UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21732

Mercer Funds

(Exact Name of Registrant as Specified in Charter)

99 High Street

Boston, MA 02110

(Address of Principal Executive Offices)(Zip Code)

Scott M. Zoltowski, Esq.

Mercer Investment Management, Inc.

99 High Street

Boston, MA 02110

(Name and Address of Agent for Service)

Registrant’s Telephone Number, including Area Code:

(617) 747-9500

Date of Fiscal Year End: March 31, 2017

Date of Reporting Period: September 30, 2016

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Mercer Funds^™

Semi-Annual Report

Mercer US Large Cap Equity Fund (formerly known as Mercer US Large Cap Growth Equity Fund)

Mercer US Small/Mid Cap Equity Fund (formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Mercer Non-US Core Equity Fund

Mercer Core Fixed Income Fund

Mercer Opportunistic Fixed Income Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

This report has been prepared for Mercer Funds shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Mercer Funds prospectus. The prospectus contains more complete information about the Funds’ investment objectives, risks, and expenses. Investors are reminded to read the prospectus carefully before investing.

September 30, 2016

MERCER FUNDS

TABLE OF CONTENTS

	Page
Schedules of Investments	1
Statements of Assets and Liabilities	128
Statements of Operations	132
Statements of Changes in Net Assets	134
Financial Highlights	138
Notes to the Financial Statements	145
Understanding Your Fund’s Expenses	200
Trustees and Officers	202

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 95.4%
		Aerospace & Defense — 2.2%
	18,000	BE Aerospace, Inc.		929,880
	16,571	Boeing Co. (The)		2,183,063
	11,283	General Dynamics Corp.		1,750,670
	31,989	Northrop Grumman Corp.		6,844,047
	12,901	United Technologies Corp.		1,310,742
				13,018,402
		Agriculture — 1.2%
	46,136	Altria Group, Inc.		2,917,179
	32,197	Archer-Daniels-Midland Co.		1,357,748
	33,300	Philip Morris International, Inc.		3,237,426
				7,512,353
		Airlines — 2.5%
	115,779	American Airlines Group, Inc.		4,238,669
	112,070	Delta Air Lines, Inc.		4,411,075
	48,500	Southwest Airlines Co.		1,886,165
	84,344	United Continental Holdings, Inc.*		4,425,530
				14,961,439
		Apparel — 3.6%
	161,375	LVMH Moet Hennessy Louis Vuitton SE, Sponsored ADR		5,481,909
	153,802	Michael Kors Holdings, Ltd.*		7,196,395
	171,035	NIKE, Inc. Class B		9,004,993
				21,683,297
		Auto Manufacturers — 1.5%
	67,344	Fiat Chrysler Automobiles NV		431,002
	227,316	General Motors Co.		7,221,829
	13,830	Toyota Motor Corp., Sponsored ADR		1,605,110
				9,257,941
		Auto Parts & Equipment — 1.2%
	101,711	Goodyear Tire & Rubber Co. (The)		3,285,265
	29,865	Magna International, Inc. Class A		1,282,702
	68,230	Mobileye NV* ‡		2,904,551
				7,472,518
		Banks — 4.6%
	400,174	Bank of America Corp.		6,262,723
	160,757	Citigroup, Inc.		7,592,553
	112,150	JPMorgan Chase & Co.		7,468,069
	60,300	Morgan Stanley		1,933,218
	12,900	PNC Financial Services Group, Inc.		1,162,161
	28,500	Popular, Inc.		1,089,270

See accompanying Notes to the Financial Statements. 1

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Banks — continued
	51,100	SunTrust Banks, Inc.		2,238,180
				27,746,174
		Beverages — 3.1%
	144,229	AMBEV SA, ADR		878,355
	20,051	Coca-Cola European Partners Plc		800,035
	46,405	Diageo Plc, Sponsored ADR‡		5,384,836
	20,400	Dr Pepper Snapple Group, Inc.		1,862,724
	83,200	Heineken NV, ADR‡		3,649,152
	18,760	Monster Beverage Corp.*		2,754,155
	31,000	PepsiCo, Inc.		3,371,870
				18,701,127
		Biotechnology — 4.6%
	20,931	Alexion Pharmaceuticals, Inc.*		2,564,885
	18,600	Amgen, Inc.		3,102,666
	16,934	Biogen, Inc.*		5,300,850
	24,955	Celgene Corp.*		2,608,546
	68,420	Gilead Sciences, Inc.		5,413,390
	17,851	Illumina, Inc.*		3,242,813
	17,498	Intercept Pharmaceuticals, Inc.* ‡		2,879,996
	33,428	Vertex Pharmaceuticals, Inc.*		2,915,256
				28,028,402
		Building Materials — 0.4%
	45,200	Louisiana-Pacific Corp.*		851,116
	41,844	Masco Corp.		1,435,668
				2,286,784
		Chemicals — 2.2%
	12,520	Dow Chemical Co. (The)		648,912
	12,420	Eastman Chemical Co.		840,586
	93,499	LyondellBasell Industries NV Class A		7,541,629
	3,310	Monsanto Co.		338,282
	62,403	Mosaic Co. (The)		1,526,377
	9,443	Sherwin-Williams Co. (The)		2,612,500
				13,508,286
		Commercial Services — 1.4%
	29,223	H&R Block, Inc.		676,513
	142,825	PayPal Holdings, Inc.*		5,851,540
	53,600	Quanta Services, Inc.*		1,500,264
	9,500	Robert Half International, Inc.		359,670
				8,387,987
		Computers — 2.2%
	54,794	Apple, Inc.		6,194,462
	47,242	HP, Inc.		733,668

2 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Computers — continued
	58,323	NetApp, Inc.		2,089,130
	59,566	Seagate Technology Plc		2,296,269
	59,300	Teradata Corp.*		1,838,300
				13,151,829
		Diversified Financial Services — 2.6%
	52,000	AerCap Holdings NV*		2,001,480
	3,524	American Express Co.		225,677
	20,794	Ameriprise Financial, Inc.		2,074,617
	66,080	Charles Schwab Corp. (The)		2,086,146
	8,026	IntercontinentalExchange Group, Inc.		2,161,883
	86,400	Santander Consumer USA Holdings, Inc.*		1,050,624
	36,000	Synchrony Financial*		1,008,000
	64,847	Visa, Inc. Class A‡		5,362,847
				15,971,274
		Electric — 1.0%
	114,600	AES Corp.		1,472,610
	42,300	Calpine Corp.*		534,672
	17,010	Edison International		1,228,973
	25,300	Entergy Corp.		1,941,269
	32,520	NRG Energy, Inc.		364,549
	6,805	Public Service Enterprise Group, Inc.		284,925
				5,826,998
		Electrical Components & Equipment — 0.8%
	6,627	Acuity Brands, Inc.		1,753,504
	54,293	Emerson Electric Co.		2,959,512
				4,713,016
		Electronics — 1.0%
	64,964	Corning, Inc.		1,536,399
	118,875	Fitbit, Inc. Class A* ‡		1,764,105
	39,156	TE Connectivity, Ltd.		2,520,863
				5,821,367
		Engineering & Construction — 0.4%
	20,700	AECOM*		615,411
	23,350	Chicago Bridge & Iron Co. NV		654,501
	8,500	Fluor Corp.		436,220
	14,038	Jacobs Engineering Group, Inc.*		726,045
				2,432,177
		Environmental Control — 0.2%
	16,775	Waste Management, Inc.		1,069,574

See accompanying Notes to the Financial Statements. 3

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Food — 1.7%
	69,975	Nestle SA, Sponsored ADR		5,529,425
	41,435	Sysco Corp.		2,030,729
	31,200	Tyson Foods, Inc. Class A		2,329,704
	21,748	Whole Foods Market, Inc.		616,556
				10,506,414
		Forest Products & Paper — 0.0%
	4,900	International Paper Co.		235,102
		Health Care - Products — 0.4%
	17,640	Edwards Lifesciences Corp.*		2,126,678
		Health Care - Services — 0.7%
	1,700	Anthem, Inc.		213,027
	21,079	DaVita, Inc.*		1,392,690
	7,900	HCA Holdings, Inc.*		597,477
	2,061	Laboratory Corp. of America Holdings*		283,346
	21,562	Quest Diagnostics, Inc.		1,824,792
				4,311,332
		Home Builders — 0.1%
	11,074	D.R. Horton, Inc.		334,435
		Household Products & Wares — 0.2%
	18,725	Avery Dennison Corp.		1,456,618
		Housewares — 0.1%
	12,400	Tupperware Brands Corp.		810,588
		Insurance — 4.2%
	21,789	Aflac, Inc.		1,565,976
	66,546	Allstate Corp. (The)		4,603,652
	56,615	American International Group, Inc.		3,359,534
	1,200	Assurant, Inc.		110,700
	14,516	Berkshire Hathaway, Inc. Class B*		2,097,127
	30,568	Hartford Financial Services Group, Inc. (The)		1,308,922
	16,600	Lincoln National Corp.		779,868
	41,710	MetLife, Inc.		1,853,175
	8,000	Prudential Financial, Inc.		653,200
	61,306	Travelers Cos., Inc. (The)		7,022,602
	21,300	Unum Group		752,103
	35,615	Voya Financial, Inc.		1,026,424
				25,133,283
		Internet — 7.1%
	36,212	Alibaba Group Holding, Ltd., Sponsored ADR* ‡		3,830,868
	7,120	Alphabet, Inc. Class C*		5,534,305
	1,682	Alphabet, Inc. Class A*		1,352,429

4 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Internet — continued
	4,956	Amazon.com, Inc.*		4,149,708
	77,649	eBay, Inc.*		2,554,652
	39,026	Facebook, Inc. Class A*		5,005,865
	12,249	MercadoLibre, Inc.		2,265,698
	7,545	Priceline Group (The), Inc.*		11,102,392
	48,159	Splunk, Inc.*		2,825,970
	93,033	Symantec Corp.		2,335,128
	24,272	VeriSign, Inc.*		1,899,041
				42,856,056
		Iron & Steel — 0.2%
	14,940	Reliance Steel & Aluminum Co.		1,076,128
		Leisure Time — 1.1%
	122,675	Carnival Corp.‡		5,988,993
	17,600	Norwegian Cruise Line Holdings, Ltd.*		663,520
				6,652,513
		Lodging — 1.6%
	135,065	Marriott International, Inc. Class A		9,093,926
	8,293	Wyndham Worldwide Corp.		558,368
				9,652,294
		Machinery - Construction & Mining — 0.4%
	10,970	Caterpillar, Inc.		973,807
	45,782	Terex Corp.		1,163,320
				2,137,127
		Machinery - Diversified — 0.1%
	6,403	Cummins, Inc.		820,544
		Media — 5.5%
	88,125	AMC Networks, Inc. Class A*		4,570,163
	64,138	CBS Corp. Class B		3,510,914
	100,725	Comcast Corp. Class A		6,682,096
	41,866	Discovery Communications, Inc. Class A*		1,127,033
	17,600	Scripps Networks Interactive, Inc. Class A		1,117,424
	199,891	Sirius XM Holdings, Inc.*		833,545
	71,850	Time Warner, Inc.		5,719,979
	41,917	Twenty-First Century Fox, Inc. Class A		1,015,230
	30,510	Viacom, Inc. Class B		1,162,431
	79,725	Walt Disney Co. (The)		7,403,263
				33,142,078
		Mining — 0.2%
	25,899	BHP Billiton Plc, ADR		786,812
	4,494	Rio Tinto Plc, Sponsored ADR		150,099
				936,911

See accompanying Notes to the Financial Statements. 5

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Miscellaneous - Manufacturing — 1.9%
	17,684	Dover Corp.		1,302,250
	13,900	Eaton Corp. Plc		913,369
	31,651	General Electric Co.		937,503
	36,787	Illinois Tool Works, Inc.		4,408,554
	30,648	Parker-Hannifin Corp.		3,847,243
				11,408,919
		Office & Business Equipment — 0.3%
	178,615	Xerox Corp.		1,809,370
		Oil & Gas — 4.9%
	27,500	Anadarko Petroleum Corp.		1,742,400
	24,040	Apache Corp.		1,535,435
	122,740	BP Plc, Sponsored ADR		4,315,538
	146,952	Canadian Natural Resources, Ltd.		4,708,342
	12,382	Chevron Corp.		1,274,356
	71,500	Devon Energy Corp.		3,153,865
	38,000	Diamond Offshore Drilling, Inc.		669,180
	131,700	Ensco Plc Class A		1,119,450
	6,021	Exxon Mobil Corp.		525,513
	31,278	Helmerich & Payne, Inc.		2,105,009
	19,100	Murphy Oil Corp.		580,640
	26,162	Tesoro Corp.		2,081,449
	102,911	Valero Energy Corp.		5,454,283
				29,265,460
		Oil & Gas Services — 0.7%
	110,281	National Oilwell Varco, Inc.		4,051,724
	9,500	Oceaneering International, Inc.		261,345
				4,313,069
		Packaging & Containers — 0.0%
	8,700	Owens-Illinois, Inc.*		159,993
		Pharmaceuticals — 4.4%
	22,700	AbbVie, Inc.		1,431,689
	68,389	Bristol-Myers Squibb Co.		3,687,535
	21,836	DexCom, Inc.*		1,914,144
	23,647	Express Scripts Holding Co.*		1,667,823
	43,600	Horizon Pharma Plc*		790,468
	4,000	Jazz Pharmaceuticals Plc*		485,920
	40,400	Johnson & Johnson		4,772,452
	12,700	Mallinckrodt Plc*		886,206
	58,503	Merck & Co., Inc.		3,651,172
	21,200	Mylan NV*		808,144
	136,516	Pfizer, Inc.		4,623,797
	9,550	Shire Plc, ADR		1,851,363
				26,570,713

6 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Private Equity — 0.8%
	79,020	Blackstone Group (The), LP		2,017,380
	196,230	KKR & Co., LP		2,798,240
				4,815,620
		REITS — 0.7%
	18,184	Apartment Investment & Management Co. REIT Class A		834,827
	42,133	Host Hotels & Resorts, Inc. REIT		656,011
	16,660	SL Green Realty Corp. REIT		1,800,946
	98,030	Two Harbors Investment Corp. REIT		836,196
				4,127,980
		Retail — 9.4%
	118,333	Bed Bath & Beyond, Inc.		5,101,336
	119,468	Best Buy Co., Inc.		4,561,288
	49,700	Coach, Inc.		1,817,032
	23,031	CVS Health Corp.		2,049,529
	10,500	Dillard’s, Inc. Class A		661,605
	75,464	Kohl’s Corp.		3,301,550
	56,445	Lululemon Athletica, Inc.* ‡		3,442,016
	97,708	Macy’s, Inc.		3,620,081
	65,942	McDonald’s Corp.		7,607,069
	15,500	Signet Jewelers, Ltd.		1,155,215
	96,300	Staples, Inc.		823,365
	108,845	Starbucks Corp.		5,892,868
	14,619	Target Corp.		1,004,033
	40,800	Urban Outfitters, Inc.*		1,408,416
	105,426	Wal-Mart Stores, Inc.		7,603,323
	115,575	Williams-Sonoma, Inc.‡		5,903,571
	5,996	Yum! Brands, Inc.		544,497
				56,496,794
		Semiconductors — 1.5%
	77,868	Applied Materials, Inc.		2,347,720
	101,476	Intel Corp.		3,830,719
	162,575	Micron Technology, Inc.*		2,890,584
				9,069,023
		Software — 5.3%
	73,474	Activision Blizzard, Inc.		3,254,898
	26,976	Adobe Systems, Inc.*		2,927,975
	101,969	CA, Inc.		3,373,135
	24,900	Citrix Systems, Inc.*		2,121,978
	20,097	Intuit, Inc.		2,210,871
	172,800	Microsoft Corp.		9,953,280
	6,209	MSCI, Inc. Class A		521,183
	50,228	Oracle Corp.		1,972,956
	34,450	Salesforce.com, Inc.*		2,457,318

See accompanying Notes to the Financial Statements. 7

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Software — continued
	41,318	ServiceNow, Inc.*		3,270,320
				32,063,914
		Telecommunications — 4.0%
	37,145	AT&T, Inc.		1,508,459
	170,680	CenturyLink, Inc.		4,681,752
	27,800	China Mobile, Ltd., Sponsored ADR		1,710,256
	68,860	Cisco Systems, Inc.		2,184,239
	87,282	Juniper Networks, Inc.		2,100,005
	39,733	Motorola Solutions, Inc.		3,030,833
	74,383	NTT DoCoMo, Inc., Sponsored ADR		1,890,072
	17,370	Palo Alto Networks, Inc.*		2,767,562
	5,954	QUALCOMM, Inc.		407,849
	72,671	Verizon Communications, Inc.		3,777,439
				24,058,466
		Transportation — 1.2%
	10,975	FedEx Corp.		1,917,113
	51,325	United Parcel Service, Inc. Class B		5,612,902
				7,530,015
		TOTAL COMMON STOCKS (COST $539,342,871)		575,428,382
		INVESTMENT COMPANY — 1.4%
	41,636	Vanguard S&P 500 ETF		8,272,657
		TOTAL INVESTMENT COMPANY (COST $8,006,186)		8,272,657
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 5.5%
		Bank Deposit — 3.3%
	19,638,376	State Street Bank & Trust Euro Time Deposit, 0.01%, due 10/03/16		19,638,376
		Securities Lending Collateral — 2.1%
	12,861,573	State Street Institutional U.S. Government Money Market Fund, Premier Class***		12,861,573
		U.S. Government and Agency Obligations — 0.1%
	600,000	United States Treasury Bill, 0.33%, due 10/13/16** ‡‡		599,930
		TOTAL SHORT-TERM INVESTMENTS (COST $33,099,879)		33,099,879
		TOTAL INVESTMENTS — 102.3% (Cost $580,448,936)		616,800,918
		Other Assets and Liabilities (net) — (2.3)%		(13,665,923	)
		NET ASSETS — 100.0%	$	603,134,995

8 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	REIT — Real Estate Investment Trust
*	Non-income producing security
**	All or a portion of this security is held for open futures collateral.
***	Represents an investment of securities lending cash collateral.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.

See accompanying Notes to the Financial Statements. 9

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Futures Contracts

Number of Contracts		Type	Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
	Buys
	116	S&P 500 E-mini Index		December 2016	$	12,530,320	$	15,895
	16	S&P Mid 400 E-mini Index		December 2016		2,479,360		40,843
							$	56,738

10 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

(formerly known as Mercer US Large Cap Growth Equity Fund)

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		95.4
Investment Company		1.4
Futures Contracts		0.0
Short-Term Investments		5.5
Other Assets and Liabilities (net)		(2.3	)
		100.0	%

See accompanying Notes to the Financial Statements. 11

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 95.2%
		Advertising — 0.3%
	138,000	Interpublic Group of Cos. (The), Inc.		3,084,300
		Aerospace & Defense — 1.8%
	92,944	BE Aerospace, Inc.		4,801,487
	34,500	Moog, Inc. Class A*		2,054,130
	39,577	Orbital ATK, Inc.		3,016,955
	63,700	Spirit AerosyStems Holdings, Inc. Class A*		2,837,198
	16,667	TransDigm Group, Inc.* ‡		4,818,763
				17,528,533
		Agriculture — 0.4%
	31,500	Bunge, Ltd.		1,865,745
	26,900	Universal Corp.		1,566,118
				3,431,863
		Airlines — 0.7%
	30,800	Alaska Air Group, Inc.		2,028,488
	17,579	Allegiant Travel Co.		2,321,659
	119,500	JetBlue Airways Corp.*		2,060,180
				6,410,327
		Apparel — 0.5%
	12,169	Carter’s, Inc.		1,055,174
	26,825	Columbia Sportswear Co.		1,522,050
	39,700	Michael Kors Holdings, Ltd.*		1,857,563
				4,434,787
		Auto Manufacturers — 0.1%
	93,900	Wabash National Corp.*		1,337,136
		Auto Parts & Equipment — 1.2%
	7,400	Cooper-Standard Holding, Inc.*		731,120
	52,828	Dorman Products, Inc.*		3,375,709
	81,300	Goodyear Tire & Rubber Co. (The)		2,625,990
	20,200	Lear Corp.		2,448,644
	27,700	Tenneco, Inc.*		1,614,079
	39,700	Tower International, Inc.		956,770
				11,752,312
		Banks — 6.7%
	94,630	Ameris Bancorp		3,307,318
	47,900	Banco Latinoamericano de Comercio Exterior SA		1,349,822
	63,459	BankUnited, Inc.		1,916,462
	33,100	Banner Corp.		1,447,794
	21,400	Bryn Mawr Bank Corp.		684,586

12 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Banks — continued
	89,765	Capital Bank Financial Corp. Class A		2,882,354
	48,700	CenterState Banks, Inc.		863,451
	45,276	Columbia Banking System, Inc.		1,481,431
	39,200	Fidelity Southern Corp.		720,888
	122,700	First Commonwealth Financial Corp.		1,238,043
	110,400	First Horizon National Corp.		1,681,392
	27,100	First Interstate BancSystem, Inc.		853,921
	109,425	First Republic Bank		8,437,762
	39,135	Glacier Bancorp, Inc.		1,116,130
	48,700	Hanmi Financial Corp.		1,282,758
	120,910	Heritage Financial Corp.		2,170,335
	49,333	Home BancShares, Inc.		1,026,620
	115,500	Hope Bancorp, Inc.		2,006,235
	31,591	IBERIABANK Corp.		2,120,388
	41,900	International Bancshares Corp.		1,247,782
	196,600	Old National Bancorp		2,764,196
	55,690	PacWest Bancorp		2,389,658
	354,600	Regions Financial Corp.		3,499,902
	13,141	Signature Bank*		1,556,551
	24,888	SVB Financial Group*		2,751,120
	162,200	TCF Financial Corp.		2,353,522
	29,802	Texas Capital Bancshares, Inc.*		1,636,726
	57,600	Trustmark Corp.		1,587,456
	105,921	Umpqua Holdings Corp.		1,594,111
	50,724	Webster Financial Corp.		1,928,019
	131,284	Western Alliance Bancorp*		4,928,401
				64,825,134
		Biotechnology — 1.3%
	38,300	AMAG Pharmaceuticals, Inc.*		938,733
	197,300	ARIAD Pharmaceuticals, Inc.* ‡		2,701,037
	39,105	Bio-Rad Laboratories, Inc. Class A*		6,405,790
	261,890	Merrimack Pharmaceuticals, Inc.* ‡		1,663,002
	10,900	United Therapeutics Corp.*		1,287,072
				12,995,634
		Building Materials — 1.7%
	112,005	Boise Cascade Co.*		2,844,927
	262,930	Builders FirstSource, Inc.* ‡		3,026,324
	14,141	Drew Industries, Inc.		1,386,101
	67,986	Headwaters, Inc.*		1,150,323
	18,450	Lennox International, Inc.		2,897,204
	93,130	Louisiana-Pacific Corp.*		1,753,638
	99,240	Summit Materials, Inc. Class A*		1,840,902
	50,500	USG Corp.*		1,305,425
				16,204,844

See accompanying Notes to the Financial Statements. 13

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Chemicals — 2.7%
	143,760	Axalta Coating Systems, Ltd.*		4,064,095
	40,100	Cabot Corp.		2,101,641
	29,900	Celanese Corp. Series A		1,990,144
	58,600	Chemtura Corp.*		1,922,666
	26,400	Eastman Chemical Co.		1,786,752
	144,900	Huntsman Corp.		2,357,523
	73,120	PolyOne Corp.		2,472,187
	16,291	Quaker Chemical Corp.		1,725,706
	96,860	RPM International, Inc.		5,203,319
	38,080	W.R. Grace & Co.		2,810,304
				26,434,337
		Commercial Services — 8.2%
	89,050	Aramark		3,386,571
	34,900	Avis Budget Group, Inc.*		1,193,929
	62,265	Booz Allen Hamilton Holding Corp.		1,968,197
	32,157	Bright Horizons Family Solutions, Inc.*		2,150,982
	34,605	Cardtronics Plc Class A*		1,543,383
	44,000	Carriage Services, Inc.		1,040,600
	21,955	CEB, Inc.		1,195,889
	41,588	CoStar Group, Inc.*		9,005,050
	30,700	Deluxe Corp.		2,051,374
	18,165	Euronet Worldwide, Inc.*		1,486,442
	56,780	Gartner, Inc.*		5,022,191
	44,449	Grand Canyon Education, Inc.* ‡		1,795,295
	51,886	Healthcare Services Group, Inc.		2,053,648
	17,470	ICF International, Inc.*		774,270
	92,392	IHS Markit, Ltd.*		3,469,320
	45,275	KAR Auction Services, Inc.		1,954,069
	37,800	ManpowerGroup, Inc.		2,731,428
	47,666	MarketAxess Holdings, Inc.		7,893,013
	186,664	Nord Anglia Education, Inc.* ‡		4,065,542
	42,495	Paylocity Holding Corp.* ‡		1,889,328
	142,793	Ritchie Bros Auctioneers, Inc.‡		5,007,750
	75,400	RR Donnelley & Sons Co.		1,185,288
	94,190	Sabre Corp.‡		2,654,274
	88,665	Team Health Holdings, Inc.* ‡		2,886,932
	75,500	Total System Services, Inc.		3,559,825
	149,026	TransUnion*		5,141,397
	73,600	Western Union Co. (The)		1,532,352
				78,638,339
		Computers — 2.7%
	77,300	Convergys Corp.		2,351,466
	79,135	Electronics For Imaging, Inc.*		3,871,284
	34,811	ExlService Holdings, Inc.*		1,734,980
	21,610	Fleetmatics Group Plc*		1,296,168
	98,860	Fortinet, Inc.*		3,650,900

14 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Computers — continued
	43,947	Lumentum Holdings, Inc.*		1,835,666
	94,600	Mentor Graphics Corp.		2,501,224
	67,900	NCR Corp.*		2,185,701
	42,200	Seagate Technology Plc		1,626,810
	93,800	Teradata Corp.*		2,907,800
	135,015	VeriFone Systems, Inc.*		2,125,136
				26,087,135
		Cosmetics & Personal Care — 0.3%
	76,460	Inter Parfums, Inc.		2,467,364
		Distribution & Wholesale — 0.8%
	103,470	HD Supply Holdings, Inc.*		3,308,970
	111,380	LKQ Corp.*		3,949,535
				7,258,505
		Diversified Financial Services — 2.0%
	17,530	Affiliated Managers Group, Inc.*		2,536,591
	41,775	Artisan Partners Asset Management, Inc. Class A		1,136,280
	27,116	CBOE Holdings, Inc.		1,758,473
	40,300	CIT Group, Inc.		1,462,890
	18,000	Federal Agricultural Mortgage Corp. Class C		711,000
	54,700	Legg Mason, Inc.		1,831,356
	112,400	Navient Corp.		1,626,428
	53,420	Raymond James Financial, Inc.		3,109,578
	33,661	SEI Investments Co.		1,535,278
	52,523	WageWorks, Inc.*		3,199,176
				18,907,050
		Electric — 1.3%
	147,600	AES Corp.		1,896,660
	33,700	Allete, Inc.		2,009,194
	54,270	Great Plains Energy, Inc.		1,481,028
	146,570	OGE Energy Corp.		4,634,544
	59,561	Portland General Electric Co.		2,536,703
				12,558,129
		Electrical Components & Equipment — 1.7%
	9,330	Acuity Brands, Inc.		2,468,718
	35,172	Advanced Energy Industries, Inc.*		1,664,339
	41,100	Belden, Inc.		2,835,489
	105,330	EnerSys		7,287,783
	49,503	Generac Holdings, Inc.*		1,796,959
				16,053,288
		Electronics — 2.9%
	66,700	Avnet, Inc.		2,738,702

See accompanying Notes to the Financial Statements. 15

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Electronics — continued
	65,836	Coherent, Inc.* ‡		7,277,511
	161,700	Flex, Ltd.*		2,202,354
	12,095	Mettler-Toledo International, Inc.*		5,077,844
	64,827	National Instruments Corp.		1,841,087
	43,100	Sanmina Corp.*		1,227,057
	29,498	Sensata Technologies Holding NV* ‡		1,143,932
	72,392	Trimble Navigation, Ltd.*		2,067,516
	117,800	Vishay Intertechnology, Inc.		1,659,802
	40,920	Woodward, Inc.		2,556,682
				27,792,487
		Energy-Alternate Sources — 0.1%
	142,300	Renewable Energy Group, Inc.*		1,205,281
		Engineering & Construction — 0.6%
	37,900	Chicago Bridge & Iron Co. NV		1,062,337
	49,999	Exponent, Inc.		2,552,949
	60,240	MasTec, Inc.*		1,791,538
				5,406,824
		Entertainment — 1.0%
	116,520	Lions Gate Entertainment Corp.‡		2,329,235
	24,497	Six Flags Entertainment Corp.‡		1,313,284
	39,353	Vail Resorts, Inc.		6,173,699
				9,816,218
		Environmental Control — 0.1%
	22,700	Tetra Tech, Inc.		805,169
		Food — 2.0%
	24,900	Hain Celestial Group (The), Inc.*		885,942
	22,700	Ingles Markets, Inc. Class A		897,558
	81,520	John B Sanfilippo & Son, Inc.		4,184,421
	64,700	Pilgrim’s Pride Corp.		1,366,464
	38,470	Pinnacle Foods, Inc.		1,930,040
	20,600	Sanderson Farms, Inc.		1,984,398
	29,600	SpartanNash Co.		856,032
	71,409	TreeHouse Foods, Inc.*		6,226,151
	40,200	Whole Foods Market, Inc.		1,139,670
				19,470,676
		Forest Products & Paper — 0.6%
	27,100	Clearwater Paper Corp.*		1,752,557
	16,749	Deltic Timber Corp.		1,134,410
	74,113	PH Glatfelter Co.		1,606,770
	35,400	Schweitzer-Mauduit International, Inc.		1,365,024
				5,858,761

16 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Gas — 0.8%
	39,275	Atmos Energy Corp.		2,924,809
	127,600	Centerpoint Energy, Inc.		2,964,148
	94,410	NiSource, Inc.		2,276,225
				8,165,182
		Hand & Machine Tools — 0.2%
	29,080	Lincoln Electric Holdings, Inc.		1,820,990
		Health Care - Products — 3.8%
	81,252	Align Technology, Inc.*		7,617,375
	78,260	Bruker Corp.		1,772,589
	27,513	Cantel Medical Corp. Class B		2,145,464
	17,440	ICU Medical, Inc.*		2,204,067
	21,159	IDEXX Laboratories, Inc.*		2,385,254
	120,775	STERIS Plc		8,828,652
	73,461	VWR Corp.*		2,083,354
	57,573	West Pharmaceutical Services, Inc.		4,289,189
	205,848	Wright Medical Group NV* ‡		5,049,451
				36,375,395
		Health Care - Services — 2.3%
	68,262	Acadia Healthcare Co., Inc.* ‡		3,382,382
	31,700	Air Methods Corp.*		998,233
	56,600	Ensign Group (The), Inc.		1,139,358
	26,041	ICON Plc*		2,014,792
	98,400	Kindred Healthcare, Inc.		1,005,648
	53,061	MEDNAX, Inc.*		3,515,291
	44,140	Quest Diagnostics, Inc.		3,735,568
	102,600	Select Medical Holdings Corp.*		1,385,100
	39,006	Surgical Care Affiliates, Inc.* ‡		1,901,933
	24,217	WellCare Health Plans, Inc.*		2,835,569
				21,913,874
		Home Builders — 1.6%
	41,475	CalAtlantic Group, Inc.		1,386,924
	15,241	Cavco Industries, Inc.*		1,509,621
	248,815	Taylor Morrison Home Corp. Class A*		4,379,144
	29,700	Thor Industries, Inc.		2,515,590
	409,170	TRI Pointe Group, Inc.*		5,392,861
				15,184,140
		Home Furnishings — 1.1%
	34,300	Ethan Allen Interiors, Inc.		1,072,561
	38,974	Harman International Industries, Inc.		3,291,354
	132,293	La-Z-Boy, Inc.		3,249,116
	39,875	Universal Electronics, Inc.*		2,969,093
				10,582,124

See accompanying Notes to the Financial Statements. 17

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Household Products & Wares — 0.1%
	18,485	Avery Dennison Corp.		1,437,948
		Housewares — 0.7%
	104,273	Toro Co. (The)		4,884,147
	24,478	Tupperware Brands Corp.		1,600,127
				6,484,274
		Insurance — 4.3%
	54,200	Aspen Insurance Holdings, Ltd.		2,525,178
	70,620	Assurant, Inc.		6,514,695
	64,200	Assured Guaranty, Ltd.		1,781,550
	65,245	Axis Capital Holdings, Ltd.		3,544,761
	134,700	CNO Financial Group, Inc.		2,056,869
	38,600	Endurance Specialty Holdings, Ltd.		2,526,370
	15,800	Everest Re Group, Ltd.		3,001,526
	30,700	Hanover Insurance Group (The), Inc.		2,315,394
	19,800	Heritage Insurance Holdings, Inc.		285,318
	55,500	Lincoln National Corp.		2,607,390
	170,000	MGIC Investment Corp.*		1,360,000
	58,531	ProAssurance Corp.		3,071,707
	42,181	Reinsurance Group of America, Inc.		4,553,017
	97,100	Universal Insurance Holdings, Inc.		2,446,920
	90,300	Unum Group		3,188,493
				41,779,188
		Internet — 1.0%
	55,432	Cogent Communications Holdings, Inc.‡		2,040,452
	9,590	Criteo SA, Sponsored ADR* ‡		336,705
	61,928	HealthStream, Inc.* ‡		1,709,213
	98,900	Rubicon Project (The), Inc.*		818,892
	31,660	Shopify, Inc. Class A*		1,358,847
	60,895	Splunk, Inc.* ‡		3,573,318
				9,837,427
		Investment Companies — 0.2%
	57,300	Ares Capital Corp.		888,150
	59,200	New Mountain Finance Corp.		814,592
				1,702,742
		Leisure Time — 0.8%
	61,758	Brunswick Corp.		3,012,555
	85,315	Harley-Davidson, Inc.		4,486,716
				7,499,271
		Lodging — 0.2%
	35,300	Wyndham Worldwide Corp.		2,376,749

18 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Machinery - Construction & Mining — 0.2%
	37,200	Oshkosh Corp.		2,083,200
		Machinery - Diversified — 2.9%
	54,102	Albany International Corp. Class A		2,292,843
	53,600	Briggs & Stratton Corp.		999,640
	56,757	Cognex Corp.		3,000,175
	49,850	Flowserve Corp.		2,404,764
	81,222	Middleby Corp. (The)*		10,040,664
	23,058	Nordson Corp.		2,297,268
	41,882	Wabtec Corp.		3,419,665
	48,333	Zebra Technologies Corp. Class A*		3,364,460
				27,819,479
		Media — 0.5%
	56,200	Nexstar Broadcasting Group, Inc. Class A‡		3,243,302
	67,300	TEGNA, Inc.		1,471,178
				4,714,480
		Metal Fabricate & Hardware — 0.5%
	45,900	Global Brass & Copper Holdings, Inc.		1,326,051
	31,186	RBC Bearings, Inc.*		2,385,105
	37,937	Sun Hydraulics Corp.‡		1,224,227
				4,935,383
		Mining — 0.6%
	25,052	Compass Minerals International, Inc.		1,846,332
	119,900	Materion Corp.		3,682,129
				5,528,461
		Miscellaneous - Manufacturing — 1.7%
	33,260	AO Smith Corp.		3,285,756
	31,486	AptarGroup, Inc.		2,437,331
	23,700	Crane Co.		1,493,337
	39,784	Hexcel Corp.		1,762,431
	40,100	ITT, Inc.		1,437,184
	35,279	Proto Labs, Inc.*		2,113,565
	45,400	Smith & Wesson Holding Corp.*		1,207,186
	68,000	Textron, Inc.		2,703,000
				16,439,790
		Office & Business Equipment — 0.3%
	93,800	Pitney Bowes, Inc.		1,703,408
	104,800	Xerox Corp.		1,061,624
				2,765,032
		Office Furnishings — 0.2%
	106,060	Knoll, Inc.		2,423,471

See accompanying Notes to the Financial Statements. 19

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas — 2.0%
	185,825	Callon Petroleum Co.*		2,917,452
	94,300	Diamond Offshore Drilling, Inc.		1,660,623
	18,223	Diamondback Energy, Inc.*		1,759,248
	79,900	HollyFrontier Corp.		1,957,550
	31,599	Murphy USA, Inc.*		2,254,905
	49,005	Parsley Energy, Inc. Class A*		1,642,158
	31,800	PBF Energy, Inc. Class A		719,952
	98,487	QEP Resources, Inc.		1,923,451
	50,820	Tesoro Corp.		4,043,239
				18,878,578
		Oil & Gas Services — 0.5%
	40,813	Dril-Quip, Inc.*		2,274,917
	75,100	Matrix Service Co.*		1,408,876
	67,895	Superior Energy Services, Inc.		1,215,320
				4,899,113
		Packaging & Containers — 0.4%
	74,600	Owens-Illinois, Inc.*		1,371,894
	32,200	Packaging Corp. of America		2,616,572
				3,988,466
		Pharmaceuticals — 3.7%
	23,600	Akorn, Inc.*		643,336
	101,738	Alkermes Plc*		4,784,738
	83,693	Catalent, Inc.*		2,162,627
	61,861	DexCom, Inc.* ‡		5,422,735
	126,088	Ironwood Pharmaceuticals, Inc.* ‡		2,002,277
	41,382	Jazz Pharmaceuticals Plc*		5,027,085
	23,400	Mallinckrodt Plc*		1,632,852
	167,054	Nektar Therapeutics* ‡		2,869,988
	78,709	Neurocrine Biosciences, Inc.* ‡		3,985,824
	39,900	Omega Protein Corp.*		932,463
	55,835	Pacira Pharmaceuticals, Inc.*		1,910,674
	50,099	Premier, Inc. Class A*		1,620,202
	90,700	Sucampo Pharmaceuticals, Inc. Class A*		1,116,517
	28,952	VCA, Inc.*		2,026,061
				36,137,379
		Real Estate — 0.6%
	33,212	FirstService Corp.		1,550,336
	335,228	Forestar Group, Inc.*		3,925,520
				5,475,856
		REITS — 6.7%
	93,567	American Campus Communities, Inc. REIT		4,759,753
	227,300	Annaly Capital Management, Inc. REIT		2,386,650

20 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		REITS — continued
	20,320	Apartment Investment & Management Co. REIT Class A		932,891
	258,381	Brandywine Realty Trust REIT		4,035,911
	99,300	Chimera Investment Corp. REIT		1,583,835
	11,900	City Office, Inc. REIT		151,487
	48,000	Corporate Office Properties Trust REIT		1,360,800
	57,000	Corrections Corp. of America REIT		790,590
	96,909	Easterly Government Properties, Inc. REIT		1,849,024
	84,600	Franklin Street Properties Corp. REIT		1,065,960
	58,700	Government Properties Income Trust REIT		1,327,794
	100,100	Hospitality Properties Trust REIT		2,974,972
	113,700	Independence Realty Trust, Inc. REIT		1,023,300
	227,800	Lexington Realty Trust REIT		2,346,340
	71,800	Mack-Cali Realty Corp. REIT		1,954,396
	181,200	Medical Properties Trust, Inc. REIT		2,676,324
	32,001	Mid-America Apartment Communities, Inc. REIT		3,007,774
	121,344	Physicians Realty Trust REIT		2,613,750
	95,600	Piedmont Office Realty Trust, Inc. REIT Class A		2,081,212
	251,255	Ramco-Gershenson Properties Trust REIT		4,708,519
	100,700	RLJ Lodging Trust REIT		2,117,721
	41,700	Sabra Healthcare, Inc. REIT		1,050,006
	95,800	Select Income REIT		2,577,020
	158,100	Senior Housing Properties Trust REIT		3,590,451
	70,120	STAG Industrial, Inc. REIT‡		1,718,641
	255,000	Starwood Property Trust, Inc. REIT		5,742,600
	99,800	Summit Hotel Properties, Inc. REIT		1,313,368
	34,769	Sun Communities, Inc. REIT		2,728,671
				64,469,760
		Retail — 4.9%
	78,700	American Eagle Outfitters, Inc.		1,405,582
	41,103	BJ’s Restaurants, Inc.*		1,461,212
	72,100	Bloomin’ Brands, Inc.		1,243,004
	36,599	Burlington Stores, Inc.*		2,965,251
	13,775	Casey’s General Stores, Inc.		1,655,066
	29,700	Dick’s Sporting Goods, Inc.		1,684,584
	16,800	Dillard’s, Inc. Class A		1,058,568
	22,289	Dunkin’ Brands Group, Inc.‡		1,160,811
	62,765	Five Below, Inc.*		2,528,802
	30,300	Foot Locker, Inc.		2,051,916
	283,954	Fred’s, Inc. Class A		2,572,623
	83,465	GameStop Corp. Class A		2,302,799
	216,780	Haverty Furniture Cos., Inc.¤		4,344,271
	37,230	Jack in the Box, Inc.		3,571,846
	27,730	Lululemon Athletica, Inc.* ‡		1,690,975
	91,199	Michaels Cos. (The), Inc.*		2,204,280
	5,582	Panera Bread Co. Class A* ‡		1,086,927
	51,829	Penske Automotive Group, Inc.		2,497,121
	31,527	PriceSmart, Inc.		2,640,702

See accompanying Notes to the Financial Statements. 21

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Retail — continued
	13,800	Red Robin Gourmet Burgers, Inc.*		620,172
	60,400	Sonic Automotive, Inc. Class A		1,135,520
	23,792	Texas Roadhouse, Inc. Class A		928,602
	80,853	Urban Outfitters, Inc.*		2,791,046
	23,900	Williams-Sonoma, Inc.		1,220,812
				46,822,492
		Savings & Loans — 0.3%
	71,400	Banc of California, Inc.		1,246,644
	33,800	Berkshire Hills Bancorp, Inc.		936,598
	45,600	United Financial Bancorp, Inc.		631,104
				2,814,346
		Semiconductors — 3.3%
	60,700	Kulicke & Soffa Industries, Inc.*		784,851
	947,620	Lattice Semiconductor Corp.*		6,150,054
	42,505	MACOM Technology Solutions Holdings, Inc.* ‡		1,799,662
	38,293	Microchip Technology, Inc.		2,379,527
	104,715	Microsemi Corp.*		4,395,935
	440,660	ON Semiconductor Corp.*		5,428,931
	39,313	Power Integrations, Inc.		2,477,898
	33,531	Silicon Laboratories, Inc.*		1,971,623
	313,605	Teradyne, Inc.		6,767,596
				32,156,077
		Shipbuilding — 0.2%
	11,600	Huntington Ingalls Industries, Inc.		1,779,672
		Software — 4.6%
	22,074	ANSYS, Inc.*		2,044,273
	13,694	athenahealth, Inc.* ‡		1,727,087
	28,061	Black Knight Financial Services, Inc. Class A*		1,147,695
	70,839	Blackbaud, Inc.‡		4,699,459
	23,569	Broadridge Financial Solutions, Inc.		1,597,743
	98,686	Callidus Software, Inc.* ‡		1,810,888
	39,120	CyberArk Software, Ltd.*		1,939,178
	39,314	Guidewire Software, Inc.* ‡		2,358,054
	25,717	HubSpot, Inc.*		1,481,814
	16,441	j2 Global, Inc.‡		1,095,135
	793,165	Mitel Networks Corp.*		5,837,694
	57,315	MSCI, Inc. Class A		4,811,021
	25,867	SPS Commerce, Inc.*		1,898,896
	70,457	SS&C Technologies Holdings, Inc.		2,265,193
	24,565	Tyler Technologies, Inc.*		4,206,265
	25,473	Ultimate Software Group (The), Inc.*		5,206,427
				44,126,822

22 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Telecommunications — 1.0%
	50,115	ARRIS International Plc*		1,419,758
	52,908	GTT Communications, Inc.* ‡		1,244,925
	45,600	Inteliquent, Inc.		735,984
	80,100	Juniper Networks, Inc.		1,927,206
	37,600	Plantronics, Inc.		1,953,696
	79,250	Zayo Group Holdings, Inc.*		2,354,518
				9,636,087
		Transportation — 1.3%
	31,300	Atlas Air Worldwide Holdings, Inc.*		1,340,266
	85,292	Heartland Express, Inc.		1,610,313
	18,060	J.B. Hunt Transport Services, Inc.		1,465,388
	60,779	Marten Transport, Ltd.		1,276,359
	65,800	Navigator Holdings, Ltd.*		473,102
	39,340	Old Dominion Freight Line, Inc.*		2,699,117
	29,900	Ryder System, Inc.		1,971,905
	49,000	Ship Finance International, Ltd.		721,770
	39,038	XPO Logistics, Inc.* ‡		1,431,524
				12,989,744
		TOTAL COMMON STOCKS (COST $842,102,924)		916,807,425
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 7.2%
		Bank Deposit — 4.4%
	42,222,150	State Street Bank & Trust Euro Time Deposit, 0.01%, due 10/03/16		42,222,150
		Securities Lending Collateral — 2.7%
	25,695,826	State Street Institutional U.S. Government Money Market Fund, Premier Class***		25,695,826
		U.S. Government and Agency Obligations — 0.1%
	600,000	United States Treasury Bill, 0.33%, due 10/13/16** ‡‡		599,930
		TOTAL SHORT-TERM INVESTMENTS (COST $68,517,906)		68,517,906
		TOTAL INVESTMENTS — 102.4% (Cost $910,620,830)		985,325,331
		Other Assets and Liabilities (net) — (2.4)%		(22,696,996	)
		NET ASSETS — 100.0%	$	962,628,335

See accompanying Notes to the Financial Statements. 23

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	REIT — Real Estate Investment Trust
*	Non-income producing security
**	All or a portion of this security is held for open futures collateral.
***	Represents an investment of securities lending cash collateral.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
¤	Illiquid security. The total market value of the securities at period end is $4,344,271 which represents 0.5% of net assets. The aggregate tax cost of these securities held at September 30, 2016 was $4,613,202.

24 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Futures Contracts

Number of Contracts		Type	Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
	Buys
	116	Russell 2000 Mini Index		December 2016	$	14,480,280	$	421,511
	96	S&P Mid 400 E-mini Index		December 2016		14,876,160		253,611
							$	675,122

See accompanying Notes to the Financial Statements. 25

Mercer US Small/Mid Cap Equity Fund

(formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		95.2
Futures Contracts		0.1
Short-Term Investments		7.2
Other Assets and Liabilities (net)		(2.5	)
		100.0	%

26 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 92.7%
		Australia — 4.2%
	172,812	ALS Ltd.		788,177
	95,770	Altium, Ltd.		674,983
	105,678	Aristocrat Leisure, Ltd.		1,278,557
	1,444,167	Asaleo Care, Ltd.		1,757,187
	259,978	Australia & New Zealand Banking Group, Ltd.		5,496,940
	294,184	Australian Pharmaceutical Industries, Ltd.		434,490
	294,129	BGP Holdings Plc* **** ¤		—
	241,566	BlueScope Steel, Ltd.		1,432,653
	1,605,626	Brambles, Ltd.		14,719,895
	168,327	carsales.com, Ltd.		1,539,307
	428,410	Charter Hall Retail REIT		1,386,767
	3,845	Cochlear, Ltd.		414,847
	61,196	Computershare, Ltd.		483,288
	1,875,513	Cromwell Property Group REIT		1,349,123
	56,517	Crown Resorts, Ltd.		567,003
	1,079,350	CSR, Ltd.		2,990,022
	249,269	Downer EDI, Ltd.		1,028,160
	1,686,624	Evolution Mining, Ltd.		3,239,631
	361,910	Fortescue Metals Group, Ltd.		1,370,911
	250,623	G8 Education, Ltd.‡		583,040
	987,052	Genworth Mortgage Insurance Australia, Ltd.		2,031,869
	358,506	Harvey Norman Holdings, Ltd.		1,426,603
	408,674	Incitec Pivot, Ltd.		881,921
	619,445	Investa Office Fund REIT		2,166,319
	91,406	IRESS, Ltd.		825,392
	111,899	Link Administration Holdings, Ltd.		707,310
	71,334	Macquarie Atlas Roads Group		272,396
	45,800	Macquarie Group, Ltd.		2,871,871
	64,613	Magellan Financial Group, Ltd.‡		1,071,970
	304,611	Mayne Pharma Group, Ltd.*		466,207
	130,170	McMillan Shakespeare, Ltd.‡		1,177,421
	1,432,675	Metcash, Ltd.*		2,291,382
	47,433	Mineral Resources, Ltd.		401,820
	1,313,046	Myer Holdings, Ltd.‡		1,170,602
	245,453	MYOB Group, Ltd.‡		700,617
	138,706	Navitas, Ltd.		553,014
	274,743	NEXTDC, Ltd.*		887,243
	173,622	Northern Star Resources, Ltd.		619,148
	137,589	Nufarm, Ltd.		986,567
	198,062	Orica, Ltd.		2,303,818
	536,339	Orora, Ltd.		1,292,866
	237,603	OZ Minerals, Ltd.		1,105,501
	101,857	Pact Group Holdings, Ltd.		491,840
	84,729	Premier Investments, Ltd.		1,005,651
	614,352	Primary Health Care, Ltd.		1,861,727
	862,388	Qantas Airways, Ltd.		2,059,021
	18,216	REA Group, Ltd.		786,902

See accompanying Notes to the Financial Statements. 27

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Australia — continued
	469,710	Retail Food Group, Ltd.		2,505,337
	653,114	Scentre Group REIT		2,349,040
	144,930	Seven Group Holdings, Ltd.‡		951,588
	696,497	Seven West Media, Ltd.		389,086
	514,665	Shopping Centres Australasia Property Group REIT		886,157
	1,477,346	Sigma Pharmaceuticals, Ltd.		1,599,713
	81,553	Sims Metal Management, Ltd.‡		580,399
	394,498	Star Entertainment Grp, Ltd. (The)		1,817,376
	174,223	Super Retail Group, Ltd.		1,357,240
	269,252	Tatts Group, Ltd.		752,065
	189,873	Treasury Wine Estates, Ltd.		1,604,116
	46,184	Virtus Health, Ltd.		272,136
	115,518	Vocus Communications, Ltd.		550,733
		Total Australia		89,566,965
		Austria — 0.8%
	42,685	ams AG		1,387,020
	11,063	ANDRITZ AG		602,422
	55,129	BUWOG AG*		1,492,471
	297,870	Erste Group Bank AG*		8,825,587
	5,986	Lenzing AG		699,615
	69,200	OMV AG		1,992,390
	50,100	Voestalpine AG		1,734,113
	59,379	Wienerberger AG		1,008,626
		Total Austria		17,742,244
		Belgium — 0.6%
	55,042	Ageas		2,008,162
	38,944	Anheuser-Busch InBev NV		5,103,030
	21,985	Anheuser-Busch InBev NV, Sponsored ADR		2,889,049
	22,782	bpost SA		616,634
	29,601	Orange Belgium SA*		724,192
	16,888	Umicore SA		1,059,583
		Total Belgium		12,400,650
		Bermuda — 0.2%
	2,168,933	Esprit Holdings, Ltd.*		1,758,984
	165,102	Hiscox, Ltd.		2,234,751
		Total Bermuda		3,993,735
		Brazil — 0.3%
	807,100	BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros		4,176,047
	674,100	JBS SA		2,452,518
		Total Brazil		6,628,565
		Canada — 1.4%
	21,200	Aecon Group, Inc.‡		292,291
	118,003	Alamos Gold, Inc. Class A		967,625

28 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Canada — continued
	55,434	Barrick Gold Corp. (New York Exchange)		982,290
	75,300	Barrick Gold Corp. (Toronto Exchange)‡		1,330,964
	138,000	Baytex Energy Corp.		584,866
	153,200	Bonavista Energy Corp.‡		491,919
	33,400	Canam Group, Inc.		255,408
	19,870	Fairfax Financial Holdings, Ltd.		11,622,192
	149,287	First Majestic Silver Corp.*		1,537,656
	230,918	First Quantum Minerals, Ltd.		1,908,137
	87,800	HudBay Minerals, Inc.		346,724
	18,200	Intertape Polymer Group, Inc.		313,523
	42,000	Killam Apartment Real Estate Investment Trust REIT		386,365
	164,700	Kinross Gold Corp.*		693,387
	137,900	Lundin Mining Corp.*		544,570
	36,500	Milestone Apartments Real Estate Investment Trust REIT		536,009
	240,968	New Gold, Inc.*		1,048,211
	18,000	Norbord, Inc.¤		463,320
	19,600	Russel Metals, Inc.		312,437
	106,000	SEMAFO, Inc.*		440,373
	172,046	Teck Resources, Ltd. Class B		3,101,989
	13,200	Winpak, Ltd.‡		440,218
	227,300	Yamana Gold, Inc.		979,663
		Total Canada		29,580,137
		Cayman Islands — 2.0%
	105,450	Alibaba Group Holding, Ltd., Sponsored ADR*		11,155,556
	1,969,000	China Hongqiao Group, Ltd.		1,772,010
	3,714,000	Jiangnan Group, Ltd.		632,093
	2,741,000	Lee & Man Paper Manufacturing, Ltd.		2,487,979
	638,350	Tencent Holdings, Ltd.		17,530,870
	3,834,000	Truly International Holdings, Ltd.		1,557,140
	2,170,000	United Laboratories International Holdings, Ltd. (The)*		1,259,033
	3,810,000	Universal Health International Group Holding, Ltd.*		181,757
	4,537,000	WH Group, Ltd.		3,650,214
	268,000	Xinyi Automobile Glass Hong Kong Enterprises, Ltd.*		56,323
	2,144,000	Xinyi Glass Holdings, Ltd.*		1,937,795
		Total Cayman Islands		42,220,770
		China — 0.1%
	905,000	China Railway Construction Corp., Ltd. Class H		1,026,824
	628,600	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		1,693,892
		Total China		2,720,716
		Denmark — 1.4%
	144,100	Danske Bank AS		4,206,029
	209,820	DSV AS		10,449,913
	29,338	Jyske Bank AS		1,368,172
	110,657	Pandora AS		13,377,140

See accompanying Notes to the Financial Statements. 29

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Denmark — continued
	38,901	Sydbank AS		1,182,421
		Total Denmark		30,583,675
		Faroe Islands — 0.0%
	17,152	Bakkafrost P/F		716,142
		Finland — 1.2%
	27,390	Cargotec OYJ Class B		1,257,399
	24,290	Huhtamaki OYJ		1,131,738
	103,787	Kemira OYJ		1,405,462
	36,230	Kesko OYJ Class B		1,669,326
	33,622	Kone OYJ Class B		1,706,722
	26,917	Konecranes OYJ		954,064
	102,880	Neste OYJ		4,386,492
	177,513	Outokumpu OYJ*		1,219,876
	146,572	Sponda OYJ		754,407
	215,737	Stora Enso OYJ Class R		1,916,530
	213,477	UPM-Kymmene OYJ		4,510,223
	104,725	Valmet OYJ		1,575,868
	19,761	Wartsila OYJ Abp		889,851
	164,298	YIT OYJ		1,323,855
		Total Finland		24,701,813
		France — 7.7%
	8,959	Alten SA		626,640
	18,500	Atos SE		1,994,206
	298,700	AXA SA		6,357,762
	178,427	BNP Paribas SA		9,177,630
	134,294	Carrefour SA		3,480,961
	129,388	CNP Assurances		2,174,550
	359,414	Credit Agricole SA		3,545,517
	259,913	Danone SA		19,292,561
	48,172	Dassault Systemes SA		4,180,900
	76,000	Electricite de France SA		924,977
	112,600	Engie SA		1,744,985
	74,620	Essilor International SA		9,626,894
	14,701	Euler Hermes Group		1,250,308
	37,759	Faurecia		1,480,931
	42,863	IPSOS		1,400,286
	44,510	Kering		8,981,152
	12,803	L’Oreal SA		2,418,625
	96,223	Legrand SA		5,674,947
	56,503	Metropole Television SA		1,019,779
	223,200	Natixis SA		1,040,703
	81,345	Neopost SA		2,196,715
	35,220	Nexans SA*		2,020,571
	177,900	Orange SA		2,784,942
	89,370	Pernod Ricard SA		10,580,723

30 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		France — continued
	44,248	Renault SA		3,636,953
	93,300	Sanofi		7,092,091
	140,117	Schneider Electric SE		9,772,184
	178,651	Societe Generale SA		6,179,639
	17,000	Thales SA		1,566,386
	362,915	Total SA‡		17,198,777
	52,364	UBISOFT Entertainment SA*		1,977,248
	76,700	Valeo SA		4,476,130
	366,200	Vivendi SA		7,387,064
		Total France		163,263,737
		Germany — 9.5%
	28,177	Aareal Bank AG		930,644
	74,140	Adidas AG		12,872,714
	29,080	Allianz SE		4,317,042
	42,927	Aurubis AG		2,406,038
	40,255	BASF SE		3,443,108
	96,177	Bayer AG		9,665,927
	22,808	Bayerische Motoren Werke AG		1,917,502
	8,157	Bechtle AG		944,184
	13,419	Beiersdorf AG		1,265,989
	34,310	Bilfinger SE*		1,132,436
	71,597	Brenntag AG		3,910,793
	16,951	CANCOM SE		885,327
	9,108	Cewe Stiftung & Co. KGAA		818,846
	37,605	Daimler AG		2,650,156
	70,100	Deutsche Bank AG*		911,466
	129,200	Deutsche Lufthansa AG		1,438,156
	95,396	Deutsche Post AG		2,982,472
	229,402	Deutsche Wohnen AG		8,341,183
	116,064	Deutz AG		585,773
	66,623	DIC Asset AG		672,341
	438,803	E.ON SE		3,113,603
	22,759	ElringKlinger AG		403,854
	118,809	Evonik Industries AG		4,018,211
	107,350	Fresenius Medical Care AG & Co. KGaA		9,380,962
	134,898	GEA Group AG		7,490,476
	95,750	HeidelbergCement AG		9,048,408
	516,128	Infineon Technologies AG		9,210,792
	138,617	Jenoptik AG		2,534,505
	79,600	K+S AG‡		1,510,439
	156,345	Kloeckner & Co. SE*		1,905,472
	13,832	Koenig & Bauer AG*		649,756
	36,178	LEG Immobilien AG*		3,463,556
	22,512	Leoni AG		820,193
	192,925	METRO AG		5,743,274
	12,464	Muenchener Rueckversicherungs-Gesellschaft in Muenchen AG		2,325,169
	1,129	Rational AG		565,872

See accompanying Notes to the Financial Statements. 31

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	27,895	Rheinmetall AG		1,942,347
	74,158	RWE AG*		1,278,000
	58,319	Salzgitter AG		1,911,442
	66,099	SAP SE		6,010,904
	40,706	SAP SE, Sponsored ADR		3,720,935
	90,125	Siemens AG		10,553,635
	7,700	Siemens AG, Sponsored ADR		903,364
	14,302	Sixt SE‡		806,040
	27,995	SMA Solar Technology AG‡		893,172
	45,917	Software AG		1,946,152
	30,600	STADA Arzneimittel AG		1,700,844
	189,843	Symrise AG		13,916,532
	128,596	TAG Immobilien AG		1,870,762
	52,401	Talanx AG*		1,598,521
	51,979	Thyssenkrupp AG		1,239,545
	10,641	TLG Immobilien AG		240,303
	218,888	Uniper SE*		2,682,481
	226,898	Vonovia SE		8,594,370
	10,505	Wacker Chemie AG‡		885,414
	20,694	Wirecard AG‡		1,075,586
	339,800	Zalando SE*		14,186,369
		Total Germany		202,233,357
		Gibraltar — 0.0%
	119,955	888 Holdings Plc		345,145
		Hong Kong — 1.2%
	2,610,800	AIA Group, Ltd.		17,352,709
	2,891,000	Champion REIT		1,751,907
	147,000	Hopewell Holdings, Ltd.		536,375
	329,500	Link REIT		2,421,560
	3,458,000	PCCW, Ltd.		2,122,252
	342,000	Wheelock & Co., Ltd.		2,017,354
		Total Hong Kong		26,202,157
		Hungary — 0.2%
	28,700	MOL Hungarian Oil & Gas Plc		1,770,936
	69,367	Richter Gedeon Nyrt		1,404,906
		Total Hungary		3,175,842
		India — 0.7%
	184,040	HDFC Bank, Ltd.		3,524,346
	423,100	KPIT Technologies, Ltd.		789,897
	232,460	Tata Motors, Ltd., Sponsored ADR		9,293,751
		Total India		13,607,994

