NPORT-EX 2 NPORT_I5BK_17539065_0623.htm EDGAR HTML
Mercer US Large Cap Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2023 (Unaudited)
 
Shares
 
Description
Value ($)
 
 
COMMON STOCKS — 97.1%
 
 
Basic Materials — 2.7%
14,016
 
CF Industries Holdings, Inc.
972,991
99,319
 
Dow, Inc.
5,289,730
102,553
 
DuPont de Nemours, Inc.
7,326,387
28,135
 
Eastman Chemical Co.
2,355,462
82,507
 
International Paper Co.
2,624,548
24,652
 
Mosaic Co.
862,820
44,476
 
Newmont Corp.
1,897,346
15,739
 
Nucor Corp.
2,580,881
20,368
 
Steel Dynamics, Inc.
2,218,686
 
 
 
26,128,851
 
 
Communications — 16.6%
79,868
 
Airbnb, Inc. Class A*
10,235,883
55,299
 
Alphabet, Inc. Class A*
6,619,290
145,263
 
Alphabet, Inc. Class C*
17,572,465
236,509
 
Amazon.com, Inc. *
30,831,313
169,526
 
AT&T, Inc.
2,703,940
259
 
Booking Holdings, Inc. *
699,385
5,325
 
Charter Communications, Inc. Class A*
1,956,245
147,900
 
Cisco Systems, Inc.
7,652,346
255,752
 
Comcast Corp. Class A
10,626,496
18,833
 
eBay, Inc.
841,647
30,654
 
Fox Corp. Class A
1,042,236
19,213
 
Liberty Global PLC Class C*
341,415
2,717
 
MercadoLibre, Inc. *
3,218,558
32,852
 
Meta Platforms, Inc. Class A*
9,427,867
23,400
 
Motorola Solutions, Inc.
6,862,752
41,969
 
Netflix, Inc. *
18,486,925
42,151
 
T-Mobile U.S., Inc. *
5,854,774
14,800
 
Trade Desk, Inc. Class A*
1,142,856
103,292
 
Uber Technologies, Inc. *
4,459,116
189,000
 
Verizon Communications, Inc.
7,028,910
108,609
 
Walt Disney Co. *
9,696,611
 
 
 
157,301,030
 
 
Consumer, Cyclical — 10.5%
35,356
 
Alaska Air Group, Inc. *
1,880,232
17,781
 
Autoliv, Inc.
1,512,096
827
 
AutoZone, Inc. *
2,062,009
24,212
 
Best Buy Co., Inc.
1,984,174
606
 
Chipotle Mexican Grill, Inc. *
1,296,234
7,426
 
Costco Wholesale Corp.
3,998,010
11,600
 
Darden Restaurants, Inc.
1,938,128
85,208
 
Delta Air Lines, Inc.
4,050,788
31,245
 
Dollar General Corp.
5,304,776
46,000
 
Dollar Tree, Inc. *
6,601,000
132,189
 
Dr Ing hc F Porsche AG ADR
1,640,333
3,162
 
Ferguson PLC
497,414
See accompanying Notes to the Schedule of Investments
1
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Consumer, Cyclical — continued
85,594
 
General Motors Co.
3,300,505
7,522
 
Home Depot, Inc.
2,336,634
5,224
 
Lennar Corp. Class A
654,620
6,566
 
Lithia Motors, Inc. Class A
1,996,786
22,533
 
LKQ Corp.
1,312,998
46,678
 
Lowe's Cos., Inc.
10,535,225
8,290
 
Lululemon Athletica, Inc. *
3,137,765
27,807
 
LVMH Moet Hennessy Louis Vuitton SE ADR
5,251,074
20,825
 
Magna International, Inc. (a)
1,175,363
14,319
 
Marriott International, Inc. Class A
2,630,257
13,910
 
Mobileye Global, Inc. Class A*(a)
534,422
49,456
 
NIKE, Inc. Class B
5,458,459
426
 
NVR, Inc. *
2,705,364
1,558
 
O'Reilly Automotive, Inc. *
1,488,358
26,777
 
PulteGroup, Inc.
2,080,037
19,750
 
Tapestry, Inc.
845,300
6,980
 
Target Corp.
920,662
37,508
 
Tesla, Inc. *
9,818,469
111,952
 
TJX Cos., Inc.
9,492,410
2,772
 
Ulta Beauty, Inc. *
1,304,489
 
 
 
99,744,391
 
 
Consumer, Non-cyclical — 20.9%
65,886
 
Abbott Laboratories
7,182,892
135,900
 
Adyen NV ADR*
2,349,711
7,078
 
Align Technology, Inc. *
2,503,064
152,312
 
Altria Group, Inc.
6,899,734
16,930
 
Amgen, Inc.
3,758,799
89,300
 
Archer-Daniels-Midland Co.
6,747,508
57,740
 
AstraZeneca PLC ADR
4,132,452
201,653
 
Baxter International, Inc.
9,187,311
39,219
 
Bristol-Myers Squibb Co.
2,508,055
50,068
 
Cardinal Health, Inc.
4,734,931
36,241
 
Cigna Group
10,169,225
243,979
 
Conagra Brands, Inc.
8,226,972
156,833
 
CVS Health Corp.
10,841,865
51,039
 
DENTSPLY SIRONA, Inc.
2,042,581
18,458
 
Dexcom, Inc. *
2,372,038
13,340
 
Eli Lilly & Co.
6,256,193
60,570
 
Exelixis, Inc. *
1,157,493
10,327
 
Gartner, Inc. *
3,617,651
52,737
 
Global Payments, Inc.
5,195,649
70,810
 
GSK PLC ADR
2,523,668
4,127
 
HCA Healthcare, Inc.
1,252,462
81,356
 
Hologic, Inc. *
6,587,395
26,177
 
Illumina, Inc. *
4,907,926
13,489
 
Ingredion, Inc.
1,429,160
8,480
 
Intuitive Surgical, Inc. *
2,899,651
16,651
 
Jazz Pharmaceuticals PLC *
2,064,225
2
See accompanying Notes to the Schedule of Investments
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Consumer, Non-cyclical — continued
64,641
 
Johnson & Johnson
10,699,378
107,002
 
Kroger Co.
5,029,094
24,867
 
L'Oreal SA ADR(a)
2,320,588
3,797
 
McKesson Corp.
1,622,496
26,864
 
Medtronic PLC
2,366,718
59,800
 
Merck & Co., Inc.
6,900,322
2,541
 
Moody's Corp.
883,557
25,198
 
Novo Nordisk AS ADR
4,077,792
32,930
 
Organon & Co.
685,273
113,087
 
PayPal Holdings, Inc. *
7,546,296
52,428
 
Pfizer, Inc.
1,923,059
16,186
 
Quest Diagnostics, Inc.
2,275,104
6,743
 
S&P Global, Inc.
2,703,201
10,592
 
Thermo Fisher Scientific, Inc.
5,526,376
52,936
 
Tyson Foods, Inc. Class A
2,701,853
20,771
 
UnitedHealth Group, Inc.
9,983,373
1,072
 
Verisk Analytics, Inc.
242,304
7,031
 
Vertex Pharmaceuticals, Inc. *
2,474,279
118,970
 
Viatris, Inc.
1,187,321
28,204
 
Zoetis, Inc.
4,857,011
 
 
 
197,554,006
 
 
Energy — 4.0%
49,477
 
APA Corp.
1,690,629
92,258
 
BP PLC ADR
3,255,785
30,664
 
Canadian Natural Resources Ltd.
1,725,157
13,700
 
Chevron Corp.
2,155,695
100,441
 
ConocoPhillips
10,406,692
82,611
 
Coterra Energy, Inc.
2,090,058
33,574
 
Devon Energy Corp.
1,622,967
148,029
 
Marathon Oil Corp.
3,407,628
54,599
 
Marathon Petroleum Corp.
6,366,243
20,041
 
Schlumberger NV
984,414
42,413
 
Shell PLC ADR
2,560,897
18,276
 
Valero Energy Corp.
2,143,775
 
 
 
38,409,940
 
 
Financial — 14.4%
50,802
 
AerCap Holdings NV *
3,226,943
57,601
 
Allstate Corp.
6,280,813
5,801
 
American Express Co.
1,010,534
229,387
 
American International Group, Inc.
13,198,928
10,710
 
American Tower Corp. REIT
2,077,097
62,785
 
Bank of America Corp.
1,801,302
79,577
 
Bank of New York Mellon Corp.
3,542,768
11,481
 
Berkshire Hathaway, Inc. Class B*
3,915,021
6,329
 
Capital One Financial Corp.
692,203
35,144
 
Charles Schwab Corp.
1,991,962
136,146
 
Citigroup, Inc.
6,268,162
See accompanying Notes to the Schedule of Investments
3
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Financial — continued
32,309
 
Discover Financial Services
3,775,307
161,044
 
Equitable Holdings, Inc.
4,373,955
110,600
 
Equity Residential REIT
7,296,282
26,505
 
Hartford Financial Services Group, Inc.
1,908,890
227,713
 
Host Hotels & Resorts, Inc. REIT
3,832,410
15,810
 
Howard Hughes Corp. *
1,247,725
25,490
 
JPMorgan Chase & Co.
3,707,266
38,319
 
Mastercard, Inc. Class A
15,070,863
6,495
 
MetLife, Inc.
367,162
5,941
 
Morgan Stanley
507,361
203,585
 
New York Community Bancorp, Inc.
2,288,295
20,989
 
Principal Financial Group, Inc.
1,591,806
10,629
 
Reinsurance Group of America, Inc.
1,474,136
19,074
 
Simon Property Group, Inc. REIT
2,202,666
19,697
 
State Street Corp.
1,441,426
108,221
 
Synchrony Financial
3,670,856
184,100
 
Truist Financial Corp.
5,587,435
186,400
 
U.S. Bancorp
6,158,656
64,159
 
Visa, Inc. Class A
15,236,479
100,561
 
Wells Fargo & Co.
4,291,944
110,634
 
Weyerhaeuser Co. REIT
3,707,345
10,196
 
Willis Towers Watson PLC
2,401,158
 
 
 
136,145,156
 
 
Industrial — 5.9%
28,133
 
3M Co.
2,815,832
47,889
 
Builders FirstSource, Inc. *
6,512,904
47,205
 
CH Robinson Worldwide, Inc.
4,453,792
5,759
 
Chart Industries, Inc. *(a)
920,231
36,232
 
Crown Holdings, Inc. (a)
3,147,474
47,597
 
Dover Corp.
7,027,697
10,505
 
Expeditors International of Washington, Inc.
1,272,471
12,954
 
FedEx Corp.
3,211,296
34,399
 
Honeywell International, Inc.
7,137,792
1,322
 
Lockheed Martin Corp.
608,622
38,078
 
Masco Corp.
2,184,916
15,000
 
Northrop Grumman Corp.
6,837,000
69,289
 
Raytheon Technologies Corp.
6,787,550
6,472
 
Stanley Black & Decker, Inc.
606,491
65,585
 
Vontier Corp.
2,112,493
 
 
 
55,636,561
 
 
Technology — 20.4%
24,238
 
Accenture PLC Class A
7,479,362
29,458
 
Adobe, Inc. *
14,404,667
55,571
 
Advanced Micro Devices, Inc. *
6,330,093
74,393
 
Apple, Inc.
14,430,010
3,365
 
ASML Holding NV ADR NYRS
2,438,784
25,774
 
Autodesk, Inc. *
5,273,618
4
See accompanying Notes to the Schedule of Investments
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Technology — continued
13,682
 
Broadcom, Inc.
11,868,177
8,958
 
Cadence Design Systems, Inc. *
2,100,830
114,255
 
Cognizant Technology Solutions Corp. Class A
7,458,566
9,178
 
Crowdstrike Holdings, Inc. Class A*
1,347,973
19,163
 
Dell Technologies, Inc. Class C
1,036,910
43,915
 
DocuSign, Inc. *
2,243,617
6,155
 
Fair Isaac Corp. *
4,980,688
120,152
 
Fidelity National Information Services, Inc.
6,572,314
94,318
 
HP, Inc.
2,896,506
12,324
 
KLA Corp.
5,977,386
54,982
 
Micron Technology, Inc.
3,469,914
82,358
 
Microsoft Corp.
28,046,193
3,421
 
MongoDB, Inc. *
1,405,997
40,727
 
NVIDIA Corp.
17,228,336
72,500
 
Oracle Corp.
8,634,025
57,535
 
Salesforce, Inc. *
12,154,844
23,542
 
Seagate Technology Holdings PLC
1,456,544
25,570
 
ServiceNow, Inc. *
14,369,573
15,218
 
Snowflake, Inc. Class A*
2,678,064
25,706
 
Teradyne, Inc.
2,861,849
16,790
 
Workday, Inc. Class A*
3,792,693
 
 
 
192,937,533
 
 
Utilities — 1.7%
134,836
 
Edison International
9,364,360
61,841
 
FirstEnergy Corp.
2,404,378
80,550
 
NRG Energy, Inc.
3,011,764
40,444
 
UGI Corp.
1,090,775
 
 
 
15,871,277
 
 
TOTAL COMMON STOCKS (COST $798,589,451)
919,728,745
 
Par Value ($)
 
Description
Value ($)
 
 
Short-Term Investment — 0.1%
 
 
Mutual Fund - Securities Lending Collateral — 0.1%
787,310
 
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.03%(b)(c)
787,310
 
 
TOTAL SHORT-TERM INVESTMENT (COST $787,310)
787,310
 
 
TOTAL INVESTMENTS — 97.2%
(Cost $799,376,761)
920,516,055
 
 
Other Assets and Liabilities (net) — 2.8%
26,544,833
 
 
NET ASSETS — 100.0%
$947,060,888
 
See accompanying Notes to the Schedule of Investments
5
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
 
Notes to Schedule of Investments:
*
Non-income producing security.
(a)
All or a portion of this security is out on loan.
(b)
The rate disclosed is the 7-day net yield as of June 30, 2023.
(c)
Represents an investment of securities lending cash collateral.
Futures Contracts 
Number of
Contracts
Description
Expiration Date
Notional
Value
Market Value/
Unrealized
Appreciation
(Depreciation)
Buys
 
 
57
S&P 500 E-mini Index
Sep 2023
$12,791,513
$399,760
3
S&P Mid 400 E-mini Index
Sep 2023
793,230
22,809
 
 
$422,569
 
Abbreviations
ADR
—
American Depository Receipt
NYRS
—
New York Registry Shares
REIT
—
Real Estate Investment Trust
6
See accompanying Notes to the Schedule of Investments
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
 
Asset Class Summary (Unaudited)
% of Net Assets
Common Stocks
97.1
Futures Contracts
0.0*
Short-Term Investment
0.1
Other Assets and Liabilities (net)
2.8
 
100.0%
 
*
Amount rounds to zero.
See accompanying Notes to the Schedule of Investments
7
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2023 (Unaudited)
 
Shares
 
Description
Value ($)
 
 
COMMON STOCKS — 98.5%
 
 
Basic Materials — 2.6%
98,826
 
ATI, Inc. *
4,371,074
42,800
 
Chemours Co.
1,578,892
17,400
 
Eastman Chemical Co.
1,456,728
257,761
 
Element Solutions, Inc.
4,949,011
40,682
 
FMC Corp.
4,244,760
80,900
 
Huntsman Corp.
2,185,918
20,900
 
Ingevity Corp. *
1,215,544
39,900
 
Koppers Holdings, Inc.
1,360,590
46,900
 
Mativ Holdings, Inc.
709,128
48,900
 
Mosaic Co.
1,711,500
22,179
 
Quaker Chemical Corp.
4,322,687
22,600
 
Reliance Steel & Aluminum Co.
6,137,934
51,621
 
RPM International, Inc.
4,631,952
39,300
 
Steel Dynamics, Inc.
4,280,949
18,800
 
Trinseo PLC
238,196
81,300
 
Tronox Holdings PLC, Class A
1,033,323
 
 
 
44,428,186
 
 
Communications — 2.6%
47,900
 
AMC Networks, Inc. Class A*
572,405
8,600
 
Cable One, Inc.
5,650,888
96,447
 
Ciena Corp. *
4,098,033
109,921
 
ePlus, Inc. *
6,188,552
34,528
 
F5, Inc. *
5,050,065
120,712
 
Liberty Latin America Ltd. Class A*
1,056,230
77,747
 
Liberty Latin America Ltd. Class C*
670,179
125,300
 
Lumen Technologies, Inc. (a)
283,178
17,400
 
Nexstar Media Group, Inc. Class A
2,897,970
21,960
 
Nice Ltd. ADR*(a)
4,534,740
48,550
 
Okta, Inc. *
3,366,943
9,700
 
Preformed Line Products Co.
1,514,170
210,309
 
TripAdvisor, Inc. *
3,467,996
107,961
 
Yelp, Inc. Class A*
3,930,860
 
 
 
43,282,209
 
 
Consumer, Cyclical — 17.0%
26,688
 
Advance Auto Parts, Inc.
1,876,166
53,700
 
Alaska Air Group, Inc. *
2,855,766
62,800
 
Allison Transmission Holdings, Inc.
3,545,688
133,400
 
American Axle & Manufacturing Holdings, Inc. *
1,103,218
309,413
 
BJ's Wholesale Club Holdings, Inc. *
19,496,113
89,400
 
Bloomin' Brands, Inc.
2,403,966
67,900
 
BorgWarner, Inc.
3,320,989
46,015
 
BRP, Inc. (a)
3,892,869
29,300
 
Brunswick Corp.
2,538,552
23,556
 
Burlington Stores, Inc. *
3,707,479
40,700
 
Capri Holdings Ltd. *
1,460,723
44,664
 
Carter's, Inc.
3,242,606
8
See accompanying Notes to the Schedule of Investments
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Consumer, Cyclical — continued
14,054
 
Casey's General Stores, Inc.
3,427,490
21,085
 
Cavco Industries, Inc. *
6,220,075
42,640
 
Churchill Downs, Inc.
5,934,209
35,067
 
Columbia Sportswear Co.
2,708,575
50,915
 
Core & Main, Inc. Class A*
1,595,676
15,300
 
Crocs, Inc. *
1,720,332
22,650
 
Deckers Outdoor Corp. *
11,951,499
13,200
 
Dick's Sporting Goods, Inc.
1,744,908
45,962
 
Dorman Products, Inc. *
3,623,184
84,979
 
Five Below, Inc. *
16,701,773
49,900
 
Foot Locker, Inc. (a)
1,352,789
23,500
 
Genesco, Inc. *
588,440
118,335
 
Gentex Corp.
3,462,482
52,191
 
Gentherm, Inc. *
2,949,313
33,600
 
GMS, Inc. *
2,325,120
102,000
 
Goodyear Tire & Rubber Co. *
1,395,360
11,500
 
Group 1 Automotive, Inc.
2,968,150
20,000
 
Guess?, Inc.
389,000
51,900
 
Harley-Davidson, Inc.
1,827,399
47,600
 
Haverty Furniture Cos., Inc.
1,438,472
33,000
 
Hibbett, Inc.
1,197,570
4,400
 
Johnson Outdoors, Inc. Class A
270,380
47,700
 
Kohl's Corp.
1,099,485
61,300
 
La-Z-Boy, Inc.
1,755,632
272,079
 
Leslie's, Inc. *(a)
2,554,822
58,239
 
Light & Wonder, Inc. *
4,004,514
37,655
 
Lithia Motors, Inc. Class A
11,451,262
186,507
 
LKQ Corp.
10,867,763
94,700
 
Macy's, Inc.
1,519,935
80,700
 
MillerKnoll, Inc.
1,192,746
40,100
 
Movado Group, Inc.
1,075,883
17,798
 
MSC Industrial Direct Co., Inc. Class A
1,695,793
21,192
 
Murphy USA, Inc.
6,593,043
21,000
 
Nu Skin Enterprises, Inc. Class A
697,200
39,500
 
ODP Corp. *
1,849,390
41,187
 
Planet Fitness, Inc. Class A*
2,777,651
76,388
 
Polaris, Inc.
9,237,601
21,815
 
Pool Corp.
8,172,772
43,500
 
PulteGroup, Inc.
3,379,080
29,500
 
PVH Corp.
2,506,615
109,000
 
Qurate Retail, Inc. Series A*
107,888
124,451
 
Red Rock Resorts, Inc. Class A
5,821,818
81,900
 
Sally Beauty Holdings, Inc. *
1,011,465
82,464
 
Savers Value Village, Inc. *
1,954,397
36,400
 
ScanSource, Inc. *
1,075,984
26,156
 
SiteOne Landscape Supply, Inc. *
4,377,468
63,763
 
Skechers USA, Inc. Class A*
3,357,760
19,800
 
Sonic Automotive, Inc. Class A
943,866
156,410
 
Tapestry, Inc.
6,694,348
See accompanying Notes to the Schedule of Investments
9
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Consumer, Cyclical — continued
165,660
 
Texas Roadhouse, Inc. Class A
18,600,305
15,000
 
Thor Industries, Inc.
1,552,500
47,400
 
Toll Brothers, Inc.
3,747,918
114,289
 
Topgolf Callaway Brands Corp. *
2,268,637
105,600
 
Tri Pointe Homes, Inc. *
3,470,016
46,250
 
UniFirst Corp.
7,169,213
56,300
 
United Airlines Holdings, Inc. *
3,089,181
28,922
 
Univar Solutions, Inc. *
1,036,564
14,280
 
Vail Resorts, Inc.
3,595,133
13,900
 
Veritiv Corp.
1,745,979
31,158
 
Visteon Corp. *
4,474,600
91,297
 
Wabash National Corp.
2,340,855
32,940
 
WESCO International, Inc.
5,898,236
21,200
 
Whirlpool Corp.
3,154,348
13,300
 
Williams-Sonoma, Inc.
1,664,362
37,200
 
Winnebago Industries, Inc.
2,480,868
 
 
 
289,301,227
 
 
Consumer, Non-cyclical — 23.1%
96,779
 
Acadia Healthcare Co., Inc. *
7,707,480
157,500
 
ACCO Brands Corp.
820,575
137,700
 
Albertsons Cos., Inc. Class A
3,004,614
524,001
 
Alight, Inc. Class A*
4,841,769
31,730
 
Apellis Pharmaceuticals, Inc. *
2,890,603
72,608
 
Ascendis Pharma AS ADR*
6,480,264
175,670
 
Avantor, Inc. *
3,608,262
32,937
 
Avery Dennison Corp.
5,658,577
56,434
 
Axonics, Inc. *
2,848,224
79,652
 
Azenta, Inc. *
3,718,155
135,706
 
Bausch & Lomb Corp. *
2,723,619
24,651
 
Bio-Rad Laboratories, Inc. Class A*
9,345,687
91,500
 
Booz Allen Hamilton Holding Corp. Class A
10,211,400
89,537
 
Bright Horizons Family Solutions, Inc. *
8,277,696
27,900
 
Bunge Ltd.
2,632,365
52,113
 
Catalent, Inc. *
2,259,620
108,200
 
Conagra Brands, Inc.
3,648,504
43,862
 
CONMED Corp.
5,960,407
553,534
 
CoreCivic, Inc. *
5,208,755
29,400
 
DaVita, Inc. *
2,953,818
60,000
 
Deluxe Corp.
1,048,800
73,613
 
Driven Brands Holdings, Inc. *
1,991,968
368,617
 
Dun & Bradstreet Holdings, Inc.
4,264,899
22,100
 
Emergent BioSolutions, Inc. *
162,435
87,198
 
Envista Holdings Corp. *
2,950,780
107,168
 
EVERTEC, Inc.
3,946,997
43,804
 
Exact Sciences Corp. *
4,113,196
77,000
 
Exelixis, Inc. *
1,471,470
24,940
 
FleetCor Technologies, Inc. *
6,261,935
140,210
 
Flywire Corp. *
4,352,118
10
See accompanying Notes to the Schedule of Investments
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Consumer, Non-cyclical — continued
20,335
 
FTI Consulting, Inc. *
3,867,717
71,624
 
Globus Medical, Inc. Class A*
4,264,493
24,994
 
Grand Canyon Education, Inc. *
2,579,631
59,700
 
H&R Block, Inc.
1,902,639
100,833
 
Halozyme Therapeutics, Inc. *
3,637,046
35,260
 
HealthEquity, Inc. *
2,226,316
40,700
 
Herbalife Ltd. *
538,868
59,970
 
Hologic, Inc. *
4,855,771
35,480
 
ICON PLC ADR*
8,877,096
26,400
 
Incyte Corp. *
1,643,400
54,805
 
Ingles Markets, Inc. Class A
4,529,633
39,200
 
Ingredion, Inc.
4,153,240
27,140
 
Inspire Medical Systems, Inc. *
8,810,730
28,111
 
Insulet Corp. *
8,105,526
57,048
 
Integer Holdings Corp. *
5,055,023
82,134
 
Intra-Cellular Therapies, Inc. *
5,200,725
247,100
 
Ironwood Pharmaceuticals, Inc. Class A*
2,629,144
77,135
 
Jazz Pharmaceuticals PLC *
9,562,426
115,621
 
Krispy Kreme, Inc. (a)
1,703,097
26,989
 
Lancaster Colony Corp.
5,427,218
56,410
 
Lantheus Holdings, Inc. *
4,733,927
54,840
 
Legend Biotech Corp. ADR*
3,785,605
36,181
 
LivaNova PLC *
1,860,789
33,000
 
ManpowerGroup, Inc.
2,620,200
23,750
 
MarketAxess Holdings, Inc.
6,208,725
49,440
 
Masimo Corp. *
8,135,352
12,857
 
Molina Healthcare, Inc. *
3,873,043
138,421
 
Molson Coors Beverage Co. Class B
9,113,639
76,006
 
Natera, Inc. *
3,698,452
106,502
 
Neurocrine Biosciences, Inc. *
10,043,139
137,590
 
Option Care Health, Inc. *
4,470,299
217,229
 
Paragon 28, Inc. *
3,853,643
91,689
 
Patterson Cos., Inc.
3,049,576
76,740
 
Paylocity Holding Corp. *
14,160,832
87,217
 
Pediatrix Medical Group, Inc. *
1,239,354
91,200
 
Perdoceo Education Corp. *
1,119,024
150,646
 
Performance Food Group Co. *
9,074,915
78,535
 
Premier, Inc. Class A
2,172,278
25,700
 
Prestige Consumer Healthcare, Inc. *
1,527,351
60,300
 
PROG Holdings, Inc. *
1,936,836
50,911
 
PTC Therapeutics, Inc. *
2,070,550
71,200
 
Quanex Building Products Corp.
1,911,720
12,100
 
Quest Diagnostics, Inc.
1,700,776
30,240
 
RB Global, Inc.
1,814,400
22,020
 
Repligen Corp. *
3,114,949
184,471
 
Rocket Pharmaceuticals, Inc. *
3,665,439
272,627
 
Roivant Sciences Ltd. *
2,748,080
23,790
 
Sarepta Therapeutics, Inc. *
2,724,431
70,300
 
Select Medical Holdings Corp.
2,239,758
See accompanying Notes to the Schedule of Investments
11
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Consumer, Non-cyclical — continued
99,426
 
Simply Good Foods Co. *
3,637,997
41,700
 
SpartanNash Co.
938,667
74,000
 
Sprouts Farmers Market, Inc. *
2,718,020
75,080
 
TransUnion
5,881,016
31,800
 
United Therapeutics Corp. *
7,019,850
22,800
 
Universal Health Services, Inc. Class B
3,597,156
61,200
 
Upbound Group, Inc.
1,905,156
67,785
 
Ventyx Biosciences, Inc. *
2,223,348
77,466
 
Vericel Corp. *
2,910,398
58,460
 
Viad Corp. *
1,571,405
198,700
 
Viatris, Inc.
1,983,026
67,212
 
WEX, Inc. *
12,237,289
211,165
 
WillScot Mobile Mini Holdings Corp. *
10,091,575
118,921
 
Xencor, Inc. *
2,969,457
 
 
 
393,286,173
 
 
Energy — 4.3%
98,000
 
APA Corp.
3,348,660
53,211
 
California Resources Corp.
2,409,926
253,722
 
ChampionX Corp.
7,875,531
18,476
 
Chesapeake Energy Corp. (a)
1,546,072
19,026
 
Chord Energy Corp.
2,926,199
18,100
 
Civitas Resources, Inc.
1,255,597
43,160
 
Diamondback Energy, Inc.
5,669,498
105,410
 
HF Sinclair Corp.
4,702,340
324,549
 
Magnolia Oil & Gas Corp. Class A
6,783,074
216,900
 
Marathon Oil Corp.
4,993,038
127,385
 
Matador Resources Co.
6,664,783
183,609
 
NOV, Inc.
2,945,088
207,759
 
Ovintiv, Inc.
7,909,385
12,600
 
PBF Energy, Inc. Class A
514,520
32,300
 
PDC Energy, Inc.
2,297,822
466,311
 
Permian Resources Corp. Class A
5,110,769
174,697
 
ProPetro Holding Corp. *
1,439,503
143,211
 
SM Energy Co.
4,529,764
10,298
 
Vitesse Energy, Inc.
230,675
 
 
 
73,152,244
 
 
Financial — 15.3%
61,839
 
Agree Realty Corp. REIT
4,043,652
61,500
 
Ally Financial, Inc.
1,661,115
81,800
 
American Assets Trust, Inc. REIT
1,570,560
74,915
 
American Equity Investment Life Holding Co.
3,903,821
21,900
 
American Financial Group, Inc.
2,600,625
44,750
 
Annaly Capital Management, Inc. REIT
895,448
128,400
 
Apple Hospitality REIT, Inc. REIT
1,940,124
107,300
 
Ares Capital Corp.
2,016,167
155,400
 
Associated Banc-Corp.
2,522,142
114,814
 
Atlantic Union Bankshares Corp. (a)
2,979,423
12
See accompanying Notes to the Schedule of Investments
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Financial — continued
116,222
 
Axis Capital Holdings Ltd.
6,256,230
57,442
 
Axos Financial, Inc. *
2,265,512
35,400
 
Bank of NT Butterfield & Son Ltd.
968,544
373,616
 
Braemar Hotels & Resorts, Inc. REIT
1,501,936
177,700
 
Brandywine Realty Trust REIT
826,305
80,900
 
Brixmor Property Group, Inc. REIT
1,779,800
6,897
 
C&F Financial Corp.
370,369
329,213
 
Cannae Holdings, Inc. *
6,653,395
65,200
 
Cathay General Bancorp
2,098,788
99,300
 
Chimera Investment Corp. REIT (a)
572,961
50,200
 
Citizens Financial Group, Inc.
1,309,216
154,000
 
City Office REIT, Inc. REIT
857,780
69,107
 
CNA Financial Corp.
2,668,912
157,800
 
CNO Financial Group, Inc.
3,735,126
51,500
 
Comerica, Inc.
2,181,540
195,449
 
Easterly Government Properties, Inc. REIT Class A(a)
2,834,011
24,723
 
EastGroup Properties, Inc. REIT
4,291,913
71,700
 
EPR Properties REIT
3,355,560
77,200
 
Equitable Holdings, Inc.
2,096,752
35,100
 
Essent Group Ltd.
1,642,680
3,678
 
F&G Annuities & Life, Inc. (a)
91,141
166,640
 
Fidelity National Financial, Inc.
5,999,040
131,800
 
Fifth Third Bancorp
3,454,478
35,500
 
Financial Institutions, Inc.
558,770
33,000
 
First American Financial Corp.
1,881,660
78,400
 
First Busey Corp.
1,575,840
2,295
 
First Citizens BancShares, Inc. Class A
2,945,518
111,700
 
First Commonwealth Financial Corp.
1,413,005
134,300
 
FNB Corp.
1,536,392
209,166
 
Franklin Street Properties Corp. REIT Class C
303,291
152,993
 
FS KKR Capital Corp. (a)
2,934,406
912,540
 
Genworth Financial, Inc. Class A*
4,562,700
79,126
 
Glacier Bancorp, Inc.
2,466,357
123,600
 
Global Net Lease, Inc. REIT
1,270,608
44,642
 
Hamilton Lane, Inc. Class A
3,570,467
38,500
 
Hancock Whitney Corp.
1,477,630
79,956
 
Hanmi Financial Corp.
1,193,743
32,800
 
Heritage Insurance Holdings, Inc. *
126,280
138,200
 
Hope Bancorp, Inc.
1,163,644
86,500
 
Horizon Bancorp, Inc.
900,465
175,400
 
Host Hotels & Resorts, Inc. REIT
2,951,982
85,700
 
Independent Bank Corp.
1,453,472
64,000
 
Industrial Logistics Properties Trust REIT
211,200
87,500
 
Jefferies Financial Group, Inc.
2,902,375
159,800
 
KeyCorp
1,476,552
35,805
 
Kinsale Capital Group, Inc.
13,398,231
71,600
 
Kite Realty Group Trust REIT
1,599,544
37,700
 
Lincoln National Corp.
971,152
24,433
 
LPL Financial Holdings, Inc.
5,312,467
See accompanying Notes to the Schedule of Investments
13
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Financial — continued
7,450
 
McGrath RentCorp
688,976
200,100
 
Medical Properties Trust, Inc. REIT (a)
1,852,926
176,200
 
MGIC Investment Corp.
2,782,198
72,024
 
National Storage Affiliates Trust REIT
2,508,596
139,500
 
Navient Corp.
2,591,910
179,000
 
Necessity Retail REIT, Inc. REIT
1,210,040
199,800
 
New Mountain Finance Corp. (a)
2,485,512
185,497
 
New York Community Bancorp, Inc.
2,084,986
253,266
 
Newmark Group, Inc. Class A
1,575,315
115,087
 
NMI Holdings, Inc. Class A*
2,971,546
74,941
 
Oaktree Specialty Lending Corp.
1,456,104
81,808
 
OceanFirst Financial Corp.
1,277,841
55,083
 
Office Properties Income Trust REIT
424,139
90,400
 
OFG Bancorp
2,357,632
46,100
 
Omega Healthcare Investors, Inc. REIT
1,414,809
26,400
 
OneMain Holdings, Inc.
1,153,416
209,079
 
Physicians Realty Trust REIT
2,925,015
195,700
 
Piedmont Office Realty Trust, Inc. REIT Class A
1,422,739
77,156
 
Pinnacle Financial Partners, Inc.
4,370,887
36,568
 
Piper Sandler Cos.,
4,726,780
25,500
 
Popular, Inc.
1,543,260
218,157
 
Radian Group, Inc.
5,515,009
156,700
 
Redwood Trust, Inc. REIT (a)
998,179
141,100
 
Regions Financial Corp.
2,514,402
28,819
 
Reinsurance Group of America, Inc.
3,996,907
117,600
 
Sabra Health Care REIT, Inc. REIT
1,384,152
33,500
 
Sandy Spring Bancorp, Inc.
759,780
153,100
 
Service Properties Trust REIT
1,330,439
73,987
 
StepStone Group, Inc. Class A
1,835,617
58,225
 
Stifel Financial Corp.
3,474,286
295,739
 
Summit Hotel Properties, Inc. REIT
1,925,261
78,738
 
Sun Communities, Inc. REIT
10,272,160
56,200
 
Synchrony Financial
1,906,304
147,000
 
Tanger Factory Outlet Centers, Inc. REIT
3,244,290
172,600
 
Uniti Group, Inc. REIT
797,412
22,700
 
Universal Insurance Holdings, Inc.
350,261
77,500
 
Unum Group
3,696,750
154,900
 
Valley National Bancorp
1,200,475
81,700
 
Veritex Holdings, Inc.
1,464,881
59,300
 
Victory Capital Holdings, Inc. Class A
1,870,322
122,799
 
Voya Financial, Inc.
8,805,916
129,900
 
Western Union Co.
1,523,727
7,316
 
White Mountains Insurance Group Ltd.
10,161,266
51,683
 
Wintrust Financial Corp.
3,753,219
77,100
 
Zions Bancorp NA
2,070,906
 
 
 
260,779,365
 
 
Government — 0.1%
68,600
 
Banco Latinoamericano de Comercio Exterior SA
1,513,316
14
See accompanying Notes to the Schedule of Investments
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Industrial — 20.5%
17,900
 
Acuity Brands, Inc.
2,919,132
43,010
 
Advanced Energy Industries, Inc.
4,793,464
42,800
 
AGCO Corp.
5,624,776
430,000
 
Air Transport Services Group, Inc. *
8,114,100
42,100
 
Apogee Enterprises, Inc.
1,998,487
23,256
 
AptarGroup, Inc.
2,694,440
18,100
 
ArcBest Corp.
1,788,280
97,039
 
Argan, Inc.
3,824,307
71,716
 
Armstrong World Industries, Inc.
5,268,257
26,450
 
Arrow Electronics, Inc. *
3,788,433
142,510
 
Atkore, Inc. *
22,223,009
41,481
 
Axon Enterprise, Inc. *
8,093,773
118,872
 
AZEK Co., Inc. *
3,600,633
51,800
 
Berry Global Group, Inc.
3,332,812
21,600
 
Boise Cascade Co.
1,951,560
89,910
 
Builders FirstSource, Inc. *
12,227,760
111,585
 
Cognex Corp.
6,250,992
50,997
 
Coherent Corp. *(a)
2,599,827
89,422
 
Columbus McKinnon Corp.
3,635,004
48,503
 
Comfort Systems USA, Inc.
7,964,193
36,500
 
Covenant Logistics Group, Inc. Class A
1,599,795
39,777
 
Eagle Materials, Inc.
7,415,228
37,870
 
Encore Wire Corp.
7,041,169
47,746
 
Exponent, Inc.
4,455,657
91,372
 
Federal Signal Corp.
5,850,549
134,600
 
Flex Ltd. *
3,720,344
21,924
 
Forward Air Corp.
2,326,356
215,242
 
Gates Industrial Corp. PLC *
2,901,462
76,914
 
Gibraltar Industries, Inc. *
4,839,429
33,500
 
Greif, Inc. Class A
2,307,815
31,100
 
HEICO Corp.
5,502,834
191,058
 
Hexcel Corp.
14,524,229
31,100
 
Hillenbrand, Inc.
1,594,808
24,378
 
Hubbell, Inc. Class B
8,082,770
6,400
 
Huntington Ingalls Industries, Inc.
1,456,640
41,020
 
IDEX Corp.
8,829,965
70,254
 
Ingersoll Rand, Inc.
4,591,801
45,238
 
ITT, Inc.
4,216,634
53,500
 
Jabil, Inc.
5,774,255
62,143
 
Lincoln Electric Holdings, Inc.
12,343,464
22,100
 
Louisiana-Pacific Corp.
1,657,058
32,616
 
MasTec, Inc. *
3,847,710
154,761
 
MDU Resources Group, Inc.
3,240,695
20,725
 
Middleby Corp. *
3,063,777
72,305
 
Modine Manufacturing Co. *
2,387,511
14,700
 
Mohawk Industries, Inc. *
1,516,452
31,900
 
Moog, Inc. Class A
3,458,917
37,300
 
Mueller Industries, Inc.
3,255,544
95,398
 
Napco Security Technologies, Inc. (a)
3,305,541
See accompanying Notes to the Schedule of Investments
15
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Industrial — continued
27,549
 
Nordson Corp.
6,837,111
64,000
 
O-I Glass, Inc. *
1,365,120
38,200
 
Owens Corning
4,985,100
66,000
 
Primoris Services Corp.
2,011,020
42,493
 
RBC Bearings, Inc. *
9,240,953
27,400
 
Ryder System, Inc.
2,323,246
29,900
 
Ryerson Holding Corp.
1,297,062
23,350
 
Saia, Inc. *
7,995,273
38,000
 
Sanmina Corp. *
2,290,260
126,773
 
Schneider National, Inc. Class B
3,640,921
31,600
 
Silgan Holdings, Inc.
1,481,724
12,200
 
Snap-on, Inc.
3,515,918
108,305
 
TD SYNNEX Corp.
10,180,670
32,509
 
Tetra Tech, Inc.
5,323,024
82,100
 
Textron, Inc.
5,552,423
18,700
 
Timken Co.
1,711,611
48,380
 
Toro Co.
4,917,827
58,987
 
TriMas Corp.
1,621,553
64,448
 
Trimble, Inc. *
3,411,877
81,767
 
Universal Logistics Holdings, Inc.
2,355,707
13,035
 
Valmont Industries, Inc.
3,793,837
120,700
 
Vishay Intertechnology, Inc.
3,548,580
190,636
 
Vontier Corp.
6,140,386
58,900
 
Westrock Co.
1,712,223
142,003
 
World Kinect Corp.
2,936,622
 
 
 
347,991,696
 
 
Technology — 11.2%
188,018
 
ACI Worldwide, Inc. *
4,356,377
58,284
 
Allegro MicroSystems, Inc. *
2,630,940
23,600
 
Amdocs Ltd.
2,332,860
136,400
 
Amkor Technology, Inc.
4,057,900
151,903
 
Box, Inc. Class A*
4,462,910
36,900
 
CSG Systems International, Inc.
1,946,106
55,280
 
CyberArk Software Ltd. *
8,641,922
16,500
 
Diodes, Inc. *
1,526,085
36,800
 
Donnelley Financial Solutions, Inc. *
1,675,504
19,800
 
Dropbox, Inc. Class A*
529,571
81,517
 
DXC Technology Co. *
2,178,134
89,450
 
Dynatrace, Inc. *
4,603,992
20,400
 
Ebix, Inc.
514,080
58,455
 
Entegris, Inc.
6,477,983
93,986
 
Evolent Health, Inc. Class A*
2,847,776
5,728
 
Fair Isaac Corp. *
4,635,155
108,950
 
Genpact Ltd.
4,093,252
30,111
 
Globant SA *
5,411,549
22,428
 
HubSpot, Inc. *
11,933,715
39,320
 
Impinj, Inc. *
3,525,038
16,699
 
IPG Photonics Corp. *
2,268,058
16
See accompanying Notes to the Schedule of Investments
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Technology — continued
88,768
 
KBR, Inc.
5,775,246
75,250
 
Lumentum Holdings, Inc. *(a)
4,268,933
46,780
 
MACOM Technology Solutions Holdings, Inc. *
3,065,493
43,419
 
Manhattan Associates, Inc. *
8,678,590
6,812
 
Monolithic Power Systems, Inc.
3,680,047
228,222
 
NCR Corp. *
5,751,194
37,458
 
Nova Ltd. *(a)
4,393,823
114,853
 
PagerDuty, Inc. *
2,581,895
63,442
 
Parsons Corp. *
3,054,098
78,100
 
Photronics, Inc. *
2,014,199
76,200
 
Playtika Holding Corp. *
883,920
49,139
 
Power Integrations, Inc.
4,651,989
85,754
 
Privia Health Group, Inc. *
2,239,037
31,930
 
PTC, Inc. *
4,543,639
231,891
 
Pure Storage, Inc. Class A*
8,538,227
3,300
 
Qorvo, Inc. *
336,699
57,272
 
Rapid7, Inc. *
2,593,276
16,200
 
Seagate Technology Holdings PLC
1,002,294
55,758
 
Silicon Laboratories, Inc. *
8,795,267
20,500
 
Skyworks Solutions, Inc.
2,269,145
103,300
 
SMART Global Holdings, Inc. *
2,996,733
75,760
 
Smartsheet, Inc. Class A*
2,898,578
112,900
 
Tenable Holdings, Inc. *
4,916,795
38,080
 
Teradyne, Inc.
4,239,446
10,769
 
Tyler Technologies, Inc. *
4,484,965
80,033
 
Verra Mobility Corp. Class A*
1,578,251
36,655
 
Workiva, Inc. *
3,726,347
107,700
 
Xerox Holdings Corp.
1,603,653
15,894
 
Zebra Technologies Corp. Class A*
4,701,922
 
 
 
190,912,608
 
 
Utilities — 1.8%
44,082
 
IDACORP, Inc.
4,522,813
24,700
 
National Fuel Gas Co.
1,268,592
65,783
 
NorthWestern Corp.
3,733,843
94,200
 
NRG Energy, Inc.
3,522,138
74,107
 
Portland General Electric Co.
3,470,431
62,638
 
Southwest Gas Holdings, Inc.
3,986,909
359,910
 
Vistra Corp.
9,447,637
 
 
 
29,952,363
 
 
TOTAL COMMON STOCKS (COST $1,495,259,455)
1,674,599,387
 
See accompanying Notes to the Schedule of Investments
17
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value ($)
 
Description
Value ($)
 
 
Short-Term Investment — 0.2%
 
 
Mutual Fund - Securities Lending Collateral — 0.2%
3,254,346
 
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.03%(b)(c)
3,254,346
 
 
TOTAL SHORT-TERM INVESTMENT (COST $3,254,346)
3,254,346
 
 
TOTAL INVESTMENTS — 98.7%
(Cost $1,498,513,801)
1,677,853,733
 
 
Other Assets and Liabilities (net) — 1.3%
22,744,253
 
 
NET ASSETS — 100.0%
$1,700,597,986
 
 
Notes to Schedule of Investments:
*
Non-income producing security.
(a)
All or a portion of this security is out on loan.
(b)
The rate disclosed is the 7-day net yield as of June 30, 2023.
(c)
Represents an investment of securities lending cash collateral.
Futures Contracts 
Number of
Contracts
Description
Expiration Date
Notional
Value
Market Value/
Unrealized
Appreciation
(Depreciation)
Buys
 
 
277
Russell 2000 E-mini Index
Sep 2023
$26,366,245
$155,125
87
S&P Mid 400 E-mini Index
Sep 2023
23,003,670
661,454
 
 
$816,579
 
Abbreviations
ADR
—
American Depository Receipt
REIT
—
Real Estate Investment Trust
18
See accompanying Notes to the Schedule of Investments
Mercer US Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
 
Asset Class Summary (Unaudited)
% of Net Assets
Common Stocks
98.5
Futures Contracts
0.0*
Short-Term Investment
0.2
Other Assets and Liabilities (net)
1.3
 
100.0%
 
*
Amount rounds to zero.
See accompanying Notes to the Schedule of Investments
19
Mercer Non-US Core Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2023 (Unaudited)
 
Shares
 
Description
Value ($)
 
 
COMMON STOCKS — 96.2%
 
 
Australia — 3.7%
18,783
 
Ansell Ltd.
335,702
416,900
 
ANZ Group Holdings Ltd.
6,605,957
36,960
 
Aristocrat Leisure Ltd.
956,342
2,046,501
 
Aurizon Holdings Ltd.
5,355,737
681,000
 
Bank of Queensland Ltd.(a)
2,502,160
2,331,500
 
Beach Energy Ltd.
2,106,304
180,500
 
BHP Group Ltd.
5,381,540
464,742
 
BlueScope Steel Ltd.
6,406,753
254,532
 
Brambles Ltd.
2,447,974
88,773
 
Coles Group Ltd.
1,090,247
225,700
 
Elders Ltd.
994,511
194,900
 
Fortescue Metals Group Ltd.(a)
2,900,466
1,792,960
 
Glencore PLC
10,181,455
1,558,600
 
Harvey Norman Holdings Ltd.(a)
3,628,240
1,256,900
 
Helia Group Ltd.
2,901,295
408,800
 
Inghams Group Ltd.
716,781
86,000
 
JB Hi-Fi Ltd.(a)
2,512,881
1,489,800
 
Metcash Ltd.
3,741,489
1,454,500
 
Mirvac Group REIT
2,197,419
1,557,010
 
NEXTDC Ltd.*
13,122,319
72,922
 
Origin Energy Ltd.
407,331
78,500
 
Orora Ltd.
173,096
810,700
 
Perenti Ltd.*(a)
554,518
91,147
 
Qantas Airways Ltd.*
377,672
220,492
 
Rio Tinto Ltd.
16,955,990
90,636
 
Rio Tinto PLC
5,764,188
111,058
 
Rio Tinto PLC, ADR
7,089,943
1,011,400
 
Stockland REIT
2,725,601
662,097
 
Super Retail Group Ltd.
5,065,594
509,094
 
Treasury Wine Estates Ltd.
3,822,250
56,133
 
Viva Energy Group Ltd. 144A
113,007
222,222
 
Whitehaven Coal Ltd.
997,577
690,619
 
Woodside Energy Group Ltd.
15,981,746
130,193
 
Woolworths Group Ltd.
3,451,872
 
 
 
139,565,957
 
 
Austria — 0.4%
18,231
 
ams-OSRAM AG*
131,335
5,427
 
BAWAG Group AG* 144A
250,558
20,339
 
Erste Group Bank AG
714,048
145,742
 
OMV AG
6,174,218
9,905
 
Raiffeisen Bank International AG*
157,294
233,450
 
Wienerberger AG
7,148,605
 
 
 
14,576,058
 
 
Belgium — 0.4%
66,300
 
Ageas SA
2,686,606
177,164
 
Anheuser-Busch InBev SA
10,032,058
20
See accompanying Notes to the Schedule of Investments
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Belgium — continued
21,907
 
Proximus SADP
163,218
34,200
 
Solvay SA
3,829,613
 
 
 
16,711,495
 
 
Brazil — 1.1%
1,219,100
 
Petroleo Brasileiro SA
8,364,886
242,278
 
Petroleo Brasileiro SA, ADR
3,350,705
732,427
 
Petroleo Brasileiro SA, Preferred ADR
9,060,122
430,900
 
Vale SA
5,736,401
147,652
 
Wheaton Precious Metals Corp.
6,392,581
217,206
 
Yara International ASA
7,683,728
 
 
 
40,588,423
 
 
Canada — 2.0%
136,811
 
Agnico Eagle Mines Ltd.
6,839,258
231,410
 
Canadian Pacific Kansas City Ltd.(a)
18,712,163
20,100
 
Canadian Tire Corp. Ltd. Class A (a)
2,751,190
186,833
 
Franco-Nevada Corp.
26,658,559
412,790
 
GFL Environmental, Inc.
16,016,252
30,500
 
Loblaw Cos. Ltd.
2,795,420
103,100
 
Suncor Energy, Inc.(a)
3,027,747
 
 
 
76,800,589
 
 
China — 1.2%
1,919,500
 
3SBio, Inc.*
1,931,637
5,072,000
 
Agricultural Bank of China Ltd. Class H
1,996,746
2,077,000
 
Bank of China Ltd. Class H
832,839
317,500
 
BYD Electronic International Co. Ltd.
966,242
15,454,000
 
China Construction Bank Corp. Class H *
10,020,491
1,310,000
 
China Medical System Holdings Ltd.
2,141,766
3,542,000
 
China Resources Cement Holdings Ltd.
1,464,226
1,602,000
 
CMOC Group Ltd. Class H
840,983
330,000
 
CSC Financial Co. Ltd. Class H 144A
341,611
574,000
 
Hengan International Group Co. Ltd.
2,420,059
4,884,000
 
Industrial & Commercial Bank of China Ltd. Class H
2,606,451
370,500
 
Kingboard Holdings Ltd.
1,015,250
1,940,000
 
Lee & Man Paper Manufacturing Ltd.
643,637
1,346,000
 
Lenovo Group Ltd.
1,406,319
1,334,500
 
Li Ning Co. Ltd.
7,216,606
628,600
 
Shanghai Pharmaceuticals Holding Co. Ltd. Class H
1,246,777
1,088,000
 
Xinyi Glass Holdings Ltd.
1,700,859
3,951,600
 
Yangzijiang Shipbuilding Holdings Ltd.
4,387,043
 
 
 
43,179,542
 
 
Denmark — 2.3%
387
 
AP Moller - Maersk AS Class A
675,222
2,065
 
AP Moller - Maersk AS Class B
3,632,235
181,400
 
Danske Bank AS*
4,416,891
71,900
 
DFDS AS
2,619,424
10,433
 
ISS AS
221,082
See accompanying Notes to the Schedule of Investments
21
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Denmark — continued
93,561
 
Jyske Bank AS*
7,114,241
63,789
 
Novo Nordisk AS, ADR
10,322,974
273,384
 
Novo Nordisk AS Class B
44,146,543
115,327
 
Novozymes AS Class B
5,370,198
47,900
 
Pandora AS
4,279,602
70,496
 
Sydbank AS
3,258,817
 
 
 
86,057,229
 
 
Finland — 0.7%
67,500
 
Konecranes Oyj
2,713,206
1,062,500
 
Nokia Oyj
4,457,988
921,454
 
Nordea Bank Abp(b)
10,024,962
349,153
 
Nordea Bank Abp(b)
3,809,311
97,800
 
TietoEVRY Oyj
2,698,974
108,800
 
Valmet Oyj(a)
3,026,878
 
 
 
26,731,319
 
 
France — 8.7%
91,933
 
Air Liquide SA
16,478,917
107,790
 
Airbus SE
15,578,765
32,000
 
Arkema SA
3,017,992
146,709
 
AXA SA
4,333,508
302,889
 
BNP Paribas SA
19,129,804
158,600
 
Bouygues SA
5,325,726
55,604
 
Capgemini SE
10,531,761
475,873
 
Carrefour SA(a)
9,016,697
98,400
 
Cie de Saint-Gobain
5,993,177
278,358
 
Cie Generale des Etablissements Michelin SCA
8,227,110
456,200
 
Credit Agricole SA
5,418,374
234,592
 
Dassault Systemes SE
10,401,335
506,456
 
Engie SA
8,422,406
110,643
 
EssilorLuxottica SA
20,935,112
52,300
 
Ipsen SA
6,292,766
68,700
 
IPSOS
3,821,322
225,621
 
Legrand SA
22,377,878
22,461
 
L'Oreal SA
10,480,124
30,527
 
LVMH Moet Hennessy Louis Vuitton SE
28,803,839
125,400
 
Metropole Television SA
1,776,482
36,500
 
Nexity SA(a)
737,443
1,822,824
 
Orange SA*
21,316,391
86,002
 
Pernod Ricard SA(a)
18,997,742
35,500
 
Quadient SA
730,628
220,900
 
Rexel SA
5,460,983
44,300
 
Societe BIC SA
2,539,300
129,400
 
Societe Generale SA
3,367,908
18,000
 
Sopra Steria Group SACA
3,590,732
219,200
 
Television Francaise 1(a)
1,505,396
933,656
 
TotalEnergies SE(a)
53,500,326
 
 
 
328,109,944
22
See accompanying Notes to the Schedule of Investments
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Georgia — 0.0%
45,361
 
Bank of Georgia Group PLC
1,687,339
 
 
Germany — 9.3%
37,564
 
adidas AG
7,284,390
20,800
 
Allianz SE
4,837,381
41,700
 
Aurubis AG
3,572,383
462,129
 
Bayer AG
25,544,571
284,258
 
Bayerische Motoren Werke AG
34,905,135
115,159
 
Beiersdorf AG
15,233,562
6,807
 
Continental AG
512,911
82,700
 
Covestro AG*
4,293,442
97,796
 
Daimler Truck Holding AG
3,520,458
97,298
 
Deutsche Boerse AG
17,966,125
355,244
 
Deutsche Lufthansa AG*
3,635,409
171,100
 
Deutsche Pfandbriefbank AG
1,251,656
334,651
 
Deutsche Post AG
16,338,826
857,862
 
Deutsche Telekom AG
18,695,344
3,323
 
Duerr AG
107,462
962,174
 
E.ON SE
12,261,950
113,400
 
Evonik Industries AG
2,155,117
23,299
 
Fresenius Medical Care AG & Co. KGaA
1,112,523
349,710
 
Fresenius SE & Co. KGaA
9,678,213
172,114
 
GEA Group AG
7,191,679
32,891
 
Henkel AG & Co. KGaA
2,314,561
541,070
 
Infineon Technologies AG
22,309,923
76,470
 
Knorr-Bremse AG
5,837,401
47,804
 
LEG Immobilien SE*
2,744,932
440,492
 
Mercedes-Benz Group AG
35,444,993
5,987
 
MTU Aero Engines AG
1,550,975
6,300
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
2,361,981
11,400
 
Rheinmetall AG
3,129,523
63,681
 
RWE AG
2,771,348
395,043
 
SAP SE
53,930,839
64,918
 
SAP SE, ADR
8,881,432
65,087
 
Symrise AG Class A
6,817,297
202,721
 
TAG Immobilien AG*
1,915,409
42,000
 
Talanx AG*
2,407,383
106,800
 
United Internet AG
1,503,536
209,438
 
Vonovia SE
4,088,425
61,811
 
Zalando SE*
1,778,058
 
 
 
349,886,553
 
 
Hong Kong — 0.6%
1,576,200
 
AIA Group Ltd.
16,081,026
15,600
 
ASMPT Ltd.
154,102
213,000
 
Pacific Basin Shipping Ltd.
64,902
9,510,000
 
Tongda Group Holdings Ltd.*
115,477
1,834,000
 
United Laboratories International Holdings Ltd.
1,534,279
See accompanying Notes to the Schedule of Investments
23
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Hong Kong — continued
9,820,000
 
WH Group Ltd. 144A
5,218,241
 
 
 
23,168,027
 
 
Hungary — 0.2%
384,700
 
MOL Hungarian Oil & Gas PLC*
3,362,038
95,800
 
Richter Gedeon Nyrt
2,359,344
 
 
 
5,721,382
 
 
India — 0.5%
691,960
 
HDFC Bank Ltd.
14,371,221
1,172,100
 
Redington Ltd.
2,664,214
 
 
 
17,035,435
 
 
Indonesia — 0.0%
7,888,300
 
Golden Agri-Resources Ltd.
1,436,879
 
 
Ireland — 1.6%
3,409,969
 
AIB Group PLC(a)
14,343,734
1,186,579
 
Bank of Ireland Group PLC
11,334,562
192,691
 
CRH PLC
10,640,849
131,460
 
Kerry Group PLC Class A
12,824,420
83,845
 
Ryanair Holdings PLC, ADR*
9,273,257
 
 
 
58,416,822
 
 
Israel — 0.4%
209,233
 
Bank Hapoalim BM
1,713,945
316,972
 
Bank Leumi Le-Israel BM
2,372,033
126,656
 
Bezeq The Israeli Telecommunication Corp. Ltd.
154,893
23,882
 
Check Point Software Technologies Ltd.*
3,000,057
42,386
 
ICL Group Ltd.
231,802
233
 
Israel Corp. Ltd.
61,441
249,942
 
Israel Discount Bank Ltd. Class A
1,241,146
47,772
 
Mizrahi Tefahot Bank Ltd.
1,594,588
13,677
 
Nice Ltd., ADR*
2,824,300
210,300
 
Teva Pharmaceutical Industries Ltd.*
1,594,989
3,581
 
Wix.com Ltd.*
280,177
 
 
 
15,069,371
 
 
Italy — 3.0%
3,024,100
 
A2A SpA(a)
5,538,838
125,182
 
Assicurazioni Generali SpA
2,549,032
64,593
 
Azimut Holding SpA(a)
1,396,029
121,310
 
Banca Mediolanum SpA
1,099,650
27,085
 
Banca Popolare di Sondrio SpA
113,177
92,178
 
Banco BPM SpA
429,075
65,697
 
BPER Banca
200,238
214,551
 
Coca-Cola HBC AG*
6,399,600
1,662,873
 
Eni SpA
23,973,380
7,282
 
Eni SpA, ADR
209,649
56,230
 
Ferrari NV
18,405,491
24
See accompanying Notes to the Schedule of Investments
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Italy — continued
3,387,194
 
Intesa Sanpaolo SpA
8,900,975
135,241
 
Iveco Group NV*
1,221,377
989,706
 
Leonardo SpA
11,242,376
340,700
 
Mediobanca Banca di Credito Finanziario SpA
4,084,832
3,369,800
 
MFE-MediaForEurope NV Class A (a)
1,879,212
501,000
 
Pirelli & C SpA*
2,480,320
262,370
 
Poste Italiane SpA(a) 144A
2,845,980
574,748
 
UniCredit SpA
13,400,775
729,363
 
Unipol Gruppo SpA
3,901,286
1,274,300
 
UnipolSai Assicurazioni SpA(a)
3,162,107
 
 
 
113,433,399
 
 
Japan — 21.6%
9,400
 
Advantest Corp.
1,257,177
40,500
 
Aeon Co. Ltd.
827,668
2,500
 
AEON REIT Investment Corp. REIT
2,692,336
247,000
 
AGC, Inc.(a)
8,874,885
37,100
 
Air Water, Inc.
514,756
4,900
 
Aisin Corp.
151,213
11,000
 
Ajinomoto Co., Inc.
437,245
52,000
 
Alpen Co. Ltd.(a)
713,209
133,800
 
Amada Co. Ltd.
1,319,225
101,000
 
Amano Corp.
2,129,954
106,600
 
Asahi Group Holdings Ltd.(a)
4,125,275
85,400
 
ASKA Pharmaceutical Holdings Co. Ltd.
856,483
343,400
 
Astellas Pharma, Inc.
5,108,668
89,200
 
Bandai Namco Holdings, Inc.
2,060,605
378,900
 
BayCurrent Consulting, Inc.
14,211,456
184,900
 
Brother Industries Ltd.
2,706,930
272,200
 
Canon, Inc.(a)
7,170,889
2,376
 
Canon, Inc., ADR
62,465
842,494
 
Chiba Bank Ltd.
5,102,823
397,100
 
Chubu Electric Power Co., Inc.
4,841,390
28,700
 
Chudenko Corp.
458,935
353,900
 
Citizen Watch Co. Ltd.
2,133,503
8,700
 
Coca-Cola Bottlers Japan Holdings, Inc.(a)
92,132
5,000
 
Cosmo Energy Holdings Co. Ltd.
136,590
261,600
 
Credit Saison Co. Ltd.
4,021,244
545,600
 
Daicel Corp.
4,887,801
354,500
 
Dai-ichi Life Holdings, Inc.
6,788,860
15,700
 
Daikin Industries Ltd.
3,199,436
118,900
 
Daiwa House Industry Co. Ltd.
3,137,250
71,400
 
Disco Corp.
11,277,056
52,800
 
Eagle Industry Co. Ltd.
643,285
275,800
 
EDION Corp.(a)
2,782,467
99,200
 
Electric Power Development Co. Ltd.
1,455,714
1,251,100
 
ENEOS Holdings, Inc.
4,279,539
16,200
 
Enplas Corp.
659,318
124,300
 
Ezaki Glico Co. Ltd.(a)
3,248,763
See accompanying Notes to the Schedule of Investments
25
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Japan — continued
73,900
 
Fast Retailing Co. Ltd.
18,940,321
286,000
 
FUJIFILM Holdings Corp.
16,957,590
582,300
 
Fujikura Ltd.
4,884,758
39,400
 
Fujitsu Ltd.
5,071,288
195,000
 
Fukuoka Financial Group, Inc.
4,018,464
87,100
 
Furukawa Co. Ltd.
947,607
28,700
 
Futaba Industrial Co. Ltd.
105,633
418,794
 
Hachijuni Bank Ltd.
1,823,731
326,100
 
Hazama Ando Corp.(a)
2,433,165
86,800
 
Hirose Electric Co. Ltd.
11,533,816
110,000
 
Hitachi Ltd.
6,796,772
132,800
 
Hokkaido Electric Power Co., Inc.*
546,146
1,236,500
 
Honda Motor Co. Ltd.
37,290,873
60,743
 
Honda Motor Co. Ltd., ADR
1,841,120
57,700
 
Horiba Ltd.(a)
3,309,281
41,200
 
Hoya Corp.
4,906,562
69,900
 
Ichinen Holdings Co. Ltd.
657,302
12,800
 
Idemitsu Kosan Co. Ltd.
256,526
477,000
 
Inpex Corp.(a)
5,310,730
256,000
 
Isuzu Motors Ltd.
3,111,614
21,400
 
Ito En Ltd.
589,491
278,700
 
ITOCHU Corp.
11,065,018
2,800
 
Iwatani Corp.
147,867
56,900
 
Jaccs Co. Ltd.
1,990,687
90,800
 
Japan Airlines Co. Ltd.
1,969,214
111,500
 
Japan Aviation Electronics Industry Ltd.
2,331,856
108,700
 
Japan Petroleum Exploration Co. Ltd.
3,251,940
587,900
 
Japan Post Holdings Co. Ltd.
4,220,309
267,800
 
Japan Post Insurance Co. Ltd.
4,019,606
3,100
 
JTEKT Corp.
28,249
12,500
 
Kaken Pharmaceutical Co. Ltd.
313,116
106,500
 
Kamigumi Co. Ltd.
2,413,520
278,400
 
Kandenko Co. Ltd.
2,238,874
70,000
 
Kaneka Corp.(a)
1,961,390
282,500
 
Kanematsu Corp.
3,949,617
6,300
 
Kansai Electric Power Co., Inc.
79,021
171,100
 
Kansai Paint Co. Ltd.
2,514,597
129,700
 
Kao Corp.(a)
4,689,880
23,700
 
Kato Sangyo Co. Ltd.
650,448
411,300
 
Kawasaki Heavy Industries Ltd.
10,544,587
142,200
 
KDDI Corp.
4,387,513
40,500
 
Keyence Corp.
19,121,383
380,500
 
Kirin Holdings Co. Ltd.(a)
5,547,720
15,500
 
Kissei Pharmaceutical Co. Ltd.
310,522
76,200
 
Kohnan Shoji Co. Ltd.
1,852,509
31,200
 
Konica Minolta, Inc.
107,431
19,086
 
Kose Corp.
1,831,633
343,600
 
K's Holdings Corp.
2,993,640
147,700
 
Kuraray Co. Ltd.(a)
1,438,009
26
See accompanying Notes to the Schedule of Investments
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Japan — continued
35,700
 
KYB Corp.
1,256,617
152,100
 
Kyocera Corp.
8,253,854
249,900
 
Lion Corp.(a)
2,325,695
3,100
 
Macnica Holdings, Inc.
129,199
564,500
 
Marubeni Corp.
9,627,785
63,400
 
Maxell Ltd.
704,874
35,000
 
Mazda Motor Corp.
341,485
1,127,200
 
Mebuki Financial Group, Inc.
2,691,002
96,700
 
Medipal Holdings Corp.
1,579,265
23,000
 
MEIJI Holdings Co. Ltd.
512,956
513,900
 
Mitsubishi Chemical Group Corp.
3,093,373
204,300
 
Mitsubishi Corp.
9,886,809
501,600
 
Mitsubishi Electric Corp.
7,037,149
196,500
 
Mitsubishi Gas Chemical Co., Inc.
2,862,884
682,200
 
Mitsubishi HC Capital, Inc.
4,058,135
89,500
 
Mitsubishi Heavy Industries Ltd.
4,180,218
38,500
 
Mitsubishi Motors Corp.
135,295
1,183,300
 
Mitsubishi UFJ Financial Group, Inc.
8,719,863
264,500
 
Mitsui & Co. Ltd.
9,935,655
92,400
 
Mitsui Chemicals, Inc.
2,726,168
505,500
 
Mitsui OSK Lines Ltd.(a)
12,076,650
51,600
 
Mixi, Inc.
959,551
613,900
 
Mizuho Financial Group, Inc.
9,354,457
91,200
 
Mizuho Leasing Co. Ltd.
2,982,096
31,500
 
Mochida Pharmaceutical Co. Ltd.
721,086
618,100
 
MonotaRO Co. Ltd.
7,863,274
131,000
 
MS&AD Insurance Group Holdings, Inc.
4,659,993
96,800
 
Murata Manufacturing Co. Ltd.
5,545,147
16,100
 
Nachi-Fujikoshi Corp.
457,960
5,800
 
Nagase & Co. Ltd.
96,263
31,800
 
NEC Corp.
1,543,588
111,900
 
NGK Insulators Ltd.
1,336,378
11,800
 
NHK Spring Co. Ltd.
86,258
207,400
 
Nippon Electric Glass Co. Ltd.(a)
3,650,141
12,400
 
NIPPON EXPRESS HOLDINGS, Inc.(a)
698,173
49,200
 
Nippon Gas Co. Ltd.
688,489
42,300
 
Nippon Sanso Holdings Corp.
917,932
126,900
 
Nippon Soda Co. Ltd.
4,571,508
324,100
 
Nippon Steel Corp.(a)
6,792,050
8,770,000
 
Nippon Telegraph & Telephone Corp.
10,374,268
216,900
 
Nippon Yusen KK(a)
4,812,064
130,000
 
Nishio Holdings Co. Ltd.
3,069,121
151,400
 
Nissan Motor Co. Ltd.
624,193
12,500
 
Nissin Foods Holdings Co. Ltd.
1,030,744
20,600
 
Niterra Co. Ltd.
409,196
42,300
 
Nitto Denko Corp.
3,130,280
1,934,900
 
Nomura Holdings, Inc.
7,331,199
302,600
 
Nomura Research Institute Ltd.
8,331,535
627,741
 
North Pacific Bank Ltd.
1,248,477
See accompanying Notes to the Schedule of Investments
27
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Japan — continued
11,000
 
NS Solutions Corp.
306,999
61,800
 
NSK Ltd.
390,207
40,300
 
Obayashi Corp.
348,632
11,100
 
Obic Co. Ltd.
1,776,628
254,400
 
Ono Pharmaceutical Co. Ltd.
4,605,070
594,400
 
ORIX Corp.
10,852,674
169,800
 
Osaka Gas Co. Ltd.
2,600,416
72,000
 
Otsuka Holdings Co. Ltd.
2,634,459
151,800
 
Panasonic Holdings Corp.
1,856,459
30,200
 
Prima Meat Packers Ltd.
454,902
73,300
 
Renesas Electronics Corp.*
1,384,883
209,500
 
Rengo Co. Ltd.
1,290,823
3,069,100
 
Resona Holdings, Inc.
14,682,225
160,500
 
Ricoh Co. Ltd.
1,368,130
35,700
 
Rohm Co. Ltd.
3,368,690
612,400
 
Rohto Pharmaceutical Co. Ltd.
13,809,615
1,500
 
Sanken Electric Co. Ltd.
141,301
2,500
 
Sankyo Co. Ltd.
101,011
53,700
 
Sankyu, Inc.
1,775,949
145,900
 
Santen Pharmaceutical Co. Ltd.
1,238,743
8,400
 
Sanyo Chemical Industries Ltd.
247,708
40,100
 
Sawai Group Holdings Co. Ltd.
1,009,904
2,500
 
SCREEN Holdings Co. Ltd.
283,494
46,700
 
Sega Sammy Holdings, Inc.
997,724
15,000
 
Seibu Holdings, Inc.
154,334
165,600
 
Seiko Epson Corp.
2,567,066
145,900
 
Seino Holdings Co. Ltd.
2,074,821
110,600
 
Sekisui Chemical Co. Ltd.
1,597,198
45,900
 
Seven & i Holdings Co. Ltd.
1,981,325
418,400
 
Shimadzu Corp.
12,931,784
197,500
 
Shin-Etsu Chemical Co. Ltd.
6,553,366
86,300
 
Shionogi & Co. Ltd.
3,640,132
378,600
 
SKY Perfect JSAT Holdings, Inc.
1,506,667
21,200
 
SMC Corp.
11,763,402
345,840
 
Sojitz Corp.
7,665,806
109,400
 
Sompo Holdings, Inc.
4,896,279
145,000
 
Subaru Corp.
2,738,859
1,010,200
 
SUMCO Corp.(a)
14,274,322
19,600
 
Sumitomo Bakelite Co. Ltd.
816,122
93,000
 
Sumitomo Chemical Co. Ltd.
282,620
252,400
 
Sumitomo Corp.
5,353,711
81,000
 
Sumitomo Electric Industries Ltd.
992,282
217,100
 
Sumitomo Forestry Co. Ltd.(a)
5,270,174
175,500
 
Sumitomo Heavy Industries Ltd.(a)
4,207,524
182,300
 
Sumitomo Mitsui Financial Group, Inc.
7,789,694
158,100
 
Sumitomo Mitsui Trust Holdings, Inc.
5,647,824
330,400
 
Sumitomo Rubber Industries Ltd.(a)
3,211,294
24,400
 
Sumitomo Seika Chemicals Co. Ltd.
757,296
22,500
 
Suntory Beverage & Food Ltd.(a)
814,530
28
See accompanying Notes to the Schedule of Investments
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Japan — continued
4,200
 
Suzuken Co. Ltd.
114,218
58,600
 
Suzuki Motor Corp.
2,125,914
18,100
 
Taisei Corp.
632,022
14,000
 
Takara Standard Co. Ltd.
178,824
231,900
 
Takeda Pharmaceutical Co. Ltd.
7,276,757
148,911
 
Takeda Pharmaceutical Co. Ltd., ADR
2,339,392
419,500
 
Teijin Ltd.
4,210,535
449,500
 
Terumo Corp.
14,272,215
29,900
 
Tohoku Electric Power Co., Inc.*
184,710
71,000
 
Tokio Marine Holdings, Inc.
1,636,610
178,300
 
Tokuyama Corp.
2,946,258
1,812,700
 
Tokyo Electric Power Co. Holdings, Inc.*
6,637,331
64,900
 
Tokyo Electron Ltd.
9,278,480
308,400
 
Tokyo Gas Co. Ltd.
6,726,622
85,000
 
Tokyo Seimitsu Co. Ltd.(a)
4,697,420
34,300
 
TOPPAN, Inc.
739,850
113,400
 
Toray Industries, Inc.
632,488
51,500
 
Tosoh Corp.
609,559
54,000
 
Towa Pharmaceutical Co. Ltd.
664,788
54,200
 
Toyo Ink SC Holdings Co. Ltd.(a)
819,259
8,100
 
Toyo Seikan Group Holdings Ltd.
119,437
240,400
 
Toyo Suisan Kaisha Ltd.
10,826,066
13,000
 
Toyota Tsusho Corp.
647,872
70,500
 
Trend Micro, Inc.
3,408,489
251,500
 
TS Tech Co. Ltd.
3,181,152
16,600
 
Tsubakimoto Chain Co.
423,760
13,300
 
UACJ Corp.
252,647
126,300
 
UBE Corp.
2,167,000
143,200
 
Ushio, Inc.
1,930,950
25,700
 
Valor Holdings Co. Ltd.
356,850
26,900
 
Warabeya Nichiyo Holdings Co. Ltd.
414,807
4,200
 
Yakult Honsha Co. Ltd.
265,667
233,500
 
Yamaha Motor Co. Ltd.(a)
6,717,165
36,200
 
Yamaichi Electronics Co. Ltd.
599,379
273,600
 
Yokogawa Electric Corp.
5,012,693
192,600
 
Yokohama Rubber Co. Ltd.(a)
4,231,051
 
 
 
811,383,158
 
 
Malaysia — 0.1%
1,152,700
 
Tenaga Nasional Bhd
2,232,389
 
 
Malta — 0.0%
14,746
 
Kindred Group PLC, SDR
156,862
 
 
Netherlands — 5.2%
287,500
 
ABN AMRO Bank NV CVA, GDR
4,470,949
8,329
 
Adyen NV*(a)
14,428,301
666,700
 
Aegon NV
3,376,021
52,610
 
ASML Holding NV
38,075,871
See accompanying Notes to the Schedule of Investments
29
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Netherlands — continued
19,619
 
