/31		393,033
	260,000		Suzano Austria GmbH, Reg S, 5.75%, due 07/14/26(i)		305,503
	1,160,000		Suzano Austria GmbH, 6.00%, due 01/15/29		1,397,087
	570,000		Swire Pacific MTN Financing, Ltd., (MTN), Reg S, 4.50%, due 10/09/23(i)		621,745
	630,000		Switch, Ltd., 3.75%, due 09/15/28 144A		640,631

See accompanying Notes to the Schedule of Investments.

106

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Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	700,000		Syneos Health, Inc., 3.63%, due 01/15/29 144A		703,248
	635,000		T-Mobile USA, Inc., 4.38%, due 04/15/40 144A		775,570
	635,000		T-Mobile USA, Inc., 4.50%, due 04/15/50 144A		784,390
	280,000		Talen Energy Supply LLC, 10.50%, due 01/15/26 144A		249,768
	520,000		Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A		536,081
	690,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 4.88%, due 02/01/31 144A		752,852
	230,000		Teck Resources, Ltd., 5.40%, due 02/01/43		275,075
	90,000		Teck Resources, Ltd., 6.00%, due 08/15/40		112,972
	200,000		Telefonica Emisiones SA, 5.21%, due 03/08/47		256,765
	1,720,000		Tencent Holdings, Ltd., 3.24%, due 06/03/50 144A		1,780,418
	250,000		Tenet Healthcare Corp., 4.63%, due 06/15/28 144A		262,344
	160,000		Tenet Healthcare Corp., 5.13%, due 11/01/27 144A		169,800
	1,460,000		Tenet Healthcare Corp., 7.50%, due 04/01/25 144A		1,597,116
	500,000		Tennessee Gas Pipeline Co. LLC, 2.90%, due 03/01/30 144A		535,724
	360,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, Reg S, 1.25%, due 03/31/23(i)		426,770
	425,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, 3.25%, due 04/15/22		528,784
	985,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, 6.00%, due 01/31/25		1,313,664
	390,000		Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		375,623
	1,020,000		Teva Pharmaceutical Finance Netherlands III BV, 7.13%, due 01/31/25		1,129,426
	300,000		Time Warner Cable LLC, 6.75%, due 06/15/39		427,979
	1,490,000		TransAlta Corp., 6.50%, due 03/15/40		1,643,619
	500,000		Transcontinental Gas Pipe Line Co. LLC, 3.25%, due 05/15/30		561,413
	1,170,000		TransDigm, Inc., 6.25%, due 03/15/26 144A		1,247,518
	1,420,000		TransDigm, Inc., 8.00%, due 12/15/25 144A		1,570,946
	2,880,000	ZAR	Transnet SOC, Ltd., (MTN), Reg S, 9.50%, due 05/13/21(i)		198,581
	540,000		Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A		496,805
	730,000		Twitter, Inc., 3.88%, due 12/15/27 144A		778,363
	1,785,000		Uber Technologies, Inc., 7.50%, due 05/15/25 144A		1,930,495
	450,000		Uber Technologies, Inc., 7.50%, due 09/15/27 144A		495,563
	340,000		UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)(b) (k) 144A		372,961
	3,105,000		Ulker Biskuvi Sanayi AS, 6.95%, due 10/30/25(j) 144A		3,368,366
	2,160,000		UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35(b) 144A		2,380,264
	955,000		UniCredit SpA, 7.30% (5 yr. USD ICE swap + 4.91%), due 04/02/34(b) 144A		1,155,082
	640,000		UniCredit SpA, Reg S, 8.00% (5 yr. USD swap + 5.18%)(b) (i) (k)		695,072
	1,200,000		Unifin Financiera SAB de CV, 8.38%, due 01/27/28 144A		1,161,000
	200,000		Union Pacific Corp., 3.84%, due 03/20/60		248,660
	280,000		United Airlines Pass Through Trust, 3.70%, due 12/01/22		277,916
	140,000		United Rentals North America, Inc., 3.88%, due 11/15/27		146,825
	3,080,000		United Rentals North America, Inc., 3.88%, due 02/15/31		3,236,849
	500,000		United Rentals North America, Inc., 4.88%, due 01/15/28		533,125
	1,580,000		United Rentals North America, Inc., 5.25%, due 01/15/30		1,756,762
	650,000		Univision Communications, Inc., 9.50%, due 05/01/25 144A		726,375
	500,000		US Renal Care, Inc., 10.63%, due 07/15/27 144A		553,750
	440,000		Utah Acquisition Sub, Inc., 5.25%, due 06/15/46		577,320
	850,000		Vale Overseas, Ltd., 6.88%, due 11/10/39		1,267,358
	2,895,000		VEON Holdings BV, 3.38%, due 11/25/27 144A		2,977,826
	3,390,000		VEON Holdings BV, 4.00%, due 04/09/25 144A		3,593,993

See accompanying Notes to the Schedule of Investments.

107

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Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	100,000		Verizon Communications, Inc., 4.52%, due 09/15/48		130,634
	430,000	EUR	Vertical Holdco GmbH, 6.63%, due 07/15/28 144A		566,625
	405,000	EUR	Vertical Midco GmbH, 4.38%, due 07/15/27 144A		523,667
	465,000		VF Ukraine PAT via VFU Funding Plc, 6.20%, due 02/11/25 144A		490,575
	670,000		ViacomCBS, Inc., 6.88%, due 04/30/36		971,156
	200,000		VICI Properties, LP/VICI Note Co., Inc. REIT, 4.13%, due 08/15/30 144A		211,376
	500,000		Virgin Media Secured Finance Plc, 5.50%, due 08/15/26 144A		520,313
	500,000		Virgin Media Secured Finance Plc, 5.50%, due 05/15/29 144A		542,670
	1,205,000		Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A		1,278,505
	1,560,000		VOC Escrow, Ltd., 5.00%, due 02/15/28 144A		1,551,911
	50,000		Vodafone Group Plc, 4.38%, due 05/30/28		59,922
	1,695,000		VTR Finance NV, 6.38%, due 07/15/28(j) 144A		1,853,906
	350,000		WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 144A		379,618
	1,030,000		Weight Watchers International, Inc., 8.63%, due 12/01/25 144A		1,074,161
	480,000		Wells Fargo & Co., 2.50%, due 03/04/21		481,631
	410,000		Wells Fargo & Co., (MTN), 5.01% (3 mo. USD LIBOR + 4.24%), due 04/04/51(b)		583,727
	727,000		Wendy’s International LLC, 7.00%, due 12/15/25		800,838
	990,000		Western Midstream Operating, LP, 4.10%, due 02/01/25		1,021,838
	750,000		Western Midstream Operating, LP, 5.30%, due 03/01/48		746,970
	932,000		Western Midstream Operating, LP, 5.45%, due 04/01/44		944,251
	600,000		White Cap Buyer LLC, 6.88%, due 10/15/28 144A		640,875
	2,000,000		William Carter Co. (The), 5.63%, due 03/15/27 144A		2,108,750
	100,000		Williams Cos., Inc. (The), 8.75%, due 03/15/32		146,458
	885,000		Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, due 08/15/28 144A		892,854
	640,000		WPX Energy, Inc., 4.50%, due 01/15/30		679,360
	370,000		Wynn Macau, Ltd., 5.13%, due 12/15/29(j) 144A		378,519
	2,050,000		Wynn Macau, Ltd., 5.63%, due 08/26/28 144A		2,161,469
	1,220,000		Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, due 04/15/25 144A		1,323,657
	990,000		XPO CNW, Inc., 6.70%, due 05/01/34		1,181,434
	100,000		XPO Logistics, Inc., 6.75%, due 08/15/24 144A		106,375
	290,000		Yamana Gold, Inc., 4.63%, due 12/15/27		317,536
	950,000		YPF SA, 8.50%, due 03/23/21 144A		909,625
	125,000		Yum! Brands, Inc., 4.75%, due 01/15/30 144A		137,250
	448,000	EUR	Ziggo BV, 4.25%, due 01/15/27 144A		574,570
					496,829,391
			Mortgage Backed Securities - Private Issuers — 4.9%
	650,000		BANK, Series 2018-BNK14, Class A4, 4.23%, due 09/15/60(b) (m)		778,843
	565,000		BANK, Series 2020-BNK25, Class AS, 2.84%, due 01/15/63		612,709
	2,000,000		BBCCRE Trust, Series 2015-GTP, Class F, 4.56%, due 08/10/33(b) (m) 144A		1,739,314
	620,000		BBCMS Mortgage Trust, Series 2018-CBM, Class D, 2.55% (1 mo. USD LIBOR + 2.39%), due 07/15/37(b) 144A		564,495
	450,000		BBCMS Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52		508,161
	530,000		BBCMS Mortgage Trust, Series 2020-C6, Class AS, 2.84%, due 02/15/53		579,743
	380,000		Benchmark Mortgage Trust, Series 2020-B16, Class AM, 2.94%, due 02/15/53(b) (m)		417,955
	1,000,000		BHMS, Series 2018-MZB, Class MZB, 6.80% (1 mo. USD LIBOR + 6.64%), due 07/15/20(b) 144A		812,284
	930,000		BX Commercial Mortgage Trust, Series 2019-IMC, Class E, 2.31% (1 mo. USD LIBOR + 2.15%), due 04/15/34(b) 144A		850,789

See accompanying Notes to the Schedule of Investments.