32 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Indonesia — 0.4%
	8,897,800	Bank Mandiri Persero Tbk PT		7,635,841
	3,540,700	Bank Negara Indonesia Persero Tbk PT		1,505,700
		Total Indonesia		9,141,541
		Ireland — 0.8%
	5,382,166	Bank of Ireland*		1,125,017
	313,147	C&C Group Plc		1,298,565
	87,688	CRH Plc, Sponsored ADR		2,917,380
	124,485	Greencore Group Plc		542,524
	76,946	James Hardie Industries Plc, ADR		1,196,501
	27,334	Kerry Group Plc Class A		2,278,043
	24,520	Kingspan Group Plc		660,783
	85,070	Ryanair Holdings Plc, Sponsored ADR		6,382,802
	53,015	Smurfit Kappa Group Plc		1,183,126
		Total Ireland		17,584,741
		Isle Of Man — 0.1%
	89,843	GVC Holdings Plc		865,959
	127,324	Playtech Plc		1,505,084
		Total Isle of Man		2,371,043
		Israel — 0.3%
	10,831	Elbit Systems, Ltd.		1,033,421
	30,409	First International Bank Of Israel, Ltd.		388,207
	1,900	Orbotech, Ltd.*		56,259
	76,500	Teva Pharmaceutical Industries, Ltd.		3,667,906
		Total Israel		5,145,793
		Italy — 0.9%
	880,038	A2A Spa		1,243,156
	76,935	Amplifon Spa‡		790,240
	183,100	Astaldi Spa‡		690,968
	12,685	Danieli & C. Officine Meccaniche Spa		169,639
	95,081	Davide Campari-Milano Spa		1,071,726
	11,711	DiaSorin Spa		752,799
	2,016,876	Enel Spa		8,993,731
	127,100	Mediobanca Spa		827,015
	63,993	Recordati Spa		2,057,498
	238,876	Snam Spa		1,325,064
	415,739	Unipol Gruppo Finanziario Spa		1,061,496
		Total Italy		18,983,332
		Japan — 17.7%
	92,800	Ajinomoto Co., Inc.		2,055,044
	485,600	Astellas Pharma, Inc.		7,545,466
	109,700	Brother Industries, Ltd.‡		1,907,685
	249,900	Calbee, Inc.‡		9,414,590

See accompanying Notes to the Financial Statements. 33

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	149,000	Calsonic Kansei Corp.		1,369,861
	22,700	Cawachi, Ltd.		547,409
	305,000	Central Glass Co., Ltd.		1,192,712
	23,800	Central Japan Railway Co.		4,044,813
	47,500	Century Tokyo Leasing Corp.‡		1,709,747
	235,294	Chiba Bank, Ltd. (The)‡		1,324,422
	350,200	Citizen Holdings Co., Ltd.‡		1,819,041
	118,800	COMSYS Holdings Corp.		2,096,436
	187,400	Daiichi Sanyko Co., Ltd.‡		4,469,175
	311,246	Daiwa Securities Group, Inc.		1,734,728
	72,100	DIC Corp.		2,214,299
	20,900	Enplas Corp.		631,551
	163,900	Fuji Oil Holdings, Inc.		3,342,255
	36,000	FUJIFILM Holdings Corp.		1,321,760
	352,000	Fujikura, Ltd.		1,901,387
	114,100	Fujitec Co., Ltd.‡		1,347,589
	668,000	Fujitsu, Ltd.		3,562,139
	38,097	Glory, Ltd.‡		1,247,139
	231,294	Hachijuni Bank, Ltd. (The)		1,194,556
	431,000	Hanwa Co., Ltd.		2,596,257
	28,400	Heiwado Co., Ltd.		550,808
	39,000	Hirose Electric Co., Ltd.‡		5,083,691
	75,800	Hitachi High-Technologies Corp.		2,997,354
	1,009,000	Hitachi, Ltd.		4,669,110
	36,700	IBJ Leasing Co., Ltd.		734,616
	228,200	Inpex Corp.		2,048,876
	177,100	Isuzu Motors, Ltd.‡		2,062,800
	116,700	Ito En, Ltd.‡		4,125,670
	210,000	Itochu Corp.		2,617,094
	70,600	Japan Airlines Co., Ltd.		2,062,958
	272,300	Japan Tobacco, Inc.		11,075,927
	397,600	JFE Holdings, Inc.‡		5,736,371
	332,714	Joyo Bank, Ltd. (The)* ****		1,383,885
	146,000	Kaneka Corp.		1,146,201
	663,000	Kanematsu Corp.		1,021,360
	265,108	Kao Corp.		14,898,826
	734,600	KDDI Corp.		22,596,939
	164,300	Keihin Corp.		2,581,359
	89,100	Kobayashi Pharmaceutical Co., Ltd.‡		4,628,114
	101,100	Komatsu, Ltd.		2,314,722
	104,400	Komori Corp.		1,307,255
	405,400	Konica Minolta, Inc.		3,402,854
	9,986	Kose Corp.		1,013,737
	342,000	KYB Corp.		1,516,398
	71,000	Kyudenko Corp.‡		2,594,184
	106,800	LINE Corp.*		5,125,641
	335,200	Marubeni Corp.‡		1,706,370
	38,400	Matsumotokiyoshi Holdings Co., Ltd.		1,971,856

34 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	68,800	Micronics Japan Co., Ltd.		915,159
	80,000	MISUMI Group, Inc.‡		1,488,372
	185,000	Mitsubishi Gas Chemical Co., Inc.		2,632,548
	16,900	Mitsubishi Shokuhin Co., Ltd.		546,561
	471,000	Mitsui Mining & Smelting Co., Ltd.		976,744
	1,773,900	Mizuho Financial Group, Inc.		2,953,434
	27,200	Murata Manufacturing Co., Ltd.		3,499,886
	539,000	NEC Corp.		1,378,571
	76,000	Nichicon Corp.‡		599,654
	166,900	Nihon Kohden Corp.‡		4,021,488
	333,000	Nippon Electric Glass Co., Ltd.		1,709,969
	27,000	Nippon Flour Mills Co., Ltd.		412,739
	248,000	Nippon Soda Co., Ltd.‡		1,053,079
	54,705	Nippon Telegraph & Telephone Corp., ADR		2,506,036
	302,000	Nippon Telegraph & Telephone Corp.		13,760,213
	54,500	Nisshin Seifun Group, Inc.		825,586
	241,700	Nisshinbo Holdings, Inc.		2,377,260
	224,000	Nomura Research Institute, Ltd.		7,675,702
	346,341	North Pacific Bank, Ltd.‡		1,217,572
	539,400	NTT DoCoMo, Inc.		13,646,796
	69,900	Obic Co., Ltd.		3,692,934
	90,100	Omron Corp.		3,207,530
	603,800	Orix Corp.		8,809,702
	68,200	Otsuka Holdings Co., Ltd.		3,090,602
	370,000	Prima Meat Packers, Ltd.‡		1,329,976
	431,500	Resona Holdings, Inc.		1,799,461
	58,500	Rohm Co., Ltd.		3,050,215
	52,000	Rohto Pharmaceutical Co., Ltd.‡		890,930
	58,800	Ryohin Keikaku Co., Ltd.		11,804,710
	218,000	Sankyu, Inc.		1,242,147
	307,500	Santen Pharmaceutical Co., Ltd.		4,503,259
	25,300	Sawai Pharmaceutical Co., Ltd.‡		1,793,848
	52,200	SCREEN Holdings Co., Ltd.		3,335,150
	82,900	Secom Co., Ltd.		6,146,380
	248,700	Seiko Epson Corp.‡		4,744,862
	264,300	Senshu Ikeda Holdings, Inc.‡		1,156,223
	77,300	Shin-Etsu Chemical Co., Ltd.		5,344,933
	212,000	Shindengen Electric Manufacturing Co., Ltd.		829,033
	56,400	Ship Healthcare Holdings, Inc.		1,720,990
	2,441,300	Sojitz Corp.‡		6,195,765
	84,600	Sumitomo Dainippon Pharma Co., Ltd.‡		1,626,586
	91,600	Sumitomo Electric Industries, Ltd.		1,280,853
	224,141	Sumitomo Mitsui Financial Group, Inc.		7,481,327
	128,300	Sumitomo Rubber Industries, Ltd.		1,923,265
	46,400	T-Gaia Corp.		659,813
	40,600	Taiyo Yuden Co., Ltd.‡		396,117
	67,200	Takara Holdings, Inc.		625,116
	58,700	TDK Corp.‡		3,883,770

See accompanying Notes to the Financial Statements. 35

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	158,200	Terumo Corp.		6,038,049
	412,000	Tokuyama Corp.* ‡		1,712,852
	25,500	Tokyo Electron, Ltd.		2,235,358
	40,000	Tokyo Seimitsu Co., Ltd.		1,059,004
	18,000	Towa Pharmaceutical Co., Ltd.‡		727,892
	104,300	Toyo Suisan Kaisha, Ltd.		4,397,976
	45,900	Toyoda Gosei Co., Ltd.		1,057,470
	47,400	Toyota Motor Corp.		2,705,027
	71,100	TS Tech Co., Ltd.		1,782,678
	39,200	Tsumura & Co.‡		1,109,051
	694,000	Ube Industries, Ltd.		1,315,835
	104,570	USS Co., Ltd.‡		1,753,418
	96,900	Valor Holdings Co., Ltd.		2,715,669
	45,000	Yamaha Corp.‡		1,444,230
	47,500	Yamaha Motor Co., Ltd.‡		947,514
	387,462	Yamato Holdings Co., Ltd.‡		8,966,743
	92,200	Yamato Kogyo Co., Ltd.		2,707,775
	114,300	Yokogawa Electric Corp.‡		1,506,843
	73,000	Yokohama Rubber Co., Ltd. (The)		1,156,293
		Total Japan		375,667,580
		Luxembourg — 0.3%
	37,552	Aperam SA		1,696,689
	291,214	ArcelorMittal*		1,791,783
	216,089	ArcelorMittal, ADR*		1,305,177
	106,700	SAF-Holland SA		1,378,959
		Total Luxembourg		6,172,608
		Malaysia — 0.1%
	748,700	Tenaga Nasional Bhd		2,588,903
		Malta — 0.1%
	193,384	Unibet Group Plc, SDR		1,798,994
		Mauritius — 0.0%
	2,653,400	Golden Agri-Resources, Ltd.‡		690,863
		Mexico — 0.4%
	1,132,113	Cemex SAB de CV, Sponsored ADR*		8,988,977
		Netherlands — 3.6%
	271,833	Aegon NV		1,042,012
	58,629	Akzo Nobel NV		3,972,344
	29,141	ASM International NV		1,192,379
	11,692	ASML Holding NV		1,283,595
	25,586	BE Semiconductor Industries NV		874,108
	14,303	Core Laboratories NV		1,606,656
	19,676	Eurocommercial Properties NV REIT		889,340

36 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Netherlands — continued
	123,924	Heineken NV		10,905,905
	899,786	ING Groep NV		11,112,863
	208,691	Koninklijke Ahold Delhaize NV		4,758,552
	15,021	Koninklijke Ahold Delhaize NV, Sponsored ADR		340,226
	10,104	Koninklijke DSM NV		683,109
	32,778	Koninklijke Philips Electronics NV, ADR		969,901
	149,635	Koninklijke Philips NV		4,436,056
	46,900	Mobileye NV*		1,996,533
	130,000	NN Group NV		3,995,671
	54,191	NXP Semiconductors NV*		5,528,024
	391,811	PostNL NV*		1,779,322
	329,094	RELX NV		5,915,525
	348,594	STMicroelectronics NV, ADR		2,841,041
	55,122	TKH Group NV, ADR		2,154,795
	132,098	Unilever NV, ADR		6,097,655
	35,062	Unilever NV (New York Exchange), ADR		1,616,358
	16,079	Wolters Kluwer NV		688,361
		Total Netherlands		76,680,331
		New Zealand — 0.7%
	713,721	Air New Zealand, Ltd.		965,373
	152,951	Chorus, Ltd.		434,893
	69,522	Contact Energy, Ltd.		254,804
	80,187	Fisher & Paykel Healthcare Corp., Ltd.		583,703
	171,748	Fletcher Building, Ltd.		1,340,124
	126,361	Infratil, Ltd.		297,723
	730,287	Kiwi Property Group, Ltd. REIT		796,597
	302,383	Meridian Energy, Ltd.		571,721
	527,568	Sky City Entertainment Group, Ltd.		1,757,105
	907,515	Sky Network Television, Ltd.‡		3,246,928
	802,092	Spark New Zealand, Ltd.		2,105,645
	348,230	Trade Me Group, Ltd.		1,423,168
	168,753	Z Energy, Ltd.		1,030,824
		Total New Zealand		14,808,608
		Norway — 0.8%
	473,399	DNB ASA		6,201,579
	11,962	Leroy Seafood Group ASA		604,513
	31,729	Marine Harvest ASA*		568,099
	157,623	Orkla ASA		1,629,025
	99,648	Salmar ASA		3,042,192
	89,259	SpareBank 1 SMN		622,623
	70,600	Statoil ASA		1,182,806
	426,276	Storebrand ASA*		2,106,766
	42,500	Yara International ASA		1,412,359
		Total Norway		17,369,962

See accompanying Notes to the Financial Statements. 37

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Philippines — 0.0%
	6,261,800	Vista Land & Lifescapes, Inc.		695,971
		Poland — 0.1%
	423,743	PGE Polska Grupa Energetyczna SA		1,123,752
		Portugal — 0.6%
	782,528	Banco Espirito Santo SA* **** ¤		—
	41,095	Galp Energia SGPS SA		561,811
	639,120	Jeronimo Martins SGPS SA		11,086,083
	302,546	Navigator Co. SA (The)		870,403
	449,366	Sonae SGPS SA		343,398
		Total Portugal		12,861,695
		Russia — 0.2%
	346,335	Gazprom PJSC, Sponsored ADR		1,458,071
	60,584	MMC Norilsk Nickel PJSC, (London Exchange), ADR		968,132
	32,432	Tatneft PJSC, (London Exchange), Sponsored ADR		998,257
		Total Russia		3,424,460
		Singapore — 0.2%
	442,500	Ascendas Hospitality Trust REIT‡		238,540
	146,200	DBS Group Holdings, Ltd.		1,650,239
	939,700	Wilmar International, Ltd.		2,219,248
	1,713,900	Yangzijiang Shipbuilding Holdings, Ltd.		942,774
		Total Singapore		5,050,801
		South Africa — 0.1%
	153,700	MTN Group, Ltd.		1,312,870
		South Korea — 0.4%
	35,889	Kia Motors Corp.		1,373,516
	3,220	Samsung Electronics Co., Ltd.		4,672,048
	6,440	SK Telecom Co., Ltd.		1,321,505
		Total South Korea		7,367,069
		Spain — 1.5%
	262,448	Amadeus IT Group SA Class A		13,115,941
	309,821	Banco Santander SA		1,374,254
	297,400	Distribuidora Internacional de Alimentacion SA		1,841,876
	22,176	Ebro Foods SA		515,873
	317,118	Ence Energia y Celulosa SA		691,372
	261,233	Gas Natural SDG SA		5,370,930
	881,888	Iberdrola SA		5,997,930
	93,644	Indra Sistemas SA* ‡		1,256,005
	20,191	Let’s GOWEX SA* **** ‡ ¤		—
	714,400	Mapfre SA		1,999,079
		Total Spain		32,163,260

38 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Sweden — 2.5%
	15,066	AF AB		293,674
	60,643	Alfa Laval AB‡		952,037
	71,200	Assa Abloy AB Series B		1,448,533
	35,769	Atlas Copco AB Class A		1,078,406
	54,898	Atlas Copco AB Class B		1,501,983
	19,294	Attendo AB		186,918
	92,843	BillerudKorsnas AB		1,645,023
	96,376	Boliden AB		2,267,829
	97,164	Castellum AB		1,457,335
	53,960	Electrolux AB Class B		1,354,763
	53,879	Granges AB		550,273
	67,645	Hexpol AB		607,174
	19,433	Holmen AB Class B		693,177
	39,008	Hufvudstaden AB Class A		676,587
	45,858	Intrum Justitia AB		1,481,069
	478,080	Lundin Petroleum AB*		8,755,369
	54,581	Mycronic AB		681,673
	25,453	NCC AB Class B		667,861
	230,914	Nordea Bank AB		2,295,017
	37,067	Saab AB Class B		1,321,318
	50,370	Sandvik AB		554,709
	368,300	SAS AB* ‡		735,104
	115,000	SKF AB Class B		1,987,943
	975,293	SSAB AB Class B*		2,382,623
	138,465	Svenska Cellulosa AB SCA Class B		4,118,038
	468,377	Svenska Handelsbanken AB Class A		6,445,555
	9,037	Swedish Match AB		332,055
	558,174	Telefonaktiebolaget LM Ericsson Class B		4,036,100
	182,171	Telefonaktiebolaget LM Ericsson Class B, Sponsored ADR		1,313,453
	450,400	Telia Co. AB		2,019,792
		Total Sweden		53,841,391
		Switzerland — 8.2%
	470,238	ABB, Ltd.*		10,579,627
	23,719	Actelion, Ltd.*		4,115,469
	35,600	Aryzta AG*		1,583,161
	20,016	Ascom Holding AG		361,337
	8,468	Autoneum Holding AG		2,384,737
	10,061	Bucher Industries AG		2,523,034
	1,083	Burckhardt Compression Holding AG		307,505
	29,700	Cembra Money Bank AG*		2,334,578
	48,585	Cie Financiere Richemont SA‡		2,967,023
	158,335	Clariant AG*		2,730,928
	82,184	Coca-Cola HBC AG*		1,913,086
	197,300	Credit Suisse Group AG*		2,586,840
	463	Emmi AG*		317,375
	643	Forbo Holding AG*		866,266
	10,274	Geberit AG		4,508,520

See accompanying Notes to the Financial Statements. 39

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Switzerland — continued
	4,439	Georg Fischer AG		3,892,253
	5,620	Givaudan SA		11,461,461
	18,795	Implenia AG		1,331,975
	229,757	Julius Baer Group, Ltd.*		9,368,985
	1,115	Komax Holding AG		273,632
	20,358	Kudelski SA*		380,111
	141,287	Logitech International SA		3,177,281
	529,128	Nestle SA		41,783,318
	10,585	Rieter Holding AG* ¤		2,154,343
	96,668	Roche Holding AG		24,032,379
	10,543	Schindler Holding AG		1,981,571
	2,786	SGS SA		6,250,825
	2,065	Siegfried Holding AG* ‡		451,812
	101	Sika AG		492,185
	17,200	Swiss Life Holding AG*		4,462,348
	49,500	Swiss Re AG		4,475,629
	7,155	Syngenta AG*		3,133,837
	1,732	Tecan Group AG		304,449
	11,043	Temenos Group AG*		697,165
	6,403	u-blox Holding AG*		1,386,414
	554,247	UBS Group AG		7,564,151
	18,712	Zurich Insurance Group AG*		4,825,665
		Total Switzerland		173,961,275
		Taiwan — 0.6%
	608,000	Fubon Financial Holding Co., Ltd.		898,068
	372,988	Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		11,409,703
		Total Taiwan		12,307,771
		Thailand — 0.1%
	16,831,100	Quality Houses PCL		1,185,220
	23,666,400	Sansiri PCL		1,188,443
		Total Thailand		2,373,663
		Turkey — 0.1%
	208,146	TAV Havalimanlari Holding AS		858,055
		United Kingdom — 18.0%
	252,378	3i Group Plc		2,132,593
	40,246	Abcam Plc		439,148
	159,117	Aberdeen Asset Management Plc		674,439
	314,990	Admiral Group Plc		8,383,934
	236,838	Ashmore Group Plc		1,087,552
	551,569	Ashtead Group Plc		9,106,563
	9,308	ASOS Plc*		586,297
	25,400	AstraZeneca Plc		1,651,050
	1,834,668	Auto Trader Group Plc		9,664,012

40 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	1,016,981	BAE Systems Plc		6,922,345
	712,929	Barclays Plc		1,553,987
	596,570	Barclays Plc, Sponsored ADR		5,184,193
	211,562	Barratt Developments Plc		1,358,430
	256,120	BBA Aviation Plc		831,417
	43,526	Berendsen Plc		703,361
	61,200	Berkeley Group Holdings Plc		2,051,069
	1,259,682	BP Plc		7,363,471
	187,744	BP Plc, Sponsored ADR		6,601,079
	40,692	British American Tobacco Plc, Sponsored ADR		5,194,334
	225,345	British American Tobacco Plc		14,431,250
	133,650	Britvic Plc		1,046,876
	377,600	BT Group Plc		1,908,299
	292,366	Bunzl Plc		8,659,062
	374,146	Cairn Energy Plc*		913,709
	349,974	Carillion Plc		1,126,994
	570,622	Centrica Plc		1,691,505
	1,180,871	Cobham Plc		2,572,436
	34,700	Coca-Cola European Partners Plc		1,384,530
	763,617	Compass Group Plc		14,829,479
	150,255	Crest Nicholson Holdings Plc		880,853
	61,169	Dart Group Plc		332,931
	64,807	Diageo Plc, Sponsored ADR		7,520,204
	54,117	Dialog Semiconductor Plc*		2,086,925
	59,166	Domino’s Pizza Group Plc		287,060
	419,868	Drax Group Plc		1,665,678
	126,585	easyJet Plc		1,655,849
	20,882	EMIS Group Plc		254,846
	1,329,709	Evraz Plc*		2,780,940
	179,252	Experian Plc		3,595,178
	701,600	Firstgroup Plc*		963,327
	70,262	Fresnillo Plc		1,655,644
	834,800	G4S Plc		2,470,275
	591,200	GKN Plc		2,459,804
	70,353	GlaxoSmithKline Plc, Sponsored ADR		3,034,325
	2,544,910	Glencore Plc*		7,013,335
	126,176	Greene King Plc		1,268,606
	47,696	Greggs Plc		628,245
	409,088	Halma Plc		5,574,441
	402,196	HSBC Holdings Plc		3,023,433
	228,643	IG Group Holdings Plc		2,586,933
	372,984	IMI Plc		5,203,596
	141,868	Imperial Brands Plc		7,322,625
	59,200	Indivior Plc		235,701
	33,293	InterContinental Hotels Group Plc		1,375,274
	61,544	Intertek Group Plc		2,789,304
	1,838,845	J Sainsbury Plc		5,871,325
	133,342	Jardine Lloyd Thompson Group Plc		1,752,898

See accompanying Notes to the Financial Statements. 41

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	306,593	John Wood Group Plc		3,024,817
	128,671	Just Eat Plc*		895,890
	298,409	KAZ Minerals Plc*		856,282
	485,400	Kingfisher Plc		2,376,485
	100,612	Laird Plc		414,695
	4,197,051	Lloyds Banking Group Plc		2,974,049
	256,850	London Stock Exchange Group Plc		9,342,147
	566,237	Man Group Plc		828,220
	335,675	Marks & Spencer Group Plc		1,443,734
	179,869	Meggitt Plc		1,053,761
	10,954	Micro Focus International Plc		312,759
	270,400	Mitchells & Butlers Plc		965,234
	375,856	National Grid Plc		5,331,547
	7,546	National Grid Plc, Sponsored ADR		536,596
	1,294,785	Old Mutual Plc		3,404,217
	235,200	Paragon Group of Cos. Plc (The)		957,820
	453,577	Paysafe Group Plc* ‡		2,628,405
	201,645	Pennon Group Plc		2,336,477
	214,473	Premier Farnell Plc		512,625
	1,132,996	QinetiQ Group Plc		3,485,132
	395,010	Reckitt Benckiser Group Plc		37,278,019
	187,599	Redrow Plc		974,764
	151,226	Regus Plc		512,519
	155,615	Rentokil Initial Plc		449,366
	13,824	Rightmove Plc		758,160
	119,700	Royal Dutch Shell Plc Class B		3,105,141
	153,585	Royal Dutch Shell Plc (Amsterdam Exchange) Class A		3,826,516
	97,799	Royal Dutch Shell Plc (Turquoise) Class A, Sponsored ADR		4,896,796
	194,900	Royal Mail Plc		1,239,292
	116,734	RPC Group Plc		1,455,720
	45,266	Sage Group Plc (The)		433,948
	19,640	Severn Trent Plc		639,085
	225,700	Shire Plc		14,653,350
	27,583	Shire Plc, ADR		5,347,240
	25,148	Smith & Nephew Plc, Sponsored ADR		824,351
	90,855	Sophos Group Plc		314,879
	103,361	Spectris Plc		2,642,353
	124,646	Spirax-Sarco Engineering Plc		7,278,086
	56,100	SSE Plc		1,142,663
	625,774	St James’s Place Plc		7,706,106
	232,817	Stagecoach Group Plc		639,033
	160,456	SVG Capital Plc*		1,414,213
	216,805	Tate & Lyle Plc		2,109,406
	41,872	Unilever Plc		1,987,746
	26,801	Unilever Plc, Sponsored ADR		1,270,367
	520,410	Vodafone Group Plc		1,499,058
	544,077	Weir Group Plc (The)		12,014,851
	397,000	WM Morrison Supermarkets Plc		1,123,717

42 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	239,820	Wolseley Plc		13,566,964
	2,446,270	Worldpay Group Plc		9,412,361
	101,596	WPP Plc		2,393,994
		Total United Kingdom		382,933,925
		United States — 2.4%
	143,088	Analog Devices, Inc.		9,222,022
	263,047	Cadence Design Systems, Inc.*		6,715,590
	145,146	Colgate-Palmolive Co.		10,761,124
	37,860	Nordson Corp.		3,771,992
	196,842	NVIDIA Corp.		13,487,614
	85,929	Texas Instruments, Inc.		6,030,497
		Total United States		49,988,839
		TOTAL COMMON STOCKS (COST $1,858,313,569)		1,967,941,717
		INVESTMENT COMPANY — 0.9%
		United States — 0.9%
	336,827	iShares MSCI EAFE Index Fund		19,916,580
		TOTAL INVESTMENT COMPANY (COST $18,919,134)		19,916,580
		PREFERRED STOCKS — 1.0%
		Brazil — 0.1%
	800,360	Itausa - Investimentos Itau SA, 4.01%		2,054,574
		Germany — 0.9%
	120,270	Henkel AG & Co. KGaA, 1.23%		16,354,291
	30,707	Porsche Automobil Holding SE, 4.79%		1,567,895
	3,746	Volkswagen AG, 4.05%		492,331
		Total Germany		18,414,517
		TOTAL PREFERRED STOCKS (COST $15,003,008)		20,469,091
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 8.2%
		Bank Deposit — 4.4%
	93,641,469	State Street Bank & Trust Euro Time Deposit, 0.01%, due 10/03/16		93,641,469
		Securities Lending Collateral — 3.6%
	76,904,418	State Street Institutional U.S. Government Money Market Fund, Premier Class***		76,904,418
		U.S. Government and Agency Obligations — 0.2%
	2,350,000	United States Treasury Bill, 0.12%, due 10/13/16** ‡‡		2,349,899

See accompanying Notes to the Financial Statements. 43

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)			Description	Value ($)
			U.S. Government and Agency Obligations — continued
	2,350,000		United States Treasury Bill, 0.26%, due 01/05/17** ‡‡		2,348,374
			Total U.S. Government and Agency Obligations		4,698,273
			TOTAL SHORT-TERM INVESTMENTS (COST $175,243,121)		175,244,160
			TOTAL INVESTMENTS — 102.8% (Cost $2,067,478,832)		2,183,571,548
			Other Assets and Liabilities (net) — (2.8)%		(59,758,015	)
			NET ASSETS — 100.0%	$	2,123,813,533
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			REIT — Real Estate Investment Trust
			SDR — Swedish Depository Receipt
		*	Non-income producing security
		**	All or a portion of this security is held for open futures collateral.
		***	Represents an investment of securities lending cash collateral.
		****	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 $1,383,885 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2016 was $2,978,281.
		‡	All or a portion of this security is out on loan.
		‡‡	Interest rate presented is yield to maturity.
		¤	Illiquid security. The total market value of the securities at period end is $2,617,663 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2016 was $3,855,981.

44 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Futures Contracts

Number of Contracts		Type	Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
	Buys
	890	MSCI EAFE E-mini Index		December 2016	$	75,948,150	$	975,270

See accompanying Notes to the Financial Statements. 45

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Food		7.3
Banks		6.2
Pharmaceuticals		4.9
Insurance		4.6
Chemicals		3.9
Retail		3.7
Telecommunications		3.6
Semiconductors		3.5
Oil & Gas		3.3
Diversified Financial Services		3.2
Commercial Services		3.0
Beverages		2.6
Household Products & Wares		2.6
Internet		2.4
Software		2.0
Electric		1.9
Mining		1.8
Agriculture		1.7
Auto Parts & Equipment		1.7
Building Materials		1.7
Electronics		1.7
Machinery — Diversified		1.7
Transportation		1.6
Iron & Steel		1.5
Real Estate		1.5
Cosmetics & Personal Care		1.4
Electrical Components & Equipment		1.4
Auto Manufacturers		1.3
Computers		1.3
Distribution & Wholesale		1.3
Miscellaneous — Manufacturing		1.3
Engineering & Construction		1.2
Health Care — Products		1.1
Unaffiliated Fund		0.9
Aerospace & Defense		0.8
Forest Products & Paper		0.8
Media		0.8
Apparel		0.7
Food Service		0.7
Airlines		0.6
REITS		0.6
Gas		0.5
Health Care — Services		0.5
Holding Companies — Diversified		0.5
Metal Fabricate & Hardware		0.5
Home Builders		0.4
Packaging & Containers		0.4
Lodging		0.3
Machinery — Construction & Mining		0.3
Office & Business Equipment		0.3

46 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Advertising		0.2
Entertainment		0.2
Oil & Gas Services		0.2
Hand & Machine Tools		0.1
Home Furnishings		0.1
Leisure Time		0.1
Textiles		0.1
Water		0.1
Biotechnology		0.0
Energy-Alternate Sources		0.0
Shipbuilding		0.0
Short-Term Investments and Other Assets and Liabilities (net)		5.4
		100.0	%

See accompanying Notes to the Financial Statements. 47

Mercer Core Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		DEBT OBLIGATIONS — 98.2%
		Asset Backed Securities — 12.0%
	750,000	A Voce CLO, Ltd., Series 2014-1A, Class A1A, 2.13%, due 07/15/26† 144A		748,603
	1,700,000	AIMCO CLO, Series 2014-AA, Class A, 2.24%, due 07/20/26† 144A		1,702,050
	1,000,000	AIMCO CLO, Series 2014-AA, Class B1, 2.70%, due 07/20/26† 144A		1,000,060
	1,500,000	AIMCO CLO, Series 2014-AA, Class B2, 4.58%, due 07/20/26 144A		1,501,088
	750,000	AIMCO CLO, Series 2015-AA, Class A1, 2.38%, due 01/15/28† 144A		752,435
	2,091,000	Ally Auto Receivables Trust, Series 2014-2, Class A4, 1.84%, due 01/15/20		2,111,458
	375,000	Ally Auto Receivables Trust, Series 2014-3, Class A4, 1.72%, due 03/16/20		378,668
	395,000	Ally Auto Receivables Trust, Series 2015-1, Class A4, 1.75%, due 05/15/20		399,457
	520,000	Ally Master Owner Trust, Series 2015-3, Class A, 1.63%, due 05/15/20		522,417
	250,000	ALM CLO VIII, Ltd., Series 2013-8A, Class A1R, 2.34%, due 10/15/28† ††††		250,000
	1,000,000	American Express Credit Account Master Trust, Series 2013-1, Class B, 1.22%, due 02/16/21†		998,945
	580,000	American Express Credit Account Master Trust, Series 2014-4, Class A, 1.43%, due 06/15/20		582,653
	706,317	Ameriquest Mortgage Securities, Inc., Series 2003-9, Class AV1, 1.28%, due 09/25/33†		662,373
	161,514	Ameriquest Mortgage Securities, Inc., Series 2004-R2, Class A1A, 1.21%, due 04/25/34†		160,238
	1,000,000	Anchorage Capital CLO 3, Ltd., Series 2014-3A, Class A2A, 2.99%, due 04/28/26¤ † 144A		1,000,276
	750,000	Anchorage Capital CLO 5, Ltd., Series 2014-5A, Class A, 2.28%, due 10/15/26† 144A		750,438
	785,000	Applebee’s Funding LLC/IHOP Funding LLC, Series 2014-1, Class A2, 4.28%, due 09/05/44 144A		798,992
	660,013	Arbys Funding LLC, Series 2015-1A, Class A2, 4.97%, due 10/30/45 144A		677,452
	362,566	Asset Backed Securities Corp. Home Equity, Series 2003-HE7, Class M1, 1.48%, due 12/15/33†		344,269
	1,700,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A, 2.50%, due 07/20/21 144A		1,718,566
	1,200,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class A, 2.63%, due 12/20/21 144A		1,215,690
	525,000	Babson CLO, Ltd., Series 2013-IA, Class A, 1.80%, due 04/20/25† 144A		523,126
	1,230,000	Bank of America Credit Card Trust, Series 2015-A2, Class A, 1.36%, due 09/15/20		1,235,311
	250,000	Battalion CLO VIII, Ltd., Series 2015-8A, Class A1, 2.21%, due 04/18/27† 144A		250,059
	45,634	Bear Stearns Asset Backed Securities Trust, Series 2004-SD3, Class A3, 1.09%, due 09/25/34†		45,203
	315,000	BMW Vehicle Owner Trust, Series 2016-A, Class A4, 1.37%, due 12/25/22		316,154
	712,500	Cabela’s Credit Card Master Note Trust, Series 2016-1, Class A1, 1.78%, due 06/15/22		714,563
	190,000	California Republic Auto Receivables Trust, Series 2016-2, Class A4, 1.83%, due 12/15/21		191,639
	495,000	Capital One Multi-Asset Execution Trust, Series 2015-A5, Class A5, 1.60%, due 05/17/21		499,185
	860,000	Capital One Multi-Asset Execution Trust, Series 2016-A3, Class A3, 1.34%, due 04/15/22		862,593
	270,000	CarMax Auto Owner Trust, Series 2015-2, Class A4, 1.80%, due 03/15/21		273,148
	160,000	CarMax Auto Owner Trust, Series 2015-3, Class A4, 1.98%, due 02/16/21		162,570
	1,800,000	Chase Issuance Trust, Series 2007-C1, Class C1, 0.98%, due 04/15/19†		1,799,676
	605,000	Chase Issuance Trust, Series 2014-A7, Class A, 1.38%, due 11/15/19		607,377
	620,000	Chase Issuance Trust, Series 2015-A2, Class A2, 1.59%, due 02/18/20		623,907

48 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	830,000	Chase Issuance Trust, Series 2015-A5, Class A5, 1.36%, due 04/15/20		833,489
	565,000	Chase Issuance Trust, Series 2016-A2, Class A, 1.37%, due 06/15/21		566,990
	385,000	Chrysler Capital Auto Receivables Trust, Series 2014-BA, Class A4, 1.76%, due 12/16/19 144A		386,664
	225,000	Citibank Credit Card Issuance Trust, Series 2014-A8, Class A8, 1.73%, due 04/09/20		227,187
	611,138	CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2, 4.47%, due 03/20/43 144A		613,528
	575,000	CNH Equipment Trust, Series 2015-C, Class A3, 1.66%, due 11/16/20		578,610
	315,000	CNH Equipment Trust, Series 2016-B, Class A3, 1.63%, due 08/15/21		317,564
	682,042	Colony American Homes, Series 2014-1A, Class A, 1.68%, due 05/17/31† 144A		682,815
	247,461	CSMC Trust, Series 2006-CF2, Class M1, 1.00%, due 05/25/36† 144A		245,226
	709,200	DB Master Finance LLC, Series 2015-1A, Class A2II, 3.98%, due 02/20/45 144A		726,488
	1,160,000	Discover Card Execution Note Trust, Series 2016-A1, Class A1, 1.64%, due 07/15/21		1,171,380
	500,000	Enterprise Fleet Financing LLC, Series 2016-2, Class A2, 1.74%, due 02/22/22 144A		500,790
	1,000,000	Ford Credit Auto Owner Trust, Series 2014-1, Class A, 2.26%, due 11/15/25 144A		1,020,078
	1,000,000	Ford Credit Auto Owner Trust, Series 2014-2, Class A, 2.31%, due 04/15/26 144A		1,023,154
	210,000	Ford Credit Auto Owner Trust, Series 2015-B, Class A4, 1.58%, due 08/15/20		210,891
	365,000	Ford Credit Auto Owner Trust, Series 2016-B, Class A3, 1.33%, due 10/15/20		366,217
	520,000	Ford Credit Floorplan Master Owner Trust, Series 2012-5, Class A, 1.49%, due 09/15/19		521,782
	330,000	Ford Credit Floorplan Master Owner Trust, Series 2014-4, Class A1, 1.40%, due 08/15/19		330,938
	625,000	Ford Credit Floorplan Master Owner Trust, Series 2015-1, Class A1, 1.42%, due 01/15/20		626,850
	500,000	GE Dealer Floorplan Master Note Trust, Series 2015-1, Class A, 1.03%, due 01/20/20†		499,896
	330,000	GMF Floorplan Owner Revolving Trust, Series 2015-1, Class A1, 1.65%, due 05/15/20 144A		329,954
	500,000	GMF Floorplan Owner Revolving Trust, Series 2015-1, Class A2, 1.02%, due 05/15/20¤ † 144A		498,510
	1,600,000	Hertz Vehicle Financing LLC, Series 2015-1A, Class A, 2.73%, due 03/25/21 144A		1,622,895
	600,000	Hertz Vehicle Financing LLC, Series 2015-3A, Class A, 2.67%, due 09/25/21 144A		606,844
	700,000	Hertz Vehicle Financing LLC, Series 2016-1A, Class A, 2.32%, due 03/25/20 144A		703,982
	300,000	Hertz Vehicle Financing LLC, Series 2016-3A, Class A, 2.27%, due 07/25/20 144A		300,495
	250,000	Highbridge Loan Management CLO, Ltd., Series 2015-6A, Class A, 2.23%, due 05/05/27† 144A		250,034
	289,434	Home Equity Asset Trust, Series 2003-8, Class M1, 1.61%, due 04/25/34†		269,914
	95,000	Honda Auto Receivables Owner Trust, Series 2014-3, Class A4, 1.31%, due 10/15/20		95,270
	512,000	Honda Auto Receivables Owner Trust, Series 2015-3, Class A4, 1.56%, due 10/18/21		515,970
	445,000	Honda Auto Receivables Owner Trust, Series 2015-4, Class A3, 1.23%, due 09/23/19		446,105
	390,000	Honda Auto Receivables Owner Trust, Series 2016-2, Class A2, 1.13%, due 09/17/18		390,246
	1,185,000	Honda Auto Receivables Owner Trust, Series 2016-3, Class A4, 1.33%, due 11/18/22		1,184,346
	135,000	Hyundai Auto Receivables Trust, Series 2015-A, Class A4, 1.37%, due 07/15/20		135,466
	250,000	ICG US CLO, Ltd., Series 2014-3A, Class A1B, 3.28%, due 01/25/27 144A		250,738
	3,368,214	Invitation Homes Trust, Series 2014-SFR1, Class A, 1.53%, due 06/17/31† 144A		3,361,503
	1,167,527	Invitation Homes Trust, Series 2015-SFR3, Class A, 1.83%, due 08/17/32† 144A		1,174,462
	68,000	John Deere Owner Trust, Series 2015-A, Class A4, 1.65%, due 12/15/21		68,517
	500,000	KVK CLO, Ltd., Series 2014-2A, Class A, 2.23%, due 07/15/26† 144A		500,047
	1,750,000	Madison Park Funding XI CLO, Ltd., Series 2013-11A, Class A1A, 1.99%, due 10/23/25† 144A		1,743,563

See accompanying Notes to the Financial Statements. 49

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	250,000	Magnetite XI CLO, Ltd., Series 2014-11A, Class A1, 2.13%, due 01/18/27¤ † 144A		250,004
	590,000	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A3, 1.34%, due 12/16/19		591,776
	3,370,000	Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A4, 1.46%, due 12/15/22		3,384,888
	1,570,000	MMAF Equipment Finance LLC, Series 2014-AA, Class A5, 2.33%, due 12/08/25 144A		1,610,559
	287,454	Morgan Stanley ABS Capital I, Series 2003-NC6, Class M1, 1.73%, due 06/25/33†		280,693
	176,251	Morgan Stanley ABS Capital I, Series 2003-NC7, Class M1, 1.58%, due 06/25/33†		169,073
	245,039	Morgan Stanley ABS Capital I, Series 2003-NC10, Class M1, 1.55%, due 10/25/33†		234,908
	294,028	New Century Home Equity Loan Trust, Series 2003-A, Class A, 1.24%, due 10/25/33† 144A		274,590
	2,211,000	NextGear Floorplan Master Owner Trust, Series 2015-2A, Class A, 2.38%, due 10/15/20 144A		2,207,443
	770,000	Nissan Auto Receivables Owner Trust, Series 2015-B, Class A3, 1.34%, due 03/16/20		773,017
	515,000	Nissan Auto Receivables Owner Trust, Series 2015-B, Class A4, 1.79%, due 01/17/22		521,376
	413,000	Nissan Master Owner Trust Receivables, Series 2015-A, Class A2, 1.44%, due 01/15/20		414,043
	345,733	OneMain Direct Auto Receivables Trust, Series 2016-1A, Class A, 2.04%, due 01/15/21 144A		347,195
	1,200,000	OneMain Financial Issuance Trust, Series 2015-2A, Class A, 2.57%, due 07/18/25 144A		1,205,754
	750,000	Palmer Square CLO, Ltd., Series 2015-2A, Class A1A, 2.20%, due 07/20/27† 144A		750,439
	1,000,000	Race Point VIII CLO, Ltd., Series 2013-8A, Class A, 2.06%, due 02/20/25† 144A		998,258
	750,000	Regatta IV Funding CLO, Ltd., Series 2014-1A, Class A2, 2.24%, due 07/25/26† 144A		750,052
	750,000	Regatta V Funding CLO, Ltd., Series 2014-1A, Class A1A, 2.27%, due 10/25/26† 144A		750,035
	500,000	Regatta VII Funding CLO, Ltd., Series 2016-1A, Class A1, 2.37%, due 12/20/28† †††† 144A		500,000
	15,000	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35††		15,094
	610,057	Saxon Asset Securities Trust, Series 2005-1, Class M1, 1.21%, due 05/25/35†		590,464
	500,000	Seneca Park CLO, Ltd., Series 2014-1A, Class B2, 4.35%, due 07/17/26 144A		500,278
	500,000	Shackleton CLO, Ltd., Series 2014-6A, Class A1, 2.16%, due 07/17/26† 144A		500,009
	504,621	Sierra Timeshare Receivables Funding LLC, Series 2013-3A, Class A, 2.20%, due 10/20/30 144A		505,933
	743,406	Silvermore CLO, Ltd., Series 2014-1A, Class A1, 2.27%, due 05/15/26† 144A		738,706
	1,723,331	Small Business Administration Participation Certificates, Series 2010-20D, Class 1, 4.36%, due 04/01/30		1,887,494
	1,197,425	Small Business Administration Participation Certificates, Series 2010-20G, Class 1, 3.80%, due 07/01/30		1,291,703
	1,548,259	Small Business Administration Participation Certificates, Series 2010-20I, Class 1, 3.21%, due 09/01/30		1,640,916
	1,397,196	Small Business Administration Participation Certificates, Series 2011-20F, Class 1, 3.67%, due 06/01/31		1,517,091
	4,526,726	Small Business Administration Participation Certificates, Series 2013-20H, Class 1, 3.16%, due 08/01/33		4,807,534
	4,027,569	Small Business Administration Participation Certificates, Series 2014-20C, Class 1, 3.21%, due 03/01/34		4,281,617
	1,696,705	Small Business Administration Participation Certificates, Series 2014-20D, Class 1, 3.11%, due 04/01/34		1,789,960

50 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	1,184,834	Small Business Administration Participation Certificates, Series 2014-20I, Class 1, 2.92%, due 09/01/34		1,238,327
	700,000	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, due 04/25/29†††† 144A		699,973
	860,000	Springleaf Funding Trust, Series 2015-AA, Class A, 3.16%, due 11/15/24 144A		871,178
	3,276,625	Store Master Funding I LLC, Series 2015-1A, Class A1, 3.75%, due 04/20/45 144A		3,313,999
	1,211,697	STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A		1,254,120
	2,000,000	Synchrony Credit Card Master Note Trust, Series 2015-3, Class A, 1.74%, due 09/15/21		2,016,016
	240,000	Synchrony Credit Card Master Note Trust, Series 2016-1, Class A, 2.04%, due 03/15/22		243,692
	390,000	Taco Bell Funding LLC, Series 2016-1A, Class A2I, 3.83%, due 05/25/46¤ 144A		396,554
	500,000	THL Credit Wind River CLO, Ltd., Series 2014-3A, Class A, 2.32%, due 01/22/27† 144A		500,035
	750,000	THL Credit Wind River CLO, Ltd., Series 2015-1A, Class A, 2.20%, due 07/20/27† 144A		750,250
	430,000	Toyota Auto Receivables Owner Trust, Series 2015-B, Class A4, 1.74%, due 09/15/20		434,391
	675,000	Toyota Auto Receivables Owner Trust, Series 2016-A, Class A3, 1.25%, due 03/16/20		676,707
	265,000	Toyota Auto Receivables Owner Trust, Series 2016-C, Class A4, 1.32%, due 11/15/21		264,531
	750,000	Trinitas CLO V, Ltd., Series 2016-5A, Class A, 2.43%, due 10/25/28† 144A		750,000
	28,063	UAL Pass Through Trust, Series 2009-2A, 9.75%, due 07/15/18		28,749
	2,798,000	Verizon Owner Trust, Series 2016-1A, Class A, 1.42%, due 01/20/21¤ 144A		2,807,935
	315,000	Volkswagen Credit Auto Master Trust, Series 2014-1A, Class A2, 1.40%, due 07/22/19 144A		314,803
	1,300,000	Washington Mill CLO, Ltd., Series 2014-1A, Class A1, 2.20%, due 04/20/26† 144A		1,298,176
	500,000	Washington Mill CLO, Ltd., Series 2014-1A, Class B2, 4.25%, due 04/20/26 144A		500,201
	500,000	WellFleet CLO, Ltd., Series 2016-2A, Class A1, 2.61%, due 10/20/28† ††††		500,000
	960,000	Wells Fargo Home Equity Trust, Series 2005-4, Class M1, 0.99%, due 12/25/35†		937,266
	695,000	World Omni Auto Receivables Trust, Series 2016-A, Class A3, 1.77%, due 09/15/21		703,476
				108,861,318
		Corporate Debt — 37.2%
	20,000	21st Century Fox America, Inc., 6.75%, due 01/09/38		25,719
	812,000	AbbVie, Inc., 3.20%, due 11/06/22		846,504
	850,000	AbbVie, Inc., 3.60%, due 05/14/25		890,077
	500,000	AbbVie, Inc., 4.50%, due 05/14/35		534,529
	30,000	ACE INA Holdings, Inc., 4.35%, due 11/03/45		34,766
	555,000	Actavis Funding SCS, 3.80%, due 03/15/25		588,423
	605,000	Actavis Funding SCS, 4.55%, due 03/15/35		644,623
	395,000	Activision Blizzard, Inc., 3.40%, due 09/15/26 144A		397,507
	380,000	Activision Blizzard, Inc., 6.13%, due 09/15/23 144A		417,718
	340,000	AerCap Global Aviation Trust, 6.50%, due 06/15/45¤ † ‡ 144A		351,050
	280,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 3.75%, due 05/15/19‡		286,650
	430,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 4.63%, due 10/30/20‡		452,575
	96,000	AES Corp. (The), Senior Note, 8.00%, due 06/01/20‡		113,520
	732,000	Aetna, Inc., 2.40%, due 06/15/21‡		741,281
	165,000	Aetna, Inc., 3.20%, due 06/15/26		168,101
	750,000	Aetna, Inc., 4.75%, due 03/15/44		848,738
	315,000	Agrium, Inc., 4.90%, due 06/01/43		333,709
	150,000	Agrium, Inc., 5.25%, due 01/15/45		167,457

See accompanying Notes to the Financial Statements. 51

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	305,000	Ahern Rentals, Inc., 7.38%, due 05/15/23 144A		199,013
	1,040,000	AIA Group, Ltd., 3.20%, due 03/11/25 144A		1,064,002
	250,000	Air Canada 2013-1 Class C Pass Through Trust, 6.63%, due 05/15/18 144A		260,312
	2,044,359	Air Canada 2015-1 Class A Pass Through Trust, 3.60%, due 09/15/28 144A		2,121,124
	275,000	Air Lease Corp., 3.00%, due 09/15/23		272,561
	170,000	Air Lease Corp., 3.38%, due 01/15/19‡		175,035
	195,000	Air Lease Corp., 3.88%, due 04/01/21‡		206,700
	155,000	Aircastle, Ltd., 5.50%, due 02/15/22		167,788
	150,000	Aircastle, Ltd., 6.25%, due 12/01/19		164,625
	205,000	Aircastle, Ltd., 7.63%, due 04/15/20		234,213
	385,000	Alcoa, Inc., 5.13%, due 10/01/24‡		411,469
	400,000	Allegheny Technologies, Inc., 9.38%, due 06/01/19		431,500
	225,000	Ally Financial, Inc., 3.25%, due 11/05/18		226,688
	505,000	Ally Financial, Inc., 5.13%, due 09/30/24‡		536,562
	200,000	Altice Financing SA, 6.50%, due 01/15/22‡ 144A		211,750
	200,000	Altice Financing SA, 6.63%, due 02/15/23‡ 144A		206,000
	85,000	Altria Group, Inc., 2.63%, due 09/16/26		86,052
	340,000	AMC Networks, Inc., 5.00%, due 04/01/24		343,400
	620,000	America Movil SAB de CV, 5.00%, due 03/30/20		682,446
	150,000	America Movil SAB de CV, Guaranteed Senior Note, 5.63%, due 11/15/17		157,379
	368,018	American Airlines 2011-1 Class B Pass Through Trust, 7.00%, due 07/31/19 144A		385,039
	4,059,499	American Airlines 2013-2 Class A Pass Through Trust, 4.95%, due 07/15/24		4,419,780
	144,559	American Airlines 2016-1 Class A Pass Through Trust, 4.10%, due 07/15/29		155,220
	460,000	American Honda Finance Corp., 1.70%, due 02/22/19		464,076
	1,247,000	American International Group, Inc., 4.80%, due 07/10/45		1,324,941
	235,000	American Tower Corp., 4.70%, due 03/15/22		261,519
	235,000	American Tower Corp. REIT, 3.40%, due 02/15/19		244,314
	220,000	Amgen, Inc., 4.40%, due 05/01/45		232,040
	813,000	Amgen, Inc., 4.66%, due 06/15/51 144A		872,761
	295,000	Anadarko Petroleum Corp., 6.20%, due 03/15/40‡		338,499
	8,000,000	Anadarko Petroleum Corp., 7.53%, due 10/10/36‡‡		3,118,728
	1,478,000	Anheuser-Busch InBev Finance, Inc., 3.65%, due 02/01/26		1,590,452
	465,000	Anheuser-Busch InBev Finance, Inc., 4.70%, due 02/01/36		536,376
	1,125,000	Anheuser-Busch InBev Finance, Inc., 4.90%, due 02/01/46		1,344,049
	340,000	Anheuser-Busch InBev Worldwide, Inc., 5.38%, due 01/15/20		380,100
	270,000	Antero Midstream Partners, LP/Antero Midstream Finance Corp., 5.38%, due 09/15/24 144A		274,050
	5,000	Anthem, Inc., 5.10%, due 01/15/44		5,822
	730,000	Anthem, Inc., 5.88%, due 06/15/17		753,021
	475,000	Apache Corp., 5.10%, due 09/01/40		494,385
	70,000	Aramark Services, Inc., Co., 5.13%, due 01/15/24		72,975
	300,000	Ares Capital Corp., 3.88%, due 01/15/20		310,516
	400,000	Assured Guaranty US Holdings, Inc., 5.00%, due 07/01/24		447,633
	150,000	AT&T, Inc., 2.63%, due 12/01/22		151,395
	5,000,000	AT&T, Inc., 3.30%, due 11/27/22‡‡ 144A		4,143,585
	2,079,000	AT&T, Inc., 3.40%, due 05/15/25		2,139,859
	120,000	AT&T, Inc., 3.88%, due 08/15/21		129,677
	10,000	AT&T, Inc., 4.45%, due 05/15/21‡		11,008

52 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	110,000	AT&T, Inc., 4.50%, due 05/15/35		115,937
	409,000	AT&T, Inc., 4.75%, due 05/15/46		429,717
	610,000	AT&T, Inc., Global Note, 5.50%, due 02/01/18		642,908
	200,000	Australia & New Zealand Banking Group Ltd., 6.75%¤ † ††††† ‡ 144A		220,183
	175,000	AutoNation, Inc., 4.50%, due 10/01/25		185,809
	740,000	AvalonBay Communities, Inc. REIT, 2.90%, due 10/15/26††††		738,082
	190,000	AXA SA, 8.60%, due 12/15/30		268,850
	325,000	BAC Capital Trust XIV, 4.00%† †††††		264,875
	2,160,000	BAE Systems Holdings, Inc., 6.38%, due 06/01/19 144A		2,409,169
	155,000	Ball Corp., 4.38%, due 12/15/20		166,238
	600,000	Bank of America Corp., 2.60%, due 01/15/19		612,048
	1,750,000	Bank of America Corp., 3.50%, due 04/19/26		1,822,305
	500,000	Bank of America Corp., 4.13%, due 01/22/24		543,107
	400,000	Bank of America Corp., 4.20%, due 08/26/24		424,290
	245,000	Bank of America Corp., 4.25%, due 10/22/26		260,463
	1,760,000	Bank of America Corp., 4.45%, due 03/03/26‡		1,892,495
	420,000	Bank of America Corp., 5.13%† ††††† ‡		413,175
	810,000	Bank of America Corp., 5.70%, due 01/24/22		943,306
	340,000	Bank of America Corp., 6.25%† †††††		354,484
	170,000	Bank of America Corp., 6.30%† ††††† ‡		185,088
	565,000	Bank of America Corp., 6.88%, due 04/25/18		609,782
	100,000	Bank of America Corp., 7.63%, due 06/01/19		114,831
	340,000	Bank of America Corp., 8.00%† †††††		347,225
	175,000	Bank of America Corp. (MTN), 3.95%, due 04/21/25		181,488
	410,000	Bank of America Corp., Senior Note, 5.75%, due 12/01/17		429,696
	340,000	Bank of America Corp., Subordinated Note, 5.70%, due 05/02/17		348,018
	1,721,000	Bank of America NA, 1.75%, due 06/05/18		1,731,376
	680,000	Barclays Plc, 3.20%, due 08/10/21		684,153
	325,000	Barclays Plc, 4.38%, due 01/12/26‡		336,891
	220,000	Bear Stearns Cos. LLC (The), Senior Global Note, 7.25%, due 02/01/18		236,303
	1,432,000	Berkshire Hathaway Energy Co., 6.13%, due 04/01/36		1,907,997
	280,000	BHP Billiton Finance USA, Ltd., 6.25%, due 10/19/75† ‡ 144A		303,800
	1,099,000	Blackstone Holdings Finance Co. LLC, 4.75%, due 02/15/23 144A		1,224,798
	1,555,000	Blackstone Holdings Finance Co. LLC, Series 1, 6.63%, due 08/15/19 144A		1,763,202
	1,475,000	BMW US Capital LLC, 2.25%, due 09/15/23‡ 144A		1,470,653
	80,000	Boise Cascade Co., 5.63%, due 09/01/24¤ 144A		81,600
	1,835,000	Boston Properties, LP REIT, 5.63%, due 11/15/20		2,085,947
	425,000	BP Capital Markets Plc, 3.02%, due 01/16/27‡		432,256
	280,000	BPCE SA, 4.50%, due 03/15/25 144A		283,110
	415,000	BPCE SA, 5.70%, due 10/22/23 144A		452,721
	437,152	British Airways 2013-1 Class A Pass Through Trust, 4.63%, due 12/20/25 144A		469,248
	280,000	Building Materials Corp. of America, 5.38%, due 11/15/24¤ 144A		289,800
	280,000	Bunge, Ltd. Finance Corp., 8.50%, due 06/15/19		328,495
	859,000	Canadian Pacific Railway Co., 6.13%, due 09/15/15#		1,065,570
	310,000	Capital One Financial Corp., 2.45%, due 04/24/19		316,944
	585,000	Capital One Financial Corp., 3.75%, due 07/28/26		588,263
	460,000	Capital One Financial Corp., 4.20%, due 10/29/25		480,812
	1,085,000	Capital One NA/Mclean VA, 2.25%, due 09/13/21		1,085,851

See accompanying Notes to the Financial Statements. 53

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	550,000	Capital One NA/Mclean VA, 2.35%, due 08/17/18		556,936
	1,882,000	Carlyle Holdings II Finance LLC, 5.63%, due 03/30/43 144A		2,046,739
	915,000	Carnival Corp., 1.88%, due 12/15/17		922,475
	225,000	Cascades, Inc., 5.50%, due 07/15/22 144A		229,781
	375,000	CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, due 04/15/23		401,676
	210,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.88%, due 05/01/27 144A		224,175
	1,547,000	CDP Financial, Inc., 3.15%, due 07/24/24 144A		1,656,962
	385,000	Celgene Corp., 5.00%, due 08/15/45		435,202
	235,000	Cemex SAB de CV, 6.13%, due 05/05/25‡ 144A		242,050
	290,000	Cenovus Energy, Inc., 4.45%, due 09/15/42		240,149
	5,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.46%, due 07/23/22‡ 144A		5,402
	1,511,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, due 07/23/25 144A		1,669,655
	195,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.38%, due 10/23/35 144A		230,326
	597,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, due 10/23/45 144A		724,549
	326,000	Chemours Co. (The), 6.63%, due 05/15/23‡		319,480
	800,000	Cigna Corp., 5.38%, due 02/15/42		970,556
	175,000	Cimarex Energy Co., 4.38%, due 06/01/24		183,067
	80,000	Cincinnati Bell, Inc., 7.00%, due 07/15/24¤ 144A		82,200
	814,000	Citigroup, Inc., 2.15%, due 07/30/18		821,582
	789,000	Citigroup, Inc., 2.26%, due 09/01/23†		793,433
	1,374,000	Citigroup, Inc., 2.70%, due 03/30/21‡		1,405,300
	425,000	Citigroup, Inc., 3.88%, due 03/26/25		439,393
	265,000	Citigroup, Inc., 4.00%, due 08/05/24		278,317
	260,000	Citigroup, Inc., 4.05%, due 07/30/22		276,666
	180,000	Citigroup, Inc., 4.40%, due 06/10/25		190,927
	470,000	Citigroup, Inc., 4.50%, due 01/14/22		519,699
	460,000	Citigroup, Inc., 4.60%, due 03/09/26		492,209
	130,000	Citigroup, Inc., 5.90%† †††††		134,875
	230,000	Citigroup, Inc., 5.95%† †††††		238,551
	550,000	Citigroup, Inc., 5.95%† ††††† ‡		561,025
	120,000	Citigroup, Inc., 6.13%† ††††† ‡		124,950
	410,000	Citigroup, Inc., 6.25%† †††††		441,775
	185,000	Clear Channel Worldwide Holdings, Inc., 6.50%, due 11/15/22		193,556
	1,614,000	Cleveland Clinic Foundation (The), 4.86%, due 01/01/14#		1,820,476
	350,000	CNO Financial Group, Inc., 5.25%, due 05/30/25		349,125
	495,000	Columbia Pipeline Group, Inc., 4.50%, due 06/01/25		538,597
	3,230,000	Comcast Corp., 4.25%, due 01/15/33		3,593,931
	349,000	Comcast Corp., 6.40%, due 05/15/38		486,513
	130,000	Comcast Corp., 6.50%, due 01/15/17		131,985
	20,000	Comcast Corp., 6.50%, due 11/15/35		27,791
	90,000	Comcast Corp., 6.95%, due 08/15/37		131,463
	200,000	Comcel Trust via Comunicaciones Celulares SA, 6.88%, due 02/06/24‡ 144A		206,640
	160,000	Commercial Metals Co., 7.35%, due 08/15/18		173,600
	350,000	Commerzbank AG, 8.13%, due 09/19/23 144A		403,987

