UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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)

Colin J. Dean, 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, 2019

Date of reporting period: December 31, 2018

Item 1. Schedule of Investments. – The schedule of investments for the period ended December 31, 2018, is filed herewith.

Mercer US Large Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 95.2%
		Aerospace & Defense — 0.5%
	3,595	L3 Technologies, Inc.		624,308
	18,252	Spirit AeroSystems Holdings, Inc. Class A		1,315,786
				1,940,094
		Agriculture — 0.4%
	9,128	Altria Group, Inc.		450,832
	29,780	Archer-Daniels-Midland Co.		1,220,087
				1,670,919
		Airlines — 2.0%
	74,350	American Airlines Group, Inc.‡		2,387,379
	61,595	Delta Air Lines, Inc.		3,073,590
	26,629	United Continental Holdings, Inc.*		2,229,646
				7,690,615
		Apparel — 1.5%
	16,875	Canada Goose Holdings, Inc.*		737,775
	32,350	LVMH Moet Hennessy Louis Vuitton SE, ADR		1,891,181
	31,191	NIKE, Inc. Class B		2,312,501
	6,338	Ralph Lauren Corp. Class A		655,729
				5,597,186
		Auto Manufacturers — 0.6%
	65,603	General Motors Co.		2,194,420
		Auto Parts & Equipment — 0.7%
	18,222	Goodyear Tire & Rubber Co. (The)		371,911
	45,563	Magna International, Inc. Class A		2,070,838
				2,442,749
		Banks — 4.7%
	188,700	Banco Santander SA, ADR‡		845,376
	88,084	Bank of America Corp.		2,170,390
	4,051	BB&T Corp.		175,489
	19,900	BNP Paribas SA, ADR		448,546
	109,388	Citigroup, Inc.		5,694,739
	45,873	Citizens Financial Group, Inc.		1,363,804
	110,116	Fifth Third Bancorp		2,591,030
	23,760	JPMorgan Chase & Co.		2,319,451
	151,437	Regions Financial Corp.		2,026,227
				17,635,052
		Beverages — 3.8%
	50,125	Anheuser-Busch InBev SA, ADR‡		3,298,726
	83,725	Coca-Cola Co. (The)		3,964,379
	10,498	Diageo Plc, ADR‡		1,488,616

See accompanying Notes to the Schedule of Investments.

1

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Beverages — continued
	43,775	Heineken NV, ADR		1,924,787
	20,800	Molson Coors Brewing Co. Class B		1,168,128
	2,607	Monster Beverage Corp.*		128,316
	19,814	PepsiCo, Inc.		2,189,051
				14,162,003
		Biotechnology — 2.5%
	15,474	Alexion Pharmaceuticals, Inc.*		1,506,548
	13,385	Amgen, Inc.		2,605,658
	5,200	Celgene Corp.*		333,268
	15,213	Exact Sciences Corp.* ‡		959,940
	8,800	Gilead Sciences, Inc.		550,440
	5,659	Illumina, Inc.*		1,697,304
	9,870	Vertex Pharmaceuticals, Inc.*		1,635,558
				9,288,716
		Building Materials — 0.3%
	43,571	Masco Corp.		1,274,016
		Chemicals — 1.9%
	21,662	Celanese Corp. Series A		1,948,930
	14,920	DowDuPont, Inc.		797,922
	11,600	Eastman Chemical Co.		848,076
	24,000	Huntsman Corp.		462,960
	12,802	LyondellBasell Industries NV Class A		1,064,614
	5,100	Sherwin-Williams Co. (The)		2,006,646
				7,129,148
		Commercial Services — 3.2%
	27,392	New Oriental Education & Technology Group, Inc., ADR*		1,501,355
	20,095	PayPal Holdings, Inc.*		1,689,789
	31,600	Quanta Services, Inc.		951,160
	13,657	Robert Half International, Inc.		781,180
	9,040	S&P Global, Inc.		1,536,258
	20,998	Square, Inc. Class A*		1,177,778
	53,875	Weight Watchers International, Inc.*		2,076,881
	138,145	Western Union Co. (The)‡		2,356,754
				12,071,155
		Computers — 1.2%
	5,170	Apple, Inc.		815,516
	2,726	Cognizant Technology Solutions Corp. Class A		173,047
	31,245	Hewlett Packard Enterprise Co.		412,746
	70,384	HP, Inc.		1,440,057
	38,563	Seagate Technology Plc		1,488,146
				4,329,512

See accompanying Notes to the Schedule of Investments.

2

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Cosmetics & Personal Care — 0.7%
	9,470	Estee Lauder Cos., Inc. (The) Class A		1,232,047
	15,492	Procter & Gamble Co. (The)		1,424,025
				2,656,072
		Distribution & Wholesale — 0.3%
	26,280	HD Supply Holdings, Inc.*		986,026
		Diversified Financial Services — 5.3%
	119,414	Ally Financial, Inc.		2,705,921
	34,743	Ameriprise Financial, Inc.		3,626,127
	15,928	Capital One Financial Corp.		1,203,998
	126,863	Charles Schwab Corp. (The)		5,268,620
	11,264	Discover Financial Services		664,351
	9,600	E*TRADE Financial Corp.		421,248
	15,883	Franklin Resources, Inc.‡		471,090
	39,200	Invesco, Ltd.		656,208
	4,129	Mastercard, Inc. Class A		778,936
	19,300	OneMain Holdings, Inc.*		468,797
	52,300	Santander Consumer USA Holdings, Inc.		919,957
	49,300	SLM Corp.*		409,683
	31,548	Synchrony Financial		740,116
	11,792	Visa, Inc. Class A‡		1,555,836
				19,890,888
		Electric — 0.9%
	72,135	AES Corp.		1,043,072
	35,501	Exelon Corp.		1,601,095
	19,049	NRG Energy, Inc.		754,341
				3,398,508
		Electronics — 1.1%
	12,401	Agilent Technologies, Inc.		836,571
	67,652	Corning, Inc.		2,043,767
	5,012	Keysight Technologies, Inc.*		311,145
	856	Mettler-Toledo International, Inc.*		484,136
	2,447	Waters Corp.*		461,627
				4,137,246
		Engineering & Construction — 0.2%
	15,296	Jacobs Engineering Group, Inc.		894,204
		Food — 3.5%
	72,994	Conagra Brands, Inc.		1,559,152
	19,277	General Mills, Inc.		750,646
	7,393	Hershey Co. (The)		792,382
	5,000	Ingredion, Inc.		457,000
	83,066	Kroger Co. (The)		2,284,315
	4,613	Lamb Weston Holdings, Inc.		339,332

See accompanying Notes to the Schedule of Investments.

3

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Food — continued
	50,950	Nestle SA, ADR		4,124,912
	22,604	Sysco Corp.		1,416,367
	28,540	Tyson Foods, Inc. Class A		1,524,036
				13,248,142
		Health Care - Products — 1.5%
	4,958	Align Technology, Inc.*		1,038,354
	9,568	Baxter International, Inc.		629,766
	8,684	Edwards Lifesciences Corp.*		1,330,128
	11,757	IDEXX Laboratories, Inc.*		2,187,037
	3,600	Zimmer Biomet Holdings, Inc.		373,392
				5,558,677
		Health Care - Services — 1.2%
	8,698	Centene Corp.*		1,002,879
	4,128	DaVita, Inc.*		212,427
	5,187	Humana, Inc.		1,485,972
	6,340	UnitedHealth Group, Inc.		1,579,421
	1,738	WellCare Health Plans, Inc.*		410,324
				4,691,023
		Home Builders — 0.7%
	23,600	D.R. Horton, Inc.		817,976
	69,145	PulteGroup, Inc.		1,797,079
				2,615,055
		Housewares — 0.2%
	18,400	Tupperware Brands Corp.		580,888
		Insurance — 3.6%
	17,707	Allstate Corp. (The)		1,463,129
	610	Aon Plc		88,670
	8,116	Berkshire Hathaway, Inc. Class B*		1,657,125
	59,609	Hartford Financial Services Group, Inc. (The)		2,649,620
	22,787	Lincoln National Corp.		1,169,201
	74,456	MetLife, Inc.		3,057,163
	17,483	Prudential Financial, Inc.		1,425,739
	52,779	Voya Financial, Inc.		2,118,549
				13,629,196
		Internet — 10.1%
	16,336	Alibaba Group Holding, Ltd., ADR* ‡		2,239,176
	4,417	Alphabet, Inc. Class A*		4,615,588
	4,740	Alphabet, Inc. Class C*		4,908,791
	1,764	Amazon.com, Inc.*		2,649,475
	1,989	Booking Holdings, Inc.*		3,425,893
	15,783	CDW Corp.		1,279,212
	49,125	Ctrip.com International, Ltd., ADR*		1,329,323

See accompanying Notes to the Schedule of Investments.

4

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Internet — continued
	219,894	eBay, Inc.*		6,172,425
	6,720	F5 Networks, Inc.*		1,088,842
	56,314	Facebook, Inc. Class A*		7,382,202
	1,872	IAC/InterActiveCorp*		342,651
	4,086	MercadoLibre, Inc.*		1,196,585
	7,937	VeriSign, Inc.*		1,176,978
				37,807,141
		Iron & Steel — 0.2%
	24,182	Steel Dynamics, Inc.		726,427
		Leisure Time — 0.3%
	5,600	Carnival Corp.		276,080
	20,936	Norwegian Cruise Line Holdings, Ltd.*		887,477
				1,163,557
		Lodging — 1.5%
	50,588	Marriott International, Inc. Class A		5,491,833
		Machinery - Diversified — 0.3%
	20,933	Cognex Corp.		809,479
	6,941	Dover Corp.		492,464
				1,301,943
		Media — 3.3%
	18,497	CBS Corp. Class B		808,689
	1,251	Charter Communications, Inc. Class A*		356,498
	136,025	Comcast Corp. Class A		4,631,651
	56,558	News Corp. Class A		641,933
	15,120	Viacom, Inc. Class B		388,584
	50,829	Walt Disney Co. (The)		5,573,400
				12,400,755
		Mining — 0.1%
	46,263	Freeport-McMoRan, Inc.		476,972
		Miscellaneous - Manufacturing — 0.2%
	15,349	Textron, Inc.		705,901
		Oil & Gas — 6.0%
	31,751	Anadarko Petroleum Corp.		1,391,964
	61,673	BP Plc, ADR		2,338,640
	78,900	Canadian Natural Resources, Ltd.		1,903,857
	6,300	Chevron Corp.		685,377
	60,324	ConocoPhillips		3,761,202
	40,800	Devon Energy Corp.		919,632
	10,000	Helmerich & Payne, Inc.		479,400
	5,853	HollyFrontier Corp.		299,205

See accompanying Notes to the Schedule of Investments.

5

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas — continued
	69,732	Marathon Petroleum Corp.		4,114,885
	11,515	Occidental Petroleum Corp.		706,791
	29,895	Phillips 66		2,575,454
	5,116	Pioneer Natural Resources Co.		672,856
	34,545	Valero Energy Corp.		2,589,839
				22,439,102
		Oil & Gas Services — 0.7%
	22,100	Halliburton Co.		587,418
	24,900	Oceaneering International, Inc.*		301,290
	45,800	Schlumberger, Ltd.		1,652,464
				2,541,172
		Packaging & Containers — 0.7%
	19,800	Crown Holdings, Inc.*		823,086
	7,025	Packaging Corp. of America		586,306
	38,028	Sealed Air Corp.		1,324,896
				2,734,288
		Pharmaceuticals — 4.3%
	3,013	AbbVie, Inc.		277,769
	63,305	Bristol-Myers Squibb Co.		3,290,594
	12,879	Cardinal Health, Inc.		574,403
	13,300	CVS Health Corp.		871,416
	9,174	Eli Lilly & Co.		1,061,615
	16,900	Horizon Pharma Plc*		330,226
	2,600	Jazz Pharmaceuticals Plc*		322,296
	14,406	Johnson & Johnson		1,859,094
	10,378	McKesson Corp.		1,146,458
	30,445	Merck & Co., Inc.		2,326,302
	19,300	Mylan NV*		528,820
	55,409	Pfizer, Inc.		2,418,603
	9,700	Portola Pharmaceuticals, Inc.* ‡		189,344
	11,817	Zoetis, Inc.		1,010,826
				16,207,766
		Pipelines — 0.1%
	35,600	Kinder Morgan, Inc.		547,528
		Private Equity — 0.9%
	49,720	Blackstone Group, LP (The)*		1,482,153
	97,630	KKR & Co., Inc.‡		1,916,477
				3,398,630
		Real Estate — 0.4%
	36,365	CBRE Group, Inc. Class A*		1,456,055

See accompanying Notes to the Schedule of Investments.

6

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		REITS — 0.4%
	6,908	Apartment Investment & Management Co. REIT Class A		303,123
	6,744	SBA Communications Corp. REIT*		1,091,786
				1,394,909
		Retail — 9.5%
	544	AutoZone, Inc.*		456,057
	35,530	Best Buy Co., Inc.		1,881,669
	6,373	Costco Wholesale Corp.		1,298,244
	18,167	Darden Restaurants, Inc.		1,814,157
	4,821	Dollar General Corp.		521,054
	15,075	Dunkin’ Brands Group, Inc.‡		966,609
	9,503	Foot Locker, Inc.		505,559
	24,665	Home Depot, Inc. (The)		4,237,940
	24,552	Kohl’s Corp.		1,628,780
	4,201	Lowe’s Cos., Inc.		388,004
	4,656	Lululemon Athletica, Inc.*		566,216
	12,315	Macy’s, Inc.		366,741
	21,100	McDonald’s Corp.		3,746,727
	22,688	Starbucks Corp.		1,461,107
	20,337	Tapestry, Inc.		686,374
	26,650	Tiffany & Co.		2,145,591
	8,570	Ulta Salon Cosmetics & Fragrance, Inc.*		2,098,279
	9,736	Walgreens Boots Alliance, Inc.		665,261
	32,875	Walmart, Inc.		3,062,306
	71,300	Williams-Sonoma, Inc.‡		3,597,085
	38,870	Yum! Brands, Inc.		3,572,930
				35,666,690
		Semiconductors — 2.3%
	56,615	Applied Materials, Inc.		1,853,575
	40,788	Intel Corp.		1,914,181
	5,900	IPG Photonics Corp.*		668,411
	69,772	Micron Technology, Inc.*		2,213,866
	13,177	NVIDIA Corp.		1,759,129
	4,255	QUALCOMM, Inc.		242,152
				8,651,314
		Shipbuilding — 0.2%
	3,406	Huntington Ingalls Industries, Inc.		648,196
		Software — 6.7%
	28,064	Activision Blizzard, Inc.		1,306,940
	8,117	Adobe, Inc.*		1,836,390
	5,266	ANSYS, Inc.*		752,722
	24,928	Cadence Design Systems, Inc.*		1,083,869
	16,144	CDK Global, Inc.		772,975
	38,050	Citrix Systems, Inc.		3,898,603
	51,000	First Data Corp. Class A*		862,410

See accompanying Notes to the Schedule of Investments.

7

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Software — continued
	8,413	Intuit, Inc.		1,656,099
	60,107	Microsoft Corp.		6,105,068
	7,797	MSCI, Inc. Class A		1,149,512
	16,491	salesforce.com, Inc.*		2,258,772
	10,974	ServiceNow, Inc.*		1,953,921
	16,249	Splunk, Inc.*		1,703,708
				25,340,989
		Telecommunications — 3.3%
	69,500	AT&T, Inc.		1,983,530
	22,088	CenturyLink, Inc.		334,633
	105,826	Cisco Systems, Inc.		4,585,441
	102,296	Juniper Networks, Inc.		2,752,785
	1,778	Rogers Communications, Inc. Class B		91,140
	17,177	T-Mobile US, Inc.*		1,092,629
	28,734	Verizon Communications, Inc.		1,615,426
				12,455,584
		Textiles — 0.3%
	8,300	Mohawk Industries, Inc.*		970,768
		Transportation — 0.7%
	4,259	CSX Corp.		264,612
	6,854	FedEx Corp.		1,105,756
	10,318	Union Pacific Corp.		1,426,257
				2,796,625
		Trucking & Leasing — 0.2%
	23,700	AerCap Holdings NV*		938,520
		TOTAL COMMON STOCKS (COST $367,795,618)		357,974,175
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.8%
		Mutual Fund - Securities Lending Collateral — 1.5%
	5,550,771	State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.27%## ***		5,550,771
		U.S. Government and Agency Obligations — 0.3%
	1,000,000	United States Treasury Bill, 2.31%, due 03/14/19** ‡‡		995,309
		TOTAL SHORT-TERM INVESTMENTS (COST $6,546,181)		6,546,080
		TOTAL INVESTMENTS — 97.0% (Cost $374,341,799)		364,520,255
		Other Assets and Liabilities (net) — 3.0%		11,295,320
		NET ASSETS — 100.0%	$375,815,575

See accompanying Notes to the Schedule of Investments.

8

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	REIT — Real Estate Investment Trust
##	The rate disclosed is the 7 day net yield as of December 31, 2018.
*	Non-income producing security
**	All or a portion of this security is pledged 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 Schedule of Investments.

9

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	117	S&P 500 E-mini Index		Mar 2019	$	14,655,420	$	(449,054	)
	8	S&P Mid 400 E-mini Index		Mar 2019		1,329,760		(27,585	)
							$	(476,639	)

See accompanying Notes to the Schedule of Investments.

10

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		95.2
Futures Contracts		(0.1	)
Short-Term Investments		1.8
Other Assets and Liabilities (net)		3.1
		100.0	%

See accompanying Notes to the Schedule of Investments.

11

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 95.2%
		Aerospace & Defense — 1.5%
	24,464	HEICO Corp.		1,895,471
	39,000	Spirit AeroSystems Holdings, Inc. Class A		2,811,510
	13,305	Teledyne Technologies, Inc.*		2,755,066
	7,634	TransDigm Group, Inc.* ‡		2,596,018
	83,758	Wesco Aircraft Holdings, Inc.*		661,688
				10,719,753
		Airlines — 0.8%
	22,100	Alaska Air Group, Inc.		1,344,785
	111,000	JetBlue Airways Corp.*		1,782,660
	60,311	SkyWest, Inc.		2,682,030
				5,809,475
		Apparel — 1.1%
	31,780	Carter’s, Inc.		2,593,884
	18,013	Columbia Sportswear Co.		1,514,713
	22,200	Michael Kors Holdings, Ltd.*		841,824
	106,152	Skechers U.S.A., Inc. Class A*		2,429,819
	44,675	Under Armour, Inc. Class A* ‡		789,407
				8,169,647
		Auto Manufacturers — 0.2%
	93,900	Wabash National Corp.		1,228,212
		Auto Parts & Equipment — 1.7%
	45,100	Allison Transmission Holdings, Inc.		1,980,341
	30,129	Altra Industrial Motion Corp.		757,744
	64,700	American Axle & Manufacturing Holdings, Inc.*		718,170
	30,100	BorgWarner, Inc.		1,045,674
	8,800	Cooper-Standard Holdings, Inc.*		546,656
	105,832	Delphi Technologies Plc		1,515,514
	61,600	Goodyear Tire & Rubber Co. (The)		1,257,256
	9,700	Lear Corp.		1,191,742
	27,700	Tenneco, Inc. Class A		758,703
	39,700	Tower International, Inc.		944,860
	9,678	Visteon Corp.*		583,390
	10,590	WABCO Holdings, Inc.*		1,136,731
				12,436,781
		Banks — 4.6%
	52,700	BankUnited, Inc.		1,577,838
	40,300	CIT Group, Inc.		1,542,281
	24,999	Columbia Banking System, Inc.		907,214
	54,598	East-West Bancorp, Inc.		2,376,651
	101,915	First BanCorp/Puerto Rico		876,469
	32,768	First Interstate BancSystem, Inc. Class A		1,197,998
	39,691	Glacier Bancorp, Inc.		1,572,557

See accompanying Notes to the Schedule of Investments.

12

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Banks — continued
	8,252	Great Western Bancorp, Inc.		257,875
	48,700	Hanmi Financial Corp.		959,390
	91,700	Hope Bancorp, Inc.		1,087,562
	62,500	Old National Bancorp		962,500
	40,779	Pinnacle Financial Partners, Inc.		1,879,912
	154,500	Regions Financial Corp.		2,067,210
	19,530	Signature Bank/New York NY		2,007,879
	6,988	SVB Financial Group*		1,327,161
	134,400	TCF Financial Corp.		2,619,456
	29,607	Texas Capital Bancshares, Inc.*		1,512,622
	16,478	UMB Financial Corp.		1,004,664
	33,381	Webster Financial Corp.		1,645,349
	80,787	Western Alliance Bancorp*		3,190,279
	56,000	Zions Bancorporation‡		2,281,440
				32,854,307
		Biotechnology — 2.3%
	47,630	Acceleron Pharma, Inc.* ‡		2,074,286
	20,000	Alnylam Pharmaceuticals, Inc.* ‡		1,458,200
	8,126	Argenx SE, ADR* ‡		780,665
	15,590	Bio-Rad Laboratories, Inc. Class A*		3,620,310
	38,124	Blueprint Medicines Corp.*		2,055,265
	58,100	Innoviva, Inc.* ‡		1,013,845
	81,570	Medicines Co. (The)* ‡		1,561,250
	21,465	Sage Therapeutics, Inc.*		2,056,132
	13,700	United Therapeutics Corp.*		1,491,930
				16,111,883
		Building Materials — 1.4%
	46,940	Eagle Materials, Inc.		2,864,748
	13,875	Lennox International, Inc.		3,036,683
	26,500	Owens Corning		1,165,470
	4,394	Simpson Manufacturing Co., Inc.		237,847
	92,403	Summit Materials, Inc. Class A* ‡		1,145,797
	45,048	US Concrete, Inc.*		1,589,294
				10,039,839
		Chemicals — 3.5%
	44,453	Cabot Corp.		1,908,812
	13,100	Celanese Corp. Series A		1,178,607
	46,300	Chemours Co. (The)		1,306,586
	26,400	Eastman Chemical Co.		1,930,104
	246,789	Huntsman Corp.		4,760,560
	22,016	Ingevity Corp.*		1,842,519
	8,353	Methanex Corp.		402,364
	91,375	Orion Engineered Carbons SA		2,309,960
	13,130	Quaker Chemical Corp.		2,333,332
	61,121	RPM International, Inc.		3,592,692

See accompanying Notes to the Schedule of Investments.

13

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Chemicals — continued
	36,050	W.R. Grace & Co.		2,340,006
	10,741	Westlake Chemical Corp.		710,732
				24,616,274
		Coal — 0.1%
	5,060	Arch Coal, Inc. Class A		419,929
		Commercial Services — 7.4%
	22,901	Adtalem Global Education, Inc.*		1,083,675
	12,616	Avis Budget Group, Inc.*		283,608
	86,199	Booz Allen Hamilton Holding Corp. Class A		3,884,989
	15,448	Bright Horizons Family Solutions, Inc.*		1,721,679
	45,336	Cardtronics Plc Class A*		1,178,736
	8,900	Carriage Services, Inc. Class A		137,950
	11,456	CoStar Group, Inc.*		3,864,567
	30,700	Deluxe Corp.		1,180,108
	12,100	Equifax, Inc.		1,126,873
	49,898	Evo Payments, Inc. Class A*		1,230,984
	40,269	Gartner, Inc.* ‡		5,147,989
	20,890	Global Payments, Inc.		2,154,386
	20,646	Grand Canyon Education, Inc.*		1,984,906
	17,930	Green Dot Corp. Class A*		1,425,793
	78,386	Laureate Education, Inc. Class A*		1,194,603
	9,425	LSC Communications, Inc.		65,975
	29,000	ManpowerGroup, Inc.		1,879,200
	27,713	MarketAxess Holdings, Inc.		5,856,034
	7,296	Morningstar, Inc.		801,393
	74,922	Nielsen Holdings Plc		1,747,930
	21,462	Paylocity Holding Corp.*		1,292,227
	101,475	Ritchie Bros Auctioneers, Inc.		3,320,262
	25,133	RR Donnelley & Sons Co.		99,527
	20,380	ServiceMaster Global Holdings, Inc.*		748,761
	48,000	Total System Services, Inc.		3,901,920
	49,426	TransUnion		2,807,397
	73,600	Western Union Co. (The)‡		1,255,616
	10,279	WEX, Inc.*		1,439,677
				52,816,765
		Computers — 1.9%
	6,900	Amdocs, Ltd.		404,202
	23,354	EPAM Systems, Inc.*		2,709,297
	39,420	Fortinet, Inc.*		2,776,351
	36,100	Lumentum Holdings, Inc.*		1,516,561
	63,100	NCR Corp.* ‡		1,456,348
	35,990	Nutanix, Inc. Class A*		1,496,824
	43,539	Rapid7, Inc.*		1,356,675
	42,200	Seagate Technology Plc		1,628,498
				13,344,756

See accompanying Notes to the Schedule of Investments.

14

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Distribution & Wholesale — 1.3%
	29,592	Dorman Products, Inc.*		2,663,872
	33,296	KAR Auction Services, Inc.		1,588,885
	15,674	Pool Corp.		2,329,940
	25,400	ScanSource, Inc.*		873,252
	18,120	SiteOne Landscape Supply, Inc.* ‡		1,001,492
	32,500	Triton International, Ltd.		1,009,775
				9,467,216
		Diversified Financial Services — 3.0%
	110,923	Ally Financial, Inc.		2,513,515
	27,137	Artisan Partners Asset Management, Inc. Class A		599,999
	27,218	E*TRADE Financial Corp.		1,194,326
	11,299	Eaton Vance Corp.		397,499
	18,000	Federal Agricultural Mortgage Corp. Class C		1,087,920
	137,734	Jefferies Financial Group, Inc.		2,391,062
	42,900	Lazard, Ltd. Class A		1,583,439
	54,700	Legg Mason, Inc.		1,395,397
	38,710	LPL Financial Holdings, Inc.		2,364,407
	96,000	Navient Corp.		845,760
	89,783	OneMain Holdings, Inc.*		2,180,829
	34,945	Raymond James Financial, Inc.		2,600,257
	135,902	SLM Corp.*		1,129,346
	26,857	WageWorks, Inc.*		729,436
				21,013,192
		Electric — 1.4%
	58,700	AES Corp.		848,802
	27,000	Entergy Corp.		2,323,890
	79,352	OGE Energy Corp.		3,109,805
	38,937	Portland General Electric Co.		1,785,262
	44,437	PPL Corp.		1,258,900
	12,900	SCANA Corp.		616,362
				9,943,021
		Electrical Components & Equipment — 0.2%
	34,967	Generac Holdings, Inc.*		1,737,860
		Electronics — 3.1%
	35,729	Advanced Energy Industries, Inc.*		1,533,846
	21,700	Arrow Electronics, Inc.*		1,496,215
	22,700	Avnet, Inc.		819,470
	37,000	Flex, Ltd.*		281,570
	88,418	FLIR Systems, Inc.		3,849,720
	44,000	Jabil, Inc.		1,090,760
	22,367	Keysight Technologies, Inc.*		1,388,543
	5,173	Mettler-Toledo International, Inc.*		2,925,745
	36,376	National Instruments Corp.		1,650,743
	43,100	Sanmina Corp.*		1,036,986

See accompanying Notes to the Schedule of Investments.

15

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Electronics — continued
	22,541	Sensata Technologies Holding Plc*		1,010,739
	7,906	SYNNEX Corp.		639,121
	44,907	Trimble, Inc.*		1,477,889
	68,200	TTM Technologies, Inc.*		663,586
	117,800	Vishay Intertechnology, Inc.‡		2,121,578
				21,986,511
		Energy-Alternate Sources — 0.2%
	61,000	Renewable Energy Group, Inc.* ‡		1,567,700
		Engineering & Construction — 0.5%
	61,880	Exponent, Inc.		3,137,935
	15,030	Fluor Corp.		483,966
				3,621,901
		Entertainment — 1.6%
	37,863	Live Nation Entertainment, Inc.* ‡		1,864,753
	8,818	Madison Square Garden Co. (The) Class A*		2,360,579
	51,102	Penn National Gaming, Inc.*		962,251
	33,150	Six Flags Entertainment Corp.‡		1,844,134
	20,448	Vail Resorts, Inc.		4,310,847
				11,342,564
		Environmental Control — 0.1%
	51,227	Covanta Holding Corp.		687,466
		Food — 1.3%
	55,301	Darling Ingredients, Inc.*		1,063,991
	22,700	Ingles Markets, Inc. Class A		617,894
	19,797	Ingredion, Inc.		1,809,446
	73,103	Nomad Foods, Ltd.*		1,222,282
	64,700	Pilgrim’s Pride Corp.*		1,003,497
	29,600	SpartanNash Co.		508,528
	58,461	Sprouts Farmers Market, Inc.*		1,374,418
	22,142	US Foods Holding Corp.*		700,573
	18,909	Weis Markets, Inc.		903,472
				9,204,101
		Forest Products & Paper — 0.2%
	20,500	Clearwater Paper Corp.*		499,585
	35,400	Schweitzer-Mauduit International, Inc.		886,770
				1,386,355
		Gas — 0.2%
	24,500	National Fuel Gas Co.‡		1,253,910
		Hand & Machine Tools — 0.5%
	19,509	Lincoln Electric Holdings, Inc.		1,538,285

See accompanying Notes to the Schedule of Investments.

16

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Hand & Machine Tools — continued
	24,900	Regal Beloit Corp.		1,744,245
				3,282,530
		Health Care - Products — 3.2%
	23,075	Globus Medical, Inc. Class A*		998,686
	35,506	Haemonetics Corp.*		3,552,375
	11,471	ICU Medical, Inc.*		2,634,086
	16,870	Insulet Corp.* ‡		1,338,128
	63,100	Lantheus Holdings, Inc.*		987,515
	26,789	Merit Medical Systems, Inc.*		1,495,094
	6,772	Penumbra, Inc.* ‡		827,538
	48,350	STERIS Plc		5,166,198
	42,298	West Pharmaceutical Services, Inc.		4,146,473
	68,898	Wright Medical Group NV*		1,875,404
				23,021,497
		Health Care - Services — 1.7%
	34,362	Acadia Healthcare Co., Inc.* ‡		883,447
	54,807	Catalent, Inc.*		1,708,882
	17,330	Charles River Laboratories International, Inc.*		1,961,409
	15,603	ICON Plc, ADR*		2,016,064
	14,535	LHC Group, Inc.*		1,364,546
	31,640	Quest Diagnostics, Inc.		2,634,663
	7,665	WellCare Health Plans, Inc.*		1,809,630
				12,378,641
		Home Builders — 0.8%
	12,587	Cavco Industries, Inc.*		1,641,093
	49,200	MDC Holdings, Inc.		1,383,012
	60,700	PulteGroup, Inc.		1,577,593
	13,200	Thor Industries, Inc.		686,400
	60,900	TRI Pointe Group, Inc.* ‡		665,637
				5,953,735
		Home Furnishings — 0.1%
	23,400	Ethan Allen Interiors, Inc.		411,606
	5,800	Whirlpool Corp.		619,846
				1,031,452
		Household Products & Wares — 0.4%
	30,970	Avery Dennison Corp.		2,782,035
		Housewares — 0.4%
	45,123	Toro Co. (The)		2,521,473
		Insurance — 4.4%
	53,635	Arthur J. Gallagher & Co.		3,952,900
	7,900	Assurant, Inc.		706,576

See accompanying Notes to the Schedule of Investments.

17

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Insurance — continued
	51,900	Assured Guaranty, Ltd.		1,986,732
	134,700	CNO Financial Group, Inc.		2,004,336
	79,350	Essent Group, Ltd.*		2,712,183
	12,400	Everest Re Group, Ltd.		2,700,224
	18,600	HCI Group, Inc.		945,066
	66,600	Heritage Insurance Holdings, Inc.		980,352
	41,625	James River Group Holdings, Ltd.		1,520,978
	21,064	Kemper Corp.		1,398,228
	48,000	Lincoln National Corp.		2,462,880
	170,000	MGIC Investment Corp.*		1,778,200
	32,140	ProAssurance Corp.		1,303,598
	17,800	Reinsurance Group of America, Inc. Class A		2,496,094
	63,300	Universal Insurance Holdings, Inc.		2,400,336
	73,600	Unum Group		2,162,368
				31,511,051
		Internet — 1.4%
	33,248	Cogent Communications Holdings, Inc.		1,503,142
	84,133	Criteo SA, ADR*		1,911,502
	5,000	F5 Networks, Inc.*		810,150
	42,860	GoDaddy, Inc. Class A*		2,812,473
	19,860	Twilio, Inc. Class A* ‡		1,773,498
	20,937	Zendesk, Inc.*		1,222,093
				10,032,858
		Investment Companies — 0.4%
	57,300	Ares Capital Corp.‡		892,734
	59,200	New Mountain Finance Corp.‡		744,736
	104,525	Oaktree Specialty Lending Corp.		442,141
	66,200	Prospect Capital Corp.‡		417,722
				2,497,333
		Iron & Steel — 0.1%
	29,500	United States Steel Corp.		538,080
		Leisure Time — 1.1%
	19,100	Brunswick Corp.		887,195
	36,900	Harley-Davidson, Inc.‡		1,259,028
	57,743	Norwegian Cruise Line Holdings, Ltd.*		2,447,726
	38,572	Planet Fitness, Inc. Class A*		2,068,230
	18,625	Polaris Industries, Inc.		1,428,165
				8,090,344
		Lodging — 0.0%
	9,100	Wyndham Destinations, Inc.		326,144
		Machinery - Construction & Mining — 0.2%
	26,400	Oshkosh Corp.		1,618,584

See accompanying Notes to the Schedule of Investments.

18

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Machinery - Diversified — 2.1%
	53,600	Briggs & Stratton Corp.		701,088
	34,598	Cactus, Inc.*		948,331
	55,863	Cognex Corp.		2,160,222
	45,460	Flowserve Corp.		1,728,389
	125,942	Gardner Denver Holdings, Inc.*		2,575,514
	38,579	Graco, Inc.		1,614,531
	11,908	Middleby Corp. (The)* ‡		1,223,309
	15,093	Nordson Corp.		1,801,350
	27,559	Wabtec Corp.‡		1,936,020
				14,688,754
		Media — 0.9%
	71,916	Altice USA, Inc. Class A		1,188,052
	22,900	AMC Networks, Inc. Class A* ‡		1,256,752
	93,200	Entercom Communications Corp. Class A‡		532,172
	22,003	Nexstar Media Group, Inc. Class A‡		1,730,316
	38,483	Sinclair Broadcast Group, Inc. Class A		1,013,642
	67,300	TEGNA, Inc.		731,551
				6,452,485
		Metal Fabricate & Hardware — 0.7%
	45,900	Global Brass & Copper Holdings, Inc.		1,154,385
	20,475	RBC Bearings, Inc.*		2,684,273
	29,274	Sun Hydraulics Corp.		971,604
				4,810,262
		Mining — 0.6%
	125,062	Goldcorp, Inc.		1,225,608
	467,300	Kinross Gold Corp.*		1,514,052
	407,516	Tahoe Resources, Inc.*		1,487,433
				4,227,093
		Miscellaneous - Manufacturing — 1.2%
	13,113	AptarGroup, Inc.		1,233,540
	33,650	Crane Co.		2,428,857
	58,554	Hexcel Corp.		3,357,486
	35,700	Trinseo SA		1,634,346
				8,654,229
		Multi - National — 0.1%
	47,900	Banco Latinoamericano de Comercio Exterior SA		828,670
		Office & Business Equipment — 0.7%
	93,800	Pitney Bowes, Inc.		554,358
	47,000	Xerox Corp.		928,720
	21,990	Zebra Technologies Corp. Class A*		3,501,468
				4,984,546

See accompanying Notes to the Schedule of Investments.

19

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas — 3.4%
	149,652	Cabot Oil & Gas Corp.		3,344,722
	148,233	Callon Petroleum Co.* ‡		962,032
	62,900	Carrizo Oil & Gas, Inc.* ‡		710,141
	51,682	Delek US Holdings, Inc.		1,680,182
	36,170	Diamondback Energy, Inc.‡		3,352,959
	117,600	Gulfport Energy Corp.*		770,280
	22,800	HollyFrontier Corp.		1,165,536
	37,300	Laredo Petroleum, Inc.*		135,026
	61,343	Matador Resources Co.* ‡		952,657
	2,200	Murphy USA, Inc.*		168,608
	44,900	Par Pacific Holdings, Inc.*		636,682
	151,082	Parsley Energy, Inc. Class A*		2,414,290
	137,952	PBF Energy, Inc. Class A		4,506,892
	190,000	Southwestern Energy Co.* ‡		647,900
	134,000	SRC Energy, Inc.*		629,800
	117,500	W&T Offshore, Inc.* ‡		484,100
	142,130	WPX Energy, Inc.*		1,613,176
				24,174,983
		Oil & Gas Services — 0.2%
	12,513	Dril-Quip, Inc.* ‡		375,766
	68,800	McDermott International, Inc.* ‡		449,952
	93,149	Superior Energy Services, Inc.*		312,049
	28,800	US Silica Holdings, Inc.‡		293,184
				1,430,951
		Packaging & Containers — 0.9%
	37,886	Berry Global Group, Inc.*		1,800,722
	74,600	Owens-Illinois, Inc.*		1,286,104
	16,400	Packaging Corp. of America		1,368,744
	47,900	WestRock Co.		1,808,704
				6,264,274
		Pharmaceuticals — 4.0%
	18,966	Aerie Pharmaceuticals, Inc.*		684,673
	42,037	Amneal Pharmaceuticals, Inc.* ‡		568,761
	14,544	Ascendis Pharma AS, ADR*		911,182
	28,060	G1 Therapeutics, Inc.*		537,349
	28,018	Horizon Pharma Plc*		547,472
	60,969	Jazz Pharmaceuticals Plc*		7,557,717
	50,275	Lannett Co., Inc.* ‡		249,364
	36,800	Mallinckrodt Plc* ‡		581,440
	68,438	Mylan NV*		1,875,201
	44,301	Neurocrine Biosciences, Inc.*		3,163,534
	53,800	Owens & Minor, Inc.‡		340,554
	19,290	PRA Health Sciences, Inc.*		1,773,908
	58,081	Premier, Inc. Class A*		2,169,325
	18,870	Sarepta Therapeutics, Inc.* ‡		2,059,283

See accompanying Notes to the Schedule of Investments.

20

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Pharmaceuticals — continued
	668,191	TherapeuticsMD, Inc.*		2,545,808
	75,927	Zogenix, Inc.* ‡		2,768,298
				28,333,869
		Pipelines — 0.2%
	20,344	Cheniere Energy, Inc.*		1,204,161
		Real Estate — 0.4%
	15,739	FirstService Corp.		1,077,807
	181,328	Newmark Group, Inc. Class A		1,454,250
				2,532,057
		REITS — 6.9%
	62,011	American Campus Communities, Inc. REIT		2,566,635
	294,908	Annaly Capital Management, Inc. REIT		2,895,997
	80,900	Brixmor Property Group, Inc. REIT		1,188,421
	163,500	Cedar Realty Trust, Inc. REIT		513,390
	99,300	Chimera Investment Corp. REIT		1,769,526
	94,427	City Office, Inc. REIT		967,877
	43,300	CoreCivic, Inc. REIT		772,039
	16,211	CoreSite Realty Corp. REIT		1,414,085
	102,513	Easterly Government Properties, Inc. REIT		1,607,404
	109,500	Franklin Street Properties Corp. REIT		682,185
	34,600	Gaming and Leisure Properties, Inc. REIT		1,117,926
	58,700	Government Properties Income Trust REIT‡		403,269
	91,400	Hospitality Properties Trust REIT		2,182,632
	48,140	Industrial Logistics Properties Trust REIT		946,921
	203,400	Lexington Realty Trust REIT		1,669,914
	58,300	Mack-Cali Realty Corp. REIT		1,142,097
	159,000	Medical Properties Trust, Inc. REIT		2,556,720
	14,981	Mid-America Apartment Communities, Inc. REIT		1,433,682
	105,470	Physicians Realty Trust REIT		1,690,684
	95,600	Piedmont Office Realty Trust, Inc. REIT Class A		1,629,024
	56,600	Preferred Apartment Communities, Inc. REIT Class A		795,796
	64,160	QTS Realty Trust, Inc. REIT Class A		2,377,128
	6,085	Retail Value, Inc. REIT		155,715
	69,400	RLJ Lodging Trust REIT		1,138,160
	68,800	Sabra Healthcare, Inc. REIT		1,133,824
	95,800	Select Income REIT		705,088
	139,600	Senior Housing Properties Trust REIT		1,636,112
	81,300	SITE Centers Corp. REIT		899,991
	89,900	Starwood Property Trust, Inc. REIT		1,771,929
	230,063	Summit Hotel Properties, Inc. REIT		2,238,513
	45,073	Sun Communities, Inc. REIT		4,584,375
	221,500	VEREIT, Inc. REIT		1,583,725
	70,800	Xenia Hotels & Resorts, Inc. REIT		1,217,760
				49,388,544

See accompanying Notes to the Schedule of Investments.

21

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Retail — 5.5%
	78,700	American Eagle Outfitters, Inc.		1,521,271
	28,807	BJ’s Restaurants, Inc.		1,456,770
	35,200	Bloomin’ Brands, Inc.		629,728
	63,766	BMC Stock Holdings, Inc.*		987,098
	40,957	Burlington Stores, Inc.*		6,662,475
	29,631	Dave & Buster’s Entertainment, Inc.		1,320,357
	44,300	Dick’s Sporting Goods, Inc.‡		1,382,160
	16,800	Dillard’s, Inc. Class A‡		1,013,208
	49,878	Five Below, Inc.*		5,103,517
	39,400	Foot Locker, Inc.		2,096,080
	73,182	Gap, Inc. (The)		1,885,168
	35,280	Jack in the Box, Inc.		2,738,786
	34,100	Kohl’s Corp.		2,262,194
	15,560	Lithia Motors, Inc. Class A‡		1,187,695
	62,160	Michaels Cos., Inc. (The)* ‡		841,646
	156,608	Office Depot, Inc.		404,049
	25,296	PriceSmart, Inc.		1,494,994
	13,000	Signet Jewelers, Ltd.		413,010
	47,400	Sonic Automotive, Inc. Class A‡		652,224
	61,842	Texas Roadhouse, Inc. Class A		3,691,968
	23,900	Williams-Sonoma, Inc.‡		1,205,755
				38,950,153
		Savings & Loans — 0.2%
	33,800	Berkshire Hills Bancorp, Inc.		911,586
	44,600	United Financial Bancorp, Inc.		655,620
				1,567,206
		Semiconductors — 2.4%
	26,400	Diodes, Inc.*		851,664
	60,700	Kulicke & Soffa Industries, Inc.		1,230,389
	158,280	Marvell Technology Group, Ltd.		2,562,553
	14,110	MKS Instruments, Inc.		911,647
	300,320	ON Semiconductor Corp.*		4,958,283
	18,850	Power Integrations, Inc.		1,149,473
	23,745	Semtech Corp.*		1,089,183
	34,969	Silicon Laboratories, Inc.*		2,755,907
	52,991	Teradyne, Inc.		1,662,858
				17,171,957
		Shipbuilding — 0.3%
	10,900	Huntington Ingalls Industries, Inc.		2,074,379
		Software — 6.8%
	9,478	ANSYS, Inc.*		1,354,785
	109,278	Black Knight, Inc.*		4,924,067
	16,467	Blackbaud, Inc.		1,035,774
	12,718	Broadridge Financial Solutions, Inc.		1,224,108

See accompanying Notes to the Schedule of Investments.