108

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Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,500,000	BX Trust, Series 2018-BILT, Class B, 1.18% (1 mo. USD LIBOR + 1.02%), due 05/15/30(b) 144A		1,457,912
	640,000	CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.74%, due 12/15/47(b) (m) 144A		633,573
	675,000	CFK Trust, Series 2020-MF2, Class F, 3.46%, due 03/15/39(b) (m) 144A		619,159
	480,000	CGDB Commercial Mortgage Trust, Series 2019-MOB, Class A, 1.11% (1 mo. USD LIBOR + 0.95%), due 11/15/36(b) 144A		476,353
	300,521	Citigroup Mortgage Loan Trust CMO, Series 2018-A, Class A1, 4.00%, due 01/25/68(b) (m) 144A		302,259
	970,000	Connecticut Avenue Securities Trust CMO, Series 2018-R07, Class 1B1, 4.50% (1 mo. USD LIBOR + 4.35%), due 04/25/31(b) 144A		990,589
	1,680,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class F, 2.81% (1 mo. USD LIBOR + 2.65%), due 05/15/36(b) 144A		1,665,133
	1,172,500	Credit Suisse Mortgage Trust, Series 2019 RIO, 8.74%, due 12/15/22(b) (e) 144A		1,100,021
	480,000	Credit Suisse Mortgage Trust, Series 2019-UVIL, Class A, 3.16%, due 12/15/41 144A		486,494
	1,660,000	Credit Suisse Mortgage Trust, Series 2020-TMIC, Class A, 3.25% (1 mo. USD LIBOR + 3.00%), due 12/15/35(b) 144A		1,671,555
	1,021,862	Credit Suisse Mortgage Trust CMO, Series 2020-4R, Class 1A1, 3.15% (1 mo. USD LIBOR + 3.00%), due 06/25/47(b) 144A		1,035,533
	720,000	Credit Suisse Mortgage Trust LLC, Series 2014-USA, Class F, 4.37%, due 09/15/37 144A		479,193
	460,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2017-1, Class M1, 4.00%, due 01/25/56(b) (m) 144A		462,206
	665,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class M, 4.75%, due 08/25/57(b) (m) 144A		685,537
	440,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-1, Class M, 4.75%, due 07/25/58(b) (m) 144A		455,182
	880,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-4, Class M, 4.50%, due 02/25/59(b) (m) 144A		896,434
	580,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class M, 4.25%, due 08/25/59(b) (m) 144A		586,390
	1,010,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-2, Class M, 4.25%, due 11/25/59(b) (m) 144A		1,014,721
	930,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-3, Class M, 4.25%, due 05/25/60(b) (m) 144A		933,980
	990,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA1, Class B1, 2.45% (1 mo. USD LIBOR + 2.30%), due 01/25/50(b) 144A		980,604
	2,270,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA3, Class B1, 5.25% (1 mo. USD LIBOR + 5.10%), due 06/25/50(b) 144A		2,378,276
	1,430,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA6, Class B1, 3.08% (SOFR + 3.00%), due 12/25/50(b) 144A		1,444,201
	965,000	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-HRP1, Class B1, 4.75% (1 mo. USD LIBOR + 4.60%), due 12/25/42(b)		963,702
	823,910	FHLMC Structured Asset Mortgage Investments II Trust CMO, Series 2005-AR2, Class 2A2, 0.71% (1 mo. USD LIBOR + 0.56%), due 05/25/45(b)		622,275
	1,630,427	FNMA Connecticut Avenue Securities CMO, Series 2014-C04, Class 1M2, 5.05% (1 mo. USD LIBOR + 4.90%), due 11/25/24(b) 144A		1,679,245
	483,760	FNMA Connecticut Avenue Securities CMO, Series 2016-C06, Class 1M2, 4.40% (1 mo. USD LIBOR + 4.25%), due 04/25/29(b) 144A		508,519

See accompanying Notes to the Schedule of Investments.

109

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Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,500,000	FNMA Connecticut Avenue Securities CMO, Series 2017-C03, Class 1B1, 5.00% (1 mo. USD LIBOR + 4.85%), due 10/25/29(b) 144A		1,571,500
	1,757,640	FNMA Connecticut Avenue Securities CMO, Series 2017-C05, Class 1M2, 2.35% (1 mo. USD LIBOR + 2.20%), due 01/25/30(b) 144A		1,762,730
	1,612,171	FNMA Connecticut Avenue Securities CMO, Series 2017-C07, Class 1M2, 2.55% (1 mo. USD LIBOR + 2.40%), due 05/25/30(b) 144A		1,609,721
	960,000	FNMA Connecticut Avenue Securities CMO, Series 2018-C01, Class 1B1, 3.70% (1 mo. USD LIBOR + 3.55%), due 07/25/30(b) 144A		965,616
	1,143,039	FNMA Connecticut Avenue Securities CMO, Series 2018-C01, Class 1M2, 2.40% (1 mo. USD LIBOR + 2.25%), due 07/25/30(b) 144A		1,142,105
	746,847	FNMA Connecticut Avenue Securities CMO, Series 2018-C03, Class 1M2, 2.30% (1 mo. USD LIBOR + 2.15%), due 10/25/30(b) 144A		748,521
	1,920,000	FNMA Connecticut Avenue Securities CMO, Series 2018-C05, Class 1B1, 4.40% (1 mo. USD LIBOR + 4.25%), due 01/25/31(b) 144A		1,976,648
	3,058,487	FNMA Connecticut Avenue Securities CMO, Series 2018-C05, Class 1M2, 2.50% (1 mo. USD LIBOR + 2.35%), due 01/25/31(b) 144A		3,075,801
	782,500	FNMA Connecticut Avenue Securities CMO, Series 2018-C06, Class 1B1, 3.90% (1 mo. USD LIBOR + 3.75%), due 03/25/31(b) 144A		787,370
	826,706	FNMA Connecticut Avenue Securities CMO, Series 2018-C06, Class 1M2, 2.15% (1 mo. USD LIBOR + 2.00%), due 03/25/31(b) 144A		824,615
	479,765	FNMA Connecticut Avenue Securities CMO, Series 2019-R05, Class 1M2, 2.15% (1 mo. USD LIBOR + 2.00%), due 07/25/39(b) 144A		481,013
	860,000	FNMA Connecticut Avenue Securities CMO, Series 2020-R01, Class 1M2, 2.20% (1 mo. USD LIBOR + 2.05%), due 01/25/40(b) 144A		859,962
	410,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.39%, due 08/10/44(b) (e) (m)		351,938
	500,000	GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43%, due 08/10/50		571,467
	900,000	GS Mortgage Securities Trust, Series 2020-DUNE, Class A, 1.26% (1 mo. USD LIBOR + 1.10%), due 12/15/36(b) 144A		876,259
	1,390,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, 8.37% (1 mo. USD LIBOR + 8.21%), due 06/15/35(b) 144A		1,113,286
	1,910,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFL, 3.05% (1 mo. USD LIBOR + 2.90%), due 07/05/33(b) 144A		1,781,850
	840,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class E, 2.76% (1 mo. USD LIBOR + 2.60%), due 09/15/29(b) 144A		804,034
	1,270,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class F, 3.56% (1 mo. USD LIBOR + 3.40%), due 09/15/29(b) 144A		1,175,801
	662,443	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BOLT, Class C, 3.96% (1 mo. USD LIBOR + 3.80%), due 07/15/34(b) 144A		605,068
	1,260,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-MKST, Class F, 3.01% (1 mo. USD LIBOR + 2.85%), due 12/15/36(b) 144A		1,137,745
	740,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-MKST, Class G, 4.41% (1 mo. USD LIBOR + 4.25%), due 12/15/36(b) 144A		637,731
	1,210,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class GFX, 4.69%, due 01/16/37(b) (m) 144A		1,092,771
	500,000	Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.28%, due 07/11/40(b) (m) 144A		547,949
	1,019,109	Motel 6 Trust, Series 2017-MTL6, Class E, 3.41% (1 mo. USD LIBOR + 3.25%), due 08/15/34(b) 144A		1,005,814
	565,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.28%, due 10/15/30 144A		532,006

See accompanying Notes to the Schedule of Investments.

110

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Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Mortgage Backed Securities - Private Issuers — continued
	500,000		Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 1.66% (1 mo. USD LIBOR + 1.50%), due 07/15/36(b) 144A		499,386
	1,230,000		Natixis Commercial Mortgage Securities Trust, Series 2019-TRUE, Class A, 3.51% (1 mo. USD LIBOR + 2.01%), due 04/18/24(b) 144A		1,160,561
	800,000		Radnor RE, Ltd. Mortgage Insurance-Linked Notes CMO, Series 2020-1, Class M1C, 1.90% (1 mo. USD LIBOR + 1.75%), due 02/25/30(b) 144A		792,231
	230,000		Starwood Retail Property Trust, Series 2014-STAR, Class C, 2.91% (1 mo. USD LIBOR + 2.75%), due 11/15/27(b) (e) (n)		166,894
	900,000		Starwood Retail Property Trust, Series 2014-STAR, Class D, 3.66% (1 mo. USD LIBOR + 3.50%), due 11/15/27(b) (e) (n)		582,223
	1,211,880		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class E, 3.33% (1 mo. USD LIBOR + 3.18%), due 11/11/34(b) 144A		1,124,647
	1,207,020		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class F, 4.11% (1 mo. USD LIBOR + 3.95%), due 11/11/34(b) 144A		1,108,367
	620,999		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR1, Class A1B, 0.93% (1 mo. USD LIBOR + 0.78%), due 01/25/45(b)		616,289
	1,410,322		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR6, Class 2A1A, 0.61% (1 mo. USD LIBOR + 0.46%), due 04/25/45(b)		1,425,038
	889,990		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2006-AR16, Class 2A2, 2.49%, due 12/25/36(b) (m)		852,824
	757,817		Wells Fargo Mortgage Backed Securities Trust CMO, Series 2006-AR5, Class 2A1, 4.01%, due 04/25/36(b) (m)		711,661
					68,472,781
			Mortgage Backed Securities - U.S. Government Agency Obligations — 0.1%
	100,000		FNMA, Pool # BL5547, 2.68%, due 01/01/35		110,392
	209,123		FNMA, Pool # BM6224, 2.79%, due 01/01/35(b) (m)		234,116
	867,617		UMBS, Pool # BM5520, 3.50%, due 02/01/47		922,140
					1,266,648
			Sovereign Debt Obligations — 34.8%
	750,000		Abu Dhabi Government International Bond, 4.13%, due 10/11/47 144A		944,719
	2,425,000		Angolan Government International Bond, Reg S, 8.25%, due 05/09/28(i) (j)		2,332,666
	7,193,128	ARS	Argentina Treasury Bond, 1.00%, due 08/05/21		113,705
	518,950		Argentine Republic Government International Bond, 0.13%, due 07/09/46(c)		191,233
	8,725		Argentine Republic Government International Bond, 1.00%, due 07/09/29		3,802
	1,855,000		Bahrain Government International Bond, 5.45%, due 09/16/32 144A		1,956,769
	430,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, Reg S, 2.30%, due 10/01/28(i)		607,174
	430,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, Reg S, 2.80%, due 10/01/33(i) 144A		589,442
	1,900,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26		3,071,422
	995,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35		1,703,952
	515,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43		1,012,205
	7,697,000	BRL	Brazil Letras do Tesouro Nacional, 2.82%, due 01/01/22(d)		1,440,826
	18,593,000	BRL	Brazil Letras do Tesouro Nacional, 5.45%, due 07/01/22(d)		3,388,756
	20,756,000	BRL	Brazil Letras do Tesouro Nacional, 6.19%, due 07/01/23(d)		3,543,072
	679,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 08/15/22		491,477
	1,779,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 05/15/45		1,564,733
	1,794,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 08/15/50		1,637,248
	23,162,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/23		4,924,724

See accompanying Notes to the Schedule of Investments.