54 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	250,000	ConocoPhillips Co., 4.95%, due 03/15/26‡		282,320
	575,000	ConocoPhillips Holding Co., 6.95%, due 04/15/29		732,823
	400,000	Consumers Energy Co., 3.25%, due 08/15/46		394,693
	1,370,942	Continental Airlines 2007-1 Class A Pass Through Trust, 5.98%, due 10/19/23		1,547,451
	282,552	Continental Airlines 2012-1 Class B Pass Through Trust, 6.25%, due 10/11/21		303,391
	550,000	Continental Resources, Inc., 5.00%, due 09/15/22‡		550,000
	295,000	Corp. Andina de Fomento, 2.13%, due 09/27/21		295,590
	95,000	Cortes NP Acquisition Corp., 9.25%, due 10/15/24¤ †††† 144A		95,000
	1,526,000	Cox Communications, Inc., 3.35%, due 09/15/26 144A		1,541,457
	305,000	Credit Acceptance Corp., 6.13%, due 02/15/21		308,050
	300,000	Credit Agricole SA, 6.63%† ††††† ‡ 144A		288,237
	300,000	Credit Agricole SA, 7.88%† ††††† 144A		301,314
	250,000	Credit Agricole SA, 8.13%, due 09/19/33† 144A		270,625
	500,000	Credit Suisse Group Funding Guernsey, Ltd., 2.75%, due 03/26/20		502,233
	250,000	Credito Real SAB de CV SOFOM ER, 7.50%, due 03/13/19 144A		261,250
	345,000	Crown Castle International Corp. REIT, 4.45%, due 02/15/26		379,621
	52,000	Crown Castle Towers LLC, 4.88%, due 08/15/40 144A		56,886
	335,000	Crown Castle Towers LLC, 6.11%, due 01/15/40 144A		371,573
	1,160,000	CVS Health Corp., 2.75%, due 12/01/22		1,195,973
	200,000	CVS Health Corp., 2.88%, due 06/01/26		203,380
	620,000	CVS Health Corp., 5.13%, due 07/20/45		761,739
	3,000,275	CVS Pass-Through Trust, 7.51%, due 01/10/32 144A		3,838,020
	578,000	DCP Midstream LLC, 5.35%, due 03/15/20 144A		595,340
	240,000	DCP Midstream LLC, 5.85%, due 05/21/43† 144A		200,400
	245,000	DCP Midstream LLC, 9.75%, due 03/15/19 144A		273,359
	240,000	DCP Midstream Operating, LP, 2.70%, due 04/01/19		234,900
	225,000	DCP Midstream Operating, LP, 3.88%, due 03/15/23		216,000
	345,000	Delphi Automotive Plc, 4.25%, due 01/15/26		376,544
	1,002,064	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.82%, due 02/10/24		1,186,193
	375,000	Deutsche Bank AG, 3.38%, due 05/12/21		367,212
	670,000	Devon Energy Corp., 7.95%, due 04/15/32		822,841
	250,000	Dexia Credit Local SA, 1.88%, due 09/15/21 144A		249,819
	215,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 3.48%, due 06/01/19 144A		221,261
	185,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 4.42%, due 06/15/21 144A		193,548
	835,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, due 06/15/26 144A		917,080
	65,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 7.13%, due 06/15/24‡ 144A		71,534
	280,000	Digicel, Ltd., 6.75%, due 03/01/23 144A		248,500
	550,000	Discover Bank/Greenwood DE, 2.60%, due 11/13/18		558,528
	665,000	Discover Financial Services, 3.75%, due 03/04/25		674,138
	690,000	Discover Financial Services, 3.95%, due 11/06/24		707,516
	270,000	Discover Financial Services, 5.20%, due 04/27/22		297,619
	115,000	Dominion Resources, Inc., 2.85%, due 08/15/26‡		114,628
	400,000	Dominion Resources, Inc., 4.45%, due 03/15/21		440,197
	400,000	Dow Chemical Co. (The), 4.38%, due 11/15/42‡		408,772
	2,589,000	Duke Energy Corp., 3.55%, due 09/15/21		2,782,165
	420,000	Duke Energy Florida LLC, 3.40%, due 10/01/46		410,689
	195,000	Duke Energy Progress LLC, 3.70%, due 10/15/46		201,504
	54,000	Eagle Materials, Inc., 4.50%, due 08/01/26		54,814

See accompanying Notes to the Financial Statements. 55

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	200,000	eBay, Inc., 2.50%, due 03/09/18‡		202,899
	110,000	Ecolab, Inc., 4.35%, due 12/08/21		123,642
	190,000	El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32		237,309
	1,238,000	Electricite de France SA, 3.63%, due 10/13/25‡ 144A		1,303,218
	235,000	Electricite de France SA, 5.25%† ††††† 144A		230,617
	730,000	Electronic Arts, Inc., 4.80%, due 03/01/26		805,405
	360,000	Emera US Finance, LP, 3.55%, due 06/15/26 144A		373,852
	200,000	Enbridge Energy Partners, LP, 4.38%, due 10/15/20		211,120
	295,000	Energy Transfer Partners, LP, 5.15%, due 03/15/45		274,233
	203,000	Energy Transfer Partners, LP, 9.70%, due 03/15/19		233,032
	310,000	EnerSys, 5.00%, due 04/30/23 144A		311,162
	39,000	Engility Corp., 8.88%, due 09/01/24 144A		39,634
	275,000	Enova International, Inc., 9.75%, due 06/01/21		247,500
	460,000	Enterprise Products Operating LLC, 3.75%, due 02/15/25		477,550
	310,000	Enterprise Products Operating LLC, 3.95%, due 02/15/27‡		325,516
	440,000	Enterprise Products Operating LLC, 4.46%, due 08/01/66†		415,294
	1,934,000	ERAC USA Finance LLC, 2.80%, due 11/01/18¤ 144A		1,978,904
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49**** ¤ †††		—
	1,169,000	Exelon Corp., 5.10%, due 06/15/45		1,361,683
	912,000	Exelon Generation Co. LLC, 4.25%, due 06/15/22		979,958
	645,000	Expedia, Inc., 5.00%, due 02/15/26 144A		680,107
	1,270,000	Express Scripts Holding Co., 3.40%, due 03/01/27		1,279,940
	595,000	Express Scripts Holding Co., 4.50%, due 02/25/26		653,850
	405,000	Fidelity National Information Services, Inc., 2.85%, due 10/15/18		415,840
	540,000	Fidelity National Information Services, Inc., 3.63%, due 10/15/20		573,290
	1,303,000	Fifth Third Bancorp, 2.88%, due 07/27/20		1,354,143
	150,000	FirstEnergy Corp., 2.75%, due 03/15/18		151,796
	245,000	FirstEnergy Corp., Series C, 7.38%, due 11/15/31		319,094
	250,000	Flagstar Bancorp, Inc., 6.13%, due 07/15/21 144A		254,914
	205,000	Florida East Coast Holdings Corp., 6.75%, due 05/01/19 144A		211,150
	765,000	Ford Motor Co., 4.75%, due 01/15/43‡		795,547
	550,000	Ford Motor Credit Co. LLC, 2.55%, due 10/05/18		558,339
	1,875,000	Ford Motor Credit Co. LLC, 5.88%, due 08/02/21		2,142,609
	350,000	Ford Motor Credit Co. LLC, 8.00%, due 12/15/16		354,973
	580,000	Ford Motor Credit Co. LLC, 8.13%, due 01/15/20		685,483
	200,000	Fresenius US Finance II, Inc., 4.50%, due 01/15/23 144A		209,500
	295,000	Frontier Communications Corp., 8.88%, due 09/15/20		319,337
	200,000	GCI, Inc., 6.88%, due 04/15/25‡		206,000
	488,000	GE Capital International Funding Co., 4.42%, due 11/15/35		548,804
	80,000	General Electric Capital Corp., 4.38%, due 09/16/20		88,687
	310,000	General Electric Co., 4.50%, due 03/11/44		357,768
	645,000	General Electric Co., 5.00%† †††††		686,731
	450,000	General Motors Co., 4.00%, due 04/01/25		460,848
	630,000	General Motors Co., 4.88%, due 10/02/23		683,573
	355,000	General Motors Co., 6.25%, due 10/02/43		420,462
	310,000	General Motors Financial Co., Inc., 3.45%, due 04/10/22		314,817
	1,045,000	General Motors Financial Co., Inc., 3.50%, due 07/10/19		1,077,266
	560,000	General Motors Financial Co., Inc., 4.00%, due 01/15/25		566,255

56 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	2,079,000	General Motors Financial Co., Inc., 4.20%, due 03/01/21		2,190,023
	205,000	General Motors Financial Co., Inc., 5.25%, due 03/01/26		225,562
	475,000	Gilead Sciences, Inc., 2.50%, due 09/01/23‡		480,480
	30,000	Glencore Finance Canada, Ltd., 5.80%, due 11/15/16‡ 144A		30,106
	944,000	Glencore Funding LLC, 2.13%, due 04/16/18 144A		937,742
	350,000	GLP Capital, LP/GLP Financing II, Inc., 4.88%, due 11/01/20		378,875
	200,000	GLP Capital, LP/GLP Financing II, Inc., 5.38%, due 04/15/26		215,500
	265,000	Goldcorp, Inc., 3.63%, due 06/09/21		279,621
	285,000	Goldman Sachs Group (The), Inc., 2.00%, due 04/25/19		287,071
	919,000	Goldman Sachs Group (The), Inc., 2.63%, due 04/25/21		934,165
	585,000	Goldman Sachs Group (The), Inc., 3.75%, due 05/22/25		615,395
	85,000	Goldman Sachs Group (The), Inc., 3.75%, due 02/25/26		89,425
	150,000	Goldman Sachs Group (The), Inc., 4.00%, due 03/03/24		161,328
	245,000	Goldman Sachs Group (The), Inc., 4.75%, due 10/21/45		276,076
	290,000	Goldman Sachs Group (The), Inc., 5.15%, due 05/22/45		317,477
	125,000	Goldman Sachs Group (The), Inc., 5.30%† ††††† ‡		128,438
	565,000	Goldman Sachs Group (The), Inc., 5.38%† †††††		568,516
	130,000	Goldman Sachs Group (The), Inc., 5.75%, due 01/24/22		151,176
	680,000	Goldman Sachs Group (The), Inc., 5.95%, due 01/18/18		717,648
	660,000	Goldman Sachs Group (The), Inc., 6.25%, due 02/01/41		866,018
	1,462,000	Goldman Sachs Group (The), Inc., 7.50%, due 02/15/19		1,653,355
	460,000	Hartford Financial Services Group (The), Inc., 8.13%, due 06/15/68†		503,700
	725,000	HBOS Plc, 6.75%, due 05/21/18 144A		776,687
	165,000	HCA, Inc., 4.25%, due 10/15/19		172,425
	430,000	HCA, Inc., 5.25%, due 04/15/25		459,562
	200,000	HCA, Inc., 5.25%, due 06/15/26		213,000
	460,000	HCA, Inc., 5.88%, due 03/15/22		508,300
	230,000	HCA, Inc., 7.50%, due 02/15/22		264,500
	1,085,000	HCP, Inc., 4.00%, due 06/01/25		1,116,079
	205,000	Health Care, Inc. REIT, 3.75%, due 03/15/23		215,578
	295,000	Hess Corp., 4.30%, due 04/01/27		297,909
	145,000	Home Depot (The), Inc., 3.50%, due 09/15/56		142,151
	945,000	HP Enterprise Co., 2.45%, due 10/05/17 144A		952,805
	175,000	HP Enterprise Co., 2.85%, due 10/05/18 144A		178,391
	1,186,000	HP Enterprise Co., 4.40%, due 10/15/22‡ 144A		1,266,279
	740,000	HSBC Finance Corp., 6.68%, due 01/15/21		851,996
	270,000	HSBC Holdings Plc, 6.88%† ††††† ‡		281,475
	85,000	Hughes Satellite Systems Corp., 5.25%, due 08/01/26 144A		84,150
	270,000	Huntington Ingalls Industries, Inc., 5.00%, due 12/15/21 144A		284,512
	195,000	Huntington Ingalls Industries, Inc., 5.00%, due 11/15/25 144A		206,700
	1,260,000	Husky Energy, Inc., 7.25%, due 12/15/19		1,457,453
	420,000	Imperial Tobacco Finance Plc, 2.05%, due 02/11/18 144A		422,652
	385,000	ING Bank NV, 5.80%, due 09/25/23 144A		430,972
	1,253,000	Intercontinental Exchange, Inc., 2.75%, due 12/01/20		1,303,013
	200,000	International Game Technology Plc, 6.50%, due 02/15/25 144A		216,500
	220,000	International Lease Finance Corp., 5.88%, due 04/01/19		236,225
	450,000	International Paper Co., 4.40%, due 08/15/47		456,981
	350,000	Iron Mountain, Inc., 6.00%, due 08/15/23		375,375

See accompanying Notes to the Financial Statements. 57

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	310,000	Iron Mountain, Inc. REIT, 5.75%, due 08/15/24		320,075
	260,000	Israel Electric Corp., Ltd., 6.88%, due 06/21/23 144A		312,000
	400,000	Israel Electric Corp., Ltd., 7.25%, due 01/15/19‡ 144A		445,500
	270,000	Jabil Circuit, Inc., 4.70%, due 09/15/22		284,413
	500,000	Jefferies Group LLC, 5.13%, due 01/20/23		533,413
	485,000	Jefferies Group LLC, 6.88%, due 04/15/21		566,400
	175,000	Jefferies Group LLC, 8.50%, due 07/15/19‡		201,586
	220,000	John Deere Capital Corp., 2.25%, due 04/17/19		225,151
	855,000	JPMorgan Chase & Co., 2.55%, due 10/29/20‡		871,353
	330,000	JPMorgan Chase & Co., 3.20%, due 06/15/26		339,092
	300,000	JPMorgan Chase & Co., 3.25%, due 09/23/22		314,920
	1,430,000	JPMorgan Chase & Co., 3.38%, due 05/01/23‡		1,471,393
	90,000	JPMorgan Chase & Co., 4.35%, due 08/15/21‡		98,889
	200,000	JPMorgan Chase & Co., 4.50%, due 01/24/22		221,620
	705,000	JPMorgan Chase & Co., 4.63%, due 05/10/21		781,228
	925,000	JPMorgan Chase & Co., 5.30%† †††††		940,031
	1,250,000	JPMorgan Chase & Co., Subordinated Note, 6.13%, due 06/27/17		1,292,332
	822,000	Juniper Networks, Inc., 3.13%, due 02/26/19		844,429
	950,000	Kentucky Power Co., 6.00%, due 09/15/17 144A		989,904
	290,000	Kerr-McGee Corp., 6.95%, due 07/01/24		349,156
	2,500,000	Kinder Morgan Energy Partners, LP, 4.15%, due 02/01/24		2,555,057
	185,000	Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32		222,729
	210,000	Kinder Morgan, Inc., 4.30%, due 06/01/25		218,640
	445,000	Kinder Morgan, Inc., 5.55%, due 06/01/45		458,163
	1,240,000	KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A		1,310,561
	688,000	KKR Group Finance Co. LLC, 6.38%, due 09/29/20 144A		801,387
	325,000	Koppers, Inc., 7.88%, due 12/01/19‡		332,312
	360,000	Kraft Foods Group, Inc., 3.50%, due 06/06/22		382,995
	349,000	Kraft Foods Group, Inc., 5.38%, due 02/10/20		389,938
	465,000	Kraft Heinz Foods Co., 2.00%, due 07/02/18		469,491
	225,000	Kraft Heinz Foods Co., 3.00%, due 06/01/26		227,258
	95,000	Kraft Heinz Foods Co., 4.38%, due 06/01/46		100,935
	185,000	Kraft Heinz Foods Co., 4.88%, due 02/15/25 144A		204,174
	170,000	Kraft Heinz Foods Co., 5.00%, due 07/15/35		196,931
	325,000	Kraft Heinz Foods Co., 5.20%, due 07/15/45‡		385,881
	400,000	Kroger Co. (The), Senior Note, 6.15%, due 01/15/20		454,941
	300,000	L Brands, Inc., 5.63%, due 10/15/23		336,375
	370,000	L Brands, Inc., 6.63%, due 04/01/21		428,275
	195,000	L Brands, Inc., 6.88%, due 11/01/35		213,525
	205,000	Lam Research Corp., 3.90%, due 06/15/26		213,876
	134,000	Lear Corp., 5.25%, due 01/15/25		145,725
	470,000	Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%**** ††† †††††		165
	270,000	Lehman Brothers Holdings, Inc., (MTN), Series I, 6.75%, due 12/28/17**** †††		95
	890,000	Lehman Brothers Holdings, Inc., Subordinated Note, 6.50%, due 07/19/17**** †††		312
	390,000	Leucadia National Corp., 5.50%, due 10/18/23		408,799
	1,150,000	Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A		1,245,898
	2,037,000	Liberty Mutual Group, Inc., 4.95%, due 05/01/22 144A		2,275,802

58 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	241,000	Liberty Mutual Group, Inc., Junior Subordinated Note, Series A, 7.80%, due 03/07/87 144A		282,572
	225,000	LifePoint Health, Inc., 5.38%, due 05/01/24 144A		225,563
	300,000	Lloyds Banking Group Plc, 7.50%† †††††		310,560
	845,000	Lloyds Banking Group Plc, Subordinated Note, 4.65%, due 03/24/26		871,154
	305,000	Lockheed Martin Corp., 2.90%, due 03/01/25		315,100
	275,000	Lockheed Martin Corp., 4.70%, due 05/15/46		328,121
	215,000	LSC Communications, Inc., 8.75%, due 10/15/23¤ 144A		215,000
	1,010,000	LyondellBasell Industries NV, 5.00%, due 04/15/19		1,084,603
	500,000	Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A		526,969
	55,000	Magellan Midstream Partners, LP, 4.25%, due 09/15/46		55,064
	700,000	Marriott International, Inc., 3.13%, due 06/15/26		708,939
	230,000	Martin Marietta Materials, Inc., 4.25%, due 07/02/24		245,433
	200,000	Masco Corp., 4.38%, due 04/01/26		211,500
	200,000	Masco Corp., 4.45%, due 04/01/25		213,500
	725,000	Massachusetts Institute of Technology, 4.68%, due 07/01/14#		855,264
	235,000	Match Group, Inc., 6.38%, due 06/01/24		256,444
	210,000	MDC Partners, Inc., 6.50%, due 05/01/24‡ 144A		195,300
	205,000	MEDNAX, Inc., 5.25%, due 12/01/23 144A		216,019
	70,000	Medtronic, Inc., 3.13%, due 03/15/22		74,194
	190,000	Medtronic, Inc., 3.15%, due 03/15/22		202,176
	600,000	Medtronic, Inc., 3.50%, due 03/15/25		646,831
	384,000	Medtronic, Inc., 4.38%, due 03/15/35‡		435,992
	320,000	Medtronic, Inc., 4.63%, due 03/15/45		376,944
	625,000	Merck & Co., Inc., 4.15%, due 05/18/43‡		708,771
	1,152,000	MetLife, Inc., 3.00%, due 03/01/25		1,173,499
	105,000	MetLife, Inc., 4.75%, due 02/08/21		117,613
	275,000	MetLife, Inc., Subordinated Note, 6.40%, due 12/15/66		305,078
	65,000	MGIC Investment Corp., 5.75%, due 08/15/23		67,763
	220,000	Micron Technology, Inc., 5.88%, due 02/15/22‡		225,225
	195,000	Micron Technology, Inc., 7.50%, due 09/15/23‡ 144A		217,082
	410,000	Microsoft Corp., 3.95%, due 08/08/56		416,631
	540,000	Microsoft Corp., 4.45%, due 11/03/45		615,489
	195,000	Midcontinent Communications & Midcontinent Finance Corp., 6.88%, due 08/15/23 144A		208,650
	250,000	Millicom International Cellular SA, 4.75%, due 05/22/20‡ 144A		253,763
	205,000	Millicom International Cellular SA, 6.63%, due 10/15/21 144A		214,297
	165,630	Miran Mid-Atlantic Series C Pass Through Trust, 10.06%, due 12/30/28		126,914
	255,000	Molina Healthcare, Inc., 5.38%, due 11/15/22‡		264,562
	160,000	Molson Coors Brewing Co., 1.45%, due 07/15/19		159,644
	375,000	Molson Coors Brewing Co., 3.00%, due 07/15/26		378,376
	255,000	Morgan Stanley, 2.45%, due 02/01/19		259,741
	921,000	Morgan Stanley, 3.88%, due 04/29/24		986,620
	405,000	Morgan Stanley, 3.88%, due 01/27/26		430,824
	70,000	Morgan Stanley, 4.75%, due 03/22/17		71,161
	325,000	Morgan Stanley, 5.45%† †††††		326,492
	435,000	Morgan Stanley, 5.50%, due 01/26/20		482,703
	2,322,000	Morgan Stanley, 7.30%, due 05/13/19		2,640,555

See accompanying Notes to the Financial Statements. 59

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	1,720,000	Morgan Stanley, (MTN), 4.10%, due 05/22/23		1,821,133
	1,000,000	Morgan Stanley, (MTN), Series F, 6.63%, due 04/01/18		1,071,863
	112,000	MPLX, LP, 4.00%, due 02/15/25‡		110,570
	353,000	MPLX, LP, 4.88%, due 12/01/24‡		365,714
	195,000	MPT Operating Partnership, LP/MPT Finance Corp. REIT, 6.38%, due 02/15/22		204,019
	225,000	MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24 144A		218,813
	334,000	Mylan NV, 2.50%, due 06/07/19 144A		337,183
	830,000	Mylan NV, 3.95%, due 06/15/26 144A		837,894
	1,150,000	Myriad International Holdings BV, 5.50%, due 07/21/25¤ 144A		1,238,837
	230,000	Nationstar Mortgage LLC/Nationstar Capital Corp., 6.50%, due 07/01/21		226,550
	235,000	Nationstar Mortgage LLC/Nationstar Capital Corp., 7.88%, due 10/01/20		239,982
	195,000	Nationstar Mortgage LLC/Nationstar Capital Corp., 9.63%, due 05/01/19‡		204,994
	350,000	Navient Corp., (MTN), 8.45%, due 06/15/18		377,125
	237,000	Nemak SAB de CV, 5.50%, due 02/28/23 144A		242,688
	42,000	Newell Brands, Inc., 2.15%, due 10/15/18		42,618
	495,000	Newell Brands, Inc., 4.20%, due 04/01/26‡		539,732
	335,000	NewStar Financial, Inc., 7.25%, due 05/01/20		331,650
	220,000	NextEra Energy Capital Holdings, Inc., 1.65%, due 09/01/18		220,973
	205,000	NextEra Energy Capital Holdings, Inc., 2.30%, due 04/01/19		208,378
	285,000	Nippon Life Insurance Co., 5.10%, due 10/16/44† 144A		314,597
	780,000	Noble Energy, Inc., 4.15%, due 12/15/21		830,308
	200,000	Noble Energy, Inc., 5.05%, due 11/15/44		198,193
	1,403,000	Noble Energy, Inc., 8.25%, due 03/01/19		1,605,986
	195,000	Norbord, Inc., 6.25%, due 04/15/23 144A		208,163
	510,000	Norfolk Southern Corp., 4.65%, due 01/15/46		590,518
	220,000	Northern States Power Co., 4.13%, due 05/15/44		249,218
	360,000	NOVA Chemicals Corp., 5.00%, due 05/01/25 144A		365,400
	70,000	Novelis Corp., 5.88%, due 09/30/26¤ 144A		71,838
	739,000	NRG Energy, Inc., 6.25%, due 05/01/24‡		753,780
	315,000	NRG Energy, Inc., 6.63%, due 01/15/27‡ 144A		309,094
	595,000	NRG Yield Operating LLC, 5.38%, due 08/15/24‡		614,337
	225,000	NRG Yield, Inc., 3.25%, due 06/01/20 144A		221,484
	325,000	NXP BV/NXP Funding LLC, 5.75%, due 03/15/23 144A		349,375
	315,000	Occidental Petroleum Corp., 3.40%, due 04/15/26‡		332,725
	210,000	Omega Healthcare Investors, Inc. REIT, 4.50%, due 01/15/25		213,997
	240,000	Omega Healthcare Investors, Inc. REIT, 4.95%, due 04/01/24		252,672
	195,000	Omega Healthcare Investors, Inc. REIT, 5.25%, due 01/15/26		208,282
	300,000	Omnicom Group, Inc., 3.60%, due 04/15/26		317,692
	205,000	Open Text Corp., 5.88%, due 06/01/26‡ 144A		214,994
	320,000	Oracle Corp., 4.30%, due 07/08/34		347,690
	240,000	Owens Corning, 3.40%, due 08/15/26		241,605
	290,000	Owens Corning, 4.20%, due 12/15/22		311,971
	460,000	Pacific Gas & Electric Co., 6.05%, due 03/01/34		615,215
	730,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, due 06/15/19¤ 144A		741,159
	590,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, due 02/01/22 144A		614,279
	370,000	PepsiCo, Inc., 1.50%, due 02/22/19		372,589
	280,000	Petroleos Mexicanos, 4.88%, due 01/24/22		286,300
	255,000	Petroleos Mexicanos, 6.50%, due 06/02/41		249,263

60 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	1,006,000	Phillips 66 Partners, LP, 3.61%, due 02/15/25		1,013,531
	410,000	Platform Specialty Products Corp., 6.50%, due 02/01/22‡ 144A		400,775
	1,190,000	PNC Bank NA, 2.95%, due 01/30/23		1,226,158
	200,000	Popular, Inc., 7.00%, due 07/01/19		207,000
	185,000	Post Holdings, Inc., 7.75%, due 03/15/24 144A		208,125
	540,000	PPL Capital Funding, Inc., 5.00%, due 03/15/44		610,987
	195,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 05/15/23 144A		213,038
	95,000	Private Export Funding Corp., 1.88%, due 07/15/18		96,583
	90,000	Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26		91,248
	205,000	Prudential Financial, Inc., 5.20%, due 03/15/44†		211,663
	190,000	Prudential Financial, Inc., 5.88%, due 09/15/42†		209,855
	1,000,000	Prudential Financial, Inc., 7.38%, due 06/15/19		1,151,676
	1,460,000	Public Service Electric & Gas Co., 2.25%, due 09/15/26		1,456,912
	170,000	QEP Resources, Inc., 6.88%, due 03/01/21‡		178,075
	245,000	Qorvo, Inc., 6.75%, due 12/01/23‡		265,212
	245,000	Qorvo, Inc., 7.00%, due 12/01/25		267,050
	430,000	Quicken Loans, Inc., 5.75%, due 05/01/25‡ 144A		428,925
	205,000	Quintiles Transnational Corp., 4.88%, due 05/15/23 144A		211,663
	400,000	QVC, Inc., 4.38%, due 03/15/23		401,629
	265,000	QVC, Inc., 5.13%, due 07/02/22		281,237
	300,000	QVC, Inc., 5.45%, due 08/15/34		278,450
	500,000	Rabobank Nederland NV, 11.00%† ††††† 144A		607,500
	160,000	Radian Group, Inc., 5.25%, due 06/15/20		169,600
	290,000	Radian Group, Inc., 7.00%, due 03/15/21		326,250
	255,000	Rain CII Carbon LLC/CII Carbon Corp., 8.25%, due 01/15/21 144A		249,900
	1,207,000	Realty Income Corp. REIT, 4.65%, due 08/01/23		1,332,419
	890,000	Regency Energy Partners, LP/Regency Energy Finance Corp., 5.50%, due 04/15/23		919,652
	205,000	Revlon Consumer Products Corp., 5.75%, due 02/15/21		210,125
	215,000	Revlon Consumer Products Corp., 6.25%, due 08/01/24‡ 144A		222,525
	920,000	Rio Tinto Finance USA, Ltd., 9.00%, due 05/01/19		1,087,532
	250,000	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.13%, due 08/15/21¤ 144A		258,750
	1,500,000	Rogers Communications, Inc., 6.80%, due 08/15/18		1,644,688
	500,000	Royal Bank of Scotland Group Plc, 3.88%, due 09/12/23		492,737
	315,000	Royal Bank of Scotland Group Plc, 4.80%, due 04/05/26		324,571
	205,000	Royal Bank of Scotland Group Plc, 8.00%† †††††		193,213
	455,000	S&P Global, Inc., 4.00%, due 06/15/25		493,807
	67,000	S&P Global, Inc., 4.40%, due 02/15/26		75,010
	320,000	Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25		346,000
	630,000	Santander Holdings USA, Inc., 2.70%, due 05/24/19		638,259
	380,000	Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		381,548
	1,795,000	Schlumberger Holdings Corp., 3.00%, due 12/21/20‡ 144A		1,872,797
	295,000	Scripps Networks Interactive, Inc., 3.95%, due 06/15/25		310,042
	280,000	Select Medical Corp., 6.38%, due 06/01/21‡		276,850
	1,220,000	Sempra Energy, 2.40%, due 03/15/20		1,244,010
	275,000	Service Corp. International/US, 5.38%, due 05/15/24		292,875
	2,232,000	Shell International Finance BV, 1.75%, due 09/12/21		2,221,246
	580,000	Shell International Finance BV, 4.38%, due 05/11/45		627,623

See accompanying Notes to the Financial Statements. 61

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	465,000	Shire Acquisitions Investments Ireland DAC, 1.90%, due 09/23/19		465,095
	485,000	Shire Acquisitions Investments Ireland DAC, 2.88%, due 09/23/23		488,098
	1,120,000	Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26		1,127,716
	2,220,000	Siemens Financieringsmaatschappij NV, 1.70%, due 09/15/21 144A		2,204,704
	850,000	Simon Property Group, LP REIT, 6.75%, due 02/01/40		1,223,663
	260,000	Sinclair Television Group, Inc., 5.63%, due 08/01/24 144A		266,500
	500,000	Sinopec Group Overseas Development 2015, Ltd., 2.50%, due 04/28/20 144A		509,225
	215,000	Sirius XM Radio, Inc., 5.25%, due 08/15/22 144A		228,169
	205,000	Sirius XM Radio, Inc., 5.38%, due 04/15/25 144A		212,175
	290,000	Sirius XM Radio, Inc., 5.38%, due 07/15/26‡ 144A		298,700
	210,000	Sixsigma Networks Mexico SA de CV, 8.25%, due 11/07/21 144A		206,850
	335,000	Societe Generale SA, 7.38%¤ † ††††† ‡ 144A		329,137
	325,000	Societe Generale SA, 8.00%† ††††† 144A		327,437
	200,000	Societe Generale SA, Reg S, 8.25%† ††††† ‡‡‡		203,387
	2,823,000	Southern Co. (The), 3.25%, due 07/01/26		2,929,876
	1,260,000	Southern Co. Gas Capital Corp., 2.45%, due 10/01/23		1,269,062
	630,000	Southern Copper Corp., 5.25%, due 11/08/42‡		598,812
	695,000	Standard Chartered Plc, 2.10%, due 08/19/19¤ 144A		695,204
	245,000	State Grid Overseas Investment 2014, Ltd., 2.75%, due 05/07/19 144A		252,172
	850,000	State Street Corp., 4.96%, due 03/15/18		887,691
	395,000	State Street Corp., 5.25%† †††††		417,712
	18,000	Stearns Holdings LLC, 9.38%, due 08/15/20 144A		17,550
	310,000	Stifel Financial Corp., 4.25%, due 07/18/24		314,090
	465,000	Sumitomo Mitsui Banking Corp., 2.45%, due 01/10/19		473,111
	220,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.50%, due 07/01/21		228,800
	922,000	Sunoco Logistics Partners Operations, LP, 3.45%, due 01/15/23		922,901
	225,000	Sunoco Logistics Partners Operations, LP, 3.90%, due 07/15/26‡		229,890
	271,000	Sunoco Logistics Partners Operations, LP, 4.40%, due 04/01/21		291,004
	275,000	Sunoco, LP/Sunoco Finance Corp., 6.25%, due 04/15/21 144A		283,937
	260,000	SUPERVALU, Inc., 7.75%, due 11/15/22‡		249,600
	1,085,000	Svenska Handelsbanken AB, 1.88%, due 09/07/21		1,079,850
	440,000	Synchrony Financial, 3.70%, due 08/04/26		437,761
	180,000	Synovus Financial Corp., 7.88%, due 02/15/19		200,025
	190,000	T-Mobile USA, Inc., 6.13%, due 01/15/22‡		202,588
	195,000	T-Mobile USA, Inc., 6.25%, due 04/01/21‡		205,359
	100,000	Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 5.50%, due 09/15/24¤ 144A		101,000
	270,000	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, due 04/15/21 144A		280,125
	845,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		1,151,072
	195,000	Telecom Italia Capital SA, Guaranteed Senior Note, 7.20%, due 07/18/36		208,650
	1,568,000	Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22		1,690,351
	260,000	Telefonos de Mexico SAB de CV, 5.50%, due 11/15/19		288,754
	90,000	Tenet Healthcare Corp., 4.50%, due 04/01/21		91,013
	350,000	Tenet Healthcare Corp., 6.00%, due 10/01/20		371,000
	300,000	Tesoro Logistics, LP/Tesoro Logistics Finance Corp., 6.13%, due 10/15/21		313,875
	200,000	Tesoro Logistics, LP/Tesoro Logistics Finance Corp., 6.38%, due 05/01/24		215,500

62 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	1,649,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26‡		1,660,162
	40,000	Teva Pharmaceutical Finance Netherlands III BV, 4.10%, due 10/01/46‡		39,981
	220,000	Thermo Fisher Scientific, Inc., 3.60%, due 08/15/21		234,236
	70,000	Time Warner Cable LLC, 4.13%, due 02/15/21		74,372
	740,000	Time Warner Cable LLC, 5.85%, due 05/01/17		758,586
	2,055,000	Time Warner Cable LLC, 8.25%, due 04/01/19		2,367,617
	971,000	Time Warner Cos., Inc., 7.57%, due 02/01/24		1,255,055
	245,000	Time Warner, Inc., 3.60%, due 07/15/25		261,087
	605,000	Time Warner, Inc., 3.88%, due 01/15/26		656,547
	260,000	Time Warner, Inc., 4.70%, due 01/15/21		289,419
	200,000	Time Warner, Inc., 4.75%, due 03/29/21		224,203
	380,000	Time Warner, Inc., 7.70%, due 05/01/32		541,694
	370,000	Tops Holding LLC/Tops Markets II Corp., 8.00%, due 06/15/22 144A		334,850
	550,000	Total System Services, Inc., 4.80%, due 04/01/26		610,182
	130,000	Transocean, Inc., 6.80%, due 12/15/16		130,772
	600,000	Trinity Industries, Inc., 4.55%, due 10/01/24		597,676
	310,000	Tutor Perini Corp., 7.63%, due 11/01/18‡		311,744
	3,393,825	United Airlines 2014-1 Class A Pass Through Trust, 4.00%, due 10/11/27		3,644,120
	423,103	United Airlines 2014-2 Class A Pass Through Trust, 3.75%, due 03/03/28		445,845
	190,000	United Airlines 2016-1 Class A Pass Through Trust, 3.45%, due 01/07/30		198,313
	205,000	United Rentals North America, Inc., 5.50%, due 07/15/25‡		209,869
	205,000	United Rentals North America, Inc., 5.75%, due 11/15/24		213,713
	105,000	United Rentals North America, Inc., 5.88%, due 09/15/26		108,675
	665,000	UnitedHealth Group, Inc., 4.38%, due 03/15/42		743,142
	200,000	Universal Health Services, Inc., 4.75%, due 08/01/22 144A		207,000
	223,845	US Airways 2012-1 Class A Pass Through Trust, 5.90%, due 04/01/26		257,701
	163,000	Vale Overseas, Ltd., 6.25%, due 08/10/26		170,694
	490,000	Valero Energy Corp., 3.40%, due 09/15/26		487,755
	195,000	Vector Group, Ltd., 7.75%, due 02/15/21		206,642
	430,000	Ventas Realty, LP REIT, 3.50%, due 02/01/25		444,410
	135,000	Ventas Realty, LP REIT, 3.75%, due 05/01/24		142,141
	2,000,000	Ventas Realty, LP/Ventas Capital Corp. REIT, 2.70%, due 04/01/20		2,051,102
	550,000	VEREIT Operating Partnership, LP REIT, 4.60%, due 02/06/24		572,000
	200,000	VeriSign, Inc., 5.25%, due 04/01/25		211,000
	625,000	Verisk Analytics, Inc., 4.00%, due 06/15/25		664,843
	255,000	Verizon Communications, Inc., 4.40%, due 11/01/34		270,659
	1,656,000	Verizon Communications, Inc., 4.52%, due 09/15/48		1,758,510
	310,000	Verizon Communications, Inc., 4.67%, due 03/15/55		327,593
	1,706,000	Verizon Communications, Inc., 4.86%, due 08/21/46		1,918,723
	1,190,000	Verizon Communications, Inc., 5.01%, due 08/21/54		1,319,927
	110,000	Verizon Communications, Inc., 5.05%, due 03/15/34		124,002
	35,000	Verizon Communications, Inc., 5.15%, due 09/15/23		40,833
	820,000	Viacom, Inc., 4.38%, due 03/15/43		755,653
	824,000	Virginia Electric & Power Co., 3.15%, due 01/15/26		872,882
	495,000	Visa, Inc., 3.15%, due 12/14/25		523,496
	360,000	Visa, Inc., 4.30%, due 12/14/45		417,126
	198,000	Vista Outdoor, Inc., 5.88%, due 10/01/23 144A		207,900
	330,000	Voya Financial, Inc., 5.65%, due 05/15/53†		330,412

See accompanying Notes to the Financial Statements. 63

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	400,000	Walgreens Boots Alliance, Inc., 1.75%, due 05/30/18		402,354
	1,855,000	WEA Finance LLC/Westfield UK & Europe Finance Plc, 2.70%, due 09/17/19 144A		1,903,082
	200,000	WellCare Health Plans, Inc., 5.75%, due 11/15/20		206,625
	250,000	Wells Fargo & Co., 3.45%, due 02/13/23		258,017
	90,000	Wells Fargo & Co., 4.60%, due 04/01/21		99,424
	200,000	Wells Fargo & Co., 4.65%, due 11/04/44		210,896
	595,000	Wells Fargo & Co., 5.88%† †††††		646,319
	225,000	Wells Fargo & Co., 5.90%† †††††		233,438
	290,000	Wells Fargo & Co., Class A, Series K, 7.98%† †††††		303,441
	1,100,000	Welltower, Inc., 4.50%, due 01/15/24		1,202,965
	195,000	Western Digital Corp., 7.38%, due 04/01/23‡ 144A		214,988
	240,000	Westlake Chemical Corp., 4.63%, due 02/15/21‡ 144A		251,400
	170,000	WestRock RKT Co., 3.50%, due 03/01/20		177,659
	1,000,000	Weyerhaeuser Co., 7.38%, due 10/01/19		1,150,430
	575,000	Whole Foods Market, Inc., 5.20%, due 12/03/25 144A		625,627
	565,000	Williams Partners LP/ACMP Finance Corp., 4.88%, due 03/15/24		571,730
	230,000	Williams Partners, LP/ACMP Finance Corp., 4.88%, due 05/15/23		232,921
	290,000	Williams Partners, LP/Williams Partners Finance Corp., 7.25%, due 02/01/17		295,326
	200,000	Wind Acquisition Finance SA, 7.38%, due 04/23/21 144A		209,500
	80,000	WM Wrigley Jr Co., 2.40%, due 10/21/18 144A		81,338
	320,000	WM Wrigley Jr Co., 2.90%, due 10/21/19 144A		331,316
	90,000	WM Wrigley Jr Co., 3.38%, due 10/21/20 144A		95,356
	355,000	WMG Acquisition Corp., 6.75%, due 04/15/22‡ 144A		377,187
	500,000	Xerox Corp., 2.75%, due 03/15/19		502,201
	420,000	XPO Logistics, Inc., 6.50%, due 06/15/22‡ 144A		438,900
	210,000	Zebra Technologies Corp., 7.25%, due 10/15/22‡		228,638
	225,000	ZF North America Capital, Inc., 4.75%, due 04/29/25 144A		237,094
	200,000	ZFS Finance USA Trust V, Series V, 6.50%, due 05/09/67† 144A		202,390
	425,000	Zimmer Biomet Holdings, Inc., 3.55%, due 04/01/25		438,805
				337,328,239
		Mortgage Backed Securities - Private Issuers — 9.6%
	926,478	Agate Bay Mortgage Trust, Series 2016-3, Class A5, 3.50%, due 08/25/46† 144A		962,218
	450,000	Americold LLC Trust, Series 2010-ARTA, Class D, 7.44%, due 01/14/29 144A		503,368
	1,179,436	Banc of America Commercial Mortgage Trust, Series 2007-1, Class A4, 5.45%, due 01/15/49		1,184,213
	1,350,000	Barclays Commercial Mortgage Trust, Series 2016-ETC, Class A, 2.94%, due 08/14/36 144A		1,395,049
	430,401	Bear Stearns ALT-A Trust, Series 2004-12, Class 1A3, 1.23%, due 01/25/35†		423,393
	354,700	Bear Stearns ARM Trust, Series 2005-2, Class A1, 2.92%, due 03/25/35†		356,927
	222,115	Bear Stearns ARM Trust, Series 2005-5, Class A2, 2.46%, due 08/25/35†		221,804
	135,000	BXHTL Mortgage Trust, Series 2015-JWRZ, Class GL2, 4.21%, due 05/15/29† 144A		132,496
	700,000	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58		727,536
	2,223,000	Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.90%, due 12/10/49†		2,263,640
	1,600,000	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A3, 3.36%, due 07/10/47		1,716,082

64 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,500,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A4, 2.88%, due 02/10/48		1,549,638
	1,200,000	Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A4, 3.46%, due 09/15/48		1,295,120
	1,772,000	Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.43%, due 10/10/49		1,825,111
	1,000,000	Citigroup Commercial Mortgage Trust, Inc., Series 2013-GC17, Class A2, 2.96%, due 11/10/46		1,025,692
	27,500,000	Citigroup Commercial Mortgage Trust, Inc., (IO), Series 2014-GC21, Class XB, 0.49%, due 05/10/47†		842,317
	2,293,804	Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 6.01%, due 12/10/49†		2,347,553
	460,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR11, Class B, 5.33%, due 10/10/46†		529,905
	225,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR13, Class C, 4.91%, due 12/10/23†		244,423
	300,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A2, 2.37%, due 06/10/46		304,234
	100,000	Commercial Mortgage Pass Through Certificates, Series 2013-LC6, Class A3, 2.67%, due 01/10/46		103,131
	1,000,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR18, Class A4, 3.55%, due 07/15/47		1,077,625
	1,600,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR20, Class A3, 3.33%, due 11/10/47		1,713,183
	425,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class D, 2.98%, due 07/13/31† 144A		413,963
	2,150,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A2, 2.82%, due 03/10/47		2,200,107
	1,200,000	Commercial Mortgage Pass Through Certificates, Series 2015-CR25, Class A3, 3.51%, due 08/10/48		1,298,071
	180,000	Commercial Mortgage Pass Through Certificates, Series 2015-CR27, Class B, 4.51%, due 10/10/48†		195,243
	53,000,000	Commercial Mortgage Pass Through Certificates, (IO), Series 2014-CR17, Class XB, 0.28%, due 05/10/47† 144A		823,859
	105,000	Core Industrial Trust, Series 2015-CALW, Class F, 3.98%, due 02/10/34† 144A		104,768
	884,358	Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class A3, 5.38%, due 02/15/40		885,993
	1,178,581	Credit Suisse Commercial Mortgage Trust, Series 2007-C3, Class A4, 5.88%, due 06/15/39†		1,191,086
	475,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2006-OMA, Class B2, 5.54%, due 05/15/23¤ 144A		524,196
	115,000	DBJPM 16-C3 Mortgage Trust, Series 2016-C3, Class C, 3.64%, due 09/10/49†		112,541
	267,426	Fremont Home Loan Trust, Series 2004-B, Class M1, 1.40%, due 05/25/34†		248,812
	40,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX, 3.49%, due 12/15/34† 144A		40,257
	3,186,454	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.44%, due 03/10/39		3,191,240
	3,861,312	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.74%, due 12/10/49		3,964,072
	1,800,000	GS Mortgage Securities Corp. II, Series 2013-GC12, Class A3, 2.86%, due 06/10/46		1,876,168

See accompanying Notes to the Financial Statements. 65

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	155,000	GS Mortgage Securities Corp. Trust, Series 2014-NEW, Class C, 3.79%, due 01/10/31¤ 144A		157,244
	475,000	GS Mortgage Securities Corp. Trust, Series 2016-ICE2, Class D, 6.27%, due 02/15/33† 144A		478,800
	900,000	GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48		947,064
	430,000	Hilton USA Trust, Series 2013-HLT, Class DFX, 4.41%, due 11/05/30 144A		430,721
	415,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class C, 4.83%, due 04/15/47†		436,561
	700,000	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49		724,912
	81,424	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP9, Class A3, 5.34%, due 05/15/47¤		81,441
	3,265,994	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.94%, due 06/15/49†		3,311,393
	1,725,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-C19, Class A3, 3.67%, due 04/15/47		1,845,379
	1,331,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.72%, due 02/15/46 144A		1,465,443
	500,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A3, 3.53%, due 01/15/46		526,616
	1,500,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class A4, 2.69%, due 04/15/46		1,546,702
	516,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class C, 2.62%, due 07/15/31† 144A		508,478
	400,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-INN, Class F, 4.52%, due 06/15/29† 144A		386,000
	18,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-PHH, Class C, 2.62%, due 08/15/27† 144A		17,945
	455,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-MAR7, Class C, 4.49%, due 06/05/32 144A		461,096
	51,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class B, 3.27%, due 07/15/36¤ † 144A		51,212
	177,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class C, 3.48%, due 08/15/49†		170,203
	1,646,860	JPMorgan Mortgage Trust, Series 2016-1, Class A5, 3.50%, due 05/25/46 144A		1,692,860
	1,627,169	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A1A, 5.39%, due 02/15/40		1,643,326
	798,800	LSTAR Securities Investment Trust, Series 2015-3, Class A, 2.53%, due 03/01/20† 144A		790,274
	277,067	LSTAR Securities Investment Trust, Series 2015-4, Class A1, 2.49%, due 04/01/20† 144A		273,604
	339,754	LSTAR Securities Investment Trust, Series 2015-5, Class A1, 2.52%, due 04/01/20† 144A		334,658
	1,089,671	LSTAR Securities Investment Trust, Series 2015-6, Class A, 2.53%, due 05/01/20† 144A		1,069,239
	373,096	LSTAR Securities Investment Trust, Series 2015-8, Class A1, 2.52%, due 08/01/20† 144A		371,775

66 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	521,579	LSTAR Securities Investment Trust, Series 2015-9, Class A1, 2.52%, due 10/01/20† 144A		518,615
	202,755	LSTAR Securities Investment Trust, Series 2015-10, Class A1, 2.49%, due 11/01/20† 144A		199,207
	600,000	LSTAR Securities Investment, Ltd., Series 2016-3, Class A, 2.53%, due 09/01/21† 144A		591,180
	167,661	MASTR Alternative Loan Trust, Series 2005-2, Class 4A3, 0.93%, due 03/25/35†		160,459
	262,166	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.70%, due 09/12/49		270,237
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46		104,990
	3,448,212	Morgan Stanley Capital I Trust, Series 2007-IQ14, Class A4, 5.69%, due 04/15/49†		3,486,210
	765,000	Morgan Stanley Capital I Trust, Series 2014-150E, Class D, 4.44%, due 09/09/32† 144A		789,252
	100,000	Morgan Stanley Capital I Trust, Series 2015-XLF1, Class C, 2.73%, due 08/14/31† 144A		99,614
	1,600,000	Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49		1,605,126
	217,612	Morgan Stanley Capital I, Inc., Series 2007-HQ11, Class A4, 5.45%, due 02/12/44†		217,956
	986,000	Morgan Stanley Re-REMIC Trust, Series 2009-GG10, Class A4B, 5.99%, due 08/12/45† 144A		998,206
	1,264,000	Morgan Stanley Re-REMIC Trust, Series 2010-GG10, Class A4B, 5.99%, due 08/15/45† 144A		1,281,701
	165,608	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 2.84%, due 05/25/35†		160,528
	2,752,747	Small Business Administration Participation Certificates, Series 2013-20L, Class 1, 3.38%, due 12/01/33		2,937,300
	655,000	Structured Agency Credit Risk, Series 2016-DNA3, Class M2, 2.53%, due 12/25/28†		666,311
	1,867,000	UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, due 01/10/45		1,995,006
	390,000	VNDO Mortgage Trust, Series 2013-PENN, Class D, 4.08%, due 12/13/29† 144A		402,060
	3,106,524	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3, 5.68%, due 05/15/46		3,163,639
	34,759	WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A7, 2.78%, due 09/25/33†		35,269
	150,000	Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class B, 4.69%, due 09/15/58†		170,306
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3, Class A3, 3.35%, due 09/15/57		1,594,872
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49		1,499,148
	3,000,000	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49††††		3,025,078
	1,312,000	WFRBS Commercial Mortgage Trust, Series 2013-C12, Class A4, 3.20%, due 03/15/48		1,394,668
				86,904,918
		Mortgage Backed Securities - U.S. Government Agency Obligations — 26.0%
	802,043	FHLMC, Pool # J26100, 3.00%, due 10/01/28		846,577
	710,521	FHLMC, Pool # V60565, 3.00%, due 06/01/29		750,115

See accompanying Notes to the Financial Statements. 67

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,480,045	FHLMC, Pool # V60603, 3.00%, due 09/01/29		1,561,369
	1,590,020	FHLMC, Pool # V60599, 3.00%, due 09/01/29		1,678,381
	3,492,824	FHLMC, Pool # G60039, 3.00%, due 04/01/43		3,649,731
	334,706	FHLMC, Pool # J16432, 3.50%, due 08/01/26		356,839
	341,183	FHLMC, Pool # J17763, 3.50%, due 01/01/27		363,799
	381,342	FHLMC, Pool # Q11218, 3.50%, due 09/01/42		404,010
	746,705	FHLMC, Pool # Q12052, 3.50%, due 10/01/42		790,487
	1,411,464	FHLMC, Pool # Q12862, 3.50%, due 11/01/42		1,508,578
	660,360	FHLMC, Pool # Q17792, 3.50%, due 05/01/43		705,801
	2,664,351	FHLMC, Pool # G60059, 3.50%, due 02/01/44		2,821,633
	2,938,785	FHLMC, Pool # G08615, 3.50%, due 11/01/44		3,100,916
	1,251,588	FHLMC, Pool # V82084, 3.50%, due 12/01/45		1,322,061
	2,278,914	FHLMC, Pool # V82515, 3.50%, due 06/01/46		2,422,971
	2,890,715	FHLMC, Pool # Q41917, 3.50%, due 07/01/46††††		3,074,339
	2,877,546	FHLMC, Pool # Q41918, 3.50%, due 07/01/46††††		3,060,182
	723,900	FHLMC, Pool # G14919, 4.00%, due 06/01/26		768,016
	529,479	FHLMC, Pool # G14678, 4.00%, due 12/01/26		562,789
	577,751	FHLMC, Pool # G30700, 4.00%, due 04/01/34		625,487
	1,229,955	FHLMC, Pool # A93231, 4.00%, due 08/01/40		1,324,966
	962,842	FHLMC, Pool # G06231, 4.00%, due 12/01/40		1,037,487
	680,896	FHLMC, Pool # A96970, 4.00%, due 02/01/41		733,522
	2,179,704	FHLMC, Pool # Q04020, 4.00%, due 10/01/41		2,349,455
	2,045,934	FHLMC, Pool # Q36815, 4.00%, due 10/01/45		2,199,042
	1,337,121	FHLMC, Pool # G08672, 4.00%, due 10/01/45		1,434,778
	1,043,749	FHLMC, Pool # A89870, 4.50%, due 11/01/39		1,145,469
	1,216,189	FHLMC, Pool # Q02552, 4.50%, due 08/01/41		1,336,794
	173,909	FHLMC, Pool # G07515, 4.50%, due 09/01/41		190,535
	748,737	FHLMC, Pool # G08568, 4.50%, due 01/01/44		819,818
	1,010,685	FHLMC, Pool # G07021, 5.00%, due 09/01/39		1,119,720
	3,163,583	FHLMC, Pool # G60564, 5.00%, due 02/01/42		3,504,878
	292,583	FHLMC, Pool # G01749, 5.50%, due 01/01/35		333,253
	278,610	FHLMC, Pool # G06875, 5.50%, due 12/01/38		316,836
	516,503	FHLMC, Pool # G06409, 6.00%, due 11/01/39		592,998
	1,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K033, Class A2, 3.06%, due 07/25/23†		1,078,878
	2,100,000	FHLMC Multifamily Structured Pass Through Certificates, Series K044, Class A2, 2.81%, due 01/25/25		2,235,249
	1,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K053, Class A2, 3.00%, due 12/25/25		1,077,149
	600,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS03, Class A4, 3.16%, due 05/25/25†		646,817
	35,222,645	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K006, Class AX1, 1.16%, due 01/25/20†		955,203
	25,886,311	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K007, Class X1, 1.31%, due 04/25/20†		733,061
	27,841,599	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 1.01%, due 10/25/22†		1,223,285
	168,102	FHLMC Reference REMIC, Series R007, Class ZA, 6.00%, due 05/15/36		190,994

68 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,340,013	FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M1, 1.43%, due 10/25/27†		1,341,872
	250,000	FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2, 2.38%, due 10/25/27†		254,424
	183,187	FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA2, Class M1, 1.68%, due 12/25/27†		183,311
	166,233	FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M1, 1.88%, due 04/25/28†		166,604
	147,253	FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-HQA1, Class M1, 1.78%, due 03/25/28†		147,463
	764,256	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA1, Class M1, 1.98%, due 07/25/28†		768,333
	250,000	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-HQA2, Class M2, 2.78%, due 11/25/28†		256,484
	2,000,000	FHLMC TBA, 2.50%, due 04/01/28		2,068,281
	4,000,000	FHLMC TBA, 3.00%, due 10/01/43		4,151,064
	3,000,000	FHLMC TBA, 3.50%, due 09/01/43		3,162,637
	1,500,000	FHLMC TBA, 4.00%, due 07/01/42		1,607,880
	401,433	FNMA, Pool # AS7693, 2.00%, due 08/01/31		407,211
	757,897	FNMA, Pool # AO7971, 2.50%, due 06/01/27		785,975
	1,571,075	FNMA, Pool # AB7505, 3.00%, due 01/01/43		1,637,244
	1,194,026	FNMA, Pool # AR2001, 3.00%, due 02/01/43		1,248,801
	1,193,510	FNMA, Pool # AT0232, 3.00%, due 03/01/43		1,243,844
	2,215,063	FNMA, Pool # AB9659, 3.00%, due 06/01/43		2,320,106
	1,653,440	FNMA, Pool # AU1292, 3.00%, due 07/01/43		1,722,996
	60,201	FNMA, Pool # AX6719, 3.00%, due 12/01/44		62,645
	189,983	FNMA, Pool # AY7121, 3.00%, due 04/01/45		197,694
	974,608	FNMA, Pool # AZ0611, 3.00%, due 04/01/45		1,014,162
	729,964	FNMA, Pool # AX3719, 3.50%, due 07/01/27		772,711
	1,311,359	FNMA, Pool # MA2164, 3.50%, due 02/01/35		1,395,455
	1,425,614	FNMA, Pool # AJ9278, 3.50%, due 12/01/41		1,511,193
	4,611,592	FNMA, Pool # AO4134, 3.50%, due 06/01/42		4,907,540
	2,199,831	FNMA, Pool # AL1895, 3.50%, due 06/01/42		2,347,733
	1,216,157	FNMA, Pool # AP2422, 3.50%, due 08/01/42		1,288,352
	2,583,828	FNMA, Pool # AB6022, 3.50%, due 08/01/42		2,736,322
	1,829,766	FNMA, Pool # AB6802, 3.50%, due 11/01/42		1,947,648
	1,156,995	FNMA, Pool # AL3000, 3.50%, due 12/01/42		1,225,746
	1,536,283	FNMA, Pool # AL3316, 3.50%, due 03/01/43		1,638,872
	2,656,003	FNMA, Pool # AL3873, 3.50%, due 07/01/43		2,831,695
	2,055,320	FNMA, Pool # AX2532, 3.50%, due 11/01/44		2,194,755
	1,483,096	FNMA, Pool # AY5617, 3.50%, due 06/01/45		1,569,950
	5,147,450	FNMA, Pool # AL7594, 3.50%, due 08/01/45		5,499,868
	7,000,000	FNMA, Pool # AZ4775, 3.50%, due 10/01/45		7,386,548
	473,446	FNMA, Pool # AZ3743, 3.50%, due 11/01/45		499,778
	994,065	FNMA, Pool # AS6452, 3.50%, due 01/01/46		1,049,036
	1,591,248	FNMA, Pool # AS7594, 3.50%, due 07/01/46		1,690,636
	965,561	FNMA, Pool # AL7359, 4.00%, due 05/01/29		1,030,719
	1,734,134	FNMA, Pool # MA1689, 4.00%, due 12/01/33		1,879,638

See accompanying Notes to the Financial Statements. 69

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,965,982	FNMA, Pool # 725331, 4.00%, due 01/01/34		2,130,594
	735,569	FNMA, Pool # MA2019, 4.00%, due 09/01/34		797,927
	2,221,693	FNMA, Pool # AL6663, 4.00%, due 03/01/39		2,395,573
	1,976,868	FNMA, Pool # AE0113, 4.00%, due 07/01/40		2,124,684
	894,683	FNMA, Pool # 932807, 4.00%, due 09/01/40		961,805
	497,004	FNMA, Pool # AE7685, 4.00%, due 10/01/40		535,535
	2,045,979	FNMA, Pool # AH4404, 4.00%, due 01/01/41		2,204,642
	835,278	FNMA, Pool # AJ9317, 4.00%, due 01/01/42		901,304
	310,989	FNMA, Pool # AO4109, 4.00%, due 06/01/42		334,765
	8,230,897	FNMA, Pool # AL2598, 4.00%, due 10/01/42		8,852,245
	409,469	FNMA, Pool # AB9383, 4.00%, due 05/01/43		446,159
	4,365,725	FNMA, Pool # AS2703, 4.00%, due 06/01/44		4,730,293
	1,756,644	FNMA, Pool # AL8191, 4.00%, due 12/01/45		1,922,862
	1,292,530	FNMA, Pool # BC2494, 4.00%, due 03/01/46		1,415,617
	1,749,351	FNMA, Pool # MA2653, 4.00%, due 06/01/46††††		1,885,407
	1,071,204	FNMA, Pool # 995243, 4.50%, due 08/01/38		1,173,912
	1,007,561	FNMA, Pool # AD9153, 4.50%, due 08/01/40		1,104,907
	1,429,844	FNMA, Pool # AL0215, 4.50%, due 04/01/41*		1,573,080
	1,912,266	FNMA, Pool # AL6301, 4.50%, due 06/01/42		2,104,400
	4,006,722	FNMA, Pool # AS3881, 4.50%, due 11/01/44		4,390,891
	2,679,657	FNMA, Pool # 254903, 5.00%, due 10/01/33		2,990,842
	1,087,301	FNMA, Pool # 725027, 5.00%, due 11/01/33		1,222,224
	975,198	FNMA, Pool # 889834, 5.00%, due 12/01/35		1,103,032
	893,337	FNMA, Pool # 745148, 5.00%, due 01/01/36		994,798
	700,135	FNMA, Pool # 995245, 5.00%, due 01/01/39		777,349
	990,760	FNMA, Pool # AI1971, 5.00%, due 05/01/41		1,104,203
	313,008	FNMA, Pool # AI1892, 5.00%, due 05/01/41		354,464
	2,310,217	FNMA, Pool # AL0761, 5.00%, due 09/01/41		2,577,335
	783,080	FNMA, Pool # AL5955, 5.00%, due 01/01/42		872,317
	996,525	FNMA, Pool # AL6839, 5.00%, due 04/01/42		1,112,082
	636,710	FNMA, Pool # AL5788, 5.00%, due 05/01/42		709,822
	6,836	FNMA, Pool # 254548, 5.50%, due 12/01/32		7,773
	588,611	FNMA, Pool # 704235, 5.50%, due 05/01/33		662,957
	84,577	FNMA, Pool # 990906, 5.50%, due 10/01/35		96,094
	449,454	FNMA, Pool # 849077, 5.50%, due 01/01/36		508,288
	910,833	FNMA, Pool # 983471, 5.50%, due 05/01/38		1,025,878
	969,623	FNMA, Pool # 985184, 5.50%, due 08/01/38		1,096,355
	560,510	FNMA, Pool # AX1916, 5.50%, due 12/01/41		650,920
	553,139	FNMA, Pool # AE0469, 6.00%, due 12/01/39		635,275
	1,333,878	FNMA, Series 2011-59, Class NZ, 5.50%, due 07/25/41		1,564,119
	81,874	FNMA, Series 2012-28, Class B, 6.50%, due 06/25/39		91,170
	519,363	FNMA Connecticut Avenue Securities, Series 2014-C04, Class 1M1, 2.48%, due 11/25/24†		522,217
	71,036	FNMA Connecticut Avenue Securities, Series 2015-C01, Class 1M1, 2.03%, due 02/25/25†		71,133
	416,208	FNMA Connecticut Avenue Securities, Series 2015-C02, Class 1M1, 1.68%, due 05/25/25†		416,788
	308,825	FNMA Connecticut Avenue Securities, Series 2016-C02, Class 1M1, 2.68%, due 09/25/28†		313,317