22

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Software — continued
	5,070	CommVault Systems, Inc.*		299,586
	30,800	Envestnet, Inc.*		1,515,052
	107,229	Evolent Health, Inc. Class A*		2,139,219
	100,218	First Data Corp. Class A*		1,694,686
	55,318	Guidewire Software, Inc.*		4,438,163
	14,671	HubSpot, Inc.* ‡		1,844,585
	19,888	j2 Global, Inc.		1,379,830
	22,473	Medidata Solutions, Inc.* ‡		1,515,130
	9,103	MSCI, Inc. Class A		1,342,055
	18,000	New Relic, Inc.* ‡		1,457,460
	128,658	Nuance Communications, Inc.*		1,702,145
	26,106	PTC, Inc.*		2,164,187
	57,380	RealPage, Inc.* ‡		2,765,142
	23,385	Splunk, Inc.*		2,451,917
	46,822	SS&C Technologies Holdings, Inc.		2,112,141
	66,076	Talend SA, ADR*		2,450,098
	18,498	Tyler Technologies, Inc.*		3,437,298
	13,520	Ultimate Software Group, Inc. (The)*		3,310,643
	19,529	Veeva Systems, Inc. Class A*		1,744,330
				48,302,401
		Telecommunications — 1.4%
	167,481	Ciena Corp.*		5,679,281
	96,600	Juniper Networks, Inc.		2,599,506
	88,380	Zayo Group Holdings, Inc.*		2,018,599
				10,297,386
		Transportation — 2.0%
	31,300	Atlas Air Worldwide Holdings, Inc.*		1,320,547
	118,302	Euronav NV*		819,833
	45,038	J.B. Hunt Transport Services, Inc.		4,190,335
	77,137	Knight-Swift Transportation Holdings, Inc.		1,933,824
	10,920	Old Dominion Freight Line, Inc.		1,348,511
	24,200	Ryder System, Inc.		1,165,230
	65,795	Schneider National, Inc. Class B		1,228,393
	376,003	Scorpio Tankers, Inc.		661,765
	53,407	Werner Enterprises, Inc.		1,577,643
				14,246,081
		TOTAL COMMON STOCKS (COST $699,666,970)		677,949,616
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 0.8%
		Mutual Fund - Securities Lending Collateral — 0.5%
	3,490,672	State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.27%## ***		3,490,672

See accompanying Notes to the Schedule of Investments.

23

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)			Description	Value ($)
			U.S. Government and Agency Obligations — 0.3%
	2,000,000		United States Treasury Bill, 2.31%, due 03/14/19** ‡‡		1,990,617
			TOTAL SHORT-TERM INVESTMENTS (COST $5,481,492)		5,481,289
			TOTAL INVESTMENTS — 96.0% (Cost $705,148,462)		683,430,905
			Other Assets and Liabilities (net) — 4.0%		28,670,415
			NET ASSETS — 100.0%	$712,101,320
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			REIT — Real Estate Investment Trust
		##	The rate disclosed is the 7 day net yield as of December 31, 2018.
		*	Non-income producing security
		**	All or a portion of this security is pledged 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 Schedule of Investments.

24

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	175	Russell 2000 E-mini Index		Mar 2019	$	11,803,750	$	(459,921	)
	76	S&P Mid 400 E-mini Index		Mar 2019		12,632,720		(447,797	)
							$	(907,718	)

See accompanying Notes to the Schedule of Investments.

25

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		95.2
Futures Contracts		(0.1	)
Short-Term Investments		0.8
Other Assets and Liabilities (net)		4.1
		100.0	%

See accompanying Notes to the Schedule of Investments.

26

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 92.0%
		Australia — 4.7%
	47,337	AGL Energy, Ltd.		686,500
	49,220	Altium, Ltd.		751,924
	54,298	Aristocrat Leisure, Ltd.		834,851
	717,900	Asaleo Care, Ltd.		462,442
	20,423	ASX, Ltd.		861,805
	62,592	Aurizon Holdings, Ltd.		188,597
	154,500	Australia & New Zealand Banking Group, Ltd.		2,660,464
	294,129	BGP Holdings Plc* **** ¤		—
	305,467	BHP Group, Ltd.		7,361,117
	281,793	BlueScope Steel, Ltd.		2,174,269
	824,396	Brambles, Ltd.		5,890,802
	167,237	Cleanaway Waste Management, Ltd.		196,028
	459,365	Coca-Cola Amatil, Ltd.		2,648,587
	9,795	Cochlear, Ltd.		1,196,883
	86,008	Coles Group, Ltd.*		710,852
	116,188	Computershare, Ltd.		1,406,079
	152,621	CSL, Ltd.		19,894,544
	593,400	CSR, Ltd.		1,173,887
	246,584	Downer EDI, Ltd.		1,173,503
	520,600	Fortescue Metals Group, Ltd.		1,535,645
	1,233,793	Genworth Mortgage Insurance Australia, Ltd.‡		1,902,212
	802,800	Harvey Norman Holdings, Ltd.‡		1,785,940
	98,743	Insurance Australia Group, Ltd.		486,605
	231,215	LendLease Group		1,893,077
	3,244	Link Administration Holdings, Ltd.		15,461
	27,500	Macquarie Group, Ltd.		2,103,463
	208,143	Medibank Pvt, Ltd.		376,589
	788,200	Metcash, Ltd.		1,359,487
	938,800	Mirvac Group REIT		1,480,450
	15,306	Perpetual, Ltd.		349,986
	51,477	Pinnacle Investment Management Group, Ltd.‡		159,093
	968,970	Qantas Airways, Ltd.		3,949,675
	80,798	QBE Insurance Group, Ltd.		574,506
	9,176	REA Group, Ltd.		477,904
	249,400	Retail Food Group, Ltd.* ‡		52,673
	90,974	Rio Tinto, Ltd.		5,025,664
	40,856	Sandfire Resources NL		192,134
	885,320	Scentre Group REIT		2,430,734
	41,423	Seek, Ltd.		493,417
	286,600	South32, Ltd.		675,917
	279,509	Steadfast Group, Ltd.		541,129
	382,327	Stockland REIT		947,437
	817,620	Treasury Wine Estates, Ltd.		8,518,944
	68,286	Vicinity Centres REIT		124,991
	36,624	Wesfarmers, Ltd.		830,738
	40,887	WiseTech Global, Ltd.‡		486,457
	171,213	Woolworths Group, Ltd.		3,546,108
		Total Australia		92,589,570

See accompanying Notes to the Schedule of Investments.

27

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Austria — 0.7%
	299,182	Erste Group Bank AG*		9,935,386
	4,485	FACC AG‡		67,882
	31,900	OMV AG		1,394,843
	2,865	Schoeller-Bleckmann Oilfield Equipment AG		187,828
	14,386	UNIQA Insurance Group AG		129,260
	17,974	Vienna Insurance Group AG Wiener Versicherung Gruppe		416,693
	50,100	Voestalpine AG		1,494,794
		Total Austria		13,626,686
		Belgium — 1.1%
	61,004	Ageas		2,740,653
	12,456	Groupe Bruxelles Lambert SA		1,083,309
	125,230	KBC Group NV		8,114,119
	33,307	UCB SA		2,714,739
	203,020	Umicore SA		8,090,388
		Total Belgium		22,743,208
		Bermuda — 0.3%
	1,539,950	Esprit Holdings, Ltd.*		306,836
	153,791	Hiscox, Ltd.		3,175,023
	52,900	Hongkong Land Holdings, Ltd.		333,270
	743,000	Shenzhen International Holdings, Ltd.		1,431,082
		Total Bermuda		5,246,211
		Brazil — 1.2%
	179,800	Cia de Saneamento Basico do Estado de Sao Paulo		1,461,317
	674,100	JBS SA		2,015,821
	1,479,400	Localiza Rent a Car SA		11,355,777
	176,100	Magazine Luiza SA		8,227,163
	119,700	Sao Martinho SA		561,786
		Total Brazil		23,621,864
		Canada — 0.7%
	131,220	Canada Goose Holdings, Inc.*		5,736,938
	17,169	Descartes Systems Group (The), Inc.*		452,921
	7,504	Fairfax Financial Holdings, Ltd.		3,301,914
	77,729	Thomson Reuters Corp.		3,752,140
		Total Canada		13,243,913
		Cayman Islands — 1.2%
	44,910	Alibaba Group Holding, Ltd., ADR*		6,155,814
	2,026,000	China Resources Cement Holdings, Ltd.		1,824,328
	1,211,000	IGG, Inc.		1,661,203
	3,714,000	Jiangnan Group, Ltd.*		187,376
	3,247,000	Lee & Man Paper Manufacturing, Ltd.		2,753,751
	164,550	Tencent Holdings, Ltd.		6,599,360
	9,510,000	Tongda Group Holdings, Ltd.		947,435
	2,084,000	Xinyi Glass Holdings, Ltd.		2,305,100

See accompanying Notes to the Schedule of Investments.

28

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	4,934,000	Xinyi Solar Holdings, Ltd.		1,733,030
		Total Cayman Islands		24,167,397
		China — 0.1%
	1,195,500	China Railway Construction Corp., Ltd. Class H		1,658,264
	628,600	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		1,278,179
		Total China		2,936,443
		Denmark — 1.0%
	214,710	Danske Bank A/S		4,239,634
	11,476	DSV AS		754,525
	11,836	GN Store Nord AS		441,134
	1,618	H Lundbeck AS		70,739
	37,363	Jyske Bank AS		1,346,177
	201,077	Novo Nordisk AS, ADR		9,263,617
	15,846	Pandora AS		643,991
	10,560	SimCorp AS		720,829
	34,583	Sydbank AS		821,670
	9,285	Vestas Wind Systems AS		699,936
	13,195	William Demant Holding AS* ‡		373,740
		Total Denmark		19,375,992
		Finland — 1.4%
	5,977	Elisa OYJ		246,520
	76,321	Fortum OYJ		1,666,405
	36,570	Kesko OYJ Class B		1,969,015
	89,420	Neste OYJ		6,885,570
	865,079	Nokia OYJ		4,974,242
	230,914	Nordea Bank Abp		1,942,461
	552,874	Outokumpu OYJ‡		2,019,297
	52,349	Sampo OYJ Class A		2,298,560
	63,716	Stora Enso OYJ Class R		734,560
	143,274	UPM-Kymmene OYJ		3,627,808
	55,280	Wartsila OYJ Abp		878,071
		Total Finland		27,242,509
		France — 9.2%
	41,158	Airbus SE		3,950,298
	13,800	Arkema SA		1,182,529
	304,786	AXA SA		6,570,430
	122,178	BNP Paribas SA		5,513,385
	54,475	Cie de Saint-Gobain		1,816,194
	20,927	Cie Generale des Etablissements Michelin SCA		2,074,098
	136,676	CNP Assurances		2,893,586
	281,259	Danone SA		19,776,767
	54,785	Dassault Systemes SE		6,494,468
	5,141	Derichebourg SA		23,496
	38,451	Edenred		1,411,403

See accompanying Notes to the Schedule of Investments.

29

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		France — continued
	101,485	Electricite de France SA		1,600,973
	376,616	Engie SA		5,392,369
	33,224	EssilorLuxottica SA		4,194,892
	56,300	Eutelsat Communications SA		1,107,302
	15,500	Faurecia SA		585,961
	42,863	IPSOS		1,006,436
	19,363	Kering SA		9,110,688
	59,287	L’Oreal SA		13,636,113
	120,793	Legrand SA		6,807,565
	7,700	LVMH Moet Hennessy Louis Vuitton SE		2,272,742
	48,100	Metropole Television SA		771,996
	536,500	Natixis SA		2,526,182
	35,500	Neopost SA		966,659
	225,600	Orange SA		3,650,498
	79,448	Pernod Ricard SA		13,014,644
	9,345	Peugeot SA		199,180
	45,393	Renault SA		2,830,654
	4,011	Safran SA		483,277
	120,677	Sanofi		10,437,440
	117,037	Schneider Electric SE		7,989,988
	125,353	Societe Generale SA		3,986,530
	82,460	Thales SA		9,614,941
	226,033	TOTAL SA		11,932,431
	125,954	UBISOFT Entertainment SA*		10,148,013
	15,475	Unibail-Rodamco-Westfield REIT		2,395,259
	128,511	Vivendi SA		3,126,188
		Total France		181,495,575
		Germany — 8.5%
	59,155	adidas AG		12,334,440
	41,428	Allianz SE		8,294,352
	30,500	Aurubis AG		1,506,911
	47,300	BASF SE		3,265,887
	132,316	Bayer AG		9,160,124
	34,200	Bayerische Motoren Werke AG		2,764,068
	59,760	Brenntag AG		2,575,462
	132,870	Commerzbank AG*		878,382
	17,537	Continental AG		2,420,726
	101,479	Covestro AG		5,009,126
	60,902	Daimler AG		3,196,259
	45,444	Deutsche Boerse AG		5,452,079
	215,602	Deutsche Lufthansa AG		4,855,368
	36,967	Deutsche Post AG		1,010,408
	101,091	Deutsche Telekom AG		1,712,631
	230,524	Deutsche Wohnen SE		10,540,938
	90,105	Deutz AG		529,953
	572,053	E.ON SE		5,641,560
	96,410	Evonik Industries AG		2,402,601
	7,770	Fresenius Medical Care AG & Co. KGaA		503,092

See accompanying Notes to the Schedule of Investments.

30

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	19,000	Fresenius Medical Care AG & Co. KGaA, ADR		615,410
	119,922	GEA Group AG		3,084,498
	17,847	HeidelbergCement AG		1,089,048
	280,103	Infineon Technologies AG		5,560,268
	19,500	Infineon Technologies AG, ADR		389,708
	181,829	Kloeckner & Co. SE		1,259,618
	31,296	LEG Immobilien AG		3,259,911
	22,512	Leoni AG		779,243
	21,022	Merck KGaA		2,162,336
	144,700	METRO AG		2,215,718
	3,951	MTU Aero Engines AG		715,427
	18,733	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,080,557
	5,736	Nemetschek SE		627,843
	30,256	ProSiebenSat.1 Media SE		537,830
	18,500	Rheinmetall AG		1,631,801
	64,107	RWE AG		1,389,829
	86,248	SAP SE		8,570,810
	123,081	Siemens AG		13,701,368
	5,300	Siemens AG, ADR		297,224
	5,004	Siltronic AG		413,007
	222,715	Symrise AG		16,421,481
	119,717	TAG Immobilien AG		2,724,772
	42,000	Talanx AG*		1,430,766
	61,004	TUI AG		857,762
	190,972	Vonovia SE		8,642,877
	7,395	Wirecard AG		1,122,637
		Total Germany		167,636,116
		Hong Kong — 1.2%
	1,805,200	AIA Group, Ltd.		14,986,940
	3,160,000	Champion REIT¤		2,163,347
	347,000	Link REIT		3,514,608
	3,279,000	WH Group, Ltd.		2,525,417
	152,000	Wheelock & Co., Ltd.		868,782
		Total Hong Kong		24,059,094
		Hungary — 0.1%
	229,600	MOL Hungarian Oil & Gas Plc		2,518,311
		India — 0.3%
	187,900	HDFC Bank, Ltd.		5,710,744
		Indonesia — 0.3%
	2,005,200	Bank Central Asia Tbk PT		3,625,535
	3,540,700	Bank Negara Indonesia Persero Tbk PT		2,166,771
		Total Indonesia		5,792,306

See accompanying Notes to the Schedule of Investments.

31

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Ireland — 0.5%
	313,147	C&C Group Plc		975,479
	55,557	Kerry Group Plc Class A		5,493,612
	34,008	Ryanair Holdings Plc, ADR*		2,426,131
		Total Ireland		8,895,222
		Israel — 0.4%
	112,540	Bank Leumi Le-Israel BM		680,646
	31,804	Check Point Software Technologies, Ltd.*		3,264,680
	39,793	Israel Chemicals, Ltd.		225,761
	39,874	Israel Discount Bank, Ltd. Class A		123,354
	18,213	Nice, Ltd., ADR*		1,970,829
	81,500	Teva Pharmaceutical Industries, Ltd.*		1,279,180
		Total Israel		7,544,450
		Italy — 2.1%
	1,395,800	A2A SpA		2,509,094
	276,733	Assicurazioni Generali SpA		4,618,670
	3,220	ASTM SpA		64,343
	155,218	BPER Banca SpA		596,900
	2,337,947	Enel SpA		13,480,714
	619,796	ENI SpA		9,740,728
	133,129	Leonardo SpA		1,168,487
	182,600	Mediobanca Banca di Credito Finanziario SpA		1,539,660
	6,988	Reply SpA		352,126
	126,263	Societa Cattolica di Assicurazioni SC		1,025,518
	2,018,251	Telecom Italia SpA*		1,115,052
	286,265	UniCredit SpA		3,237,750
	609,469	Unipol Gruppo SpA		2,451,041
		Total Italy		41,900,083
		Japan — 22.4%
	1,600	AEON REIT Investment Corp. REIT		1,843,321
	92,700	AGC, Inc./Japan‡		2,898,063
	18,000	Aida Engineering, Ltd.		118,288
	12,400	Air Water, Inc.		188,178
	18,800	Aisin Seiki Co., Ltd.		654,569
	13,000	Alfresa Holdings Corp.		332,124
	4,800	Asahi Group Holdings, Ltd.		186,768
	130,700	Asahi Kasei Corp.		1,346,133
	433,500	Astellas Pharma, Inc.		5,537,531
	58,700	Broadleaf Co., Ltd.‡		285,167
	25,200	Canon, Inc.‡		689,288
	29,400	Capcom Co., Ltd.		582,024
	48,700	Central Glass Co., Ltd.		961,438
	8,400	Central Japan Railway Co.		1,773,559
	209,394	Chiba Bank, Ltd. (The)		1,171,835
	170,000	Chubu Electric Power Co., Inc.		2,421,045
	29,100	Chugai Pharmaceutical Co., Ltd.		1,692,184

See accompanying Notes to the Schedule of Investments.

32

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	111,700	Citizen Watch Co., Ltd.		551,806
	5,900	Cosmo Energy Holdings Co., Ltd.		121,748
	3,400	Cosmos Pharmaceutical Corp.		568,655
	24,600	Credit Saison Co., Ltd.		289,465
	198,700	Dai-ichi Life Holdings, Inc.		3,111,394
	189,046	Daiwa Securities Group, Inc.		959,058
	72,100	DIC Corp.		2,214,620
	6,400	Disco Corp.		749,578
	118,800	Don Quijote Holdings Co., Ltd.		7,384,733
	5,200	DTS Corp.		166,358
	33,700	East Japan Railway Co.		2,982,826
	18,700	Eisai Co., Ltd.		1,449,094
	20,900	Enplas Corp.‡		519,857
	10,000	Ezaki Glico Co., Ltd.		508,590
	65,000	Fancl Corp.		1,662,990
	5,600	FCC Co., Ltd.		131,534
	19,200	Fuji Corp.		225,749
	8,600	Fuji Electric Holdings Co., Ltd.		254,359
	40,500	FUJIFILM Holdings Corp.		1,576,220
	376,200	Fujikura, Ltd.		1,498,422
	8,300	Fujimi, Inc.		159,547
	71,100	Fukuoka Financial Group, Inc.		1,449,671
	20,800	Furukawa Electric Co., Ltd.		523,626
	5,600	Future Corp.		75,847
	205,394	Hachijuni Bank, Ltd. (The)		844,303
	326,100	Hazama Ando Corp.		2,157,851
	49,300	Hino Motors, Ltd.		467,320
	40,900	Hirose Electric Co., Ltd.		4,014,884
	29,500	Hitachi Capital Corp.		622,185
	89,100	Hitachi Chemical Co., Ltd.		1,348,093
	20,500	Hitachi High-Technologies Corp.		645,559
	281,800	Hitachi, Ltd.		7,539,752
	1,200	Hokuhoku Financial Group, Inc.		13,551
	150,100	Honda Motor Co., Ltd.		3,959,937
	29,600	Honda Motor Co., Ltd., ADR		782,920
	3,300	Horiba, Ltd.‡		135,050
	175,700	Hoya Corp.		10,593,406
	36,700	IBJ Leasing Co., Ltd.		809,163
	17,800	IHI Corp.		491,583
	272,200	Inpex Corp.		2,435,572
	177,100	Isuzu Motors, Ltd.		2,499,561
	132,500	Ito En, Ltd.		5,947,797
	234,400	ITOCHU Corp.		3,988,742
	70,600	Japan Airlines Co., Ltd.		2,503,802
	153,300	Japan Aviation Electronics Industry, Ltd.		1,777,310
	141,200	Japan Exchange Group, Inc.		2,289,521
	380,800	Japan Post Holdings Co., Ltd.		4,390,576
	290,300	Japan Tobacco, Inc.‡		6,923,119
	11,000	Jeol, Ltd.		166,130

See accompanying Notes to the Schedule of Investments.

33

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	77,100	JFE Holdings, Inc.		1,234,696
	21,100	JSR Corp.		318,284
	21,600	JTEKT Corp.		241,367
	446,200	JXTG Holdings, Inc.		2,345,382
	26,900	Kaken Pharmaceutical Co., Ltd.		1,192,804
	18,500	Kamigumi Co., Ltd.		380,404
	54,200	Kaneka Corp.		1,946,388
	132,600	Kanematsu Corp.		1,613,462
	94,200	Kansai Electric Power Co., Inc. (The)		1,416,670
	97,600	Kansai Paint Co., Ltd.		1,880,567
	178,008	Kao Corp.		13,229,524
	67,600	Kawasaki Heavy Industries, Ltd.		1,449,166
	541,900	KDDI Corp.		12,960,357
	75,600	Keihin Corp.		1,270,623
	15,000	Keisei Electric Railway Co., Ltd.		470,309
	8,500	Keyence Corp.		4,313,722
	3,800	Kikkoman Corp.		204,694
	26,800	Kintetsu World Express, Inc.		396,205
	82,900	Kobayashi Pharmaceutical Co., Ltd.		5,644,287
	253,700	Komatsu, Ltd.		5,469,875
	215,500	Konica Minolta, Inc.		1,950,431
	4,200	Konoike Transport Co., Ltd.		61,364
	9,186	Kose Corp.		1,445,111
	49,500	KYB Corp.‡		1,198,305
	10,200	Lintec Corp.		219,870
	9,900	Mani, Inc.		376,726
	518,900	Marubeni Corp.		3,653,086
	12,400	Matsumotokiyoshi Holdings Co., Ltd.		380,313
	346,000	Mebuki Financial Group, Inc.		920,859
	84,600	MISUMI Group, Inc.		1,788,155
	709,700	Mitsubishi Chemical Holdings Corp.		5,385,738
	124,400	Mitsubishi Corp.		3,424,217
	127,800	Mitsubishi Electric Corp.		1,417,023
	118,900	Mitsubishi Gas Chemical Co., Inc.		1,793,551
	37,600	Mitsubishi Heavy Industries, Ltd.		1,355,745
	33,200	Mitsubishi Shokuhin Co., Ltd.		847,286
	1,125,500	Mitsubishi UFJ Financial Group, Inc.		5,517,992
	136,900	Mitsui & Co., Ltd.		2,109,369
	24,400	Mitsui OSK Lines, Ltd.		533,524
	2,617,200	Mizuho Financial Group, Inc.		4,062,427
	393,400	MonotaRO Co., Ltd.‡		9,745,807
	128,700	MS&AD Insurance Group Holdings, Inc.		3,673,959
	4,900	Nachi-Fujikoshi Corp.		170,829
	153,700	Nihon Kohden Corp.		5,001,221
	37,500	Nihon Unisys, Ltd.		837,739
	91,200	Nippon Light Metal Holdings Co., Ltd.		185,368
	49,600	Nippon Soda Co., Ltd.		1,216,096
	191,100	Nippon Telegraph & Telephone Corp.		7,806,683
	36,700	Nishi-Nippon Financial Holdings, Inc.		320,454

See accompanying Notes to the Schedule of Investments.

34

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	475,200	Nissan Motor Co., Ltd.		3,812,775
	34,900	Nisshin Oillio Group, Ltd. (The)		997,234
	167,900	Nisshinbo Holdings, Inc.		1,271,703
	20,600	Nissin Foods Holdings Co., Ltd.		1,295,538
	30,900	Nitto Denko Corp.		1,561,124
	189,100	Nomura Holdings, Inc.		725,273
	117,100	Nomura Research Institute, Ltd.		4,349,291
	307,941	North Pacific Bank, Ltd.		825,180
	675,200	NTN Corp.		1,957,012
	107,100	NTT Data Corp.		1,176,279
	59,000	Obic Co., Ltd.		4,565,556
	51,000	Okasan Securities Group, Inc.		226,842
	11,800	Olympus Corp.		362,986
	104,700	Omron Corp.		3,817,163
	50,200	Ono Pharmaceutical Co., Ltd.		1,027,198
	11,600	Oracle Corp. Japan		740,099
	372,900	ORIX Corp.		5,456,783
	27,600	Otsuka Holdings Co., Ltd.		1,130,263
	75,100	Panasonic Corp.		678,066
	29,600	Prima Meat Packers, Ltd.‡		529,328
	388,800	Recruit Holdings Co., Ltd.		9,435,173
	178,800	Renesas Electronics Corp.*		814,838
	584,600	Resona Holdings, Inc.		2,817,099
	12,400	Resorttrust, Inc.		182,075
	129,200	Rohto Pharmaceutical Co., Ltd.		3,532,790
	24,800	Royal Holdings Co., Ltd.‡		575,950
	7,300	Ryobi, Ltd.		175,256
	359,500	Santen Pharmaceutical Co., Ltd.		5,196,801
	25,300	Sawai Pharmaceutical Co., Ltd.		1,206,025
	26,300	SBI Holdings, Inc./Japan		517,538
	38,500	SCREEN Holdings Co., Ltd.		1,615,937
	73,700	Secom Co., Ltd.		6,122,242
	82,500	Seibu Holdings, Inc.		1,439,229
	82,500	Seiko Epson Corp.		1,164,016
	10,100	Seino Holdings Co., Ltd.		132,746
	512,700	Senshu Ikeda Holdings, Inc.		1,401,905
	60,500	Seven & i Holdings Co., Ltd.		2,637,483
	45,700	Shin-Etsu Chemical Co., Ltd.		3,555,532
	35,500	Shindengen Electric Manufacturing Co., Ltd.		1,229,549
	177,200	Shinsei Bank, Ltd.		2,114,158
	65,200	Shionogi & Co., Ltd.		3,726,648
	201,900	Shiseido Co., Ltd.		12,682,813
	18,100	Showa Corp.		213,640
	11,700	Showa Denko KK		348,713
	59,600	Showa Shell Sekiyu KK		837,111
	9,500	SMC Corp.		2,878,184
	4,900	Sodick Co., Ltd.		30,772
	50,100	Sohgo Security Services Co., Ltd.		2,347,118
	896,700	Sojitz Corp.		3,122,084

See accompanying Notes to the Schedule of Investments.

35

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	120,600	Sompo Holdings, Inc.		4,102,258
	33,600	Sony Financial Holdings, Inc.		629,340
	438,600	Sumitomo Chemical Co., Ltd.		2,130,737
	183,400	Sumitomo Corp.		2,610,209
	11,300	Sumitomo Dainippon Pharma Co., Ltd.		359,964
	136,600	Sumitomo Electric Industries, Ltd.		1,820,254
	101,600	Sumitomo Mitsui Financial Group, Inc.		3,375,400
	15,200	Sumitomo Riko Co., Ltd.		126,211
	102,300	Sumitomo Rubber Industries, Ltd.‡		1,212,141
	5,900	Sushiro Global Holdings, Ltd.		322,654
	10,000	Sysmex Corp.		480,882
	28,300	Systena Corp.		328,617
	85,000	T&D Holdings, Inc.		990,885
	7,100	T-Gaia Corp.		134,409
	37,400	Taiyo Nippon Sanso Corp.		612,226
	109,800	Takeda Pharmaceutical Co., Ltd.‡		3,707,870
	12,900	Takeuchi Manufacturing Co., Ltd.		199,176
	101,400	TDK Corp.		7,134,922
	137,500	Teijin, Ltd.		2,201,955
	232,700	Terumo Corp.		13,200,791
	10,500	TIS, Inc.		413,913
	36,700	Tobu Railway Co., Ltd.		991,132
	5,300	Toho Holdings Co., Ltd.‡		129,849
	90,700	Tohoku Electric Power Co., Inc.		1,198,697
	155,300	Tokio Marine Holdings, Inc.		7,411,482
	198,000	Tokyo Electric Power Co. Holdings, Inc.*		1,178,453
	61,300	Tokyo Gas Co., Ltd.		1,556,315
	5,500	Tokyotokeiba Co., Ltd.‡		137,256
	34,500	Tokyu Construction Co., Ltd.		313,508
	117,800	Tokyu Corp.		1,927,275
	21,500	Towa Pharmaceutical Co., Ltd.		1,503,031
	24,600	Toyo Ink SC Holdings Co., Ltd.		547,987
	146,400	Toyo Suisan Kaisha, Ltd.		5,117,295
	63,700	Toyoda Gosei Co., Ltd.		1,262,795
	65,800	Toyota Motor Corp.		3,841,907
	5,100	Trend Micro, Inc.*		277,510
	64,300	TS Tech Co., Ltd.		1,769,913
	14,800	Tsubakimoto Chain Co.		487,645
	88,300	Ube Industries, Ltd.		1,797,951
	33,900	Ulvac, Inc.		985,654
	51,000	Unicharm Corp.		1,654,368
	42,300	Unipres Corp.		717,498
	72,870	USS Co., Ltd.		1,228,060
	29,000	Valor Holdings Co., Ltd.		699,394
	7,500	West Japan Railway Co.		530,534
	148,000	Yamaha Motor Co., Ltd.‡		2,912,382
	211,700	Yokogawa Electric Corp.		3,668,065
	73,000	Yokohama Rubber Co., Ltd. (The)‡		1,373,969
		Total Japan		444,416,840

See accompanying Notes to the Schedule of Investments.

36

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Luxembourg — 0.6%
	77,380	ArcelorMittal		1,604,609
	13,719	ArcelorMittal, ADR		283,572
	1,777,694	B&M European Value Retail SA		6,373,359
	17,900	SAF-Holland SA		229,178
	31,620	Spotify Technology SA*		3,588,870
		Total Luxembourg		12,079,588
		Malaysia — 0.1%
	748,700	Tenaga Nasional Bhd		2,463,961
		Netherlands — 2.8%
	846,180	Aegon NV		3,945,659
	27,365	AerCap Holdings NV*		1,083,654
	10,344	ASR Nederland NV		408,900
	130,121	CNH Industrial NV		1,167,373
	23,108	Core Laboratories NV		1,378,623
	24,377	EXOR NV		1,316,974
	69,238	Fiat Chrysler Automobiles NV*		1,003,773
	84,194	Heineken NV		7,430,218
	146,400	ING Groep NV		1,574,831
	150,800	Koninklijke Ahold Delhaize NV		3,805,443
	91,850	Koninklijke Philips NV		3,247,598
	107,036	Koninklijke Philips NV, ADR		3,758,034
	183,605	NN Group NV		7,304,103
	35,890	Randstad NV		1,644,798
	107,600	Signify NV		2,517,870
	64,015	STMicroelectronics NV		894,976
	89,100	STMicroelectronics NV, ADR		1,236,708
	62,357	STMicroelectronics NV (Euronext Exchange)		889,973
	52,254	Unilever NV		2,832,593
	8,268	Unilever NV (New York Exchange)		444,818
	45,846	Wolters Kluwer NV		2,707,441
	181,060	Yandex NV Class A*		4,951,991
		Total Netherlands		55,546,351
		New Zealand — 0.1%
	363,746	SKY Network Television, Ltd.		451,233
	275,288	Trade Me Group, Ltd.¤		1,172,175
		Total New Zealand		1,623,408
		Norway — 0.6%
	8,571	Aker BP ASA		215,781
	41,900	Austevoll Seafood ASA		516,785
	238,561	DNB ASA		3,806,055
	170,559	Equinor ASA		3,619,318
	26,564	Equinor ASA, ADR		562,360
	87,267	Orkla ASA		685,708
	36,100	Salmar ASA		1,784,332

See accompanying Notes to the Schedule of Investments.

37

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Norway — continued
	69,427	SpareBank 1 SMN		675,095
		Total Norway		11,865,434
		Philippines — 0.0%
	6,261,800	Vista Land & Lifescapes, Inc.		644,221
		Poland — 0.1%
	423,743	PGE Polska Grupa Energetyczna SA*		1,127,951
		Portugal — 0.2%
	2,816,126	Banco Comercial Portugues SA Class R*		738,819
	782,528	Banco Espirito Santo SA* **** ¤ ^		—
	662,173	EDP — Energias de Portugal SA		2,307,980
	70,384	Jeronimo Martins SGPS SA		831,950
		Total Portugal		3,878,749
		Russia — 0.3%
	297,500	Gazprom PJSC, ADR		1,317,627
	29,100	LUKOIL PJSC, ADR		2,075,994
	92,600	MMC Norilsk Nickel PJSC, ADR		1,737,176
	26,100	Tatneft PJSC, ADR		1,644,300
		Total Russia		6,775,097
		Singapore — 0.2%
	171,000	United Overseas Bank, Ltd.		3,082,516
	1,713,900	Yangzijiang Shipbuilding Holdings, Ltd.		1,571,809
		Total Singapore		4,654,325
		South Africa — 0.1%
	1,003,000	Old Mutual, Ltd.		1,496,115
		South Korea — 0.4%
	62,900	Kia Motors Corp.*		1,899,740
	138,961	Samsung Electronics Co., Ltd.		4,819,673
	6,440	SK Telecom Co., Ltd.		1,555,458
		Total South Korea		8,274,871
		Spain — 2.0%
	196,996	Amadeus IT Group SA		13,700,921
	309,821	Banco Santander SA		1,407,125
	2,576	Corp. Financiera Alba SA		125,152
	334,800	Distribuidora Internacional de Alimentacion SA‡		176,628
	58,938	Ence Energia y Celulosa SA		369,552
	64,465	Endesa SA		1,483,443
	21,213	Grifols SA		555,317
	354,792	Iberdrola SA		2,846,363
	363,227	International Consolidated Airlines Group SA		2,858,904
	20,191	Let’s GOWEX SA* **** ¤ ^ ‡		—

See accompanying Notes to the Schedule of Investments.

38

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Spain — continued
	584,061	Mapfre SA‡		1,548,992
	51,575	Naturgy Energy Group SA		1,312,404
	468,870	Repsol SA		7,546,720
	781,849	Telefonica SA		6,559,382
		Total Spain		40,490,903
		Sweden — 2.4%
	96,974	Boliden AB		2,099,863
	57,885	Elekta AB Class B		687,829
	67,233	Getinge AB		605,911
	53,344	Hexagon AB Class B		2,454,852
	34,571	Industrivarden AB Class A		714,360
	82,728	Investor AB Class A‡		3,527,150
	57,769	Kinnevik AB Class B		1,392,448
	6,583	L E Lundbergforetagen AB Class B		193,944
	277,427	Lundin Petroleum AB		6,927,969
	127,786	Resurs Holding AB		788,407
	93,900	Sandvik AB		1,338,198
	645,800	SAS AB*		1,515,099
	19,628	Skandinaviska Enskilda Banken AB Class A		190,616
	169,600	SKF AB Class B		2,571,972
	416,377	Svenska Handelsbanken AB Class A		4,616,575
	17,650	Swedish Match AB		694,983
	34,165	Swedish Orphan Biovitrum AB*		743,735
	1,271,914	Telefonaktiebolaget LM Ericsson Class B		11,178,572
	113,900	Telefonaktiebolaget LM Ericsson Class B, ADR		1,010,293
	268,900	Volvo AB Class B		3,516,747
		Total Sweden		46,769,523
		Switzerland — 7.5%
	14,476	Ascom Holding AG‡		199,416
	9,800	Autoneum Holding AG‡		1,465,328
	79	BKW AG		5,505
	350	Bucher Industries AG		93,873
	62	Chocoladefabriken Lindt & Spruengli AG		383,648
	43,422	Cie Financiere Richemont SA		2,774,991
	112,500	Credit Suisse Group AG*		1,232,502
	4,797	Geberit AG		1,860,310
	6,442	Givaudan SA		14,873,191
	30,049	Julius Baer Group, Ltd.*		1,067,169
	43,460	Lonza Group AG*		11,228,710
	264,917	Nestle SA		21,444,894
	238,092	Novartis AG		20,297,476
	60,940	Novartis AG, ADR		5,229,261
	127,758	Roche Holding AG		31,544,225
	743	Roche Holding AG (Bearer Shares)		180,436
	9,372	Schindler Holding AG		1,851,013
	2,795	SGS SA		6,265,926
	13,044	Sika AG		1,648,694

See accompanying Notes to the Schedule of Investments.

39

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Switzerland — continued
	6,072	Sonova Holding AG		989,210
	594	Straumann Holding AG		372,380
	12,800	Swiss Life Holding AG*		4,915,886
	52,900	Swiss Re AG		4,836,019
	7,465	Temenos Group AG*		892,801
	671,120	UBS Group AG*		8,329,431
	13,200	Zurich Insurance Group AG		3,924,650
		Total Switzerland		147,906,945
		Taiwan — 0.7%
	591,000	Charoen Pokphand Enterprise		1,022,911
	1,419,000	Compeq Manufacturing Co., Ltd.		914,084
	940,000	Fubon Financial Holding Co., Ltd.		1,438,885
	283,319	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		10,457,304
		Total Taiwan		13,833,184
		Thailand — 0.1%
	16,831,100	Quality Houses PCL Class F		1,354,345
	18,813,200	Sansiri PCL		681,805
		Total Thailand		2,036,150
		Turkey — 0.1%
	372,800	TAV Havalimanlari Holding AS		1,676,230
		United Kingdom — 14.1%
	339,008	3i Group Plc		3,339,236
	51,352	Anglo American Plc‡		1,143,094
	91,678	Ashtead Group Plc		1,911,379
	30,658	Associated British Foods Plc		797,710
	175,700	AstraZeneca Plc		13,142,099
	218,630	AstraZeneca Plc, ADR		8,303,567
	29,000	Babcock International Group Plc		180,720
	1,077,336	BAE Systems Plc		6,300,660
	280,200	Barratt Developments Plc		1,651,560
	48,300	Bellway Plc		1,547,099
	33,600	Berkeley Group Holdings Plc		1,488,767
	77,542	BHP Group Plc, ADR		3,248,234
	124,882	BP Plc, ADR		4,735,525
	1,090,400	BP Plc		6,887,422
	36,975	British American Tobacco Plc		1,177,284
	36,600	British American Tobacco Plc, ADR		1,166,076
	129,300	Britvic Plc		1,316,588
	957,600	BT Group Plc		2,903,866
	37,580	Bunzl Plc		1,133,848
	37,049	Burberry Group Plc		818,906
	349,625	Centamin Plc		484,467
	849,500	Centrica Plc		1,459,514
	663,538	Compass Group Plc		13,943,851

See accompanying Notes to the Schedule of Investments.

40

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	150,255	Crest Nicholson Holdings Plc		628,059
	19,578	Croda International Plc		1,168,183
	31,424	Dechra Pharmaceuticals Plc		828,447
	10,661	Diageo Plc, ADR		1,511,730
	660,536	Diageo Plc		23,513,176
	501,900	Dixons Carphone Plc		767,703
	293,491	Experian Plc		7,120,701
	701,600	Firstgroup Plc*		745,227
	76,465	Galliford Try Plc		606,714
	3,285	Games Workshop Group Plc		127,187
	405,272	GlaxoSmithKline Plc		7,696,894
	129,671	GlaxoSmithKline Plc, ADR		4,954,729
	47,696	Greggs Plc		769,040
	394,985	Halma Plc		6,861,640
	34,071	Hargreaves Lansdown Plc		802,333
	278,223	Hays Plc		496,083
	6,029	Hikma Pharmaceuticals Plc		131,764
	114,584	IG Group Holdings Plc		831,825
	356,995	IMI Plc		4,292,073
	17,300	Imperial Brands Plc		523,731
	4,100	Imperial Brands Plc, ADR		125,132
	166,100	Inchcape Plc		1,166,670
	31,876	InterContinental Hotels Group Plc		1,720,106
	253,634	Intertek Group Plc		15,505,354
	740,700	J Sainsbury Plc		2,499,892
	78,964	Jardine Lloyd Thompson Group Plc		1,902,757
	973,798	Kingfisher Plc		2,573,475
	5,315,800	Lloyds Banking Group Plc		3,510,350
	245,660	London Stock Exchange Group Plc		12,708,882
	569,000	Man Group Plc		963,822
	676,700	Marks & Spencer Group Plc		2,130,481
	309,291	Meggitt Plc		1,855,330
	400,400	Mitchells & Butlers Plc*		1,312,610
	256,118	Moneysupermarket.com Group Plc		898,658
	33,961	National Grid Plc, ADR		1,629,449
	277,200	Paragon Banking Group Plc		1,362,742
	320,254	Pets at Home Group Plc		472,320
	1,132,996	QinetiQ Group Plc		4,132,705
	334,333	Quilter Plc		503,814
	146,360	Reckitt Benckiser Group Plc		11,208,477
	222,500	Redrow Plc		1,392,509
	3,198	RELX Plc, ADR		65,623
	175,584	RELX Plc*		3,606,917
	192,666	RELX Plc (London Exchange)		3,966,558
	11,123	Renishaw Plc		600,649
	245,384	Rentokil Initial Plc		1,053,821
	226,599	Restaurant Group Plc (The)‡		411,539
	84,972	Rightmove Plc		467,782
	40,587	Rio Tinto Plc		1,928,096

See accompanying Notes to the Schedule of Investments.

41

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	86,947	Rio Tinto Plc, ADR		4,215,191
	280,600	Royal Dutch Shell Plc Class B		8,362,507
	275,200	Royal Mail Plc		953,696
	239,381	Senior Plc		577,434
	25,055	Shire Plc		1,458,289
	33,388	Shire Plc, ADR		5,810,848
	3,588	Smith & Nephew Plc, ADR		134,119
	358,442	Smith & Nephew Plc		6,683,331
	77,198	Sophos Group Plc		372,237
	93,627	Spectris Plc		2,717,555
	62,704	Spirax-Sarco Engineering Plc		4,983,252
	123,300	SSE Plc		1,698,332
	790,500	Stagecoach Group Plc		1,333,984
	181,500	Tate & Lyle Plc		1,525,645
	735,600	Taylor Wimpey Plc		1,276,472
	31,300	Tesco Plc, ADR		229,116
	72,420	Unilever Plc, ADR		3,783,945
	1,296,195	Vodafone Group Plc		2,524,125
	201,601	Vodafone Group Plc, ADR		3,886,867
	60,600	William Hill Plc		119,629
	690,051	WM Morrison Supermarkets Plc		1,874,145
	9,300	WPP Plc, ADR		509,640
		Total United Kingdom		280,165,590
		United States — 2.2%
	80,190	Analog Devices, Inc.		6,882,708
	38,340	ANSYS, Inc.*		5,480,320
	247,602	Cadence Design Systems, Inc.*		10,765,735
	151,457	Colgate-Palmolive Co.		9,014,721
	54,041	DENTSPLY SIRONA, Inc.		2,010,866
	33,410	Nordson Corp.		3,987,483
	2,291	NVIDIA Corp.		305,848
	44,766	Texas Instruments, Inc.		4,230,387
		Total United States		42,678,068
		TOTAL COMMON STOCKS (COST $1,882,376,158)		1,820,749,198
		INVESTMENT COMPANIES — 0.9%
		United States — 0.9%
	297,594	iShares MSCI EAFE ETF Index Fund		17,492,575
	29,600	iShares MSCI Eurozone ETF		1,037,776
		TOTAL INVESTMENT COMPANIES (COST $19,017,986)		18,530,351
		PREFERRED STOCKS — 1.0%
		Brazil — 0.1%
	517,660	Itausa — Investimentos Itau SA, 3.25%		1,613,451

See accompanying Notes to the Schedule of Investments.