111

Mercer Opportunistic 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
	26,706,500	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/25		5,948,420
	51,173,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/27		11,657,359
	36,553,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/29		8,469,852
	29,063,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/31		6,811,295
	2,310,000		Brazilian Government International Bond, 4.75%, due 01/14/50		2,475,454
	362,600,000	COP	Colombian TES, 5.75%, due 11/03/27		112,376
	29,638,400,000	COP	Colombian TES, 6.00%, due 04/28/28		9,281,754
	3,581,800,000	COP	Colombian TES, 6.25%, due 11/26/25		1,147,691
	26,432,700,000	COP	Colombian TES, 7.00%, due 05/04/22		8,210,640
	6,300,000,000	COP	Colombian TES, 7.00%, due 06/30/32		2,034,657
	8,056,300,000	COP	Colombian TES, 7.25%, due 10/18/34		2,637,112
	18,633,600,000	COP	Colombian TES, 7.50%, due 08/26/26		6,294,422
	8,559,500,000	COP	Colombian TES, 7.75%, due 09/18/30		2,941,808
	26,905,000,000	COP	Colombian TES, 10.00%, due 07/24/24		9,555,423
	15,410,000	CZK	Czech Republic Government Bond, 0.25%, due 02/10/27		687,799
	29,670,000	CZK	Czech Republic Government Bond, Reg S, 0.95%, due 05/15/30(i)		1,347,289
	13,880,000	CZK	Czech Republic Government Bond, Reg S, 1.00%, due 06/26/26(i)		651,245
	35,540,000	CZK	Czech Republic Government Bond, 2.00%, due 10/13/33		1,778,676
	6,760,000	CZK	Czech Republic Government Bond, Reg S, 2.40%, due 09/17/25(i)		338,728
	16,720,000	CZK	Czech Republic Government Bond, 2.75%, due 07/23/29		881,418
	2,245,000		Dominican Republic International Bond, 4.88%, due 09/23/32 144A		2,491,972
	23,250,000	DOP	Dominican Republic International Bond, Reg S, 9.75%, due 06/05/26(i)		431,452
	22,450,000	EGP	Egypt Government Bond, 14.61%, due 09/08/25		1,458,320
	35,995,000	EGP	Egypt Government Bond, 14.66%, due 10/06/30		2,342,041
	7,648,000	EGP	Egypt Government Bond, 16.10%, due 05/07/29		532,598
	49,395,000	EGP	Egypt Government Bond, 16.50%, due 04/02/26		3,438,790
	885,000		Egypt Government International Bond, 5.25%, due 10/06/25 144A		942,392
	525,000		Egypt Government International Bond, 5.75%, due 05/29/24 144A		563,314
	940,000		Egypt Government International Bond, 7.60%, due 03/01/29 144A		1,083,369
	1,495,000		Egypt Government International Bond, 8.88%, due 05/29/50 144A		1,758,539
	43,370,000	BRL	European Investment Bank, (MTN), 1.89%, due 08/27/21(d)		8,247,414
	73,270,000	MXN	European Investment Bank, (MTN), Reg S, 4.75%, due 01/19/21(i)		3,676,830
	95,635,000	MXN	European Investment Bank, (MTN), 5.50%, due 01/23/23		4,928,739
	8,150,000	ZAR	European Investment Bank, (MTN), Reg S, 8.50%, due 09/17/24(i)		618,942
	1,000,000		Ghana Government International Bond, 7.63%, due 05/16/29 144A		1,066,014
	200,000		Ghana Government International Bond, 8.13%, due 03/26/32 144A		212,351
	677,030,000	HUF	Hungary Government Bond, 3.00%, due 08/21/30		2,479,956
	88,770,000	HUF	Hungary Government Bond, 2.75%, due 12/22/26		322,613
	271,340,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		1,003,812
	234,010,000	HUF	Hungary Government Bond, 3.25%, due 10/22/31		877,280
	259,530,000	HUF	Hungary Government Bond, 5.50%, due 06/24/25		1,043,432
	276,070,000	HUF	Hungary Government Bond, 6.75%, due 10/22/28		1,275,293
	430,000		Indonesia Government International Bond, 3.50%, due 01/11/28		482,757
	2,470,000		Indonesia Government International Bond, (MTN), Reg S, 5.25%, due 01/17/42(i)		3,208,839
	4,830,000,000	IDR	Indonesia Treasury Bond, 5.63%, due 05/15/23		355,411
	17,386,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		1,256,989
	18,873,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		1,382,095
	60,374,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		4,637,909
	24,460,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 09/15/30		1,888,033

See accompanying Notes to the Schedule of Investments.

112

Mercer Opportunistic 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
	48,277,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 08/15/32		3,748,138
	69,546,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 06/15/35		5,506,756
	85,807,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 05/15/38		6,688,110
	44,789,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 04/15/40		3,545,822
	13,900,000,000	IDR	Indonesia Treasury Bond, 8.13%, due 05/15/24		1,092,153
	48,250,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/29		3,963,348
	4,212,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 06/15/32		346,158
	22,978,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/36		1,906,511
	4,252,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		333,414
	23,673,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 09/15/26		1,931,930
	90,243,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		7,503,735
	44,181,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 04/15/39		3,721,524
	43,775,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		3,708,871
	28,849,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		2,454,732
	9,536,000,000	IDR	Indonesia Treasury Bond, 9.50%, due 07/15/31		844,249
	8,707,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		810,317
	35,350,000,000	IDR	Inter-American Development Bank, (MTN), 7.88%, due 03/14/23		2,703,835
	490,000		Israel Government International Bond, 2.75%, due 07/03/30		541,154
	310,000		Israel Government International Bond, 3.88%, due 07/03/50		373,413
	1,765,000	EUR	Ivory Coast Government International Bond, 4.88%, due 01/30/32(j) 144A		2,226,253
	273,700		Ivory Coast Government International Bond, Reg S, 5.75%, due 12/31/32(c) (i)		276,961
	860,000		Ivory Coast Government International Bond, Reg S, 6.13%, due 06/15/33(i)		971,369
	1,760,000		Kazakhstan Government International Bond, (MTN), Reg S, 5.13%, due 07/21/25(i)		2,084,838
	1,880,000		Kenya Government International Bond, Reg S, 7.25%, due 02/28/28(i)		2,113,895
	3,730,000		Kenya Government International Bond, Reg S, 8.00%, due 05/22/32(i)		4,355,499
	4,241,000	MYR	Malaysia Government Bond, 2.63%, due 04/15/31		1,050,715
	2,189,000	MYR	Malaysia Government Bond, 3.42%, due 08/15/22		557,842
	5,385,000	MYR	Malaysia Government Bond, 3.48%, due 06/14/24		1,404,667
	1,672,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		429,881
	7,919,000	MYR	Malaysia Government Bond, 3.50%, due 05/31/27		2,097,924
	22,243,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		5,620,403
	3,503,000	MYR	Malaysia Government Bond, 3.73%, due 06/15/28		948,909
	1,620,000	MYR	Malaysia Government Bond, 3.76%, due 05/22/40		423,304
	15,977,000	MYR	Malaysia Government Bond, 3.80%, due 08/17/23		4,160,496
	1,079,000	MYR	Malaysia Government Bond, 3.83%, due 07/05/34		285,835
	3,528,000	MYR	Malaysia Government Bond, 3.84%, due 04/15/33		937,724
	6,242,000	MYR	Malaysia Government Bond, 3.88%, due 03/14/25		1,660,873
	19,762,000	MYR	Malaysia Government Bond, 3.89%, due 08/15/29		5,407,122
	1,047,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		283,905
	9,464,000	MYR	Malaysia Government Bond, 3.90%, due 11/16/27		2,582,465
	2,259,000	MYR	Malaysia Government Bond, 3.91%, due 07/15/26		608,453
	18,341,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		4,931,416
	2,020,000	MYR	Malaysia Government Bond, 4.06%, due 09/30/24		538,045
	989,000	MYR	Malaysia Government Bond, 4.13%, due 04/15/32		272,664
	1,511,000	MYR	Malaysia Government Bond, 4.18%, due 07/15/24		403,174
	1,910,000	MYR	Malaysia Government Bond, 4.23%, due 06/30/31		534,407
	1,289,000	MYR	Malaysia Government Bond, 4.39%, due 04/15/26		354,264
	6,404,000	MYR	Malaysia Government Bond, 4.50%, due 04/15/30		1,829,803
	2,531,000	MYR	Malaysia Government Bond, 4.74%, due 03/15/46		719,674
	2,849,000	MYR	Malaysia Government Bond, 4.76%, due 04/07/37		824,219
	1,025,000	MYR	Malaysia Government Bond, 4.89%, due 06/08/38		300,820

See accompanying Notes to the Schedule of Investments.