70 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	436,323	FNMA Connecticut Avenue Securities, Series 2016-C03, Class 2M1, 2.73%, due 10/25/28†		442,527
	366,539	FNMA Connecticut Avenue Securities, Series 2016-C04, Class 1M1, 1.98%, due 01/25/29†		368,903
	4,500,000	FNMA TBA, 2.50%, due 11/01/28		4,656,657
	1,500,000	FNMA TBA, 2.50%, due 05/01/43		1,513,271
	4,000,000	FNMA TBA, 3.00%, due 12/01/43		4,157,656
	4,000,000	FNMA TBA, 4.00%, due 11/01/42		4,292,501
	500,000	FNMA TBA, 4.50%, due 07/01/40		547,644
	1,200,000	FNMA-ACES, Series 2014-M4, Class A2, 3.35%, due 03/25/24†		1,306,619
	900,000	FNMA-ACES, Series 2014-M4, Class AB2, 3.21%, due 03/25/24		964,416
	1,700,000	FNMA-ACES, Series 2015-M10, Class A2, 3.09%, due 04/25/27†		1,842,957
	1,300,000	FNMA-ACES, Series 2015-M8, Class AB2, 2.83%, due 01/25/25		1,373,937
	500,000	FNMA-ACES, Series 2016-M7, Class AB2, 2.38%, due 09/25/26		498,802
	1,064,673	GNMA, Pool # MA0851, 3.00%, due 03/20/43††††		1,121,159
	181,367	GNMA, Pool # MA1156, 3.00%, due 07/20/43††††		190,931
	248,820	GNMA, Pool # MA1599, 3.00%, due 01/20/44††††		261,898
	1,496,330	GNMA, Pool # MA3873, 3.00%, due 08/20/46		1,570,071
	1,494,022	GNMA, Pool # MA2754, 3.50%, due 04/20/45		1,587,635
	731,799	GNMA, Pool # 004833, 4.00%, due 10/20/40		787,726
	618,062	GNMA, Pool # 004977, 4.00%, due 03/20/41		666,575
	639,093	GNMA, Pool # 004636, 4.50%, due 02/20/40		699,883
	119,274	GNMA, Pool # 004678, 4.50%, due 04/20/40		130,627
	1,678,141	GNMA, Pool # 004978, 4.50%, due 03/20/41		1,839,097
	2,672,412	GNMA, Pool # 005055, 4.50%, due 05/20/41		2,928,739
	360,198	GNMA, Pool # 005334, 5.00%, due 03/20/42		404,622
	3,500,000	GNMA TBA, 3.00%, due 08/01/44		3,659,619
	6,500,000	GNMA TBA, 3.50%, due 06/01/44		6,902,461
	500,000	GNMA TBA, 4.00%, due 09/01/43		535,801
				235,827,582
		Municipal Obligations — 1.1%
	300,000	California Bay Area Toll Authority, 6.26%, due 04/01/49		459,228
	290,000	City of Houston General Obligation, 6.29%, due 03/01/32		367,967
	90,000	District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14#		103,956
	490,000	District of Columbia Water & Sewer Authority, 5.52%, due 10/01/44		652,224
	900,000	Energy Northwest, 2.80%, due 07/01/21		941,112
	1,150,000	New Jersey Economic Development Authority, 2.27%, due 02/15/19‡‡		1,090,718
	2,049,000	New Jersey Economic Development Authority, 2.41%, due 02/15/20‡‡		1,893,235
	1,350,000	State Board of Administration Finance Corp., 2.64%, due 07/01/21		1,403,460
	1,200,000	State of California General Obligation, 7.50%, due 04/01/34		1,819,476
	1,000,000	State of California General Obligation, 7.55%, due 04/01/39		1,602,410
				10,333,786
		Sovereign Debt Obligations — 0.9%
	275,000	Argentine Republic Government International Bond, 7.50%, due 04/22/26 144A		310,887
	400,000	Belgium Government International Bond, Reg S, 1.13%, due 08/03/19‡‡‡		400,113

See accompanying Notes to the Financial Statements. 71

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)		Description	Value ($)
		Sovereign Debt Obligations — continued
	350,000	Colombia Government International Bond, 4.38%, due 07/12/21		379,925
	1,385,000	Hashemite Kingdom of Jordan Government AID Bond, 2.58%, due 06/30/22		1,472,934
	800,000	Hashemite Kingdom of Jordan Government AID Bond, 3.00%, due 06/30/25		867,030
	812,000	Hungary Government International Bond, 5.75%, due 11/22/23		957,865
	200,000	Hungary Government International Bond, 7.63%, due 03/29/41‡		314,286
	720,000	Indonesia Government International Bond, 5.88%, due 01/15/24 144A		850,872
	200,000	Japan Bank for International Corp., 1.50%, due 07/21/21		198,723
	200,000	Japan Finance Organization for Municipalities, 2.13%, due 04/13/21 144A		202,101
	200,000	Panama Government International Bond, 3.75%, due 03/16/25		216,250
	200,000	Panama Government International Bond, 4.00%, due 09/22/24		219,750
	200,000	Province of Alberta Canada, 2.05%, due 08/17/26 144A		197,169
	300,000	Provincia de Buenos Aires, 7.88%, due 06/15/27¤ 144A		321,000
	150,000	Romanian Government International Bond, Reg S, 6.13%, due 01/22/44‡‡‡		203,043
	200,000	Tunisia Government AID Bonds, 1.42%, due 08/05/21		201,931
	400,000	Turkey Government International Bond, 7.00%, due 06/05/20		443,380
	200,000	Ukraine Government AID Bonds, 1.47%, due 09/29/21		201,960
				7,959,219
		U.S. Government and Agency Obligations — 11.4%
	2,300,000	FNMA, 1.36%, due 10/09/19‡‡		2,208,715
	400,000	Resolution Funding Corp. STRIPS, (PO), 2.84%, due 01/15/30‡‡		289,370
	140,000	Resolution Funding Corp. STRIPS, (PO), 2.85%, due 04/15/30‡‡		100,573
	85,000	Tennessee Valley Authority, 7.13%, due 05/01/30		131,000
	6,910,000	U.S. Treasury Bond, 2.50%, due 05/15/46		7,152,120
	10,876,000	U.S. Treasury Bond, 3.00%, due 05/15/45		12,403,099
	3,880,000	U.S. Treasury Bond, 3.38%, due 05/15/44		4,735,039
	1,789,000	U.S. Treasury Bond, 3.63%, due 08/15/43		2,278,250
	5,538,000	U.S. Treasury Bond, 4.50%, due 02/15/36		7,796,358
	792,020	U.S. Treasury Inflation Indexed Note, 0.13%, due 04/15/21		809,074
	2,562,446	U.S. Treasury Inflation Indexed Note, 0.38%, due 07/15/25		2,647,803
	3,930,000	U.S. Treasury Note, 0.75%, due 07/15/19		3,917,719
	8,210,000	U.S. Treasury Note, 0.75%, due 08/15/19		8,182,258
	4,829,000	U.S. Treasury Note, 0.88%, due 12/31/16		4,836,229
	2,280,000	U.S. Treasury Note, 0.88%, due 04/15/19		2,281,781
	18,775,000	U.S. Treasury Note, 0.88%, due 06/15/19		18,782,341
	13,307,000	U.S. Treasury Note, 1.25%, due 03/31/21		13,378,738
	6,718,000	U.S. Treasury Note, 1.50%, due 08/15/26		6,652,923
	4,615,000	U.S. Treasury Note, 1.63%, due 07/31/19		4,711,989
	75,000	U.S. Treasury Note, 1.63%, due 02/15/26		75,145
				103,370,524
		TOTAL DEBT OBLIGATIONS (COST $877,399,643)		890,585,586
		SHORT-TERM INVESTMENTS — 7.7%
		Bank Deposit — 5.5%
	49,802,736	State Street Bank & Trust Euro Time Deposit, 0.01%, due 10/03/16		49,802,736
		TOTAL BANK DEPOSITS (COST $49,802,736)		49,802,736

72 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value ($)			Description	Value ($)
			Securities Lending Collateral — 1.2%
	10,823,428		State Street Institutional U.S. Government Money Market Fund, Premier Class***		10,823,428
			TOTAL SECURITIES LENDING COLLATERAL (COST $10,823,428)		10,823,428
			U.S. Government and Agency Obligations — 1.0%
	9,146,000		United States Treasury Bill, 0.11%, due 10/20/16‡‡		9,145,470
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $9,144,826)		9,145,470
			TOTAL SHORT-TERM INVESTMENTS (COST $69,770,990)		69,771,634
			TOTAL INVESTMENTS BEFORE TBA COMMITMENTS — 105.9% (Cost $947,170,633)		960,357,220
			TBA SALE COMMITMENTS — (0.2)%
	(1,500,000	)	FNMA TBA, 3.00%, due 12/01/43		(1,555,565	)
			TOTAL TBA SALE COMMITMENTS (PROCEEDS $1,556,660)		(1,555,565	)
			TOTAL INVESTMENTS NET OF TBA SALE COMMITMENTS — 105.7% (Cost $945,613,973)		958,801,655
			Other Assets and Liabilities (net) — (5.7)%		(51,656,956	)
			NET ASSETS — 100.0%	$	907,144,699

See accompanying Notes to the Financial Statements. 73

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

	Notes to Schedule of Investments:
	ACES — Alternative Credit Enhancement Securities
	CLO — Collateralized Loan Obligation
	FHLMC — Federal Home Loan Mortgage Corporation
	FNMA — Federal National Mortgage Association
	GNMA — Government National Mortgage Association
	IO — Interest Only
	MTN — Medium Term Note
	PO — Principal Only
	REIT — Real Estate Investment Trust
	REMIC — Real Estate Mortgage Investment Conduit
	TBA — To Be Announced
#	Year of maturity is greater than 2100.
*	All or a portion of this security is held for open futures collateral.
***	Represents an investment of securities lending cash collateral.
****	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 $572 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2016 was $1,565,555.
¤	Illiquid security. The total market value of the securities at period end is $12,838,034 which represents 1.4% of net assets. The aggregate tax cost of these securities held at September 30, 2016 was $12,651,577.
†	Floating rate note. Rate shown is as of September 30, 2016.
††	Debt obligation initially issued in zero coupon form which converts to coupon form at a specific rate and date. The rate shown is the rate at period end.
†††	Security is currently in default.
††††	When-issued security.
†††††	Security is perpetual and has no stated maturity date.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
‡‡‡	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.
	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 $158,212,559 which represents 17.4% of net assets.

74 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Futures Contracts

Number of Contracts		Type	Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
	Buys
	90	U.S. Treasury Note 2-Year		December 2016	$	19,662,187	$	15,042
	118	U.S. Treasury Note 5-Year		December 2016		14,338,844		21,891
	178	U.S. Treasury Note 10-Year		December 2016		23,340,250		34,013
	131	U.S. Ultra Bond		December 2016		24,087,625		(358,947	)
							$	(288,001	)
	Sales
	62	U.S. Long Bond		December 2016	$	10,425,688	$	49,792

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date	Notional Amount		Unrealized Appreciation (Depreciation)
Receive	3-Month USD LIBOR	2.57%	09/08/24	$	1,600,000	$	(148,409	)
Receive	3-Month USD LIBOR	2.22%	05/31/22		2,480,000		(136,398	)
Receive	3-Month USD LIBOR	2.21%	01/08/26		7,920,000		(547,219	)
Receive	3-Month USD LIBOR	1.98%	11/30/22		1,800,000		(78,497	)
Receive	3-Month USD LIBOR	1.87%	11/15/41		625,000		(15,049	)
Receive	3-Month USD LIBOR	1.85%	11/30/22		3,845,000		(137,054	)
Receive	3-Month USD LIBOR	1.74%	12/31/21		2,120,000		(59,877	)
Pay	3-Month USD LIBOR	1.50%	12/31/22		250,000		(3,580	)
Receive	3-Month USD LIBOR	1.20%	05/31/23		1,170,000		5,884
Pay	3-Month USD LIBOR	0.40%	08/02/23		2,315,000		3,389
Pay	3-Month USD LIBOR	0.40%	08/02/23		3,435,000		4,167
Pay	3-Month USD LIBOR	0.40%	08/03/23		900,000		1,472
Pay	3-Month USD LIBOR	1.58%	05/31/23		875,000		16,890
Receive	6-Month USD LIBOR	1.41%	12/31/22		1,400,000		(12,691	)
Receive	12-Month USD LIBOR	0.90%	08/19/23		1,745,000		(5,854	)

See accompanying Notes to the Financial Statements. 75

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Centrally Cleared Interest Rate Swaps — continued

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate		Maturity Date		Notional Amount		Unrealized Appreciation (Depreciation)
Pay		12-Month USD LIBOR		0.54%		09/09/17	$	35,205,000	$	2,310
Pay		Interbank Equilibrium Interest Rate		6.01%		08/19/24		MXN 25,050,000		(20,703	)
									$	(1,131,219	)

Centrally Cleared Credit Default Swaps (See Note 2(a))

Notional Amount		Expiration Date		Unrealized Appreciation (Depreciation)
$	17,000,000		06/20/20	$	90,830

Currency Abbreviations

MXN — Mexican Peso

76 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		98.2
Futures Contracts		(0.0	)
Swaps		(0.1	)
TBA Sale Commitments		(0.2	)
Short-Term Investments		7.7
Other Assets and Liabilities (net)		(5.6	)
		100.0	%

See accompanying Notes to the Financial Statements. 77

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value**			Description	Value ($)
			DEBT OBLIGATIONS — 96.2%
			Corporate Debt — 51.4%
	2,000,000		1011778 BC ULC/New Red Finance, Inc., 6.00%, due 04/01/22 144A		2,100,000
	2,000,000		24 Hour Holdings III LLC, 8.00%, due 06/01/22‡ 144A		1,635,000
	2,500,000		Acosta, Inc., 7.75%, due 10/01/22 144A		2,068,750
	800,000	EUR	Adient Global Holdings, Ltd., 3.50%, due 08/15/24 144A		899,624
	700,000		AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 4.25%, due 07/01/20‡		728,000
	150,000		AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 4.63%, due 10/30/20		157,875
	1,600,000		AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 5.00%, due 10/01/21		1,712,000
	1,200,000		Alere, Inc., 6.50%, due 06/15/20		1,206,000
	2,500,000		Allison Transmission, Inc., 5.00%, due 10/01/24 144A		2,568,750
	2,300,000		Altice US Finance I Corp., 5.50%, due 05/15/26 144A		2,369,000
	2,500,000		AMC Networks, Inc., 5.00%, due 04/01/24		2,525,000
	10,540,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		545,258
	2,500,000		ArcelorMittal, 6.50%, due 03/01/21‡		2,793,750
	2,500,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.00%, due 06/30/21 144A		2,581,250
	1,700,000	EUR	Areva SA, Reg S, 3.13%, due 03/20/23‡‡‡		1,799,892
	600,000		Axalta Coating Systems LLC, 4.88%, due 08/15/24 144A		616,125
	1,300,000	EUR	Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B BV, 5.75%, due 02/01/21 144A		1,528,509
	1,700,000	EUR	Ball Corp., 4.38%, due 12/15/23		2,138,521
	2,500,000		Bank of America Corp., Series M, 8.13%† †††††		2,567,188
	1,000,000		Barminco Finance Pty, Ltd., 9.00%, due 06/01/18‡ 144A		972,500
	1,800,000		Beazer Homes USA, Inc., 8.75%, due 03/15/22 144A		1,903,500
	1,500,000		Blackboard, Inc., 7.75%, due 11/15/19 144A		1,485,000
	2,000,000		BMC Software Finance, Inc., 8.13%, due 07/15/21 144A		1,825,000
	1,800,000		BreitBurn Energy Partners LP/BreitBurn Finance Corp., 7.88%, due 04/15/22†††		927,000
	15,000		California Resources Corp., 5.50%, due 09/15/21		8,025
	36,000		California Resources Corp., 6.00%, due 11/15/24‡		17,370
	1,293,000		California Resources Corp., 8.00%, due 12/15/22 144A		866,310
	2,000,000		Calpine Corp., 5.75%, due 01/15/25		1,982,500
	1,000,000		Calpine Corp., 6.00%, due 01/15/22 144A		1,048,125
	500,000		Calumet Specialty Products Partners, LP/Calumet Finance Corp., 11.50%, due 01/15/21 144A		575,000
	2,000,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, due 09/30/22		2,095,000
	1,400,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, due 02/15/26 144A		1,487,500
	1,700,000		Cemex Finance LLC, 6.00%, due 04/01/24‡ 144A		1,746,750
	800,000		Cemex Finance LLC, 9.38%, due 10/12/22 144A		881,000
	1,500,000		Centene Corp., 4.75%, due 05/15/22		1,556,250
	2,200,000		CenturyLink, Inc., 6.75%, due 12/01/23		2,296,250
	1,200,000	EUR	CeramTec Group GmbH, 8.25%, due 08/15/21 144A		1,433,081
	1,300,000		CGG SA, 6.50%, due 06/01/21		640,250
	1,100,700		CHC Helicopter SA, 9.25%, due 10/15/20†††		539,343
	325,000		CHC Helicopter SA, 9.38%, due 06/01/21†††		63,375
	1,200,000	EUR	Chemours Co. (The), 6.13%, due 05/15/23		1,246,682
	900,000		Cheniere Corpus Christi Holdings LLC, 7.00%, due 06/30/24 144A		976,500
	143,000		Chesapeake Energy Corp., 8.00%, due 12/15/22‡ 144A		145,324
	3,000,000		CHS/Community Health Systems, Inc., 6.88%, due 02/01/22		2,595,000

78 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	3,000,000		CIT Group, Inc., 5.00%, due 08/01/23		3,183,750
	2,000,000		Citigroup, Inc., 6.30%† †††††		2,057,500
	200,000		Clear Channel Worldwide Holdings, Inc., 6.50%, due 11/15/22		209,250
	800,000		Clear Channel Worldwide Holdings, Inc., 7.63%, due 03/15/20		797,000
	400,000		Cloud Crane LLC, 10.13%, due 08/01/24 144A		416,000
	2,500,000		CommScope Technologies Finance LLC, 6.00%, due 06/15/25 144A		2,678,125
	2,500,000		Concordia Healthcare Corp., 7.00%, due 04/15/23‡ 144A		1,618,750
	1,000,000		CONSOL Energy, Inc., 5.88%, due 04/15/22		925,000
	900,000		CONSOL Energy, Inc., 8.00%, due 04/01/23		877,500
	2,400,000		Cortes NP Acquisition Corp., 9.25%, due 10/15/24 144A††††		2,400,000
	1,300,000	EUR	Cott Corp., 5.50%, due 07/01/24 144A		1,537,880
	1,500,000		Crestwood Midstream Partners, LP/Crestwood Midstream Finance Corp., 6.25%, due 04/01/23		1,526,250
	1,500,000		CSC Holdings LLC, 6.75%, due 11/15/21		1,590,000
	2,000,000		CSC Holdings LLC, 10.88%, due 10/15/25 144A		2,345,000
	300,000		CSI Compressco, LP/Compressco Finance, Inc., 7.25%, due 08/15/22		285,000
	1,000,000		CVR Partners, LP/CVR Nitrogen Finance Corp., 9.25%, due 06/15/23 144A		971,250
	2,000,000		DaVita, Inc., 5.13%, due 07/15/24		2,043,750
	300,000		Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.88%, due 06/15/21 144A		318,870
	300,000		Diamond 1 Finance Corp./Diamond 2 Finance Corp., 7.13%, due 06/15/24 144A		330,157
	1,000,000		Digicel Group, Ltd., 7.13%, due 04/01/22 144A		769,700
	1,500,000		Digicel, Ltd., 6.00%, due 04/15/21 144A		1,332,600
	1,800,000		DISH DBS Corp., 5.00%, due 03/15/23		1,755,000
	500,000		DISH DBS Corp., 5.13%, due 05/01/20		520,000
	200,000		DISH DBS Corp., 5.88%, due 11/15/24		198,250
	2,000,000		Dynegy, Inc., 7.63%, due 11/01/24‡		1,974,000
	900,000	EUR	Edcon, Ltd., 9.50%, due 03/01/18 144A		253,361
	800,000		Eldorado Gold Corp., 6.13%, due 12/15/20 144A		809,600
	500,000		Endo, Ltd./Endo Finance LLC/Endo Finco, Inc., 6.00%, due 07/15/23 144A		457,500
	1,000,000		Endo, Ltd./Endo Finance LLC/Endo Finco, Inc., 6.50%, due 02/01/25 144A		888,750
	2,500,000		Energy Transfer Equity, LP, 7.50%, due 10/15/20		2,756,250
	1,200,000		Energy XXI Gulf Coast, Inc., 6.88%, due 03/15/24†††		120,000
	600,000		Energy XXI Gulf Coast, Inc., 11.00%, due 03/15/20††† 144A		243,000
	1,000,000		EnQuest Plc, 7.00%, due 04/15/22 144A		525,000
	250,000		EPL Oil & Gas, Inc., 8.25%, due 02/15/18†††		35,625
	500,000		Equinix, Inc., 4.88%, due 04/01/20		520,625
	1,500,000		Equinix, Inc., 5.38%, due 04/01/23		1,580,625
	100,000		Escrow GCB Penn Virginia Corp., 8.50%, due 05/01/20**** †††		—
	9,280,000,000	IDR	European Investment Bank, Reg S, 6.95%, due 02/06/20‡‡‡		725,562
	24,240,000,000	IDR	European Investment Bank, Reg S, 7.20%, due 07/09/19‡‡‡		1,861,322
	8,150,000	ZAR	European Investment Bank, Reg S, 8.50%, due 09/17/24‡‡‡		595,703
	2,000,000		Ferrellgas, LP/Ferrellgas Finance Corp., 6.75%, due 06/15/23		1,770,000
	2,500,000		Fiat Chrysler Automobiles NV, 4.50%, due 04/15/20		2,575,000
	649,000,000	COP	Financiera de Desarrollo Territorial SA Findeter, Reg S, 7.88%, due 08/12/24‡‡‡		204,461
	2,200,000		First Data Corp., 5.75%, due 01/15/24 144A		2,268,750
	500,000		First Data Corp., 7.00%, due 12/01/23 144A		530,000
	2,000,000		First Quantum Minerals, Ltd., 7.00%, due 02/15/21 144A		1,800,000
	1,000,000		FMG Resources August 2006 Pty, Ltd., 9.75%, due 03/01/22‡ 144A		1,165,000

See accompanying Notes to the Financial Statements. 79

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	400,000	EUR	Galapagos Holding SA, 7.00%, due 06/15/22 144A		380,463
	800,000	EUR	Galapagos SA/Luxembourg, 5.38%, due 06/15/21 144A		845,997
	1,000,000		Goodrich Petroleum Corp., 8.00%, due 03/15/18¤ ††† 144A		100,000
	350,000		Goodrich Petroleum Corp., 8.88%, due 03/15/18¤ ††† 144A		35,000
	500,000		Goodyear Tire & Rubber Co. (The), 5.00%, due 05/31/26		515,625
	1,000,000		Goodyear Tire & Rubber Co. (The), 5.13%, due 11/15/23		1,047,500
	1,500,000	EUR	Hanesbrands Finance Luxembourg SCA, 3.50%, due 06/15/24 144A		1,751,232
	1,600,000		Hanesbrands, Inc., 4.88%, due 05/15/26 144A		1,644,000
	2,500,000		HCA, Inc., 5.00%, due 03/15/24		2,643,750
	1,200,000		HCA, Inc., 5.88%, due 05/01/23		1,281,000
	1,600,000		Hilton Domestic Operating Co., Inc., 4.25%, due 09/01/24 144A		1,640,000
	1,500,000		Horizon Pharma Financing, Inc., 6.63%, due 05/01/23‡		1,421,250
	1,000,000		iHeartCommunications, Inc., 9.00%, due 03/01/21		748,750
	500,000		iHeartCommunications, Inc., 9.00%, due 09/15/22‡		365,625
	2,000,000	EUR	Infor US, Inc., 5.75%, due 05/15/22		2,200,250
	400,000		Infor US, Inc., 6.50%, due 05/15/22		407,000
	700,000	EUR	Inovyn Finance Plc, 6.25%, due 05/15/21 144A		817,300
	2,500,000		Intelsat Jackson Holdings SA, 5.50%, due 08/01/23		1,743,750
	8,860,000,000	IDR	Inter-American Development Bank, 7.35%, due 09/12/18		686,377
	2,500,000		InterGen NV, 7.00%, due 06/30/23 144A		2,125,000
	2,500,000		International Game Technology Plc, 6.25%, due 02/15/22 144A		2,662,500
	1,500,000		Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, due 08/01/23 144A		1,563,750
	2,000,000		JBS USA LUX SA/JBS USA Finance, Inc., 5.88%, due 07/15/24 144A		2,000,000
	1,000,000		JBS USA LUX SA/JBS USA Finance, Inc., 7.25%, due 06/01/21 144A		1,038,750
	1,000,000		JPMorgan Chase & Co., 5.00%† †††††		987,250
	1,500,000		JPMorgan Chase & Co., 6.00%† †††††		1,569,375
	700,000		KB Home, 4.75%, due 05/15/19		718,375
	1,000,000		KB Home, 7.50%, due 09/15/22		1,090,000
	1,000,000		KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.00%, due 06/01/24 144A		1,047,500
	900,000		KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, due 06/01/26 144A		954,000
	600,000	EUR	Lincoln Finance, Ltd., 6.88%, due 04/15/21 144A		728,222
	1,300,000		Linn Energy LLC/Linn Energy Finance Corp., 12.00%, due 12/15/20††† 144A		637,000
	900,000		Martin Midstream Partners, LP/Martin Midstream Finance Corp., 7.25%, due 02/15/21		850,500
	500,000	EUR	Matterhorn Telecom Holding SA, 4.88%, due 05/01/23 144A		556,455
	1,300,000	EUR	Matterhorn Telecom SA, 3.88%, due 05/01/22 144A		1,459,888
	600,000		Microsemi Corp., 9.13%, due 04/15/23 144A		687,000
	1,000,000		Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 9.25%, due 06/01/21†††		12,500
	2,500,000		Millicom International Cellular SA, 6.63%, due 10/15/21‡ 144A		2,613,375
	400,000		MPH Acquisition Holdings LLC, 7.13%, due 06/01/24 144A		431,000
	500,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.25%, due 08/01/26		520,000
	600,000		MSCI, Inc., 4.75%, due 08/01/26 144A		609,000
	800,000		Murray Energy Corp., 11.25%, due 04/15/21 144A		454,000
	800,000		Navient Corp., 6.63%, due 07/26/21		808,000

80 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	2,500,000		Navient Corp., 7.25%, due 09/25/23		2,506,250
	2,500,000		Netflix, Inc., 5.88%, due 02/15/25		2,712,500
	800,000		Newell Brands, Inc., 5.00%, due 11/15/23 144A		852,158
	700,000		Nexstar Escrow Corp., 5.63%, due 08/01/24 144A		703,500
	1,500,000		NOVA Chemicals Corp., 5.00%, due 05/01/25 144A		1,522,500
	700,000		Novelis Corp., 5.88%, due 09/30/26 144A		718,375
	1,400,000		Novelis Corp., 6.25%, due 08/15/24 144A		1,489,250
	2,000,000		NRG Yield Operating LLC, 5.38%, due 08/15/24‡		2,065,000
	2,000,000		Owens-Brockway Glass Container, Inc., 5.00%, due 01/15/22‡ 144A		2,128,740
	1,500,000		Peabody Energy Corp., 10.00%, due 03/15/22††† 144A		615,000
	1,500,000		Petrobras Global Finance BV, 5.38%, due 01/27/21		1,487,250
	24,750,000	MXN	Petroleos Mexicanos, Reg S, 7.19%, due 09/12/24‡‡‡		1,184,298
	300,000		Platform Specialty Products Corp., 10.38%, due 05/01/21 144A		324,000
	1,000,000		Post Holdings, Inc., 6.00%, due 12/15/22 144A		1,060,000
	1,000,000	EUR	PSPC Escrow Corp., 6.00%, due 02/01/23 144A		1,061,199
	2,000,000		PulteGroup, Inc., 5.00%, due 01/15/27		2,018,800
	1,400,000		QEP Resources, Inc., 5.25%, due 05/01/23		1,386,000
	2,000,000		Qorvo, Inc., 7.00%, due 12/01/25		2,180,000
	1,000,000		Radio One, Inc., 9.25%, due 02/15/20 144A		937,500
	1,000,000	EUR	Rain CII Carbon LLC/CII Carbon Corp., 8.50%, due 01/15/21 144A		1,062,553
	400,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 5.13%, due 07/15/23 144A		413,500
	700,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 5.75%, due 10/15/20		722,750
	200,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 7.00%, due 07/15/24 144A		214,875
	1,900,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 8.25%, due 02/15/21		1,982,534
	600,000		Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.13%, due 08/15/21 144A		621,000
	2,800,000	EUR	Royal Bank of Scotland Plc (The), 6.93%, due 04/09/18		3,420,344
	2,000,000		Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27 144A		2,055,000
	500,000		Sabine Pass Liquefaction LLC, 5.63%, due 02/01/21		530,625
	1,000,000		Sabine Pass Liquefaction LLC, 5.63%, due 04/15/23		1,072,500
	500,000		Sabine Pass Liquefaction LLC, 5.63%, due 03/01/25		539,375
	1,000,000		Sanchez Energy Corp., 6.13%, due 01/15/23‡		807,500
	1,300,000	EUR	Schoeller Allibert Group, 8.00%, due 10/01/21†††† 144A		1,465,513
	800,000	EUR	Sealed Air Corp., 4.50%, due 09/15/23 144A		995,381
	600,000	EUR	SIG Combibloc Holdings SCA, 7.75%, due 02/15/23 144A		710,185
	1,000,000		Sirius XM Radio, Inc., 5.38%, due 04/15/25 144A		1,035,000
	1,500,000		Sirius XM Radio, Inc., 6.00%, due 07/15/24 144A		1,603,125
	2,000,000		Sprint Communications, Inc., 6.00%, due 11/15/22		1,865,000
	1,500,000		Sprint Corp., 7.13%, due 06/15/24		1,470,000
	500,000		Sprint Corp., 7.63%, due 02/15/25		497,500
	500,000		Sprint Corp., 7.88%, due 09/15/23		505,625
	300,000		Steel Dynamics, Inc., 5.13%, due 10/01/21		313,125
	1,000,000		Steel Dynamics, Inc., 5.50%, due 10/01/24		1,050,000
	800,000		Stena International SA, 5.75%, due 03/01/24 144A		672,000

See accompanying Notes to the Financial Statements. 81

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	1,300,000		T-Mobile USA, Inc., 6.00%, due 04/15/24		1,394,250
	1,000,000		T-Mobile USA, Inc., 6.13%, due 01/15/22		1,066,250
	1,000,000		T-Mobile USA, Inc., 6.38%, due 03/01/25		1,090,000
	1,700,000		Talen Energy Supply LLC, 6.50%, due 06/01/25‡		1,372,750
	1,800,000		Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.63%, due 03/01/24 144A		1,863,000
	1,500,000		TEGNA, Inc., 5.13%, due 07/15/20		1,550,625
	1,000,000		Tenet Healthcare Corp., 5.00%, due 03/01/19		982,500
	1,800,000		Tenet Healthcare Corp., 8.13%, due 04/01/22		1,809,000
	1,200,000	GBP	Tesco Plc, 6.13%, due 02/24/22		1,787,245
	2,000,000		Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Series 1, 11.50%, due 10/01/20††† 144A		611,250
	200,000		TransDigm, Inc., 6.00%, due 07/15/22		212,000
	1,000,000		TransDigm, Inc., 6.50%, due 07/15/24		1,057,500
	800,000		TransDigm, Inc., 6.50%, due 05/15/25		836,000
	2,880,000	ZAR	Transnet SOC, Ltd., Reg S, 9.50%, due 05/13/21‡‡‡		198,482
	800,000		Triangle USA Petroleum Corp., 6.75%, due 07/15/22††† 144A		180,000
	2,500,000		United Rentals North America, Inc., 5.88%, due 09/15/26		2,587,500
	800,000	EUR	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4.00%, due 01/15/25 144A		927,135
	810,000	EUR	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.75%, due 01/15/23 144A		967,116
	1,600,000	EUR	UPCB Finance IV, Ltd., 4.00%, due 01/15/27 144A		1,789,090
	1,000,000		Valeant Pharmaceuticals International, Inc., 5.50%, due 03/01/23 144A		860,000
	1,000,000		Valeant Pharmaceuticals International, Inc., 5.63%, due 12/01/21 144A		897,500
	600,000		Valeant Pharmaceuticals International, Inc., 6.13%, due 04/15/25 144A		518,250
	900,000		Valvoline, Inc., 5.50%, due 07/15/24 144A		945,000
	450,000	GBP	Virgin Media Secured Finance Plc, 5.50%, due 01/15/25 144A		605,009
	1,100,000		Virgin Media Secured Finance Plc, 5.50%, due 08/15/26 144A		1,124,750
	900,000	GBP	Virgin Media Secured Finance Plc, 6.00%, due 04/15/21 144A		1,216,595
	900,000		Weatherford International, Ltd., 7.75%, due 06/15/21‡		894,375
	1,100,000		Weatherford International, Ltd., 8.25%, due 06/15/23‡		1,089,000
	2,500,000		Western Digital Corp., 10.50%, due 04/01/24 144A		2,906,250
	1,200,000	EUR	Wind Acquisition Finance SA, 4.00%, due 07/15/20 144A		1,368,788
	700,000	EUR	Wind Acquisition Finance SA, 7.00%, due 04/23/21 144A		823,901
	1,500,000		WMG Acquisition Corp., 5.63%, due 04/15/22 144A		1,558,125
	1,400,000		WPX Energy, Inc., 8.25%, due 08/01/23		1,512,000
	700,000		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, due 03/01/25‡ 144A		711,375
	1,300,000		Wynn Macau, Ltd., 5.25%, due 10/15/21‡ 144A		1,319,500
	1,300,000	EUR	XPO Logistics, Inc., 5.75%, due 06/15/21 144A		1,495,513
	700,000		XPO Logistics, Inc., 6.13%, due 09/01/23 144A		719,250
	900,000	EUR	Ziggo Secured Finance BV, 4.25%, due 01/15/27 144A		1,006,886
					259,029,242
			Sovereign Debt Obligations — 44.8%
	41,140,000	BRL	Brazil Letras do Tesouro Nacional, 11.73%, due 01/01/19‡‡		9,918,845
	6,962,000	BRL	Brazil Letras do Tesouro Nacional, 11.77%, due 01/01/18‡‡		1,858,599
	20,000,000	BRL	Brazil Letras do Tesouro Nacional, 12.39%, due 01/01/20‡‡		4,321,332

82 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	1,758,000	BRL	Brazil Notas do Tesouro Nacional Series B, 17.24%, due 05/15/35		1,631,980
	462,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/19		138,194
	30,966,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/21		9,110,074
	12,255,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/25		3,510,857
	1,505,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/27		422,292
	7,264,900,000	COP	Colombian TES, 6.00%, due 04/28/28		2,321,569
	11,344,500,000	COP	Colombian TES, 7.00%, due 05/04/22		4,024,737
	845,000,000	COP	Colombian TES, 7.50%, due 08/26/26		305,250
	2,113,000,000	COP	Colombian TES, 7.75%, due 09/18/30		777,365
	15,497,100,000	COP	Colombian TES, 10.00%, due 07/24/24		6,409,493
	8,395,800,000	COP	Colombian TES, 11.00%, due 07/24/20		3,357,052
	363,360,000	HUF	Hungary Government Bond, 2.50%, due 06/22/18		1,358,548
	60,510,000	HUF	Hungary Government Bond, 3.00%, due 06/26/24		226,722
	385,740,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		1,430,301
	343,000,000	HUF	Hungary Government Bond, 4.00%, due 04/25/18		1,315,564
	357,400,000	HUF	Hungary Government Bond, 5.50%, due 12/20/18		1,429,637
	174,970,000	HUF	Hungary Government Bond, 6.00%, due 11/24/23		790,244
	607,960,000	HUF	Hungary Government Bond, 6.50%, due 06/24/19		2,526,076
	44,848,000,000	IDR	Indonesia Treasury Bond, 5.63%, due 05/15/23		3,210,843
	8,900,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		623,728
	15,988,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		1,133,388
	3,300,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		252,896
	68,368,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		5,681,181
	72,716,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 09/15/26		6,073,120
	30,101,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		2,520,910
	32,136,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		2,777,384
	33,162,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		2,905,582
	3,006,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		293,640
	645,000,000	IDR	Indonesia Treasury Bond, 12.80%, due 06/15/21		60,767
	120,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		29,024
	1,059,000	MYR	Malaysia Government Bond, 3.58%, due 09/28/18		260,627
	21,188,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		5,212,622
	999,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		243,788
	8,779,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		2,167,157
	174,000	MYR	Malaysia Government Bond, 4.16%, due 07/15/21		43,718
	16,055,000	MYR	Malaysia Government Bond, 4.18%, due 07/15/24		4,040,906
	1,068,000	MYR	Malaysia Government Bond, 4.39%, due 04/15/26		272,392
	32,500,000	MXN	Mexican Bonos, 5.00%, due 06/15/17		1,680,875
	163,415,100	MXN	Mexican Bonos, 6.50%, due 06/10/21		8,707,850
	68,250,000	MXN	Mexican Bonos, 6.50%, due 06/09/22		3,646,314
	18,283,700	MXN	Mexican Bonos, 7.50%, due 06/03/27		1,046,990
	82,730,000	MXN	Mexican Bonos, 7.75%, due 05/29/31		4,844,092
	29,310,000	MXN	Mexican Bonos, 7.75%, due 11/23/34		1,723,581
	12,385,800	MXN	Mexican Bonos, 7.75%, due 11/13/42		740,770
	25,260,000	MXN	Mexican Bonos, 8.00%, due 06/11/20		1,407,760
	40,100,000	MXN	Mexican Bonos, 8.50%, due 12/13/18		2,198,910
	7,197,300	MXN	Mexican Bonos, 8.50%, due 05/31/29		445,301
	14,232,600	MXN	Mexican Bonos, 8.50%, due 11/18/38		908,687

See accompanying Notes to the Financial Statements. 83

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	79,952,100	MXN	Mexican Bonos, 10.00%, due 12/05/24		5,226,517
	24,334,100	MXN	Mexican Bonos, 10.00%, due 11/20/36		1,756,148
	6,643,000	PEN	Peruvian Government International Bond, Reg S, 5.70%, due 08/12/24‡‡‡		2,003,003
	5,543,000	PEN	Peruvian Government International Bond, Reg S, 6.35%, due 08/12/28‡‡‡ ††††		1,624,997
	3,186,000	PEN	Peruvian Government International Bond, Reg S, 6.95%, due 08/12/31‡‡‡		1,019,405
	1,937,000	PEN	Peruvian Government International Bond, Reg S, 7.84%, due 08/12/20‡‡‡		633,478
	2,030,000	PLN	Poland Government Bond, 1.50%, due 04/25/20		520,528
	1,488,000	PLN	Poland Government Bond, 1.75%, due 07/25/21		379,516
	23,970,000	PLN	Poland Government Bond, 2.50%, due 07/25/26		6,051,443
	12,850,000	PLN	Poland Government Bond, 5.25%, due 10/25/20		3,760,304
	1,339,000	PLN	Poland Government Bond, 5.50%, due 10/25/19		386,970
	9,965,000	RON	Romania Government Bond, 3.50%, due 12/19/22		2,658,893
	6,510,000	RON	Romania Government Bond, 4.75%, due 02/24/25		1,877,546
	1,650,000	RON	Romania Government Bond, 5.80%, due 07/26/27		521,831
	9,090,000	RON	Romania Government Bond, 5.85%, due 04/26/23		2,751,489
	33,000,000	RUB	Russian Federal Bond - OFZ, 5.00%, due 08/08/18††		504,782
	182,000,000	RUB	Russian Federal Bond - OFZ, 6.20%, due 01/31/18		2,804,598
	224,750,000	RUB	Russian Federal Bond - OFZ, 6.70%, due 05/15/19		3,439,655
	6,960,000	RUB	Russian Federal Bond - OFZ, 7.50%, due 03/15/18		109,361
	67,880,000	RUB	Russian Federal Bond - OFZ, 7.50%, due 02/27/19		1,058,786
	20,000,000	RUB	Russian Foreign Bond - Eurobond, Reg S, 7.85%, due 03/10/18‡‡‡		314,132
	35,369,097	ZAR	South Africa Government Bond, 6.75%, due 03/31/21		2,449,107
	69,228,190	ZAR	South Africa Government Bond, 8.00%, due 01/31/30		4,636,820
	68,602,037	ZAR	South Africa Government Bond, 8.25%, due 03/31/32		4,621,706
	44,379,920	ZAR	South Africa Government Bond, 8.50%, due 01/31/37		2,989,792
	3,400,000	ZAR	South Africa Government Bond, 8.75%, due 02/28/48		231,117
	43,409,265	ZAR	South Africa Government Bond, 8.88%, due 02/28/35		3,062,626
	66,000,000	ZAR	South Africa Government Bond, 10.50%, due 12/21/26		5,387,510
	129,224,000	THB	Thailand Government Bond, 3.63%, due 06/16/23		4,127,825
	178,026,000	THB	Thailand Government Bond, 3.88%, due 06/13/19		5,446,599
	1,717,000	THB	Thailand Government Bond, 4.68%, due 06/29/44		69,170
	15,150,850	THB	Thailand Government Bond, Reg S, 1.25%, due 03/12/28‡‡‡		409,586
	8,186,000	TRY	Turkey Government Bond, 7.40%, due 02/05/20		2,618,721
	4,165,394	TRY	Turkey Government Bond, 8.00%, due 03/12/25		1,274,113
	11,644,741	TRY	Turkey Government Bond, 8.30%, due 06/20/18		3,880,357
	3,885,833	TRY	Turkey Government Bond, 8.50%, due 07/10/19		1,291,552
	1,710,885	TRY	Turkey Government Bond, 8.50%, due 09/14/22		551,302
	1,831,712	TRY	Turkey Government Bond, 8.80%, due 11/14/18		614,627
	10,517,174	TRY	Turkey Government Bond, 9.00%, due 07/24/24		3,419,443
	5,549,857	TRY	Turkey Government Bond, 9.20%, due 09/22/21		1,858,140
	3,832,000	TRY	Turkey Government Bond, 9.50%, due 01/12/22		1,295,011
	28,226,250	TRY	Turkey Government Bond, 10.60%, due 02/11/26		10,047,142
	10,565,453	TRY	Turkey Government Bond, 10.70%, due 02/17/21		3,733,136
					225,758,318
			TOTAL DEBT OBLIGATIONS (COST $502,818,589)		484,787,560

84 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 0.1%
		Oil & Gas — 0.1%
	73,737	Halcon Resources Corp.* ¤		691,653
	552	Penn Virginia Corp.* ****		19,596
	690	Penn Virginia Corp. New* ****		24,495
				735,744
		TOTAL COMMON STOCKS (COST $1,141,468)		735,744
		WARRANTS — 0.0%
		Oil & Gas — 0.0%
	3,495	Halcon Resources Corp. Strike Price $14.04, Expires 09/09/20*		8,004
		TOTAL WARRANTS (COST $—)		8,004
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 7.9%
		Bank Deposit — 3.7%
	18,592,078	State Street Bank & Trust Euro Time Deposit, 0.01%, due 10/03/16		18,592,078
		Securities Lending Collateral — 4.2%
	21,274,140	State Street Institutional U.S. Government Money Market Fund, Premier Class ***		21,274,140
		TOTAL SHORT-TERM INVESTMENTS (COST $39,866,218)		39,866,218
		TOTAL INVESTMENTS — 104.2% (Cost $543,826,275)		525,397,526
		Other Assets and Liabilities (net) — (4.2)%		(21,248,259	)
		NET ASSETS — 100.0%	$	504,149,267

See accompanying Notes to the Financial Statements. 85

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

	Notes to Schedule of Investments:
*	Non-income producing security
**	Unless otherwise indicated, all par values are denominated in United States dollars ($).
***	Represents an investment of securities lending cash collateral.
****	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 $44,091 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2016 was $88,903.
¤	Illiquid security. The total market value of the securities at period end is $826,653 which represents 0.2% of net assets. The aggregate tax cost of these securities held at September 30, 2016 was $2,239,044.
†	Floating rate note. Rate shown is as of September 30, 2016.
††	Debt obligation initially issued in zero coupon form which converts to coupon form at a specific rate and date. The rate shown is the rate at period end.
†††	Security is currently in default.
††††	When-issued security.
†††††	Security is perpetual and has no stated maturity date.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
‡‡‡	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.
	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 $128,827,960 which represents 25.6% of net assets.

86 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Forward Foreign Currency Contracts

Settlement Date		Currency	Counterparty	Units of Currency		Value		Unrealized Appreciation (Depreciation)
	Buys
	12/21/16	CLP	Citibank N.A.		837,368,403	$	1,262,531	$	24,099
	12/21/16	CLP	Goldman Sachs International		2,916,401,597		4,397,164		52,348
	12/21/16	COP	Citibank N.A.		16,305,094,860		5,585,713		230,651
	12/21/16	COP	Goldman Sachs International		17,742,908,532		6,078,272		205,430
	12/15/16	EUR	Citibank N.A.		500,000		563,808		58
	12/21/16	EUR	Citibank N.A.		7,240,774		8,167,535		(11,108	)
	05/18/17	EUR	Deutsche Bank AG London		4,000,000		4,543,058		53,138
	10/20/16	GBP	Deutsche Bank AG London		309,578		402,284		(50,226	)
	12/15/16	GBP	Deutsche Bank AG London		222,000		288,800		(24,930	)
	05/18/17	GBP	Deutsche Bank AG London		1,000,000		1,305,327		(6,673	)
	12/21/16	HUF	Citibank N.A.		180,740,000		657,519		581
	12/21/16	HUF	Goldman Sachs International		162,729,560		591,998		(850	)
	12/21/16	IDR	Citibank N.A.		16,844,100,000		1,275,553		(4,714	)
	12/21/16	IDR	Standard Chartered Bank		56,661,141,000		4,290,777		51,895
	12/21/16	MXN	Barclays Bank Plc		5,463,545		279,879		3,421
	12/21/16	MXN	Citibank N.A.		46,320,000		2,372,815		36,017
	12/21/16	MXN	HSBC Bank Plc		11,878,955		608,518		7,037
	12/21/16	MXN	JPMorgan Chase Bank N.A. London		32,207,500		1,649,880		22,194
	12/21/16	MYR	Citibank N.A.		3,930,000		946,637		(5,628	)
	12/21/16	MYR	Goldman Sachs International		5,798,597		1,396,735		(5,611	)
	12/21/16	MYR	Standard Chartered Bank		73,960,694		17,815,257		(93,883	)
	12/21/16	PEN	Citibank N.A.		5,624,218		1,637,263		4,452
	12/21/16	PEN	Goldman Sachs International		30,784,782		8,961,743		25,667
	12/21/16	PHP	Citibank N.A.		30,030,000		617,921		2,136
	12/21/16	PHP	JPMorgan Chase Bank N.A. London		169,816,700		3,494,282		(38,414	)
	12/21/16	PHP	Standard Chartered Bank		427,470,300		8,795,966		(70,551	)
	12/21/16	PLN	Citibank N.A.		75,273,295		19,638,120		282,837
	03/15/17	RUB	Citibank N.A.		388,499,054		5,937,996		213,160
	03/15/17	RUB	Goldman Sachs International		392,538,690		5,999,739		320,518
	12/21/16	THB	Barclays Bank Plc		70,813,892		2,041,560		17,438
	12/21/16	THB	Citibank N.A.		260,955,261		7,523,322		53,262
	12/21/16	THB	JPMorgan Chase Bank N.A. London		78,821,993		2,272,433		21,019
	12/21/16	THB	Standard Chartered Bank		293,249,582		8,454,366		68,462
	12/21/16	ZAR	Citibank N.A.		21,960,000		1,572,988		32,869
								$	1,416,101
	Sales
	12/02/16	BRL	Citibank N.A.		6,842,547	$	2,070,767	$	(4,095	)
	12/21/16	BRL	Citibank N.A.		1,920,000		577,631		334
	12/21/16	CLP	Citibank N.A.		2,730,601,000		4,117,026		(10,242	)
	12/21/16	CLP	HSBC Bank Plc		865,020,000		1,304,222		(46,011	)
	02/15/17	CNY	Citibank N.A.		91,084,000		13,595,415		(143,165	)
	02/15/17	CNY	Goldman Sachs International		4,050,000		604,513		(5,799	)
	12/21/16	COP	Barclays Bank Plc		1,268,820,000		434,666		(6,444	)
	12/21/16	COP	Citibank N.A.		5,521,935,700		1,891,675		(8,781	)
	12/21/16	COP	Goldman Sachs International		2,938,825,869		1,006,767		(15,253	)

See accompanying Notes to the Financial Statements. 87

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Forward Foreign Currency Contracts — continued

Settlement Date		Currency	Counterparty	Units of Currency		Value		Unrealized Appreciation (Depreciation)
	12/21/16	COP	HSBC Bank Plc		4,050,701,831	$	1,387,668	$	(24,392	)
	12/21/16	COP	JPMorgan Chase Bank N.A. London		4,421,756,599		1,514,782		(14,494	)
	12/21/16	COP	Standard Chartered Bank		11,516,450,000		3,945,244		(145,640	)
	12/21/16	EUR	Citibank N.A.		520,669		587,311		(1,100	)
	12/21/16	EUR	HSBC Bank Plc		969,331		1,093,397		(2,039	)
	12/21/16	HUF	Citibank N.A.		423,717,383		1,541,452		2,032
	12/21/16	IDR	Standard Chartered Bank		21,311,600,000		1,613,863		(11,487	)
	12/21/16	ILS	Citibank N.A.		44,540,000		11,891,261		(116,914	)
	12/21/16	KRW	Citibank N.A.		4,776,775,600		4,335,327		(90,173	)
	12/21/16	KRW	Standard Chartered Bank		9,272,564,401		8,415,636		(129,754	)
	12/21/16	MXN	Citibank N.A.		98,733,302		5,057,768		213,912
	12/21/16	MXN	Goldman Sachs International		183,700,000		9,410,321		264,465
	12/21/16	MYR	Citibank N.A.		22,278,974		5,366,440		31,060
	12/21/16	MYR	Goldman Sachs International		2,298,666		553,690		5,596
	12/21/16	MYR	HSBC Bank Plc		2,714,000		653,734		400
	12/21/16	RON	Citibank N.A.		19,779,963		5,004,492		40
	12/21/16	SGD	Citibank N.A.		800,000		587,019		178
	12/21/16	SGD	JPMorgan Chase Bank N.A. London		15,454,000		11,339,733		(29,721	)
	12/21/16	TRY	Citibank N.A.		15,239,050		4,999,728		67,159
	12/21/16	TRY	Goldman Sachs International		10,240,000		3,359,607		21,112
	12/21/16	TWD	Citibank N.A.		224,920,000		7,190,982		(66,271	)
	12/21/16	ZAR	Barclays Bank Plc		28,127,627		2,014,774		(50,636	)
	12/21/16	ZAR	Citibank N.A.		27,707,811		1,984,702		(46,754	)
	12/21/16	ZAR	Goldman Sachs International		28,127,627		2,014,774		(50,280	)
	12/21/16	ZAR	HSBC Bank Plc		4,576,977		327,848		(11,371	)
	12/21/16	ZAR	JPMorgan Chase Bank N.A. London		15,020,000		1,075,878		(34,128	)
								$	(458,656	)

Cross-Currency Forwards

Settlement Date		Receive/Deliver	Counterparty	Contract Amount Purchased		Contract Amount Sold		Unrealized Appreciation (Depreciation)
	12/21/16	HUF/EUR	Goldman Sachs International		473,240,000		1,531,834	$	(6,284	)

Currency Abbreviations

BRL — Brazilian Real

CLP — Chilean Peso

CNY — Chinese Yuan

COP — Colombian Peso

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

KRW — South Korean Won

88 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Currency Abbreviations— continued

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nouveau Sol

PHP — Philippines Peso

PLN — Polish Zloty

RON — New Romanian Leu

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Baht

TRY — New Turkish Lira

TWD — Taiwan Dollar

ZAR — South African Rand

Futures Contracts

Number of Contracts		Type	Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
	Buys
	42	South Africa Government Bond, Series R186		November 2016	$	354,446	$	2,556
	39	South Africa Government Bond, Series R2035		November 2016		277,751		2,320
	469	South Africa Government Bond, Series R2037		November 2016		3,222,448		30,334
	30	South Africa Government Bond, Series R204		November 2016		226,265		971
	579	South Africa Government Bond, Series R207		November 2016		4,232,317		26,881
	253	South Africa Government Bond, Series R208		November 2016		1,764,438		13,514
							$	76,576
	Sales
	3	U.S. Treasury Note 10-Year		December 2016	$	393,375	$	(123	)
							$	(123	)

See accompanying Notes to the Financial Statements. 89

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Corporate Debt		51.4
Sovereign Debt Obligations		44.8
Forward Foreign Currency Contracts		0.2
Common Stocks		0.1
Futures Contracts		0.0
Warrants		0.0
Short-Term Investments		7.9
Other Assets and Liabilities (net)		(4.4	)
		100.0	%

90 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 89.8%
		Austria — 0.0%
	9,780	ANDRITZ AG		532,557
		Bermuda — 1.2%
	342,911	Cosan, Ltd. Class A		2,451,814
	60,925	Credicorp, Ltd.		9,274,003
	16,908,000	GOME Electrical Appliances Holding, Ltd.‡		2,071,004
	20,300	Jardine Matheson Holdings, Ltd.		1,230,383
	674,000	Nine Dragons Paper Holdings, Ltd.		630,032
	7,660,000	SMI Holdings Group, Ltd.		750,598
		Total Bermuda		16,407,834
		Brazil — 5.0%
	30,500	AES Tiete Energia SA		150,301
	2,079,807	AMBEV SA, ADR		12,666,025
	437,400	AMBEV SA		2,668,411
	894,861	Banco Bradesco SA, ADR		8,116,389
	334,100	Banco do Brasil SA		2,344,670
	189,700	BB Seguridade Participacoes SA		1,744,690
	791,500	BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros		4,095,331
	63,800	BRF SA		1,086,359
	369,300	CCR SA		1,925,587
	165,718	Cia de Saneamento Basico do Estado de Sao Paulo, ADR		1,534,549
	346,800	Cielo SA		3,470,295
	174,800	Cosan SA Industria e Comercio		2,028,936
	19,500	EDP - Energias do Brasil SA		86,310
	7,200	Engie Brasil Energia SA		85,322
	79,500	Equatorial Energia SA		1,231,340
	181,100	Hypermarcas SA		1,553,552
	77,900	Iguatemi Empresa de Shopping Centers SA		712,138
	179,458	Itau Unibanco Holding SA, ADR		1,963,270
	699,800	JBS SA		2,546,020
	47,000	Klabin SA		246,512
	375,600	Kroton Educacional SA		1,709,874
	424,000	Lojas Renner SA		3,193,524
	99,200	Natura Cosmeticos SA		953,573
	135,200	Porto Seguro SA		1,240,951
	333,200	Qualicorp SA		1,967,089
	69,500	Raia Drogasil SA		1,417,874
	22,600	Sul America SA		112,901
	84,200	Totvs SA		787,354
	226,100	Ultrapar Participacoes SA		4,945,339
	153,200	WEG SA		832,760
		Total Brazil		67,417,246
		Cayman Islands — 10.0%
	5,561	58.com, Inc., ADR* ‡		265,037
	152,434	Alibaba Group Holding, Ltd., Sponsored ADR* ‡		16,125,993

See accompanying Notes to the Financial Statements. 91

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	44,722	Baidu, Inc., Sponsored ADR*		8,142,535
	2,609,000	Belle International Holdings, Ltd.		1,789,578
	193,942	Bizlink Holding, Inc.		1,011,613
	1,111,000	Chailease Holding Co., Ltd.		1,970,669
	1,149,000	China Conch Venture Holdings, Ltd.		2,239,942
	923,000	China Evergrande Group‡		623,588
	32,596	China Lodging Group, Ltd., ADR		1,469,754
	1,963,000	China Medical System Holdings, Ltd.		3,300,372
	488,000	China Resources Land, Ltd.		1,359,060
	431,000	Country Garden Holdings Co., Ltd.		227,282
	24,251	Ctrip.com International, Ltd., ADR*		1,129,369
	5,610,000	Dali Foods Group Co., Ltd. ‡ 144A		2,958,361
	485,735	Fu Shou Yuan International Group, Ltd.		279,944
	7,490,000	Geely Automobile Holdings, Ltd.		6,682,715
	130,100	Gourmet Master Co., Ltd.		1,294,961
	159,500	Hengan International Group Co., Ltd.		1,322,320
	50,741	JD.com, Inc., ADR*		1,323,833
	6,756,652	Lee & Man Paper Manufacturing, Ltd.		6,132,947
	165,000	Longfor Properties Co., Ltd.		253,160
	59,525	NetEase, Inc., ADR		14,332,429
	63,875	New Oriental Education & Technology Group, Inc., Sponsored ADR*		2,961,245
	314,000	Sands China, Ltd.		1,362,322
	1,350,000	Shimao Property Holdings, Ltd.		1,827,629
	28,530	Silicon Motion Technology Corp., ADR		1,477,569
	675,000	Sino Biopharmaceutical, Ltd.		453,426
	1,405,000	Sunac China Holdings, Ltd.‡		1,010,824
	276,000	Sunny Optical Technology Group Co., Ltd.		1,362,928
	28,150	TAL Education Group, ADR*		1,994,146
	72,092	Tarena International, Inc., ADR		1,043,892
	1,251,900	Tencent Holdings, Ltd.		34,380,663
	1,176,000	Tianneng Power International, Ltd.		1,000,728
	5,820,000	Tongda Group Holdings, Ltd.		1,418,240
	28,968	Vipshop Holdings, Ltd., ADR*		424,961
	3,445,000	Want Want China Holdings, Ltd.‡		2,132,041
	7,829,332	WH Group, Ltd. 144A		6,299,039
	5,798,000	Xinyi Solar Holdings, Ltd.* ‡		2,167,910
	2,203,500	Xtep International Holdings, Ltd.		1,025,617
		Total Cayman Islands		136,578,642
		Chile — 0.8%
	20,790,950	Banco de Chile		2,319,186
	52,512	Banco Santander Chile, ADR‡		1,086,473
	28,458,399	Banco Santander Chile		1,468,032
	966,311	Cencosud SA		2,890,823
	13,053	Cia Cervecerias Unidas SA, Sponsored ADR		263,540
	26,046	Enersis Chile SA, ADR		123,719
	219,306	Enersis SA, Sponsored ADR		1,796,116
	54,958	Latam Airlines Group SA, Sponsored ADR* ‡		446,259
		Total Chile		10,394,148