ASML Holding NV, ADR NYRS
14,218,870
76,928
 
ASR Nederland NV
3,459,435
97,347
 
Euronext NV
6,620,169
11,954
 
Heineken Holding NV
1,039,212
354,041
 
ING Groep NV
4,780,297
318,100
 
Koninklijke Ahold Delhaize NV
10,848,348
313,837
 
NN Group NV
11,643,063
39,200
 
Randstad NV
2,065,526
585,583
 
Shell PLC(b)
17,622,794
1,160,192
 
Shell PLC(b)
34,579,841
241,967
 
Shell PLC, ADR
14,609,967
109,602
 
Wolters Kluwer NV
13,914,150
 
 
 
195,752,814
 
 
Norway — 0.4%
100,400
 
Austevoll Seafood ASA
695,013
172,500
 
DNB Bank ASA
3,231,052
113,576
 
Equinor ASA
3,305,524
29,191
 
Equinor ASA, ADR
852,669
20,143
 
Kongsberg Gruppen ASA
917,987
196,900
 
Mowi ASA
3,130,618
85,044
 
Norsk Hydro ASA
506,429
399,807
 
Orkla ASA
2,876,558
45,195
 
Telenor ASA
459,009
 
 
 
15,974,859
 
 
Philippines — 0.0%
468,180
 
Vista Land & Lifescapes, Inc.
14,439
 
 
Portugal — 0.2%
290,426
 
Banco Comercial Portugues SA Class R *
69,679
380,930
 
Galp Energia SGPS SA(a)
4,453,166
16,514
 
Jeronimo Martins SGPS SA
455,214
1,891,900
 
Sonae SGPS SA
1,860,697
 
 
 
6,838,756
 
 
Russia — 0.0%
3,792,080
 
Gazprom PJSC(c)(d)(e)
98,298
113,778
 
LUKOIL PJSC(c)(d)(e)
63,309
8,430
 
MMC Norilsk Nickel PJSC*(c)(d)(e)
18,838
18,119
 
Novatek PJSC(c)(d)(e)
2,490
169,349
 
Rosneft Oil Co. PJSC(c)(d)(e)
5,677
1,092,670
 
Sberbank of Russia PJSC(c)(d)(e)
15,871
296,674
 
Tatneft PJSC(c)(d)(e)
12,198
 
 
 
216,681
 
 
Singapore — 0.2%
390,100
 
Genting Singapore Ltd.
270,508
90,700
 
Jardine Cycle & Carriage Ltd.
2,339,377
259,300
 
United Overseas Bank Ltd.
5,371,532
30
See accompanying Notes to the Schedule of Investments
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Singapore — continued
112,800
 
Venture Corp. Ltd.
1,231,163
 
 
 
9,212,580
 
 
South Africa — 0.3%
17,400
 
Anglo American Platinum Ltd.
783,861
379,068
 
Anglo American PLC
10,755,887
1,003,000
 
Old Mutual Ltd.(a)
649,260
91,344
 
Tiger Brands Ltd.(a)
808,375
 
 
 
12,997,383
 
 
South Korea — 1.3%
101,210
 
Doosan Bobcat, Inc.
4,527,499
1,496
 
Hyundai Mobis Co. Ltd.
265,227
17,844
 
Hyundai Motor Co.
2,807,652
143,403
 
Kia Corp.
9,669,798
503,127
 
Samsung Electronics Co. Ltd.
27,730,568
72,400
 
SK Telecom Co. Ltd.
2,557,617
 
 
 
47,558,361
 
 
Spain — 2.4%
161,629
 
Amadeus IT Group SA*
12,320,539
384,863
 
Banco Bilbao Vizcaya Argentaria SA
2,967,027
48,347
 
Banco Bilbao Vizcaya Argentaria SA, ADR
371,305
4,105,191
 
Banco Santander SA
15,229,462
102,501
 
Banco Santander SA, ADR
380,278
3,140,297
 
CaixaBank SA
13,023,097
349,727
 
Cellnex Telecom SA*
14,175,394
1,328,664
 
Iberdrola SA
17,351,670
20,191
 
Let's GOWEX SA*(c)(d)
—
1,599,120
 
Mapfre SA(a)
3,179,904
885,118
 
Repsol SA(a)
12,867,267
 
 
 
91,865,943
 
 
Sweden — 2.0%
13,641
 
Betsson AB Class B *
145,088
129,900
 
Boliden AB
3,754,469
339,427
 
Epiroc AB Class A
6,419,826
451,427
 
Essity AB Class B
11,997,898
537,896
 
H & M Hennes & Mauritz AB Class B
9,236,910
869,534
 
Hexagon AB Class B
10,690,871
490,442
 
Securitas AB Class B (a)
4,022,046
370,500
 
SKF AB Class B
6,442,805
313,995
 
Svenska Cellulosa AB SCA Class B
3,999,543
242,800
 
Swedbank AB Class A
4,094,584
2,292,411
 
Telia Co. AB
5,019,979
390,400
 
Volvo AB Class B
8,085,698
 
 
 
73,909,717
 
 
Switzerland — 5.7%
76,200
 
Adecco Group AG
2,488,329
See accompanying Notes to the Schedule of Investments
31
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Switzerland — continued
8,200
 
Bucher Industries AG
3,619,074
264
 
Chocoladefabriken Lindt & Spruengli AG
3,317,755
116,108
 
Cie Financiere Richemont SA Class A
19,709,277
122,788
 
DSM-Firmenich AG*
13,211,440
10,698
 
Geberit AG
5,603,467
2,363
 
Givaudan SA
7,842,618
25,000
 
Helvetia Holding AG
3,385,708
198,824
 
Julius Baer Group Ltd.
12,542,034
18,615
 
Landis & Gyr Group AG*
1,598,449
34,545
 
Lonza Group AG
20,639,169
392,860
 
Novartis AG
39,668,066
44,167
 
Schindler Holding AG
10,365,940
105,775
 
SGS SA
9,994,800
55,583
 
Sika AG
15,905,103
25,598
 
Swatch Group AG
1,407,670
28,351
 
Swatch Group AG Bearer Shares
8,313,096
13,800
 
Swiss Life Holding AG
8,077,792
1,311,582
 
UBS Group AG
26,696,891
 
 
 
214,386,678
 
 
Taiwan — 1.3%
1,758,000
 
ASE Technology Holding Co. Ltd.
6,270,540
1,513,000
 
Chipbond Technology Corp.
3,073,261
1,714,000
 
Compeq Manufacturing Co. Ltd.
2,449,964
780,000
 
Hon Hai Precision Industry Co. Ltd.
2,839,008
95,000
 
MediaTek, Inc.
2,108,731
201,000
 
Novatek Microelectronics Corp.
2,769,136
512,000
 
Taiwan Semiconductor Manufacturing Co. Ltd.
9,541,288
157,259
 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
15,870,578
2,199,000
 
United Microelectronics Corp.
3,451,270
 
 
 
48,373,776
 
 
Thailand — 0.0%
10,006,800
 
Quality Houses PCL Class F
621,444
 
 
Turkey — 0.3%
663,400
 
BIM Birlesik Magazalar AS
4,346,263
280,700
 
Coca-Cola Icecek AS
2,845,102
383,195
 
Enerjisa Enerji AS 144A
517,994
161,943
 
Haci Omer Sabanci Holding AS
287,205
564,485
 
Turk Hava Yollari AO*
4,224,072
468,860
 
Turkiye Garanti Bankasi AS
580,087
211,559
 
Turkiye Is Bankasi AS Class C
114,796
 
 
 
12,915,519
 
 
United Kingdom — 9.8%
397,907
 
3i Group PLC
9,892,229
180,900
 
Associated British Foods PLC
4,593,348
179,810
 
AstraZeneca PLC
25,783,068
504,900
 
Aviva PLC
2,547,417
32
See accompanying Notes to the Schedule of Investments
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
United Kingdom — continued
827,033
 
B&M European Value Retail SA
5,868,553
485,400
 
BAE Systems PLC
5,733,291
482,200
 
Balfour Beatty PLC
2,091,976
4,950,607
 
Barclays PLC
9,680,498
558,142
 
Barclays PLC, ADR
4,386,996
280,200
 
Barratt Developments PLC
1,472,543
54,979
 
Bellway PLC
1,393,049
3,103,056
 
BP PLC
18,199,665
591,463
 
BP PLC, ADR
20,872,729
235,600
 
British American Tobacco PLC
7,824,685
1,821,700
 
BT Group PLC
2,837,295
2,196,700
 
Centrica PLC
3,463,115
759,500
 
CK Hutchison Holdings Ltd.
4,648,485
325,300
 
CNH Industrial NV
4,700,911
67,301
 
Coca-Cola Europacific Partners PLC
4,336,203
555,190
 
Compass Group PLC
15,546,991
529,600
 
Crest Nicholson Holdings PLC
1,270,946
48,071
 
Croda International PLC
3,439,230
992,500
 
Currys PLC
660,226
414,006
 
Diageo PLC
17,778,074
368,312
 
Hiscox Ltd.
5,120,490
2,746,400
 
HSBC Holdings PLC
21,468,074
647,328
 
IMI PLC
13,541,238
229,500
 
Imperial Brands PLC
5,080,741
151,235
 
Intertek Group PLC
8,217,784
1,581,400
 
J Sainsbury PLC
5,419,461
1,885,900
 
Kingfisher PLC
5,554,165
7,342,700
 
Lloyds Banking Group PLC
4,074,913
121,648
 
Lloyds Banking Group PLC, ADR
267,626
175,198
 
London Stock Exchange Group PLC
18,584,908
515,100
 
Man Group PLC
1,430,380
1,541,300
 
Marks & Spencer Group PLC*
3,774,770
1,868,480
 
Melrose Industries PLC
12,040,642
681,500
 
Mitchells & Butlers PLC*
1,768,362
4,786,447
 
NatWest Group PLC
14,711,708
328,544
 
Ocado Group PLC*(a)
2,376,116
542,990
 
Paragon Banking Group PLC
3,679,571
7,455
 
Playtech PLC*
55,920
568,456
 
QinetiQ Group PLC
2,559,425
167,650
 
Reckitt Benckiser Group PLC
12,603,964
332,100
 
Redrow PLC
1,863,389
192,666
 
RELX PLC(b)
6,430,013
87,667
 
RELX PLC(b)
2,922,599
32,882
 
RELX PLC, ADR
1,099,245
1,442,490
 
Rentokil Initial PLC
11,278,889
523,712
 
Smith & Nephew PLC
8,459,520
46,764
 
Spirax-Sarco Engineering PLC
6,166,294
114,695
 
Standard Chartered PLC
1,001,334
1,350,500
 
Taylor Wimpey PLC
1,765,920
See accompanying Notes to the Schedule of Investments
33
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
United Kingdom — continued
1,767,600
 
Tesco PLC
5,591,615
125,400
 
Vistry Group PLC
1,056,429
 
 
 
368,987,028
 
 
United States — 9.3%
74,581
 
Agilent Technologies, Inc.
8,968,365
78,507
 
Analog Devices, Inc.
15,293,949
20,374
 
ANSYS, Inc.*
6,728,921
103,202
 
Bruker Corp.
7,628,692
101,340
 
Cadence Design Systems, Inc.*
23,766,257
100,980
 
CSL Ltd.
18,672,209
412,221
 
Experian PLC
15,856,674
969,504
 
GSK PLC
17,144,204
520,618
 
GSK PLC, ADR
18,554,826
2,633,017
 
Haleon PLC
10,847,234
111,400
 
Holcim AG*
7,493,051
53,530
 
ICON PLC, ADR*
13,393,206
81,612
 
Janus Henderson Group PLC
2,223,927
674,400
 
JBS SA
2,440,925
236,060
 
Nestle SA
28,416,548
163,232
 
Roche Holding AG
49,905,266
43,248
 
Roche Holding AG, ADR
1,652,074
201,096
 
Sanofi
21,554,148
78,979
 
Sanofi, ADR
4,256,968
307,407
 
Schneider Electric SE
56,019,926
155,300
 
Signify NV
4,353,930
255,527
 
Stellantis NV(b)
4,490,390
177,711
 
Stellantis NV(b)
3,127,625
38,431
 
Stellantis NV(b)
674,080
39,890
 
Swiss Re AG
4,018,548
70,070
 
Tenaris SA
1,048,314
72,563
 
Tenaris SA, ADR
2,173,262
 
 
 
350,703,519
 
 
TOTAL COMMON STOCKS (COST $3,426,141,288)
3,622,277,669
 
Shares
 
Description
Value ($)
 
 
INVESTMENT COMPANIES — 0.3%
 
 
United States — 0.3%
2,742
 
iShares MSCI EAFE ETF
198,795
267,196
 
iShares MSCI Eurozone ETF
12,242,921
 
 
TOTAL INVESTMENT COMPANIES (COST $10,595,202)
12,441,716
 
34
See accompanying Notes to the Schedule of Investments
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
PREFERRED STOCKS — 0.9%
 
 
Brazil — 0.2%
1,162,400
 
Petroleo Brasileiro SA, 16.50%
7,115,604
 
 
Germany — 0.6%
5,781
 
Bayerische Motoren Werke AG, 8.22%
657,198
15,947
 
Henkel AG & Co. KGaA, 2.52%
1,274,517
61,000
 
Porsche Automobil Holding SE, 4.64%
3,668,399
414,900
 
Schaeffler AG, 7.91%
2,554,829
105,214
 
Volkswagen AG, 22.62%
14,109,503
 
 
 
22,264,446
 
 
South Korea — 0.1%
44,830
 
Samsung Electronics Co. Ltd., 1.82%
2,034,605
 
 
TOTAL PREFERRED STOCKS (COST $39,496,558)
31,414,655
 
 
 
WARRANT — 0.0%
 
 
Switzerland — 0.0%
82,702
 
Cie Financiere Richemont SA Expires 11/22/23*
114,164
 
 
TOTAL WARRANT (COST $—)
114,164
 
Par Value ($)
 
Description
Value ($)
 
 
SHORT-TERM INVESTMENT — 2.8%
 
 
Mutual Fund - Securities Lending Collateral — 2.8%
106,743,834
 
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.03%(f)(g)
106,743,834
 
 
TOTAL SHORT-TERM INVESTMENT (COST $106,743,834)
106,743,834
 
 
TOTAL INVESTMENTS — 100.2%
(Cost $3,582,976,882)
3,772,992,038
 
 
Other Assets and Liabilities (net) — (0.2)%
(8,368,093)
 
 
NET ASSETS — 100.0%
$3,764,623,945
 
 
Notes to Schedule of Investments:
*
Non-income producing security.
(a)
All or a portion of this security is out on loan.
(b)
Securities are traded on separate exchanges for the same entity.   
(c)
Level 3 - significant unobservable inputs were used in determining the value of this security in
the Fund.
(d)
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 $216,681 which represents 0.0% of net assets.  The
aggregate tax cost of these securities held at June 30, 2023 was $30,137,646.
(e)
Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total
market value of the securities at period end is $216,681 which represents 0.0% of net assets. The
aggregate cost of these securities held at June 30, 2023 was $29,569,045.
See accompanying Notes to the Schedule of Investments
35
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
(f)
The rate disclosed is the 7-day net yield as of June 30, 2023.
(g)
Represents an investment of securities lending cash collateral.
144A
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities
may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The total market value of the securities at period end is $9,287,391 which represents 0.2% of net
assets.
Futures Contracts 
Number of
Contracts
Description
Expiration Date
Notional
Value
Market Value/
Unrealized
Appreciation
(Depreciation)
Buy
 
 
403
MSCI EAFE Index
Sep 2023
$43,433,325
$336,168
 
Abbreviations
ADR
—
American Depository Receipt
CVA
—
Certificaten Van Aandelen
GDR
—
Global Depository Receipt
NYRS
—
New York Registry Shares
REIT
—
Real Estate Investment Trust
SDR
—
Swedish Depository Receipt
36
See accompanying Notes to the Schedule of Investments
Mercer Non-US Core Equity Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
 
Industry Sector Summary (Unaudited)
% of Net Assets
Consumer, Non-cyclical
23.0
Financial
16.3
Industrial
15.2
Consumer, Cyclical
13.4
Technology
9.9
Energy
7.4
Basic Materials
6.6
Communications
3.3
Utilities
2.0
Investment Companies
0.3
Diversified
0.0*
Short-Term Investment
2.8
Other Assets and Liabilities (net)
(0.2)
 
100.0%
 
*
Amount rounds to zero.
See accompanying Notes to the Schedule of Investments
37
Mercer Core Fixed Income Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2023 (Unaudited)
 
Par Value(a)
 
Description
Value ($)
 
 
DEBT OBLIGATIONS — 99.1%
 
 
Asset Backed Securities — 10.6%
251,000
 
ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, 3.20%, due 12/20/30
144A
234,101
2,829,000
 
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, due 08/15/46 144A
2,477,266
2,660,000
 
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75%, due
08/15/27
2,580,680
4,928
 
AmeriCredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, due 02/18/25
4,922
122,046
 
AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, due 04/18/25
121,535
330,781
 
AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, due 07/18/25
327,631
400,000
 
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, due 01/19/27
365,710
400,000
 
AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, due 08/18/27
361,425
700,000
 
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C, 5.80%, due 12/18/28
693,968
345,000
 
AMSR Trust, Series 2020-SFR4, Class A, 1.36%, due 11/17/37 144A
311,631
1,350,000
 
AMSR Trust, Series 2021-SFR1, Class A, 1.95%, due 06/17/38(b) 144A
1,140,065
1,529,000
 
AMSR Trust, Series 2021-SFR2, Class A, 1.53%, due 08/17/38 144A
1,342,748
2,742,000
 
AMSR Trust, Series 2022-SFR3, Class A, 4.00%, due 10/17/39 144A
2,555,483
313,000
 
Applebee's Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2, 7.82%, due
03/05/53 144A
309,137
198,758
 
Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 07/17/46 144A
175,703
927,765
 
Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A
821,074
547,388
 
ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, due 08/15/28 144A
544,508
3,206,639
 
Atlas Static Senior Loan Fund CLO I Ltd., Series 2022-1A, Class A, 7.59% (3 mo. USD
Term SOFR + 2.60%), due 07/15/30(c) 144A
3,210,166
866,000
 
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, due
03/20/26 144A
818,342
610,000
 
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, due
08/20/26 144A
567,816
1,838,000
 
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, due 04/15/28
1,830,280
2,500,000
EUR
Barings Euro CLO DAC, Series 2015-1A, Class ARR, 4.24% (3 mo. EUR EURIBOR +
0.98%), due 07/25/35(c) 144A
2,631,689
1,250,000
EUR
BNPP AM Euro CLO DAC, Series 2018-1A, Class AR, 3.78% (3 mo. EUR EURIBOR
+ 0.60%), due 04/15/31(c) 144A
1,327,529
291,366
 
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A, 3.28%, due
09/26/33 144A
273,965
3,021,000
 
Capital One Multi-Asset Execution Trust, Series 2023-A1, Class A, 4.42%, due 05/15/28
2,971,526
1,750,000
EUR
Carlyle Global Market Strategies Euro CLO Ltd., Series 2014-2A, Class AR1, 4.07% (3
mo. EUR EURIBOR + 0.75%), due 11/15/31(c) 144A
1,867,701
405,000
 
CarMax Auto Owner Trust, Series 2020-4, Class C, 1.30%, due 08/17/26
376,528
300,000
 
CarMax Auto Owner Trust, Series 2021-2, Class C, 1.34%, due 02/16/27
274,461
310,000
 
CarMax Auto Owner Trust, Series 2021-3, Class C, 1.25%, due 05/17/27
278,928
300,000
 
CarMax Auto Owner Trust, Series 2021-4, Class C, 1.38%, due 07/15/27
268,874
400,000
 
CarMax Auto Owner Trust, Series 2022-1, Class C, 2.20%, due 11/15/27
365,799
200,000
 
CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, due 07/17/28
180,767
496,000
 
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, due 02/15/50 144A
462,042
1,558,750
 
CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A
1,400,390
993,340
 
CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.53%, due 03/15/61 144A
861,930
2,456,574
 
CIFC Funding CLO Ltd., Series 2014-2RA, Class A1, 6.32% (3 mo. USD LIBOR +
1.05%), due 04/24/30(c) 144A
2,441,547
2,280,000
 
CIFC Funding CLO Ltd., Series 2015-1A, Class ARR, 6.38% (3 mo. USD LIBOR +
1.11%), due 01/22/31(c) 144A
2,259,040
1,200,000
 
Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30
1,145,017
38
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Asset Backed Securities — continued
938,943
 
CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A
814,390
752,617
 
CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64%, due 02/18/46 144A
642,468
644,550
 
CLI Funding VIII LLC, Series 2022-1A, Class A1, 2.72%, due 01/18/47 144A
548,730
145,623
 
Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42
144A
131,817
2,250,000
 
Crown City CLO I, Series 2020-1A, Class A1AR, 6.44% (3 mo. USD LIBOR + 1.19%),
due 07/20/34(c) 144A
2,204,802
2,165,000
 
Crown Point CLO 11 Ltd., Series 2021-11A, Class A, 6.38% (3 mo. USD LIBOR +
1.12%), due 01/17/34(c) 144A
2,136,665
486,000
 
CyrusOne Data Centers Issuer I LLC, Series 2023-1A, Class A2, 4.30%, due 04/20/48
144A
434,697
449,000
 
DataBank Issuer, Series 2021-1A, Class A2, 2.06%, due 02/27/51 144A
394,070
85,275
 
DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A
78,213
1,306,110
 
DB Master Finance LLC, Series 2021-1A, Class A23, 2.79%, due 11/20/51 144A
1,038,112
1,402,640
 
DB Master Finance LLC, Series 2021-1A, Class A2I, 2.05%, due 11/20/51 144A
1,225,004
152,000
 
Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, due 04/15/49
144A
132,537
980,662
 
Domino's Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47
144A
905,428
3,522,120
 
Domino's Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, due 04/25/51
144A
2,994,915
598,230
 
Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A
515,895
683,590
 
Driven Brands Funding LLC, Series 2021-1A, Class A2, 2.79%, due 10/20/51 144A
563,423
207,708
 
FirstKey Homes Trust, Series 2020-SFR1, Class A, 1.34%, due 08/17/37 144A
188,612
167,592
 
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, due 10/19/37 144A
150,554
573,559
 
FirstKey Homes Trust, Series 2021-SFR1, Class A, 1.54%, due 08/17/38 144A
502,517
531,000
 
FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, due 08/17/38 144A
456,904
543,720
 
Five Guys Funding LLC, Series 2017-1A, Class A2, 4.60%, due 07/25/47 144A
531,727
305,000
 
Ford Credit Auto Owner Trust, Series 2020-C, Class C, 1.04%, due 05/15/28
282,988
300,000
 
Ford Credit Auto Owner Trust, Series 2022-A, Class C, 2.14%, due 07/15/29
274,970
2,282,000
 
Ford Credit Auto Owner Trust, Series 2022-B, Class A4, 3.93%, due 08/15/27
2,215,155
1,800,000
 
Ford Credit Auto Owner Trust, Series 2023-B, Class B, 5.56%, due 03/15/29
1,791,981
2,135,000
 
Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A1, 4.92%, due
05/15/28 144A
2,114,233
1,296,165
 
Generate CLO 2 Ltd., Series 2A, Class AR, 6.42% (3 mo. USD LIBOR + 1.15%), due
01/22/31(c) 144A
1,286,576
3,500,000
 
Generate CLO 4 Ltd., Series 4A, Class A1R, 6.34% (3 mo. USD LIBOR + 1.09%), due
04/20/32(c) 144A
3,469,627
300,000
 
GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class C, 1.04%,
due 05/17/27
280,935
2,973,000
 
GMF Floorplan Owner Revolving Trust, Series 2023-2, Class A, 5.34%, due 06/17/30
144A
2,966,712
595,000
 
Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, 3.21%, due
01/22/29 144A
554,917
564,000
 
Golub Capital Partners ABS Funding Ltd., Series 2021-1A, Class A2, 2.77%, due
04/20/29 144A
520,210
2,500,000
EUR
Grosvenor Place CLO DAC, Series 2022-1A, Class A, 5.41% (3 mo. EUR EURIBOR +
2.00%), due 11/24/35(c) 144A
2,726,674
596,000
 
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, due 02/01/62 144A
545,203
175,294
 
Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32 144A
168,824
71,536
 
Home Equity Asset Trust, Series 2003-8, Class M1, 6.23% (1 mo. USD LIBOR +
1.08%), due 04/25/34(c)
69,444
See accompanying Notes to the Schedule of Investments
39
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Asset Backed Securities — continued
2,000,000
EUR
Invesco Euro CLO I DAC, Series 1A, Class A1R, 3.83% (3 mo. EUR EURIBOR +
0.65%), due 07/15/31(c) 144A
2,129,082
239,488
 
Jack in the Box Funding LLC, Series 2019-1A, Class A23, 4.97%, due 08/25/49 144A
215,527
627,900
 
Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.45%, due 02/26/52 144A
558,097
167,130
 
JPMorgan Chase Bank NA - CACLN, Series 2021-3, Class B, 0.76%, due 02/26/29
144A
159,190
15,775
 
Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42
144A
15,537
2,528,000
EUR
Madison Park Euro Funding CLO XIV DAC, Series 14A, Class A1R, 3.98% (3 mo.
EUR EURIBOR + 0.80%), due 07/15/32(c) 144A
2,689,472
4,865,000
 
Madison Park Funding CLO XXXIII Ltd., Series 2019-33A, Class AR, 6.28% (3 mo.
USD Term SOFR + 1.29%), due 10/15/32(c) 144A
4,802,952
2,000,000
 
Madison Park Funding CLO XXXVIII Ltd., Series 2021-38A, Class A, 6.38% (3 mo.
USD LIBOR + 1.12%), due 07/17/34(c) 144A
1,964,962
375,000
 
MetroNet Infrastructure Issuer LLC, Series 2023-1A, Class A2, 6.56%, due 04/20/53
144A
365,408
1,195,682
 
MidOcean Credit CLO III, Series 2014-3A, Class A1R, 6.38% (3 mo. USD LIBOR +
1.12%), due 04/21/31(c) 144A
1,183,240
52,398
 
Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC10, Class M1, 6.17% (1 mo.
USD LIBOR + 1.02%), due 10/25/33(c)
51,710
13,436
 
Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC7, Class M1, 6.20% (1 mo.
USD LIBOR + 1.05%), due 06/25/33(c)
13,367
36,502
 
MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/36 144A
35,522
60,357
 
Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/45
144A
58,297
294,849
 
Navient Private Education Refi Loan Trust, Series 2019-FA, Class A2, 2.60%, due
08/15/68 144A
270,632
319,060
 
Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, due
01/15/69 144A
288,453
89,945
 
Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A
75,844
919,240
 
Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, due 04/30/51 144A
770,608
514,488
 
Neighborly Issuer LLC, Series 2022-1A, Class A2, 3.70%, due 01/30/52 144A
421,600
139,382
 
New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.44% (1 mo. USD
LIBOR + 0.72%), due 10/25/33(c) 144A
133,902
1,045,000
 
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, due
10/20/61 144A
891,801
296,000
 
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, due
10/20/61 144A
247,200
2,643,000
 
NextGear Floorplan Master Owner Trust, Series 2022-1A, Class A2, 2.80%, due
03/15/27 144A
2,508,665
1,500,000
 
Northwoods Capital CLO 22 Ltd., Series 2020-22A, Class AR, 6.73% (3 mo. USD Term
SOFR + 1.45%), due 09/01/31(c) 144A
1,481,193
107,461
 
NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A, 3.10%, due
07/25/26 144A
95,817
1,810,410
 
Oak Street Investment Grade Net Lease Fund, Series 2021-1A, Class A1, 1.48%, due
01/20/51 144A
1,588,073
721,876
 
Oak Street Investment Grade Net Lease Fund, Series 2021-2A, Class A1, 2.38%, due
11/20/51 144A
628,110
2,435,000
 
OCP CLO Ltd., Series 2015-9A, Class A1R2, 6.24% (3 mo. USD Term SOFR + 1.25%),
due 01/15/33(c) 144A
2,390,610
1,000,000
 
OFSI BSL XI CLO Ltd., Series 2022-11A, Class A1, 7.08% (3 mo. USD Term SOFR +
2.10%), due 07/18/31(c) 144A
997,774
58,359
 
Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, due 02/15/27 144A
58,069
40
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Asset Backed Securities — continued
1,925,401
 
OZLM Funding IV CLO Ltd., Series 2013-4A, Class A1R, 6.52% (3 mo. USD LIBOR
+ 1.25%), due 10/22/30(c) 144A
1,915,778
618,790
 
OZLM XI CLO Ltd., Series 2015-11A, Class A1R, 6.55% (3 mo. USD LIBOR +
1.25%), due 10/30/30(c) 144A
615,774
2,000,000
 
Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class A1AR, 6.25% (3
mo. USD LIBOR + 1.00%), due 10/20/31(c) 144A
1,970,780
2,492,000
 
PFS Financing Corp., Series 2022-A, Class A, 2.47%, due 02/15/27 144A
2,358,324
1,325,776
 
Progress Residential Trust, Series 2019-SFR4, Class A, 2.69%, due 10/17/36 144A
1,271,766
1,014,458
 
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, due 04/17/37 144A
941,932
1,351,940
 
Progress Residential Trust, Series 2021-SFR2, Class A, 1.55%, due 04/19/38 144A
1,203,633
316,000
 
Progress Residential Trust, Series 2021-SFR8, Class B, 1.68%, due 10/17/38 144A
274,427
1,566,822
 
Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, due 04/17/27 144A
1,414,086
3,218
 
Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 5.43%, due 08/25/35
3,149
725,000
 
Romark CLO II Ltd., Series 2018-2A, Class A1, 6.43% (3 mo. USD LIBOR + 1.18%),
due 07/25/31(c) 144A
716,611
58,673
 
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, due 01/15/26
58,441
810,000
 
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35%, due 07/15/27
765,776
692,647
 
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, due 09/15/27
678,522
900,000
 
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, due 02/16/27
865,331
600,000
 
Santander Drive Auto Receivables Trust, Series 2022-1, Class C, 2.56%, due 04/17/28
573,306
1,550,000
 
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, Class C, 4.74%, due
10/16/28
1,502,027
200,000
 
Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.09%, due 05/15/30
194,971
635,250
 
Sesac Finance LLC, Series 2019-1, Class A2, 5.22%, due 07/25/49 144A
598,284
313,059
 
Silver Creek CLO Ltd., Series 2014-1A, Class AR, 6.49% (3 mo. USD LIBOR +
1.24%), due 07/20/30(c) 144A
311,687
377,772
 
SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.84%, due 06/15/37
144A
351,898
108,621
 
SMB Private Education Loan Trust, Series 2020-PTA, Class A2A, 1.60%, due 09/15/54
144A
96,390
57,955
 
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07%, due 01/15/53
144A
49,592
616,037
 
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A
559,877
621,923
 
Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, due 08/20/51 144A
500,711
474,749
 
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, due 02/25/44 144A
467,596
547,000
 
Stack Infrastructure Issuer LLC, Series 2019-2A, Class A2, 3.08%, due 10/25/44 144A
519,064
2,178,000
 
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, due 03/26/46 144A
1,908,692
214,933
 
Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A
178,829
1,226,325
 
Taco Bell Funding LLC, Series 2021-1A, Class A2I, 1.95%, due 08/25/51 144A
1,057,832
1,864,605
 
Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.29%, due 08/25/51 144A
1,535,956
3,000,000
 
TCW CLO Ltd., Series 2019-2A, Class A1R, 6.33% (3 mo. USD Term SOFR + 1.28%),
due 10/20/32(c) 144A
2,956,794
346,948
 
TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, due 02/20/46 144A
287,444
4,000,000
 
Tikehau U.S. CLO IV Ltd., Series 2023-1A, Class A1, 7.47% (3 mo. USD Term SOFR
+ 2.20%), due 07/15/34(c) 144A
4,002,884
2,860,000
 
Toyota Auto Receivables Owner Trust, Series 2023-A, Class A3, 4.63%, due 09/15/27
2,821,800
1,523,558
 
Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.75%, due 03/17/38 144A
1,410,134
2,663,416
 
Tricon Residential Trust, Series 2022-SFR2, Class A, 4.85%, due 07/17/40 144A
2,573,933
1,500,000
 
Trimaran Cavu CLO Ltd., Series 2021-1A, Class A, 6.48% (3 mo. USD LIBOR +
1.21%), due 04/23/32(c) 144A
1,479,219
See accompanying Notes to the Schedule of Investments
41
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Asset Backed Securities — continued
829,083
 
Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45
144A
711,625
679,350
 
Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, due 03/20/46
144A
571,118
1,246,838
 
U.S. Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33
1,173,644
804,068
 
U.S. Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33
759,701
1,071,769
 
U.S. Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34
1,001,714
434,617
 
U.S. Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34
405,920
352,265
 
U.S. Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34
324,873
1,941,254
 
U.S. Small Business Administration, Series 2019-25F, Class 1, 2.77%, due 06/01/44
1,706,426
805,384
 
U.S. Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45
660,843
2,426,899
 
U.S. Small Business Administration, Series 2022-25D, Class 1, 3.50%, due 04/01/47
2,231,665
1,653,099
 
U.S. Small Business Administration, Series 2022-25E, Class 1, 3.94%, due 05/01/47
1,562,312
2,661,982
 
U.S. Small Business Administration, Series 2022-25G, Class 1, 3.93%, due 07/01/47
2,529,583
2,254,344
 
U.S. Small Business Administration, Series 2022-25J, Class 1, 5.04%, due 10/01/47
2,280,908
1,800,000
 
U.S. Small Business Administration, Series 2023-25D, Class 1, 4.48%, due 04/01/48
1,760,192
2,985,000
 
U.S. Small Business Administration, Series 2023-25E, Class 1, 4.62%, due 05/01/48
2,954,122
2,931,000
 
U.S. Small Business Administration, Series 2023-25F, Class 1, 4.93%, due 06/01/48
2,930,788
2,527,000
 
Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, due 09/15/45 144A
2,267,105
1,314,000
 
Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A
1,108,098
500,000
 
Venture XIX CLO Ltd., Series 2014-19A, Class ARR, 6.52% (3 mo. USD LIBOR +
1.26%), due 01/15/32(c) 144A
492,956
2,372,000
 
Verizon Master Trust, Series 2021-2, Class A, 0.99%, due 04/20/28
2,233,230
581,633
 
VR Funding LLC, Series 2020-1A, Class A, 2.79%, due 11/15/50 144A
506,083
500,000
 
Wellfleet CLO Ltd., Series 2018-3A, Class A1A, 6.50% (3 mo. USD LIBOR + 1.25%),
due 01/20/32(c) 144A
493,481
523,995
 
Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A
487,099
2,160,900
 
Wendy's Funding LLC, Series 2021-1A, Class A2I, 2.37%, due 06/15/51 144A
1,793,678
153,693
 
Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A
128,718
158,612
 
World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, due 12/15/25
157,389
200,000
 
World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, due 11/15/27
181,312
564,938
 
Zaxby's Funding LLC, Series 2021-1A, Class A2, 3.24%, due 07/30/51 144A
472,624
 
 
 
178,013,024
 
 
Corporate Debt — 33.1%
225,000
 
1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A
205,899
960,000
 
1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 144A
822,751
1,636,000
 
AbbVie, Inc., 3.20%, due 11/21/29
1,480,440
300,000
 
AbbVie, Inc., 3.80%, due 03/15/25
291,832
65,000
 
AbbVie, Inc., 4.05%, due 11/21/39
56,626
400,000
 
AbbVie, Inc., 4.25%, due 11/21/49(d)
345,509
3,053,000
 
AbbVie, Inc., 4.50%, due 05/14/35
2,902,381
1,035,000
 
AbbVie, Inc., 4.55%, due 03/15/35
986,419
260,000
 
AbbVie, Inc., 4.70%, due 05/14/45
237,727
445,000
 
AbbVie, Inc., 4.75%, due 03/15/45
407,355
200,000
 
Abu Dhabi National Energy Co. PJSC, 2.00%, due 04/29/28 144A
178,139
272,000
 
AdaptHealth LLC, 5.13%, due 03/01/30 144A
220,584
1,340,000
 
Advocate Health & Hospitals Corp., 2.21%, due 06/15/30
1,125,514
125,000
 
AECOM, 5.13%, due 03/15/27
121,070
400,000
 
AEP Texas, Inc., 3.80%, due 10/01/47
303,430
42
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
315,000
 
AEP Transmission Co. LLC, 3.80%, due 06/15/49
252,738
642,000
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, due 01/30/26
576,721
2,001,000
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, due 10/29/26
1,788,738
980,000
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, due 10/29/28
848,127
2,100,000
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26
2,007,254
388,491
 
AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A
332,111
370,000
 
Aetna, Inc., 4.75%, due 03/15/44
328,201
197,000
 
Affinity Interactive, 6.88%, due 12/15/27 144A
173,537
600,714
 
Air Canada Pass-Through Trust, 3.60%, due 09/15/28 144A
558,428
199,750
 
Air Canada Pass-Through Trust, 3.70%, due 07/15/27 144A
185,588
206,183
 
Air Canada Pass-Through Trust, 4.13%, due 11/15/26 144A
192,864
301,000
 
Air Canada Pass-Through Trust, 10.50%, due 07/15/26 144A
323,428
388,000
 
Air Lease Corp., 2.10%, due 09/01/28
322,615
413,000
 
Air Lease Corp., 3.63%, due 12/01/27
377,174
340,000
 
Air Lease Corp., (MTN), 2.88%, due 01/15/26
314,718
1,177,000
 
Aker BP ASA, 2.00%, due 07/15/26(d) 144A
1,057,533
337,000
 
Aker BP ASA, 3.10%, due 07/15/31 144A
279,096
2,050,000
 
Aker BP ASA, 3.75%, due 01/15/30 144A
1,823,785
1,062,000
 
Aker BP ASA, 4.00%, due 01/15/31 144A
944,931
251,528
 
Alaska Airlines Pass-Through Trust, 8.00%, due 02/15/27 144A
251,750
300,000
 
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, due
03/15/29 144A
259,982
292,000
 
Albion Financing 1 Sarl/Aggreko Holdings, Inc., 6.13%, due 10/15/26(d) 144A
274,765
2,895,000
 
Alexandria Real Estate Equities, Inc. REIT, 2.00%, due 05/18/32(d)
2,189,472
228,866
 
Alfa Desarrollo SpA, 4.55%, due 09/27/51 144A
168,149
847,000
 
Ally Financial, Inc., 5.13%, due 09/30/24
831,335
505,000
 
Ally Financial, Inc., 6.99% (SOFR + 3.26%), due 06/13/29(c)
499,183
416,000
 
Ally Financial, Inc., 7.10%, due 11/15/27
419,954
215,000
 
Altria Group, Inc., 3.40%, due 05/06/30
189,916
3,340,000
 
Amazon.com, Inc., 4.10%, due 04/13/62
2,879,014
1,780,000
 
Ameren Illinois Co., 4.95%, due 06/01/33
1,766,975
361,053
 
American Airlines Pass-Through Trust, 2.88%, due 01/11/36
302,565
553,446
 
American Airlines Pass-Through Trust, 3.15%, due 08/15/33
483,215
77,341
 
American Airlines Pass-Through Trust, 3.25%, due 04/15/30
65,607
1,290,465
 
American Airlines Pass-Through Trust, 3.38%, due 11/01/28
1,158,630
544,236
 
American Airlines Pass-Through Trust, 3.50%, due 08/15/33
444,601
156,083
 
American Airlines Pass-Through Trust, 3.58%, due 07/15/29
144,820
320,742
 
American Airlines Pass-Through Trust, 3.60%, due 04/15/31
271,108
352,870
 
American Airlines Pass-Through Trust, 3.65%, due 08/15/30
325,480
201,511
 
American Airlines Pass-Through Trust, 3.85%, due 08/15/29
171,813
586,370
 
American Airlines Pass-Through Trust, 3.95%, due 01/11/32
511,773
271,930
 
American Airlines Pass-Through Trust, 4.00%, due 08/15/30
235,960
535,911
 
American Airlines Pass-Through Trust, 4.10%, due 07/15/29
476,698
302,000
 
American Homes 4 Rent LP REIT, 4.25%, due 02/15/28
284,555
448,000
 
American Tower Corp. REIT, 1.60%, due 04/15/26
402,014
475,000
 
American Tower Corp. REIT, 3.55%, due 07/15/27
440,553
984,000
 
American Tower Corp. REIT, 3.80%, due 08/15/29
898,887
2,047,000
 
American Tower Trust #1 REIT, 5.49%, due 03/15/28 144A
2,051,475
420,000
 
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, due 05/20/25
405,878
See accompanying Notes to the Schedule of Investments
43
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
415,000
 
AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, due 08/20/26
390,723
630,000
 
AmerisourceBergen Corp., 2.80%, due 05/15/30
547,149
1,665,000
 
Amgen, Inc., 2.80%, due 08/15/41(d)
1,177,801
202,000
 
Amgen, Inc., 5.25%, due 03/02/30
202,557
645,000
 
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, due 02/01/36
627,803
3,718,000
 
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due
02/01/46(d)
3,556,760
410,000
 
Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48
380,966
387,000
 
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, due 06/15/29
144A
359,980
550,000
 
Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.88%, due 05/15/26
144A
558,328
114,000
 
Antero Resources Corp., 5.38%, due 03/01/30 144A
105,642
1,000,000
 
Apple, Inc., 3.85%, due 08/04/46
881,009
770,000
 
Apple, Inc., 4.10%, due 08/08/62
674,762
980,000
 
AptarGroup, Inc., 3.60%, due 03/15/32
841,513
2,015,000
 
Aptiv PLC/Aptiv Corp., 3.25%, due 03/01/32(d)
1,725,916
418,000
 
APX Group, Inc., 5.75%, due 07/15/29 144A
363,366
225,000
 
Aquarion Co., 4.00%, due 08/15/24 144A
220,335
774,000
 
Ares Capital Corp., 2.15%, due 07/15/26
671,772
509,000
 
Ares Capital Corp., 2.88%, due 06/15/28
421,545
305,000
 
Ares Capital Corp., 3.25%, due 07/15/25
282,275
568,000
 
Ares Capital Corp., 3.88%, due 01/15/26
527,034
181,000
 
Ares Capital Corp., 4.20%, due 06/10/24
176,733
75,000
 
Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A
66,655
280,000
 
Asbury Automotive Group, Inc., 4.75%, due 03/01/30
249,119
710,000
 
Ascension Health, 2.53%, due 11/15/29(d)
611,016
150,000
 
Ascension Health, 3.11%, due 11/15/39
117,445
551,000
 
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29 144A
492,143
322,000
 
Ashtead Capital, Inc., 2.45%, due 08/12/31 144A
252,922
390,000
 
Ashtead Capital, Inc., 4.38%, due 08/15/27 144A
366,992
3,369,000
 
AT&T, Inc., 2.30%, due 06/01/27
3,031,572
247,000
 
AT&T, Inc., 2.55%, due 12/01/33
194,098
814,000
 
AT&T, Inc., 3.50%, due 06/01/41
625,684
2,345,000
 
AT&T, Inc., 3.50%, due 09/15/53
1,661,724
595,000
 
AT&T, Inc., 3.65%, due 09/15/59
414,674
305,000
 
AT&T, Inc., 4.50%, due 05/15/35
280,550
700,000
 
AT&T, Inc., 6.72% (3 mo. USD LIBOR + 1.18%), due 06/12/24(c)
706,189
346,000
 
Athene Holding Ltd., 3.50%, due 01/15/31
286,327
262,627
 
Atlantica Transmision Sur SA, 6.88%, due 04/30/43 144A
249,168
228,000
 
Autodesk, Inc., 2.85%, due 01/15/30
200,049
538,000
 
AutoNation, Inc., 4.75%, due 06/01/30
503,439
1,939,000
 
Aviation Capital Group LLC, 6.38%, due 07/15/30 144A
1,924,528
1,300,000
 
Bacardi Ltd., 4.70%, due 05/15/28 144A
1,258,106
1,037,000
 
BAE Systems PLC, 3.40%, due 04/15/30 144A
938,689
696,000
 
BAE Systems Holdings, Inc., 3.85%, due 12/15/25 144A
667,862
175,000
 
Ball Corp., 3.13%, due 09/15/31(d)
144,165
450,000
 
Ball Corp., 6.00%, due 06/15/29
447,188
200,000
 
Banco Santander SA, 1.85%, due 03/25/26
179,078
634,000
 
Banco Santander SA, 4.38%, due 04/12/28
598,438
44
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
265,000
 
Bank of America Corp., 1.66% (SOFR + 0.91%), due 03/11/27(c)
238,596
1,310,000
 
Bank of America Corp., 2.30% (SOFR + 1.22%), due 07/21/32(c)
1,048,152
1,015,000
 
Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31(c)
852,637
4,019,000
 
Bank of America Corp., 2.69% (SOFR + 1.32%), due 04/22/32(c)
3,332,378
910,000
 
Bank of America Corp., 3.85% (5 yr. CMT + 2.00%), due 03/08/37(c)
778,732
1,177,000
 
Bank of America Corp., 4.24% (3 mo. USD Term SOFR + 2.08%), due 04/24/38(c)
1,034,678
495,000
 
Bank of America Corp., 5.13% (3 mo. USD Term SOFR + 3.55%)(c)(e)
481,536
1,056,000
 
Bank of America Corp., 6.30% (3 mo. USD Term SOFR + 4.81%)(c)(d)(e)
1,058,376
2,790,000
 
Bank of America Corp., (MTN), 2.09% (SOFR + 1.06%), due 06/14/29(c)
2,382,164
2,330,000
 
Bank of America Corp., (MTN), 2.50% (3 mo. USD Term SOFR + 1.25%), due
02/13/31(c)
1,951,909
230,000
 
Bank of America Corp., (MTN), 2.88% (3 mo. USD Term SOFR + 1.45%), due
10/22/30(c)
198,205
744,000
 
Bank of America Corp., (MTN), 3.25%, due 10/21/27
693,687
1,145,000
 
Bank of America Corp., (MTN), 3.59% (3 mo. USD Term SOFR + 1.63%), due
07/21/28(c)
1,065,274
783,000
 
Bank of America Corp., (MTN), 3.95%, due 04/21/25
758,619
310,000
 
Bank of America Corp., (MTN), 4.27% (3 mo. USD Term SOFR + 1.57%), due
07/23/29(c)
294,356
159,000
 
Bank of America Corp., (MTN), 4.33% (3 mo. USD Term SOFR + 1.78%), due
03/15/50(c)
136,935
2,545,000
 
Bank of America Corp., (MTN), 4.95% (SOFR + 2.04%), due 07/22/28(c)
2,501,508
1,265,000
 
Barclays PLC, 3.93% (3 mo. USD LIBOR + 1.61%), due 05/07/25(c)
1,236,680
576,000
 
Barclays PLC, 4.38% (5 yr. CMT + 3.41%)(c)(e)
392,774
400,000
 
Barclays PLC, 4.97% (3 mo. USD LIBOR + 1.90%), due 05/16/29(c)
378,374
1,382,000
 
Barclays PLC, 5.30% (1 yr. CMT + 2.30%), due 08/09/26(c)
1,348,667
325,000
 
Barclays PLC, 8.00% (5 yr. CMT + 5.43%)(c)(e)
291,168
590,000
 
BAT Capital Corp., 3.56%, due 08/15/27
542,899
270,000
 
Bayer U.S. Finance II LLC, 4.20%, due 07/15/34 144A
238,804
335,000
 
Beacon Roofing Supply, Inc., 4.13%, due 05/15/29(d) 144A
296,842
605,000
 
Berkshire Hathaway Energy Co., 3.70%, due 07/15/30(d)
557,179
85,000
 
Berkshire Hathaway Energy Co., 5.95%, due 05/15/37
87,703
1,712,000
 
Berkshire Hathaway Energy Co., 6.13%, due 04/01/36
1,787,697
1,858,000
 
Blackstone Holdings Finance Co. LLC, 1.63%, due 08/05/28 144A
1,537,853
1,015,000
 
Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A
582,592
542,000
 
Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A
493,588
746,000
 
Blackstone Private Credit Fund, 2.35%, due 11/22/24
697,371
483,000
 
Blackstone Private Credit Fund, 2.70%, due 01/15/25
450,819
118,000
 
Blackstone Private Credit Fund, 3.25%, due 03/15/27
102,084
677,000
 
Blackstone Private Credit Fund, 4.00%, due 01/15/29
574,662
190,000
 
Block, Inc., 3.50%, due 06/01/31(d)
157,612
404,000
 
BlueLinx Holdings, Inc., 6.00%, due 11/15/29 144A
353,955
945,000
 
BNP Paribas SA, 1.68% (SOFR + 0.91%), due 06/30/27(c) 144A
833,662
260,000
 
BNP Paribas SA, 2.16% (SOFR + 1.22%), due 09/15/29(c) 144A
216,776
200,000
 
BNP Paribas SA, 2.22% (SOFR + 2.07%), due 06/09/26(c)(d) 144A
185,072
1,035,000
 
BNP Paribas SA, 3.13% (SOFR + 1.56%), due 01/20/33(c) 144A
850,091
280,000
 
BNP Paribas SA, 9.25% (5 yr. CMT + 4.97%)(c)(e) 144A
289,272
210,000
 
BOC Aviation USA Corp., 1.63%, due 04/29/24 144A
202,646
2,545,000
 
Boeing Co., 2.20%, due 02/04/26
2,336,893
362,000
 
Boeing Co., 3.20%, due 03/01/29
323,905
See accompanying Notes to the Schedule of Investments
45
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
270,000
 
Boeing Co., 3.90%, due 05/01/49
206,633
325,000
 
Boeing Co., 3.95%, due 08/01/59(d)
240,331
1,070,000
 
Boeing Co., 5.04%, due 05/01/27
1,057,466
4,034,000
 
Boeing Co., 5.15%, due 05/01/30
3,997,696
470,000
 
Boeing Co., 5.81%, due 05/01/50(d)
468,683
598,000
 
Booking Holdings, Inc., 4.63%, due 04/13/30
583,115
645,000
 
BPCE SA, 4.50%, due 03/15/25 144A
619,316
282,000
 
Braskem Idesa SAPI, 6.99%, due 02/20/32(d) 144A
182,930
657,000
 
Braskem Netherlands Finance BV, 5.88%, due 01/31/50 144A
531,525
155,000
 
Bristol-Myers Squibb Co., 4.13%, due 06/15/39
141,464
136,962
 
British Airways Pass-Through Trust, 4.13%, due 03/20/33 144A
121,834
146,276
 
British Airways Pass-Through Trust, 4.25%, due 05/15/34 144A
133,691
136,014
 
British Airways Pass-Through Trust, 4.63%, due 12/20/25 144A
134,344
91,312
 
British Airways Pass-Through Trust, 8.38%, due 11/15/28 144A
92,124
1,055,000
 
Brixmor Operating Partnership LP REIT, 2.50%, due 08/16/31
820,272
584,000
 
Broadcom, Inc., 3.14%, due 11/15/35 144A
448,172
1,950,000
 
Broadcom, Inc., 3.19%, due 11/15/36 144A
1,474,814
1,719,000
 
Broadcom, Inc., 3.42%, due 04/15/33 144A
1,438,323
2,566,000
 
Broadcom, Inc., 4.11%, due 09/15/28
2,425,992
510,000
 
Broadcom, Inc., 4.75%, due 04/15/29
493,699
440,000
 
Broadcom, Inc., 4.93%, due 05/15/37 144A
398,449
1,521,000
 
Brookfield Finance, Inc., 2.72%, due 04/15/31(d)
1,247,125
212,000
 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due
06/15/29 144A
170,029
482,000
 
Builders FirstSource, Inc., 4.25%, due 02/01/32 144A
419,973
42,000
 
Builders FirstSource, Inc., 5.00%, due 03/01/30 144A
39,313
305,000
 
Builders FirstSource, Inc., 6.38%, due 06/15/32 144A
303,359
450,000
 
C&W Senior Financing DAC, 6.88%, due 09/15/27 144A
393,030
357,000
 
Caesars Entertainment, Inc., 7.00%, due 02/15/30 144A
358,835
750,000
 
Calpine Corp., 3.75%, due 03/01/31 144A
608,304
509,000
 
Canadian Pacific Railway Co., 6.13%, due 09/15/15(f)
527,094
556,000
 
Cantor Fitzgerald LP, 4.88%, due 05/01/24 144A
544,113
2,095,000
 
Capital One Financial Corp., 3.30%, due 10/30/24
2,013,958
221,000
 
Capital One Financial Corp., 4.93% (SOFR + 2.06%), due 05/10/28(c)
209,850
153,000
 
CCM Merger, Inc., 6.38%, due 05/01/26 144A
148,592
210,000
 
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A
190,055
184,000
 
CDW LLC/CDW Finance Corp., 3.25%, due 02/15/29
157,823
450,000
 
CDW LLC/CDW Finance Corp., 5.50%, due 12/01/24
447,449
204,000
 
Celulosa Arauco y Constitucion SA, 3.88%, due 11/02/27
187,653
450,000
 
Cemex SAB de CV, 3.88%, due 07/11/31 144A
379,194
369,000
 
Cemex SAB de CV, 5.20%, due 09/17/30 144A
345,543
145,000
 
Cenovus Energy, Inc., 3.75%, due 02/15/52
102,791
360,000
 
Cenovus Energy, Inc., 5.40%, due 06/15/47
326,413
163,000
 
Centene Corp., 2.45%, due 07/15/28
139,483
584,000
 
Centene Corp., 3.00%, due 10/15/30
487,206
279,000
 
Centene Corp., 3.38%, due 02/15/30
240,035
335,000
 
CenterPoint Energy, Inc., 3.70%, due 09/01/49
252,615
332,000
 
Century Communities, Inc., 3.88%, due 08/15/29 144A
288,105
643,000
 
Charles Schwab Corp., 5.64% (SOFR + 2.21%), due 05/19/29(c)
643,014
46
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
165,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.30%, due 02/01/32
125,000
990,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.80%, due 04/01/31
796,982
540,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.90%, due 06/01/52
353,850
1,022,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.20%, due 03/15/28
958,542
1,929,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.80%, due 03/01/50
1,457,014
325,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
5.38%, due 05/01/47
268,947
1,167,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
5.75%, due 04/01/48
999,947
3,009,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
6.38%, due 10/23/35
2,934,571
1,455,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
6.48%, due 10/23/45
1,368,844
869,000
 
Cheniere Energy Partners LP, 4.00%, due 03/01/31
766,101
797,000
 
Cheniere Energy Partners LP, 4.50%, due 10/01/29
732,169
643,000
 
Chevron Corp., 2.00%, due 05/11/27
584,243
407,000
 
Choice Hotels International, Inc., 3.70%, due 12/01/29
351,428
303,000
 
Choice Hotels International, Inc., 3.70%, due 01/15/31
256,251
1,935,000
 
Cigna Group, 3.40%, due 03/01/27
1,824,009
525,000
 
Citigroup, Inc., 2.56% (SOFR + 1.17%), due 05/01/32(c)
428,901
1,103,000
 
Citigroup, Inc., 3.20%, due 10/21/26
1,033,211
4,776,000
 
Citigroup, Inc., 3.40%, due 05/01/26
4,544,642
625,000
 
Citigroup, Inc., 3.52% (3 mo. USD Term SOFR + 1.41%), due 10/27/28(c)
580,976
340,000
 
Citigroup, Inc., 3.67% (3 mo. USD Term SOFR + 1.65%), due 07/24/28(c)
318,100
1,840,000
 
Citigroup, Inc., 3.89% (3 mo. USD Term SOFR + 1.82%), due 01/10/28(c)
1,744,802
1,400,000
 
Citigroup, Inc., 4.08% (3 mo. USD Term SOFR + 1.45%), due 04/23/29(c)
1,319,215
258,000
 
Citigroup, Inc., 4.40%, due 06/10/25
250,733
440,000
 
Citigroup, Inc., 4.41% (SOFR + 3.91%), due 03/31/31(c)
413,933
1,092,000
 
Citigroup, Inc., 4.60%, due 03/09/26
1,057,775
3,059,000
 
Citigroup, Inc., 4.70% (SOFR + 3.23%)(c)(d)(e)
2,635,023
639,000
 
Citigroup, Inc., 6.17% (SOFR + 2.66%), due 05/25/34(c)
644,915
746,000
 
Citigroup, Inc., 6.25% (3 mo. USD Term SOFR + 4.78%)(c)(e)
735,951
1,095,000
 
Citizens Financial Group, Inc., 3.25%, due 04/30/30(d)
895,936
247,000
 
CNA Financial Corp., 2.05%, due 08/15/30
197,789
230,000
 
CNO Financial Group, Inc., 5.25%, due 05/30/25
226,059
890,000
 
CNO Financial Group, Inc., 5.25%, due 05/30/29
843,001
111,000
 
CNX Resources Corp., 7.38%, due 01/15/31(d) 144A
108,126
18,000
 
Comcast Corp., 2.89%, due 11/01/51
12,078
429,000
 
Comcast Corp., 3.30%, due 04/01/27
405,937
1,307,000
 
Comcast Corp., 3.40%, due 04/01/30
1,201,706
5,000
 
Comcast Corp., 3.97%, due 11/01/47
4,147
5,000
 
Comcast Corp., 6.50%, due 11/15/35
5,609
1,090,000
 
Comision Federal de Electricidad, 4.69%, due 05/15/29 144A
982,231
969,000
 
CommonSpirit Health, 2.76%, due 10/01/24
933,043
357,000
 
CommonSpirit Health, 4.19%, due 10/01/49
289,984
350,000
 
Commonwealth Edison Co., 4.00%, due 03/01/48
293,114
See accompanying Notes to the Schedule of Investments
47
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
250,000
 
Consensus Cloud Solutions, Inc., 6.50%, due 10/15/28 144A
213,975
95,000
 
Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56
77,271
350,000
 
Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45
305,613
385,000
 
Constellation Brands, Inc., 2.25%, due 08/01/31
314,841
352,000
 
Continental Resources, Inc., 4.90%, due 06/01/44
273,850
419,000
 
Coruripe Netherlands BV, 10.00%, due 02/10/27 144A
266,777
751,000
 
CoStar Group, Inc., 2.80%, due 07/15/30 144A
620,352
970,000
 
Cox Communications, Inc., 2.60%, due 06/15/31 144A
792,223
3,921,000
 
Cox Communications, Inc., 3.35%, due 09/15/26 144A
3,673,740
410,000
 
Credit Agricole SA, 2.81%, due 01/11/41 144A
271,301
1,069,000
 
Credit Agricole SA, 3.25%, due 01/14/30 144A
913,906
490,000
 
Credit Agricole SA, 7.88% (5 yr. USD Swap + 4.90%)(c)(e) 144A
485,891
861,000
 
Credit Suisse AG, 7.95%, due 01/09/25
878,904
328,000
 
Crown Castle, Inc. REIT, 3.80%, due 02/15/28
306,051
270,000
 
CSC Holdings LLC, 3.38%, due 02/15/31(d) 144A
183,022
347,000
 
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25(d) 144A
332,749
102,000
 
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A
97,811
164,000
 
CVS Health Corp., 3.75%, due 04/01/30
150,530
635,000
 
CVS Health Corp., 4.78%, due 03/25/38
586,375
581,000
 
CVS Health Corp., 5.05%, due 03/25/48
535,947
130,000
 
CVS Health Corp., 5.13%, due 07/20/45
120,344
124,000
 
CVS Health Corp., 5.25%, due 01/30/31
123,650
343,000
 
CVS Health Corp., 5.30%, due 06/01/33
342,637
1,001,666
 
CVS Pass-Through Trust, 5.77%, due 01/10/33 144A
964,110
524,851
 
CVS Pass-Through Trust, 6.94%, due 01/10/30
535,036
1,486,231
 
CVS Pass-Through Trust, 7.51%, due 01/10/32 144A
1,550,965
181,000
 
DAE Funding LLC, 2.63%, due 03/20/25 144A
170,407
445,000
 
Dana, Inc., 4.50%, due 02/15/32(d)
369,848
585,000
 
Danske Bank AS, 6.47% (1 yr. CMT + 2.10%), due 01/09/26(c) 144A
583,928
624,000
 
DaVita, Inc., 3.75%, due 02/15/31 144A
499,704
611,000
 
DaVita, Inc., 4.63%, due 06/01/30 144A
525,208
127,000
 
Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A
115,849
250,000
 
Dell International LLC/EMC Corp., 4.90%, due 10/01/26
248,339
496,000
 
Dell International LLC/EMC Corp., 5.30%, due 10/01/29
492,689
1,188,255
 
Delta Air Lines Pass-Through Trust, 2.00%, due 12/10/29
1,047,135
538,000
 
Delta Air Lines, Inc., 4.38%, due 04/19/28(d)
506,171
741,525
 
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, due 10/20/28 144A
720,387
547,000
 
Deutsche Bank AG, 2.31% (SOFR + 1.22%), due 11/16/27(c)
470,453
753,000
 
Deutsche Bank AG, 3.74% (6 mo. USD SOFR + 2.26%), due 01/07/33(c)
552,729
427,000
 
Diamondback Energy, Inc., 3.13%, due 03/24/31(d)
365,962
865,000
 
Diamondback Energy, Inc., 3.25%, due 12/01/26
813,149
373,000
 
Digital Realty Trust LP REIT, 3.60%, due 07/01/29(d)
331,718
1,121,000
 
Digital Realty Trust LP REIT, 3.70%, due 08/15/27
1,031,076
208,000
 
Discover Financial Services, 4.10%, due 02/09/27
193,139
180,000
 
Dominion Energy, Inc., 2.85%, due 08/15/26
166,415
391,000
 
Dominion Energy, Inc., 3.38%, due 04/01/30
350,125
278,000
EUR
DP World Ltd., 2.38%, due 09/25/26 144A
286,564
355,000
 
DPL, Inc., 4.13%, due 07/01/25(d)
338,478
850,000
 
DTE Electric Co., 2.25%, due 03/01/30
726,654
48
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
1,410,898
 
DTE Electric Securitization Funding I LLC, 2.64%, due 12/01/27
1,332,318
2,290,000
 
DTE Energy Co., 1.05%, due 06/01/25
2,098,443
411,000
 
Duke Energy Carolinas LLC, 3.95%, due 03/15/48
336,070
145,000
 
Duke Energy Corp., 2.45%, due 06/01/30
121,911
435,000
 
Duke Energy Florida LLC, 3.40%, due 10/01/46
325,654
220,000
 
Duke Energy Ohio, Inc., 5.25%, due 04/01/33
221,744
200,000
 
Duke Energy Progress LLC, 3.70%, due 10/15/46
156,108
797,000
 
eBay, Inc., 2.70%, due 03/11/30
685,027
428,000
 
Ecopetrol SA, 6.88%, due 04/29/30
390,769
790,000
 
Ecopetrol SA, 8.63%, due 01/19/29(g)
792,804
207,000
 
Edgewell Personal Care Co., 4.13%, due 04/01/29 144A
180,840
212,000
 
Edgewell Personal Care Co., 5.50%, due 06/01/28 144A
200,616
575,000
 
Edison International, 5.25%, due 11/15/28
559,977
546,000
 
EIG Pearl Holdings Sarl, 3.55%, due 08/31/36 144A
466,822
190,000
 
El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32(d)
218,104
409,000
 
Electricite de France SA, 9.13% (5 yr. CMT + 5.41%)(c)(e) 144A
420,444
300,000
 
Elevance Health, Inc., 3.60%, due 03/15/51
229,771
15,000
 
Elevance Health, Inc., 5.10%, due 01/15/44
14,268
47,000
 
Embraer Netherlands Finance BV, 5.05%, due 06/15/25
46,330
250,000
 
Embraer Overseas Ltd., 5.70%, due 09/16/23 144A
249,538
708,000
 
Emera U.S. Finance LP, 3.55%, due 06/15/26
669,885
496,000
 
Emerald Debt Merger Sub LLC, 6.63%, due 12/15/30 144A
492,280
577,000
 
Enbridge, Inc., 5.50% (3 mo. USD LIBOR + 3.42%), due 07/15/77(c)
514,595
740,000
 
Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80(c)
669,178
572,000
 
Enbridge, Inc., 6.25% (3 mo. USD LIBOR + 3.64%), due 03/01/78(c)
527,315
166,000
 
Encompass Health Corp., 4.63%, due 04/01/31(d)
147,368
380,000
 
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, due 01/30/28 144A
372,054
385,000
 
Energean Israel Finance Ltd., 4.50%, due 03/30/24(h) 144A
381,283
550,000
 
Energean Israel Finance Ltd., 4.88%, due 03/30/26(h) 144A
511,874
268,000
 
Energean Israel Finance Ltd., 5.38%, due 03/30/28(h) 144A
242,342
245,000
 
Energean Israel Finance Ltd., 5.88%, due 03/30/31(h) 144A
214,648
382,000
 
Energy Transfer LP, 4.20%, due 04/15/27
364,992
720,000
 
Energy Transfer LP, 5.15%, due 03/15/45
621,880
580,000
 
Energy Transfer LP, 5.25%, due 04/15/29
566,606
150,000
 
Energy Transfer LP, 5.30%, due 04/01/44
130,237
590,000
 
Energy Transfer LP, 5.30%, due 04/15/47
513,976
847,000
 
Energy Transfer LP, 5.40%, due 10/01/47
747,737
1,772,000
 
Energy Transfer LP, 5.50%, due 06/01/27
1,763,570
720,000
 
Energy Transfer LP, 6.25%, due 04/15/49
703,979
1,047,000
 
Energy Transfer LP, 6.50% (5 yr. CMT + 5.69%)(c)(e)
953,629
603,000
 
Energy Transfer LP, 7.13% (5 yr. CMT + 5.31%)(c)(e)
512,804
327,000
 
Enova International, Inc., 8.50%, due 09/15/25 144A
318,796
1,450,000
 
Enterprise Products Operating LLC, 4.90%, due 05/15/46
1,338,147
1,189,000
 
Enterprise Products Operating LLC, 5.25% (3 mo. USD Term SOFR + 3.29%), due
08/16/77(c)
1,042,703
100,000
 
EQM Midstream Partners LP, 7.50%, due 06/01/27 144A
101,054
66,000
 
EQM Midstream Partners LP, 7.50%, due 06/01/30 144A
66,850
375,000
 
Equifax, Inc., 5.10%, due 12/15/27
371,121
925,000
 
Essex Portfolio LP REIT, 1.70%, due 03/01/28
781,182
See accompanying Notes to the Schedule of Investments
49
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
1,320,000
 
Eversource Energy, 2.90%, due 10/01/24
1,271,001
2,050,000
 
Eversource Energy, 2.90%, due 03/01/27
1,890,134
1,416,000
 
Exelon Corp., 3.35%, due 03/15/32
1,231,642
285,000
 
Exelon Corp., 4.70%, due 04/15/50
252,263
1,478,000
 
Exelon Corp., 5.10%, due 06/15/45
1,370,802
345,000
 
Expedia Group, Inc., 2.95%, due 03/15/31(d)
291,091
669,000
 
Expedia Group, Inc., 4.63%, due 08/01/27
648,939
173,000
 
Extra Space Storage LP REIT, 5.70%, due 04/01/28
172,988
1,000,000
 
Fairfax Financial Holdings Ltd., 5.63%, due 08/16/32
966,729
600,000
 
Falabella SA, 4.38%, due 01/27/25 144A
583,368
2,378,000
 
Ferguson Finance PLC, 3.25%, due 06/02/30 144A
2,066,533
2,130,000
 
Ferguson Finance PLC, 4.50%, due 10/24/28 144A
2,043,093
319,000
 
Fifth Third Bancorp, 8.57% (3 mo. USD LIBOR + 3.03%)(c)(d)(e)
287,131
601,000
 
First Quantum Minerals Ltd., 6.88%, due 10/15/27 144A
587,186
260,000
 
First Quantum Minerals Ltd., 7.50%, due 04/01/25 144A
260,042
274,000
 
First Quantum Minerals Ltd., 8.63%, due 06/01/31 144A
281,160
274,000
 
FirstEnergy Corp., 2.65%, due 03/01/30
231,330
157,000
 
FirstEnergy Corp., 3.40%, due 03/01/50
108,396
2,365,000
 
Florida Power & Light Co., 2.45%, due 02/03/32
1,991,479
350,000
 
Flowserve Corp., 3.50%, due 10/01/30
298,981
910,000
 
FMC Corp., 5.15%, due 05/18/26
895,778
266,000
 
Ford Motor Co., 3.25%, due 02/12/32
209,503
310,000
 
Ford Motor Co., 4.75%, due 01/15/43
238,658
313,000
 
Ford Motor Credit Co. LLC, 4.00%, due 11/13/30
267,766
766,000
 
Ford Motor Credit Co. LLC, 4.13%, due 08/17/27
700,158
920,000
 
Ford Motor Credit Co. LLC, 5.11%, due 05/03/29
854,104
1,167,000
 
Ford Motor Credit Co. LLC, 6.80%, due 05/12/28
1,169,336
529,000
 
Foundry JV Holdco LLC, 5.88%, due 01/25/34 144A
527,524
623,000
 
Freeport-McMoRan, Inc., 4.25%, due 03/01/30
574,678
474,000
 
Freeport-McMoRan, Inc., 4.63%, due 08/01/30
447,053
754,000
 
Freeport-McMoRan, Inc., 5.45%, due 03/15/43
704,081
1,036,000
 
Fresenius Medical Care U.S. Finance III, Inc., 2.38%, due 02/16/31 144A
786,658
213,000
 
Full House Resorts, Inc., 8.25%, due 02/15/28 144A
199,555
1,913,000
 
GA Global Funding Trust, 3.85%, due 04/11/25 144A
1,822,935
165,000
 
Gap, Inc., 3.63%, due 10/01/29 144A
116,762
260,000
 
Gap, Inc., 3.88%, due 10/01/31 144A
178,326
613,000
 
Gartner, Inc., 4.50%, due 07/01/28 144A
573,223
458,000
 
GCI LLC, 4.75%, due 10/15/28 144A
391,031
570,000
 
General Motors Co., 5.00%, due 04/01/35
517,108
756,000
 
General Motors Co., 5.40%, due 10/15/29(d)
737,706
283,000
 
General Motors Co., 5.40%, due 04/01/48
243,437
610,000
 
General Motors Co., 6.25%, due 10/02/43
597,218
2,916,000
 
General Motors Financial Co., Inc., 2.40%, due 10/15/28
2,470,959
1,060,000
 
General Motors Financial Co., Inc., 2.70%, due 06/10/31
846,140
605,000
 
General Motors Financial Co., Inc., 2.90%, due 02/26/25
574,391
495,000
 
General Motors Financial Co., Inc., 3.10%, due 01/12/32(d)
400,611
1,619,000
 
General Motors Financial Co., Inc., 3.60%, due 06/21/30
1,400,241
878,000
 
General Motors Financial Co., Inc., 6.00%, due 01/09/28
885,651
320,000
 
Georgia Power Co., 4.95%, due 05/17/33
316,037
50
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
427,000
 
Global Infrastructure Solutions, Inc., 5.63%, due 06/01/29 144A
348,499
465,000
 
Globo Comunicacao e Participacoes SA, 4.88%, due 01/22/30 144A
370,611
299,000
 
GLP Capital LP/GLP Financing II, Inc. REIT, 3.25%, due 01/15/32
241,722
271,000
 
GLP Capital LP/GLP Financing II, Inc. REIT, 4.00%, due 01/15/30
235,108
1,259,000
 
GLP Capital LP/GLP Financing II, Inc. REIT, 4.00%, due 01/15/31
1,089,615
709,000
 
GLP Capital LP/GLP Financing II, Inc. REIT, 5.38%, due 04/15/26
694,688
1,350,000
 
Goldman Sachs Group, Inc., 0.86% (SOFR + 0.61%), due 02/12/26(c)(d)
1,244,796
1,175,000
 
Goldman Sachs Group, Inc., 1.43% (SOFR + 0.80%), due 03/09/27(c)
1,050,453
1,100,000
 
Goldman Sachs Group, Inc., 1.54% (SOFR + 0.82%), due 09/10/27(c)
967,504
1,260,000
 
Goldman Sachs Group, Inc., 2.38% (SOFR + 1.25%), due 07/21/32(c)
1,009,769
1,875,000
 
Goldman Sachs Group, Inc., 2.62% (SOFR + 1.28%), due 04/22/32(c)
1,538,248
726,000
 
Goldman Sachs Group, Inc., 2.65% (SOFR + 1.26%), due 10/21/32(c)
592,022
920,000
 
Goldman Sachs Group, Inc., 3.10% (SOFR + 1.41%), due 02/24/33(c)(d)
777,589
1,200,000
 
Goldman Sachs Group, Inc., 3.27% (3 mo. USD Term SOFR + 1.46%), due
09/29/25(c)(d)
1,159,941
371,000
 
Goldman Sachs Group, Inc., 3.50%, due 01/23/25
358,158
215,000
 
Goldman Sachs Group, Inc., 3.75%, due 02/25/26
206,479
2,331,000
 
Goldman Sachs Group, Inc., 3.80%, due 03/15/30(d)
2,158,078
1,065,000
 
Goldman Sachs Group, Inc., 3.81% (3 mo. USD Term SOFR + 1.42%), due 04/23/29(c)
989,510
455,000
 
Goldman Sachs Group, Inc., 3.85%, due 01/26/27
432,887
367,000
 
Graphic Packaging International LLC, 3.50%, due 03/01/29 144A
321,417
365,000
 
Graphic Packaging International LLC, 4.13%, due 08/15/24
357,273
200,000
 
Greensaif Pipelines Bidco Sarl, 6.13%, due 02/23/38 144A
204,568
225,000
 
Greensaif Pipelines Bidco Sarl, 6.51%, due 02/23/42 144A
234,159
170,000
 
Group 1 Automotive, Inc., 4.00%, due 08/15/28 144A
149,857
500,000
 
H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A
433,440
410,000
 
HCA, Inc., 4.38%, due 03/15/42 144A
339,998
432,000
 
HCA, Inc., 5.25%, due 06/15/26
427,430
220,000
 
HCA, Inc., 5.38%, due 02/01/25
218,189
275,000
 
HCA, Inc., (MTN), 7.75%, due 07/15/36
305,548
646,000
 
Healthpeak OP LLC REIT, 3.25%, due 07/15/26
602,149
190,000
 
Hershey Co., 4.50%, due 05/04/33
188,788
119,000
 
Hess Midstream Operations LP, 4.25%, due 02/15/30 144A
103,945
53,000
 
Hess Midstream Operations LP, 5.50%, due 10/15/30 144A
49,087
290,000
 
Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, due 04/15/30 144A
264,367
380,000
 
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A
339,292
307,000
 
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc,
4.88%, due 07/01/31 144A
257,879
392,000
 
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc,
5.00%, due 06/01/29 144A
348,253
1,027,000
 
Home Depot, Inc., 3.30%, due 04/15/40
834,782
588,000
 
Home Depot, Inc., 3.63%, due 04/15/52
469,333
747,000
 
Host Hotels & Resorts LP REIT, 3.38%, due 12/15/29
639,029
440,000
 
Host Hotels & Resorts LP REIT, 3.50%, due 09/15/30
373,295
1,818,000
 
HSBC Holdings PLC, 7.39% (SOFR + 3.35%), due 11/03/28(c)
1,920,391
89,000
 
Hudbay Minerals, Inc., 4.50%, due 04/01/26 144A
82,961
458,000
 
Huntington Ingalls Industries, Inc., 4.20%, due 05/01/30
424,988
390,000
 
Huntsman International LLC, 2.95%, due 06/15/31
311,665
870,000
 
Huntsman International LLC, 4.50%, due 05/01/29
796,366
318,000
 
Hyatt Hotels Corp., 5.75%, due 04/23/30
318,430
See accompanying Notes to the Schedule of Investments
51
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
295,000
 