42

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Germany — 0.9%
	3,029	Bayerische Motoren Werke AG, 6.35%		215,027
	126,657	Henkel AG & Co. KGaA, 1.85%		13,812,768
	29,593	Porsche Automobil Holding SE, 3.16%		1,746,942
	79,983	Schaeffler AG, 7.09%		681,904
	14,800	Volkswagen AG, 2.70%		2,350,334
		Total Germany		18,806,975
		Spain — 0.0%
	7,328	Grifols SA, 2.43% Series B		135,205
		TOTAL PREFERRED STOCKS (COST $21,438,446)		20,555,631
		RIGHTS — 0.0%
		Spain — 0.0%
	384,001	Repsol SA Expires 1/14/19* ‡		175,588
		TOTAL RIGHTS (COST $180,133)		175,588
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.4%
		Mutual Fund - Securities Lending Collateral — 1.1%
	20,760,081	State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.27%## ***		20,760,081
		U.S. Government and Agency Obligations — 0.3%
	6,000,000	United States Treasury Bill, 2.31%, due 03/14/19** ‡‡		5,971,852
		TOTAL SHORT-TERM INVESTMENTS (COST $26,732,541)		26,731,933
		TOTAL INVESTMENTS — 95.3% (Cost $1,949,745,264)		1,886,742,701
		Other Assets and Liabilities (net) — 4.7%		93,415,224
		NET ASSETS — 100.0%	$1,980,157,925

See accompanying Notes to the Schedule of Investments.

43

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	REIT — Real Estate Investment Trust
##	The rate disclosed is the 7 day net yield as of December 31, 2018.
*	Non-income producing security
**	All or a portion of this security is pledged 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 $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at December 31, 2018 was $1,457,972.
¤	Illiquid security. The total market value of the securities at period end is $3,335,522 which represents 0.2% of net assets. The aggregate tax cost of these securities held at December 31, 2018 was $4,235,481.
^	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.

See accompanying Notes to the Schedule of Investments.

44

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty				Unrealized Appreciation (Depreciation)
USD	697,333	JPY	76,000,000		02/22/19		Citibank N.A.				$	2,103
USD	19,547,046	JPY	2,128,429,000		02/22/19		State Street Bank and Trust					76,676
								$	78,779

Currency Abbreviations

JPY — Japanese Yen

USD — U.S. Dollar

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	1,068	MSCI EAFE Index		Mar 2019	$	91,634,400	$	(1,805,533	)

See accompanying Notes to the Schedule of Investments.

45

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Pharmaceuticals		8.7
Banks		5.8
Insurance		5.6
Food		4.7
Chemicals		4.5
Commercial Services		4.5
Oil & Gas		4.0
Telecommunications		3.6
Beverages		3.4
Cosmetics & Personal Care		3.1
Software		2.8
Electric		2.7
Health Care — Products		2.7
Diversified Financial Services		2.0
Auto Manufacturers		1.8
Electronics		1.8
Semiconductors		1.8
Retail		1.7
Internet		1.6
Apparel		1.5
Mining		1.5
Biotechnology		1.4
Aerospace & Defense		1.3
Distribution & Wholesale		1.3
Household Products & Wares		1.3
Computers		1.2
Machinery — Diversified		1.2
Real Estate		1.2
Auto Parts & Equipment		1.1
Miscellaneous — Manufacturing		1.0
Transportation		1.0
Airlines		0.9
Electrical Components & Equipment		0.9
Machinery — Construction & Mining		0.9
Unaffiliated Funds		0.9
Building Materials		0.8
REITS		0.8
Food Service		0.7
Agriculture		0.6
Home Builders		0.6
Iron & Steel		0.6
Engineering & Construction		0.5
Investment Companies		0.5
Media		0.5
Metal Fabricate & Hardware		0.5
Gas		0.4
Office & Business Equipment		0.3
Forest Products & Paper		0.2
Hand & Machine Tools		0.2
Private Equity		0.2
Advertising		0.1

See accompanying Notes to the Schedule of Investments.

46

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Energy-Alternate Sources		0.1
Entertainment		0.1
Holding Companies — Diversified		0.1
Leisure Time		0.1
Lodging		0.1
Oil & Gas Services		0.1
Packaging & Containers		0.1
Shipbuilding		0.1
Trucking & Leasing		0.1
Water		0.1
Environmental Control		0.0
Health Care — Services		0.0
Home Furnishings		0.0
Toys, Games & Hobbies		0.0
Short-Term Investments and Other Assets and Liabilities (net)		6.1
		100.0	%

See accompanying Notes to the Schedule of Investments.

47

Mercer Core Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		DEBT OBLIGATIONS — 98.3%
		Asset Backed Securities — 13.8%
	170,000	AccessLex Institute, Series 2005-1, Class A4, 3.03% (3 mo. USD LIBOR plus 0.210%), due 06/22/37†		165,039
	575,500	AccessLex Institute, Series 2006-1, Class A3, 2.89% (3 mo. USD LIBOR plus 0.200%), due 08/25/37†		564,608
	254,395	AccessLex Institute, Series 2007-A, Class A3, 2.99% (3 mo. USD LIBOR plus 0.300%), due 05/25/36†		251,007
	290,000	Ally Auto Receivables Trust, Series 2017-4, Class A4, 1.96%, due 07/15/22		285,840
	245,000	Ally Auto Receivables Trust, Series 2018-1, Class A3, 2.35%, due 06/15/22		243,026
	848,000	Ally Master Owner Trust, Series 2018-1, Class A2, 2.70%, due 01/17/23		842,054
	250,000	ALM CLO VIII, Ltd., Series 2013-8A, Class A1R, 3.93% (3 mo. USD LIBOR plus 1.490%), due 10/15/28† 144A		250,009
	76,579	American Airlines Pass Through Trust, Series 2001-1, Class A, 6.98%, due 11/23/22		78,255
	815,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.93%, due 09/15/22		805,553
	200,000	AmeriCredit Automobile Receivables Trust, Series 2017-3, Class C, 2.69%, due 06/19/23		197,701
	500,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.60%, due 09/18/23		491,993
	400,000	AmeriCredit Automobile Receivables Trust, Series 2018-1, Class C, 3.50%, due 01/18/24		401,697
	170,000	AmeriCredit Automobile Receivables Trust, Series 2018-2, Class C, 3.59%, due 06/18/24		171,583
	141,000	Americredit Automobile Receivables Trust, Series 2018-3, Class C, 3.74%, due 10/18/24		143,337
	76,614	Ameriquest Mortgage Securities Asset-Backed Pass-Through Certificates, Series 2004-R2, Class A1A, 3.20% (1 mo. USD LIBOR plus 0.690%), due 04/25/34†		76,861
	504,194	Ameriquest Mortgage Securities, Inc., Series 2003-9, Class AV1, 3.27% (1 mo. USD LIBOR plus 0.760%), due 09/25/33†		501,898
	775,188	Applebee’s Funding LLC/IHOP Funding LLC, Series 2014-1, Class A2, 4.28%, due 09/05/44 144A		773,910
	645,050	Arbys Funding LLC, Series 2015-1A, Class A2, 4.97%, due 10/30/45 144A		659,550
	265,248	Asset Backed Securities Corp Home Equity Loan Trust, Series 2003-HE7, Class M1, 3.43% (1 mo. USD LIBOR plus 0.975%), due 12/15/33†		265,736
	1,000,000	Atlas Senior Loan Fund CLO V, Ltd., Series 2014-1A, Class AR2, 3.70% (3 mo. USD LIBOR plus 1.260%), due 07/16/29† 144A		993,745
	1,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class A, 2.63%, due 12/20/21 144A		989,233
	1,125,000	BA Credit Card Trust, Series 2017-A1, Class A1, 1.95%, due 08/15/22		1,111,849
	250,000	Battalion CLO VIII, Ltd., Series 2015-8A, Class A1R, 3.78% (3 mo. USD LIBOR plus 1.340%), due 07/18/30† 144A		248,579
	500,000	Battalion CLO X, Ltd., Series 2016-10A, Class A1, 4.04% (3 mo. USD LIBOR plus 1.550%), due 01/24/29† 144A		499,990
	3,863	Bear Stearns Asset Backed Securities Trust, Series 2004-SD3, Class A3, 3.46% (1 mo. USD LIBOR plus 1.140%), due 09/25/34†		3,873
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class A1, 3.69% (3 mo. USD LIBOR plus 1.250%), due 10/15/30† 144A		248,484
	250,000	BlueMountain CLO, Ltd., Series 2015-1A, Class A1R, 3.77% (3 mo. USD LIBOR plus 1.330%), due 04/13/27† 144A		250,108
	315,000	BMW Vehicle Owner Trust, Series 2016-A, Class A4, 1.37%, due 12/27/22		310,038
	400,000	BMW Vehicle Owner Trust, Series 2018-A, Class A3, 2.35%, due 04/25/22		397,255
	5,000	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.99%, due 07/17/23		4,924

See accompanying Notes to the Schedule of Investments.

48

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	Carlyle Global Market Strategies CLO, Ltd., Series 2012-4A, Class AR, 3.92% (3 mo. USD LIBOR plus 1.450%), due 01/20/29† 144A		500,028
	500,000	Carlyle Global Market Strategies CLO, Ltd., Series 2017-1A, Class A1B, 3.70% (3 mo. USD LIBOR plus 1.230%), due 04/20/31† 144A		495,953
	280,000	CarMax Auto Owner Trust, Series 2016-2, Class A4, 1.68%, due 09/15/21		275,731
	255,000	CarMax Auto Owner Trust, Series 2018-1, Class A3, 2.48%, due 11/15/22		253,178
	255,000	Chrysler Capital Auto Receivables Trust, Series 2016-BA, Class A4, 1.87%, due 02/15/22 144A		252,306
	1,020,000	Citibank Credit Card Issuance Trust, Series 2016-A1, Class A1, 1.75%, due 11/19/21		1,009,352
	800,000	Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, 3.12% (1 mo. LIBOR plus 0.620%), due 04/22/26†		805,114
	800,000	Citibank Credit Card Issuance Trust, Series 2017-A7, Class A7, 2.76% (1 mo. LIBOR plus 0.370%), due 08/08/24†		798,524
	930,000	Citibank Credit Card Issuance Trust, Series 2018-A1, Class A1, 2.49%, due 01/20/23		922,912
	1,300,000	Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30		1,365,843
	358,364	CLI Funding LLC, Series 2018-1A, Class A, 4.03%, due 04/18/43‡‡‡‡		362,973
	270,000	CNH Equipment Trust, Series 2017-C, Class A3, 2.08%, due 02/15/23		266,605
	392,000	CNH Equipment Trust, Series 2018-B, Class A3, 3.19%, due 11/15/23		393,831
	669,800	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		677,977
	223,000	Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3.01% (3 mo. USD LIBOR plus 0.200%), due 03/28/35†		215,087
	672,069	Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 144A		650,916
	389,803	CSMC Trust, Series 2018-RPL8, Class A1, 4.06%, due 07/25/58 144A		390,228
	423,500	DB Master Finance LLC, Series 2015-1A, Class A2II, 3.98%, due 02/20/45 144A		429,890
	1,089,990	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, due 11/20/47 144A		1,054,533
	148,500	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47‡‡‡‡		143,619
	1,070,000	Discover Card Execution Note Trust, Series 2017-A6, Class A6, 1.88%, due 02/15/23		1,054,022
	1,124,000	DLL LLC, Series 2018-1, Class A4, 3.27%, due 04/17/26 144A		1,136,451
	245,000	DLL LLC, Series 2018-ST2, Class A3, 3.46%, due 01/20/22‡‡‡‡		246,483
	513,500	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A		503,918
	855,175	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2I, 3.74% (3 mo. USD LIBOR plus 1.250%), due 07/25/47† 144A		856,222
	602,970	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I, 4.12%, due 07/25/48 144A		595,902
	400,000	Drive Auto Receivables Trust, Series 2018-1, Class B, 2.88%, due 02/15/22		399,529
	485,000	Driven Brands Funding LLC, Series 2015-1A, Class A2, 5.22%, due 07/20/45 144A		504,806
	326,000	Enterprise Fleet Financing LLC, Series 2018-3, Class A2, 3.38%, due 05/20/24 144A		327,405
	490,000	Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, due 03/15/23‡‡‡‡		490,224
	250,000	Flagship CLO VIII, Ltd., Series 2014-8A, Class ARR, 3.29%, due 01/16/26◆◆ 144A		249,090
	128,050	FOCUS Brands Funding LLC, Series 2017-1A, Class A2I, 3.86%, due 04/30/47‡‡‡‡		129,313
	255,000	Ford Credit Auto Owner Trust, Series 2016-B, Class A4, 1.52%, due 08/15/21		251,806
	343,000	Ford Credit Auto Owner Trust, Series 2016-C, Class A4, 1.40%, due 02/15/22		335,674
	113,000	Ford Credit Auto Owner Trust, Series 2017-B, Class A4, 1.87%, due 09/15/22		110,648
	285,000	Ford Credit Auto Owner Trust, Series 2017-C, Class A4, 2.16%, due 03/15/23		280,327
	350,000	Ford Credit Auto Owner Trust, Series 2018-B, Class A3, 3.24%, due 04/15/23		351,984
	900,000	Ford Credit Floorplan Master Owner Trust, Series 2017-3, Class A, 2.48%, due 09/15/24		883,196
	2,900,000	Ford Credit Floorplan Master Owner Trust, Series 2018-2, Class A, 3.17%, due 03/15/25		2,923,379

See accompanying Notes to the Schedule of Investments.

49

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	455,000	Ford Credit Floorplan Master Owner Trust A, Series 2017-2, Class A1, 2.16%, due 09/15/22		448,416
	4,079,000	Ford Credit Floorplan Master Owner Trust A, Series 2018-3, Class A1, 3.52%, due 10/15/23		4,129,339
	400,000	GM Financial Consumer Automobile Receivables Trust, Series 2017-2A, Class A3, 1.86%, due 12/16/21‡‡‡‡		395,585
	100,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, due 06/17/24		101,767
	936,000	Goal Capital Funding Trust, Series 2005-2, Class A4, 2.88% (3 mo. USD LIBOR plus 0.200%), due 08/25/44†		921,871
	390,000	Golden Credit Card Trust, Series 2018-1A, Class A, 2.62%, due 01/15/23 144A		388,159
	229,541	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A		227,311
	108,607	Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32‡‡‡‡		109,043
	196,985	Home Equity Asset Trust, Series 2003-8, Class M1, 3.59% (1 mo. USD LIBOR plus 1.080%), due 04/25/34†		197,853
	510,000	Honda Auto Receivables Owner Trust, Series 2016-4, Class A4, 1.36%, due 01/18/23		501,245
	125,000	Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.87%, due 09/15/23		122,864
	145,000	Honda Auto Receivables Owner Trust, Series 2017-3, Class A4, 1.98%, due 11/20/23		142,547
	226,000	Honda Auto Receivables Owner Trust, Series 2018-2, Class A3, 3.01%, due 05/18/22		226,304
	170,000	Honda Auto Receivables Owner Trust, Series 2018-3, Class A3, 2.95%, due 08/22/22		170,172
	880,000	Huntington Auto Trust, Series 2016-1, Class A4, 1.93%, due 04/15/22		871,252
	345,000	Hyundai Auto Lease Securitization Trust, Series 2018-A, Class A3, 2.81%, due 04/15/21 144A		343,870
	221,000	Hyundai Auto Receivables Trust, Series 2018-B, Class A3, 3.20%, due 12/15/22		222,346
	500,000	ICG US CLO, Ltd., Series 2017-2A, Class A1, 3.76% (3 mo. USD LIBOR plus 1.280%), due 10/23/29† 144A		496,959
	577,241	Invitation Homes Trust, Series 2018-SFR1, Class A, 3.16%, due 03/17/37 144A		566,163
	165,000	John Deere Owner Trust, Series 2018-A, Class A3, 2.66%, due 04/18/22		164,512
	176,838	KeyCorp Student Loan Trust, Series 2004-A, Class 1A2, 2.75% (3 mo. USD LIBOR plus 0.240%), due 10/27/42†		172,705
	500,000	Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 144A		487,312
	750,000	Limerock CLO III LLC, Series 2014-3A, Class A1R, 3.67% (3 mo. USD LIBOR plus 1.200%), due 10/20/26† 144A		748,570
	2,370,000	Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A4, 1.46%, due 12/15/22		2,320,009
	750,000	MidOcean Credit CLO III, Series 2014-3A, Class A1R, 3.59%, due 04/21/31◆◆ 144A		734,710
	169,936	Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.50%, due 08/25/58◆◆ ‡‡‡‡		169,008
	1,570,000	MMAF Equipment Finance LLC, Series 2014-AA, Class A5, 2.33%, due 12/08/25 144A		1,550,515
	700,000	MMAF Equipment Finance LLC, Series 2017-AA, Class A4, 2.41%, due 08/16/24 144A		688,081
	360,000	MMAF Equipment Finance LLC, Series 2017-B, Class A3, 2.21%, due 10/17/22‡‡‡‡		354,566
	153,411	Morgan Stanley ABS Capital I, Inc., Series 2003-NC10, Class M1, 3.53% (1 mo. USD LIBOR plus 1.020%), due 10/25/33†		151,938
	78,178	Morgan Stanley ABS Capital I, Inc., Series 2003-NC7, Class M1, 3.56% (1 mo. USD LIBOR plus 1.050%), due 06/25/33†		79,024
	340,365	MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/36‡‡‡‡		343,912
	431,795	Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/45‡‡‡‡		439,195
	579,000	Nelnet Student Loan Trust, Series 2006-1, Class A6, 3.10% (3 mo. USD LIBOR plus 0.450%), due 08/23/36† 144A		565,536

See accompanying Notes to the Schedule of Investments.

50

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	247,818	New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.04% (1 mo. USD LIBOR plus 0.720%), due 10/25/33† 144A		241,381
	252,571	New Residential Mortgage LLC, Series 2018-FNT1, Class A, 3.61%, due 05/25/23‡‡‡‡		253,579
	158,289	New Residential Mortgage LLC, Series 2018-FNT2, Class A, 3.79%, due 07/25/54 144A		159,759
	418,121	NewResidential Mortgage Loan Trust, Series 2018-1A, Class A1A, 4.00%, due 12/25/57◆◆ 144A		421,289
	323,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.54%, due 04/18/22 144A		320,927
	120,000	NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A2, 3.22%, due 02/15/23‡‡‡‡		119,647
	2,050,000	NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.69%, due 10/16/23‡‡‡‡		2,067,797
	330,000	Nissan Auto Receivables Owner Trust, Series 2017-B, Class A4, 1.95%, due 10/16/23		324,567
	534,000	Nissan Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.22%, due 06/15/23		538,117
	600,000	North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3.29% (3 mo. USD LIBOR plus 0.800%), due 07/25/36†		605,592
	97,619	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.19%, due 01/25/23 144A		97,023
	357,957	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS2, Class A, 3.27%, due 02/25/23 144A		357,500
	250,000	OCP CLO, Ltd., Series 2017-13A, Class A1A, 3.70% (3 mo. USD LIBOR plus 1.260%), due 07/15/30† 144A		248,918
	431,549	OneMain Direct Auto Receivables Trust, Series 2017-1A, Class A, 2.16%, due 10/15/20 144A		430,158
	1,300,000	OneMain Direct Auto Receivables Trust, Series 2017-2A, Class B, 2.55%, due 11/14/23 144A		1,287,193
	300,000	OneMain Direct Auto Receivables Trust, Series 2017-2A, Class C, 2.82%, due 07/15/24 144A		297,096
	700,000	OneMain Financial Issuance Trust, Series 2017-1A, Class A2, 3.24% (1 mo. USD LIBOR plus 0.800%), due 09/14/32† 144A		701,865
	170,000	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, due 03/14/29 144A		170,278
	750,000	OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 3.72% (3 mo. USD LIBOR plus 1.250%), due 10/22/30† 144A		748,556
	750,000	OZLM IX CLO, Ltd., Series 2014-9A, Class A1AR, 3.75%, due 10/20/31◆◆ 144A		744,588
	250,000	OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 3.77% (3 mo. USD LIBOR plus 1.250%), due 10/30/30† 144A		248,459
	750,000	OZLM XV CLO, Ltd., Series 2016-15A, Class A1, 3.96% (3 mo. USD LIBOR plus 1.490%), due 01/20/29† 144A		751,039
	750,000	Palmer Square CLO Ltd., Series 2018-2A, Class A1A, 3.36%, due 07/16/31◆◆ 144A		740,773
	500,000	Palmer Square CLO, Ltd., Series 2015-1A, Class A1R, 3.95% (3 mo. USD LIBOR plus 1.300%), due 05/21/29† 144A		498,541
	340,000	PFS Financing Corp., Series 2018-B, Class A, 2.89%, due 02/15/23 144A		337,380
	10,371	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35††		10,567
	250,000	Romark CLO II, Ltd., Series 2018-2A, Class A1, 3.43%, due 07/25/31◆◆ 144A		245,464
	300,000	Santander Drive Auto Receivables Trust, Series 2017-3, Class C, 2.76%, due 12/15/22		298,294
	300,000	Santander Drive Auto Receivables Trust, Series 2018-1, Class C, 2.96%, due 03/15/24		298,776
	500,000	Santander Drive Auto Receivables Trust, Series 2018-2, Class C, 3.35%, due 07/17/23		500,777
	430,000	Santander Drive Auto Receivables Trust, Series 2018-3, Class C, 3.51%, due 08/15/23		430,567
	500,000	Santander Drive Auto Receivables Trust, Series 2018-5, Class C, 3.81%, due 12/16/24		503,764

See accompanying Notes to the Schedule of Investments.

51

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	320,962	Saxon Asset Securities Trust, Series 2005-1, Class M1, 3.01% (1 mo. USD LIBOR plus 0.690%), due 05/25/35†		318,213
	150,261	Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A, 3.50%, due 06/20/35‡‡‡‡		151,828
	500,000	Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 3.71% (3 mo. USD LIBOR plus 1.240%), due 07/20/30† 144A		497,096
	110,294	SLM Private Credit Student Loan Trust, Series 2006-A, Class A5, 3.08% (3 mo. USD LIBOR plus 0.290%), due 06/15/39†		107,094
	3,305,568	Small Business Administration Participation Certificates, Series 2013-20H, Class 1, 3.16%, due 08/01/33		3,382,863
	3,085,453	Small Business Administration Participation Certificates, Series 2014-20C, Class 1, 3.21%, due 03/01/34		3,124,726
	1,194,757	Small Business Administration Participation Certificates, Series 2014-20D, Class 1, 3.11%, due 04/01/34		1,199,060
	941,380	Small Business Administration Participation Certificates, Series 2014-20I, Class 1, 2.92%, due 09/01/34		933,523
	166,821	SMB Private Education Loan Trust, Series 2015-C, Class A2A, 2.75%, due 07/15/27‡‡‡‡		165,210
	144,987	SoFi Professional Loan Program, Series 2017-E, Class A2A, 1.86%, due 11/26/40‡‡‡‡		143,188
	1,300,000	SoFi Professional Loan Program, Series 2017-F, Class A2FX, 2.84%, due 01/25/41 144A		1,272,028
	1,750,000	Sound Point CLO VII-R, Ltd., Series 2014-3RA, Class A1, 3.53%, due 10/23/31◆◆ 144A		1,728,778
	500,000	Sound Point CLO XVI, Ltd., Series 2017-2A, Class A, 3.77% (3 mo. USD LIBOR plus 1.280%), due 07/25/30† 144A		498,739
	379,353	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, due 04/25/29 144A		376,158
	190,951	Springleaf Funding Trust, Series 2015-AA, Class A, 3.16%, due 11/15/24 144A		190,700
	3,239,500	STORE Master Funding I LLC, Series 2015-1A, Class A1, 3.75%, due 04/20/45 144A		3,207,863
	1,197,904	STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A		1,219,117
	828,699	SunTrust Student Loan Trust, Series 2006-1A, Class A4, 2.70% (3 mo. USD LIBOR plus 0.190%), due 10/28/37† ‡‡‡‡		820,724
	422,000	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, due 11/25/48‡‡‡‡		427,735
	750,000	Telos CLO, Series 2013-3A, Class AR, 3.75% (3 mo. USD LIBOR plus 1.300%), due 07/17/26† 144A		750,917
	145,500	Textainer Marine Containers VII, Ltd., Series 2018-1A, Class A, 4.11%, due 07/20/43‡‡‡‡		146,948
	1,000,000	TICP CLO VI, Ltd., Series 2016-6A, Class A, 3.99% (3 mo. USD LIBOR plus 1.550%), due 01/15/29† 144A		1,000,046
	250,000	TICP CLO VII, Ltd., Series 2017-7A, Class AS, 3.67% (3 mo. USD LIBOR plus 1.230%), due 07/15/29† 144A		248,498
	115,000	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.80%, due 10/25/53◆◆ ‡‡‡‡		118,099
	265,000	Towd Point Mortgage Trust, Series 2015-2, Class 1M2, 3.71%, due 11/25/60◆◆ 144A		269,105
	393,440	Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50%, due 10/25/56◆◆ 144A		383,419
	114,811	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, due 10/25/56◆◆ 144A		112,765
	94,081	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, due 04/25/57◆◆ 144A		92,125
	750,076	Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, due 06/25/57◆◆ 144A		733,282
	831,499	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, due 10/25/57◆◆ 144A		812,699
	828,679	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/58◆◆ ‡‡‡‡		816,469
	262,700	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75%, due 05/25/58◆◆ 144A		263,192

See accompanying Notes to the Schedule of Investments.

52

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	383,137	Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58◆◆ ‡‡‡‡		374,303
	1,028,275	Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75%, due 03/25/58◆◆ ‡‡‡‡		1,031,411
	290,665	Towd Point Mortgage Trust, Series 2018-5, Class A1, 3.25%, due 07/25/58◆◆ 144A		286,519
	111,488	Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25%, due 07/25/58◆◆ ‡‡‡‡		110,438
	265,000	Toyota Auto Receivables Owner Trust, Series 2016-C, Class A4, 1.32%, due 11/15/21		260,643
	300,000	Toyota Auto Receivables Owner Trust, Series 2017-C, Class A4, 1.98%, due 12/15/22		294,131
	315,000	Toyota Auto Receivables Owner Trust, Series 2018-A, Class A3, 2.35%, due 05/16/22		312,065
	460,000	Toyota Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.02%, due 12/15/22		460,960
	750,000	Trinitas CLO V, Ltd., Series 2016-5A, Class A, 4.19% (3 mo. USD LIBOR plus 1.700%), due 10/25/28† 144A		750,047
	500,000	Trinitas CLO VI, Ltd., Series 2017-6A, Class A, 3.81% (3 mo. USD LIBOR plus 1.320%), due 07/25/29† 144A		500,283
	226,625	Triton Container Finance V LLC, Series 2018-1A, Class A, 3.95%, due 03/20/43‡‡‡‡		227,928
	1,367,067	United States Small Business Administration, Series 2017-20D, Class 1, 2.84%, due 04/01/37		1,323,751
	1,348,000	United States Small Business Administration, Series 2018-20L, Class 1, 3.54%, due 12/01/38		1,360,202
	183,458	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, due 02/16/43 144A		184,010
	500,000	Venture XIX CLO, Ltd., Series 2014-19A, Class ARR, 3.69%, due 01/15/32◆◆ 144A		494,624
	962,607	Verizon Owner Trust, Series 2016-1A, Class A, 1.42%, due 01/20/21 144A		959,099
	1,130,000	Verizon Owner Trust, Series 2017-1A, Class A, 2.06%, due 09/20/21 144A		1,121,755
	67,242	VOLT LX LLC, Series 2017-NPL7, Class A1, 3.25%, due 06/25/47 144A††		67,084
	440,000	Volvo Financial Equipment LLC, Series 2018-1A, Class A3, 2.54%, due 02/15/22‡‡‡‡		436,787
	227,382	VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A		222,283
	58,822	Wachovia Student Loan Trust, Series 2006-1, Class B, 2.73% (3 mo. USD LIBOR plus 0.240%), due 04/25/40† 144A		56,332
	500,000	Wellfleet CLO 2018-3, Ltd., Series 2018-3A, Class A1A, 4.07%, due 01/20/32◆◆ 144A		498,046
	168,670	Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/30‡‡‡‡		167,569
	145,000	World Omni Auto Receivables Trust, Series 2017-B, Class A3, 1.95%, due 02/15/23		142,352
	410,000	World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, due 04/17/23		407,208
	317,000	World Omni Automobile Lease Securitization Trust, Series 2018-B, Class A3, 3.19%, due 12/15/21		318,933
	250,000	Zais CLO 6, Ltd., Series 2017-1A, Class A1, 3.81% (3 mo. USD LIBOR plus 1.370%), due 07/15/29† 144A		249,401
				107,805,975
		Convertible Debt — 0.0%
	225,000	Clearway Energy, Inc., 3.25%, due 06/01/20 144A		215,111
		Corporate Debt — 34.4%
	20,000	21st Century Fox America, Inc., 6.75%, due 01/09/38		26,657
	775,000	Abbott Laboratories, 2.90%, due 11/30/21		768,799
	300,000	AbbVie, Inc., 3.60%, due 05/14/25		288,159
	500,000	AbbVie, Inc., 4.50%, due 05/14/35		463,857
	241,962	Abengoa Transmision Sur SA, 6.88%, due 04/30/43 144A		267,973
	265,000	Activision Blizzard, Inc., 3.40%, due 09/15/26		249,324
	161,000	Advanced Micro Devices, Inc., 7.00%, due 07/01/24		165,830
	340,000	AECOM, 5.13%, due 03/15/27		292,400

See accompanying Notes to the Schedule of Investments.

53

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	400,000	AEP Texas, Inc., 3.80%, due 10/01/47		362,075
	175,000	AEP Transmission Co. LLC, 3.75%, due 12/01/47		160,897
	280,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.75%, due 05/15/19		280,004
	265,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.63%, due 10/30/20		266,965
	330,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.00%, due 10/01/21		335,402
	370,000	Aetna, Inc., 4.75%, due 03/15/44		354,291
	390,000	Ahern Rentals, Inc., 7.38%, due 05/15/23‡ 144A		313,950
	184,290	Air Canada Pass Through Trust, Series 2013-1, Class A, 4.13%, due 11/15/26‡‡‡‡		183,020
	1,838,914	Air Canada Pass Through Trust, Series 2015-1, Class A, 3.60%, due 09/15/28 144A		1,772,456
	285,000	Air Canada Pass Through Trust, Series 2017-1, Class B, 3.70%, due 07/15/27‡‡‡‡		270,907
	1,908,000	Air Lease Corp., 3.25%, due 03/01/25		1,755,406
	157,000	Aircastle, Ltd., 4.40%, due 09/25/23		154,576
	200,000	Aircastle, Ltd., 5.50%, due 02/15/22		204,771
	210,000	Alimentation Couche-Tard, Inc., 2.70%, due 07/26/22‡‡‡‡		202,816
	640,000	Allergan Funding SCS, 4.55%, due 03/15/35		608,808
	420,000	Ally Financial, Inc., 5.13%, due 09/30/24		417,900
	200,000	Altice Financing SA, 6.63%, due 02/15/23 144A		192,500
	500,000	Amazon.com, Inc., 3.15%, due 08/22/27		483,282
	295,000	Amazon.com, Inc., 4.05%, due 08/22/47		288,968
	340,000	AMC Networks, Inc., 5.00%, due 04/01/24		323,000
	3,473,270	American Airlines Pass Through Trust, Series 2013-2, Class A, 4.95%, due 07/15/24		3,529,189
	265,815	American Airlines Pass Through Trust, Series 2015-1, Class A, 3.38%, due 11/01/28		252,947
	129,334	American Airlines Pass Through Trust, Series 2015-1, Class B, 3.70%, due 11/01/24		124,885
	362,645	American Airlines Pass Through Trust, Series 2016-1, Class A, 4.10%, due 07/15/29		361,633
	210,615	American Airlines Pass Through Trust, Series 2017-1, Class A, 4.00%, due 08/15/30		208,822
	249,413	American Airlines Pass Through Trust, Series 2017-1, Class AA, 3.65%, due 02/15/29		246,191
	145,941	American Airlines Pass Through Trust, Series 2017-2, Class A, 3.60%, due 04/15/31		138,755
	455,000	American Express Co., 2.50%, due 08/01/22		439,528
	1,003,000	American Express Credit Corp., 1.88%, due 05/03/19		999,348
	290,000	American Homes 4 Rent, LP REIT, 4.25%, due 02/15/28		280,767
	471,000	American Tower Corp. REIT, 3.55%, due 07/15/27		442,650
	235,000	American Tower Corp. REIT, 4.70%, due 03/15/22		241,533
	180,000	AmeriGas Partners, LP / AmeriGas Finance Corp., 5.50%, due 05/20/25		165,600
	319,000	Anadarko Petroleum Corp., 4.85%, due 03/15/21		326,781
	6,000,000	Anadarko Petroleum Corp., 6.59%, due 10/10/36‡‡		2,517,295
	156,000	Andeavor Logistics, LP / Tesoro Logistics Finance Corp., 4.25%, due 12/01/27		147,533
	140,000	Andeavor Logistics, LP / Tesoro Logistics Finance Corp., 5.25%, due 01/15/25		142,644
	270,000	Andeavor Logistics, LP / Tesoro Logistics Finance Corp., 6.38%, due 05/01/24		279,787
	240,000	Anglo American Capital Plc, 4.75%, due 04/10/27 144A		230,087
	355,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, due 02/01/36 144A		330,166
	2,195,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46 144A		2,040,021
	275,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48		247,412
	230,000	Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, due 09/15/24		215,625
	249,000	Antero Resources Corp., 5.13%, due 12/01/22		234,994
	5,000	Anthem, Inc., 5.10%, due 01/15/44		5,092
	295,000	Aquarius & Investments Plc for Swiss Reinsurance Co., Ltd., Reg S, 6.38% (USD 5 year swap rate plus 5.210%), due 09/01/24† ‡‡‡		297,640

See accompanying Notes to the Schedule of Investments.

54

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	238,000	Archrock Partners, LP / Archrock Partners Finance Corp., 6.00%, due 04/01/21		229,670
	176,000	Archrock Partners, LP / Archrock Partners Finance Corp., 6.00%, due 10/01/22		166,320
	314,000	Arconic, Inc., 5.13%, due 10/01/24‡		302,424
	245,000	Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.00%, due 02/15/25 144A		226,777
	269,000	Ares Capital Corp., 3.63%, due 01/19/22		261,340
	240,000	Ashtead Capital, Inc., 4.38%, due 08/15/27 144A		217,200
	180,000	ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A		96,300
	150,000	AT&T, Inc., 2.63%, due 12/01/22		144,229
	619,000	AT&T, Inc., 3.40%, due 05/15/25		583,704
	3,000,000	AT&T, Inc., 3.45%, due 11/27/22‡‡ 144A		2,602,775
	10,000	AT&T, Inc., 4.45%, due 05/15/21		10,222
	110,000	AT&T, Inc., 5.25%, due 03/01/37		108,358
	200,000	Australia & New Zealand Banking Group, Ltd., 6.75% (USISDA05 plus 5.168%)† ††††† ‡‡‡‡		196,750
	197,000	Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23‡‡‡‡		188,627
	190,000	AXA SA, 8.60%, due 12/15/30		235,522
	260,000	Azul Investments LLP, 5.88%, due 10/26/24‡ 144A		243,753
	185,000	BAC Capital Trust XIV, 4.00% (3 mo. USD LIBOR plus 0.400%)† †††††		131,443
	2,160,000	BAE Systems Holdings, Inc., 6.38%, due 06/01/19 144A		2,185,240
	200,000	Banco Santander SA, 3.85%, due 04/12/23		194,522
	200,000	Banco Santander SA, 4.38%, due 04/12/28		187,094
	187,000	Banff Merger Sub, Inc., 9.75%, due 09/01/26‡ 144A		171,572
	87,000	Bank of America Corp., 2.60%, due 01/15/19		86,984
	1,365,000	Bank of America Corp., 3.50%, due 04/19/26‡		1,314,842
	420,000	Bank of America Corp., 5.13% (3 mo. USD LIBOR plus 3.387%)† †††††		411,075
	270,000	Bank of America Corp., 6.30% (3 mo. USD LIBOR plus 4.553%)† †††††		274,900
	740,000	Bank of America Corp., (MTN), 3.30%, due 01/11/23		729,203
	755,000	Bank of America Corp., (MTN), 3.59% (3 mo. USD LIBOR plus 1.370%), due 07/21/28†		716,759
	385,000	Bank of America Corp., (MTN), 3.82% (3 mo. USD LIBOR plus 1.575%), due 01/20/28†		373,872
	378,000	Bank of America Corp., (MTN), 3.95%, due 04/21/25		366,560
	500,000	Bank of America Corp., (MTN), 4.13%, due 01/22/24		507,158
	165,000	Bank of America Corp., (MTN), 4.20%, due 08/26/24		163,769
	124,000	Bank of America Corp., (MTN), 4.25%, due 10/22/26		120,721
	210,000	Bank of America Corp., (MTN), 4.27% (1 mo. USD LIBOR plus 1.310%), due 07/23/29†		209,258
	1,205,000	Bank of America Corp., (MTN), 4.45%, due 03/03/26		1,193,066
	200,000	Bank of Montreal (MTN), 2.90%, due 04/13/21◆◆		198,867
	155,000	Bank of Montreal, (MTN), 3.10%, due 04/13/21		154,973
	425,000	Banque Federative du Credit Mutuel SA, 2.20%, due 07/20/20 144A		417,296
	670,000	Barclays Bank Plc, 2.65%, due 01/11/21		656,207
	575,000	Barclays Plc, 3.68%, due 01/10/23		553,001
	325,000	Barclays Plc, 4.38%, due 01/12/26		309,378
	400,000	Barclays Plc, 4.97%, due 05/16/29◆		386,382
	240,000	Barclays Plc, 7.75%◆ †††††		231,461
	770,000	BAT Capital Corp., 3.22%, due 08/15/24		710,137
	240,000	Bausch Health Cos., Inc., 6.13%, due 04/15/25 144A		210,000
	255,000	Bayer US Finance II LLC, 3.45%, due 06/25/21◆◆ 144A		251,692

See accompanying Notes to the Schedule of Investments.

55

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	400,000	Bayer US Finance II LLC, 3.50%, due 06/25/21 144A		397,402
	85,000	Berkshire Hathaway Energy Co., 5.95%, due 05/15/37		99,590
	1,312,000	Berkshire Hathaway Energy Co., 6.13%, due 04/01/36		1,573,131
	105,000	BHP Billiton Finance USA, Ltd., 6.25% (USD 5 year swap rate plus 4.971%), due 10/19/75† 144A		107,367
	1,099,000	Blackstone Holdings Finance Co. LLC, 4.75%, due 02/15/23 144A		1,150,006
	110,000	BMW US Capital LLC, 2.84%, due 04/12/21◆◆ 144A		108,965
	145,000	BMW US Capital LLC, 3.10%, due 04/12/21 144A		143,653
	510,000	BNP Paribas SA, 3.38%, due 01/09/25 144A		480,592
	225,000	BNP Paribas SA, 7.00%◆ ††††† 144A		214,594
	1,835,000	Boston Properties, LP, 5.63%, due 11/15/20		1,902,913
	280,000	BPCE SA, 4.50%, due 03/15/25 144A		271,332
	415,000	BPCE SA, 5.70%, due 10/22/23 144A		430,482
	205,000	Braskem Finance, Ltd., 7.00%, due 05/07/20 144A		213,510
	310,000	Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		287,683
	430,000	Brighthouse Financial, Inc., 3.70%, due 06/22/27		363,976
	241,974	British Airways Pass Through Trust, Series 2013-1, Class A, 4.63%, due 12/20/25 144A		247,878
	39,424	British Airways Pass Through Trust, Series 2013-1, Class B, 5.63%, due 12/20/21 144A		39,989
	134,933	British Airways Pass Through Trust, Series 2018-1, Class A, 4.13%, due 03/20/33‡‡‡‡		133,557
	425,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 2.38%, due 01/15/20		419,798
	495,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.88%, due 01/15/27		444,814
	245,000	C&W Senior Financing DAC, 6.88%, due 09/15/27‡ 144A		226,012
	165,000	Cablevision SA, 6.50%, due 06/15/21 144A		159,844
	195,000	Cablevision Systems Corp., 5.88%, due 09/15/22		192,075
	725,000	Canadian Imperial Bank of Commerce, 2.70%, due 02/02/21		717,885
	859,000	Canadian Pacific Railway Co., 6.13%, due 09/15/15#		1,003,769
	475,000	Capital One Financial Corp., 2.50%, due 05/12/20		469,008
	958,000	Capital One Financial Corp., 3.20%, due 01/30/23		933,130
	420,000	Capital One Financial Corp., 3.45%, due 04/30/21		420,035
	220,000	Capital One Financial Corp., 3.50%, due 06/15/23		216,276
	122,000	CBS Corp., 3.38%, due 03/01/22		121,002
	195,000	CBS Corp., 3.70%, due 08/15/24		189,732
	175,000	CCM Merger, Inc., 6.00%, due 03/15/22‡‡‡‡		178,019
	210,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.88%, due 05/01/27 144A		204,225
	715,000	Celgene Corp., 2.25%, due 08/15/21		693,604
	235,000	Cemex SAB de CV, 6.13%, due 05/05/25 144A		229,764
	290,000	Cengage Learning, Inc., 9.50%, due 06/15/24‡ 144A		198,650
	350,000	Cenovus Energy, Inc., 4.45%, due 09/15/42		274,592
	250,000	Cenovus Energy, Inc., 5.40%, due 06/15/47		215,986
	223,000	Centene Corp., 5.38%, due 06/01/26 144A		217,425
	225,000	Centene Corp., 5.63%, due 02/15/21		226,125
	205,000	CenterPoint Energy, Inc., 2.50%, due 09/01/22		196,233
	520,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		490,758
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, due 07/23/22		5,052
	475,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.75%, due 04/01/48		446,315

See accompanying Notes to the Schedule of Investments.

56

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	1,846,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35		1,899,632
	780,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45		804,350
	386,000	Chemours Co. (The), 6.63%, due 05/15/23		391,307
	355,000	Cheniere Corpus Christi Holdings LLC, 5.13%, due 06/30/27		336,469
	133,000	Cheniere Corpus Christi Holdings LLC, 5.88%, due 03/31/25		132,668
	141,000	Chesapeake Energy Corp., 7.50%, due 10/01/26‡		121,260
	540,000	Cigna Corp., 4.38%, due 10/15/28 144A		544,065
	205,000	Cimarex Energy Co., 4.38%, due 06/01/24		204,102
	335,000	Cincinnati Bell, Inc., 7.00%, due 07/15/24‡ 144A		278,050
	490,000	Citibank NA, 3.05%, due 05/01/20		489,473
	455,000	Citigroup, Inc., 2.35%, due 08/02/21		442,289
	983,000	Citigroup, Inc., 3.40%, due 05/01/26		926,105
	310,000	Citigroup, Inc., 3.67% (3 mo. USD LIBOR plus 1.39%), due 07/24/28†		293,167
	1,110,000	Citigroup, Inc., 3.89% (3 mo. USD LIBOR plus 1.563%), due 01/10/28†		1,072,141
	180,000	Citigroup, Inc., 4.40%, due 06/10/25		176,302
	504,000	Citigroup, Inc., 4.60%, due 03/09/26		498,171
	797,000	Citigroup, Inc., 4.65%, due 07/23/48		782,009
	520,000	Citigroup, Inc., 4.75%, due 05/18/46		482,492
	155,000	Citigroup, Inc., 5.50%, due 09/13/25		162,883
	130,000	Citigroup, Inc., 5.90% (3 mo. USD LIBOR plus 4.230%)† ††††† ‡		121,485
	230,000	Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.068%)† ††††† ‡		210,185
	550,000	Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.095%)† †††††		531,781
	120,000	Citigroup, Inc., 6.13% (3 mo. USD LIBOR plus 4.478%)† †††††		117,300
	385,000	Citigroup, Inc., 6.25% (3 mo. USD LIBOR plus 4.517%)† †††††		369,196
	316,000	Citrix Systems, Inc., 4.50%, due 12/01/27		302,581
	250,000	Clear Channel Worldwide Holdings, Inc., 6.50%, due 11/15/22		251,250
	243,000	Clearway Energy Operating LLC, 5.38%, due 08/15/24		232,065
	1,024,000	Cleveland Clinic Foundation (The), 4.86%, due 01/01/14#		1,051,846
	885,000	CNAC HK Finbridge Co., Ltd., Reg S, 3.50%, due 07/19/22‡‡‡		863,190
	286,000	CNO Financial Group, Inc., 5.25%, due 05/30/25‡		273,309
	233,000	Colorado Interstate Gas Co. LLC / Colorado Interstate Issuing Corp., 4.15%, due 08/15/26 144A		227,418
	180,000	Columbia Pipeline Group, Inc., 4.50%, due 06/01/25		181,538
	5,000	Comcast Corp., 3.97%, due 11/01/47		4,480
	425,000	Comcast Corp., 4.15%, due 10/15/28		432,066
	145,000	Comcast Corp., 4.25%, due 10/15/30		146,839
	1,680,000	Comcast Corp., 4.25%, due 01/15/33		1,671,158
	79,000	Comcast Corp., 6.40%, due 05/15/38		92,840
	20,000	Comcast Corp., 6.50%, due 11/15/35		23,979
	79,000	Commercial Metals Co., 5.38%, due 07/15/27		70,903
	350,000	Commonwealth Edison Co., 4.00%, due 03/01/48		338,484
	200,000	Comunicaciones Celulares SA Via Comcel Trust, 6.88%, due 02/06/24 144A		204,273
	902,000	Conagra Brands, Inc., 3.80%, due 10/22/21		902,913
	45,000	Concho Resources, Inc., 4.88%, due 10/01/47		42,858
	575,000	ConocoPhillips Holding Co., 6.95%, due 04/15/29		711,811
	65,000	Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56		60,643
	255,000	Constellation Brands, Inc., 3.20%, due 02/15/23		247,511

See accompanying Notes to the Schedule of Investments.