92 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		China — 9.4%
	10,262,000	Agricultural Bank of China, Ltd. Class H		4,392,736
	2,588,000	Air China, Ltd. Class H		1,743,792
	692,000	Anhui Conch Cement Co., Ltd. Class H‡		1,895,964
	33,186,000	Bank of China, Ltd. Class H		15,146,879
	1,100,000	Bank of Communications Co., Ltd. Class H		838,195
	1,166,000	Beijing Capital International Airport Co., Ltd. Class H		1,321,455
	2,015,000	China Cinda Asset Management Co., Ltd. Class H		711,853
	2,228,000	China CITIC Bank Corp., Ltd. Class H		1,479,406
	5,994,000	China Communications Services Corp., Ltd. Class H		3,748,206
	24,104,000	China Construction Bank Corp. Class H		17,869,893
	5,408,000	China Everbright Bank Co., Ltd. Class H		2,517,149
	3,837,000	China Galaxy Securities Co., Ltd. Class H		3,497,649
	5,008,000	China Petroleum & Chemical Corp. Class H		3,648,193
	1,730,484	China Shenhua Energy Co., Ltd. Class H		3,382,453
	1,812,000	China Shipping Development Co., Ltd. Class H		978,897
	612,000	China Telecom Corp., Ltd. Class H		308,527
	138,000	China Vanke Co., Ltd. Class H		357,635
	1,189,000	Chongqing Rural Commercial Bank Co., Ltd. Class H		732,782
	1,524,000	Dongfeng Motor Group Co., Ltd. Class H		1,522,831
	2,514,000	Great Wall Motor Co., Ltd. Class H		2,447,244
	2,080,000	Guangzhou R&F Properties Co., Ltd. Class H		3,271,811
	34,258,000	Industrial & Commercial Bank of China Class H		21,422,431
	5,167,000	People’s Insurance Co. Group of China, Ltd. (The) Class H		2,105,186
	420,000	PetroChina Co., Ltd. Class H		275,634
	2,964,760	PICC Property & Casualty Co., Ltd. Class H		4,908,170
	1,602,000	Ping An Insurance Group Co. Class H		8,303,354
	148,000	Shandong Weigao Group Medical Polymer Co., Ltd. Class H		99,227
	2,344,500	Sinopec Engineering Group Co., Ltd. Class H		2,016,235
	3,490,000	Sinopec Shanghai Petrochemical Co., Ltd. Class H*		1,759,411
	1,454,800	Sinopharm Group Co., Ltd. Class H		6,987,062
	1,396,000	Sinotrans, Ltd. Class H		680,365
	1,613,000	TravelSky Technology, Ltd. Class H		3,826,636
	753,000	Weichai Power Co., Ltd. Class H		1,009,702
	1,776,000	Zhejiang Expressway Co., Ltd. Class H		1,873,101
	1,854,000	Zijin Mining Group Co., Ltd. Class H		595,215
		Total China		127,675,279
		Colombia — 0.2%
	17,600	Bancolombia SA, Sponsored ADR		687,104
	349,536	Cementos Argos SA		1,393,289
	250,757	Interconexion Electrica SA ESP		848,917
		Total Colombia		2,929,310
		Czech Republic — 0.1%
	438,540	Moneta Money Bank AS* 144A		1,397,042
		Denmark — 0.2%
	23,094	Carlsberg AS Class B		2,202,765

See accompanying Notes to the Financial Statements. 93

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		France — 0.2%
	26,971	Sanofi		2,050,169
		Hong Kong — 4.1%
	344,200	AIA Group, Ltd.		2,287,729
	179,000	Beijing Enterprises Holdings, Ltd.		907,007
	206,000	China Everbright International, Ltd.		244,885
	1,422,000	China Everbright, Ltd.		2,907,822
	100,000	China Merchants Port Holdings Co., Ltd.		266,247
	1,799,980	China Mobile, Ltd.		21,780,455
	2,292,658	China Overseas Land & Investment, Ltd.		7,774,277
	5,147,000	China Power International Development, Ltd.		1,977,586
	1,872,000	China Resources Power Holdings Co., Ltd.		3,224,611
	4,989,000	CNOOC, Ltd.		6,188,047
	2,028,000	CSPC Pharmaceutical Group, Ltd.		2,029,059
	102,000	Far East Horizon, Ltd.		96,267
	561,772	Guangdong Investment, Ltd.		892,351
	1,095,000	Shanghai Industrial Holdings, Ltd.		3,148,357
	2,798,000	Shenzhen Investment, Ltd.		1,331,187
		Total Hong Kong		55,055,887
		Hungary — 0.8%
	556,290	Magyar Telekom Telecommunications Plc		910,234
	272,769	OTP Bank Nyrt		7,141,126
	140,456	Richter Gedeon Nyrt		2,844,688
		Total Hungary		10,896,048
		India — 8.9%
	118,542	Ashok Leyland, Ltd.		142,258
	181,791	Asian Paints, Ltd.		3,167,281
	458,932	Aurobindo Pharma, Ltd.		5,907,250
	199,546	Axis Bank, Ltd.		1,627,418
	112,307	Bajaj Auto, Ltd.		4,790,506
	91,392	Bharat Financial Inclusion, Ltd.*		1,210,141
	547,700	Bharat Petroleum Corp., Ltd.		5,047,593
	80,322	Cadila Healthcare, Ltd.		470,194
	19,636	Cipla, Ltd.		170,967
	46,146	Divi’s Laboratories, Ltd.		901,018
	38,423	Dr. Reddy’s Laboratories, Ltd., ADR‡		1,783,596
	573	Eicher Motors, Ltd.		214,230
	327,650	Exide Industries, Ltd.		901,062
	1,462,536	Federal Bank, Ltd.		1,578,300
	21,750	GAIL India, Ltd.		126,047
	9,764	Glenmark Pharmaceuticals, Ltd.		135,505
	15,554	Godrej Consumer Products, Ltd.		368,047
	777,503	HCL Technologies, Ltd. Class T		9,342,181
	79,369	HDFC Bank, Ltd., ADR		5,705,837
	124,331	Hero MotoCorp Ltd.		6,379,013
	968,012	Hindalco Industries, Ltd.		2,220,845

94 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		India — continued
	237,981	Hindustan Petroleum Corp., Ltd.		1,526,252
	307,274	Hindustan Unilever, Ltd.		4,017,390
	307,432	Housing Development Finance Corp., Ltd.		6,441,158
	171,656	Idea Cellular, Ltd.		204,322
	42,134	Indiabulls Housing Finance, Ltd.		523,289
	117,903	Indraprastha Gas, Ltd.		1,381,261
	591,040	Infosys, Ltd.		9,177,188
	196,828	Infosys, Ltd., Sponsored ADR‡		3,105,946
	1,749,728	ITC, Ltd.		6,367,664
	1,067,567	JSW Energy, Ltd.		1,178,525
	18,603	LIC Housing Finance, Ltd.		162,001
	288,455	Marico, Ltd.		1,190,126
	56,283	Maruti Suzuki India, Ltd.		4,641,107
	330,072	Motherson Sumi Systems, Ltd.		1,579,467
	1,642	Nestle India, Ltd.		158,329
	193,273	Oil & Natural Gas Corp., Ltd.		755,472
	989,906	Power Finance Corp., Ltd.		1,785,637
	7,861	Reliance Industries, Ltd. (London Exchange), GDR 144A		257,841
	64,230	Shriram Transport Finance Co., Ltd.		1,126,774
	16,814	State Bank of India, Ltd., Reg S, GDR‡‡‡		626,321
	8,019	Sun Pharmaceutical Industries, Ltd.		91,180
	192,361	Tata Consultancy Services, Ltd.		7,027,042
	810,610	Tata Motors, Ltd.*		6,508,743
	35,637	Tata Motors, Ltd., Sponsored ADR‡		1,424,767
	16,001	Tata Steel, Ltd.		92,009
	13,815	Tech Mahindra, Ltd.		87,293
	47,680	Torrent Pharmaceuticals, Ltd.		1,173,739
	242,975	Wipro, Ltd.		1,748,230
	94,719	Wipro, Ltd., ADR‡		919,721
	455,281	Zee Entertainment Enterprises, Ltd.		3,730,528
		Total India		121,198,611
		Indonesia — 2.9%
	1,064,100	Adaro Energy Tbk PT		105,994
	10,889,600	Astra International Tbk PT		6,883,702
	724,100	Bank Central Asia Tbk PT		871,073
	1,836,000	Bank Mandiri Persero Tbk PT		1,575,603
	1,355,400	Bank Negara Indonesia Persero Tbk PT		576,390
	4,985,700	Bank Rakyat Indonesia Persero Tbk PT		4,660,604
	8,012,300	Bank Tabungan Negara Persero Tbk PT		1,178,731
	209,100	Gudang Garam Tbk PT		993,349
	337,700	Indofood CBP Sukses Makmur Tbk PT		245,170
	1,748,800	Indofood Sukses Makmur Tbk PT		1,165,777
	11,503,900	Kalbe Farma Tbk PT		1,512,205
	644,100	Matahari Department Store Tbk PT		911,788
	4,510,900	Mitra Keluarga Karyasehat Tbk PT		964,326
	377,000	Semen Gresik Persero Tbk PT		291,756
	31,727,000	Telekomunikasi Indonesia Persero Tbk PT		10,477,616

See accompanying Notes to the Financial Statements. 95

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Indonesia — continued
	613,400	Unilever Indonesia Tbk PT		2,093,860
	2,553,710	United Tractors Tbk PT		3,463,387
	4,131,900	Waskita Karya Persero Tbk PT		829,483
		Total Indonesia		38,800,814
		Japan — 0.2%
	88,500	Honda Motor Co., Ltd.		2,523,515
	11,800	Makita Corp.		834,326
		Total Japan		3,357,841
		Luxembourg — 0.2%
	108,320	Ternium SA, Sponsored ADR		2,126,322
		Malaysia — 1.3%
	8,071,215	AirAsia Bhd		5,445,216
	800,500	AMMB Holdings Bhd		791,693
	8,700	British American Tobacco Malaysia Bhd		103,378
	236,400	CIMB Group Holdings Bhd		269,240
	228,200	Genting Bhd		437,583
	1,560,300	Genting Malaysia Bhd		1,716,688
	243,200	IHH Healthcare Bhd		372,254
	43,800	Kuala Lumpur Kepong Bhd		253,978
	261,400	Malayan Banking Bhd		474,066
	165,700	MISC Bhd		302,511
	55,000	Petronas Chemicals Group Bhd		88,442
	876,900	Public Bank Bhd		4,202,674
	627,900	Tenaga Nasional Bhd		2,171,193
	932,200	Westports Holdings Bhd		989,568
	603,500	YTL Corp. Bhd*		261,217
		Total Malaysia		17,879,701
		Mexico — 3.3%
	310,600	Alsea SAB de CV		1,052,960
	1,800,400	America Movil SAB de CV Series L		1,028,880
	67,900	Arca Continental SAB de CV		404,870
	114,737	Cemex SAB de CV, Sponsored ADR*		911,012
	1,750,700	Fibra Uno Administracion SA de CV REIT		3,206,775
	245,000	Fomento Economico Mexicano SAB de CV		2,259,289
	62,245	Fomento Economico Mexicano SAB de CV, Sponsored ADR‡		5,729,030
	1,054,900	Gentera SAB de CV		1,909,378
	151,750	Gruma SAB de CV Class B		1,994,583
	210,800	Grupo Aeroportuario del Pacifico SAB de CV Class B		2,007,738
	15,319	Grupo Aeroportuario del Sureste SAB de CV, ADR		2,243,008
	54,435	Grupo Aeroportuario del Sureste SAB de CV		797,758
	1,201,215	Grupo Financiero Banorte SAB de CV Series O		6,317,807
	110,400	Grupo Financiero Santander Mexico SAB de CV Class B, ADR‡		971,520
	255,400	Grupo Lala SAB de CV		488,273

96 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Mexico — continued
	1,996,619	Grupo Mexico SAB de CV Series B		4,892,122
	3,432	Grupo Televisa SAB, Sponsored ADR		88,168
	56,975	Industrias Penoles SAB de CV		1,365,975
	1,438,500	Kimberly-Clark de Mexico SAB de CV Class A		3,260,010
	514,200	OHL Mexico SAB de CV*		683,616
	66,695	Promotora y Operadora de Infraestructura SAB de CV		719,349
	1,233,400	Wal-Mart de Mexico SAB de CV		2,705,342
		Total Mexico		45,037,463
		Netherlands — 0.4%
	776,392	Steinhoff International Holdings NV		4,434,913
	69,999	Yandex NV Class A*		1,473,479
		Total Netherlands		5,908,392
		Philippines — 0.5%
	22,650	Ayala Corp.		400,269
	101,140	Bank of the Philippine Islands		218,985
	144,880	BDO Unibank, Inc.		328,030
	405,470	Cebu Air, Inc.		944,801
	14,220	Globe Telecom, Inc.		598,181
	201,390	JG Summit Holdings, Inc.		309,384
	29,860	Jollibee Foods Corp.		152,086
	9,905,600	Metro Pacific Investments Corp.		1,450,248
	4,465	PLDT, Inc.		157,626
	1,920,500	SM Prime Holdings, Inc.		1,114,797
	440,180	Universal Robina Corp.		1,615,673
		Total Philippines		7,290,080
		Poland — 0.5%
	51,111	Asseco Poland SA		743,960
	172,564	Eurocash SA		1,916,200
	32,419	KGHM Polska Miedz SA		631,041
	15,445	KRUK SA		960,432
	94,279	PGE Polska Grupa Energetyczna SA		250,025
	1,195,075	Polskie Gornictwo Naftowe i Gazownictwo SA		1,576,843
	12,906	Powszechna Kasa Oszczednosci Bank Polski SA		87,201
	220,604	Tauron Polska Energia SA*		146,979
		Total Poland		6,312,681
		Qatar — 0.4%
	93,917	Commercial Bank QSC (The)		995,386
	117,827	Qatar National Bank SAQ		5,046,956
		Total Qatar		6,042,342
		Romania — 0.0%
	39,231	New Europe Property Investments Plc		443,627

See accompanying Notes to the Financial Statements. 97

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Russia — 2.0%
	590,966	Gazprom PJSC, Sponsored ADR		2,487,967
	906,455	Gazprom PJSC (OTC Exchange), Sponsored ADR		3,834,305
	25,467	LUKOIL PJSC, Sponsored ADR		1,241,007
	118,371	LUKOIL PJSC (Euroclear Shares), Sponsored ADR		5,763,484
	24	Magnitogorsk Iron & Steel OJSC, Sponsored GDR		142
	2,034,314	Magnitogorsk Iron & Steel OJSC		924,817
	131,852	Mobile Telesystems PJSC, Sponsored ADR		1,006,031
	1,004,050	Moscow Exchange MICEX-RTS PJSC		2,022,399
	7,128	NOVATEK OJSC, Reg S, GDR‡‡‡		784,080
	242,877	Rosneft Oil Co., Reg S, GDR‡‡‡		1,326,108
	92,659	Rosneft Oil Co., Reg S, (London Exchange), GDR‡‡‡		505,918
	97,627	Sberbank of Russia PJSC, Sponsored ADR		919,646
	1,186	Severstal PAO (London Exchange), GDR‡‡‡		14,171
	68,144	Severstal PJSC, Reg S, GDR‡‡‡		822,498
	261,198	Sistema PJSC FC, GDR‡‡‡		1,938,089
	137,124	Surgutneftegas OJSC, Sponsored ADR		659,567
	79,847	Tatneft PJSC, Sponsored ADR		2,464,078
	25,217	Tatneft PJSC, (London Exchange), Sponsored ADR		776,179
		Total Russia		27,490,486
		Singapore — 0.4%
	115,058	Flex, Ltd.*		1,567,090
	416,100	SembCorp Industries, Ltd.‡		790,421
	14,900	Singapore Telecommunications, Ltd.		43,385
	554,800	Singapore Telecommunications, Ltd. (London Exchange)		1,615,428
	116,338	United Overseas Bank, Ltd.		1,606,692
		Total Singapore		5,623,016
		South Africa — 5.0%
	74,112	Anglo American Platinum, Ltd.*		2,082,708
	36,049	AngloGold Ashanti, Ltd., Sponsored ADR*		573,900
	140,434	AVI, Ltd.		959,460
	305,119	Barclays Africa Group, Ltd.		3,350,457
	156,651	Bid Corp., Ltd.*		2,952,176
	295,942	Bidvest Group, Ltd. (The)		3,477,379
	25,724	Capitec Bank Holdings, Ltd.		1,201,660
	94,214	Clicks Group, Ltd.		871,006
	79,515	Exxaro Resources, Ltd.‡		489,247
	1,774,550	FirstRand, Ltd.‡		6,129,706
	160,892	Foschini Group, Ltd. (The)		1,632,174
	309,412	Gold Fields, Ltd., Sponsored ADR		1,500,648
	390,382	Growthpoint Properties, Ltd. REIT‡		718,522
	36,256	Hyprop Investments, Ltd. REIT		318,576
	127,073	Impala Platinum Holdings, Ltd.*		632,258
	52,828	Imperial Holdings, Ltd.		641,984
	144,408	Investec, Ltd.		886,007
	190,869	Liberty Holdings, Ltd.		1,616,416
	11,976	Massmart Holdings, Ltd.		103,385

98 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		South Africa — continued
	395,152	MMI Holdings, Ltd.		643,680
	112,070	Mondi, Ltd.		2,351,994
	28,748	Mr Price Group, Ltd.		320,924
	264,861	MTN Group, Ltd.		2,262,381
	60,884	Naspers, Ltd. Class N		10,516,345
	333,634	Netcare, Ltd.		815,934
	46,344	Pick n Pay Stores, Ltd.		231,126
	728,346	Redefine Properties, Ltd. REIT		605,399
	39,012	Remgro, Ltd.		651,257
	29,715	Resilient, Ltd. REIT		247,725
	345,629	RMB Holdings, Ltd.		1,476,142
	25,470	Sanlam, Ltd.		116,707
	81,008	Sasol, Ltd.		2,214,999
	533,320	Sibanye Gold, Ltd.		1,918,226
	158,017	Spar Group, Ltd. (The)		2,208,281
	249,736	Standard Bank Group, Ltd.		2,554,703
	357,615	Super Group, Ltd.*		1,104,475
	702,015	Telkom SA SOC, Ltd.		3,088,075
	28,903	Tiger Brands, Ltd.		814,465
	221,557	Truworths International, Ltd.‡		1,143,936
	512,662	Tsogo Sun Holdings, Ltd.		1,160,934
	114,096	Vodacom Group, Ltd.		1,278,921
	78,677	Woolworths Holdings, Ltd.		442,210
		Total South Africa		68,306,508
		South Korea — 12.3%
	28,189	Able C&C Co., Ltd.		611,719
	5,736	Amorepacific Corp.		2,025,972
	2,447	AMOREPACIFIC Group		367,711
	5,615	BGF retail Co., Ltd.		983,970
	1	CJ CheilJedang Corp.		330
	42,030	Coway Co., Ltd.		3,640,679
	16,150	DGB Financial Group, Inc.		132,414
	74,011	Dongbu Insurance Co., Ltd.		4,583,057
	24,252	Doosan Heavy Industries & Construction Co., Ltd.		569,223
	19,383	Hana Financial Group, Inc.		490,141
	39,613	Hankook Tire Co., Ltd.		2,136,480
	573	Hanmi Pharm Co., Ltd.		264,297
	116,763	Hanwha Chemical Corp.		2,565,637
	47,167	Hanwha Corp.		1,501,070
	30,717	Hanwha Life Insurance Co., Ltd.		160,648
	22,395	Hyosung Corp.		2,643,438
	18,267	Hyundai Department Store Co., Ltd.		1,965,442
	68,196	Hyundai Development Co-Engineering & Construction		3,176,515
	13,147	Hyundai Engineering & Construction Co., Ltd.		468,534
	2,799	Hyundai Glovis Co., Ltd.		459,998
	175,308	Hyundai Marine & Fire Insurance Co., Ltd.		5,770,114
	16,186	Hyundai Mobis Co., Ltd.		4,041,540

See accompanying Notes to the Financial Statements. 99

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	12,987	Innocean Worldwide, Inc.		863,166
	200,835	Jcontentree Corp.*		673,796
	166,992	Kangwon Land, Inc.		5,958,856
	133,113	KB Financial Group, Inc.		4,574,683
	104,775	Kia Motors Corp.		4,009,866
	27,534	Koh Young Technology, Inc.		1,141,260
	170,873	Korea Electric Power Corp.		8,378,029
	6,056	Korea Petrochemical Ind Co., Ltd.		1,173,974
	7,701	Korea Zinc Co., Ltd.		3,363,310
	114,707	Korean Reinsurance Co.		1,213,362
	25,403	KT Corp., Sponsored ADR		407,718
	64,467	KT&G Corp.		7,316,816
	2,409	LG Chem, Ltd.		528,237
	67,982	LG Corp.		3,993,676
	6,084	LG Household & Health Care, Ltd.		5,275,544
	8,287	LG Uplus Corp.		88,412
	13,163	Loen Entertainment, Inc.*		932,232
	6,707	Lotte Chemical Corp.		1,814,760
	15,458	LS Corp.		816,866
	9,226	NAVER Corp.		7,396,884
	2,793	NCSoft Corp.		749,382
	2,387	Nong Shim Co., Ltd.		680,545
	14,333	Osstem Implant Co., Ltd.*		793,856
	1,636	POSCO		337,197
	62,022	Posco Daewoo Corp.		1,379,706
	2,226	Samsung Card Co., Ltd.		101,260
	26,134	Samsung Electronics Co., Ltd.		37,919,037
	35,354	Samsung Life Insurance Co., Ltd.		3,386,614
	96,170	Shinhan Financial Group Co., Ltd.		3,505,902
	2,417	Shinsegae, Inc.		398,316
	26,758	Silicon Works Co., Ltd.		725,225
	100,634	SK Hynix, Inc.		3,673,207
	23,942	SK Innovation Co., Ltd.		3,510,812
	108,399	SK Networks Co., Ltd.		658,455
	34,805	SK Telecom Co., Ltd.		7,142,080
	23,858	Soulbrain Co., Ltd.		1,319,247
	27,734	Value Added Technologies Co., Ltd.		946,836
	94,909	Woori Bank		982,397
		Total South Korea		166,690,450
		Sweden — 0.1%
	125,635	Telefonaktiebolaget LM Ericsson Class B		908,454
		Switzerland — 0.5%
	90,462	ABB, Ltd.*		2,035,255
	27,503	Cie Financiere Richemont SA‡		1,679,573
	22,905	Nestle SA		1,808,725
	4,205	Syngenta AG		1,843,537
		Total Switzerland		7,367,090

100 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Taiwan — 11.0%
	2,577,000	Advanced Semiconductor Engineering, Inc.		3,091,200
	382,000	Asustek Computer, Inc.		3,406,199
	395,000	Basso Industry Corp.		1,253,848
	220,000	Bioteque Corp.		1,112,440
	912,000	Catcher Technology Co., Ltd.		7,404,699
	948,000	Cathay Financial Holding Co., Ltd.		1,212,767
	1,319,000	China Airlines, Ltd.*		393,442
	1,532,660	China General Plastics Corp.		1,014,586
	846,372	China Life Insurance Co., Ltd.		773,590
	549,000	Chunghwa Telecom Co., Ltd.		1,935,350
	5,782,000	Compal Electronics, Inc.		3,569,307
	2,777,889	CTBC Financial Holding Co., Ltd.		1,612,913
	3,988,915	E.Sun Financial Holding Co., Ltd.		2,271,526
	564,000	Elite Material Co., Ltd.		1,538,403
	89,000	Far EasTone Telecommunications Co., Ltd.		210,110
	146,720	Feng TAY Enterprise Co., Ltd.		650,622
	988,570	First Financial Holding Co., Ltd.		525,105
	496,000	Formosa Petrochemical Corp.		1,490,587
	968,400	Foxconn Technology Co., Ltd.		2,836,105
	3,435,997	Fubon Financial Holding Co., Ltd.		5,075,263
	168,000	Grape King Bio, Ltd.		1,393,501
	1,836,000	Highwealth Construction Corp.		2,840,791
	4,851,905	Hon Hai Precision Industry Co., Ltd.		12,228,246
	238,950	Hua Nan Financial Holdings Co., Ltd.		122,351
	832,000	Innolux Corp.		281,355
	212,000	Inotera Memories, Inc.*		186,668
	2,316,000	Inventec Corp.		1,891,487
	1,038,000	King Yuan Electronics Co., Ltd.		922,247
	26,000	Largan Precision Co., Ltd.		3,135,378
	1,650,195	Lite-On Technology Corp.		2,374,306
	521,000	MediaTek, Inc.		3,980,779
	973,000	Mega Financial Holding Co., Ltd.		684,457
	610,000	Merida Industry Co., Ltd.		2,880,158
	997,000	Micro-Star International Co., Ltd.		2,592,254
	134,000	Novatek Microelectronics Corp.		472,380
	1,509,000	Pegatron Corp.		3,880,155
	1,525,000	Pou Chen Corp.		2,145,523
	2,157,000	Powertech Technology, Inc.		5,594,554
	51,000	President Chain Store Corp.		405,130
	810,000	Primax Electronics, Ltd.		1,187,395
	311,000	Realtek Semiconductor Corp.		1,021,933
	311,000	Shin Zu Shing Co., Ltd.		1,026,894
	718,000	Simplo Technology Co., Ltd.		2,359,318
	439,164	SinoPac Financial Holdings Co., Ltd.		129,597
	757,087	Taishin Financial Holding Co., Ltd.		281,382
	178,000	Taiwan Fertilizer Co., Ltd.		238,503
	283,000	Taiwan Paiho, Ltd.		1,011,182
	4,725,000	Taiwan Semiconductor Manufacturing Co., Ltd.		27,509,930

See accompanying Notes to the Financial Statements. 101

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	521,184	Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		15,943,019
	116,000	Teco Electric and Machinery Co., Ltd.		99,919
	1,674,015	Uni-President Enterprises Corp.		3,140,230
	1,412,000	Vanguard International Semiconductor Corp.		2,639,715
	1,444,230	Wistron Corp.		1,073,537
	1,989,000	WPG Holdings, Ltd.		2,354,147
		Total Taiwan		149,406,483
		Thailand — 2.8%
	249,300	Airports of Thailand PCL Class F		2,870,727
	5,199,500	Ananda Development PCL Class F		726,279
	4,129,800	AP Thailand PCL Class F		864,100
	1,992,400	Bangkok Dusit Medical Services PCL Class F		1,253,516
	1,584,400	Charoen Pokphand Foods PCL, NVDR		1,451,795
	1,273,800	CP All PCL Class F		2,260,857
	226,622	Delta Electronics Thailand PCL		518,320
	836,878	Delta Electronics Thailand PCL Class C		1,914,072
	4,645,200	Home Product Center PCL Class F		1,354,012
	359,100	Home Product Center PCL Class N, NVDR		103,636
	5,705,800	IRPC PCL Class F		803,587
	173,400	Kasikornbank PCL, NVDR		938,312
	332,000	KCE Electronics PCL Class F		1,015,642
	288,800	Krungthai Card PCL Class F		1,229,380
	561,700	Minor International PCL Class F		632,216
	421,200	PTT Exploration & Production PCL Class N, NVDR		984,623
	2,149,600	PTT Global Chemical PCL		3,644,704
	687,600	PTT Global Chemical PCL, NVDR		1,165,844
	382,150	Siam Cement PCL (The)		5,712,950
	1,311,000	Thai Beverage PCL		932,686
	1,540,500	Thai Oil PCL		3,045,433
	745,700	Thai Oil PCL, NVDR		1,474,183
	4,315,900	Thai Union Group PCL, NVDR		2,665,520
		Total Thailand		37,562,394
		Turkey — 1.3%
	67,490	Akbank TAS		180,831
	161,605	Arcelik AS		1,137,434
	76,745	BIM Birlesik Magazalar AS		1,280,064
	3,426,282	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		3,471,156
	855,598	Eregli Demir ve Celik Fabrikalari TAS		1,177,598
	105,848	Ford Otomotiv Sanayi AS		1,116,789
	37,813	Haci Omer Sabanci Holding AS		117,067
	554,589	KOC Holding AS		2,382,328
	370,097	Petkim Petrokimya Holding AS		561,183
	299,122	TAV Havalimanlari Holding AS		1,233,092
	83,664	Tupras Turkiye Petrol Rafinerileri AS		1,584,214
	463,894	Turkiye Halk Bankasi AS		1,409,909
	819,196	Turkiye Is Bankasi		1,296,758

102 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Turkey — continued
	91,798	Turkiye Sise ve Cam Fabrikalari AS		97,283
	71,600	Yapi ve Kredi Bankasi AS*		87,331
		Total Turkey		17,133,037
		United Arab Emirates — 1.0%
	7,599,676	Aldar Properties PJSC		5,524,404
	715,388	Dubai Islamic Bank PJSC		1,055,650
	2,415,302	Emaar Malls PJSC		1,788,626
	2,159,123	Emaar Properties PJSC		4,173,638
	417,993	First Gulf Bank PJSC		1,342,858
		Total United Arab Emirates		13,885,176
		United Kingdom — 1.4%
	77,802	Diageo Plc		2,234,037
	447,807	Evraz Plc*		936,539
	116,099	GlaxoSmithKline Plc		2,477,851
	194,826	Mondi Plc		4,107,471
	1,224,780	Old Mutual Plc‡		3,208,187
	166,088	Polymetal International Plc		2,089,522
	45,805	Unilever Plc		2,174,453
	54,416	Wizz Air Holdings Plc* 144A		1,159,257
	36,413	WNS Holdings, Ltd., ADR*		1,090,569
		Total United Kingdom		19,477,886
		United States — 1.4%
	45,684	Abbott Laboratories		1,931,976
	25,556	China Biologic Products, Inc.* ‡		3,181,211
	25,752	Citigroup, Inc.		1,216,267
	23,528	Colgate-Palmolive Co.		1,744,366
	25,687	Crown Holdings, Inc.*		1,466,471
	17,178	Mastercard, Inc. Class A		1,748,205
	45,548	Microsoft Corp.		2,623,565
	17,148	Monsanto Co.		1,752,525
	54,585	Pfizer, Inc.		1,848,794
	13,900	Southern Copper Corp.‡		365,570
	10,290	Yum! Brands, Inc.		934,435
		Total United States		18,813,385
		TOTAL COMMON STOCKS (COST $1,129,477,073)		1,220,599,166
		PREFERRED STOCKS — 2.2%
		Brazil — 2.0%
	431,340	Banco Bradesco SA, 5.95%		3,939,196
	465,500	Braskem SA, 10.32%		3,597,798
	158,400	Centrais Eletricas Brasileiras SA, 0.00%*		1,163,799
	85,800	Cia Brasileira de Distribuicao Grupo Pao de Acucar, 0.31%		1,402,336
	102,236	Cia de Transmissao de Energia Eletrica Paulista, 3.14%		2,076,912

See accompanying Notes to the Financial Statements. 103

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Brazil — continued
	289,200	Cia Energetica de Minas Gerais, 5.74%		763,758
	210,600	Cia Paranaense de Energia, 3.69%		2,179,996
	31,400	Gerdau SA, 0.75%		85,632
	456,300	Itau Unibanco Holding SA, 3.79%		4,988,773
	1,122,796	Itausa - Investimentos Itau SA, 4.01%		2,882,287
	292,200	Petroleo Brasileiro SA, 0.00%*		1,220,479
	646,800	Suzano Papel e Celulose SA, 3.71%		2,084,429
	41,300	Telefonica Brasil SA, 4.58%		596,837
	89,100	Vale SA, 2.39%		422,346
		Total Brazil		27,404,578
		Colombia — 0.1%
	82,331	Bancolombia SA, 3.16%		798,725
		Germany — 0.1%
	20,005	Bayerische Motoren Werke AG, 4.75%		1,475,244
		TOTAL PREFERRED STOCKS (COST $23,829,136)		29,678,547
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 9.2%
		Bank Deposit — 7.1%
	96,915,697	State Street Bank & Trust Euro Time Deposit, 0.01%, due 10/03/16		96,915,697
		Investment Fund — 0.5%
	6,342,035	State Street Institutional Treasury Plus Money Market Fund, Premier Class*****		6,342,035
		Securities Lending Collateral — 1.4%
	19,351,259	State Street Institutional U.S. Government Money Market Fund, Premier Class***		19,351,259
		U.S. Government and Agency Obligations — 0.2%
	1,700,000	United States Treasury Bill, 0.26%, due 01/05/17** ‡‡		1,698,823
	1,700,000	United States Treasury Bill, 0.12%, due 10/13/16** ‡‡		1,699,927
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $3,398,010)		3,398,750
		TOTAL SHORT-TERM INVESTMENTS (COST $126,007,000)		126,007,741
		TOTAL INVESTMENTS — 101.2% (Cost $1,279,313,209)		1,376,285,454
		Other Assets and Liabilities (net) — (1.2)%		(16,614,783	)
		NET ASSETS — 100.0%	$	1,359,670,671

104 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	GDR — Global Depository Receipt
	NVDR — Non-Voting Depository Receipt
	REIT — Real Estate Investment Trust
*	Non-income producing security
**	All or a portion of this security is held for open futures collateral.
***	Represents an investment of securities lending cash collateral.
*****	Security has been segregated to cover collateral requirements on open synthetic futures contracts.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
‡‡‡	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.
	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 $12,071,540 which represents 0.9% of net assets.

See accompanying Notes to the Financial Statements. 105

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Forward Foreign Currency Contracts

Settlement Date		Currency	Counterparty	Units of Currency		Value		Unrealized Appreciation (Depreciation)
	Buys
	12/21/16	BRL	Citibank N.A. London		136,668,000	$	41,116,472	$	339,118
	12/21/16	CLP	Citibank N.A. London		2,230,775,000		3,363,420		17,145
	12/21/16	COP	Citibank N.A. London		25,187,000,000		8,628,429		100,101
	12/21/16	HKD	Citibank N.A. London		130,684,000		16,862,790		(2,662	)
	12/21/16	HUF	Citibank N.A. London		2,540,682,000		9,242,811		396
	12/21/16	IDR	Citibank N.A. London		155,745,788,225		11,794,158		163,245
	12/21/16	ILS	Citibank N.A. London		16,200,000		4,325,066		8,644
	12/21/16	INR	Citibank N.A. London		1,649,229,000		24,447,812		137,805
	12/21/16	KRW	Citibank N.A. London		17,706,061,000		16,069,746		143,389
	12/21/16	MXN	Citibank N.A. London		107,269,000		5,495,023		(133,953	)
	12/21/16	MYR	Citibank N.A. London		700,000		168,612		(4,079	)
	12/21/16	PLN	Citibank N.A. London		12,771,000		3,331,838		25,460
	12/21/16	RUB	Citibank N.A. London		884,000,000		13,774,206		351,661
	12/21/16	THB	Citibank N.A. London		29,510,000		850,771		810
	12/21/16	TRY	Citibank N.A. London		49,000		16,076		(7	)
	12/21/16	TWD	Citibank N.A. London		362,904,000		11,602,507		26,425
	12/21/16	ZAR	Citibank N.A. London		311,850,000		22,337,723		592,959
								$	1,766,457
	Sales
	12/21/16	BRL	Citibank N.A. London		21,800,000	$	6,558,515	$	(87,888	)
	12/21/16	CLP	Citibank N.A. London		10,262,643,000		15,473,358		(286,992	)
	12/21/16	COP	Citibank N.A. London		13,500,000,000		4,624,758		(35,639	)
	12/21/16	CZK	Citibank N.A. London		18,690,000		781,162		(5,678	)
	12/21/16	HKD	Citibank N.A. London		76,379,000		9,855,552		167
	12/21/16	IDR	Citibank N.A. London		522,273,000		39,550		31
	12/21/16	ILS	Citibank N.A. London		40,080,000		10,700,533		(894	)
	12/21/16	INR	Citibank N.A. London		135,164,000		2,003,642		(6,222	)
	12/21/16	KRW	Citibank N.A. London		6,600,000,000		5,990,058		(87,742	)
	12/21/16	MXN	Citibank N.A. London		368,535,000		18,878,784		83,787
	12/21/16	MYR	Citibank N.A. London		9,921,000		2,389,718		25,446
	12/21/16	PEN	Citibank N.A. London		100,000		29,111		314
	12/21/16	PHP	Citibank N.A. London		1,118,612,000		23,017,443		696,191
	12/21/16	PLN	Citibank N.A. London		6,505,000		1,697,096		(6,421	)
	12/21/16	RUB	Citibank N.A. London		6,033,000		94,004		(295	)
	12/21/16	SGD	Citibank N.A. London		50,946,000		37,382,816		85,077
	12/21/16	THB	Citibank N.A. London		53,325,000		1,537,356		(2,922	)
	12/21/16	TRY	Citibank N.A. London		51,287,000		16,826,577		138,431
	12/21/16	TWD	Citibank N.A. London		9,397,000		300,434		1,534
	12/21/16	ZAR	Citibank N.A. London		93,200,000		6,675,888		(268,374	)
								$	241,911

106 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Currency Abbreviations

BRL — Brazilian Real

CLP — Chilean Peso

COP — Colombian Peso

CZK — Czech Koruna

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nouveau Sol

PHP — Philippines Peso

PLN — Polish Zloty

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Baht

TRY — New Turkish Lira

TWD — Taiwan Dollar

ZAR — South African Rand

Futures Contracts

Number of Contracts		Type	Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
	Buys
	69	BIST 30 Index		October 2016	$	216,552	$	(3,061	)
	47	KOSPI 200 Index		December 2016		5,509,330		(65,846	)
	1,414	MSCI Emerging Markets E-mini Index		December 2016		64,513,750		(706,670	)
	116	MSCI Singapore Index		October 2016		2,681,242		27,201
	42	MSCI Taiwan Index		October 2016		1,435,140		(18,566	)
	230	SET50 Index		December 2016		1,254,944		(6,213	)
							$	(773,155	)
	Sales
	53	FTSE Bursa Malaysia KLCI Index		October 2016	$	1,059,872	$	6,114
	457	FTSE/JSE Top 40 Index		December 2016		15,263,077		255,014
	21	Mexico Bolsa Index		December 2016		512,036		(4,634	)
	882	SGX Nifty 50 Index		October 2016		15,260,364		220,624
							$	477,118

See accompanying Notes to the Financial Statements. 107

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Synthetic Futures

Number of Contracts Long (Short)			Reference Entity	Expiration Date		Counterparty	Notional Value		Value
	42,500		BIST 30 Index		10/31/2016	Goldman Sachs International	$	1,378,097	$	(19,055	)
	9,400		Taiwan Stock Exchange Capitalization Weighted Stock Index		10/19/2016	Goldman Sachs International		2,764,369		(29,409	)
	(3,800	)	MSCI Mexico Index		12/21/2016	Goldman Sachs International		187,996		1,356
	7,600		Tel Aviv 25 Index		10/28/2016	Goldman Sachs International		2,953,879		(30,821	)
	(8,055	)	MSCI South Africa Net Return Index		12/21/2016	Goldman Sachs International		512,485		6,137
	(175	)	Brazil Bovespa Stock Index		10/13/2016	Goldman Sachs International		3,194,247		15,617
	(25,214	)	MSCI South Africa Net Return Index		12/21/2016	Goldman Sachs International		1,628,831		6,718
	(7,805	)	MSCI Poland Net Return Index		12/20/2016	Goldman Sachs International		299,535		1,800
	291		MSCI Turkey Net Return Index		12/20/2016	Goldman Sachs International		90,549		347
	(298	)	SGX Nifty 50 Index		10/27/2016	Goldman Sachs International		2,625,016		47,018
	(2,000	)	Warsaw WIG 20 Index		12/16/2016	Goldman Sachs International		897,705		3,665
	(9,909	)	MSCI South Africa Net Return Index		12/21/2016	Goldman Sachs International		643,607		6,178
	2,100		MSCI Taiwan Index		10/28/2016	Goldman Sachs International		726,079		(8,510	)
	78,500,000		KOSPI 200 Index		12/8/2016	Goldman Sachs International		18,703,821		(224,070	)
	(2,009	)	MSCI South Africa Net Return Index		12/21/2016	Goldman Sachs International		127,282		2,190
	(9,219	)	MSCI South Africa Net Return Index		12/21/2016	Goldman Sachs International		601,524		(7,122	)
	24,850		Hang Seng China Enterprises Index		10/28/2016	Goldman Sachs International		31,082,256		(318,594	)
	1,863		MSCI China Net Return Index		12/21/2016	Goldman Sachs International		100,235		455
	(143	)	MSCI Brazil Net Return Index		12/21/2016	Goldman Sachs International		27,999		(605	)
									$	(546,705	)

108 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Banks		12.8
Semiconductors		7.9
Internet		6.3
Telecommunications		4.5
Oil & Gas		4.1
Diversified Financial Services		4.0
Food		3.5
Real Estate		3.1
Insurance		3.0
Pharmaceuticals		2.8
Electronics		2.7
Computers		2.6
Retail		2.5
Auto Manufacturers		2.3
Beverages		2.3
Chemicals		2.3
Electric		2.0
Commercial Services		1.7
Software		1.5
Holding Companies — Diversified		1.4
Mining		1.4
Engineering & Construction		1.2
Media		1.2
Agriculture		1.1
Leisure Time		1.1
Airlines		0.8
Cosmetics & Personal Care		0.8
Forest Products & Paper		0.8
Metal Fabricate & Hardware		0.8
Auto Parts & Equipment		0.7
Home Furnishings		0.7
Entertainment		0.6
Iron & Steel		0.6
Packaging & Containers		0.6
Household Products & Wares		0.5
Health Care — Products		0.4
Home Builders		0.4
Lodging		0.4
Building Materials		0.3
Distribution & Wholesale		0.3
Environmental Control		0.3
Health Care — Services		0.3
Machinery — Construction & Mining		0.3
Miscellaneous — Manufacturing		0.3
Transportation		0.3
Water		0.3
Apparel		0.2
Biotechnology		0.2
Coal		0.2
Electrical Components & Equipment		0.2

See accompanying Notes to the Financial Statements. 109

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Energy — Alternate Sources		0.2
Food Service		0.2
Gas		0.2
Hand & Machine Tools		0.2
REITS		0.2
Advertising		0.1
Machinery — Diversified		0.1
Oil & Gas Services		0.1
Textiles		0.1
Housewares		0.0
Short-Term Investments and Other Assets and Liabilities (net)		8.0
		100.0	%

110 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 88.1%
		Australia — 1.3%
	228,292	AGL Energy, Ltd.		3,328,045
	165,618	Telstra Corp., Ltd.		656,509
	96,508	Wesfarmers, Ltd.		3,256,907
	398,069	Woolworths, Ltd.		7,088,564
		Total Australia		14,330,025
		Austria — 1.9%
	185	Agrana Beteiligungs AG		22,017
	134,791	BUWOG AG*		3,649,108
	135,962	CA Immobilien Anlagen AG*		2,592,916
	177,994	Conwert Immobilien Invest SE*		3,351,497
	17,851	EVN AG		211,743
	34,272	Flughafen Wien AG		847,327
	5,124	Lenzing AG		598,869
	5,935	Mayr Melnhof Karton AG		652,969
	63,374	Oesterreichische Post AG*		2,244,845
	55,455	OMV AG		1,596,647
	26,222	S IMMO AG*		276,118
	175,068	Telekom Austria AG*		988,626
	81,082	UNIQA Insurance Group AG		527,129
	23,121	Verbund AG		385,853
	90,754	Voestalpine AG		3,141,272
		Total Austria		21,086,936
		Belgium — 0.3%
	39,322	Colruyt SA		2,181,222
	32,340	Elia System Operator SA		1,653,274
		Total Belgium		3,834,496
		Bermuda — 1.3%
	25,200	Arch Capital Group, Ltd.*		1,997,352
	22,000	Aspen Insurance Holdings, Ltd.		1,024,980
	22,400	Axis Capital Holdings, Ltd.		1,216,992
	140,000	Cheung Kong Infrastructure Holdings, Ltd.		1,203,979
	34,000	Clear Media, Ltd.		32,396
	286,000	Emperor International Holdings, Ltd.		65,269
	19,900	Endurance Specialty Holdings, Ltd.		1,302,455
	9,700	Everest Re Group, Ltd.		1,842,709
	34,900	Genpact, Ltd.*		835,855
	80,500	Genting Hong Kong, Ltd.*		22,137
	271,500	Kerry Properties, Ltd.		889,137
	29,800	Mandarin Oriental International, Ltd.		38,889
	9,900	RenaissanceRe Holdings, Ltd.		1,189,584
	17,452	Stolt-Nielsen, Ltd.		227,094
	24,700	Validus Holdings, Ltd.		1,230,554
	1,500	White Mountains Insurance Group, Ltd.		1,245,000

See accompanying Notes to the Financial Statements. 111

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Bermuda — continued
	5,000	Wing On Co. International, Ltd.		15,472
		Total Bermuda		14,379,854
		Canada — 4.1%
	89,392	Atco, Ltd. Class I		3,170,976
	48,900	Bank of Montreal		3,198,732
	68,857	BCE, Inc.		3,179,816
	12,900	Canadian Imperial Bank of Commerce‡		998,529
	20,400	Canadian Real Estate Investment Trust REIT		730,473
	36,200	Canadian Utilities, Ltd. Class A		1,019,687
	26,100	Capital Power Corp.		409,497
	1,735	Cogeco Communications, Inc.		85,493
	10,200	Cogeco, Inc.		399,075
	38,700	Crombie Real Estate Investment Trust REIT		421,379
	25,100	Dollarama, Inc.		1,956,243
	200	E-L Financial Corp., Ltd.		106,525
	78,800	Emera, Inc.		2,836,620
	179,943	First Capital Realty, Inc.		3,009,433
	34,200	George Weston, Ltd.		2,847,897
	36,000	H&R Real Estate Investment Trust REIT		614,404
	56,700	Loblaw Cos., Ltd.		2,912,117
	6,200	Manitoba Telecom Services, Inc.‡		177,851
	78,400	Maple Leaf Foods, Inc.		1,796,176
	117,000	Pure Industrial Real Estate Trust REIT		490,523
	74,900	Rogers Communications, Inc. Class B		3,172,101
	51,700	Royal Bank of Canada		3,196,608
	17,300	Saputo, Inc.		600,119
	124,700	Shaw Communications, Inc. Class B		2,547,609
	110,100	Stornoway Diamond Corp.*		98,853
	43,300	Thomson Reuters Corp. (New York Exchange)		1,791,754
	71,200	Toronto-Dominion Bank		3,155,174
	25,613	Valener, Inc.‡		425,438
		Total Canada		45,349,102
		Denmark — 0.0%
	7,855	Matas AS		147,001
	963	Schouw & Co.		62,858
		Total Denmark		209,859
		Faroe Islands — 0.0%
	11,609	Bakkafrost P/F		484,707
		Finland — 0.0%
	16,457	Raisio OYJ Class V		72,498
	6,190	Tokmanni Group Corp.*		67,059
		Total Finland		139,557

112 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		France — 1.1%
	6,521	Caisse Regionale de Credit Agricole Mutuel Nord de France		122,456
	11,725	GFI Informatique SA		105,676
	2,886	Kaufman & Broad SA		119,223
	885	Manutan International		53,607
	153,501	Sanofi		11,668,200
	1,748	Vetoquinol SA		86,434
		Total France		12,155,596
		Germany — 1.3%
	68,779	Celesio AG		1,993,795
	157,275	Commerzbank AG		1,014,166
	918	Homag Group AG		41,188
	6,693	Hornbach Baumarkt AG		207,596
	4,204	Hornbach Holding AG & Co. KGaA		289,184
	723	KWS Saat SE		243,630
	28,057	Merck KGaA		3,024,086
	78,113	Rhoen-Klinikum AG		2,375,419
	34,783	Salzgitter AG		1,140,035
	9,414	STADA Arzneimittel AG		523,260
	96,747	Suedzucker AG		2,689,295
	19,163	Wuestenrot & Wuerttembergische AG		384,730
		Total Germany		13,926,384
		Hong Kong — 0.5%
	322,000	CLP Holdings, Ltd.		3,327,548
	28,900	Hong Kong & China Gas Co., Ltd.		54,551
	26,000	Hong Kong Ferry Holdings Co., Ltd.		30,103
	50,500	Hongkong & Shanghai Hotels (The)		50,136
	51,500	Hopewell Holdings, Ltd.		187,914
	60,000	Liu Chong Hing Investment, Ltd.		86,643
	40,000	Miramar Hotel & Investment Co., Ltd.		81,383
	397,000	Regal Real Estate Investment Trust REIT		105,956
	922,000	Sunlight Real Estate Investment Trust REIT		588,439
	51,500	Swire Pacific, Ltd. Class A		554,777
		Total Hong Kong		5,067,450
		Ireland — 0.7%
	15,100	Accenture Plc Class A		1,844,767
	106,989	Hibernia Plc REIT		164,721
	25,145	Kerry Group Plc Class A		2,095,609
	32,200	Medtronic Plc		2,782,080
	33,657	Total Produce Plc		62,258
	87,510	UDG Healthcare Plc		728,660
		Total Ireland		7,678,095

See accompanying Notes to the Financial Statements. 113

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Israel — 0.6%
	251,247	Amot Investments, Ltd.		1,120,269
	407,621	Bank Hapoalim BM		2,309,646
	51,123	Bank Leumi Le-Israel BM*		194,159
	444,787	Israel Discount Bank, Ltd. Class A*		817,476
	39,238	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		1,805,340
		Total Israel		6,246,890
		Italy — 0.4%
	62,664	Ascopiave Spa		189,435
	159,731	Enel Spa		712,279
	426,430	Hera Spa		1,149,174
	768,501	Parmalat Spa		2,036,466
	88,003	Terna Rete Elettrica Nazionale Spa		453,743
		Total Italy		4,541,097
		Japan — 3.5%
	28,900	Alpen Co., Ltd.‡		519,980
	3,000	AT-Group Co., Ltd.		65,916
	66,900	Canon, Inc.		1,931,389
	15,000	Cawachi, Ltd.		361,724
	148,300	Chubu Electric Power Co., Inc.		2,146,919
	41,700	Coca-Cola West Co., Ltd.		1,160,838
	126,100	Daiichi Sanyko Co., Ltd.		3,007,273
	27,000	Dydo Drinco, Inc.		1,498,445
	7,200	Earth Chemical Co., Ltd.		338,794
	162,300	EDION Corp.‡		1,352,700
	29,400	Fuji Media Holdings, Inc.		396,878
	16,000	Geo Holdings Corp.		205,718
	44,000	Hyakugo Bank, Ltd. (The)		158,159
	3,600	J-Oil Mills, Inc.		127,626
	6,000	Joshin Denki Co., Ltd.		51,311
	4,900	Kato Sangyo Co., Ltd.		115,357
	1,000	KFC Holdings Japan, Ltd.		18,239
	13,200	Komeri Co., Ltd.		319,360
	10,000	KYORIN Holdings, Inc.		225,053
	2,100	Mitsubishi Shokuhin Co., Ltd.		67,916
	154,700	Mitsubishi Tanabe Pharma Corp.		3,292,139
	7,600	Mochida Pharmaceutical Co., Ltd.		592,900
	7,700	MOS Food Services, Inc.‡		244,082
	33,500	Nippon Flour Mills Co., Ltd.		512,102
	82,400	Nippon Light Metal Holdings Co., Ltd.‡		176,574
	69,600	Nippon Telegraph & Telephone Corp.		3,171,228
	570,000	Nisshin Oillio Group, Ltd. (The)		2,639,905
	98,700	North Pacific Bank, Ltd.		346,983
	16,900	Okinawa Cellular Telephone Co.		510,680
	25,800	Okinawa Electric Power Co., Inc. (The)		579,873
	520,000	Osaka Gas Co., Ltd.‡		2,167,501
	40,000	Otsuka Holdings Co., Ltd.		1,812,670

114 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	47,600	Shimachu Co., Ltd.		1,177,955
	78,000	Showa Sangyo Co., Ltd.		406,695
	43,100	Sumitomo Dainippon Pharma Co., Ltd.		828,674
	21,000	Suzuken Co., Ltd.		688,491
	30,100	Taisho Pharmaceutical Holdings Co., Ltd.		3,067,516
	11,400	Takeda Pharmaceutical Co., Ltd.		542,954
	26,000	Toppan Printing Co., Ltd.		233,131
	68,900	Vital KSK Holdings, Inc.		726,660
	11,000	Yamanashi Chuo Bank, Ltd. (The)		47,144
	24,100	Yodogawa Steel Works, Ltd.		643,047
		Total Japan		38,478,499
		Luxembourg — 0.1%
	89,943	Atento SA*		762,717
	2,123	Millicom International Cellular SA		110,820
		Total Luxembourg		873,537
		Netherlands — 0.9%
	3,239	Accell Group		82,391
	38,545	Heineken Holding NV		3,091,958
	35,461	Heineken NV		3,120,738
	136,275	QIAGEN NV*		3,739,386
	2,506	Sligro Food Group NV		93,021
		Total Netherlands		10,127,494
		New Zealand — 2.3%
	229,644	Air New Zealand, Ltd.		310,615
	709,120	Argosy Property, Ltd.		577,552
	582,199	Auckland International Airport, Ltd.		3,111,806
	264,776	Chorus, Ltd.		752,851
	645,888	Contact Energy, Ltd.		2,367,236
	85,411	Ebos Group, Ltd.		1,170,790
	342,913	Fisher & Paykel Healthcare Corp., Ltd.		2,496,156
	48,914	Fletcher Building, Ltd.		381,669
	94,773	Fonterra Co-operative Group, Ltd.		410,067
	71,449	Freightways, Ltd.		341,362
	662,719	Genesis Energy, Ltd.‡		1,007,232
	445,940	Goodman Property Trust REIT		423,195
	794,444	Infratil, Ltd.		1,871,811
	1,388,432	Kiwi Property Group, Ltd. REIT		1,514,501
	44,594	Mainfreight, Ltd.		575,610
	759,746	Mercury NZ, Ltd.		1,682,323
	173,592	Metlifecare, Ltd.		788,975
	57,486	New Zealand Refining Co., Ltd. (The)		102,419
	290,401	Precinct Properties New Zealand, Ltd.		274,533
	119,182	Sky City Entertainment Group, Ltd.		396,945
	678,552	Spark New Zealand, Ltd.		1,781,329

See accompanying Notes to the Financial Statements. 115

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		New Zealand — continued
	268,778	Summerset Group Holdings, Ltd.		1,035,913
	11,949	TrustPower, Ltd.		66,908
	135,941	Vector, Ltd.		326,226
	262,022	Z Energy, Ltd.		1,600,556
		Total New Zealand		25,368,580
		Norway — 1.6%
	5,758	AF Gruppen ASA		113,830
	20,824	Atea ASA*		211,046
	198,750	Austevoll Seafood ASA		1,672,352
	14,886	DNB ASA		195,008
	54,837	Leroy Seafood Group ASA		2,771,250
	188,033	Marine Harvest ASA*		3,366,681
	764,850	Norsk Hydro ASA		3,296,809
	343,961	Orkla ASA		3,554,819
	21,826	SpareBank 1 SR-Bank ASA		124,528
	139,498	Telenor ASA		2,392,950
		Total Norway		17,699,273
		Panama — 0.0%
	6,500	Carnival Corp.		317,330
		Portugal — 0.2%
	415,360	EDP - Energias de Portugal SA		1,395,210
	225,533	REN - Redes Energeticas Nacionais SGPS SA‡		659,741
		Total Portugal		2,054,951
		Singapore — 0.4%
	210,000	Fortune Real Estate Investment Trust REIT		260,742
	53,800	Fraser and Neave, Ltd.		84,442
	14,900	Great Eastern Holdings, Ltd.		222,934
	15,200	Hong Leong Finance, Ltd.		24,749
	52,700	Metro Holdings, Ltd.		35,560
	700,200	OUE, Ltd.		896,145
	139,200	Sheng Siong Group, Ltd.		108,220
	31,400	SIA Engineering Co., Ltd.		85,441
	39,200	Singapore Airlines, Ltd.		302,169
	460,800	SPH REIT		337,966
	809,400	StarHub, Ltd.‡		2,036,189
	41,900	Venture Corp., Ltd.		277,192
	126,400	Wilmar International, Ltd.		298,513
		Total Singapore		4,970,262
		Spain — 1.0%
	112,658	Ebro Foods SA		2,620,725
	133,476	Endesa SA		2,862,006
	460,289	Iberdrola SA		3,130,535

116 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		Spain — continued
	138,583	Red Electrica Corp. SA		2,990,979
		Total Spain		11,604,245
		Sweden — 1.0%
	9,636	Axfood AB		170,284
	59,152	Bonava AB Class B*		747,047
	69,361	Hennes & Mauritz AB Class B‡		1,959,213
	102,697	Svenska Cellulosa AB SCA Class B		3,054,275
	88,147	Swedish Match AB		3,238,868
	533,820	Telia Co. AB		2,393,884
		Total Sweden		11,563,571
		Switzerland — 3.4%
	28,900	Allied World Assurance Co. Holdings AG		1,168,138
	7,658	Allreal Holding AG*		1,165,210
	720	Alpiq Holding AG*		66,845
	1,668	ALSO Holding AG*		147,030
	106	APG SGA SA		45,078
	876	Banque Cantonale de Geneve		267,481
	1,080	Basler Kantonalbank		75,424
	1,090	Bell AG		477,873
	1,206	Berner Kantonalbank AG		230,153
	18,242	BKW AG		875,970
	120	Emmi AG*		82,257
	11,145	Flughafen Zuerich AG		2,182,093
	1,590	Galenica AG		1,691,036
	204	Graubuendner Kantonalbank		346,804
	2,259	Intershop Holding AG		1,165,154
	244	Luzerner Kantonalbank AG*		100,618
	27	Metall Zug AG Class B		88,013
	4,804	Mobimo Holding AG*		1,226,026
	118,583	Nestle SA		9,364,069
	151,224	Novartis AG		11,918,211
	1,098	St Galler Kantonalbank AG		430,127
	32,481	Swiss Prime Site AG*		2,854,736
	331	Swisscom AG		157,647
	1,498	Tamedia AG		247,246
	2,099	Thurgauer Kantonalbank		194,873
	3,589	Valora Holding AG		1,025,534
	3,362	Ypsomed Holding AG*		690,504
	32	Zug Estates Holding AG Class B*		55,688
		Total Switzerland		38,339,838
		United Kingdom — 7.5%
	41,913	Advanced Medical Solutions Group Plc		124,135
	19,600	Aon Plc		2,204,804
	15,678	AstraZeneca Plc		1,019,101

See accompanying Notes to the Financial Statements. 117

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	126,653	Atrium European Real Estate, Ltd.		565,061
	272,396	BCA Marketplace Plc		636,916
	108,735	Berendsen Plc		1,757,110
	50,245	British American Tobacco Plc		3,217,725
	230,829	Britvic Plc		1,808,077
	67,568	BTG Plc*		556,467
	448,311	Centrica Plc		1,328,936
	25,177	Compass Group Plc		488,939
	17,150	Cranswick Plc		520,856
	7,565	Dechra Pharmaceuticals Plc		136,889
	109,385	Diageo Plc		3,140,924
	29,881	EMIS Group Plc		364,671
	174,582	Enterprise Inns Plc*		210,907
	6,588	Gamma Communications Plc		43,174
	149,757	GlaxoSmithKline Plc		3,196,199
	15,264	Headlam Group Plc		97,950
	39,599	Hill & Smith Holdings Plc		583,319
	60,007	Imperial Brands Plc		3,097,307
	108,104	Inchcape Plc		924,712
	152,166	International Game Technology Plc		3,709,807
	404,739	J Sainsbury Plc		1,292,308
	47,516	JD Sports Fashion Plc		911,653
	173,645	Kcom Group Plc		261,655
	144,494	Kennedy Wilson Europe Real Estate Plc		1,884,485
	664,749	Kingfisher Plc		3,254,565
	14,668,689	Lloyds Banking Group Plc		10,394,298
	252,640	Melrose Industries Plc		572,673
	7,432	Millennium & Copthorne Hotels Plc		41,996
	214,878	National Grid Plc		3,048,061
	18,738	QinetiQ Group Plc		57,639
	34,056	Reckitt Benckiser Group Plc		3,213,945
	114,230	RELX Plc		2,170,869
	1,087,037	Rentokil Initial Plc		3,139,012
	11,227	Secure Income Plc REIT*		44,116
	15,809	Severn Trent Plc		514,424
	19,802	Shaftesbury Plc REIT		249,511
	171,079	Smith & Nephew Plc		2,764,561
	145,853	SSE Plc		2,970,780
	1,492	Stallergenes Greer*		47,283
	5,052,448	Tesco Plc*		12,007,245
	658,218	Tritax Big Box Plc REIT		1,187,630
	59,838	Tritax Big Box Plc REIT, (London Exchange)* ** ¤		5,363
	1,043,843	Vodafone Group Plc		3,006,823
		Total United Kingdom		82,774,881
		United States — 52.7%
	18,800	3M Co.		3,313,124
	1,500	Adobe Systems, Inc.*		162,810