Hyundai Capital America, 2.38%, due 10/15/27 144A
258,316
20,000
 
IHS Markit Ltd., 4.75%, due 08/01/28
19,435
240,000
 
Instituto Costarricense de Electricidad, 6.38%, due 05/15/43(d) 144A
203,004
120,000
 
Intel Corp., 5.63%, due 02/10/43
121,947
170,000
 
IPALCO Enterprises, Inc., 4.25%, due 05/01/30
153,988
136,000
 
Iron Mountain Information Management Services, Inc. REIT, 5.00%, due 07/15/32 144A
117,603
270,000
 
Iron Mountain, Inc. REIT, 4.88%, due 09/15/29(d) 144A
241,930
291,000
 
Iron Mountain, Inc. REIT, 5.25%, due 07/15/30 144A
262,479
165,000
 
Jacobs Entertainment, Inc., 6.75%, due 02/15/29 144A
147,832
1,050,000
 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, due 02/02/29
144A
893,025
447,000
 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.63%, due 01/15/32
144A
363,098
125,000
 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, due 12/01/31
144A
102,712
282,000
 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.13%, due 02/01/28
144A
271,007
775,000
 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, due 04/01/33(d)
144A
729,122
417,380
 
JetBlue Pass-Through Trust, 2.75%, due 11/15/33
355,870
2,000,000
 
JPMorgan Chase & Co., 2.07% (SOFR + 1.02%), due 06/01/29(c)
1,716,764
929,000
 
JPMorgan Chase & Co., 2.52% (SOFR + 2.04%), due 04/22/31(c)
786,298
760,000
 
JPMorgan Chase & Co., 2.58% (3 mo. USD Term SOFR + 1.25%), due 04/22/32(c)
631,540
990,000
 
JPMorgan Chase & Co., 2.96% (3 mo. USD Term SOFR + 2.52%), due 05/13/31(c)
849,344
815,000
 
JPMorgan Chase & Co., 2.96% (SOFR + 1.26%), due 01/25/33(c)
686,838
3,817,000
 
JPMorgan Chase & Co., 3.78% (3 mo. USD Term SOFR + 1.60%), due 02/01/28(c)
3,633,533
665,000
 
JPMorgan Chase & Co., 3.96% (3 mo. USD Term SOFR + 1.64%), due 11/15/48(c)
547,578
1,678,000
 
JPMorgan Chase & Co., 4.00% (3 mo. USD Term SOFR + 2.75%)(c)(e)
1,536,813
965,000
 
JPMorgan Chase & Co., 4.01% (3 mo. USD Term SOFR + 1.38%), due 04/23/29(c)
909,494
3,600,000
 
JPMorgan Chase & Co., 4.20% (3 mo. USD Term SOFR + 1.52%), due 07/23/29(c)
3,424,541
1,207,000
 
JPMorgan Chase & Co., 4.49% (3 mo. USD Term SOFR + 3.79%), due 03/24/31(c)
1,160,847
701,000
 
JPMorgan Chase & Co., 4.60% (3 mo. USD Term SOFR + 3.13%)(c)(e)
655,435
440,000
 
JPMorgan Chase & Co., 5.00% (3 mo. USD Term SOFR + 3.38%)(c)(e)
430,100
648,000
 
JPMorgan Chase & Co., 6.75% (3 mo. USD Term SOFR + 4.04%)(c)(e)
650,090
780,000
 
Kaiser Foundation Hospitals, 2.81%, due 06/01/41
573,690
80,000
 
KB Home, 4.00%, due 06/15/31
69,071
101,000
 
KB Home, 7.25%, due 07/15/30
102,399
308,000
 
Kinder Morgan Energy Partners LP, 7.75%, due 03/15/32
345,704
720,000
 
Kinder Morgan, Inc., 3.60%, due 02/15/51
500,080
1,291,000
 
KKR Group Finance Co. II LLC, 5.50%, due 02/01/43(d) 144A
1,179,569
257,000
 
KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A
177,176
283,000
 
KKR Group Finance Co. X LLC, 3.25%, due 12/15/51 144A
181,837
1,854,000
 
Kraft Heinz Foods Co., 4.38%, due 06/01/46
1,576,902
298,000
 
Kraft Heinz Foods Co., 4.88%, due 10/01/49(d)
272,138
314,000
 
Kraft Heinz Foods Co., 5.00%, due 06/04/42
294,023
397,000
 
Lam Research Corp., 2.88%, due 06/15/50
277,702
145,000
 
Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A
129,737
485,000
 
Lamb Weston Holdings, Inc., 4.38%, due 01/31/32 144A
433,675
590,000
 
Lazard Group LLC, 4.38%, due 03/11/29(d)
548,239
52
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
470,000
 
Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86% (3 mo. USD LIBOR +
0.84%)(c)(e)(i)(j)(k)
—
890,000
 
Lehman Brothers Holdings, Inc., 6.50%, due 07/19/17(i)(j)(k)
—
270,000
 
Lehman Brothers Holdings, Inc., (MTN), 6.75%, due 12/28/17(i)(j)(k)
—
661,000
 
Leviathan Bond Ltd., 6.50%, due 06/30/27(h) 144A
634,560
99,000
 
Leviathan Bond Ltd., 6.75%, due 06/30/30(h) 144A
92,473
450,000
 
Liberty Mutual Group, Inc., 3.95%, due 10/15/50 144A
329,743
429,000
 
Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51(c) 144A
337,943
3,324,000
 
Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A
3,137,772
2,434,000
 
Lincoln National Corp., 3.40%, due 01/15/31(d)
2,056,403
169,000
 
Lithia Motors, Inc., 3.88%, due 06/01/29 144A
147,025
169,000
 
Lithia Motors, Inc., 4.38%, due 01/15/31 144A
146,032
84,000
 
Lithia Motors, Inc., 4.63%, due 12/15/27 144A
78,546
185,000
 
LKQ Corp., 5.75%, due 06/15/28 144A
184,506
1,500,000
 
Lloyds Banking Group PLC, 2.44% (1 yr. CMT + 1.00%), due 02/05/26(c)
1,413,034
1,515,000
 
Lloyds Banking Group PLC, 4.45%, due 05/08/25
1,468,616
541,000
 
Lloyds Banking Group PLC, 7.50% (5 yr. USD Swap + 4.76%)(c)(e)
517,277
386,000
 
Lowe's Cos., Inc., 3.70%, due 04/15/46
294,086
1,253,000
 
Lowe's Cos., Inc., 5.63%, due 04/15/53(d)
1,253,249
284,000
 
LSC Communications, Inc., 8.75%, due 10/15/23(i)(j)(k)
324
970,000
 
Lubrizol Corp., 6.50%, due 10/01/34(d)
1,133,544
150,000
 
LYB International Finance BV, 4.88%, due 03/15/44
131,981
830,000
 
LYB International Finance III LLC, 4.20%, due 05/01/50
633,836
228,000
 
M&T Bank Corp., 5.13% (3 mo. USD LIBOR + 3.52%)(c)(e)
180,828
410,000
 
Macquarie Bank Ltd., 3.62%, due 06/03/30 144A
345,293
526,000
 
Macquarie Bank Ltd., 4.88%, due 06/10/25 144A
509,616
1,243,000
 
Macquarie Group Ltd., 1.34% (SOFR + 1.07%), due 01/12/27(c) 144A
1,107,018
199,000
 
Macy's Retail Holdings LLC, 5.88%, due 04/01/29(d) 144A
181,806
171,000
 
Macy's Retail Holdings LLC, 5.88%, due 03/15/30 144A
152,564
314,000
 
Macy's Retail Holdings LLC, 6.13%, due 03/15/32(d) 144A
275,122
75,000
 
Magellan Midstream Partners LP, 4.25%, due 09/15/46
55,471
215,000
 
Magellan Midstream Partners LP, 5.15%, due 10/15/43
182,784
1,255,000
 
Manulife Financial Corp., 3.70%, due 03/16/32(d)
1,141,772
560,000
 
MARB BondCo PLC, 3.95%, due 01/29/31 144A
401,301
588,000
 
Marriott International, Inc., 4.63%, due 06/15/30
563,433
960,000
 
Marriott International, Inc., 5.00%, due 10/15/27
953,033
400,000
 
Martin Marietta Materials, Inc., 2.50%, due 03/15/30
338,327
923,000
 
Marvell Technology, Inc., 2.45%, due 04/15/28
806,507
175,000
 
Masonite International Corp., 3.50%, due 02/15/30 144A
147,414
460,000
 
Massachusetts Institute of Technology, 4.68%, due 07/01/14(f)
429,573
1,255,000
 
Massachusetts Mutual Life Insurance Co., 3.38%, due 04/15/50 144A
901,137
1,615,000
 
Massachusetts Mutual Life Insurance Co., 5.67%, due 12/01/52 144A
1,648,916
294,000
 
MasTec, Inc., 4.50%, due 08/15/28(d) 144A
271,409
162,000
 
Match Group Holdings II LLC, 3.63%, due 10/01/31 144A
133,310
242,000
 
Match Group Holdings II LLC, 4.13%, due 08/01/30 144A
207,491
245,000
 
Mauser Packaging Solutions Holding Co., 7.88%, due 08/15/26 144A
243,674
396,710
 
MC Brazil Downstream Trading Sarl, 7.25%, due 06/30/31 144A
268,331
1,200,000
 
McDonald's Corp., (MTN), 4.20%, due 04/01/50
1,039,618
252,000
 
MDC Holdings, Inc., 2.50%, due 01/15/31
198,252
See accompanying Notes to the Schedule of Investments
53
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
261,000
 
Meta Platforms, Inc., 4.80%, due 05/15/30
261,352
605,000
 
MetLife, Inc., 6.40%, due 12/15/66
604,583
4,827,000
 
Metropolitan Life Global Funding I, 3.30%, due 03/21/29 144A
4,360,642
445,000
 
Mexico City Airport Trust, 5.50%, due 07/31/47(d) 144A
389,295
788,000
 
MGM Resorts International, 4.75%, due 10/15/28
716,295
526,000
 
Michaels Cos., Inc., 5.25%, due 05/01/28(d) 144A
425,518
494,000
 
Michaels Cos., Inc., 7.88%, due 05/01/29 144A
333,450
1,625,000
 
Micron Technology, Inc., 4.19%, due 02/15/27
1,557,709
1,521,000
 
Micron Technology, Inc., 5.33%, due 02/06/29
1,498,369
285,000
 
MidAmerican Energy Co., 4.25%, due 07/15/49
242,793
825,000
 
Mid-Atlantic Interstate Transmission LLC, 4.10%, due 05/15/28 144A
780,744
467,000
 
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29
144A
412,804
315,900
 
Millicom International Cellular SA, 6.25%, due 03/25/29 144A
283,495
380,000
 
Mohegan Tribal Gaming Authority, 8.00%, due 02/01/26 144A
363,261
1,250,000
 
Moody's Corp., 3.25%, due 05/20/50
896,947
940,000
 
Morgan Stanley, 2.48% (SOFR + 1.36%), due 09/16/36(c)
713,619
2,133,000
 
Morgan Stanley, 2.94% (SOFR + 1.29%), due 01/21/33(c)
1,774,116
1,185,000
 
Morgan Stanley, 3.59% (3 mo. USD LIBOR + 1.34%), due 07/22/28(c)
1,094,338
1,247,000
 
Morgan Stanley, 4.21% (SOFR + 1.61%), due 04/20/28(c)
1,198,954
762,000
 
Morgan Stanley, 5.16% (6 mo. USD SOFR + 1.59%), due 04/20/29(c)
753,265
520,000
 
Morgan Stanley, 6.34% (SOFR + 2.56%), due 10/18/33(c)
553,415
2,513,000
 
Morgan Stanley, (MTN), 2.24% (SOFR + 1.18%), due 07/21/32(c)(d)
1,998,329
1,755,000
 
Morgan Stanley, (MTN), 2.70% (SOFR + 1.14%), due 01/22/31(c)
1,493,348
1,301,000
 
Morgan Stanley, (MTN), 3.13%, due 07/27/26
1,218,980
2,461,000
 
Morgan Stanley, (MTN), 3.62% (SOFR + 3.12%), due 04/01/31(c)
2,218,866
910,000
 
Morgan Stanley, (MTN), 3.77% (3 mo. USD Term SOFR + 1.40%), due 01/24/29(c)
850,258
129,000
 
Morgan Stanley, (MTN), 4.43% (3 mo. USD Term SOFR + 1.89%), due 01/23/30(c)
122,839
999,000
 
Motorola Solutions, Inc., 2.30%, due 11/15/30
807,611
794,000
 
Motorola Solutions, Inc., 2.75%, due 05/24/31
650,967
257,000
 
Motorola Solutions, Inc., 4.60%, due 05/23/29
248,979
495,000
 
MPLX LP, 4.00%, due 03/15/28
466,837
117,000
 
MPLX LP, 4.13%, due 03/01/27
112,021
377,000
 
MPLX LP, 4.25%, due 12/01/27
358,285
370,000
 
MPLX LP, 4.50%, due 04/15/38
318,869
530,000
 
MPLX LP, 4.70%, due 04/15/48
435,743
370,000
 
MPLX LP, 4.95%, due 09/01/32
353,571
337,000
 
MPLX LP, 5.00%, due 03/01/33
322,939
105,000
 
MPLX LP, 5.20%, due 03/01/47
92,232
255,000
 
MPT Operating Partnership LP/MPT Finance Corp. REIT, 3.50%, due 03/15/31
175,957
410,000
 
MPT Operating Partnership LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27(d)
345,338
678,000
 
MSCI, Inc., 3.63%, due 11/01/31(d) 144A
579,475
215,000
 
MTN Mauritius Investments Ltd., 4.76%, due 11/11/24 144A
209,840
695,000
 
Mylan, Inc., 5.40%, due 11/29/43
582,756
1,721,000
 
National Grid PLC, 5.81%, due 06/12/33
1,752,449
2,436,000
 
National Securities Clearing Corp., 5.00%, due 05/30/28 144A
2,423,874
159,000
 
Nationstar Mortgage Holdings, Inc., 5.13%, due 12/15/30(d) 144A
129,124
218,000
 
Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A
191,245
92,000
 
Nationstar Mortgage Holdings, Inc., 6.00%, due 01/15/27 144A
85,696
54
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
335,000
 
NatWest Group PLC, 3.75% (5 yr. CMT + 2.10%), due 11/01/29(c)
314,612
210,000
 
NatWest Group PLC, 5.08% (3 mo. USD LIBOR + 1.91%), due 01/27/30(c)
200,517
590,000
 
NatWest Group PLC, 6.00% (5 yr. CMT + 5.63%)(c)(d)(e)
547,225
904,000
 
NatWest Markets PLC, 1.60%, due 09/29/26 144A
793,350
449,000
 
NBM U.S. Holdings, Inc., 6.63%, due 08/06/29 144A
411,470
986,000
 
Netflix, Inc., 4.88%, due 04/15/28
976,070
89,000
 
Netflix, Inc., 5.38%, due 11/15/29 144A
89,415
787,000
 
Netflix, Inc., 5.88%, due 11/15/28
814,783
435,000
 
Newmont Corp., 2.25%, due 10/01/30
356,672
285,000
 
Newmont Corp., 2.80%, due 10/01/29
245,295
150,000
 
Newmont Corp., 5.45%, due 06/09/44
148,085
308,000
 
News Corp., 3.88%, due 05/15/29 144A
270,666
721,000
 
NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30(d)
600,478
240,000
 
NextEra Energy Capital Holdings, Inc., 6.05%, due 03/01/25
241,009
422,000
 
NextEra Energy Operating Partners LP, 3.88%, due 10/15/26 144A
392,555
115,000
 
NextEra Energy Operating Partners LP, 4.50%, due 09/15/27 144A
106,939
505,000
 
Nippon Life Insurance Co., 2.75% (5 yr. CMT + 2.65%), due 01/21/51(c) 144A
416,205
145,000
 
NiSource, Inc., 1.70%, due 02/15/31
113,469
391,000
 
NiSource, Inc., 3.60%, due 05/01/30
352,574
122,000
 
NiSource, Inc., 5.25%, due 03/30/28
122,023
668,000
 
Nissan Motor Acceptance Co. LLC, 1.85%, due 09/16/26 144A
567,084
305,000
 
Nissan Motor Acceptance Co. LLC, 2.00%, due 03/09/26 144A
267,027
200,000
 
Nomura Holdings, Inc., 2.61%, due 07/14/31
158,863
970,000
 
Norfolk Southern Corp., 4.84%, due 10/01/41
898,665
195,000
 
Northern States Power Co., 3.60%, due 09/15/47
153,653
1,242,000
 
Northrop Grumman Corp., 5.25%, due 05/01/50
1,263,808
330,000
 
NOVA Chemicals Corp., 4.88%, due 06/01/24 144A
322,700
771,000
 
Novelis Corp., 4.75%, due 01/30/30 144A
685,929
651,000
 
NRG Energy, Inc., 2.45%, due 12/02/27 144A
549,159
80,000
 
NRG Energy, Inc., 3.38%, due 02/15/29 144A
65,505
264,000
 
NRG Energy, Inc., 3.63%, due 02/15/31 144A
206,333
929,000
 
NRG Energy, Inc., 3.88%, due 02/15/32 144A
716,873
412,000
 
NRG Energy, Inc., 4.45%, due 06/15/29 144A
364,543
140,000
 
NRG Energy, Inc., 5.25%, due 06/15/29 144A
125,318
640,000
 
NRG Energy, Inc., 5.75%, due 01/15/28(d)
607,098
532,000
 
NRG Energy, Inc., 7.00%, due 03/15/33 144A
537,123
406,000
 
NRG Energy, Inc., 10.25% (5 yr. CMT + 5.92%)(c)(e) 144A
383,258
250,000
 
NSTAR Electric Co., 3.10%, due 06/01/51(d)
175,799
355,000
 
Nutrien Ltd., 4.90%, due 06/01/43
318,921
2,786,000
 
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, due 05/01/25
2,641,702
885,000
 
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.88%, due 06/18/26
850,499
3,517,000
 
Occidental Petroleum Corp., 6.43%, due 10/10/36(l)
1,872,764
506,000
 
Occidental Petroleum Corp., 6.45%, due 09/15/36
520,026
265,000
 
Occidental Petroleum Corp., 6.60%, due 03/15/46(d)
273,215
684,000
 
Occidental Petroleum Corp., 6.63%, due 09/01/30
711,360
336,000
 
OCI NV, 6.70%, due 03/16/33(d) 144A
328,678
133,000
 
OneMain Finance Corp., 3.88%, due 09/15/28
108,847
62,000
 
OneMain Finance Corp., 6.63%, due 01/15/28(d)
58,545
159,000
 
OneMain Finance Corp., 6.88%, due 03/15/25
157,576
See accompanying Notes to the Schedule of Investments
55
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
200,000
 
OneMain Finance Corp., 8.25%, due 10/01/23(d)
200,930
213,000
 
OneMain Finance Corp., 9.00%, due 01/15/29
214,992
655,000
 
ONEOK, Inc., 3.10%, due 03/15/30
563,018
390,000
 
ONEOK, Inc., 4.45%, due 09/01/49
296,071
585,000
 
ONEOK, Inc., 4.95%, due 07/13/47
483,151
1,600,000
 
Oracle Corp., 1.65%, due 03/25/26
1,452,596
1,001,000
 
Oracle Corp., 2.95%, due 04/01/30
874,293
1,456,000
 
Oracle Corp., 3.95%, due 03/25/51
1,101,738
749,000
 
Oracle Corp., 4.30%, due 07/08/34
680,505
425,000
 
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.13%, due 04/30/28 144A
377,658
307,000
 
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 5.13%, due 04/30/31 144A
253,694
298,000
 
Oriflame Investment Holding PLC, 5.13%, due 05/04/26 144A
139,905
580,000
 
Ovintiv, Inc., 5.65%, due 05/15/25
575,658
191,000
 
Ovintiv, Inc., 5.65%, due 05/15/28(d)
187,359
192,000
 
Ovintiv, Inc., 6.25%, due 07/15/33(d)
189,499
83,000
 
Ovintiv, Inc., 7.20%, due 11/01/31
87,317
82,000
 
Owens Corning, 3.88%, due 06/01/30
74,995
621,000
 
Owens Corning, 3.95%, due 08/15/29
577,706
605,000
 
Owens Corning, 4.30%, due 07/15/47
496,000
160,000
 
Owens-Brockway Glass Container, Inc., 6.63%, due 05/13/27(d) 144A
158,631
170,000
 
Owens-Brockway Glass Container, Inc., 7.25%, due 05/15/31(d) 144A
172,338
490,000
 
Pacific Gas & Electric Co., 4.95%, due 07/01/50(d)
385,499
265,000
 
PacifiCorp, 2.70%, due 09/15/30
220,909
265,000
 
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, due
10/15/28 144A
229,760
583,000
 
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, due
10/15/27(d) 144A
516,241
267,000
 
Parkland Corp., 4.50%, due 10/01/29 144A
231,888
260,000
 
Parkland Corp., 4.63%, due 05/01/30 144A
225,690
415,000
 
PECO Energy Co., 3.05%, due 03/15/51
287,558
205,000
 
PECO Energy Co., 3.70%, due 09/15/47
162,684
580,000
 
Pennsylvania Electric Co., 3.60%, due 06/01/29 144A
527,170
32,000
 
Petroleos Mexicanos, 6.35%, due 02/12/48
19,385
875,000
 
Petroleos Mexicanos, 6.50%, due 03/13/27
779,167
255,000
 
Petroleos Mexicanos, 6.50%, due 06/02/41
162,160
488,000
 
Petroleos Mexicanos, 6.75%, due 09/21/47
306,890
380,000
 
Petroleos Mexicanos, 6.88%, due 08/04/26
355,206
293,000
 
Petroleos Mexicanos, 8.75%, due 06/02/29
265,368
2,138,009
 
PG&E Wildfire Recovery Funding LLC, 3.59%, due 06/01/32
2,027,203
827,000
 
PG&E Wildfire Recovery Funding LLC, 4.26%, due 06/01/38
787,968
2,169,000
 
PG&E Wildfire Recovery Funding LLC, 4.72%, due 06/01/39
2,109,958
797,000
 
Phillips 66 Co., 3.61%, due 02/15/25
769,433
145,000
 
Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29
131,496
665,000
 
Pilgrim's Pride Corp., 5.88%, due 09/30/27 144A
657,766
544,000
 
Pilgrim's Pride Corp., 6.25%, due 07/01/33
527,594
960,000
 
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, due 12/15/29(d)
846,730
73,000
 
PNC Financial Services Group, Inc., 3.15%, due 05/19/27
67,480
922,000
 
PNC Financial Services Group, Inc., 3.40% (5 yr. CMT + 2.60%)(c)(e)
682,280
2,724,000
 
PNC Financial Services Group, Inc., 5.35% (SOFR + 1.62%), due 12/02/28(c)(d)
2,695,950
56
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
2,008,000
 
PNC Financial Services Group, Inc., 5.58% (SOFR + 1.84%), due 06/12/29(c)
2,000,003
474,000
 
PNC Financial Services Group, Inc., 6.25% (7 yr. CMT + 2.81%)(c)(d)(e)
426,719
427,000
 
PNC Financial Services Group, Inc., 8.54% (3 mo. USD LIBOR + 3.04%)(c)(e)
424,420
869,000
 
PNC Financial Services Group, Inc., 8.98% (3 mo. USD LIBOR + 3.68%)(c)(d)(e)
870,932
464,000
 
Popular, Inc., 7.25%, due 03/13/28
464,000
71,000
 
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A
62,690
206,000
 
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A
193,279
130,000
 
Providence St Joseph Health Obligated Group, 2.75%, due 10/01/26(d)
118,887
233,000
 
Prudential Financial, Inc., 5.13% (5 yr. CMT + 3.16%), due 03/01/52(c)
210,995
195,000
 
Public Service Electric & Gas Co., (MTN), 2.70%, due 05/01/50
130,836
445,000
 
Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27
416,280
315,000
 
Public Service Electric & Gas Co., (MTN), 3.20%, due 05/15/29
285,488
2,250,000
 
Public Service Enterprise Group, Inc., 2.88%, due 06/15/24(d)
2,185,448
515,000
 
Public Storage REIT, 2.25%, due 11/09/31
421,234
379,000
 
Puget Energy, Inc., 2.38%, due 06/15/28
327,194
275,000
 
QatarEnergy, 2.25%, due 07/12/31 144A
230,988
372,000
 
Qorvo, Inc., 3.38%, due 04/01/31 144A
300,409
2,311,000
 
Raytheon Technologies Corp., 1.90%, due 09/01/31
1,846,567
120,000
 
Realty Income Corp. REIT, 2.85%, due 12/15/32(d)
97,777
350,000
 
Realty Income Corp. REIT, 3.25%, due 01/15/31(d)
306,340
395,000
 
Regal Rexnord Corp., 6.05%, due 02/15/26 144A
395,728
342,000
 
Regal Rexnord Corp., 6.40%, due 04/15/33 144A
341,943
450,000
 
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29(d) 144A
371,686
436,000
 
RHP Hotel Properties LP/RHP Finance Corp. REIT, 4.50%, due 02/15/29 144A
386,252
405,000
 
Roper Technologies, Inc., 1.40%, due 09/15/27
349,377
287,000
 
Royalty Pharma PLC, 1.75%, due 09/02/27
246,272
415,000
 
RPM International, Inc., 2.95%, due 01/15/32
329,114
2,404,000
 
Ryder System, Inc., (MTN), 5.25%, due 06/01/28
2,375,464
338,000
 
Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28
320,542
832,000
 
Sabine Pass Liquefaction LLC, 4.50%, due 05/15/30
791,698
301,000
 
Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27
296,457
403,000
 
Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26
406,458
327,000
 
Sabre Global, Inc., 7.38%, due 09/01/25 144A
290,639
635,000
 
Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25
626,840
290,000
 
San Diego Gas & Electric Co., 4.15%, due 05/15/48
242,417
586,000
 
Santander Holdings USA, Inc., 2.49% (SOFR + 1.25%), due 01/06/28(c)
506,655
1,289,000
 
Santander Holdings USA, Inc., 3.24%, due 10/05/26
1,161,721
1,133,000
 
Santander Holdings USA, Inc., 3.45%, due 06/02/25
1,068,952
259,000
 
Santander Holdings USA, Inc., 4.40%, due 07/13/27
243,486
347,000
 
Sasol Financing USA LLC, 5.50%, due 03/18/31
273,567
415,000
 
Sasol Financing USA LLC, 5.88%, due 03/27/24
410,011
200,000
 
Sasol Financing USA LLC, 6.50%, due 09/27/28(d)
179,023
140,000
 
SBA Tower Trust REIT, 2.84%, due 01/15/50 144A
132,993
236,000
 
SBA Tower Trust REIT, 6.60%, due 01/15/28 144A
240,285
531,000
 
SBL Holdings, Inc., 5.00%, due 02/18/31 144A
411,651
2,216,000
 
Schlumberger Holdings Corp., 3.90%, due 05/17/28 144A
2,089,454
496,000
 
Sempra Energy, 5.50%, due 08/01/33
493,093
185,000
 
Sensata Technologies, Inc., 3.75%, due 02/15/31 144A
158,432
850,000
 
Simon Property Group LP REIT, 6.75%, due 02/01/40
926,106
See accompanying Notes to the Schedule of Investments
57
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
424,000
 
Sirius XM Radio, Inc., 4.00%, due 07/15/28 144A
368,856
733,000
 
Sirius XM Radio, Inc., 5.00%, due 08/01/27 144A
680,810
270,000
 
SMBC Aviation Capital Finance DAC, 2.30%, due 06/15/28 144A
230,003
1,130,000
 
Societe Generale SA, 1.79% (1 yr. CMT + 1.00%), due 06/09/27(c) 144A
988,625
1,365,000
 
Societe Generale SA, 2.80% (1 yr. CMT + 1.30%), due 01/19/28(c) 144A
1,210,285
634,000
 
Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)(c)(e) 144A
472,000
810,000
 
Societe Generale SA, 6.10% (SOFR + 1.05%), due 01/21/26(c) 144A
802,563
361,000
 
Societe Generale SA, 6.22% (1 yr. CMT + 3.20%), due 06/15/33(c)(d) 144A
336,376
1,034,000
 
Societe Generale SA, 6.45% (1 yr. CMT + 2.55%), due 01/10/29(c) 144A
1,036,611
250,000
 
Sotheby's, 7.38%, due 10/15/27(d) 144A
225,233
570,000
 
Southern California Edison Co., 3.45%, due 02/01/52
408,700
335,000
 
Southern California Edison Co., 4.00%, due 04/01/47
266,481
1,718,000
 
Southern Co., 3.25%, due 07/01/26
1,616,923
1,941,000
 
Southern Co., 4.85%, due 06/15/28
1,903,530
1,260,000
 
Southern Co. Gas Capital Corp., 2.45%, due 10/01/23
1,249,555
755,000
 
Southwest Airlines Co., 2.63%, due 02/10/30(d)
642,465
344,000
 
Southwestern Energy Co., 4.75%, due 02/01/32
303,670
1,701,000
 
Spirit Realty LP REIT, 2.10%, due 03/15/28
1,427,580
555,000
 
Sprint LLC, 7.13%, due 06/15/24
560,463
231,000
 
Stagwell Global LLC, 5.63%, due 08/15/29 144A
197,941
158,000
 
Standard Industries, Inc., 3.38%, due 01/15/31 144A
127,371
680,000
 
Standard Industries, Inc., 4.38%, due 07/15/30 144A
589,558
25,000
 
Standard Industries, Inc., 4.75%, due 01/15/28 144A
23,306
20,000
 
Standard Industries, Inc., 5.00%, due 02/15/27 144A
19,080
175,000
 
Starwood Property Trust, Inc. REIT, 3.63%, due 07/15/26 144A
150,813
200,000
 
State Grid Overseas Investment BVI Ltd., 3.50%, due 05/04/27 144A
191,383
330,000
 
State Street Corp., 3.15% (SOFR + 2.65%), due 03/30/31(c)
293,728
920,000
 
Steel Dynamics, Inc., 3.45%, due 04/15/30(d)
818,471
3,545,000
 
Stellantis Finance U.S., Inc., 1.71%, due 01/29/27 144A
3,108,165
605,000
 
Stellantis Finance U.S., Inc., 2.69%, due 09/15/31 144A
483,741
117,000
 
Sunoco LP/Sunoco Finance Corp., 4.50%, due 05/15/29
103,934
419,000
 
Sunoco LP/Sunoco Finance Corp., 4.50%, due 04/30/30
366,806
375,000
 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A
330,840
900,000
 
Targa Resources Corp., 4.95%, due 04/15/52
744,731
597,000
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, due
01/15/32
516,877
140,000
 
Taylor Morrison Communities, Inc., 5.13%, due 08/01/30 144A
129,388
210,000
 
Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A
206,450
150,000
 
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, due
03/01/24 144A
149,010
1,101,000
 
Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A
911,789
38,000
 
Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A
42,055
1,125,000
 
Teledyne Technologies, Inc., 2.75%, due 04/01/31(d)
940,417
213,000
 
Telesat Canada/Telesat LLC, 5.63%, due 12/06/26 144A
131,640
70,000
 
Tenet Healthcare Corp., 4.38%, due 01/15/30
63,235
70,000
 
T-Mobile USA, Inc., 2.88%, due 02/15/31
59,231
681,000
 
T-Mobile USA, Inc., 3.38%, due 04/15/29
615,589
2,669,000
 
T-Mobile USA, Inc., 3.50%, due 04/15/25
2,567,454
1,475,000
 
T-Mobile USA, Inc., 3.88%, due 04/15/30
1,359,752
58
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
1,065,000
 
T-Mobile USA, Inc., 4.50%, due 04/15/50
914,482
627,000
 
T-Mobile USA, Inc., 5.75%, due 01/15/54
648,096
1,595,000
 
Toll Brothers Finance Corp., 4.35%, due 02/15/28(d)
1,499,518
1,925,000
 
Toronto-Dominion Bank, 1.95%, due 01/12/27(d)
1,730,998
411,000
 
Total Play Telecomunicaciones SA de CV, 6.38%, due 09/20/28 144A
239,177
728,000
 
Total Play Telecomunicaciones SA de CV, 7.50%, due 11/12/25(d) 144A
517,515
1,903,000
 
Toyota Motor Credit Corp., (MTN), 3.00%, due 04/01/25
1,831,723
140,000
 
Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50
108,330
500,000
 
Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48
425,692
340,000
 
TransDigm, Inc., 5.50%, due 11/15/27
321,082
225,000
 
Travel & Leisure Co., 4.63%, due 03/01/30 144A
190,609
220,000
 
TriNet Group, Inc., 3.50%, due 03/01/29 144A
191,503
755,000
 
Truist Financial Corp., (MTN), 5.87% (6 mo. USD SOFR + 2.36%), due 06/08/34(c)
755,654
1,033,061
 
U.S. Airways Pass-Through Trust, 4.63%, due 12/03/26
969,292
91,864
 
U.S. Airways Pass-Through Trust, 5.90%, due 04/01/26
91,141
218,579
 
U.S. Airways Pass-Through Trust, 7.13%, due 04/22/25
218,281
1,931,000
 
U.S. Bancorp, 5.73% (SOFR + 1.43%), due 10/21/26(c)
1,930,708
938,000
 
U.S. Bancorp, 5.84% (6 mo. USD SOFR + 2.26%), due 06/12/34(c)(d)
945,218
688,000
 
Uber Technologies, Inc., 4.50%, due 08/15/29(d) 144A
634,524
490,000
 
Uber Technologies, Inc., 7.50%, due 09/15/27 144A
501,781
765,000
 
UBS Group AG, 1.49% (1 yr. CMT + 0.85%), due 08/10/27(c) 144A
657,530
375,000
 
UBS Group AG, 2.10% (1 yr. CMT + 1.00%), due 02/11/32(c) 144A
284,272
2,497,000
 
UBS Group AG, 4.13%, due 04/15/26(d) 144A
2,382,928
609,710
 
United Airlines Pass-Through Trust, 3.45%, due 01/07/30
527,739
494,572
 
United Airlines Pass-Through Trust, 3.65%, due 07/07/27
455,808
645,036
 
United Airlines Pass-Through Trust, 3.75%, due 03/03/28
606,394
1,994,985
 
United Airlines Pass-Through Trust, 4.00%, due 10/11/27
1,878,389
499,442
 
United Airlines Pass-Through Trust, 4.55%, due 02/25/33
445,716
239,885
 
United Airlines Pass-Through Trust, 4.60%, due 09/01/27
225,255
322,635
 
United Airlines Pass-Through Trust, 4.88%, due 07/15/27
308,238
613,000
 
United Airlines Pass-Through Trust, 5.80%, due 07/15/37
623,958
1,636,442
 
United Airlines Pass-Through Trust, 5.88%, due 04/15/29
1,624,413
622,000
 
United Airlines, Inc., 4.38%, due 04/15/26 144A
591,526
203,000
 
United Airlines, Inc., 4.63%, due 04/15/29 144A
185,150
175,000
 
United Rentals North America, Inc., 3.75%, due 01/15/32
148,411
321,000
 
United Rentals North America, Inc., 3.88%, due 11/15/27
300,057
167,000
 
United Rentals North America, Inc., 3.88%, due 02/15/31
144,739
575,000
 
United Rentals North America, Inc., 4.88%, due 01/15/28
547,705
465,000
 
United Rentals North America, Inc., 5.25%, due 01/15/30(d)
444,296
885,000
 
UnitedHealth Group, Inc., 3.05%, due 05/15/41
684,848
155,000
 
UnitedHealth Group, Inc., 3.25%, due 05/15/51(d)
115,785
120,000
 
UnitedHealth Group, Inc., 4.75%, due 05/15/52
113,948
1,213,000
 
UnitedHealth Group, Inc., 5.05%, due 04/15/53
1,206,579
553,000
 
Universal Health Services, Inc., 1.65%, due 09/01/26
483,725
550,000
 
Universal Health Services, Inc., 2.65%, due 10/15/30
449,614
120,000
 
University of Chicago, 2.76%, due 04/01/45
89,783
350,000
 
University of Southern California, 2.95%, due 10/01/51
249,349
513,000
 
Valvoline, Inc., 3.63%, due 06/15/31 144A
417,541
354,000
 
Var Energi ASA, 7.50%, due 01/15/28 144A
364,472
See accompanying Notes to the Schedule of Investments
59
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
797,000
 
Var Energi ASA, 8.00%, due 11/15/32 144A
845,207
225,000
 
Varex Imaging Corp., 7.88%, due 10/15/27 144A
224,270
705,000
 
Vector Group Ltd., 5.75%, due 02/01/29 144A
614,232
203,000
 
Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A
177,526
313,000
 
Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31 144A
269,611
365,000
 
VeriSign, Inc., 2.70%, due 06/15/31
304,022
878,000
 
Verisk Analytics, Inc., 3.63%, due 05/15/50
647,035
145,000
 
Verizon Communications, Inc., 1.68%, due 10/30/30
114,572
1,300,000
 
Verizon Communications, Inc., 2.55%, due 03/21/31
1,085,797
578,000
 
Verizon Communications, Inc., 2.88%, due 11/20/50
377,067
1,624,000
 
Verizon Communications, Inc., 3.55%, due 03/22/51
1,212,403
240,000
 
Viatris, Inc., 2.30%, due 06/22/27
209,814
497,000
 
Viatris, Inc., 2.70%, due 06/22/30
402,451
515,000
 
Viatris, Inc., 3.85%, due 06/22/40
356,309
631,000
 
Viatris, Inc., 4.00%, due 06/22/50
417,845
136,000
 
VICI Properties LP REIT, 5.13%, due 05/15/32
127,378
375,000
 
VICI Properties LP/VICI Note Co., Inc. REIT, 3.88%, due 02/15/29 144A
329,424
289,000
 
VICI Properties LP/VICI Note Co., Inc. REIT, 4.13%, due 08/15/30 144A
254,704
610,000
 
VICI Properties LP/VICI Note Co., Inc. REIT, 4.63%, due 12/01/29 144A
554,350
1,850,000
 
Virginia Electric & Power Co., 3.15%, due 01/15/26
1,763,777
460,000
 
Vistra Operations Co. LLC, 3.55%, due 07/15/24 144A
444,391
1,041,000
 
Vistra Operations Co. LLC, 3.70%, due 01/30/27 144A
954,017
1,101,000
 
Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A
976,701
370,000
 
Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A
346,659
321,000
 
Vodafone Group PLC, 5.63%, due 02/10/53
314,908
532,000
 
Vodafone Group PLC, 7.00% (5 yr. USD Swap + 4.87%), due 04/04/79(c)
546,460
102,000
 
Volcan Cia Minera SAA, 4.38%, due 02/11/26 144A
75,941
340,000
 
WakeMed, 3.29%, due 10/01/52
239,245
474,000
 
Warnermedia Holdings, Inc., 4.28%, due 03/15/32
420,598
576,000
 
Warnermedia Holdings, Inc., 5.05%, due 03/15/42
485,810
2,787,000
 
Warnermedia Holdings, Inc., 5.14%, due 03/15/52
2,271,156
1,637,000
 
Waste Management, Inc., 4.15%, due 04/15/32
1,561,181
1,557,000
 
Wells Fargo & Co., 5.88% (3 mo. USD LIBOR + 3.99%)(c)(e)
1,529,594
1,592,000
 
Wells Fargo & Co. (MTN), 2.39% (SOFR + 2.10%), due 06/02/28(c)
1,419,802
1,871,000
 
Wells Fargo & Co. (MTN), 2.57% (3 mo. USD Term SOFR + 1.26%), due 02/11/31(c)(d)
1,585,265
1,177,000
 
Wells Fargo & Co. (MTN), 2.88% (3 mo. USD Term SOFR + 1.43%), due 10/30/30(c)
1,017,543
1,517,000
 
Wells Fargo & Co. (MTN), 3.35% (SOFR + 1.50%), due 03/02/33(c)
1,298,921
3,670,000
 
Wells Fargo & Co. (MTN), 4.81% (SOFR + 1.98%), due 07/25/28(c)
3,590,335
514,000
 
Western Midstream Operating LP, 4.30%, due 02/01/30
461,957
128,000
 
Western Midstream Operating LP, 6.15%, due 04/01/33
129,187
350,000
 
William Carter Co., 5.63%, due 03/15/27 144A
339,934
597,000
 
Williams Cos., Inc., 3.75%, due 06/15/27
563,746
526,000
 
Williams Cos., Inc., 4.65%, due 08/15/32
498,444
530,000
 
Williams Cos., Inc., 5.40%, due 03/02/26
528,820
460,000
 
WMG Acquisition Corp., 3.88%, due 07/15/30(d) 144A
397,216
300,000
 
Wolverine World Wide, Inc., 4.00%, due 08/15/29(d) 144A
239,181
1,288,000
 
Workday, Inc., 3.50%, due 04/01/27
1,221,481
665,000
 
WP Carey, Inc. REIT, 2.25%, due 04/01/33
499,913
190,000
 
Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28 144A
173,679
60
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
138,000
 
XHR LP REIT, 4.88%, due 06/01/29(d) 144A
118,459
50,000
 
XPO, Inc., 7.13%, due 06/01/31(d) 144A
50,441
610,000
 
Yale University, 2.40%, due 04/15/50(d)
403,431
1,070,000
 
Yamana Gold, Inc., 2.63%, due 08/15/31(d)
834,242
1,220,000
 
Yara International ASA, 4.75%, due 06/01/28 144A
1,160,055
319,000
 
Yum! Brands, Inc., 3.63%, due 03/15/31
275,884
213,000
 
Yum! Brands, Inc., 4.75%, due 01/15/30 144A
199,663
 
 
 
552,886,805
 
 
Mortgage Backed Securities - Private Issuers — 8.0%
153,602
 
Angel Oak Mortgage Trust CMO, Series 2020-R1, Class A1, 0.99%, due 04/25/53(b)
144A
138,319
235,128
 
Angel Oak Mortgage Trust CMO, Series 2021-2, Class A1, 0.99%, due 04/25/66(b) 144A
192,559
461,284
 
Angel Oak Mortgage Trust CMO, Series 2021-4, Class A1, 1.04%, due 01/20/65(b) 144A
367,945
451,551
 
Angel Oak Mortgage Trust CMO, Series 2021-5, Class A1, 0.95%, due 07/25/66(b) 144A
368,720
1,800,000
 
Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A4, 2.50%, due
05/15/53 144A
1,521,466
2,500,000
 
Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A4, 2.25%, due
06/15/54 144A
2,023,142
270,486
 
Arroyo Mortgage Trust CMO, Series 2021-1R, Class A1, 1.18%, due 10/25/48(b) 144A
217,147
217,000
 
BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.84%,
due 11/05/32(b) 144A
117,315
1,004,069
 
BANK, Series 2019-BN20, Class A2, 2.76%, due 09/15/62
859,301
2,050,000
 
BANK, Series 2019-BN23, Class A2, 2.67%, due 12/15/52
1,757,091
1,806,000
 
BANK, Series 2020-BN26, Class A2, 2.04%, due 03/15/63
1,586,027
1,800,000
 
BANK, Series 2020-BN26, Class A3, 2.16%, due 03/15/63
1,478,297
869,000
 
BANK, Series 2020-BN30, Class A4, 1.93%, due 12/15/53
670,957
3,000,000
 
BANK, Series 2021-BN32, Class A4, 2.35%, due 04/15/54
2,486,811
2,300,000
 
BANK, Series 2021-BN34, Class A4, 2.16%, due 06/15/63
1,826,329
7,470,000
 
Bank5, Series 2023-5YR2, Class A3, 6.66%, due 06/15/28(g)
7,705,187
100,000
 
Barclays Commercial Mortgage Trust, Series 2019-C5, Class A2, 3.04%, due 11/15/52
95,834
3,000,000
 
BBCMS Mortgage Trust, Series 2018-TALL, Class A, 6.07% (1 mo. USD LIBOR +
0.87%), due 03/15/37(c) 144A
2,709,169
60,000
 
BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53
55,501
2,000,000
 
BBCMS Mortgage Trust, Series 2022-C14, Class A4, 2.69%, due 02/15/55
1,655,408
270,000
 
BBCMS Trust, Series 2015-SRCH, Class D, 5.12%, due 08/10/35(b) 144A
221,530
134,851
 
Bellemeade RE Ltd. CMO, Series 2021-2A, Class M1A, 6.27% (30 day USD SOFR
Average + 1.20%), due 06/25/31(c) 144A
134,185
124,075
 
Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52
119,183
120,000
 
Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57
115,624
1,350,000
 
Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72
1,125,852
600,000
 
Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53
479,355
1,200,000
 
Benchmark Mortgage Trust, Series 2020-B20, Class A2, 1.75%, due 10/15/53
1,093,313
1,800,000
 
Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A
1,697,574
3,039,000
 
Benchmark Mortgage Trust, Series 2021-B23, Class A2, 1.62%, due 02/15/54
2,682,839
1,700,000
 
Benchmark Mortgage Trust, Series 2021-B23, Class A4A1, 1.82%, due 02/15/54
1,299,593
900,000
 
Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, due 03/15/54
758,340
1,750,000
 
Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, due 03/15/54
1,399,239
1,250,000
 
Benchmark Mortgage Trust, Series 2021-B28, Class ASB, 1.98%, due 08/15/54
1,046,555
1,800,000
 
Benchmark Mortgage Trust, Series 2021-B31, Class A4, 2.42%, due 12/15/54
1,450,446
See accompanying Notes to the Schedule of Investments
61
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - Private Issuers — continued
1,800,000
 
Benchmark Mortgage Trust, Series 2022-B33, Class A5, 3.46%, due 03/15/55
1,576,453
3,000,000
 
Benchmark Mortgage Trust, Series 2023-B39, Class A2, 6.79%, due 07/15/56(b)(g)
3,076,521
2,265,000
 
Benchmark Mortgage Trust, Series 2023-V2, Class A3, 5.81%, due 05/15/55(b)
2,277,766
176,000
 
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class B, 7.47% (1 mo. USD
Term SOFR + 2.32%), due 05/15/39(c) 144A
174,137
238,730
 
BRAVO Residential Funding Trust CMO, Series 2021-NQM1, Class A1, 0.94%, due
02/25/49(b) 144A
208,494
1,240,132
 
BX Commercial Mortgage Trust, Series 2019-XL, Class A, 6.18% (1 mo. USD Term
SOFR + 1.03%), due 10/15/36(c) 144A
1,232,995
1,516,000
 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class A, 5.89% (1 mo. USD
LIBOR + 0.70%), due 09/15/36(c) 144A
1,468,831
472,000
 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 6.29% (1 mo. USD
LIBOR + 1.10%), due 09/15/36(c) 144A
449,207
537,000
 
BX Trust, Series 2022-CLS, Class A, 5.76%, due 10/13/27 144A
518,209
1,200,000
 
CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, due 08/15/57
1,014,228
979,306
 
CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/25(b) 144A
925,809
585,267
 
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58
543,028
2,307,919
 
CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49
2,110,413
233,000
 
CFK Trust, Series 2020-MF2, Class A, 2.39%, due 03/15/39 144A
202,387
27,500,000
 
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class XB, 0.60%, due
05/10/47(b) 144A
75,452
330,000
 
Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72
282,794
811,000
 
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.15%, due
01/10/36 144A
805,568
360,000
 
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.01%, due
06/10/28(b) 144A
360,013
336,684
 
COLT Mortgage Loan Trust CMO, Series 2021-2, Class A1, 0.92%, due 08/25/66(b)
144A
259,189
481,991
 
COLT Mortgage Loan Trust CMO, Series 2021-3, Class A1, 0.96%, due 09/27/66(b)
144A
375,057
340,134
 
COLT Mortgage Loan Trust CMO, Series 2021-HX1, Class A1, 1.11%, due 10/25/66(b)
144A
272,916
664,255
 
COLT Trust CMO, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65(b) 144A
547,476
295,000
 
COMM Mortgage Trust, Series 2013-300P, Class D, 4.54%, due 08/10/30(b) 144A
231,944
786,835
 
COMM Mortgage Trust, Series 2015-CR25, Class A3, 3.51%, due 08/10/48
747,630
862,000
 
COMM Mortgage Trust, Series 2015-CR27, Class A4, 3.61%, due 10/10/48
813,178
190,000
 
COMM Mortgage Trust, Series 2017-PANW, Class A, 3.24%, due 10/10/29 144A
178,071
303,000
 
COMM Mortgage Trust, Series 2020-CBM, Class A2, 2.90%, due 02/10/37 144A
283,586
493,772
 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 6.79% (1 mo.
USD LIBOR + 1.60%), due 05/15/36(c) 144A
488,115
1,048,493
 
CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50
938,816
975,000
 
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50
884,604
1,050,000
 
CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52
897,899
1,813,271
 
CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, due 03/15/54
1,502,134
290,264
 
CSMC Trust, Series 2020-NET, Class A, 2.26%, due 08/15/37 144A
260,033
221,188
 
CSMC Trust CMO, Series 2018-RPL9, Class A, 3.85%, due 09/25/57(b) 144A
207,530
720,722
 
CSMC Trust CMO, Series 2020-RPL6, Class A1, 2.69%, due 03/25/59(b) 144A
699,325
275,109
 
CSMC Trust CMO, Series 2021-NQM2, Class A1, 1.18%, due 02/25/66(b) 144A
229,475
246,893
 
CSMC Trust CMO, Series 2021-NQM3, Class A1, 1.02%, due 04/25/66(b) 144A
202,657
173,357
 
CSMC Trust CMO, Series 2021-NQM5, Class A1, 0.94%, due 05/25/66(b) 144A
134,783
451,908
 
CSMC Trust CMO, Series 2021-NQM6, Class A1, 1.17%, due 07/25/66(b) 144A
358,521
62
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - Private Issuers — continued
148,495
 
Ellington Financial Mortgage CMO, Series 2021-2, Class A1, 0.93%, due 06/25/66(b)
144A
118,163
334,525
 
Ellington Financial Mortgage Trust CMO, Series 2021-1, Class A1, 0.80%, due
02/25/66(b) 144A
278,634
539,401
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2022-DNA1,
Class M1A, 6.07% (30 day USD SOFR Average + 1.00%), due 01/25/42(c) 144A
530,275
390,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2022-DNA2,
Class M1B, 7.47% (30 day USD SOFR Average + 2.40%), due 02/25/42(c) 144A
385,786
380,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2022-DNA3,
Class M1B, 7.97% (30 day USD SOFR Average + 2.90%), due 04/25/42(c) 144A
379,848
287,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2022-DNA4,
Class M1B, 8.42% (30 day USD SOFR Average + 3.35%), due 05/25/42(c) 144A
290,570
382,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2022-DNA5,
Class M1B, 9.57% (30 day USD SOFR Average + 4.50%), due 06/25/42(c) 144A
401,570
2,016,515
 
Federal National Mortgage Association REMIC CMO, Series 2020-51, Class BA, 2.00%,
due 06/25/46
1,736,723
269,592
 
Flagstar Mortgage Trust CMO, Series 2020-2, Class A2, 3.00%, due 08/25/50(b) 144A
228,875
620,779
 
Flagstar Mortgage Trust CMO, Series 2021-1, Class A2, 2.50%, due 02/01/51(b) 144A
502,836
1,297,566
 
Flagstar Mortgage Trust CMO, Series 2021-6INV, Class A4, 2.50%, due 08/25/51(b)
144A
1,047,808
249,571
 
GCAT Trust CMO, Series 2021-NQM1, Class A1, 0.87%, due 01/25/66(b) 144A
208,700
213,162
 
GCAT Trust CMO, Series 2021-NQM2, Class A1, 1.04%, due 05/25/66(b) 144A
172,209
327,014
 
GCAT Trust CMO, Series 2021-NQM3, Class A1, 1.09%, due 05/25/66(b) 144A
264,711
373,916
 
GCAT Trust CMO, Series 2023-NQM2, Class A1, 5.84%, due 11/25/67(m) 144A
369,026
266,000
 
GS Mortgage Securities Corportation Trust, Series 2020-UPTN, Class A, 2.75%, due
02/10/37 144A
245,085
445,385
 
GS Mortgage Securities Corportation Trust, Series 2021-RENT, Class A, 5.86% (1 mo.
USD LIBOR + 0.70%), due 11/21/35(c) 144A
423,870
828,873
 
GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48
802,431
2,636,551
 
GS Mortgage Securities Trust, Series 2015-GC30, Class A3, 3.12%, due 05/10/50
2,496,300
80,000
 
GS Mortgage Securities Trust, Series 2019-GC40, Class A2, 2.97%, due 07/10/52
77,087
1,600,000
 
GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53
1,297,104
1,062,000
 
GS Mortgage Securities Trust, Series 2020-GSA2, Class A5, 2.01%, due 12/12/53
836,725
1,143,000
 
GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53
986,714
1,900,000
 
GS Mortgage Securities Trust, Series 2021-GSA3, Class A4, 2.37%, due 12/15/54
1,530,931
145,754
 
GS Mortgage-Backed Securities Corp. Trust CMO, Series 2021-NQM1, Class A1,
1.02%, due 07/25/61(b) 144A
124,459
55,338
 
GS Mortgage-Backed Securities Trust CMO, Series 2020-NQM1, Class A1, 1.38%, due
09/27/60(b) 144A
50,152
190,602
 
Imperial Fund Mortgage Trust CMO, Series 2021-NQM1, Class A1, 1.07%, due
06/25/56(b) 144A
159,271
375,325
 
Imperial Fund Mortgage Trust CMO, Series 2023-NQM1, Class A1, 5.94%, due
02/25/68(m) 144A
370,059
190,000
 
IMT Trust, Series 2017-APTS, Class CFX, 3.61%, due 06/15/34(b) 144A
181,700
664,659
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3,
2.56%, due 08/15/49
608,583
357,000
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX,
2.81%, due 01/16/37 144A
323,647
2,284,873
 
JP Morgan Mortgage Trust CMO, Series 2023-4, Class 1A4A, 5.50%, due 11/25/53(b)
144A
2,243,317
779,049
 
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due
07/15/50
755,402
See accompanying Notes to the Schedule of Investments
63
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - Private Issuers — continued
806,690
 
JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%,
due 06/13/52
786,152
677,282
 
JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due
06/15/49
629,884
1,225,264
 
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due
03/15/50
1,137,684
253,000
 
KNDL Mortgage Trust, Series 2019-KNSQ, Class D, 6.69% (1 mo. USD LIBOR +
1.50%), due 05/15/36(c) 144A
249,940
1,553,164
 
Legacy Mortgage Asset Trust CMO, Series 2019-PR1, Class A1, 6.86%, due 09/25/59(m)
144A
1,536,782
732,991
 
Legacy Mortgage Asset Trust CMO, Series 2020-GS1, Class A1, 5.88%, due 10/25/59(m)
144A
720,921
76,019
 
Legacy Mortgage Asset Trust CMO, Series 2021-GS1, Class A1, 1.89%, due 10/25/66(m)
144A
71,225
526,872
 
Life Mortgage Trust, Series 2021-BMR, Class D, 6.66% (1 mo. USD Term SOFR +
1.51%), due 03/15/38(c) 144A
507,295
669,000
 
Life Mortgage Trust, Series 2022-BMR2, Class A1, 6.44% (1 mo. USD Term SOFR +
1.30%), due 05/15/39(c) 144A
655,650
358,172
 
MetLife Securitization Trust CMO, Series 2020-INV1, Class A2A, 2.50%, due
05/25/50(b) 144A
294,186
163,113
 
MFA Trust CMO, Series 2021-NQM1, Class A1, 1.15%, due 04/25/65(b) 144A
142,330
1,737,000
 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4,
3.31%, due 04/15/48
1,648,404
800,000
 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A4,
3.73%, due 05/15/48
759,848
1,562,383
 
Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49
1,415,863
2,600,000
 
Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52
2,287,612
980,000
 
Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53
786,000
1,725,000
 
Morgan Stanley Capital I Trust, Series 2021-L5, Class A4, 2.73%, due 05/15/54
1,429,895
145,000
 
Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.92%, due
11/15/32(b) 144A
101,294
195,000
 
Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.46%, due
01/15/43(b) 144A
162,229
158,356
 
New Residential Mortgage Loan Trust CMO, Series 2018-4A, Class A1S, 5.90% (1 mo.
USD LIBOR + 0.75%), due 01/25/48(c) 144A
153,916
217,468
 
NYMT Loan Trust CMO, Series 2022-CP1, Class A1, 2.04%, due 07/25/61 144A
194,957
127,250
 
OBX Trust CMO, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60(b) 144A
105,084
297,491
 
OBX Trust CMO, Series 2021-NQM2, Class A1, 1.10%, due 05/25/61(b) 144A
231,989
494,689
 
OBX Trust CMO, Series 2021-NQM3, Class A1, 1.05%, due 07/25/61(b) 144A
374,270
444,376
 
Provident Funding Mortgage Trust CMO, Series 2020-F1, Class A2, 2.00%, due
01/25/36(b) 144A
387,844
1,685,581
 
PSMC Trust CMO, Series 2021-2, Class A3, 2.50%, due 05/25/51(b) 144A
1,465,084
1,051,136
 
Seasoned Credit Risk Transfer Trust CMO, Series 2018-2, Class MA, 3.50%, due
11/25/57
989,624
384,562
 
Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class MA, 3.50%, due
08/25/57(b)
361,545
1,544,823
 
Seasoned Credit Risk Transfer Trust CMO, Series 2018-4, Class MA, 3.50%, due
03/25/58
1,449,774
643,266
 
Seasoned Credit Risk Transfer Trust CMO, Series 2019-1, Class MA, 3.50%, due
07/25/58
602,814
1,181,670
 
Seasoned Credit Risk Transfer Trust CMO, Series 2019-2, Class MA, 3.50%, due
08/25/58
1,104,439
64
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - Private Issuers — continued
907,212
 
Seasoned Credit Risk Transfer Trust CMO, Series 2019-4, Class MA, 3.00%, due
02/25/59
828,518
817,090
 
Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class MA, 2.50%, due
08/25/59
738,863
2,082,033
 
Seasoned Credit Risk Transfer Trust CMO, Series 2022-1, Class MAU, 3.25%, due
11/25/61
1,887,745
264,646
 
Sequoia Mortgage Trust CMO, Series 2020-3, Class A4, 3.00%, due 04/25/50(b) 144A
251,371
1,659,505
 
Sequoia Mortgage Trust CMO, Series 2021-1, Class A1, 2.50%, due 03/25/51(b) 144A
1,344,213
510,000
 
SLG Office Trust, Series 2021-OVA, Class D, 2.85%, due 07/15/41 144A
380,045
518,390
 
Starwood Mortgage Residential Trust CMO, Series 2022-1, Class A1, 2.45%, due
12/25/66(b) 144A
438,395
172,000
 
Towd Point Mortgage Trust CMO, Series 2015-1, Class A5, 4.09%, due 10/25/53(b)
144A
167,704
48,841
 
Towd Point Mortgage Trust CMO, Series 2018-1, Class A1, 3.00%, due 01/25/58(b)
144A
46,940
268,751
 
Towd Point Mortgage Trust CMO, Series 2018-4, Class A1, 3.00%, due 06/25/58(b)
144A
245,601
34,381
 
Towd Point Mortgage Trust CMO, Series 2018-5, Class A1A, 3.25%, due 07/25/58(b)
144A
32,896
180,928
 
Towd Point Mortgage Trust CMO, Series 2018-6, Class A1A, 3.75%, due 03/25/58(b)
144A
175,249
289,041
 
Towd Point Mortgage Trust CMO, Series 2019-1, Class A1, 3.75%, due 03/25/58(b)
144A
271,799
241,450
 
Towd Point Mortgage Trust CMO, Series 2019-4, Class A1, 2.90%, due 10/25/59(b)
144A
222,100
111,571
 
Towd Point Mortgage Trust CMO, Series 2019-HY3, Class A1A, 6.15% (1 mo. USD
LIBOR + 1.00%), due 10/25/59(c) 144A
110,475
86,521
 
Towd Point Mortgage Trust CMO, Series 2020-4, Class A1, 1.75%, due 10/25/60 144A
75,624
554,199
 
UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50
526,971
97,436
 
Verus Securitization Trust CMO, Series 2020-5, Class A1, 1.22%, due 05/25/65(m) 144A
88,038
345,157
 
Verus Securitization Trust CMO, Series 2021-3, Class A1, 1.05%, due 06/25/66(b) 144A
289,483
211,004
 
Verus Securitization Trust CMO, Series 2021-4, Class A1, 0.94%, due 07/25/66(b) 144A
165,897
502,962
 
Verus Securitization Trust CMO, Series 2021-5, Class A1, 1.01%, due 09/25/66(b) 144A
398,921
154,877
 
Verus Securitization Trust CMO, Series 2021-R1, Class A1, 0.82%, due 10/25/63(b)
144A
138,093
6,876
 
WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2003-AR9, Class 1A7,
4.15%, due 09/25/33(b)
6,400
1,490,923
 
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due
08/15/49
1,347,015
3,100,000
 
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due
11/15/49
2,857,776
893,314
 
Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due
07/15/50
816,500
1,590,090
 
Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due
03/15/50
1,448,360
1,605,000
 
Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A3, 1.94%, due
06/15/53
1,498,189
1,900,000
 
Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A3, 1.96%, due
04/15/54
1,607,391
800,000
 
Wells Fargo Commercial Mortgage Trust, Series 2021-C60, Class ASB, 2.13%, due
08/15/54
682,814
See accompanying Notes to the Schedule of Investments
65
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - Private Issuers — continued
1,466,000
 
WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.92%, due 10/15/57
1,411,658
 
 
 
132,945,546
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — 28.0%
1,203,185
 
Federal Home Loan Mortgage Corp., Pool # 841542, 5.18%, (30 day USD SOFR
Average + 2.34%), due 02/01/53(c)
1,187,357
194,146
 
Federal Home Loan Mortgage Corp., Pool # A89870, 4.50%, due 11/01/39
192,065
127,997
 
Federal Home Loan Mortgage Corp., Pool # A96970, 4.00%, due 02/01/41
122,555
243,991
 
Federal Home Loan Mortgage Corp., Pool # C91908, 3.00%, due 01/01/37
225,791
189,770
 
Federal Home Loan Mortgage Corp., Pool # G06231, 4.00%, due 12/01/40
182,787
119,364
 
Federal Home Loan Mortgage Corp., Pool # G06409, 6.00%, due 11/01/39
124,158
62,005
 
Federal Home Loan Mortgage Corp., Pool # G06875, 5.50%, due 12/01/38
63,692
220,306
 
Federal Home Loan Mortgage Corp., Pool # G07021, 5.00%, due 09/01/39
222,275
431,291
 
Federal Home Loan Mortgage Corp., Pool # G07816, 4.50%, due 09/01/42
426,667
286,706
 
Federal Home Loan Mortgage Corp., Pool # G08537, 3.00%, due 07/01/43
259,322
173,044
 
Federal Home Loan Mortgage Corp., Pool # G08672, 4.00%, due 10/01/45
165,747
266,018
 
Federal Home Loan Mortgage Corp., Pool # G08726, 3.00%, due 10/01/46
239,215
42,669
 
Federal Home Loan Mortgage Corp., Pool # G08735, 4.50%, due 10/01/46
41,947
22,698
 
Federal Home Loan Mortgage Corp., Pool # G08748, 3.50%, due 02/01/47
21,040
328,250
 
Federal Home Loan Mortgage Corp., Pool # G08749, 4.00%, due 02/01/47
313,585
173,080
 
Federal Home Loan Mortgage Corp., Pool # G08771, 4.00%, due 07/01/47
165,312
162,206
 
Federal Home Loan Mortgage Corp., Pool # G08786, 4.50%, due 10/01/47
159,462
91,100
 
Federal Home Loan Mortgage Corp., Pool # G16177, 2.00%, due 01/01/32
82,742
607,548
 
Federal Home Loan Mortgage Corp., Pool # G16634, 3.00%, due 10/01/31
580,556
51,535
 
Federal Home Loan Mortgage Corp., Pool # G60359, 3.00%, due 12/01/45
46,610
226,568
 
Federal Home Loan Mortgage Corp., Pool # G60581, 3.50%, due 05/01/46
211,096
931,845
 
Federal Home Loan Mortgage Corp., Pool # G60722, 3.00%, due 10/01/46
835,869
335,774
 
Federal Home Loan Mortgage Corp., Pool # G60767, 3.50%, due 10/01/46
312,843
146,148
 
Federal Home Loan Mortgage Corp., Pool # G60788, 3.50%, due 12/01/46
136,167
615,819
 
Federal Home Loan Mortgage Corp., Pool # G60804, 4.50%, due 05/01/42
607,786
798,579
 
Federal Home Loan Mortgage Corp., Pool # G60934, 3.50%, due 06/01/45
748,574
957,499
 
Federal Home Loan Mortgage Corp., Pool # G60985, 3.00%, due 05/01/47
863,033
103,360
 
Federal Home Loan Mortgage Corp., Pool # G60989, 3.00%, due 12/01/46
92,712
73,040
 
Federal Home Loan Mortgage Corp., Pool # G61022, 3.00%, due 04/01/45
66,062
84,992
 
Federal Home Loan Mortgage Corp., Pool # G61581, 4.00%, due 08/01/48
81,178
531,985
 
Federal Home Loan Mortgage Corp., Pool # G61748, 3.50%, due 11/01/48
492,685
264,750
 
Federal Home Loan Mortgage Corp., Pool # G61995, 4.00%, due 11/01/44
254,762
64,417
 
Federal Home Loan Mortgage Corp., Pool # G67700, 3.50%, due 08/01/46
60,018
282,286
 
Federal Home Loan Mortgage Corp., Pool # G67701, 3.00%, due 10/01/46
254,525
173,952
 
Federal Home Loan Mortgage Corp., Pool # G67703, 3.50%, due 04/01/47
161,764
25,012
 
Federal Home Loan Mortgage Corp., Pool # G67708, 3.50%, due 03/01/48
23,125
161,149
 
Federal Home Loan Mortgage Corp., Pool # J24414, 2.50%, due 06/01/28
152,899
220,494
 
Federal Home Loan Mortgage Corp., Pool # J34888, 2.50%, due 07/01/31
204,775
520,568
 
Federal Home Loan Mortgage Corp., Pool # Q09224, 4.00%, due 07/01/42
501,405
76,137
 
Federal Home Loan Mortgage Corp., Pool # Q11218, 3.50%, due 09/01/42
71,413
166,608
 
Federal Home Loan Mortgage Corp., Pool # Q12052, 3.50%, due 10/01/42
156,271
476,630
 
Federal Home Loan Mortgage Corp., Pool # Q12862, 3.50%, due 11/01/42
447,224
184,191
 
Federal Home Loan Mortgage Corp., Pool # Q17792, 3.50%, due 05/01/43
172,548
432,896
 
Federal Home Loan Mortgage Corp., Pool # Q36815, 4.00%, due 10/01/45
413,113
66
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
48,625
 
Federal Home Loan Mortgage Corp., Pool # Q37986, 3.50%, due 12/01/45
45,304
361,245
 
Federal Home Loan Mortgage Corp., Pool # Q41918, 3.50%, due 07/01/46
336,576
406,172
 
Federal Home Loan Mortgage Corp., Pool # Q42618, 3.00%, due 08/01/46
364,240
62,673
 
Federal Home Loan Mortgage Corp., Pool # Q44399, 3.50%, due 11/01/46
58,094
805,795
 
Federal Home Loan Mortgage Corp., Pool # Q44455, 3.50%, due 11/01/46
748,368
176,633
 
Federal Home Loan Mortgage Corp., Pool # Q44963, 3.50%, due 12/01/46
164,151
567,762
 
Federal Home Loan Mortgage Corp., Pool # Q45741, 3.50%, due 01/01/47
526,968
29,458
 
Federal Home Loan Mortgage Corp., Pool # Q46015, 3.50%, due 02/01/47
27,282
14,932
 
Federal Home Loan Mortgage Corp., Pool # Q47384, 4.00%, due 04/01/47
14,273
58,721
 
Federal Home Loan Mortgage Corp., Pool # Q48463, 4.00%, due 06/01/47
56,172
46,370
 
Federal Home Loan Mortgage Corp., Pool # Q49494, 4.50%, due 07/01/47
45,585
187,800
 
Federal Home Loan Mortgage Corp., Pool # Q52312, 4.00%, due 11/01/47
179,371
145,805
 
Federal Home Loan Mortgage Corp., Pool # Q54957, 4.00%, due 03/01/48
139,417
126,897
 
Federal Home Loan Mortgage Corp., Pool # V60565, 3.00%, due 06/01/29
121,158
337,395
 
Federal Home Loan Mortgage Corp., Pool # V60599, 3.00%, due 09/01/29
322,084
421,493
 
Federal Home Loan Mortgage Corp., Pool # V82292, 4.00%, due 04/01/46
403,227
247,954
 
Federal Home Loan Mortgage Corp., Pool # V82848, 3.00%, due 12/01/46
222,319
33,034
 
Federal Home Loan Mortgage Corp., Pool # V82980, 3.50%, due 02/01/47
30,660
11,935,678
 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
Series K106, Class X1, 1.48%, due 01/25/30(b) 144A
841,401
38,025
 
Federal Home Loan Mortgage Corp. Reference REMIC CMO, Series R007, Class ZA,
6.00%, due 05/15/36
39,130
1,000,000
 
Federal Home Loan Mortgage Corp. REMIC, Series 5250, Class NH, 3.00%, due
08/25/52
846,928
1,236,898
 
Federal Home Loan Mortgage Corp. REMIC CMO, Series 4682, Class KZ, 3.50%, due
09/15/46
1,132,017
1,167,284
 
Federal Home Loan Mortgage Corp. REMIC CMO, Series 4710, Class KZ, 3.50%, due
08/15/47
1,057,057
1,358,897
 
Federal Home Loan Mortgage Corp. REMIC CMO, Series 4739, Class Z, 3.50%, due
11/15/47
1,247,811
3,464,400
 
Federal Home Loan Mortgage Corp. REMIC CMO, Series 5202, Class TA, 2.50%, due
12/25/48
3,113,119
563,299
 
Federal National Mortgage Association, Pool # BM4377, 4.38%, (12 mo. USD LIBOR +
1.89%), due 04/01/38(c)
572,909
615,237
 
Federal National Mortgage Association, Pool # BM6482, 4.29%, (12 mo. USD LIBOR +
1.58%), due 04/01/47(c)
624,946
1,371,564
 
Federal National Mortgage Association REMIC, Series 2012-134, Class ZC, 2.50%, due
12/25/42
1,050,369
2,679
 
Federal National Mortgage Association REMIC, Series 2012-28, Class B, 6.50%, due
06/25/39
2,708
477,243
 
Federal National Mortgage Association REMIC CMO, Series 2011-59, Class NZ, 5.50%,
due 07/25/41
481,249
963,293
 
Federal National Mortgage Association REMIC CMO, Series 2017-66, Class BD,
Class BD, 3.00%, due 09/25/47
864,648
22,176
 
Federal National Mortgage Association-Aces, Series 2018-M10, Class A1, 3.47%, due
07/25/28(b)
21,948
123,464
 
Government National Mortgage Association, Pool # 004636, 4.50%, due 02/20/40
122,679
23,385
 
Government National Mortgage Association, Pool # 004678, 4.50%, due 04/20/40
23,237
139,351
 
Government National Mortgage Association, Pool # 004833, 4.00%, due 10/20/40
135,392
128,755
 
Government National Mortgage Association, Pool # 004977, 4.00%, due 03/20/41
125,095
329,974
 
Government National Mortgage Association, Pool # 004978, 4.50%, due 03/20/41
327,877
506,565
 
Government National Mortgage Association, Pool # 005055, 4.50%, due 05/20/41
503,345
See accompanying Notes to the Schedule of Investments
67
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
259,279
 
Government National Mortgage Association, Pool # 734152, 4.00%, due 01/15/41
251,113
19,468
 
Government National Mortgage Association, Pool # 783637, 3.00%, due 06/20/42
17,781
1,677,823
 
Government National Mortgage Association, Pool # 784369, 4.00%, due 08/15/45
1,627,509
186,047
 
Government National Mortgage Association, Pool # 784605, 4.50%, due 01/15/42
183,943
3,105,903
 
Government National Mortgage Association, Pool # 785283, 2.50%, due 01/20/51
2,704,604
454,771
 
Government National Mortgage Association, Pool # 796468, 4.00%, due 09/20/42
441,836
109,963
 
Government National Mortgage Association, Pool # AL8626, 3.00%, due 08/15/45
99,115
706,588
 
Government National Mortgage Association, Pool # AV9421, 3.50%, due 11/20/46
662,435
445,990
 
Government National Mortgage Association, Pool # AY7555, 3.50%, due 04/20/47
417,826
191,437
 
Government National Mortgage Association, Pool # MA0462, 3.50%, due 10/20/42
180,379
28,499
 
Government National Mortgage Association, Pool # MA0624, 3.00%, due 12/20/42
26,056
128,639
 
Government National Mortgage Association, Pool # MA0625, 3.50%, due 12/20/42
121,223
72,522
 
Government National Mortgage Association, Pool # MA0698, 3.00%, due 01/20/43
66,324
245,723
 
Government National Mortgage Association, Pool # MA0851, 3.00%, due 03/20/43
224,783
197,845
 
Government National Mortgage Association, Pool # MA0852, 3.50%, due 03/20/43
186,787
41,379
 
Government National Mortgage Association, Pool # MA1156, 3.00%, due 07/20/43
37,906
135,434
 
Government National Mortgage Association, Pool # MA1376, 4.00%, due 10/20/43
131,330
60,123
 
Government National Mortgage Association, Pool # MA1599, 3.00%, due 01/20/44
55,075
123,917
 
Government National Mortgage Association, Pool # MA2371, 3.50%, due 11/20/44
116,309
100,701
 
Government National Mortgage Association, Pool # MA2372, 4.00%, due 11/20/44
97,436
90,753
 
Government National Mortgage Association, Pool # MA2825, 3.00%, due 05/20/45
82,792
209,212
 
Government National Mortgage Association, Pool # MA3310, 3.50%, due 12/20/45
195,472
84,663
 
Government National Mortgage Association, Pool # MA3377, 4.00%, due 01/20/46
81,470
126,147
 
Government National Mortgage Association, Pool # MA3455, 4.00%, due 02/20/46
121,390
237,885
 
Government National Mortgage Association, Pool # MA3456, 4.50%, due 02/20/46
235,932
206,294
 
Government National Mortgage Association, Pool # MA3596, 3.00%, due 04/20/46
187,919
393,212
 
Government National Mortgage Association, Pool # MA3803, 3.50%, due 07/20/46
368,516
290,783
 
Government National Mortgage Association, Pool # MA3873, 3.00%, due 08/20/46
264,366
472,272
 
Government National Mortgage Association, Pool # MA3936, 3.00%, due 09/20/46
429,705
135,423
 
Government National Mortgage Association, Pool # MA4004, 3.50%, due 10/20/46
126,916
80,591
 