113

Mercer Opportunistic 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
	44,232,000	MXN	Mexican Bonos, 5.75%, due 03/05/26		2,322,050
	47,923,300	MXN	Mexican Bonos, 6.50%, due 06/10/21		2,425,587
	19,839,700	MXN	Mexican Bonos, 6.50%, due 06/09/22		1,025,439
	128,662,000	MXN	Mexican Bonos, 7.50%, due 06/03/27		7,353,664
	104,392,700	MXN	Mexican Bonos, 7.75%, due 05/29/31		6,160,770
	76,680,700	MXN	Mexican Bonos, 7.75%, due 11/23/34		4,536,228
	82,008,700	MXN	Mexican Bonos, 7.75%, due 11/13/42		4,744,367
	30,697,900	MXN	Mexican Bonos, 8.00%, due 12/07/23		1,692,047
	69,245,000	MXN	Mexican Bonos, 8.00%, due 11/07/47		4,104,796
	122,991,000	MXN	Mexican Bonos, 8.50%, due 05/31/29		7,529,885
	81,380,800	MXN	Mexican Bonos, 8.50%, due 11/18/38		5,067,660
	60,176,800	MXN	Mexican Bonos, 10.00%, due 12/05/24		3,615,289
	36,406,300	MXN	Mexican Bonos, 10.00%, due 11/20/36		2,562,026
	18,489,066	MXN	Mexican Udibonos, 4.50%, due 11/22/35		1,152,314
	2,030,000		Mexico Government International Bond, 3.60%, due 01/30/25		2,265,825
	2,645,000		Nigeria Government International Bond, Reg S, 7.14%, due 02/23/30(i)		2,860,097
	1,010,000		Nigeria Government International Bond, Reg S, 8.75%, due 01/21/31(i) (j)		1,173,926
	4,670,000		Oman Government International Bond, 7.38%, due 10/28/32 144A		5,166,094
	1,000,000		Panama Government International Bond, 4.50%, due 04/01/56		1,292,500
	1,010,000		Peruvian Government International Bond, 2.78%, due 01/23/31		1,110,758
	8,316,000	PEN	Peruvian Government International Bond (GDN), Reg S, 6.35%, due 08/12/28(i)		2,923,779
	7,310,000	PEN	Peruvian Government International Bond (GDN), Reg S, 6.95%, due 08/12/31(i)		2,630,748
	4,516,000	PEN	Peruvian Government International Bond (GDN), Reg S, 8.20%, due 08/12/26(i)		1,695,901
	180,000		Provincia de Buenos Aires/Argentina, Reg S, 9.95%, due 06/09/21(i)		74,700
	1,710,000		Provincia de Buenos Aires/Argentina, 6.50%, due 02/15/23 144A		705,375
	150,000		Provincia de Buenos Aires/Argentina, 7.88%, due 06/15/27 144A		61,876
	180,000		Provincia de Buenos Aires/Argentina, 9.13%, due 03/16/24 144A		75,375
	300,000		Provincia de Buenos Aires/Argentina, Reg S, 9.95%, due 06/09/21(i) 144A		124,500
	170,000		Provincia de Buenos Aires/Argentina, Reg S, 10.88%, due 01/26/21(i)		72,675
	650,000		Provincia de Cordoba, 7.13%, due 06/10/21 144A		438,756
	200,000		Qatar Government International Bond, 4.82%, due 03/14/49 144A		273,438
	1,780,000		Qatar Government International Bond, 5.10%, due 04/23/48 144A		2,507,682
	7,882,000	PLN	Republic of Poland Government Bond, 1.25%, due 10/25/30		2,126,552
	8,749,000	PLN	Republic of Poland Government Bond, 1.75%, due 07/25/21		2,371,535
	6,329,000	PLN	Republic of Poland Government Bond, 2.75%, due 04/25/28		1,927,539
	9,812,000	PLN	Republic of Poland Government Bond, 2.75%, due 10/25/29		3,011,032
	1,551,000	PLN	Republic of Poland Government Bond, 3.25%, due 07/25/25		470,103
	1,562,000	PLN	Republic of Poland Government Bond, 5.75%, due 09/23/22		460,660
	179,175,180	ZAR	Republic of South Africa Government Bond, 6.25%, due 03/31/36		8,411,881
	29,921,175	ZAR	Republic of South Africa Government Bond, 6.50%, due 02/28/41		1,335,289
	60,671,311	ZAR	Republic of South Africa Government Bond, 7.00%, due 02/28/31		3,542,490
	7,368,000	ZAR	Republic of South Africa Government Bond, 7.75%, due 02/28/23		534,457
	51,949,535	ZAR	Republic of South Africa Government Bond, 8.00%, due 01/31/30		3,377,240
	25,501,022	ZAR	Republic of South Africa Government Bond, 8.25%, due 03/31/32		1,565,153
	53,030,454	ZAR	Republic of South Africa Government Bond, 8.50%, due 01/31/37		2,993,073
	106,463,810	ZAR	Republic of South Africa Government Bond, 8.75%, due 01/31/44		5,946,022
	173,011,555	ZAR	Republic of South Africa Government Bond, 8.75%, due 02/28/48		9,704,365
	44,830,645	ZAR	Republic of South Africa Government Bond, 8.88%, due 02/28/35		2,685,443
	9,050,463	ZAR	Republic of South Africa Government Bond, 9.00%, due 01/31/40		525,302
	107,917,667	ZAR	Republic of South Africa Government Bond, 10.50%, due 12/21/26		8,700,725

See accompanying Notes to the Schedule of Investments.

114

Mercer Opportunistic 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
	5,370,000	RON	Romania Government Bond, 3.25%, due 04/29/24		1,380,273
	1,460,000	RON	Romania Government Bond, 3.65%, due 07/28/25		383,556
	7,260,000	RON	Romania Government Bond, 3.65%, due 09/24/31		1,898,323
	1,365,000	RON	Romania Government Bond, 4.00%, due 10/25/23		357,298
	1,895,000	RON	Romania Government Bond, 4.25%, due 06/28/23		496,073
	6,185,000	RON	Romania Government Bond, 5.00%, due 02/12/29		1,792,339
	3,600,000	RON	Romania Government Bond, 5.80%, due 07/26/27		1,068,303
	190,000	EUR	Romanian Government International Bond, 2.63%, due 12/02/40(j) 144A		248,376
	495,000	EUR	Romanian Government International Bond, 2.75%, due 02/26/26 144A		670,501
	242,000		Romanian Government International Bond, 3.00%, due 02/14/31(j) 144A		260,236
	563,000	EUR	Romanian Government International Bond, 3.62%, due 05/26/30 144A		823,589
	1,070,000		Romanian Government International Bond, 4.00%, due 02/14/51 144A		1,167,163
	427,159,000	RUB	Russian Federal Bond - OFZ, 6.90%, due 05/23/29		6,209,781
	78,879,000	RUB	Russian Federal Bond - OFZ, 7.00%, due 08/16/23		1,124,631
	796,669,000	RUB	Russian Federal Bond - OFZ, 7.05%, due 01/19/28		11,639,012
	359,300,000	RUB	Russian Federal Bond - OFZ, 7.10%, due 10/16/24		5,209,298
	263,926,000	RUB	Russian Federal Bond - OFZ, 7.25%, due 05/10/34		3,884,077
	90,051,000	RUB	Russian Federal Bond - OFZ, 7.40%, due 12/07/22		1,286,975
	525,204,000	RUB	Russian Federal Bond - OFZ, 7.65%, due 04/10/30		8,020,672
	161,332,000	RUB	Russian Federal Bond - OFZ, 7.70%, due 03/23/33		2,458,334
	86,652,000	RUB	Russian Federal Bond - OFZ, 7.70%, due 03/16/39		1,338,621
	215,496,000	RUB	Russian Federal Bond - OFZ, 7.75%, due 09/16/26		3,242,882
	74,707,000	RUB	Russian Federal Bond - OFZ, 7.95%, due 10/07/26		1,134,622
	358,768,000	RUB	Russian Federal Bond - OFZ, 8.15%, due 02/03/27		5,517,147
	123,038,000	RUB	Russian Federal Bond - OFZ, 8.50%, due 09/17/31		1,997,814
	1,865,000		Saudi Government International Bond, 3.75%, due 01/21/55 144A		2,042,175
	210,000		Serbia International Bond, 2.13%, due 12/01/30 144A		208,131
	1,740,000		Sri Lanka Government International Bond, Reg S, 6.13%, due 06/03/25(i)		1,048,872
	3,710,420	TRY	Turkey Government Bond, 10.60%, due 02/11/26		467,765
	8,037,312	TRY	Turkey Government Bond, 11.70%, due 11/13/30		1,033,253
	312,000		Turkey Government International Bond, 5.75%, due 05/11/47		297,955
	755,000		Turkey Government International Bond, 5.95%, due 01/15/31		788,975
	2,485,000		Ukraine Government International Bond, Reg S, 0.00%, due 05/31/40(b) (i) (m)		2,569,229
	2,595,000		Ukraine Government International Bond, 7.25%, due 03/15/33 144A		2,841,369
	64,829,000	UYU	Uruguay Government International Bond, Reg S, 8.50%, due 03/15/28(i)		1,610,291
					485,663,727
			U.S. Government and Agency Obligations — 1.7%
	110,000		U.S. Treasury Bond, 1.38%, due 08/15/50		103,048
	10,000		U.S. Treasury Note, 0.88%, due 11/15/30		9,968
	1,572,900		U.S. Treasury Note, 1.38%, due 04/30/21		1,579,340
	6,245,000		U.S. Treasury Note, 1.75%, due 07/15/22		6,401,979
	10,000		U.S. Treasury Note, 1.75%, due 11/15/29		10,809
	14,270,000		U.S. Treasury Note, 2.38%, due 03/15/21		14,332,186
	1,797,500		U.S. Treasury Note, 2.38%, due 04/15/21(o)		1,809,066
					24,246,396
			TOTAL DEBT OBLIGATIONS (COST $1,224,174,338)		1,301,120,620

See accompanying Notes to the Schedule of Investments.

115

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Shares			Description	Value ($)
			COMMON STOCKS — 0.1%
			Consumer, Cyclical — 0.0%
	7,396,155		Edcon Holdings, Ltd. 1* (n) (p)		—
	736,020		Edcon Holdings, Ltd. 2* (n) (p)		—
			TOTAL CONSUMER, CYCLICAL		—
			Energy — 0.1%
	10		Amplify Energy Corp.		13
	14,783		Nine Point Energy Holdings, LLC* (n)		—
	14,407		Oasis Petroleum, Inc.*		533,924
			TOTAL ENERGY		533,937
			Utilities — 0.0%
	8,511		Birch Permian Holdings, Inc.* (n)		59,577
	66,347		Birch Permian Holdings, Inc.* (n)		464,429
			TOTAL UTILITIES		524,006
			TOTAL COMMON STOCKS (COST $2,574,629)		1,057,943
			CONVERTIBLE PREFERRED STOCKS — 0.5%
			Consumer, Non-cyclical — 0.2%
	28,264		Boston Scientific Corp., 5.50%		3,096,887
	2,035		Bunge, Ltd., 4.88%		221,815
			TOTAL CONSUMER, NON-CYCLICAL		3,318,702
			Energy — 0.3%
	103,220		MPLX, LP, 6.50%		3,354,650
	322		Nine Point Energy Holdings, Inc., 0.00%* (n)		195,180
			TOTAL ENERGY		3,549,830
			TOTAL CONVERTIBLE PREFERRED STOCK (COST $6,910,759)		6,868,532
Notional Value			Description	Value ($)
			OPTIONS PURCHASED — 0.1%
			PURCHASED CURRENCY OPTIONS — 0.0%
			Call Options — 0.0%
	3,400,000	USD	USD/MXN Option with UBS Securities LLC, Strike Price MXN 21.30, Expires 01/25/21		8,643
			Put Options — 0.0%
	5,960,000		USD/RUB Option with JPMorgan Securities LLC, Strike Price RUB 77.00, Expires 01/28/21		236,892
			TOTAL CURRENCY OPTIONS PURCHASED (PREMIUMS PAID $215,716)		245,535

See accompanying Notes to the Schedule of Investments.