57

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	400,000	Consumers Energy Co., 3.25%, due 08/15/46		339,433
	1,107,872	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.98%, due 10/19/23		1,158,170
	139,849	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.25%, due 10/11/21		142,094
	463,000	Continental Resources, Inc., 5.00%, due 09/15/22		460,252
	2,035,000	Cooperatieve Rabobank UA, 3.88%, due 09/26/23‡ 144A		2,043,356
	1,526,000	Cox Communications, Inc., 3.35%, due 09/15/26 144A		1,410,235
	205,000	Credit Acceptance Corp., 6.13%, due 02/15/21‡		205,000
	300,000	Credit Agricole SA, 7.88% (USD 5 year swap rate plus 4.898%)† ††††† 144A		300,540
	250,000	Credit Agricole SA/London, 3.75%, due 04/24/23 144A		244,876
	275,000	Credit Suisse Group AG, 7.50%◆ ††††† 144A		268,812
	500,000	Credit Suisse Group Funding Guernsey, Ltd., 3.45%, due 04/16/21		498,475
	215,000	Credito Real SAB de CV SOFOM ER, 9.13%◆ ††††† 144A		202,908
	230,000	Crown Castle Holdings GS V LLC/Crown Castle GS III Corp. REIT, 3.85%, due 04/15/23		227,989
	200,000	CSC Holdings LLC, 7.50%, due 04/01/28‡ ‡‡‡‡		200,500
	311,000	CSI Compressco, LP / CSI Compressco Finance, Inc., 7.25%, due 08/15/22		275,235
	259,000	CSI Compressco, LP / CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A		242,165
	1,160,000	CVS Health Corp., 2.75%, due 12/01/22		1,117,414
	675,000	CVS Health Corp., 3.35%, due 03/09/21		673,424
	50,000	CVS Health Corp., 4.78%, due 03/25/38		48,061
	675,000	CVS Health Corp., 5.05%, due 03/25/48		658,980
	120,000	CVS Health Corp., 5.13%, due 07/20/45		117,226
	2,738,186	CVS Pass-Through Trust, 7.51%, due 01/10/32 144A		3,166,956
	245,000	Cydsa SAB DE CV, 6.25%, due 10/04/27 144A		221,421
	1,615,000	Daimler Finance North America LLC, 2.20%, due 05/05/20 144A		1,588,845
	414,000	Daimler Finance North America LLC, 3.10%, due 05/04/20 144A		411,790
	381,000	Daimler Finance North America LLC, 3.75%, due 11/05/21‡ ‡‡‡‡		382,452
	375,000	DaVita, Inc., 5.00%, due 05/01/25		341,719
	400,000	DCP Midstream Operating LP, 5.85% (3 mo. USD LIBOR plus 3.850%), due 05/21/43† 144A		322,000
	578,000	DCP Midstream Operating, LP, 5.35%, due 03/15/20 144A		581,612
	272,000	DCP Midstream, LP, 7.38%◆ ††††† ‡		242,590
	215,000	Dell International LLC/EMC Corp., 3.48%, due 06/01/19 144A		214,386
	515,000	Dell International LLC/EMC Corp., 6.02%, due 06/15/26 144A		518,077
	486,000	Dell International LLC/EMC Corp., 8.35%, due 07/15/46 144A		527,715
	843,403	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.82%, due 02/10/24		905,562
	405,000	Delta Air Lines, Inc., 3.63%, due 03/15/22		396,625
	345,000	Delta Air Lines, Inc., 4.38%, due 04/19/28‡		331,236
	375,000	Deutsche Bank AG, (MTN), 3.38%, due 05/12/21		362,094
	250,000	Dexia Credit Local SA, 1.88%, due 09/15/21 144A		243,646
	250,000	Dexia Credit Local SA, 3.25%, due 09/26/23 144A		253,507
	172,000	Diamondback Energy, Inc., 4.75%, due 11/01/24 144A		166,840
	622,000	Digital Realty Trust, LP REIT, 3.70%, due 08/15/27		588,121
	665,000	Discover Financial Services, 3.75%, due 03/04/25		636,795
	412,000	Discover Financial Services, 3.95%, due 11/06/24		407,044
	120,000	Discover Financial Services, 4.10%, due 02/09/27		112,218
	72,000	Discover Financial Services, 5.20%, due 04/27/22		74,752
	600,000	Discovery Communications LLC, 2.80%, due 06/15/20 144A		593,848
	185,000	Discovery Communications LLC, 5.00%, due 09/20/37		172,107

See accompanying Notes to the Schedule of Investments.

58

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	245,000	Dollar Tree, Inc., 3.15%, due 04/17/20◆◆		243,483
	526,000	Dollar Tree, Inc., 4.20%, due 05/15/28		499,174
	264,000	Dominion Energy, Inc., 2.58%, due 07/01/20		259,963
	115,000	Dominion Energy, Inc., 2.85%, due 08/15/26		106,149
	325,000	DTE Electric Co., 4.05%, due 05/15/48		322,866
	2,589,000	Duke Energy Corp., 3.55%, due 09/15/21		2,597,539
	420,000	Duke Energy Florida LLC, 3.40%, due 10/01/46		363,422
	195,000	Duke Energy Progress LLC, 3.70%, due 10/15/46		176,577
	190,000	El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32		229,862
	110,000	Eldorado Resorts, Inc., 6.00%, due 09/15/26‡ 144A		104,225
	440,000	Electricite de France SA, 5.25% (USSW10 plus 3.709%)† ††††† 144A		417,450
	399,000	Electronic Arts, Inc., 4.80%, due 03/01/26		412,382
	50,000	Embraer Overseas, Ltd., 5.70%, due 09/16/23 144A		52,313
	373,000	Emera US Finance, LP, 3.55%, due 06/15/26		354,281
	340,000	Enable Midstream Partners, LP, 4.95%, due 05/15/28		322,442
	355,000	Enbridge Energy Partners, LP, 4.38%, due 10/15/20		359,292
	230,000	Enbridge Energy Partners, LP, 6.19% (3 mo. USD LIBOR plus 3.798%), due 10/01/77†		226,550
	320,000	Enbridge, Inc., 5.50% (3 mo. USD LIBOR plus 3.418%), due 07/15/77† ‡		271,746
	265,000	Enbridge, Inc., 6.25%, due 03/01/78◆		238,884
	265,000	Encana Corp., 6.50%, due 08/15/34		281,081
	110,000	Energy Transfer LP, 4.20%, due 04/15/27		102,688
	270,000	Energy Transfer LP, 4.95%, due 06/15/28		264,664
	245,000	Energy Transfer LP, 5.15%, due 03/15/45		212,660
	179,000	Energy Transfer LP, 5.88%, due 01/15/24		182,580
	54,000	Enova International, Inc., 8.50%, due 09/01/24 144A		47,250
	227,000	Enova International, Inc., 8.50%, due 09/15/25 144A		185,572
	460,000	Enterprise Products Operating LLC, 3.75%, due 02/15/25		455,767
	480,000	Enterprise Products Operating LLC, 5.25%, due 08/16/77◆		400,668
	70,000	Equifax, Inc., 7.00%, due 07/01/37		80,326
	184,000	Equinix, Inc. REIT, 5.38%, due 05/15/27		180,320
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49* **** ¤ ^		—
	1,169,000	Exelon Corp., 5.10%, due 06/15/45		1,207,720
	912,000	Exelon Generation Co. LLC, 4.25%, due 06/15/22		925,227
	300,000	Exelon Generation Co. LLC, 5.20%, due 10/01/19		303,920
	530,000	Expedia Group, Inc., 3.80%, due 02/15/28		481,526
	430,000	Expedia Group, Inc., 5.00%, due 02/15/26		434,991
	495,000	Express Scripts Holding Co., 2.60%, due 11/30/20		487,484
	1,270,000	Express Scripts Holding Co., 3.40%, due 03/01/27		1,180,184
	1,360,000	Ferguson Finance Plc, 4.50%, due 10/24/28 144A		1,361,308
	302,000	Fidelity National Information Services, Inc., 3.63%, due 10/15/20		303,497
	1,303,000	Fifth Third Bancorp, 2.88%, due 07/27/20		1,296,213
	227,000	Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR plus 3.033%)† †††††		197,774
	245,000	FirstEnergy Corp., Series C, 7.38%, due 11/15/31		310,255
	200,000	FLIR Systems, Inc., 3.13%, due 06/15/21		197,301
	761,000	Ford Motor Co., 4.75%, due 01/15/43		588,750
	250,000	Ford Motor Credit Co. LLC, 3.34%, due 03/18/21		242,705
	515,000	Ford Motor Credit Co. LLC, 3.81%, due 10/12/21		500,490
	395,000	Ford Motor Credit Co. LLC, 5.88%, due 08/02/21		405,341
	240,000	Freedom Mortgage Corp., 8.13%, due 11/15/24 144A		207,000

See accompanying Notes to the Schedule of Investments.

59

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	102,000	Freedom Mortgage Corp., 8.25%, due 04/15/25 144A		87,720
	155,000	FS KKR Capital Corp., 4.00%, due 07/15/19		154,845
	140,000	FS KKR Capital Corp., 4.25%, due 01/15/20		140,178
	221,000	GCI LLC, 6.88%, due 04/15/25		215,475
	1,355,000	GE Capital International Funding Co. Unlimited Co., 2.34%, due 11/15/20		1,308,238
	1,350,000	GE Capital International Funding Co. Unlimited Co., 4.42%, due 11/15/35		1,133,892
	435,000	General Dynamics Corp., 2.88%, due 05/11/20		435,385
	520,000	General Dynamics Corp., 3.00%, due 05/11/21		520,597
	80,000	General Electric Co., (MTN), 4.38%, due 09/16/20		79,919
	450,000	General Motors Co., 4.00%, due 04/01/25		421,182
	450,000	General Motors Co., 4.88%, due 10/02/23		451,491
	160,000	General Motors Financial Co., Inc., 3.26%, due 04/09/21◆◆		156,409
	1,045,000	General Motors Financial Co., Inc., 3.50%, due 07/10/19		1,044,975
	410,000	General Motors Financial Co., Inc., 3.55%, due 04/09/21		404,572
	351,000	General Motors Financial Co., Inc., 4.00%, due 01/15/25		328,763
	1,085,000	General Motors Financial Co., Inc., 4.15%, due 06/19/23		1,058,233
	289,000	General Motors Financial Co., Inc., 4.30%, due 07/13/25		274,245
	429,000	GLP Capital, LP/GLP Financing II, Inc. REIT, 5.38%, due 04/15/26		425,358
	265,000	Goldcorp, Inc., 3.63%, due 06/09/21		264,381
	919,000	Goldman Sachs Group (The), Inc., 2.63%, due 04/25/21		895,562
	140,000	Goldman Sachs Group (The), Inc., 3.50%, due 01/23/25		132,815
	85,000	Goldman Sachs Group (The), Inc., 3.75%, due 02/25/26		80,504
	570,000	Goldman Sachs Group (The), Inc., 3.81%, due 04/23/29◆		532,780
	780,000	Goldman Sachs Group (The), Inc., 3.85%, due 01/26/27		734,455
	290,000	Goldman Sachs Group (The), Inc., 5.15%, due 05/22/45		271,758
	125,000	Goldman Sachs Group (The), Inc., 5.30% (3 mo. USD LIBOR plus 3.834%)† †††††		112,188
	465,000	Goldman Sachs Group (The), Inc., 5.38% (3 mo. USD LIBOR plus 3.922%)† †††††		449,897
	130,000	Goldman Sachs Group (The), Inc., 5.75%, due 01/24/22		136,172
	480,000	Goldman Sachs Group (The), Inc., (MTN), 7.50%, due 02/15/19		482,326
	80,000	Graham Holdings Co., 5.75%, due 06/01/26 144A		80,400
	280,000	Greenko Dutch BV, 4.88%, due 07/24/22 144A		263,900
	124,000	H&E Equipment Services, Inc., 5.63%, due 09/01/25‡		114,235
	390,000	HCA, Inc., 5.25%, due 04/15/25		389,025
	262,000	HCA, Inc., 5.25%, due 06/15/26		260,690
	150,000	HCA, Inc., 5.38%, due 02/01/25		146,625
	195,000	HCA, Inc., 7.50%, due 02/15/22		207,675
	45,000	Hewlett Packard Enterprise Co., 2.10%, due 10/04/19 144A		44,501
	135,000	Hilton Domestic Operating Co., Inc., 5.13%, due 05/01/26 144A		129,938
	112,000	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, due 12/01/24		111,720
	440,000	HSBC Holdings Plc, 3.24%, due 05/18/21◆◆		433,618
	450,000	HSBC Holdings Plc, 3.95%, due 05/18/24◆		447,837
	305,000	HSBC Holdings Plc, 6.88% (USISDA05 plus 5.514%)† †††††		314,226
	417,000	Huntington Ingalls Industries, Inc., 5.00%, due 11/15/25 144A		424,694
	1,260,000	Husky Energy, Inc., 7.25%, due 12/15/19		1,301,127
	256,000	IHS Markit, Ltd., 4.00%, due 03/01/26 144A		238,720
	125,000	IHS Markit, Ltd., 4.75%, due 02/15/25 144A		123,281
	270,000	IHS Markit, Ltd., 4.75%, due 08/01/28		264,719
	110,000	IHS Markit, Ltd., 5.00%, due 11/01/22‡‡‡‡		111,650

See accompanying Notes to the Schedule of Investments.

60

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	255,000	ING Bank NV, 5.80%, due 09/25/23 144A		266,629
	200,000	Instituto Costarricense de Electricidad, 6.38%, due 05/15/43 144A		146,000
	200,000	International Game Technology Plc, 6.50%, due 02/15/25 144A		198,000
	310,000	International Paper Co., 4.40%, due 08/15/47		261,712
	175,000	IQVIA, Inc., 4.88%, due 05/15/23 144A		172,375
	325,000	Israel Electric Corp., Ltd., 9.38%, due 01/28/20 144A		345,220
	107,000	j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.00%, due 07/15/25 144A		104,994
	110,000	Jacobs Entertainment, Inc., 7.88%, due 02/01/24 144A		113,575
	72,000	JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		67,680
	290,000	Jefferies Financial Group, Inc, 5.50%, due 10/18/23		295,769
	500,000	Jefferies Group LLC, 5.13%, due 01/20/23		511,699
	340,000	Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.15%, due 01/23/30		292,176
	418,000	Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.85%, due 01/15/27		400,089
	2,082,000	JPMorgan Chase & Co., 3.20%, due 01/25/23		2,052,828
	380,000	JPMorgan Chase & Co., 3.20%, due 06/15/26		358,221
	1,430,000	JPMorgan Chase & Co., 3.38%, due 05/01/23		1,399,564
	665,000	JPMorgan Chase & Co., 3.51%, due 06/18/22◆		666,736
	625,000	JPMorgan Chase & Co., 3.96%, due 11/15/48◆		554,581
	340,000	JPMorgan Chase & Co., 4.01%, due 04/23/29◆		333,707
	820,000	JPMorgan Chase & Co., 4.25%, due 10/15/20		834,990
	90,000	JPMorgan Chase & Co., 4.35%, due 08/15/21		92,133
	200,000	JPMorgan Chase & Co., 4.50%, due 01/24/22		206,165
	555,000	JPMorgan Chase & Co., 5.30% (3 mo. USD LIBOR plus 3.800%)† †††††		549,450
	420,000	JPMorgan Chase & Co., 6.75% (3 mo. USD LIBOR plus 3.780%)† ††††† ‡		434,490
	250,000	JPMorgan Chase Bank NA, 3.09%, due 04/26/21◆		249,037
	822,000	Juniper Networks, Inc., 3.13%, due 02/26/19		821,791
	237,000	Juniper Networks, Inc., 3.30%, due 06/15/20		236,196
	843,000	Juniper Networks, Inc., 4.60%, due 03/15/21		861,983
	200,000	KazMunayGas National Co. JSC, 3.88%, due 04/19/22 144A		197,220
	447,000	Keurig Dr Pepper, Inc., 3.55%, due 05/25/21 144A		446,577
	2,500,000	Kinder Morgan Energy Partners, LP, 4.15%, due 02/01/24		2,480,479
	185,000	Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32		223,809
	1,240,000	KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A		1,263,191
	688,000	KKR Group Finance Co. LLC, 6.38%, due 09/29/20 144A		719,435
	200,000	Klabin Finance SA, 4.88%, due 09/19/27 144A		182,000
	360,000	Kraft Heinz Foods Co., 3.50%, due 06/06/22		356,654
	95,000	Kraft Heinz Foods Co., 4.38%, due 06/01/46		78,550
	235,000	Kraft Heinz Foods Co., 4.88%, due 02/15/25 144A		236,200
	204,000	Kratos Defense & Security Solutions, Inc., 6.50%, due 11/30/25 144A		207,825
	400,000	Kroger Co. (The), Senior Note, 6.15%, due 01/15/20		411,464
	180,000	Kronos Acquisition Holdings, Inc., 9.00%, due 08/15/23‡ 144A		138,600
	300,000	L Brands, Inc., 5.63%, due 10/15/23‡		295,125
	82,000	Ladder Capital Finance Holdings LLP / Ladder Capital Finance Corp., 5.25%, due 03/15/22‡‡‡‡		79,950
	133,000	Ladder Capital Finance Holdings LLP / Ladder Capital Finance Corp., 5.25%, due 10/01/25 144A		119,035
	150,000	Laureate Education, Inc., 8.25%, due 05/01/25 144A		154,875
	251,000	Lear Corp., 5.25%, due 01/15/25		258,073
	470,000	Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%**** ††† †††††		165

See accompanying Notes to the Schedule of Investments.

61

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	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
	1,150,000	Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A		1,160,615
	1,237,000	Liberty Mutual Group, Inc., 4.95%, due 05/01/22 144A		1,276,355
	386,000	Liberty Mutual Group, Inc., Junior Subordinated Note, Series A, 7.80%, due 03/07/87 144A		421,705
	105,000	Lions Gate Capital Holdings LLC, 5.88%, due 11/01/24 144A		104,213
	230,000	Liquid Telecommunications Financing Plc, 8.50%, due 07/13/22 144A		232,451
	800,000	Lloyds Bank Plc, 3.30%, due 05/07/21		797,842
	675,000	Lloyds Banking Group Plc, 4.45%, due 05/08/25		671,169
	300,000	Lloyds Banking Group Plc, 7.50% (USD 5 year swap rate plus 4.760%)† ††††† ‡		290,190
	933,000	Lockheed Martin Corp., 4.70%, due 05/15/46		975,975
	162,000	LSC Communications, Inc., 8.75%, due 10/15/23 144A		167,063
	492,000	LyondellBasell Industries NV, 5.00%, due 04/15/19		492,545
	240,000	M&T Bank Corp., 5.13% (3 mo. USD LIBOR plus 3.520%)† ††††† ‡		227,700
	300,000	Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A		298,482
	1,484,000	Macquarie Group, Ltd., 4.15%, due 03/27/24 144A		1,485,598
	55,000	Magellan Midstream Partners, LP, 4.25%, due 09/15/46		50,239
	400,000	Magellan Midstream Partners, LP, 5.15%, due 10/15/43		402,782
	700,000	Marriott International, Inc., 3.13%, due 06/15/26		636,673
	230,000	Martin Marietta Materials, Inc., 4.25%, due 07/02/24		233,050
	340,000	Marvell Technology Group, Ltd., 4.88%, due 06/22/28		331,882
	225,000	Masco Corp., 4.45%, due 04/01/25		225,712
	460,000	Massachusetts Institute of Technology, 4.68%, due 07/01/14#		506,046
	175,000	McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance, 7.88%, due 05/15/24‡ 144A		137,156
	239,000	MDC Partners, Inc., 6.50%, due 05/01/24‡ 144A		218,685
	270,000	MEDNAX, Inc., 5.25%, due 12/01/23‡ 144A		265,275
	129,000	MEDNAX, Inc., 6.25%, due 01/15/27‡ ‡‡‡‡		124,808
	31,000	Meredith Corp., 6.88%, due 02/01/26 144A		30,380
	195,000	MetLife, Inc., 6.40%, due 12/15/66		198,580
	295,000	Mexichem SAB de CV, 5.50%, due 01/15/48 144A		254,437
	63,000	MGIC Investment Corp., 5.75%, due 08/15/23		62,921
	230,000	Microchip Technology, Inc., 3.92%, due 06/01/21 144A		228,287
	525,000	Microchip Technology, Inc., 4.33%, due 06/01/23 144A		512,600
	464,000	Microsoft Corp., 4.45%, due 11/03/45		493,303
	590,000	Microsoft Corp., 4.50%, due 02/06/57		630,385
	945,000	Morgan Stanley, 3.59% (3 mo. USD LIBOR plus 1.340%), due 07/22/28†		894,472
	921,000	Morgan Stanley, 3.88%, due 04/29/24		917,254
	816,000	Morgan Stanley, 4.30%, due 01/27/45		764,984
	325,000	Morgan Stanley, 5.45% (3 mo. USD LIBOR plus 3.610%)† †††††		316,508
	695,000	Morgan Stanley, (MTN), 3.77%, due 01/24/29◆		665,713
	250,000	Morgan Stanley, (MTN), 3.88%, due 01/27/26		244,066
	1,720,000	Morgan Stanley, (MTN), 4.10%, due 05/22/23		1,724,199
	438,000	Motorola Solutions, Inc., 4.60%, due 02/23/28		429,060
	295,000	MPLX, LP, 4.00%, due 03/15/28		277,011
	250,000	MPLX, LP, 4.50%, due 04/15/38		219,007
	145,000	MPLX, LP, 4.80%, due 02/15/29		144,930
	25,000	MPLX, LP, 5.20%, due 03/01/47		23,094

See accompanying Notes to the Schedule of Investments.

62

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	225,000	MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24 144A		205,337
	154,000	Murphy Oil Corp., 5.75%, due 08/15/25		144,235
	315,000	Mylan NV, 5.25%, due 06/15/46		266,318
	360,000	Myriad International Holdings BV, 5.50%, due 07/21/25‡ 144A		363,651
	44,000	National CineMedia LLC, 6.00%, due 04/15/22		44,275
	142,000	Nationstar Mortgage Holdings, Inc., 8.13%, due 07/15/23 144A		138,805
	113,000	Nationstar Mortgage Holdings, Inc., 9.13%, due 07/15/26 144A		110,175
	330,000	Natura Cosmeticos SA, 5.38%, due 02/01/23‡ 144A		331,237
	275,000	Netflix, Inc., 4.88%, due 04/15/28		251,625
	375,000	Netflix, Inc., 5.88%, due 11/15/28 144A		365,325
	445,000	New England Power Co., 3.80%, due 12/05/47‡ 144A		411,005
	170,000	Newell Brands, Inc., 4.20%, due 04/01/26‡		166,298
	123,000	Newfield Exploration Co., 5.63%, due 07/01/24		124,845
	157,000	Newfield Exploration Co., 5.75%, due 01/30/22		158,963
	435,000	NextEra Energy Capital Holdings, Inc., 3.55%, due 05/01/27		415,835
	285,000	Nippon Life Insurance Co., 5.10% (USISDA05 plus 3.650%), due 10/16/44† 144A		286,425
	670,000	NiSource, Inc., 3.49%, due 05/15/27		640,488
	180,000	Nissan Motor Acceptance Corp., 3.65%, due 09/21/21 144A		179,206
	780,000	Noble Energy, Inc., 4.15%, due 12/15/21		784,159
	205,000	Norbord, Inc., 6.25%, due 04/15/23 144A		206,099
	195,000	Northern States Power Co., 3.60%, due 09/15/47		178,964
	220,000	Northern States Power Co., 4.13%, due 05/15/44		222,591
	444,000	NRG Energy, Inc., 6.25%, due 05/01/24‡		452,325
	270,000	NRG Energy, Inc., 6.63%, due 01/15/27		273,037
	315,000	Nutrien, Ltd., 4.90%, due 06/01/43		302,038
	560,000	NXP BV / NXP Funding LLC, 4.63%, due 06/01/23 144A		550,200
	238,000	NXP BV / NXP Funding LLC, 4.88%, due 03/01/24 144A		239,342
	167,000	Omega Healthcare Investors, Inc. REIT, 4.50%, due 01/15/25		164,681
	1,328,000	Oncor Electric Delivery Co. LLC, 3.70%, due 11/15/28 144A		1,343,658
	139,000	ONEOK Partners, LP, 5.00%, due 09/15/23		143,366
	200,000	ONEOK, Inc., 4.95%, due 07/13/47		185,438
	385,000	Oracle Corp., 3.80%, due 11/15/37		360,748
	320,000	Oracle Corp., 4.30%, due 07/08/34		321,743
	150,000	Owens Corning, 4.20%, due 12/15/22		149,066
	225,000	Oztel Holdings SPC, Ltd., 6.63%, due 04/24/28 144A		207,973
	460,000	Pacific Gas & Electric Co., 6.05%, due 03/01/34		428,267
	205,000	Parsley Energy LLC / Parsley Finance Corp., 5.63%, due 10/15/27 144A		187,319
	205,000	PECO Energy Co., 3.70%, due 09/15/47		188,336
	730,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, due 06/15/19 144A		726,623
	1,700,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.90%, due 02/01/24 144A		1,689,186
	155,000	Petrobras Global Finance BV, 5.30%, due 01/27/25		148,413
	185,000	Petrobras Global Finance BV, 5.75%, due 02/01/29		171,587
	160,000	Petrobras Global Finance BV, 6.25%, due 03/17/24		162,920
	420,000	Petrobras Global Finance BV, 7.38%, due 01/17/27		432,390
	320,000	Petroleos Mexicanos, 4.88%, due 01/24/22		312,320
	80,000	Petroleos Mexicanos, 5.38%, due 03/13/22		78,760
	255,000	Petroleos Mexicanos, 5.50%, due 01/21/21		254,482
	255,000	Petroleos Mexicanos, 6.50%, due 06/02/41		211,777
	690,000	Petroleos Mexicanos, 6.75%, due 09/21/47‡		572,279

See accompanying Notes to the Schedule of Investments.

63

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	350,000	Petroleos Mexicanos, 6.88%, due 08/04/26		341,075
	1,006,000	Phillips 66 Partners, LP, 3.61%, due 02/15/25		967,809
	774,000	Phillips 66 Partners, LP, 3.75%, due 03/01/28		716,190
	115,000	Plains All American Pipeline, LP/PAA Finance Corp., 4.70%, due 06/15/44		99,021
	430,000	PNC Bank NA, 2.45%, due 07/28/22		416,685
	270,000	PNC Financial Services Group (The), Inc., 4.85% (3 mo. USD LIBOR plus 3.040%)† ††††† ‡		247,725
	513,000	PNC Financial Services Group (The), Inc., 6.75% (3 mo. USD LIBOR plus 3.678%)† †††††		521,977
	540,000	PPL Capital Funding, Inc., 5.00%, due 03/15/44		552,400
	134,000	Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, due 05/15/23‡ 144A		138,523
	90,000	Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26		83,844
	628,000	Prudential Financial, Inc., 5.88% (3 mo. USD LIBOR plus 4.175%), due 09/15/42† ‡		635,065
	1,000,000	Prudential Financial, Inc., 7.38%, due 06/15/19		1,018,253
	445,000	Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27		428,779
	355,000	Public Service Electric & Gas Co., (MTN), 3.70%, due 05/01/28		361,037
	170,000	QEP Resources, Inc., 6.88%, due 03/01/21		172,125
	100,000	Qorvo, Inc., 5.50%, due 07/15/26 144A		95,750
	225,000	Quicken Loans, Inc., 5.25%, due 01/15/28 144A		199,969
	370,000	Quicken Loans, Inc., 5.75%, due 05/01/25 144A		347,800
	340,000	QVC, Inc., 4.38%, due 03/15/23		326,549
	225,000	QVC, Inc., 5.13%, due 07/02/22		227,557
	130,000	QVC, Inc., 5.45%, due 08/15/34		113,840
	220,000	Rackspace Hosting, Inc., 8.63%, due 11/15/24‡ 144A		172,150
	132,000	Radian Group, Inc., 4.50%, due 10/01/24		120,285
	79,000	Radian Group, Inc., 5.25%, due 06/15/20		79,790
	82,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, due 02/15/23 144A		74,825
	62,000	Refinitiv US Holdings, Inc., 8.25%, due 11/15/26 144A		56,808
	38,000	Refinitiv US Holdings, Inc., 6.25%, due 05/15/26‡ 144A		36,718
	438,000	Regions Bank/Birmingham AL, 3.37%, due 08/13/21◆		436,398
	495,000	Regions Financial Corp., 2.75%, due 08/14/22		477,972
	490,000	Royal Bank of Canada, (MTN), 2.91%, due 04/30/21◆◆		486,054
	1,320,000	Royal Bank of Canada, (MTN), 3.20%, due 04/30/21		1,320,305
	930,000	Royal Bank of Scotland Group Plc, 3.88%, due 09/12/23		892,521
	205,000	Royal Bank of Scotland Group Plc, 8.00% (USD 5 year swap rate plus 5.720%)† ††††† ‡		205,000
	350,000	Royal Bank of Scotland Group Plc, 8.63% (USD 5 year swap rate plus 7.598%)† †††††		363,125
	231,000	Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28		221,371
	217,000	Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27		217,863
	385,000	Sabine Pass Liquefaction LLC, 5.75%, due 05/15/24		402,136
	136,000	Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26		144,204
	320,000	Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25‡		295,600
	290,000	San Diego Gas & Electric Co., 4.15%, due 05/15/48		282,339
	255,000	Santander Holdings USA, Inc., 3.40%, due 01/18/23		244,938
	345,000	Santander Holdings USA, Inc., 3.70%, due 03/28/22		339,079
	285,000	Santander Holdings USA, Inc., 4.45%, due 12/03/21‡		290,130
	240,000	Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		226,281
	400,000	Schlumberger Holdings Corp., 3.00%, due 12/21/20 144A		396,721
	275,000	Schlumberger Investment SA, 3.30%, due 09/14/21 144A		275,771

See accompanying Notes to the Schedule of Investments.

64

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	230,000	Select Medical Corp., 6.38%, due 06/01/21		230,287
	922,000	SES SA, 3.60%, due 04/04/23 144A		908,545
	485,000	Shire Acquisitions Investments Ireland DAC, 2.88%, due 09/23/23		458,978
	865,000	Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26		784,069
	150,000	Simmons Foods, Inc., 5.75%, due 11/01/24‡ 144A		107,250
	850,000	Simon Property Group, LP REIT, 6.75%, due 02/01/40		1,084,444
	160,000	Sinclair Television Group, Inc., 5.13%, due 02/15/27‡ ‡‡‡‡		142,000
	500,000	Sinopec Group Overseas Development 2015, Ltd., 2.50%, due 04/28/20 144A		493,983
	335,000	Sirius XM Radio, Inc., 5.00%, due 08/01/27‡ 144A		307,362
	245,000	Sirius XM Radio, Inc., 5.38%, due 07/15/26 144A		229,994
	50,000	SM Energy Co., 6.63%, due 01/15/27		44,500
	335,000	Societe Generale SA, 7.38% (USD 5 year swap rate plus 6.238%)† ††††† 144A		327,044
	265,000	Societe Generale SA, 8.00% (USISDA05 plus 5.873%)† ††††† ‡ 144A		266,656
	335,000	Southern California Edison Co., 4.00%, due 04/01/47		307,861
	1,318,000	Southern Co. (The), 3.25%, due 07/01/26		1,236,662
	1,260,000	Southern Co. Gas Capital Corp., 2.45%, due 10/01/23		1,202,338
	630,000	Southern Copper Corp., 5.25%, due 11/08/42		600,748
	960,594	Spirit Airlines Pass Through Trust, 3.38%, due 08/15/31		920,557
	102,000	Springleaf Finance Corp., 6.88%, due 03/15/25		91,545
	255,000	Sprint Capital Corp., 6.88%, due 11/15/28		241,612
	50,000	Sprint Communications, Inc., 7.00%, due 03/01/20 144A		51,375
	235,000	Sprint Corp., 7.88%, due 09/15/23		241,756
	505,313	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, due 03/20/23‡‡‡‡		500,259
	280,000	Standard Industries, Inc./NJ, 5.38%, due 11/15/24 144A		263,900
	293,000	State Street Corp., 3.79% (3 mo. USD LIBOR plus 1.000%), due 06/01/77†		230,737
	18,000	Stearns Holdings LLC, 9.38%, due 08/15/20 144A		17,010
	203,000	Stifel Financial Corp., 4.25%, due 07/18/24		205,541
	922,000	Sunoco Logistics Partners Operations, LP, 3.45%, due 01/15/23		892,414
	335,000	Sunoco Logistics Partners Operations, LP, 3.90%, due 07/15/26		309,872
	271,000	Sunoco Logistics Partners Operations, LP, 4.40%, due 04/01/21‡		274,175
	217,000	Sunoco Logistics Partners Operations, LP, 5.40%, due 10/01/47		197,328
	405,000	SunTrust Bank/Atlanta GA, 2.45%, due 08/01/22		390,775
	175,000	Synchrony Financial, 2.70%, due 02/03/20		172,072
	423,000	Syngenta Finance NV, 4.44%, due 04/24/23‡‡‡‡		408,050
	197,000	Tallgrass Energy Partners, LP / Tallgrass Energy Finance Corp., 4.75%, due 10/01/23 144A		190,844
	95,000	Tapstone Energy LLC / Tapstone Energy Finance Corp., 9.75%, due 06/01/22‡ 144A		75,525
	215,000	Targa Resources Partners, LP / Targa Resources Partners Finance Corp., 5.88%, due 04/15/26 144A		210,162
	270,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.25%, due 04/15/21‡ 144A		268,312
	760,000	Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A		729,171
	34,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		44,289
	60,000	Team Health Holdings, Inc., 6.38%, due 02/01/25‡ 144A		49,275
	446,000	Tech Data Corp., 4.95%, due 02/15/27		419,329
	220,000	Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, due 07/15/23‡ 144A		215,600
	343,000	Telecom Italia Capital SA, Guaranteed Senior Note, 7.20%, due 07/18/36		329,280

See accompanying Notes to the Schedule of Investments.

65

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	240,000	Telecom Italia SpA/Milano, 5.30%, due 05/30/24‡ 144A		228,900
	1,414,000	Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22		1,391,912
	188,000	Tervita Escrow Corp., 7.63%, due 12/01/21 144A		180,010
	1,303,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		996,099
	225,000	Teva Pharmaceutical Finance Netherlands III BV, 6.75%, due 03/01/28		218,377
	70,000	Time Warner Cable LLC, 4.13%, due 02/15/21		70,318
	380,000	Time Warner Cable LLC, 8.25%, due 04/01/19		384,288
	500,000	Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48‡		469,327
	230,000	Tribune Media Co., 5.88%, due 07/15/22		232,300
	75,000	Trident Merger Sub, Inc., 6.63%, due 11/01/25‡ 144A		67,500
	255,000	Trimble, Inc., 4.90%, due 06/15/28		251,549
	77,000	Tutor Perini Corp., 6.88%, due 05/01/25‡ ‡‡‡‡		71,803
	500,000	UBS AG/London, 2.45%, due 12/01/20 144A		490,977
	495,000	UBS Group Funding Switzerland AG, 2.86%, due 08/15/23◆ 144A		476,326
	1,812,000	UBS Group Funding Switzerland AG, 4.13%, due 04/15/26 144A		1,802,014
	2,900,000	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.00%, due 10/11/27		2,896,824
	343,347	United Airlines Pass Through Trust, Series 2014-2, Class A, 3.75%, due 03/03/28		336,461
	189,710	United Airlines Pass Through Trust, Series 2014-2, Class B, 4.63%, due 03/03/24		188,942
	284,171	United Airlines Pass Through Trust, Series 2016-1, Class A, 3.45%, due 01/07/30		275,035
	432,644	United Airlines Pass Through Trust, Series 2016-1, Class B, 3.65%, due 07/07/27		423,416
	89,000	United Airlines Pass Through Trust, Series 2018-1, Class B, 4.60%, due 09/01/27		89,139
	540,000	United Rentals North America, Inc., 4.88%, due 01/15/28		475,200
	220,000	United Rentals North America, Inc., 5.50%, due 07/15/25		207,900
	105,000	United Rentals North America, Inc., 5.88%, due 09/15/26		99,356
	265,000	United Technologies Corp., 4.13%, due 11/16/28		263,063
	1,323,000	UnitedHealth Group, Inc., 3.50%, due 02/15/24		1,332,397
	230,000	Universal Health Services, Inc., 4.75%, due 08/01/22 144A		229,425
	275,000	Universal Health Services, Inc., 5.00%, due 06/01/26 144A		268,125
	200,000	UPC Holding BV, 5.50%, due 01/15/28 144A		180,000
	158,868	US Airways Pass Through Trust, Series 2010-1, Class A, 6.25%, due 10/22/24		168,178
	183,407	US Airways Pass Through Trust, Series 2012-1, Class A, 5.90%, due 04/01/26		196,008
	145,000	US Concrete, Inc., 6.38%, due 06/01/24		134,125
	210,000	Vale Overseas, Ltd., 6.25%, due 08/10/26		227,325
	490,000	Valero Energy Corp., 3.40%, due 09/15/26		450,242
	115,000	Vector Group, Ltd., 6.13%, due 02/01/25 144A		98,325
	200,000	Vedanta Resources Plc, 6.38%, due 07/30/22‡ 144A		179,550
	226,000	Ventas Realty, LP REIT, 3.50%, due 02/01/25		216,634
	2,000,000	Ventas Realty, LP/Ventas Capital Corp. REIT, 2.70%, due 04/01/20		1,983,578
	260,000	VEREIT Operating Partnership, LP REIT, 4.60%, due 02/06/24		263,143
	130,000	VeriSign, Inc., 4.75%, due 07/15/27		122,402
	170,000	VeriSign, Inc., 5.25%, due 04/01/25		168,937
	263,000	Verisk Analytics, Inc., 4.00%, due 06/15/25		264,394
	255,000	Verizon Communications, Inc., 4.40%, due 11/01/34		246,457
	250,000	Verizon Communications, Inc., 4.50%, due 08/10/33		247,426
	376,000	Verizon Communications, Inc., 4.52%, due 09/15/48		353,803
	310,000	Verizon Communications, Inc., 4.67%, due 03/15/55‡		285,858
	1,074,000	Verizon Communications, Inc., 4.86%, due 08/21/46‡		1,059,465
	500,000	Verizon Communications, Inc., 5.01%, due 04/15/49		500,134
	134,000	Viacom, Inc., 4.38%, due 03/15/43		106,160

See accompanying Notes to the Schedule of Investments.

66

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	221,000	Viacom, Inc., 5.85%, due 09/01/43‡		217,460
	230,000	Viacom, Inc., 6.25% (3 mo. USD LIBOR plus 3.899%), due 02/28/57†		215,095
	223,000	Vista Outdoor, Inc., 5.88%, due 10/01/23		204,045
	405,000	Voya Financial, Inc., 5.65% (3 mo. USD LIBOR plus 3.580%), due 05/15/53†		381,631
	1,178,000	Voya Financial, Inc., 3.13%, due 07/15/24		1,112,183
	491,000	Warner Media LLC, 3.80%, due 02/15/27		461,498
	260,000	Warner Media LLC, 4.70%, due 01/15/21		266,741
	200,000	Warner Media LLC, 4.75%, due 03/29/21		205,152
	585,000	Wells Fargo & Co., 5.88% (3 mo. USD LIBOR plus 3.990%)† †††††		578,974
	315,000	Wells Fargo & Co., 6.56% (3 mo. USD LIBOR plus 3.770%)† †††††		313,425
	708,000	Welltower, Inc. REIT, 4.50%, due 01/15/24		726,810
	115,000	West Corp., 8.50%, due 10/15/25‡ 144A		91,425
	319,000	Western Digital Corp., 4.75%, due 02/15/26		277,929
	170,000	WestRock RKT Co., 3.50%, due 03/01/20		169,896
	1,000,000	Weyerhaeuser Co. REIT, 7.38%, due 10/01/19		1,027,713
	315,000	Williams Cos. (The), Inc., 3.75%, due 06/15/27		299,019
	400,000	Williams Cos. (The), Inc., 4.55%, due 06/24/24		404,350
	135,000	Williams Cos. (The), Inc., 4.85%, due 03/01/48		122,955
	275,000	Williams Cos. (The), Inc., 5.75%, due 06/24/44		277,297
	201,000	Windstream Services LLC / Windstream Finance Corp., 10.50%, due 06/30/24‡‡‡‡		153,765
	320,000	WM Wrigley Jr Co., 2.90%, due 10/21/19 144A		319,560
	90,000	WM Wrigley Jr Co., 3.38%, due 10/21/20‡ 144A		90,275
	145,000	WMG Acquisition Corp., 4.88%, due 11/01/24 144A		138,113
	152,000	WMG Acquisition Corp., 5.50%, due 04/15/26 144A		145,540
	90,000	WPX Energy, Inc., 5.25%, due 09/15/24		81,900
	1,496,000	Xcel Energy, Inc., 4.00%, due 06/15/28		1,515,938
	196,000	XPO Logistics, Inc., 6.50%, due 06/15/22‡ 144A		195,020
	310,000	YPF SA, 8.50%, due 07/28/25 144A		279,387
				268,019,794
		Mortgage Backed Securities - Private Issuers — 10.1%
	450,000	Americold LLC, Series 2010-ARTA, Class D, 7.44%, due 01/14/29 144A		480,238
	86,070	Angel Oak Mortgage Trust I LLC, Series 2018-1, Class A1, 3.26%, due 04/27/48◆◆ ‡‡‡‡		85,958
	189,847	Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, due 09/25/48◆◆ ‡‡‡‡		190,518
	675,113	Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.76%, due 04/25/48◆◆ 144A		675,445
	113,000	Avenue of Americas Mortgage Trust, Series 2015-1177, Class C, 3.01%, due 12/13/29◆◆ 144A		110,403
	264,000	Barclays Commercial Mortgage Trust, Series 2015-MSQ, Class D, 3.99%, due 09/15/32◆◆ 144A		260,580
	1,350,000	Barclays Commercial Mortgage Trust, Series 2016-ETC, Class A, 2.94%, due 08/14/36 144A		1,290,991
	330,000	BBCMS Mortgage Trust, Series 2015-SRCH, Class D, 4.96%, due 08/10/35◆◆ 144A		323,649
	301,000	BBCMS Mortgage Trust, Series 2018-TALL, Class B, 3.43%, due 03/15/37◆◆ 144A		294,916
	207,000	BBCMS Mortgage Trust, Series 2018-TALL, Class E, 4.89%, due 03/15/37◆◆ 144A		201,813
	138,017	Bellemeade Re, Ltd., Series 2017-1, Class M1, 4.21%, due 10/25/27◆◆ 144A		138,667
	293,000	Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 4.11%, due 04/25/28◆◆ 144A		293,147
	150,000	Bellemeade Re, Ltd., Series 2018-2A, Class M1A, 3.46%, due 08/25/28◆◆ 144A		149,723

See accompanying Notes to the Schedule of Investments.