Government National Mortgage Association, Pool # MA4071, 4.50%, due 11/20/46
79,822
71,199
 
Government National Mortgage Association, Pool # MA4125, 2.50%, due 12/20/46
62,512
112,304
 
Government National Mortgage Association, Pool # MA4263, 4.00%, due 02/20/47
107,752
176,125
 
Government National Mortgage Association, Pool # MA4585, 3.00%, due 07/20/47
160,155
165,687
 
Government National Mortgage Association, Pool # MA4586, 3.50%, due 07/20/47
155,305
423,605
 
Government National Mortgage Association, Pool # MA4720, 4.00%, due 09/20/47
407,897
121,454
 
Government National Mortgage Association, Pool # MA4838, 4.00%, due 11/20/47
116,649
485,043
 
Government National Mortgage Association, Pool # MA5019, 3.50%, due 02/20/48
454,031
58,843
 
Government National Mortgage Association, Pool # MA5021, 4.50%, due 02/20/48
57,683
20,195
 
Government National Mortgage Association, Pool # MA5079, 4.50%, due 03/20/48
19,797
237,572
 
Government National Mortgage Association, Pool # MA5264, 4.00%, due 06/20/48
226,991
136,988
 
Government National Mortgage Association, Pool # MA5397, 3.50%, due 08/20/48
128,217
137,906
 
Government National Mortgage Association, Pool # MA5466, 4.00%, due 09/20/48
131,658
112,515
 
Government National Mortgage Association, Pool # MA5467, 4.50%, due 09/20/48
110,046
48,628
 
Government National Mortgage Association, Pool # MA5530, 5.00%, due 10/20/48
48,505
81,155
 
Government National Mortgage Association, Pool # MA5762, 3.50%, due 02/20/49
75,814
77,323
 
Government National Mortgage Association, Pool # MA5817, 4.00%, due 03/20/49
73,982
272,902
 
Government National Mortgage Association, Pool # MA5874, 3.00%, due 04/20/49
247,071
530,078
 
Government National Mortgage Association, Pool # MA6038, 3.00%, due 07/20/49
478,701
68
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
491,325
 
Government National Mortgage Association, Pool # MA6090, 3.50%, due 08/20/49
458,178
190,137
 
Government National Mortgage Association, Pool # MA6338, 3.00%, due 12/20/49
171,278
440,516
 
Government National Mortgage Association, Pool # MA6409, 3.00%, due 01/20/50
397,767
55,846
 
Government National Mortgage Association, Pool # MA6865, 2.50%, due 09/20/50
48,665
255,811
 
Government National Mortgage Association, Pool # MA6931, 2.50%, due 10/20/50
222,791
194,438
 
Government National Mortgage Association, Pool # MA6995, 2.50%, due 11/20/50
169,340
373,989
 
Government National Mortgage Association, Pool # MA7254, 2.00%, due 03/20/51
315,806
381,750
 
Government National Mortgage Association, Pool # MA7367, 2.50%, due 05/20/51
331,980
456,409
 
Government National Mortgage Association, Pool # MA7471, 2.00%, due 07/20/51
385,271
1,671,053
 
Government National Mortgage Association, Pool # MA7534, 2.50%, due 08/20/51
1,450,282
610,367
 
Government National Mortgage Association, Pool # MA7588, 2.00%, due 09/20/51
514,626
1,918,676
 
Government National Mortgage Association, Pool # MA7589, 2.50%, due 09/20/51
1,664,638
466,875
 
Government National Mortgage Association, Pool # MA7649, 2.50%, due 10/20/51
404,926
1,910,357
 
Government National Mortgage Association, Pool # MA7650, 3.00%, due 10/20/51
1,714,298
437,764
 
Government National Mortgage Association, Pool # MA7706, 3.00%, due 11/20/51
392,679
585,966
 
Government National Mortgage Association, Pool # MA7767, 2.50%, due 12/20/51
508,024
967,953
 
Government National Mortgage Association, Pool # MA7936, 2.50%, due 03/20/52
838,927
3,199,945
 
Government National Mortgage Association, Pool # MA7937, 3.00%, due 03/20/52
2,863,498
1,923,988
 
Government National Mortgage Association, Pool # MA8150, 4.00%, due 07/20/52
1,821,584
1,992,234
 
Government National Mortgage Association, Pool # MA8201, 4.50%, due 08/20/52
1,925,783
481,969
 
Government National Mortgage Association, Pool # MA8491, 5.50%, due 12/20/52
480,226
3,402,863
 
Government National Mortgage Association, Pool # MA8642, 2.50%, due 02/20/53
2,954,324
745,010
 
Government National Mortgage Association, Pool # MA8726, 5.50%, due 03/20/53
742,168
1,177,149
 
Government National Mortgage Association REMIC CMO, Series 2018-135, Class Z,
3.50%, due 10/20/48
1,023,057
187,175
 
Uniform Mortgage-Backed Security, Pool # 745148, 5.00%, due 01/01/36
188,629
181,618
 
Uniform Mortgage-Backed Security, Pool # 932807, 4.00%, due 09/01/40
174,741
119,785
 
Uniform Mortgage-Backed Security, Pool # 983471, 5.50%, due 05/01/38
122,452
213,036
 
Uniform Mortgage-Backed Security, Pool # 985184, 5.50%, due 08/01/38
218,403
153,628
 
Uniform Mortgage-Backed Security, Pool # 995245, 5.00%, due 01/01/39
154,141
10,341
 
Uniform Mortgage-Backed Security, Pool # AB5369, 3.50%, due 06/01/42
9,689
307,361
 
Uniform Mortgage-Backed Security, Pool # AB6212, 3.00%, due 09/01/42
277,691
483,576
 
Uniform Mortgage-Backed Security, Pool # AB6802, 3.50%, due 11/01/42
453,057
137,291
 
Uniform Mortgage-Backed Security, Pool # AB7059, 2.50%, due 11/01/42
118,630
269,287
 
Uniform Mortgage-Backed Security, Pool # AB8703, 3.00%, due 03/01/38
242,660
107,692
 
Uniform Mortgage-Backed Security, Pool # AB9383, 4.00%, due 05/01/43
103,588
849,759
 
Uniform Mortgage-Backed Security, Pool # AB9659, 3.00%, due 06/01/43
767,704
1,785,014
 
Uniform Mortgage-Backed Security, Pool # AC3668, 4.50%, due 10/01/39
1,763,850
167,629
 
Uniform Mortgage-Backed Security, Pool # AD9153, 4.50%, due 08/01/40
165,644
130,917
 
Uniform Mortgage-Backed Security, Pool # AE0469, 6.00%, due 12/01/39
135,969
360,750
 
Uniform Mortgage-Backed Security, Pool # AH4404, 4.00%, due 01/01/41
347,082
71,860
 
Uniform Mortgage-Backed Security, Pool # AI1892, 5.00%, due 05/01/41
72,225
360,145
 
Uniform Mortgage-Backed Security, Pool # AI4815, 4.50%, due 06/01/41
354,939
296,136
 
Uniform Mortgage-Backed Security, Pool # AJ9278, 3.50%, due 12/01/41
277,444
147,436
 
Uniform Mortgage-Backed Security, Pool # AJ9317, 4.00%, due 01/01/42
141,894
311,675
 
Uniform Mortgage-Backed Security, Pool # AL0215, 4.50%, due 04/01/41
307,979
597,299
 
Uniform Mortgage-Backed Security, Pool # AL1895, 3.50%, due 06/01/42
561,081
373,109
 
Uniform Mortgage-Backed Security, Pool # AL2466, 4.00%, due 09/01/42
362,338
387,805
 
Uniform Mortgage-Backed Security, Pool # AL3000, 3.50%, due 12/01/42
362,885
See accompanying Notes to the Schedule of Investments
69
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
436,744
 
Uniform Mortgage-Backed Security, Pool # AL3316, 3.50%, due 03/01/43
408,918
28,176
 
Uniform Mortgage-Backed Security, Pool # AL5939, 3.50%, due 09/01/43
26,398
595,693
 
Uniform Mortgage-Backed Security, Pool # AL6663, 4.00%, due 03/01/39
573,177
530,309
 
Uniform Mortgage-Backed Security, Pool # AL7594, 3.50%, due 08/01/45
493,659
509,332
 
Uniform Mortgage-Backed Security, Pool # AL8191, 4.00%, due 12/01/45
488,093
39,936
 
Uniform Mortgage-Backed Security, Pool # AL8673, 3.50%, due 06/01/46
37,166
43,817
 
Uniform Mortgage-Backed Security, Pool # AL9515, 3.50%, due 07/01/46
40,726
113,788
 
Uniform Mortgage-Backed Security, Pool # AL9657, 3.50%, due 01/01/47
105,489
68,038
 
Uniform Mortgage-Backed Security, Pool # AO4109, 4.00%, due 06/01/42
65,459
48,133
 
Uniform Mortgage-Backed Security, Pool # AQ3381, 3.00%, due 11/01/42
43,485
181,822
 
Uniform Mortgage-Backed Security, Pool # AQ7923, 3.00%, due 12/01/42
164,268
32,076
 
Uniform Mortgage-Backed Security, Pool # AR8749, 3.00%, due 03/01/43
28,981
309,277
 
Uniform Mortgage-Backed Security, Pool # AS5133, 3.50%, due 06/01/45
287,862
35,799
 
Uniform Mortgage-Backed Security, Pool # AS5593, 3.50%, due 08/01/45
33,320
9,818
 
Uniform Mortgage-Backed Security, Pool # AS6187, 3.50%, due 11/01/45
9,137
131,016
 
Uniform Mortgage-Backed Security, Pool # AS6188, 3.50%, due 11/01/45
121,929
77,290
 
Uniform Mortgage-Backed Security, Pool # AS6286, 4.00%, due 12/01/45
73,867
101,619
 
Uniform Mortgage-Backed Security, Pool # AS6304, 4.00%, due 12/01/45
97,128
160,661
 
Uniform Mortgage-Backed Security, Pool # AS6452, 3.50%, due 01/01/46
149,524
75,550
 
Uniform Mortgage-Backed Security, Pool # AS7010, 3.50%, due 04/01/46
70,149
112,087
 
Uniform Mortgage-Backed Security, Pool # AS7693, 2.00%, due 08/01/31
101,676
180,015
 
Uniform Mortgage-Backed Security, Pool # AS8073, 2.50%, due 10/01/46
154,331
35,053
 
Uniform Mortgage-Backed Security, Pool # AS8647, 3.00%, due 01/01/47
31,392
123,185
 
Uniform Mortgage-Backed Security, Pool # AZ3743, 3.50%, due 11/01/45
114,647
78,074
 
Uniform Mortgage-Backed Security, Pool # BC1489, 3.00%, due 08/01/46
70,193
29,191
 
Uniform Mortgage-Backed Security, Pool # BC9078, 4.00%, due 12/01/46
27,873
194,159
 
Uniform Mortgage-Backed Security, Pool # BC9468, 3.00%, due 06/01/46
174,690
418,616
 
Uniform Mortgage-Backed Security, Pool # BD7043, 4.00%, due 03/01/47
399,553
76,224
 
Uniform Mortgage-Backed Security, Pool # BD7118, 3.50%, due 04/01/47
70,758
31,573
 
Uniform Mortgage-Backed Security, Pool # BE2974, 4.00%, due 01/01/47
30,298
271,852
 
Uniform Mortgage-Backed Security, Pool # BE7192, 4.00%, due 03/01/47
259,692
2,987,866
 
Uniform Mortgage-Backed Security, Pool # BJ0104, 3.50%, due 10/01/47
2,759,415
420,258
 
Uniform Mortgage-Backed Security, Pool # BK1023, 4.50%, due 02/01/48
412,480
231,119
 
Uniform Mortgage-Backed Security, Pool # BK7611, 4.50%, due 09/01/48
226,298
123,564
 
Uniform Mortgage-Backed Security, Pool # BM1013, 3.50%, due 03/01/47
114,700
114,736
 
Uniform Mortgage-Backed Security, Pool # BM1277, 4.00%, due 05/01/47
109,498
673,734
 
Uniform Mortgage-Backed Security, Pool # BM1573, 3.50%, due 07/01/47
625,825
776,665
 
Uniform Mortgage-Backed Security, Pool # BM1972, 3.50%, due 10/01/37
735,386
517,987
 
Uniform Mortgage-Backed Security, Pool # BM3033, 3.00%, due 10/01/47
464,014
47,161
 
Uniform Mortgage-Backed Security, Pool # BM3077, 3.00%, due 11/01/47
42,254
188,450
 
Uniform Mortgage-Backed Security, Pool # BM3258, 3.00%, due 02/01/47
168,844
154,945
 
Uniform Mortgage-Backed Security, Pool # BM3286, 4.50%, due 11/01/47
154,640
373,811
 
Uniform Mortgage-Backed Security, Pool # BM3332, 3.50%, due 01/01/48
345,230
293,230
 
Uniform Mortgage-Backed Security, Pool # BM3491, 4.50%, due 01/01/38
286,466
136,629
 
Uniform Mortgage-Backed Security, Pool # BM3628, 3.50%, due 03/01/48
126,812
750,768
 
Uniform Mortgage-Backed Security, Pool # BM3641, 4.00%, due 04/01/48
717,219
9,509
 
Uniform Mortgage-Backed Security, Pool # BM4426, 3.50%, due 06/01/48
8,782
494,655
 
Uniform Mortgage-Backed Security, Pool # BM4896, 3.00%, due 02/01/47
446,931
650,865
 
Uniform Mortgage-Backed Security, Pool # BM5213, 3.00%, due 07/01/45
588,050
70
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
145,625
 
Uniform Mortgage-Backed Security, Pool # BM5293, 3.50%, due 02/01/49
134,489
47,492
 
Uniform Mortgage-Backed Security, Pool # BM5682, 3.50%, due 03/01/49
43,861
266,779
 
Uniform Mortgage-Backed Security, Pool # BM5694, 4.00%, due 06/01/48
254,518
104,133
 
Uniform Mortgage-Backed Security, Pool # BM5874, 4.00%, due 01/01/48
99,499
231,516
 
Uniform Mortgage-Backed Security, Pool # BM5950, 3.00%, due 11/01/48
208,644
8,647
 
Uniform Mortgage-Backed Security, Pool # BM5971, 3.50%, due 06/01/49
7,986
795,290
 
Uniform Mortgage-Backed Security, Pool # BN6216, 4.50%, due 03/01/49
773,474
204,852
 
Uniform Mortgage-Backed Security, Pool # BO1420, 3.50%, due 09/01/49
188,946
9,017
 
Uniform Mortgage-Backed Security, Pool # BO1439, 3.00%, due 10/01/49
8,009
390,562
 
Uniform Mortgage-Backed Security, Pool # BO5387, 3.50%, due 12/01/49
362,733
255,492
 
Uniform Mortgage-Backed Security, Pool # BP2898, 4.00%, due 03/01/50
242,322
530,000
 
Uniform Mortgage-Backed Security, Pool # BP3048, 3.00%, due 03/01/50
470,272
360,453
 
Uniform Mortgage-Backed Security, Pool # BP5462, 2.50%, due 06/01/50
310,452
285,441
 
Uniform Mortgage-Backed Security, Pool # BP5568, 3.00%, due 06/01/50
253,185
1,383,959
 
Uniform Mortgage-Backed Security, Pool # BP6618, 2.50%, due 08/01/50
1,181,977
5,503,439
 
Uniform Mortgage-Backed Security, Pool # BP9250, 2.50%, due 07/01/50
4,700,260
712,203
 
Uniform Mortgage-Backed Security, Pool # BQ3132, 2.00%, due 10/01/50
592,806
496,282
 
Uniform Mortgage-Backed Security, Pool # BQ3138, 2.50%, due 10/01/50
427,302
91,976
 
Uniform Mortgage-Backed Security, Pool # BU3058, 2.50%, due 12/01/51
78,157
937,260
 
Uniform Mortgage-Backed Security, Pool # BU8763, 3.00%, due 04/01/52
827,853
1,412,248
 
Uniform Mortgage-Backed Security, Pool # BV8474, 3.00%, due 05/01/52
1,259,154
496,270
 
Uniform Mortgage-Backed Security, Pool # BW0046, 5.00%, due 07/01/52
489,707
3,365,577
 
Uniform Mortgage-Backed Security, Pool # BW9918, 5.00%, due 10/01/52
3,313,657
4,063,519
 
Uniform Mortgage-Backed Security, Pool # BX9413, 5.00%, due 03/01/53
3,988,875
801,656
 
Uniform Mortgage-Backed Security, Pool # CA0623, 4.50%, due 10/01/47
789,174
493,703
 
Uniform Mortgage-Backed Security, Pool # CA0655, 3.50%, due 11/01/47
455,953
308,130
 
Uniform Mortgage-Backed Security, Pool # CA0855, 3.50%, due 12/01/47
284,571
13,172
 
Uniform Mortgage-Backed Security, Pool # CA1545, 4.00%, due 04/01/48
12,567
262,485
 
Uniform Mortgage-Backed Security, Pool # CA3828, 4.00%, due 07/01/49
250,201
634,095
 
Uniform Mortgage-Backed Security, Pool # CA3986, 5.00%, due 08/01/49
629,727
418,281
 
Uniform Mortgage-Backed Security, Pool # CA4149, 3.00%, due 09/01/49
372,144
33,348
 
Uniform Mortgage-Backed Security, Pool # CA4546, 3.00%, due 11/01/49
29,645
562,982
 
Uniform Mortgage-Backed Security, Pool # CA4831, 4.50%, due 12/01/49
547,713
477,971
 
Uniform Mortgage-Backed Security, Pool # CA5229, 3.00%, due 02/01/50
424,138
2,896,623
 
Uniform Mortgage-Backed Security, Pool # CA5354, 3.50%, due 03/01/50
2,674,444
566,949
 
Uniform Mortgage-Backed Security, Pool # CA5556, 3.50%, due 04/01/50
522,311
367,119
 
Uniform Mortgage-Backed Security, Pool # CA5571, 4.00%, due 04/01/50
349,408
5,007,059
 
Uniform Mortgage-Backed Security, Pool # CA6097, 3.50%, due 06/01/50
4,600,293
2,928,809
 
Uniform Mortgage-Backed Security, Pool # CA6635, 2.50%, due 08/01/50
2,522,542
1,197,646
 
Uniform Mortgage-Backed Security, Pool # CA6738, 3.00%, due 08/01/50
1,061,563
1,399,801
 
Uniform Mortgage-Backed Security, Pool # CA6777, 4.50%, due 08/01/50
1,356,064
369,994
 
Uniform Mortgage-Backed Security, Pool # CA6799, 2.00%, due 08/01/50
305,792
600,831
 
Uniform Mortgage-Backed Security, Pool # CA6871, 2.50%, due 08/01/35
550,194
1,361,987
 
Uniform Mortgage-Backed Security, Pool # CA6872, 2.50%, due 08/01/35
1,247,605
798,768
 
Uniform Mortgage-Backed Security, Pool # CA6909, 2.50%, due 09/01/50
687,125
3,655,673
 
Uniform Mortgage-Backed Security, Pool # CA8062, 2.50%, due 12/01/50
3,128,565
129,239
 
Uniform Mortgage-Backed Security, Pool # CA8895, 2.50%, due 02/01/51
110,248
157,261
 
Uniform Mortgage-Backed Security, Pool # CA9090, 2.50%, due 02/01/51
134,106
1,450,656
 
Uniform Mortgage-Backed Security, Pool # CA9227, 2.50%, due 02/01/51
1,242,452
See accompanying Notes to the Schedule of Investments
71
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
6,017,959
 
Uniform Mortgage-Backed Security, Pool # CB0671, 2.50%, due 06/01/51
5,178,440
1,371,107
 
Uniform Mortgage-Backed Security, Pool # CB1273, 2.00%, due 08/01/51
1,124,438
552,961
 
Uniform Mortgage-Backed Security, Pool # CB2287, 2.50%, due 12/01/51
473,075
463,156
 
Uniform Mortgage-Backed Security, Pool # CB2858, 2.50%, due 02/01/52
396,259
478,658
 
Uniform Mortgage-Backed Security, Pool # CB3126, 3.50%, due 03/01/52
440,105
829,256
 
Uniform Mortgage-Backed Security, Pool # CB3158, 2.50%, due 03/01/52
708,464
2,177,374
 
Uniform Mortgage-Backed Security, Pool # CB3512, 4.00%, due 05/01/52
2,052,813
1,111,337
 
Uniform Mortgage-Backed Security, Pool # CB3865, 4.50%, due 06/01/52
1,075,469
449,969
 
Uniform Mortgage-Backed Security, Pool # CB4028, 4.50%, due 07/01/52
434,890
4,250,903
 
Uniform Mortgage-Backed Security, Pool # CB4088, 4.00%, due 07/01/52
4,018,078
1,286,978
 
Uniform Mortgage-Backed Security, Pool # CB4304, 4.50%, due 08/01/52
1,238,374
2,234,153
 
Uniform Mortgage-Backed Security, Pool # CB4337, 4.50%, due 08/01/52
2,166,909
2,074,470
 
Uniform Mortgage-Backed Security, Pool # CB4395, 4.50%, due 08/01/52
1,996,071
2,436,020
 
Uniform Mortgage-Backed Security, Pool # CB4620, 5.00%, due 09/01/52
2,388,882
384,809
 
Uniform Mortgage-Backed Security, Pool # CB4838, 5.00%, due 10/01/52
377,693
2,373,427
 
Uniform Mortgage-Backed Security, Pool # CB4908, 5.50%, due 10/01/52
2,379,844
1,845,739
 
Uniform Mortgage-Backed Security, Pool # CB5434, 5.00%, due 01/01/53
1,824,461
1,557,090
 
Uniform Mortgage-Backed Security, Pool # CB6059, 5.00%, due 04/01/53
1,533,834
1,340,881
 
Uniform Mortgage-Backed Security, Pool # CB6247, 5.00%, due 05/01/53
1,324,620
724,502
 
Uniform Mortgage-Backed Security, Pool # FM0030, 3.00%, due 02/01/49
648,693
194,802
 
Uniform Mortgage-Backed Security, Pool # FM1001, 3.50%, due 11/01/48
179,908
193,221
 
Uniform Mortgage-Backed Security, Pool # FM1266, 5.00%, due 07/01/49
192,367
144,107
 
Uniform Mortgage-Backed Security, Pool # FM1347, 3.00%, due 12/01/48
129,893
564,732
 
Uniform Mortgage-Backed Security, Pool # FM1467, 3.00%, due 12/01/47
513,012
590,804
 
Uniform Mortgage-Backed Security, Pool # FM1588, 3.00%, due 10/01/49
527,453
296,926
 
Uniform Mortgage-Backed Security, Pool # FM1715, 3.00%, due 12/01/45
268,266
402,500
 
Uniform Mortgage-Backed Security, Pool # FM1790, 3.00%, due 11/01/49
357,935
299,144
 
Uniform Mortgage-Backed Security, Pool # FM1864, 3.00%, due 11/01/49
265,990
3,024,664
 
Uniform Mortgage-Backed Security, Pool # FM2217, 3.00%, due 03/01/47
2,732,693
1,969,478
 
Uniform Mortgage-Backed Security, Pool # FM2226, 3.00%, due 09/01/46
1,779,342
810,463
 
Uniform Mortgage-Backed Security, Pool # FM2274, 4.00%, due 08/01/49
773,209
390,921
 
Uniform Mortgage-Backed Security, Pool # FM2336, 4.00%, due 01/01/50
372,546
413,734
 
Uniform Mortgage-Backed Security, Pool # FM2461, 3.50%, due 03/01/50
379,911
571,999
 
Uniform Mortgage-Backed Security, Pool # FM2570, 4.50%, due 04/01/48
565,224
385,368
 
Uniform Mortgage-Backed Security, Pool # FM2674, 4.00%, due 03/01/50
366,935
1,314,276
 
Uniform Mortgage-Backed Security, Pool # FM3250, 3.50%, due 05/01/50
1,213,419
739,447
 
Uniform Mortgage-Backed Security, Pool # FM4330, 2.50%, due 10/01/50
636,870
1,500,135
 
Uniform Mortgage-Backed Security, Pool # FM4532, 3.00%, due 09/01/50
1,331,093
2,928,577
 
Uniform Mortgage-Backed Security, Pool # FM4765, 2.00%, due 11/01/50
2,426,262
29,866
 
Uniform Mortgage-Backed Security, Pool # FM5035, 4.00%, due 07/01/50
28,442
2,468,130
 
Uniform Mortgage-Backed Security, Pool # FM5721, 3.00%, due 12/01/40
2,254,548
686,768
 
Uniform Mortgage-Backed Security, Pool # FM5875, 4.50%, due 04/01/50
670,554
1,003,557
 
Uniform Mortgage-Backed Security, Pool # FM5996, 4.50%, due 03/01/49
982,659
788,274
 
Uniform Mortgage-Backed Security, Pool # FM6273, 3.00%, due 12/01/34
742,474
2,014,925
 
Uniform Mortgage-Backed Security, Pool # FM6497, 2.00%, due 03/01/51
1,669,225
869,530
 
Uniform Mortgage-Backed Security, Pool # FM6585, 3.50%, due 11/01/40
810,712
777,618
 
Uniform Mortgage-Backed Security, Pool # FM7341, 4.00%, due 03/01/48
742,572
271,009
 
Uniform Mortgage-Backed Security, Pool # FM7441, 3.00%, due 05/01/51
238,978
1,176,189
 
Uniform Mortgage-Backed Security, Pool # FM7785, 4.00%, due 05/01/49
1,122,198
72
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
1,837,856
 
Uniform Mortgage-Backed Security, Pool # FM7794, 4.00%, due 01/01/50
1,749,827
581,958
 
Uniform Mortgage-Backed Security, Pool # FM8161, 2.50%, due 08/01/51
498,461
1,952,653
 
Uniform Mortgage-Backed Security, Pool # FM8216, 4.00%, due 11/01/48
1,860,184
1,583,983
 
Uniform Mortgage-Backed Security, Pool # FM8325, 2.50%, due 07/01/35
1,465,158
941,954
 
Uniform Mortgage-Backed Security, Pool # FM8422, 2.50%, due 08/01/51
801,787
938,253
 
Uniform Mortgage-Backed Security, Pool # FM8451, 2.50%, due 08/01/51
803,523
1,570,814
 
Uniform Mortgage-Backed Security, Pool # FM8603, 4.00%, due 09/01/49
1,498,714
1,623,051
 
Uniform Mortgage-Backed Security, Pool # FM9412, 2.50%, due 11/01/51
1,394,078
1,449,181
 
Uniform Mortgage-Backed Security, Pool # FM9461, 3.50%, due 11/01/51
1,325,602
404,531
 
Uniform Mortgage-Backed Security, Pool # FM9468, 2.50%, due 11/01/51
347,627
1,236,009
 
Uniform Mortgage-Backed Security, Pool # FM9674, 3.50%, due 06/01/49
1,141,606
1,011,161
 
Uniform Mortgage-Backed Security, Pool # FM9726, 2.50%, due 11/01/51
868,925
4,074,829
 
Uniform Mortgage-Backed Security, Pool # FM9728, 2.50%, due 11/01/51
3,488,458
570,959
 
Uniform Mortgage-Backed Security, Pool # FM9977, 4.00%, due 02/01/50
542,720
1,098,860
 
Uniform Mortgage-Backed Security, Pool # FS0027, 2.50%, due 11/01/51
944,286
1,201,464
 
Uniform Mortgage-Backed Security, Pool # FS0065, 4.50%, due 12/01/50
1,175,701
1,168,749
 
Uniform Mortgage-Backed Security, Pool # FS0194, 2.50%, due 01/01/52
998,910
2,370,291
 
Uniform Mortgage-Backed Security, Pool # FS0644, 3.00%, due 02/01/52
2,097,902
137,312
 
Uniform Mortgage-Backed Security, Pool # FS0703, 4.00%, due 01/01/49
130,965
2,198,843
 
Uniform Mortgage-Backed Security, Pool # FS0715, 3.00%, due 01/01/52
1,948,306
407,657
 
Uniform Mortgage-Backed Security, Pool # FS0717, 3.00%, due 02/01/52
360,089
469,940
 
Uniform Mortgage-Backed Security, Pool # FS1201, 3.00%, due 01/01/50
417,260
790,803
 
Uniform Mortgage-Backed Security, Pool # FS1205, 3.50%, due 04/01/52
722,895
1,403,540
 
Uniform Mortgage-Backed Security, Pool # FS1228, 3.00%, due 03/01/52
1,242,191
587,164
 
Uniform Mortgage-Backed Security, Pool # FS1285, 3.50%, due 02/01/52
541,668
435,287
 
Uniform Mortgage-Backed Security, Pool # FS1427, 3.00%, due 02/01/50
386,958
1,352,086
 
Uniform Mortgage-Backed Security, Pool # FS1590, 2.50%, due 04/01/52
1,154,207
362,729
 
Uniform Mortgage-Backed Security, Pool # FS1602, 4.00%, due 07/01/49
346,069
544,674
 
Uniform Mortgage-Backed Security, Pool # FS1624, 2.50%, due 10/01/51
466,363
238,736
 
Uniform Mortgage-Backed Security, Pool # FS1637, 4.00%, due 04/01/52
225,296
2,988,511
 
Uniform Mortgage-Backed Security, Pool # FS1938, 2.50%, due 02/01/52
2,555,305
1,410,733
 
Uniform Mortgage-Backed Security, Pool # FS1976, 4.00%, due 08/01/51
1,342,031
2,563,550
 
Uniform Mortgage-Backed Security, Pool # FS2167, 4.50%, due 06/01/52
2,477,639
2,631,051
 
Uniform Mortgage-Backed Security, Pool # FS2238, 4.00%, due 03/01/51
2,505,244
79,216
 
Uniform Mortgage-Backed Security, Pool # FS2354, 4.00%, due 06/01/52
75,208
287,237
 
Uniform Mortgage-Backed Security, Pool # FS2415, 4.50%, due 08/01/52
277,148
4,377,104
 
Uniform Mortgage-Backed Security, Pool # FS2616, 5.00%, due 08/01/52
4,327,328
1,738,817
 
Uniform Mortgage-Backed Security, Pool # FS2896, 4.50%, due 09/01/52
1,688,072
1,260,180
 
Uniform Mortgage-Backed Security, Pool # FS2920, 3.00%, due 07/01/36
1,180,315
525,779
 
Uniform Mortgage-Backed Security, Pool # FS2969, 4.50%, due 10/01/52
510,436
173,949
 
Uniform Mortgage-Backed Security, Pool # FS3045, 5.00%, due 10/01/52
171,379
1,427,492
 
Uniform Mortgage-Backed Security, Pool # FS3160, 3.00%, due 06/01/52
1,258,796
599,793
 
Uniform Mortgage-Backed Security, Pool # FS3276, 4.50%, due 12/01/37
588,572
397,248
 
Uniform Mortgage-Backed Security, Pool # FS3310, 4.50%, due 11/01/37
389,878
1,852,014
 
Uniform Mortgage-Backed Security, Pool # FS3359, 5.50%, due 12/01/52
1,861,874
707,090
 
Uniform Mortgage-Backed Security, Pool # FS3405, 5.50%, due 12/01/52
715,327
154,984
 
Uniform Mortgage-Backed Security, Pool # FS3407, 5.50%, due 12/01/52
155,379
203,284
 
Uniform Mortgage-Backed Security, Pool # FS3409, 5.50%, due 12/01/52
202,843
996,650
 
Uniform Mortgage-Backed Security, Pool # FS3417, 5.00%, due 12/01/52
981,927
See accompanying Notes to the Schedule of Investments
73
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
234,231
 
Uniform Mortgage-Backed Security, Pool # FS3433, 5.50%, due 12/01/52
235,081
1,127,628
 
Uniform Mortgage-Backed Security, Pool # FS3434, 5.50%, due 12/01/52
1,130,677
4,239,381
 
Uniform Mortgage-Backed Security, Pool # FS3669, 4.00%, due 03/01/46
4,078,982
1,347,266
 
Uniform Mortgage-Backed Security, Pool # FS3811, 4.50%, due 12/01/52
1,298,345
2,439,105
 
Uniform Mortgage-Backed Security, Pool # FS4223, 4.50%, due 05/01/47
2,408,271
1,932,028
 
Uniform Mortgage-Backed Security, Pool # FS4300, 5.50%, due 04/01/53
1,930,992
1,249,385
 
Uniform Mortgage-Backed Security, Pool # FS4312, 4.50%, due 03/01/53
1,207,302
1,673,684
 
Uniform Mortgage-Backed Security, Pool # FS4758, 2.50%, due 01/01/36
1,537,019
73,906
 
Uniform Mortgage-Backed Security, Pool # MA2516, 3.00%, due 01/01/46
66,451
108,154
 
Uniform Mortgage-Backed Security, Pool # MA2781, 2.50%, due 10/01/46
93,115
18,557
 
Uniform Mortgage-Backed Security, Pool # MA2835, 4.00%, due 12/01/46
17,710
2,609,739
 
Uniform Mortgage-Backed Security, Pool # MA2863, 3.00%, due 01/01/47
2,339,817
1,896,861
 
Uniform Mortgage-Backed Security, Pool # MA2868, 2.50%, due 01/01/32
1,759,229
323,945
 
Uniform Mortgage-Backed Security, Pool # MA3058, 4.00%, due 07/01/47
309,860
406,963
 
Uniform Mortgage-Backed Security, Pool # MA3076, 2.50%, due 07/01/32
376,435
89,844
 
Uniform Mortgage-Backed Security, Pool # MA3087, 3.50%, due 08/01/47
83,093
436,107
 
Uniform Mortgage-Backed Security, Pool # MA3114, 2.50%, due 08/01/32
403,371
425,849
 
Uniform Mortgage-Backed Security, Pool # MA3124, 2.50%, due 09/01/32
393,900
86,233
 
Uniform Mortgage-Backed Security, Pool # MA3155, 3.00%, due 10/01/32
81,228
3,443,843
 
Uniform Mortgage-Backed Security, Pool # MA3182, 3.50%, due 11/01/47
3,180,535
144,169
 
Uniform Mortgage-Backed Security, Pool # MA3211, 4.00%, due 12/01/47
137,900
102,500
 
Uniform Mortgage-Backed Security, Pool # MA3238, 3.50%, due 01/01/48
94,840
260,246
 
Uniform Mortgage-Backed Security, Pool # MA3332, 3.50%, due 04/01/48
240,347
88,515
 
Uniform Mortgage-Backed Security, Pool # MA3364, 3.50%, due 05/01/33
84,866
57,430
 
Uniform Mortgage-Backed Security, Pool # MA3385, 4.50%, due 06/01/48
56,340
245,955
 
Uniform Mortgage-Backed Security, Pool # MA3414, 3.50%, due 07/01/48
227,147
77,292
 
Uniform Mortgage-Backed Security, Pool # MA3442, 3.50%, due 08/01/48
71,381
63,165
 
Uniform Mortgage-Backed Security, Pool # MA3521, 4.00%, due 11/01/48
60,201
631,475
 
Uniform Mortgage-Backed Security, Pool # MA3871, 3.00%, due 12/01/49
561,294
4,076,707
 
Uniform Mortgage-Backed Security, Pool # MA3937, 3.00%, due 02/01/50
3,622,777
129,746
 
Uniform Mortgage-Backed Security, Pool # MA3960, 3.00%, due 03/01/50
115,091
376,968
 
Uniform Mortgage-Backed Security, Pool # MA4014, 3.00%, due 05/01/35
353,083
732,236
 
Uniform Mortgage-Backed Security, Pool # MA4018, 2.00%, due 05/01/50
603,067
472,845
 
Uniform Mortgage-Backed Security, Pool # MA4048, 3.00%, due 06/01/50
419,493
127,961
 
Uniform Mortgage-Backed Security, Pool # MA4120, 2.50%, due 09/01/50
109,597
1,684,890
 
Uniform Mortgage-Backed Security, Pool # MA4158, 2.00%, due 10/01/50
1,388,734
419,931
 
Uniform Mortgage-Backed Security, Pool # MA4181, 1.50%, due 11/01/50
325,183
336,619
 
Uniform Mortgage-Backed Security, Pool # MA4204, 2.00%, due 12/01/40
288,816
765,943
 
Uniform Mortgage-Backed Security, Pool # MA4208, 2.00%, due 12/01/50
630,588
3,569,281
 
Uniform Mortgage-Backed Security, Pool # MA4209, 1.50%, due 12/01/50
2,763,935
514,437
 
Uniform Mortgage-Backed Security, Pool # MA4232, 2.00%, due 01/01/41
441,374
1,818,714
 
Uniform Mortgage-Backed Security, Pool # MA4237, 2.00%, due 01/01/51
1,497,222
528,263
 
Uniform Mortgage-Backed Security, Pool # MA4268, 2.00%, due 02/01/41
451,486
103,556
 
Uniform Mortgage-Backed Security, Pool # MA4281, 2.00%, due 03/01/51
84,943
3,279,110
 
Uniform Mortgage-Backed Security, Pool # MA4305, 2.00%, due 04/01/51
2,687,736
11,663,658
 
Uniform Mortgage-Backed Security, Pool # MA4325, 2.00%, due 05/01/51
9,560,903
1,551,623
 
Uniform Mortgage-Backed Security, Pool # MA4326, 2.50%, due 05/01/51
1,322,758
960,661
 
Uniform Mortgage-Backed Security, Pool # MA4329, 2.00%, due 05/01/36
852,475
291,593
 
Uniform Mortgage-Backed Security, Pool # MA4333, 2.00%, due 05/01/41
248,468
74
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
330,657
 
Uniform Mortgage-Backed Security, Pool # MA4356, 2.50%, due 06/01/51
281,679
431,073
 
Uniform Mortgage-Backed Security, Pool # MA4380, 3.00%, due 07/01/51
380,857
170,711
 
Uniform Mortgage-Backed Security, Pool # MA4398, 2.00%, due 08/01/51
139,718
464,285
 
Uniform Mortgage-Backed Security, Pool # MA4399, 2.50%, due 08/01/51
394,932
979,872
 
Uniform Mortgage-Backed Security, Pool # MA4414, 2.50%, due 09/01/51
834,065
3,655,607
 
Uniform Mortgage-Backed Security, Pool # MA4437, 2.00%, due 10/01/51
2,988,199
1,884,815
 
Uniform Mortgage-Backed Security, Pool # MA4493, 2.50%, due 12/01/51
1,602,203
3,039,464
 
Uniform Mortgage-Backed Security, Pool # MA4497, 2.00%, due 12/01/36
2,697,172
468,793
 
Uniform Mortgage-Backed Security, Pool # MA4512, 2.50%, due 01/01/52
397,894
457,442
 
Uniform Mortgage-Backed Security, Pool # MA4548, 2.50%, due 02/01/52
388,817
1,026,600
 
Uniform Mortgage-Backed Security, Pool # MA4549, 3.00%, due 02/01/52
904,913
484,848
 
Uniform Mortgage-Backed Security, Pool # MA4600, 3.50%, due 05/01/52
442,218
1,315,835
 
Uniform Mortgage-Backed Security, Pool # MA4644, 4.00%, due 05/01/52
1,236,371
3,822,024
 
Uniform Mortgage-Backed Security, Pool # MA4656, 4.50%, due 07/01/52
3,677,682
980,381
 
Uniform Mortgage-Backed Security, Pool # MA4686, 5.00%, due 06/01/52
962,313
3,959,667
 
Uniform Mortgage-Backed Security, Pool # MA4701, 4.50%, due 08/01/52
3,810,126
1,288,695
 
Uniform Mortgage-Backed Security, Pool # QA6367, 3.00%, due 01/01/50
1,149,133
799,826
 
Uniform Mortgage-Backed Security, Pool # QA7234, 3.00%, due 02/01/50
710,627
559,165
 
Uniform Mortgage-Backed Security, Pool # QA8518, 3.00%, due 04/01/50
496,862
203,345
 
Uniform Mortgage-Backed Security, Pool # QB0220, 3.00%, due 06/01/50
180,414
761,014
 
Uniform Mortgage-Backed Security, Pool # QB4847, 2.50%, due 10/01/50
650,891
755,712
 
Uniform Mortgage-Backed Security, Pool # QB6476, 2.50%, due 12/01/50
651,076
281,927
 
Uniform Mortgage-Backed Security, Pool # QC0039, 2.50%, due 03/01/51
242,427
1,475,371
 
Uniform Mortgage-Backed Security, Pool # QC4339, 2.00%, due 07/01/51
1,222,178
872,363
 
Uniform Mortgage-Backed Security, Pool # QC5189, 2.50%, due 08/01/51
742,015
434,084
 
Uniform Mortgage-Backed Security, Pool # QC6357, 2.50%, due 09/01/51
370,596
489,152
 
Uniform Mortgage-Backed Security, Pool # QD6056, 3.00%, due 02/01/52
434,483
130,740
 
Uniform Mortgage-Backed Security, Pool # QD9911, 2.50%, due 04/01/52
111,018
909,010
 
Uniform Mortgage-Backed Security, Pool # QE0375, 4.00%, due 04/01/52
862,514
73,374
 
Uniform Mortgage-Backed Security, Pool # QE1497, 4.00%, due 05/01/52
69,680
7,740,437
 
Uniform Mortgage-Backed Security, Pool # QG3341, 5.00%, due 05/01/53
7,588,912
2,390,825
 
Uniform Mortgage-Backed Security, Pool # QN1779, 2.50%, due 03/01/35
2,188,519
259,852
 
Uniform Mortgage-Backed Security, Pool # RA1343, 3.00%, due 09/01/49
231,058
1,657,904
 
Uniform Mortgage-Backed Security, Pool # RA1776, 3.00%, due 12/01/49
1,475,507
929,050
 
Uniform Mortgage-Backed Security, Pool # RA1860, 3.00%, due 12/01/49
825,617
502,688
 
Uniform Mortgage-Backed Security, Pool # RA2572, 3.50%, due 05/01/50
463,263
1,790,309
 
Uniform Mortgage-Backed Security, Pool # RA2790, 2.50%, due 06/01/50
1,528,985
1,750,826
 
Uniform Mortgage-Backed Security, Pool # RA2853, 2.50%, due 06/01/50
1,495,267
674,903
 
Uniform Mortgage-Backed Security, Pool # RA3206, 2.00%, due 08/01/50
556,338
988,388
 
Uniform Mortgage-Backed Security, Pool # RA4912, 3.00%, due 03/01/51
871,286
247,753
 
Uniform Mortgage-Backed Security, Pool # RA5286, 2.50%, due 05/01/51
210,885
3,809,169
 
Uniform Mortgage-Backed Security, Pool # RA5767, 2.50%, due 09/01/51
3,243,588
341,715
 
Uniform Mortgage-Backed Security, Pool # RA6432, 2.50%, due 12/01/51
290,428
1,658,393
 
Uniform Mortgage-Backed Security, Pool # RA6944, 3.50%, due 03/01/52
1,514,088
632,364
 
Uniform Mortgage-Backed Security, Pool # RA6951, 3.50%, due 03/01/52
580,011
3,911,027
 
Uniform Mortgage-Backed Security, Pool # RA7195, 3.50%, due 04/01/52
3,586,852
2,640,767
 
Uniform Mortgage-Backed Security, Pool # RA7942, 5.50%, due 09/01/52
2,655,238
1,933,952
 
Uniform Mortgage-Backed Security, Pool # RA8248, 5.00%, due 11/01/52
1,901,051
1,868,378
 
Uniform Mortgage-Backed Security, Pool # RB5111, 2.00%, due 05/01/41
1,597,102
See accompanying Notes to the Schedule of Investments
75
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
5,006,469
 
Uniform Mortgage-Backed Security, Pool # SB0307, 2.50%, due 02/01/35
4,599,173
1,352,977
 
Uniform Mortgage-Backed Security, Pool # SB8189, 4.00%, due 11/01/37
1,307,579
355,649
 
Uniform Mortgage-Backed Security, Pool # SB8199, 4.50%, due 12/01/37
349,051
1,831,383
 
Uniform Mortgage-Backed Security, Pool # SB8205, 4.50%, due 01/01/38
1,797,120
477,872
 
Uniform Mortgage-Backed Security, Pool # SB8212, 4.50%, due 02/01/38
468,931
444,568
 
Uniform Mortgage-Backed Security, Pool # SB8510, 2.00%, due 02/01/36
396,798
932,165
 
Uniform Mortgage-Backed Security, Pool # SD0100, 3.00%, due 10/01/49
831,200
1,777,962
 
Uniform Mortgage-Backed Security, Pool # SD0499, 3.00%, due 08/01/50
1,587,170
1,196,447
 
Uniform Mortgage-Backed Security, Pool # SD0558, 2.50%, due 03/01/51
1,028,808
1,258,237
 
Uniform Mortgage-Backed Security, Pool # SD0619, 4.00%, due 07/01/50
1,197,355
1,069,659
 
Uniform Mortgage-Backed Security, Pool # SD0742, 2.50%, due 11/01/51
918,249
461,501
 
Uniform Mortgage-Backed Security, Pool # SD0815, 3.00%, due 01/01/52
410,327
462,921
 
Uniform Mortgage-Backed Security, Pool # SD0905, 3.00%, due 03/01/52
411,151
591,016
 
Uniform Mortgage-Backed Security, Pool # SD1050, 4.50%, due 07/01/52
571,209
3,139,431
 
Uniform Mortgage-Backed Security, Pool # SD1217, 2.00%, due 03/01/52
2,580,512
3,309,344
 
Uniform Mortgage-Backed Security, Pool # SD1265, 4.50%, due 06/01/52
3,191,478
1,474,587
 
Uniform Mortgage-Backed Security, Pool # SD1446, 4.50%, due 08/01/52
1,426,993
370,700
 
Uniform Mortgage-Backed Security, Pool # SD1454, 4.50%, due 08/01/52
359,194
1,855,242
 
Uniform Mortgage-Backed Security, Pool # SD1475, 4.50%, due 08/01/52
1,795,363
2,823,786
 
Uniform Mortgage-Backed Security, Pool # SD1483, 4.00%, due 08/01/52
2,680,777
1,015,570
 
Uniform Mortgage-Backed Security, Pool # SD1517, 4.50%, due 09/01/52
984,048
936,723
 
Uniform Mortgage-Backed Security, Pool # SD1606, 4.50%, due 09/01/52
905,330
1,014,431
 
Uniform Mortgage-Backed Security, Pool # SD1695, 5.00%, due 10/01/52
996,938
3,925,404
 
Uniform Mortgage-Backed Security, Pool # SD1809, 4.50%, due 09/01/52
3,798,709
503,971
 
Uniform Mortgage-Backed Security, Pool # SD1944, 5.00%, due 12/01/52
496,447
822,682
 
Uniform Mortgage-Backed Security, Pool # SD1999, 5.00%, due 12/01/52
808,495
1,016,967
 
Uniform Mortgage-Backed Security, Pool # SD2032, 5.00%, due 12/01/52
1,003,516
3,413,225
 
Uniform Mortgage-Backed Security, Pool # SD2172, 5.50%, due 02/01/53
3,411,149
1,815,354
 
Uniform Mortgage-Backed Security, Pool # SD2318, 5.00%, due 02/01/53
1,781,765
2,569,490
 
Uniform Mortgage-Backed Security, Pool # SD2381, 5.50%, due 03/01/53
2,576,040
3,294,522
 
Uniform Mortgage-Backed Security, Pool # SD7543, 2.50%, due 08/01/51
2,829,845
3,222,307
 
Uniform Mortgage-Backed Security, Pool # SD7544, 3.00%, due 07/01/51
2,870,095
2,587,755
 
Uniform Mortgage-Backed Security, Pool # SD7548, 2.50%, due 11/01/51
2,220,629
1,794,263
 
Uniform Mortgage-Backed Security, Pool # SD7551, 3.00%, due 01/01/52
1,596,017
2,758
 
Uniform Mortgage-Backed Security, Pool # SD8025, 3.50%, due 11/01/49
2,548
1,054,237
 
Uniform Mortgage-Backed Security, Pool # SD8075, 3.50%, due 07/01/50
970,467
4,348,796
 
Uniform Mortgage-Backed Security, Pool # SD8090, 2.00%, due 09/01/50
3,580,670
799,565
 
Uniform Mortgage-Backed Security, Pool # SD8104, 1.50%, due 11/01/50
619,159
390,942
 
Uniform Mortgage-Backed Security, Pool # SD8113, 2.00%, due 12/01/50
321,808
566,002
 
Uniform Mortgage-Backed Security, Pool # SD8121, 2.00%, due 01/01/51
465,971
34,713
 
Uniform Mortgage-Backed Security, Pool # SD8140, 2.00%, due 04/01/51
28,455
3,479,437
 
Uniform Mortgage-Backed Security, Pool # SD8141, 2.50%, due 04/01/51
2,969,295
1,023,104
 
Uniform Mortgage-Backed Security, Pool # SD8151, 2.50%, due 06/01/51
869,547
1,402,213
 
Uniform Mortgage-Backed Security, Pool # SD8183, 2.50%, due 12/01/51
1,191,963
5,481,386
 
Uniform Mortgage-Backed Security, Pool # SD8189, 2.50%, due 01/01/52
4,658,917
375,902
 
Uniform Mortgage-Backed Security, Pool # SD8221, 3.50%, due 06/01/52
342,899
2,974,230
 
Uniform Mortgage-Backed Security, Pool # SD8227, 4.00%, due 07/01/52
2,794,605
2,559,403
 
Uniform Mortgage-Backed Security, Pool # SD8231, 4.50%, due 07/01/52
2,462,813
5,360,592
 
Uniform Mortgage-Backed Security, Pool # SD8236, 3.50%, due 08/01/52
4,889,250
76
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — continued
1,492,422
 
Uniform Mortgage-Backed Security, Pool # SD8237, 4.00%, due 08/01/52
1,402,134
472,418
 
Uniform Mortgage-Backed Security, Pool # SD8278, 6.00%, due 12/01/52
476,778
1,157,768
 
Uniform Mortgage-Backed Security, Pool # ZM1609, 2.00%, due 03/01/51
949,528
784,487
 
Uniform Mortgage-Backed Security, Pool # ZM1609, 3.50%, due 09/01/46
731,518
236,376
 
Uniform Mortgage-Backed Security, Pool # ZS4727, 4.00%, due 07/01/47
225,509
148,914
 
Uniform Mortgage-Backed Security, Pool # ZS4760, 4.00%, due 03/01/48
141,711
1,296,644
 
Uniform Mortgage-Backed Security, Pool # ZS4763, 3.50%, due 04/01/48
1,197,450
4,686,985
 
Uniform Mortgage-Backed Security, Pool # ZS7930, 3.00%, due 01/01/33
4,414,999
407,172
 
Uniform Mortgage-Backed Security, Pool # ZT0657, 6.00%, due 07/01/40
422,972
190,626
 
Uniform Mortgage-Backed Security, Pool # ZT1748, 5.00%, due 01/01/49
189,873
362,124
 
Uniform Mortgage-Backed Security, Pool # ZT2100, 3.00%, due 04/01/47
324,794
12,457,000
 
Uniform Mortgage-Backed Security TBA, 4.50%, due 07/13/53
11,977,211
11,903,000
 
Uniform Mortgage-Backed Security TBA, 5.00%, due 07/13/53
11,664,010
561,000
 
Uniform Mortgage-Backed Security TBA, 5.50%, due 07/13/53
558,326
 
 
 
468,418,584
 
 
Municipal Obligations — 1.1%
60,000
 
Alabama Economic Settlement Authority, 4.26%, due 09/15/32
57,186
355,000
 
Bay Area Toll Authority, 6.26%, due 04/01/49
421,519
1,525,000
 
California Health Facilities Financing Authority, 4.19%, due 06/01/37
1,426,875
1,300,000
 
Dallas Fort Worth International Airport, 1.93%, due 11/01/28
1,124,341
90,000
 
District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14(f)
83,802
337,000
 
Golden State Tobacco Securitization Corp., 4.21%, due 06/01/50
252,810
1,447,413
 
Louisiana Local Government Environmental Facilities & Community Development
Authority, 3.62%, due 02/01/29
1,394,099
715,000
 
Michigan Finance Authority, 2.37%, due 09/01/49(b)
711,502
456,000
 
Michigan State University, 4.17%, due 08/15/22(f)
361,314
347,000
 
Municipal Electric Authority of Georgia, 6.64%, due 04/01/57
397,009
2,000
 
New Jersey Transportation Trust Fund Authority, 4.08%, due 06/15/39
1,768
980,000
 
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.77%, due
08/01/36
1,030,817
1,350,000
 
New York State Urban Development Corp., 5.77%, due 03/15/39
1,413,656
2,195,000
 
Port Authority of New York & New Jersey, 1.09%, due 07/01/23
2,195,000
330,000
 
State Board of Administration Finance Corp., 1.71%, due 07/01/27
292,336
885,000
 
State of California, 7.50%, due 04/01/34
1,079,315
655,000
 
State of California, 7.55%, due 04/01/39
826,813
935,000
 
State of Connecticut, 3.98%, due 06/15/29
904,948
1,785,000
 
State of Connecticut, 4.51%, due 05/15/28
1,774,837
1,690,000
 
University of Michigan, 4.45%, due 04/01/22(f)
1,470,337
595,000
 
University of Virginia, 2.58%, due 11/01/51
396,854
185,000
 
University of Virginia, 4.18%, due 09/01/17(f)
150,862
 
 
 
17,768,000
 
 
Sovereign Debt Obligations — 0.3%
734,000
 
Argentina Government International Bonds, 3.50%, due 07/09/41
237,031
595,000
 
Bank Gospodarstwa Krajowego, 5.38%, due 05/22/33 144A
592,606
200,000
 
Bermuda Government International Bonds, 2.38%, due 08/20/30 144A
167,702
215,000
 
Export-Import Bank of India, 3.88%, due 02/01/28 144A
201,852
450,000
 
Indonesia Government International Bonds, 3.50%, due 01/11/28
425,066
See accompanying Notes to the Schedule of Investments
77
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Sovereign Debt Obligations — continued
200,000
 
Japan Bank for International Cooperation, 3.38%, due 10/31/23
198,504
200,000
 
Japan Finance Organization for Municipalities, 1.75%, due 09/05/24 144A
191,307
200,000
 
Korea National Oil Corp., 4.75%, due 04/03/26 144A
196,240
205,000
 
Korea National Oil Corp., 4.88%, due 04/03/28 144A
203,106
290,000
 
Mexico Government International Bonds, 3.50%, due 02/12/34
243,620
45,000
 
Peruvian Government International Bonds, 2.78%, due 01/23/31
38,581
340,000
 
Province of Alberta, 1.30%, due 07/22/30
276,852
210,000
 
Province of Alberta, 3.30%, due 03/15/28
199,649
100,000
 
Province of Manitoba, 2.13%, due 06/22/26
92,788
220,000
 
Province of Quebec, 2.75%, due 04/12/27
205,789
671,000
 
Qatar Government International Bonds, 5.10%, due 04/23/48 144A
669,904
314,000
EUR
Saudi Government International Bonds, 0.75%, due 07/09/27 144A
303,689
789,000
 
Saudi Government International Bonds, 4.38%, due 04/16/29 144A
769,530
 
 
 
5,213,816
 
 
U.S. Government and Agency Obligations — 18.0%
75,000
 
Federal National Mortgage Association, 0.88%, due 08/05/30
60,328
210,000
 
Federal National Mortgage Association, 2.50%, due 02/05/24
206,293
310,000
 
Federal National Mortgage Association, 4.87%, due 03/17/31(l)
222,801
545,000
 
Federal National Mortgage Association, 6.63%, due 11/15/30
632,718
210,000
 
Tennessee Valley Authority, 1.50%, due 09/15/31
169,837
60,000
 
Tennessee Valley Authority, 7.13%, due 05/01/30
69,916
1,154,000
 
U.S. Treasury Bonds, 1.13%, due 08/15/40
742,933
6,965,000
 
U.S. Treasury Bonds, 1.25%, due 05/15/50
3,920,397
12,003,000
 
U.S. Treasury Bonds, 1.75%, due 08/15/41
8,441,485
3,390,000
 
U.S. Treasury Bonds, 1.88%, due 02/15/41
2,464,504
2,678,000
 
U.S. Treasury Bonds, 1.88%, due 02/15/51
1,774,593
243,200
 
U.S. Treasury Bonds, 1.88%, due 11/15/51
160,645
13,330,000
 
U.S. Treasury Bonds, 2.00%, due 11/15/41
9,766,828
6,850,000
 
U.S. Treasury Bonds, 2.00%, due 02/15/50
4,699,608
6,585,000
 
U.S. Treasury Bonds, 2.00%, due 08/15/51
4,491,176
23,745,000
 
U.S. Treasury Bonds, 2.25%, due 05/15/41(n)
18,306,375
4,530,000
 
U.S. Treasury Bonds, 2.25%, due 08/15/49
3,294,159
9,069,000
 
U.S. Treasury Bonds, 2.25%, due 02/15/52
6,557,666
18,970,000
 
U.S. Treasury Bonds, 2.38%, due 02/15/42
14,778,075
605,000
 
U.S. Treasury Bonds, 2.38%, due 11/15/49
452,131
70,000
 
U.S. Treasury Bonds, 2.50%, due 02/15/45
54,232
9,805,000
 
U.S. Treasury Bonds, 3.00%, due 02/15/49
8,298,439
32,905,000
 
U.S. Treasury Bonds, 3.00%, due 08/15/52
27,989,816
33,009,000
 
U.S. Treasury Bonds, 3.38%, due 08/15/42
29,977,587
2,669,000
 
U.S. Treasury Bonds, 3.38%, due 11/15/48
2,413,256
915,900
 
U.S. Treasury Bonds, 3.63%, due 08/15/43
860,159
11,809,000
 
U.S. Treasury Bonds, 3.63%, due 02/15/53
11,336,640
514,000
 
U.S. Treasury Bonds, 3.63%, due 05/15/53
494,083
13,816,000
 
U.S. Treasury Bonds, 3.88%, due 05/15/43
13,483,553
20,863,000
 
U.S. Treasury Bonds, 4.00%, due 11/15/42
20,739,126
6,135,000
 
U.S. Treasury Bonds, 4.00%, due 11/15/52
6,303,713
2,428,534
 
U.S. Treasury Inflation-Indexed Notes, 0.13%, due 01/15/30
2,179,402
13,736,000
 
U.S. Treasury Notes, 2.75%, due 08/15/32
12,595,000
78
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
U.S. Government and Agency Obligations — continued
9,672,000
 
U.S. Treasury Notes, 3.38%, due 05/15/33
9,328,946
24,813,000
 
U.S. Treasury Notes, 3.50%, due 01/31/28
24,098,657
112,000
 
U.S. Treasury Notes, 3.63%, due 05/31/28
109,559
16,493,000
 
U.S. Treasury Notes, 3.75%, due 05/31/30
16,264,933
456,000
 
U.S. Treasury Notes, 3.75%, due 06/30/30
449,819
15,060,000
 
U.S. Treasury Notes, 3.88%, due 04/30/25
14,768,212
5,929,000
 
U.S. Treasury STRIPS, 4.50%, due 08/15/30(l)
4,469,437
1,395,000
 
U.S. Treasury STRIPS, 5.47%, due 02/15/39(l)
743,797
2,310,000
 
U.S. Treasury STRIPS, 5.65%, due 02/15/40(l)
1,176,558
3,430,000
 
U.S. Treasury STRIPS, 5.77%, due 11/15/40(l)
1,690,044
1,695,000
 
U.S. Treasury STRIPS, 5.91%, due 02/15/41(l)
819,150
7,215,000
 
U.S. Treasury STRIPS, 6.06%, due 11/15/41(l)
3,366,000
1,975,000
 
U.S. Treasury STRIPS, 6.14%, due 05/15/42(l)
901,268
1,750,000
 
U.S. Treasury STRIPS, 6.22%, due 11/15/42(l)
781,813
4,925,000
 
U.S. Treasury STRIPS, 6.25%, due 02/15/43(l)
2,178,184
726,000
 
U.S. Treasury STRIPS, 6.35%, due 11/15/43(l)
311,294
2,395,000
 
U.S. Treasury STRIPS, 6.43%, due 08/15/44(l)(n)
998,220
 
 
 
300,393,365
 
 
TOTAL DEBT OBLIGATIONS (COST $1,790,120,381)
1,655,639,140
 
Shares
 
Description
Value ($)
 
 
COMMON STOCK — 0.0%
 
 
Industrial — 0.0%
924
 
Altera Infrastructure LP/Teekay Offshore Finance Corp.*(i)(k)
26,796
 
 
TOTAL COMMON STOCK (COST $234,312)
26,796
 
Par Value
 
Description
Value ($)
 
 
SHORT-TERM INVESTMENT — 1.5%
 
 
Mutual Fund - Securities Lending Collateral — 1.5%
24,598,625
 
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.03%(o)(p)
24,598,625
 
 
TOTAL SHORT-TERM INVESTMENT (COST $24,598,625)
24,598,625
 
 
TOTAL INVESTMENTS BEFORE TBA SALE
COMMITMENTS — 100.6%
(Cost $1,814,953,318)
1,680,264,561
See accompanying Notes to the Schedule of Investments
79
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value
 
Description
Value ($)
 
 
TBA SALE COMMITMENTS — (0.1)%
(1,500,000)
 
Uniform Mortgage-Backed Security TBA, 5.00%, due 07/13/53
(1,469,883)
 
 
TOTAL TBA SALE COMMITMENTS (PROCEEDS $1,475,859)
(1,469,883)
 
 
TOTAL INVESTMENTS NET OF TBA SALE
COMMITMENTS — 100.5%
(Cost $1,813,477,459)
1,678,794,678
 
 
Other Assets and Liabilities (net) — (0.5)%
(8,414,188)
 
 
NET ASSETS — 100.0%
$1,670,380,490
 
 
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 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.
(c)
Variable or floating rate note. Rate shown is as of June 30, 2023.
(d)
All or a portion of this security is out on loan.
(e)
Security is perpetual and has no stated maturity date.
(f)
Year of maturity is greater than 2100.
(g)
When-issued security.
(h)
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.
(i)
Level 3 - significant unobservable inputs were used in determining the value of this security in
the Fund.
(j)
Security is currently in default.
(k)
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 $27,120 which represents 0.0% of net assets.  The
aggregate tax cost of these securities held at June 30, 2023 was $1,799,867.
(l)
Interest rate presented is yield to maturity.
(m)
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.
(n)
All or a portion of this security is pledged for open futures and open centrally cleared swaps
collateral.
(o)
The rate disclosed is the 7-day net yield as of June 30, 2023.
(p)
Represents an investment of securities lending cash collateral.
144A
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities
may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The total market value of the securities at period end is $316,169,072 which represents 18.9% of
net assets.
80
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts 
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
EUR
12,883,127
USD
14,062,668
07/05/23
Barclays Bank PLC
$(7,172
)
USD
14,082,549
EUR
12,883,128
08/02/23
Barclays Bank PLC
7,807
USD
13,893,399
EUR
12,883,127
07/05/23
JPMorgan Chase Bank N.A.
(162,098
)
 
 
 
 
 
$(161,463
)
Futures Contracts 
Number of
Contracts
Description
Expiration Date
Notional
Value
Market Value/
Unrealized
Appreciation
(Depreciation)
Buys
 
 
318
U.S. Treasury Note 10-Year
Sep 2023
$35,700,469
$(604,971
)
76
U.S. Treasury Note 2-Year
Sep 2023
15,454,125
(201,792
)
369
U.S. Treasury Note 5-Year
Sep 2023
39,517,594
(666,855
)
 
 
$(1,473,618
)
Sales
 
 
324
U.S. Long Bond
Sep 2023
$41,117,625
$157,836
91
U.S. Ultra 10-Year
Sep 2023
10,777,812
174,954
2
U.S. Ultra Bond
Sep 2023
272,438
(2,316
)
 
 
$330,474
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)
4.95%
Annual
SOFR
Annual
03/08/25
$—
USD
3,816,000
$(3,906
)
$(3,906
)
5.09%
Annual
SOFR
Annual
03/10/25
—
USD
10,650,000
13,340
13,340
5.11%
Annual
SOFR
Annual
03/09/25
—
USD
4,664,000
7,460
7,460
 
 
 
 
 
 
$16,894
 
Currency Abbreviations
EUR
—
Euro
USD
—
U.S. Dollar
 
See accompanying Notes to the Schedule of Investments
81
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Abbreviations
CLO
—
Collateralized Loan Obligation
CMO
—
Collateralized Mortgage Obligation
CMT
—
Constant Maturity Treasury Index
EURIBOR
—
Euro Interbank Offered Rate
LIBOR
—
London Interbank Offered Rate
MTN
—
Medium Term Note
REIT
—
Real Estate Investment Trust
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
STACR
—
Structured Agency Credit Risk
STRIPS
—
Separate Trading of Registered Interest and Principal of Securities
TBA
—
To Be Announced
82
See accompanying Notes to the Schedule of Investments
Mercer Core Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
 
Asset Class Summary (Unaudited)
% of Net Assets
Debt Obligations
99.1
Equities
0.0*
Swaps
0.0*
Futures Contracts
(0.1)
TBA Sale Commitments
(0.1)
Forward Foreign Currency Contracts
(0.8)
Short-Term Investment
1.5
Other Assets and Liabilities (net)
0.4
 
100.0
 
*
Amount rounds to zero.
See accompanying Notes to the Schedule of Investments
83
Mercer Opportunistic Fixed Income Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2023 (Unaudited)
 
Par Value(a)
 
Description
Value ($)
 
 
DEBT OBLIGATIONS — 95.4%
 
 
Asset Backed Securities — 6.9%
220,000
 
AB BSL CLO 4 Ltd., Series 2023-4A, Class A, 6.96% (3 mo. USD Term SOFR +
2.00%), due 04/20/36(b) 144A
220,788
649,589
 
Aegis Asset-Backed Securities Trust, Series 2005-5, Class M1, 5.80% (1 mo. USD
LIBOR + 0.65%), due 12/25/35(b)
583,098
255,000
 
AIG CLO Ltd., Series 2019-1A, Class BR, 6.83% (3 mo. USD Term SOFR + 1.85%),
due 04/18/35(b) 144A
246,011
500,000
 
AIMCO CLO 12 Ltd., Series 2020-12A, Class DR, 7.89% (3 mo. USD Term SOFR +
2.90%), due 01/17/32(b) 144A
473,587
650,000
 
Alinea CLO Ltd., Series 2018-1A, Class D, 8.35% (3 mo. USD LIBOR + 3.10%), due
07/20/31(b) 144A
611,371
1,000,000
 
AMMC CLO Ltd., Series 2022-27A, Class D, 10.61% (3 mo. USD Term SOFR +
6.01%), due 01/20/36(b) 144A
994,247
3,640,000
 
Anchorage Capital CLO 17 Ltd., Series 2021-17A, Class A1, 6.43% (3 mo. USD
LIBOR + 1.17%), due 07/15/34(b) 144A
3,563,080
300,000
 
Anchorage Capital CLO 3-R Ltd., Series 2014-3RA, Class E, 10.77% (3 mo. USD
LIBOR + 5.50%), due 01/28/31(b) 144A
255,173
1,000,000
 
Apex Credit CLO Ltd., Series 2019-1A, Class BR, 7.66% (3 mo. USD LIBOR +
2.40%), due 04/18/32(b) 144A
957,048
420,000
 
Apidos CLO XXII, Series 2015-22A, Class DR, 12.00% (3 mo. USD LIBOR + 6.75%),
due 04/20/31(b) 144A
394,358
850,000
 
Applebee's Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2, 7.82%, due
03/05/53 144A
839,510
250,000
 
ARES XXXIIR CLO Ltd., Series 2014-32RA, Class C, 8.22% (3 mo. USD LIBOR +
2.90%), due 05/15/30(b) 144A
225,707
810,000
 
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE5, Class M1,
2.71% (1 mo. USD LIBOR + 0.42%), due 07/25/36(b)
648,735
410,000
 
Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.25%, due
02/20/27 144A
381,826
500,000
 
Bain Capital Credit CLO Ltd., Series 2021-4A, Class D, 8.35% (3 mo. USD LIBOR +
3.10%), due 10/20/34(b) 144A
449,095
550,000
 
Bain Capital Credit CLO Ltd., Series 2022-2A, Class D1, 8.72% (3 mo. USD Term
SOFR + 3.65%), due 04/22/35(b) 144A
500,442
1,050,000
 
Bain Capital Credit CLO Ltd., Series 2023-1A, Class AN, 6.57% (3 mo. USD Term
SOFR + 1.83%), due 04/16/36(b) 144A
1,050,669
500,000
 
Bain Capital Credit CLO Ltd., Series 2023-1A, Class D, 9.64% (3 mo. USD Term SOFR
+ 4.90%), due 04/16/36(b) 144A
497,106
1,000,000
 
Ballyrock CLO 19 Ltd., Series 2022-19A, Class D, 12.16% (3 mo. USD Term SOFR +
7.11%), due 04/20/35(b) 144A
928,002
275,000
 
Ballyrock CLO Ltd., Series 2018-1A, Class C, 8.40% (3 mo. USD LIBOR + 3.15%),
due 04/20/31(b) 144A
259,591
415,000
 
Ballyrock CLO Ltd., Series 2019-1A, Class A2R, 6.81% (3 mo. USD LIBOR + 1.55%),
due 07/15/32(b) 144A
406,167
250,000
 
Barings CLO Ltd., Series 2016-2A, Class ER2, 11.75% (3 mo. USD LIBOR + 6.50%),
due 01/20/32(b) 144A
223,504
850,000
 
BlueMountain CLO XXIX Ltd., Series 2020-29A, Class ER, 12.12% (3 mo. USD
LIBOR + 6.86%), due 07/25/34(b) 144A
781,391
250,000
 
Bristol Park CLO Ltd., Series 2016-1A, Class ER, 12.26% (3 mo. USD LIBOR +
7.00%), due 04/15/29(b) 144A
221,969
800,000
 
Buckhorn Park CLO Ltd., Series 2019-1A, Class AR, 6.38% (3 mo. USD LIBOR +
1.12%), due 07/18/34(b) 144A
787,227
650,000
 
Buckhorn Park CLO Ltd., Series 2019-1A, Class DR, 8.36% (3 mo. USD LIBOR +
3.10%), due 07/18/34(b) 144A
588,580
84
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Asset Backed Securities — continued
280,000
 
Canyon Capital CLO Ltd., Series 2021-1A, Class E, 11.67% (3 mo. USD LIBOR +
6.41%), due 04/15/34(b) 144A
249,322
500,000
 
Canyon CLO Ltd., Series 2020-1A, Class BR, 6.96% (3 mo. USD LIBOR + 1.70%),
due 07/15/34(b) 144A
485,525
255,000
 
Canyon CLO Ltd., Series 2021-4A, Class B, 6.96% (3 mo. USD LIBOR + 1.70%), due
10/15/34(b) 144A
248,300
1,300,000
 
Carlyle U.S. CLO Ltd., Series 2019-2A, Class DR, 11.76% (3 mo. USD LIBOR +
6.50%), due 07/15/32(b) 144A
1,208,051
1,475,000
 
Carlyle U.S. CLO Ltd., Series 2019-4A, Class A2R, 6.74% (3 mo. USD Term SOFR +
1.75%), due 04/15/35(b) 144A
1,426,652
510,000
 
Carlyle U.S. CLO Ltd., Series 2021-8A, Class B, 6.91% (3 mo. USD LIBOR + 1.65%),
due 10/15/34(b) 144A
497,192
1,060,000
 
CarVal CLO VII-C Ltd., Series 2023-1A, Class A1, 6.88% (3 mo. USD Term SOFR +
2.20%), due 01/20/35(b) 144A
1,060,980
750,000
 
Catskill Park CLO Ltd., Series 2017-1A, Class D, 11.25% (3 mo. USD LIBOR +
6.00%), due 04/20/29(b) 144A
626,047
1,020,000
 
CBAM CLO Ltd., Series 2018-6A, Class B2R, 7.35% (3 mo. USD Term SOFR +
2.36%), due 01/15/31(b) 144A
1,002,795
275,000
 
CIFC Funding CLO Ltd., Series 2012-2RA, Class B, 6.80% (3 mo. USD Term SOFR +
1.81%), due 01/20/28(b) 144A
270,430
250,000
 
CIFC Funding CLO Ltd., Series 2017-1A, Class D, 8.76% (3 mo. USD LIBOR +
3.50%), due 04/23/29(b) 144A
246,683
700,000
 
CIFC Funding CLO Ltd., Series 2017-3A, Class C, 8.90% (3 mo. USD LIBOR +
3.65%), due 07/20/30(b) 144A
668,670
750,000
 
CIFC Funding CLO Ltd., Series 2018-1A, Class C, 7.01% (3 mo. USD LIBOR +
1.75%), due 04/18/31(b) 144A
720,953
919,200
 
Driven Brands Funding LLC, Series 2019-1A, Class A2, 4.64%, due 04/20/49 144A
866,767
1,500,000
 
Dryden 64 CLO Ltd., Series 2018-64A, Class D, 7.91% (3 mo. USD LIBOR + 2.65%),
due 04/18/31(b) 144A
1,376,415
900,000
 
Dryden 70 CLO Ltd., Series 2018-70A, Class E, 11.31% (3 mo. USD LIBOR + 6.05%),
due 01/16/32(b) 144A
795,961
630,000
 
Eaton Vance CLO Ltd., Series 2020-2A, Class ER, 11.76% (3 mo. USD LIBOR +
6.50%), due 01/15/35(b) 144A
603,872
350,000
 
Elmwood CLO XI Ltd., Series 2021-4A, Class B, 6.85% (3 mo. USD LIBOR + 1.60%),
due 10/20/34(b) 144A
342,463
258,672
 
Falcon Aerospace Ltd., Series 2017-1, Class A, 4.58%, due 02/15/42(b) 144A
243,896
250,000
 
Fortress Credit BSL CLO XII Ltd., Series 2021-4A, Class E, 12.39% (3 mo. USD
LIBOR + 7.13%), due 10/15/34(b) 144A
218,854
1,290,000
 
FS Rialto Issuer CLO LLC, Series 2022-FL7, Class A, 7.99% (1 mo. USD Term SOFR
+ 2.90%), due 10/19/39(b) 144A
1,285,747
1,060,000
 
Generate CLO 7 Ltd., Series 7A, Class B1, 7.12% (3 mo. USD LIBOR + 1.85%), due
01/22/33(b) 144A
1,044,523
250,000
 
Gilbert Park CLO Ltd., Series 2017-1A, Class D, 8.21% (3 mo. USD LIBOR + 2.95%),
due 10/15/30(b) 144A
232,711
750,000
 
GoldenTree Loan Management U.S. CLO 3 Ltd., Series 2018-3A, Class D, 8.10% (3
mo. USD LIBOR + 2.85%), due 04/20/30(b) 144A
719,895
380,000
 
Golub Capital Partners CLO 53B Ltd., Series 2021-53A, Class E, 11.95% (3 mo. USD
LIBOR + 6.70%), due 07/20/34(b) 144A
355,541
220,000
 