116

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2020 (Unaudited)

Number of Contracts			Notional Value ($)	Description	Value ($)
				PURCHASED FUTURES OPTIONS — 0.0%
				Call Options — 0.0%
	33		5,715,188	U.S. Long Bond Futures with Citigroup Global Markets, Inc., Strike Price $173.00, Expires 01/22/21		53,625
				Put Options — 0.0%
	27		5,060,813	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,200.00, Expires 01/15/21		4,050
	14		2,624,125	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $2,900.00, Expires 01/15/21		945
	85		15,932,188	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,400.00, Expires 03/19/21		223,125
	77		14,432,688	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,300.00, Expires 02/19/21		82,775
				TOTAL FUTURES OPTIONS PURCHASED (PREMIUMS PAID $659,362)		364,520
Notional Value($)				Description	Value ($)
				PURCHASED SWAPTIONS — 0.1%
				Put Swaptions — 0.1%
	25,200,000	USD		10-Year Interest Rate Swaption with Deutsche Bank AG, Strike Price $0.75, Expires 07/07/21		807,482
	21,000,000	USD		10-Year Interest Rate Swaption with Morgan Stanley & Co., Strike Price $0.85, Expires 09/15/21		618,093
				TOTAL PURCHASED SWAPTION (PREMIUMS PAID $1,047,480)		1,425,575
				TOTAL OPTIONS PURCHASED (PREMIUMS PAID $1,922,558)		2,035,630
Par Value(a)				Description	Value ($)
				SHORT-TERM INVESTMENTS — 2.0%
				Mutual Fund - Securities Lending Collateral — 1.0%
	13,530,458			State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (q) (r)		13,530,458
				Sovereign Debt Obligation — 1.0%
	217,950,000	EGP		Egypt Treasury Bills, 2.31%, due 01/12/21(d)		13,845,166
				TOTAL SOVEREIGN DEBT OBLIGATIONS		13,845,166
				TOTAL SHORT-TERM INVESTMENTS (COST $27,140,307)		27,375,624
				TOTAL INVESTMENTS — 95.8% (Cost $1,262,722,591)		1,338,458,349
				Other Assets and Liabilities (net)(s) — 4.2%		58,370,273
				NET ASSETS — 100.0%	$1,396,828,622

See accompanying Notes to the Schedule of Investments.

117

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

	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)	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.
(d)	Interest rate presented is yield to maturity.
(e)	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 $3,173,871, which is 0.2% of net assets. See details shown in the Restricted Securities table that follows.
(f)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(g)	Security is currently in default.
(h)	When-issued security.
(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)	All or a portion of this security is out on loan.
(k)	Security is perpetual and has no stated maturity date.
(l)	Year of maturity is greater than 2100.
(m)	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.
(n)	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 $1,468,303 which represents 0.1% of net assets. The aggregate tax cost of these securities held at December 31, 2020 was $2,870,539.
(o)	All or a portion of this security is pledged for forward foreign currency contracts, OTC swaps, and/or OTC options collateral.
(p)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
(q)	The rate disclosed is the 7-day net yield as of December 31, 2020.
(r)	Represents an investment of securities lending cash collateral.
(s)	As of December 31, 2020, the value of unfunded loan commitments was $382,657 for the Fund. See Notes to Schedule of Investments.
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 $433,851,641 which represents 31.1% of net assets.

See accompanying Notes to the Schedule of Investments.

118

Mercer Opportunistic 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
Credit Suisse Mortgage Trust, Series 2019 RIO, 8.74%, due 12/15/22		12/16/19		USD	1,172,500		$	1,172,500		$	1,100,021
GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.39%, due 08/10/44		08/09/18		USD	410,000			402,377			351,938
K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22		08/23/13		USD	603,909			757,087			6,039
K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22		01/30/16		USD	176,269			140,645			6,610
Magnolia Financial X DAC, Series 2020-1, 0.80%, due 08/13/24		03/02/20		USD	984,925			984,925			955,426
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22		11/02/17		USD	640,000			557,094			4,720
Starwood Retail Property Trust, Series 2014-STAR, Class C, 2.91% (1 mo. USD LIBOR + 2.75%), due 11/15/27		07/25/18		USD	230,000			226,550			166,894
Starwood Retail Property Trust, Series 2014-STAR, Class D, 3.66% (1 mo. USD LIBOR + 3.50%), due 11/15/27		12/21/18		USD	900,000			732,750			582,223
										$	3,173,871

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
AUD	980,000	USD	702,511		01/19/21	BNP Paribas S.A.	$	53,829
AUD	3,040,000	USD	2,192,370		01/19/21	JPMorgan Chase Bank N.A.		153,828
AUD	632,300	USD	479,458		01/21/21	JPMorgan Chase Bank N.A.		8,546
AUD	2,611,761	USD	1,967,989		01/21/21	Morgan Stanley and Co. International Plc		47,746
BRL	5,728,510	USD	1,121,455		01/21/21	Citibank N.A.		(18,632	)
BRL	27,012,000	USD	5,270,864		01/11/21	Deutsche Bank AG		(69,676	)
BRL	9,020,723	USD	1,741,033		01/21/21	Goldman Sachs International		(4,410	)
BRL	15,275,300	USD	2,862,044		01/12/21	JPMorgan Chase Bank N.A.		79,304
BRL	847,167	USD	165,731		01/21/21	JPMorgan Chase Bank N.A.		(2,639	)
CAD	836,827	USD	629,562		01/19/21	BNP Paribas S.A.		27,334
CAD	12,491,947	USD	9,544,457		01/19/21	Citibank N.A.		261,531
CAD	1,760,000	USD	1,369,925		01/19/21	JPMorgan Chase Bank N.A.		11,649
CAD	3,470,000	USD	2,696,493		01/19/21	Morgan Stanley Capital Services, Inc.		27,404
CLP	344,801,030	USD	468,289		01/21/21	Goldman Sachs International		16,936
CLP	4,653,954,100	USD	6,141,158		01/12/21	JPMorgan Chase Bank N.A.		408,172
CLP	1,448,125,400	USD	1,971,983		01/21/21	Morgan Stanley and Co. International Plc		65,909
CNH	6,535,630	USD	1,002,037		01/21/21	HSBC Bank Plc		2,887
CNH	3,363,690	USD	514,136		01/21/21	JPMorgan Chase Bank N.A.		3,068
CNH	117,095,820	USD	17,870,978		01/21/21	Morgan Stanley and Co. International Plc		133,774
CNH	4,269,250	USD	651,623		01/21/21	Natwest Markets Plc		4,821
CNY	85,995,900	USD	13,145,602		01/13/21	JPMorgan Chase Bank N.A.		(3,270	)
CNY	2,916,570	USD	446,199		01/21/21	State Street Bank London		(713	)
COP	409,786,530	USD	118,944		01/21/21	Barclays Bank Plc		863

See accompanying Notes to the Schedule of Investments.

119

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
COP	1,692,118,710	USD	485,761		01/21/21	Deutsche Bank AG	$	8,952
CZK	14,325,970	USD	663,613		01/21/21	Bank of America, N.A.		3,851
CZK	13,700,060	USD	639,944		01/21/21	Deutsche Bank AG		(1,642	)
CZK	1,872,700	USD	86,696		01/19/21	JPMorgan Chase Bank N.A.		556
CZK	63,629,110	USD	2,934,530		01/21/21	JPMorgan Chase Bank N.A.		30,027
CZK	20,914,170	USD	968,932		01/21/21	Natwest Markets Plc		5,484
EUR	230,000	USD	279,118		01/21/21	Bank of America, N.A.		2,411
EUR	211,570	USD	256,750		01/21/21	Barclays Bank Plc		2,219
EUR	1,340,000	USD	1,635,151		01/19/21	BNP Paribas S.A.		4,983
EUR	4,670,000	USD	5,501,668		01/19/21	Citibank N.A.		214,323
EUR	4,871,516	USD	5,765,079		01/19/21	Goldman Sachs & Co.		197,565
EUR	1,350,000	USD	1,652,096		01/19/21	Goldman Sachs & Co.		278
EUR	650,000	USD	769,845		01/19/21	Goldman Sachs & Co.		25,743
EUR	3,598,000	USD	4,424,281		01/04/21	HSBC Bank USA, N.A.		(21,948	)
EUR	1,823,000	USD	2,238,626		01/05/21	HSBC Bank USA, N.A.		(8,094	)
EUR	1,109,640	USD	1,351,800		01/21/21	Morgan Stanley and Co. International Plc		6,442
EUR	4,577,000	USD	5,626,277		01/04/21	Standard Chartered Bank		(26,089	)
EUR	250,000	USD	306,084		01/21/21	State Street Bank London		(75	)
EUR	1,267,420	USD	1,546,996		01/21/21	The BNY Mellon		4,376
EUR	2,370,000	USD	2,913,844		01/04/21	UBS AG		(14,031	)
HUF	438,219,500	USD	1,486,548		01/21/21	Bank of America, N.A.		(8,140	)
HUF	154,267,080	USD	518,808		01/21/21	Barclays Bank Plc		1,638
HUF	1,018,001,000	USD	3,503,148		01/19/21	JPMorgan Chase Bank N.A.		(68,729	)
HUF	153,293,940	USD	515,509		01/21/21	Morgan Stanley and Co. International Plc		1,654
HUF	620,671,838	USD	2,126,147		01/21/21	State Street Bank London		(32,206	)
IDR	21,121,960,914	USD	1,484,659		01/21/21	Barclays Bank Plc		16,453
IDR	16,849,488,836	USD	1,180,030		01/21/21	Citibank N.A.		17,443
IDR	16,540,337,754	USD	1,159,034		01/21/21	Deutsche Bank AG		16,469
IDR	4,333,398,444	USD	303,899		01/21/21	Goldman Sachs International		4,070
IDR	60,982,259,600	USD	4,272,474		01/21/21	HSBC Bank Plc		61,460
IDR	9,704,412,600	USD	683,795		01/21/21	JPMorgan Chase Bank N.A.		5,886
IDR	39,000,376,330	USD	2,738,687		01/21/21	Morgan Stanley and Co. International Plc		33,023
IDR	72,304,695,000	USD	5,118,859		01/11/21	Morgan Stanley Capital Services, Inc.		24,528
IDR	9,993,243,432	USD	701,821		01/21/21	Natwest Markets Plc		8,386
IDR	6,770,735,840	USD	473,644		01/21/21	UBS AG		7,544
INR	61,431,580	USD	829,441		01/21/21	Deutsche Bank AG		9,756
INR	5,478,020	USD	73,981		01/21/21	Goldman Sachs International		852
INR	502,282,920	USD	6,772,689		01/21/21	JPMorgan Chase Bank N.A.		88,836
JPY	587,758,535	USD	5,586,739		01/19/21	Goldman Sachs & Co.		107,126
KRW	1,702,916,700	USD	1,560,162		01/20/21	JPMorgan Chase Bank N.A.		7,805
KZT	215,551,310	USD	486,847		02/02/21	Goldman Sachs International		21,290
KZT	230,962,020	USD	529,729		02/16/21	Goldman Sachs International		12,674
KZT	198,300,000	USD	458,762		02/26/21	Goldman Sachs International		5,663
KZT	327,957,030	USD	757,407		03/03/21	JPMorgan Chase Bank N.A.		9,630
KZT	238,098,870	USD	552,754		04/26/21	JPMorgan Chase Bank N.A.		(2,401	)