118 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	10,100	Alexandria Real Estate Equities, Inc. REIT		1,098,577
	2,100	Alleghany Corp.*		1,102,542
	21,300	Allstate Corp. (The)		1,473,534
	8,811	Alphabet, Inc. Class A*		7,084,573
	23,241	Alphabet, Inc. Class C*		18,064,997
	60,500	Altria Group, Inc.		3,825,415
	2,500	Amazon.com, Inc.*		2,093,275
	31,900	Amdocs, Ltd.		1,845,415
	31,700	Ameren Corp.		1,559,006
	30,000	American Campus Communities, Inc. REIT		1,526,100
	25,000	American Electric Power Co., Inc.		1,605,250
	21,100	American Financial Group, Inc.		1,582,500
	16,800	AmerisourceBergen Corp.		1,357,104
	162,900	Annaly Capital Management, Inc. REIT		1,710,450
	13,900	ANSYS, Inc.*		1,287,279
	49,100	Apple Hospitality, Inc. REIT		908,841
	248,569	Apple, Inc.		28,100,725
	52,800	Aramark		2,007,984
	4,600	Arrow Electronics, Inc.*		294,262
	36,600	Arthur J. Gallagher & Co.		1,861,842
	99,200	AT&T, Inc.		4,028,512
	17,200	Atmos Energy Corp.		1,280,884
	1,900	AutoZone, Inc.*		1,459,846
	20,100	Avnet, Inc.		825,306
	19,600	Bank of Hawaii Corp.		1,423,352
	79,308	Bank of New York Mellon Corp. (The)		3,162,803
	27,900	Baxter International, Inc.		1,328,040
	12,900	Becton Dickinson and Co.		2,318,517
	2,900	Bio-Rad Laboratories, Inc. Class A*		475,049
	13,400	Black Knight Financial Services, Inc. Class A*		548,060
	14,500	Boeing Co. (The)		1,910,230
	7,700	Boston Properties, Inc. REIT		1,049,433
	25,700	Brinker International, Inc.		1,296,051
	18,600	Broadridge Financial Solutions, Inc.		1,260,894
	23,100	Brown & Brown, Inc.		871,101
	13,800	Bruker Corp.		312,570
	56,300	CA, Inc.		1,862,404
	2,100	Cable One, Inc.		1,226,400
	400	Cabot Corp.		20,964
	26,100	Campbell Soup Co.		1,427,670
	29,900	Cardinal Health, Inc.		2,323,230
	17,700	Carlisle Cos., Inc.		1,815,489
	10,400	Carter’s, Inc.		901,784
	32,000	CDK Global, Inc.		1,835,520
	47,400	Centerpoint Energy, Inc.		1,101,102
	19,400	CH Robinson Worldwide, Inc.		1,366,924
	57,900	Chimera Investment Corp. REIT		923,505
	22,000	Church & Dwight Co., Inc.		1,054,240

See accompanying Notes to the Financial Statements. 119

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	35,000	Cinemark Holdings, Inc.		1,339,800
	12,200	Clean Harbors, Inc.*		585,356
	16,000	Clorox Co. (The)		2,002,880
	12,300	Colgate-Palmolive Co.		911,922
	30,400	Columbia Property Trust, Inc. REIT		680,656
	39,400	Comcast Corp. Class A		2,613,796
	30,965	Commerce Bancshares, Inc.		1,525,336
	14,400	ConAgra Foods, Inc.		678,384
	24,900	Consolidated Edison, Inc.		1,874,970
	10,300	Cooper Cos. (The), Inc.		1,846,378
	21,000	Copart, Inc.*		1,124,760
	29,600	Corporate Office Properties Trust REIT		839,160
	13,400	Costco Wholesale Corp.		2,043,634
	8,800	CR Bard, Inc.		1,973,664
	202,545	CVS Health Corp.		18,024,480
	31,700	Danaher Corp.		2,484,963
	28,900	Darden Restaurants, Inc.		1,772,148
	19,200	Digital Realty Trust, Inc. REIT		1,864,704
	700	Domino’s Pizza, Inc.		106,295
	21,200	Dr Pepper Snapple Group, Inc.		1,935,772
	20,400	DTE Energy Co.		1,910,868
	724,021	eBay, Inc.*		23,820,291
	26,500	Edison International		1,914,625
	27,300	Eli Lilly & Co.		2,191,098
	23,500	Entergy Corp.		1,803,155
	3,600	EPR Properties REIT		283,464
	17,100	Equity LifeStyle Properties, Inc. REIT		1,319,778
	4,100	Erie Indemnity Co. Class A		418,487
	5,500	Essex Property Trust, Inc. REIT		1,224,850
	44,600	Exelon Corp.		1,484,734
	11,800	Exxon Mobil Corp.		1,029,904
	2,100	Facebook, Inc. Class A*		269,367
	56,700	FirstEnergy Corp.		1,875,636
	5,300	Fiserv, Inc.*		527,191
	15,900	General Dynamics Corp.		2,467,044
	34,400	General Mills, Inc.		2,197,472
	14,100	Hanover Insurance Group (The), Inc.		1,063,422
	119,976	HCA Holdings, Inc.*		9,073,785
	35,200	Healthcare Trust of America, Inc. REIT Class A		1,148,224
	14,200	Hershey Co. (The)		1,357,520
	4,300	Hill-Rom Holdings, Inc.		266,514
	8,200	Hologic, Inc.*		318,406
	23,900	Home Depot, Inc. (The)		3,075,452
	26,300	Honeywell International, Inc.		3,066,317
	13,800	Hormel Foods Corp.		523,434
	41,100	Hospitality Properties Trust REIT		1,221,492
	11,500	Huntington Ingalls Industries, Inc.		1,764,330
	4,100	IAC/InterActiveCorp		256,127

120 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	15,500	Ingredion, Inc.		2,062,430
	595,327	Intel Corp.		22,473,594
	79,953	International Business Machines Corp.		12,700,534
	19,300	Intuit, Inc.		2,123,193
	10,400	Jack Henry & Associates, Inc.		889,720
	13,100	JM Smucker Co. (The)		1,775,574
	36,600	Johnson & Johnson		4,323,558
	22,500	Kellogg Co.		1,743,075
	2,000	Kimberly-Clark Corp.		252,280
	3,700	Leidos Holdings, Inc.		160,136
	8,700	Liberty Property Trust REIT		351,045
	10,700	Lockheed Martin Corp.		2,565,004
	253,711	Lowe’s Cos., Inc.		18,320,471
	8,500	M&T Bank Corp.		986,850
	200	Madison Square Garden Co. (The) Class A*		33,882
	142,148	Mastercard, Inc. Class A		14,466,402
	3,300	McCormick & Co., Inc.		329,736
	104,144	McDonald’s Corp.		12,014,052
	14,300	McKesson Corp.		2,384,525
	49,100	Merck & Co., Inc.		3,064,331
	90,100	MFA Financial, Inc. REIT		673,948
	418,608	Microsoft Corp.		24,111,821
	15,800	Mid-America Apartment Communities, Inc. REIT		1,485,042
	7,200	Morningstar, Inc.		570,744
	25,800	Motorola Solutions, Inc.		1,968,024
	1,400	MSC Industrial Direct Co., Inc. Class A		102,774
	8,700	Murphy USA, Inc.*		620,832
	24,200	National Instruments Corp.		687,280
	52,900	New York Community Bancorp, Inc.		752,767
	4,700	Newmont Mining Corp.		184,663
	17,300	NextEra Energy, Inc.		2,116,136
	9,500	Northrop Grumman Corp.		2,032,525
	200	NVR, Inc.*		327,974
	5,900	O’Reilly Automotive, Inc.*		1,652,649
	41,500	Old Republic International Corp.		731,230
	21,800	Omnicom Group, Inc.		1,853,000
	493,489	Oracle Corp.		19,384,248
	15,500	Outfront Media, Inc. REIT		366,575
	8,000	Panera Bread Co. Class A*		1,557,760
	21,400	Patterson Cos., Inc.		983,116
	423,356	PayPal Holdings, Inc.*		17,344,895
	30,700	PepsiCo, Inc.		3,339,239
	108,400	Pfizer, Inc.		3,671,508
	32,200	PG&E Corp.		1,969,674
	41,900	Philip Morris International, Inc.		4,073,518
	45,600	Piedmont Office Realty Trust, Inc. REIT Class A		992,712
	8,100	Pilgrim’s Pride Corp.		171,072
	17,400	Pinnacle Foods, Inc.		872,958

See accompanying Notes to the Financial Statements. 121

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	4,000	Pinnacle West Capital Corp.		303,960
	14,200	Pool Corp.		1,342,184
	15,300	Post Properties, Inc. REIT		1,011,789
	200	Priceline Group (The), Inc.*		294,298
	41,800	Procter & Gamble Co. (The)		3,751,550
	37,300	Progressive Corp. (The)		1,174,950
	39,400	Public Service Enterprise Group, Inc.		1,649,678
	300	Public Storage REIT		66,942
	152,365	QUALCOMM, Inc.		10,437,002
	17,200	Raytheon Co.		2,341,436
	33,000	Regal Entertainment Group Class A		717,750
	34,700	Republic Services, Inc.		1,750,615
	5,100	Resmed, Inc.		330,429
	25,400	Reynolds American, Inc.		1,197,610
	19,500	RPM International, Inc.		1,047,540
	59,300	Senior Housing Properties Trust REIT		1,346,703
	1,900	Simon Property Group, Inc. REIT		393,319
	39,400	Starbucks Corp.		2,133,116
	17,600	Stryker Corp.		2,048,816
	44,600	SunTrust Banks, Inc.		1,953,480
	33,700	Synopsys, Inc.*		2,000,095
	41,900	Sysco Corp.		2,053,519
	11,700	Tanger Factory Outlet Centers REIT		455,832
	199,463	Target Corp.		13,699,119
	73,400	TCF Financial Corp.		1,065,034
	10,200	Teleflex, Inc.		1,714,110
	14,200	Telephone & Data Systems, Inc.		385,956
	21,700	Texas Instruments, Inc.		1,522,906
	16,200	TFS Financial Corp.		288,522
	14,500	Thermo Fisher Scientific, Inc.		2,306,370
	12,300	Travelers Cos., Inc. (The)		1,408,965
	30,100	Tyson Foods, Inc. Class A		2,247,567
	28,800	UGI Corp.		1,302,912
	21,000	United Parcel Service, Inc. Class B		2,296,560
	20,900	UnitedHealth Group, Inc.		2,926,000
	3,100	US Bancorp		132,959
	17,300	Varian Medical Systems, Inc.*		1,721,869
	18,700	VCA, Inc.*		1,308,626
	25,900	Vectren Corp.		1,300,180
	78,100	Verizon Communications, Inc.		4,059,638
	264,382	Visa, Inc. Class A		21,864,391
	35,600	VWR Corp.*		1,009,616
	45,100	Wal-Mart Stores, Inc.		3,252,612
	30,400	Waste Management, Inc.		1,938,304
	10,700	Waters Corp.*		1,695,843
	322,215	Wells Fargo & Co.		14,267,680
	23,500	WP Carey, Inc. REIT		1,516,455
	3,300	Xcel Energy, Inc.		135,762

122 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	249,212	Yum! Brands, Inc.		22,630,942
	15,900	Zimmer Biomet Holdings, Inc.		2,067,318
		Total United States		584,865,435
		TOTAL COMMON STOCKS (COST $902,882,567)		978,467,944
		PREFERRED STOCKS — 0.4%
		Germany — 0.3%
	26,000	Henkel AG & Co. KGaA, 1.23%		3,535,475
		Japan — 0.1%
	199	Shinkin Central Bank, 2.83% Class A		452,572
		Sweden — 0.0%
	3,915	Akelius Residential Property AB, 6.22%		146,914
		TOTAL PREFERRED STOCKS (COST $3,320,313)		4,134,961
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 11.8%
		Bank Deposit — 11.1%
	123,293,853	State Street Bank & Trust Euro Time Deposit, 0.01%, due 10/03/16		123,293,853
		Securities Lending Collateral — 0.5%
	5,711,119	State Street Institutional U.S. Government Money Market Fund, Premier Class***		5,711,119
		U.S. Government and Agency Obligations — 0.2%
	1,600,000	United States Treasury Bill, 0.12%, due 10/13/16**** ‡‡		1,599,931
		TOTAL SHORT-TERM INVESTMENTS (COST $130,604,785)		130,604,903
		TOTAL INVESTMENTS — 100.3% (Cost $1,036,807,665)		1,113,207,808
		Other Assets and Liabilities (net) — (0.3)%		(2,797,498	)
		NET ASSETS — 100.0%	$	1,110,410,310

See accompanying Notes to the Financial Statements. 123

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2016 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	REIT — Real Estate Investment Trust
*	Non-income producing security
**	Security fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the security at period end is $5,363 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2016 was $0.
***	Represents an investment of securities lending cash collateral.
****	All or a portion of this security is held for open futures collateral.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
¤	Illiquid security. The total market value of the securities at period end is $5,363 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2016 was $0.

124 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Futures Contracts

Number of Contracts		Type	Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
	Buys
	18	Canadian Dollar		December 2016	$	1,373,130	$	6,210
	195	MSCI EAFE E-mini Index		December 2016		16,640,325		142,592
	244	S&P 500 E-mini Index		December 2016		26,356,880		(38,779	)
	10	S&P/TSX 60 Index		December 2016		1,301,427		24,115
							$	134,138

See accompanying Notes to the Financial Statements. 125

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Retail		10.9
Food		7.6
Pharmaceuticals		7.3
Electric		6.0
Software		4.8
Banks		4.6
Internet		4.5
Telecommunications		4.4
Computers		4.2
Commercial Services		3.8
REITS		2.6
Real Estate		2.6
Insurance		2.4
Health Care — Products		2.2
Semiconductors		2.1
Diversified Financial Services		2.0
Beverages		1.8
Agriculture		1.7
Health Care — Services		1.5
Aerospace & Defense		1.0
Miscellaneous — Manufacturing		1.0
Electronics		0.9
Household Products & Wares		0.9
Media		0.9
Gas		0.8
Engineering & Construction		0.6
Transportation		0.6
Entertainment		0.5
Environmental Control		0.5
Iron & Steel		0.5
Oil & Gas		0.5
Cosmetics & Personal Care		0.4
Biotechnology		0.3
Metal Fabricate & Hardware		0.3
Advertising		0.2
Chemicals		0.2
Distribution & Wholesale		0.2
Forest Products & Paper		0.2
Investment Companies		0.2
Machinery — Diversified		0.2
Shipbuilding		0.2
Apparel		0.1
Holding Companies — Diversified		0.1
Packaging & Containers		0.1
Savings & Loans		0.1
Airlines		0.0
Building Materials		0.0
Food Service		0.0
Home Builders		0.0
Leisure Time		0.0

126 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2016 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Lodging		0.0
Mining		0.0
Water		0.0
Short-Term Investments and Other Assets and Liabilities (net)		11.5
		100.0	%

See accompanying Notes to the Financial Statements. 127

Mercer Funds

Statements of Assets and Liabilities

September 30, 2016 (Unaudited)

	Mercer US Large Cap Equity Fund (formerly known as Mercer US Large Cap Growth Equity Fund)			Mercer US Small/Mid Cap Equity Fund (formerly known as Mercer US Small/Mid Cap Growth Equity Fund)			Mercer Non-US Core Equity Fund			Mercer Core Fixed Income Fund
Assets
Investments, at value(a)		$	616,800,918		$	985,325,331		$	2,183,571,548		$	960,357,220
Foreign currency, at value(b)			—			—			4,187,954			—
Cash			—			33,916			84,036			6,350
Receivable for investments sold			2,566,903			7,209,890			15,097,256			10,952,719
Receivable for TBA securities sold			—			—			—			26,260,674
Receivable for Fund shares sold			—			—			1,265,612			—
Dividend and interest receivable			644,930			983,595			5,183,002			5,464,986
Cash collateral held at broker on open swap contracts			—			—			—			860,000
Cash collateral held at broker on open futures contracts			50,000			750,000			—			—
Receivable for variation margin on open futures contracts			92,995			279,775			689,117			—
Receivable for variation margin on open centrally cleared swap contracts			—			—			—			74,824
Foreign tax reclaims receivable			242,546			50,707			2,170,792			521
Securities lending income receivable			6,809			7,534			30,225			4,374
Prepaid expenses			11,002			18,276			34,350			13,843
Total assets			620,416,103			994,659,024			2,212,313,892			1,003,995,511
Liabilities
Foreign currency overdraft, at value(b)			—			59			—			—
Payable for investments purchased			3,575,903			5,355,704			9,902,150			4,527,000
Payable for TBA and when-issued securities purchased			—			—			—			79,201,162
Payable for variation margin on open futures contracts			—			—			—			300,220
Payable for Fund shares repurchased			—			101,791			—			—
Due to custodian			471,081			—			—			—
Obligation to return securities lending collateral			12,861,573			25,695,826			76,904,418			10,823,428
Payable to affiliate for:
Advisory fees			261,251			710,293			1,228,827			258,056
Trustees fees			642			372			3,188			1,371
TBA Sale Commitments(c)			—			—			—			1,555,565
Interest payable on TBA securities			—			—			—			542
Accrued expenses			110,658			166,644			461,776			183,468
Total liabilities			17,281,108			32,030,689			88,500,359			96,850,812
Net assets		$	603,134,995		$	962,628,335		$	2,123,813,533		$	907,144,699

128 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2016 (Unaudited)

	Mercer US Large Cap Equity Fund (formerly known as Mercer US Large Cap Growth Equity Fund)			Mercer US Small/Mid Cap Equity Fund (formerly known as Mercer US Small/Mid Cap Growth Equity Fund)				Mercer Non-US Core Equity Fund				Mercer Core Fixed Income Fund
Net assets consist of:
Paid-in capital		$	549,411,775		$	868,146,622			$	2,034,172,138			$	870,421,800
Accumulated undistributed net investment income			2,438,076			1,257,568				23,511,163				15,312,587
Accumulated net realized gain (loss)			14,876,244			17,844,498				(50,898,944	)			9,505,596
Net unrealized appreciation on investments, futures contracts, short sales, swap contracts and foreign currencies			36,408,900			75,379,647				117,029,176				11,904,716
Net assets		$	603,134,995		$	962,628,335			$	2,123,813,533			$	907,144,699
Net assets attributable to:
Class Y-3 shares		$	603,134,995		$	962,628,335			$	2,123,813,533			$	907,144,699
Shares outstanding:
Class Y-3			60,680,045			86,872,924				210,382,545				86,561,837
Net asset value per share:
Class Y-3		$	9.94		$	11.08			$	10.10			$	10.48
(a)    Investments, at cost		$	580,448,936		$	910,620,830			$	2,067,478,832			$	947,170,633
(b)    Foreign currency at cost		$	—		$	(59	)		$	4,128,266			$	—
(c)    Proceeds for TBA Sale Commitments		$	—		$	—			$	—			$	1,556,660

See accompanying Notes to the Financial Statements. 129

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2016 (Unaudited)

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund				Mercer Global Low Volatility Equity Fund
Assets
Investments, at value(a)		$	525,397,526			$	1,376,285,454			$	1,113,207,808
Foreign currency, at value(b)			891,217				3,837,058				556,634
Cash			—				207,990				34,191
Receivable for investments sold			4,360,951				27,836,563				8,888,564
Receivable for Fund shares sold			—				1,126,211				—
Dividend and interest receivable			8,451,459				1,711,938				1,540,979
Cash collateral held at broker on open futures contracts			430,522				90,519				350,000
Unrealized appreciation on open forward foreign currency contracts			2,334,977				2,938,136				—
Receivable for variation margin on open futures contracts			14,835				1,539,213				291,352
Synthetic futures, at value			—				91,481				—
Foreign tax reclaims receivable			66,560				16,272				492,023
Securities lending income receivable			18,885				27,059				12,755
Prepaid expenses			8,041				21,989				19,115
Total assets			541,974,973				1,415,729,883				1,125,393,421
Liabilities
Payable for investments purchased			2,910,285				31,588,835				8,145,056
Payable for TBA and when-issued securities purchased			5,503,296				—				—
Payable for Fund shares repurchased			—				—				250,323
Due to custodian			5,886,976				—				—
Synthetic futures, at value			—				638,186				—
Unrealized depreciation on open forward foreign currency contracts			1,383,816				929,768				—
Variation margin payable on open futures contracts			18,973				703,827				—
Obligation to return securities lending collateral			21,274,140				19,351,259				5,711,119
Payable to affiliate for:
Advisory fees			324,358				867,952				662,985
Trustees fees			203				1,938				1,614
Payable for foreign capital gains tax			367,920				1,348,250				—
Accrued expenses			155,739				629,197				212,014
Total liabilities			37,825,706				56,059,212				14,983,111
Net assets		$	504,149,267			$	1,359,670,671			$	1,110,410,310
Net assets consist of:
Paid-in capital			541,779,643				1,390,420,882				999,347,805
Accumulated undistributed net investment income			9,074,059				21,544,974				10,138,605
Accumulated net realized gain (loss)			(28,940,872	)			(149,159,016	)			24,433,744
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currencies			(17,763,563	)			96,863,831				76,490,156
Net assets		$	504,149,267			$	1,359,670,671			$	1,110,410,310

130 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2016 (Unaudited)

	Mercer Opportunistic Fixed Income Fund			Mercer Emerging Markets Equity Fund			Mercer Global Low Volatility Equity Fund
Net assets attributable to:
Class Y-3 shares		$	504,149,267		$	1,359,670,671		$	1,110,410,310
Shares outstanding:
Class Y-3			55,582,014			144,993,818			89,665,055
Net asset value per share:
Class Y-3		$	9.07		$	9.38		$	12.38
(a)    Investments, at cost		$	543,826,275		$	1,279,313,209		$	1,036,807,665
(b)    Foreign currency, at cost		$	894,639		$	3,831,317		$	557,551

See accompanying Notes to the Financial Statements. 131

Mercer Funds

Statements of Operations

For the Six Months Ended September 30, 2016 (Unaudited)

	Mercer US Large Cap Equity Fund (formerly known as Mercer US Large Cap Growth Equity Fund)				Mercer US Small/Mid Cap Equity Fund (formerly known as Mercer US Small/Mid Cap Growth Equity Fund)				Mercer Non-US Core Equity Fund				Mercer Core Fixed Income Fund
Investment Income:
Interest		$	1,800			$	4,020			$	13,216			$	12,077,232
Dividends			3,836,559				4,673,755				37,354,306				42,439
Securities lending income			40,151				150,420				548,265				19,455
Withholding taxes			(63,668	)			(10,169	)			(3,209,496	)			(983	)
Non-recurring income(a)			11,009				12,496				405,206				8,739
Other income			—				—				1,530				3,181
Total investment income			3,825,851				4,830,522				35,113,027				12,150,063
Expenses:
Advisory fees			1,217,048				3,223,794				7,302,696				1,431,566
Transfer agent fees			10,602				10,778				11,270				11,360
Custodian and fund accounting fees			59,378				108,840				605,513				156,716
Audit fees			20,642				21,579				57,577				39,207
Legal fees			16,560				25,587				86,463				35,468
Trustees fees			13,714				20,946				62,480				25,399
Registration fees			24,725				35,946				14,431				17,221
Interest expense			—				—				71				325
Miscellaneous			12,368				16,157				69,307				28,245
Total expenses			1,375,037				3,463,627				8,209,808				1,745,507
Advisory fee refund(a)			9,376				11,624				248,772				7,180
Net expenses			1,384,413				3,475,251				8,458,580				1,752,687
Net investment income			2,441,438				1,355,271				26,654,447				10,397,376
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			3,601,160				16,390,015				(20,106,268	)			7,581,052
Swap contracts			—				—				—				(227,508	)
Closed futures contracts			1,226,765				3,277,589				4,007,780				1,977,788
Forward foreign currency contracts and foreign currency related transactions			(323	)			(5,252	)			(242,529	)			(8,935	)
Net realized gain			4,827,602				19,662,352				(16,341,017	)			9,322,397
Change in net unrealized appreciation (depreciation) on:
Investments			35,255,242				45,714,104				90,583,788				7,396,399
TBA Sale Commitments			—				—				—				1,095
Swap contracts			—				—				—				(343,245	)
Open futures contracts			(227,888	)			417,465				1,174,215				(618,641	)
Forward foreign currency contracts and foreign currency related translations			180				(2,973	)			(48,815	)			(4,205	)
Change in net unrealized appreciation (depreciation)			35,027,534				46,128,596				91,709,188				6,431,403
Net realized and unrealized gain (loss)			39,855,136				65,790,948				75,368,171				15,753,800
Net increase in net assets resulting from operations		$	42,296,574			$	67,146,219			$	102,022,618			$	26,151,176

(a) Non-recurring income represents a refund for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses.

132 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Operations (Continued)

For the Six Months Ended September 30, 2016 (Unaudited)

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund				Mercer Global Low Volatility Equity Fund
Investment Income:
Interest		$	15,570,933			$	12,010			$	23,275
Dividends			—				24,689,680				13,231,740
Securities lending income			93,311				153,644				132,421
Withholding taxes			(119,876	)			(2,716,828	)			(779,877	)
Non-recurring income(a)			10,831				139,526				4,444
Other income			21,750				1,165				—
Total investment income			15,576,949				22,279,197				12,612,003
Expenses:
Advisory fees			1,851,003				4,876,036				3,844,140
Transfer agent fees			11,242				11,411				11,055
Custodian and fund accounting fees			179,767				901,602				179,324
Audit fees			32,489				54,366				30,865
Legal fees			18,894				52,197				43,674
Trustees fees			13,709				37,999				31,758
Registration fees			21,977				24,874				13,065
Interest expense			2,668				10,028				48
Miscellaneous			15,198				38,886				29,368
Total expenses			2,146,947				6,007,399				4,183,297
Reimbursement of expenses			(39,153	)			—				—
Advisory fee refund(a)			10,831				102,772				—
Net expenses			2,118,625				6,110,171				4,183,297
Net investment income			13,458,324				16,169,026				8,428,706
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			(9,755,202	)			(40,116,559	)			17,902,061
Closed futures contracts			566,902				14,421,823				3,354,042
Forward foreign currency contracts and foreign currency related transactions			(7,656,699	)			2,176,335				(1,178,170	)
Net realized gain (loss)			(16,844,999	)			(23,518,401	)			20,077,933
Change in net unrealized appreciation (depreciation) on:
Investments			33,241,842				126,681,502				21,806,801
Open futures contracts			(220,624	)			(4,639,891	)			(524,434	)
Forward foreign currency contracts and foreign currency related translations			3,175,335				400,450				3,989
Change in net unrealized appreciation (depreciation)			36,196,553				122,442,061				21,286,356
Net realized and unrealized gain (loss)			19,351,554				98,923,660				41,364,289
Net increase in net assets resulting from operations		$	32,809,878			$	115,092,686			$	49,792,995

(a) Non-recurring income represents a refund for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses.

See accompanying Notes to the Financial Statements. 133

Mercer Funds

Statements of Changes in Net Assets

	Mercer US Large Cap Equity Fund (formerly known as Mercer US Large Cap Growth Equity Fund)							Mercer US Small/Mid Cap Equity Fund (formerly known as Mercer US Small/Mid Cap Growth Equity Fund)
	Six Months Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016				Six Months Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	2,441,438		$	1,187,529			$	1,355,271		$	(804,412	)
Net realized gain (loss)			4,827,602			24,886,587				19,662,352			7,264,017
Change in net unrealized appreciation (depreciation)			35,027,534			(36,723,410	)			46,128,596			(55,146,208	)
Net increase (decrease) in net assets resulting from operations			42,296,574			(10,649,294	)			67,146,219			(48,686,603	)
Distributions to shareholders from:
Net investment income
Class Y-3			—			(1,544,807	)			—			—
Total distributions from net investment income			—			(1,544,807	)			—			—
Net realized gains
Class Y-3			—			(38,484,951	)			—			(24,352,888	)
Total distributions from net realized gains			—			(38,484,951	)			—			(24,352,888	)
Net share transactions (See Note 7):
Class Y-3			259,578,494			(10,759,407	)			468,056,553			29,572,449
Increase (decrease) in net assets resulting from net shares transactions			259,578,494			(10,759,407	)			468,056,553			29,572,449
Net increase (decrease) in net assets			301,875,068			(61,438,459	)			535,202,772			(43,467,042	)
Net assets:
Beginning of period			301,259,927			362,698,386				427,425,563			470,892,605
End of period		$	603,134,995		$	301,259,927			$	962,628,335		$	427,425,563
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$	2,438,076		$	(3,362	)		$	1,257,568		$	(97,703	)

134 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Non-US Core Equity Fund								Mercer Core Fixed Income Fund
	Six Months Ended September 30, 2016 (Unaudited)				Year Ended March 31, 2016				Six Months  Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	26,654,447			$	32,027,708			$	10,397,376		$	23,898,914
Net realized gain (loss)			(16,341,017	)			(7,197,050	)			9,322,397			1,032,247
Change in net unrealized appreciation (depreciation)			91,709,188				(132,623,438	)			6,431,403			(17,182,435	)
Net increase (decrease) in net assets resulting from operations			102,022,618				(107,792,780	)			26,151,176			7,748,726
Distributions to shareholders from:
Net investment income
Class Y-3			—				(32,290,964	)			—			(24,184,241	)
Total distributions from net investment income			—				(32,290,964	)			—			(24,184,241	)
Net realized gains
Class Y-3			—				(49,778,409	)			—			(8,369,548	)
Total distributions from net realized gains			—				(49,778,409	)			—			(8,369,548	)
Net share transactions (See Note 7):
Class Y-3			80,156,645				58,515,147				97,118,540			(83,968,766	)
Increase (decrease) in net assets resulting from net shares transactions			80,156,645				58,515,147				97,118,540			(83,968,766	)
Net increase (decrease) in net assets			182,179,263				(131,347,006	)			123,269,716			(108,773,829	)
Net assets:
Beginning of period			1,941,634,270				2,072,981,276				783,874,983			892,648,812
End of period		$	2,123,813,533			$	1,941,634,270			$	907,144,699		$	783,874,983
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$	23,511,163			$	(3,143,284	)		$	15,312,587		$	4,915,211

See accompanying Notes to the Financial Statements. 135

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Opportunistic Fixed Income Fund								Mercer Emerging Markets Equity Fund
	Six Months Ended September 30, 2016 (Unaudited)				Year Ended March 31, 2016				Six Months Ended September 30, 2016 (Unaudited)				Year Ended March 31, 2016
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	13,458,324			$	24,954,703			$	16,169,026			$	19,019,703
Net realized gain (loss)			(16,844,999	)			(35,118,225	)			(23,518,401	)			(100,628,113	)
Change in net unrealized appreciation (depreciation)			36,196,553				(14,480,513	)			122,442,061				(43,988,114	)
Net increase (decrease) in net assets resulting from operations			32,809,878				(24,644,035	)			115,092,686				(125,596,524	)
Distributions to shareholders from:
Net investment income
Class Y-3			—				(3,476,394	)			—				(11,714,562	)
Total distributions from net investment income			—				(3,476,394	)			—				(11,714,562	)
Net realized gains
Class Y-3			—				(1,749,711	)			—				—
Total distributions from net realized gains			—				(1,749,711	)			—				—
Net share transactions (See Note 7):
Class Y-3			57,077,700				48,192,685				94,441,632				200,092,196
Increase in net assets resulting from net shares transactions			57,077,700				48,192,685				94,441,632				200,092,196
Net increase in net assets			89,887,578				18,322,545				209,534,318				62,781,110
Net assets:
Beginning of period			414,261,689				395,939,144				1,150,136,353				1,087,355,243
End of period		$	504,149,267			$	414,261,689			$	1,359,670,671			$	1,150,136,353
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$	9,074,059			$	(4,384,265	)		$	21,544,974			$	5,375,948

136 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Global Low Volatility Equity Fund
	Six Months Ended September 30, 2016 (Unaudited)			Year Ended March 31, 2016
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	8,428,706		$	10,558,566
Net realized gain (loss)			20,077,933			13,378,459
Change in net unrealized appreciation (depreciation)			21,286,356			12,025,245
Net increase in net assets resulting from operations			49,792,995			35,962,270
Distributions to shareholders from:
Net investment income
Class Y-3			—			(10,380,943	)
Total distributions from net investment income			—			(10,380,943	)
Net realized gains
Class Y-3			—			(47,787,568	)
Total distributions from net realized gains			—			(47,787,568	)
Net share transactions (See Note 7):
Class Y-3			108,231,794			155,539,826
Increase in net assets resulting from net shares transactions			108,231,794			155,539,826
Net increase in net assets			158,024,789			133,333,585
Net assets:
Beginning of period			952,385,521			819,051,936
End of period		$	1,110,410,310		$	952,385,521
Undistributed net investment income included in net assets at end of period		$	10,138,605		$	1,709,899

See accompanying Notes to the Financial Statements. 137

Mercer US Large Cap Equity Fund (formerly known as Mercer US Large Cap Growth Equity Fund)

Financial Highlights

	Period Ended 09/30/16 (Unaudited)				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	9.34			$	11.11			$	13.16			$	13.56			$	13.27			$	12.19
Net investment income†			0.05	(a)			0.04				0.05				0.07				0.08				0.04
Net realized and unrealized gain (loss) on investments			0.55				(0.43	)			1.63				3.11				0.68				1.06
Total from investment operations			0.60				(0.39	)			1.68				3.18				0.76				1.10
Less dividends and distributions:
From net investment income			—				(0.05	)			(0.04	)			(0.09	)			(0.08	)			(0.02	)
From net realized gain on investments			—				(1.33	)			(3.69	)			(3.49	)			(0.39	)			—
Total dividends and distributions			—				(1.38	)			(3.73	)			(3.58	)			(0.47	)			(0.02	)
Net asset value at end of period		$	9.94			$	9.34			$	11.11			$	13.16			$	13.56			$	13.27
Total investment return			6.42	%**			(4.09	)%			13.63	%(b)			23.99	%(b)			6.03	%(b)			9.08	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			1.09	%(a)*			0.33	%			0.37	%			0.48	%			0.61	%			0.33	%
Net expenses to average daily net assets			0.61	%(d)*			0.63	%(c)			0.60	%(c)			0.57	%			0.57	%			0.57	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.61	%*			0.63	%(c)			0.63	%(c)			0.63	%			0.63	%			0.63	%
Portfolio turnover rate			60	%**			66	%			118	%			50	%			65	%			64	%
Net assets at end of period (in 000’s)		$	603,135			$	301,260			$	362,698			$	358,862			$	465,787			$	465,641

(a) Includes a non-recurring payment for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(c) Includes interest expense that amounts to less than 0.01%.

(d) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is less than 0.01% of average net assets.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

138 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund (formerly known as Mercer US Small/Mid Cap Growth Equity Fund)

Financial Highlights (Continued)

	Period Ended 09/30/16 (Unaudited)				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	10.30			$	12.23			$	12.44			$	11.94			$	11.62			$	12.49
Net investment income†			0.02	(a)			(0.02	)			(0.03	)			(0.02	)			(0.01	)			(0.04	)
Net realized and unrealized gain (loss) on investments			0.76				(1.28	)			1.32				2.63				1.31				0.27
Total from investment operations			0.78				(1.30	)			1.29				2.61				1.30				0.23
Less dividends and distributions:
From net investment income			—				—				—				—				(0.01	)			—
From net realized gain on investments			—				(0.63	)			(1.50	)			(2.11	)			(0.97	)			(1.10	)
Total dividends and distributions			—				(0.63	)			(1.50	)			(2.11	)			(0.98	)			(1.10	)
Net asset value at end of period		$	11.08			$	10.30			$	12.23			$	12.44			$	11.94			$	11.62
Total investment return			7.57	%**			(10.78	)%			11.11	%(b)			22.34	%(b)			12.11	%(b)			3.36	%(b)
Ratios/Supplemental Data:
Net investment income (loss) to average net assets			0.38	%(a)*			(0.18	)%			(0.25	)%			(0.17	)%			(0.05	)%			(0.36	)%
Net expenses to average daily net assets			0.98	%(d)*			0.98	%			0.98	%(c)			0.97	%			0.96	%			0.92	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.97	%*			0.98	%			0.99	%(c)			0.99	%			1.01	%			1.01	%
Portfolio turnover rate			92	%**			68	%			75	%			67	%			54	%			95	%
Net assets at end of period (in 000’s)		$	962,628			$	427,426			$	470,893			$	397,360			$	442,080			$	300,176

(a) Includes a non-recurring payment for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(c) Includes interest expense that amounts to less than 0.01%.

(d) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is less than 0.01% of average net assets.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements. 139

Mercer Non-US Core Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/16 (Unaudited)				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	9.61			$	10.64			$	11.92			$	10.58			$	9.72			$	10.46
Net investment income†			0.13	(a)			0.16				0.19				0.29				0.21				0.25
Net realized and unrealized gain (loss) on investments			0.36				(0.76	)			(0.22	)			1.94				0.90				(0.81	)
Total from investment operations			0.49				(0.60	)			(0.03	)			2.23				1.11				(0.56	)
Less dividends and distributions:
From net investment income			—				(0.17	)			(0.27	)			(0.33	)			(0.25	)			(0.18	)
From net realized gain on investments			—				(0.26	)			(0.98	)			(0.56	)			—				—
Total dividends and distributions			—				(0.43	)			(1.25	)			(0.89	)			(0.25	)			(0.18	)
Net asset value at end of period		$	10.10			$	9.61			$	10.64			$	11.92			$	10.58			$	9.72
Total investment return			5.10	%**			(5.64	)%			0.19	%(b)			21.48	%(b)			11.53	%(b)			(5.15	)%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			2.63	%(a)*			1.60	%			1.72	%			2.52	%			2.17	%			2.57	%
Net expenses to average daily net assets			0.83	%(c)(d)*			0.83	%(c)			0.84	%(c)			0.85	%			0.83	%			0.82	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.81	%(c)*			0.83	%(c)			0.84	%(c)			0.86	%			0.86	%			0.92	%
Portfolio turnover rate			45	%**			109	%			101	%			95	%(e)			90	%			105	%(f)
Net assets at end of period (in 000’s)		$	2,123,814			$	1,941,634			$	2,072,981			$	1,881,476			$	2,138,930			$	1,892,784

(a) Includes a non-recurring payment for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and is 0.01% of average net assets.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(c) Includes interest expense that amounts to less than 0.01%.

(d) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is 0.01% of average net assets.

(e) Portfolio turnover calculation does not include $177,821,966 of securities transferred out of the Fund as part of an in-kind redemption.

(f) Portfolio turnover calculation does not include $9,536,640 of securities transferred into the Fund as part of an in-kind contribution.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

140 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Financial Highlights (Continued)

	Period Ended 09/30/16 (Unaudited)				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Year Ended 03/31/13				Year Ended 03/31/12
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	10.15			$	10.43			$	10.42			$	10.68			$	10.58			$	10.23
Net investment income†			0.13	(a)			0.29				0.28				0.24				0.27				0.33
Net realized and unrealized gain (loss) on investments			0.20				(0.17	)			0.28				(0.19	)			0.37				0.46
Total from investment operations			0.33				0.12				0.56				0.05				0.64				0.79
Less dividends and distributions:
From net investment income			—				(0.30	)			(0.33	)			(0.25	)			(0.31	)			(0.31	)
From net realized gain on investments			—				(0.10	)			(0.22	)			(0.06	)			(0.23	)			(0.13	)
Total dividends and distributions			—				(0.40	)			(0.55	)			(0.31	)			(0.54	)			(0.44	)
Net asset value at end of period		$	10.48			$	10.15			$	10.43			$	10.42			$	10.68			$	10.58
Total investment return			3.25	%**			1.26	%			5.43	%(b)			0.44	%(b)			6.15	%(b)			7.88	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			2.53	%(a)*			2.80	%			2.66	%			2.32	%			2.51	%			3.13	%
Net expenses to average daily net assets			0.43	%(c)(d)*			0.42	%			0.40	%			0.37	%			0.37	%			0.37	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.42	%(c)*			0.42	%			0.42	%			0.43	%			0.43	%			0.44	%
Portfolio turnover rate			89	%**			88	%			192	%			187	%(e)			125	%			181	%
Net assets at end of period (in 000’s)		$	907,145			$	783,875			$	892,649			$	1,076,439			$	1,093,253			$	1,025,624

(a) Includes a non-recurring payment for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(c) Includes interest expense that amounts to less than 0.01%.

(d) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is less than 0.01% of average net assets.

(e) Excludes treasury dollar roll transactions. The Portfolio turnover rate including treasury dollar roll transactions was 251% for the year ended March 31, 2014.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements. 141

Mercer Opportunistic Fixed Income Fund

Financial Highlights (Continued)

	Period Ended 09/30/16 (Unaudited)				Year Ended 03/31/16				Year Ended 03/31/15				Period  Ended 03/31/14(a)
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	8.44			$	9.13			$	10.43			$	10.00
Net investment income†			0.26	(b)			0.54				0.56				0.34
Net realized and unrealized gain (loss) on investments			0.37				(1.12	)			(1.32	)			0.35
Total from investment operations			0.63				(0.58	)			(0.76	)			0.69
Less dividends and distributions:
From net investment income			—				(0.07	)			(0.47	)			(0.22	)
From net realized gain on investments			—				(0.04	)			(0.07	)			(0.04	)
Total dividends and distributions			—				(0.11	)			(0.54	)			(0.26	)
Net asset value at end of period		$	9.07			$	8.44			$	9.13			$	10.43
Total investment return(c)			7.46	%**			(6.25	)%			(7.36	)%			7.00	%**
Ratios/Supplemental Data:
Net investment income to average net assets			5.82	%(b)*			6.28	%			5.55	%			5.52	%*
Net expenses to average daily net assets			0.91	%(d)(e)*			0.90	%(d)			0.90	%(d)			0.90	%*
Total expenses (before reductions and reimbursements) to average daily net assets			0.93	%(d)*			0.95	%(d)			0.97	%(d)			1.17	%*
Portfolio turnover rate			28	%**			53	%			58	%			28	%**
Net assets at end of period (in 000’s)		$	504,149			$	414,262			$	395,939			$	260,581

(a) The Fund commenced operations on August 21, 2013.

(b) Includes a non-recurring payment for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(c) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(d) Includes interest expense that amounts to less than 0.01%.

(e) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is less than 0.01% of average net assets.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

142 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/16 (Unaudited)				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Period  Ended 03/31/13(a)
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	8.59			$	9.88			$	9.99			$	10.49			$	10.00
Net investment income†			0.11	(b)			0.16				0.17				0.18				0.10
Net realized and unrealized gain (loss) on investments			0.68				(1.36	)			(0.09	)			(0.46	)			0.46
Total from investment operations			0.79				(1.20	)			0.08				(0.28	)			0.56
Less dividends and distributions:
From net investment income			—				(0.09	)			(0.19	)			(0.19	)			(0.06	)
From net realized gain on investments			—				—				—				(0.03	)			(0.01	)
Total dividends and distributions			—				(0.09	)			(0.19	)			(0.22	)			(0.07	)
Net asset value at end of period		$	9.38			$	8.59			$	9.88			$	9.99			$	10.49
Total investment return			9.20	%**			(12.06	)%			0.81	%(c)			(2.61	)%(c)			5.64	%(c)**
Ratios/Supplemental Data:
Net investment income to average net assets			2.60	%(b)*			1.79	%			1.66	%			1.77	%			1.08	%*
Net expenses to average daily net assets			0.98	%(d)(e)*			1.00	%(d)			0.98	%(d)			0.95	%(d)			0.95	%(d)*
Total expenses (before reductions and reimbursements) to average daily net assets			0.97	%(d)*			1.00	%(d)			1.00	%(d)			1.04	%(d)			1.15	%(d)*
Portfolio turnover rate			53	%**			66	%			46	%			64	%			52	%**
Net assets at end of period (in 000’s)		$	1,359,671			$	1,150,136			$	1,087,355			$	862,923			$	517,085

(a) The Portfolio commenced operations on May 1, 2012.

(b) Includes a non-recurring payment for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(c) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(d) Includes interest expense that amounts to less than 0.01%.

(e) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is 0.01% of average net assets.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements. 143

Mercer Global Low Volatility Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/16 (Unaudited)				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Period Ended 03/31/13(a)
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	11.81			$	12.11			$	12.27			$	11.19			$	10.00
Net investment income†			0.10	(b)			0.15				0.15				0.14				0.07
Net realized and unrealized gain on investments			0.47				0.33				0.54				1.45				1.14
Total from investment operations			0.57				0.48				0.69				1.59				1.21
Less dividends and distributions:
From net investment income			—				(0.14	)			(0.19	)			(0.16	)			(0.02	)
From net realized gain on investments			—				(0.64	)			(0.66	)			(0.35	)			—
Total dividends and distributions			—				(0.78	)			(0.85	)			(0.51	)			(0.02	)
Net asset value at end of period		$	12.38			$	11.81			$	12.11			$	12.27			$	11.19
Total investment return			4.83	%**			4.13	%			5.80	%(c)			14.40	%(c)			12.13	%(c)**
Ratios/Supplemental Data:
Net investment income to average net assets			1.63	%(b)*			1.23	%			1.25	%			1.20	%			1.62	%*
Net expenses to average daily net assets			0.81	%(d)*			0.82	%(d)			0.85	%(d)			0.85	%			0.85	%*
Total expenses (before reductions and reimbursements/recapture) to average daily net assets			0.81	%(d)*			0.82	%(d)			0.84	%(d)			0.84	%			1.00	%*
Portfolio turnover rate			33	%**			31	%			84	%			46	%			12	%**
Net assets at end of period (in 000’s)		$	1,110,410			$	952,386			$	819,052			$	742,641			$	301,230

(a) The Fund commenced operations on November 6, 2012.

(b) Includes a non-recurring payment for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(c) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(d) Includes interest expense that amounts to less than 0.01%.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

144 See accompanying Notes to the Financial Statements.

Mercer Funds

Notes to the Financial Statements

September 30, 2016 (Unaudited)

1. Organization

Mercer Funds (the “Trust”) consists of the following seven series: Mercer US Large Cap Equity Fund (“Large Cap”) (formerly Mercer US Large Cap Growth Equity Fund), Mercer US Small/Mid Cap Equity Fund (“Small/Mid Cap”) (formerly Mercer US Small/Mid Cap Growth Equity Fund), Mercer Non-US Core Equity Fund (“Non-US Core Equity”), Mercer Core Fixed Income Fund (“Core Fixed”), Mercer Opportunistic Fixed Income Fund (“Opportunistic Fixed”), Mercer Emerging Markets Equity Fund (“Emerging Markets”) and Mercer Global Low Volatility Equity Fund (“Global Low Volatility”) (each a “Fund,” and collectively referred to as the “Funds”). The Trust is a Delaware statutory trust established on March 11, 2005. The Trust is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”). The Funds’ investment advisor is Mercer Investment Management, Inc. (the “Advisor”). The Advisor manages each Fund using a “manager of managers” approach by selecting one or more subadvisors (each a “Subadvisor,” and collectively referred to as the “Subadvisors”) to manage each Fund’s assets. The Funds are investment companies and accordingly follow the 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”, with the exception of Opportunistic Fixed. Opportunistic Fixed is classified as “non-diversified” under the 1940 Act, as amended, and may invest a larger percentage of its assets in fewer issuers than diversified funds.

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: Class S, Class Y-1, Class Y-2 and Class Y-3. The principal difference between the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. As of September 30, 2016, only the Class Y-3 shares of each Fund had commenced operations.

2. Significant Accounting Policies

The following are significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

(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 listed on an exchange normally are valued at the last sale

145

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

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

Certain fixed-income securities may be valued based upon appraisals received from an independent pricing service using a computerized matrix system or based upon appraisals derived from information concerning the securities or similar securities received from a recognized dealer or dealers in those securities. It should be recognized that judgment often plays a greater role in valuing thinly traded securities, as well as bonds and other securities with few dealer quotations, than is the case with respect to securities for which a broader range of dealer quotations and last-sale information is available. Each such determination is based on consideration of relevant factors, and judgment is made by or at the direction of the Board. Each Fund values its investments for which market quotations are readily available at market value. Each Fund may value short-term investments that will mature within 60 days or less by using pricing service quotations or at amortized cost, provided that such amortized cost approximates market value.

Derivative financial instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Futures traded on inactive markets are valued using broker quotations. OTC derivative financial instruments, such as foreign currency contracts, options contracts, synthetic futures, or swaps agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of an independent pricing service providers or broker dealer quotations. Depending on the derivative type and the terms of the derivative, the value of the derivative financial instruments is assigned by independent pricing service providers using a series of techniques, which may include pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, volatilities, dividends and exchange rates.

Senior secured floating rate loans and senior secured floating rate debt securities are valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, yield curves, prepayment speeds, tranche type, industry, company performance, spread, individual trading characteristics, institutional size trading in similar groups of securities and other market data.

The Board has delegated its responsibility for valuing portfolio securities to the Advisor, subject to continuing Board oversight. The Advisor has appointed a Valuation Committee that is responsible for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Advisor or the applicable Subadvisor) do not otherwise accurately reflect the fair values of the securities, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board.

The application of fair value pricing represents a good faith determination based on specific procedures performed under the supervision of the Board. Due to the subjective nature of fair value pricing, there can be no assurance that a 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. A Fund’s value for a particular security may be different from the last quoted market price.

146

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

In May 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-07 “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent)” (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which the fair value is measured using the net asset value per share practical expedient. ASU 2015-07 is effective for public entities for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years, with early adoption permitted. Management has elected to early adopt the disclosure requirements prescribed by ASU 2015-07. At September 30, 2016, the Funds did not hold any investments valued at NAV as practical expedient, as such, there was no impact to the Funds’ financial statement disclosures.

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.

The assets and liabilities shown in the Statements of Assets and Liabilities related to investments purchased for “to-be-announced” (“TBA”) or when-issued securities approximate fair value and are determined using Level 2 inputs, as of September 30, 2016. The assets and liabilities shown in the Statements of Assets and Liabilities related to cash collateral held at broker for futures contracts are determined using Level 1 inputs as of September 30, 2016.

At September 30, 2016, 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 whose value was determined using Level 1 inputs and short-term investment positions in a Euro Time Deposit, State Street Institutional U.S. Government Money Market Fund, Premier Class and a United States Treasury Bill, as shown in the schedule of investments, whose value was determined using Level 2 inputs.

The following is a summary of the inputs used as of September 30, 2016 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	$	89,566,965	$	0	*	$	—	$	89,566,965
Austria		17,742,244		—			—		17,742,244
Belgium		12,400,650		—			—		12,400,650
Bermuda		3,993,735		—			—		3,993,735
Brazil		6,628,565		—			—		6,628,565
Canada		29,580,137		—			—		29,580,137
Cayman Islands		42,220,770		—			—		42,220,770
China		2,720,716		—			—		2,720,716

147

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Denmark	$	30,583,675	$	—	$	—		$	30,583,675
Faroe Islands		716,142		—		—			716,142
Finland		24,701,813		—		—			24,701,813
France		163,263,737		—		—			163,263,737
Germany		202,233,357		—		—			202,233,357
Gibraltar		345,145		—		—			345,145
Hong Kong		26,202,157		—		—			26,202,157
Hungary		3,175,842		—		—			3,175,842
India		13,607,994		—		—			13,607,994
Indonesia		9,141,541		—		—			9,141,541
Ireland		17,584,741		—		—			17,584,741
Isle Of Man		2,371,043		—		—			2,371,043
Israel		5,145,793		—		—			5,145,793
Italy		18,983,332		—		—			18,983,332
Japan		374,283,695		1,383,885		—			375,667,580
Luxembourg		6,172,608		—		—			6,172,608
Malaysia		2,588,903		—		—			2,588,903
Malta		1,798,994		—		—			1,798,994
Mauritius		690,863		—		—			690,863
Mexico		8,988,977		—		—			8,988,977
Netherlands		76,680,331		—		—			76,680,331
New Zealand		14,808,608		—		—			14,808,608
Norway		17,369,962		—		—			17,369,962
Philippines		695,971		—		—			695,971
Poland		1,123,752		—		—			1,123,752
Portugal		12,861,695		—		0	**		12,861,695
Russia		3,424,460		—		—			3,424,460
Singapore		5,050,801		—		—			5,050,801
South Africa		1,312,870		—		—			1,312,870
South Korea		7,367,069		—		—			7,367,069
Spain		32,163,260		—		0	**		32,163,260
Sweden		53,841,391		—		—			53,841,391
Switzerland		173,961,275		—		—			173,961,275
Taiwan		12,307,771		—		—			12,307,771
Thailand		2,373,663		—		—			2,373,663
Turkey		858,055		—		—			858,055
United Kingdom		382,933,925		—		—			382,933,925
United States		49,988,839		—		—			49,988,839
Total Common Stocks		1,966,557,832		1,383,885		0			1,967,941,717
Investment Companies
United States		19,916,580		—		—			19,916,580
Total Investment Companies		19,916,580		—		—			19,916,580
Preferred Stocks
Brazil		2,054,574		—		—			2,054,574
Germany		18,414,517		—		—			18,414,517
Total Preferred Stocks		20,469,091		—		—			20,469,091

148

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short-Term Investments
Bank Deposits	$	—	$	93,641,469	$	—	$	93,641,469
Securities Lending Collateral		—		76,904,418		—		76,904,418
U.S. Government and Agency Obligations		—		4,698,273		—		4,698,273
Total Short-Term Investments		—		175,244,160		—		175,244,160
Futures Contracts†
Buys		975,270		—		—		975,270
Total Futures Contracts		975,270		—		—		975,270
Total	$	2,007,918,773	$	176,628,045	$	0	$	2,184,546,818

* Represents one or more Level 2 securities at $0 value as of September 30, 2016.

** Represents one or more Level 3 securities at $0 value as of September 30, 2016.

† Futures contracts are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

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	$	—	$	108,861,318	$	—		$	108,861,318
Corporate Debt		—		337,328,239		0	**		337,328,239
Mortgage Backed Securities - Private Issuers		—		86,904,918		—			86,904,918
Mortgage Backed Securities - U.S. Government Agency Obligations		—		235,827,582		—			235,827,582
Municipal Obligations		—		10,333,786		—			10,333,786
Sovereign Debt Obligations		—		7,959,219		—			7,959,219
U.S. Government and Agency Obligations		—		103,370,524		—			103,370,524
Total Debt Obligations		—		890,585,586		0			890,585,586
Short-Term Investments
Bank Deposits		—		49,802,736		—			49,802,736
Securities Lending Collateral		—		10,823,428		—			10,823,428
U.S. Government and Agency Obligations		—		9,145,470		—			9,145,470
Total Short-Term Investments		—		69,771,634		—			69,771,634

149

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (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†
Buys	$	70,946	$	—	$	—	$	70,946
Sales		49,792		—		—		49,792
Total Futures Contracts		120,738		—		—		120,738
Swaps
Centrally Cleared Interest Rate Swaps†		—		34,112		—		34,112
Centrally Cleared Credit Default Swaps†		—		90,830		—		90,830
Total Swaps		—		124,942		—		124,942
Total	$	120,738	$	960,482,162	$	0	$	960,602,900

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	$	—		$	(1,555,565	)	$	—	$	(1,555,565	)
Futures Contracts†
Buys		(358,947	)		—			—		(358,947	)
Total Futures Contracts		(358,947	)		—			—		(358,947	)
Swaps
Centrally Cleared Interest Rate Swaps†		—			(1,165,331	)		—		(1,165,331	)
Total Swaps		—			(1,165,331	)		—		(1,165,331	)
Total	$	(358,947	)	$	(2,720,896	)	$	—	$	(3,079,843	)

** Represents one or more Level 3 securities at $0 value as of September 30, 2016.

† Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

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
Corporate Debt	$	—	$	259,029,242	$	—	$	259,029,242
Sovereign Debt Obligations		—		225,758,318		—		225,758,318
Total Debt Obligations		—		484,787,560		—		484,787,560

150

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

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
Oil & Gas	$	691,653	$	44,091	$	—	$	735,744
Total Common Stocks		691,653		44,091		—		735,744
Warrants
Oil & Gas		8,004		—		—		8,004
Total Warrants		8,004		—		—		8,004
Short-Term Investments
Bank Deposits		—		18,592,078		—		18,592,078
Securities Lending Collateral		—		21,274,140		—		21,274,140
Total Short-Term Investments		—		39,866,218		—		39,866,218
Forward Foreign Currency Contracts†
Buys		—		1,728,689		—		1,728,689
Sales		—		606,288		—		606,288
Total Forward Foreign Currency Contracts		—		2,334,977		—		2,334,977
Futures Contracts†
Buys		76,576		—		—		76,576
Total Futures Contracts		76,576		—		—		76,576
Total	$	776,233	$	527,032,846	$	—	$	527,809,079

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†
Buys	$	—		$	(312,588	)	$	—	$	(312,588	)
Sales		—			(1,064,944	)		—		(1,064,944	)
Cross-Currency Forwards		—			(6,284	)		—		(6,284	)
Total Forward Foreign Currency Contracts		—			(1,383,816	)		—		(1,383,816	)
Futures Contracts†
Sales		(123	)		—			—		(123	)
Total Futures Contracts		(123	)		—			—		(123	)
Total	$	(123	)	$	(1,383,816	)	$	—	$	(1,383,939	)

† Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

151

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (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
Austria	$	532,557	$	—	$	—	$	532,557
Bermuda		16,407,834		—		—		16,407,834
Brazil		67,417,246		—		—		67,417,246
Cayman Islands		136,578,642		—		—		136,578,642
Chile		10,394,148		—		—		10,394,148
China		127,675,279		—		—		127,675,279
Colombia		2,929,310		—		—		2,929,310
Czech Republic		1,397,042		—		—		1,397,042
Denmark		2,202,765		—		—		2,202,765
France		2,050,169		—		—		2,050,169
Hong Kong		55,055,887		—		—		55,055,887
Hungary		10,896,048		—		—		10,896,048
India		121,198,611		—		—		121,198,611
Indonesia		38,800,814		—		—		38,800,814
Japan		3,357,841		—		—		3,357,841
Luxembourg		2,126,322		—		—		2,126,322
Malaysia		17,879,701		—		—		17,879,701
Mexico		45,037,463		—		—		45,037,463
Netherlands		5,908,392		—		—		5,908,392
Philippines		7,290,080		—		—		7,290,080
Poland		6,312,681		—		—		6,312,681
Qatar		6,042,342		—		—		6,042,342
Romania		443,627		—		—		443,627
Russia		27,490,486		—		—		27,490,486
Singapore		5,623,016		—		—		5,623,016
South Africa		68,306,508		—		—		68,306,508
South Korea		166,690,450		—		—		166,690,450
Sweden		908,454		—		—		908,454
Switzerland		7,367,090		—		—		7,367,090
Taiwan		149,406,483		—		—		149,406,483
Thailand		19,215,953		18,346,441		—		37,562,394
Turkey		17,133,037		—		—		17,133,037
United Arab Emirates		13,885,176		—		—		13,885,176
United Kingdom		19,477,886		—		—		19,477,886
United States		18,813,385		—		—		18,813,385
Total Common Stocks		1,202,252,725		18,346,441		—		1,220,599,166
Preferred Stocks
Brazil		27,404,578		—		—		27,404,578
Colombia		798,725		—		—		798,725
Germany		1,475,244		—		—		1,475,244
Total Preferred Stocks		29,678,547		—		—		29,678,547

152

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short-Term Investments
Bank Deposits	$	—	$	96,915,697	$	—	$	96,915,697
Investment Fund		—		6,342,035		—		6,342,035
Securities Lending Collateral		—		19,351,259		—		19,351,259
U.S. Government and Agency Obligations		—		3,398,750		—		3,398,750
Total Short-Term Investments		—		126,007,741		—		126,007,741
Forward Foreign Currency Contracts†
Buys		—		1,907,158		—		1,907,158
Sales		—		1,030,978		—		1,030,978
Total Forward Foreign Currency Contracts		—		2,938,136		—		2,938,136
Futures Contracts†
Buys		27,201		—		—		27,201
Sales		481,752		—		—		481,752
Total Futures Contracts		508,953		—		—		508,953
Synthetic Futures		—		91,481		—		91,481
Total	$	1,232,440,225	$	147,383,799	$	—	$	1,379,824,024

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†
Buys	$	—		$	(140,701	)	$	—	$	(140,701	)
Sales		—			(789,067	)		—		(789,067	)
Total Forward Foreign Currency Contracts		—			(929,768	)		—		(929,768	)
Futures Contracts†
Buys		(800,356	)		—			—		(800,356	)
Sales		(4,634	)		—			—		(4,634	)
Total Futures Contracts		(804,990	)		—			—		(804,990	)
Synthetic Futures		—			(638,186	)		—		(638,186	)
Total	$	(804,990	)	$	(1,567,954	)	$	—	$	(2,372,944	)

† Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

153

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Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

Global Low Volatility

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	14,330,025	$	—	$	—	$	14,330,025
Austria		21,086,936		—		—		21,086,936
Belgium		3,834,496		—		—		3,834,496
Bermuda		14,379,854		—		—		14,379,854
Canada		45,349,102		—		—		45,349,102
Denmark		209,859		—		—		209,859
Faroe Islands		484,707		—		—		484,707
Finland		139,557		—		—		139,557
France		12,155,596		—		—		12,155,596
Germany		13,926,384		—		—		13,926,384
Hong Kong		5,067,450		—		—		5,067,450
Ireland		7,678,095		—		—		7,678,095
Israel		6,246,890		—		—		6,246,890
Italy		4,541,097		—		—		4,541,097
Japan		38,478,499		—		—		38,478,499
Luxembourg		873,537		—		—		873,537
Netherlands		10,127,494		—		—		10,127,494
New Zealand		25,368,580		—		—		25,368,580
Norway		17,699,273		—		—		17,699,273
Panama		317,330		—		—		317,330
Portugal		2,054,951		—		—		2,054,951
Singapore		4,970,262		—		—		4,970,262
Spain		11,604,245		—		—		11,604,245
Sweden		11,563,571		—		—		11,563,571
Switzerland		38,339,838		—		—		38,339,838
United Kingdom		82,769,518		5,363		—		82,774,881
United States		584,865,435		—		—		584,865,435
Total Common Stocks		978,462,581		5,363		—		978,467,944
Preferred Stocks
Germany		3,535,475		—		—		3,535,475
Japan		452,572		—		—		452,572
Sweden		146,914		—		—		146,914
Total Preferred Stocks		4,134,961		—		—		4,134,961
Short-Term Investments
Bank Deposits		—		123,293,853		—		123,293,853
Securities Lending Collateral		—		5,711,119		—		5,711,119
U.S. Government and Agency Obligations		—		1,599,931		—		1,599,931
Total Short-Term Investments		—		130,604,903		—		130,604,903

154

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Notes to the Financial Statements (Continued)

September 30, 2016 (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†
Buys	$	172,917	$	—	$	—	$	172,917
Total Futures Contracts		172,917		—		—		172,917
Total	$	982,770,459	$	130,610,266	$	—	$	1,113,380,725

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	(38,779	)	$	—	$	—	$	(38,779	)
Total Futures Contracts		(38,779	)		—		—		(38,779	)
Total	$	(38,779	)	$	—	$	—	$	(38,779	)

† Futures contracts are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

The following tables show transfers between Level 1 and Level 2 of the fair value hierarchy:

Non-US Core Equity

	Transfers In					Transfers Out
	Level 1 — Quoted Prices		Level 2 —  Other Significant Observable Inputs			Level 1 — Quoted Prices			Level 2 —  Other Significant Observable Inputs
Common Stocks	$	—	$	1,383,885	*	$	1,383,885	*	$	—

Global Low Volatility

	Transfers In					Transfers Out
	Level 1 — Quoted Prices			Level 2 —  Other Significant Observable Inputs		Level 1 — Quoted Prices		Level 2 —  Other Significant Observable Inputs
Common Stocks	$	65,916	**	$	—	$	—	$	65,916	**

* Transfers occurred between Level 1 and Level 2 as a result of securities not receiving an exchange traded price.