Golub Capital Partners CLO 66B Ltd., Series 2023-66A, Class A, 6.93% (3 mo. USD
Term SOFR + 1.95%), due 04/25/36(b) 144A
219,506
250,000
 
Greenwood Park CLO Ltd., Series 2018-1A, Class E, 10.21% (3 mo. USD LIBOR +
4.95%), due 04/15/31(b) 144A
195,766
250,000
 
Greywolf CLO II Ltd., Series 2019-1RA, Class CR, 8.90% (3 mo. USD Term SOFR +
3.91%), due 04/17/34(b) 144A
230,556
See accompanying Notes to the Schedule of Investments
85
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Asset Backed Securities — continued
255,000
 
Greywolf CLO VI Ltd., Series 2018-1A, Class A2, 6.96% (3 mo. USD Term SOFR +
1.89%), due 04/26/31(b) 144A
250,203
750,000
 
Greywolf CLO VI Ltd., Series 2018-1A, Class D, 11.08% (3 mo. USD Term SOFR +
6.01%), due 04/26/31(b) 144A
649,138
70,915
 
GSAA Home Equity Trust, Series 2007-7, Class A4, 5.69% (1 mo. USD LIBOR +
0.54%), due 07/25/37(b)
68,079
290,000
 
Halsey Point CLO I Ltd., Series 2019-1A, Class F, 13.45% (3 mo. USD LIBOR +
8.20%), due 01/20/33(b) 144A
247,436
200,000
 
Hayfin US CLO XII Ltd., Series 2018-9A, Class BR, 7.07% (3 mo. USD LIBOR +
1.80%), due 04/28/31(b) 144A
193,767
1,765,000
 
HPS Loan Management Ltd., Series 2023-18A, Class B, 8.21% (3 mo. USD Term SOFR
+ 2.95%), due 07/20/36(b) 144A
1,765,882
204,298
 
KeyCorp Student Loan Trust, Series 2005-A, Class 2C, 6.84% (3 mo. USD LIBOR +
1.30%), due 12/27/38(b)
193,811
400,000
 
KKR CLO 14 Ltd., Series 14, Class BR, 7.06% (3 mo. USD LIBOR + 1.80%), due
07/15/31(b) 144A
394,516
870,000
 
KREF CLO Ltd., Series 2022-FL3, Class A, 6.53% (1 mo. USD Term SOFR + 1.45%),
due 02/17/39(b) 144A
851,953
172,135
 
Long Beach Mortgage Loan Trust, Series 2005-1, Class M4, 6.43% (1 mo. USD LIBOR
+ 1.28%), due 02/25/35(b)
166,086
425,000
 
Madison Park Funding CLO XLVIII Ltd., Series 2017-25A, Class A2R, 6.91% (3 mo.
USD LIBOR + 1.65%), due 04/25/29(b) 144A
418,987
250,000
 
Madison Park Funding CLO XXV Ltd., Series 2021-48A, Class B, 6.72% (3 mo. USD
LIBOR + 1.45%), due 04/19/33(b) 144A
244,972
1,405,000
 
Madison Park Funding CLO XXXIX Ltd., Series 2021-39A, Class D, 8.32% (3 mo.
USD LIBOR + 3.05%), due 10/22/34(b) 144A
1,318,973
400,000
 
Magnetite CLO XII Ltd., Series 2015-12A, Class ER, 10.94% (3 mo. USD LIBOR +
5.68%), due 10/15/31(b) 144A
362,858
500,000
 
Magnetite CLO XXII Ltd., Series 2019-22A, Class DR, 8.36% (3 mo. USD LIBOR +
3.10%), due 04/15/31(b) 144A
479,962
1,435,000
 
Magnetite CLO XXIV Ltd., Series 2019-24A, Class BR, 6.74% (3 mo. USD Term
SOFR + 1.75%), due 04/15/35(b) 144A
1,381,347
2,160,000
 
Magnetite CLO XXVII Ltd., Series 2020-27A, Class AR, 6.39% (3 mo. USD LIBOR +
1.14%), due 10/20/34(b) 144A
2,124,321
585,679
 
Magnolia Finance X DAC, Series 2020-1, 3.98%, due 08/13/24 144A
565,250
250,000
 
Marathon CLO 14 Ltd., Series 2019-2A, Class BA, 8.55% (3 mo. USD LIBOR +
3.30%), due 01/20/33(b) 144A
243,464
496,244
 
Midocean Credit CLO VIII, Series 2018-8A, Class A1R, 6.43% (3 mo. USD LIBOR +
1.05%), due 02/20/31(b) 144A
491,991
430,129
 
Mill City Solar Loan Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A
383,741
602,599
 
Mosaic Solar Loan Trust, Series 2021-1A, Class D, 3.71%, due 12/20/46 144A
520,118
894,889
 
National Collegiate Student Loan Trust, Series 2007-2, Class A4, 5.44% (1 mo. USD
LIBOR + 0.29%), due 01/25/33(b)
826,260
370,000
 
Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due
06/16/42 144A
343,915
250,000
 
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class DR2, 11.18% (3 mo. USD
LIBOR + 5.92%), due 10/21/30(b) 144A
222,631
250,000
 
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class DR, 8.11% (3
mo. USD LIBOR + 2.85%), due 10/18/29(b) 144A
235,886
750,000
 
Neuberger Berman Loan Advisers CLO 33 Ltd., Series 2019-33A, Class DR, 8.16% (3
mo. USD LIBOR + 2.90%), due 10/16/33(b) 144A
703,228
500,000
 
Neuberger Berman Loan Advisers CLO 34 Ltd., Series 2019-34A, Class CR, 7.15% (3
mo. USD Term SOFR + 2.10%), due 01/20/35(b) 144A
476,391
86
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Asset Backed Securities — continued
2,805,000
 
Neuberger Berman Loan Advisers CLO 36 Ltd., Series 2020-36A, Class A1R, 6.50% (3
mo. USD LIBOR + 1.25%), due 04/20/33(b) 144A
2,780,784
480,000
 
Neuberger Berman Loan Advisers CLO 44 Ltd., Series 2021-44A, Class E, 11.26% (3
mo. USD LIBOR + 6.00%), due 10/16/34(b) 144A
448,248
700,000
 
Ocean Trails CLO IX, Series 2020-9A, Class CR, 7.81% (3 mo. USD LIBOR + 2.55%),
due 10/15/34(b) 144A
675,905
750,000
 
Ocean Trails CLO IX, Series 2020-9A, Class DR, 9.01% (3 mo. USD LIBOR + 3.75%),
due 10/15/34(b) 144A
680,914
650,000
 
Ocean Trails CLO X, Series 2020-10A, Class ER, 12.83% (3 mo. USD LIBOR +
7.57%), due 10/15/34(b) 144A
581,143
930,000
 
Ocean Trails CLO XIV Ltd., Series 2023-14A, Class A1, 6.78% (3 mo. USD Term
SOFR + 2.00%), due 01/20/35(b) 144A
928,909
1,285,000
 
OCP CLO Ltd., Series 2015-9A, Class BR2, 6.74% (3 mo. USD Term SOFR + 1.75%),
due 01/15/33(b) 144A
1,241,787
325,000
 
Octagon Investment Partners CLO 35 Ltd., Series 2018-1A, Class C, 7.85% (3 mo. USD
LIBOR + 2.60%), due 01/20/31(b) 144A
292,918
275,000
 
OHA Credit Funding CLO 2 Ltd., Series 2019-2A, Class BR, 6.86% (3 mo. USD
LIBOR + 1.60%), due 04/21/34(b) 144A
269,429
1,000,000
 
OHA Credit Funding CLO 4 Ltd., Series 2019-4A, Class BR, 6.92% (3 mo. USD
LIBOR + 1.65%), due 10/22/36(b) 144A
975,074
500,000
 
OHA Credit Funding CLO 7 Ltd., Series 2020-7A, Class AR, 6.33% (3 mo. USD Term
SOFR + 1.30%), due 02/24/37(b) 144A
490,351
850,000
 
Option One Mortgage Loan Trust, Series 2005-3, Class M4, 6.08% (1 mo. USD LIBOR
+ 0.93%), due 08/25/35(b)
672,159
250,000
 
Owl Rock CLO III Ltd., Series 2020-3A, Class A1L, 7.05% (3 mo. USD LIBOR +
1.80%), due 04/20/32(b) 144A
246,841
605,000
 
OZLM CLO XXIII Ltd., Series 2019-23A, Class B1R, 7.11% (3 mo. USD LIBOR +
1.85%), due 04/15/34(b) 144A
584,716
2,335,000
 
Palmer Square CLO Ltd., Series 2021-2A, Class A, 6.41% (3 mo. USD LIBOR +
1.15%), due 07/15/34(b) 144A
2,297,290
300,000
 
Palmer Square CLO Ltd., Series 2021-4A, Class B, 6.91% (3 mo. USD LIBOR +
1.65%), due 10/15/34(b) 144A
293,474
250,000
 
Palmer Square Loan Funding CLO Ltd., Series 2021-2A, Class A2, 6.63% (3 mo. USD
LIBOR + 1.25%), due 05/20/29(b) 144A
247,391
250,000
 
Palmer Square Loan Funding CLO Ltd., Series 2021-2A, Class B, 6.78% (3 mo. USD
LIBOR + 1.40%), due 05/20/29(b) 144A
244,558
890,000
 
Palmer Square Loan Funding CLO Ltd., Series 2022-3A, Class C, 10.39% (3 mo. USD
Term SOFR + 5.40%), due 04/15/31(b) 144A
893,353
250,000
 
Parallel CLO Ltd., Series 2017-1A, Class CR, 7.25% (3 mo. USD LIBOR + 2.00%), due
07/20/29(b) 144A
239,993
575,000
 
Park Avenue Institutional Advisers CLO Ltd., Series 2021-2A, Class B, 7.01% (3 mo.
USD LIBOR + 1.75%), due 07/15/34(b) 144A
553,955
390,000
 
Peace Park CLO Ltd., Series 2021-1A, Class E, 11.25% (3 mo. USD LIBOR + 6.00%),
due 10/20/34(b) 144A
356,651
438,150
 
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48
144A
419,306
1,005,000
 
PPM CLO Ltd., Series 2018-1A, Class B2, 7.11% (3 mo. USD LIBOR + 1.85%), due
07/15/31(b) 144A
989,225
275,719
 
Renaissance Home Equity Loan Trust, Series 2003-2, Class A, 3.82% (1 mo. USD
LIBOR + 0.88%), due 08/25/33(b)
249,315
1,160,000
 
Residential Asset Securities Corporation Trust, Series 2006-KS2, Class M3, 5.77% (1
mo. USD LIBOR + 0.62%), due 03/25/36(b)
1,078,565
1,485,000
 
Rockford Tower CLO Ltd., Series 2018-1A, Class A, 6.48% (3 mo. USD LIBOR +
1.10%), due 05/20/31(b) 144A
1,470,509
See accompanying Notes to the Schedule of Investments
87
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Asset Backed Securities — continued
325,000
 
Rockford Tower CLO Ltd., Series 2021-3A, Class B, 7.00% (3 mo. USD LIBOR +
1.75%), due 10/20/34(b) 144A
312,638
720,000
 
RR CLO 18 Ltd., Series 2021-18A, Class D, 11.51% (3 mo. USD LIBOR + 6.25%), due
10/15/34(b) 144A
687,421
180,000
 
Saranac CLO III Ltd., Series 2014-3A, Class DR, 8.77% (3 mo. USD LIBOR + 3.25%),
due 06/22/30(b) 144A
145,618
430,000
 
Sculptor CLO XXVI Ltd., Series 26A, Class E, 12.50% (3 mo. USD LIBOR + 7.25%),
due 07/20/34(b) 144A
380,361
515,000
 
Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 8.15% (3 mo. USD LIBOR +
2.90%), due 04/20/34(b) 144A
481,885
63,000
 
SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 8.66%, due
06/15/32(c)
62,770
50,000
 
SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 8.65%, due 03/15/33(c)
51,960
636,379
 
SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, due 01/15/53
144A
579,654
1,500,000
 
SMB Private Education Loan Trust, Series 2023-B, Class B, 5.77%, due 10/16/56 144A
1,467,116
2,600,000
 
Sound Point CLO XXVII Ltd., Series 2020-2A, Class AR, 6.44% (3 mo. USD LIBOR +
1.18%), due 10/25/34(b) 144A
2,532,262
940,000
 
Southwick Park CLO LLC, Series 2019-4A, Class DR, 8.20% (3 mo. USD LIBOR +
2.95%), due 07/20/32(b) 144A
867,610
672,210
 
Stonepeak ABS, Series 2021-1A, Class A, 2.68%, due 02/28/33 144A
597,960
1,050,000
 
Sycamore Tree CLO Ltd., Series 2023-2A, Class A, 7.24% (3 mo. USD Term SOFR +
2.33%), due 04/20/35(b) 144A
1,052,754
930,000
 
Symphony CLO Ltd., Series 2022-37A, Class A1A, 6.55% (3 mo. USD Term SOFR +
2.30%), due 10/20/34(b) 144A
932,134
1,000,000
 
Symphony CLO XXV Ltd., Series 2021-25A, Class D, 8.87% (3 mo. USD LIBOR +
3.60%), due 04/19/34(b) 144A
953,105
280,000
 
TCI-Symphony CLO Ltd., Series 2016-1A, Class DR2, 8.34% (3 mo. USD LIBOR +
3.10%), due 10/13/32(b) 144A
260,727
800,000
 
TCI-Symphony CLO Ltd., Series 2016-1A, Class ER2, 11.99% (3 mo. USD LIBOR +
6.75%), due 10/13/32(b) 144A
691,074
3,715,000
 
THL Credit Wind River CLO Ltd., Series 2017-4A, Class B, 6.83% (3 mo. USD LIBOR
+ 1.45%), due 11/20/30(b) 144A
3,659,204
2,710,000
 
Trinitas CLO XVI Ltd., Series 2021-16A, Class A1, 6.43% (3 mo. USD LIBOR +
1.18%), due 07/20/34(b) 144A
2,663,326
650,000
 
TSTAT CLO Ltd., Series 2022-2A, Class C, 9.31% (3 mo. USD Term SOFR + 4.80%),
due 01/20/31(b) 144A
656,521
500,000
 
Venture 43 CLO Ltd., Series 2021-43A, Class D, 8.73% (3 mo. USD LIBOR + 3.47%),
due 04/15/34(b) 144A
429,918
1,500,000
 
Verde CLO Ltd., Series 2019-1A, Class DR, 8.51% (3 mo. USD LIBOR + 3.25%), due
04/15/32(b) 144A
1,402,351
250,000
 
Voya CLO Ltd., Series 2016-3A, Class A1R, 6.45% (3 mo. USD LIBOR + 1.19%), due
10/18/31(b) 144A
247,845
660,000
 
Voya CLO Ltd., Series 2017-2A, Class A2AR, 6.91% (3 mo. USD LIBOR + 1.65%),
due 06/07/30(b) 144A
646,701
260,000
 
Voya CLO Ltd., Series 2017-3A, Class DR, 12.20% (3 mo. USD LIBOR + 6.95%), due
04/20/34(b) 144A
236,499
350,000
 
Wellfleet CLO Ltd., Series 2017-2A, Class C, 8.65% (3 mo. USD LIBOR + 3.40%), due
10/20/29(b) 144A
316,602
255,000
 
Whitebox CLO I Ltd., Series 2019-1A, Class ANBR, 6.97% (3 mo. USD LIBOR +
1.70%), due 07/24/32(b) 144A
250,864
260,000
 
Whitebox CLO II Ltd., Series 2020-2A, Class A1R, 6.49% (3 mo. USD LIBOR +
1.22%), due 10/24/34(b) 144A
256,314
88
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Asset Backed Securities — continued
1,120,000
 
Whitebox CLO IV Ltd., Series 2023-4A, Class A1, 6.93% (3 mo. USD Term SOFR +
2.15%), due 04/20/36(b) 144A
1,123,100
410,000
 
Whitehorse CLO XII Ltd., Series 2018-12A, Class D, 8.91% (3 mo. USD LIBOR +
3.65%), due 10/15/31(b) 144A
365,247
250,000
 
Wind River CLO Ltd., Series 2021-4A, Class B, 6.90% (3 mo. USD LIBOR + 1.65%),
due 01/20/35(b) 144A
239,810
420,000
 
Z Capital Credit Partners CLO Ltd., Series 2021-1A, Class D, 9.46% (3 mo. USD
LIBOR + 4.20%), due 07/15/33(b) 144A
384,521
 
 
 
95,796,156
 
 
Bank Loans — 11.4%
1,954,178
 
19th Holdings Golf LLC, 2022 Term Loan B, 8.52% (1 mo. USD Term SOFR + 3.35%),
due 02/07/29(b)
1,908,987
400,000
 
Access CIG LLC, 2018 1st Lien Term Loan, 8.94% (1 mo. USD LIBOR + 3.75%), due
02/27/25(b)
395,800
1,160
 
ACProducts, Inc., 2021 Term Loan B, 9.78% (3 mo. USD LIBOR + 4.25%), due
05/17/28(b)
977
122,091
 
Acrisure LLC, 2020 Term Loan B, 8.69% (1 mo. USD LIBOR + 3.50%), due
02/15/27(b)
118,988
989,950
 
Acrisure LLC, 2021 First Lien Term Loan B, 9.43% (1 mo. USD LIBOR + 4.25%), due
02/15/27(b)
972,213
805,950
 
Acrisure LLC, 2022 Incremental Term Loan, 10.82% (3 mo. USD Term SOFR +
5.75%), due 02/15/27(b)
809,980
432,025
EUR
Adevinta ASA, EUR Term Loan B, 6.30% (3 mo. EUR EURIBOR + 2.75%), due
06/26/28(b)
470,161
136,653
EUR
Adevinta ASA, EUR Term Loan B, 6.35% (3 mo. EUR EURIBOR + 2.75%), due
06/26/28(b)
148,715
169,681
 
Adtalem Global Education Inc., 2021 Term Loan B, 9.19% (1 mo. USD LIBOR +
4.00%), due 08/12/28(b)
170,105
750,000
 
Agiliti Health, Inc., 2023 Term Loan, 8.16% (1 mo. USD Term SOFR + 3.00%), due
05/01/30(b)
747,656
775,918
 
Allen Media LLC, 2021 Term Loan B, 10.89% (3 mo. USD LIBOR + 5.50%), due
02/10/27(b)
671,945
1,555,778
 
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 8.95% (1 mo. USD
Term SOFR + 3.75%), due 05/12/28(b)
1,511,633
560,000
 
Allied Universal Holdco LLC, 2023 Term Loan B, 9.88% (3 mo. USD Term SOFR +
4.75%), due 05/12/28(b)
546,280
1,204,750
 
AllSpring Buyer LLC, Term Loan B, 8.53% (3 mo. USD LIBOR + 3.00%), due
11/01/28(b)
1,186,980
1,290,250
 
Amentum Government Services Holdings LLC, 2022 Term Loan, 9.15% (1 mo. USD
Term SOFR + 4.00%), due 02/15/29(b)
1,264,445
489,627
 
Amentum Government Services Holdings LLC, Term Loan B, 9.22% (1 mo. USD Term
SOFR + 4.00%), due 01/29/27(b)
483,506
1,710,562
 
American Airlines, Inc., 2021 Term Loan, 10.00% (3 mo. USD LIBOR + 4.75%), due
04/20/28(b)
1,751,799
1,282,053
 
AMG Advanced Metallurgical Group NV, 2018 Term Loan B, 8.72% (1 mo. USD Term
SOFR + 3.50%), due 11/30/28(b)
1,272,438
1,258,552
 
AmWINS Group, Inc., 2021 Term Loan B, 7.44% (1 mo. USD LIBOR + 2.25%), due
02/19/28(b)
1,247,969
992,506
 
AmWINS Group, Inc., 2023 Incremental Term Loan B TBD, due 02/19/28(d)
991,162
343,765
 
Anticimex International AB, 2021 USD Term Loan B1, 8.45% (3 mo. USD Term SOFR
+ 3.40%), due 11/16/28(b)
340,328
145,929
 
Apollo Commercial Real Estate Finance, Inc. REIT, 2021 Incremental Term Loan B1,
8.58% (1 mo. USD Term SOFR + 3.50%), due 03/11/28(b)
132,795
See accompanying Notes to the Schedule of Investments
89
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Bank Loans — continued
1,471,207
 
Arctic Canadian Diamond Co. Ltd., 2nd Lien PIK Term Loan, 9.54% (3 mo. USD
LIBOR + 4.00%, 12.50% PIK), due 12/31/27(b)(e)(f)
1,294,368
1,305,940
EUR
Aruba Investments, Inc., 2020 EUR Term Loan, 7.42% (1 mo. EUR EURIBOR +
4.00%), due 11/24/27(b)
1,367,790
645,988
 
Aruba Investments, Inc., 2020 USD Term Loan, 9.19% (1 mo. USD LIBOR + 4.00%),
due 11/24/27(b)
627,415
900,000
 
Asurion LLC, 2021 Second Lien Term Loan B4, 10.40% (1 mo. USD LIBOR + 5.25%),
due 01/20/29(b)
759,825
494,224
 
Asurion LLC, 2021 Term Loan B9, 8.79% (3 mo. USD LIBOR + 3.25%), due
07/31/27(b)
470,594
608,429
 
Asurion LLC, 2022 Term Loan B10, 9.20% (1 mo. USD Term SOFR + 4.00%), due
08/19/28(b)
576,740
105,909
 
Athenahealth Group, Inc., 2022 Term Loan B, 8.59% (1 mo. USD Term SOFR +
3.50%), due 02/15/29(b)
101,578
1,476,730
 
Autokiniton US Holdings, Inc., 2021 Term Loan B, 9.58% (1 mo. USD Term SOFR +
4.50%), due 04/06/28(b)
1,470,638
1,240,000
 
Belron Finance US LLC, 2023 Term Loan, 7.83% (3 mo. USD Term SOFR + 2.75%),
due 04/18/29(b)
1,242,325
1,118,000
EUR
Belron Luxembourg Sarl, 2021 EUR Term Loan B, 5.71% (3 mo. EUR EURIBOR +
2.43%), due 04/13/28(b)
1,220,174
287,207
 
Brown Group Holding LLC, 2022 Incremental Term Loan B2, 8.86% (1 mo. USD Term
SOFR+ 3.75%), due 07/02/29(b)
287,002
823,574
 
Brown Group Holding LLC, 2022 Incremental Term Loan B2, 8.80% (3 mo. USD Term
SOFR + 3.75%), due 07/02/29(b)
822,986
31,342
 
Brown Group Holding LLC, 2022 Incremental Term Loan B2, 9.01% (3 mo. USD Term
SOFR + 3.75%), due 07/02/29(b)
31,320
497,288
 
Brown Group Holding LLC, Term Loan B, 7.70% (1 mo. USD Term SOFR + 2.50%),
due 06/07/28(b)
490,710
319,200
 
Caesars Entertainment Corp., Term Loan B, 8.45% (1 mo. USD Term SOFR + 3.25%),
due 02/06/30(b)
319,579
414,692
 
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, 8.22% (1 mo. USD
Term SOFR + 3.00%), due 10/30/26(b)
414,433
660,604
 
Camelot U.S. Acquisition LLC, Term Loan B, 8.22% (1 mo. USD Term SOFR +
3.00%), due 10/30/26(b)
660,191
1,768,545
 
Cano Health LLC, 2022 Term Loan, 9.20% (1 mo. USD Term SOFR + 4.00%), due
11/23/27(b)
1,492,210
559,252
 
Cardinal Parent, Inc., 2020 Term Loan B, 9.89% (3 mo. USD LIBOR + 4.50%), due
11/12/27(b)
496,336
858,446
EUR
Carnival Corp., EUR Term Loan B, 7.17% (1 mo. EUR EURIBOR + 3.75%), due
06/30/25(b)
932,858
794,230
 
Carriage Purchaser, Inc., 2021 Term Loan B, 9.49% (1 mo. USD Term SOFR + 4.25%),
due 09/30/28(b)
779,835
1,992,494
 
CDK Global, Inc., 2022 USD Term Loan B, 9.49% (3 mo. USD Term SOFR + 4.25%),
due 07/06/29(b)
1,989,097
1,000,454
 
Cengage Learning, Inc., 2021 Term Loan B TBD, due 07/14/26(d)
982,508
878,620
 
Chamberlain Group, Inc., Term Loan B, 8.45% (1 mo. USD Term SOFR + 3.25%), due
11/03/28(b)
860,132
1,490,000
 
Cinemark USA, Inc., 2023 Term Loan B, 8.83% (1 mo. USD Term SOFR + 3.75%), due
05/24/30(b)
1,485,810
2,455,783
 
Citadel Securities LP, 2021 Term Loan B, 7.72% (1 mo. USD Term SOFR + 2.50%),
due 02/02/28(b)
2,455,125
997,650
 
City Brewing Co. LLC, Closing Date Term Loan, 8.76% (3 mo. USD LIBOR + 3.50%),
due 04/05/28(b)
658,449
90
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Bank Loans — continued
900,000
 
Clarios Global LP, 2023 Incremental Term Loan, 8.85% (1 mo. USD Term SOFR +
3.75%), due 05/06/30(b)
897,750
972,238
 
Clear Channel Outdoor Holdings, Inc., Term Loan B, 8.81% (3 mo. USD Term SOFR +
3.50%), due 08/21/26(b)
931,439
160,000
 
Cloudera, Inc., 2021 Second Lien Term Loan, 11.08% (1 mo. USD Term SOFR +
6.00%), due 10/08/29(b)
145,600
722,700
 
Clydesdale Acquisition Holdings, Inc., Term Loan B, 9.38% (1 mo. USD Term SOFR +
4.18%), due 04/13/29(b)
712,694
2,099,944
 
CommScope, Inc., 2019 Term Loan B, 8.44% (1 mo. USD LIBOR + 3.25%), due
04/06/26(b)
2,018,571
175,968
 
CoreLogic, Inc., Term Loan, 8.75% (1 mo. USD LIBOR + 3.50%), due 06/02/28(b)
159,325
1,513,000
 
Crown Subsea Communications Holding, Inc., 2023 Incremental Term Loan, 10.52% (1
mo. USD Term SOFR + 5.25%), due 04/27/27(b)
1,516,783
591,905
 
CTC Holdings LP, Term Loan B, 10.34% (3 mo. USD Term SOFR + 5.00%), due
02/20/29(b)
580,066
1,705,621
 
DCert Buyer, Inc., 2019 Term Loan B, 9.26% (3 mo. USD Term SOFR + 4.00%), due
10/16/26(b)
1,696,561
915,200
 
DCert Buyer, Inc., 2021 2nd Lien Term Loan, 12.26% (3 mo. USD Term SOFR +
7.00%), due 02/19/29(b)
857,046
840,272
 
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 8.99% (3 mo. USD Term
SOFR + 3.75%), due 04/09/27(b)
816,376
288,100
 
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, 12.29% (3 mo. USD
LIBOR + 6.75%), due 04/07/28(b)
271,174
2,757,606
 
DirecTV Financing LLC, Term Loan, 10.22% (1 mo. USD LIBOR + 5.00%), due
08/02/27(b)
2,701,960
1,655,318
 
Dun & Bradstreet Corp., Term Loan, 8.43% (1 mo. USD Term SOFR + 3.25%), due
02/06/26(b)
1,659,309
350,562
 
Electron BidCo, Inc., 2021 Term Loan, 8.22% (1 mo. USD Term SOFR + 3.00%), due
11/01/28(b)
349,598
1,096,633
 
Embecta Corp., Term Loan B, 8.34% (6 mo. USD Term SOFR + 3.00%), due
03/30/29(b)
1,090,293
224,839
 
Empire Today LLC, 2021 Term Loan B, 10.15% (1 mo. USD LIBOR + 5.00%), due
04/03/28(b)
178,934
531,807
 
Emrld Borrower LP, Term Loan B, 8.26% (3 mo. USD Term SOFR + 3.00%), due
05/31/30(b)
532,472
570,000
 
Emrld Borrower LP, Term Loan B TBD, due 05/31/30(d)
570,713
937,879
 
Endure Digital, Inc., Term Loan, 8.79% (3 mo. USD LIBOR + 3.50%), due 02/10/28(b)
870,469
337,725
 
EP Purchaser LLC, 2021 Term Loan B, 9.00% (3 mo. USD Term SOFR + 3.50%), due
11/06/28(b)
332,237
177,947
 
Equinox Holdings, Inc., 2020 Term Loan B2, 14.54% (3 mo. USD LIBOR + 9.00%),
due 03/08/24(b)
166,825
71,569
 
EyeCare Partners LLC, 2020 Term Loan, 9.25% (3 mo. USD Term SOFR + 3.75%), due
02/18/27(b)
53,251
440,000
 
EyeCare Partners LLC, 2021 2nd Lien Term Loan, 12.25% (3 mo. USD Term SOFR +
6.75%), due 11/15/29(b)
303,050
474,000
 
EyeCare Partners LLC, 2021 Incremental Term Loan, 9.25% (3 mo. USD Term SOFR +
3.75%), due 11/15/28(b)
349,338
995,000
 
EyeCare Partners LLC, 2022 Incremental Term Loan, 9.84% (3 mo. USD Term SOFR +
4.50%), due 11/15/28(b)
744,591
817,550
 
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, 8.61% (3 mo. USD Term
SOFR + 3.25%), due 11/24/28(b)
816,273
190,000
 
First Brands Group LLC, 2021 2nd Lien Term Loan, 13.60% (3 mo. USD LIBOR +
8.50%), due 03/30/28(b)
172,900
See accompanying Notes to the Schedule of Investments
91
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Bank Loans — continued
650,000
 
First Brands Group LLC, 2022 Incremental Term Loan, 10.25% (3 mo. USD Term
SOFR + 5.00%), due 03/30/27(b)
634,563
480,426
 
Focus Financial Partners LLC, 2021 Term Loan B4, 7.60% (1 mo. USD Term SOFR +
2.50%), due 06/30/28(b)
475,521
113,573
EUR
Froneri International Ltd., 2020 EUR Term Loan B1, 5.07% (6 mo. EUR EURIBOR +
2.13%), due 01/29/27(b)
120,914
652,099
 
Gainwell Acquisition Corp., Term Loan B, 9.24% (3 mo. USD Term SOFR + 4.00%),
due 10/01/27(b)
642,318
2,323,926
 
Garda World Security Corp., 2021 Term Loan B, 9.43% (1 mo. USD Term SOFR +
4.25%), due 10/30/26(b)
2,314,630
724,525
 
Garda World Security Corp., 2022 Term Loan B, 9.33% (1 mo. USD Term SOFR +
4.25%), due 02/01/29(b)
717,823
989,770
 
Genesee & Wyoming, Inc., Term Loan, 7.34% (3 mo. USD Term SOFR + 2.00%), due
12/30/26(b)
989,725
728,094
 
Geo Group, Inc., 2022 Tranche 1 Term Loan, TBD, due 03/23/27(d)
740,835
324,617
 
Global Medical Response, Inc., 2020 Term Loan B, 9.44% (1 mo. USD LIBOR +
4.25%), due 10/02/25(b)
185,496
868,436
 
Gray Television, Inc., 2021 Term Loan D, 8.27% (1 mo. USD Term SOFR + 3.00%),
due 12/01/28(b)
851,501
2,484,843
 
Great Outdoors Group LLC, 2021 Term Loan B1, 8.94% (1 mo. USD LIBOR + 3.75%),
due 03/06/28(b)
2,469,313
525,046
 
Greystone Select Financial LLC, Term Loan B, 10.27% (3 mo. USD LIBOR + 5.00%),
due 06/16/28(b)
498,794
1,464,000
 
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 7.41% (3 mo. USD
Term SOFR + 2.00%), due 11/15/27(b)
1,443,740
1,540,000
 
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 7.97% (1 mo. USD Term SOFR +
2.75%), due 10/19/27(b)
1,521,713
377,150
 
Hayward Industries, Inc., 2022 Term Loan, 8.45% (1 mo. USD Term SOFR + 3.25%),
due 05/30/28(b)
371,139
179,550
 
Howden Group Holdings Ltd., 2023 USD Term Loan B, 9.10% (1 mo. USD Term SOFR
+ 4.00%), due 04/18/30(b)
179,438
988,383
 
Hudson River Trading LLC, 2021 Term Loan, 8.22% (1 mo. USD Term SOFR +
3.00%), due 03/20/28(b)
964,909
1,214,564
 
II-VI, Inc., 2022 Term Loan B, 7.97% (1 mo. USD Term SOFR + 2.75%), due
07/02/29(b)
1,215,575
620,500
 
Ingram Micro, Inc., 2021 Term Loan B, 9.04% (3 mo. USD LIBOR + 3.50%), due
06/30/28(b)
619,466
521,621
 
IXS Holdings, Inc., 2020 Term Loan B, 9.48% (3 mo. USD Term SOFR + 4.25%), due
03/05/27(b)
457,396
1,614,520
 
Jazz Financing Lux SARL, USD Term Loan, 8.86% (1 mo. USD LIBOR + 3.50%), due
05/05/28(b)
1,614,645
1,936,411
 
Jump Financial LLC, Term Loan B, 10.00% (3 mo. USD Term SOFR + 4.50%), due
08/07/28(b)
1,854,114
748,600
 
Knight Health Holdings LLC, Term Loan B, 10.44% (1 mo. USD LIBOR + 5.25%), due
12/23/28(b)
320,962
834,781
 
Lakeshore Intermediate LLC, Term Loan, 8.72% (1 mo. USD Term SOFR + 3.50%),
due 09/29/28(b)
830,607
300,847
 
Leslie's Poolmart, Inc., 2021 Term Loan B, 7.97% (1 mo. USD LIBOR + 2.75%), due
03/09/28(b)
300,513
1,072,500
 
LIDS Holdings, Inc., Term Loan, 10.87% (3 mo. USD Term SOFR + 5.50%), due
12/14/26(b)
1,008,150
476,000
EUR
Lonza Group AG, EUR Term Loan B, 7.52% (3 mo. EUR EURIBOR + 3.93%), due
07/03/28(b)
433,369
92
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Bank Loans — continued
689,500
 
LRS Holdings LLC, Term Loan B, 9.47% (1 mo. USD Term SOFR + 4.25%), due
08/31/28(b)
686,053
738,750
 
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 10.03% (3 mo. USD LIBOR +
4.75%), due 07/27/28(b)
558,372
930,000
 
Magenta Buyer LLC, 2021 USD 2nd Lien Term Loan, 13.53% (3 mo. USD LIBOR +
8.25%), due 07/27/29(b)
613,800
2,463,583
 
MajorDrive Holdings IV LLC, Term Loan B, 9.50% (3 mo. USD LIBOR + 4.00%), due
06/01/28(b)
2,413,543
598,473
 
Mavis Tire Express Services Corp., 2021 Term Loan B, 9.22% (1 mo. USD Term SOFR
+ 4.00%), due 05/04/28(b)
593,611
539,631
 
McGraw-Hill Global Education Holdings LLC, 2021 Term Loan, 9.95% (1 mo. USD
LIBOR + 4.75%), due 07/28/28(b)
506,831
399,242
 
McGraw-Hill Global Education Holdings LLC, 2021 Term Loan, 10.33% (6 mo. USD
LIBOR + 4.75%), due 07/28/28(b)
374,976
942,628
 
Medline Borrower LP, USD Term Loan B, 8.35% (1 mo. USD Term SOFR + 3.25%),
due 10/23/28(b)
933,033
1,089,000
 
MH Sub I LLC, 2023 Term Loan, 9.35% (1 mo. USD Term SOFR + 4.25%), due
05/03/28(b)
1,044,986
798,561
 
Michaels Cos., Inc., 2021 Term Loan B, 9.75% (3 mo. USD LIBOR + 4.25%), due
04/15/28(b)
708,723
2,005,920
 
MKS Instruments, Inc., 2022 USD Term Loan B, 7.94% (1 mo. USD Term SOFR +
2.75%), due 08/17/29(b)
2,005,920
182,123
 
MRI Software LLC, 2020 Term Loan, 11.04% (3 mo. USD LIBOR + 5.50%), due
02/10/26(b)
177,115
315,863
 
MRI Software LLC, 2020 Term Loan B, 10.84% (3 mo. USD Term SOFR + 5.50%),
due 02/10/26(b)
303,229
1,502,308
 
NCL Corp. Ltd., 2022 Term Loan A3, Class C, 7.59% (3 mo. USD Term SOFR +
2.25%), due 01/02/25(b)
1,491,040
2,139,898
 
NCR Corp., 2019 Term Loan, 7.78% (3 mo. USD LIBOR + 2.50%), due 08/28/26(b)
2,127,861
1,350,000
 
Neptune Bidco U.S., Inc., 2022 USD Term Loan A TBD, due 04/11/29(d)
1,176,609
1,909,000
 
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, 10.00% (3 mo. USD Term SOFR +
5.00%), due 04/11/29(b)
1,686,682
623,000
EUR
Olympus Water U.S. Holding Corp., 2021 EUR Term Loan B, 7.60% (3 mo. EUR
EURIBOR + 4.00%), due 11/09/28(b)
647,124
992,694
 
Olympus Water U.S. Holding Corp., 2021 USD Term Loan B, 9.25% (3 mo. USD Term
SOFR + 3.75%), due 11/09/28(b)
957,950
911,400
 
One Call Corp., 2021 Term Loan, 10.83% (3 mo. USD LIBOR + 5.50%), due
04/22/27(b)
660,765
796,117
EUR
Organon & Co., EUR Term Loan B, 6.49% (3 mo. EUR EURIBOR + 3.00%), due
06/02/28(b)
862,321
463,498
 
Oscar AcquisitionCo LLC, Term Loan B, 9.84% (3 mo. USD Term SOFR + 4.50%), due
04/29/29(b)
453,504
413,711
 
Pacific Bells LLC, Term Loan B, 10.04% (3 mo. USD LIBOR + 4.50%), due 11/10/28(b)
406,126
1,019,285
 
Parexel International Corp., 2021 1st Lien Term Loan, 8.44% (1 mo. USD LIBOR +
3.25%), due 11/15/28(b)
1,012,823
843,331
EUR
Paysafe Holdings (US) Corp., EUR Term Loan B2, 6.42% (1 mo. EUR EURIBOR +
3.00%), due 06/28/28(b)
866,404
1,073,529
 
PECF USS Intermediate Holding III Corp., Term Loan B, 9.52% (3 mo. USD LIBOR +
4.25%), due 12/15/28(b)
873,510
563,069
 
Peraton Corp., 2nd Lien Term Loan B1, 12.98% (3 mo. USD Term SOFR + 7.75%), due
02/01/29(b)
547,233
2,491,584
 
Peraton Corp., Term Loan B, 8.95% (1 mo. USD Term SOFR + 3.75%), due 02/01/28(b)
2,452,875
2,013,629
 
PetSmart, Inc., 2021 Term Loan B, 8.83% (1 mo. USD Term SOFR + 3.75%), due
02/11/28(b)
2,015,306
See accompanying Notes to the Schedule of Investments
93
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Bank Loans — continued
989,848
 
Planview Parent, Inc., Term Loan, 9.50% (3 mo. USD Term SOFR + 4.00%), due
12/17/27(b)
943,139
893,250
 
Polyconcept Holding BV, Term Loan B, 10.60% (1 mo. USD Term SOFR + 5.50%), due
05/18/29(b)
849,257
161,211
 
Prime Security Services Borrower LLC, 2021 Term Loan, 7.94% (1 mo. USD LIBOR +
2.75%), due 09/23/26(b)
161,304
665,124
 
Proofpoint, Inc., 1st Lien Term Loan, 8.44% (1 mo. USD LIBOR + 3.25%), due
08/31/28(b)
651,729
602,375
 
Quikrete Holdings, Inc., 2021 Term Loan B1, 8.22% (1 mo. USD LIBOR + 3.00%), due
03/18/29(b)
603,504
1,032,631
 
R.R. Donnelley & Sons Co., 2023 Term Loan B, 12.45% (1 mo. USD Term SOFR +
7.25%), due 03/08/28(b)
1,027,790
9,407
 
R.R. Donnelley & Sons Co., 2023 Term Loan B, 14.50% (U.S. (Fed) Prime Rate +
6.25%), due 03/08/28(b)
9,363
784,485
 
Rackspace Technology Global, Inc., 2021 Term Loan B, 8.00% (1 mo. USD Term SOFR
+ 2.75%), due 02/15/28(b)
364,589
950,617
 
Rand Parent LLC, 2023 Term Loan B, 9.49% (3 mo. USD Term SOFR + 4.25%), due
03/17/30(b)
884,866
776,175
 
Redstone Holdco 2 LP, 2021 Term Loan, 10.01% (3 mo. USD LIBOR + 4.75%), due
04/27/28(b)
648,268
640,000
 
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 9.02% (3 mo. USD
LIBOR + 3.75%), due 11/16/25(b)
595,200
285,062
 
Resolute Investment Managers, Inc., 2020 Term Loan C, 9.77% (3 mo. USD LIBOR +
4.25%), due 04/30/24(b)
210,946
941,000
EUR
Roper Industrial Products Investment Co. LLC, EUR Term Loan, 8.85% (3 mo. EUR
EURIBOR + 5.25%), due 11/22/29(b)
1,010,377
1,545,000
 
Roper Industrial Products Investment Co. LLC, USD Term Loan, 9.74% (3 mo. USD
Term SOFR + 4.50%), due 11/22/29(b)
1,540,655
943,443
 
RVR Dealership Holdings LLC, Term Loan B, 8.97% (1 mo. USD Term SOFR +
3.75%), due 02/08/28(b)
879,761
3,800,226
 
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 8.85% (1 mo. USD
Term SOFR + 3.75%), due 02/17/28(b)
3,781,521
908,193
 
Sinclair Television Group, Inc., 2022 Term Loan B4, 8.95% (1 mo. USD Term SOFR +
3.75%), due 04/21/29(b)
687,956
618,974
 
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, 8.80% (3 mo. USD Term SOFR +
3.75%), due 10/20/27(b)
643,578
845,729
 
Smyrna Ready Mix Concrete LLC, Term Loan B, 9.34% (1 mo. USD Term SOFR +
4.25%), due 04/02/29(b)
846,786
2,214,532
 
Solis IV BV, USD Term Loan B1, 8.67% (3 mo. USD Term SOFR + 3.50%), due
02/26/29(b)
2,111,419
760,000
 
Sotera Health Holdings LLC, 2023 Incremental Term Loan B, 8.82% (6 mo. USD Term
SOFR + 3.75%), due 12/11/26(b)
760,950
585,046
 
Spencer Spirit IH LLC, Term Loan B, 11.20% (1 mo. USD Term SOFR + 6.00%), due
06/19/26(b)
579,634
1,019,553
 
SPX Flow, Inc., 2022 Term Loan, 9.70% (1 mo. USD Term SOFR + 4.50%), due
04/05/29(b)
1,005,109
488,223
 
Station Casinos LLC, 2020 Term Loan B, 7.45% (1 mo. USD LIBOR + 2.25%), due
02/08/27(b)
487,482
470,800
 
Telenet Financing USD LLC, 2020 USD Term Loan AR, 7.19% (1 mo. USD LIBOR +
2.00%), due 04/30/28(b)
463,150
305,939
 
Thermostat Purchaser III, Inc., Term Loan, 9.91% (3 mo. USD Term SOFR + 4.50%),
due 08/31/28(b)
299,820
668,325
 
Topgolf Callaway Brands Corp., Term Loan B, 8.70% (1 mo. USD Term SOFR +
3.50%), due 03/15/30(b)
667,824
94
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Bank Loans — continued
744,801
 
Triton Water Holdings, Inc., Term Loan, 5.24% (3 mo. USD LIBOR + 0.00%), due
03/31/28(b)
722,644
182,979
 
TruGreen Ltd. Partnership, 2020 2nd Lien Term Loan, 13.77% (3 mo. USD LIBOR +
8.50%), due 11/02/28(b)
108,873
1,882,050
 
U.S. Renal Care, Inc., 2019 Term Loan B, 10.19% (1 mo. USD LIBOR + 5.00%), due
06/26/26(b)
878,291
1,596,372
 
Uber Technologies, Inc., 2023 Term Loan B, 8.03% (3 mo. USD Term SOFR + 2.75%),
due 03/03/30(b)
1,598,534
804,776
 
UFC Holdings LLC, 2021 Term Loan B, 8.05% (3 mo. USD LIBOR + 2.75%), due
04/29/26(b)
804,944
694,250
 
Ultimate Software Group, Inc., 2021 Term Loan, 8.27% (3 mo. USD Term SOFR +
3.25%), due 05/04/26(b)
682,263
757,064
 
United Airlines, Inc., 2021 Term Loan B, 9.29% (3 mo. USD LIBOR + 3.75%), due
04/21/28(b)
757,821
1,418,400
 
UST Holdings Ltd., Term Loan, 8.72% (1 mo. USD Term SOFR + 3.50%), due
11/20/28(b)
1,404,216
1,713,402
 
Verscend Holding Corp., 2021 Term Loan B, 9.22% (1 mo. USD LIBOR + 4.00%), due
08/27/25(b)
1,714,205
1,322,792
 
Vertex Aerospace Services Corp., 2021 First Lien Term Loan, 8.95% (1 mo. USD
LIBOR + 3.75%), due 12/06/28(b)
1,325,437
1,339,721
 
Vertiv Group Corp., 2021 Term Loan B, 7.94% (1 mo. USD LIBOR + 2.75%), due
03/02/27(b)
1,337,628
415,800
 
VFH Parent LLC, 2022 Term Loan B, 8.19% (1 mo. USD Term SOFR + 3.00%), due
01/13/29(b)
414,890
1,649,297
 
Virgin Media Bristol LLC, USD Term Loan N, 7.69% (1 mo. USD LIBOR + 2.50%),
due 01/31/28(b)
1,637,442
2,147,101
 
VM Consolidated, Inc., 2021 Term Loan B, 8.47% (1 mo. USD Term SOFR + 3.25%),
due 03/24/28(b)
2,151,126
320,000
 
VT Topco, Inc., 2021 2nd Lien Term Loan, 11.97% (1 mo. USD Term SOFR + 6.75%),
due 07/31/26(b)
305,600
374,839
 
VT Topco, Inc., 2021 Incremental Term Loan, 8.97% (1 mo. USD Term SOFR +
3.75%), due 08/01/25(b)
370,482
108,476
 
Western Dental Services, Inc., 2021 Delayed Draw Term Loan, 4.50% (1 mo. USD
LIBOR + 4.50%), due 08/18/28(b)
94,239
1,063,800
 
Western Dental Services, Inc., 2021 Term Loan B, 9.75% (1 mo. USD LIBOR + 4.50%),
due 08/18/28(b)
924,176
728,900
 
Worldwide Express Operations LLC, 2021 1st Lien Term Loan, 9.50% (3 mo. USD
Term SOFR + 4.00%), due 07/26/28(b)
693,252
1,728,902
 
WP CPP Holdings LLC, 2018 Term Loan, 9.03% (3 mo. USD LIBOR + 3.75%), due
04/30/25(b)
1,574,166
380,000
 
WP CPP Holdings LLC, 2019 2nd Lien Incremental Term Loan, 13.03% (3 mo. USD
LIBOR + 7.75%), due 04/30/26(b)
296,400
 
 
 
158,378,588
 
 
Convertible Debt — 1.0%
210,000
 
Array Technologies, Inc., 1.00%, due 12/01/28
240,765
265,000
 
Axon Enterprise, Inc., 0.50%, due 12/15/27 144A
283,417
1,380,000
 
Beauty Health Co., 1.25%, due 10/01/26 144A
1,089,337
235,000
 
BioMarin Pharmaceutical, Inc., 1.25%, due 05/15/27(g)
237,422
410,000
 
Block, Inc., 0.13%, due 03/01/25
388,475
155,000
 
Booking Holdings, Inc., 0.75%, due 05/01/25
233,089
200,000
 
Carnival Corp., 5.75%, due 12/01/27 144A
333,600
700,000
 
Cloudflare, Inc., 5.38%, due 08/15/26(h)
597,450
See accompanying Notes to the Schedule of Investments
95
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Convertible Debt — continued
265,000
 
CyberArk Software Ltd., 0.00%, due 11/15/24(h)
301,437
255,000
 
Datadog, Inc., 0.13%, due 06/15/25
317,730
1,600,000
 
DISH Network Corp., 31.58%, due 12/15/25(h)
854,080
1,390,000
 
DraftKings Holdings, Inc., 6.67%, due 03/15/28(h)
1,050,840
310,000
 
Exact Sciences Corp., 0.38%, due 03/01/28
318,735
76,000
 
Gannett Co., Inc., 6.00%, due 12/01/27
58,926
285,000
 
Haemonetics Corp., 6.17%, due 03/01/26(h)
243,931
170,000
 
HubSpot, Inc., 0.38%, due 06/01/25
325,295
240,000
 
Lantheus Holdings, Inc., 2.63%, due 12/15/27 144A
312,142
225,000
 
Li Auto, Inc., 0.25%, due 05/01/28
307,800
470,000
 
Liberty Media Corp.-Liberty Formula One, 2.25%, due 08/15/27 144A
507,130
145,000
 
Liberty TripAdvisor Holdings, Inc., 0.50%, due 06/30/51 144A
114,478
255,000
 
Match Group Financeco 3, Inc., 2.00%, due 01/15/30 144A
230,131
85,000
 
MercadoLibre, Inc., 2.00%, due 08/15/28
232,773
215,000
 
MongoDB, Inc., 0.25%, due 01/15/26
428,441
225,000
 
Post Holdings, Inc., 2.50%, due 08/15/27 144A
227,970
160,000
 
Royal Caribbean Cruises Ltd., 6.00%, due 08/15/25 144A
352,480
245,000
 
Sarepta Therapeutics, Inc., 1.25%, due 09/15/27 144A
265,635
245,000
 
Sea Ltd., 2.38%, due 12/01/25
250,512
250,000
 
Shift4 Payments, Inc., 0.00%, due 12/15/25(h)
272,750
280,000
 
Splunk, Inc., 1.13%, due 06/15/27
242,900
3,460,000
 
Stem, Inc., 0.50%, due 12/01/28 144A
2,021,380
245,000
 
Uber Technologies, Inc., 3.63%, due 12/15/25(h)
224,671
380,000
 
Ziff Davis, Inc., 1.75%, due 11/01/26 144A
356,250
 
 
 
13,221,972
 
 
Corporate Debt — 37.2%
950,000
 
Abercrombie & Fitch Management Co., 8.75%, due 07/15/25(g) 144A
965,240
290,000
 
ABN AMRO Bank NV, 4.75%, due 07/28/25 144A
279,960
315,000
 
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, due 11/02/47 144A
293,018
427,350
 
Accelerate360 Holdings LLC, 8.00%, due 03/01/28 144A
446,474
290,000
 
Acuris Finance U.S., Inc./Acuris Finance Sarl, 5.00%, due 05/01/28 144A
225,445
370,000
 
AdaptHealth LLC, 4.63%, due 08/01/29 144A
295,661
270,000
 
AdaptHealth LLC, 6.13%, due 08/01/28 144A
234,205
245,000
EUR
Adevinta ASA, 3.00%, due 11/15/27 144A
249,128
155,431
EUR
Adient Global Holdings Ltd., 3.50%, due 08/15/24(i)
166,618
355,000
 
Adtalem Global Education, Inc., 5.50%, due 03/01/28(g) 144A
322,571
880,000
 
Advanced Drainage Systems, Inc., 6.38%, due 06/15/30(g) 144A
871,570
580,000
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/30/32
474,777
1,900,000
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, due 07/15/25
1,910,631
250,000
 
AES Corp., 2.45%, due 01/15/31
202,217
678,868
 
AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A
580,347
1,590,000
 
Air Canada, 3.88%, due 08/15/26 144A
1,475,127
1,015,000
 
Akbank TAS, 6.80%, due 02/06/26(g) 144A
971,000
570,000
 
Akumin Escrow, Inc., 7.50%, due 08/01/28 144A
376,035
470,000
 
Akumin, Inc., 7.00%, due 11/01/25 144A
384,827
4,110,000
 
Alibaba Group Holding Ltd., 3.15%, due 02/09/51
2,663,909
410,000
 
Allen Media LLC/Allen Media Co.-Issuer, Inc., 10.50%, due 02/15/28 144A
211,675
96
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
910,000
 
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, due 07/15/26
144A
864,712
240,000
 
Allison Transmission, Inc., 4.75%, due 10/01/27 144A
226,378
2,120,000
 
Altice France Holding SA, 10.50%, due 05/15/27 144A
1,286,172
470,000
 
AMC Entertainment Holdings, Inc., 7.50%, due 02/15/29(g) 144A
331,013
6,650,000
MXN
America Movil SAB de CV, 7.13%, due 12/09/24
364,654
686,565
 
American Airlines Pass-Through Trust, 4.95%, due 08/15/26
656,223
670,000
 
American Airlines, Inc., 7.25%, due 02/15/28(g) 144A
666,703
410,000
 
American Airlines, Inc., 11.75%, due 07/15/25 144A
449,945
820,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, due 04/20/26 144A
813,104
900,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, due 04/20/29 144A
874,691
453,220
 
American News Co. LLC, 8.50% (8.50% Cash or 10.00% PIK), due 09/01/26 144A
511,572
1,890,000
 
American Tower Corp. REIT, 2.70%, due 04/15/31
1,569,143
1,055,000
 
Ameriprise Financial, Inc., 4.50%, due 05/13/32
1,011,464
445,000
 
Anglo American Capital PLC, 2.88%, due 03/17/31 144A
367,737
365,000
 
Anglo American Capital PLC, 3.88%, due 03/16/29 144A
332,166
295,000
 
Anglo American Capital PLC, 3.95%, due 09/10/50 144A
219,267
685,000
 
AngloGold Ashanti Holdings PLC, 3.75%, due 10/01/30
588,523
2,255,000
 
Anheuser-Busch InBev Worldwide, Inc., 3.50%, due 06/01/30
2,098,895
380,000
 
Antares Holdings LP, 3.95%, due 07/15/26 144A
333,841
1,055,000
 
Antero Resources Corp., 7.63%, due 02/01/29(g) 144A
1,071,452
1,065,000
 
Aon Corp./Aon Global Holdings PLC, 5.00%, due 09/12/32
1,052,024
2,450,000
 
Apple, Inc., 4.00%, due 05/10/28
2,411,657
164,820
EUR
ARD Finance SA, 5.00% (5.00% Cash or 5.75% PIK), due 06/30/27(i)
139,831
750,000
 
ARD Finance SA, 6.50% (6.50% Cash or 7.25% PIK), due 06/30/27 144A
608,720
1,540,000
 
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
4.00%, due 09/01/29 144A
1,221,388
210,000
 
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
6.00%, due 06/15/27 144A
206,510
650,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, due 04/30/25 144A
636,522
809,875
 
Ardonagh Midco 2 PLC, 11.50% (11.50% Cash or 12.75% PIK), due 01/15/27 144A
749,134
37,500,000
MXN
Asian Infrastructure Investment Bank, (MTN), 17.97%, due 02/08/38(h)(i)
568,343
557,000
 
AT&T, Inc., 3.50%, due 09/15/53
394,704
1,110,000
 
AT&T, Inc., 3.55%, due 09/15/55
777,887
450,000
 
AT&T, Inc., 3.65%, due 09/15/59
313,619
275,000
 
AT&T, Inc., 3.80%, due 12/01/57
199,328
2,275,000
 
AT&T, Inc., 5.40%, due 02/15/34
2,280,030
1,350,000
 
AthenaHealth Group, Inc., 6.50%, due 02/15/30(g) 144A
1,137,564
200,000
 
ATS Corp., 4.13%, due 12/15/28 144A
179,214
390,000
 
Australia & New Zealand Banking Group Ltd., 2.95% (5 yr. CMT + 1.29%), due
07/22/30(b) 144A
357,425
60,000
 
AutoNation, Inc., 4.75%, due 06/01/30
56,146
640,000
 
Aviation Capital Group LLC, 5.50%, due 12/15/24 144A
626,785
1,415,000
 
Avient Corp., 7.13%, due 08/01/30 144A
1,432,438
780,000
 
Avnet, Inc., 5.50%, due 06/01/32
741,265
650,000
 
Avolon Holdings Funding Ltd., 4.25%, due 04/15/26 144A
605,997
50,000
 
Avolon Holdings Funding Ltd., 5.13%, due 10/01/23 144A
49,803
400,000
 
B3 SA - Brasil Bolsa Balcao, 4.13%, due 09/20/31 144A
340,957
2,265,000
 
Bain Capital Specialty Finance, Inc., 2.55%, due 10/13/26
1,944,259
330,000
 
Ball Corp., 3.13%, due 09/15/31
271,854
See accompanying Notes to the Schedule of Investments
97
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
200,000
EUR
Banco Bilbao Vizcaya Argentaria SA, 5.88% (5 yr. EUR Swap + 5.66%)(b)(i)(j)
216,468
400,000
EUR
Banco Bilbao Vizcaya Argentaria SA, 6.00% (5 yr. EUR Swap + 6.46%)(b)(i)(j)
410,559
1,290,000
 
Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)(b)(j) 144A
1,121,231
800,000
 
Banco Santander SA, 4.18% (1 yr. CMT + 2.00%), due 03/24/28(b)
749,374
1,200,000
 
Banco Santander SA, 7.50% (5 yr. USD ICE Swap + 4.99%)(b)(i)(j)
1,148,226
4,720,000
 
Bank of America Corp., 5.20% (SOFR + 1.63%), due 04/25/29(b)
4,671,366
1,645,000
 
Bank of America Corp., 6.25% (3 mo. USD Term SOFR + 3.97%)(b)(j)
1,628,550
560,000
 
Barclays PLC, 3.33% (1 yr. CMT + 1.30%), due 11/24/42(b)
393,784
505,000
 
Barclays PLC, 5.30% (1 yr. CMT + 2.30%), due 08/09/26(b)
492,820
1,515,000
 
Barclays PLC, 6.13% (5 yr. CMT + 5.87%)(b)(j)
1,329,791
535,000
GBP
Barclays PLC, 6.38% (5 yr. UK Government Bond + 6.02%)(b)(i)(j)
588,723
2,430,000
 
Barclays PLC, 7.12% (SOFR + 3.57%), due 06/27/34(b)
2,430,402
350,000
 
Barclays PLC, 8.00% (5 yr. CMT + 5.67%)(b)(j)
331,590
700,000
 
Bath & Body Works, Inc., 5.25%, due 02/01/28(g)
666,123
290,000
 
Bath & Body Works, Inc., 6.63%, due 10/01/30(g) 144A
280,290
30,000
 
Bausch Health Americas, Inc., 9.25%, due 04/01/26 144A
25,308
80,000
 
Bausch Health Cos., Inc., 5.00%, due 01/30/28 144A
34,404
420,000
 
Bausch Health Cos., Inc., 5.50%, due 11/01/25(g) 144A
371,679
340,000
 
Bausch Health Cos., Inc., 6.13%, due 02/01/27 144A
218,059
150,000
 
Bausch Health Cos., Inc., 7.00%, due 01/15/28 144A
65,592
525,000
 
Baytex Energy Corp., 8.50%, due 04/30/30 144A
513,240
2,062,000
 
Berry Petroleum Co. LLC, 7.00%, due 02/15/26 144A
1,909,804
2,010,000
 
BGC Partners, Inc., 4.38%, due 12/15/25
1,856,625
840,000
 
BlackRock TCP Capital Corp., 2.85%, due 02/09/26(g)
755,649
2,105,000
 
Blackstone Private Credit Fund, 2.63%, due 12/15/26
1,792,773
2,680,000
 
Blackstone Secured Lending Fund, 2.85%, due 09/30/28
2,198,890
740,000
 
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, due 12/15/25 144A
748,741
1,365,000
 
BNP Paribas SA, 4.50% (5 yr. CMT + 2.94%)(b)(j) 144A
971,334
1,930,000
 
BNP Paribas SA, 4.63% (5 yr. CMT + 3.20%)(b)(j) 144A
1,528,368
1,820,000
 
BNP Paribas SA, 7.75% (5 yr. CMT + 4.90%)(b)(j) 144A
1,766,128
2,075,000
 
Boeing Co., 5.71%, due 05/01/40
2,071,403
1,310,000
 
Bombardier, Inc., 7.88%, due 04/15/27 144A
1,308,468
1,200,000
 
Boyne USA, Inc., 4.75%, due 05/15/29 144A
1,082,470
440,000
 
Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A
404,526
2,325,000
 
Brighthouse Financial, Inc., 3.85%, due 12/22/51
1,474,008
805,000
 
British Telecommunications PLC, 9.63%, due 12/15/30(k)
991,013
1,075,000
 
Broadcom, Inc., 4.15%, due 04/15/32 144A
974,227
1,620,000
 
Brunswick Corp., 2.40%, due 08/18/31
1,243,101
900,000
 
Builders FirstSource, Inc., 4.25%, due 02/01/32 144A
784,183
800,000
 
Burford Capital Global Finance LLC, 6.88%, due 04/15/30 144A
730,051
630,000
 
Burford Capital Global Finance LLC, 9.25%, due 07/01/31(g) 144A
626,913
1,960,000
 
Caesars Entertainment, Inc., 4.63%, due 10/15/29(g) 144A
1,713,257
2,370,000
 
Caesars Entertainment, Inc., 7.00%, due 02/15/30 144A
2,382,182
1,175,000
 
Caesars Entertainment, Inc., 8.13%, due 07/01/27(g) 144A
1,203,898
125,000
 
Callon Petroleum Co., 6.38%, due 07/01/26(g)
121,954
815,000
 
Callon Petroleum Co., 7.50%, due 06/15/30(g) 144A
770,038
435,000
 
Callon Petroleum Co., 8.00%, due 08/01/28 144A
430,613
800,000
 
Carnival Corp., 4.00%, due 08/01/28 144A
709,936
1,220,000
 
Carnival Corp., 5.75%, due 03/01/27 144A
1,124,248
98
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
650,000
 
Carnival Corp., 10.50%, due 06/01/30 144A
690,155
250,000
 
Carriage Purchaser, Inc., 7.88%, due 10/15/29 144A
188,812
865,000
 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A
700,537
1,500,000
 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32
1,199,148
245,000
 
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A
209,716
1,770,000
 
CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, due 03/01/31 144A
1,725,849
770,000
 
Celulosa Arauco y Constitucion SA, 5.15%, due 01/29/50 144A
623,484
910,000
 
Cemex SAB de CV, 5.13% (5 yr. CMT + 4.53%)(b)(j) 144A
810,650
305,000
 
CenterPoint Energy Houston Electric LLC, 5.30%, due 04/01/53
312,258
1,640,000
 
Central Parent, Inc./CDK Global, Inc., 7.25%, due 06/15/29(g) 144A
1,623,289
100,000
 
Charles Schwab Corp., 2.90%, due 03/03/32
82,443
540,000
 
Charles Schwab Corp., 5.85% (6 mo. USD Term SOFR + 2.50%), due 05/19/34(b)
548,414
1,145,000
 
Chart Industries, Inc., 7.50%, due 01/01/30 144A
1,169,623
1,045,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.70%, due 04/01/51
661,110
1,495,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.90%, due 06/01/52
979,640
220,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.40%, due 04/01/33(g)
193,182
880,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
5.13%, due 07/01/49
693,036
330,000
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
5.38%, due 04/01/38
281,367
185,000
 
Chevron Corp., 3.08%, due 05/11/50
137,923
2,070,000
 
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, due
04/01/25 144A
2,055,642
1,090,000
 
Chord Energy Corp., 6.38%, due 06/01/26 144A
1,081,640
1,220,000
 
CHS/Community Health Systems, Inc., 4.75%, due 02/15/31 144A
923,416
620,000
 
CHS/Community Health Systems, Inc., 6.13%, due 04/01/30 144A
370,050
500,000
 
CHS/Community Health Systems, Inc., 8.00%, due 03/15/26 144A
487,504
530,000
EUR
Cirsa Finance International Sarl, 4.50%, due 03/15/27 144A
530,624
1,515,000
 
Citigroup, Inc., 2.98% (6 mo. USD Term SOFR + 1.42%), due 11/05/30(b)
1,314,099
830,000
 
Citigroup, Inc., 4.00% (5 yr. CMT + 3.60%)(b)(j)
710,687
170,000
 
Citigroup, Inc., 6.30% (3 mo. USD Term SOFR + 3.68%)(b)(j)
165,963
1,075,000
 
Citigroup, Inc., 7.38% (5 yr. CMT + 3.21%)(b)(g)(j)
1,069,792
1,585,000
 
Citigroup, Inc., 9.55% (3 mo. USD LIBOR + 4.23%)(b)(g)(j)
1,594,510
1,600,000
 
Clarios Global LP/Clarios U.S. Finance Co., 8.50%, due 05/15/27(g) 144A
1,605,618
495,000
 
Clarivate Science Holdings Corp., 4.88%, due 07/01/29(g) 144A
439,625
1,150,000
 
Clearway Energy Operating LLC, 3.75%, due 02/15/31 144A
955,386
375,000
 
Clearway Energy Operating LLC, 3.75%, due 01/15/32 144A
305,836
235,000
 
Clearway Energy Operating LLC, 4.75%, due 03/15/28 144A
217,039
980,000
 
Clydesdale Acquisition Holdings, Inc., 8.75%, due 04/15/30 144A
866,147
960,000
 
Coca-Cola Icecek AS, 4.50%, due 01/20/29(g) 144A
858,432
1,125,000
 
Coherent Corp., 5.00%, due 12/15/29(g) 144A
1,016,781
635,000
 
Colombia Telecomunicaciones SA ESP, 4.95%, due 07/17/30 144A
472,038
380,000
 
Comcast Corp., 4.25%, due 10/15/30
366,167
1,070,000
 
Comerica Bank, 2.50%, due 07/23/24(g)
1,006,710
910,000
 
Comerica, Inc., 3.70%, due 07/31/23
907,329
530,000
 
Commercial Metals Co., 3.88%, due 02/15/31
454,663
1,600,000
EUR
Commerzbank AG, 6.13% (5 yr. EUR Swap + 6.36%)(b)(i)(j)
1,596,374
See accompanying Notes to the Schedule of Investments
99
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
226,000
 
CommScope Technologies LLC, 6.00%, due 06/15/25(g) 144A
210,936
920,000
 
CommScope, Inc., 4.75%, due 09/01/29 144A
726,212
360,000
 
CommScope, Inc., 6.00%, due 03/01/26 144A
335,939
980,000
 
CommScope, Inc., 7.13%, due 07/01/28(g) 144A
697,084
660,000
 
Continental Resources, Inc., 5.75%, due 01/15/31 144A
627,683
400,000
EUR
Cooperatieve Rabobank UA, 4.63% (5 yr. EUR Swap + 4.10%)(b)(i)(j)
397,451
1,030,000
 
CoreCivic, Inc., 8.25%, due 04/15/26
1,040,300
260,000
 
Corp. Nacional del Cobre de Chile, 5.13%, due 02/02/33 144A
256,695
450,000
 
Country Garden Holdings Co. Ltd., 8.00%, due 01/27/24(i)
295,703
300,000
EUR
Credit Agricole SA, 4.00% (5 yr. EUR Swap + 4.37%)(b)(i)(j)
283,997
2,238,000
 
Credit Agricole SA, 4.75% (5 yr. CMT + 3.24%)(b)(j) 144A
1,784,805
1,160,000
 
Credit Agricole SA, 7.88% (5 yr. USD Swap + 4.90%)(b)(j) 144A
1,150,272
1,960,000
 
Credit Agricole SA, 8.13% (5 yr. USD Swap + 6.19%)(b)(j) 144A
1,971,025
250,000
 
Credit Suisse AG, 0.52%, due 08/09/23
248,179
1,230,000
 
Credit Suisse AG, 4.75%, due 08/09/24
1,202,561
2,425,000
 
Credit Suisse AG, 7.95%, due 01/09/25
2,475,425
450,000
 
Credit Suisse AG, (MTN), 3.63%, due 09/09/24
433,547
1,995,000
 
Crescent Energy Finance LLC, 7.25%, due 05/01/26 144A
1,874,123
1,170,000
 
Crowdstrike Holdings, Inc., 3.00%, due 02/15/29
1,009,986
1,045,000
 
Crown Castle, Inc., 5.10%, due 05/01/33
1,027,689
240,000
 
Crown Castle, Inc. REIT, 3.30%, due 07/01/30
212,299
300,000
 
CSC Holdings LLC, 5.50%, due 04/15/27 144A
250,021
450,000
 
CSC Holdings LLC, 5.75%, due 01/15/30 144A
213,113
1,150,000
 
CSC Holdings LLC, 6.50%, due 02/01/29 144A
930,794
820,000
 
CSC Holdings LLC, 7.50%, due 04/01/28 144A
468,640
2,120,000
 
CSC Holdings LLC, 11.25%, due 05/15/28(g) 144A
2,058,340
1,155,000
 
CVS Health Corp., 5.25%, due 02/21/33
1,151,022
1,550,000
 
CVS Health Corp., 5.30%, due 06/01/33
1,548,360
2,060,000
 
Danske Bank AS, 6.47% (1 yr. CMT + 2.10%), due 01/09/26(b) 144A
2,056,224
1,540,000
 
Darling Ingredients, Inc., 6.00%, due 06/15/30 144A
1,505,610
520,000
 
DCP Midstream Operating LP, 6.75%, due 09/15/37 144A
553,004
334,000
 
Dell International LLC/EMC Corp., 8.35%, due 07/15/46
409,995
660,000
 
Deutsche Bank AG, 3.73% (6 mo. USD Term SOFR + 2.76%), due 01/14/32(b)
499,491
830,000
 
Deutsche Bank AG, 3.74% (6 mo. USD SOFR + 2.26%), due 01/07/33(b)
609,249
1,200,000
 
Deutsche Bank AG, 4.79% (5 yr. USD Swap + 4.36%)(b)(i)(j)
945,132
830,000
 
Deutsche Bank AG, 6.72% (6 mo. USD Term SOFR + 3.18%), due 01/18/29(b)
831,826
975,000
 
Deutsche Bank AG, 7.08% (6 mo. USD Term SOFR + 3.65%), due 02/10/34(b)
902,319
200,000
 
Deutsche Bank AG, 7.50% (5 yr. USD Swap + 5.00%)(b)(j)
177,480
1,960,000
 
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, due 08/15/27 144A
1,777,348
2,000,000
 
DISH DBS Corp., 5.13%, due 06/01/29
930,682
580,000
 
DISH DBS Corp., 5.75%, due 12/01/28 144A
432,482
2,020,000
 
DISH DBS Corp., 5.88%, due 11/15/24
1,769,281
185,000
 
Diversified Healthcare Trust REIT, 9.75%, due 06/15/25
177,671
740,000
 
DP World Ltd., 5.63%, due 09/25/48 144A
692,792
255,000
 
Dun & Bradstreet Corp., 5.00%, due 12/15/29(g) 144A
225,114
810,000
 
Earthstone Energy Holdings LLC, 9.88%, due 07/15/31 144A
801,718
1,460,000
 
Ecopetrol SA, 4.63%, due 11/02/31
1,128,383
3,435,000
 
Edison International, 5.25%, due 11/15/28
3,345,254
2,110,000
 
Eli Lilly & Co., 5.00%, due 02/27/26
2,112,025
100
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
705,000
EUR
Emerald Debt Merger Sub LLC, 6.38%, due 12/15/30 144A
768,767
410,000
 
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, due 01/30/28 144A
401,427
1,345,000
 
Endeavour Mining PLC, 5.00%, due 10/14/26 144A
1,196,377
755,000
 
Enel Finance America LLC, 2.88%, due 07/12/41 144A
497,501
980,000
 
Energean Israel Finance Ltd., 5.88%, due 03/30/31(i)
858,593
1,065,000
EUR
Energizer Gamma Acquisition BV, 3.50%, due 06/30/29 144A
939,793
180,000
 
Energy Transfer LP, 5.35%, due 05/15/45
157,565
210,000
 
Energy Transfer LP, 6.25%, due 04/15/49
205,327
270,000
 
Energy Transfer LP, 7.13% (5 yr. CMT + 5.31%)(b)(j)
229,614
230,000
 
Energy Transfer LP, 9.35% (3 mo. USD LIBOR + 4.03%)(b)(g)(j)
206,713
1,925,000
 
Entegris Escrow Corp., 5.95%, due 06/15/30 144A
1,847,282
1,235,000
 
Enterprise Products Operating LLC, 5.05%, due 01/10/26
1,233,367
1,015,000
 
Enterprise Products Operating LLC, 5.25% (3 mo. USD Term SOFR + 3.29%), due
08/16/77(b)
890,112
500,000
 
Enterprise Products Operating LLC, 5.38% (3 mo. USD Term SOFR + 2.83%), due
02/15/78(b)
414,885
265,000
 
EPR Properties REIT, 3.75%, due 08/15/29
215,763
150,000
 
EQM Midstream Partners LP, 6.00%, due 07/01/25 144A
148,479
140,000
 
EQM Midstream Partners LP, 6.50%, due 07/01/27 144A
138,219
800,000
 
EQM Midstream Partners LP, 7.50%, due 06/01/30 144A
810,301
630,000
 
EQT Corp., 7.00%, due 02/01/30(k)
660,196
1,250,000
 
Equifax, Inc., 5.10%, due 12/15/27
1,237,069
6,000,000
ZAR
Eskom Holdings SOC Ltd., (MTN), 7.50%, due 09/15/33
226,378
26,974,000,000
IDR
European Bank for Reconstruction & Development, 5.20%, due 05/28/24
1,784,953
6,232,400,000
IDR
European Bank for Reconstruction & Development, (MTN), 4.60%, due 12/09/25
404,706
33,450,000
MXN
European Investment Bank, (MTN), 4.25%, due 06/19/24
1,839,209
13,210,000
MXN
European Investment Bank, (MTN), 7.75%, due 01/30/25
735,194
1,081,000
 
FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, due 08/15/26 144A
1,023,567
800,000
 
First Quantum Minerals Ltd., 6.88%, due 03/01/26(g) 144A
788,631
2,350,000
 
First Quantum Minerals Ltd., 6.88%, due 10/15/27 144A
2,295,985
1,440,000
 
First Quantum Minerals Ltd., 8.63%, due 06/01/31 144A
1,477,627
1,220,000
 
FirstCash, Inc., 5.63%, due 01/01/30 144A
1,103,763
380,000
 
FirstEnergy Corp., 2.65%, due 03/01/30
320,823
440,000
 
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, due 11/15/25(g) 144A
397,806
3,480,000
 