See accompanying Notes to the Schedule of Investments.

120

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
MXN	12,770,000	USD	631,325		01/21/21	Barclays Bank Plc	$	8,352
MXN	34,282,878	USD	1,506,887		01/19/21	BNP Paribas S.A.		210,808
MXN	59,620,000	USD	2,956,686		01/19/21	Citibank N.A.		30,489
MXN	99,566,000	USD	5,003,456		01/11/21	Credit Suisse International		(10,238	)
MXN	70,687,500	USD	3,506,864		01/19/21	Goldman Sachs & Co.		34,833
MXN	1,006,740	USD	47,741		01/27/21	Goldman Sachs International		2,654
MXN	9,053,530	USD	446,906		01/21/21	HSBC Bank Plc		6,605
MXN	2,464,900	USD	123,645		01/14/21	JPMorgan Chase Bank N.A.		(74	)
MXN	29,510,000	USD	1,452,990		01/19/21	JPMorgan Chase Bank N.A.		25,566
MXN	52,378,493	USD	2,603,602		01/21/21	Morgan Stanley and Co. International Plc		20,149
MXN	2,422,180	USD	120,196		01/21/21	State Street Bank London		1,136
MYR	408,779	USD	100,540		01/21/21	Goldman Sachs International		1,018
MYR	3,825,021	USD	942,137		01/21/21	Morgan Stanley and Co. International Plc		8,157
NOK	21,640,000	USD	2,291,002		01/19/21	JPMorgan Chase Bank N.A.		236,441
PEN	1,774,600	USD	494,731		01/21/21	Citibank N.A.		(4,097	)
PEN	5,016,350	USD	1,397,665		01/21/21	Deutsche Bank AG		(10,764	)
PEN	256,000	USD	70,578		01/11/21	JPMorgan Chase Bank N.A.		192
PEN	112,000	USD	31,241		01/19/21	JPMorgan Chase Bank N.A.		(277	)
PEN	256,000	USD	71,279		01/20/21	JPMorgan Chase Bank N.A.		(502	)
PEN	1,859,520	USD	517,252		01/21/21	Morgan Stanley and Co. International Plc		(3,139	)
PHP	18,780,000	USD	389,546		01/19/21	JPMorgan Chase Bank N.A.		1,413
PHP	26,947,070	USD	558,350		01/21/21	JPMorgan Chase Bank N.A.		2,601
PHP	106,754,180	USD	2,215,644		01/21/21	Morgan Stanley and Co. International Plc		6,633
PLN	3,641,770	USD	981,349		01/21/21	Bank of America, N.A.		(3,837	)
PLN	764,950	USD	210,756		01/21/21	Barclays Bank Plc		(5,430	)
PLN	3,885,910	USD	1,055,507		01/21/21	Citibank N.A.		(12,464	)
PLN	8,177,700	USD	2,245,079		01/19/21	JPMorgan Chase Bank N.A.		(50,069	)
PLN	55,154,250	USD	15,091,040		01/21/21	State Street Bank London		(286,731	)
RON	14,191,800	USD	3,536,145		01/20/21	JPMorgan Chase Bank N.A.		28,398
RUB	251,299,800	USD	3,420,953		01/21/21	Barclays Bank Plc		(26,934	)
RUB	457,358,616	USD	5,851,350		01/19/21	Goldman Sachs & Co.		326,888
RUB	138,165,720	USD	1,862,321		01/21/21	Goldman Sachs International		3,725
RUB	63,488,390	USD	850,719		01/21/21	HSBC Bank Plc		6,746
RUB	54,772,300	USD	748,347		01/19/21	JPMorgan Chase Bank N.A.		(8,455	)
RUB	84,828,970	USD	1,133,944		01/21/21	JPMorgan Chase Bank N.A.		11,744
RUB	52,392,700	USD	659,858		01/29/21	JPMorgan Chase Bank N.A.		47,193
RUB	33,100,580	USD	442,344		01/21/21	Morgan Stanley and Co. International Plc		4,708
RUB	377,957,000	USD	5,144,116		01/11/21	Morgan Stanley Capital Services, Inc.		(34,130	)
RUB	188,641,000	USD	2,549,892		02/11/21	Morgan Stanley Capital Services, Inc.		(7,401	)
THB	298,356,450	USD	9,935,928		01/21/21	HSBC Bank Plc		22,481
THB	57,786,800	USD	1,923,182		01/19/21	JPMorgan Chase Bank N.A.		5,594
THB	29,118,390	USD	963,196		01/21/21	JPMorgan Chase Bank N.A.		8,704
THB	32,602,230	USD	1,079,120		01/21/21	Natwest Markets Plc		9,063

See accompanying Notes to the Schedule of Investments.

121

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
TRY	30,228,970	USD	3,736,585		01/21/21	Bank of America, N.A.	$	308,640
TRY	8,857,430	USD	1,144,616		01/21/21	UBS AG		40,680
UAH	29,403,700	USD	1,009,742		03/02/21	Citibank N.A.		15,207
UAH	31,291,160	USD	1,084,616		02/12/21	JPMorgan Chase Bank N.A.		11,295
UAH	18,236,160	USD	628,833		05/11/21	JPMorgan Chase Bank N.A.		(2,897	)
UAH	5,308,730	USD	181,062		01/29/21	Morgan Stanley and Co. International Plc		5,414
ZAR	79,513,000	USD	5,398,320		01/11/21	Bank of America, N.A.		9,017
ZAR	18,790,000	USD	1,280,198		01/21/21	HSBC Bank Plc		(4,032	)
ZAR	4,205,000	USD	277,695		01/14/21	JPMorgan Chase Bank N.A.		8,146
ZAR	4,930,000	USD	323,848		01/21/21	Toronto Dominion Bank		10,984
USD	539,811	AUD	720,000		01/19/21	Citibank N.A.		(15,867	)
USD	499,026	AUD	651,640		01/21/21	Citibank N.A.		(3,905	)
USD	584,114	AUD	812,845		01/19/21	JPMorgan Chase Bank N.A.		(43,219	)
USD	833,385	BRL	4,311,750		01/21/21	Bank of America, N.A.		3,309
USD	3,964,876	BRL	22,365,980		01/19/21	Citibank N.A.		(341,110	)
USD	5,316,282	BRL	27,012,000		01/11/21	Deutsche Bank AG		115,093
USD	4,248,262	BRL	21,480,870		01/21/21	Goldman Sachs International		112,877
USD	1,082,564	BRL	5,442,700		01/19/21	JPMorgan Chase Bank N.A.		34,714
USD	104,239	BRL	531,700		01/20/21	JPMorgan Chase Bank N.A.		1,876
USD	3,736,951	CAD	4,837,000		01/19/21	Citibank N.A.		(60,020	)
USD	1,019,101	CAD	1,320,000		01/19/21	Goldman Sachs & Co.		(17,079	)
USD	2,369,371	CAD	3,075,316		01/19/21	JPMorgan Chase Bank N.A.		(44,705	)
USD	1,457,965	CLP	1,047,353,685		01/21/21	Goldman Sachs International		(15,934	)
USD	2,977,448	CLP	2,176,514,400		01/19/21	JPMorgan Chase Bank N.A.		(85,477	)
USD	592,821	CLP	426,987,195		01/21/21	Morgan Stanley and Co. International Plc		(8,061	)
USD	5,106,891	COP	17,478,843,500		01/20/21	JPMorgan Chase Bank N.A.		(3,260	)
USD	427,427	COP	1,474,622,390		01/21/21	JPMorgan Chase Bank N.A.		(3,698	)
USD	328,276	CZK	6,997,770		01/21/21	UBS AG		2,242
USD	718,852	EUR	586,000		01/29/21	Bank of America, N.A.		1,431
USD	2,582,943	EUR	2,121,000		01/07/21	Barclays Bank Plc		(12,345	)
USD	998,840	EUR	820,000		01/08/21	Barclays Bank Plc		(4,551	)
USD	485,574	EUR	400,000		01/14/21	Barclays Bank Plc		(3,961	)
USD	2,408,165	EUR	1,973,000		01/28/21	Barclays Bank Plc		(7,260	)
USD	3,638,119	EUR	3,070,000		01/19/21	BNP Paribas S.A.		(119,503	)
USD	5,455,199	EUR	4,571,000		01/19/21	Citibank N.A.		(139,619	)
USD	1,732,370	EUR	1,417,000		01/25/21	Citibank N.A.		(2,255	)
USD	1,349,302	EUR	1,105,000		01/28/21	Commonwealth Bank of Australia		(3,483	)
USD	2,151,207	EUR	1,770,000		01/11/21	Deutsche Bank AG		(14,826	)
USD	2,752,204	EUR	2,254,000		01/28/21	Deutsche Bank AG		(7,233	)
USD	5,353,887	EUR	4,537,060		01/19/21	Goldman Sachs & Co.		(199,389	)
USD	2,030,357	EUR	1,663,000		01/28/21	Goldman Sachs & Co.		(5,554	)
USD	232,404	EUR	191,100		01/21/21	Goldman Sachs International		(1,510	)
USD	4,306,071	EUR	3,598,000		01/04/21	HSBC Bank USA, N.A.		(96,261	)
USD	2,189,168	EUR	1,823,000		01/05/21	HSBC Bank USA, N.A.		(41,364	)
USD	4,427,594	EUR	3,598,000		02/04/21	HSBC Bank USA, N.A.		22,055
USD	2,240,266	EUR	1,823,000		02/05/21	HSBC Bank USA, N.A.		8,058

See accompanying Notes to the Schedule of Investments.