** Transfers occurred between Level 1 and Level 2 as a result of securities receiving an exchange traded price.

For financial statement reporting purposes, the Funds recognize transfers between Levels as of the end of the reporting period.

155

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Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

The following tables include a rollforward of the amounts for the period ended September 30, 2016 for financial instruments classified as Level 3:

Non-US Core Equity

Investments in Securities	Balance as of March 31, 2016				Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Transfers In (Out) of Level 3			Purchases			Balance as of September 30, 2016				Change in Unrealized Appreciation (Depreciation) from Investments Held at September 30, 2016
COMMON STOCKS
Portugal		$	0	^		$	—		$	—		$	—		$	—		$	0	^^		$	—
Spain			0	^			—			—			—			—			0	^^			—
Total		$	0	^		$	—		$	—		$	—		$	—		$	0	^^		$	—

^ Represents one security at $0 value as of March 31, 2016.

^^ Represents one security at $0 value as of September 30, 2016.

Core Fixed

Investments in Securities	Balance as of March 31, 2016				Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Transfers In (Out) of Level 3			Purchases/ Sales			Balance as of September 30, 2016				Change in Unrealized Appreciation (Depreciation) from Investments Held at September 30, 2016
DEBT OBLIGATIONS
Corporate Debt		$	0	^		$	—		$	—		$	—		$	—		$	0	^^		$	—
Total		$	0	^		$	—		$	—		$	—		$	—		$	0	^^		$	—

^ Represents one security at $0 value as of March 31, 2016.

^^ Represents one security at $0 value as of September 30, 2016.

Investments in Derivative Instruments

Non-US Core Equity, Emerging Markets and Global Low Volatility held rights during the period as a result of corporate actions. Small/Mid Cap, Opportunistic Fixed and Global Low Volatility held warrants during the period as a result of corporate actions.

At September 30, 2016 and during the period then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

Large Cap

ASSET DERIVATIVES

	Equity Risk		Total
Futures Contracts(3)	$	56,738	$	56,738
Total Value	$	56,738	$	56,738

156

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Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

NET REALIZED GAIN (LOSS)

	Equity Risk		Total
Futures Contracts(7)	$	1,226,765	$	1,226,765
Total Realized Gain (Loss)	$	1,226,765	$	1,226,765

CHANGE IN APPRECIATION (DEPRECIATION)

	Equity Risk			Total
Futures Contracts(11)	$	(227,888	)	$	(227,888	)
Total Change in Appreciation (Depreciation)	$	(227,888	)	$	(227,888	)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹³⁾

	Equity Risk		Total
Futures Contracts		122		122

Small/Mid Cap

ASSET DERIVATIVES

	Equity Risk		Total
Futures Contracts(3)	$	675,122	$	675,122
Total Value	$	675,122	$	675,122

NET REALIZED GAIN (LOSS)

	Equity Risk		Total
Warrants(5)	$	0	$	0
Futures Contracts(7)		3,277,589		3,277,589
Total Realized Gain (Loss)	$	3,277,589	$	3,277,589

CHANGE IN APPRECIATION (DEPRECIATION)

	Equity Risk		Total
Futures Contracts(11)	$	417,465	$	417,465
Total Change in Appreciation (Depreciation)	$	417,465	$	417,465

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹³⁾

	Equity Risk		Total
Warrants		27,862		27,862
Futures Contracts		173		173

157

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Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

Non-US Core Equity

ASSET DERIVATIVES

	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(3)	$	—	$	975,270	$	975,270
Total Value	$	—	$	975,270	$	975,270

NET REALIZED GAIN (LOSS)

	Foreign Currency Risk		Equity Risk		Total
Rights(5)	$	—	$	8,689	$	8,689
Futures Contracts(7)		—		4,007,780		4,007,780
Forward Foreign Currency Contracts(6)		40,877		—		40,877
Total Realized Gain (Loss)	$	40,877	$	4,016,469	$	4,057,346

CHANGE IN APPRECIATION (DEPRECIATION)

	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(11)	$	—	$	1,174,215	$	1,174,215
Total Change in Appreciation (Depreciation)	$	—	$	1,174,215	$	1,174,215

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹³⁾

	Foreign Currency Risk		Equity Risk		Total
Rights		—		262,401		262,401
Futures Contracts		—		1,005		1,005
Forward Foreign Currency Contracts		196,380		—		196,380

Opportunistic Fixed

ASSET DERIVATIVES

	Foreign Currency Risk		Interest Rate Risk		Equity Risk		Total
Warrants(1)	$	—	$	—	$	8,004	$	8,004
Futures Contracts(3)		—		76,576		—		76,576
Forward Foreign Currency Contracts(2)		2,334,977		—		—		2,334,977
Total Value	$	2,334,977	$	76,576	$	8,004	$	2,419,557

LIABILITY DERIVATIVES

	Foreign Currency Risk			Interest Rate Risk			Equity Risk		Total
Futures Contracts(3)	$	—		$	(123	)	$	—	$	(123	)
Forward Foreign Currency Contracts(4)†		(1,383,816	)		—			—		(1,383,816	)
Total Value	$	(1,383,816	)	$	(123	)	$	—	$	(1,383,939	)

158

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Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

NET REALIZED GAIN (LOSS)

	Foreign Currency Risk			Interest Rate Risk		Equity Risk		Total
Futures Contracts(7)	$	—		$	566,902	$	—	$	566,902
Forward Foreign Currency Contracts(6)†		(2,936,214	)		—		—		(2,936,214	)
Total Realized Gain (Loss)	$	(2,936,214	)	$	566,902	$	—	$	(2,369,312	)

CHANGE IN APPRECIATION (DEPRECIATION)

	Foreign Currency Risk		Interest Rate Risk			Equity Risk		Total
Warrants(9)	$	—	$	—		$	8,004	$	8,004
Futures Contracts(11)		—		(220,624	)		—		(220,624	)
Forward Foreign Currency Contracts(10)†		3,703,217		—			—		3,703,217
Total Change in Appreciation (Depreciation)	$	3,703,217	$	(220,624	)	$	8,004	$	3,490,597

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹³⁾

	Foreign Currency Risk			Interest Rate Risk		Equity Risk		Total
Warrants		—			—		3,495		3,495
Futures Contracts		—			1,998		—		1,998
Forward Foreign Currency Contracts†		(11,950,674	)		—		—		(11,950,674	)

Core Fixed

ASSET DERIVATIVES

	Credit Risk			Interest Rate Risk			Total
Futures Contracts(3)	$	—		$	120,738		$	120,738
Centrally Cleared Swap Contracts		90,830	**		34,112	**		124,942
Total Value	$	90,830		$	154,850		$	245,680

LIABILITY DERIVATIVES

	Credit Risk		Interest Rate Risk			Total
Futures Contracts(3)	$	—	$	(358,947	)	$	(358,947	)
Centrally Cleared Swap Contracts		—		(1,165,331	)**		(1,165,331	)
Total Value	$	—	$	(1,524,278	)	$	(1,524,278	)

NET REALIZED GAIN (LOSS)

	Credit Risk			Interest Rate Risk			Total
Swaps Contracts(8)	$	(86,889	)	$	(140,619	)	$	(227,508	)
Futures Contracts(7)		—			1,977,788			1,977,788
Total Realized Gain (Loss)	$	(86,889	)	$	1,837,169		$	1,750,280

159

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

CHANGE IN APPRECIATION (DEPRECIATION)

	Credit Risk			Interest Rate Risk			Total
Swaps Contracts(12)	$	(131,503	)	$	(211,742	)	$	(343,245	)
Futures Contracts(11)		—			(618,641	)		(618,641	)
Total Change in Appreciation (Depreciation)	$	(131,503	)	$	(830,383	)	$	(961,886	)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹³⁾

	Credit Risk		Interest Rate Risk		Total
Swaps Contracts		17,000,000		34,180,875		51,180,875
Futures Contracts		—		674		674

Emerging Markets

ASSET DERIVATIVES

	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(3)††	$	—	$	600,434	$	600,434
Forward Foreign Currency Contracts(2)		2,938,136		—		2,938,136
Total Value	$	2,938,136	$	600,434	$	3,538,570

LIABILITY DERIVATIVES

	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(3)††	$	—		$	(1,443,176	)	$	(1,443,176	)
Forward Foreign Currency Contracts(4)		(929,768	)		—			(929,768	)
Total Value	$	(929,768	)	$	(1,443,176	)	$	(2,372,944	)

NET REALIZED GAIN (LOSS)

	Foreign Currency Risk			Equity Risk		Total
Rights(5)	$	—		$	84,501	$	84,501
Warrants(5)		—			188,452		188,452
Futures Contracts(7)††		—			14,421,823		14,421,823
Forward Foreign Currency Contracts(6)		(814,843	)		—		(814,843	)
Total Realized Gain (Loss)	$	(814,843	)	$	14,694,776	$	13,879,933

CHANGE IN APPRECIATION (DEPRECIATION)

	Foreign Currency Risk		Equity Risk			Total
Futures Contracts(11)††	$	—	$	(4,639,891	)	$	(4,639,891	)
Forward Foreign Currency Contracts(10)		1,702,761		—			1,702,761
Total Change in Appreciation (Depreciation)	$	1,702,761	$	(4,639,891	)	$	(2,937,130	)

160

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹³⁾

	Foreign Currency Risk		Equity Risk		Total
Rights		—		349,360		349,360
Warrants		—		834,500		834,500
Futures Contracts††		—		106,135,457		106,135,457
Forward Foreign Currency Contracts		30,170,185		—		30,170,185

Global Low Volatility

ASSET DERIVATIVES

	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(3)	$	6,210	$	166,707	$	172,917
Total Value	$	6,210	$	166,707	$	172,917

LIABILITY DERIVATIVES

	Foreign Currency Risk		Equity Risk			Total
Futures Contracts(3)	$	—	$	(38,779	)	$	(38,779	)
Total Value	$	—	$	(38,779	)	$	(38,779	)

NET REALIZED GAIN (LOSS)

	Foreign Currency Risk			Equity Risk		Total
Rights(5)	$	—		$	742,469	$	742,469
Warrants(5)		—			33,648		33,648
Futures Contracts(7)		21,856			3,332,186		3,354,042
Forward Foreign Currency Contracts(6)		(137,405	)		—		(137,405	)
Total Realized Gain (Loss)	$	(115,549	)	$	4,108,303	$	3,992,754

CHANGE IN APPRECIATION (DEPRECIATION)

	Foreign Currency Risk			Equity Risk			Total
Rights(9)	$	—		$	(77	)	$	(77	)
Warrants(9)		—			(21,204	)		(21,204	)
Futures Contracts(11)		(37,174	)		(487,260	)		(524,434	)
Forward Foreign Currency Contracts(10)		46,188			—			46,188
Total Change in Appreciation (Depreciation)	$	9,014		$	(508,541	)	$	(499,527	)

161

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Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS⁽¹³⁾

	Foreign Currency Risk			Equity Risk		Total
Rights		—			3,001,196		3,001,196
Warrants		—			14,269		14,269
Futures Contracts		18			436		454
Forward Foreign Currency Contracts		(5,400,033	)		—		(5,400,033	)

** Centrally Cleared Swaps are valued at unrealized appreciation/depreciation on the Schedule of Investments. Only current day’s variation margin, if any, is reported on the Statement of Assets and Liabilities.

† Includes Cross Currency Foreign Currency Contracts.

†† Includes Synthetic Futures.

⁽¹⁾ Statements of Assets and Liabilities location: Investments, at value.

⁽²⁾ Statements of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.

⁽³⁾ Cumulative appreciation (depreciation) on futures contracts is disclosed within the Schedule of Investments under the open “Futures Contracts” section. Only current day’s variation margin, if any, are reported within the Statements of Assets and Liabilities. Synthetic futures are presented as Synthetic futures, at value within the Statements of Assets and Liabilities.

⁽⁴⁾ Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

⁽⁵⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Investments.

⁽⁶⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Forward foreign currency contracts and foreign currency related transactions.

⁽⁷⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Closed futures contracts.

⁽⁸⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Swap contracts.

⁽⁹⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Investments.

⁽¹⁰⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Forward foreign currency contracts and foreign currency related transactions.

⁽¹¹⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Open futures contracts.

⁽¹²⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Swap contracts.

⁽¹³⁾ Amounts disclosed represent average number of contracts, notional amounts, or shares outstanding for the time period that the Fund held such derivatives during the period ended September 30, 2016.

The Funds follow FASB ASC 815-10-50 “Disclosures about Credit Derivatives and Certain Guarantees”. This applies to written credit derivatives, hybrid instruments with embedded credit derivatives (for example, credit-linked notes), and certain guarantees.

The following is a summary of open centrally cleared credit default swap positions held by Core Fixed at September 30, 2016:

Notional Amount*

Currency

Expiration Date

Buy/Sell Protection

Receive (Pay) Fixed Rate

Deliverable on Default

Unrealized Appreciation (Depreciation)

Value

$

17,000,000

USD

06/20/20

Buy

(1.00

%)

CDX.IG.24 CG24

$

90,830

$(224,101)

* 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.

162

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2016 (Unaudited)

Netting Agreements and Collateral Requirements

In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with certain collateral held and/or posted and create a net payment. The provisions of the ISDA Master Agreement typically permit a net payment in the event of default including the bankruptcy or insolvency of the counterparty. Absent an event of default by the counterparty or termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Funds fail to meet the terms of their ISDA Master Agreements, which would cause the Funds to accelerate payment of any net liability owed to the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash collateral held at broker or cash collateral due to broker, respectively. Non-cash collateral pledged by or received by the Funds, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required, which is determined each day at the close of business of the Funds, typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement and any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

The Funds are required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowings transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. The Funds’ derivative assets and liabilities at fair value by risk are presented in the tables above. For financial reporting purposes the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The following tables present the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of related collateral received by the Funds for assets or pledged by the Funds for liabilities as of September 30, 2016.

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Opportunistic Fixed

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*		Net Amount of Derivative Assets(a)
Barclays Bank Plc	$	20,859	$	(20,859	)	$	—	$	—
Citibank N.A.		1,194,837		(508,945	)		—		685,892
Deutsche Bank AG London		53,138		(53,138	)		—		—
Goldman Sachs International		895,136		(84,077	)		—		811,059
HSBC Bank Plc		7,437		(7,437	)		—		—
JPMorgan Chase Bank N.A. London		43,213		(43,213	)		—		—
Standard Chartered Bank		120,357		(120,357	)		—		—
	$	2,334,977	$	(838,026	)	$	—	$	1,496,951

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Assets(b)
Barclays Bank Plc	$	(57,080	)	$	20,859	$	—	$	(36,221	)
Citibank N.A.		(508,945	)		508,945		—		—
Deutsche Bank AG London		(81,829	)		53,138		—		(28,691	)
Goldman Sachs International		(84,077	)		84,077		—		—
HSBC Bank Plc		(83,813	)		7,437		—		(76,376	)
JPMorgan Chase Bank N.A. London		(116,757	)		43,213		—		(73,544	)
Standard Chartered Bank		(451,315	)		120,357		—		(330,958	)
	$	(1,383,816	)	$	838,026	$	—	$	(545,790	)

^(a)  Represents the net amount receivable from the counterparty in the event of default.

^(b)  Represents the net amount payable to the counterparty in the event of default.

* In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

Emerging Markets

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*		Net Amount of Derivative Assets(a)
Citibank N.A. London	$	2,938,136	$	(929,768	)	$	—	$	2,008,368
Goldman Sachs International		91,481		(91,481	)		—		—
	$	3,029,617	$	(1,021,249	)	$	—	$	2,008,368

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September 30, 2016 (Unaudited)

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Assets(b)
Citibank N.A. London	$	(929,768	)	$	929,768	$	—	$	—
Goldman Sachs International		(638,186	)		91,481		—		(546,705	)
	$	(1,567,954	)	$	1,021,249	$	—	$	(546,705	)

^(a)  Represents the net amount receivable from the counterparty in the event of default.

^(b)  Represents the net amount payable to the counterparty in the event of default.

* In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

(b)  Security transactions and related investment income

Security transactions are accounted for on trade date. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date, if later. Interest income is recorded on the accrual basis, and is adjusted for amortization of premium and discounts for debt securities. Income is not recognized, nor are premium and discount amortized, on securities for which collection is not expected. Withholding taxes on foreign dividend, interest, and capital gains have been provided for in accordance with the respective country’s tax rules and rates. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income on inflation indexed securities is accrued daily based upon an inflation-adjusted principal. Additionally, any increase in the principal or face amount of these securities is recorded as interest income. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified-cost basis.

(c)  Cash and short term investments

A Fund may invest a portion of its assets in short-term debt securities (including repurchase agreements and reverse repurchase agreements) of corporations, the U.S. government and its agencies and instrumentalities and banks and finance companies, which may be denominated in any currency.

A Fund may invest a portion of its assets in shares issued by money market mutual funds. A Fund also may invest in collective investment vehicles that are managed by an unaffiliated investment manager, pending investment of the Fund’s assets in portfolio securities. When unusual market conditions warrant, a Fund may make substantial temporary defensive investments in cash equivalents, up to a maximum of 100% of the Fund’s net assets. Cash equivalent holdings may be in any currency. When a Fund invests for temporary defensive purposes, such investments may affect the Fund’s ability to achieve its investment objective.

(d)  Securities lending

A Fund may lend its portfolio securities to qualified broker/dealers and financial institutions pursuant to agreements, provided: (1) the loan is secured continuously by collateral marked-to-market daily and maintained in an amount at least equal to the current fair value of the securities loaned; (2) the Fund may call the loan at any time and receive the securities loaned; (3) the Fund will receive any interest or dividends paid on the loaned securities; and (4) the aggregate fair value of securities loaned will not at any time exceed 33 1/3% of the total assets of the Fund. Collateral will consist of U.S. and non-U.S. securities, cash equivalents or irrevocable letters of credit. A liability for cash collateral is reflected in the Statements of Assets and Liabilities, and is categorized as Level 2 within the fair value hierarchy. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of a borrower of a Fund’s portfolio securities. A Fund may not retain voting rights on securities while they are on loan.

Certain Funds may from time to time participate in a securities lending program under which the Funds’ custodian, State Street Bank and Trust Company (the “Custodian”) acting as securities lending agent, is authorized to lend

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Fund portfolio securities to qualified broker/dealers and financial institutions that post appropriate collateral. The Custodian has agreed to indemnify the Funds in case of default of any security borrower.

Securities on loan are fully collateralized and the collateral was equal to or exceeded the securities on loan at September 30, 2016. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. Cash collateral is invested in the State Street Institutional U.S. Government Money Market Fund, Premier Class. The Custodian receives a portion of the interest earned on any reinvested collateral. The market value of securities on loan to borrowers and the value of collateral held by the Funds with respect to such loans at September 30, 2016 were as follows:

	Market Value of Loaned Securities		Value of Cash Collateral		Value of Non-Cash Collateral
Large Cap	$	28,409,773	$	12,861,573	$	15,869,960
Small/Mid Cap		50,516,381		25,695,826		25,371,713
Non-US Core Equity		73,679,242		76,904,418		843,978
Core Fixed		32,076,338		10,823,428		21,994,475
Opportunistic Fixed		22,160,683		21,274,140		1,284,000
Emerging Markets		38,975,512		19,351,259		22,072,774
Global Low Volatility		5,404,446		5,711,119		—

The Funds have adopted the disclosure provisions of FASB Accounting Standards Update No. 2014-11 (“ASU No. 2014-11”), Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU No. 2014-11 is intended to provide increased transparency about the types of collateral pledged in securities lending and other similar transactions that are accounted for as secured borrowings.

For Large Cap, Small/Mid Cap, Non-US Core Equity, Emerging Markets and Global Low Volatility, all of the securities on loan collateralized by cash are classified as Common Stocks in each Fund’s Schedule of Investments at September 30, 2016, with a contractual maturity of overnight and continuous.

For Core Fixed and Opportunistic Fixed, all of the securities on loan collateralized by cash are classified as Corporate Debt in the Fund’s Schedule of Investments at September 30, 2016, with a contractual maturity of overnight and continuous.

(e)  Repurchase agreements

A Fund may enter into a repurchase agreement under the terms of a Master Repurchase Agreement (“MRA”) where the Fund purchases securities from a bank or broker/dealer who simultaneously agrees to repurchase the securities at a mutually agreed upon time and price, thereby determining the yield during the term of the agreement. As a result, a repurchase agreement provides a fixed rate of return insulated from market fluctuations during the term of the agreement. The term of a repurchase agreement generally is short, possibly overnight or for a few days, although it may extend over a number of months (up to one year) from the date of delivery. Repurchase agreements are considered under the 1940 Act to be collateralized loans by a Fund to a seller secured by the securities transferred to the Fund. Repurchase agreements are fully collateralized and the collateral is marked-to-market daily. A Fund may not enter into a repurchase agreement having more than seven days remaining to maturity if, as a result, such agreement, together with any other illiquid securities held by the Fund, would exceed 15% of the value of the net assets of the Fund.

An MRA permits the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of

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the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Funds receive or post securities as collateral with a market value in excess of the repurchase price to be paid or received by the Funds upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Funds would recognize a liability with respect to such excess collateral to reflect the Funds’ obligation under bankruptcy law to return the excess to the counterparty. As of September 30, 2016, none of the Funds held open repurchase agreements.

(f)  Swaps

Swap contracts are derivatives in the form of a contract or similar instrument, which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. A Fund may engage in swaps, including, but not limited to, interest rate, currency, credit default, and index swaps, and the purchase or sale of related caps, floors, collars, and other derivative instruments. A Fund expects to enter into these transactions to preserve a return or spread on a particular investment or portion of the portfolio, to modify the portfolio’s duration, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal. Currency swaps involve the exchange of cash flows on a notional amount based on changes in the values of referenced currencies.

The credit default swap agreements may have as reference obligations one or more securities that are not currently held by a Fund. The protection “buyer” in a credit default swap agreement is generally obligated to pay the protection “seller” an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If a Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit worthiness and an increased market perception that there is a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, as well as the annual payment rates, serve as an indication of the current status of the payment/performance risk.

Swaps do not involve the delivery of securities or other underlying assets or principal, and are subject to counterparty risk. If the other party to a swap defaults and fails to consummate the transaction, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive.

The equity swaps in which the Funds may invest involve agreements with a counterparty. The return to the Funds on any equity swap contract will be the total return on the notional amount of the contract as if it were invested in the stocks comprising the contract index in exchange for an interest component based on the notional amount of the agreement. The Funds will only enter into an equity swap contract on a net basis, i.e., the two parties’ obligations

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are netted out, with the Funds paying or receiving, as the case may be, only the net amount of the payments. Payments under an equity swap contract may be made at the conclusion of the contract or periodically during its term.

Whether a Fund’s use of swap agreements or swap options will be successful in achieving the Fund’s investment objective will depend on the Subadvisor’s ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness.

If there is a default by the counterparty to a swap contract, a Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that a swap contract counterparty will be able to meet its obligations pursuant to a swap contract or that, in the event of a default, a Fund will succeed in pursuing contractual remedies. A Fund thus assumes the risk that it may be delayed in, or prevented from, obtaining payments owed to it pursuant to a swap contract. However, the amount at risk is only the net unrealized gain, if any, on the swap at the time of default, and not the entire notional amount of the swap contract now that the potential loss can be mitigated by the posting of collateral and offsetting provisions of the ISDA. The Subadvisor that enters into the swap agreement will closely monitor, subject to the oversight of the Board, the creditworthiness of swap counterparties in order to minimize the risk of counterparty default on swaps.

Because swaps are two party contracts that may be subject to contractual restrictions on transferability and termination, and they may have terms of greater than seven days, swap agreements may be considered to be illiquid and subject to a Fund’s limitation on investments in illiquid securities. However, the Trust has adopted procedures pursuant to which the Advisor may determine that swaps (including swap options) are liquid under certain circumstances. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) enacted in 2010, a regulatory framework for certain OTC derivatives, such as swaps was enacted. The Dodd-Frank Act requires many swap transactions to be executed on registered exchanges or through swap execution facilities, cleared through a regulated clearinghouse, and publicly reported. In addition, many market participants are now regulated as swap dealers or swap participants, and are subject to certain minimum capital and margin requirements and business conduct standards.

The swaps market is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds’ ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Cash margin is recorded on the Statements of Assets and Liabilities as cash collateral held at broker on open swap contracts. Swap agreements are marked to market daily. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

A Fund will accrue for interim payments on swap contracts on a daily basis, with the net amount recorded as interest payable or receivable on swap contracts on the Statements of Assets and Liabilities. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swap contracts, in addition to realized gain/loss recorded upon the termination of swap contracts on the Statements of Operations. Fluctuations in the value of

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swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts (swap contracts, at value on the Statements of Assets and Liabilities).

Swap agreements are marked to market daily. The change in value, if any, is recorded as unrealized gain or loss in the Statements of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments are included as part of realized gain (loss) on the Statements of Operations.

The swaps in which the Fund may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. The Fund’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty, if possible.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Advisor or Subadvisor is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if this investment technique were not used.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund’s interest. A Fund bears the risk that Subadvisor will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If a Subadvisor attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments.

During the period ended September 30, 2016, Core Fixed used swap agreements to adjust interest rate and yield curve exposure or to manage credit exposure. See the Core Fixed Schedule of Investments for a listing of open swap agreements as of September 30, 2016.

(g)  Futures

A futures contract is a contractual agreement to buy or sell a specific amount of a commodity or financial instrument at a predetermined price on a stipulated future date. A Fund may enter into contracts for the purchase or sale for future delivery of securities, indices and foreign currencies. Futures contracts may be opened to protect against the adverse effects of fluctuations in security prices, interest rates, or foreign exchange rates without actually buying or selling the securities or foreign currency. A Fund also may enter into futures contracts as a low cost method for gaining or reducing exposure to a particular currency or securities market without directly investing in those currencies or securities.

A purchase of a futures contract means the acquisition of a contractual right of a Fund to obtain delivery of the securities, indices or foreign currency underlying the contract at a specified price on a specified future date. When a futures contract is sold, a Fund incurs a contractual obligation to deliver the securities, indices or foreign currency underlying the contract at a specified price on a specified date.

When a Fund enters into a futures contract, it must deliver to the futures commission merchant selected by the Fund an amount referred to as “initial margin.” This amount is maintained by the futures commission merchant in a segregated account at the custodian bank. Futures contracts are marked-to-market daily, depending upon changes in the price of the underlying securities, indices or foreign currencies subject to the futures contracts, and the change in value is recorded by the Fund as a variation margin payable or receivable. The Fund recognizes gains and losses on futures contracts in addition to the variation margin, which gains and losses are considered realized at the time the contracts expire or close.

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A Fund may enter into futures transactions on domestic exchanges and, to the extent such transactions have been approved by the Commodity Futures Trading Commission (“CFTC”) for sale to customers in the United States, or on foreign exchanges. In addition, a Fund may sell stock index futures in anticipation of, or during a market decline to attempt to offset the decrease in the market value of the Fund’s common stocks that might otherwise result, and a Fund may purchase such contracts in order to offset increases in the cost of common stocks that it intends to purchase. Unlike other futures contracts, a stock index futures contract specifies that no delivery of the actual stocks making up the index will take place. Instead, settlement in cash must occur upon the termination of the contract.

In entering into futures contracts and options on futures contracts, there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts and options on futures contracts traded in the United States and on most foreign futures exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of its members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members (i.e., some foreign exchanges), it is normally backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will be able to meet its obligations to the Fund.

While futures contracts provide for the delivery of securities, deliveries usually do not occur. Contracts are generally terminated by entering into offsetting transactions.

Where the futures market is not as developed or where the regulations prevent or make it disadvantageous to trade futures, Emerging Markets will utilize synthetic futures as part of the country selection strategy implementation. A synthetic future operates like a swap transaction and uses equity index swaps on equity index futures. These are marked to market daily and the change in value is recorded as unrealized gain or loss in the Statement of Operations.

During the period ended September 30, 2016, Large Cap, Small/Mid Cap, Non-US Core Equity, Emerging Markets and Global Low Volatility used futures to equitize cash. Core Fixed and Opportunistic Fixed used futures to adjust interest rate exposure and replicate government bond positions. Emerging Markets also used futures to create passive index exposure to certain domestic emerging market country indices in the Fund. See the Large Cap, Small/Mid Cap, Non-US Core Equity, Core Fixed, Opportunistic Fixed, Emerging Markets and Global Low Volatility Schedules of Investments for a listing of open futures contracts as of September 30, 2016.

(h)  Options

The Funds may purchase and sell (write) put and call options on debt securities, currencies and indices to enhance investment performance, manage duration, or protect against changes in market prices. The Funds may also buy and sell combinations of put and call options on the same underlying security, currency or index. Short (sold) options positions will generally be hedged by the Funds with cash, cash equivalents, current portfolio security holdings, or other options or futures positions.

The Funds may enter into swap options (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. Each Fund may sell (write) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund generally will incur a greater degree of risk when the Fund writes a swaption than the Fund will incur when it purchases a swaption. When a Fund purchases a swaption, the Fund’s risk of loss is limited to the amount of the premium it has paid should it decide to let the swaption expire unexercised. However, when a Fund writes a swaption, upon exercise of the option, the Fund will become obligated according to the terms of the underlying agreement.

When the Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of

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the liability is subsequently marked-to-market to reflect the current market value of the option written. The Fund receives a premium on the sale of a call option but gives up the opportunity to profit from any increase in stock value above the exercise price of the option, and when the Fund writes a put option, it is exposed to a decline in the price of the underlying security.

Whether an option which the Fund has written expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the underlying security, and the cost basis of the lots sold are decreased by the premium originally received. When a put option which a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Fund purchases upon exercise of the option. Realized gains (losses) on purchased options are included in net realized gain (loss) from investments.

The Funds’ use of written options involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. The face or contract amounts of these instruments reflect the extent of the Fund’s exposure to market risk. The risks may be caused by an imperfect correlation between movements in the price of the instrument and the price of the underlying securities, currencies and interest rates.

As of September 30, 2016, none of the Funds held open options.

(i)  Forward foreign currency contracts

The Funds may purchase or sell currencies and/or engage in forward foreign currency transactions in order to expedite settlement of portfolio transactions and to manage currency risk.

Forward foreign currency contracts are traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement and no commissions are charged at any stage for trades. The Funds will account for forward contracts by marking-to-market each day at current forward contract values. The change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time the contract was opened and the value at the time the contract was closed.

The Funds will only enter into forward contracts to sell, for a fixed amount of U.S. dollars or other appropriate currency, an amount of foreign currency, to the extent that the value of the short forward contract is covered by the underlying value of securities denominated in the currency being sold. Alternatively, when a Fund enters into a forward contract to sell an amount of foreign currency, the Custodian or the Fund’s sub-custodian will segregate assets in a segregated account of the Fund in an amount not less than the value of the Fund’s total assets committed to the consummation of such forward contract. If the additional segregated assets placed in the segregated account decline, additional cash or securities will be placed in the account on a daily basis so that the value of the account will equal the amount of the Fund’s commitments with respect to such contract.

During the period ended September 30, 2016, Opportunistic Fixed used forward foreign currency contracts for a variety of purposes, including hedging, risk management, efficient portfolio management, enhancing total returns, or as a substitute for taking a position in the underlying asset. Non-US Core Equity, Emerging Markets and Global Low Volatility used forward foreign currency contracts to hedge, cross hedge or to actively manage the currency exposures in the Funds. See the Opportunistic Fixed and Emerging Markets Schedules of Investments for a listing of open forward foreign currency contracts as of September 30, 2016.

(j)  Foreign currency translation

The books and records of each Fund are maintained in US dollars. Foreign currencies, investments and other assets and liabilities denominated in foreign currencies are translated into US dollars at the foreign exchange rates

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prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated at exchange rates prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign currency exchange rates have been included in the unrealized gains (losses) on foreign currency translations within each Fund’s Statement of Operations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amount actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the purchase settlement date and subsequent sale trade date is included in realized gains and losses on investment transactions.

(k)  When-issued securities/TBA securities

Purchasing securities on a “when-issued” basis is a commitment by a Fund to buy a security before the security is actually issued. A Fund may purchase securities offered on a “when-issued” or “forward delivery” basis such as TBA securities. When so offered, the price, which is generally expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment for the when-issued or forward delivery securities take place at a later date. During the period between purchase and settlement, no payment is made by the purchaser to the issuer and no interest on the when-issued or forward delivery security accrues to the purchaser. While when-issued or forward delivery securities may be sold prior to the settlement date, it is intended that a Fund will purchase such securities with the purpose of actually acquiring the securities unless a sale appears desirable for investment reasons. At the time a Fund makes the commitment to purchase a security on a when-issued or forward delivery basis, the Fund will record the transaction and reflect the value of the security in determining the Fund’s NAV. The market value of when-issued or forward delivery securities may be more or less than the purchase price. Certain risks may arise upon entering into when-issued or forward delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities due to political, economic, or other factors. Additionally, losses may arise due to declines in the value of the securities prior to settlement date. See the Core Fixed and Opportunistic Fixed Schedules of Investments for TBA and when-issued securities held as of September 30, 2016.

(l)  Real estate investment trusts

The Funds may invest in real estate investment trusts (“REITs”), which pool investors’ funds for investment, primarily in income producing real estate or real estate-related loans or interests. A REIT is not taxed on income distributed to its shareholders or unitholders if it complies with regulatory requirements relating to its organization, ownership, assets and income, and with a regulatory requirement to distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year.

A shareholder in a Fund, by investing in REITs through the Fund, will bear not only the shareholder’s proportionate share of the expenses of the Fund, but also, indirectly, the management expenses of the underlying REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income, or the REIT’s failure to maintain exemption from registration under the 1940 Act. Dividends representing a return of capital are reflected as a reduction of cost and/or as a realized gain when the amount of the return of capital is conclusively determined. See each Fund’s Schedule of Investments for REIT securities held as of September 30, 2016.

(m)  Mortgage-related and other asset-backed securities

The Funds may invest in mortgage-backed and asset-backed securities. Mortgage-backed securities represent an interest in a pool of mortgages. Asset-backed securities are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. The value of some mortgage or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose

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the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of stripped mortgage-backed security has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for the IOs are included in interest income on the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the cost basis of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. See the Schedule of Investments for mortgage-backed and asset-backed securities held by Core Fixed as of September 30, 2016.

(n)  Mortgage dollar roll and treasury roll transactions

The Funds may sell mortgage-backed securities and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities.

The Funds may enter into treasury roll transactions. In a treasury roll transaction the Fund sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price at a future settlement date. The Fund receives cash from the sale of the treasury security to use for other investment purposes. The difference between the sale and repurchase price represents net interest income or net interest expense. Under GAAP, the treasury roll transaction is accounted for as a financing transaction and not as a purchase or sale. During the term of the borrowing the Fund records the related interest income or interest expenses on an accrual basis. Treasury roll transactions involve the risk that the market value of the securities that the Fund is required to repurchase may decline below the agreed upon repurchase price of those securities.

Treasury roll transactions are entered into by the Funds under an MRA. An MRA permits the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. With treasury roll transactions, typically the Fund and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund obligation under bankruptcy law to return the excess to the counterparty. The Funds did not hold open treasury rolls as of September 30, 2016.

(o)  Bank loans

Core Fixed may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ‘‘Lender’’) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. At September 30, 2016, the Funds held no unfunded loan commitments.

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(p)  Indexed securities

The Funds may invest in indexed securities where the redemption values and/or coupons are linked to the prices of other securities, securities indices, or other financial indicators. The Funds use indexed securities to increase or decrease their exposure to different underlying instruments and to gain exposure to markets in which it may be difficult to invest through conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment.

(q)  Taxes and distributions

The Funds intend to qualify each year as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (“the Code”). The Funds intend to distribute substantially all of their net investment income and net realized short-term and long-term gains, if any, after giving effect to any available capital loss carryovers for U.S. federal income tax purposes. Therefore, no provision for U.S. federal and state income or excise tax is necessary.

The Funds’ policy is to declare and pay distributions from net investment income and net realized short-term and long-term gains at least annually. All distributions are paid in shares of the Funds, at NAV, unless the shareholder elects to receive cash distributions. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise taxes on the Funds. The amount of any distribution will vary, and there is no guarantee that a Fund will pay either income dividends or capital gains distributions.

(r)  Allocation of expenses and income

The majority of expenses of the Trust are directly identifiable to an individual Fund. Expenses which are not readily identifiable to a specific Fund are allocated among the applicable Funds, taking into consideration, among other things, the nature and type of expense and the relative size of each applicable Fund.

(s)  Redemption fees

While none of the Funds’ classes have initial or contingent deferred sales charges on purchases of Fund shares, redemptions of Fund shares held less than 30 days may be assessed a 2% short-term trading fee and recorded as paid-in capital.

3. Credit agreement

The Trust entered into a Credit Agreement on behalf of the Funds (“the Agreement”) with a bank pursuant to a committed, unsecured revolving line of credit through December 15, 2016. Borrowings for each Fund under the Agreement are limited to the lesser of $50,000,000 or 33 1/3% of a Fund’s Adjusted Net Assets provided borrowings did not exceed, in the aggregate, $50,000,000. Under the terms of the Agreement the Trust pays an annual commitment fee at the rate 0.25% per year on the difference between the total line of credit and the average daily amount of borrowings outstanding. Interest is charged to the Funds based on its borrowings at a variable rate equal to the higher of the Overnight Federal Funds Rate or 30-Day LIBOR plus 1.00%. The Funds did not borrow under the Agreement during the period ended September 30, 2016.

4. Indemnities

In the normal course of business, the Funds enter into contracts that require them to provide a variety of representations or general indemnification for certain liabilities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

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5. Fees and other transactions with affiliates

The Advisor provides investment advisory services to each Fund pursuant to an investment management agreement. Effective July 1, 2016, pursuant to the investment management agreement, each Fund pays the Advisor a fee for managing the Fund’s investments at an annual rate of:

	Investment Advisory Fee* on Net Assets
	Average net assets up to $750 million			Average net assets in excess of $750 million up to $1 billion			Average net assets in excess of $1 billion
Large Cap		0.53	%		0.51	%		0.46	%
Small/Mid Cap		0.90	%		0.88	%		0.83	%
Non-US Core Equity		0.75	%		0.73	%		0.68	%
Core Fixed		0.35	%		0.33	%		0.28	%
Opportunistic Fixed		0.80	%		0.78	%		0.73	%
Emerging Markets		0.80	%		0.78	%		0.73	%
Global Low Volatility		0.75	%		0.73	%		0.68	%

* Consists of the total advisory fee payable by the Funds to the Advisor. The Advisor is responsible for paying the subadvisory fees.

Prior to July 1, 2016, pursuant to the investment management agreement, each Fund paid the Advisor a fee for managing the Fund’s investments at an annual rate of:

	Investment Advisory Fee* on Net Assets
	Average net assets up to $750 million			Average net assets in excess of $750 million
Large Cap**		0.53	%		0.51	%
Small/Mid Cap		0.90	%		0.88	%
Non-US Core Equity		0.75	%		0.73	%
Core Fixed		0.35	%		0.33	%
Opportunistic Fixed		0.80	%		0.78	%
Emerging Markets		0.80	%		0.78	%
Global Low Volatility		0.75	%		0.73	%

* Consists of the total advisory fee payable by the Funds to the Advisor. The Advisor is responsible for paying the subadvisory fees.

** Prior to the acquisition (See Note 9), Large Cap paid the Advisor an annual rate of 0.55% on average net assets up to $750 million and 0.53% on average net assets in excess of $750 million for managing the Fund’s investments.

Such fees as referenced above are shown in the Advisory fees line in the Statements of Operations. The Advisor provides certain internal administrative services to the Class S, Class Y-1 and Class Y-2 shares of the Funds, for which the Advisor receives a fee of 0.15%, 0.10% and 0.05% of the average daily net assets of the Class S, Class Y-1 and Class Y-2 shares of the Funds, respectively. These internal administrative services include attending to shareholder correspondence, assisting with the processing of purchases and redemptions of shares, preparing and disseminating information and documents for use by beneficial shareholders and monitoring and overseeing non-advisory relationships with entities providing services to the Class S, Class Y-1 and Class Y-2 shares, including the transfer agent. However, Class S, Class Y-1 and Class Y-2 shares have not commenced operations.

The Funds have adopted a plan of marketing and service, or “12b-1 plan” to finance the provision of certain shareholder services to the owners of Class S and Class Y-1 shares of the Funds (collectively referred to as the

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“plans”). The plan provides for payments at annual rates (based on average net assets) of up to 0.25% of each Fund’s Class S and Class Y-1 shares. However, Class S and Class Y-1 shares have not commenced operations.

The Trust, with respect to Opportunistic Fixed, and the Advisor entered into a written contractual fee waiver and expense reimbursement agreement pursuant to which the Advisor agreed to waive a portion of its fees and/or reimburse expenses through July 31, 2016 in an amount necessary to limit the Fund’s total annual operating expenses to an annual rate (as a percentage of the Fund’s average daily net assets) as set forth in the table below. This agreement expired on July 31, 2016. For the period ended September 30, 2016, the fees were reimbursed to the extent that the Fund’s class expenses exceeded the net expense rates of average daily net assets of the Fund class. These reimbursements are shown in the Reimbursement of expenses line in the Statements of Operations. However, Class S, Class Y-1 and Class Y-2 shares have not commenced operations.

	Class S			Class Y-1			Class Y-2			Class Y-3
Opportunistic Fixed		1.40	%		1.35	%		1.05	%		0.90	%

Pursuant to the expense reimbursement agreement, the Advisor is entitled to be reimbursed for any fees the Advisor waives and Fund expenses that the Advisor reimburses for a period of three years following such fee waiver and expense reimbursement, to the extent that such reimbursement of the Advisor by a Fund will not cause the Fund to exceed any applicable expense limitation that is in place for the Fund. For the period ended September 30, 2016, there were no reimbursed expenses recovered by the Advisor from the Funds.

Pursuant to the Funds’ expense reimbursement agreement, the Advisor can recapture certain amounts waived or reimbursed over the 12-month period ended July 31, 2014 (and over the past three 12-month periods ended July 31, 2016 with respect to Opportunistic Fixed). The following amounts were available for recapture as of July 31, 2016:

	Expenses Reimbursed in the 12-Months Ended July 31,
	2014		2015		2016
	Subject to Recapture until July 31,
	2017		2018		2019
Large Cap	$	248,632	$	—	$	—
Small/Mid Cap		54,175		—		—
Non-US Core Equity		—		—		—
Core Fixed		651,589		—		—
Opportunistic Fixed		253,811		208,082		176,732
Emerging Markets		556,688		—		—
Global Low Volatility		—		—		—

6. Purchases and sales of securities

Cost of purchases and proceeds from sales of securities, excluding short-term investments, for the period ended September 30, 2016, were as follows:

	Long-Term U.S. Government Securities		Other Long-Term Securities
Purchases
Large Cap*	$	—	$	270,000,553
Small/Mid Cap**		—		644,159,441
Non-US Core Equity		—		980,955,222
Core Fixed		545,367,215		238,112,333
Opportunistic Fixed		—		201,081,201
Emerging Markets		—		730,953,131
Global Low Volatility		—		414,596,026

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	Long-Term U.S. Government Securities		Other Long-Term Securities
Sales
Large Cap	$	—	$	286,309,281
Small/Mid Cap		—		649,252,750
Non-US Core Equity		—		860,315,866
Core Fixed		481,975,141		214,178,774
Opportunistic Fixed		—		124,119,148
Emerging Markets		—		598,983,816
Global Low Volatility		—		303,749,397

* With respect to Large Cap’s merger with Mercer US Large Cap Value Equity Fund (“Large Cap Value”) (see Note 9) on June 24, 2016, Large Cap acquired long-term securities with a cost of $277,806,252 that are not included in the above other long-term securities purchases value.

** With respect to Small/Mid Cap’s merger with Mercer US Small/Mid Cap Value Equity Fund (“Small/Mid Cap Value”) (see Note 9) on June 24, 2016, Small/Mid Cap acquired long-term securities with a cost of $450,558,318 that are not included in the above other long-term securities purchases value.

7. Share transactions

Each Fund is authorized to issue an unlimited number of shares of beneficial interest without par value. Transactions in Fund shares were as follows:

Large Cap

	Six Months Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		2,981,114		$	28,999,808			4,985,529		$	54,996,490
Shares issued through acquisition		30,126,230			274,762,972			—			—
Shares issued to shareholders in reinvestment of distributions		—			—			4,072,203			40,029,758
Shares repurchased		(4,673,654	)		(44,184,286	)		(9,458,703	)		(105,785,655	)
Net increase (decrease)		28,433,690		$	259,578,494			(400,971	)	$	(10,759,407	)

Small/Mid Cap

	Six Months Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		3,877,078		$	41,536,238			4,942,894		$	55,377,890
Shares issued through acquisition		44,707,680			461,393,851			—			—
Shares issued to shareholders in reinvestment of distributions		—			—			2,293,116			24,352,888
Shares repurchased		(3,196,060	)		(34,873,536	)		(4,259,716	)		(50,158,329	)
Net increase		45,388,698		$	468,056,553			2,976,294		$	29,572,449

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Non-US Core Equity

	Six Months Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		15,893,246		$	154,977,759			21,486,792		$	213,382,507
Shares issued to shareholders in reinvestment of distributions		—			—			8,452,047			82,069,373
Shares repurchased		(7,601,613	)		(74,821,114	)		(22,605,539	)		(236,936,733	)
Net increase		8,291,633		$	80,156,645			7,333,300		$	58,515,147

Opportunistic Fixed

	Six Months Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		7,902,442		$	69,233,449			10,534,645		$	90,807,455
Shares issued to shareholders in reinvestment of distributions		—			—			655,722			5,226,105
Shares repurchased		(1,404,681	)		(12,155,749	)		(5,465,227	)		(47,840,875	)
Net increase		6,497,761		$	57,077,700			5,725,140		$	48,192,685

Core Fixed

	Six Months Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		17,471,035		$	181,464,545			15,717,334		$	161,679,985
Shares issued to shareholders in reinvestment of distributions		—			—			3,294,918			32,553,789
Shares repurchased		(8,176,297	)		(84,346,005	)		(27,303,611	)		(278,202,540	)
Net increase (decrease)		9,294,738		$	97,118,540			(8,291,359	)	$	(83,968,766	)

Emerging Markets

	Six Months Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		17,347,288		$	151,201,999			37,663,658		$	329,515,356
Shares issued to shareholders in reinvestment of distributions		—			—			1,428,605			11,714,562
Shares repurchased		(6,235,487	)		(56,760,367	)		(15,257,581	)		(141,137,722	)
Net increase		11,111,801		$	94,441,632			23,834,682		$	200,092,196

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Global Low Volatility

	Six Months Ended September 30, 2016						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		12,383,551		$	149,025,527			15,663,054		$	191,381,879
Shares issued to shareholders in reinvestment of distributions		—			—			5,098,029			58,168,511
Shares repurchased		(3,356,074	)		(40,793,733	)		(7,747,497	)		(94,010,564	)
Net increase		9,027,477		$	108,231,794			13,013,586		$	155,539,826

8. Federal income taxes

As of September 30, 2016, the cost for U.S. federal income tax purposes and gross unrealized appreciation and depreciation in value of investments were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Large Cap	$	584,572,761	$	46,437,721	$	(14,209,564	)	$	32,228,157
Small/Mid Cap		914,921,542		91,805,231		(21,401,442	)		70,403,789
Non-US Core Equity		2,084,428,223		205,171,386		(106,028,061	)		99,143,325
Core Fixed		947,450,742		20,080,479		(7,174,001	)		12,906,478
Opportunistic Fixed		544,399,778		14,823,747		(33,825,999	)		(19,002,252	)
Emerging Markets		1,297,105,082		108,757,510		(29,577,138	)		79,180,372
Global Low Volatility		1,039,663,461		100,102,299		(26,557,952	)		73,544,347

9. Acquisition

At the close of business on June 24, 2016, Large Cap, formerly Mercer US Large Cap Growth Equity Fund, with Class Y-3 net assets of $267,918,751 acquired all of the assets and liabilities of Large Cap Value, each a series of the Trust, in a tax-free reorganization. The acquisition was accomplished by a tax-free exchange of 30,880,775 Class Y-3 shares of Large Cap Value valued at $274,762,972 for 30,126,230 Class Y-3 shares of Large Cap. Large Cap Value’s net assets on June 24, 2016 were $274,762,972 for Class Y-3, including investments valued at $270,404,502 with a cost basis of $277,806,864. For financial reporting purposes, assets received, liabilities assumed, and shares issued by Large Cap were recorded at fair value; however, the cost basis of the investments received by Large Cap from Large Cap Value were carried forward to align ongoing reporting of Large Cap’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of Large Cap immediately after the acquisition was $542,681,723, which included $7,402,474 of acquired unrealized depreciation on investments and foreign currency transactions from Large Cap Value.

Assuming the acquisition had been completed on April 1, 2016, Large Cap’s pro-forma results of operations for the period ended September 30, 2016 are as follows:

Net investment income	$	3,768,723	(a)
Net realized and unrealized gain on investments		33,010,867	(b)
Net increase in net assets from operations	$	36,779,590

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Large Cap Value that have been included in the Fund’s Statement of Operations since June 24, 2016.

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September 30, 2016 (Unaudited)

(a)  $2,441,438 net investment income as reported at September 30, 2016 plus $1,258,593 from Large Cap Value pre-merger net investment income, plus $13,667 in lower net advisory fees, plus $55,025 of pro-forma eliminated other expenses.

(b)  $36,408,900 unrealized appreciation as reported at September 30, 2016 minus $8,099,693 pro-forma March 31, 2016 unrealized appreciation, plus $4,827,602 net realized gain as reported at September 30, 2016 minus $125,942 in net realized loss from Large Cap Value pre-merger.

At the close of business on June 24, 2016, Small/Mid Cap, formerly Mercer US Small/Mid Cap Growth Equity Fund, with Class Y-3 net assets of $440,701,905 acquired all of the assets and liabilities of Small/Mid Cap Value, each a series of the Trust, in a tax-free reorganization. The acquisition was accomplished by a tax-free exchange of 53,005,209 Class Y-3 shares of Small/Mid Cap Value valued at $461,393,851 for 44,707,680 Y-3 shares of Small/Mid Cap. Small/Mid Cap Value’s net assets on June 24, 2016 were $461,393,851 for Class Y-3, including investments valued at $452,720,602 with a cost basis of $450,558,318. For financial reporting purposes, assets received, liabilities assumed, and shares issued by Small/Mid Cap were recorded at fair value; however, the cost basis of the investments received by Small/Mid Cap from Small/Mid Cap Value were carried forward to align ongoing reporting of Small/Mid Cap’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of Small/Mid Cap immediately after the acquisition was $902,095,756, which included $2,162,284 of acquired unrealized appreciation on investments from Small/Mid Cap Value.

Assuming the acquisition had been completed on April 1, 2016, Small/Mid Cap’s pro-forma results of operations for the period ended September 30, 2016 are as follows:

Net investment income	$	1,687,058	(a)
Net realized and unrealized gain on investments		63,187,690	(b)
Net increase in net assets from operations	$	64,874,748

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Small/Mid Cap Value that have been included in the Fund’s Statement of Operations since June 24, 2016.

(a)  $1,363,442 net investment income as reported at September 30, 2016 plus $259,669 from Small/Mid Cap Value pre-merger net investment income, plus $7,289 in lower net advisory fees, plus $56,658 of pro-forma eliminated other expenses.

(b)  $75,379,647 unrealized appreciation as reported at September 30, 2016 minus $35,608,850 pro-forma March 31, 2016 unrealized appreciation, plus $19,654,181 net realized gain as reported at September 30, 2016 plus $3,762,712 in net realized gain from Small/Mid Cap Value pre-merger, respectively.

10. Subsequent events

Management has evaluated the impact of subsequent events through November 21, 2016, the date the financial statements were available to be issued for possible adjustment to and/or disclosure in the Funds’ financial statements. Management has determined that there are no material events that would require adjustment and/or disclosure in the Funds’ financial statements through this date.

11. Proxy Voting

A description of the policies and procedures that the Advisor and each Fund’s Subadvisors use to determine how to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-866-658-9896, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. Information about Funds’ proxy voting decisions are available without charge, online on the Funds’ website at http://www.mercer.us/mutual-funds-on-offer.

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September 30, 2016 (Unaudited)

12. Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q, which when filed, will be available on the SEC’s website at http://www.sec.gov. When filed, the Funds’ Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

13. Board Approval of the Investment Management Agreement for the Funds and Subadvisory Agreements for the Funds during the period April 1, 2016 through September 30, 2016

June 16-17, 2016 Board Meeting

Mercer US Large Cap Equity Fund

(formerly Mercer US Large Cap Growth Equity Fund)

Mercer US Small/Mid Cap Equity Fund

(formerly Mercer US Small/Mid Cap Growth Equity Fund)

Mercer Non-US Core Equity Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

Mercer Core Fixed Income Fund

Mercer Opportunistic Fixed Income Fund

Renewal of the Investment Management Agreement for the Funds

At a meeting of the Board of Trustees (the “Board” or the “Trustees”) of Mercer Funds (the “Trust”) held on June 16-17, 2016 (the “June Meeting”), the Trustees, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Trust or Mercer Investment Management, Inc., the Trust’s investment advisor (the “Advisor”) (together, the “Independent Trustees”), considered and approved the renewal of the investment management agreement between the Advisor and the Trust (the “Investment Management Agreement”) with respect to each of the series of the Trust (each a “Fund,” and together, the “Funds”) subject to renewal, consisting of: Mercer US Large Cap Equity Fund (“Large Cap Fund” – formerly Mercer US Large Cap Growth Equity Fund (“Large Cap Growth Fund”), Mercer US Small/Mid Cap Equity Fund (“Small/Mid Cap Fund” – formerly Mercer US Small/Mid Cap Growth Fund (“Small/Mid Cap Growth Fund”), Mercer Non-US Core Equity Fund (“Non-US Core Equity Fund”), Mercer Emerging Markets Equity Fund (“Emerging Markets Fund”), Mercer Global Low Volatility Equity Fund (“Global Low Volatility Fund”), Mercer Core Fixed Income Fund (“Core Fixed Fund”), and Mercer Opportunistic Fixed Income Fund (“Opportunistic Fixed Fund”).

With respect to the Large Cap Fund, the Board of Trustees took into consideration that the Mercer US Large Cap Value Equity Fund, another series then in the Trust (“Large Cap Value Fund”), was proposed to be reorganized with and into the Large Cap Fund in a transaction that was scheduled to be completed effective as of the close of business on June 24, 2016 (the “Large Cap Reorganization”). In connection with carrying out the Large Cap Reorganization, the Large Cap Fund had agreed to acquire all of the assets and all of the liabilities of the Large Cap Value Fund. Effective upon the closing of the Large Cap Reorganization, the Large Cap Fund adopted a new principal investment strategy with a focus on a “core equity” investment strategy, the Fund changed its name, and certain of the Subadvisors to the Large Cap Value Fund were retained as Subadvisors to the Large Cap Fund.

In addition, with respect to the Small/Mid Cap Fund, the Board of Trustees took into consideration that the Mercer US Small/Mid Cap Value Equity Fund, another series then in the Trust (“Small/Mid Cap Value Fund”), was proposed to be reorganized with and into the Small/Mid Cap Fund in a transaction that was scheduled to be completed effective as of the close of business on June 24, 2016 (the “Small/Mid Cap Reorganization”). In connection with carrying out the Small/Mid Cap Reorganization, the Small/Mid Cap Fund had agreed to acquire all of the assets and all of the liabilities of the Small/Mid Cap Value Fund. Effective upon the closing of the

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September 30, 2016 (Unaudited)

Small/Mid Cap Reorganization, the Small/Mid Cap Fund adopted a new principal investment strategy with a focus on a “core equity” investment strategy, the Fund changed its name and certain of the Subadvisors to the Small/Mid Cap Value Fund were retained as Subadvisors to the Small/Mid Cap Fund.

In considering the renewal of the Investment Management Agreement, the Trustees reviewed the information and materials from the Advisor and from counsel that were prepared for the June Meeting, including: (i) the Investment Management Agreement, with respect to the Advisor’s management of the assets of each Fund; (ii) information describing the nature, extent, and quality of the services that the Advisor provided to the Funds; the fees that the Advisor charged to the Funds for these services; and a comparison of those fees to the fees paid by a peer group of other investment companies having investment objectives similar to the investment objectives of the Funds, and that were identified as competitors, as contained in a report prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent, nationally recognized provider of investment company data (the “Broadridge Report”); (iii) information regarding the Advisor’s business and operations; financial position; portfolio management team; and compliance program; (iv) information describing each Fund’s operating expenses compared to the Fund’s peer group of other registered investment companies with investment objectives similar to the investment objectives of the Funds, and that were identified by Broadridge in the Broadridge Report; (v) information describing each Fund’s performance compared to the Fund’s peer group of other investment companies with investment objectives similar to the investment objective of the Fund, as identified in the Broadridge Report; and (vi) information regarding the benefits that the Advisor enjoyed (or may enjoy in the future) as a result of its relationship with the Funds. The Trustees also considered presentations made by, and discussions held with, representatives of the Advisor, both at the June Meeting and throughout the course of the year at regularly scheduled and special Board meetings. The Trustees also evaluated the Advisor’s answers and responses to the questions and information requests contained in the 15(c) Information Request Letter that was submitted to the Advisor on behalf of the Independent Trustees for use in connection with the contract renewal process.

In addition, the Trustees considered presentations made by, and discussions held with, representatives of the Advisor. The Trustees considered and analyzed the factors that they deemed relevant with respect to the Advisor, including: the nature, extent, and quality of the services that were provided to the Funds by the Advisor; the Advisor’s investment management personnel and operations; the performance of the Funds; the Funds’ expense levels; the profitability to the Advisor under the Investment Management Agreement for each Fund at certain asset levels, and the current profitability levels of the Funds; any ancillary benefits to the Advisor and its affiliates of the Advisor’s relationship with the Funds; and the effect of asset growth on the Funds’ expenses. The Board also considered the nature, extent, and quality of the non-advisory services that the Advisor and its affiliates provided to the Funds. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements and reviewed materials supplied by their independent legal counsel.