Foot Locker, Inc., 4.00%, due 10/01/29 144A
2,623,748
2,770,000
 
Ford Motor Co., 3.25%, due 02/12/32
2,181,664
1,930,000
 
Ford Motor Co., 6.10%, due 08/19/32(g)
1,872,353
1,020,000
 
Ford Motor Credit Co. LLC, 3.63%, due 06/17/31
837,109
660,000
 
Ford Motor Credit Co. LLC, 6.95%, due 03/06/26
664,154
1,855,000
 
Freeport Indonesia PT, 5.32%, due 04/14/32 144A
1,758,700
585,000
 
Freeport Indonesia PT, 6.20%, due 04/14/52 144A
528,758
300,000
 
Freeport Minerals Corp., 7.13%, due 11/01/27
312,750
455,000
 
Freeport-McMoRan, Inc., 4.63%, due 08/01/30
429,133
1,320,000
 
Freeport-McMoRan, Inc., 5.45%, due 03/15/43
1,232,608
1,030,000
 
Full House Resorts, Inc., 8.25%, due 02/15/28(g) 144A
964,986
1,348,787
 
Galaxy Pipeline Assets Bidco Ltd., 2.94%, due 09/30/40 144A
1,085,372
250,000
 
Gannett Holdings LLC, 6.00%, due 11/01/26(g) 144A
210,846
880,000
 
Gen Digital, Inc., 7.13%, due 09/30/30(g) 144A
882,265
360,000
 
General Motors Co., 6.60%, due 04/01/36
369,961
See accompanying Notes to the Schedule of Investments
101
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
1,440,000
 
General Motors Financial Co., Inc., 5.00%, due 04/09/27
1,402,073
2,140,000
 
General Motors Financial Co., Inc., 5.40%, due 04/06/26
2,116,158
630,000
 
Genesis Energy LP/Genesis Energy Finance Corp., 8.88%, due 04/15/30
616,089
719,000
 
GEO Group, Inc., 10.50%, due 06/30/28
721,443
910,000
 
Georgia Power Co., 5.13%, due 05/15/52
885,584
2,280,000
 
GFL Environmental, Inc., 4.75%, due 06/15/29(g) 144A
2,085,690
390,000
 
GFL Environmental, Inc., 5.13%, due 12/15/26 144A
376,618
2,425,000
 
GGAM Finance Ltd., 8.00%, due 06/15/28 144A
2,428,625
1,457,168
 
Global Aircraft Leasing Co. Ltd., 6.50% (6.50% Cash or 7.25% PIK), due 09/15/24
144A
1,335,553
280,000
 
Global Atlantic Fin Co., 4.40%, due 10/15/29 144A
236,422
1,125,000
 
Gold Fields Orogen Holdings BVI Ltd., 6.13%, due 05/15/29 144A
1,138,993
965,000
 
Gray Escrow II, Inc., 5.38%, due 11/15/31(g) 144A
640,656
1,850,000
 
H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A
1,603,729
1,870,000
 
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, due
01/20/26 144A
1,771,783
80,000
 
Healthpeak OP LLC REIT, 3.50%, due 07/15/29
71,886
545,000
GBP
Heathrow Funding Ltd., (MTN), 6.75%, due 12/03/28(i)
691,982
780,000
 
Hertz Corp., 5.00%, due 12/01/29 144A
645,746
1,260,000
 
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc., 7.63%
(7.63% Cash or 8.38% PIK), due 10/15/25 144A
1,165,994
560,000
 
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A
500,010
570,000
 
Howard Midstream Energy Partners LLC, 6.75%, due 01/15/27 144A
543,467
560,000
 
Howard Midstream Energy Partners LLC, 8.88%, due 07/15/28(l) 144A
563,500
1,535,000
 
HSBC Holdings PLC, 4.60% (5 yr. CMT + 3.65%)(b)(g)(j)
1,172,356
665,000
 
HSBC Holdings PLC, 6.00% (5 yr. USD ICE Swap + 3.75%)(b)(j)
596,006
2,425,000
 
HSBC Holdings PLC, 6.55% (6 mo. USD Term SOFR + 2.98%), due 06/20/34(b)
2,417,071
2,140,000
 
HSBC Holdings PLC, 8.00% (5 yr. CMT + 3.86%)(b)(g)(j)
2,129,846
320,000
 
HSBC Holdings PLC, 8.11% (6 mo. USD Term SOFR + 4.25%), due 11/03/33(b)
355,441
2,130,000
 
HSBC USA, Inc., 5.63%, due 03/17/25
2,121,802
190,000
EUR
HSE Finance Sarl, 5.63%, due 10/15/26 144A
120,757
870,000
 
HTA Group Ltd., 7.00%, due 12/18/25 144A
825,543
1,015,000
 
Huarong Finance II Co. Ltd., (MTN), 5.00%, due 11/19/25(i)
937,310
260,000
 
Hudbay Minerals, Inc., 4.50%, due 04/01/26 144A
242,358
610,000
 
Hudbay Minerals, Inc., 6.13%, due 04/01/29(g) 144A
562,347
860,000
 
Humana, Inc., 5.88%, due 03/01/33
894,162
280,000
 
iHeartCommunications, Inc., 4.75%, due 01/15/28(g) 144A
211,438
320,000
 
iHeartCommunications, Inc., 5.25%, due 08/15/27 144A
245,142
145,000
 
iHeartCommunications, Inc., 6.38%, due 05/01/26
121,823
705,000
 
IHS Netherlands Holdco BV, 8.00%, due 09/18/27 144A
644,370
740,000
 
IHS Netherlands Holdco BV, 8.00%, due 09/18/27(i)
676,360
620,000
 
IIP Operating Partnership LP REIT, 5.50%, due 05/25/26
522,292
1,590,000
 
Iliad Holding SASU, 6.50%, due 10/15/26 144A
1,502,109
810,000
 
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, due 07/01/28 144A
706,939
265,000
EUR
IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28 144A
254,277
260,000
 
ING Groep NV, 5.75% (5 yr. CMT + 4.34%)(b)(j)
229,835
835,000
 
ING Groep NV, 6.50% (5 yr. USD Swap + 4.45%)(b)(j)
779,973
2,190,000
 
Intel Corp., 5.20%, due 02/10/33
2,211,885
1,855,000
 
International Business Machines Corp., 4.40%, due 07/27/32
1,779,242
38,940,000
MXN
International Finance Corp., (MTN), 7.75%, due 01/18/30
2,133,577
102
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
200,000
 
Intesa Sanpaolo SpA, 4.00%, due 09/23/29 144A
173,928
1,450,000
 
Intesa Sanpaolo SpA, 4.95% (1 yr. CMT + 2.75%), due 06/01/42(b) 144A
956,551
350,000
 
Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A
333,429
2,420,000
 
Intesa Sanpaolo SpA, 7.78% (1 yr. CMT + 3.90%), due 06/20/54(b) 144A
2,414,113
2,445,000
 
IQVIA, Inc., 6.50%, due 05/15/30 144A
2,472,196
1,059,000
 
Itau Unibanco Holding SA, 4.63% (5 yr. CMT + 3.22%)(b)(j) 144A
821,516
210,000
 
Jabil, Inc., 5.45%, due 02/01/29
208,507
1,195,000
 
Jackson Financial, Inc., 3.13%, due 11/23/31
928,726
690,000
 
Jane Street Group/JSG Finance, Inc., 4.50%, due 11/15/29(g) 144A
594,434
225,000
 
Jazz Securities DAC, 4.38%, due 01/15/29 144A
200,972
905,000
 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, due 04/01/33(g)
144A
851,427
1,045,000
 
John Deere Capital Corp., (MTN), 4.80%, due 01/09/26
1,041,613
1,155,000
 
JPMorgan Chase & Co., 4.32% (6 mo. USD Term SOFR + 1.56%), due 04/26/28(b)
1,115,536
2,520,000
 
JPMorgan Chase & Co., 4.91% (6 mo. USD Term SOFR + 2.08%), due 07/25/33(b)
2,463,453
1,450,000
 
JPMorgan Chase & Co., 5.72% (6 mo. USD Term SOFR + 2.58%), due 09/14/33(b)
1,471,725
460,000
 
KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A
437,301
1,005,000
 
Kosmos Energy Ltd., 7.13%, due 04/04/26 144A
884,742
100,000
 
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 4.25%, due
02/01/27 144A
86,981
650,000
 
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 4.75%, due
06/15/29 144A
529,624
660,000
 
Las Vegas Sands Corp., 3.20%, due 08/08/24
639,667
800,000
 
Las Vegas Sands Corp., 3.50%, due 08/18/26
745,642
1,180,000
 
Latam Airlines Group SA, 13.38%, due 10/15/27(g) 144A
1,277,521
425,000
 
Lazard Group LLC, 4.38%, due 03/11/29
394,918
650,000
 
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, due
02/01/26 144A
585,900
460,000
 
Leviathan Bond Ltd., 6.50%, due 06/30/27(i)
441,600
1,590,000
 
Liberty Mutual Group, Inc., 4.30%, due 02/01/61 144A
1,004,741
815,000
 
Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A
769,339
960,000
 
Liquid Telecommunications Financing PLC, 5.50%, due 09/04/26 144A
543,235
650,000
 
Lloyds Banking Group PLC, 7.50% (5 yr. USD Swap + 4.76%)(b)(j)
621,497
550,000
 
Lloyds Banking Group PLC, 8.00% (5 yr. CMT + 3.91%)(b)(j)
503,883
1,235,000
EUR
Lorca Telecom Bondco SA, 4.00%, due 09/18/27 144A
1,232,185
700,000
 
LPL Holdings, Inc., 4.00%, due 03/15/29 144A
614,819
2,155,000
 
Magna International, Inc., 5.98%, due 03/21/26
2,156,515
170,000
 
Matador Resources Co., 6.88%, due 04/15/28 144A
168,450
500,000
 
Match Group Holdings II LLC, 5.00%, due 12/15/27 144A
464,205
569,332
 
McClatchy Co. LLC, 11.00% (11.00% Cash or 12.50% PIK), due 07/15/27 144A
613,700
1,265,000
 
McCormick & Co., Inc., 4.95%, due 04/15/33(g)
1,242,170
1,565,000
 
Mclaren Finance PLC, 7.50%, due 08/01/26 144A
1,342,731
130,000
 
MDC Holdings, Inc., 6.00%, due 01/15/43
117,423
1,610,000
 
Medline Borrower LP, 5.25%, due 10/01/29(g) 144A
1,398,654
790,000
 
Medtronic Global Holdings SCA, 4.25%, due 03/30/28
771,568
1,620,000
 
MEG Energy Corp., 5.88%, due 02/01/29 144A
1,525,093
210,000
 
MEG Energy Corp., 7.13%, due 02/01/27(g) 144A
213,566
1,520,000
 
MEGlobal Canada ULC, 5.88%, due 05/18/30 144A
1,539,099
1,200,000
 
Melco Resorts Finance Ltd., 4.88%, due 06/06/25 144A
1,144,440
885,000
 
Melco Resorts Finance Ltd., 5.25%, due 04/26/26 144A
820,079
See accompanying Notes to the Schedule of Investments
103
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
320,000
 
Melco Resorts Finance Ltd., 5.38%, due 12/04/29 144A
265,865
600,000
 
MercadoLibre, Inc., 3.13%, due 01/14/31
478,707
3,050,000
 
Merck & Co., Inc., 2.90%, due 12/10/61
2,022,678
1,685,000
 
MGM China Holdings Ltd., 5.88%, due 05/15/26(i)
1,607,035
550,000
 
Michaels Cos., Inc., 5.25%, due 05/01/28 144A
444,934
510,000
 
Michaels Cos., Inc., 7.88%, due 05/01/29 144A
344,250
560,000
 
Micron Technology, Inc., 3.37%, due 11/01/41
391,942
1,410,000
 
Micron Technology, Inc., 6.75%, due 11/01/29
1,466,583
710,000
 
Midcap Financial Issuer Trust, 6.50%, due 05/01/28 144A
632,741
880,000
 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, due
06/20/27 144A
882,989
747,000
 
Millicom International Cellular SA, 4.50%, due 04/27/31 144A
574,854
1,026,000
 
Millicom International Cellular SA, 6.25%, due 03/25/29(i)
920,754
504,000
 
Millicom International Cellular SA, 6.25%, due 03/25/29 144A
452,300
170,000
 
Minerals Technologies, Inc., 5.00%, due 07/01/28 144A
154,861
890,000
 
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, due 02/01/30(g) 144A
735,398
1,350,000
 
Mohegan Tribal Gaming Authority, 13.25%, due 12/15/27 144A
1,432,222
1,105,000
 
Moody's Corp., 2.75%, due 08/19/41
776,453
1,330,000
 
Morgan Stanley, 4.89% (6 mo. USD Term SOFR + 2.08%), due 07/20/33(b)
1,280,807
1,310,000
 
Morgan Stanley, 5.16% (6 mo. USD SOFR + 1.59%), due 04/20/29(b)
1,294,984
500,000
 
MPT Operating Partnership LP/MPT Finance Corp. REIT, 3.50%, due 03/15/31
345,014
500,000
 
MSCI, Inc., 3.88%, due 02/15/31 144A
433,713
1,120,000
GBP
NatWest Group PLC, 4.50% (5 yr. UK Government Bond + 3.99%)(b)(g)(j)
1,075,427
2,415,000
 
NatWest Group PLC, 5.81% (1 yr. CMT + 1.95%), due 09/13/29(b)
2,381,429
1,090,000
 
NatWest Group PLC, 6.02% (1 yr. CMT + 2.10%), due 03/02/34(b)
1,096,550
235,000
 
NBM U.S. Holdings, Inc., 7.00%, due 05/14/26 144A
228,112
2,050,000
 
NCL Corp. Ltd., 5.88%, due 03/15/26 144A
1,919,751
1,655,000
 
NCR Corp., 5.00%, due 10/01/28 144A
1,478,892
2,830,000
 
NCR Corp., 5.13%, due 04/15/29 144A
2,507,919
115,000
 
NCR Corp., 5.25%, due 10/01/30 144A
100,149
1,305,000
 
Neptune Bidco U.S., Inc., 9.29%, due 04/15/29 144A
1,199,455
990,000
 
Neptune Energy Bondco PLC, 6.63%, due 05/15/25 144A
989,168
1,065,000
 
Netflix, Inc., 5.88%, due 11/15/28
1,102,597
520,000
 
Newell Brands, Inc., 4.00%, due 12/01/24
500,340
660,000
 
Newell Brands, Inc., 4.70%, due 04/01/26(k)
620,585
400,000
 
Newell Brands, Inc., 5.88%, due 04/01/36(k)
335,023
1,850,000
 
Nexstar Media, Inc., 4.75%, due 11/01/28(g) 144A
1,606,966
1,235,000
 
Nexstar Media, Inc., 5.63%, due 07/15/27 144A
1,152,381
545,000
 
NextEra Energy Capital Holdings, Inc., 6.05%, due 03/01/25
547,292
1,020,000
 
NMI Holdings, Inc., 7.38%, due 06/01/25 144A
1,031,660
520,000
 
Noble Finance II LLC, 8.00%, due 04/15/30 144A
529,212
700,000
 
Northern Oil & Gas, Inc., 8.13%, due 03/01/28 144A
686,703
2,215,000
 
Northern Star Resources Ltd., 6.13%, due 04/11/33 144A
2,151,506
400,000
 
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22(m)
24
160,000
EUR
Novelis Sheet Ingot GmbH, 3.38%, due 04/15/29 144A
153,795
395,000
 
NTT Finance Corp., 4.37%, due 07/27/27 144A
386,398
1,065,000
 
Nutrien Ltd., 4.90%, due 03/27/28
1,045,337
255,000
 
Nutrien Ltd., 5.80%, due 03/27/53
256,077
1,065,000
 
NXP BV/NXP Funding LLC/NXP USA, Inc., 5.00%, due 01/15/33
1,023,157
104
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
1,790,000
 
Occidental Petroleum Corp., 4.40%, due 08/15/49
1,317,431
1,430,000
 
Occidental Petroleum Corp., 6.45%, due 09/15/36
1,469,639
240,000
 
Occidental Petroleum Corp., 7.15%, due 05/15/28
249,974
530,000
 
Occidental Petroleum Corp., 7.95%, due 06/15/39
601,274
1,150,000
 
OCP SA, 5.13%, due 06/23/51 144A
840,926
965,000
 
Olympus Water U.S. Holding Corp., 4.25%, due 10/01/28 144A
763,746
225,000
 
Olympus Water U.S. Holding Corp., 6.25%, due 10/01/29(g) 144A
162,945
790,000
EUR
Olympus Water U.S. Holding Corp., 9.63%, due 11/15/28 144A
829,569
1,390,000
 
Option Care Health, Inc., 4.38%, due 10/31/29 144A
1,224,859
565,000
 
Oracle Corp., 3.95%, due 03/25/51
427,529
2,155,000
 
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 5.13%, due 04/30/31 144A
1,780,815
950,000
 
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, due 03/15/30 144A
792,709
390,000
 
Oversea-Chinese Banking Corp. Ltd., (MTN), 4.25%, due 06/19/24(i)
383,487
650,000
 
Pactiv LLC, 8.38%, due 04/15/27
659,009
1,315,000
 
Papa John's International, Inc., 3.88%, due 09/15/29(g) 144A
1,114,574
1,800,000
 
Park-Ohio Industries, Inc., 6.63%, due 04/15/27(g)
1,592,640
260,000
 
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28
144A
237,700
525,000
 
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, due 06/15/29(g) 144A
413,185
850,000
 
PECF USS Intermediate Holding III Corp., 8.00%, due 11/15/29 144A
479,086
1,990,000
 
Permian Resources Operating LLC, 5.88%, due 07/01/29 144A
1,876,641
530,000
 
Pertamina Geothermal Energy PT, 5.15%, due 04/27/28 144A
527,977
1,050,000
 
Petrobras Global Finance BV, 6.50%, due 07/03/33(l)
1,029,000
1,150,000
 
Petrobras Global Finance BV, 6.85%, due 06/05/15(n)
1,001,591
1,215,000
 
Petroleos Mexicanos, 6.70%, due 02/16/32
924,900
890,000
 
Petroleos Mexicanos, 10.00%, due 02/07/33 144A
816,016
7,056,900
MXN
Petroleos Mexicanos (GDN), 7.19%, due 09/12/24(i)
381,708
1,550,000
 
PetSmart, Inc./PetSmart Finance Corp., 4.75%, due 02/15/28 144A
1,434,176
1,500,000
 
PetSmart, Inc./PetSmart Finance Corp., 7.75%, due 02/15/29 144A
1,492,107
935,000
 
Phillips 66, 3.30%, due 03/15/52
642,424
1,090,000
 
Plains All American Pipeline LP, 9.43% (3 mo. USD LIBOR + 4.11%)(b)(j)
975,690
280,000
 
Playtika Holding Corp., 4.25%, due 03/15/29 144A
248,752
105,000
EUR
PLT VII Finance Sarl, 4.63%, due 01/05/26 144A
111,591
1,660,000
 
PM General Purchaser LLC, 9.50%, due 10/01/28 144A
1,626,183
610,000
 
PNC Financial Services Group, Inc., 5.07% (6 mo. USD Term SOFR + 1.93%), due
01/24/34(b)(g)
585,183
650,000
 
PNC Financial Services Group, Inc., 6.04% (6 mo. USD Term SOFR + 2.14%), due
10/28/33(b)
665,517
545,000
 
POSCO, 5.75%, due 01/17/28 144A
553,113
1,860,000
 
Precision Drilling Corp., 6.88%, due 01/15/29 144A
1,682,301
15,000
 
Precision Drilling Corp., 7.13%, due 01/15/26(g) 144A
14,830
110,000
 
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28(g)
144A
103,207
280,000
 
Prosperous Ray Ltd., 4.63%, due 11/12/23(i)
278,699
1,350,000
 
Prosus NV, 3.06%, due 07/13/31 144A
1,056,028
1,045,000
 
Prosus NV, 4.03%, due 08/03/50 144A
657,374
1,685,000
 
Prosus NV, 4.19%, due 01/19/32 144A
1,419,863
590,000
 
QazaqGaz NC JSC, 4.38%, due 09/26/27(g) 144A
550,786
1,060,000
 
QVC, Inc., 4.38%, due 09/01/28
610,677
400,000
 
QVC, Inc., 5.45%, due 08/15/34
193,452
See accompanying Notes to the Schedule of Investments
105
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
520,000
 
Rackspace Technology Global, Inc., 3.50%, due 02/15/28 144A
234,555
575,000
 
Radian Group, Inc., 6.63%, due 03/15/25
574,950
710,000
 
Radiology Partners, Inc., 9.25%, due 02/01/28 144A
259,496
1,210,000
 
Range Resources Corp., 4.75%, due 02/15/30 144A
1,085,691
2,640,000
 
Range Resources Corp., 8.25%, due 01/15/29
2,751,144
395,000
 
Republic Services, Inc., 5.00%, due 04/01/34
394,392
1,260,000
 
Revvity, Inc., 2.25%, due 09/15/31
1,011,822
2,250,000
 
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 3.63%, due 03/01/29 144A
1,893,292
190,000
 
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 3.88%, due 03/01/31 144A
154,234
250,000
 
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 4.00%, due 10/15/33 144A
195,798
450,000
 
Rockies Express Pipeline LLC, 7.50%, due 07/15/38 144A
411,287
1,920,000
EUR
Rolls-Royce PLC, 4.63%, due 02/16/26(i)
2,064,320
1,240,000
 
Royal Caribbean Cruises Ltd., 7.50%, due 10/15/27
1,246,855
460,000
 
Royal Caribbean Cruises Ltd., 9.25%, due 01/15/29 144A
490,515
144,000
 
Royal Caribbean Cruises Ltd., 11.50%, due 06/01/25 144A
152,914
1,935,000
 
Royal Caribbean Cruises Ltd., 11.63%, due 08/15/27 144A
2,106,013
1,150,000
 
Rumo Luxembourg Sarl, 4.20%, due 01/18/32 144A
919,586
590,000
GBP
Saga PLC, 5.50%, due 07/15/26(i)
566,136
1,380,000
 
Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25
1,362,267
230,000
 
Sands China Ltd., 2.80%, due 03/08/27(k)
199,797
200,000
 
Sands China Ltd., 3.35%, due 03/08/29(k)
166,858
200,000
 
Sands China Ltd., 5.63%, due 08/08/25(k)
195,248
240,000
 
Sands China Ltd., 5.90%, due 08/08/28(k)
228,996
420,000
 
Sasol Financing USA LLC, 5.50%, due 03/18/31
331,118
815,000
 
Saudi Arabian Oil Co., 3.25%, due 11/24/50 144A
567,118
1,225,000
 
Scientific Games International, Inc., 7.00%, due 05/15/28 144A
1,219,562
310,000
EUR
SCIL IV LLC/SCIL USA Holdings LLC, 4.38%, due 11/01/26 144A
305,648
460,000
 
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, due 11/01/26 144A
419,806
340,000
 
Seagate HDD Cayman, 4.09%, due 06/01/29
299,480
321,000
 
Seagate HDD Cayman, 4.88%, due 06/01/27
307,612
280,000
 
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, due 02/01/28 144A
278,241
545,000
 
Sempra Energy, 3.70%, due 04/01/29
498,378
905,000
 
SEPLAT Energy PLC, 7.75%, due 04/01/26 144A
762,933
810,000
 
Service Properties Trust REIT, 5.50%, due 12/15/27
712,945
470,000
 
Service Properties Trust REIT, 7.50%, due 09/15/25
461,962
1,140,000
 
Sinclair Television Group, Inc., 4.13%, due 12/01/30 144A
747,726
1,170,000
 
Smyrna Ready Mix Concrete LLC, 6.00%, due 11/01/28 144A
1,104,841
1,060,000
 
Societe Generale SA, 7.38% (5 yr. USD Swap + 4.30%)(b)(j) 144A
1,031,057
1,165,000
 
Societe Generale SA, 9.38% (5 yr. CMT + 5.39%)(b)(j) 144A
1,141,700
790,000
 
Southern Copper Corp., 7.50%, due 07/27/35
918,162
1,880,000
 
Southwestern Energy Co., 4.75%, due 02/01/32
1,659,592
1,056,000
 
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, due 09/20/25 144A
1,064,934
600,000
 
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, due 09/20/25 144A
605,019
2,135,000
 
Standard Chartered PLC, 4.30% (5 yr. CMT + 3.14%)(b)(j) 144A
1,551,931
1,980,000
 
Standard Chartered PLC, 6.17% (1 yr. CMT + 2.05%), due 01/09/27(b) 144A
1,979,138
1,550,000
 
Starwood Property Trust, Inc. REIT, 4.38%, due 01/15/27 144A
1,336,387
1,030,000
 
Stellantis Finance U.S., Inc., 5.63%, due 01/12/28 144A
1,039,633
900,000
 
StoneMor, Inc., 8.50%, due 05/15/29 144A
760,185
1,319,000
 
StoneX Group, Inc., 8.63%, due 06/15/25 144A
1,333,318
106
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
1,655,000
 
Strathcona Resources Ltd., 6.88%, due 08/01/26(g) 144A
1,450,298
635,000
 
Studio City Finance Ltd., 6.00%, due 07/15/25(g) 144A
590,222
470,000
 
Studio City Finance Ltd., 6.50%, due 01/15/28 144A
392,958
240,000
 
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, due 06/01/31(g)
144A
201,279
100,000
 
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, due 01/15/29 144A
94,595
400,000
 
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, due
10/15/26(k) 144A
388,930
1,583,000
 
Sunnova Energy Corp., 5.88%, due 09/01/26 144A
1,448,284
1,250,000
 
Suzano Austria GmbH, 3.13%, due 01/15/32(g)
1,001,466
990,000
 
Suzano Austria GmbH, 7.00%, due 03/16/47(g)(i)
998,848
360,000
 
Swire Pacific MTN Financing Ltd., (MTN), 4.50%, due 10/09/23(i)
358,818
1,185,000
 
Synchrony Financial, 4.88%, due 06/13/25
1,126,572
2,300,000
 
Take-Two Interactive Software, Inc., 4.95%, due 03/28/28
2,273,924
710,000
 
Talen Energy Supply LLC, 8.63%, due 06/01/30 144A
735,510
330,000
 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A
291,139
45,000
 
Targa Resources Corp., 5.20%, due 07/01/27
44,207
515,000
 
Targa Resources Corp., 6.13%, due 03/15/33
526,490
60,000
 
Teck Resources Ltd., 6.00%, due 08/15/40
58,690
200,000
 
Telefonica Emisiones SA, 5.21%, due 03/08/47
174,101
1,450,000
 
Teva Pharmaceutical Finance Co. LLC, 6.15%, due 02/01/36
1,290,673
735,000
EUR
Teva Pharmaceutical Finance Netherlands II BV, 1.88%, due 03/31/27(i)
684,537
620,000
 
Teva Pharmaceutical Finance Netherlands III BV, 4.75%, due 05/09/27
574,320
1,070,000
 
Teva Pharmaceutical Finance Netherlands III BV, 8.13%, due 09/15/31(g)
1,122,784
690,000
GBP
Time Warner Cable LLC, 5.25%, due 07/15/42
695,440
300,000
 
Time Warner Cable LLC, 6.75%, due 06/15/39
288,510
2,460,000
 
Titan International, Inc., 7.00%, due 04/30/28
2,302,498
270,000
 
TKC Holdings, Inc., 6.88%, due 05/15/28 144A
237,911
2,455,000
 
T-Mobile USA, Inc., 4.80%, due 07/15/28
2,405,381
2,205,000
 
T-Mobile USA, Inc., 4.95%, due 03/15/28
2,171,016
550,000
 
TMS Issuer Sarl, 5.78%, due 08/23/32 144A
567,412
440,000
 
TopBuild Corp., 3.63%, due 03/15/29 144A
383,445
630,000
 
Toronto-Dominion Bank, 8.13% (5 yr. CMT + 4.08%), due 10/31/82(b)
641,579
1,100,000
 
TransAlta Corp., 6.50%, due 03/15/40
1,048,509
380,000
 
TransAlta Corp., 7.75%, due 11/15/29
391,592
2,155,000
 
TransCanada PipeLines Ltd., 6.20%, due 03/09/26
2,156,978
1,200,000
 
TransDigm, Inc., 6.25%, due 03/15/26 144A
1,195,215
250,000
 
TransDigm, Inc., 6.75%, due 08/15/28 144A
251,260
580,000
 
Transnet SOC Ltd., 8.25%, due 02/06/28 144A
564,775
420,000
 
Transocean, Inc., 8.75%, due 02/15/30 144A
426,760
340,000
 
Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A
322,702
1,920,000
 
Triumph Group, Inc., 9.00%, due 03/15/28 144A
1,962,795
1,875,000
 
Truist Financial Corp., 6.05% (SOFR + 2.05%), due 06/08/27(b)
1,876,622
520,000
 
Truist Financial Corp., (MTN), 5.12% (6 mo. USD Term SOFR + 1.85%), due
01/26/34(b)
492,964
710,000
 
Truist Financial Corp., (MTN), 5.87% (6 mo. USD SOFR + 2.36%), due 06/08/34(b)
710,615
1,115,000
 
TSMC Global Ltd., 2.25%, due 04/23/31(i)
922,169
490,000
 
Turk Telekomunikasyon AS, 6.88%, due 02/28/25 144A
465,819
1,740,000
 
Tutor Perini Corp., 6.88%, due 05/01/25(g) 144A
1,445,251
540,000
 
U.S. Bancorp, 4.84% (6 mo. USD Term SOFR + 1.60%), due 02/01/34(b)(g)
504,656
See accompanying Notes to the Schedule of Investments
107
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
710,000
 
U.S. Bancorp, 5.84% (6 mo. USD SOFR + 2.26%), due 06/12/34(b)
715,463
490,000
 
U.S. Renal Care, Inc., 10.63%, due 07/15/27 144A
124,950
640,000
 
UBS Group AG, 4.75% (1 yr. CMT + 1.75%), due 05/12/28(b) 144A
607,029
1,110,000
 
UBS Group AG, 4.99% (1 yr. CMT + 2.40%), due 08/05/33(b) 144A
1,029,051
1,955,000
 
UBS Group AG, 6.54% (6 mo. USD Term SOFR + 3.92%), due 08/12/33(b) 144A
2,003,902
1,120,000
 
UBS Group AG, 7.00% (5 yr. USD Swap + 4.34%)(b)(j) 144A
1,084,326
990,000
 
UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35(b) 144A
840,963
555,000
 
UniCredit SpA, 7.30% (5 yr. USD ICE Swap + 4.91%), due 04/02/34(b) 144A
523,311
54,800
 
United Airlines Pass-Through Trust, 4.88%, due 07/15/27
52,355
485,111
 
United Airlines Pass-Through Trust, 5.88%, due 04/15/29
481,545
100,000
 
United Airlines, Inc., 4.38%, due 04/15/26 144A
95,101
1,130,000
 
United Airlines, Inc., 4.63%, due 04/15/29 144A
1,030,637
1,860,000
 
United Parcel Service, Inc., 4.88%, due 03/03/33
1,880,479
270,000
 
United Rentals North America, Inc., 4.88%, due 01/15/28
257,183
1,380,000
 
United Rentals North America, Inc., 5.25%, due 01/15/30
1,318,557
520,000
 
United Rentals North America, Inc., 5.50%, due 05/15/27
512,244
3,540,000
 
United Rentals North America, Inc., 6.00%, due 12/15/29 144A
3,535,117
700,000
 
Upbound Group, Inc., 6.38%, due 02/15/29(g) 144A
621,932
290,000
 
Utah Acquisition Sub, Inc., 5.25%, due 06/15/46
228,839
540,000
 
Vale Overseas Ltd., 6.88%, due 11/10/39
565,720
500,000
 
Venture Global Calcasieu Pass LLC, 3.88%, due 11/01/33 144A
410,110
1,370,000
 
Venture Global Calcasieu Pass LLC, 6.25%, due 01/15/30 144A
1,360,242
700,000
 
Venture Global LNG, Inc., 8.38%, due 06/01/31 144A
706,655
420,000
 
Vericast Corp., 11.00%, due 09/15/26 144A
440,475
490,000
 
Verizon Communications, Inc., 2.85%, due 09/03/41
348,895
2,825,000
 
Vertiv Group Corp., 4.13%, due 11/15/28 144A
2,547,849
220,000
 
Viavi Solutions, Inc., 3.75%, due 10/01/29 144A
187,138
820,000
 
Viking Cruises Ltd., 9.13%, due 07/15/31 144A
829,004
100,000
 
Viking Cruises Ltd., 13.00%, due 05/15/25 144A
105,069
300,000
 
Viking Ocean Cruises Ship VII Ltd., 5.63%, due 02/15/29 144A
274,770
970,000
 
Viper Energy Partners LP, 5.38%, due 11/01/27 144A
931,901
300,000
 
Virgin Media Secured Finance PLC, 5.50%, due 05/15/29(g) 144A
271,648
1,070,000
 
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, due 05/01/27(g)
144A
962,331
1,000,000
 
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 9.50%, due 06/01/28 144A
919,075
450,000
 
Vmed O2 U.K. Financing I PLC, 4.75%, due 07/15/31 144A
374,654
660,000
 
VOC Escrow Ltd., 5.00%, due 02/15/28 144A
606,151
730,000
 
VTR Comunicaciones SpA, 5.13%, due 01/15/28 144A
381,087
1,085,000
 
Warnermedia Holdings, Inc., 6.41%, due 03/15/26
1,086,144
315,000
 
Waste Connections, Inc., 2.95%, due 01/15/52
216,038
350,000
 
WEA Finance LLC/Westfield U.K. & Europe Finance PLC REIT, 4.75%, due 09/17/44
144A
246,485
1,395,000
 
Wells Fargo & Co., 5.39% (SOFR + 2.02%), due 04/24/34(b)
1,386,739
1,100,000
 
Western Midstream Operating LP, 3.35%, due 02/01/25(k)
1,052,458
1,110,000
 
Western Midstream Operating LP, 5.30%, due 03/01/48
928,288
1,035,000
 
Western Midstream Operating LP, 5.45%, due 04/01/44
875,948
60,000
 
Williams Cos., Inc., 8.75%, due 03/15/32(k)
71,269
3,700,000
 
Willis North America, Inc., 5.35%, due 05/15/33
3,610,559
560,000
 
Winnebago Industries, Inc., 6.25%, due 07/15/28 144A
549,466
108
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Corporate Debt — continued
360,000
 
WW International, Inc., 4.50%, due 04/15/29 144A
213,132
2,270,000
 
Wynn Macau Ltd., 4.88%, due 10/01/24(g) 144A
2,215,838
1,845,000
 
Wynn Macau Ltd., 5.63%, due 08/26/28 144A
1,611,921
340,000
 
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, due 02/15/31 144A
338,246
1,500,000
 
XPO CNW, Inc., 6.70%, due 05/01/34
1,498,035
190,000
 
XPO Escrow Sub LLC, 7.50%, due 11/15/27 144A
194,319
180,000
 
Yamana Gold, Inc., 4.63%, due 12/15/27
169,991
460,000
 
YPF SA, 6.95%, due 07/21/27 144A
378,077
860,000
 
YPF SA, 8.50%, due 07/28/25 144A
791,837
350,350
 
YPF SA, 9.00%, due 02/12/26(k) 144A
348,176
85,000
 
Yum! Brands, Inc., 4.75%, due 01/15/30 144A
79,678
720,000
 
ZF North America Capital, Inc., 4.75%, due 04/29/25 144A
702,577
420,000
 
ZF North America Capital, Inc., 7.13%, due 04/14/30 144A
427,618
900,000
 
Ziff Davis, Inc., 4.63%, due 10/15/30 144A
780,370
240,000
 
ZipRecruiter, Inc., 5.00%, due 01/15/30 144A
204,598
 
 
 
518,452,486
 
 
Mortgage Backed Securities - Private Issuers — 5.6%
910,000
 
Angel Oak Mortgage Trust I LLC CMO, Series 2019-2, Class B1, 5.02%, due
03/25/49(c) 144A
875,783
355,000
 
BANK, Series 2020-BN25, Class AS, 2.84%, due 01/15/63
292,667
500,000
 
BANK, Series 2022-BNK44, Class D, 4.00%, due 11/15/32(c) 144A
287,972
870,000
 
BANK, Series 2023-BNK45, Class A5, 5.20%, due 02/15/56
866,864
280,000
 
Barclays Commercial Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52
245,269
922,000
 
BBCCRE Trust, Series 2015-GTP, Class F, 4.71%, due 08/10/33(c) 144A
651,421
345,000
 
BBCMS Mortgage Trust, Series 2020-C6, Class AS, 2.84%, due 02/15/53
285,167
390,000
 
BBCMS Trust, Series 2018-CBM, Class D, 7.58% (1 mo. USD LIBOR + 2.39%), due
07/15/37(b) 144A
371,752
250,000
 
Benchmark Mortgage Trust, Series 2020-B16, Class AM, 2.94%, due 02/15/53(c)
205,953
1,000,000
 
BHMS Mortgage Trust, Series 2018-MZB, Class MZB, 11.83% (1 mo. USD LIBOR +
6.64%), due 07/15/25(b) 144A
879,401
860,000
 
BIG Commercial Mortgage Trust, Series 2022-BIG, Class F, 10.58% (1 mo. USD Term
SOFR + 5.44%), due 02/15/39(b) 144A
813,649
838,974
 
BRAVO Residential Funding Trust CMO, Series 2022-NQM1, Class A3, 4.09%, due
09/25/61(c) 144A
743,419
301,013
 
BRAVO Residential Funding Trust CMO, Series 2022-NQM2, Class A3, 5.24%, due
11/25/61(c) 144A
290,231
245,291
 
BRAVO Residential Funding Trust CMO, Series 2022-NQM3, Class A3, 5.50%, due
07/25/62(c) 144A
237,224
590,000
 
BX Commercial Mortgage Trust, Series 2019-IMC, Class E, 7.34% (1 mo. USD LIBOR
+ 2.15%), due 04/15/34(b) 144A
573,839
1,110,067
 
BX Commercial Mortgage Trust, Series 2021-21M, Class A, 5.92% (1 mo. USD LIBOR
+ 0.73%), due 10/15/36(b) 144A
1,076,326
890,000
 
BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 6.04% (1 mo. USD
LIBOR + 0.85%), due 11/15/38(b) 144A
868,767
1,280,000
 
BX Commercial Mortgage Trust, Series 2021-VINO, Class A, 5.85% (1 mo. USD
LIBOR + 0.65%), due 05/15/38(b) 144A
1,248,380
690,000
 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class G, 8.04% (1 mo. USD
LIBOR + 2.85%), due 09/15/36(b) 144A
640,325
472,625
 
BX Commercial Mortgage Trust, Series 2021-XL2, Class J, 9.08% (1 mo. USD LIBOR
+ 3.89%), due 10/15/38(b) 144A
441,350
See accompanying Notes to the Schedule of Investments
109
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - Private Issuers — continued
1,260,000
 
BX Commercial Mortgage Trust, Series 2022-AHP, Class A, 6.14% (1 mo. USD Term
SOFR + 0.99%), due 01/17/39(b) 144A
1,226,643
891,254
 
BX Commercial Mortgage Trust, Series 2022-LP2, Class G, 9.25% (1 mo. USD Term
SOFR + 4.11%), due 02/15/39(b) 144A
849,179
970,000
 
BX Commercial Mortgage Trust, Series 2023-VLT2, Class E, 11.02% (1 mo. USD Term
SOFR + 5.87%), due 06/15/40(b) 144A
971,264
950,000
 
BX Trust, Series 2018-BILT, Class B, 6.46% (1 mo. USD LIBOR + 1.27%), due
05/15/30(b) 144A
934,755
880,000
 
BX Trust, Series 2021-SDMF, Class F, 7.13% (1 mo. USD LIBOR + 1.94%), due
09/15/34(b) 144A
812,777
830,000
 
BX Trust, Series 2022-LBA6, Class D, 7.15% (1 mo. USD Term SOFR + 2.00%), due
01/15/39(b) 144A
800,701
500,000
 
Cantor Commercial Real Estate Lending, Series 2019-CF1, Class A2, 3.62%, due
05/15/52
474,264
227,717
 
CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.25%, due 12/15/47(c)
144A
206,084
425,000
 
CFK Trust, Series 2020-MF2, Class F, 3.57%, due 03/15/39(c) 144A
309,844
300,000
 
CGDB Commercial Mortgage Trust, Series 2019-MOB, Class A, 6.14% (1 mo. USD
LIBOR + 0.95%), due 11/15/36(b) 144A
295,657
931,403
 
CIM Trust, Series 2023-R4, Class A1, 5.00%, due 05/25/62(c) 144A
902,287
500,000
 
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class C, 4.51%, due 09/15/48(c)
427,566
270,000
 
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.47%, due 10/12/50
248,234
305,000
 
COMM Mortgage Trust, Series 2012-CR3, Class B, 3.92%, due 10/15/45 144A
253,114
1,057,369
 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class F, 7.84% (1 mo.
USD LIBOR + 2.65%), due 05/15/36(b) 144A
1,034,059
450,000
 
CSMC OA LLC, Series 2014-USA, Class F, 4.37%, due 09/15/37 144A
183,009
300,000
 
CSMC Trust, Series 2019-UVIL, Class A, 3.16%, due 12/15/41 144A
252,259
1,050,000
 
CSMC Trust, Series 2020-TMIC, Class A, 8.69% (1 mo. USD LIBOR + 3.50%), due
12/15/35(b) 144A
1,048,181
931,651
 
CSMC Trust, Series 2022-RPL4, Class A1, 3.90%, due 04/25/62(c) 144A
856,310
932,038
 
DBGS Mortgage Trust, Series 2018-BIOD, Class D, 6.74% (1 mo. USD LIBOR +
1.55%), due 05/15/35(b) 144A
912,016
930,000
 
Ellington Financial Mortgage Trust CMO, Series 2020-1, Class B1, 5.12%, due
05/25/65(c) 144A
880,134
1,063,638
 
Ellington Financial Mortgage Trust CMO, Series 2023-1, Class A3, 6.54%, due
02/25/68(k) 144A
1,051,818
770,000
 
ELP Commercial Mortgage Trust, Series 2021-ELP, Class D, 6.71% (1 mo. USD LIBOR
+ 1.52%), due 11/15/38(b) 144A
740,160
472,232
 
Extended Stay America Trust, Series 2021-ESH, Class F, 8.89% (1 mo. USD LIBOR +
3.70%), due 07/15/38(b) 144A
450,171
209,639
 
Federal Home Loan Mortgage Corp. STACR Debt Notes CMO, Series 2017-SPI1,
Class B, 4.12%, due 09/25/47(c) 144A
136,146
910,000
 
Federal Home Loan Mortgage Corp. STACR Debt Notes CMO, Series 2021-DNA2,
Class B1, 8.47% (30 day USD Term SOFR Average + 3.40%), due 08/25/33(b) 144A
920,011
1,580,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2020-DNA1,
Class B1, 7.45% (1 mo. USD LIBOR + 2.30%), due 01/25/50(b) 144A
1,581,761
116,812
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2020-DNA2,
Class M2, 7.00% (1 mo. USD LIBOR + 1.85%), due 02/25/50(b) 144A
117,238
1,054,405
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2020-DNA3,
Class B1, 10.25% (1 mo. USD LIBOR + 5.10%), due 06/25/50(b) 144A
1,135,705
830,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2020-DNA5,
Class B1, 9.87% (30 day USD Term SOFR Average + 4.80%), due 10/25/50(b) 144A
895,127
110
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - Private Issuers — continued
1,060,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2020-DNA6,
Class B1, 8.07% (30 day USD Term SOFR Average + 3.00%), due 12/25/50(b) 144A
1,046,571
970,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2021-DNA1,
Class B2, 9.82% (30 day USD Term SOFR Average + 4.75%), due 01/25/51(b) 144A
889,874
380,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2021-DNA3,
Class B1, 8.57% (30 day USD Term SOFR Average + 3.50%), due 10/25/33(b) 144A
381,241
1,140,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2021-DNA3,
Class M2, 7.17% (30 day USD Term SOFR Average + 2.10%), due 10/25/33(b) 144A
1,119,167
1,270,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2021-DNA5,
Class B1, 8.12% (30 day USD Term SOFR Average + 3.05%), due 01/25/34(b) 144A
1,249,856
925,939
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2021-DNA5,
Class M2, 6.72% (30 day USD Term SOFR Average + 1.65%), due 01/25/34(b) 144A
924,785
980,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2021-DNA6,
Class B1, 8.47% (30 day USD Term SOFR Average + 3.40%), due 10/25/41(b) 144A
977,751
400,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2021-DNA6,
Class M2, 6.57% (30 day USD Term SOFR Average + 1.50%), due 10/25/41(b) 144A
390,299
930,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2021-DNA7,
Class B1, 8.72% (30 day USD Term SOFR Average + 3.65%), due 11/25/41(b) 144A
926,891
1,000,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2021-DNA7,
Class M2, 6.87% (30 day USD Term SOFR Average + 1.80%), due 11/25/41(b) 144A
964,608
1,090,000
 
Federal Home Loan Mortgage Corp. STACR REMIC Trust CMO, Series 2022-DNA3,
Class M1B, 7.97% (30 day USD SOFR Average + 2.90%), due 04/25/42(b) 144A
1,089,563
440,000
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2017-C07, Class 1B1, 9.15% (1 mo. USD LIBOR + 4.00%), due 05/25/30(b) 144A
469,233
610,000
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2018-C01, Class 1B1, 8.70% (1 mo. USD LIBOR + 3.55%), due 07/25/30(b) 144A
643,065
492,500
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2018-C06, Class 1B1, 8.90% (1 mo. USD LIBOR + 3.75%), due 03/25/31(b) 144A
516,584
800,000
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2018-R07, Class 1B1, 9.50% (1 mo. USD LIBOR + 4.35%), due 04/25/31(b) 144A
851,250
920,000
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2019-R03, Class 1B1, 9.25% (1 mo. USD LIBOR + 4.10%), due 09/25/31(b) 144A
964,436
680,000
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2019-R07, Class 1B1, 8.55% (1 mo. USD LIBOR + 3.40%), due 10/25/39(b) 144A
685,805
260,000
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2020-R01, Class 1B1, 8.40% (1 mo. USD LIBOR + 3.25%), due 01/25/40(b) 144A
255,252
139,621
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2020-R01, Class 1M2, 7.20% (1 mo. USD LIBOR + 2.05%), due 01/25/40(b) 144A
140,224
2,280,000
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2021-R01, Class 1B1, 8.17% (30 day USD Term SOFR Average + 3.10%), due
10/25/41(b) 144A
2,252,690
800,000
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2021-R03, Class 1B1, 7.82% (30 day USD Term SOFR Average + 2.75%), due
12/25/41(b) 144A
779,246
1,000,000
 
Federal National Mortgage Association Connecticut Avenue Securities CMO, Series
2022-R04, Class 1M2, 8.17% (30 day USD Term SOFR Average + 3.10%), due
03/25/42(b) 144A
1,011,025
510,000
 
GS Mortgage Securities Corp. Trust, Series 2018-LUAU, Class G, 9.64% (1 mo. USD
LIBOR + 4.45%), due 11/15/32(b) 144A
487,250
570,000
 
GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class A, 6.29% (1 mo. USD
LIBOR + 1.10%), due 12/15/36(b) 144A
561,120
265,000
 
GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.30%, due 08/10/44(c) 144A
86,723
280,000
 
GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.84%, due 06/10/47(c) 144A
210,430
720,000
 
GS Mortgage Securities Trust, Series 2015-GC32, Class D, 3.35%, due 07/10/48
595,472
See accompanying Notes to the Schedule of Investments
111
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - Private Issuers — continued
151,755
 
HarborView Mortgage Loan Trust CMO, Series 2005-9, Class 2A1C, 6.06% (1 mo. USD
LIBOR + 0.90%), due 06/20/35(b)
138,215
1,390,000
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M,
13.70% (1 mo. USD LIBOR + 8.51%), due 06/15/35(b) 144A
14
1,210,000
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFL,
8.31% (1 mo. USD LIBOR + 3.15%), due 07/05/33(b) 144A
986,346
530,000
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class E,
8.04% (1 mo. USD LIBOR + 2.85%), due 09/15/29(b) 144A
424,052
800,000
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class F,
8.84% (1 mo. USD LIBOR + 3.65%), due 09/15/29(b) 144A
600,802
800,000
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-MKST, Class F,
8.29% (1 mo. USD LIBOR + 3.10%), due 12/15/36(b) 144A
234,506
760,000
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class GFX,
4.84%, due 01/16/37(c) 144A
579,474
810,000
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class F,
9.46% (1 mo. USD LIBOR + 4.27%), due 11/15/38(b) 144A
764,881
1,030,000
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class D,
7.97% (30 day USD Term SOFR Average + 2.90%), due 03/15/39(b) 144A
982,832
537,498
 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class D,
7.31% (1 mo. USD Term SOFR + 2.17%), due 04/15/37(b) 144A
489,692
625,479
 
KIND Trust, Series 2021-KIND, Class D, 7.56% (1 mo. USD Term SOFR + 2.41%),
due 08/15/38(b) 144A
582,392
1,105,194
 
Legacy Mortgage Asset Trust CMO, Series 2020-GS4, Class A1, 6.25%, due 02/25/60(k)
144A
1,095,462
164,584
 
Legacy Mortgage Asset Trust CMO, Series 2020-GS5, Class A1, 3.25%, due 06/25/60(k)
144A
161,726
532,445
 
Med Trust, Series 2021-MDLN, Class C, 6.99% (1 mo. USD LIBOR + 1.80%), due
11/15/38(b) 144A
514,196
577,230
 
Med Trust, Series 2021-MDLN, Class E, 8.34% (1 mo. USD LIBOR + 3.15%), due
11/15/38(b) 144A
547,275
1,741,641
 
Med Trust, Series 2021-MDLN, Class G, 10.44% (1 mo. USD LIBOR + 5.25%), due
11/15/38(b) 144A
1,638,917
890,000
 
MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 6.06% (1 mo. USD
Term SOFR + 0.92%), due 04/15/38(b) 144A
874,529
590,000
 
MHC Trust, Series 2021-MHC2, Class E, 7.21% (1 mo. USD Term SOFR + 2.06%),
due 05/15/38(b) 144A
570,471
320,000
 
Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.42%, due 07/11/40(c) 144A
262,134
350,950
 
MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.28%,
due 10/15/30 144A
277,601
490,000
 
MSWF Commercial Mortgage Trust, Series 2023-1, Class A4, 5.47%, due 05/15/56
491,615
461,389
 
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 8.40% (1
mo. USD LIBOR + 3.25%), due 10/25/49(b) 144A
446,280
460,000
 
Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 8.90% (1
mo. USD LIBOR + 3.75%), due 03/25/50(b) 144A
442,017
320,000
 
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 6.73% (1
mo. USD Term SOFR + 1.58%), due 07/15/36(b) 144A
301,391
372,816
 
New Residential Mortgage Loan Trust CMO, Series 2017-5A, Class B4, 5.25%, due
06/25/57(c) 144A
356,939
256,732
 
New Residential Mortgage Loan Trust CMO, Series 2019-RPL3, Class A1, 2.75%, due
07/25/59(c) 144A
237,131
435,727
 
OBX Trust CMO, Series 2022-NQM6, Class A1, 4.70%, due 07/25/62(k) 144A
421,952
665,843
 
OPG Trust, Series 2021-PORT, Class D, 6.32% (1 mo. USD LIBOR + 1.13%), due
10/15/36(b) 144A
632,081
112
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - Private Issuers — continued
71,148
 
PMT Credit Risk Transfer Trust CMO, Series 2019-3R, Class A, 8.88% (1 mo. USD
LIBOR + 3.70%), due 11/27/31(b) 144A
69,425
82,043
 
Seasoned Credit Risk Transfer Trust CMO, Series 2017-1, Class M1, 4.00%, due
01/25/56(c) 144A
81,029
308,416
 
Seasoned Credit Risk Transfer Trust CMO, Series 2017-2, Class M1, 4.00%, due
08/25/56(c) 144A
300,956
338,751
 
Seasoned Credit Risk Transfer Trust CMO, Series 2017-3, Class M1, 4.00%, due
07/25/56(c) 144A
333,698
415,000
 
Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class M, 4.75%, due
08/25/57(c) 144A
363,056
280,000
 
Seasoned Credit Risk Transfer Trust CMO, Series 2019-1, Class M, 4.75%, due
07/25/58(c) 144A
250,520
790,000
 
Seasoned Credit Risk Transfer Trust CMO, Series 2019-3, Class M, 4.75%, due
10/25/58(c) 144A
710,268
560,000
 
Seasoned Credit Risk Transfer Trust CMO, Series 2019-4, Class M, 4.50%, due
02/25/59(c) 144A
470,065
370,000
 
Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class M, 4.25%, due
08/25/59(c) 144A
314,491
640,000
 
Seasoned Credit Risk Transfer Trust CMO, Series 2020-2, Class M, 4.25%, due
11/25/59(c) 144A
548,653
590,000
 
Seasoned Credit Risk Transfer Trust CMO, Series 2020-3, Class M, 4.25%, due
05/25/60(c) 144A
501,887
500,000
 
Seasoned Credit Risk Transfer Trust CMO, Series 2021-1, Class M, 4.25%, due 09/25/60
144A
431,489
230,000
 
Starwood Retail Property Trust, Series 2014-STAR, Class C, 7.94% (1 mo. USD LIBOR
+ 2.75%), due 11/15/27(b)(f) 144A
84,866
900,000
 
Starwood Retail Property Trust, Series 2014-STAR, Class D, 8.69% (1 mo. USD LIBOR
+ 3.50%), due 11/15/27(b)(f) 144A
199,125
295,704
 
Structured Asset Mortgage Investments II Trust CMO, Series 2005-AR2, Class 2A2,
5.71% (1 mo. USD LIBOR + 0.56%), due 05/25/45(b)
223,127
766,336
 
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class E, 8.67% (1 mo. USD LIBOR
+ 3.48%), due 11/11/34(b) 144A
737,641
761,476
 
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class F, 9.44% (1 mo. USD LIBOR
+ 4.25%), due 11/11/34(b) 144A
729,970
940,000
 
Towd Point Mortgage Trust CMO, Series 2017-5, Class B1, 4.60% (1 mo. USD LIBOR
+ 1.80%), due 02/25/57(b) 144A
918,084
590,000
 
Towd Point Mortgage Trust CMO, Series 2019-4, Class B1B, 3.50%, due 10/25/59(c)
144A
426,227
259,994
 
UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, due 12/15/50
239,796
241,361
 
WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR1, Class A1B,
5.93% (1 mo. USD LIBOR + 0.78%), due 01/25/45(b)
225,319
465,331
 
WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR6, Class 2A1A,
5.61% (1 mo. USD LIBOR + 0.46%), due 04/25/45(b)
455,080
340,261
 
WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2006-AR16, Class 2A2,
3.44%, due 12/25/36(c)
296,982
530,000
 
Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class B, 3.96%, due
12/15/47
495,105
1,190,000
 
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class D, 2.80%, due
12/15/50(c) 144A
699,475
236,111
 
Wells Fargo Mortgage-Backed Securities Trust CMO, Series 2006-AR5, Class 2A1,
4.68%, due 04/25/36(c)
221,310
 
 
 
78,655,211
See accompanying Notes to the Schedule of Investments
113
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Mortgage Backed Securities - U.S. Government Agency Obligations — 0.0%
127,461
 
Federal National Mortgage Association, Pool # BM6224, 2.79%, due 01/01/35(c)
109,072
200,000
 
Federal National Mortgage Association, Pool # FS5059, 3.50%, due 11/01/48
186,141
 
 
 
295,213
 
 
Sovereign Debt Obligations — 33.3%
1,275,000
 
Abu Dhabi Government International Bonds, 3.13%, due 09/30/49(i)
936,467
940,000
 
Abu Dhabi Government International Bonds, 3.13%, due 09/30/49 144A
690,415
240,000
 
Angolan Government International Bonds, 8.75%, due 04/14/32 144A
202,578
935,000
 
Angolan Government International Bonds, (MTN), 8.00%, due 11/26/29(i)
794,727
5,505
 
Argentina Government International Bonds, 1.00%, due 07/09/29
1,796
327,438
 
Argentina Government International Bonds, 1.50%, due 07/09/46(k)
99,043
975,000
 
Bahrain Government International Bonds, (MTN), 5.63%, due 05/18/34(i)
851,628
870,000,000
CLP
Bonos de la Tesoreria de la Republica en pesos, 2.30%, due 10/01/28(i)
942,125
2,780,000,000
CLP
Bonos de la Tesoreria de la Republica en pesos, 2.50%, due 03/01/25
3,244,540
1,935,000,000
CLP
Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26
2,371,828
1,275,000,000
CLP
Bonos de la Tesoreria de la Republica en pesos, 4.70%, due 09/01/30(i)
1,545,608
580,000,000
CLP
Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 10/01/28(i)
717,420
115,000,000
CLP
Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35
142,342
1,950,000,000
CLP
Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 04/01/33(i)
2,613,273
335,000,000
CLP
Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43
462,193
550,000,000
CLP
Bonos de la Tesoreria de la Republica en pesos, 7.00%, due 05/01/34(i)
795,593
1,000,000
 
Brazil Government International Bonds, 4.63%, due 01/13/28
971,991
1,960,000
 
Brazil Government International Bonds, 4.75%, due 01/14/50
1,447,858
4,354,000
BRL
Brazil Letras do Tesouro Nacional, 10.51%, due 07/01/25(h)
740,773
18,362,000
BRL
Brazil Letras do Tesouro Nacional, 10.56%, due 01/01/26(h)
2,984,190
33,500,000
BRL
Brazil Letras do Tesouro Nacional, 10.67%, due 01/01/25(h)
5,954,236
6,227,000
BRL
Brazil Letras do Tesouro Nacional, 11.21%, due 07/01/24(h)
1,157,091
39,387,000
BRL
Brazil Letras do Tesouro Nacional, 12.16%, due 01/01/24(h)
7,691,843
140,000
BRL
Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 05/15/35
127,637
192,600
BRL
Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 05/15/45
175,463
302,000
BRL
Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 08/15/50
277,645
43,768,000
BRL
Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/25
8,641,695
44,977,000
BRL
Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/27
8,959,140
53,505,000
BRL
Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/29
10,512,621
62,278,000
BRL
Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/31
12,067,550
15,742,000
BRL
Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/33
3,146,671
748,000
 
Chile Government International Bonds, 2.55%, due 01/27/32(g)
640,482
403,000
 
Chile Government International Bonds, 4.34%, due 03/07/42(g)
358,777
3,930,000
CNY
China Government Bonds, 2.68%, due 05/21/30
540,648
7,320,000
CNY
China Government Bonds, 2.85%, due 06/04/27
1,024,084
7,200,000
CNY
China Government Bonds, 2.88%, due 02/25/33
1,008,407
4,330,000
CNY
China Government Bonds, 3.02%, due 10/22/25
607,018
8,120,000
CNY
China Government Bonds, 3.13%, due 11/21/29
1,151,339
6,770,000
CNY
China Government Bonds, 3.27%, due 11/19/30
977,021
2,250,000
CNY
China Government Bonds, 3.28%, due 12/03/27
321,421
3,630,000
CNY
China Government Bonds, 3.29%, due 05/23/29
521,012
1,240,000
CNY
China Government Bonds, 3.72%, due 04/12/51
190,671
2,580,000
CNY
China Government Bonds, 3.81%, due 09/14/50
401,799
270,000
 
Ciudad Autonoma De Buenos Aires/Government Bonds, 7.50%, due 06/01/27(i)
253,873
114
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Sovereign Debt Obligations — continued
818,000
 
Colombia Government International Bonds, 3.13%, due 04/15/31
618,817
1,485,000
 
Colombia Government International Bonds, 4.13%, due 05/15/51
892,396
463,000
 
Colombia Government International Bonds, 7.50%, due 02/02/34
453,936
11,666,600,000
COP
Colombia TES, 5.75%, due 11/03/27
2,406,855
20,650,700,000
COP
Colombia TES, 6.00%, due 04/28/28
4,242,424
11,764,100,000
COP
Colombia TES, 6.25%, due 11/26/25
2,609,506
6,459,800,000
COP
Colombia TES, 6.25%, due 07/09/36
1,120,655
14,793,900,000
COP
Colombia TES, 7.00%, due 03/26/31
2,989,561
1,517,200,000
COP
Colombia TES, 7.00%, due 03/26/31
306,597
38,104,700,000
COP
Colombia TES, 7.00%, due 06/30/32
7,488,555
16,063,200,000
COP
Colombia TES, 7.25%, due 10/18/34
3,106,316
5,090,000,000
COP
Colombia TES, 7.25%, due 10/26/50
866,523
9,490,800,000
COP
Colombia TES, 7.50%, due 08/26/26
2,134,940
14,298,600,000
COP
Colombia TES, 7.75%, due 09/18/30
3,048,409
10,630,600,000
COP
Colombia TES, 9.25%, due 05/28/42
2,280,698
8,317,400,000
COP
Colombia TES, 10.00%, due 07/24/24
1,995,114
4,900,000,000
COP
Colombia TES, 13.25%, due 02/09/33
1,377,721
870,000
 
Costa Rica Government International Bonds, 7.00%, due 04/04/44(i)
850,022
22,210,000
CZK
Czech Republic Government Bonds, 0.95%, due 05/15/30(i)
814,597
15,220,000
CZK
Czech Republic Government Bonds, 1.00%, due 06/26/26(i)
623,523
22,780,000
CZK
Czech Republic Government Bonds, 1.20%, due 03/13/31
832,835
7,840,000
CZK
Czech Republic Government Bonds, 1.25%, due 02/14/25
337,424
23,730,000
CZK
Czech Republic Government Bonds, 1.50%, due 04/24/40
715,926
24,440,000
CZK
Czech Republic Government Bonds, 1.75%, due 06/23/32
914,669
29,590,000
CZK
Czech Republic Government Bonds, 2.00%, due 10/13/33
1,101,470
4,270,000
CZK
Czech Republic Government Bonds, 2.40%, due 09/17/25(i)
184,642
4,900,000
CZK
Czech Republic Government Bonds, 2.50%, due 08/25/28(i)
204,095
24,930,000
CZK
Czech Republic Government Bonds, 2.75%, due 07/23/29
1,042,358
57,340,000
CZK
Czech Republic Government Bonds, 3.50%, due 05/30/35
2,448,098
5,440,000
CZK
Czech Republic Government Bonds, 4.20%, due 12/04/36(i)
246,035
87,000,000
CZK
Czech Republic Government Bonds, 5.00%, due 09/30/30
4,148,878
100,500,000
CZK
Czech Republic Government Bonds, 5.50%, due 12/12/28
4,857,280
4,440,000
CZK
Czech Republic Government Bonds, 5.61%, due 12/12/24(h)
188,289
4,340,000
CZK
Czech Republic Government Bonds, 6.00%, due 02/26/26
205,173
580,000
 
Dominican Republic International Bonds, 4.88%, due 09/23/32(i)
495,114
350,000
 
Dominican Republic International Bonds, 5.50%, due 02/22/29 144A
328,360
510,000
 
Dominican Republic International Bonds, 5.50%, due 02/22/29(i)
478,468
1,005,000
 
Dominican Republic International Bonds, 6.00%, due 07/19/28 144A
982,013
910,000
 
Dominican Republic International Bonds, 6.00%, due 02/22/33 144A
841,462
430,000
 
Dominican Republic International Bonds, 7.05%, due 02/03/31 144A
429,349
7,061,000
EGP
Egypt Government Bonds, 14.66%, due 10/06/30
161,012
6,937,000
EGP
Egypt Government Bonds, 14.82%, due 07/06/31
158,233
1,599,000
 
Egypt Government International Bonds, 8.88%, due 05/29/50(i)
866,130
11,240,000
ZAR
European Investment Bank, (MTN), 8.50%, due 09/17/24(i)
592,354
920,000
 
Export-Import Bank of India, 5.50%, due 01/18/33 144A
917,082
1,035,000
 
Export-Import Bank of Korea, 5.00%, due 01/11/28
1,038,581
5,100,000,000
IDR
Export-Import Bank of Korea, (MTN), 8.00%, due 05/15/24(i)
344,235
490,000
 
Gabon Government International Bonds, 7.00%, due 11/24/31 144A
390,138
1,025,000
 
Guatemala Government Bonds, 4.88%, due 02/13/28(i)
977,495
See accompanying Notes to the Schedule of Investments
115
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Sovereign Debt Obligations — continued
121,750,000
HUF
Hungary Government Bonds, 1.50%, due 04/22/26
293,150
191,110,000
HUF
Hungary Government Bonds, 2.00%, due 05/23/29
424,688
266,700,000
HUF
Hungary Government Bonds, 3.00%, due 10/27/27
649,884
325,920,000
HUF
Hungary Government Bonds, 3.00%, due 08/21/30
746,261
420,250,000
HUF
Hungary Government Bonds, 3.00%, due 10/27/38
803,346
599,720,000
HUF
Hungary Government Bonds, 3.00%, due 10/27/38
1,146,419
224,860,000
HUF
Hungary Government Bonds, 3.25%, due 10/22/31
510,474
259,610,000
HUF
Hungary Government Bonds, 4.00%, due 04/28/51
487,118
2,408,670,000
HUF
Hungary Government Bonds, 4.50%, due 03/23/28
6,186,910
1,435,190,000
HUF
Hungary Government Bonds, 4.75%, due 11/24/32
3,567,320
92,440,000
HUF
Hungary Government Bonds, 5.50%, due 06/24/25
250,580
177,690,000
HUF
Hungary Government Bonds, 6.75%, due 10/22/28
499,629
1,985,000
 
Hungary Government International Bonds, 6.13%, due 05/22/28 144A
2,017,886
672,000
 
Hungary Government International Bonds, 6.25%, due 09/22/32 144A
690,178
1,830,000
 
Indonesia Government International Bonds, 3.50%, due 01/11/28
1,728,600
895,000
 
Indonesia Government International Bonds, 3.55%, due 03/31/32
812,062
835,000
 
Indonesia Government International Bonds, 4.55%, due 01/11/28
825,972
17,850,000,000
IDR
Indonesia Treasury Bonds, 5.13%, due 04/15/27
1,170,406
14,660,000,000
IDR
Indonesia Treasury Bonds, 5.50%, due 04/15/26
973,134
7,852,000,000
IDR
Indonesia Treasury Bonds, 6.13%, due 05/15/28
526,610
23,108,000,000
IDR
Indonesia Treasury Bonds, 6.25%, due 06/15/36
1,527,770
7,396,000,000
IDR
Indonesia Treasury Bonds, 6.38%, due 08/15/28
503,540
66,547,000,000
IDR
Indonesia Treasury Bonds, 6.38%, due 04/15/32
4,460,890
35,803,000,000
IDR
Indonesia Treasury Bonds, 6.50%, due 06/15/25
2,416,975
75,394,000,000
IDR
Indonesia Treasury Bonds, 6.50%, due 02/15/31
5,074,261
57,124,000,000
IDR
Indonesia Treasury Bonds, 7.00%, due 05/15/27
3,948,109
75,843,000,000
IDR
Indonesia Treasury Bonds, 7.00%, due 02/15/33
5,326,361
26,200,000,000
IDR
Indonesia Treasury Bonds, 7.13%, due 06/15/38
1,853,240
6,949,000,000
IDR
Indonesia Treasury Bonds, 7.13%, due 06/15/42
485,431
20,771,000,000
IDR
Indonesia Treasury Bonds, 7.13%, due 06/15/43
1,468,240
4,546,000,000
IDR
Indonesia Treasury Bonds, 7.38%, due 05/15/48
322,564
22,149,000,000
IDR
Indonesia Treasury Bonds, 7.50%, due 08/15/32
1,597,329
19,649,000,000
IDR
Indonesia Treasury Bonds, 7.50%, due 05/15/38
1,422,892
52,408,000,000
IDR
Indonesia Treasury Bonds, 7.50%, due 04/15/40
3,790,142
14,309,000,000
IDR
Indonesia Treasury Bonds, 8.25%, due 05/15/29
1,053,339
2,658,000,000
IDR
Indonesia Treasury Bonds, 8.25%, due 06/15/32
200,710
17,896,000,000
IDR
Indonesia Treasury Bonds, 8.25%, due 05/15/36
1,374,528
11,780,000,000
IDR
Indonesia Treasury Bonds, 8.38%, due 09/15/26
842,300
73,023,000,000
IDR
Indonesia Treasury Bonds, 8.38%, due 03/15/34
5,611,343
36,242,000,000
IDR
Indonesia Treasury Bonds, 8.38%, due 04/15/39
2,823,005
20,500,000,000
IDR
Indonesia Treasury Bonds, 8.75%, due 05/15/31
1,571,941
8,328,000,000
IDR
Indonesia Treasury Bonds, 9.00%, due 03/15/29
635,151
6,017,000,000
IDR
Indonesia Treasury Bonds, 9.50%, due 07/15/31
484,354
14,502,000,000
IDR
Indonesia Treasury Bonds, 11.00%, due 09/15/25
1,070,301
170,000
EUR
Ivory Coast Government International Bonds, 4.88%, due 01/30/32 144A
144,839
175,753
 
Ivory Coast Government International Bonds, 5.75%, due 12/31/32(i)(k)
164,392
740,000
 
Ivory Coast Government International Bonds, 6.13%, due 06/15/33(i)
650,257
1,110,000
 
Ivory Coast Government International Bonds, 6.38%, due 03/03/28(i)
1,074,206
820,000
 
Jordan Government International Bonds, 7.75%, due 01/15/28 144A
835,888
116
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Sovereign Debt Obligations — continued
510,000
 
Kazakhstan Government International Bonds, 5.13%, due 07/21/25(i)
525,300
13,221,000
MYR
Malaysia Government Bonds, 2.63%, due 04/15/31
2,597,556
25,657,000
MYR
Malaysia Government Bonds, 3.48%, due 06/14/24
5,506,922
1,921,000
MYR
Malaysia Government Bonds, 3.50%, due 05/31/27
409,387
15,605,000
MYR
Malaysia Government Bonds, 3.58%, due 07/15/32
3,274,215
18,659,000
MYR
Malaysia Government Bonds, 3.73%, due 06/15/28
4,015,228
3,943,000
MYR
Malaysia Government Bonds, 3.76%, due 05/22/40
804,241
13,033,000
MYR
Malaysia Government Bonds, 3.83%, due 07/05/34
2,744,580
2,226,000
MYR
Malaysia Government Bonds, 3.84%, due 04/15/33
474,126
23,555,000
MYR
Malaysia Government Bonds, 3.88%, due 03/14/25
5,086,984
2,586,000
MYR
Malaysia Government Bonds, 3.89%, due 03/15/27
558,709
26,999,000
MYR
Malaysia Government Bonds, 3.89%, due 08/15/29
5,815,477
14,726,000
MYR
Malaysia Government Bonds, 3.90%, due 11/30/26
3,190,004
6,866,000
MYR
Malaysia Government Bonds, 3.90%, due 11/16/27
1,485,997
5,705,000
MYR
Malaysia Government Bonds, 3.91%, due 07/15/26
1,236,787
1,322,000
MYR
Malaysia Government Bonds, 3.96%, due 09/15/25
285,892
2,011,000
MYR
Malaysia Government Bonds, 4.07%, due 06/15/50
420,050
624,000
MYR
Malaysia Government Bonds, 4.13%, due 04/15/32
135,699
1,205,000
MYR
Malaysia Government Bonds, 4.23%, due 06/30/31
264,533
11,727,000
MYR
Malaysia Government Bonds, 4.39%, due 04/15/26
2,572,996
1,280,000
MYR
Malaysia Government Bonds, 4.46%, due 03/31/53
286,845
1,621,000
MYR
Malaysia Government Bonds, 4.50%, due 04/15/30
363,135
2,355,000
MYR
Malaysia Government Bonds, 4.70%, due 10/15/42
543,634
1,597,000
MYR
Malaysia Government Bonds, 4.74%, due 03/15/46
368,466
5,176,000
MYR
Malaysia Government Bonds, 4.76%, due 04/07/37
1,184,332
2,243,000
MYR
Malaysia Government Bonds, 4.89%, due 06/08/38
527,301
56,489,000
MXN
Mexico Bonos, 5.00%, due 03/06/25
3,043,170
16,048,100
MXN
Mexico Bonos, 5.50%, due 03/04/27
834,468
93,089,300
MXN
Mexico Bonos, 5.75%, due 03/05/26
4,966,475
69,841,000
MXN
Mexico Bonos, 7.50%, due 06/03/27
3,876,368
77,796,400
MXN
Mexico Bonos, 7.50%, due 05/26/33
4,179,677
99,533,100
MXN
Mexico Bonos, 7.75%, due 05/29/31
5,492,384
16,886,900
MXN
Mexico Bonos, 7.75%, due 11/23/34
919,891
75,344,400
MXN
Mexico Bonos, 7.75%, due 11/13/42
3,943,472
25,000,000
MXN
Mexico Bonos, 8.00%, due 12/07/23
1,438,413
16,315,100
MXN
Mexico Bonos, 8.00%, due 09/05/24
920,690
98,333,100
MXN
Mexico Bonos, 8.00%, due 11/07/47
5,242,750
67,738,200
MXN
Mexico Bonos, 8.00%, due 07/31/53
3,584,451
8,178,800
MXN
Mexico Bonos, 8.00%, due 07/31/53
432,791
29,302,900
MXN
Mexico Bonos, 8.50%, due 05/31/29
1,693,317
19,187,000
MXN
Mexico Bonos, 8.50%, due 05/31/29
1,108,753
55,430,600
MXN
Mexico Bonos, 8.50%, due 11/18/38
3,151,146
48,920,000
MXN
Mexico Bonos, 8.50%, due 11/18/38
2,781,028
70,748,500
MXN
Mexico Bonos, 10.00%, due 12/05/24
4,097,566
2,735,000
MXN
Mexico Bonos, 10.00%, due 12/05/24
158,404
7,390,300
MXN
Mexico Bonos, 10.00%, due 11/20/36
476,671
1,220,000
 
Mexico Government International Bonds, 2.66%, due 05/24/31(g)
1,017,241
595,000
 
Mexico Government International Bonds, 4.88%, due 05/19/33
568,856
470,000
 
Mexico Government International Bonds, 6.34%, due 05/04/53
479,944
See accompanying Notes to the Schedule of Investments
117
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Sovereign Debt Obligations — continued
7,183,484
MXN
Mexico Udibonos, 4.00%, due 11/30/28
409,574
45,528,794
MXN
Mexico Udibonos, 4.50%, due 12/04/25
2,587,465
15,665,571
MXN
Mexico Udibonos, 4.50%, due 11/22/35
942,283
320,000
 
Mongolia Government International Bonds, 8.65%, due 01/19/28 144A
322,800
1,495,000
 
Nigeria Government International Bonds, (MTN), 8.38%, due 03/24/29(i)
1,349,574
865,000
 
Oman Government International Bonds, 5.63%, due 01/17/28 144A
857,226
930,000
 
Panama Government International Bonds, 4.50%, due 04/01/56
700,730
390,000
 
Panama Government International Bonds, 6.40%, due 02/14/35
407,678
1,520,000
 
Paraguay Government International Bonds, 5.40%, due 03/30/50(i)
1,302,293
1,645,000
PEN
Peru Government Bonds, 5.35%, due 08/12/40
378,001
12,808,000
PEN
Peru Government Bonds, 5.40%, due 08/12/34
3,121,639
10,034,000
PEN
Peru Government Bonds, 5.94%, due 02/12/29
2,715,104
10,049,000
PEN
Peru Government Bonds, 6.15%, due 08/12/32
2,649,394
1,661,000
PEN
Peru Government Bonds, 6.90%, due 08/12/37
451,905
2,209,000
PEN
Peru Government Bonds, 6.95%, due 08/12/31
618,385
9,178,000
PEN
Peru Government Bonds, 7.30%, due 08/12/33 144A
2,605,845
740,000
 