67

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,300,000	Benchmark Mortgage Trust, Series 2018-B8, Class A4, 3.96%, due 01/15/52		1,330,735
	265,000	BHMS, Series 2018-ATLS, Class A, 3.71%, due 07/15/35◆◆ 144A		264,186
	215,000	BX Commercial Mortgage Trust, Series 2018-BIOA, Class D, 3.78%, due 03/15/37◆◆ 144A		211,097
	522,221	BX Commercial Mortgage Trust, Series 2018-IND, Class A, 3.21%, due 11/15/35◆◆ 144A		519,565
	700,000	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58		674,764
	240,000	CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class E, 4.61% (1 mo. LIBOR plus 2.150%), due 07/15/32† 144A		236,615
	351,000	CHT Mortgage Trust, Series 2017-CSMO, Class D, 4.71%, due 11/15/36◆◆ 144A		344,113
	187,007	CIM Trust, Series 2017-2, Class A1, 4.35% (1 mo. USD LIBOR plus 2.000%), due 12/25/57† 144A		188,444
	755,129	CIM Trust, Series 2017-3, 4.35%, due 01/25/57◆◆ 144A		769,166
	349,202	CIM Trust, Series 2017-6, 3.02%, due 06/25/57◆◆ 144A		338,936
	1,600,000	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A3, 3.36%, due 07/10/47		1,601,955
	1,500,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A4, 2.88%, due 02/10/48		1,461,205
	1,772,000	Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.40%, due 10/10/49		1,745,948
	115,000	Citigroup Commercial Mortgage Trust, Series 2017-1500, Class E, 4.96%, due 07/15/32◆◆ 144A		113,356
	820,000	Citigroup Commercial Mortgage Trust, Series 2017-MDRC, Class D, 4.56% (1 mo. LIBOR plus 2.250%), due 07/15/30† ‡‡‡‡		818,387
	1,400,000	Citigroup Commercial Mortgage Trust, Series 2017-P8, Class A3, 3.20%, due 09/15/50		1,362,757
	27,500,000	Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.42%, due 05/10/47◆◆		638,792
	140,000	CLNS Trust, Series 2017-IKPR, Class C, 3.50% (1 mo. LIBOR plus 1.100%), due 06/11/32† 144A		138,164
	315,000	Cold Storage Trust, Series 2017-ICE3, Class D, 4.56% (1 mo. LIBOR plus 2.100%), due 04/15/36† 144A		312,227
	80,800	COLT Mortgage Loan Trust, Series 2018-2, Class A1, 3.47%, due 07/27/48◆◆ 144A		80,655
	221,000	Commercial Mortgage Pass Through Certificates, Series 2012-LC4, Class B, 4.93%, due 12/10/44◆◆		226,721
	405,000	Commercial Mortgage Pass Through Certificates, Series 2013-300P, Class D, 4.39%, due 08/10/30◆◆ 144A		408,224
	72,946	Commercial Mortgage Pass Through Certificates, Series 2013-LC6, Class A3, 2.67%, due 01/10/46		71,634
	1,600,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR20, Class A3, 3.33%, due 11/10/47		1,594,642
	195,000	Commercial Mortgage Pass Through Certificates, Series 2014-PAT, Class D, 4.54% (1 mo. LIBOR plus 2.150%), due 08/13/27† 144A		195,394
	390,000	Commercial Mortgage Pass Through Certificates, Series 2014-TWC, Class D, 4.64% (1 mo. LIBOR plus 2.250%), due 02/13/32† 144A		389,490
	755,215	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A2, 2.82%, due 03/10/47		754,335
	1,200,000	Commercial Mortgage Pass Through Certificates, Series 2015-CR25, Class A3, 3.51%, due 08/10/48		1,202,307
	1,197,000	Commercial Mortgage Pass Through Certificates, Series 2018-COR3, Class A3, 4.23%, due 05/10/51		1,238,660

See accompanying Notes to the Schedule of Investments.

68

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	53,000,000	Commercial Mortgage Pass Through Certificates, (IO), Series 2014-CR17, Class XB, 0.21%, due 05/10/47◆◆ 144A		625,707
	200,000	Credit Suisse Mortgage Trust, 1.00%, due 08/30/37 144A		200,000
	515,000	Credit Suisse Mortgage Trust, Series 2006-OMA, Class B2, 5.54%, due 05/15/23‡‡‡‡		524,482
	753,848	Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3, 3.50%, due 06/25/47 144A		747,190
	379,641	Credit Suisse Mortgage Trust, Series 2018, 2.99%, due 12/04/46 144A		378,691
	1,100,000	CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50		1,060,936
	775,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50		748,774
	876,887	CSMC Trust, Series 2018-RPL9, Class A, 3.85%, due 09/25/57◆◆ 144A		889,973
	448,291	DBGS Mortgage Trust, Series 2018-BIOD, Class A, 3.26%, due 05/15/35◆◆ 144A		446,596
	800,000	FHLMC Multifamily Structured Pass Through Certificates, Series K083, Class A2, 4.05%, due 09/25/28◆◆		846,102
	325,000	FHLMC Multifamily Structured Pass Through Certificates, Series K083, Class AM, 4.03%, due 10/25/28◆◆		341,733
	1,100,000	FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class A2, 3.86%, due 11/25/28◆◆		1,146,333
	200,000	FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class AM, 3.92%, due 11/25/28◆◆		208,506
	212,854	Fremont Home Loan Trust, Series 2004-B, Class M1, 3.38% (1 mo. USD LIBOR plus 0.870%), due 05/25/34†		210,246
	339,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX, 3.38%, due 12/15/34◆◆ 144A		334,732
	220,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class EFX, 3.38%, due 12/15/34◆◆ 144A		216,028
	159,480	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, due 11/25/57◆◆ 144A		159,370
	20,514	GMACM Mortgage Loan Trust, Series 2004-AR2, Class 3A, 4.69%, due 08/19/34◆◆		19,959
	85,000	Great Wolf Trust, Series 2017-WOLF, Class E, 5.71%, due 09/15/34◆◆ ‡‡‡‡		83,758
	1,319,024	GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, due 05/10/45		1,325,312
	260,000	GS Mortgage Securities Trust, Series 2015-590M, Class C, 3.81%, due 10/10/35◆◆ 144A		253,107
	900,000	GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48		885,675
	325,000	GS Mortgage Securities Trust, Series 2016-RENT, Class D, 4.07%, due 02/10/29◆◆ 144A		323,611
	200,000	GS Mortgage Securities Trust, Series 2017-485L, Class C, 3.98%, due 02/10/37◆◆ 144A		197,271
	145,000	GS Mortgage Securities Trust, Series 2018-CHLL, Class E, 4.81%, due 02/15/37◆◆ ‡‡‡‡		145,327
	100,000	Hilton Orlando Trust, Series 2018-ORL, Class D, 4.16%, due 12/15/34◆◆ ‡‡‡‡		98,749
	100,000	Hudsons Bay Simon JV Trust, Series 2015-HBFL, Class DFL, 6.28% (1 mo. LIBOR plus 3.650%), due 08/05/34† 144A		100,108
	170,000	IMT Trust, Series 2017-APTS, Class CFX, 3.50%, due 06/15/34◆◆ 144A		166,212
	1,725,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due 04/15/47		1,740,628
	824,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due 11/15/48		816,410
	700,000	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49		673,900
	1,300,000	JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50		1,287,083

See accompanying Notes to the Schedule of Investments.

69

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,199,215	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.72%, due 02/15/46 144A		1,225,776
	500,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A3, 3.53%, due 01/15/46		501,358
	455,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-MAR7, Class C, 4.49%, due 06/05/32 144A		452,098
	760,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, 2.56%, due 08/15/49		714,029
	1,600,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50		1,590,352
	148,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class A, 3.37%, due 06/15/35◆◆ ‡‡‡‡		147,209
	925,041	JPMorgan Mortgage Trust, Series 2016-1, Class A5, 3.50%, due 05/25/46 144A		917,882
	602,047	JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, due 10/25/46 144A		597,072
	1,388,312	JPMorgan Mortgage Trust, Series 2017-2, Class A5, 3.50%, due 05/25/47 144A		1,375,290
	670,178	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, due 08/25/47◆◆ 144A		663,526
	1,176,786	JPMorgan Mortgage Trust, Series 2018-4, Class A15, 3.50%, due 10/25/48 144A		1,171,444
	282,927	Lehman XS Trust, Series 2006-GP4, Class 1A1, 2.71% (1 mo. USD LIBOR plus 0.205%), due 08/25/46†		278,463
	300,367	LSTAR Securities Investment, Ltd., Series 2017-5, Class A, 4.35% (1 mo. USD LIBOR plus 2.000%), due 05/01/22† 144A		301,384
	234,191	LSTAR Securities Investment, Ltd., Series 2017-8, Class A, 4.17%, due 11/01/22◆◆ 144A		236,438
	192,232	MetLife Securization Trust, Series 2018-1A, Class A, 3.75%, due 03/25/57◆◆ 144A		194,457
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46		98,680
	1,600,000	Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49		1,494,899
	342,000	Morgan Stanley Capital I Trust, Series 2017-CLS, Class D, 3.86%, due 11/15/34◆◆ 144A		337,537
	386,750	MSCG Trust, Series 2016-SNR, Class D, 6.55%, due 11/15/34 144A		387,994
	95,000	Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.79%, due 11/15/32◆◆ ‡‡‡‡		93,238
	165,000	Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.32%, due 01/15/43◆◆ 144A		165,594
	273,507	New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 3.26%, due 01/25/48◆◆ 144A		272,751
	160,000	One Market Plaza Trust, Series 2017-1MKT, Class D, 4.15%, due 02/10/32 144A		156,504
	65,988	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 3.96%, due 05/25/35◆◆		64,876
	330,000	Radnor RE Ltd., Series 2018-1, Class M1, 3.91%, due 03/25/28◆◆ 144A		329,424
	1,911,735	Small Business Administration Participation Certificates, Series 2013-20L, Class 1, 3.38%, due 12/01/33		1,952,481
	290,000	STACR Trust, Series 2018-DNA3, Class M1, 3.26%, due 09/25/48◆◆ 144A		289,564
	119,618	Starwood Mortgage Residential Trust, Series 2018-IMC1, Class A1, 3.79%, due 03/25/48◆◆ 144A		119,283
	215,000	UBS Commercial Mortgage Trust, Series 2012-C1, Class B, 4.82%, due 05/10/45		219,373
	675,000	UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50		674,526
	1,400,000	UBS Commercial Mortgage Trust, Series 2017-C5, Class A4, 3.21%, due 11/15/50		1,354,954
	550,000	UBS Commercial Mortgage Trust, Series 2018-C9, Class A3, 3.85%, due 03/15/51		557,594

See accompanying Notes to the Schedule of Investments.

70

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	2,272,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, due 08/10/49		2,268,803
	1,501,268	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A3, 2.92%, due 03/10/46		1,488,773
	1,523,797	UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, due 01/10/45		1,535,216
	425,832	Verus Securitization Trust, Series 2018-3, Class A1, 4.11%, due 10/25/58◆◆ ‡‡‡‡		424,162
	490,000	VNO Mortgage Trust, Series 2013-PENN, Class D, 3.95%, due 12/13/29◆◆ 144A		489,008
	19,045	WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A7, 4.33%, due 09/25/33◆◆		19,573
	363,000	Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class C, 2.71%, due 03/18/28◆◆ 144A		357,660
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49		1,389,664
	3,000,000	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49		2,824,388
	950,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50		918,090
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class A3, 3.21%, due 11/15/50		1,447,875
	1,400,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50		1,373,672
	110,000	Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class D, 4.11%, due 12/15/34◆◆ ‡‡‡‡		107,521
	2,560,000	WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.90%, due 06/15/44 144A		2,655,165
	1,462,000	WF-RBS Commercial Mortgage Trust, Series 2013-C12, Class A4, 3.20%, due 03/15/48		1,457,542
	195,000	WF-RBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.47%, due 08/15/46◆◆		199,734
				78,823,927
		Mortgage Backed Securities - U.S. Government Agency Obligations — 25.4%
	1,637,857	FHLMC Gold, Pool # G60722, 3.00%, due 10/01/46		1,599,532
	624,526	FHLMC Gold, Pool # A89870, 4.50%, due 11/01/39		653,674
	476,588	FHLMC Gold, Pool # A96970, 4.00%, due 02/01/41		490,602
	807,705	FHLMC Gold, Pool # C91908, 3.00%, due 01/01/37		799,083
	242,754	FHLMC Gold, Pool # C91960, 3.50%, due 11/01/37		245,906
	643,058	FHLMC Gold, Pool # G06231, 4.00%, due 12/01/40		661,968
	297,440	FHLMC Gold, Pool # G06409, 6.00%, due 11/01/39		325,112
	160,705	FHLMC Gold, Pool # G06875, 5.50%, due 12/01/38		173,399
	591,524	FHLMC Gold, Pool # G07021, 5.00%, due 09/01/39		626,490
	830,150	FHLMC Gold, Pool # G08672, 4.00%, due 10/01/45		848,057
	1,330,666	FHLMC Gold, Pool # G08721, 3.00%, due 09/01/46		1,298,911
	198,900	FHLMC Gold, Pool # G08735, 4.50%, due 10/01/46		206,257
	103,305	FHLMC Gold, Pool # G08748, 3.50%, due 02/01/47		103,520
	749,927	FHLMC Gold, Pool # G08761, 3.50%, due 05/01/47		751,052
	589,583	FHLMC Gold, Pool # G08771, 4.00%, due 07/01/47		602,180
	650,168	FHLMC Gold, Pool # G08788, 3.50%, due 11/01/47		650,261
	1,484,085	FHLMC Gold, Pool # G08805, 4.00%, due 03/01/48		1,513,968

See accompanying Notes to the Schedule of Investments.

71

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	495,077	FHLMC Gold, Pool # G08831, 4.00%, due 08/01/48		505,067
	495,139	FHLMC Gold, Pool # G08842, 4.00%, due 10/01/48		505,105
	282,370	FHLMC Gold, Pool # G14678, 4.00%, due 12/01/26		289,807
	266,885	FHLMC Gold, Pool # G16177, 2.00%, due 01/01/32		255,454
	1,787,432	FHLMC Gold, Pool # G60039, 3.00%, due 04/01/43		1,757,464
	1,825,092	FHLMC Gold, Pool # G60564, 5.00%, due 02/01/42		1,934,175
	1,386,502	FHLMC Gold, Pool # G60700, 4.50%, due 09/01/45		1,441,200
	693,365	FHLMC Gold, Pool # G60767, 3.50%, due 10/01/46		695,934
	404,697	FHLMC Gold, Pool # G60788, 3.50%, due 12/01/46		406,113
	1,633,358	FHLMC Gold, Pool # G60804, 4.50%, due 05/01/42		1,698,945
	1,528,758	FHLMC Gold, Pool # G60806, 5.00%, due 12/01/44		1,624,335
	1,828,998	FHLMC Gold, Pool # G60931, 3.00%, due 02/01/47		1,792,137
	2,025,646	FHLMC Gold, Pool # G60934, 3.50%, due 06/01/45		2,041,307
	1,292,929	FHLMC Gold, Pool # G60989, 3.00%, due 12/01/46		1,262,060
	1,731,041	FHLMC Gold, Pool # G61043, 4.00%, due 07/01/47		1,774,285
	1,152,722	FHLMC Gold, Pool # G61194, 3.50%, due 11/01/47		1,155,210
	1,772,974	FHLMC Gold, Pool # G61242, 4.50%, due 12/01/45		1,842,784
	371,992	FHLMC Gold, Pool # G61581, 4.00%, due 08/01/48		380,804
	1,745,429	FHLMC Gold, Pool # G67703, 3.50%, due 04/01/47		1,751,900
	191,408	FHLMC Gold, Pool # J16432, 3.50%, due 08/01/26		194,047
	201,427	FHLMC Gold, Pool # J17763, 3.50%, due 01/01/27		204,212
	548,005	FHLMC Gold, Pool # J26100, 3.00%, due 10/01/28		549,326
	633,421	FHLMC Gold, Pool # J34888, 2.50%, due 07/01/31		618,691
	407,809	FHLMC Gold, Pool # J35715, 2.50%, due 11/01/31		398,325
	1,426,484	FHLMC Gold, Pool # Q04020, 4.00%, due 10/01/41		1,468,446
	1,195,912	FHLMC Gold, Pool # Q09224, 4.00%, due 07/01/42		1,231,786
	261,111	FHLMC Gold, Pool # Q11218, 3.50%, due 09/01/42		263,127
	512,261	FHLMC Gold, Pool # Q12052, 3.50%, due 10/01/42		516,222
	1,010,994	FHLMC Gold, Pool # Q12862, 3.50%, due 11/01/42		1,018,796
	485,985	FHLMC Gold, Pool # Q17792, 3.50%, due 05/01/43		489,742
	1,945,487	FHLMC Gold, Pool # Q34842, 3.00%, due 07/01/45		1,903,285
	1,478,685	FHLMC Gold, Pool # Q36815, 4.00%, due 10/01/45		1,510,550
	2,030,753	FHLMC Gold, Pool # Q41917, 3.50%, due 07/01/46		2,034,084
	2,064,421	FHLMC Gold, Pool # Q41918, 3.50%, due 07/01/46		2,072,072
	1,387,300	FHLMC Gold, Pool # Q42618, 3.00%, due 08/01/46		1,354,192
	540,379	FHLMC Gold, Pool # Q44399, 3.50%, due 11/01/46		541,712
	1,530,240	FHLMC Gold, Pool # Q44455, 3.50%, due 11/01/46		1,534,331
	1,505,881	FHLMC Gold, Pool # Q45741, 3.50%, due 01/01/47		1,510,531
	233,975	FHLMC Gold, Pool # Q49494, 4.50%, due 07/01/47		242,446
	484,182	FHLMC Gold, Pool # Q51461, 3.50%, due 10/01/47		484,345
	966,034	FHLMC Gold, Pool # Q54957, 4.00%, due 03/01/48		986,631
	436,687	FHLMC Gold, Pool # V60565, 3.00%, due 06/01/29		437,336
	1,111,496	FHLMC Gold, Pool # V60599, 3.00%, due 09/01/29		1,113,150
	488,003	FHLMC Gold, Pool # V60603, 3.00%, due 09/01/29		488,729
	1,429,299	FHLMC Gold, Pool # V82292, 4.00%, due 04/01/46		1,463,908
	1,738,576	FHLMC Gold, Pool # V82515, 3.50%, due 06/01/46		1,744,122
	410,482	FHLMC Gold, Pool # V82848, 3.00%, due 12/01/46		401,322
	550,000	FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class AM, 3.17%, due 09/25/26◆◆		547,289

See accompanying Notes to the Schedule of Investments.

72

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,700,000	FHLMC Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.19%, due 09/25/27◆◆		1,687,678
	2,025,000	FHLMC Multifamily Structured Pass Through Certificates, Series K069, Class AM, 3.25%, due 09/25/27◆◆		2,010,992
	1,300,000	FHLMC Multifamily Structured Pass Through Certificates, Series K071, Class AM, 3.36%, due 11/25/27◆◆		1,299,433
	900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K157, Class A2, 3.99%, due 05/25/33◆◆		934,427
	480,000	FHLMC Multifamily Structured Pass Through Certificates, Series W5FX, Class AFX, 3.21%, due 04/25/28◆◆		480,989
	32,821,102	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K006, Class AX1, 0.94%, due 01/25/20◆◆		233,772
	21,143,976	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K007, Class X1, 1.03%, due 04/25/20◆◆		212,979
	26,531,542	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 0.85%, due 10/25/22◆◆		728,612
	98,921	FHLMC Reference REMIC, Series R007, Class ZA, 6.00%, due 05/15/36		110,213
	957,796	FHLMC REMIC, Series 4777, Class CB, 3.50%, due 10/15/45		973,431
	198,651	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M2, 4.51% (1 mo. USD LIBOR plus 2.000%), due 12/25/28†		200,501
	480,000	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-HQA4, Class M2, 3.81% (1 mo. USD LIBOR plus 1.300%), due 04/25/29†		483,826
	498,334	FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA1, Class M1, 3.71% (1 mo. USD LIBOR plus 1.200%), due 07/25/29†		500,777
	1,147,024	FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M1, 3.26% (1 mo. USD LIBOR plus 0.750%), due 03/25/30†		1,144,026
	775,000	FNMA, 2.38%, due 01/19/23*****		769,642
	310,000	FNMA, 6.63%, due 11/15/30**		416,081
	4,147	FNMA, Pool # 254548, 5.50%, due 12/01/32		4,439
	1,892,070	FNMA, Pool # 254903, 5.00%, due 10/01/33		2,010,102
	670,893	FNMA, Pool # 725027, 5.00%, due 11/01/33		714,926
	1,247,640	FNMA, Pool # 725331, 4.00%, due 01/01/34		1,285,326
	829,587	FNMA, Pool # 735676, 5.00%, due 07/01/35		881,222
	519,757	FNMA, Pool # 745148, 5.00%, due 01/01/36		552,357
	599,903	FNMA, Pool # 932807, 4.00%, due 09/01/40		617,133
	528,908	FNMA, Pool # 983471, 5.50%, due 05/01/38		563,755
	637,309	FNMA, Pool # 985184, 5.50%, due 08/01/38		679,433
	620,838	FNMA, Pool # 995243, 4.50%, due 08/01/38		647,458
	410,843	FNMA, Pool # 995245, 5.00%, due 01/01/39		435,369
	897,758	FNMA, Pool # AB6212, 3.00%, due 09/01/42		883,226
	1,277,800	FNMA, Pool # AB6802, 3.50%, due 11/01/42		1,288,135
	287,293	FNMA, Pool # AB7059, 2.50%, due 11/01/42		272,590
	498,330	FNMA, Pool # AB7505, 3.00%, due 01/01/43		490,089
	278,081	FNMA, Pool # AB9383, 4.00%, due 05/01/43		286,063
	1,651,362	FNMA, Pool # AB9659, 3.00%, due 06/01/43		1,623,524
	562,124	FNMA, Pool # AD9153, 4.50%, due 08/01/40		589,053
	324,828	FNMA, Pool # AE0469, 6.00%, due 12/01/39		354,516
	324,040	FNMA, Pool # AE7685, 4.00%, due 10/01/40		333,347
	1,363,109	FNMA, Pool # AH4404, 4.00%, due 01/01/41		1,402,251

See accompanying Notes to the Schedule of Investments.

73

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	200,400	FNMA, Pool # AI1892, 5.00%, due 05/01/41		213,255
	638,840	FNMA, Pool # AI1971, 5.00%, due 05/01/41		678,513
	998,011	FNMA, Pool # AJ9278, 3.50%, due 12/01/41		1,006,106
	508,723	FNMA, Pool # AJ9317, 4.00%, due 01/01/42		523,334
	1,028,449	FNMA, Pool # AL0215, 4.50%, due 04/01/41**		1,077,721
	1,473,323	FNMA, Pool # AL0761, 5.00%, due 09/01/41		1,564,825
	1,563,300	FNMA, Pool # AL1895, 3.50%, due 06/01/42		1,575,990
	878,955	FNMA, Pool # AL3000, 3.50%, due 12/01/42		886,092
	1,143,320	FNMA, Pool # AL3316, 3.50%, due 03/01/43		1,152,594
	1,942,185	FNMA, Pool # AL3873, 3.50%, due 07/01/43		1,957,860
	376,055	FNMA, Pool # AL5788, 5.00%, due 05/01/42		399,703
	472,060	FNMA, Pool # AL5955, 5.00%, due 01/01/42		501,373
	1,181,132	FNMA, Pool # AL6301, 4.50%, due 06/01/42		1,235,472
	1,379,184	FNMA, Pool # AL6663, 4.00%, due 03/01/39		1,413,909
	618,008	FNMA, Pool # AL6839, 5.00%, due 04/01/42		656,014
	961,085	FNMA, Pool # AL7521, 5.00%, due 06/01/39		1,014,343
	3,358,359	FNMA, Pool # AL7594, 3.50%, due 08/01/45		3,371,587
	1,212,139	FNMA, Pool # AL8191, 4.00%, due 12/01/45		1,243,084
	813,613	FNMA, Pool # AL8936, 4.50%, due 05/01/46		846,810
	811,900	FNMA, Pool # AL9737, 4.50%, due 08/01/38		845,475
	211,548	FNMA, Pool # AO4109, 4.00%, due 06/01/42		217,624
	476,043	FNMA, Pool # AO7971, 2.50%, due 06/01/27		469,818
	906,853	FNMA, Pool # AP2422, 3.50%, due 08/01/42		914,216
	501,024	FNMA, Pool # AQ7923, 3.00%, due 12/01/42		492,856
	957,818	FNMA, Pool # AR2001, 3.00%, due 02/01/43		942,314
	1,253,077	FNMA, Pool # AS5133, 3.50%, due 06/01/45		1,257,948
	352,797	FNMA, Pool # AS6286, 4.00%, due 12/01/45		360,165
	563,406	FNMA, Pool # AS6304, 4.00%, due 12/01/45		575,201
	480,705	FNMA, Pool # AS6332, 3.50%, due 12/01/45		482,376
	745,641	FNMA, Pool # AS6452, 3.50%, due 01/01/46		748,231
	308,249	FNMA, Pool # AS7693, 2.00%, due 08/01/31		295,136
	710,036	FNMA, Pool # AS7729, 3.00%, due 08/01/46		693,588
	435,332	FNMA, Pool # AS8073, 2.50%, due 10/01/46		411,290
	926,597	FNMA, Pool # AT0232, 3.00%, due 03/01/43		910,951
	433,623	FNMA, Pool # AX3719, 3.50%, due 07/01/27		439,057
	1,030,282	FNMA, Pool # AY5617, 3.50%, due 06/01/45		1,034,234
	135,669	FNMA, Pool # AY7121, 3.00%, due 04/01/45		133,061
	805,372	FNMA, Pool # AZ0611, 3.00%, due 04/01/45		787,049
	362,150	FNMA, Pool # AZ3743, 3.50%, due 11/01/45		363,464
	1,161,703	FNMA, Pool # AZ4775, 3.50%, due 10/01/45		1,166,040
	1,542,330	FNMA, Pool # BD1412, 4.00%, due 06/01/46		1,576,946
	2,999,261	FNMA, Pool # BD7043, 4.00%, due 03/01/47		3,069,461
	2,747,856	FNMA, Pool # BE7192, 4.00%, due 03/01/47		2,809,657
	1,606,436	FNMA, Pool # BH1207, 4.00%, due 06/01/47		1,643,204
	1,483,986	FNMA, Pool # BH9320, 4.00%, due 09/01/47		1,519,696
	1,045,027	FNMA, Pool # BM1105, 5.00%, due 07/01/41		1,109,910
	1,590,011	FNMA, Pool # BM1573, 3.50%, due 07/01/47		1,595,703
	1,524,529	FNMA, Pool # BM1655, 5.00%, due 11/01/44		1,619,293
	1,707,562	FNMA, Pool # BM1972, 3.50%, due 10/01/37		1,732,508

See accompanying Notes to the Schedule of Investments.

74

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	991,625	FNMA, Pool # BM3033, 3.00%, due 10/01/47		968,348
	1,113,039	FNMA, Pool # BM3116, 3.00%, due 02/01/47		1,091,732
	302,914	FNMA, Pool # BM3258, 3.00%, due 02/01/47		296,935
	831,414	FNMA, Pool # BM3286, 4.50%, due 11/01/47		861,960
	1,038,033	FNMA, Pool # BM3491, 4.50%, due 01/01/38		1,084,897
	1,773,298	FNMA, Pool # BM3641, 4.00%, due 04/01/48		1,816,779
	3,170,178	FNMA, Pool # BM3820, 4.00%, due 02/01/47		3,242,443
	1,501,414	FNMA, Pool # CA0655, 3.50%, due 11/01/47		1,505,005
	1,538,405	FNMA, Pool # CA1560, 4.50%, due 04/01/48		1,603,312
	2,154,618	FNMA, Pool # CA2057, 4.50%, due 07/01/48		2,233,698
	1,079,750	FNMA, Pool # MA1689, 4.00%, due 12/01/33		1,120,463
	10,541	FNMA, Pool # MA2064, 3.00%, due 10/01/24		10,619
	829,271	FNMA, Pool # MA2164, 3.50%, due 02/01/35		840,348
	210,656	FNMA, Pool # MA3182, 3.50%, due 11/01/47		210,781
	432,402	FNMA, Pool # MA3364, 3.50%, due 05/01/33		437,822
	983,708	FNMA, Pool # MA3384, 4.00%, due 06/01/48		1,003,440
	1,194,732	FNMA, Pool # MA3385, 4.50%, due 06/01/48		1,238,225
	243,248	FNMA, Pool # MA3392, 3.50%, due 06/01/33		246,297
	16,900	FNMA Connecticut Avenue Securities, Series 2016-C02, Class 1M1, 4.66% (1 mo. USD LIBOR plus 2.150%), due 09/25/28†		16,926
	123,393	FNMA Connecticut Avenue Securities, Series 2016-C04, Class 1M1, 3.96% (1 mo. USD LIBOR plus 1.450%), due 01/25/29†		123,880
	1,178,042	FNMA REMIC, Series 2011-59, Class NZ, 5.50%, due 07/25/41		1,288,682
	32,496	FNMA REMIC, Series 2012-28, Class B, 6.50%, due 06/25/39		34,689
	1,395,000	FNMA TBA, 3.50%, due 01/14/49		1,394,864
	1,700,000	FNMA-ACES, Series 2015-M10, Class A2, 3.09%, due 04/25/27◆◆		1,673,067
	892,144	FNMA-ACES, Series 2015-M8, Class AB2, 2.83%, due 01/25/25◆◆		888,573
	500,000	FNMA-ACES, Series 2016-M7, Class AB2, 2.38%, due 09/25/26		474,853
	500,000	FNMA-ACES, Series 2017-M1, Class A2, 2.42%, due 10/25/26◆◆		471,653
	2,350,000	FNMA-ACES, Series 2017-M4, Class A2, 2.60%, due 12/25/26◆◆		2,240,672
	1,700,000	FNMA-ACES, Series 2017-M8, Class A2, 3.06%, due 05/25/27◆◆		1,668,541
	1,000,000	FNMA-ACES, Series 2018-M4, Class A2, 3.04%, due 03/25/28◆◆		975,318
	443,304	FNMA-ACES, Series 2018-M10, Class A1, 3.39%, due 07/25/28◆◆		455,004
	1,625,000	FNMA-ACES, Series 2018-M10, Class A2, 3.39%, due 07/25/28◆◆		1,627,968
	379,100	GNMA, Pool # 004636, 4.50%, due 02/20/40		397,975
	70,167	GNMA, Pool # 004678, 4.50%, due 04/20/40		73,662
	453,000	GNMA, Pool # 004833, 4.00%, due 10/20/40		468,102
	388,074	GNMA, Pool # 004977, 4.00%, due 03/20/41		401,023
	1,013,513	GNMA, Pool # 004978, 4.50%, due 03/20/41		1,064,007
	1,586,046	GNMA, Pool # 005055, 4.50%, due 05/20/41		1,664,954
	230,551	GNMA, Pool # 005334, 5.00%, due 03/20/42		247,353
	685,372	GNMA, Pool # 734152, 4.00%, due 01/15/41		707,276
	54,381	GNMA, Pool # 783637, 3.00%, due 06/20/42		54,019
	426,065	GNMA, Pool # AL8626, 3.00%, due 08/15/45		420,111
	80,925	GNMA, Pool # MA0624, 3.00%, due 12/20/42		80,386
	367,993	GNMA, Pool # MA0625, 3.50%, due 12/20/42		372,303
	210,506	GNMA, Pool # MA0698, 3.00%, due 01/20/43		209,104
	721,108	GNMA, Pool # MA0851, 3.00%, due 03/20/43		716,306
	123,079	GNMA, Pool # MA1156, 3.00%, due 07/20/43		122,260

See accompanying Notes to the Schedule of Investments.

75

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	174,601	GNMA, Pool # MA1599, 3.00%, due 01/20/44		173,437
	354,029	GNMA, Pool # MA2372, 4.00%, due 11/20/44		365,368
	1,280,904	GNMA, Pool # MA2754, 3.50%, due 04/20/45		1,291,942
	346,429	GNMA, Pool # MA3377, 4.00%, due 01/20/46		356,235
	1,149,982	GNMA, Pool # MA3873, 3.00%, due 08/20/46		1,134,502
	244,611	GNMA, Pool # MA4125, 2.50%, due 12/20/46		234,385
	419,749	GNMA, Pool # MA4261, 3.00%, due 02/20/47		413,812
	502,367	GNMA I, Pool # 784605, 4.50%, due 01/15/42		525,294
	1,330,660	GNMA II, Pool # AV9421, 3.50%, due 11/20/46		1,342,997
	929,051	GNMA II, Pool # AY7555, 3.50%, due 04/20/47		937,722
	570,504	GNMA II, Pool # MA0462, 3.50%, due 10/20/42		577,175
	571,285	GNMA II, Pool # MA0852, 3.50%, due 03/20/43		580,432
	491,246	GNMA II, Pool # MA2371, 3.50%, due 11/20/44		495,392
	392,599	GNMA II, Pool # MA2825, 3.00%, due 05/20/45		388,083
	885,468	GNMA II, Pool # MA3456, 4.50%, due 02/20/46		928,906
	1,838,214	GNMA II, Pool # MA3803, 3.50%, due 07/20/46		1,851,793
	1,179,615	GNMA II, Pool # MA3874, 3.50%, due 08/20/46		1,188,329
	447,456	GNMA II, Pool # MA3936, 3.00%, due 09/20/46		441,638
	334,874	GNMA II, Pool # MA4071, 4.50%, due 11/20/46		352,537
	1,301,678	GNMA II, Pool # MA4263, 4.00%, due 02/20/47		1,334,319
	753,489	GNMA II, Pool # MA4964, 4.50%, due 01/20/48		780,535
	459,472	GNMA II, Pool # MA5021, 4.50%, due 02/20/48		477,013
	158,243	GNMA II, Pool # MA5079, 4.50%, due 03/20/48		163,923
				198,105,967
		Municipal Obligations — 1.0%
	60,000	Alabama Economic Settlement Authority, 4.26%, due 09/15/32		61,409
	300,000	Bay Area Toll Authority, 6.26%, due 04/01/49		409,533
	170,000	California Educational Facilities Authority, 5.00%, due 06/01/46		221,134
	90,000	District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14#		99,979
	900,000	Energy Northwest, 2.80%, due 07/01/21		900,531
	464,000	Municipal Electric Authority of Georgia, 6.64%, due 04/01/57		491,789
	1,150,000	New Jersey Economic Development Authority, 2.91%, due 02/15/19‡‡		1,145,308
	2,049,000	New Jersey Economic Development Authority, 3.21%, due 02/15/20‡‡		1,969,192
	1,000,000	State of California General Obligation, 7.55%, due 04/01/39		1,435,990
	695,000	State of Illinois, General Obligation, 5.00%, due 11/01/22		733,545
	305,000	University of Texas System (The), 5.00%, due 08/15/47		398,501
	105,000	University of Virginia, 4.18%, due 09/01/17#		102,684
				7,969,595
		Sovereign Debt Obligations — 1.2%
	288,000	Argentine Republic Government International Bond, 5.88%, due 01/11/28‡		208,080
	250,000	Canada Pension Plan Investment Board Capital, Inc., 2.75%, due 11/02/27 144A		243,876
	135,000	Colombia Government International Bond, 7.38%, due 09/18/37		163,789
	820,000	Corp. Andina de Fomento, 2.13%, due 09/27/21		796,974
	55,000	Corp. Andina de Fomento, 2.75%, due 01/06/23		53,723
	215,000	Export-Import Bank of India, 3.88%, due 02/01/28 144A		202,062
	600,000	Hashemite Kingdom of Jordan Government AID Bond, 3.00%, due 06/30/25		597,713
	812,000	Hungary Government International Bond, 5.75%, due 11/22/23		879,359

See accompanying Notes to the Schedule of Investments.

76

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Sovereign Debt Obligations — continued
	200,000	Indonesia Government International Bond, 4.45%, due 02/11/24		201,738
	420,000	Indonesia Government International Bond, 5.88%, due 01/15/24 144A		448,447
	200,000	Japan Bank for International Cooperation, 3.38%, due 10/31/23		203,918
	200,000	Japan Finance Organization for Municipalities, 2.13%, due 04/13/21 144A		196,261
	400,000	Japan Finance Organization for Municipalities, 2.13%, due 10/25/23 144A		383,467
	400,000	Japan Finance Organization for Municipalities, 2.63%, due 04/20/22 144A		395,187
	200,000	Panama Government International Bond, 3.75%, due 03/16/25		198,602
	200,000	Panama Government International Bond, 4.00%, due 09/22/24		202,202
	200,000	Panama Government International Bond, 4.50%, due 04/16/50		192,000
	250,000	Province of Alberta Canada, 3.30%, due 03/15/28		252,818
	100,000	Province of Manitoba Canada, 2.13%, due 06/22/26		93,763
	220,000	Province of Ontario Canada, 3.40%, due 10/17/23‡		224,604
	220,000	Province of Quebec Canada, 2.75%, due 04/12/27		214,165
	150,000	Provincia de Buenos Aires, 7.88%, due 06/15/27 144A		108,752
	250,000	Qatar Government International Bond, 3.88%, due 04/23/23 144A		253,232
	520,000	Qatar Government International Bond, 5.10%, due 04/23/48 144A		547,365
	310,000	Saudi Government International Bond, 2.38%, due 10/26/21 144A		299,045
	375,000	Saudi Government International Bond, 2.88%, due 03/04/23 144A		361,137
	235,000	Saudi Government International Bond, 4.00%, due 04/17/25 144A		233,429
	400,000	Tokyo Metropolitan Government, 2.50%, due 06/08/22 144A		393,086
	400,000	Turkey Government International Bond, 7.00%, due 06/05/20		409,041
	175,000	Uruguay Government International Bond, 4.98%, due 04/20/55		166,864
	140,000	Uruguay Government International Bond, 5.10%, due 06/18/50		137,935
				9,262,634
		U.S. Government and Agency Obligations — 12.4%
	380,000	Federal Farm Credit Banks, 3.22%, due 03/26/31		381,181
	55,000	Federal Home Loan Banks, 3.00%, due 10/12/21		55,724
	140,000	Federal Home Loan Mortgage Corp., 1.38%, due 08/15/19		138,884
	25,000	Tennessee Valley Authority, 7.13%, due 05/01/30		34,475
	6,708,000	U.S. Treasury Bond, 2.50%, due 05/15/46		6,051,743
	6,405,000	U.S. Treasury Bond, 2.75%, due 11/15/42		6,126,908
	2,982,000	U.S. Treasury Bond, 2.75%, due 11/15/47		2,822,649
	4,165,000	U.S. Treasury Bond, 3.00%, due 02/15/47		4,154,669
	1,310,000	U.S. Treasury Bond, 3.00%, due 02/15/48		1,303,424
	12,993,000	U.S. Treasury Bond, 3.00%, due 08/15/48		12,935,394
	2,315,000	U.S. Treasury Bond, 4.50%, due 02/15/36		2,854,413
	8,499,000	U.S. Treasury Bond, 4.50%, due 05/15/38		10,583,247
	7,451,980	U.S. Treasury Inflation Indexed Bonds, 0.63%, due 04/15/23		7,331,079
	917,035	U.S. Treasury Inflation Indexed Note, 0.38%, due 07/15/25		884,652
	2,272,000	U.S. Treasury Note, 2.25%, due 11/15/27		2,195,364
	435,000	U.S. Treasury Note, 2.63%, due 08/31/20		435,646
	4,008,000	U.S. Treasury Note, 2.63%, due 05/15/21		4,021,778
	8,791,000	U.S. Treasury Note, 2.75%, due 05/31/23		8,888,354
	2,111,000	U.S. Treasury Note, 2.75%, due 07/31/23		2,133,842
	1,105,000	U.S. Treasury Note, 2.75%, due 02/15/28		1,110,978
	8,028,000	U.S. Treasury Note, 2.88%, due 09/30/23		8,159,709
	3,787,000	U.S. Treasury Note, 2.88%, due 08/15/28		3,846,320

See accompanying Notes to the Schedule of Investments.

77

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)			Description	Value ($)
			U.S. Government and Agency Obligations — continued
	9,473,000		U.S. Treasury Note, 3.13%, due 11/15/28		9,827,683
					96,278,116
			TOTAL DEBT OBLIGATIONS (COST $787,208,435)		766,481,119
			SHORT-TERM INVESTMENTS — 0.9%
			Certificate of Deposit — 0.1%
	430,000		Ford Motor Credit Co., 3.10%, due 04/09/19‡‡ 144A		426,043
			TOTAL CERTIFICATES OF DEPOSIT (COST $426,418)		426,043
			Mutual Fund - Securities Lending Collateral — 0.8%
	5,903,868		State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.27%## ***		5,903,868
			TOTAL MUTUAL FUND — SECURITIES LENDING COLLATERAL (COST $5,903,868)		5,903,868
			TOTAL SHORT-TERM INVESTMENTS (COST $6,330,286)		6,329,911
			TOTAL INVESTMENTS — 99.2% (Cost $793,538,721)		772,811,030
			Other Assets and Liabilities (net) — 0.8%		6,060,834
			NET ASSETS — 100.0%	$778,871,864
			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
			REIT — Real Estate Investment Trust
			REMIC — Real Estate Mortgage Investment Conduit
			TBA — To Be Announced
		#	Year of maturity is greater than 2100.
		##	The rate disclosed is the 7 day net yield as of December 31, 2018.
		*	Non-income producing security
		**	All or a portion of this security is pledged 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 December 31, 2018 was $1,565,555.

See accompanying Notes to the Schedule of Investments.

78

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

*****	All or a portion of this security is pledged for open swaps collateral.
¤	Illiquid security. The total market value of the securities at period end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at December 31, 2018 was $0.
^	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
†	Variable or floating rate note. Rate shown is as of December 31, 2018.
◆	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
◆◆	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
††	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.
†††††	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.
‡‡‡‡	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period end, the market value of restricted securities was $17,011,823, which is 2.2% of net assets. See details shown in the Restricted Securities table that follows.
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 $146,897,895 which represents 18.9% of net assets.

See accompanying Notes to the Schedule of Investments.