In their consideration of the renewal of the Investment Management Agreement, the Board, including the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the services that were provided by the Advisor.  The Trustees reviewed the services that the Advisor had provided to the Funds. In connection with the investment advisory services that were provided to the Funds, the Trustees considered the qualifications, experience, and capabilities of the Advisor’s portfolio management team and other investment personnel, and the extent of care and conscientiousness with which the Advisor personnel performed their duties. In this regard, the Trustees considered that while the Advisor focused primarily on the selection, evaluation, and oversight of the Funds’ Subadvisors, consistent with the Trust’s multi-manager structure, the Advisor also had extensive other responsibilities as the Funds’ investment advisor, including: the provision of investment advice; the allocation of each Fund’s assets among multiple Subadvisors (including overseeing the process of transitioning assets among Subadvisor(s)), and the fee negotiation process whereby the Advisor sought to achieve an appropriate and competitive level of fees and fee structure, and the Advisor’s continual monitoring of the ongoing appropriateness and competitiveness of each subadvisory fee and fee structure; the monitoring of each Subadvisor’s investment performance and processes; the oversight of each

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Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

Subadvisor’s compliance with the applicable Fund’s investment objective, policies, and limitations; review of portfolio security brokerage and trading practices; and oversight of general portfolio compliance with relevant law.

The Trustees discussed the Advisor’s ability and willingness to identify instances where there was a need to add a new Subadvisor, to replace a current Subadvisor, to reallocate Fund assets among current Subadvisors, to utilize a new strategy of a current Subadvisor, or to implement a combination of these measures, as well as the Advisor’s ability to promptly, efficiently, and economically effect such changes. The Board reviewed the proprietary tools utilized by the Advisor to review, select, evaluate, and monitor Subadvisors for the Funds, as well as the Advisor’s experience, resources, and strengths in advising the Mercer Collective Trust and the Mercer Group Trust, two other pooled investment vehicles overseen by the Advisor. The Trustees also considered the fact that the Advisor is capable of providing, through its other business divisions, significant research and related services to the Funds that an investment advisor to a fund complex of similar size as the Funds might not otherwise be able to provide.

The Trustees discussed the Trust’s multi-manager structure, and the services required by the Trust as a consequence of that structure, as measured against an investment company without multiple Subadvisors. The Trustees also evaluated the nature, extent, and quality of the non-investment advisory and administrative services that were provided to the Funds by the Advisor, such as the supervision of the Funds’ third-party service providers. The Trustees considered the scope and substance of the Advisor’s regulatory and compliance policies, procedures, and systems. The Trustees evaluated the Advisor’s capabilities in providing the administrative and compliance services needed to support management of the Funds, and the information that regularly had been provided by the Trust’s Chief Compliance Officer (the “CCO”) to the Trustees at prior Board meetings. The Trustees also considered the Advisor’s willingness both to add personnel and to replace existing personnel, as the Funds have grown, in order to ensure that appropriate staffing levels were maintained.

Based on their consideration and review of the foregoing information, the members of the Board determined that the Funds benefited from the nature, extent, and high quality of these services, as well as the Advisor’s ability to continue to provide these services based on the Advisor’s experience, operations, and resources and concluded that they supported the continuation of the Investment Management Agreement with the Advisor.

(b)  The costs of the services provided and the profits realized by the Advisor and its affiliates from the Advisor’s relationship with the Funds.  The Trustees compared each Fund’s contractual management fee and expense ratio to other investment companies considered to be in the Fund’s respective peer group (as identified by Broadridge in its Report), and noted each Fund’s rankings. The Trustees observed that the Advisor did not manage other registered investment companies and, therefore, the Advisor could not provide information regarding the Advisor’s fees for such activities.

The Trustees discussed the entrepreneurial risk undertaken by the Advisor in creating and operating the Trust and the Funds, recalling the costs of organizing and operating the Funds, and the significant economic impact that these activities had on the profitability of the Advisor over the prior years, as well as the potential effect it would have on the Advisor in connection with its continuing to serve as the investment advisor to each Fund. The Trustees considered that the Advisor had only become profitable in the last few years with respect to the services it provides in connection with the operations of the Funds. The Trustees also discussed the Advisor’s ongoing costs in operating the Funds and the costs of compensating the Subadvisors, as well as the Advisor’s initiative to negotiate reduced fee schedules for certain of the Subadvisors, which results in a benefit to the Advisor, and the Advisor’s willingness to retain replacement Subadvisors that may charge higher subadvisory fees than the firm being replaced, which can negatively impact the overall level of profitability of the Advisor.

The Trustees also considered the other relationships that the Advisor and its affiliates have with the Trust, and any ancillary benefits realized by the Advisor and its affiliates from the Advisor’s relationship with each Fund, as discussed in the materials on this subject that were provided to the Board, as well as in the comments of the Advisor’s personnel at the June Meeting. The Trustees recognized that because of the Trust’s multi-manager structure, the Advisor did not place portfolio transactions on behalf of the Funds, and, thus, the Advisor did not receive proprietary research from broker-dealers that executed the Funds’ portfolio transactions. In addition, the Trustees noted that the Advisor, as a policy, did not receive any services paid for by Fund soft dollar commissions.

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Mercer Funds

Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

As such, the members of the Board took note of the fact that the Advisor did not derive any benefits from any Fund portfolio transactions, which benefits were enjoyed by certain Subadvisors, and in the case of other registered investment companies, by their investment managers.

The Trustees noted that the Advisor, by managing the Funds, may benefit (along with its affiliates) to the extent that potential investors view the Advisor and its affiliates as providing a diverse array of investment products, and managing different asset classes, which were available through multiple investment vehicles. The Trustees also noted that the Advisor served as the Trust’s internal administrator, and the Advisor will be entitled to receive compensation from the Class S, Class Y-1, and Class Y-2 shares of the Funds for acting in that capacity (although no compensation had been paid to date). The Trustees also considered that, in return for this compensation, the Advisor was responsible for, among other things, attending to shareholder correspondence, assisting with the purchase and redemption of shares, and preparing and distributing documents for shareholder use. As such, the Trustees concluded that the benefits that accrued to the Advisor and its affiliates by virtue of their relationships to the Funds were reasonable and fair in comparison with the costs of providing the relevant services.

(c)  The extent to which economies of scale were realized as each Fund grew, and whether fee levels reflected these economies of scale for the benefit of Fund shareholders.  The Trustees took into consideration the fact that the Adviser had agreed to implement a new breakpoint threshold for each Fund at the level of $1 billion in assets, which is in addition to the existing initial breakpoint at $750 million in assets, so that the Funds may obtain additional economies of scale upon reaching $1 billion in assets without compromising the quality of services.

(d) The investment performance of the Funds and the Advisor.  The Trustees considered the overall investment performance of the Funds, and evaluated Fund performance in the context of the Trust’s multi-manager structure, and the unique considerations that this structure requires. The Trustees considered whether the Funds operated within their investment objectives and styles, and considered each Fund’s record of compliance with its investment restrictions. The Trustees also considered that the Advisor continues to be proactive in seeking to replace and/or add Subadvisors, to reallocate assets among Subadvisors, and to implement new investment Subadvisor strategies, with a view to improving Fund performance over the long term.

While consideration was given to the Advisor’s performance reports and discussions at prior Board meetings, particular attention was given to the Broadridge Report prepared specifically for the June Meeting. In reviewing the performance of the Funds, the Trustees considered the performance of each respective Fund as compared to its applicable performance universe for the ten-year measurement period or the since inception period for those Funds that did not have ten years of performance, noting that the performance of the Large Cap Growth Fund fell within the third quintile, the Large Cap Value Fund’s performance fell within the fourth quintile, the performance of the Small/Mid Cap Growth Fund fell within the third quintile, the performance of the Small/Mid Cap Value Fund fell within the fourth quintile, the performance of the Non-US Core Equity Fund fell within the third quintile, the performance of the Emerging Markets Fund fell within the third quintile, the Global Low Volatility Fund’s performance fell within the second quintile, the Core Fixed Fund’s performance fell within the second quintile, and the Opportunistic Fixed Fund’s performance fell within the fifth quintile of their respective performance universes for these periods. The Trustees also recalled the Advisor’s expectations for the acceptable performance of each Fund with respect to a range of quintiles. The Trustees also discussed the supplemental performance information presented for the Large Cap Fund and Small/Mid Cap Fund showing performance results for each of these Funds as compared to other funds using the types of “core equity” strategies that were to be implemented by these Funds upon the completion of the Reorganization Transactions.

In the case of the Large Cap Growth Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the fifth, fifth, fourth, fourth, fourth, and third quintiles, respectively, of its peer universe. The Trustees also considered that the Large Cap Growth Fund’s performance for each of the six measurement periods placed the Fund’s performance in the fourth, fourth, fifth, fifth, fifth and fourth quintiles, respectively, of its peer group.

In the case of the Large Cap Value Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the fifth, fourth, second, first, first and fourth quintiles,

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Mercer Funds

Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

respectively, of its peer universe. The Trustees also considered that the Large Cap Value Fund’s performance for the one-, two-, three-, four- and five-year measurement periods placed the Fund’s performance in the fifth, fourth, first, first and first quintiles, respectively, of its peer group. The Trustees also took into consideration that the Fund was to be reorganized effective as of June 24, 2016 in connection with the Large Cap Reorganization.

In the case of the Small/Mid Cap Growth Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the third quintile for all six measurement periods of its peer universe. The Trustees also considered that the Small/Mid Cap Growth Fund’s performance for each of the six measurement periods placed the Fund’s performance in the third quintile for each of the measurement periods of its peer group except for the three-year period where it fell within the fourth quintile.

In the case of the Small/Mid Cap Value Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the second, third, third, third, third and fourth measurement periods of its peer universe. The Trustees also considered that the Small/Mid Cap Value Fund’s performance for each of the measurement periods placed the Fund’s performance in the third quintile of its peer group for each of the measurement periods except for the ten-year period. The Trustees also took into consideration that the Fund was to be reorganized effective as of June 24, 2016 in connection with the Small/Mid Cap Reorganization.

In the case of the Non-US Core Equity Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and since inception measurement periods placed it in the first quintile for each measurement period of its peer universe except for the since inception period where it fell within the third quintile. The Trustees also considered that the Non-US Core Equity Fund’s performance for each of the six measurement periods placed the Fund’s performance in the second, second, first, first, first and third quintiles, respectively, of its peer group.

In the case of the Emerging Markets Fund, the Trustees took note of the fact that the Fund commenced operations in May of 2012. It was noted that the Fund’s performance for the one-, two-, three- and since inception measurement periods placed it in the third quintile for each measurement period of its peer universe. The Trustees also considered that the Emerging Markets Fund’s performance for each of the four measurement periods placed the Fund’s performance in the third quintile for each measurement period of its peer group.

In the case of the Global Low Volatility Fund, the Trustees took note of the fact that the Fund commenced operations in November of 2012. It was noted that performance fell within the first quintile for the one-, two- and three year measurement periods and within the second quintile for the since inception measurement period of its peer universe. The Trustees also considered that the Global Low Volatility Fund’s performance for the one-year period was in the first quintile of its peer group and was in the third quintile for the two-year period for its peer group.

In the case of the Core Fixed Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the third, second, second, first, first and second quintiles, respectively, of its peer universe. The Trustees also considered that the Core Fixed Fund’s performance for each of the six measurement periods placed the Fund’s performance in the fourth, third, second, first, first, and fourth quintiles, respectively, of its peer group.

In the case of the Opportunistic Fixed Fund, the Trustees took note of the fact that the Fund had commenced operations in August of 2013. It was noted that the Fund’s performance for the one-year, two-year and since inception measurement periods placed it in the fifth quintile of its peer universe for each measurement period. The Trustees also considered that the Opportunistic Fixed Fund’s performance for each of the three measurement periods placed its performance in the fifth quintile of its peer group for each measurement period. In connection with their consideration of the performance results for the Opportunistic Fixed Fund, the Trustees further took into consideration the Advisor’s explanation that the Fund’s performance was not likely to compare favorably with its selected benchmark index because the Fund had been established by the Advisor with a specific investment purpose that was not likely to be correlated to the investment performance of its benchmark index, and that the Fund had been successful in achieving its intended performance results consistent with the Advisor’s objective for the Fund.

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Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

On this basis, the Trustees concluded that the Advisor’s performance in managing each Fund indicated that the Advisor’s continued management will benefit each Fund and its shareholders.

Conclusion.  Following further consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, and such other matters as were deemed relevant, the Trustees concluded that the management fee rates of the Funds continued to be supported by the services provided by the Advisor to the Funds, as well as the costs that were incurred and benefits that were gained by the Advisor in providing such services. It was noted that the Trustees had taken into consideration the fees charged by the investment advisors to the investment companies included in the Funds’ peer groups as presented in the Broadridge Report. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Investment Management Agreement was in the best interests of the Funds and their shareholders, and they approved the renewal of the Investment Management Agreement.

Mercer US Large Cap Equity Fund

(formerly Mercer US Large Cap Growth Equity Fund)

Mercer US Small/Mid Cap Equity Fund

(formerly Mercer US Small/Mid Cap Growth Equity Fund)

Mercer US Small/Mid Cap Value Equity Fund

Mercer Non-US Core Equity Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

Mercer Core Fixed Income Fund

Mercer Opportunistic Fixed Income Fund

Renewal of the Subadvisory Agreements for the Funds

At the June Meeting, the Board, including the Independent Trustees, also considered and approved the continuation of the subadvisory agreements (collectively, the “Subadvisory Agreements”) entered into by the Advisor and the following Subadvisors for the Funds: Brandywine Global Investment Management, LLC, Columbia Management Investment Advisers, LLC, HS Management Partners, LLC, O’Shaughnessy Asset Management, LLC, and Parametric Portfolio Associates LLC (in the case of the Large Cap Fund, formerly the Large Cap Growth Fund); NWQ Investment Management Company, LLC, Westfield Capital Management Company and Parametric Portfolio Associates LLC (in the case of the Small/Mid Cap Fund, formerly the Small/Mid Cap Growth Fund); American Century Investment Management, Inc., Arrowstreet Capital, Limited Partnership, Massachusetts Financial Services Company and Parametric Portfolio Associates LLC (in the case of the Non-US Core Equity Fund); AQR Capital Management, LLC, Investec Asset Management Ltd., Kleinwort Benson Investors International Ltd. and Parametric Portfolio Associates LLC (in the case of the Emerging Markets Fund); Acadian Asset Management LLC, MFG Asset Management, Martingale Asset Management, L.P. and Parametric Portfolio Associates LLC (in the case of the Global Low Volatility Fund); Income Research & Management and Prudential Investment Management, Inc. (in the case of the Core Fixed Fund) and Franklin Advisers, Inc. and Investec Asset Management Ltd. (in the case of the Opportunistic Fixed Fund) (each a “Subadvisor,” and together, the “Subadvisors”).

In considering the renewal of the Subadvisory Agreements, the Trustees considered the information and materials from the Advisor and counsel that included, as to each Subadvisor whose Subadvisory Agreement was being considered and each Fund: (i) the Subadvisory Agreement between the Advisor and the Subadvisor; (ii) information regarding the review and due diligence process by which the Advisor selected, monitored, and evaluated the Subadvisor, and recommended the Subadvisor for Board approval; (iii) information describing the nature, extent, and quality of the services that the Subadvisor provided to the respective Fund, and the fees that the Subadvisor charged the Advisor for these services; (iv) information regarding the Subadvisor’s business and operations, financial condition, portfolio management team, and compliance program; (v) the Subadvisor’s brokerage and trading policies and practices; (vi) the Subadvisor’s performance in managing its allocated portion of the Fund’s investment portfolio; (vii) the Subadvisor’s historical performance returns managing a similar investment mandate, and a comparison of the performance returns to a relevant index; and (viii) the Advisor’s detailed monitoring and reporting of Subadvisor performance on qualitative and quantitative factors.

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Mercer Funds

Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

In addition, the Trustees considered presentations made by, and discussions held with, representatives of the Advisor and representatives of the Subadvisors at the June Meeting and throughout the course of the year at regularly scheduled Board meetings. During their review of this information, the Trustees also considered the Subadvisors’ answers and responses to applicable information requests contained in their 15(c) Information Request Letters. The Trustees considered and analyzed the factors that the Board deemed relevant with respect to each Subadvisor, including: the nature, extent, and quality of the services that were provided to the applicable Fund by the Subadvisor; the Subadvisor’s investment management style and investment decision-making process; the Subadvisor’s historical performance record managing its allocated portion of the Fund’s portfolio, as well as pooled investment products similar to the applicable Fund; the qualifications and experience of the employees at the Subadvisor who were responsible for the day-to-day management of the allocated portion of the Fund; and the Subadvisor’s staffing levels and overall resources. The Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the Subadvisors.

In particular, and as to each Fund and to each Subadvisor, the Board, including the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the advisory services that were provided by the Subadvisors.  The Trustees reviewed the nature, extent, and quality of the advisory services that each Subadvisor had provided to the applicable Fund. The Trustees considered the Advisor’s active role as a manager of managers, which included, among other items, monitoring and evaluating the performance of the Subadvisors, recommending that Subadvisors that have not performed as expected either be replaced or their allocated portion of the Fund’s portfolio be reduced, and negotiating fee arrangements that may permit the Funds to realize economies of scale without compromising the quality of services. The Trustees discussed the specific investment management process that was employed by each Subadvisor in managing the assets that were allocated to the Subadvisor (which had been discussed with each Subadvisor previously); the qualifications, experience, and capabilities of the Subadvisor’s management and other personnel responsible for the portfolio management of the allocated portion of the applicable Fund; the financial position of the Subadvisor; the quality of the Subadvisor’s regulatory and legal compliance policies and procedures; and the Subadvisor’s brokerage practices. The Trustees considered each Subadvisor’s infrastructure and whether it continued to support the Subadvisor’s investment strategy adequately. The Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to each Subadvisor, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services that were provided by the Subadvisor. The Trustees determined that each Fund would continue to benefit from the quality and experience of the portfolio managers of each Fund’s Subadvisors.

Based on their consideration and review of the foregoing information, the Trustees concluded that the nature, extent, and quality of the subadvisory services that were provided by each Subadvisor, as well as each Subadvisor’s ability to continue to provide these services based on its experience, operations, and resources, were adequate and appropriate, and had benefited, and will continue to benefit, the applicable Fund and its shareholders. The Trustees concluded that these factors supported the continuation of the Subadvisory Agreements with the Subadvisors.

(b)  The costs of the services provided and the profits realized by the Subadvisor and its affiliates from the Subadvisor’s relationship with the Funds.  The Trustees considered the review, selection, and due diligence process employed by the Advisor in deciding to recommend each Subadvisor as a Subadvisor to the respective Fund. The Trustees took account of the Advisor’s reasons for concluding that the compensation payable to each Subadvisor for its services to the Fund were fair and reasonable, in light of the nature and quality of the services furnished to the Fund, and the Advisor’s recommendation at the June Meeting that the Subadvisors be continued, particularly in light of the fact that the Subadvisors’ fees were paid by the Advisor and not by the Funds (or their shareholders), and, thus, payments to the Subadvisors detracted from the Advisor’s profitability.

The Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Funds, an analysis of economies of scale and profitability was more appropriate in the context of their consideration of the

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Mercer Funds

Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

Management Agreement with the Advisor. In addition, since the fees paid by the Advisor to each Subadvisor were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate reasonable fees with the Subadvisors, the consideration of each Subadvisor’s profitability was not considered relevant to the Trustees’ deliberations. The Trustees took into account the Advisor’s ongoing monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure, the Advisor’s assessment that the subadvisory fee rates charged by each Subadvisor reflected a reasonable fee arrangement, and the Advisor’s continued initiative to implement reduced subadvisory fee schedules with the Subadvisors which results in a benefit to the Advisor. The Trustees noted that the subadvisory fees were paid by the Advisor to each Subadvisor and were not additional fees to be borne by the Funds or their shareholders. The Trustees also considered the information supplied by each Subadvisor, in its 15(c) questionnaire, that presented data regarding fees charged to other clients of the Subadvisor. Based on their discussion, the Trustees concluded that, in light of the quality and extent of the services that were provided, the fees paid to each Subadvisor with respect to the Fund assets that were allocated to the Subadvisor appeared to be within a reasonable range in relation to the services to be provided by each Subadvisor.

(c)  Ancillary Benefits.  The Trustees considered whether there were any ancillary benefits that may accrue to the Subadvisors as a result of their relationships with the Funds. The Trustees concluded that certain Subadvisors may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Trustees noted that the Subadvisors were required to select brokers who met the Funds’ requirements for seeking best execution, and that the Advisor monitored and evaluated the Subadvisors’ trade execution with respect to Fund brokerage transactions on a quarterly basis and provided reports to the Board on these matters. The Trustees concluded that the benefits accruing to the Subadvisors by virtue of their relationships with the Funds were reasonable based upon the level and quality of services provided.

(d)  The extent to which economies of scale were realized as each Fund grew, and whether fee levels reflected these economies of scale for the benefit of Fund shareholders.  The Trustees next discussed economies of scale. The Trustees considered each Subadvisor’s fee schedule for providing services to the applicable Fund, and noted that several of the Subadvisory Agreements included breakpoints that would reduce the Subadvisor’s fees as assets in the applicable Fund increased. It was noted that the benefit of breakpoints would go to the Advisor, and not to the Funds, and would be reflected in the Advisor’s profitability, which had been reviewed by the Trustees.

(e)  The investment performance of the Funds and the Subadvisors.  The Trustees considered whether each Subadvisor operated within the applicable Fund’s investment objective and style, and considered each Subadvisor’s record of compliance with the Fund’s relevant investment restrictions. The Trustees also considered the Advisor’s conclusions, and the reasons supporting the Advisor’s conclusions, that the performance record of each Subadvisor supported the approval of its Subadvisory Agreement.

Conclusion.  Following full consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, along with the determination of the Advisor at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Trustees concluded that the fee rate for each Subadvisor continued to be supported by the services that were provided by each of the Subadvisors to the Funds. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Subadvisory Agreements was in the best interests of the Funds and their shareholders, and approved the renewal of each of the Subadvisory Agreements.

Mercer Emerging Markets Fund

Approval of New Subadvisory Agreements for the Fund

At the June Meeting, the Trustees, including the Independent Trustees, also considered and approved proposed new subadvisory agreements between the Advisor and three new Subadvisors on behalf of the Emerging Markets Fund (the “Fund”), consisting of Copper Rock Capital Partners LLC (“Copper Rock”), Mondrian Investment Partners Limited (“Mondrian”) and William Blair Investment Management, LLC (“William Blair”). The Board was informed by the Advisor that the proposed new Subadvisors were being recommended to replace a prior Subadvisor

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to the Fund that had previously been terminated by the Advisor, and the Advisor had presented the Board with a recommendation to retain each of the proposed new Subadvisors based upon the Advisor’s determination that each of these Subadvisors was qualified to serve as a new Subadvisor to the Fund, based upon the Advisor’s analysis of each of the firms.

In addition, also at the June Meeting, the Trustees, including the Independent Trustees, considered and approved a proposed new subadvisory agreement between the Advisor and Kleinwort Benson Investors International Ltd. (“KBI”), one of the Subadvisors to the Fund (the “New KBI Subadvisory Agreement”), due to a change in the ownership of KBI. The Board was informed by the Advisor that because of the change in the ownership of KBI, the prior subadvisory agreement that was in effect between the Advisor and KBI (the “Prior KBI Subadvisory Agreement”) was assigned for purposes of the 1940 Act. Because the assignment caused the automatic termination of the Prior KBI Subadvisory Agreement, the Board at the June Meeting approved the New KBI Subadvisory Agreement between the Advisor, on behalf of the Fund, and KBI. The New KBI Subadvisory Agreement, which became effective as of August 31, 2016, is essentially identical to the Prior KBI Subadvisory Agreement in all material respects. Prior to August 31, 2016, KBI was a subsidiary of BHF Kleinwort Benson Group SA (“BHFKB”). Effective as of August 31, 2016, a controlling interest in KBI was acquired by Amundi Asset Management, resulting in a change in control event for KBI (the “KBI Transaction”). The Advisor had informed the Board that they were of the view that the KBI Transaction was not expected to cause any change in the level or quality of services provided to the Fund by KBI. Previously, effective as of January 13, 2016, a controlling interest in BHFKB had been acquired by Oddo & Cie (“Oddo”), a French investment banking and capital management firm. Effective January 26, 2016, a controlling interest in BHFKB also had been acquired by Fosun International (“Fosun”). These acquisitions resulted in two separate change of control events for KBI (the “January Acquisitions”). As a result of these prior change of control events for KBI, the Board approved an interim KBI Subadvisory Agreement (the “Interim KBI Subadvisory Agreement”) at a meeting held on January 28, 2016, and the Board replaced the Interim KBI Subadvisory Agreement with the Prior KBI Subadvisory Agreement, approved at a Board meeting held on March 17-18, 2016.

Approval of a New Subadvisory Agreement with Copper Rock (the “Copper Rock Subadvisory Agreement”)

In considering the approval of the Copper Rock Subadvisory Agreement, the Trustees considered the information and materials from the Advisor, Copper Rock and counsel that included, as to Copper Rock and the Fund: (i) the Copper Rock Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Copper Rock for the Board’s approval, and the Advisor’s rationale for recommending that Copper Rock be appointed as a Subadvisor to the Fund; (iii) the nature, extent, and quality of the services that Copper Rock proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of Copper Rock; (v) Copper Rock’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Copper Rock for its services to the Fund, and a comparison of those fees to other accounts that Copper Rock manages; (vii) a summary of Copper Rock’s compliance program; (viii) information regarding Copper Rock’s historical performance returns managing an investment mandate similar to the Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of Copper Rock. In addition, the Trustees considered presentations made by, and discussions held with, representatives of the Advisor and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by Copper Rock.

The Trustees considered and analyzed factors that they deemed relevant with respect to Copper Rock, including: the nature, extent, and quality of the services to be provided to the Fund by Copper Rock; Copper Rock’s management style and investment decision-making process; Copper Rock’s historical performance record managing investment products similar to the Fund; the qualifications and experience of the members of Copper Rock’s portfolio management team; and Copper Rock’s staffing levels and overall resources. The Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the Subadvisors. Additionally the Independent Trustees received assistance and advice

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regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements and reviewed materials supplied by their independent legal counsel.

In particular, and as to Copper Rock, the Board, including the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by Copper Rock.  The Trustees reviewed the nature, extent, and quality of the services to be provided by Copper Rock to the Fund. The Trustees discussed the specific investment management process that Copper Rock indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by Copper Rock), the qualifications of Copper Rock’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that Copper Rock would be managing, and the performance record of Copper Rock as compared to a relevant benchmark. The Trustees considered Copper Rock’s infrastructure and resources, and whether Copper Rock’s organization appeared to support Copper Rock’s strategy adequately. The Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to Copper Rock, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by Copper Rock. The Trustees determined that the Fund and its shareholders would benefit from the quality and experience of Copper Rock’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by Copper Rock, as well as Copper Rock’s ability to render such services based on Copper Rock’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that Copper Rock would manage.

(b)  Comparison of the services to be rendered and fees to be paid to Copper Rock under other advisory and subadvisory contracts, such as those with other clients.  The Trustees discussed the services that would be rendered by Copper Rock and evaluated the compensation to be paid to Copper Rock by the Advisor for those services. The Trustees noted that the services that Copper Rock would furnish to the Fund appeared to be comparable to the services that Copper Rock currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that will be paid to Copper Rock by the Advisor in light of the fees that are charged by Copper Rock to its other advisory clients, as disclosed in Copper Rock’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Trustees also considered that the fees agreed to by Copper Rock were the result of an arm’s length bargain negotiated by unaffiliated parties.

The Trustees considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend Copper Rock to serve as a Subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to Copper Rock for its services to the Fund were reasonable. The Trustees emphasized in their discussions that the subadvisory fees of Copper Rock would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to Copper Rock with respect to the assets of the Fund to be allocated to Copper Rock was supported by the services that were expected to be provided by Copper Rock to the Fund. The Trustees also considered the potential “fallout” or ancillary benefits that may accrue to Copper Rock from its relationship with the Fund and concluded that they were reasonable.

The Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the Management Agreement with the Advisor. In addition, since the fees to be paid to Copper Rock were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of Copper Rock was not considered relevant to the Trustees’ deliberations. The Trustees took note of the Advisor’s explanation that the recommended appointment of Copper Rock was not

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affected by the impact that the appointment would have on the Advisor’s revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of Copper Rock may result in reduced profitability for the Advisor as a result of increased subadvisory fees that will be paid out of the Advisor’s resources, which had been reported to and reviewed by the Independent Trustees. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services expected to be provided by Copper Rock and the proposed fees to be paid to Copper Rock by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to Copper Rock as a result of serving as a Subadvisor to the Fund were reasonable in relation to the services that were expected to be provided by Copper Rock to the Fund.

(c)  Investment performance of the Fund and Copper Rock.  Because Copper Rock was a newly proposed Subadvisor to the Fund, the Trustees could not consider Copper Rock’s investment performance in managing the Fund as a factor in evaluating the Copper Rock Subadvisory Agreement. However, the Trustees reviewed Copper Rock’s historical investment performance record in subadvising other investment companies and accounts that were comparable to the Fund. The Trustees also compared the historical investment performance of Copper Rock to a relevant benchmark index and concluded that Copper Rock’s historical performance record, viewed together with the other factors considered by the Trustees, supported a decision to approve the Copper Rock Subadvisory Agreement.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend Copper Rock to serve as a new Subadvisor to the Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for Copper Rock was supported by the services that were expected to be provided to the Fund. As a result, the Trustees concluded that the approval of the Copper Rock Subadvisory Agreement was in the best interests of the Fund and its shareholders and approved the Copper Rock Subadvisory Agreement.

Approval of a New Subadvisory Agreement with Mondrian (the “Mondrian Subadvisory Agreement”)

In considering the approval of the Mondrian Subadvisory Agreement, the Trustees considered the information and materials from the Advisor, Mondrian and counsel that included, as to Mondrian and the Fund: (i) the Mondrian Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Mondrian for the Board’s approval, and the Advisor’s rationale for recommending that Mondrian be appointed as a Subadvisor to the Fund; (iii) the nature, extent, and quality of the services that Mondrian proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of Mondrian; (v) Mondrian’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Mondrian for its services to the Fund, and a comparison of those fees to other accounts that Mondrian manages; (vii) a summary of Mondrian’s compliance program; (viii) information regarding Mondrian’s historical performance returns managing an investment mandate similar to the Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of Mondrian. In addition, the Trustees considered presentations made by, and discussions held with, representatives of the Advisor and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by Mondrian.

The Trustees considered and analyzed factors that they deemed relevant with respect to Mondrian, including: the nature, extent, and quality of the services to be provided to the Fund by Mondrian; Mondrian’s management style and investment decision-making process; Mondrian’s historical performance record managing investment products similar to the Fund; the qualifications and experience of the members of Mondrian’s portfolio management team; and Mondrian’s staffing levels and overall resources. The Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the Subadvisors. Additionally the Independent Trustees received assistance and advice regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements and reviewed materials supplied by their independent legal counsel.

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Mercer Funds

Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

In particular, and as to Mondrian, the Board, including the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by Mondrian.  The Trustees reviewed the nature, extent, and quality of the services to be provided by Mondrian to the Fund. The Trustees discussed the specific investment management process that Mondrian indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by Mondrian), the qualifications of Mondrian’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that Mondrian would be managing, and the performance record of Mondrian as compared to a relevant benchmark. The Trustees considered Mondrian’s infrastructure and resources, and whether Mondrian’s organization appeared to support Mondrian’s strategy adequately. The Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to Mondrian, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by Mondrian. The Trustees determined that the Fund and its shareholders would benefit from the quality and experience of Mondrian’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by Mondrian, as well as Mondrian’s ability to render such services based on Mondrian’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that Mondrian would manage.

(b)  Comparison of the services to be rendered and fees to be paid to Mondrian under other advisory and subadvisory contracts, such as those with other clients.  The Trustees discussed the services that would be rendered by Mondrian and evaluated the compensation to be paid to Mondrian by the Advisor for those services. The Trustees noted that the services that Mondrian would furnish to the Fund appeared to be comparable to the services that Mondrian currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that to be paid to Mondrian by the Advisor in light of the fees that are charged by Mondrian to its other advisory clients, as disclosed in Mondrian’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Trustees also considered that the fees agreed to by Mondrian were the result of an arm’s length bargain negotiated by unaffiliated parties. The Trustees also noted that, while Mondrian’s fee schedule did include breakpoints, the benefit of the breakpoints would go to the Advisor, and not to the Fund, and would be reflected in the Advisor’s profitability, which had been reviewed by the Trustees.

The Trustees considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend Mondrian to serve as a Subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to Mondrian for its services to the Fund were reasonable. The Trustees emphasized in their discussions that the subadvisory fees of Mondrian would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to Mondrian with respect to the assets of the Fund to be allocated to Mondrian was supported by the services that were expected to be provided by Mondrian to the Fund. The Trustees also considered the potential “fallout” or ancillary benefits that may accrue to Mondrian from its relationship with the Fund and concluded that they were reasonable.

The Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the Management Agreement with the Advisor. In addition, since the fees to be paid to Mondrian were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of Mondrian was not considered relevant to the Trustees’ deliberations. The Trustees took note of the Advisor’s explanation that the recommended appointment of Mondrian was not affected by the impact that the appointment would have on the Advisor’s revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of Mondrian was not expected to result in any change in the level of profitability of the Advisor, which had been reported to and reviewed by the Independent Trustees. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services

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September 30, 2016 (Unaudited)

expected to be provided by Mondrian and the proposed fees to be paid to Mondrian by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to Mondrian as a result of serving as a Subadvisor to the Fund were reasonable in relation to the services that were expected to be provided by Mondrian to the Fund.

(c)  Investment performance of the Fund and Mondrian.  Because Mondrian was a newly proposed Subadvisor to the Fund, the Trustees could not consider Mondrian’s investment performance in managing the Fund as a factor in evaluating the Mondrian Subadvisory Agreement. However, the Trustees reviewed Mondrian’s historical investment performance record in subadvising other investment companies and accounts that were comparable to the Fund. The Trustees also compared the historical investment performance of Mondrian to a relevant benchmark and concluded that Mondrian’s historical performance record, viewed together with the other factors considered by the Trustees, supported a decision to approve the Mondrian Subadvisory Agreement.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend Mondrian to serve as a new Subadvisor to the Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for Mondrian was supported by the services that were expected to be provided to the Fund. As a result, the Trustees concluded that the approval of the Mondrian Subadvisory Agreement was in the best interests of the Fund and its shareholders and approved the Mondrian Subadvisory Agreement.

Approval of a New Subadvisory Agreement with William Blair (the “William Blair Subadvisory Agreement”)

In considering the approval of the William Blair Subadvisory Agreement, the Trustees considered the information and materials from the Advisor, William Blair and counsel that included, as to William Blair and the Fund: (i) the William Blair Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended William Blair for the Board’s approval, and the Advisor’s rationale for recommending that William Blair be appointed as a Subadvisor to the Fund; (iii) the nature, extent, and quality of the services that William Blair proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of William Blair; (v) William Blair’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by William Blair for its services to the Fund, and a comparison of those fees to other accounts that William Blair manages; (vii) a summary of William Blair’s compliance program; (viii) information regarding William Blair’s historical performance returns managing an investment mandate similar to the Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of William Blair. In addition, the Trustees considered presentations made by, and discussions held with, representatives of the Advisor and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by William Blair.

The Trustees considered and analyzed factors that they deemed relevant with respect to William Blair, including: the nature, extent, and quality of the services to be provided to the Fund by William Blair; William Blair’s management style and investment decision-making process; William Blair’s historical performance record managing investment products similar to the Fund; the qualifications and experience of the members of William Blair’s portfolio management team; and William Blair’s staffing levels and overall resources. The Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the Subadvisors. Additionally the Independent Trustees received assistance and advice regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements and reviewed materials supplied by their independent legal counsel.

In particular, and as to William Blair, the Board, including the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by William Blair.  The Trustees reviewed the nature, extent, and quality of the services to be provided by William Blair to the Fund. The Trustees discussed the

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Mercer Funds

Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

specific investment management process that William Blair indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by William Blair), the qualifications of William Blair’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that William Blair would be managing, and the performance record of William Blair as compared to a relevant benchmark. The Trustees considered William Blair’s infrastructure and resources, and whether William Blair’s organization appeared to support William Blair’s strategy adequately. The Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to William Blair, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by William Blair. The Trustees determined that the Fund and its shareholders would benefit from the quality and experience of William Blair’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by William Blair, as well as William Blair’s ability to render such services based on William Blair’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that William Blair would manage.

(b)  Comparison of the services to be rendered and fees to be paid to William Blair under other advisory and subadvisory contracts, such as those with other clients.  The Trustees discussed the services that would be rendered by William Blair and evaluated the compensation to be paid to William Blair by the Advisor for those services. The Trustees noted that the services that William Blair would furnish to the Fund appeared to be comparable to the services that William Blair currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that to be paid to William Blair by the Advisor in light of the fees that are charged by William Blair to its other advisory clients, as disclosed in William Blair’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Trustees also considered that the fees agreed to by William Blair were the result of an arm’s length bargain negotiated by unaffiliated parties. The Trustees also noted that, while William Blair’s fee schedule did include breakpoints, the benefit of the breakpoints would go to the Advisor, and not to the Fund, and would be reflected in the Advisor’s profitability, which had been reviewed by the Trustees.

The Trustees considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend William Blair to serve as a Subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to William Blair for its services to the Fund were reasonable. The Trustees emphasized in their discussions that the subadvisory fees of William Blair would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to William Blair with respect to the assets of the Fund to be allocated to William Blair was supported by the services that were expected to be provided by William Blair to the Fund. The Trustees also considered the potential “fallout” or ancillary benefits that may accrue to William Blair from its relationship with the Fund and concluded that they were reasonable.

The Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the Management Agreement with the Advisor. In addition, since the fees to be paid to William Blair were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of William Blair was not considered relevant to the Trustees’ deliberations. The Trustees took note of the Advisor’s explanation that the recommended appointment of William Blair was not affected by the impact that the appointment would have on the Advisor’s revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of William Blair may result in reduced profitability for the Advisor as a result of increased subadvisory fees that will be paid out of the Advisor’s resources. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services expected to be provided by William Blair and the proposed fees to be paid to William Blair by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to William Blair as a result of serving as a subadvisor

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to the Fund were reasonable in relation to the services that were expected to be provided by William Blair to the Fund.

(c)  Investment performance of the Fund and William Blair.  Because William Blair was a newly proposed Subadvisor to the Fund, the Trustees could not consider William Blair’s investment performance in managing the Fund as a factor in evaluating the William Blair Subadvisory Agreement. However, the Trustees reviewed William Blair’s historical investment performance record in subadvising other investment companies and accounts that were comparable to the Fund. The Trustees also compared the historical investment performance of William Blair to a relevant benchmark and concluded that William Blair’s historical performance record, viewed together with the other factors considered by the Trustees, supported a decision to approve the William Blair Subadvisory Agreement.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend William Blair to serve as a new Subadvisor to the Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for William Blair was supported by the services that were expected to be provided to the Fund. As a result, the Trustees concluded that the approval of the William Blair Subadvisory Agreement was in the best interests of the Fund and its shareholders and approved the William Blair Subadvisory Agreement.

Approval of a New Subadvisory Agreement with KBI (the “KBI Subadvisory Agreement”)

In considering the approval of the New KBI Subadvisory Agreement, the Trustees considered the information and materials from the Advisor and counsel that included, as to KBI and the Fund: (i) the New KBI Subadvisory Agreement; (ii) information regarding the process by which the Advisor had initially reviewed, selected, and recommended KBI for the Board’s approval, and the Advisor’s rationale for continuing to retain KBI as a Subadvisor following the closing of the KBI Transaction; (iii) the nature, extent, and quality of the services that KBI has previously provided to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of KBI and the effect that the KBI Transaction may have on KBI’s business and operations; (v) KBI’s brokerage and trading policies and practices; (vi) the level of subadvisory fees charged by KBI for its services to the Fund, and a comparison of those fees to other accounts that KBI manages; (vii) a summary of KBI’s compliance program; (viii) information regarding KBI’s historical performance returns managing its allocated portion of the Fund’s portfolio and investment mandates similar to the Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of KBI before and after the KBI Transaction. In addition, the Trustees considered presentations made by, and discussions held with, representatives of the Advisor.

The Trustees considered and analyzed factors that the Trustees deemed relevant with respect to KBI, including: the nature, extent, and quality of the services to be provided to the Fund by KBI following the KBI Transaction; KBI’s management style and investment decision-making process; KBI’s historical performance record managing investment products similar to the Fund; the qualifications and experience of the members of KBI’s portfolio management team; and KBI’s staffing levels and overall resources. The Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the Subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements and reviewed materials supplied by their independent legal counsel.

In particular, and as to KBI, the Board, including all of the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by KBI.  The Trustees reviewed the nature, extent, and quality of the services that have been previously provided by KBI to the Fund under the Prior KBI Subadvisory Agreement and that are proposed to be provided by KBI to the Fund under the New KBI Subadvisory Agreement. The Trustees considered: (i) KBI’s organization, history, reputation, qualification and background, as well as the qualifications of its personnel; (ii) its expertise in providing portfolio management services to the Fund and other

195

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September 30, 2016 (Unaudited)

similar investment portfolios and the performance history of the Fund and those other portfolios; (iii) its investment strategy for the Fund; (iv) its performance relative to comparable mutual funds and unmanaged indices; and (v) its compliance program. The Trustees also considered the review process undertaken by the Advisor and the Advisor’s favorable assessment of the nature and quality of the subadvisory services provided and expected to be provided to the Fund by KBI following the KBI Transaction. The Trustees also noted that the executive and portfolio management teams of KBI were expected to stay in place after the KBI Transaction. The Trustees also considered the Advisor’s representations regarding the high level of service that continued to be provided by KBI following the January Acquisitions. The Trustees concluded that the Fund and its shareholders would continue to benefit from the quality and experience of KBI’s investment professionals and the qualifications of its investment professionals.

Based on their consideration and review of the foregoing information, the Trustees concluded that the nature, extent and quality of the subadvisory services provided by KBI under the Prior KBI Subadvisory Agreement, as well as KBI’s ability to render such services based on its experience, operations and resources, were adequate and appropriate for the Fund in light of the Fund’s investment objective, and supported a decision to approve the New KBI Subadvisory Agreement. Based on their consideration and review of the foregoing information, the Trustees concluded that the nature, extent, and quality of the subadvisory services anticipated to be provided by KBI following the KBI Transaction, as well as KBI’s ability to render such services based on KBI’s experience, operations, and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that KBI would continue to manage.

(b)  Comparison of the services to be rendered and fees to be paid to KBI under other advisory and subadvisory contracts, such as those with other clients.  The Trustees discussed the services that would be rendered by KBI and evaluated the compensation to be paid to KBI by the Advisor for those services. The Trustees considered the fees payable under the New KBI Subadvisory Agreement, noting that the proposed fee would be paid by the Advisor, and not the Fund, and, thus, would not impact the fees paid by the Fund. The Trustees concluded that the proposed level of fees to be paid to KBI by the Advisor with respect to the assets allocated to KBI in its capacity as Subadvisor was supported by the services that were expected to be provided by KBI. The Trustees noted that the services that KBI would furnish to the Fund appeared to be comparable to the services that KBI currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered that the fees agreed to by KBI were the result of an arm’s length bargain negotiated by unaffiliated parties and would remain the same after the KBI Transaction.

The Trustees considered the review, selection, and due diligence process employed by the Advisor in determining to recommend that KBI continue to serve as a Subadvisor to the Fund following the KBI Transaction, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to KBI for its services to the Fund were reasonable. The Trustees emphasized in their discussions that the subadvisory fees of KBI would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Trustees concluded that, in light of the nature, quality, and extent of the services to be provided, the proposed level of fees to be paid to KBI with respect to the assets of the Fund allocated to KBI was supported by the services that were expected to be provided by KBI. The Trustees also considered the potential “fallout” or ancillary benefits that may accrue to KBI from its relationship with the Fund and concluded that they were reasonable.

The Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the Management Agreement with the Advisor. In addition, since the fees to be paid to KBI were the result of arm’s length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of KBI was not considered relevant to the Trustees’ deliberations. The Trustees took note of the Advisor’s explanation that the recommendation that KBI continue to serve as a Subadvisor to the Fund following the KBI Transaction was not affected by the impact that the appointment would have on the Advisor’s revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of KBI was not expected to result in any change in the level of profitability of the Advisor, which had been reported to and reviewed by the Independent Trustees. On the basis of these considerations, the Trustees concluded that, in light of the nature, extent, and quality of the services expected to be provided by KBI and the proposed fees to be paid to

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Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

KBI by the Advisor for managing its allocated portion of the Fund following the KBI Transaction, the potential benefits accruing to KBI as a result of continuing to serve as a Subadvisor to the Fund were reasonable in relation to the services that were expected to be provided by KBI to the Fund.

(c)  Investment performance of the Fund and KBI.  The Trustees considered KBI’s prior investment performance in managing its allocated portion of the Fund’s portfolio as a factor in evaluating the New KBI Subadvisory Agreement. The Trustees also considered the Advisor’s conclusions, and the reasons supporting the Advisor’s conclusions, that the performance record of KBI supported the approval of the New KBI Subadvisory Agreement.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend KBI to continue to serve as a Subadvisor to the Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for KBI was supported by the services that were expected to be provided to the Fund following the KBI Transaction. As a result, the Trustees concluded that the approval of the New KBI Subadvisory Agreement was in the best interests of the Fund and its shareholders and approved the New KBI Subadvisory Agreement.

April 25, 2016 Board Meeting

Mercer Core Fixed Income Fund

Approval of a New Subadvisory Agreement for the Fund

At a meeting of the Board of Trustees held on April 25, 2016 (the “April Meeting”), the Trustees, including the Independent Trustees, considered and approved a new subadvisory agreement (the “Manulife Subadvisory Agreement”) between the Advisor and Manulife Asset Management (US) LLC (“Manulife”), as a Subadvisor to the Core Fixed Fund (the “Fund”). The Board was informed by the Advisor that Manulife was being recommended to replace a prior Subadvisor to the Fund that had chosen to discontinue its services as a Subadvisor to the Fund, and the Advisor had presented the Board with a recommendation to retain Manulife based upon the Advisor’s determination that Manulife was qualified to serve as a new Subadvisor to the Fund, based upon the Advisor’s analysis of the firm.

In considering the approval of the Manulife Subadvisory Agreement, the Trustees considered the information and materials from the Advisor, Manulife and counsel that included, as to Manulife and the Fund: (i) the Manulife Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Manulife for the Board’s approval, and the Advisor’s rationale for recommending that Manulife be appointed as a Subadvisor to the Fund; (iii) the nature, extent, and quality of the services that Manulife proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of Manulife; (v) Manulife’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Manulife for its services to the Fund, and a comparison of those fees to other accounts that Manulife manages; (vii) a summary of Manulife’s compliance program; (viii) information regarding Manulife’s historical performance returns managing an investment mandate similar to the Fund’s investment mandate, and a comparison of such performance to a relevant index; and (ix) the financial condition of Manulife. In addition, the Trustees considered presentations made by, and discussions held with, representatives of the Advisor and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided by Manulife.

The Trustees considered and analyzed factors that they deemed relevant with respect to Manulife, including: the nature, extent, and quality of the services to be provided to the Fund by Manulife; Manulife’s management style and investment decision-making process; Manulife’s historical performance record managing investment products similar to the Fund; the qualifications and experience of the members of Manulife’s portfolio management team; and Manulife’s staffing levels and overall resources. The Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the

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September 30, 2016 (Unaudited)

Subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards, and reviewed materials supplied by their independent legal counsel, which were intended to assist the Independent Trustees in fulfilling their duties under the 1940 Act.

In particular, and as to Manulife, the Board, including the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by Manulife.  The Trustees reviewed the nature, extent, and quality of the services to be provided by Manulife to the Fund. The Trustees discussed the specific investment management process that Manulife indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by Manulife), the qualifications of Manulife’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that Manulife would be managing, and the performance record of Manulife as compared to a relevant benchmark. The Trustees considered Manulife’s infrastructure and resources, and whether Manulife’s organization appeared to support Manulife’s strategy adequately. The Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to Manulife, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by Manulife. The Trustees determined that the Fund and its shareholders would benefit from the quality and experience of Manulife’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by Manulife, as well as Manulife’s ability to render such services based on Manulife’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that Manulife would manage.

(b)  Comparison of the services to be rendered and fees to be paid to Manulife under other advisory and subadvisory contracts, such as those with other clients.  The Trustees discussed the services that would be rendered by Manulife and evaluated the compensation to be paid to Manulife by the Advisor for those services. The Trustees noted that the services that Manulife would furnish to the Fund appeared to be comparable to the services that Manulife currently provides to its other advisory and subadvisory clients having similar investment strategies. The Trustees also considered comparisons of the fees that to be paid to Manulife by the Advisor in light of the fees that are charged by Manulife to its other advisory clients, as disclosed in Manulife’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Trustees also considered that the fees agreed to by Manulife were the result of an arm’s length bargain negotiated by unaffiliated parties. The Trustees also noted that, while Manulife’s fee schedule did include breakpoints, the benefit of the breakpoints would go to the Advisor, and not to the Fund, and would be reflected in the Advisor’s profitability, which had been reviewed by the Trustees.

The Trustees considered the review, selection, and due diligence process employed by the Advisor, in determining to recommend Manulife to serve as a Subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to Manulife for its services to the Fund were reasonable. The Trustees emphasized in their discussions that the subadvisory fees of Manulife would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to Manulife with respect to the assets of the Fund to be allocated to Manulife was supported by the services that were expected to be provided by Manulife to the Fund. The Trustees also considered the potential “fallout” or ancillary benefits that may accrue to Manulife from its relationship with the Fund and concluded that they were reasonable.

The Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the Management Agreement with the Advisor. In addition, since the fees to be paid to Manulife were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of Manulife was not considered relevant to the Trustees’ deliberations. The Trustees took note of the Advisor’s explanation that the recommended appointment of Manulife was not affected by

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Mercer Funds

Notes to Financial Statements (Continued)

September 30, 2016 (Unaudited)

the impact that the appointment would have on the Advisor’s revenues and profitability, and recalled that the Advisor had demonstrated that the appointment of Manulife can be expected to result in an increase in the profitability to the Advisor as a result of decreased subadvisory fees that will be paid out of the Advisor’s resources, which had been reported to and reviewed by the Independent Trustees. On the basis of these considerations, the Board concluded that, in light of the nature, extent and quality of the services expected to be provided by Manulife and the proposed fees to be paid to Manulife by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to Manulife as a result of serving as a Subadvisor to the Fund were reasonable in relation to the services that were expected to be provided by Manulife to the Fund.

(c)  Investment performance of the Fund and Manulife.  Because Manulife was a newly proposed Subadvisor to the Fund, the Trustees could not consider Manulife’s investment performance in managing the Fund as a factor in evaluating the Manulife Subadvisory Agreement. However, the Trustees reviewed Manulife’s historical investment performance record in subadvising other investment companies and accounts that were comparable to the Fund. The Trustees also compared the historical investment performance of Manulife to a relevant benchmark and concluded that Manulife’s historical performance record, viewed together with the other factors considered by the Trustees, supported a decision to approve the Manulife Subadvisory Agreement.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend Manulife to serve as a new Subadvisor to the Fund, and such other matters as were deemed relevant, the Trustees concluded that the proposed fee rate for Manulife was supported by the services that were expected to be provided to the Fund. As a result, the Trustees concluded that the approval of the Manulife Subadvisory Agreement was in the best interests of the Fund and its shareholders and approved the Manulife Subadvisory Agreement.

199

Mercer Funds

Understanding Your Fund’s Expenses (Unaudited)

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases, redemption fees and certain exchange fees and ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. These costs are described in more detail in the Funds’ prospectus. The examples below are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds. The first line in the table for each Fund shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from April 1, 2016 through September 30, 2016. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = $8.60) and multiply the result by the number in the Operating Expenses Incurred column as shown below for your Class. The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line in the table of each fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

Large Cap — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.61	%		1,000.00		1,064.20		1,032.10		3.16
Hypothetical		0.61	%		1,000.00		1,022.01		1,011.01		3.09

* Actual expenses are equal to the Class’ annualized expense ratio of 0.61%, multiplied by the average account value over the period, multiplied by 183/365

Small/Mid Cap — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.98%		1,000.00		1,075.70		1,037.85		5.10
Hypothetical		0.98%		1,000.00		1,020.16		1,010.08		4.96

* Actual expenses are equal to the Class’ annualized expense ratio of 0.98%, multiplied by the average account value over the period, multiplied by 183/365

Non-US Core Equity — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.83%**		1,000.00		1,051.00		1,025.50		4.27
Hypothetical		0.83%**		1,000.00		1,020.91		1,010.46		4.20

* Actual expenses are equal to the Class’ annualized expense ratio of 0.83%, multiplied by the average account value over the period, multiplied by 183/365

** Includes interest expense that amounts to less than 0.01%.

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Mercer Funds

Understanding Your Fund’s Expenses (Unaudited) (Continued)

Core Fixed — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.43%**		1,000.00		1,032.50		1,016.25		2.19
Hypothetical		0.43%**		1,000.00		1,022.91		1,011.46		2.18

* Actual expenses are equal to the Class’ annualized expense ratio of 0.43%, multiplied by the average account value over the period, multiplied by 183/365

** Includes interest expense that amounts to less than 0.01%.

Opportunistic Fixed — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.91%**		1,000.00		1,074.60		1,037.30		4.73
Hypothetical		0.91%**		1,000.00		1,020.51		1,010.26		4.61

* Actual expenses are equal to the Class’ annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 183/365

** Includes interest expense that amounts to less than 0.01%.

Emerging Markets — Class Y3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.98	%		1,000.00		1,092.00		1,046.00		5.14
Hypothetical		0.98	%		1,000.00		1,020.16		1,010.08		4.96

* Actual expenses are equal to the Class’ annualized expense ratio of 0.98%, multiplied by the average account value over the period, multiplied by 183/365

Global Low Volatility — Class Y3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.81%**		1,000.00		1,048.30		1,024.15		4.16
Hypothetical		0.81%**		1,000.00		1,021.01		1,010.51		4.10

* Actual expenses are equal to the Class’ annualized expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 183/365

** Includes interest expense that amounts to less than 0.01%.

201

Mercer Funds

Trustees and Officers (Unaudited)

The following tables list the Trust’s Trustees and Officers as of the date of this report; their address and age; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trust’s trustees, including changes subsequent to the date of the report. The SAI is available, without charge, upon request, by calling 1-866-658-9896, or on the SEC website at www.sec.gov.

Independent Trustees

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee
Harrison M. Bains, Jr. 99 High Street Boston, MA 02110 (73)	Chairperson and Trustee	Chairperson since 2016; Trustee since 2005	Mr. Bains is retired.		7	Mr. Bains is a director of Cara Therapeutics, Inc.; Mr. Bains was a director of BG Medicine, Inc. (2007 to 2014) and a trustee of BofA Funds Series Trust (11 portfolios) (2011 to 2016).
Adela M. Cepeda A.C. Advisory, Inc. 150 North Wacker Drive, Suite 2160 Chicago, IL 60606 (58)	Trustee	Since 2005	Ms. Cepeda is Managing Director of PFM Financial Advisors LLC (a financial advisory firm) since September 2016. Ms. Cepeda was previously Founder and President of A.C. Advisory, Inc. (a financial advisory firm) 1995 — 2016.		7	Ms. Cepeda is a director or trustee of: The UBS Funds (15 portfolios); UBS Relationship Funds (11 portfolios); SMA Relationship Trust (5 portfolios); Consulting Group Capital Markets Funds (9 portfolios); BMO Financial Corp. (U.S. holding company for BMO Harris Bank N.A.); Ms. Cepeda was a director of Fort Dearborn Income Securities, Inc. (2000 to 2016); and Amalgamated Bank of Chicago (2003 to 2012).

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Mercer Funds

Trustees and Officers (Unaudited) (Continued)

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee
Gail A. Schneider 99 High Street Boston, MA 02110 (67)	Trustee	Trustee Since 2009	Ms. Schneider is a self-employed consultant since 2007.		7	None

Interested Trustee:

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee
Richard Nuzum** (48)	Trustee, President, and Chief Executive Officer	Since 2010	Mr. Nuzum is North America’s Regional Business Leader of Mercer’s Investment Management Business since 2011. Prior to 2011, he was Global Business Leader of Mercer’s Investment Management Business.		7	Mr. Nuzum is a trustee of Mercer Trust Company and a director of Mercer Investment Management, Inc.

(1) Each Trustee holds office for an indefinite term.

* The “Fund Complex” consists of the Trust, which has seven portfolios.

** Mr. Nuzum is considered to be an “interested person,” as defined in the 1940 Act, of the Trust due to his relationship with the Advisor.

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Mercer Funds

Trustees and Officers (Unaudited) (Continued)

Officers:

The executive officers of the Trust not named above are:

Name and Age	Position(s) Held with the Trust	Term of Office† and Length of Time Served	Principal Occupation(s) During Past 5 Years
Richard S. Joseph (51)	Vice President	Since 2005	Mr. Joseph is Vice President and Head of the US Mercer Delegated Solutions of Mercer Investment Management, Inc. since December 2015. Prior to December 2015, he was Chief Operating Officer of Mercer Investment Management, Inc. since 2005.
Janice Desmond (64)	Treasurer and Chief Financial Officer	Since 2015	Ms. Desmond is a CPA and has served as Head of Fund Administration for Mercer Investment Management, Inc. since 2010.
Jeremiah France (45)	Vice President and Assistant Treasurer	Since 2005	Mr. France is a partner and COO of North American Investments at Mercer Investment Management, Inc. since 2005.
Scott M. Zoltowski (47)	Vice President, Chief Legal Officer, and Secretary	Since 2008	Mr. Zoltowski is a partner of Mercer (US) Inc. and serves as Global Chief Counsel — Investment for Mercer Investment Management, Inc. and Mercer Investment Consulting LLC.
Stan Mavromates (55)	Vice President and Chief Investment Officer	Since 2012	Mr. Mavromates is Vice President and Chief Investment Officer of Mercer Investment Management, Inc. since 2012. Prior to 2012, he served as Chief Investment Officer of the Massachusetts Pension Reserves Investment Management Board (2005-2012).
Colin Dean (39)	Vice President and Assistant Secretary	Since 2010	Mr. Dean has served as Senior Legal Counsel — Investments for Mercer Investment Management, Inc. and Mercer Investment Consulting LLC since 2010.
Manny Weiss (67)	Vice President	Since 2010	Mr. Weiss is a Portfolio Manager and Principal of Mercer Investment Management, Inc. since 2009.
John Johnson (49)	Vice President	Since 2015	Mr. Johnson is a Portfolio Manager and Principal of Mercer Investment Management, Inc. since 2015. Prior to joining Mercer, he was a Fixed Income Portfolio Manager and Trader for Aberdeen Asset Management.
Larry Vasquez (49)	Vice President	Since 2012	Mr. Vasquez is a Vice President and Portfolio Manager of Mercer Investment Management, Inc. since 2012. Prior to joining Mercer, he was a Portfolio Manager at UBS Global Asset Management, Inc. from 2009 to 2012.
Robert Phay (48)	Vice President and Chief Compliance Officer	Since 2016	Mr. Phay is the Chief Risk and Compliance Officer — Investments of Mercer Investment Management, Inc. and Mercer Investment Consulting, Inc. since March 2015. Mr. Phay most recently served in various compliance and legal positions for Commonfund, including Chief Compliance Officer (September 2011 — February 2015), Acting General Counsel (January 2015 — February 2015), and Associate General Counsel (July 2006 — December 2014).

† Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board.

204

Shares of Mercer Funds are distributed by MGI Funds Distributors, LLC.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))), are effective based on the evaluation of Registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))), that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certification of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Mercer Funds

By (Signature and Title)	By: /S/ Richard Nuzum
	Richard Nuzum
	President and Chief Executive Officer
	(Principal Executive Officer)

Date November 21, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the date indicated.

By (Signature and Title)	By: /S/ Richard Nuzum
	Richard Nuzum
	President and Chief Executive Officer
	(Principal Executive Officer)

Date November 21, 2016

By (Signature and Title)	By: /S/ Janice Desmond
	Janice Desmond
	Treasurer and Chief Financial Officer

Date November 21, 2016