Peruvian Government International Bonds, 2.78%, due 01/23/31
634,446
9,430,000
PEN
Peruvian Government International Bonds (GDN), 6.35%, due 08/12/28(i)
2,640,287
2,463,000
PEN
Peruvian Government International Bonds (GDN), 6.90%, due 08/12/37(i)
670,103
7,445,000
PEN
Peruvian Government International Bonds (GDN), 6.95%, due 08/12/31(i)
2,084,146
2,222,000
PEN
Peruvian Government International Bonds (GDN), 6.95%, due 08/12/31(i)
622,025
1,859,000
PEN
Peruvian Government International Bonds (GDN), 8.20%, due 08/12/26(i)
544,493
1,780,031
 
Provincia de Buenos Aires/Government Bonds, 5.25%, due 09/01/37(k) 144A
683,087
351,360
 
Provincia de Cordoba, 6.88%, due 12/10/25(k) 144A
265,277
1,020,000
 
Qatar Government International Bonds, 4.40%, due 04/16/50 144A
930,035
490,000
 
Qatar Government International Bonds, 4.82%, due 03/14/49 144A
471,926
400,000
 
Qatar Government International Bonds, 5.10%, due 04/23/48 144A
399,346
265,000
 
Republic of Kenya Government International Bonds, 8.00%, due 05/22/32(i)
224,539
6,793,000
PLN
Republic of Poland Government Bonds, 0.25%, due 10/25/26
1,404,127
7,637,000
PLN
Republic of Poland Government Bonds, 1.25%, due 10/25/30
1,402,120
21,424,000
PLN
Republic of Poland Government Bonds, 1.75%, due 04/25/32
3,850,356
17,124,000
PLN
Republic of Poland Government Bonds, 2.50%, due 07/25/26
3,846,436
3,743,000
PLN
Republic of Poland Government Bonds, 2.50%, due 07/25/27
817,980
3,002,000
PLN
Republic of Poland Government Bonds, 2.75%, due 04/25/28
650,569
18,389,000
PLN
Republic of Poland Government Bonds, 2.75%, due 10/25/29
3,860,968
1,395,000
PLN
Republic of Poland Government Bonds, 3.25%, due 07/25/25
326,788
5,989,000
PLN
Republic of Poland Government Bonds, 3.75%, due 05/25/27
1,377,649
2,034,000
PLN
Republic of Poland Government Bonds, 6.00%, due 10/25/33
511,360
11,540,000
PLN
Republic of Poland Government Bonds, 7.50%, due 07/25/28
3,067,813
14,732,506
ZAR
Republic of South Africa Government Bonds, 6.25%, due 03/31/36
497,901
66,146,391
ZAR
Republic of South Africa Government Bonds, 6.50%, due 02/28/41
2,075,473
116,041,407
ZAR
Republic of South Africa Government Bonds, 7.00%, due 02/28/31
4,918,995
147,770,172
ZAR
Republic of South Africa Government Bonds, 8.00%, due 01/31/30
6,912,824
60,707,459
ZAR
Republic of South Africa Government Bonds, 8.25%, due 03/31/32
2,701,448
107,434,854
ZAR
Republic of South Africa Government Bonds, 8.50%, due 01/31/37
4,349,715
83,477,821
ZAR
Republic of South Africa Government Bonds, 8.75%, due 01/31/44
3,244,107
167,034,014
ZAR
Republic of South Africa Government Bonds, 8.75%, due 02/28/48
6,418,757
75,780,000
ZAR
Republic of South Africa Government Bonds, 8.75%, due 02/28/48(g)
2,912,062
130,635,662
ZAR
Republic of South Africa Government Bonds, 8.88%, due 02/28/35
5,669,033
118
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Sovereign Debt Obligations — continued
50,785,231
ZAR
Republic of South Africa Government Bonds, 9.00%, due 01/31/40
2,068,642
83,863,111
ZAR
Republic of South Africa Government Bonds, 10.50%, due 12/21/26
4,615,606
940,000
 
Republic of South Africa Government International Bonds, 5.88%, due 04/20/32
834,638
1,100,000,000
UGX
Republic of Uganda Government Bonds, 14.00%, due 05/29/25
304,253
7,103,700,000
UGX
Republic of Uganda Government Bonds, 15.00%, due 05/20/32
1,961,287
3,140,000,000
UGX
Republic of Uganda Government Bonds, 16.00%, due 05/14/37
896,736
1,585,000
RON
Romania Government Bonds, 3.25%, due 06/24/26
319,798
1,500,000
RON
Romania Government Bonds, 3.65%, due 09/24/31
269,341
1,235,000
RON
Romania Government Bonds, 4.15%, due 10/24/30
232,140
1,840,000
RON
Romania Government Bonds, 4.25%, due 04/28/36
317,232
2,920,000
RON
Romania Government Bonds, 4.75%, due 10/11/34
542,146
995,000
RON
Romania Government Bonds, 4.85%, due 07/25/29
199,138
1,570,000
RON
Romania Government Bonds, 5.00%, due 02/12/29
318,830
1,560,000
RON
Romania Government Bonds, 5.80%, due 07/26/27
333,032
3,330,000
RON
Romania Government Bonds, 6.70%, due 02/25/32
732,098
2,405,000
RON
Romania Government Bonds, 8.25%, due 09/29/32
582,656
348,000
EUR
Romania Government International Bonds, 2.75%, due 02/26/26 144A
361,706
346,000
EUR
Romania Government International Bonds, 3.62%, due 05/26/30 144A
331,708
790,000
EUR
Romania Government International Bonds, 6.63%, due 09/27/29 144A
896,090
740,000
 
Romania Government International Bonds, 7.13%, due 01/17/33 144A
785,549
42,983,000
RUB
Russia Federal Bonds - OFZ, 5.70%, due 05/17/28(o)
187,300
52,609,000
RUB
Russia Federal Bonds - OFZ, 6.10%, due 07/18/35(o)
229,246
59,072,000
RUB
Russia Federal Bonds - OFZ, 6.90%, due 05/23/29(o)
257,409
86,446,000
RUB
Russia Federal Bonds - OFZ, 7.05%, due 01/19/28(o)
376,692
18,639,000
RUB
Russia Federal Bonds - OFZ, 7.10%, due 10/16/24(o)
81,220
32,547,000
RUB
Russia Federal Bonds - OFZ, 7.25%, due 05/10/34(o)
141,825
40,966,000
RUB
Russia Federal Bonds - OFZ, 7.65%, due 04/10/30(o)
178,511
60,698,000
RUB
Russia Federal Bonds - OFZ, 7.70%, due 03/23/33(o)
264,494
24,639,000
RUB
Russia Federal Bonds - OFZ, 7.70%, due 03/16/39(o)
107,365
72,599,000
RUB
Russia Federal Bonds - OFZ, 7.75%, due 09/16/26(o)
316,353
71,354,000
RUB
Russia Federal Bonds - OFZ, 8.15%, due 02/03/27(o)
310,928
29,262,000
RUB
Russia Federal Bonds - OFZ, 8.50%, due 09/17/31(o)
127,510
676,000
EUR
Serbia International Bonds, 1.00%, due 09/23/28 144A
572,128
535,000
 
Serbia International Bonds, 6.25%, due 05/26/28 144A
533,493
4,000,000
SGD
Singapore Government Bonds, 3.00%, due 09/01/24
2,929,028
36,621,000
THB
Thailand Government Bonds, 0.75%, due 09/17/24
1,016,216
47,734,564
THB
Thailand Government Bonds, 1.25%, due 03/12/28(i)
1,280,892
59,362,000
THB
Thailand Government Bonds, 2.00%, due 12/17/31
1,618,887
95,775,000
THB
Thailand Government Bonds, 2.13%, due 12/17/26
2,693,623
26,460,000
THB
Thailand Government Bonds, 2.35%, due 06/17/26
749,967
48,509,000
THB
Thailand Government Bonds, 2.65%, due 06/17/28
1,389,191
5,281,000
THB
Thailand Government Bonds, 2.75%, due 06/17/52
135,119
68,507,000
THB
Thailand Government Bonds, 3.35%, due 06/17/33
2,060,188
16,117,000
THB
Thailand Government Bonds, 3.39%, due 06/17/37
482,638
35,039,000
THB
Thailand Government Bonds, 3.45%, due 06/17/43
1,044,243
1,220,000
 
Turkey Government International Bonds, 9.38%, due 01/19/33
1,226,043
600,000
 
Turkiye Ihracat Kredi Bankasi AS, 9.38%, due 01/31/26 144A
598,454
34,687,831
UYU
Uruguay Government International Bonds, 3.88%, due 07/02/40
998,179
15,209,477
UYU
Uruguay Government International Bonds, 4.38%, due 12/15/28
429,569
See accompanying Notes to the Schedule of Investments
119
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Par Value(a)
 
Description
Value ($)
 
 
Sovereign Debt Obligations — continued
7,884,000
UYU
Uruguay Government International Bonds, 8.50%, due 03/15/28(i)
201,134
 
 
 
463,896,700
 
 
U.S. Government and Agency Obligation — 0.0%
77,500
 
U.S. Treasury Notes, 0.13%, due 01/15/24(g)(p)
75,383
 
 
TOTAL DEBT OBLIGATIONS (COST $1,373,953,294)
1,328,771,709
 
Shares
 
Description
Value ($)
 
 
COMMON STOCKS — 0.0%
 
 
Energy — 0.0%
10
 
Amplify Energy Corp.*
68
 
 
Industrial — 0.0%
1,282
 
Arctic Canadian Diamond Co. Ltd.*(e)(f)
—
 
 
TOTAL COMMON STOCKS (COST $0)
68
 
 
CONVERTIBLE PREFERRED STOCK — 0.2%
 
 
Energy — 0.2%
103,220
 
MPLX LP, 9.54%(j)(k)
3,389,657
 
 
TOTAL CONVERTIBLE PREFERRED STOCK (COST $3,354,650)
3,389,657
 
Notional Value
 
Description
Value ($)
 
 
PURCHASED OPTIONS — 0.0%
 
 
PURCHASED CURRENCY OPTIONS — 0.0%
 
 
Call Option — 0.0%
5,200,000
 
USD/CAD Option with BNP Paribas S.A., Strike Price CAD 1.33, Expires 08/18/23
33,457
 
 
Put Option — 0.0%
10,750,000
 
USD/EUR Option with BNP Paribas S.A., Strike Price EUR 1.16, Expires 09/01/23
1,902
 
 
TOTAL PURCHASED CURRENCY OPTIONS
(PREMIUMS PAID $73,157)
35,359
 
Number of
Contracts
Notional
Value ($)
Description
Value ($)
 
 
PURCHASED FUTURES OPTIONS — 0.0%
 
 
Call Option — 0.0%
400
1,892,800
Euro 90-Day Futures with JPMorgan Chase Bank LLC, Strike Price $99.25, Expires
12/15/23
200
 
 
Put Options — 0.0%
3,000
13,351,140
S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $3,800.00,
Expires 07/21/23
3,750
120
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Number of
Contracts
Notional
Value ($)
Description
Value ($)
 
 
Put Options — continued
2,150
9,568,317
S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $4,100.00,
Expires 09/15/23
50,525
1,800
8,010,684
S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $3,900.00,
Expires 09/15/23
23,850
1,100
4,895,418
S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $4,100.00,
Expires 12/15/23
66,275
 
 
TOTAL PURCHASED FUTURES OPTIONS
(PREMIUMS PAID $449,113)
144,600
 
 
TOTAL PURCHASED OPTIONS
(PREMIUMS PAID $522,270)
179,959
 
Par Value
 
Description
Value ($)
 
 
SHORT-TERM INVESTMENTS — 3.0%
 
 
Mutual Fund - Securities Lending Collateral — 2.9%
40,539,138
 
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.03%(q)(r)
40,539,138
 
 
Sovereign Debt Obligation — 0.1%
59,391,000
UYU
Uruguay Monetary Regulation Bills, 10.52%, due 05/17/24(h)
1,451,656
 
 
TOTAL SHORT-TERM INVESTMENTS (COST $41,963,576)
41,990,794
 
 
TOTAL INVESTMENTS — 98.6%
(Cost $1,419,793,790)
1,374,332,187
 
 
Other Assets and Liabilities (net)(s) — 1.4%
19,134,094
 
 
NET ASSETS — 100.0%
$1,393,466,281
 
 
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 June 30, 2023.
(c)
Variable or floating rate security, which interest rate adjusts periodically based on changes in current
interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as
of period end.
(d)
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.
(e)
Level 3 - significant unobservable inputs were used in determining the value of this security in
the Fund.
(f)
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 $1,578,359 which represents 0.1% of net assets.  The
aggregate tax cost of these securities held at June 30, 2023 was $2,430,507.
(g)
All or a portion of this security is out on loan.
(h)
Interest rate presented is yield to maturity.
See accompanying Notes to the Schedule of Investments
121
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
(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)
Security is perpetual and has no stated maturity date.
(k)
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.
(l)
When-issued security.
(m)
Security is currently in default.
(n)
Year of maturity is greater than 2100.
(o)
Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total
market value of the securities at period end is $2,578,853 which represents 0.0% of net assets. The
aggregate cost of these securities held at June 30, 2023 was $8,413,179.
(p)
All or a portion of this security is pledged for forward foreign currency contracts, OTC swaps,
and/or OTC options collateral.
(q)
The rate disclosed is the 7-day net yield as of June 30, 2023.
(r)
Represents an investment of securities lending cash collateral.
(s)
As of June 30, 2023, the value of unfunded loan commitments was $61,107 for the Fund. See
Notes to the 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 $462,612,304 which represents 33.2% of
net assets.
Forward Foreign Currency Contracts 
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
AUD
1,200,000
USD
817,171
07/13/23
Barclays Bank PLC
$(18,212
)
AUD
499,700
USD
334,628
07/13/23
Deutsche Bank AG
(1,928
)
AUD
1,976,296
USD
1,338,975
07/13/23
Morgan Stanley and Co. International PLC
(23,159
)
AUD
500,000
USD
332,642
07/13/23
Morgan Stanley and Co. International PLC
257
AUD
17,414,351
USD
11,721,580
07/18/23
Morgan Stanley Capital Services, Inc.
(125,458
)
AUD
560,000
USD
370,571
07/18/23
Morgan Stanley Capital Services, Inc.
2,330
AUD
533,400
USD
362,427
07/13/23
The BNY Mellon
(7,289
)
BRL
18,746,622
USD
3,940,021
07/05/23
Bank of America, N.A.
(53,906
)
BRL
49,220,000
USD
10,095,752
07/05/23
Barclays Bank PLC
107,398
BRL
32,460,000
USD
6,739,087
07/05/23
Barclays Bank PLC
(10,232
)
BRL
2,360,000
USD
482,253
07/05/23
Citibank N.A.
6,968
BRL
11,000,000
USD
2,230,067
07/05/23
Goldman Sachs International
50,197
BRL
6,764,700
USD
1,403,698
07/05/23
Goldman Sachs International
(1,397
)
BRL
2,506,600
USD
488,419
07/05/23
HSBC Bank PLC
31,191
BRL
3,601,600
USD
748,005
07/05/23
HSBC Bank PLC
(1,406
)
BRL
3,676,000
USD
724,118
07/05/23
JPMorgan Chase Bank N.A.
37,905
BRL
61,942,422
USD
12,853,893
07/05/23
JPMorgan Chase Bank N.A.
(13,424
)
BRL
1,800,000
USD
373,314
08/02/23
JPMorgan Chase Bank N.A.
(1,993
)
BRL
4,439,000
USD
910,981
08/02/23
JPMorgan Chase Bank N.A.
4,736
BRL
55,934,400
USD
11,464,580
08/21/23
JPMorgan Chase Bank N.A.
33,924
122
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
BRL
14,768,900
USD
3,061,889
08/21/23
JPMorgan Chase Bank N.A.
$(25,827
)
BRL
4,946,300
USD
966,962
07/05/23
Morgan Stanley and Co. International PLC
58,391
BRL
18,700,000
USD
3,790,797
07/10/23
Morgan Stanley Capital Services, Inc.
82,099
BRL
4,575,758
USD
894,733
07/18/23
Morgan Stanley Capital Services, Inc.
51,617
CAD
3,515,072
USD
2,607,775
07/18/23
BNP Paribas S.A.
49,120
CAD
454,500
USD
343,538
07/13/23
Citibank N.A.
(25
)
CAD
1,350,000
USD
1,009,289
07/13/23
HSBC Bank PLC
11,046
CAD
2,437,000
USD
1,834,131
07/13/23
Morgan Stanley and Co. International PLC
7,762
CAD
891,000
USD
671,367
07/13/23
Toronto Dominion Bank
2,054
CHF
900,000
USD
1,004,027
07/13/23
Goldman Sachs International
2,749
CHF
1,776,600
USD
1,978,174
07/13/23
HSBC Bank PLC
9,203
CHF
1,382,100
USD
1,554,117
07/13/23
JPMorgan Chase Bank N.A.
(8,045
)
CHF
570,000
USD
631,124
07/13/23
Morgan Stanley and Co. International PLC
6,501
CHF
430,000
USD
478,847
07/13/23
The BNY Mellon
2,169
CLP
557,130,105
USD
684,529
07/13/23
Bank of America, N.A.
9,347
CLP
1,773,744,900
USD
2,204,550
07/13/23
Barclays Bank PLC
4,553
CLP
1,071,991,000
USD
1,323,434
07/13/23
Citibank N.A.
11,673
CLP
2,610,892,000
USD
3,278,779
07/10/23
Deutsche Bank AG
(25,838
)
CLP
405,815,000
USD
500,018
07/13/23
HSBC Bank PLC
5,402
CLP
301,929,000
USD
375,247
07/13/23
JPMorgan Chase Bank N.A.
789
CLP
2,220,193,200
USD
2,751,987
08/14/23
JPMorgan Chase Bank N.A.
1,404
CLP
1,121,195,900
USD
1,387,104
08/21/23
JPMorgan Chase Bank N.A.
2,205
CLP
1,250,000,000
USD
1,552,217
09/20/23
Merrill Lynch International
(8,387
)
CLP
401,133,300
USD
496,526
07/13/23
Morgan Stanley and Co. International PLC
3,064
CLP
368,588,900
USD
454,655
07/13/23
UBS AG
4,402
CNH
2,924,200
USD
406,668
07/13/23
Bank of America, N.A.
(4,459
)
CNH
19,640,000
USD
2,748,352
07/13/23
Bank of New York
(46,965
)
CNH
370,000
USD
52,589
07/13/23
Goldman Sachs International
(1,697
)
CNH
26,110,000
USD
3,629,388
09/20/23
Goldman Sachs International
(18,025
)
CNH
398,250
USD
55,137
07/13/23
HSBC Bank PLC
(360
)
CNH
28,295,649
USD
3,997,609
07/13/23
JPMorgan Chase Bank N.A.
(105,680
)
CNH
3,038,200
USD
443,300
08/14/23
JPMorgan Chase Bank N.A.
(24,363
)
CNH
55,730,200
USD
7,929,513
09/05/23
JPMorgan Chase Bank N.A.
(230,908
)
CNH
2,843,800
USD
392,308
07/13/23
Morgan Stanley and Co. International PLC
(1,157
)
CNH
21,620,000
USD
3,084,718
07/18/23
Morgan Stanley Capital Services, Inc.
(109,846
)
CNH
49,390,000
USD
6,971,016
09/20/23
Standard Chartered Bank
(139,717
)
CNH
80,041,013
USD
11,601,648
07/13/23
UBS AG
(592,396
)
COP
4,071,518,900
USD
906,383
07/13/23
Bank of America, N.A.
66,534
COP
6,554,927,000
USD
1,507,134
07/13/23
Barclays Bank PLC
59,209
COP
26,528,910,000
USD
6,281,262
07/13/23
Citibank N.A.
57,997
COP
887,550,000
USD
212,106
07/13/23
Citibank N.A.
(20
)
COP
1,350,400,000
USD
319,452
07/13/23
Deutsche Bank AG
3,235
COP
2,788,100,000
USD
661,987
07/13/23
Goldman Sachs International
4,248
See accompanying Notes to the Schedule of Investments
123
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
COP
11,830,000,000
USD
2,832,306
07/27/23
Goldman Sachs International
$(18,141
)
COP
1,490,802,250
USD
355,545
07/13/23
HSBC Bank PLC
692
COP
626,130,000
USD
151,060
07/13/23
HSBC Bank PLC
(1,442
)
COP
38,608,542,900
USD
9,184,900
07/24/23
JPMorgan Chase Bank N.A.
8,291
COP
2,912,453,000
USD
693,012
07/13/23
Morgan Stanley and Co. International PLC
2,938
CZK
73,090,000
USD
3,314,673
07/13/23
Barclays Bank PLC
40,666
CZK
53,226,300
USD
2,416,233
07/13/23
Citibank N.A.
27,224
CZK
9,747,000
USD
449,476
07/13/23
Citibank N.A.
(2,021
)
CZK
10,194,000
USD
467,031
07/13/23
Deutsche Bank AG
944
CZK
105,102,345
USD
4,906,234
07/13/23
HSBC Bank PLC
(81,305
)
CZK
1,270,000
USD
58,182
07/13/23
HSBC Bank PLC
120
CZK
7,573,500
USD
349,303
07/13/23
JPMorgan Chase Bank N.A.
(1,627
)
CZK
10,400,000
USD
470,705
07/13/23
JPMorgan Chase Bank N.A.
6,728
CZK
13,203,100
USD
602,108
07/13/23
Morgan Stanley and Co. International PLC
4,006
CZK
40,280,000
USD
1,840,084
09/20/23
Standard Chartered Bank
3,703
EUR
800,000
USD
870,488
07/03/23
Bank of America, N.A.
2,312
EUR
860,000
USD
935,878
07/05/23
Bank of America, N.A.
2,382
EUR
266,000
USD
289,533
07/03/23
Barclays Bank PLC
673
EUR
800,000
USD
870,760
07/03/23
BNP Paribas S.A.
2,040
EUR
359,000
USD
390,792
07/05/23
BNP Paribas S.A.
877
EUR
370,000
USD
396,600
07/18/23
BNP Paribas S.A.
7,323
EUR
2,349,000
USD
2,557,192
07/03/23
Citibank N.A.
5,568
EUR
173,000
USD
188,351
07/05/23
Citibank N.A.
392
EUR
660,000
USD
718,443
07/03/23
Commonwealth Bank of Australia
1,617
EUR
2,789,600
USD
3,040,921
07/13/23
Deutsche Bank AG
3,691
EUR
80,000
USD
87,080
07/03/23
Goldman Sachs & Co.
200
EUR
1,762,610
USD
1,937,863
07/13/23
Goldman Sachs International
(14,124
)
EUR
1,900,000
USD
2,051,873
07/13/23
Goldman Sachs International
21,816
EUR
38,389,500
USD
41,967,380
07/13/23
HSBC Bank PLC
(68,495
)
EUR
8,453,500
USD
9,168,487
07/13/23
HSBC Bank PLC
57,790
EUR
1,300,000
USD
1,414,920
07/03/23
HSBC Bank USA, N.A.
3,380
EUR
2,710,800
USD
2,966,847
07/13/23
JPMorgan Chase Bank N.A.
(8,238
)
EUR
1,308,700
USD
1,419,313
07/13/23
JPMorgan Chase Bank N.A.
9,022
EUR
860,000
USD
936,153
07/03/23
Morgan Stanley Capital Services, Inc.
2,107
EUR
3,070,000
USD
3,390,068
07/18/23
Morgan Stanley Capital Services, Inc.
(38,595
)
EUR
77,000
USD
83,811
07/03/23
Standard Chartered Bank
196
EUR
610,000
USD
660,120
07/13/23
UBS AG
5,643
GBP
800,000
USD
991,266
07/13/23
Bank of America, N.A.
25,863
GBP
329,000
USD
419,109
07/13/23
HSBC Bank PLC
(814
)
GBP
600,000
USD
760,817
07/13/23
JPMorgan Chase Bank N.A.
2,030
GBP
267,600
USD
340,797
07/13/23
JPMorgan Chase Bank N.A.
(567
)
GBP
1,326,100
USD
1,658,044
07/13/23
Morgan Stanley and Co. International PLC
27,975
GBP
273,200
USD
348,053
07/13/23
Morgan Stanley and Co. International PLC
(703
)
124
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
GBP
460,000
USD
580,136
07/05/23
Standard Chartered Bank
$4,685
GBP
790,000
USD
983,070
07/13/23
UBS AG
21,345
GHS
16,710,000
USD
1,453,043
09/20/23
Merrill Lynch International
(56,160
)
HUF
172,768,200
USD
499,249
07/13/23
Barclays Bank PLC
4,956
HUF
262,370,800
USD
747,808
07/13/23
Deutsche Bank AG
17,892
HUF
158,936,000
USD
466,095
07/13/23
Deutsche Bank AG
(2,258
)
HUF
1,094,938,838
USD
3,173,766
07/13/23
Goldman Sachs International
21,694
HUF
923,700,000
USD
2,671,815
09/20/23
Goldman Sachs International
(20,463
)
HUF
832,209,600
USD
2,390,371
07/13/23
JPMorgan Chase Bank N.A.
38,342
HUF
161,591,000
USD
472,280
07/13/23
JPMorgan Chase Bank N.A.
(694
)
HUF
446,895,700
USD
1,260,494
07/17/23
JPMorgan Chase Bank N.A.
42,333
HUF
1,169,342,100
USD
3,364,626
08/14/23
JPMorgan Chase Bank N.A.
19,813
HUF
1,627,278,400
USD
4,666,850
08/22/23
JPMorgan Chase Bank N.A.
34,179
HUF
330,000,000
USD
941,172
09/20/23
Standard Chartered Bank
6,047
HUF
247,223,600
USD
709,071
07/13/23
State Street Bank London
12,425
HUF
648,360,000
USD
1,875,208
07/13/23
UBS AG
16,960
IDR
1,530,590,000
USD
103,488
07/13/23
Bank of America, N.A.
(1,700
)
IDR
3,238,137,000
USD
216,017
07/13/23
Citibank N.A.
(672
)
IDR
49,273,499,000
USD
3,321,436
07/10/23
Deutsche Bank AG
(35,073
)
IDR
178,956,129,013
USD
11,982,340
07/13/23
Deutsche Bank AG
(81,255
)
IDR
43,225,619,000
USD
2,903,627
07/13/23
HSBC Bank PLC
(29,003
)
IDR
514,103,595
USD
34,140
07/13/23
HSBC Bank PLC
50
IDR
135,390,286,200
USD
9,109,830
07/05/23
JPMorgan Chase Bank N.A.
(79,295
)
IDR
13,771,353,300
USD
918,029
07/05/23
JPMorgan Chase Bank N.A.
520
IDR
5,274,123,600
USD
349,929
07/13/23
Morgan Stanley and Co. International PLC
815
IDR
6,841,034,705
USD
454,113
07/13/23
Natwest Markets PLC
835
ILS
3,185,000
USD
872,368
07/13/23
HSBC Bank PLC
(13,949
)
ILS
485,200
USD
133,207
07/13/23
UBS AG
(2,436
)
INR
30,839,100
USD
375,928
07/13/23
Bank of America, N.A.
(212
)
INR
82,600,000
USD
999,552
07/13/23
Deutsche Bank AG
6,770
INR
441,337,586
USD
5,347,757
07/13/23
HSBC Bank PLC
29,092
INR
21,223,000
USD
258,568
07/13/23
HSBC Bank PLC
(6
)
INR
76,198,200
USD
922,530
07/12/23
JPMorgan Chase Bank N.A.
6,079
INR
860,180,000
USD
10,459,387
09/20/23
Merrill Lynch International
(2,543
)
JPY
266,351,200
USD
1,994,517
07/13/23
Barclays Bank PLC
(149,516
)
JPY
811,130,000
USD
6,057,231
07/18/23
Goldman Sachs & Co.
(434,318
)
JPY
414,112,100
USD
3,058,665
07/13/23
HSBC Bank PLC
(190,132
)
JPY
944,458,400
USD
6,909,801
07/13/23
JPMorgan Chase Bank N.A.
(367,586
)
JPY
246,675,000
USD
1,837,358
07/13/23
Morgan Stanley and Co. International PLC
(128,652
)
JPY
237,560,000
USD
1,760,670
07/18/23
Morgan Stanley Capital Services, Inc.
(113,858
)
JPY
13,637,000
USD
97,935
07/13/23
State Street Bank London
(3,472
)
KRW
15,022,290,000
USD
11,442,241
08/21/23
JPMorgan Chase Bank N.A.
(15,076
)
KZT
320,410,000
USD
690,911
09/20/23
Goldman Sachs International
6,980
See accompanying Notes to the Schedule of Investments
125
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
KZT
162,335,500
USD
350,050
10/31/23
JPMorgan Chase Bank N.A.
$(5,427
)
MXN
42,597,800
USD
2,383,488
07/13/23
Barclays Bank PLC
96,452
MXN
4,059,372
USD
227,051
07/13/23
Deutsche Bank AG
9,276
MXN
23,680,000
USD
1,282,348
07/18/23
Goldman Sachs & Co.
94,898
MXN
9,900,000
USD
556,847
07/13/23
Goldman Sachs International
19,507
MXN
4,261,100
USD
238,283
07/13/23
HSBC Bank PLC
9,788
MXN
191,903,528
USD
11,046,852
07/13/23
JPMorgan Chase Bank N.A.
125,300
MXN
226,647,400
USD
12,978,755
09/11/23
JPMorgan Chase Bank N.A.
66,459
MXN
43,429,600
USD
2,458,461
07/13/23
Morgan Stanley and Co. International PLC
69,904
MXN
92,976,503
USD
5,049,514
07/18/23
Morgan Stanley Capital Services, Inc.
358,070
MXN
32,100,000
USD
1,837,475
07/13/23
State Street Bank London
31,308
MXN
9,101,800
USD
502,888
07/13/23
Toronto Dominion Bank
26,996
MYR
19,488,160
USD
4,364,115
07/13/23
Barclays Bank PLC
(181,968
)
MYR
1,925,900
USD
412,231
09/13/23
Barclays Bank PLC
2,289
MYR
5,348,100
USD
1,165,934
07/13/23
Morgan Stanley and Co. International PLC
(18,236
)
MYR
2,990,000
USD
642,490
09/13/23
Morgan Stanley and Co. International PLC
1,060
NGN
321,400,000
USD
472,673
07/17/23
Citibank N.A.
(54,703
)
NGN
321,400,000
USD
449,510
09/18/23
Citibank N.A.
(44,894
)
NOK
4,863,800
USD
457,567
07/13/23
Citibank N.A.
(3,459
)
NOK
16,245,200
USD
1,518,256
07/10/23
Goldman Sachs International
(1,684
)
NOK
50,532,624
USD
4,920,052
07/18/23
Morgan Stanley Capital Services, Inc.
(201,207
)
NOK
572,000
USD
53,007
07/13/23
The BNY Mellon
398
NZD
1,600,000
USD
972,395
07/13/23
Bank of America, N.A.
7,800
NZD
541,700
USD
335,228
07/13/23
Deutsche Bank AG
(3,371
)
NZD
610,800
USD
377,400
07/13/23
JPMorgan Chase Bank N.A.
(3,210
)
NZD
17,941
USD
11,276
07/18/23
JPMorgan Chase Bank N.A.
(285
)
NZD
1,300,000
USD
805,628
07/13/23
Morgan Stanley and Co. International PLC
(9,220
)
NZD
1,121,000
USD
685,313
07/13/23
Morgan Stanley and Co. International PLC
1,436
NZD
576,000
USD
350,239
07/13/23
Toronto Dominion Bank
2,631
PEN
1,165,400
USD
315,527
07/13/23
Bank of America, N.A.
5,717
PEN
17,800,000
USD
4,869,375
07/13/23
Citibank N.A.
37,219
PEN
9,763,300
USD
2,670,633
07/14/23
JPMorgan Chase Bank N.A.
20,396
PEN
2,830,700
USD
776,204
07/13/23
Morgan Stanley and Co. International PLC
4,083
PEN
19,260,000
USD
5,255,683
09/20/23
Standard Chartered Bank
25,877
PHP
54,790,000
USD
976,736
07/13/23
Barclays Bank PLC
13,848
PHP
146,970,940
USD
2,619,402
07/13/23
HSBC Bank PLC
37,782
PHP
190,819,300
USD
3,480,516
07/17/23
JPMorgan Chase Bank N.A.
(24,661
)
PHP
103,562,200
USD
1,857,851
08/08/23
JPMorgan Chase Bank N.A.
16,706
PHP
79,606,700
USD
1,422,691
08/22/23
JPMorgan Chase Bank N.A.
17,623
PHP
132,315,100
USD
2,337,929
09/06/23
JPMorgan Chase Bank N.A.
54,940
PHP
37,600,000
USD
667,673
07/13/23
Morgan Stanley and Co. International PLC
12,122
PHP
24,037,600
USD
429,880
07/13/23
Natwest Markets PLC
4,712
PLN
3,300,000
USD
788,973
07/13/23
Bank of America, N.A.
22,920
126
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
PLN
19,702,200
USD
4,744,943
07/13/23
Barclays Bank PLC
$102,355
PLN
13,912,000
USD
3,324,015
07/10/23
Goldman Sachs & Co.
99,249
PLN
789,200
USD
192,580
07/13/23
Goldman Sachs International
1,586
PLN
27,980,000
USD
6,840,421
09/20/23
Goldman Sachs International
20,323
PLN
2,100,000
USD
497,868
07/13/23
HSBC Bank PLC
18,792
PLN
5,591,000
USD
1,348,415
07/13/23
JPMorgan Chase Bank N.A.
27,130
PLN
38,765,500
USD
9,328,436
08/14/23
JPMorgan Chase Bank N.A.
193,384
PLN
5,577,500
USD
1,378,464
08/14/23
JPMorgan Chase Bank N.A.
(8,484
)
PLN
2,857,700
USD
693,689
07/13/23
Morgan Stanley and Co. International PLC
9,386
PLN
15,570,000
USD
3,792,427
09/20/23
Standard Chartered Bank
25,363
PLN
32,712,518
USD
7,841,700
07/13/23
State Street Bank London
206,505
RON
21,609,300
USD
4,689,013
07/13/23
Deutsche Bank AG
63,669
RON
10,629,300
USD
2,317,575
07/13/23
Goldman Sachs International
20,200
RON
5,500,000
USD
1,197,949
07/13/23
JPMorgan Chase Bank N.A.
11,704
RON
13,554,200
USD
2,925,243
09/05/23
JPMorgan Chase Bank N.A.
51,450
RON
2,120,000
USD
463,458
07/13/23
Morgan Stanley and Co. International PLC
2,808
RON
1,978,000
USD
436,856
07/13/23
UBS AG
(1,821
)
SGD
2,720,000
USD
2,034,751
09/20/23
Goldman Sachs International
(19,115
)
SGD
3,760,000
USD
2,784,995
09/20/23
Goldman Sachs International
1,325
THB
765,032,413
USD
22,870,610
07/13/23
Barclays Bank PLC
(1,276,857
)
THB
11,300,000
USD
326,977
07/13/23
Goldman Sachs International
(8,024
)
THB
72,949,400
USD
2,122,362
07/13/23
HSBC Bank PLC
(63,298
)
THB
5,108,000
USD
144,323
09/13/23
HSBC Bank PLC
736
THB
14,252,700
USD
408,100
07/13/23
JPMorgan Chase Bank N.A.
(5,804
)
THB
127,669,000
USD
3,797,817
08/15/23
JPMorgan Chase Bank N.A.
(182,310
)
THB
566,199,000
USD
16,017,253
09/13/23
JPMorgan Chase Bank N.A.
61,855
THB
25,606,000
USD
759,259
07/13/23
Morgan Stanley and Co. International PLC
(36,505
)
THB
60,000,000
USD
1,740,513
09/20/23
Standard Chartered Bank
(35,483
)
THB
12,671,800
USD
359,734
07/13/23
UBS AG
(2,060
)
TRY
17,620,000
USD
689,048
09/20/23
Standard Chartered Bank
(37,219
)
TRY
18,300,000
USD
709,646
07/26/23
UBS AG
(11,806
)
TRY
32,150,000
USD
1,255,859
09/29/23
UBS AG
(73,947
)
TWD
23,954,400
USD
780,724
07/13/23
Bank of America, N.A.
(12,088
)
TWD
70,713,500
USD
2,302,377
07/13/23
HSBC Bank PLC
(33,360
)
TWD
61,844,700
USD
2,025,106
07/13/23
Morgan Stanley and Co. International PLC
(40,667
)
TWD
11,969,000
USD
383,915
07/13/23
Morgan Stanley and Co. International PLC
140
TWD
18,464,600
USD
592,403
07/13/23
Natwest Markets PLC
79
UGX
3,494,750,000
USD
940,713
09/20/23
Standard Chartered Bank
(2,023
)
USD
1,982,864
AUD
2,989,700
07/13/23
JPMorgan Chase Bank N.A.
(7,675
)
USD
1,002,728
AUD
1,485,400
07/13/23
JPMorgan Chase Bank N.A.
13,750
USD
2,604,775
AUD
3,780,000
07/18/23
Morgan Stanley Capital Services, Inc.
87,693
USD
521,030
AUD
780,000
07/13/23
The BNY Mellon
1,707
USD
3,889,986
BRL
18,746,622
07/05/23
Bank of America, N.A.
3,871
See accompanying Notes to the Schedule of Investments
127
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
USD
3,919,837
BRL
18,746,622
08/02/23
Bank of America, N.A.
$52,613
USD
6,303,164
BRL
30,700,000
07/05/23
Barclays Bank PLC
(60,850
)
USD
10,578,520
BRL
50,980,000
07/05/23
Barclays Bank PLC
10,525
USD
489,708
BRL
2,360,000
07/05/23
Citibank N.A.
487
USD
1,358,776
BRL
6,764,700
07/05/23
Goldman Sachs International
(43,525
)
USD
2,282,537
BRL
11,000,000
07/05/23
Goldman Sachs International
2,271
USD
2,500,163
BRL
12,087,000
09/05/23
Goldman Sachs International
22,406
USD
452,009
BRL
2,201,600
07/05/23
HSBC Bank PLC
(4,376
)
USD
810,633
BRL
3,906,600
07/05/23
HSBC Bank PLC
807
USD
11,505,869
BRL
57,685,622
07/05/23
JPMorgan Chase Bank N.A.
(452,178
)
USD
1,647,354
BRL
7,932,800
07/05/23
JPMorgan Chase Bank N.A.
2,911
USD
11,181,747
BRL
55,001,500
08/21/23
JPMorgan Chase Bank N.A.
(124,980
)
USD
2,571,726
BRL
12,404,600
08/21/23
JPMorgan Chase Bank N.A.
21,697
USD
4,156,429
BRL
20,300,000
09/05/23
Merrill Lynch International
(4,942
)
USD
2,316,998
BRL
11,300,000
09/05/23
Merrill Lynch International
570
USD
1,026,374
BRL
4,946,300
07/05/23
Morgan Stanley and Co. International PLC
1,021
USD
3,772,367
BRL
18,700,000
07/10/23
Morgan Stanley Capital Services, Inc.
(100,529
)
USD
824,909
BRL
4,170,000
07/18/23
Morgan Stanley Capital Services, Inc.
(37,523
)
USD
441,341
BRL
2,133,000
09/05/23
Standard Chartered Bank
4,089
USD
3,576,356
CAD
4,782,205
07/18/23
BNP Paribas S.A.
(38,311
)
USD
3,475,418
CAD
4,685,000
07/13/23
JPMorgan Chase Bank N.A.
(65,523
)
USD
830,675
CAD
1,110,000
07/18/23
JPMorgan Chase Bank N.A.
(8,327
)
USD
1,039,809
CAD
1,384,700
07/13/23
Morgan Stanley and Co. International PLC
(6,752
)
USD
1,000,428
CHF
900,600
07/13/23
HSBC Bank PLC
(7,020
)
USD
992,949
CHF
898,800
07/13/23
Morgan Stanley and Co. International PLC
(12,485
)
USD
5,588,614
CHF
4,953,500
07/13/23
State Street Bank London
47,429
USD
334,272
CLP
268,300,000
07/13/23
Bank of America, N.A.
119
USD
1,709,994
CLP
1,361,082,500
07/13/23
Citibank N.A.
14,839
USD
3,254,665
CLP
2,610,892,000
07/10/23
Deutsche Bank AG
1,723
USD
1,322,349
CLP
1,057,503,007
07/13/23
HSBC Bank PLC
5,286
USD
2,309,785
CLP
1,829,211,100
08/14/23
JPMorgan Chase Bank N.A.
41,273
USD
2,274,955
CLP
1,827,493,900
08/21/23
JPMorgan Chase Bank N.A.
10,451
USD
1,909,490
CLP
1,540,413,000
07/13/23
Morgan Stanley and Co. International PLC
(9,012
)
USD
1,080,879
CLP
866,241,900
07/13/23
Morgan Stanley and Co. International PLC
2,021
USD
5,390,203
CNH
38,557,500
07/13/23
Goldman Sachs International
86,807
USD
201,680
CNH
1,432,000
07/13/23
HSBC Bank PLC
4,715
USD
3,423,900
CNH
24,151,400
07/13/23
JPMorgan Chase Bank N.A.
101,993
USD
6,686,650
CNH
47,282,100
09/11/23
JPMorgan Chase Bank N.A.
151,806
USD
508,106
CNH
3,612,600
07/13/23
Morgan Stanley and Co. International PLC
11,211
USD
1,907,616
CNH
13,050,000
07/18/23
Morgan Stanley Capital Services, Inc.
111,961
USD
387,296
CNH
2,753,600
07/13/23
Toronto Dominion Bank
8,552
USD
1,164,326
CNY
8,209,400
07/13/23
State Street Bank London
33,208
USD
3,506,846
COP
15,610,881,600
07/13/23
Bank of America, N.A.
(223,477
)
128
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
USD
902,741
COP
4,173,704,200
07/13/23
Barclays Bank PLC
$(94,594
)
USD
2,292,315
COP
9,661,630,000
07/13/23
Citibank N.A.
(16,395
)
USD
348,891
COP
1,441,166,100
07/13/23
Citibank N.A.
4,515
USD
275,901
COP
1,170,000,000
09/20/23
Goldman Sachs International
1,416
USD
7,632,716
COP
35,147,359,095
07/13/23
HSBC Bank PLC
(765,978
)
USD
1,260,751
COP
5,740,200,000
07/13/23
JPMorgan Chase Bank N.A.
(110,908
)
USD
10,929,512
COP
46,021,507,200
07/24/23
JPMorgan Chase Bank N.A.
(28,801
)
USD
206,282
COP
880,000,000
09/20/23
Standard Chartered Bank
(168
)
USD
1,002,034
COP
4,452,038,000
07/13/23
UBS AG
(61,810
)
USD
753,639
COP
3,134,384,400
07/13/23
UBS AG
4,657
USD
43,553
CZK
960,000
07/13/23
Bank of America, N.A.
(518
)
USD
993,322
CZK
21,896,400
07/13/23
Citibank N.A.
(11,875
)
USD
771,906
CZK
16,700,000
07/13/23
Citibank N.A.
5,260
USD
311,514
CZK
6,753,300
07/13/23
Goldman Sachs International
1,491
USD
3,829,590
CZK
83,577,700
09/20/23
Goldman Sachs International
3,882
USD
3,319,427
CZK
72,642,300
09/20/23
Goldman Sachs International
(5,722
)
USD
4,368,700
CZK
96,591,900
07/13/23
JPMorgan Chase Bank N.A.
(65,540
)
USD
386,452
CZK
8,276,900
07/13/23
Morgan Stanley and Co. International PLC
6,484
USD
264,743
CZK
5,780,000
09/20/23
Standard Chartered Bank
168
USD
547,796
CZK
12,050,900
07/13/23
State Street Bank London
(5,425
)
USD
710,497
CZK
15,300,000
07/13/23
State Street Bank London
8,120
USD
2,011,917
CZK
44,300,000
07/13/23
UBS AG
(21,761
)
USD
708,412
EGP
22,400,000
07/10/23
Goldman Sachs International
(14,241
)
USD
647,268
EGP
21,800,000
07/24/23
Goldman Sachs International
(48,418
)
USD
634,638
EGP
21,400,000
08/28/23
Goldman Sachs International
(29,886
)
USD
1,049,055
EGP
34,310,000
09/20/23
Standard Chartered Bank
6,962
USD
859,256
EUR
800,000
07/03/23
Bank of America, N.A.
(13,544
)
USD
924,672
EUR
860,000
07/05/23
Bank of America, N.A.
(13,588
)
USD
284,732
EUR
266,000
07/10/23
Bank of America, N.A.
(5,543
)
USD
757,029
EUR
705,000
07/12/23
Bank of America, N.A.
(12,381
)
USD
97,172
EUR
90,000
07/13/23
Bank of America, N.A.
(1,055
)
USD
1,313,520
EUR
1,200,000
07/13/23
Bank of America, N.A.
3,822
USD
1,891,380
EUR
1,713,942
07/18/23
Bank of America, N.A.
20,295
USD
1,309,871
EUR
1,199,000
07/20/23
Bank of America, N.A.
812
USD
871,704
EUR
800,000
07/31/23
Bank of America, N.A.
(2,205
)
USD
937,194
EUR
860,000
08/02/23
Bank of America, N.A.
(2,351
)
USD
285,971
EUR
266,000
07/03/23
Barclays Bank PLC
(4,235
)
USD
3,732,824
EUR
3,391,300
07/13/23
Barclays Bank PLC
31,508
USD
267,784
EUR
245,000
07/20/23
Barclays Bank PLC
295
USD
338,802
EUR
310,000
07/28/23
Barclays Bank PLC
213
USD
289,927
EUR
266,000
07/31/23
Barclays Bank PLC
(648
)
USD
860,016
EUR
800,000
07/03/23
BNP Paribas S.A.
(12,785
)
USD
385,261
EUR
359,000
07/05/23
BNP Paribas S.A.
(6,408
)
See accompanying Notes to the Schedule of Investments
129
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
USD
2,087,282
EUR
1,948,000
07/18/23
BNP Paribas S.A.
$(39,320
)
USD
1,708,714
EUR
1,550,000
07/18/23
BNP Paribas S.A.
16,602
USD
871,954
EUR
800,000
07/31/23
BNP Paribas S.A.
(1,955
)
USD
391,332
EUR
359,000
08/02/23
BNP Paribas S.A.
(874
)
USD
2,526,446
EUR
2,349,000
07/03/23
Citibank N.A.
(36,313
)
USD
185,957
EUR
173,000
07/05/23
Citibank N.A.
(2,786
)
USD
2,560,702
EUR
2,349,000
07/31/23
Citibank N.A.
(5,313
)
USD
188,613
EUR
173,000
08/02/23
Citibank N.A.
(389
)
USD
709,060
EUR
660,000
07/03/23
Commonwealth Bank of Australia
(11,000
)
USD
719,430
EUR
660,000
07/31/23
Commonwealth Bank of Australia
(1,545
)
USD
6,076,264
EUR
5,514,400
07/13/23
Deutsche Bank AG
57,764
USD
1,176,128
EUR
1,072,000
07/24/23
Deutsche Bank AG
5,495
USD
86,022
EUR
80,000
07/03/23
Goldman Sachs & Co.
(1,258
)
USD
1,247,333
EUR
1,120,000
07/18/23
Goldman Sachs & Co.
24,646
USD
87,197
EUR
80,000
07/31/23
Goldman Sachs & Co.
(194
)
USD
2,779,903
EUR
2,536,900
07/13/23
Goldman Sachs International
11,092
USD
10,101,987
EUR
9,300,000
07/13/23
HSBC Bank PLC
(48,175
)
USD
2,876,678
EUR
2,626,700
07/13/23
HSBC Bank PLC
9,857
USD
1,399,164
EUR
1,300,000
07/03/23
HSBC Bank USA, N.A.
(19,136
)
USD
984,953
EUR
904,000
07/24/23
HSBC Bank USA, N.A.
(2,222
)
USD
1,416,850
EUR
1,300,000
07/31/23
HSBC Bank USA, N.A.
(3,252
)
USD
11,174,283
EUR
10,335,400
07/13/23
JPMorgan Chase Bank N.A.
(105,930
)
USD
10,311,338
EUR
9,435,300
07/13/23
JPMorgan Chase Bank N.A.
13,508
USD
13,005,012
EUR
12,070,000
07/13/23
Morgan Stanley and Co. International PLC
(168,370
)
USD
922,359
EUR
860,000
07/03/23
Morgan Stanley Capital Services, Inc.
(15,902
)
USD
122,667
EUR
114,000
07/07/23
Morgan Stanley Capital Services, Inc.
(1,719
)
USD
551,904
EUR
505,000
07/28/23
Morgan Stanley Capital Services, Inc.
331
USD
937,436
EUR
860,000
07/31/23
Morgan Stanley Capital Services, Inc.
(2,016
)
USD
82,721
EUR
77,000
07/03/23
Standard Chartered Bank
(1,286
)
USD
932,610
EUR
850,000
07/24/23
Standard Chartered Bank
4,403
USD
83,927
EUR
77,000
07/31/23
Standard Chartered Bank
(187
)
USD
5,613,245
EUR
5,120,000
09/20/23
Standard Chartered Bank
5,892
USD
785,220
EUR
732,000
07/05/23
State Street Bank and Trust
(13,392
)
USD
797,892
EUR
732,000
08/02/23
State Street Bank and Trust
(1,814
)
USD
659,542
EUR
605,000
07/20/23
UBS AG
(993
)
USD
1,645,765
EUR
1,500,000
07/24/23
UBS AG
7,753
USD
706,206
GBP
554,000
07/24/23
Bank of America, N.A.
1,785
USD
713,896
GBP
560,000
07/24/23
BNP Paribas S.A.
1,847
USD
631,219
GBP
510,000
07/18/23
Goldman Sachs & Co.
(17,225
)
USD
989,866
GBP
798,900
07/13/23
Goldman Sachs International
(25,865
)
USD
1,017,983
GBP
808,100
07/13/23
HSBC Bank PLC
(9,445
)
USD
1,970,294
GBP
1,585,100
07/13/23
Morgan Stanley and Co. International PLC
(45,020
)
USD
7,656,798
GBP
6,139,928
07/18/23
Morgan Stanley Capital Services, Inc.
(149,874
)
130
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
USD
574,534
GBP
460,000
07/05/23
Standard Chartered Bank
$(10,287
)
USD
580,263
GBP
460,000
08/02/23
Standard Chartered Bank
(4,675
)
USD
990,533
GBP
790,500
07/13/23
State Street Bank London
(14,518
)
USD
517,876
GBP
412,300
07/13/23
The BNY Mellon
(6,327
)
USD
1,242,896
HUF
437,400,000
07/13/23
Bank of America, N.A.
(33,608
)
USD
2,780,456
HUF
961,938,600
07/13/23
Goldman Sachs International
(26,857
)
USD
358,054
HUF
121,481,400
07/13/23
Goldman Sachs International
3,524
USD
2,950,752
HUF
1,017,949,700
07/13/23
JPMorgan Chase Bank N.A.
(20,023
)
USD
497,573
HUF
168,500,000
07/13/23
JPMorgan Chase Bank N.A.
5,824
USD
4,492,035
HUF
1,567,290,000
08/22/23
JPMorgan Chase Bank N.A.
(35,693
)
USD
3,319,422
IDR
49,273,499,000
07/10/23
Deutsche Bank AG
33,059
USD
2,009,441
IDR
29,904,487,000
07/13/23
Deutsche Bank AG
20,709
USD
641,056
IDR
9,477,365,323
07/13/23
Goldman Sachs International
10,784
USD
4,682,978
IDR
69,403,797,464
07/13/23
HSBC Bank PLC
67,430
USD
9,986,228
IDR
149,161,639,500
07/05/23
JPMorgan Chase Bank N.A.
37,144
USD
469,318
IDR
6,981,109,160
07/13/23
JPMorgan Chase Bank N.A.
5,055
USD
1,143,222
IDR
17,125,472,712
07/18/23
JPMorgan Chase Bank N.A.
1,089
USD
3,195,842
IDR
47,539,745,541
07/21/23
JPMorgan Chase Bank N.A.
25,385
USD
6,300,553
IDR
94,268,869,900
07/26/23
JPMorgan Chase Bank N.A.
13,921
USD
284,742
IDR
4,277,396,500
07/26/23
JPMorgan Chase Bank N.A.
(510
)
USD
917,295
IDR
13,771,353,300
08/04/23
JPMorgan Chase Bank N.A.
(1,035
)
USD
1,795,665
IDR
26,666,890,700
07/13/23
Morgan Stanley and Co. International PLC
22,241
USD
5,000,000
IDR
74,454,050,000
07/13/23
Natwest Markets PLC
48,597
USD
508,557
INR
42,160,000
07/13/23
Citibank N.A.
(5,082
)
USD
1,001,147
INR
82,360,900
07/13/23
Deutsche Bank AG
(2,261
)
USD
3,138,826
INR
258,893,900
07/13/23
HSBC Bank PLC
(15,297
)
USD
307,785
INR
25,375,000
07/12/23
JPMorgan Chase Bank N.A.
(1,454
)
USD
1,780,676
JPY
246,350,000
07/13/23
Bank of America, N.A.
74,222
USD
2,717,033
JPY
359,732,979
07/18/23
Goldman Sachs & Co.
223,294
USD
101,125
JPY
13,982,000
07/13/23
Goldman Sachs International
4,273
USD
4,393,958
JPY
609,329,300
07/13/23
JPMorgan Chase Bank N.A.
173,165
USD
3,963,309
KRW
5,027,458,000
08/21/23
JPMorgan Chase Bank N.A.
139,019
USD
54,371
MXN
950,409
07/13/23
Bank of America, N.A.
(959
)
USD
1,824,316
MXN
32,638,385
07/13/23
Barclays Bank PLC
(75,811
)
USD
249,862
MXN
4,440,000
07/13/23
Deutsche Bank AG
(8,624
)
USD
2,239,577
MXN
40,010,000
07/18/23
Goldman Sachs & Co.
(87,435
)
USD
645,486
MXN
11,204,502
07/13/23
Goldman Sachs International
(6,813
)
USD
2,120,721
MXN
36,960,000
09/20/23
Goldman Sachs International
(2,978
)
USD
508,244
MXN
9,032,700
07/13/23
HSBC Bank PLC
(17,618
)
USD
8,866,475
MXN
156,815,904
07/13/23
JPMorgan Chase Bank N.A.
(262,963
)
USD
13,982,708
MXN
245,993,600
09/11/23
JPMorgan Chase Bank N.A.
(176,020
)
USD
5,931,208
MXN
103,000,400
07/13/23
Morgan Stanley and Co. International PLC
(65,222
)
USD
6,223,762
MXN
111,440,000
07/18/23
Morgan Stanley Capital Services, Inc.
(257,673
)
See accompanying Notes to the Schedule of Investments
131
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
USD
7,135,281
MXN
128,270,803
07/13/23
State Street Bank London
$(332,329
)
USD
198,497
MXN
3,400,000
07/13/23
State Street Bank London
557
USD
948,096
MYR
4,334,900
07/13/23
Barclays Bank PLC
17,829
USD
2,209,586
MYR
10,163,800
07/13/23
Morgan Stanley and Co. International PLC
28,442
USD
8,407,560
MYR
38,700,000
09/20/23
Standard Chartered Bank
70,412
USD
606,299
NOK
6,400,000
07/13/23
Morgan Stanley and Co. International PLC
8,765
USD
2,516,763
NZD
4,114,500
07/13/23
Bank of America, N.A.
(3,870
)
USD
1,002,645
NZD
1,644,900
07/13/23
HSBC Bank PLC
(5,056
)
USD
836,030
PEN
3,100,000
07/13/23
Bank of America, N.A.
(18,489
)
USD
1,859,367
PEN
6,914,780
07/13/23
Barclays Bank PLC
(46,702
)
USD
1,499,881
PEN
5,524,300
07/13/23
Citibank N.A.
(22,899
)
USD
811,974
PEN
3,000,000
07/13/23
Deutsche Bank AG
(14,980
)
USD
3,039,128
PEN
11,100,000
07/13/23
Goldman Sachs International
(20,602
)
USD
660,480
PEN
2,420,000
09/20/23
Goldman Sachs International
(3,142
)
USD
2,029,675
PEN
7,429,900
07/14/23
JPMorgan Chase Bank N.A.
(18,206
)
USD
2,966,162
PEN
10,852,000
07/24/23
JPMorgan Chase Bank N.A.
(22,296
)
USD
747,360
PEN
2,760,000
07/13/23
Morgan Stanley and Co. International PLC
(13,438
)
USD
1,006,771
PHP
56,500,000
07/13/23
Bank of America, N.A.
(14,729
)
USD
653,046
PHP
36,914,734
07/13/23
Barclays Bank PLC
(14,360
)
USD
2,150,935
PHP
120,597,300
07/13/23
HSBC Bank PLC
(29,423
)
USD
3,001,978
PHP
168,456,000
09/06/23
JPMorgan Chase Bank N.A.
(44,486
)
USD
4,171,117
PHP
233,520,000
09/20/23
Merrill Lynch International
(50,847
)
USD
1,143,113
PHP
63,900,000
07/13/23
Morgan Stanley and Co. International PLC
(12,177
)
USD
339,641
PHP
18,956,900
07/13/23
Natwest Markets PLC
(3,093
)
USD
341,566
PHP
19,228,866
07/13/23
UBS AG
(6,085
)
USD
3,305,534
PLN
13,912,000
07/10/23
Goldman Sachs & Co.
(117,731
)
USD
1,205,448
PLN
4,994,000
07/13/23
Goldman Sachs International
(23,217
)
USD
1,378,572
PLN
5,667,500
07/13/23
HSBC Bank PLC
(15,795
)
USD
6,639,331
PLN
27,573,200
07/13/23
JPMorgan Chase Bank N.A.
(144,456
)
USD
10,645,938
PLN
44,219,050
08/14/23
JPMorgan Chase Bank N.A.
(215,417
)
USD
2,168,557
PLN
9,053,200
07/13/23
Morgan Stanley and Co. International PLC
(58,787
)
USD
626,090
PLN
2,613,000
07/13/23
State Street Bank London
(16,782
)
USD
743,259
PLN
3,085,800
07/13/23
The BNY Mellon
(15,936
)
USD
196,087
PLN
790,000
07/13/23
Toronto Dominion Bank
1,725
USD
173,285
PLN
700,000
07/13/23
UBS AG
1,065
USD
175,751
RON
790,000
07/13/23
JPMorgan Chase Bank N.A.
2,001
USD
1,009,809
RON
4,635,800
07/13/23
JPMorgan Chase Bank N.A.
(9,775
)
USD
978,830
RON
4,508,000
09/05/23
JPMorgan Chase Bank N.A.
(11,190
)
USD
2,024,935
RON
9,344,300
07/13/23
Morgan Stanley and Co. International PLC
(30,222
)
USD
6,270,368
RON
28,174,000
07/13/23
UBS AG
73,866
USD
2,537,067
RON
11,710,000
07/13/23
UBS AG
(38,394
)
USD
2,777,019
SGD
3,760,000
07/03/23
Goldman Sachs International
(1,272
)
USD
7,848,036
SGD
10,480,000
09/20/23
Goldman Sachs International
81,909
132
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
USD
663,164
THB
22,861,900
07/13/23
Barclays Bank PLC
$17,866
USD
312,453
THB
10,908,377
09/20/23
Goldman Sachs International
2,468
USD
637,863
THB
21,963,800
07/13/23
HSBC Bank PLC
17,915
USD
735,538
THB
24,569,400
07/13/23
JPMorgan Chase Bank N.A.
42,044
USD
15,928,296
THB
566,199,000
07/13/23
JPMorgan Chase Bank N.A.
(53,199
)
USD
3,327,869
THB
114,897,100
09/11/23
JPMorgan Chase Bank N.A.
65,600
USD
250,190
THB
8,741,623
09/20/23
Standard Chartered Bank
1,777
USD
7,711,016
THB
266,218,500
07/13/23
UBS AG
196,751
USD
684,219
TRY
17,620,000
09/20/23
Standard Chartered Bank
32,389
USD
1,257,087
TRY
32,150,000
09/29/23
UBS AG
75,175
USD
1,873,622
TWD
57,270,000
07/13/23
Barclays Bank PLC
35,973
USD
1,019,069
TWD
31,081,600
07/13/23
HSBC Bank PLC
21,739
USD
2,006,773
TWD
61,567,800
07/13/23
Morgan Stanley and Co. International PLC
31,219
USD
6,942,200
TWD
211,390,000
09/20/23
Standard Chartered Bank
94,452
USD
607,296
TWD
18,562,000
07/13/23
UBS AG
11,689
USD
3,068,755
UGX
11,560,000,000
09/20/23
Standard Chartered Bank
(36,264
)
USD
1,755,051
ZAR
34,059,600
07/13/23
Bank of America, N.A.
(46,493
)
USD
818,160
ZAR
15,379,800
07/13/23
Barclays Bank PLC
4,663
USD
2,447,032
ZAR
48,068,300
07/13/23
Citibank N.A.
(95,488
)
USD
567,676
ZAR
10,570,000
07/13/23
Citibank N.A.
8,587
USD
8,958,815
ZAR
166,750,183
07/13/23
Goldman Sachs International
138,747
USD
4,191,498
ZAR
78,142,800
09/20/23
Goldman Sachs International
86,975
USD
988,521
ZAR
19,090,000
07/13/23
HSBC Bank PLC
(21,224
)
USD
1,004,587
ZAR
19,500,000
07/13/23
JPMorgan Chase Bank N.A.
(26,844
)
USD
704,910
ZAR
13,235,600
07/13/23
JPMorgan Chase Bank N.A.
4,827
USD
7,305,551
ZAR
140,157,767
08/21/23
JPMorgan Chase Bank N.A.
(78,933
)
USD
4,802,410
ZAR
95,785,500
09/11/23
JPMorgan Chase Bank N.A.
(233,475
)
USD
5,741,280
ZAR
107,456,000
09/11/23
JPMorgan Chase Bank N.A.
91,824
USD
2,568,130
ZAR
47,597,200
09/20/23
Merrill Lynch International
68,043
USD
2,136,115
ZAR
41,199,100
07/13/23
Morgan Stanley and Co. International PLC
(43,065
)
USD
985,857
ZAR
18,212,500
07/13/23
State Street Bank London
22,528
USD
372,809
ZAR
6,943,300
07/13/23
Toronto Dominion Bank
5,551
ZAR
25,387,356
USD
1,316,423
07/13/23
Bank of America, N.A.
26,413
ZAR
12,702,500
USD
690,218
07/13/23
Bank of America, N.A.
(18,333
)
ZAR
154,260,000
USD
8,338,439
07/13/23
Bank of New York
(179,026
)
ZAR
6,554,600
USD
355,993
07/13/23
Goldman Sachs International
(9,295
)
ZAR
11,461,244
USD
602,054
07/13/23
JPMorgan Chase Bank N.A.
4,176
ZAR
18,067,000
USD
965,552
07/13/23
JPMorgan Chase Bank N.A.
(9,917
)
ZAR
89,358,900
USD
4,634,549
08/21/23
JPMorgan Chase Bank N.A.
73,498
ZAR
145,115,900
USD
7,751,512
09/11/23
JPMorgan Chase Bank N.A.
(122,102
)
ZAR
22,701,000
USD
1,213,677
07/13/23
Morgan Stanley and Co. International PLC
(12,932
)
ZAR
12,765,100
USD
639,898
07/13/23
Morgan Stanley and Co. International PLC
35,298
ZAR
14,638,300
USD
760,762
07/13/23
State Street Bank London
13,515
See accompanying Notes to the Schedule of Investments
133
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Forward Foreign Currency Contracts—continued
Currency Purchased
Currency Sold
Settlement
Date
Counterparty
Unrealized
Appreciation
(Depreciation)
ZAR
8,176,800
USD
437,983
07/13/23
Toronto Dominion Bank
$(5,480
)
 
 
 
 
 
$(5,769,799
)
Futures Contracts 
Number of
Contracts
Description
Expiration Date
Notional
Value
Market Value/
Unrealized
Appreciation
(Depreciation)
Buys
 
 
31
10-Year Australian Bond Futures
Sep 2023
$2,397,233
$(29,678
)
34
3-Month SONIA
Sep 2023
10,245,625
(102,976
)
122
3-Month SONIA
Mar 2024
36,358,502
(441,309
)
194
3-Month SONIA
Dec 2023
57,991,711
(752,426
)
34
Long Gilt Futures
Sep 2023
4,119,431
(80,892
)
75
SOFR 90-Day
Mar 2025
17,995,312
(121,595
)
101
U.S. Long Bond
Sep 2023
12,817,531
(120,699
)
1,187
U.S. Treasury Note 10-Year
Sep 2023
133,259,297
(1,525,030
)
692
U.S. Treasury Note 2-Year
Sep 2023
140,713,875
(1,734,237
)
346
U.S. Treasury Note 5-Year
Sep 2023
37,054,437
(531,717
)
39
U.S. Ultra 10-Year
Sep 2023
4,619,063
(56,435
)
395
U.S. Ultra Bond
Sep 2023
53,806,406
562,926
 
 
$(4,934,068
)
Sales
 
 
32
SOFR 90-Day
Sep 2023
$7,582,400
$54,833
153
SOFR 90-Day
Mar 2024
36,199,800
200,441
169
U.S. Treasury Note 5-Year
Sep 2023
18,098,844
176,164
102
U.S. Ultra 10-Year
Sep 2023
12,080,625
102,973
 
 
$534,411
Written Options
Written Futures Options 
Type of Contract
Counterparty
Number of
Contracts
Notional
Value
Premiums
Received
Value at
June 30, 2023
PUT— S&P 500 E-mini
Futures Option
Strike @ $3,500.00
Expires 09/15/2023
JPMorgan Chase
Bank N.A.
1,800
$(8,010,684
)
$(76,199
)
$(9,900
)
PUT— S&P 500 E-mini
Futures Option
Strike @ $3,700.00
Expires 09/15/2023
JPMorgan Chase
Bank N.A.
2,150
(9,568,317
)
(31,760
)
(17,738
)
134
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Written Options—continued
Type of Contract
Counterparty
Number of
Contracts
Notional
Value
Premiums
Received
Value at
June 30, 2023
PUT— S&P 500 E-mini
Futures Option
Strike @ $3,700.00
Expires 12/15/2023
JPMorgan Chase
Bank N.A.
1,100
$(4,895,418
)
$(41,754
)
$(31,075
)
Total Written Options
 
 
$(149,713
)
$(58,713
)
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)
8.97%
Monthly
1-Month TIIE
Monthly
03/01/30
UBS CME
$   —
MXN
(93,573,000)
$222,585
$222,585
11.37%
At Maturity
BRL-CDI
At Maturity
01/02/29
HSBC Sec. New York
   —
BRL
(3,512,004)
23,162
23,162
12.34%
At Maturity
BRL-CDI
At Maturity
01/04/27
HSBC Sec. New York
   —
BRL
(5,981,518)
61,512
61,512
12.41%
At Maturity
BRL-CDI
At Maturity
01/04/27
JPMorgan Chase Bank N.A.
   —
BRL
(4,597,489)
48,642
48,642
12.51%
At Maturity
BRL-CDI
At Maturity
01/04/27
Goldman Sachs & Co.
   —
BRL
(5,745,974)
63,427
63,427
12.74%
At Maturity
BRL-CDI
At Maturity
01/02/29
HSBC Sec. New York
   —
BRL
(3,360,353)
48,645
48,645
12.78%
At Maturity
BRL-CDI
At Maturity
01/04/27
JPMorgan Chase Bank N.A.
   —
BRL
(7,055,245)
85,648
85,648
 
 
 
 
 
 
$   0
 
 
$553,621
$553,621
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)
7.20%
Monthly
1-Month TIIE
Monthly
07/17/24
$—
MXN
116,734,200
$(251,601
)
$(251,601
)
9.29%
Monthly
1-Month TIIE
Monthly
02/17/28
12
MXN
23,052,759
45,282
45,271
4.59%
Annual
6-Month PRIBOR
Semi-Annual
09/20/28
7
CZK
13,559,248
7,850
7,843
4.77%
Annual
6-Month PRIBOR
Semi-Annual
09/20/28
24
CZK
46,857,498
44,385
44,361
4.88%
Annual
6-Month PRIBOR
Semi-Annual
09/20/28
9
CZK
18,261,885
21,409
21,400
4.94%
Annual
6-Month PRIBOR
Semi-Annual
09/20/28
9
CZK
17,311,147
22,419
22,410
4.96%
Annual
6-Month PRIBOR
Semi-Annual
09/20/28
6
CZK
11,349,419
15,163
15,157
SOFR
Annual
3.15%
Annual
05/15/48
(4,472
)
USD
4,624,000
122,649
127,121
SOFR
Annual
3.05%
Annual
02/15/48
135,295
USD
3,862,000
169,687
34,392
SOFR
Annual
2.94%
Annual
01/19/53
—
USD
5,240,000
251,929
251,929
SOFR
Annual
2.60%
Annual
02/15/48
67,555
USD
595,000
70,346
2,791
3.35%
Annual
SOFR
Annual
01/19/28
—
USD
22,515,000
(592,367
)
(592,367
)
2.26%
Quarterly
Thai Baht Interest Rate Fixing
Quarterly
09/20/28
13
THB
40,296,453
(11,479
)
(11,492
)
2.52%
Quarterly
Thai Baht Interest Rate Fixing
Quarterly
03/15/28
15
THB
49,975,230
5,972
5,957
2.61%
Quarterly
Thai Baht Interest Rate Fixing
Quarterly
09/20/33
11
THB
20,728,949
(4,463
)
(4,474
)
2.65%
Quarterly
Thai Baht Interest Rate Fixing
Quarterly
09/20/33
16
THB
30,255,482
(3,631
)
(3,647
)
2.84%
Quarterly
Thai Baht Interest Rate Fixing
Quarterly
03/15/33
47
THB
94,898,043
39,780
39,732
3.27%
Quarterly
Thai Baht Interest Rate Fixing
Quarterly
03/15/33
9
THB
18,689,901
28,132
28,123
 
 
 
 
 
 
$(217,094
)
See accompanying Notes to the Schedule of Investments
135
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
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
19,780,000
USD
06/20/28
Morgan Stanley & Co.
(1.00%)
Quarterly
CDX.EM.S39**
$(249,629
)
$1,196,690
$947,061
730,000
EUR
12/20/24
Morgan Stanley & Co.
(1.00%)
Quarterly
Daimler AG, 1.40%,
01/12/24
11,124
(19,195
)
(8,071
)
Total Buy Protection
$(238,505
)
$1,177,495
$938,990
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+)
$(4,370
)
$9,254
$4,884
Total OTC Credit Default Swaps
$(242,875
)
$1,186,749
$943,874
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
3,058,400
USD
06/20/28
(5.00%)
Quarterly
CDX.NA.HY.40***
$(97,104
)
$9,271
$(87,833
)
8,700,000
USD
06/20/28
(5.00%)
Quarterly
CDX.NA.HY.S40***
(183,296
)
(66,555
)
(249,851
)
9,725,000
USD
06/20/28
(5.00%)
Quarterly
CDX.NA.HY.S40***
(200,224
)
(79,064
)
(279,288
)
1,380,000
USD
06/20/26
(5.00%)
Quarterly
General Motors Co.
118,757
(264,657
)
(145,900
)
Total Buy Protection
$(361,867
)
$(401,005
)
$(762,872
)
Sell Protection 
Notional
Amount*
Currency
Expiration
Date
Receive
(Pay)
Fixed
Rate
Payment
Frequency
Deliverable on Default
Unrealized
Appreciation
(Depreciation)
Upfront
Premiums
Paid
(Received)
Value
1,380,000
USD
06/20/26
5.00%
Quarterly
Ford Motor Co.
$(80,511
)
$196,911
$116,400
Total Centrally Cleared Credit Default Swaps
$(442,378
)
$(204,094
)
$(646,472
)
 
*
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.
136
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
U.S. Treasury securities in the amount of $1,137,103 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options. 
Currency Abbreviations
AUD
—
Australian Dollar
BRL
—
Brazilian Real
CAD
—
Canadian Dollar
CHF
—
Swiss Franc
CLP
—
Chilean Peso
CNH
—
Chinese Yuan Renminbi
CNY
—
Chinese Yuan
COP
—
Colombian Peso
CZK
—
Czech Koruna
EGP
—
Egyptian Pound
EUR
—
Euro
GBP
—
United Kingdom Pound
GHS
—
New Ghanaian Cedi
HUF
—
Hungarian Forint
IDR
—
Indonesian Rupiah
ILS
—
Israel Shekel
INR
—
Indian Rupee
JPY
—
Japanese Yen
KRW
—
South Korean Won
KZT
—
Kazakhstani Tenge
MXN
—
Mexican Peso
MYR
—
Malaysian Ringgit
NGN
—
Nigeria Naira
NOK
—
Norwegian Krona
NZD
—
New Zealand Dollar
PEN
—
Peruvian Nuevo Sol
PHP
—
Philippines Peso
PLN
—
Polish Zloty
RON
—
Romanian New Leu
RUB
—
Russian Ruble
SGD
—
Singapore Dollar
THB
—
Thai Baht
TRY
—
Turkish New Lira
TWD
—
Taiwan Dollar
USD
—
U.S. Dollar
UYU
—
Uruguayan Peso
ZAR
—
South African Rand
 
See accompanying Notes to the Schedule of Investments
137
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
Abbreviations
CDI
—
CREST Depository Interest
CLO
—
Collateralized Loan Obligation
CMO
—
Collateralized Mortgage Obligation
CMT
—
Constant Maturity Treasury Index
EURIBOR
—
Euro Interbank Offered Rate
GDN
—
Global Depository Note
ICE
—
Intercontinental Exchange
LIBOR
—
London Interbank Offered Rate
MTN
—
Medium Term Note
PIK
—
Payment In Kind
PRIBOR
—
Prague Interbank Offered Rate
REIT
—
Real Estate Investment Trust
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
SONIA
—
Sterling Overnight Index Average
STACR
—
Structured Agency Credit Risk
TBD
—
To Be Determined
TIIE
—
Mexican Interbank Equilibrium Interest Rate
138
See accompanying Notes to the Schedule of Investments
Mercer Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
 
Asset Class Summary (Unaudited)
% of Net Assets
Corporate Debt
37.2
Sovereign Debt Obligations
33.3
Bank Loans
11.4
Asset Backed Securities
6.9
Mortgage Backed Securities - Private Issuers
5.6
Convertible Debt
1.0
Convertible Preferred Stock
0.2
OTC Credit Default Swaps
0.1
OTC Interest Rate Swaps
0.0*
Mortgage Backed Securities - U.S. Government Agency Obligations
0.0*
Purchased Futures Options
0.0*
U.S. Government and Agency Obligation
0.0*
Purchased Currency Options
0.0*
Common Stocks
0.0*
Written Futures Options
0.0*
Centrally Cleared Interest Rate Swaps
0.0*
Centrally Cleared Credit Default Swaps
0.0*
Futures Contracts
(0.3)
Forward Foreign Currency Contracts
(0.4)
Short-Term Investments
3.0
Other Assets and Liabilities (net)
2.0
 