79

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

At December 31, 2018, the Fund held the following restricted securities:

Restricted Securities	Acquistion Date		Principal Amount		Cost		Value
Air Canada Pass Through Trust, Series 2013-1, Class A, 4.13%, due 11/15/2026		12/14/17	$	184,290	$	191,766	$	183,020
Air Canada Pass Through Trust, Series 2017-1, Class B, 3.70%, due 07/15/2027		12/07/17		285,000		281,215		270,907
Alimentation Couche-Tard, Inc., 2.70%, due 07/26/2022		07/19/17		210,000		209,858		202,816
Angel Oak Mortgage Trust I LLC, Series 2018-1, Class A1, 3.26%, due 04/27/2048		03/28/18		86,070		86,069		85,958
Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, due 09/25/2048		08/16/18		189,847		189,846		190,518
Australia & New Zealand Banking Group, Ltd., 6.75% (USISDA05 plus 5.168%), due 12/29/2049		06/07/16		200,000		200,000		196,750
Avolon Holdings Funding, Ltd., 5.13%, due 10/01/2023		09/06/18		197,000		197,000		188,627
British Airways Pass Through Trust, Series 2018-1, Class A, 4.13%, due 03/20/2033		05/23/18		134,933		133,965		133,557
CCM Merger, Inc., 6.00%, due 03/15/2022		11/28/17		175,000		179,023		178,019
CLI Funding LLC, Series 2018-1A, Class A, 4.03%, due 04/18/2043		04/24/18		358,364		357,710		362,973
CSC Holdings LLC, 7.50%, due 04/01/2028		04/12/18		200,000		205,693		200,500
Citigroup Commercial Mortgage Trust, Series 2017-MDRC, Class D, 4.56% (1 mo. LIBOR plus 2.250%), due 07/15/2030		07/14/17		820,000		820,000		818,387
Credit Suisse Mortgage Trust, Series 2006-OMA, Class B2, 5.54%, due 05/15/2023		06/29/16		515,000		571,189		524,482
DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/2047		09/14/17		148,500		147,771		143,619
DLL LLC, Series 2018-ST2, Class A3, 3.46%, due 01/20/2022		11/06/18		245,000		244,983		246,483
Daimler Finance North America LLC, 3.75%, due 11/05/2021		10/31/18		381,000		380,663		382,452
Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, due 03/15/2023		03/28/18		490,000		489,947		490,224
FOCUS Brands Funding LLC, Series 2017-1A, Class A2I, 3.86%, due 04/30/2047		03/21/17		128,050		128,005		129,313
GM Financial Consumer Automobile Receivables Trust, Series 2017-2A, Class A3, 1.86%, due 12/16/2021		07/11/17		400,000		399,975		395,585
GS Mortgage Securities Trust, Series 2018-CHLL, Class E, 4.81%, due 02/15/2037		02/16/18		145,000		145,000		145,327
Great Wolf Trust, Series 2017-WOLF, Class E, 5.71%, due 09/15/2034		01/30/18		85,000		85,770		83,758
Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/2032		09/11/18		108,607		108,605		109,043
Hilton Orlando Trust, Series 2018-ORL, Class D, 4.16%, due 12/15/2034		02/14/18		100,000		100,000		98,749
IHS Markit, Ltd., 5.00%, due 11/01/2022		12/14/16		110,000		113,008		111,650
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class A, 3.37%, due 06/15/2035		07/27/18		148,000		148,000		147,209
Ladder Capital Finance Holdings LLP / Ladder Capital Finance Corp., 5.25%, due 03/15/2022		03/02/17		82,000		82,000		79,950
MEDNAX, Inc., 6.25%, due 01/15/2027		11/07/18		129,000		129,000		124,808
MMAF Equipment Finance LLC, Series 2017-B, Class A3, 2.21%, due 10/17/2022		11/14/17		360,000		359,992		354,566

See accompanying Notes to the Schedule of Investments.

80

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Restricted Securities	Acquistion Date		Principal Amount		Cost		Value
MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/2036		06/19/18	$	340,365	$	340,289	$	343,912
Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.50%, due 08/25/2058		09/20/18		169,936		168,128		169,008
Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.79%, due 11/15/2032		01/17/18		95,000		93,661		93,238
Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/2045		10/10/18		431,795		434,763		439,195
New Residential Mortgage LLC, Series 2018-FNT1, Class A, 3.61%, due 05/25/2023		05/14/18		252,571		252,519		253,579
NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A2, 3.22%, due 02/15/2023		03/16/18		120,000		119,913		119,647
NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.69%, due 10/16/2023		10/09/18		2,050,000		2,049,515		2,067,797
SMB Private Education Loan Trust, Series 2015-C, Class A2A, 2.75%, due 07/15/2027		11/09/18		166,821		164,632		165,210
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A, 3.50%, due 06/20/2035		07/11/18		150,261		150,233		151,828
Sinclair Television Group, Inc., 5.13%, due 02/15/2027		11/07/18		160,000		146,188		142,000
SoFi Professional Loan Program, Series 2017-E, Class A2A, 1.86%, due 11/26/2040		10/06/17		144,987		144,767		143,188
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, due 03/20/2023		01/04/17		505,313		506,248		500,259
SunTrust Student Loan Trust, Series 2006-1A, Class A4, 2.70% (3 mo. USD LIBOR plus 0.190%), due 10/28/2037		02/06/18		828,699		812,125		820,724
Syngenta Finance NV, 4.44%, due 04/24/2023		09/19/18		423,000		420,332		408,050
Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, due 11/25/2048		11/14/18		422,000		422,000		427,735
Textainer Marine Containers VII, Ltd., Series 2018-1A, Class A, 4.11%, due 07/20/2043		08/01/18		145,500		143,780		146,948
Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.80%, due 10/25/2053		10/23/17		115,000		121,217		118,099
Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/2058		08/07/18		383,137		371,521		374,303
Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/2058		02/06/18		828,679		828,145		816,469
Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75%, due 03/25/2058		10/25/18		1,028,275		1,023,993		1,031,411
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25%, due 07/25/2058		09/21/18		111,488		110,019		110,438
Triton Container Finance V LLC, Series 2018-1A, Class A, 3.95%, due 03/20/2043		03/13/18		226,625		226,582		227,928
Tutor Perini Corp., 6.88%, due 05/01/2025		04/12/17		77,000		77,000		71,803
Verus Securitization Trust, Series 2018-3, Class A1, 4.11%, due 10/25/2058		11/02/18		425,832		425,827		424,162
Volvo Financial Equipment LLC, Series 2018-1A, Class A3, 2.54%, due 02/15/2022		02/06/18		440,000		439,923		436,787
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class D, 4.11%, due 12/15/2034		12/14/17		110,000		110,000		107,521

See accompanying Notes to the Schedule of Investments.

81

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Restricted Securities	Acquistion Date		Principal Amount		Cost		Value
Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/2030		03/30/17	$	168,670	$	168,465	$	167,569
Windstream Services LLC / Windstream Finance Corp., 10.50%, due 06/30/2024		10/30/17		201,000		184,734		153,765
							$	17,011,823

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	56	U.S. Treasury Note 10-Year		Mar 2019	$	6,832,875	$	119,891
	110	U.S. Treasury Note 2-Year		Mar 2019		23,354,375		144,697
	162	U.S. Treasury Note 5-Year		Mar 2019		18,579,375		255,058
	125	U.S. Ultra Bond		Mar 2019		20,082,031		1,012,325
							$	1,531,971
	Sales
	45	U.S. Long Bond		Mar 2019	$	6,570,000	$	(274,636	)
	1	U.S. Ultra 10-Year		Mar 2019		130,078		(3,791	)
							$	(278,427	)

Centrally Cleared Interest Rate Swaps

Payments Received by Fund	Payments Made by Fund	Maturity Date	Upfront Premiums Paid (Received)				Notional Value			Market Value				Unrealized Appreciation (Depreciation)
Overnight Federal Funds Effective Rate (12M)	2.58%	08/15/28		$	(3,429	)		$	632,000		$	(8,744	)		$	(5,315	)
Overnight Federal Funds Effective Rate (12M)	2.41%	02/12/25			117				2,295,000			(13,074	)			(13,191	)
Overnight Federal Funds Effective Rate (12M)	2.37%	03/23/21			92				4,545,000			(3,454	)			(3,546	)
Overnight Federal Funds Effective Rate (12M)	2.11%	12/31/19			201				1,710,000			5,557				5,356
Overnight Federal Funds Effective Rate (12M)	2.07%	02/15/27			(336	)			920,000			20,465				20,801
Overnight Federal Funds Effective Rate (12M)	2.04%	12/31/19			104				1,695,000			6,621				6,517
Overnight Federal Funds Effective Rate (12M)	1.96%	02/15/27			102				265,000			7,921				7,819
Overnight Federal Funds Effective Rate (12M)	1.95%	12/31/19			1,758				4,875,000			23,388				21,630
Overnight Federal Funds Effective Rate (12M)	1.90%	02/15/27			797				390,000			13,565				12,768

See accompanying Notes to the Schedule of Investments.

82

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Centrally Cleared Interest Rate Swaps — continued

Payments Received by Fund	Payments Made by Fund	Maturity Date	Upfront Premiums Paid (Received)				Notional Value			Market Value				Unrealized Appreciation (Depreciation)
Overnight Federal Funds Effective Rate (12M)	1.84%	12/31/19		$	7,647			$	2,545,000		$	14,980			$	7,333
Overnight Federal Funds Effective Rate (12M)	1.82%	02/15/27			20,041				1,447,000			58,395				38,354
Overnight Federal Funds Effective Rate (12M)	1.71%	09/30/19			2,051				6,165,000			33,689				31,638
Overnight Federal Funds Effective Rate (12M)	1.50%	06/30/19			(1,218	)			2,795,000			12,851				14,069
Overnight Federal Funds Effective Rate (12M)	1.49%	06/30/19			(4,677	)			13,105,000			61,268				65,945
3-Month USD LIBOR	3.11%	07/31/25			340				2,709,000			(83,073	)			(83,413	)
3-Month USD LIBOR	3.00%	05/31/25			50				120,000			(2,829	)			(2,879	)
3-Month USD LIBOR	2.84%	08/15/28			(3,212	)			1,662,000			(19,141	)			(15,929	)
3-Month USD LIBOR	2.66%	11/15/43			102				145,000			4,908				4,806
3-Month USD LIBOR	2.33%	11/15/24			12,964				3,810,000			53,252				40,288
3-Month USD LIBOR	2.29%	05/15/27			101				130,000			3,577				3,476
3-Month USD LIBOR	2.21%	01/08/26			—				7,920,000			210,288				210,288
3-Month USD LIBOR	2.18%	08/15/24			1,487				385,000			8,244				6,757
3-Month USD LIBOR	2.17%	08/15/24			10,977				7,885,000			171,149				160,172
															$	533,744

See accompanying Notes to the Schedule of Investments.

83

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		98.4
Futures Contracts		0.2
Swaps		0.1
Short-Term Investments		0.8
Other Assets and Liabilities (net)		0.5
		100.0	%

See accompanying Notes to the Schedule of Investments.

84

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**		Description	Value ($)
		DEBT OBLIGATIONS — 85.6%
		Asset Backed Securities — 3.0%
	1,090,000	Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 2.94% (1 mo. USD LIBOR plus 0.430%), due 12/25/35†		1,059,817
	475,000	Americredit Automobile Receivables Trust, Series 2018-1, Class D, 3.82%, due 03/18/24		478,334
	250,000	AMMC CLO 20, Ltd., Series 2017-20A, Class D, 5.85% (3 mo. USD LIBOR plus 3.400%), due 04/17/29† 144A		242,154
	1,290,000	Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Series 2006-HE5, Class M1, 2.79% (1 mo. USD LIBOR plus 0.280%), due 07/25/36†		1,036,229
	660,000	Avery Point VI CLO, Ltd., Series 2015-6A, Class DR, 5.53%, due 08/05/27◆◆ 144A		634,678
	790,000	BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21		794,019
	385,000	California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.87%, due 10/16/23		389,650
	625,000	CarMax Auto Owner Trust, Series 2018-2, Class D, 3.99%, due 04/15/25		631,734
	600,000	Catskill Park CLO, Ltd., Series 2017-1A, Class D, 8.47% (3 mo. USD LIBOR plus 6.000%), due 04/20/29† 144A		562,259
	200,000	CCG Receivables Trust, Series 2018-1, Class C, 3.42%, due 06/16/25 144A		199,337
	330,000	Cent CLO 24, Ltd., Series 2015-24A, Class CR, 5.59%, due 10/15/26◆◆ 144A		313,154
	610,700	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		618,155
	154,170	Colony Starwood Homes Trust, Series 2016-2A, Class B, 4.21% (1 mo. USD LIBOR plus 1.750%), due 12/17/33† 144A		154,344
	417,206	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.53%, due 01/21/31 144A		420,709
	650,000	DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, due 03/15/24 144A		654,398
	225,000	First Investors Auto Owner Trust, Series 2016-2A, Class D, 3.35%, due 11/15/22 144A		223,431
	539,874	GSAA Home Equity Trust, Series 2007-7, Class A4, 2.78% (1 mo. USD LIBOR plus 0.270%), due 07/25/37†		516,959
	500,000	Invitation Homes Trust, Series 2018-SFR1, Class E, 4.46%, due 03/17/37◆◆ 144A		494,534
	250,000	LCM CLO XXII, Ltd., Series 22A, Class DR, 8.00%, due 10/20/28◆◆ 144A		227,808
	237,175	MAPS, Ltd., Series 2018-1A, Class A, 4.21%, due 05/15/43 144A		239,931
	237,175	MAPS, Ltd., Series 2018-1A, Class B, 5.19%, due 05/15/43 144A		241,216
	575,000	Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A		585,793
	500,000	Oaktree CLO, Ltd., Series 2015-1A, Class DR, 7.67%, due 10/20/27◆◆ 144A		476,219
	730,000	OneMain Financial Issuance Trust, Series 2015-2A, Class D, 5.64%, due 07/18/25 144A		735,494
	280,000	OneMain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, due 03/14/29 144A		281,481
	530,000	OZLM VII CLO, Ltd., Series 2014-7RA, Class CR, 5.45%, due 07/17/29◆◆ 144A		496,926
	750,000	OZLM XII CLO, Ltd., Series 2015-12A, Class CR, 5.52%, due 04/30/27◆◆ 144A		723,953
	713,213	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 144A		723,641
	200,000	Santander Drive Auto Receivables Trust, Series 2018-2, Class D, 3.88%, due 02/15/24		201,832
	680,000	Santander Drive Auto Receivables Trust, Series 2018-4, Class D, 3.98%, due 12/15/25		688,022
	180,000	Saranac CLO III, Ltd., Series 2014-3A, Class DR, 6.07%, due 06/22/30◆◆ 144A		168,917
	332,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 4.28% (28 day ARS), due 06/15/32†		331,582
	139,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 4.30% (28 day ARS), due 03/15/33†		139,368
	2,200,000	SLM Student Loan Trust, Series 2006-10, Class A6, 2.64% (3 mo. USD LIBOR plus 0.150%), due 03/25/44†		2,143,376
	650,000	SoFi Consumer Loan Program Trust, Series 2018-2, Class B, 3.79%, due 04/26/27 144A		652,010

See accompanying Notes to the Schedule of Investments.

85

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**		Description	Value ($)
		Asset Backed Securities — continued
	750,000	THL Credit Wind River CLO, Ltd., Series 2016-1A, Class ER, 7.99%, due 07/15/28◆◆ 144A		724,773
	245,536	Thunderbolt II Aircraft Lease, Ltd., Series 2018-A, Class A, 4.15%, due 09/15/38†† 144A		248,019
	383,327	VOLT LXVIII LLC, Series 2018-NPL4, Class A1A, 4.34%, due 07/27/48†† 144A		384,247
	500,000	Voya CLO, Ltd., Series 2015-2A, Class ER, 7.88%, due 07/23/27◆◆ 144A		479,177
	540,853	WAVE 2017-1 Trust, Series 2017-1A, Class A, 3.84%, due 11/15/42 144A		542,044
	260,000	Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, due 10/16/23 144A		261,192
	410,000	Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 6.08%, due 10/15/31◆◆ 144A		388,477
				21,509,393
		Bank Loans — 6.8%
	507,431	Albany Molecular Research, Inc., 2017 1st Lien Term Loan, 0.06% (1 mo. USD LIBOR plus 3.250%), due 08/30/24†		482,059
	1,124,293	Albertsons, LLC, USD 2017 Term Loan B5, 0.06% (3 mo. USD LIBOR plus 3.000%), due 12/21/22†		1,082,132
	825,850	Alliant Holdings Intermediate LLC, 2018 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.750%), due 05/09/25†		782,906
	504,822	American Axle & Manufacturing, Inc., Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.250%), due 04/06/24†		480,717
	507,418	American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.000%), due 10/31/23†		484,222
	1,999,595	Asurion LLC, 2018 Term Loan B6, 0.06% (1 mo. USD LIBOR plus 3.000%), due 11/03/23†		1,920,445
	736,509	Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 0.04% (1 mo. USD LIBOR plus 2.000%), due 01/15/25†		710,898
	807,955	Bass Pro Group, LLC, Term Loan B, 0.08% (1 mo. USD LIBOR plus 5.000%), due 09/25/24†		776,141
	507,444	Beacon Roofing Supply, Inc., 2017 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.250%), due 01/02/25†		483,974
	507,218	Boyd Gaming Corp., Term Loan B3, 0.05% (1 mo. USD LIBOR plus 2.250%), due 09/15/23†		485,661
	208,950	BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.500%), due 08/15/25†		200,070
	358,174	Brookfield Property REIT, Inc., 1st Lien Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.500%), due 08/27/25†		338,410
	587,020	BWAY Holding Co., 2017 Term Loan B, 0.06% (3 mo. USD LIBOR plus 3.250%), due 04/03/24†		554,367
	507,437	Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.750%), due 12/22/24†		487,140
	1,000,000	California Resources Corp., 2017 1st Lien Term Loan, 0.07% (1 mo. USD LIBOR plus 4.750%), due 12/31/22†		940,000
	901,269	Camelot UK Holdco, Ltd., 2017 Repriced Term Loan, 0.06% (1 mo. USD LIBOR plus 3.250%), due 10/03/23†		862,965
	321,873	Catalent Pharma Solutions, Inc., USD Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.250%), due 05/20/24†		313,423
	507,337	CEC Entertainment, Inc., Term Loan B, 0.06% (1 mo. USD LIBOR plus 3.250%), due 02/14/21†		472,711

See accompanying Notes to the Schedule of Investments.

86

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**		Description	Value ($)
		Bank Loans — continued
	1,249,764	Change Healthcare Holdings LLC, 2017 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.750%), due 03/01/24†		1,190,660
	761,175	Consolidated Energy Finance, S.A., Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.50%), due 05/07/25†		740,243
	935,288	Delek US Holdings, Inc., 2018 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.500%), due 03/31/25†		911,906
	507,437	Dell International LLC, 2017 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.000%), due 09/07/23†		488,655
	780,714	Engility Corp., Term Loan B2, 0.05% (1 mo. USD LIBOR plus 2.750%), due 08/12/23†		776,811
	835,779	Engineered Machinery Holdings, Inc., USD 1st Lien Term Loan, 0.06% (3 mo. USD LIBOR plus 3.250%), due 07/19/24†		802,348
	851,645	Falcon Aerospace, Ltd., 2017 Term Loan A, 0.05%, due 02/15/42 144A		834,612
	1,004,873	Four Seasons Hotels, Ltd., New 1st Lien Term Loan, 0.05% (1 mo. USD LIBOR plus 2.000%), due 11/30/23†		963,422
	1,177,043	GFL Environmental Inc., 2018 USD Term Loan B, 0.06% (1 mo. USD LIBOR plus 3.000%), due 05/30/25†		1,103,477
	268,649	Global Business Travel Holdings, Ltd., 2018 Term Loan B, 0.05% (3 mo. USD LIBOR plus 2.500%), due 08/13/25†		265,962
	483,005	Golden Nugget, Inc., 2017 Incremental Term Loan B, 0.05% (3 mo. USD LIBOR plus 2.750%), due 10/04/23†		462,719
	537,885	GrafTech Finance, Inc., 2018 Term Loan B, 0.06% (1 mo. USD LIBOR plus 3.500%), due 02/12/25†		510,318
	125,156	GTT Communications, Inc., 2018 USD Term Loan B, 0.05% (1 mo. USD LIBOR plus 3.250%), due 05/31/25†		117,764
	483,494	Hub International, Ltd., 2018 Term Loan B, 0.05% (3 mo. USD LIBOR plus 2.750%), due 04/25/25†		457,708
	507,371	Jaguar Holding Co. II, 2018 Term Loan, 0.05% (1 mo. USD LIBOR plus 2.500%), due 08/18/22†		483,201
	756,152	JBS USA, LLC, 2017 Term Loan B, 0.05% (3 mo. USD LIBOR plus 2.500%), due 10/30/22†		728,977
	800,955	Jeld-Wen, Inc., 2017 1st Lien Term Loan, 0.05% (3 mo. USD LIBOR plus 2.000%), due 12/14/24†		766,914
	703,680	Kraton Polymers, LLC, 2018 USD Term Loan, 0.05% (1 mo. USD LIBOR plus 2.500%), due 03/05/25†		685,208
	510,000	Level 3 Financing, Inc., 2017 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.250%), due 02/22/24†		483,225
	980,038	Life Time, Inc., 2017 Term Loan B, 0.05% (3 mo. USD LIBOR plus 2.750%), due 06/10/22†		947,697
	1,020,375	MEG Energy Corp., 2017 Term Loan B, 0.06% (1 mo. USD LIBOR plus 3.500%), due 12/31/23†		1,004,219
	661,000	Meredith Corp., 2018 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.750%), due 01/31/25†		643,153
	1,624,143	Messer Industries GmbH, 2018 USD Term Loan, 2.50%, due 10/01/25		1,555,117
	506,630	MGM Growth Properties Operating Partnership, LP, 2016 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.000%), due 03/21/25†		485,415
	737,032	Microchip Technology, Inc., 2018 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.000%), due 05/29/25†		701,101
	795,939	Midas Intermediate Holdco II, LLC, Incremental Term Loan B, 0.06% (1 mo. USD LIBOR plus 2.750%), due 08/18/21†		754,815

See accompanying Notes to the Schedule of Investments.

87

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**		Description	Value ($)
		Bank Loans — continued
	490,788	MPH Acquisition Holdings LLC, 2016 Term Loan B, 0.06% (3 mo. USD LIBOR plus 2.750%), due 06/07/23†		464,162
	790,565	Natgasoline LLC, Term Loan B, 0.06% (3 mo. USD LIBOR plus 3.500%), due 11/14/25†		776,730
	216,881	NorthRiver Midstream Finance, LP, 2018 Term Loan B, 0.06% (3 mo. USD LIBOR plus 3.500%), due 10/01/25†		212,706
	306,632	Post Holdings, Inc., 2017 Series A Incremental Term Loan, 0.05% (1 mo. USD LIBOR plus 2.000%), due 05/24/24†		297,050
	274,759	PQ Corp., 2018 Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.500%), due 02/08/25†		261,193
	507,424	Prime Security Services Borrower, LLC, 2016 1st Lien Term Loan, 0.05% (1 mo. USD LIBOR plus 2.750%), due 05/02/22†		487,762
	1,090,000	Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 0.05% (1 mo. USD LIBOR plus 2.750%), due 11/15/23†		1,040,269
	148,483	Reynolds Group Holdings, Inc., USD 2017 Term Loan, 0.05% (1 mo. USD LIBOR plus 2.750%), due 02/05/23†		142,172
	507,444	Scientific Games International, Inc., 2018 Term Loan B5, 0.05% (1 mo. USD LIBOR plus 2.750%), due 08/14/24†		477,758
	980,081	Shutterfly, Inc., Term Loan B2, 0.05% (3 mo. USD LIBOR plus 2.750%), due 08/17/24†		950,679
	1,507,425	Speedcast International, Ltd., Term Loan B, 0.06% (3 mo. USD LIBOR plus 2.750%), due 05/02/25†		1,452,781
	761,127	Sprint Communications, Inc., 1st Lien Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.500%), due 02/02/24†		728,779
	250,000	Starfruit Finco B.V, 2018 USD Term Loan B, 0.06% (3 mo. USD LIBOR plus 3.250%), due 10/01/25†		235,000
	650,242	Telenet Financing USD LLC, USD Term Loan AN, 0.05% (1 mo. USD LIBOR plus 2.250%), due 08/15/26†		620,331
	491,909	Trans Union, LLC, Term Loan B3, 0.05% (1 mo. USD LIBOR plus 2.000%), due 04/10/23†		475,061
	320,000	Travelport Finance (Luxembourg) S.a.r.l., 2018 Term Loan B, 2.50%, due 03/17/25		315,200
	867,053	TTM Technologies, Inc., 2017 Term Loan, 0.05% (1 mo. USD LIBOR plus 2.500%), due 09/28/24†		813,946
	1,249,515	Uber Technologies, 2018 Incremental Term Loan, 0.06% (1 mo. USD LIBOR plus 3.500%), due 07/13/23†		1,215,778
	302,573	Uber Technologies, 2018 Term Loan, 0.06% (1 mo. USD LIBOR plus 4.000%), due 04/04/25†		298,791
	249,873	UPC Financing Partnership, USD Term Loan AR, 0.05% (1 mo. USD LIBOR plus 2.500%), due 01/15/26†		238,473
	1,537,217	USI, Inc., 2017 Repriced Term Loan, 0.06% (3 mo. USD LIBOR plus 3.000%), due 05/16/24†		1,455,744
	1,515,938	Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 0.05% (3 mo. USD LIBOR plus 3.000%), due 06/02/25†		1,455,300
	510,000	VICI Properties 1 LLC, Replacement Term Loan B, 0.05% (1 mo. USD LIBOR plus 2.000%), due 12/20/24†		489,983
	1,537,157	Vistra Operations Co. LLC, 2016 Term Loan B2, 0.05% (1 mo. USD LIBOR plus 2.250%), due 12/14/23†		1,487,200
	1,122,284	Wall Street Systems Delaware, Inc., 2017 Term Loan B, 0.06% (1 mo. USD LIBOR plus 3.000%), due 11/21/24†		1,056,350
	985,000	Ziggo Secured Finance Partnership, 0.05% (1 mo. USD LIBOR plus 2.500%), due 04/15/25†		931,441
				49,104,527

See accompanying Notes to the Schedule of Investments.

88

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Convertible Debt — 0.0%
	150,000		FTI Consulting, Inc., 2.00%, due 08/15/23 144A		143,719
	80,000		Western Digital Corp., 1.50%, due 02/01/24 144A		65,032
					208,751
			Corporate Debt — 21.8%
	1,000,000		1MDB Global Investments, Ltd., Reg S, 4.40%, due 03/09/23‡‡‡		896,581
	490,000		ABN AMRO Bank NV, 4.75%, due 07/28/25 144A		488,502
	193,000		Advanz Pharma Corp., 8.00%, due 09/06/24		182,385
	405,000		AHP Health Partners, Inc., 9.75%, due 07/15/26‡ 144A		412,088
	1,000,000		Air Lease Corp., 3.50%, due 01/15/22		984,793
	640,000		Alcoa Nederland Holding BV, 6.13%, due 05/15/28 144A		614,400
	1,000,000		Alibaba Group Holding, Ltd., 3.13%, due 11/28/21		989,920
	590,000		Altice Financing SA, Reg S, 7.50%, due 05/15/26‡‡‡		539,850
	1,000,000		Altice France SA/France, 7.38%, due 05/01/26 144A		920,000
	700,000		Altice Luxembourg SA, 7.75%, due 05/15/22 144A		639,625
	10,540,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		468,044
	615,000		AmWINS Group, Inc., 7.75%, due 07/01/26 144A		582,712
	200,000		Anglo American Capital Plc, 4.00%, due 09/11/27 144A		181,166
	640,000		AON Corp., 4.50%, due 12/15/28		649,144
	645,000		Archer-Daniels-Midland Co., 4.50%, due 03/15/49		662,742
	1,430,000		Ardonagh Midco 3 Plc, 8.63%, due 07/15/23 144A		1,222,650
	715,000		Ardonagh Midco 3 Plc, Reg S, 8.63%, due 07/15/23‡‡‡		611,325
	330,000		Ashtead Capital, Inc., 5.25%, due 08/01/26 144A		320,100
	370,000		ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A		197,950
	260,000		Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		248,950
	200,000		Banco Bilbao Vizcaya Argentaria SA, 6.13%††††† ‡ ◆		168,000
	320,000		Banco Mercantil del Norte SA, 7.63% (10 year CMT plus 5.353%)††††† 144A†		311,200
	200,000		Banco Santander SA, 4.38%, due 04/12/28		187,094
	600,000	EUR	Banco Santander SA, Reg S, 4.75%††††† ‡‡‡ ◆		548,071
	300,000		Barclays PLC, 4.97%, due 05/16/29◆		289,786
	350,000		Bausch Health Cos., Inc., 5.50%, due 03/01/23 144A		321,563
	122,000		Bausch Health Cos., Inc., 5.63%, due 12/01/21 144A		120,246
	465,000		Becton Dickinson and Co., 3.68%, due 12/29/20◆◆		460,458
	250,000		Berry Petroleum Co. LLC, 7.00%, due 02/15/26 144A		226,250
	650,000		BioScrip, Inc., 8.88%, due 02/15/21		609,375
	1,035,000		BNP Paribas SA, 5.13%††††† ‡ ◆144A		897,216
	335,000		Bombardier, Inc., 8.75%, due 12/01/21 144A		346,306
	180,000		BP Capital Markets America, Inc., 3.94%, due 09/21/28		180,833
	440,000		Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		408,324
	645,000		British Telecommunications Plc, 5.13%, due 12/04/28		649,859
	650,000		Bruin E&P Partners LLC, 8.88%, due 08/01/23 144A		580,937
	800,000	EUR	CaixaBank SA, (MTN), Reg S, 2.75% (5 year EUR Swap plus 2.350%5 year EUR swap rate plus 2.350%), due 07/14/28† ‡‡‡		898,844
	1,200,000		Capital One NA/Mclean VA, 2.35%, due 01/31/20		1,185,097
	320,000		Carriage Services, Inc., 6.63%, due 06/01/26 144A		315,200
	630,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, due 02/15/23		615,825
	200,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, due 09/30/22		198,625
	200,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, due 02/15/26 144A		196,500
	330,000		Centene Corp., 5.38%, due 06/01/26 144A		321,750

See accompanying Notes to the Schedule of Investments.

89

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	475,000		Charles Schwab Corp. (The), 5.00%††††† ◆		398,406
	250,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.20%, due 03/15/28		235,941
	150,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, due 04/01/38		140,059
	760,000		Chesapeake Energy Corp., 8.00%, due 01/15/25‡		674,500
	1,000,000		Cigna Corp., 3.44%, due 09/17/21◆◆ 144A		986,255
	1,000,000		Cigna Corp., 3.75%, due 07/15/23 144A		997,700
	765,000		Cigna Corp., 4.38%, due 10/15/28 144A		770,759
	605,000		Cigna Corp., 4.90%, due 12/15/48 144A		594,227
	460,000		Cirsa Finance International Sarl, 7.88%, due 12/20/23 144A		457,438
	425,000	EUR	Cirsa Finance International Sarl, Reg S, 6.25%, due 12/20/23‡‡‡		494,652
	500,000		CIT Group, Inc., 5.25%, due 03/07/25		490,000
	170,000		Citigroup, Inc., 4.65%, due 07/30/45		166,208
	550,000		Citigroup, Inc., 6.30% (3 mo. USD LIBOR plus 3.423%)† †††††		508,063
	630,000		Clear Channel Worldwide Holdings, Inc., 7.63%, due 03/15/20		616,612
	170,000		Cleaver-Brooks, Inc., 7.88%, due 03/01/23 144A		164,475
	280,000		Cogent Communications Group, Inc., 5.38%, due 03/01/22 144A		279,300
	420,000		Comcast Corp., 3.24%, due 10/01/21◆◆		416,178
	580,000		Comcast Corp., 4.25%, due 10/15/30		587,357
	460,000		Comcast Corp., 4.70%, due 10/15/48		466,116
	645,000		Conagra Brands, Inc., 4.30%, due 05/01/24		641,863
	545,000		CONSOL Energy, Inc., 11.00%, due 11/15/25 144A		598,137
	250,000		Cooperatieve Rabobank UA, 3.75%, due 07/21/26		234,663
	280,000		CoreCivic, Inc. REIT, 4.63%, due 05/01/23		260,050
	525,000		Corp. Nacional del Cobre de Chile, 4.50%, due 09/16/25 144A		532,727
	280,000		Country Garden Holdings Co., Ltd., Reg S, 7.25%, due 04/04/21‡‡‡		280,556
	580,000		Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, due 05/15/25 144A		501,700
	575,000		Credit Agricole SA, 7.88% (USD 5 year swap rate plus 4.898%)† ††††† 144A		576,035
	400,000		Credit Agricole SA, 8.13% (USD 5 year swap rate plus 6.185%)† ††††† 144A		412,500
	930,000		Credit Suisse Group AG, 7.25%††††† ◆144A		879,640
	1,425,000		Credit Suisse Group Funding Guernsey, Ltd., 2.75%, due 03/26/20		1,410,048
	310,000		CSC Holdings LLC, 6.63%, due 10/15/25 144A		314,650
	800,000		CVS Health Corp., 4.78%, due 03/25/38		768,970
	590,000		CVS Health Corp., 5.05%, due 03/25/48		575,997
	1,100,000		DAE Funding LLC, 5.75%, due 11/15/23 144A		1,091,750
	250,000		DCP Midstream Operating, LP, 6.75%, due 09/15/37 144A		247,500
	200,000		Deutsche Bank AG, Reg S, 6.25% (USD 5 year swap rate plus 4.358%)† ††††† ‡‡‡		160,366
	530,000		Diamondback Energy, Inc., 4.75%, due 11/01/24 144A		514,100
	1,020,000		DISH DBS Corp., 7.75%, due 07/01/26		846,600
	330,000		Dow Chemical Co. (The), 5.55%, due 11/30/48 144A		335,822
	430,000		DP World, Ltd., 5.63%, due 09/25/48 144A		405,920
	110,000		Eclipse Resources Corp., 8.88%, due 07/15/23		94,875
	1,115,000		Ecopetrol SA, 4.13%, due 01/16/25		1,062,037
	625,000		Electricite de France SA, 4.50%, due 09/21/28 144A		606,478
	625,000		Electricite de France SA, 5.00%, due 09/21/48 144A		555,029
	685,000		Enel Finance International NV, 3.50%, due 04/06/28 144A		588,362
	625,000		Enterprise Products Operating LLC, 4.80%, due 02/01/49		609,535
	560,000		EP Energy LLC/Everest Acquisition Finance, Inc., 6.38%, due 06/15/23		182,000

See accompanying Notes to the Schedule of Investments.

90

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	24,500,000	ZAR	Eskom Holdings SOC, Ltd., (MTN), 7.50%, due 09/15/33		1,274,433
	545,000		Eskom Holdings SOC, Ltd., Reg S, 5.75%, due 01/26/21‡‡‡		515,142
	23,595,000	BRL	European Investment Bank, (MTN), 6.09%, due 08/27/21‡‡		5,118,607
	53,770,000	MXN	European Investment Bank, (MTN), Reg S, 4.00%, due 02/25/20‡‡‡		2,576,318
	9,280,000,000	IDR	European Investment Bank, (MTN), Reg S, 6.95%, due 02/06/20‡‡‡		647,083
	8,150,000	ZAR	European Investment Bank, (MTN), Reg S, 8.50%, due 09/17/24‡‡‡		574,093
	160,000		Extraction Oil & Gas, Inc., 5.63%, due 02/01/26 144A		117,600
	200,000		Extraction Oil & Gas, Inc., 7.38%, due 05/15/24 144A		166,000
	200,000		First Data Corp., 5.75%, due 01/15/24 144A		195,750
	640,000		First Quantum Minerals, Ltd., 6.50%, due 03/01/24 144A		533,600
	300,000		First Quantum Minerals, Ltd., 7.00%, due 02/15/21‡ 144A		288,563
	1,645,000		First Quantum Minerals, Ltd., 7.25%, due 04/01/23 144A		1,453,769
	740,000		Freeport-McMoRan, Inc., 5.45%, due 03/15/43		567,025
	515,000		Frontier Communications Corp., 8.50%, due 04/01/26 144A		451,913
	220,000	GBP	Garfunkelux Holdco 3 SA, Reg S, 8.50%, due 11/01/22‡‡‡		237,555
	330,000		Gazprom OAO Via Gaz Capital SA, 4.95%, due 03/23/27 144A		315,552
	540,000		General Electric Co. (MTN), 6.88%, due 01/10/39		566,128
	487,000		General Motors Financial Co., Inc., 4.15%, due 06/19/23		474,986
	675,000		General Motors Financial Co., Inc., 4.20%, due 11/06/21		675,144
	340,000		Genesis Energy, LP/Genesis Energy Finance Corp., 6.00%, due 05/15/23		315,350
	605,000		Geopark, Ltd., 6.50%, due 09/21/24 144A		561,894
	400,000		Glencore Funding LLC, 4.00%, due 03/27/27 144A		364,778
	100,000		Goldman Sachs Group (The), Inc., 3.50%, due 11/16/26		92,459
	100,000		Goldman Sachs Group (The), Inc., 5.15%, due 05/22/45		93,709
	600,000		GTP Acquisition Partners I LLC, 3.48%, due 06/15/50 144A		593,232
	730,000		Gulfport Energy Corp., 6.00%, due 10/15/24		649,700
	800,000		Hanesbrands, Inc., 4.88%, due 05/15/26 144A		725,000
	410,000		Harley-Davidson Financial Services, Inc., Series S, 3.55%, due 05/21/21 144A		411,004
	910,000		HCA, Inc., 5.50%, due 06/15/47		864,500
	890,000		HCA, Inc., 5.63%, due 09/01/28		861,075
	60,000,000	INR	HDFC Bank, Ltd., Reg S, 8.10%, due 03/22/25‡‡‡		819,206
	1,000,000		Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, due 04/01/27		941,250
	400,000		HSBC Holdings Plc, 4.58%, due 06/19/29◆		396,947
	400,000		HSBC Holdings Plc, 6.50%††††† ◆		364,000
	425,000		HUB International, Ltd., 7.00%, due 05/01/26 144A		384,625
	110,000		Hudbay Minerals, Inc., 7.25%, due 01/15/23 144A		109,175
	240,000		HudBay Minerals, Inc., 7.63%, due 01/15/25 ‡ 144A		235,800
	1,000,000		iHeartCommunications, Inc., 9.00%, due 03/01/21†††		675,000
	500,000		iHeartCommunications, Inc., 9.00%, due 09/15/22†††		335,000
	500,000		Intelsat Jackson Holdings SA, 5.50%, due 08/01/23		437,500
	35,350,000,000	IDR	Inter-American Development Bank, (MTN), 7.88%, due 03/14/23		2,453,420
	700,000		InterGen NV, 7.00%, due 06/30/23		600,250
	350,000	EUR	Intertrust Group BV, 3.38%, due 11/15/25 144A		395,225
	900,000		Intesa Sanpaolo SpA, 5.02%, due 06/26/24 144A		817,145
	350,000		Intesa Sanpaolo SpA, 5.71%, due 01/15/26 ‡ 144A		321,289
	285,000	EUR	Intesa Sanpaolo SpA, Reg S, 6.25% (5 year EUR swap rate plus 5.856%) † ††††† ‡‡‡		311,101
	540,000		iStar, Inc. REIT, 5.25%, due 09/15/22		506,196
	260,000		j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.00%, due 07/15/25 144A		255,125
	320,000		Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 10.25%, due 11/15/22 144A		340,000

See accompanying Notes to the Schedule of Investments.

91

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	580,000	EUR	James Hardie Industries Plc, 3.63%, due 10/01/26 144A		648,605
	350,000		JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		329,000
	1,000,000		JPMorgan Chase & Co., 4.63%, due 05/10/21		1,029,469
	568,994		K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22†		19,858
	110,044		K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22†		14,306
	410,000		KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A		400,107
	440,000		KazTransGas JSC, 4.38%, due 09/26/27 144A		409,382
	435,000		KLX Energy Services Holdings, Inc., 11.50%, due 11/01/25 144A		415,425
	515,000	EUR	Kraton Polymers LLC/Kraton Polymers Capital Corp., Reg S, 5.25%, due 05/15/26‡‡‡		531,378
	150,000		L Brands, Inc., 5.25%, due 02/01/28		128,438
	420,000		L Brands, Inc., 5.63%, due 10/15/23‡		413,175
	815,000		Ladder Capital Finance Holdings LLP / Ladder Capital Finance Corp., 5.25%, due 10/01/25 144A		729,425
	300,000		Lamb Weston Holdings, Inc., 4.88%, due 11/01/26 144A		289,500
	3,390,000	EUR	Landsbankinn HF, (MTN), Reg S, 1.38%, due 03/14/22‡‡‡		3,867,764
	500,000		Lennar Corp., 4.75%, due 11/29/27		453,125
	200,000		Levi Strauss & Co., 5.00%, due 05/01/25		196,500
	400,000		Lloyds Banking Group Plc, 4.65%, due 03/24/26		376,641
	950,000		Lonestar Resources America, Inc., 11.25%, due 01/01/23 144A		904,875
	650,000		Longfor Group Holdings, Ltd., Reg S, 3.90%, due 04/16/23‡‡‡		616,468
	800,000		Macquarie Group, Ltd., 5.03%, due 01/15/30◆ 144A		789,876
	460,000		Match Group, Inc., 5.00%, due 12/15/27 144A		424,350
	700,000		McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.63%, due 05/01/24 144A		593,250
	475,000		MEG Energy Corp., 6.50%, due 01/15/25 144A		483,906
	990,000		MEG Energy Corp., 7.00%, due 03/31/24 144A		950,400
	835,000		Meredith Corp., 6.88%, due 02/01/26 144A		818,300
	650,000		Microchip Technology, Inc., 3.92%, due 06/01/21 144A		645,159
	280,000		Microchip Technology, Inc., 4.33%, due 06/01/23 144A		273,387
	1,000,000		Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 9.25%, due 06/01/21* **** ^		—
	200,000		Millicom International Cellular SA, 6.63%, due 10/15/26 144A		202,770
	1,000,000		Morgan Stanley, (MTN), 2.50%, due 04/21/21		979,120
	590,000		MPH Acquisition Holdings LLC, 7.13%, due 06/01/24 144A		551,650
	400,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27		366,750
	420,000		Myriad International Holdings BV, 4.85%, due 07/06/27 144A		403,898
	615,000		Nationstar Mortgage Holdings, Inc., 8.13%, due 07/15/23 144A		601,162
	505,000		Nationstar Mortgage Holdings, Inc., 9.13%, due 07/15/26 144A		492,375
	500,000		Navient Corp., 6.75%, due 06/25/25		427,500
	260,000		NCL Corp., Ltd., Class C, 4.75%, due 12/15/21 144A		258,700
	350,000		Neovia Logistics Services LLC/SPL Logistics Finance Corp., 8.88%, due 08/01/20 144A		306,250
	270,000		Netflix, Inc., 6.38%, due 05/15/29 144A		266,963
	200,000		Newmark Group, Inc., 6.13%, due 11/15/23 144A		197,141
	41,000,000	SEK	Nordea Hypotek AB, (MTN), Reg S, 1.25%, due 05/19/21 ‡‡‡		4,751,854
	725,000		Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22 144A		717,967
	370,000		Oversea-Chinese Banking Corp., Ltd., (MTN), Reg S, 4.25%, due 06/19/24‡‡‡		372,908
	50,000		Pacific Gas & Electric Co., 2.95%, due 03/01/26		41,359
	210,000		Pacific Gas & Electric Co., 3.25%, due 09/15/21		194,472
	30,000		Pacific Gas & Electric Co., 3.25%, due 06/15/23‡		26,690

See accompanying Notes to the Schedule of Investments.