122

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	398,903	EUR	330,000		01/19/21	JPMorgan Chase Bank N.A.	$	(5,011	)
USD	16,808,670	EUR	13,851,470		01/21/21	JPMorgan Chase Bank N.A.		(146,063	)
USD	262,909	EUR	216,000		01/19/21	Morgan Stanley Capital Services, Inc.		(1,471	)
USD	5,472,261	EUR	4,577,000		01/04/21	Standard Chartered Bank		(127,927	)
USD	2,017,381	EUR	1,657,000		01/19/21	Standard Chartered Bank		(10,756	)
USD	2,463,372	EUR	2,008,000		01/21/21	Standard Chartered Bank		5,503
USD	1,218,447	EUR	998,000		01/28/21	Standard Chartered Bank		(3,344	)
USD	5,630,328	EUR	4,577,000		02/04/21	Standard Chartered Bank		26,061
USD	1,820,648	EUR	1,500,000		01/14/21	State Street Bank and Trust		(15,109	)
USD	1,917,810	EUR	1,563,000		01/29/21	State Street Bank and Trust		4,279
USD	1,025,276	EUR	835,810		01/21/21	State Street Bank London		2,212
USD	2,834,131	EUR	2,370,000		01/04/21	UBS AG		(65,682	)
USD	1,058,971	EUR	866,800		01/21/21	UBS AG		(2,026	)
USD	784,158	EUR	640,000		01/22/21	UBS AG		755
USD	2,915,953	EUR	2,370,000		02/04/21	UBS AG		14,028
USD	548,099	GBP	423,670		01/19/21	Goldman Sachs & Co.		(31,107	)
USD	988,598	GBP	741,000		01/11/21	Standard Chartered Bank		(24,375	)
USD	291,124	GBP	215,000		01/29/21	UBS AG		(2,827	)
USD	10,338,866	IDR	146,708,509,010		01/21/21	Deutsche Bank AG		(87,530	)
USD	8,830,692	IDR	130,173,509,472		01/19/21	JPMorgan Chase Bank N.A.		(422,302	)
USD	6,577,988	IDR	93,578,462,500		01/20/21	JPMorgan Chase Bank N.A.		(73,138	)
USD	200,501	IDR	2,850,120,000		01/21/21	JPMorgan Chase Bank N.A.		(2,054	)
USD	6,263,731	IDR	89,057,731,741		01/25/21	JPMorgan Chase Bank N.A.		(63,140	)
USD	480,359	IDR	6,822,059,540		01/26/21	JPMorgan Chase Bank N.A.		(4,251	)
USD	521,967	IDR	7,271,520,550		01/21/21	Morgan Stanley and Co. International Plc		5,189
USD	5,099,974	IDR	72,304,695,000		01/11/21	Morgan Stanley Capital Services, Inc.		(43,412	)
USD	262,187	INR	19,339,350		01/21/21	Barclays Bank Plc		(2,001	)
USD	555,835	INR	40,771,310		01/21/21	Citibank N.A.		(1,129	)
USD	5,242,755	JPY	544,474,060		01/21/21	Bank of America, N.A.		(31,919	)
USD	1,348,663	JPY	139,800,000		01/19/21	Citibank N.A.		(5,639	)
USD	2,549,040	JPY	264,760,000		01/19/21	Goldman Sachs & Co.		(15,802	)
USD	958,526	JPY	99,355,060		01/21/21	Goldman Sachs International		(3,991	)
USD	691,828	JPY	71,401,040		01/21/21	Morgan Stanley and Co. International Plc		119
USD	2,313,223	MXN	51,020,000		01/19/21	BNP Paribas S.A.		(243,062	)
USD	1,353,873	MXN	27,040,000		01/19/21	Citibank N.A.		(928	)
USD	459,260	MXN	9,230,570		01/21/21	Citibank N.A.		(3,119	)
USD	4,991,527	MXN	99,566,000		01/11/21	Credit Suisse International		(1,692	)
USD	47,600	MXN	1,006,740		01/27/21	Goldman Sachs & Co.		(2,795	)
USD	5,087,409	MXN	102,750,400		01/20/21	JPMorgan Chase Bank N.A.		(60,166	)
USD	2,128,905	MXN	43,841,600		01/19/21	Morgan Stanley Capital Services, Inc.		(67,716	)
USD	313,164	NOK	2,760,000		01/19/21	BNP Paribas S.A.		(9,190	)
USD	996,679	NOK	8,960,000		01/19/21	JPMorgan Chase Bank N.A.		(49,804	)
USD	342,462	NOK	3,140,000		01/19/21	Morgan Stanley Capital Services, Inc.		(24,274	)
USD	535,715	NZD	760,000		01/19/21	Morgan Stanley Capital Services, Inc.		(11,533	)
USD	4,164,830	PEN	15,001,510		01/21/21	Goldman Sachs International		17,272
USD	606,908	PLN	2,199,730		01/21/21	Citibank N.A.		16,464

See accompanying Notes to the Schedule of Investments.

123

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	248,702	PLN	902,800		01/19/21	JPMorgan Chase Bank N.A.	$	6,377
USD	7,151,545	RON	28,773,170		01/21/21	Goldman Sachs International		(74,998	)
USD	1,539,313	RUB	117,460,000		01/19/21	Goldman Sachs & Co.		(47,398	)
USD	438,001	RUB	32,037,600		01/21/21	HSBC Bank Plc		5,306
USD	4,657,375	RUB	343,835,400		01/20/21	JPMorgan Chase Bank N.A.		13,126
USD	660,335	RUB	52,392,700		01/29/21	JPMorgan Chase Bank N.A.		(46,715	)
USD	5,128,447	RUB	377,957,000		01/11/21	Morgan Stanley Capital Services, Inc.		18,462
USD	2,550,340	RUB	188,641,000		02/11/21	Morgan Stanley Capital Services, Inc.		7,849
USD	3,586,560	SAR	13,460,000		04/15/21	JPMorgan Chase Bank N.A.		(2,179	)
USD	960,002	THB	28,819,270		01/21/21	Morgan Stanley and Co. International Plc		(1,915	)
USD	503,429	TRY	3,846,550		01/21/21	Citibank N.A.		(11,314	)
USD	502,298	TRY	3,757,890		01/21/21	Credit Suisse International		(580	)
USD	368,702	TRY	2,726,130		01/21/21	UBS AG		3,893
USD	2,324,987	TWD	65,132,190		01/21/21	Barclays Bank Plc		6,799
USD	1,985,953	TWD	55,465,290		01/21/21	Deutsche Bank AG		11,829
USD	19,392	TWD	541,552		01/21/21	HSBC Bank Plc		117
USD	599,717	TWD	16,749,418		01/21/21	UBS AG		3,571
USD	5,249,065	ZAR	79,513,000		01/11/21	Bank of America, N.A.		(158,272	)
USD	1,045,920	ZAR	15,332,570		01/21/21	Bank of America, N.A.		4,572
USD	3,794,772	ZAR	57,383,399		01/21/21	Citibank N.A.		(102,555	)
USD	4,595,890	ZAR	68,699,820		01/20/21	JPMorgan Chase Bank N.A.		(70,598	)
USD	498,043	ZAR	7,278,610		01/21/21	JPMorgan Chase Bank N.A.		3,699
USD	526,557	ZAR	7,893,730		01/21/21	Morgan Stanley and Co. International Plc		(9,564	)
USD	463,952	ZAR	6,823,080		01/21/21	Toronto Dominion Bank		545
							$	(9,635	)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	10	10-Year Australian Bond Futures		Mar 2021	$	1,136,101	$	5,280
	71	U.S. Treasury Note 10-Year		Mar 2021		9,803,547		15,799
	274	U.S. Treasury Note 2-Year		Mar 2021		60,547,578		64,745
	295	U.S. Ultra 10-Year		Mar 2021		46,126,016		(113,306	)
	123	U.S. Ultra Bond		Mar 2021		26,268,187		(171,910	)
							$	(199,392	)
	Sales
	227	Euro 90-Day		Mar 2021	$	56,653,525	$	(91,839	)
	17	Euro-Bund		Mar 2021		3,694,974		(3,940	)
	115	U.S. Long Bond		Mar 2021		19,916,563		183,910
	103	U.S. Treasury Note 5-Year		Mar 2021		12,994,898		(20,514	)
							$	67,617

See accompanying Notes to the Schedule of Investments.