100.0%
 
*
Amount rounds to zero.
See accompanying Notes to the Schedule of Investments
139
Mercer Emerging Markets Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2023 (Unaudited)
 
Shares
 
Description
Value ($)
 
 
COMMON STOCKS — 95.8%
 
 
Brazil — 8.7%
1,094,300
 
Ambev SA
3,495,681
3,141,600
 
B3 SA - Brasil Bolsa Balcao
9,514,672
2,119,779
 
Banco Bradesco SA
6,433,160
1,375,600
 
Banco BTG Pactual SA
8,968,205
1,080,200
 
Banco do Brasil SA
11,061,750
602,900
 
BB Seguridade Participacoes SA
3,845,612
1,190,000
 
Cielo SA
1,132,276
7,864,750
 
Dexco SA
13,613,321
2,190,200
 
Locaweb Servicos de Internet SA
3,895,505
12,484
 
MercadoLibre, Inc.*
14,788,546
480,200
 
PRIO SA*
3,691,089
2,471,594
 
Raia Drogasil SA
15,165,668
1,033,100
 
Rumo SA
4,754,316
2,259,800
 
TIM SA
6,848,730
1,053,200
 
TOTVS SA
6,545,385
221,500
 
Vale SA
2,948,742
1,938,300
 
Vibra Energia SA
7,252,553
2,050,800
 
WEG SA
16,048,445
 
 
 
140,003,656
 
 
Canada — 0.7%
76,680
 
Franco-Nevada Corp.
10,934,568
 
 
Chile — 0.4%
18,139,800
 
Banco de Chile
1,892,564
270,461
 
Cia Cervecerias Unidas SA, ADR(a)
4,389,582
 
 
 
6,282,146
 
 
China — 28.8%
5,343,200
 
Agricultural Bank of China Ltd. Class H
2,103,513
1,898,000
 
Air China Ltd. Class H *
1,356,320
188,000
 
Airtac International Group
6,219,054
1,918,091
 
Alibaba Group Holding Ltd.*
19,946,746
92,800
 
Alibaba Group Holding Ltd., ADR*
7,734,880
67,600
 
Anji Microelectronics Technology Shanghai Co. Ltd. Class A
1,544,506
296,000
 
ANTA Sports Products Ltd.
3,034,807
21,000
 
APT Medical, Inc. Class A
1,081,331
242,190
 
Autohome, Inc., ADR
7,062,260
50,780
 
Bafang Electric Suzhou Co. Ltd. Class A
490,582
2,881
 
Baidu, Inc., ADR*
394,438
1,092,600
 
Baidu, Inc. Class A *
18,674,327
19,007,000
 
Bank of China Ltd. Class H
7,621,459
1,627,400
 
Bank of Jiangsu Co. Ltd. Class A *
1,650,626
95,999
 
Bear Electric Appliance Co. Ltd. Class A
1,105,562
2,914,000
 
BOC Hong Kong Holdings Ltd.
8,918,332
8,812,000
 
China Construction Bank Corp. Class H *
5,713,768
5,336,400
 
China International Capital Corp. Ltd. Class H *
9,401,300
148,600
 
China Literature Ltd.*
626,324
140
See accompanying Notes to the Schedule of Investments
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
China — continued
1,233,000
 
China Longyuan Power Group Corp. Ltd. Class H
1,274,065
1,552,000
 
China Meidong Auto Holdings Ltd.(a)
1,798,324
2,718,000
 
China Mengniu Dairy Co. Ltd.*
10,249,807
1,404,000
 
China Merchants Bank Co. Ltd. Class H
6,384,431
1,561,400
 
China Pacific Insurance Group Co. Ltd. Class H
4,043,143
22,475,000
 
China Petroleum & Chemical Corp. Class H
13,220,033
858,000
 
China Resources Beer Holdings Co. Ltd.
5,671,818
280,000
 
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A
2,338,153
734,195
 
China Shenhua Energy Co. Ltd. Class H
2,252,438
35,800
 
China Tourism Group Duty Free Corp. Ltd. Class A
547,211
430,000
 
China Yuhua Education Corp. Ltd.*
48,418
75,300
 
Cloud Music, Inc.*(a)
798,982
255,304
 
Contemporary Amperex Technology Co. Ltd. Class A
8,062,110
736,078
 
East Money Information Co. Ltd. Class A
1,444,165
584,800
 
ENN Energy Holdings Ltd.
7,307,524
777,200
 
ENN Natural Gas Co. Ltd. Class A
2,035,129
4,776,600
 
Focus Media Information Technology Co. Ltd. Class A
4,480,203
791,299
 
Foshan Haitian Flavouring & Food Co. Ltd. Class A
5,103,304
660,679
 
Foxconn Industrial Internet Co. Ltd. Class A
2,298,265
367,200
 
Fuyao Glass Industry Group Co. Ltd. Class H
1,523,746
24,420
 
Gongniu Group Co. Ltd. Class A
323,374
5,608,500
 
Great Wall Motor Co. Ltd. Class H (a)
6,464,230
2,363,400
 
Haier Smart Home Co. Ltd. Class H
7,453,098
270,084
 
Hangzhou First Applied Material Co. Ltd. Class A
1,384,495
575,100
 
Hangzhou Tigermed Consulting Co. Ltd. Class H
3,286,730
439,142
 
Han's Laser Technology Industry Group Co. Ltd. Class A
1,586,297
1,255,000
 
HLA Group Corp. Ltd. Class A
1,188,740
397,360
 
Hongfa Technology Co. Ltd. Class A
1,744,619
549,800
 
Hualan Biological Engineering, Inc. Class A
1,696,944
392,954
 
Hubei Jumpcan Pharmaceutical Co. Ltd. Class A *
1,571,906
284,000
 
Hundsun Technologies, Inc. Class A
1,739,132
1,551,900
 
Industrial & Commercial Bank of China Ltd. Class A
1,031,207
4,224,500
 
Industrial & Commercial Bank of China Ltd. Class H
2,254,495
540,300
 
Inmyshow Digital Technology Group Co. Ltd. Class A
529,563
424,500
 
JD.com, Inc. Class A
7,221,169
195,000
 
Jiangsu King's Luck Brewery JSC Ltd. Class A
1,419,592
413,000
 
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A
2,047,412
191,000
 
Jianmin Pharmaceutical Group Co. Ltd. Class A
2,035,946
377,997
 
Jiayou International Logistics Co. Ltd. Class A
818,363
352,782
 
Jinko Solar Co. Ltd. Class A *
684,585
17,422
 
JinkoSolar Holding Co. Ltd., ADR*(a)
773,188
435,000
 
Juneyao Airlines Co. Ltd. Class A *
925,227
76,466
 
KE Holdings, Inc., ADR*
1,135,520
707,000
 
Kingnet Network Co. Ltd. Class A *
1,528,049
94,000
 
Kingsoft Corp. Ltd.
371,846
58,313
 
Kweichow Moutai Co. Ltd. Class A
13,596,865
43,347
 
Leader Harmonious Drive Systems Co. Ltd. Class A
971,172
512,500
 
Longfor Group Holdings Ltd.
1,255,118
491,912
 
LONGi Green Energy Technology Co. Ltd. Class A
1,941,311
See accompanying Notes to the Schedule of Investments
141
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
China — continued
56,700
 
Luzhou Laojiao Co. Ltd. Class A
1,638,738
421,680
 
Meituan Class B *
6,627,492
891,300
 
Midea Group Co. Ltd. Class A
7,254,543
107,554
 
MINISO Group Holding Ltd., ADR
1,827,342
477,614
 
NARI Technology Co. Ltd. Class A
1,522,016
224,500
 
NetEase, Inc.
4,362,312
2,446,000
 
Netjoy Holdings Ltd.*(a)
247,437
150,100
 
New Oriental Education & Technology Group, Inc.*
593,668
17,933
 
New Oriental Education & Technology Group, Inc., ADR*
708,174
8,791,000
 
Nexteer Automotive Group Ltd.
4,592,423
38,340
 
Ningbo Deye Technology Co. Ltd. Class A
789,877
46,056
 
PDD Holdings, Inc., ADR*
3,184,312
3,282,000
 
People's Insurance Co. Group of China Ltd. Class H
1,192,625
9,200,600
 
PetroChina Co. Ltd. Class H
6,393,203
7,332,400
 
PICC Property & Casualty Co. Ltd. Class H
8,173,019
159,690
 
Ping An Insurance Group Co. of China Ltd. Class A
1,022,027
1,715,500
 
Ping An Insurance Group Co. of China Ltd. Class H
10,990,690
89,500
 
Remegen Co. Ltd. Class H *(a)
392,669
506,500
 
Sany Heavy Industry Co. Ltd. Class A
1,161,414
339,250
 
Shandong Gold Mining Co. Ltd. Class H
623,547
389,000
 
Shandong Sinocera Functional Material Co. Ltd. Class A
1,467,289
3,623,600
 
Shandong Weigao Group Medical Polymer Co. Ltd. Class H
4,752,282
142,600
 
Shanghai Moons' Electric Co. Ltd. Class A
1,585,205
840,392
 
Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A
1,889,499
721,285
 
Shenzhen Envicool Technology Co. Ltd. Class A
2,973,533
404,400
 
Shenzhen Inovance Technology Co. Ltd. Class A
3,578,944
59,500
 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A
2,455,642
145,826
 
Shenzhen New Industries Biomedical Engineering Co. Ltd. Class A
1,184,250
275,900
 
Shenzhou International Group Holdings Ltd.
2,643,620
266,000
 
Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A
940,720
2,068,770
 
Sichuan Road & Bridge Group Co. Ltd. Class A
2,795,611
87,000
 
Silergy Corp.
1,087,800
311,687
 
Sinoseal Holding Co. Ltd. Class A
1,984,778
396,000
 
Sunac China Holdings Ltd.*
69,288
174,900
 
Sunny Optical Technology Group Co. Ltd.
1,757,548
68,614
 
Suzhou Everbright Photonics Co. Ltd. Class A
892,762
155,995
 
Suzhou Maxwell Technologies Co. Ltd. Class A
3,637,268
1,110,500
 
Tencent Holdings Ltd.
47,262,068
473,918
 
Tencent Music Entertainment Group, ADR*
3,497,515
141,975
 
Thunder Software Technology Co. Ltd. Class A
1,888,191
4,770,000
 
Tingyi Cayman Islands Holding Corp.
7,413,469
188,300
 
Tofflon Science & Technology Group Co. Ltd. Class A
589,717
499,200
 
Tongcheng Travel Holdings Ltd.*
1,047,623
148,900
 
Unisplendour Corp. Ltd. Class A
656,584
463,697
 
Venustech Group, Inc. Class A
1,902,458
228,800
 
Vipshop Holdings Ltd., ADR*
3,775,200
4,567,000
 
Weichai Power Co. Ltd. Class H
6,706,304
270,000
 
Wuxi Biologics Cayman, Inc.*
1,300,886
794,811
 
Wuxi Lead Intelligent Equipment Co. Ltd. Class A
3,963,235
142
See accompanying Notes to the Schedule of Investments
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
China — continued
83,900
 
Xiamen Faratronic Co. Ltd. Class A
1,586,325
3,477,000
 
Xinyi Glass Holdings Ltd.
5,435,557
530,900
 
Xuji Electric Co. Ltd. Class A
1,688,502
462,323
 
Yadea Group Holdings Ltd.
1,054,507
61,408
 
Yankershop Food Co. Ltd. Class A
719,861
115,631
 
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A
4,581,517
129,000
 
Zhejiang Dingli Machinery Co. Ltd. Class A *
994,618
290,120
 
Zhejiang Huayou Cobalt Co. Ltd. Class A
1,837,527
219,800
 
Zhejiang Jiecang Linear Motion Technology Co. Ltd. Class A
652,824
231,100
 
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class A
2,261,900
636,528
 
Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A
2,658,484
2,709,000
 
Zijin Mining Group Co. Ltd. Class H
3,997,440
 
 
 
461,007,476
 
 
Greece — 0.7%
153,837
 
JUMBO SA
4,226,694
397,365
 
OPAP SA
6,932,016
 
 
 
11,158,710
 
 
Hong Kong — 2.5%
445,800
 
AIA Group Ltd.
4,548,231
739,000
 
ASMPT Ltd.
7,300,095
508,000
 
Chow Sang Sang Holdings International Ltd.
567,100
4,754,000
 
Hang Lung Properties Ltd.
7,336,865
30,600
 
Hong Kong Exchanges & Clearing Ltd.
1,163,599
1,759,400
 
Hongkong Land Holdings Ltd.
6,873,770
16,221,000
 
Sino Biopharmaceutical Ltd.
7,060,132
1,732,000
 
Vinda International Holdings Ltd.
4,329,456
1,054,000
 
Vitasoy International Holdings Ltd.
1,314,882
 
 
 
40,494,130
 
 
Hungary — 0.6%
253,970
 
OTP Bank Nyrt
9,010,433
 
 
India — 13.2%
39,100
 
Apollo Hospitals Enterprise Ltd.
2,433,312
65,083
 
Asian Paints Ltd.
2,665,605
654,911
 
Aurobindo Pharma Ltd.
5,813,065
961,976
 
Axis Bank Ltd.
11,592,896
114,024
 
Bajaj Auto Ltd.
6,517,753
63,504
 
Bajaj Finance Ltd.
5,559,632
3,204,900
 
Bharat Electronics Ltd.
4,902,086
72,094
 
Britannia Industries Ltd.
4,418,595
302,000
 
Canara Bank
1,115,685
1,517,395
 
Cipla Ltd.
18,740,003
285,543
 
Colgate-Palmolive India Ltd.
5,888,330
222,300
 
Coromandel International Ltd.
2,572,247
163,610
 
Havells India Ltd.
2,558,447
410,965
 
HCL Technologies Ltd.
5,952,528
505,874
 
HDFC Bank Ltd.
10,506,427
See accompanying Notes to the Schedule of Investments
143
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
India — continued
71,614
 
Hindustan Unilever Ltd.
2,336,811
829,549
 
Housing Development Finance Corp. Ltd.
28,564,572
735,400
 
ICICI Bank Ltd.
8,399,636
588,697
 
IndusInd Bank Ltd.
9,904,170
484,464
 
Infosys Ltd.
7,866,090
234,104
 
InterGlobe Aviation Ltd.*
7,519,409
444,500
 
ITC Ltd.
2,449,280
335,972
 
Kotak Mahindra Bank Ltd.
7,551,424
73,335
 
Pidilite Industries Ltd.
2,330,836
334,033
 
Reliance Industries Ltd.
10,427,914
1,148,900
 
State Bank of India
8,034,964
352,171
 
Syngene International Ltd.
3,283,445
298,752
 
Tata Consultancy Services Ltd.
12,040,251
297,000
 
Tata Motors Ltd.*
2,158,354
45,256
 
Titan Co. Ltd.
1,688,126
539,232
 
UPL Ltd.
4,522,625
153,892
 
Varun Beverages Ltd.
1,514,194
243,044
 
Yes Bank Ltd.*
48,374
 
 
 
211,877,086
 
 
Indonesia — 2.8%
22,220,900
 
Astra International Tbk PT
10,124,594
30,548,700
 
Bank Central Asia Tbk PT
18,832,483
10,459,600
 
Bank Mandiri Persero Tbk PT
3,662,425
28,998,599
 
Bank Rakyat Indonesia Persero Tbk PT
10,540,711
8,365,500
 
Telkom Indonesia Persero Tbk PT
2,232,320
 
 
 
45,392,533
 
 
Italy — 0.8%
363,097
 
Coca-Cola HBC AG*
10,830,411
308,700
 
PRADA SpA
2,068,448
 
 
 
12,898,859
 
 
Japan — 0.5%
421,900
 
Nexon Co. Ltd.
8,071,003
 
 
Macau — 0.9%
1,493,000
 
Galaxy Entertainment Group Ltd.*
9,528,010
1,241,800
 
Sands China Ltd.*
4,249,705
 
 
 
13,777,715
 
 
Malaysia — 0.3%
4,126,100
 
Petronas Chemicals Group Bhd
5,314,090
 
 
Mexico — 5.1%
309,671
 
Credito Real SAB de CV SOFOM ER*
6,320
4,552,200
 
Fibra Uno Administracion SA de CV REIT
6,633,012
186,980
 
Fomento Economico Mexicano SAB de CV, ADR
20,724,863
293,850
 
Gruma SAB de CV Class B (a)
4,709,173
272,700
 
Grupo Aeroportuario del Pacifico SAB de CV Class B (a)
4,898,122
144
See accompanying Notes to the Schedule of Investments
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Mexico — continued
37,000
 
Grupo Aeroportuario del Sureste SAB de CV Class B
1,032,281
1,344,500
 
Grupo Financiero Banorte SAB de CV Class O
11,039,474
397,000
 
Grupo Mexico SAB de CV Series B
1,905,081
3,019,300
 
Kimberly-Clark de Mexico SAB de CV Class A
6,723,248
162,906
 
Unifin Financiera SAB de CV*(a)
11,398
5,880,129
 
Wal-Mart de Mexico SAB de CV
23,276,404
 
 
 
80,959,376
 
 
Netherlands — 0.9%
159,499
 
Heineken Holding NV(a)
13,865,924
 
 
Peru — 0.3%
35,671
 
Credicorp Ltd.
5,266,466
 
 
Philippines — 1.2%
12,752,900
 
Ayala Land, Inc.
5,621,139
2,962,980
 
BDO Unibank, Inc.
7,390,505
2,264,280
 
Universal Robina Corp.
5,651,634
 
 
 
18,663,278
 
 
Poland — 0.5%
69,871
 
Dino Polska SA*
8,169,638
 
 
Portugal — 0.5%
309,011
 
Jeronimo Martins SGPS SA
8,517,988
 
 
Russia — 0.1%
214,920
 
Evraz PLC*(b)(c)(d)
5,465
7,610
 
Gazprom Neft PJSC(b)(c)(d)
340
1,043,282
 
Gazprom PJSC(b)(c)(d)
27,044
99,121
 
Globaltrans Investment PLC, GDR*(b)(c)(d)(e)
3,965
5,000
 
HeadHunter Group PLC, ADR*(b)(c)(d)
750
44,258
 
LSR Group PJSC*(b)(c)(d)
2,571
136,755
 
LUKOIL PJSC(b)(c)(d)
76,094
8,543
 
Magnit PJSC*(b)(c)(d)
2,959
4
 
Magnit PJSC, ADR*(b)(c)(d)(e)
0
984,659
 
Magnitogorsk Iron & Steel Works PJSC*(b)(c)(d)
5,319
16,459
 
MMC Norilsk Nickel PJSC*(b)(c)(d)
36,780
9
 
MMC Norilsk Nickel PJSC, ADR*(b)(c)(d)
2
126,700
 
Mobile TeleSystems PJSC, ADR*(b)(c)(d)
7,602
154,250
 
Novatek PJSC(b)(c)(d)
21,199
1,715,500
 
Novolipetsk Steel PJSC*(b)(c)(d)
35,939
5,323
 
PhosAgro PJSC(b)(c)(d)
3,060
103
 
PhosAgro PJSC, ADR(b)(c)(d)
19
2
 
PhosAgro PJSC, GDR*(b)(c)(d)(e)
0
443,510
 
Polymetal International PLC*
1,081,005
25,062
 
Polyus PJSC*(b)(c)(d)
31,150
4,954
 
Ros Agro PLC, GDR*(b)(c)(d)(e)
495
5,496,180
 
Sberbank of Russia PJSC(b)(c)(d)
79,833
See accompanying Notes to the Schedule of Investments
145
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Russia — continued
105,511
 
Severstal PAO, ADR*(b)(c)(d)(e)
16,882
25,625,090
 
Surgutneftegas PJSC(b)(c)(d)
62,989
598,704
 
Tatneft PJSC(b)(c)(d)
24,617
8,773
 
TCS Group Holding PLC, GDR*(b)(c)(d)(e)(f)
3,158
16,391
 
TCS Group Holding PLC, GDR*(b)(c)(d)(e)(f)
6,088
47,122
 
X5 Retail Group NV, GDR*(b)(c)(d)(e)
5,655
 
 
 
1,540,980
 
 
Saudi Arabia — 0.3%
494,654
 
Saudi Arabian Oil Co.
4,256,063
 
 
Singapore — 0.4%
3,486,400
 
Singapore Telecommunications Ltd.
6,455,063
 
 
South Africa — 2.2%
399,520
 
Absa Group Ltd.
3,561,609
76,000
 
Bid Corp. Ltd.
1,663,049
21,625
 
Capitec Bank Holdings Ltd.
1,794,491
640,305
 
Clicks Group Ltd.(a)
8,870,367
705,300
 
FirstRand Ltd.
2,564,251
472,267
 
Gold Fields Ltd.
6,536,178
11,267,518
 
Growthpoint Properties, Ltd. REIT
6,955,908
131,559
 
Lewis Group Ltd.
276,501
150,400
 
Nedbank Group Ltd.
1,819,543
171,100
 
Standard Bank Group Ltd.
1,607,772
 
 
 
35,649,669
 
 
South Korea — 7.9%
77,495
 
Amorepacific Corp.(a)
5,740,623
10,232
 
Ecopro BM Co. Ltd.(a)
1,961,096
95,700
 
Hana Financial Group, Inc.
2,864,367
194,599
 
HL Mando Co. Ltd.
8,011,212
6,500
 
Hyundai Mobis Co. Ltd.
1,152,388
30,000
 
Hyundai Motor Co.
4,720,330
44,700
 
JYP Entertainment Corp.
4,452,190
66,300
 
KB Financial Group, Inc.
2,404,079
85,000
 
Kia Corp.
5,731,630
225,915
 
Korea Investment Holdings Co. Ltd.
8,915,634
10,900
 
L&F Co. Ltd.
2,044,206
47,000
 
LG Electronics, Inc.
4,547,706
6,700
 
LG Energy Solution Ltd.*
2,832,711
8,295
 
LG H&H Co. Ltd.
2,905,455
389,744
 
Samsung Electronics Co. Ltd.
21,481,301
300
 
Samsung Electronics Co. Ltd., GDR(e)(f)
415,800
3,105
 
Samsung Electronics Co. Ltd., GDR(a)(e)(f)
4,301,951
70,900
 
Samsung Engineering Co. Ltd.*
1,530,947
8,347
 
Samsung SDI Co. Ltd.
4,270,516
326,149
 
Shinhan Financial Group Co. Ltd.(a)
8,442,889
213,163
 
SK Hynix, Inc.(a)
18,795,520
146
See accompanying Notes to the Schedule of Investments
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
South Korea — continued
175,409
 
SK Telecom Co. Ltd.
6,196,534
18,000
 
SM Entertainment Co. Ltd.
1,461,803
118,800
 
Woori Financial Group, Inc.
1,066,916
 
 
 
126,247,804
 
 
Taiwan — 12.2%
223,500
 
Accton Technology Corp.
2,532,882
899,003
 
Advantech Co. Ltd.
11,848,775
449,100
 
Asia Vital Components Co. Ltd.
3,928,749
21,000
 
ASPEED Technology, Inc.
1,937,930
1,310,476
 
Bizlink Holding, Inc.
13,603,379
5,674,135
 
Cathay Financial Holding Co. Ltd.
7,889,647
445,103
 
Chailease Holding Co. Ltd.*
2,931,309
510,300
 
Delta Electronics, Inc.
5,674,170
4,298,605
 
E.Sun Financial Holding Co. Ltd.
3,603,049
38,000
 
eMemory Technology, Inc.
2,718,599
2,151,202
 
Fubon Financial Holding Co. Ltd.
4,217,241
100,700
 
Global Unichip Corp.
5,231,968
516,000
 
Gold Circuit Electronics Ltd.
2,432,955
1,015,000
 
Hiwin Technologies Corp.
7,769,621
113,000
 
Largan Precision Co. Ltd.
7,762,684
143,242
 
Lotes Co. Ltd.
3,972,389
271,000
 
Lotus Pharmaceutical Co. Ltd.*
2,849,985
680,000
 
MediaTek, Inc.
15,094,072
140,000
 
Novatek Microelectronics Corp.
1,928,751
1,361,000
 
Pegatron Corp.
3,277,344
7,692
 
Pharmally International Holding Co. Ltd.*(b)(c)
—
827,998
 
President Chain Store Corp.
7,510,405
1,776,424
 
Taiwan Semiconductor Manufacturing Co. Ltd.
33,104,244
378,433
 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
38,191,458
1,130,351
 
Uni-President Enterprises Corp.
2,773,423
25,000
 
Voltronic Power Technology Corp.
1,585,097
38,000
 
Wiwynn Corp.
1,744,449
 
 
 
196,114,575
 
 
Thailand — 2.2%
581,000
 
Bangkok Bank PCL Class F
2,851,333
5,443,300
 
Bangkok Dusit Medical Services PCL Class F
4,221,993
3,708,000
 
Krung Thai Bank PCL Class F
2,034,213
3,019,400
 
PTT Exploration & Production PCL Class F
12,816,567
601,700
 
SCB X PCL Class F
1,811,038
16,289,400
 
Thai Beverage PCL
6,992,990
12,504,700
 
Thai Union Group PCL Class F
4,557,422
 
 
 
35,285,556
 
 
Turkey — 0.2%
306,300
 
BIM Birlesik Magazalar AS
2,006,723
254,000
 
Turk Hava Yollari AO*
1,900,696
 
 
 
3,907,419
See accompanying Notes to the Schedule of Investments
147
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
United Arab Emirates — 0.1%
2,103,218
 
Abu Dhabi National Oil Co. for Distribution PJSC
2,235,931
 
 
United Kingdom — 0.5%
151,558
 
Unilever PLC
7,911,023
 
 
United States — 0.3%
29,487
 
Globant SA*
5,299,404
 
 
TOTAL COMMON STOCKS (COST $1,630,994,334)
1,536,568,562
 
 
 
PREFERRED STOCKS — 0.7%
 
 
Brazil — 0.7%
2,765,600
 
Banco Bradesco SA, 6.13%
9,430,788
390,400
 
Cia Energetica de Minas Gerais, 8.78%
1,040,743
 
 
 
10,471,531
 
 
TOTAL PREFERRED STOCKS (COST $8,204,412)
10,471,531
 
Par Value ($)
 
Description
Value ($)
 
 
SHORT-TERM INVESTMENT — 1.8%
 
 
Mutual Fund - Securities Lending Collateral — 1.8%
29,642,930
 
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.03%(g)(h)
29,642,930
 
 
TOTAL SHORT-TERM INVESTMENT (COST $29,642,930)
29,642,930
 
 
TOTAL INVESTMENTS — 98.3%
(Cost $1,668,841,676)
1,576,683,023
 
 
Other Assets and Liabilities (net) — 1.7%
27,027,452
 
 
NET ASSETS — 100.0%
$1,603,710,475
 
 
Notes to Schedule of Investments:
*
Non-income producing security.
(a)
All or a portion of this security is out on loan.
(b)
Level 3 - significant unobservable inputs were used in determining the value of this security in
the Fund.
(c)
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 $459,975 which represents 0.0% of net assets.  The
aggregate tax cost of these securities held at June 30, 2023 was $85,582,055.
(d)
Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total
market value of the securities at period end is $459,975 which represents 0.0% of net assets. The
aggregate cost of these securities held at June 30, 2023 was $85,541,075.
(e)
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.
(f)
Securities are traded on separate exchanges for the same entity.   
148
See accompanying Notes to the Schedule of Investments
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
(g)
The rate disclosed is the 7-day net yield as of June 30, 2023.
(h)
Represents an investment of securities lending cash collateral.
Futures Contracts 
Number of
Contracts
Description
Expiration Date
Notional
Value
Market Value/
Unrealized
Appreciation
(Depreciation)
Buy
 
 
543
MSCI Emerging Markets E-mini Index
Sep 2023
$27,092,985
$(300,405
)
 
Abbreviations
ADR
—
American Depository Receipt
GDR
—
Global Depository Receipt
REIT
—
Real Estate Investment Trust
See accompanying Notes to the Schedule of Investments
149
Mercer Emerging Markets Equity Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
 
Industry Sector Summary (Unaudited)
% of Net Assets
Financial
23.8
Consumer, Non-cyclical
16.6
Technology
15.2
Consumer, Cyclical
12.9
Communications
11.3
Industrial
8.3
Energy
4.4
Basic Materials
3.1
Utilities
0.9
Short-Term Investment
1.8
Other Assets and Liabilities (net)
1.7
 
100.0%
150
See accompanying Notes to the Schedule of Investments
Mercer Global Low Volatility Equity Fund
Schedule of Investments
(showing percentage of net assets)
June 30, 2023 (Unaudited)
 
Shares
 
Description
Value ($)
 
 
COMMON STOCKS — 97.7%
 
 
Australia — 1.3%
116,244
 
ANZ Group Holdings Ltd.
1,841,935
22,038
 
BlueScope Steel Ltd.
303,807
233,796
 
Brambles Ltd.
2,248,545
159,478
 
Gold Road Resources Ltd.
159,111
10,177
 
Lottery Corp. Ltd.
34,879
121,825
 
Northern Star Resources Ltd.
988,240
17,473
 
Orica Ltd.
173,165
631,645
 
Perseus Mining Ltd.
700,926
696
 
Pro Medicus Ltd.
30,627
6,485
 
REA Group Ltd.
620,773
25,333
 
Rio Tinto PLC
1,611,106
6,971
 
Rio Tinto PLC, ADR(a)
445,029
2,509
 
SEEK Ltd.
36,376
228,927
 
Sonic Healthcare Ltd.
5,441,087
33,946
 
Telstra Group Ltd.
97,357
14,645
 
Transurban Group
139,392
 
 
 
14,872,355
 
 
Austria — 0.0%
14,180
 
Telekom Austria AG Class A *
104,939
 
 
Belgium — 0.0%
11
 
Deme Group NV
1,501
 
 
Bermuda — 0.2%
12,673
 
RenaissanceRe Holdings Ltd.
2,363,768
 
 
Brazil — 0.0%
12,423
 
Yara International ASA
439,467
 
 
Burkina Faso — 0.0%
15,319
 
Endeavour Mining PLC
368,761
 
 
Canada — 3.6%
64,800
 
Atco Ltd. Class I
1,931,390
44,821
 
BCE, Inc.(a)
2,043,389
6,100
 
Canadian National Railway Co.
739,514
140,539
 
Canadian Pacific Kansas City Ltd.
11,351,335
74,400
 
Canadian Utilities Ltd. Class A
1,929,087
100
 
Constellation Software, Inc.
207,426
541
 
E-L Financial Corp. Ltd.(a)
378,772
67,900
 
Empire Co. Ltd. Class A
1,930,910
6,100
 
Evertz Technologies Ltd.(a)
63,386
3,500
 
Franco-Nevada Corp.
499,403
23,100
 
George Weston Ltd.
2,734,118
13,900
 
Great-West Lifeco, Inc.(a)
404,106
7,100
 
Loblaw Cos. Ltd.
650,737
1,300
 
Manulife Financial Corp.
24,600
See accompanying Notes to the Schedule of Investments
151
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Canada — continued
12,100
 
Metro, Inc.
684,165
29,000
 
National Bank of Canada
2,163,083
51,700
 
North West Co., Inc.(a)
1,226,813
70,400
 
Power Corp. of Canada(a)
1,897,196
12,900
 
Royal Bank of Canada
1,233,409
60,600
 
SSR Mining, Inc.
859,308
65,400
 
Stella-Jones, Inc.
3,371,689
33,100
 
Sun Life Financial, Inc.
1,727,479
99,500
 
TMX Group Ltd.
2,241,523
37,600
 
Winpak Ltd.
1,170,977
 
 
 
41,463,815
 
 
China — 0.7%
2,331,162
 
CITIC Telecom International Holdings Ltd.
893,560
151,000
 
Kerry Logistics Network Ltd.
178,559
74,202
 
NetEase, Inc., ADR
7,174,592
 
 
 
8,246,711
 
 
Denmark — 0.7%
314
 
AP Moller - Maersk AS Class B
552,311
13,602
 
Carlsberg AS Class B
2,174,428
3,623
 
DSV AS
762,317
5,349
 
Genmab AS*
2,029,790
15,392
 
Novo Nordisk AS Class B
2,485,528
1,211
 
Schouw & Co. AS
95,685
8,933
 
Spar Nord Bank AS
139,748
1,148
 
Sparekassen Sjaelland-Fyn AS
31,530
 
 
 
8,271,337
 
 
Finland — 0.3%
5,989
 
Elisa Oyj
319,827
48,702
 
Kemira Oyj
775,269
90,159
 
Nordea Bank Abp
980,885
675
 
Orion Oyj Class A
28,572
15,009
 
Orion Oyj Class B
622,722
9,317
 
TietoEVRY Oyj
257,120
 
 
 
2,984,395
 
 
France — 4.0%
18,023
 
Air Liquide SA
3,230,608
84,474
 
Airbus SE
12,208,930
1,035
 
Boiron SA
44,280
54
 
Christian Dior SE
47,931
4,479
 
Danone SA
274,409
1,590
 
Dassault Aviation SA
318,084
5,348
 
Dassault Systemes SE
237,119
3,979
 
Edenred
266,389
10,210
 
Eiffage SA
1,065,984
999
 
Hermes International
2,172,874
4,154
 
Interparfums SA
296,114
152
See accompanying Notes to the Schedule of Investments
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
France — continued
4,394
 
IPSOS
244,409
26,632
 
Legrand SA
2,641,455
3,852
 
L'Oreal SA
1,797,313
139,201
 
Orange SA
1,627,838
17,354
 
Rubis SCA
421,380
44,838
 
Safran SA
7,043,283
304
 
Savencia SA
19,308
4,673
 
Societe BIC SA
267,859
214
 
Societe LDC SA
27,089
1,108
 
Stef SA
131,504
1,556
 
Thales SA
232,872
540
 
Vetoquinol SA
53,848
94,494
 
Vinci SA
10,980,773
 
 
 
45,651,653
 
 
Georgia — 0.2%
55,445
 
Bank of Georgia Group PLC
2,062,444
 
 
Germany — 1.6%
3,480
 
Bayerische Motoren Werke AG
427,323
90,278
 
Beiersdorf AG
11,942,232
4,324
 
Deutsche Boerse AG
798,429
77,748
 
Deutsche Telekom AG
1,694,358
121,179
 
E.ON SE
1,544,306
14,573
 
GEA Group AG
608,924
509
 
KWS Saat SE & Co. KGaA
31,262
11,422
 
SAP SE
1,559,319
1,489
 
Wuestenrot & Wuerttembergische AG
25,492
 
 
 
18,631,645
 
 
Hong Kong — 0.7%
104,251
 
Bank of East Asia Ltd.
144,137
352,136
 
Dah Sing Banking Group Ltd.
263,007
342,000
 
Emperor International Holdings Ltd.
22,230
580,500
 
HK Electric Investments & HK Electric Investments Ltd.
347,508
1,620,000
 
HKT Trust & HKT Ltd.
1,886,660
16,000
 
Hong Kong Ferry Holdings Co. Ltd.
11,277
249,000
 
Langham Hospitality Investments & Langham Hospitality Investments Ltd.
32,144
12,000
 
Miramar Hotel & Investment
17,717
37,000
 
Nissin Foods Co. Ltd.
31,675
3,525,000
 
PCCW Ltd.
1,828,720
406,000
 
Power Assets Holdings Ltd.
2,129,393
300,000
 
Regal Hotels International Holdings Ltd.*
126,328
219,000
 
Regal Real Estate Investment Trust REIT(a)
30,227
110,855
 
SmarTone Telecommunications Holdings Ltd.
68,633
58,000
 
Transport International Holdings Ltd.
73,356
230,163
 
VTech Holdings Ltd.
1,512,314
3,000
 
Wing On Co. International Ltd.
4,977
 
 
 
8,530,303
See accompanying Notes to the Schedule of Investments
153
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Israel — 1.0%
145,989
 
Bank Hapoalim BM
1,195,878
7,988
 
Bank Leumi Le-Israel BM
59,778
61,299
 
Check Point Software Technologies Ltd.*
7,700,380
27,984
 
First International Bank Of Israel Ltd.
1,089,453
3
 
Isracard Ltd.
12
1,300,245
 
Isramco Negev 2 LP
441,047
2,934
 
Nice Ltd., ADR*(a)
605,871
17,263
 
Radware Ltd.*
334,730
1,234
 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.
72,920
803
 
Strauss Group Ltd.*
18,077
 
 
 
11,518,146
 
 
Italy — 0.0%
16,100
 
Ferretti SpA(a)
49,151
57,862
 
Snam SpA(a)
302,333
 
 
 
351,484
 
 
Japan — 4.4%
11,000
 
Amano Corp.
231,975
21,500
 
Anritsu Corp.
182,112
50,700
 
Arcs Co. Ltd.
866,322
17,200
 
Autobacs Seven Co. Ltd.
182,662
7,200
 
Axial Retailing, Inc.
181,082
3,500
 
Belc Co. Ltd.
155,851
7,200
 
Benesse Holdings, Inc.
91,925
12,100
 
Canon Marketing Japan, Inc.
301,129
18,400
 
Canon, Inc.(a)
484,733
4,000
 
Cawachi Ltd.
60,981
26,700
 
Chugin Financial Group, Inc.
161,002
13,300
 
COLOPL, Inc.(a)
60,109
30,400
 
COMSYS Holdings Corp.
600,167
11,900
 
Doshisha Co. Ltd.
191,634
19,389
 
Earth Corp.
681,930
50,400
 
Ezaki Glico Co. Ltd.(a)
1,317,278
4,800
 
Fujicco Co. Ltd.
62,711
19,200
 
FUJIFILM Holdings Corp.
1,138,412
18,900
 
Heiwado Co. Ltd.
282,397
43,000
 
House Foods Group, Inc.
956,454
29,100
 
Itochu Enex Co. Ltd.
256,443
137,901
 
Japan Tobacco, Inc.(a)
3,017,643
43,855
 
Kaken Pharmaceutical Co. Ltd.(a)
1,098,537
33,100
 
Kamigumi Co. Ltd.
750,117
19,100
 
Kao Corp.(a)
690,645
14,200
 
Kato Sangyo Co. Ltd.
389,720
33,600
 
Kewpie Corp.(a)
548,570
14,800
 
Kinden Corp.
200,097
6,500
 
Kirin Holdings Co. Ltd.(a)
94,771
1,900
 
Komeri Co. Ltd.
38,662
4,200
 
Kumagai Gumi Co. Ltd.
89,801
154
See accompanying Notes to the Schedule of Investments
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Japan — continued
34,200
 
Kuraray Co. Ltd.(a)
332,972
64,300
 
Kyorin Pharmaceutical Co. Ltd.
779,620
13,000
 
Kyushu Railway Co.
278,809
36,700
 
Lawson, Inc.
1,627,601
20,300
 
Lintec Corp.
320,780
2,900
 
Maruichi Steel Tube Ltd.
66,594
1,700
 
McDonald's Holdings Co. Japan Ltd.
66,005
22,300
 
Megmilk Snow Brand Co. Ltd.
302,034
95,400
 
MEIJI Holdings Co. Ltd.
2,127,651
5,600
 
Miroku Jyoho Service Co. Ltd.
61,168
136,100
 
Mitsubishi Electric Corp.
1,909,402
26,600
 
Mitsubishi Shokuhin Co. Ltd.
687,227
34,200
 
Mizuho Financial Group, Inc.
521,131
28,800
 
Mochida Pharmaceutical Co. Ltd.
659,278
9,400
 
Morinaga & Co. Ltd.
293,898
700
 
Morinaga Milk Industry Co. Ltd.
22,895
3,300
 
NEC Corp.
160,184
32,200
 
Nichirei Corp.
686,951
4,600
 
Nikkon Holdings Co. Ltd.
91,861
68,100
 
Nippn Corp.
870,631
11,400
 
Nippon Kayaku Co. Ltd.
96,757
1,747,500
 
Nippon Telegraph & Telephone Corp.
2,067,165
7,000
 
Nisshin Oillio Group Ltd.
166,330
6,300
 
Nissin Foods Holdings Co. Ltd.
519,495
57,600
 
Okinawa Cellular Telephone Co.
1,198,708
64,200
 
Otsuka Holdings Co. Ltd.(a)
2,349,060
800
 
S&B Foods, Inc.
19,817
17,700
 
San-A Co. Ltd.
559,278
73,300
 
Sankyo Co. Ltd.
2,961,638
1,500
 
Sankyu, Inc.
49,608
19,500
 
Secom Co. Ltd.
1,318,200
4,600
 
Senko Group Holdings Co. Ltd.
33,083
24,700
 
Shinmaywa Industries Ltd.
232,104
18,159
 
Showa Sangyo Co. Ltd.(a)
337,751
9,800
 
SKY Perfect JSAT Holdings, Inc.
39,000
8,700
 
Socionext, Inc.(a)
1,270,802
188,800
 
SoftBank Corp.
2,016,425
167,000
 
Sumitomo Chemical Co. Ltd.
507,500
26,000
 
Sundrug Co. Ltd.
770,075
13,000
 
Takara Holdings, Inc.
105,683
134,700
 
Teijin Ltd.
1,351,988
29,500
 
Toho Holdings Co. Ltd.
542,233
1,611
 
TOKAI Holdings Corp.
10,059
16,200
 
Tokuyama Corp.
267,691
4,800
 
Toyo Ink SC Holdings Co. Ltd.(a)
72,554
37,900
 
Trend Micro, Inc.
1,832,365
7,100
 
Tsuruha Holdings, Inc.
528,190
1,500
 
Tv Tokyo Holdings Corp.
35,158
35,200
 
United Super Markets Holdings, Inc.
271,755
See accompanying Notes to the Schedule of Investments
155
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Japan — continued
4,600
 
Valor Holdings Co. Ltd.
63,872
35,900
 
Vital KSK Holdings, Inc.(a)
222,142
23,700
 
Yamato Holdings Co. Ltd.
427,905
14,800
 
Yamazaki Baking Co. Ltd.
200,057
5,400
 
Yaoko Co. Ltd.
270,728
1,300
 
Zenkoku Hosho Co. Ltd.
45,166
 
 
 
49,992,906
 
 
Netherlands — 2.0%
22,486
 
ASML Holding NV
16,273,979
11,224
 
Flow Traders Ltd.
247,618
56,970
 
Koninklijke Ahold Delhaize NV
1,942,881
64,620
 
Shell PLC(b)
1,944,703
16,414
 
Shell PLC(b)
489,224
16,492
 
Wolters Kluwer NV
2,093,686
 
 
 
22,992,091
 
 
New Zealand — 0.3%
23,833
 
Auckland International Airport Ltd.*
124,675
27,463
 
Freightways Group Ltd.(a)
140,228
81,050
 
Genesis Energy Ltd.
135,744
584
 
Mainfreight Ltd.
25,808
791,811
 
Spark New Zealand Ltd.
2,470,737
 
 
 
2,897,192
 
 
Norway — 0.5%
32,706
 
DNB Bank ASA
612,608
63,340
 
Equinor ASA
1,843,452
7,744
 
Kongsberg Gruppen ASA
352,921
23,044
 
Norsk Hydro ASA
137,225
103,425
 
Orkla ASA
744,129
13,012
 
SpareBank 1 SMN
171,280
21,165
 
Sparebanken Vest
203,513
90,515
 
Telenor ASA
919,288
16,762
 
Veidekke ASA
179,923
 
 
 
5,164,339
 
 
Portugal — 0.0%
8,069
 
Jeronimo Martins SGPS SA
222,424
 
 
Singapore — 0.6%
13,600
 
Frasers Property Ltd.
8,598
12,000
 
Great Eastern Holdings Ltd.
156,557
44,804
 
Hong Leong Finance Ltd.
82,827
1,201,149
 
Netlink NBN Trust
759,098
227,800
 
Oversea-Chinese Banking Corp. Ltd.
2,074,181
11,100
 
SBS Transit Ltd.
21,351
1,888,801
 
Sheng Siong Group Ltd.
2,289,069
156,400
 
Singapore Airlines Ltd.(a)
827,144
4,200
 
Singapore Exchange Ltd.
29,882
156
See accompanying Notes to the Schedule of Investments
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
Singapore — continued
33,000
 
Singapore Land Group Ltd.
49,786
272,900
 
Singapore Technologies Engineering Ltd.
743,992
140,700
 
Singapore Telecommunications Ltd.
260,506
 
 
 
7,302,991
 
 
South Korea — 0.4%
3,146
 
Samsung Electronics Co. Ltd., GDR(c)
4,358,756
 
 
Spain — 1.1%
55,132
 
Aena SME SA
8,910,166
60,089
 
Cia de Distribucion Integral Logista Holdings SA
1,619,179
62,956
 
Industria de Diseno Textil SA
2,445,535
1,669
 
Redeia Corp. SA(a)
28,023
 
 
 
13,002,903
 
 
Sweden — 0.2%
3,901
 
AAK AB
73,286
10,075
 
Atea ASA*
146,702
46,637
 
Cloetta AB Class B
84,717
29,397
 
Swedish Orphan Biovitrum AB*(a)
572,478
46,520
 
Volvo AB Class B
963,490
 
 
 
1,840,673
 
 
Switzerland — 1.1%
60,510
 
ABB Ltd.
2,382,030
14,370
 
Alcon, Inc.
1,194,474
1,348
 
Banque Cantonale de Geneve
327,007
168
 
Basellandschaftliche Kantonalbank
167,525
1,719
 
Berner Kantonalbank AG
446,066
8,128
 
BKW AG
1,436,420
147
 
Chocoladefabriken Lindt & Spruengli AG
1,847,386
1,163
 
Emmi AG
1,121,711
15
 
Graubuendner Kantonalbank
27,916
164
 
Hiag Immobilien Holding AG
13,934
402
 
Huber & Suhner AG
33,152
30,391
 
Novartis AG
3,068,656
3,203
 
Sonova Holding AG
853,647
726
 
Swiss Prime Site AG
63,035
1
 
Warteck Invest AG
2,231
 
 
 
12,985,190
 
 
United Kingdom — 3.3%
556,743
 
BAE Systems PLC
6,575,957
23,586
 
BP PLC, ADR
832,350
49,329
 
Bunzl PLC
1,880,113
151,158
 
Diageo PLC
6,490,964
2,425
 
Games Workshop Group PLC
337,342
27,495
 
Grafton Group PLC
273,900
94,079
 
Imperial Brands PLC
2,082,749
49,894
 
Redde Northgate PLC
238,065
See accompanying Notes to the Schedule of Investments
157
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
United Kingdom — continued
84,456
 
RELX PLC
2,818,625
214,288
 
Sage Group PLC
2,519,954
277,233
 
Spirent Communications PLC
577,249
273,908
 
St. James's Place PLC
3,789,527
169,964
 
Unilever PLC
8,846,575
 
 
 
37,263,370
 
 
United States — 69.5%
100
 
3M Co.
10,009
45,600
 
Abbott Laboratories
4,971,312
26,500
 
AbbVie, Inc.
3,570,345
18,237
 
Accenture PLC Class A
5,627,573
4,100
 
Acuity Brands, Inc.
668,628
12,175
 
Adobe, Inc.*
5,953,453
56,000
 
Albertsons Cos., Inc. Class A
1,221,920
208,406
 
Alphabet, Inc. Class A *
24,946,198
68,800
 
Altria Group, Inc.
3,116,640
126,864
 
Amazon.com, Inc.*
16,537,991
39,371
 
Amdocs Ltd.
3,891,823
6,178
 
Ameren Corp.
504,557
32,113
 
American Electric Power Co., Inc.
2,703,915
15,500
 
American Express Co.
2,700,100
200
 
Ameriprise Financial, Inc.
66,432
20,600
 
AmerisourceBergen Corp.
3,964,058
15,400
 
Amgen, Inc.
3,419,108
346
 
ANSYS, Inc.*
114,273
37,100
 
Apple, Inc.
7,196,287
17,700
 
Arch Capital Group Ltd.*
1,324,845
42,600
 
Archer-Daniels-Midland Co.
3,218,856
9,200
 
Arrow Electronics, Inc.*
1,317,716
14,484
 
Arthur J Gallagher & Co.
3,180,252
20,700
 
AT&T, Inc.
330,165
38,382
 
Autodesk, Inc.*
7,853,341
62,368
 
Automatic Data Processing, Inc.
13,707,863
1,500
 
AutoNation, Inc.*
246,915
1,100
 
AutoZone, Inc.*
2,742,696
22,700
 
Axis Capital Holdings Ltd.
1,221,941
12,300
 
Bank of New York Mellon Corp.
547,596
47,385
 
Becton Dickinson & Co.
12,510,114
18,472
 
Berkshire Hathaway, Inc. Class B *
6,298,952
7,100
 
Biogen, Inc.*
2,022,435
9,800
 
BioMarin Pharmaceutical, Inc.*
849,464
15,379
 
Bio-Rad Laboratories, Inc. Class A *
5,830,486
12,300
 
BJ's Wholesale Club Holdings, Inc.*
775,023
5,688
 
Booking Holdings, Inc.*
15,359,477
71,355
 
Bristol-Myers Squibb Co.
4,563,152
7,300
 
Broadcom, Inc.
6,332,239
6,300
 
CACI International, Inc. Class A *
2,147,292
20,335
 
Cadence Design Systems, Inc.*
4,768,964
158
See accompanying Notes to the Schedule of Investments
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
United States — continued
13,600
 
Campbell Soup Co.
621,656
20,500
 
Cardinal Health, Inc.
1,938,685
13,500
 
Casey's General Stores, Inc.
3,292,380
90,653
 
Catalent, Inc.*
3,930,714
18,900
 
Cboe Global Markets, Inc.
2,608,389
7,400
 
CDW Corp.
1,357,900
23,600
 
CH Robinson Worldwide, Inc.
2,226,660
69,429
 
Charles Schwab Corp.
3,935,236
26,038
 
Charter Communications, Inc. Class A *
9,565,580
5,300
 
Chemed Corp.
2,870,851
16,200
 
Cheniere Energy, Inc.
2,468,232
34,800
 
Chevron Corp.
5,475,780
19,000
 
Chubb Ltd.
3,658,640
8,000
 
Cigna Group
2,244,800
21,100
 
Cirrus Logic, Inc.*
1,709,311
119,700
 
Cisco Systems, Inc.
6,193,278
18,600
 
Clean Harbors, Inc.*
3,058,398
27,083
 
CMS Energy Corp.
1,591,126
17,600
 
CNA Financial Corp.
679,712
86,400
 
Coca-Cola Co.
5,203,008
30,000
 
Colgate-Palmolive Co.
2,311,200
10,100
 
ConocoPhillips
1,046,461
30,749
 
Consolidated Edison, Inc.
2,779,710
23,933
 
Cooper Cos., Inc.
9,176,630
11,850
 
Costco Wholesale Corp.
6,379,803
10,500
 
Curtiss-Wright Corp.
1,928,430
30,400
 
CVS Health Corp.
2,101,552
18,700
 
Darden Restaurants, Inc.
3,124,396
6,300
 
Dell Technologies, Inc. Class C
340,893
11,800
 
Donaldson Co., Inc.
737,618
27,977
 
DTE Energy Co.
3,078,030
80,988
 
Electronic Arts, Inc.
10,504,144
23,696
 
Elevance Health, Inc.
10,527,896
16,167
 
Eli Lilly & Co.
7,582,000
13,300
 
Entergy Corp.
1,295,021
14,525
 
Equifax, Inc.
3,417,732
30,639
 
Estee Lauder Cos., Inc. Class A
6,016,887
9,514
 
Everest Re Group Ltd.
3,252,456
49,900
 
Evergy, Inc.
2,915,158
32,100
 
Expeditors International of Washington, Inc.
3,888,273
58,800
 
Exxon Mobil Corp.
6,306,300
13,605
 
FactSet Research Systems, Inc.
5,450,843
20,300
 
FirstEnergy Corp.
789,264
71,096
 
Fiserv, Inc.*
8,968,760
18,500
 
Flowers Foods, Inc.
460,280
121,265
 
Fox Corp. Class A
4,123,010
14,300
 
General Dynamics Corp.
3,076,645
9,300
 
General Mills, Inc.
713,310
34,929
 
Genpact Ltd.
1,312,283
See accompanying Notes to the Schedule of Investments
159
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
United States — continued
44,100
 
Gilead Sciences, Inc.
3,398,787
82,141
 
GSK PLC
1,452,539
26,089
 
GSK PLC, ADR
929,812
45,400
 
Hartford Financial Services Group, Inc.
3,269,708
51,300
 
Hawaiian Electric Industries, Inc.
1,857,060
1,600
 
Henry Schein, Inc.*
129,760
15,726
 
Hershey Co.
3,926,782
5,664
 
Home Depot, Inc.
1,759,465
1,300
 
Honeywell International, Inc.
269,750
3,550
 
Humana, Inc.
1,587,311
10,100
 
Huntington Ingalls Industries, Inc.
2,298,760
32,698
 
ICON PLC, ADR*
8,181,040
5,700
 
IDACORP, Inc.
584,820
21,131
 
Illumina, Inc.*
3,961,851
18,500
 
Incyte Corp.*
1,151,625
26,800
 
Ingredion, Inc.
2,839,460
88,119
 
Intercontinental Exchange, Inc.
9,964,497
6,500
 
International Business Machines Corp.
869,765
32,747
 
Intuit, Inc.
15,004,348
3,700
 
IQVIA Holdings, Inc.*
831,649
4,700
 
J M Smucker Co.
694,049
400
 
Jabil, Inc.
43,172
11,100
 
Jazz Pharmaceuticals PLC*
1,376,067
18,700
 
JB Hunt Transport Services, Inc.
3,385,261
91,714
 
Johnson & Johnson
15,180,501
12,900
 
JPMorgan Chase & Co.
1,876,176
15,500
 
Keysight Technologies, Inc.*
2,595,475
2,700
 
KLA Corp.
1,309,554
83,300
 
Kroger Co.
3,915,100
15,300
 
L3Harris Technologies, Inc.
2,995,281
12,300
 
Laboratory Corp. of America Holdings
2,968,359
15,300
 
Landstar System, Inc.
2,945,862
300
 
Littelfuse, Inc.
87,393
8,600
 
Lockheed Martin Corp.
3,959,268
5,800
 
Loews Corp.
344,404
4,500
 
Lowe's Cos., Inc.
1,015,650
3,100
 
LyondellBasell Industries NV Class A
284,673
10,900
 
Manhattan Associates, Inc.*
2,178,692
1,930
 
Markel Group, Inc.*
2,669,537
37,728
 
Mastercard, Inc. Class A
14,838,422
3,000
 
McDonald's Corp.
895,230
10,700
 
McKesson Corp.
4,572,217
57,934
 
Merck & Co., Inc.
6,685,004
100,005
 
Microsoft Corp.
34,055,703
6,300
 
Molina Healthcare, Inc.*
1,897,812
50,278
 
Moody's Corp.
17,482,666
200
 
Motorola Solutions, Inc.
58,656
110,986
 
Nestle SA
13,360,328
3,300
 
NewMarket Corp.
1,326,996
160
See accompanying Notes to the Schedule of Investments
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
United States — continued
67,751
 
Newmont Corp.
2,890,258
8,900
 
NiSource, Inc.
243,415
7,000
 
Northrop Grumman Corp.
3,190,600
54,600
 
OGE Energy Corp.
1,960,686
2,300
 
Old Dominion Freight Line, Inc.
850,425
85,800
 
Old Republic International Corp.
2,159,586
46,314
 
Oracle Corp.
5,515,534
2,800
 
O'Reilly Automotive, Inc.*
2,674,840
15,750
 
PACCAR, Inc.
1,317,488
14,800
 
Packaging Corp. of America
1,955,968
500
 
Penske Automotive Group, Inc.
83,315
32,748
 
PepsiCo, Inc.
6,065,585
128,134
 
Pfizer, Inc.
4,699,955
149,597
 
Philip Morris International, Inc.
14,603,659
42,080
 
Procter & Gamble Co.
6,385,219
2,100
 
PTC, Inc.*
298,830
3,700
 
Public Service Enterprise Group, Inc.
231,657
42,900
 
QIAGEN NV*
1,931,787
14,700
 
QUALCOMM, Inc.
1,749,888
7,100
 
Raytheon Technologies Corp.
695,516
4,150
 
Regeneron Pharmaceuticals, Inc.*
2,981,941
26,904
 
Republic Services, Inc. Class A
4,120,886
32,662
 
Roche Holding AG
9,985,823
8,400
 
Roper Technologies, Inc.
4,038,720
23,400
 
Royal Gold, Inc.
2,685,852
15,455
 
S&P Global, Inc.
6,195,755
1,600
 
Salesforce, Inc.*
338,016
13,300
 
Sanofi
1,425,539
59,800
 
Schneider National, Inc. Class B
1,717,456
17,800
 
Science Applications International Corp.
2,002,144
110
 
Seaboard Corp.
391,679
14,100
 
Sempra Energy
2,052,819
2,700
 
Service Corp. International
174,393
800
 
ServiceNow, Inc.*
449,576
16,600
 
Southern Co.
1,166,150
10,300
 
SS&C Technologies Holdings, Inc.
624,180
10,272
 
Synopsys, Inc.*
4,472,532
6,100
 
Target Corp.
804,590
14,700
 
Teradata Corp.*
785,127
14,000
 
Tetra Tech, Inc.
2,292,360
26,700
 
Texas Instruments, Inc.
4,806,534
39,500
 
Textron, Inc.
2,671,385
12,689
 
Thermo Fisher Scientific, Inc.
6,620,486
29,700
 
T-Mobile U.S., Inc.*
4,125,330
19,400
 
Travelers Cos., Inc.
3,369,004
5,650
 
Ulta Beauty, Inc.*
2,658,862
7,600
 
United Parcel Service, Inc. Class B
1,362,300
7,300
 
United Therapeutics Corp.*
1,611,475
31,425
 
UnitedHealth Group, Inc.
15,104,112
See accompanying Notes to the Schedule of Investments
161
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
June 30, 2023 (Unaudited)
Shares
 
Description
Value ($)
 
 
United States — continued
47,073
 
VeriSign, Inc.*
10,637,086
135,312
 
Verizon Communications, Inc.
5,032,253
9,400
 
Vertex Pharmaceuticals, Inc.*
3,307,954
114,506
 
Visa, Inc. Class A
27,192,885
27,981
 
VMware, Inc. Class A *
4,020,590
25,700
 
W R Berkley Corp.
1,530,692
36,036
 
Walmart, Inc.
5,664,138
25,985
 
Waste Management, Inc.
4,506,319
35,800
 
WEC Energy Group, Inc.
3,158,992
1,000
 
White Mountains Insurance Group Ltd.
1,388,910
43,159
 
Xcel Energy, Inc.
2,683,195
19,100
 
Zoetis, Inc.
3,289,211
 
 
 
798,787,486
 
 
TOTAL COMMON STOCKS (COST $1,006,537,436)
1,122,673,045
 
 
 
PREFERRED STOCKS — 0.1%
 
 
Germany — 0.1%
959
 
Dr Ing hc F Porsche AG, 0.89%
119,005
3,219
 
Fuchs Petrolub SE, 2.96%
127,156
4,923
 
Henkel AG & Co. KGaA, 2.52%
393,456
 
 
 
639,617
 
 
TOTAL PREFERRED STOCKS (COST $494,653)
639,617
 
Par Value ($)
 
Description
Value ($)
 
 
SHORT-TERM INVESTMENT — 0.8%
 
 
Mutual Fund - Securities Lending Collateral — 0.8%
9,530,503
 
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.03%(d)(e)
9,530,503
 
 
TOTAL SHORT-TERM INVESTMENT (COST $9,530,503)
9,530,503
 
 
TOTAL INVESTMENTS — 98.6%
(Cost $1,016,562,592)
1,132,843,165
 
 
Other Assets and Liabilities (net) — 1.4%
16,379,476
 
 
NET ASSETS — 100.0%
$1,149,222,641
 
 
Notes to Schedule of Investments:
*
Non-income producing security.
(a)
All or a portion of this security is out on loan.
(b)
Securities are traded on separate exchanges for the same entity.   
(c)
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.
(d)
The rate disclosed is the 7-day net yield as of June 30, 2023.
162
See accompanying Notes to the Schedule of Investments
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
(e)
Represents an investment of securities lending cash collateral.
Futures Contracts 
Number of
Contracts
Description
Expiration Date
Notional
Value
Market Value/
Unrealized
Appreciation
(Depreciation)
Buys
 
 
5
Canadian Dollar
Sep 2023
$378,150
$3,631
24
MSCI EAFE Index
Sep 2023
2,586,600
18,937
27
S&P 500 E-mini Index
Sep 2023
6,059,137
187,936
2
S&P/TSX 60 Index
Sep 2023
368,366
5,899
 
 
$216,403
 
Abbreviations
ADR
—
American Depository Receipt
GDR
—
Global Depository Receipt
REIT
—
Real Estate Investment Trust
See accompanying Notes to the Schedule of Investments
163
Mercer Global Low Volatility Equity Fund
Schedule of Investments (Continued)
June 30, 2023 (Unaudited)
 
Industry Sector Summary (Unaudited)
% of Net Assets
Consumer, Non-cyclical
34.7
Technology
16.7
Industrial
12.1
Communications
11.3
Financial
11.2
Consumer, Cyclical
4.8
Utilities
3.4
Energy
1.9
Basic Materials
1.7
Short-Term Investment
0.8
Other Assets and Liabilities (net)
1.4
 
100.0%
164
See accompanying Notes to the Schedule of Investments
Mercer Funds
Notes to Financial Statements
June 30, 2023 (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, as amended (the “1940 Act”). Mercer Investments LLC (the “Adviser”), a Delaware limited liability company, serves as the investment adviser to the Funds. The Adviser manages each Fund using a “manager of managers” approach by selecting one or more sub-advisers (each a “Sub-adviser,” and collectively referred to as the “Sub-advisers”) 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 among the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. As of June 30, 2023, Class Y-3 and Class I shares were outstanding in each of the Funds.
(a) 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 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 Adviser or the applicable Sub-adviser 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
165
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
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 NYSE. When valuing foreign equity securities that meet certain criteria that the Adviser, which has been designated as the Funds' Valuation Designee under Rule 2a-5 of the 1940 Act by 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 Valuation Designee. 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 sixty (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 designated the Adviser as the Valuation Designee responsible for valuing portfolio securities, subject to continuing Board oversight. The Adviser 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 Adviser or the applicable Sub-adviser) 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. In that regard, at June 30, 2023, substantially all foreign equity securities held by Non-US Core Equity, Emerging Markets and Global Low Volatility were fair valued using valuations provided by an independent valuation service consistent with the valuation 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
166
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
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 June 30, 2023, 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 June 30, 2023 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
$7,089,943
$132,476,014
$—
$139,565,957
Austria
—
14,576,058
—
14,576,058
Belgium
—
16,711,495
—
16,711,495
Brazil
32,904,695
7,683,728
—
40,588,423
Canada
76,800,589
—
—
76,800,589
China
—
43,179,542
—
43,179,542
Denmark
10,322,974
75,734,255
—
86,057,229
Finland
—
26,731,319
—
26,731,319
France
—
328,109,944
—
328,109,944
Georgia
—
1,687,339
—
1,687,339
Germany
8,881,432
341,005,121
—
349,886,553
Hong Kong
—
23,168,027
—
23,168,027
Hungary
—
5,721,382
—
5,721,382
167
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
 
 
 
 
 
Description
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
India
$—
$17,035,435
$—
$17,035,435
Indonesia
—
1,436,879
—
1,436,879
Ireland
9,273,257
49,143,565
—
58,416,822
Israel
6,104,534
8,964,837
—
15,069,371
Italy
209,649
113,223,750
—
113,433,399
Japan
4,242,977
807,140,181
—
811,383,158
Malaysia
—
2,232,389
—
2,232,389
Malta
—
156,862
—
156,862
Netherlands
28,828,837
166,923,977
—
195,752,814
Norway
852,669
15,122,190
—
15,974,859
Philippines
—
14,439
—
14,439
Portugal
—
6,838,756
—
6,838,756
Russia
—
—
216,681
216,681
Singapore
—
9,212,580
—
9,212,580
South Africa
—
12,997,383
—
12,997,383
South Korea
—
47,558,361
—
47,558,361
Spain
751,583
91,114,360
0*
91,865,943
Sweden
—
73,909,717
—
73,909,717
Switzerland
—
214,386,678
—
214,386,678
Taiwan
15,870,578
32,503,198
—
48,373,776
Thailand
—
621,444
—
621,444
Turkey
—
12,915,519
—
12,915,519
United Kingdom
30,962,799
338,024,229
—
368,987,028
United States
107,755,452
242,948,067
—
350,703,519
Total Common Stocks
340,851,968
3,281,209,020
216,681
3,622,277,669
Investment Companies
12,441,716
—
—
12,441,716
Preferred Stocks
Brazil
7,115,604
—
—
7,115,604
Germany
—
22,264,446
—
22,264,446
South Korea
—
2,034,605
—
2,034,605
Total Preferred Stocks
7,115,604
24,299,051
—
31,414,655
Warrant
114,164
—
—
114,164
Short-Term Investment
Mutual Fund - Securities Lending
Collateral
106,743,834
—
—
106,743,834
168
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
 
 
 
 
 
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†
Buy
$336,168
$—
$—
$336,168
Total
$467,603,454
$3,305,508,071
$216,681
$3,773,328,206
 
*
Represents one or more Level 3 securities at $0 value as of June 30, 2023.
†
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
$—
$178,013,024
$—
$178,013,024
Corporate Debt
—
552,886,481
324
552,886,805
Mortgage Backed Securities - Private
Issuers
—
132,945,546
—
132,945,546
Mortgage Backed Securities -
U.S. Government Agency
Obligations
—
468,418,584
—
468,418,584
Municipal Obligations
—
17,768,000
—
17,768,000
Sovereign Debt Obligations
—
5,213,816
—
5,213,816
U.S. Government and Agency
Obligations
—
300,393,365
—
300,393,365
Total Debt Obligations
—
1,655,638,816
324
1,655,639,140
Common Stock
—
—
26,796
26,796
Short-Term Investment
Mutual Fund - Securities Lending
Collateral
24,598,625
—
—
24,598,625
Forward Foreign Currency Contract†
—
7,807
—
7,807
Futures Contracts†
Sales
332,790
—
—
332,790
169
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
Description
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Swaps
Centrally Cleared Interest Rate
Swaps†
$—
$20,800
$—
$20,800
Total
$24,931,415
$1,655,667,423
$27,120
$1,680,625,958
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
TBA Sale Commitments
$—
$(1,469,883
)
$—
$(1,469,883
)
Forward Foreign Currency Contracts†
—
(169,270
)
—
(169,270
)
Futures Contracts†
Buys
(1,473,618
)
—
—
(1,473,618
)
Sales
(2,316
)
—
—
(2,316
)
Total Futures Contracts
(1,475,934
)
—
—
(1,475,934
)
Swaps
Centrally Cleared Interest Rate Swap†
—
(3,906
)
—
(3,906
)
Total
$(1,475,934
)
$(1,643,059
)
$—
$(3,118,993
)
 
†
Forward foreign currency contracts, Futures contracts and Centrally cleared swaps are valued at unrealized
appreciation/depreciation.
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
Asset Backed Securities
$—
$95,796,156
$—
$95,796,156
Bank Loans
—
157,084,220
1,294,368
158,378,588
Convertible Debt
—
13,221,972
—
13,221,972
Corporate Debt
—
518,452,486
—
518,452,486
Mortgage Backed Securities - Private
Issuers
—
78,655,211
—
78,655,211
170
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
Description
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Mortgage Backed Securities -
U.S. Government Agency
Obligations
$—
$295,213
$—
$295,213
Sovereign Debt Obligations
—
463,896,700
—
463,896,700
U.S. Government and Agency
Obligation
—
75,383
—
75,383
Total Debt Obligations
—
1,327,477,341
1,294,368
1,328,771,709
Common Stocks
Energy
68
—
—
68
Industrial
—
—
0*
—
Total Common Stocks
68
—
0
68
Convertible Preferred Stock
—
3,389,657
—
3,389,657
Short-Term Investments
Mutual Fund - Securities Lending
Collateral
40,539,138
—
—
40,539,138
Sovereign Debt Obligation
—
1,451,656
—
1,451,656
Total Short-Term Investments
40,539,138
1,451,656
—
41,990,794
Purchased Options
Purchased Currency Options
—
35,359
—
35,359
Purchased Futures Options
144,600
—
—
144,600
Total Purchased Options
144,600
35,359
—
179,959
Forward Foreign Currency Contracts†
—
7,024,951
—
7,024,951
Futures Contracts†
Buy
562,926
—
—
562,926
Sales
534,411
—
—
534,411
Total Futures Contracts
1,097,337
—
—
1,097,337
171
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
Description
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Swaps
OTC Interest Rate Swaps
$—
$553,621
$—
$553,621
Centrally Cleared Interest Rate
Swaps†
—
646,487
—
646,487
OTC Credit Default Swaps
—
951,945
—
951,945
Centrally Cleared Credit Default
Swap†
—
118,757
—
118,757
Total Swaps
—
2,270,810
—
2,270,810
Total
$41,781,143
$1,341,649,774
$1,294,368
$1,384,725,285
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†
$—
$(12,794,750
)
$—
$(12,794,750
)
Futures Contracts†
Buys
(5,496,994
)
—
—
(5,496,994
)
Written Options
Written Futures Options
(58,713
)
—
—
(58,713
)
Swaps
Centrally Cleared Interest Rate
Swaps†
—
(863,581
)
—
(863,581
)
OTC Credit Default Swap
—
(8,071
)
—
(8,071
)
Centrally Cleared Credit Default
Swaps†
—
(561,135
)
—
(561,135
)
Total Swaps
—
(1,432,787
)
—
(1,432,787
)
Total
$(5,555,707
)
$(14,227,537
)
$—
$(19,783,244
)
 
*
Represents one or more Level 3 securities at $0 value as of June 30, 2023.
†
Forward foreign currency contracts, Futures contracts and Centrally cleared swaps are valued at unrealized
appreciation/depreciation.
172
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
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
Brazil
$140,003,656
$—
$—
$140,003,656
Canada
10,934,568
—
—
10,934,568
Chile
6,282,146
—
—
6,282,146
China
30,092,829
430,914,647
—
461,007,476
Greece
—
11,158,710
—
11,158,710
Hong Kong
—
40,494,130
—
40,494,130
Hungary
—
9,010,433
—
9,010,433
India
—
211,877,086
—
211,877,086
Indonesia
—
45,392,533
—
45,392,533
Italy
—
12,898,859
—
12,898,859
Japan
—
8,071,003
—
8,071,003
Macau
—
13,777,715
—
13,777,715
Malaysia
—
5,314,090
—
5,314,090
Mexico
80,959,376
—
—
80,959,376
Netherlands
—
13,865,924
—
13,865,924
Peru
5,266,466
—
—
5,266,466
Philippines
—
18,663,278
—
18,663,278
Poland
—
8,169,638
—
8,169,638
Portugal
—
8,517,988
—
8,517,988
Russia
—
1,081,005
459,975
1,540,980
Saudi Arabia
—
4,256,063
—
4,256,063
Singapore
—
6,455,063
—
6,455,063
South Africa
—
35,649,669
—
35,649,669
South Korea
415,800
125,832,004
—
126,247,804
Taiwan
38,191,458
157,923,117
0*
196,114,575
Thailand
9,107,539
26,178,017
—
35,285,556
Turkey
—
3,907,419
—
3,907,419
United Arab Emirates
—
2,235,931
—
2,235,931
United Kingdom
—
7,911,023
—
7,911,023
United States
5,299,404
—
—
5,299,404
Total Common Stocks
326,553,242
1,209,555,345
459,975
1,536,568,562
Preferred Stocks
10,471,531
—
—
10,471,531
173
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
 
 
 
 
 
Description
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Short-Term Investment
Mutual Fund - Securities Lending
Collateral
$29,642,930
$—
$—
$29,642,930
Total
$366,667,703
$1,209,555,345
$459,975
$1,576,683,023
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†
Buy
$(300,405
)
$—
$—
$(300,405
)
Total
$(300,405
)
$—
$—
$(300,405
)
 
*
Represents one or more Level 3 securities at $0 value as of June 30, 2023.
†
Futures contracts are valued at unrealized appreciation/depreciation.
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
$445,029
$14,427,326
$—
$14,872,355
Austria
—
104,939
—
104,939
Belgium
—
1,501
—
1,501
Bermuda
2,363,768
—
—
2,363,768
Brazil
—
439,467
—
439,467
Burkina Faso
—
368,761
—
368,761
Canada
41,463,815
—
—
41,463,815
China
7,174,592
1,072,119
—
8,246,711
Denmark
—
8,271,337
—
8,271,337
Finland
—
2,984,395
—
2,984,395
France
—
45,651,653
—
45,651,653
174
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
 
 
 
 
 
Description
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Georgia
$—
$2,062,444
$—
$2,062,444
Germany
—
18,631,645
—
18,631,645
Hong Kong
4,977
8,525,326
—
8,530,303
Israel
8,640,981
2,877,165
—
11,518,146
Italy
—
351,484
—
351,484
Japan
—
49,992,906
—
49,992,906
Netherlands
—
22,992,091
—
22,992,091
New Zealand
—
2,897,192
—
2,897,192
Norway
—
5,164,339
—
5,164,339
Portugal
—
222,424
—
222,424
Singapore
—
7,302,991
—
7,302,991
South Korea
—
4,358,756
—
4,358,756
Spain
—
13,002,903
—
13,002,903
Sweden
—
1,840,673
—
1,840,673
Switzerland
—
12,985,190
—
12,985,190
United Kingdom
832,350
36,431,020
—
37,263,370
United States
772,563,257
26,224,229
—
798,787,486
Total Common Stocks
833,488,769
289,184,276
—
1,122,673,045
Preferred Stocks
—
639,617
—
639,617
Short-Term Investment
Mutual Fund - Securities Lending
Collateral
9,530,503
—
—
9,530,503
Futures Contracts†
Buys
216,403
—
—
216,403
Total
$843,235,675
$289,823,893
$—
$1,133,059,568
 
†
Futures contracts are valued at unrealized appreciation/depreciation.
2.
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
175
Mercer Funds
Notes to Financial Statements (Continued)
June 30, 2023 (Unaudited)
may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. At June 30, 2023, Opportunistic Fixed had the following unfunded loan commitments: 
Borrower
Par
Cost
Value
Unrealized
Gain (Loss)
Athenahealth Group, Inc.
$13,043
$13,043
$12,510
$(533
)
Thermostat Purchaser III, Inc.
49,431
49,527
48,443
(1,084
)
VT Topco, Inc.
156
156
154
(2
)
 
$62,630
$62,726
$61,107
$(1,619
)
For information regarding the Funds’ other significant accounting policies, please refer to the Funds’ most recent Annual or Semi-Annual Report. Additional investments related disclosures are hereby incorporated by reference to the Annual and Semi-Annual reports previously filed with the SEC on Form N-CSR.
176