92

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	370,000		Pacific Gas & Electric Co., 3.50%, due 10/01/20‡		354,416
	1,050,000	CAD	Parkland Fuel Corp., 5.63%, due 05/09/25		734,185
	395,000		Party City Holdings, Inc., 6.63%, due 08/01/26 ‡ 144A		360,438
	440,000		Perusahaan Listrik Negara PT, 4.13%, due 05/15/27 144A		408,062
	310,000		Petrobras Global Finance BV, 5.30%, due 01/27/25		296,825
	1,100,000		Petrobras Global Finance BV, 5.75%, due 02/01/29		1,020,250
	720,000		Petrobras Global Finance BV, 6.85%, due 06/05/15#		646,020
	1,000,000		Petroleos Mexicanos, 6.75%, due 09/21/47		829,390
	2,060,000	MXN	Petroleos Mexicanos, Reg S, 7.19%, due 09/12/24‡‡‡		81,851
	503,000		Polaris Intermediate Corp., 8.50% (8.50% Cash or PIK), due 12/01/22 † 144A		460,683
	500,000		Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, due 05/15/23 144A		516,875
	920,000		Prudential Financial, Inc., 5.70%, due 09/15/48 ◆		857,900
	1,730,000		Quicken Loans, Inc., 5.75%, due 05/01/25 144A		1,626,200
	270,000		Range Resources Corp., 5.00%, due 03/15/23‡		238,613
	1,000,000	EUR	RCI Banque SA, (MTN), Reg S, 2.25%, due 03/29/21‡‡‡		1,182,896
	264,000		Refinitiv US Holdings, Inc, 8.25%, due 11/15/26 144A		241,890
	155,000		Refinitiv US Holdings, Inc., 6.25%, due 05/15/26 144A		149,769
	105,000	EUR	Refinitiv US Holdings, Inc., 6.88%, due 11/15/26 144A		111,211
	180,000		RegionalCare Hospital Partners Holdings, Inc., 8.25%, due 05/01/23 144A		182,475
	300,000		Royal Bank of Scotland Group Plc, 4.89%, due 05/18/29◆		286,893
	70,000		Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25‡		64,663
	200,000		Sands China, Ltd., 5.13%, due 08/08/25 144A		198,324
	1,000,000	EUR	Santander Consumer Finance SA, Reg S, 0.88%, due 01/24/22‡‡‡		1,148,235
	200,000		Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		188,567
	500,000		Scientific Games International, Inc., 10.00%, due 12/01/22		509,375
	965,000		Shelf Drilling Holdings, Ltd., 8.25%, due 02/15/25 144A		828,694
	585,000		Shimao Property Holdings, Reg S, 6.38%, due 10/15/21‡‡‡		584,626
	200,000		Silversea Cruise Finance, Ltd., 7.25%, due 02/01/25 144A		212,440
	765,000		Societe Generale SA, 4.75%, due 09/14/28‡ 144A		767,999
	555,000		Southern Copper Corp., 3.88%, due 04/23/25		537,536
	50,000		Speedway Motorsports, Inc., 5.13%, due 02/01/23		49,250
	540,000		Sprint Corp., 7.13%, due 06/15/24		536,134
	1,910,000		Sprint Corp., 7.88%, due 09/15/23		1,964,912
	585,000		Standard Chartered Plc, 7.75% (USD 5 year swap rate plus 5.723%)† ††††† ‡ 144A		577,687
	420,000		Standard Industries, Inc./NJ, 6.00%, due 10/15/25 144A		404,397
	420,000		Suzano Austria GmbH, 6.00%, due 01/15/29 144A		429,660
	260,000		Suzano Austria GmbH, Reg S, 5.75%, due 07/14/26‡‡‡ ‡		265,850
	16,600,000	SEK	Swedbank Hypotek AB, (MTN), Reg S, 1.00%, due 06/15/22‡‡‡		1,912,616
	370,000		Swire Pacific MTN Financing, Ltd. (MTN), Reg S, 4.50%, due 10/09/23‡‡‡		384,566
	480,000		Symantec Corp., 5.00%, due 04/15/25 144A		448,885
	250,000		T-Mobile USA, Inc., 6.38%, due 03/01/25		253,125
	320,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.25%, due 05/01/23		314,400
	800,000		Telecom Italia SpA/Milano, 5.30%, due 05/30/24 144A		763,000
	200,000		Telefonica Emisiones SA, 5.21%, due 03/08/47		183,725
	1,000,000		Telenet Finance Luxembourg Notes Sarl, 5.50%, due 03/01/28 144A		910,000
	100,000		Tenet Healthcare Corp., 8.13%, due 04/01/22		100,625
	1,010,000		Tesla, Inc., 5.30%, due 08/15/25‡ 144A		881,225
	1,370,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, Reg S, 1.13%, due 10/15/24‡‡‡		1,323,367

See accompanying Notes to the Schedule of Investments.

93

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	150,000		Teva Pharmaceutical Finance Netherlands III BV, 2.80%, due 07/21/23		129,321
	860,000		Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		657,440
	200,000		Teva Pharmaceutical Finance Netherlands III BV, 6.00%, due 04/15/24		193,143
	580,000		Teva Pharmaceutical Finance Netherlands III BV, 6.75%, due 03/01/28		562,928
	2,000,000		Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, due 10/01/20†††		13,000
	530,000		TransDigm, Inc., 6.50%, due 07/15/24		517,413
	2,880,000	ZAR	Transnet SOC, Ltd., (MTN), Reg S, 9.50%, due 05/13/21‡‡‡		200,687
	910,000		Transocean Pontus, Ltd., 6.13%, due 08/01/25 144A		882,700
	590,000		Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A		539,118
	635,000		Tullow Oil Plc, 7.00%, due 03/01/25 144A		592,137
	635,000		Uber Technologies, Inc., 7.50%, due 11/01/23‡		615,950
	285,000	EUR	UniCredit SpA, Regs S, 6.63% (5 year EUR swap rate plus 6.387%)† ††††† ‡‡‡		307,390
	575,000		Unifin Financiera SAB de CV SOFOM ENR, 7.00%, due 01/15/25 144A		493,781
	610,000		Unifin Financiera SAB de CV SOFOM ENR, 7.25%, due 09/27/23 144A		563,786
	800,000		Union Pacific Corp., 4.50%, due 09/10/48		792,041
	90,000		United Rentals North America, Inc., 4.63%, due 07/15/23		88,650
	350,000		United Rentals North America, Inc., 5.88%, due 09/15/26		331,188
	90,000		United Rentals North America, Inc., 6.50%, due 12/15/26		88,875
	700,000		Univision Communications, Inc., 5.13%, due 05/15/23 144A		630,000
	200,000		Univision Communications, Inc., 6.75%, due 09/15/22 144A		200,000
	500,000		UPCB Finance IV, Ltd., 5.38%, due 01/15/25 144A		468,810
	380,000		Vale Overseas, Ltd., 6.88%, due 11/10/39‡		440,800
	150,000		Valeant Pharmaceuticals International, Inc., 7.00%, due 03/15/24 144A		151,875
	100,000		Verizon Communications, Inc., 4.52%, due 09/15/48		94,097
	935,000		Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.75%, due 04/15/23 144A		752,675
	2,081	GBP	Virgin Media Secured Finance Plc, 5.50%, due 01/15/25		2,641
	500,000		Virgin Media Secured Finance Plc, 5.50%, due 08/15/26 144A		463,675
	700,000	GBP	Virgin Media Secured Finance Plc, Reg S, 6.25%, due 03/28/29‡‡‡		897,983
	1,260,000		Vizient, Inc., 10.38%, due 03/01/24 144A		1,338,750
	750,000		VOC Escrow, Ltd., 5.00%, due 02/15/28 144A		695,625
	400,000		Vodafone Group Plc, 4.38%, due 05/30/28		388,766
	400,000		Vodafone Group Plc, 5.25%, due 05/30/48		376,894
	350,000		WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 144A		350,398
	2,500,000		Wells Fargo Bank NA, 2.98%, due 07/23/21◆◆		2,486,655
	910,000		Williams Cos. (The), Inc., 8.75%, due 03/15/32‡		1,187,911
	300,000		WPX Energy, Inc., 8.25%, due 08/01/23		315,000
	1,230,000		XPO CNW, Inc., 6.70%, due 05/01/34		1,051,650
	290,000		Yamana Gold, Inc., 4.63%, due 12/15/27		269,577
	650,000		Yingde Gases Investment, Ltd., 6.25%, due 01/19/23 144A		612,631
	890,000		YPF SA, 8.75%, due 04/04/24 144A		838,825
	710,000		YPF SA, Reg S, 8.50%, due 03/23/21‡‡‡		703,787
					157,093,554
			Mortgage Backed Securities - Private Issuers — 1.9%
	2,000,000		BBCCRE Trust, Series 2015-GTP, Class F, 4.56%, due 08/10/33◆◆ 144A		1,741,928
	620,000		BBCMS Trust, Series 2018-CBM, Class D, 4.85%, due 07/15/37◆◆ 144A		608,334
	1,000,000		BHMS, Series 2018-MZB, Class MZB, 9.09%, due 07/15/20◆◆ 144A		1,008,708

See accompanying Notes to the Schedule of Investments.

94

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Mortgage Backed Securities - Private Issuers — continued
	530,000		BX Trust, Series 2017-IMC, Class A, 3.51%, due 10/15/32◆◆ 144A		524,905
	1,500,000		BX Trust, Series 2018-BILT, 3.48%, due 05/15/30◆◆ 144A		1,484,039
	640,000		CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.76%, due 12/15/47◆◆ 144A		658,238
	341,050		Citigroup Mortgage Loan Trust, Series 2018-A, Class A1, 4.00%, due 01/25/68◆◆ 144A		342,228
	860,000		GAHR Commercial Mortgage Trust, Series 2015-NRF, Class EFX, 3.38%, due 12/15/34◆◆ 144A		844,472
	410,000		GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.39%, due 08/10/44◆◆ 144A		396,385
	1,390,000		JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, 10.66%, due 06/15/35◆◆ 144A		1,381,535
	1,215,260		Motel 6 Trust, Series 2017-MTL6, Class E, 5.71%, due 08/15/34◆◆ 144A		1,206,750
	665,000		Seasoned Credit Risk Transfer Trust, Series 2018-3, Class M, 4.75%, due 08/25/57◆◆ 144A		643,736
	230,000		Starwood Retail Property Trust, Series 2014-STAR, Class C, 4.96% (1 mo. USD LIBOR plus 2.500%), due 11/15/27† 144A		220,881
	300,000		Starwood Retail Property Trust, Series 2014-STAR, Class D, 5.71% (1 mo. USD LIBOR plus 3.250%), due 11/15/27† ‡‡‡‡		257,251
	1,361,580		Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 3.07% (1 mo. USD LIBOR plus 0.560%), due 05/25/45†		1,156,837
	1,022,868		WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR1, Class A1B, 3.29% (1 mo. USD LIBOR plus 0.780%), due 01/25/45†		1,013,442
	211,857		Wells Fargo Mortgage Backed Securities Trust, Series 2006-3, Class A11, 5.50%, due 03/25/36		211,006
					13,700,675
			Mortgage Backed Securities - U.S. Government Agency Obligations — 5.6%
	2,442,612		FNMA, Pool # MA3364, 3.50% , due 05/01/33		2,473,226
	1,844,261		FNMA, Pool # MA3472, 5.00% , due 09/01/48		1,935,023
	1,500,000		FNMA Connecticut Avenue Securities, Series 2017-C03, Class 1B1, 7.36% (1 mo. USD LIBOR plus 4.850%), due 10/25/29† 144A		1,623,294
	535,000		FNMA Connecticut Avenue Securities, Series 2017-C05, Class 1M2, 4.71% (1 mo. USD LIBOR plus 2.200%), due 01/25/30†		536,631
	1,920,000		FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1B1, 6.76% , due 01/25/31◆ 144A		1,843,167
	1,580,000		FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1M2, 4.86% , due 01/25/31◆ 144A		1,543,345
	4,867,417		GNMA II, Pool # MA5400, 5.00% , due 08/20/48		5,077,289
	16,618,499		GNMA II Pool, Pool # MA5595, 4.00% , due 11/20/48		17,035,226
	7,810,497		GNMA II Pool, Pool # MA5530, 5.00% , due 10/20/48		8,154,126
					40,221,327
			Sovereign Debt Obligations — 42.0%
	440,000		Abu Dhabi Government International Bond, 4.13%, due 10/11/47 144A		422,817
	67,350,000	ARS	Argentina POM Politica Monetaria, 59.26%, due 06/21/20◆		1,971,678
	300,000		Argentine Republic Government International Bond, 4.63%, due 01/11/23		237,938
	1,789,000		Argentine Republic Government International Bond, 5.88%, due 01/11/28‡		1,292,553
	1,775,000		Argentine Republic Government International Bond, 6.88%, due 04/22/21		1,610,386

See accompanying Notes to the Schedule of Investments.

95

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	615,000		Argentine Republic Government International Bond, 6.88%, due 01/11/48		431,269
	5,000,000	AUD	Australia Government Bond, Reg S, 2.25%, due 05/21/28‡‡‡		3,500,709
	1,230,000		Bahrain Government International Bond, Reg S, 6.13%, due 08/01/23‡ ‡‡ ‡‡‡		1,258,134
	3,435,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/21		5,128,495
	4,205,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26		6,270,237
	540,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35		827,313
	555,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43		971,970
	2,393,000	BRL	Brazil Letras do Tesouro Nacional, 93.23%, due 01/01/22‡‡		489,266
	1,060,000	BRL	Brazil Notas do Tesouro Nacional Serie B, 6.00%, due 08/15/50		1,022,457
	1,382,000	BRL	Brazil Notas do Tesouro Nacional Series B, 6.00%, due 08/15/20		1,201,941
	1,161,000	BRL	Brazil Notas do Tesouro Nacional Series B, 6.00%, due 05/15/45		1,090,354
	20,241,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/21		5,465,093
	30,708,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/23		8,304,514
	24,728,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/25		6,668,320
	27,585,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/27		7,454,003
	6,661,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/29		1,811,309
	18,768,300,000	COP	Colombian TES, 6.00%, due 04/28/28		5,491,567
	11,500,100,000	COP	Colombian TES, 7.00%, due 05/04/22		3,699,293
	4,509,200,000	COP	Colombian TES, 7.00%, due 06/30/32		1,376,680
	9,622,000,000	COP	Colombian TES, 7.50%, due 08/26/26		3,136,597
	4,800,100,000	COP	Colombian TES, 7.75%, due 09/18/30		1,575,972
	7,353,300,000	COP	Colombian TES, 10.00%, due 07/24/24		2,669,383
	6,852,600,000	COP	Colombian TES, 11.00%, due 07/24/20		2,298,935
	330,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.38%, due 09/25/28‡‡‡		379,673
	170,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.75%, due 06/27/24‡‡‡		208,105
	2,890,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 3.75%, due 07/26/23‡‡‡		3,715,258
	100,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 3.88%, due 05/06/22‡‡‡		126,898
	380,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 4.25%, due 11/04/25‡‡‡		503,306
	4,960,000	CZK	Czech Republic Government Bond, 0.25%, due 02/10/27		194,200
	5,170,000	CZK	Czech Republic Government Bond, 2.75%, due 07/23/29		245,779
	36,600,000	CZK	Czech Republic Government Bond, Reg S, 0.95%, due 05/15/30‡‡‡		1,426,587
	7,320,000	CZK	Czech Republic Government Bond, Reg S, 1.00%, due 06/26/26‡‡‡		305,076
	9,820,000	CZK	Czech Republic Government Bond, Reg S, 2.40%, due 09/17/25‡‡‡		449,627
	4,970,000	CZK	Czech Republic Government Bond, Reg S, 2.50%, due 08/25/28‡‡‡		232,881
	880,000		Ecuador Government International Bond, 9.63%, due 06/02/27 144A		799,700
	370,000		Ecuador Government International Bond, Reg S, 7.88%, due 01/23/28‡‡‡		302,244
	670,000		Egypt Government International Bond, 5.58%, due 02/21/23 144A		636,732
	600,000		Ghana Government International Bond, 7.63%, due 05/16/29 144A		539,520
	220,000		Honduras Government International Bond, Reg S, 6.25%, due 01/19/27‡‡‡		218,372
	378,940,000	HUF	Hungary Government Bond, 0.50%, due 04/21/21		1,331,922
	52,840,000	HUF	Hungary Government Bond, 1.75%, due 10/26/22		188,567
	60,570,000	HUF	Hungary Government Bond, 2.75%, due 12/22/26		213,492
	625,890,000	HUF	Hungary Government Bond, 3.00%, due 06/26/24		2,321,137
	424,340,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		1,516,487
	232,880,000	HUF	Hungary Government Bond, 5.50%, due 06/24/25		974,377
	309,600,000	HUF	Hungary Government Bond, 6.75%, due 10/22/28		1,445,459
	44,330,000	HUF	Hungary Government Bond, 7.00%, due 06/24/22		186,787
	1,880,000		Indonesia Government International Bond, (MTN), Reg S, 5.25%, due 01/17/42‡‡‡		1,894,970
	6,489,000,000	IDR	Indonesia Treasury Bond, 5.63%, due 05/15/23		414,588

See accompanying Notes to the Schedule of Investments.

96

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	17,252,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		1,058,755
	15,805,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		960,060
	59,369,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		3,864,352
	30,765,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 08/15/32		2,008,390
	40,578,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 05/15/38		2,598,205
	14,250,000,000	IDR	Indonesia Treasury Bond, 8.13%, due 05/15/24		1,008,852
	2,921,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 07/15/21		205,922
	14,352,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/29		1,023,560
	30,178,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 06/15/32		2,091,476
	32,385,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/36		2,231,817
	22,105,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		1,561,800
	17,140,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		1,206,213
	35,524,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		2,580,905
	9,364,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		688,548
	7,000,000,000	IDR	Indonesia Treasury Bond, 9.50%, due 07/15/31		533,813
	3,815,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		310,037
	26,340,000	ILS	Israel Government Bond — Fixed, 1.25%, due 11/30/22		7,060,537
	5,450,000	ILS	Israel Government Bond — Fixed, 5.50%, due 01/31/42		2,084,250
	2,545,000	EUR	Italy Buoni Poliennali Del Tesoro, Reg S, 3.45%, due 03/01/48‡‡‡ 144A		2,888,776
	270,000		Jamaica Government International Bond, 6.75%, due 04/28/28		288,900
	300,000		Kazakhstan Government International Bond, (MTN), Reg S, 5.13%, due 07/21/25‡‡‡		317,939
	10,500,000,000	KRW	Korea Treasury Bond, 2.38%, due 03/10/23		9,589,244
	430,000		Kuwait International Government Bond, 3.50%, due 03/20/27 144A		428,784
	685,000		Lebanon Government International Bond, (MTN), Reg S, 8.25%, due 04/12/21‡‡‡		653,449
2,189,000		MYR	Malaysia Government Bond, 3.42%, due 08/15/22		523,935
	1,545,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		369,088
	28,127,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		6,802,364
	14,230,000	MYR	Malaysia Government Bond, 3.80%, due 08/17/23		3,434,335
	4,513,000	MYR	Malaysia Government Bond, 3.84%, due 04/15/33		1,021,105
	9,000,000	MYR	Malaysia Government Bond, 3.88%, due 03/10/22		2,190,207
	3,566,000	MYR	Malaysia Government Bond, 3.88%, due 03/14/25		856,868
	391,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		92,634
	12,809,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		3,085,926
	1,395,000	MYR	Malaysia Government Bond, 4.50%, due 04/15/30		340,975
	807,000	MYR	Malaysia Government Bond, 4.74%, due 03/15/46		190,739
	758,000	MYR	Malaysia Government Bond, 4.89%, due 06/08/38		188,843
	8,600,000	MYR	Malaysia Government Bond, 4.92%, due 07/06/48		2,094,323
	66,423,100	MXN	Mexican Bonos, 5.75%, due 03/05/26		2,852,412
	57,560,600	MXN	Mexican Bonos, 6.50%, due 06/10/21		2,792,634
	82,267,000	MXN	Mexican Bonos, 6.50%, due 06/09/22		3,924,504
	92,213,000	MXN	Mexican Bonos, 7.50%, due 06/03/27		4,352,524
	25,232,500	MXN	Mexican Bonos, 7.75%, due 05/29/31		1,183,613
	17,577,600	MXN	Mexican Bonos, 7.75%, due 11/23/34		810,335
	53,036,500	MXN	Mexican Bonos, 7.75%, due 11/13/42		2,380,613
	4,376,000	MXN	Mexican Bonos, 8.00%, due 06/11/20		220,767
	17,338,800	MXN	Mexican Bonos, 8.00%, due 12/07/23		859,952
	12,491,700	MXN	Mexican Bonos, 8.00%, due 11/07/47		573,467
	11,179,300	MXN	Mexican Bonos, 8.50%, due 05/31/29		558,643
	16,250,700	MXN	Mexican Bonos, 8.50%, due 11/18/38		794,862

See accompanying Notes to the Schedule of Investments.

97

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	60,545,600	MXN	Mexican Bonos, 10.00%, due 12/05/24		3,268,379
	87,129,300	MXN	Mexican Bonos, 10.00%, due 11/20/36		4,873,533
	12,300,234	MXN	Mexican Udibonos, 4.00%, due 11/30/28		621,552
	16,514,741	MXN	Mexican Udibonos, 4.50%, due 11/22/35		883,432
	1,500,000		Mexico Government International Bond, 3.60%, due 01/30/25		1,434,000
	200,000		Mexico Government International Bond, (MTN), 4.75%, due 03/08/44		182,300
	1,885,000		Oman Government International Bond, 5.63%, due 01/17/28 144A		1,666,336
	1,493,000	PEN	Peruvian Government International Bond, Reg S, 5.70%, due 08/12/24‡‡‡		458,279
	3,516,000	PEN	Peruvian Government International Bond, Reg S, 6.35%, due 08/12/28‡‡‡		1,091,876
	4,298,000	PEN	Peruvian Government International Bond, Reg S, 6.95%, due 08/12/31‡‡‡		1,384,502
	3,455,000	PEN	Peruvian Government International Bond, Reg S, 8.20%, due 08/12/26‡‡‡		1,203,456
	40,000,000	PHP	Philippine Government International Bond, 3.90%, due 11/26/22		711,159
	9,000,000	PHP	Philippine Government International Bond, 4.95%, due 01/15/21		169,167
	20,000,000	PHP	Philippine Government International Bond, 6.25%, due 01/14/36		375,742
	5,882,000	PLN	Poland Government Bond, 2.50%, due 01/25/23		1,595,620
	7,455,000	PLN	Poland Government Bond, 2.50%, due 07/25/26		1,967,064
	5,568,000	PLN	Poland Government Bond, 2.50%, due 07/25/27		1,457,831
	22,554,000	PLN	Poland Government Bond, 3.25%, due 07/25/25		6,284,862
	1,030,000		Provincia de Buenos Aires/Argentina, 6.50%, due 02/15/23 144A		834,300
	150,000		Provincia de Buenos Aires/Argentina, 7.88%, due 06/15/27 144A		108,752
	390,000		Qatar Government International Bond, 5.10%, due 04/23/48 144A		410,524
	3,182,000	PLN	Republic of Poland Government Bond, 2.25%, due 04/25/22		858,528
	15,104,000	PLN	Republic of Poland Government Bond, 2.75%, due 04/25/28		4,001,399
	18,816,469	ZAR	Republic of South Africa Government Bond, 8.75%, due 01/31/44		1,164,894
	12,710,000	ZAR	Republic of South Africa Government Bond, 10.50%, due 12/21/26		962,041
	1,655,000	RON	Romania Government Bond, 3.25%, due 04/29/24		385,729
	2,690,000	RON	Romania Government Bond, 3.40%, due 03/08/22		647,404
	1,000,000	RON	Romania Government Bond, 3.65%, due 09/24/31		209,431
	14,545,000	RON	Romania Government Bond, 4.25%, due 06/28/23		3,558,973
	7,030,000	RON	Romania Government Bond, 5.00%, due 02/12/29		1,758,510
	4,300,000	RON	Romania Government Bond, 5.80%, due 07/26/27		1,146,579
	390,000	RON	Romania Government Bond, 5.95%, due 06/11/21		100,272
	79,600,000	RUB	Russian Federal Bond — OFZ, 6.90%, due 05/23/29		1,019,611
	83,611,000	RUB	Russian Federal Bond — OFZ, 7.00%, due 08/16/23		1,147,974
	284,249,000	RUB	Russian Federal Bond — OFZ, 7.05%, due 01/19/28		3,728,457
	175,486,000	RUB	Russian Federal Bond — OFZ, 7.10%, due 10/16/24		2,390,111
	32,221,000	RUB	Russian Federal Bond — OFZ, 7.25%, due 05/10/34		414,720
	110,781,000	RUB	Russian Federal Bond — OFZ, 7.40%, due 12/07/22		1,564,005
	167,246,000	RUB	Russian Federal Bond — OFZ, 7.50%, due 08/18/21		2,387,575
	58,403,000	RUB	Russian Federal Bond — OFZ, 7.70%, due 03/23/33		784,737
	183,718,000	RUB	Russian Federal Bond — OFZ, 7.75%, due 09/16/26		2,546,324
	87,913,000	RUB	Russian Federal Bond — OFZ, 8.15%, due 02/03/27		1,242,485
	34,523,000	RUB	Russian Federal Bond — OFZ, 8.50%, due 09/17/31		496,273
	880,000		Senegal Government International Bond, 6.25%, due 05/23/33 144A		760,359
	44,119,000	ZAR	South Africa Government Bond, 6.25%, due 03/31/36		2,192,339
	8,620,240	ZAR	South Africa Government Bond, 7.00%, due 02/28/31		492,930
	11,941,406	ZAR	South Africa Government Bond, 7.75%, due 02/28/23		820,391
	7,493,271	ZAR	South Africa Government Bond, 8.00%, due 01/31/30		471,641
	14,291,364	ZAR	South Africa Government Bond, 8.25%, due 03/31/32		891,729

See accompanying Notes to the Schedule of Investments.

98

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	16,203,561	ZAR	South Africa Government Bond, 8.50%, due 01/31/37		1,002,563
	23,193,904	ZAR	South Africa Government Bond, 8.75%, due 02/28/48		1,435,652
	8,648,505	ZAR	South Africa Government Bond, 8.88%, due 02/28/35		558,713
	27,153,501	ZAR	South Africa Government Bond, 9.00%, due 01/31/40		1,736,701
	181,827,528	ZAR	South Africa Government Bond, 10.50%, due 12/21/26		13,762,833
	123,193,000	THB	Thailand Government Bond, 2.13%, due 12/17/26		3,703,486
	12,725,000	THB	Thailand Government Bond, 3.60%, due 06/17/67		376,548
	37,230,000	THB	Thailand Government Bond, 3.65%, due 06/20/31		1,250,696
	31,590,000	THB	Thailand Government Bond, 4.00%, due 06/17/66		1,033,532
	32,340,000	THB	Thailand Government Bond, 4.88%, due 06/22/29		1,196,263
	77,065,142	THB	Thailand Government Bond, Reg S, 1.25%, due 03/12/28‡‡‡		2,237,779
	7,091,105	TRY	Turkey Government Bond, 4.00%, due 04/01/20		1,311,612
	10,967,911	TRY	Turkey Government Bond, 9.00%, due 07/24/24		1,498,632
	7,937,000	TRY	Turkey Government Bond, 10.50%, due 08/11/27		1,111,499
	5,207,200	TRY	Turkey Government Bond, 10.60%, due 02/11/26		757,603
	11,343,653	TRY	Turkey Government Bond, 10.70%, due 08/17/22		1,739,322
	15,442,043	TRY	Turkey Government Bond, 11.00%, due 03/02/22		2,438,263
	12,413,000	TRY	Turkey Government Bond, 11.00%, due 02/24/27		1,807,152
	3,799,000	TRY	Turkey Government Bond, 12.20%, due 01/18/23		607,709
	8,279,000	TRY	Turkey Government Bond, 12.40%, due 03/08/28		1,301,788
	463,000		Turkey Government International Bond, 4.88%, due 04/16/43		345,323
	695,000		Turkey Government International Bond, 5.75%, due 05/11/47		567,725
	1,330,000		Turkey Government International Bond, 6.25%, due 09/26/22		1,341,914
	769,000		Turkey Government International Bond, 6.63%, due 02/17/45		699,730
	320,000		Turkey Government International Bond, 7.38%, due 02/05/25		331,018
	21,388,000	UYU	Uruguay Government International Bond, Reg S, 8.50%, due 03/15/28‡‡‡		564,144
					302,037,466
			U.S. Government and Agency Obligations — 4.5%
	700,000		U.S. Treasury Bond, 3.13%, due 05/15/48		713,494
	6,035,923		U.S. Treasury Inflation Indexed Bond, 0.13%, due 04/15/22		5,841,091
	2,532,837		U.S. Treasury Inflation Indexed Bond, 1.00%, due 02/15/48		2,405,041
	6,500,000		U.S. Treasury Note, 1.38%, due 06/30/23		6,190,361
	17,000,000		U.S. Treasury Note, 2.50%, due 05/31/20		16,987,051
					32,137,038
			TOTAL DEBT OBLIGATIONS (COST $633,715,042)		616,012,731
Shares			Description	Value ($)
			COMMON STOCKS — 0.1%
			Diversified Financial Services — 0.0%
	7,396,155		Edcon Holdings, Ltd. 1* **** ^		—
	736,020		Edcon Holdings, Ltd. 2* **** ^		—
					—
			Oil & Gas — 0.1%
	8,511		Birch Permian Holdings, Inc.* ****		93,621

See accompanying Notes to the Schedule of Investments.

99

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas — continued
	66,347	Birch Permian Holdings, Inc.* ****		696,644
	14,783	Nine Point Energy, LLC****		—
	5	Penn Virginia Corp.*		270
				790,535
		Pharmaceuticals — 0.0%
	8,631	Advanz Pharma Corp.*		162,941
		TOTAL COMMON STOCKS (COST $3,593,776)		953,476
		CONVERTIBLE PREFERRED STOCK — 0.0%
		Oil & Gas — 0.0%
	322	Nine Point Energy Holdings, Inc., 0.00%* ****		239,033
		TOTAL CONVERTIBLE PREFERRED STOCK (COST $300,884)		239,033
		INVESTMENT COMPANY — 0.6%
	199,282	Invesco Senior Loan ETF		4,340,362
		TOTAL INVESTMENT COMPANY (COST $4,417,944)		4,340,362
		PREFERRED STOCK — 0.0%
		Investment Company — 0.0%
	2,450	B. Riley Financial, Inc., 6.88%*		56,546
		TOTAL PREFERRED STOCK (COST $61,250)		56,546
Notional Value		Description	Value ($)
		OPTIONS PURCHASED — 0.4%
		Purchased Currency Options — 0.0%
		Call Options — 0.0%
	680,000 USD	AUD/USD Option with UBS Securities LLC, Strike Price AUD 0.72, Expires 01/08/19		16,782
	1,610,000 USD	USD/EUR Option with JPMorgan Chase Bank N.A., Strike Price USD 1.15, Expires 01/04/19		3,664
	1,610,000 USD	USD/EUR Option with JPMorgan Chase Bank N.A., Strike Price USD 1.16, Expires 01/11/19		3,011
	1,610,000 USD	USD/EUR USD Option with JPMorgan Chase Bank N.A., Strike Price USD 1.16, Expires 01/18/19		4,360
	1,610,000 USD	USD/EUR USD Option with JPMorgan Chase Bank N.A., Strike Price USD 1.16, Expires 02/01/19		6,144
	1,430,000 USD	EUR/USD Option with UBS Securities LLC, Strike Price EUR 1.15, Expires 01/11/19		8,823
	2,840,000 USD	EUR/USD Option with UBS Securities LLC, Strike Price EUR 1.14, Expires 02/07/19		19,005
		Put Options — 0.4%
	5,200,000 USD	BRL/USD Option with Morgan Stanley & Co., Strike Price BRL 3.75, Expires 01/11/19		5,564

See accompanying Notes to the Schedule of Investments.

100

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Notional Value			Description	Value ($)
			Purchased Currency Options — continued
	5,100,000 EUR		EUR/USD Option with Citibank N.A., Strike Price EUR 1.12, Expires 06/07/19		43,428
	5,200,000 EUR		EUR/USD Option with JPMorgan Chase Bank N.A., Strike Price EUR 1.12, Expires 05/31/19		42,722
	1,900,000 USD		USD/EUR Option with Morgan Stanley & Co., Strike Price USD 1.19, Expires 04/01/19		2
	1,000,000 USD		GBP/USD Option with UBS Securities LLC, Strike Price GBP 1.32, Expires 01/28/19		3,360
	5,100,000 USD		JPY/USD Option with Morgan Stanley & Co., Strike Price JPY 107.50, Expires 03/22/19		56,860
	1,320,000 USD		MXN/USD Option with UBS Securities LLC, Strike Price MXN 20.00, Expires 01/31/19		29,513
			TOTAL CURRENCY OPTIONS PURCHASED (COST $306,870)		243,238
Number of Contracts		Notional Value ($)	Description	Value ($)
			Purchased Futures Options — 0.0%
			Put Options — 0.0%
	550	1,377,888	S&P E-mini Futures Option with UBS Securities LLC, Strike Price $2,450.00, Expires 01/18/19		19,250
	2,700	6,764,175	S&P E-mini Futures Option with UBS Securities LLC, Strike Price $2,400.00, Expires 01/18/19		62,775
	950	2,379,988	S&P E-mini Futures Option with UBS Securities LLC, Strike Price $2,300.00, Expires 02/15/19		23,988
	217,000	31,682,000	U.S. Treasury Bond Futures Option with JPMorgan Securities LLC, Strike Price $142.00, Expires 01/25/19		33,906
	24,000	2,928,375	U.S. Treasury Note 10-Year Futures Option with UBS Securities LLC, Strike Price $121.00, Expires 01/25/19		4,125
	22,000	2,523,125	U.S. Treasury Note 5-Year Futures Option with UBS Securities LLC, Strike Price $113.00, Expires 01/25/19		516
	11,000	1,261,563	U.S. Treasury Note 5-Year Futures Option with UBS Securities LLC, Strike Price $112.00, Expires 01/25/19		86
			TOTAL PUT FUTURES OPTIONS PURCHASED (COST $341,252)		144,646
			Purchased Index Options — 0.4%
			Put Options — 0.4%
	2,200	5,515,070	S&P 500 Index Option with Citigroup Global Markets Inc., Strike Price $2,600.00, Expires 01/18/19		227,480
	2,900	7,269,865	S&P 500 Index Option with Citigroup Global Markets Inc., Strike Price $2,750.00, Expires 12/20/19		1,090,400
	33,500,000	33,500,000	CDX.NA.HY.31 Index Option with JPMorgan Chase Bank N.A., Strike Price $103.00, Expires 02/20/19		728,290
	13,500,000	13,500,000	CDX.NA.HY.31 Index Option with JPMorgan Chase Bank N.A., Strike Price $102.50, Expires 02/20/19		255,140
			TOTAL PUT INDEX OPTIONS PURCHASED (COST $1,356,950)		2,301,310
			TOTAL OPTIONS PURCHASED (COST $2,005,072)		2,689,194

See accompanying Notes to the Schedule of Investments.

101

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 11.9%
			Certificates of Deposit — 0.8%
	1,500,000		Campbell Soup Co., 3.00%, due 01/16/19 144A		1,498,149
	701,000		Enable Midstream Partners, LP, 2.92%, due 01/07/19‡‡ 144A		700,607
	600,000		Enable Midstream Partners, LP, 3.02%, due 01/17/19‡‡ 144A		599,158
	1,000,000		Energy Transfer Partners, 3.27%, due 03/04/19‡‡ 144A		994,384
	500,000		Harris Corp., 2.86%, due 01/07/19‡‡		499,726
	500,000		Humana, Inc., 3.08%, due 02/12/19‡‡ 144A		498,195
	360,000		Southern California Edison Co., 2.79%, due 01/22/19‡‡ 144A		359,396
	500,000		Vodafone Group Plc, 2.73%, due 01/07/19‡‡ 144A		499,738
			TOTAL CERTIFICATES OF DEPOSIT (COST $5,648,626)		5,649,353
			Investment Company — 2.3%
	16,451,532		T. Rowe Price Government Reserve Fund, 2.41%, due 09/19/34		16,451,532
			Mutual Fund - Securities Lending Collateral — 3.4%
	24,269,865		State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.27%## ***		24,269,865
			Sovereign Debt Obligations — 0.4%
	1,150,000	EGP	Egypt Treasury Bills, 19.70%, due 04/23/19 ‡‡		60,485
	46,000,000	EGP	Egypt Treasury Bills, 19.35%, due 03/19/19 ‡‡		2,465,030
			TOTAL SOVEREIGN DEBT OBLIGATIONS		2,525,515
			U.S. Government and Agency Obligations — 5.0%
	19,520,000		U.S. Treasury Note, 1.25%, due 03/31/19‡		19,464,741
	2,600,000		United States Treasury Bill, 0.76%, due 01/03/19‡‡		2,599,838
	7,132,000		United States Treasury Bill, 2.34%, due 02/28/19 ‡‡(a)		7,105,167
	7,120,000		United States Treasury Bill, 2.36%, due 03/28/19‡‡		7,080,220
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $36,252,402)		36,249,966
			TOTAL SHORT-TERM INVESTMENTS (COST $85,155,779)		85,146,231
			TOTAL INVESTMENTS — 98.6% (Cost $729,249,747)		709,437,573
			Other Assets and Liabilities (net) — 1.4%		10,202,250
			NET ASSETS — 100.0%	$719,639,823

See accompanying Notes to the Schedule of Investments.

102

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

	Notes to Schedule of Investments:
	CDX.NA.HY — Markit North America High Yield CDS Index
	CLO — Collateralized Loan Obligation
	FNMA — Federal National Mortgage Association
	GNMA — Government National Mortgage Association
	MTN — Medium Term Note
	OTC — Over-The-Counter
	PIK — Payment In Kind
	REIT — Real Estate Investment Trust
#	Year of maturity is greater than 2100.
##	The rate disclosed is the 7 day net yield as of December 31, 2018.
*	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 $1,029,298 which represents 0.1% of net assets. The aggregate tax cost of these securities held at December 31, 2018 was $1,911,239.
^	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
◆	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
◆◆	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
†	Variable or floating rate note. Rate shown is as of December 31, 2018.
††	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.
†††††	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.
‡‡‡‡	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period end, the market value of restricted securities was $257,251, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of this security is pledged for open futures and centrally cleared swaps collateral.
144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $109,528,274 which represents 15.2% of net assets.

See accompanying Notes to the Schedule of Investments.

103

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

At December 31, 2018, the Fund held the following restricted security:

Restricted Security	Acquistion Date	Principal Amount	Cost		Value
Starwood Retail Property Trust, Series 2014-STAR, Class D, 5.71% (1 mo. USD LIBOR plus 3.250%), due 11/15/27	12/21/18	$300,000	$	240,750	$	257,251
					$	257,251

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
ARS	4,085,650	USD	96,542		03/27/19	Citibank N.A.	$	842
ARS	48,524,765	USD	1,188,801		01/16/19	HSBC Bank Plc		75,688
ARS	5,507,050	USD	135,205		02/21/19	HSBC Bank Plc		1,486
ARS	28,214,000	USD	715,003		01/18/19	JPMorgan Chase Bank N.A. London		18,114
ARS	28,213,000	USD	713,982		01/22/19	JPMorgan Chase Bank N.A. London		14,942
ARS	30,765,000	USD	776,567		01/23/19	JPMorgan Chase Bank N.A. London		17,164
ARS	3,734,530	USD	92,783		02/11/19	JPMorgan Chase Bank N.A. London		1,102
ARS	3,193,160	USD	78,611		02/21/19	Morgan Stanley & Co.		647
AUD	440,740	USD	318,091		01/10/19	Citibank N.A.		(7,762	)
AUD	1,150,000	USD	820,880		01/18/19	Citibank N.A.		(11,022	)
AUD	5,298,000	USD	3,798,237		01/25/19	HSBC Bank Plc		(66,719	)
AUD	3,881,000	USD	2,779,413		01/25/19	Morgan Stanley & Co.		(45,925	)
BRL	1,145,000	USD	298,846		01/16/19	Citibank N.A.		(3,718	)
BRL	18,264,574	USD	4,860,876		01/03/19	Deutsche Bank AG		(148,349	)
BRL	24,984,832	USD	6,455,292		01/03/19	HSBC Bank Plc		(8,841	)
BRL	10,288,890	USD	2,677,699		01/16/19	HSBC Bank Plc		(25,697	)
BRL	16,851,945	USD	4,385,535		01/03/19	JPMorgan Chase Bank N.A. London		(37,488	)
BRL	526,000	USD	135,555		01/18/19	JPMorgan Chase Bank N.A. London		7
BRL	59,209,528	USD	15,387,257		01/03/19	Morgan Stanley & Co.		(110,334	)
BRL	2,103,520	USD	534,159		01/16/19	Morgan Stanley & Co.		8,031
BRL	2,881,730	USD	735,886		01/16/19	Natwest Markets Plc		6,891
CAD	1,231,000	USD	940,161		01/25/19	HSBC Bank Plc		(38,342	)
CAD	7,002,000	USD	5,247,800		01/25/19	JPMorgan Chase Bank N.A. London		(118,199	)
CAD	4,010,000	USD	3,043,043		01/25/19	Morgan Stanley & Co.		(105,354	)
CLP	1,093,801,000	USD	1,584,415		01/11/19	BNP Paribas S.A.		(8,230	)
CLP	359,357,840	USD	529,993		01/16/19	Citibank N.A.		(12,058	)
CLP	248,671,450	USD	371,929		01/16/19	Credit Suisse International		(13,524	)
CLP	100,919,000	USD	148,347		01/11/19	Deutsche Bank AG		(2,921	)
CLP	3,281,403,000	USD	4,742,771		01/11/19	JPMorgan Chase Bank N.A. London		(14,216	)
CLP	765,196,620	USD	1,126,750		01/16/19	JPMorgan Chase Bank N.A. London		(23,889	)
CLP	413,372,000	USD	610,594		01/18/19	JPMorgan Chase Bank N.A. London		(14,767	)
CLP	434,810,000	USD	632,175		01/28/19	Morgan Stanley & Co.		(5,220	)
CNY	6,808,110	USD	979,486		01/16/19	Deutsche Bank AG		12,161
COP	2,653,114,140	USD	865,334		01/16/19	Deutsche Bank AG		(48,761	)
COP	388,782,000	USD	122,722		02/08/19	Deutsche Bank AG		(3,181	)
COP	1,807,772,140	USD	564,224		02/14/19	Deutsche Bank AG		(8,598	)
COP	5,796,794,980	USD	1,823,755		01/16/19	HSBC Bank Plc		(39,623	)
COP	4,314,279,000	USD	1,349,583		02/08/19	HSBC Bank Plc		(23,050	)
COP	1,944,006,160	USD	597,512		02/14/19	HSBC Bank Plc		(15	)

See accompanying Notes to the Schedule of Investments.

104

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
COP	1,017,643,000	USD	310,068		01/18/19	JPMorgan Chase Bank N.A. London	$	3,117
COP	1,739,023,920	USD	544,023		02/14/19	Natwest Markets Plc		(9,528	)
CZK	39,707,510	USD	1,750,234		01/16/19	Citibank N.A.		14,108
CZK	53,045,000	USD	2,339,567		01/16/19	Deutsche Bank AG		17,406
CZK	13,216,800	USD	580,471		01/16/19	HSBC Bank Plc		6,797
EUR	124,693	USD	142,369		01/31/19	Barclays Bank Plc		506
EUR	904,960	USD	1,033,386		01/16/19	Citibank N.A.		2,234
EUR	410,000	USD	466,455		01/18/19	Citibank N.A.		2,820
EUR	445,000	USD	509,525		01/03/19	Goldman Sachs International		(823	)
EUR	430,000	USD	492,883		01/16/19	HSBC Bank Plc		(798	)
EUR	4,488,264	USD	5,190,514		01/31/19	HSBC Bank Plc		(47,786	)
EUR	357,500	USD	416,988		01/15/19	JPMorgan Chase Bank N.A. London		(7,905	)
EUR	1,440,000	USD	1,645,943		01/16/19	JPMorgan Chase Bank N.A. London		1,968
EUR	1,300,000	USD	1,471,893		01/18/19	JPMorgan Chase Bank N.A. London		16,053
EUR	20,679,931	USD	23,997,072		01/31/19	JPMorgan Chase Bank N.A. London		(301,661	)
EUR	720,000	USD	834,138		02/11/19	JPMorgan Chase Bank N.A. London		(8,391	)
EUR	1,580,525	USD	1,814,399		01/31/19	Morgan Stanley & Co.		(3,408	)
EUR	1,453,030	USD	1,665,062		01/16/19	Natwest Markets Plc		(2,240	)
EUR	1,249,120	USD	1,428,766		01/16/19	Toronto-Dominion Bank		705
GBP	128,238	USD	161,742		02/22/19	Barclays Bank Plc		1,982
GBP	1,588,000	USD	2,050,121		02/22/19	HSBC Bank Plc		(22,687	)
GBP	145,000	USD	185,598		02/22/19	Morgan Stanley & Co.		(474	)
HUF	272,039,980	USD	974,201		01/16/19	Citibank N.A.		(3,981	)
HUF	414,542,028	USD	1,478,383		01/16/19	HSBC Bank Plc		65
HUF	126,332,080	USD	449,383		01/16/19	JPMorgan Chase Bank N.A. London		1,176
HUF	480,030,000	USD	1,694,419		02/01/19	JPMorgan Chase Bank N.A. London		19,450
IDR	7,834,334,370	USD	524,733		01/16/19	Deutsche Bank AG		19,370
IDR	12,624,185,120	USD	860,642		02/14/19	Deutsche Bank AG		13,447
IDR	8,628,972,860	USD	577,389		01/16/19	HSBC Bank Plc		21,903
IDR	30,275,913,092	USD	2,057,333		02/14/19	HSBC Bank Plc		38,948
IDR	2,670,557,040	USD	180,273		01/16/19	JPMorgan Chase Bank N.A. London		5,201
IDR	49,517,316,000	USD	3,376,442		01/18/19	JPMorgan Chase Bank N.A. London		61,864
IDR	8,575,538,110	USD	582,142		02/14/19	JPMorgan Chase Bank N.A. London		11,621
IDR	9,392,520,000	USD	653,848		01/03/19	Morgan Stanley & Co.		(682	)
IDR	2,670,555,000	USD	179,593		01/16/19	Morgan Stanley & Co.		5,880
IDR	9,392,520,000	USD	645,956		02/04/19	Morgan Stanley & Co.		5,059
IDR	2,761,316,960	USD	187,934		02/14/19	Morgan Stanley & Co.		3,257
INR	106,392,050	USD	1,468,818		01/16/19	HSBC Bank Plc		52,876
INR	141,539,000	USD	1,933,598		02/08/19	JPMorgan Chase Bank N.A. London		85,616
INR	17,736,570	USD	251,262		01/16/19	Morgan Stanley & Co.		2,419
JPY	19,279,320	USD	171,658		01/16/19	Citibank N.A.		4,190
JPY	195,400,000	USD	1,753,763		01/18/19	Citibank N.A.		28,784
JPY	21,794,450	USD	192,557		01/16/19	Deutsche Bank AG		6,233
JPY	90,561,390	USD	809,494		01/16/19	HSBC Bank Plc		16,527
JPY	45,928,800	USD	409,842		01/16/19	JPMorgan Chase Bank N.A. London		9,080
JPY	10,586,000	USD	94,435		02/22/19	JPMorgan Chase Bank N.A. London		2,404
JPY	1,546,348,000	USD	13,917,282		01/25/19	Morgan Stanley & Co.		197,115

See accompanying Notes to the Schedule of Investments.