124

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

Written Options

Written Currency Options

Type of Contract	Counterparty		Notional Value				Premiums Received				Value at December 31, 2020
CALL — USD/MXN Option
Strike @ MXN 22.45 Expires 01/25/2021		UBS Securities LLC		USD	(6,800,000	)		$	(102,044	)		$	(4,060	)
PUT — USD/EUR Option
Strike @ EUR 1.21 Expires 01/07/2021		UBS Securities LLC		USD	(5,320,000	)			(24,499	)			(74,613	)
PUT — USD/RUB Option
Strike @ RUB 75.10 Expires 01/28/2021		JPMorgan Securities LLC		USD	(11,920,000	)			(125,398	)			(255,803	)
Total Written Currency Options								$	(251,941	)		$	(334,476	)

Written Futures Options

Type of Contract	Counterparty		Number of Contracts		Notional Value			Premiums Received				Value at December 31, 2020
CALL — U.S. Long Bond Futures Option
Strike @ $175.00 Expires 01/22/2021		Citigroup Global Markets, Inc.		33		$	5,715,188		$	(32,990	)		$	(24,234	)
PUT — S&P 500 E-mini Futures Option
Strike @ $3,000.00 Expires 02/19/2021		JPMorgan Securities LLC		60			11,246,250			(75,999	)			(25,500	)
PUT — S&P 500 E-mini Futures Option
Strike @ $3,100.00 Expires 03/19/2021		JPMorgan Securities LLC		52			9,746,750			(94,278	)			(61,750	)
PUT — U.S. Long Bond Futures Option
Strike @ $167.00 Expires 01/22/2021		Citigroup Global Markets, Inc.		33			5,715,188			(15,130	)			(3,609	)
Total Written Futures Options									$	(218,397	)		$	(115,093	)

Written Swaptions
Type of Contract	Counterparty		Notional Value				Premiums Received				Value at December 31, 2020
CALL — 10-Year Interest Rate Swaption
Strike @ $1.25 Expires 07/07/2021		Deutsche Bank AG		USD	(25,200,000	)		$	(199,080	)		$	(21,419	)
Total Written Swaptions								$	(199,080	)		$	(21,419	)
Total Written Options								$	(669,418	)		$	(470,988	)

See accompanying Notes to the Schedule of Investments.

125

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

OTC — Interest Rate Swaps

Payments Received by Fund	Payment Frequency	Payments Made by Fund		Payment Frequency	Maturity Date	Counterparty	Upfront Premiums Paid (Received)		Notional Value			Market Value			Unrealized Appreciation (Depreciation)
1.87%	Quarterly		7-Day CNRR	Quarterly	09/16/25	HSBC Bank Plc	$	—		CNY	4,283,004	$	(22,655	)	$	(22,655	)
1.90%	Quarterly		7-Day CNRR	Quarterly	09/16/25	HSBC Bank Plc		—			14,686,329		(74,704	)		(74,704	)
2.51%	Quarterly		7-Day CNRR	Quarterly	03/18/25	Citibank N.A.		—			10,306,000		(7,532	)		(7,532	)
2.51%	Quarterly		7-Day CNRR	Quarterly	09/16/25	HSBC Bank Plc		—			8,700,000		(7,904	)		(7,904	)
2.55%	Quarterly		7-Day CNRR	Quarterly	02/10/25	Bank of America, N.A.		—			4,620,000		(2,144	)		(2,144	)
2.56%	Quarterly		7-Day CNRR	Quarterly	03/18/25	Bank of America, N.A.		—			13,792,000		(5,896	)		(5,896	)
2.65%	Quarterly		7-Day CNRR	Quarterly	03/17/26	Barclays Bank Plc		—			16,681,172		(2,503	)		(2,503	)
2.69%	Quarterly		7-Day CNRR	Quarterly	12/16/25	HSBC Bank Plc		—			4,883,838		1,100			1,100
2.69%	Quarterly		7-Day CNRR	Quarterly	03/17/26	Barclays Bank Plc		—			8,794,886		1,252			1,252
2.74%	Quarterly		7-Day CNRR	Quarterly	03/17/26	HSBC Bank Plc		—			4,906,801		2,563			2,563
2.77%	Quarterly		7-Day CNRR	Quarterly	03/17/26	HSBC Bank Plc		—			16,966,084		11,580			11,580
BRL-CDI	Annual		2.78%	Annual	01/03/22	HSBC Bank Plc		—		BRL	21,970,986		(6,953	)		(6,953	)
4.11%	Annual		BRL-CDI	Annual	01/02/23	HSBC Bank Plc		—			12,564,106		10,796			10,796
4.53%	At Maturity		BRL-CDI	At Maturity	01/02/23	HSBC Bank Plc		—			4,076,713		9,937			9,937
6.53%	At Maturity		BRL-CDI	At Maturity	01/02/25	Bank of America, N.A.		—			3,456,840		23,231			23,231
6.87%	At Maturity		BRL-CDI	At Maturity	01/04/27	JPMorgan Chase Bank N.A.		—			7,210,000		50,556			50,556
7.02%	At Maturity		BRL-CDI	At Maturity	01/04/27	Citigroup Global Markets, Inc.		—			1,800,000		20,437			20,437
7.02%	At Maturity		BRL-CDI	At Maturity	01/04/27	Citigroup Global Markets, Inc.		1,105			2,100,000		23,844			22,739
7.02%	At Maturity		BRL-CDI	At Maturity	01/04/27	Citigroup Global Markets, Inc.		1,320			2,156,000		24,479			23,159
7.04%	At Maturity		BRL-CDI	At Maturity	01/04/27	JPMorgan Chase Bank N.A.		—			1,400,000		16,140			16,140
							$	2,425				$	65,624		$	63,199

See accompanying Notes to the Schedule of Investments.

126

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2020 (Unaudited)

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)
5.12%	Monthly	1-Month TIIE	Monthly		06/13/25	$	17			MXN	24,751,113	$	24,160	$	24,143
7.20%	Monthly	1-Month TIIE	Monthly		07/17/24		—				182,404,200		820,405		820,405
12-Month USD LIBOR	Annual	0.56%	Annual		07/20/45		9,344			USD	3,210,000		394,500		385,156
3-Month USD LIBOR	Quarterly	1.00%	Semi-Annual		02/15/47		13,491				1,113,000		99,554		86,063
0.38%	Semi-Annual	3-Month USD LIBOR	Quarterly		08/31/24		12,810				20,858,000		65,654		52,844
0.84%	Semi-Annual	3-Month USD LIBOR	Quarterly		11/27/25		(10,469	)			23,935,000		2,726		13,195
SOFR	Annual	0.74%	Annual		08/19/45		—				490,000		40,752		40,752
														$	1,422,558

OTC — Credit Default Swaps

Buy Protection

Notional Amount*		Currency	Expiration Date	Counterparty		Receive (Pay) Fixed Rate			Payment Frequency	Deliverable on Default		Unrealized Appreciation (Depreciation)				Upfront Premiums Paid/ (Received)			Value
	2,100,000	USD			12/20/25		Barclays Bank Plc	(1.00%)			Quarterly			CDX.EM.34**		$	(69,928	)	$	120,330		$	50,402
	730,000	EUR			12/20/24		Morgan Stanley & Co.	(1.00%)			Quarterly			Daimler AG, 1.40%, 01/12/24			(115	)		(19,195	)		(19,310	)
	3,654,320	USD			12/20/25		Morgan Stanley Capital Services, Inc.	(1.00%)			Quarterly			Russian Federation, 7.50%, 03/31/30			(50,766	)		27,564			(23,202	)
										Total Buy Protection			$	(120,809	)		$	128,699		$	7,890

Sell Protection

Notional Amount*		Currency	Expiration Date	Counterparty	Receive (Pay) Fixed Rate		Payment Frequency	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid/ (Received)		Value
	730,000	EUR	12/20/24	Morgan Stanley & Co.		1.00%	Quarterly	Volkswagen International Finance N.V., 0.50%, 03/30/21 (Moody’s rating: A3; S&P rating: BBB+)	$	3,799		$	9,254	$	13,053
	Total OTC Credit Default Swaps								$	(117,010	)	$	137,953	$	20,943

See accompanying Notes to the Schedule of Investments.

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Centrally Cleared Credit Default Swaps

Buy Protection

Notional Amount*		Currency	Expiration Date	Receive (Pay) Fixed Rate	Payment Frequency		Deliverable on Default	Unrealized Appreciation (Depreciation)	Upfront Premiums Paid (Received)			Value
	569,000	USD	12/20/25	(5.00%)		Quarterly	CDX.NA.HY.35***	$(29,710)	$	(23,355	)	$	(53,065	)

* The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.

** CDX.EM — Markit CDX Emerging Markets Index. Represents an index composed of fifteen (15) sovereign reference entities that trade in the credit default swaps (CDS) market.

*** CDX.NA.HY — Markit North America High Yield CDS Index. Represents an index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated BB and B.

U.S. Treasury securities in the amount of $234,357 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

Currency Abbreviations

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Pesos

EGP — Egyptian Pound

EUR — Euro Currency

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

KZT — Kazakhstani Tenge

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krona

PEN — Peruvian Nuevo Sol

PHP — Philippines Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

See accompanying Notes to the Schedule of Investments.

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Currency Abbreviations — continued

SAR — Saudi Riyal

THB — Thai Baht

TRY — Turkish New Lira

TWD — Taiwan Dollar

UAH — Ukrainian Hryvnia

USD — U.S. Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

Other Abbreviations

ARS — Auction Rate Security

CDI — Brazil Interbank Deposit Rate

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

CMT — Constant Maturity Treasury Index

CNRR — China Fixing Repo Rates

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GDN — Global Depository Note

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

OTC — Over-The-Counter

PIK — Payment In Kind

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

TBD — To Be Determined

TIIE — Mexican Interbank Equilibrium Interest Rate

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.

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December 31, 2020 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Corporate Debt		35.6
Sovereign Debt Obligations		34.8
Bank Loans		11.2
Mortgage Backed Securities — Private Issuers		4.9
Asset Backed Securities		3.7
U.S. Government and Agency Obligations		1.7
Convertible Debt		1.1
Forward Foreign Currency Contracts		0.5
Convertible Preferred Stocks		0.5
Centrally Cleared Interest Rate Swaps		0.1
Purchased Swaptions		0.1
Mortgage Backed Securities — U.S. Government Agency Obligations		0.1
Common Stocks		0.1
Purchased Futures Options		0.0	*
Purchased Currency Options		0.0	*
OTC Interest Rate Swaps		0.0	*
OTC Credit Default Swaps		0.0	*
Written Swaptions		0.0	*
Centrally Cleared Credit Default Swaps		0.0	*
Written Futures Options		0.0	*
Futures Contracts		0.0	*
Written Currency Options		0.0	*
Short-Term Investments		2.0
Other Assets and Liabilities (net)		3.6
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Schedule of Investments.

130

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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

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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

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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

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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

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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

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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.

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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

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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

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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