105

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
JPY	257,768,000	USD	2,318,050		02/22/19	Morgan Stanley & Co.	$	39,951
JPY	57,614,280	USD	513,451		01/16/19	Natwest Markets Plc		12,055
JPY	101,832,110	USD	902,172		01/16/19	State Street Bank and Trust		26,651
JPY	88,188,400	USD	786,216		01/16/19	Toronto-Dominion Bank		18,161
KRW	53,011,540	USD	46,933		01/16/19	Citibank N.A.		595
KRW	296,951,410	USD	264,946		01/16/19	HSBC Bank Plc		1,287
KRW	3,402,779,000	USD	3,040,200		03/08/19	HSBC Bank Plc		16,107
KRW	1,108,873,400	USD	984,650		01/16/19	JPMorgan Chase Bank N.A. London		9,513
KRW	6,709,646,000	USD	5,977,420		03/08/19	JPMorgan Chase Bank N.A. London		49,046
KZT	82,856,680	USD	222,315		02/25/19	Citibank N.A.		(7,058	)
KZT	57,884,580	USD	150,741		02/11/19	HSBC Bank Plc		67
KZT	41,971,980	USD	110,744		02/08/19	JPMorgan Chase Bank N.A. London		(1,327	)
KZT	47,315,550	USD	123,944		03/29/19	JPMorgan Chase Bank N.A. London		(1,709	)
KZT	114,828,270	USD	320,749		01/31/19	Morgan Stanley & Co.		(20,932	)
KZT	36,979,810	USD	100,653		02/08/19	Morgan Stanley & Co.		(4,250	)
KZT	77,715,200	USD	206,415		02/06/19	Natwest Markets Plc		(3,735	)
KZT	29,433,990	USD	78,157		02/07/19	Natwest Markets Plc		(1,410	)
KZT	33,720,110	USD	88,446		02/13/19	Natwest Markets Plc		(630	)
KZT	59,722,330	USD	158,037		02/28/19	Natwest Markets Plc		(2,977	)
KZT	67,857,300	USD	180,232		03/14/19	Natwest Markets Plc		(4,488	)
KZT	49,920,210	USD	128,660		04/03/19	Natwest Markets Plc		196
KZT	128,190,390	USD	334,119		04/08/19	Natwest Markets Plc		(3,509	)
MXN	11,117,600	USD	545,882		01/16/19	Citibank N.A.		17,624
MXN	40,615,035	USD	2,066,509		01/18/19	Citibank N.A.		(8,543	)
MXN	34,617,200	USD	1,723,538		01/16/19	HSBC Bank Plc		31,067
MXN	6,530,000	USD	321,482		01/16/19	JPMorgan Chase Bank N.A. London		9,498
MXN	67,097,000	USD	3,305,466		02/01/19	JPMorgan Chase Bank N.A. London		86,892
MXN	84,012,000	USD	4,184,573		02/22/19	JPMorgan Chase Bank N.A. London		48,805
MXN	11,551,640	USD	578,406		01/16/19	Morgan Stanley & Co.		7,100
MXN	48,282,182	USD	2,361,651		02/22/19	Morgan Stanley & Co.		71,296
MXN	21,240,460	USD	1,036,345		01/16/19	Natwest Markets Plc		40,248
MXN	4,714,090	USD	232,999		01/16/19	State Street Bank and Trust		5,940
MXN	8,162,120	USD	395,161		01/16/19	Toronto-Dominion Bank		18,544
MYR	16,607,561	USD	3,966,628		02/08/19	HSBC Bank Plc		50,065
MYR	9,810,960	USD	2,353,392		01/16/19	Morgan Stanley & Co.		20,206
MYR	4,615,150	USD	1,105,064		02/14/19	Morgan Stanley & Co.		11,078
PEN	448,000	USD	132,670		01/18/19	JPMorgan Chase Bank N.A. London		(144	)
PHP	27,972,130	USD	532,134		01/16/19	HSBC Bank Plc		(863	)
PHP	140,286,000	USD	2,608,094		01/11/19	JPMorgan Chase Bank N.A. London		57,451
PHP	93,766,000	USD	1,767,522		01/18/19	JPMorgan Chase Bank N.A. London		13,063
PHP	5,365,010	USD	100,482		02/14/19	JPMorgan Chase Bank N.A. London		1,154
PLN	2,633,150	USD	700,249		01/16/19	Citibank N.A.		801
PLN	1,775,360	USD	471,648		01/16/19	HSBC Bank Plc		1,024
PLN	24,440,000	USD	6,446,682		02/01/19	JPMorgan Chase Bank N.A. London		62,311
PLN	1,628,000	USD	433,278		02/22/19	Morgan Stanley & Co.		539
PLN	6,056,280	USD	1,617,293		01/16/19	Toronto-Dominion Bank		(4,868	)
RON	660,000	USD	161,363		01/18/19	BNP Paribas S.A.		651

See accompanying Notes to the Schedule of Investments.

106

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
RON	1,171,200	USD	285,035		01/16/19	Deutsche Bank AG	$	2,476
RON	900,990	USD	220,959		01/16/19	JPMorgan Chase Bank N.A. London		219
RON	8,085,835	USD	1,990,182		01/18/19	JPMorgan Chase Bank N.A. London		(5,312	)
RON	21,972,000	USD	5,351,184		02/01/19	JPMorgan Chase Bank N.A. London		41,056
RON	7,587,330	USD	1,852,364		01/16/19	Morgan Stanley & Co.		10,202
RON	6,559,000	USD	1,617,709		01/18/19	Morgan Stanley & Co.		(7,638	)
RON	8,445,000	USD	2,060,122		01/16/19	Natwest Markets Plc		12,988
RUB	30,358,850	USD	444,460		01/16/19	Deutsche Bank AG		(7,265	)
RUB	172,429,970	USD	2,517,387		01/16/19	HSBC Bank Plc		(34,237	)
RUB	41,580,620	USD	613,400		01/16/19	JPMorgan Chase Bank N.A. London		(14,601	)
RUB	386,908,000	USD	5,847,844		01/18/19	JPMorgan Chase Bank N.A. London		(277,546	)
RUB	31,722,750	USD	467,901		01/16/19	Morgan Stanley & Co.		(11,064	)
SEK	722,000	USD	82,200		01/18/19	HSBC Bank Plc		(663	)
SEK	9,673,000	USD	1,081,857		01/18/19	JPMorgan Chase Bank N.A. London		10,533
SEK	18,797,000	USD	2,106,649		01/18/19	Morgan Stanley & Co.		16,131
THB	80,960,040	USD	2,491,651		01/16/19	HSBC Bank Plc		(4,974	)
THB	73,199,316	USD	2,240,185		02/14/19	HSBC Bank Plc		9,599
THB	115,922,020	USD	3,535,122		03/13/19	HSBC Bank Plc		31,269
THB	49,102,080	USD	1,492,154		02/14/19	JPMorgan Chase Bank N.A. London		17,001
THB	101,143,152	USD	3,113,726		01/16/19	Morgan Stanley & Co.		(7,127	)
THB	16,480,280	USD	504,138		02/14/19	Morgan Stanley & Co.		2,384
THB	111,049,432	USD	3,377,210		03/13/19	Morgan Stanley & Co.		39,275
THB	15,667,130	USD	486,338		01/16/19	Natwest Markets Plc		(5,124	)
THB	22,968,980	USD	699,223		02/14/19	Natwest Markets Plc		6,730
TRY	7,179,273	USD	1,310,570		01/16/19	Citibank N.A.		28,576
TRY	4,810,000	USD	881,588		01/16/19	HSBC Bank Plc		15,619
TRY	5,005,000	USD	894,300		02/01/19	JPMorgan Chase Bank N.A. London		31,157
TRY	10,495,816	USD	1,887,567		01/16/19	Morgan Stanley & Co.		70,211
TRY	3,085,827	USD	576,786		01/16/19	Natwest Markets Plc		(1,188	)
TWD	15,822,010	USD	515,298		01/16/19	HSBC Bank Plc		33
TWD	3,442,000	USD	113,064		02/11/19	HSBC Bank Plc		(706	)
TWD	14,124,890	USD	459,615		01/16/19	JPMorgan Chase Bank N.A. London		440
TWD	15,815,260	USD	513,834		01/16/19	Natwest Markets Plc		1,277
ZAR	28,633,000	USD	2,025,793		02/08/19	Barclays Bank Plc		(43,879	)
ZAR	5,889,230	USD	409,860		01/16/19	Citibank N.A.		(1,071	)
ZAR	33,254,670	USD	2,348,535		01/16/19	HSBC Bank Plc		(40,233	)
ZAR	2,990,660	USD	213,231		01/16/19	JPMorgan Chase Bank N.A. London		(5,641	)
ZAR	19,789,000	USD	1,363,222		02/01/19	JPMorgan Chase Bank N.A. London		7,705
ZAR	7,372,580	USD	507,360		01/16/19	Morgan Stanley & Co.		4,392
ZAR	4,624,341	USD	327,798		02/08/19	Morgan Stanley & Co.		(7,711	)
ZAR	5,353,120	USD	371,493		01/16/19	Natwest Markets Plc		82
USD	292,876	ARS	11,912,000		02/15/19	Citibank N.A.		(5,060	)
USD	114,784	ARS	4,465,080		01/16/19	HSBC Bank Plc		(1,570	)
USD	884,807	AUD	1,200,000		01/18/19	Citibank N.A.		39,737
USD	3,470,869	AUD	4,911,500		01/25/19	HSBC Bank Plc		11,573
USD	48,774	AUD	67,000		01/25/19	Morgan Stanley & Co.		1,584
USD	1,152,780	BRL	4,457,160		01/16/19	Citibank N.A.		3,928

See accompanying Notes to the Schedule of Investments.

107

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	4,713,682	BRL	18,264,574		01/03/19	Deutsche Bank AG	$	1,156
USD	6,540,037	BRL	24,966,400		01/16/19	Deutsche Bank AG		104,846
USD	6,223,427	BRL	24,984,832		01/03/19	HSBC Bank Plc		(223,024	)
USD	1,113,372	BRL	4,394,980		01/16/19	HSBC Bank Plc		(19,452	)
USD	2,852,839	BRL	11,095,832		04/02/19	HSBC Bank Plc		9,582
USD	4,173,367	BRL	16,851,945		01/03/19	JPMorgan Chase Bank N.A. London		(174,680	)
USD	9,500,513	BRL	37,305,400		01/18/19	JPMorgan Chase Bank N.A. London		(113,973	)
USD	14,877,036	BRL	59,209,528		01/03/19	Morgan Stanley & Co.		(399,886	)
USD	387,095	BRL	1,519,930		01/16/19	Morgan Stanley & Co.		(4,673	)
USD	2,854,717	BRL	11,096,000		04/02/19	Morgan Stanley & Co.		11,417
USD	172,783	CAD	229,000		01/25/19	Deutsche Bank AG		5,020
USD	804,396	CAD	1,075,000		01/17/19	HSBC Bank Plc		17,017
USD	8,002,158	CAD	10,493,000		01/25/19	JPMorgan Chase Bank N.A. London		315,083
USD	1,585,334	CLP	1,093,801,000		04/05/19	BNP Paribas S.A.		7,974
USD	4,533,626	CLP	3,058,973,623		01/11/19	Deutsche Bank AG		125,596
USD	589,697	CLP	395,480,000		01/16/19	Deutsche Bank AG		19,700
USD	4,552,814	CLP	3,019,881,426		01/11/19	HSBC Bank Plc		201,116
USD	4,744,444	CLP	3,281,403,000		04/05/19	JPMorgan Chase Bank N.A. London		12,365
USD	854,256	CLP	584,872,767		01/11/19	Morgan Stanley & Co.		11,445
USD	979,540	CNY	6,808,110		01/16/19	HSBC Bank Plc		(12,106	)
USD	260,655	COP	846,607,310		02/14/19	Credit Suisse International		447
USD	525,319	COP	1,705,792,380		02/14/19	Deutsche Bank AG		1,038
USD	871,160	COP	2,759,957,030		01/16/19	HSBC Bank Plc		21,704
USD	727,153	COP	2,317,655,640		02/14/19	HSBC Bank Plc		14,814
USD	2,138,537	COP	6,794,560,000		01/18/19	JPMorgan Chase Bank N.A. London		47,473
USD	1,467,254	COP	4,703,061,000		02/08/19	Morgan Stanley & Co.		21,180
USD	189,583	COP	598,512,330		02/14/19	Morgan Stanley & Co.		5,628
USD	321,504	CZK	7,291,640		01/16/19	Citibank N.A.		(2,489	)
USD	343,612	CZK	7,810,000		01/16/19	Deutsche Bank AG		(3,413	)
USD	441,595	CZK	10,045,620		01/16/19	HSBC Bank Plc		(4,766	)
USD	502,637	CZK	11,439,870		01/16/19	JPMorgan Chase Bank N.A. London		(5,675	)
USD	324,504	EUR	285,000		01/22/19	Bank of America, N.A.		(1,809	)
USD	614,141	EUR	535,000		01/24/19	Barclays Bank Plc		1,488
USD	325,886	EUR	285,000		01/31/19	Barclays Bank Plc		(672	)
USD	4,317,839	EUR	3,765,000		01/18/19	Citibank N.A.		8,521
USD	913,039	EUR	805,000		02/11/19	Citibank N.A.		(10,192	)
USD	399,254	EUR	350,000		01/10/19	Deutsche Bank AG		(1,080	)
USD	609,699	EUR	535,000		01/17/19	Deutsche Bank AG		(2,596	)
USD	319,446	EUR	280,000		01/22/19	Deutsche Bank AG		(1,141	)
USD	13,390,255	EUR	11,324,353		01/31/19	Deutsche Bank AG		414,622
USD	508,151	EUR	445,000		01/03/19	Goldman Sachs International		(551	)
USD	510,867	EUR	445,000		02/04/19	Goldman Sachs International		808
USD	126,266	EUR	110,000		01/24/19	HSBC Bank Plc		300
USD	5,062,570	EUR	4,342,728		01/31/19	HSBC Bank Plc		86,600
USD	466,396	EUR	410,000		01/15/19	JPMorgan Chase Bank N.A. London		(2,762	)
USD	4,242,476	EUR	3,693,270		01/16/19	JPMorgan Chase Bank N.A. London		15,962
USD	135,641	EUR	116,002		01/18/19	JPMorgan Chase Bank N.A. London		2,869

See accompanying Notes to the Schedule of Investments.

108

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	14,600,231	EUR	12,606,360		01/31/19	JPMorgan Chase Bank N.A. London	$	155,653
USD	516,535	EUR	453,580		01/16/19	State Street Bank and Trust		(2,534	)
USD	1,273,145	EUR	1,113,620		01/16/19	Toronto-Dominion Bank		(1,262	)
USD	650,233	EUR	570,000		01/22/19	UBS AG		(2,392	)
USD	3,344,118	GBP	2,623,000		02/22/19	JPMorgan Chase Bank N.A. London		(4,722	)
USD	68,515	HUF	19,630,000		01/16/19	Citibank N.A.		(1,495	)
USD	125,090	HUF	35,510,000		01/16/19	Credit Suisse International		(1,555	)
USD	1,226,980	HUF	346,726,290		01/16/19	HSBC Bank Plc		(9,605	)
USD	1,765,295	HUF	497,224,000		02/01/19	JPMorgan Chase Bank N.A. London		(9,962	)
USD	1,048,790	HUF	297,331,600		01/16/19	Toronto-Dominion Bank		(11,632	)
USD	920,197	IDR	14,389,112,712		01/18/19	Citibank N.A.		(78,932	)
USD	782,440	IDR	11,617,526,690		01/16/19	Deutsche Bank AG		(24,411	)
USD	162,595	IDR	2,370,628,970		02/14/19	Deutsche Bank AG		(1,546	)
USD	1,676,649	IDR	25,103,392,270		01/16/19	HSBC Bank Plc		(66,809	)
USD	1,281,699	IDR	18,631,600,990		02/14/19	HSBC Bank Plc		(8,338	)
USD	347,959	IDR	5,020,000,000		01/18/19	JPMorgan Chase Bank N.A. London		(612	)
USD	647,291	IDR	9,392,520,000		01/03/19	Morgan Stanley & Co.		(5,874	)
USD	1,511	IDR	23,360,000		01/16/19	Morgan Stanley & Co.		(111	)
USD	322,305	IDR	4,723,381,648		02/14/19	Morgan Stanley & Co.		(4,738	)
USD	119,289	IDR	1,769,077,750		01/16/19	Natwest Markets Plc		(3,576	)
USD	1,927,598	ILS	6,853,092		01/17/19	Deutsche Bank AG		91,599
USD	7,783,831	ILS	27,663,436		01/17/19	HSBC Bank Plc		372,571
USD	251,940	INR	17,649,170		01/16/19	Citibank N.A.		(491	)
USD	709,652	INR	51,007,980		01/16/19	HSBC Bank Plc		(19,900	)
USD	1,358,736	INR	97,911,000		02/08/19	HSBC Bank Plc		(38,076	)
USD	441,587	INR	32,832,000		02/08/19	JPMorgan Chase Bank N.A. London		(26,800	)
USD	520,386	INR	37,353,280		01/16/19	Morgan Stanley & Co.		(13,868	)
USD	258,282	INR	18,118,190		01/16/19	Natwest Markets Plc		(858	)
USD	595,159	JPY	67,425,000		01/18/19	Citibank N.A.		(19,929	)
USD	3,099,138	JPY	349,107,000		01/25/19	HSBC Bank Plc		(87,360	)
USD	5,831,127	JPY	653,922,000		01/25/19	JPMorgan Chase Bank N.A. London		(137,590	)
USD	2,164,469	JPY	240,018,000		01/25/19	Morgan Stanley & Co.		(26,311	)
USD	3,850,268	JPY	428,119,500		01/16/19	Toronto-Dominion Bank		(54,661	)
USD	229,100	KRW	255,400,890		01/16/19	HSBC Bank Plc		120
USD	2,720,391	KRW	3,057,539,000		03/08/19	HSBC Bank Plc		(25,827	)
USD	9,168,491	KRW	10,319,015,000		03/08/19	JPMorgan Chase Bank N.A. London		(99,836	)
USD	269,885	KRW	298,951,480		01/16/19	Morgan Stanley & Co.		1,859
USD	9,899,793	KRW	11,140,732,000		03/08/19	Morgan Stanley & Co.		(106,584	)
USD	1,101,887	MXN	22,478,370		01/16/19	Citibank N.A.		(37,451	)
USD	899,295	MXN	18,110,000		01/18/19	Citibank N.A.		(18,340	)
USD	810,000	MXN	16,705,035		02/05/19	Citibank N.A.		(34,062	)
USD	3,999	MXN	80,000		01/16/19	Deutsche Bank AG		(56	)
USD	1,184,790	MXN	24,055,950		01/16/19	HSBC Bank Plc		(34,509	)
USD	4,322,451	MXN	88,306,123		02/22/19	HSBC Bank Plc		(127,309	)
USD	1,829,144	MXN	37,657,070		01/16/19	JPMorgan Chase Bank N.A. London		(79,541	)
USD	3,618,879	MXN	73,426,000		02/01/19	JPMorgan Chase Bank N.A. London		(93,468	)
USD	3,216,906	MXN	66,071,432		02/22/19	JPMorgan Chase Bank N.A. London		(112,445	)

See accompanying Notes to the Schedule of Investments.

109

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	26,980	MXN	548,640		01/16/19	Morgan Stanley & Co.	$	(828	)
USD	421,707	MXN	8,730,000		01/16/19	State Street Bank and Trust		(20,781	)
USD	1,420,916	MXN	28,666,750		01/16/19	Toronto-Dominion Bank		(32,085	)
USD	8,240,544	MYR	34,331,753		02/08/19	HSBC Bank Plc		(62,911	)
USD	498,368	MYR	2,084,870		01/16/19	Morgan Stanley & Co.		(6,031	)
USD	488,069	MYR	2,045,590		02/14/19	Morgan Stanley & Co.		(6,642	)
USD	1,288,371	PEN	4,365,000		01/16/19	Credit Suisse International		(2,965	)
USD	1,531,728	PEN	5,189,070		01/16/19	HSBC Bank Plc		(3,400	)
USD	1,289,780	PEN	4,360,360		01/16/19	Morgan Stanley & Co.		(183	)
USD	2,576,852	PHP	140,286,000		01/11/19	HSBC Bank Plc		(88,692	)
USD	400,304	PHP	21,519,260		02/14/19	HSBC Bank Plc		(7,359	)
USD	1,260,668	PHP	67,166,000		04/12/19	JPMorgan Chase Bank N.A. London		(7,068	)
USD	168,744	PHP	9,144,230		02/14/19	Morgan Stanley & Co.		(4,486	)
USD	143,153	PLN	540,100		01/16/19	Citibank N.A.		(643	)
USD	267,885	PLN	1,000,280		01/16/19	HSBC Bank Plc		1,571
USD	969,604	PLN	3,655,000		02/01/19	JPMorgan Chase Bank N.A. London		(3,814	)
USD	462,881	PLN	1,750,870		01/16/19	Natwest Markets Plc		(3,271	)
USD	192,982	PLN	730,000		01/16/19	State Street Bank and Trust		(1,373	)
USD	823,495	PLN	3,100,780		01/16/19	Toronto-Dominion Bank		(2,057	)
USD	638,043	RON	2,610,970		01/16/19	Citibank N.A.		(2,907	)
USD	484,832	RON	1,990,000		01/16/19	HSBC Bank Plc		(3,681	)
USD	105,341	RON	430,000		01/16/19	JPMorgan Chase Bank N.A. London		(217	)
USD	4,053,587	RON	16,225,853		01/18/19	JPMorgan Chase Bank N.A. London		70,546
USD	175,233	RON	718,000		02/01/19	JPMorgan Chase Bank N.A. London		(974	)
USD	56,512	RON	231,580		01/16/19	Morgan Stanley & Co.		(337	)
USD	643,472	RON	2,594,992		01/18/19	Morgan Stanley & Co.		6,466
USD	1,391,464	RUB	91,870,000		01/18/19	Citibank N.A.		68,815
USD	197,186	RUB	13,193,170		01/16/19	Deutsche Bank AG		7,193
USD	2,127,603	RUB	142,304,630		01/16/19	HSBC Bank Plc		78,285
USD	4,989,099	RUB	332,968,000		01/18/19	HSBC Bank Plc		195,372
USD	933,562	RUB	63,113,870		01/16/19	JPMorgan Chase Bank N.A. London		24,664
USD	1,390,311	RUB	92,916,000		01/18/19	JPMorgan Chase Bank N.A. London		52,603
USD	2,721,826	RUB	180,222,950		01/16/19	Morgan Stanley & Co.		126,449
USD	798,699	RUB	53,940,000		01/18/19	Morgan Stanley & Co.		22,127
USD	6,698,953	SEK	59,516,474		01/18/19	HSBC Bank Plc		(22,353	)
USD	791,246	THB	26,149,450		02/14/19	Citibank N.A.		(12,459	)
USD	970,463	THB	31,859,670		02/14/19	Deutsche Bank AG		(8,746	)
USD	995,930	THB	32,654,650		01/16/19	HSBC Bank Plc		(7,054	)
USD	1,790,108	THB	57,593,685		02/08/19	HSBC Bank Plc		20,301
USD	2,567,756	THB	84,715,460		02/14/19	HSBC Bank Plc		(35,978	)
USD	1,610,975	THB	52,664,050		03/13/19	HSBC Bank Plc		(9,258	)
USD	2,281,806	THB	74,846,000		01/18/19	JPMorgan Chase Bank N.A. London		(17,161	)
USD	4,473,422	THB	144,900,873		02/08/19	JPMorgan Chase Bank N.A. London		20,737
USD	1,797,897	THB	59,016,560		02/14/19	JPMorgan Chase Bank N.A. London		(15,979	)
USD	752,378	THB	24,748,710		02/14/19	Morgan Stanley & Co.		(8,275	)
USD	238,333	THB	7,756,560		03/13/19	Morgan Stanley & Co.		(301	)
USD	1,964,630	THB	64,919,400		02/14/19	Natwest Markets Plc		(30,671	)
USD	1,079,057	THB	35,325,630		03/13/19	Natwest Markets Plc		(7,751	)

See accompanying Notes to the Schedule of Investments.

110

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	615,574	TRY	3,294,770		01/16/19	Citibank N.A.	$	1,003
USD	152,763	TRY	823,220		01/16/19	HSBC Bank Plc		(792	)
USD	231,532	TRY	1,247,080		01/16/19	JPMorgan Chase Bank N.A. London		(1,085	)
USD	1,518,513	TRY	8,396,000		02/01/19	JPMorgan Chase Bank N.A. London		(33,960	)
USD	4,988,369	TWD	153,118,000		02/11/19	HSBC Bank Plc		(9,894	)
USD	1,486,750	TWD	45,762,160		01/16/19	Morgan Stanley & Co.		(3,747	)
USD	281,879	TWD	8,672,000		02/11/19	Morgan Stanley & Co.		(1,203	)
USD	1,130,791	ZAR	15,619,000		02/08/19	Barclays Bank Plc		49,677
USD	1,124,689	ZAR	15,633,560		01/16/19	Citibank N.A.		39,518
USD	157,606	ZAR	2,200,000		01/16/19	Deutsche Bank AG		4,898
USD	182,305	ZAR	2,608,310		01/16/19	HSBC Bank Plc		1,255
USD	7,097,541	ZAR	104,979,484		02/08/19	HSBC Bank Plc		(168,910	)
USD	241,965	ZAR	3,386,080		01/16/19	JPMorgan Chase Bank N.A. London		6,927
USD	2,036,316	ZAR	29,585,000		02/01/19	JPMorgan Chase Bank N.A. London		(13,248	)
USD	1,002,424	ZAR	14,267,000		02/08/19	JPMorgan Chase Bank N.A. London		14,893
USD	432,122	ZAR	6,142,400		01/16/19	Morgan Stanley & Co.		5,761
USD	247,578	ZAR	3,610,906		02/08/19	Morgan Stanley & Co.		(2,361	)
USD	1,485,032	ZAR	21,421,230		01/16/19	Toronto-Dominion Bank		(1,879	)
							$	(92,255	)

U.S. Treasury securities in the amount of $124,000 received at the custodian bank as collateral for forward foreign currency contracts.

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	50	Euro-BTP		Mar 2019	$	7,305,870	$	176,942
	207	U.S. Long Bond		Mar 2019		30,222,000		772,256
	249	U.S. Treasury Note 10-Year		Mar 2019		30,381,891		743,382
	5	U.S. Treasury Note 2-Year		Mar 2019		1,061,563		7,241
	99	U.S. Treasury Note 5-Year		Mar 2019		11,354,062		184,017
	133	U.S. Ultra 10-Year		Mar 2019		17,300,391		274,226
	7	U.S. Ultra Bond		Mar 2019		1,124,594		30,144
							$	2,188,208
	Sales
	125	Euro-Bund		Mar 2019	$	23,368,840	$	(321,328	)
	34	Euro-Buxl		Mar 2019		7,020,174		(154,727	)
	59	Euro-OAT		Mar 2019		10,170,832		(2,085	)
	168	U.S. Treasury Note 10-Year		Mar 2019		20,498,625		(155,114	)
	152	U.S. Treasury Note 5-Year		Mar 2019		17,432,500		(196,153	)
	32	U.S. Ultra 10-Year		Mar 2019		4,162,500		778
	64	U.S. Ultra Bond		Mar 2019		10,282,000		(525,387	)
	13	U.S. Ultra Bond		Mar 2019		2,088,531		2,024
							$	(1,351,992	)

See accompanying Notes to the Schedule of Investments.

111

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Written Options

Written Currency Options — 0.0%

Type of Contract	Counterparty		Notional Value			Premiums Received			Value at December 31, 2018
CALL — EUR/USD Option		UBS Securities LLC		USD	1,491,000		$	6,839		$	(835	)
Strike @ EUR 1.13
Expires 01/11/2019
CALL — EUR/USD Option		UBS Securities LLC		USD	2,840,000			17,892			(6,330	)
Strike @ EUR 1.12
Expires 02/07/2019
CALL — MXN/USD Option		UBS Securities LLC		USD	1,320,000			22,928			(1,620	)
Strike @ MXN 21.50
Expires 01/31/2019
Total Written Currency Options							$	47,659		$	(8,785	)

Written Futures Options — 0.0%

Type of Contract	Counterparty		Number of Contracts		Notional Value			Premiums Received			Value at December 31, 2018
CALL — U.S. Treasury Note 5-Year Futures Option		UBS Securities LLC		22		$	2,523,125		$	3,056		$	(13,062	)
Strike @ $ 114.25
Expires 01/25/2019
PUT — S&P E-mini Futures Option		UBS Securities LLC		1			125,263			248			(487	)
Strike @ $ 2,300.00
Expires 01/18/2019
PUT — S&P E-mini Futures		UBS Securities LLC		19			2,379,988			16,948			(7,363	)
Option
Strike @ $ 2,100.00
Expires 02/15/2019
Total Written Futures Options									$	20,252		$	(20,912	)
Total Written Options									$	67,911		$	(29,697	)

OTC — Interest Rate Swaps

Payments Received by Fund	Payments Made by Fund	Maturity Date	Counterparty	Upfront Premiums Paid (Received)	Notional Value		Market Value			Unrealized Appreciation (Depreciation)
12-Month US CPI	2.32%	09/14/23	HSBC Sec. New York	$—	$	11,300,000	$	(309,305	)	$	(309,305	)

See accompanying Notes to the Schedule of Investments.

112

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Centrally Cleared Interest Rate Swaps

Payments Received by Fund	Payments Made by Fund	Maturity Date	Upfront Premiums Paid (Received)			Notional Value		Market Value			Unrealized Appreciation (Depreciation)
3-Month USD CDOR	3.01%	10/31/48	$	—		CAD	150,000	$	(7,839	)	$	(7,839	)
3-Month USD CDOR	2.94%	09/25/48		—		CAD	40,000		(1,690	)		(1,690	)
3-Month USD CDOR	2.81%	09/12/48		—		CAD	1,860,000		(39,391	)		(39,391	)
3-Month USD HIBOR	2.95%	11/12/23		—		HKD	35,000,000		(132,700	)		(132,700	)
3-Month USD LIBOR	3.30%	12/18/29		(5,956	)	USD	1,141,000		(53,641	)		(47,685	)
3.23%	3-Month USD LIBOR	12/18/21		8,386		USD	5,163,000		71,295			62,909
6-Month USD EURIBOR	0.86%	12/11/28		—		EUR	9,900,000		(66,933	)		(66,933	)
6-Month USD LIBOR	1.77%	10/11/28		—		GBP	2,400,000		(98,459	)		(98,459	)
6-Month USD LIBOR	1.77%	10/11/28		—		GBP	1,404,000		(57,432	)		(57,432	)
6-Month USD LIBOR	1.77%	10/11/28		—		GBP	1,315,405		(53,498	)		(53,498	)
6-Month USD LIBOR	1.55%	11/28/28		—		GBP	200,000		(2,910	)		(2,910	)
6-Month USD LIBOR	1.27%	10/26/21		656		GBP	1,348,000		(36	)		(692	)
6-Month USD WIBOR	2.98%	09/17/28		—		PLN	34,190,000		(411,016	)		(411,016	)
6-Month USD WIBOR	2.97%	11/12/28		—		PLN	8,400,000		(98,713	)		(98,713	)
6-Month USD WIBOR	2.93%	11/05/28		—		PLN	1,135,000		(12,152	)		(12,152	)
											$	(968,201	)

OTC Credit Default Swaps

Buy Protection

Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfronts Premiums Paid/ (Received)			Value
	525,000		USD		12/20/23	Barclays Bank Plc	(1.00%)	Republic of South Africa, 5.50%, 03/09/20	$	(382	)	$	28,819		$	28,437
	1,620,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Bayerische Motoren Werke Aktiengesellschaft, 0.13%, 01/12/21		21,387			(39,342	)		(17,955	)
	710,526		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Daimler AG, 0.63, 03/05/20		1,491			(2,507	)		(1,016	)
	1,620,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Volkswagen Aktiengesellschaft, 0.50%, 03/30/21		16,830			(964	)		15,866
	4,060,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(5.00%)	Glencore International AG, 6.50%, 02/27/19		59,696			(704,056	)		(644,360	)
	2,760,000		USD		12/20/23	JPMorgan Chase Bank N.A.	(5.00%)	Ford Motor Co., 4.35, 12/08/26		118,142			(407,975	)		(289,833	)
	5,640,000		USD		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Bank of China Ltd., 3.13%, 01/23/19		8,436			(56,485	)		(48,049	)
	909,474		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Daimler AG, 0.63, 03/05/20		6,862			(8,163	)		(1,301	)
	100,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Volkswagen Aktiengesellschaft, 0.50%, 03/30/21		1,608			(628	)		980

See accompanying Notes to the Schedule of Investments.

113

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfronts Premiums Paid/ (Received)			Value
	100,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Daimler AG, 0.63%, 03/05/20	$	1,062		$	(1,205	)	$	(143	)
	100,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Bayerische Motoren Werke Aktiengesellschaft, 0.13%, 01/12/21		1,146			(2,254	)		(1,108	)
	170,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(5.00%)		Glencore International AG, 0.0338, 09/30/20		3,006			(29,987	)		(26,981	)
	200,000		USD		12/20/23	JPMorgan Chase Bank N.A.		(5.00%)		Ford Motor Co., 4.35%, 12/08/26		6,608			(27,610	)		(21,002	)
	1,000,000		USD		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Kingdom of Bahrain, 5.50%, 03/31/20		630			78,228			78,858
											$	246,522		$	(1,174,129	)	$	(927,607	)
	Sell Protection
Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfronts Premiums Paid/ (Received)			Value
	810,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		1.00	%	Intesa Sanpaolo SpA, 2.00%, 06/18/21, (Moody’s rating: Baa1; S&P rating: BBB)	$	(9,971	)	$	(25,331	)	$	(35,302	)
	810,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		5.00	%	ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)		(41,344	)		163,925			122,581
	810,000		EUR		12/20/23	Morgan Stanley & Co.		1.00	%	UniCredit SpA, 2.13%, 10/24/26 (Moody’s rating: Baa1; S&P rating: BBB)		(13,373	)		(21,192	)		(34,565	)
											$	(64,688	)	$	117,402		$	52,714

The following is a summary of open centrally cleared credit default swap positions:

Centrally Cleared Credit Default Swaps

Buy Protection

Notional Amount*		Currency		Expiration Date		Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)		Upfront Premiums Paid (Received)			Value
	2,500,000		USD		12/20/23	(5.00%)	CDX.NA.HY.31**	$	127,873	$	(178,625	)	$	(50,752	)
	5,600,000		USD		12/20/23	(5.00%)	CDX.NA.HY.31**		156,795		(270,480	)		(113,685	)
	9,100,000		USD		12/20/23	(1.00%)	CDX.NA.IG.31***		56,526		(107,686	)		(51,160	)
	9,100,000		USD		12/20/23	(1.00%)	CDX.NA.IG.31***		57,879		(109,038	)		(51,159	)

See accompanying Notes to the Schedule of Investments.

114

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Notional Amount*		Currency		Expiration Date		Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid (Received)			Value
	7,670,000		USD		12/20/23	(1.00%)	CDX.NA.IG.31***	$	93,149		$	(136,269	)	$	(43,120	)
	200,000		USD		12/20/23	(1.00%)	CDX.NA.IG.31***		2,167			(3,291	)		(1,124	)
	4,455,000		EUR		12/20/23	(5.00%)	iTraxx Europe Crossover S30 Index		35,613			(357,740	)		(322,127	)
	4,455,000		EUR		12/20/23	(5.00%)	iTraxx Europe Crossover S30 Index		43,041			(365,168	)		(322,127	)
	9,800,000		EUR		12/20/23	(1.00%)	iTraxx Europe S30 Index		114,271			(179,145	)		(64,874	)
	520,000		EUR		12/20/23	(1.00%)	iTraxx Europe S30 Index		5,533			(8,976	)		(3,443	)
								$	692,847		$	(1,716,418	)	$	(1,023,571	)
	Sell Protection
Notional Amount*		Currency		Expiration Date		Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid (Received)			Value
	7,300,000		USD		12/20/23	1.00%	CDX.NA.HY.30**	$	(31,398	)	$	72,438		$	41,040
	510,000		USD		12/20/23	5.00%	CDX.NA.HY.30**		4,539			5,814			10,353
	7,075,000		USD		12/20/23	5.00%	CDX.NA.HY.31**		26,301			129,119			155,420
	4,100,000		USD		06/20/23	5.00%	CDX.NA.HY.31**		(165,684	)		291,608			125,924
								$	(166,242	)	$	498,979		$	332,737

*	The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.
**	CDX.NA.HY — Markit North America High Yield CDS Index. Represents an index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated BB and B.
***	CDX.NA.IG — Markit North America Investment Grade CDS Index

U.S. Treasury securities in the amount of $256,000 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

Currency Abbreviations

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

EGP — Egyptian Pound

EUR — Euro Currency

GBP — British Pound Sterling

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

See accompanying Notes to the Schedule of Investments.

115

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Currency Abbreviations — continued

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

KZT — Kazakhstani Tenge

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nuevo Sol

PHP — Philippines Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SEK — Swedish Krona

THB — Thai Baht

TRY — Turkish New Lira

TWD — Taiwan Dollar

USD — U.S. Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

See accompanying Notes to the Schedule of Investments.

116

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Sovereign Debt Obligations		42.0
Corporate Debt		21.8
Bank Loans		6.8
Mortgage Backed Securities — U.S. Government Agency Obligations		5.6
U.S. Government and Agency Obligations		4.5
Asset Backed Securities		3.0
Mortgage Backed Securities — Private Issuers		1.9
Investment Company		0.6
Put Options		0.4
Common Stocks		0.1
Futures Contracts		0.1
Convertible Preferred Stock		0.0
Convertible Debt		0.0
Call Options		0.0
Preferred Stock		0.0
Written Options		0.0
OTC Interest Rate Swaps		0.0
Centrally Cleared Credit Default Swaps		(0.1	)
OTC — Credit Default Swaps		(0.1	)
Centrally Cleared Interest Rate Swaps		(0.1	)
Forward Foreign Currency Contracts		(6.7	)
Short-Term Investments		11.9
Other Assets and Liabilities (net)		8.3
		100.0	%

See accompanying Notes to the Schedule of Investments.

117

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 89.8%
		Argentina — 0.1%
	97,476	YPF SA, ADR		1,305,204
		Australia — 0.4%
	267,989	Newcrest Mining, Ltd.		4,112,879
		Bermuda — 2.0%
	336,000	Beijing Enterprises Water Group, Ltd.*		171,233
	1,028,000	China Oriental Group Co., Ltd.		611,862
	240,000	China Resources Gas Group, Ltd.		950,271
	564,688	COSCO SHIPPING Ports, Ltd.		555,359
	748,000	CP Pokphand Co., Ltd.‡		64,966
	27,146	Credicorp, Ltd.		6,017,454
	460,000	Gemdale Properties & Investment Corp., Ltd.		43,477
	2,208,000	Haier Electronics Group Co., Ltd.*		5,431,623
	224,000	Hopson Development Holdings, Ltd.		185,395
	19,200	Jardine Matheson Holdings, Ltd.		1,335,936
	1,264,000	Joy City Property, Ltd.		135,613
	408,000	K Wah International Holdings, Ltd.		193,855
	322,000	Kunlun Energy Co., Ltd.		341,357
	132,500	Luye Pharma Group, Ltd.‡ 144A		92,233
	1,500,000	Nan Hai Corp., Ltd.‡		38,317
	837,000	Nine Dragons Paper Holdings, Ltd.		775,064
	95,500	Shenzhen International Holdings, Ltd.		183,941
	501,000	Sihuan Pharmaceutical Holdings Group, Ltd.		87,666
	378,000	United Energy Group, Ltd.		58,901
	617,000	Yue Yuen Industrial Holdings, Ltd.		1,974,091
		Total Bermuda		19,248,614
		Brazil — 5.2%
	578,152	AMBEV SA, ADR		2,266,356
	446,721	B3 SA — Brasil Bolsa Balcao		3,090,135
	160,734	Banco Bradesco SA		1,403,818
	20,244	Banco BTG Pactual SA		123,007
	197,600	Banco do Brasil SA		2,370,231
	42,200	Banco Santander Brasil SA		464,927
	390,200	BB Seguridade Participacoes SA		2,777,686
	27,000	BRF SA*		152,773
	604,514	CCR SA		1,746,902
	28,600	Centrais Eletricas Brasileiras SA*		178,798
	14,030	Cia Brasileira de Distribuicao, ADR		291,403
	84,807	Cia de Saneamento Basico do Estado de Sao Paulo, ADR		684,393
	83,803	Cia Energetica de Minas Gerais, ADR‡		298,339
	79,700	Cia Siderurgica Nacional SA*		181,784
	23,694	Cosan SA		204,554
	84,000	Duratex SA		256,394
	107,926	Embraer SA, ADR‡		2,388,402
	181,700	Embraer SA		1,016,385
	281,848	Engie Brasil Energia SA		2,401,244

See accompanying Notes to the Schedule of Investments.

118

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Brazil — continued
	156,900	Fleury SA		800,744
	15,400	Grendene SA		32,582
	800	Guararapes Confeccoes SA		33,558
	167,000	Hypera SA		1,301,271
	116,300	Iochpe Maxion SA		714,469
	57,900	IRB Brasil Resseguros SA		1,246,813
	195,572	Itau Unibanco Holding SA, ADR		1,787,528
	106,700	JBS SA		319,075
	578,476	Kroton Educacional SA		1,323,894
	25,859	LOG Commercial Properties e Participacoes SA*		120,229
	358,400	MRV Engenharia e Participacoes SA		1,142,959
	72,700	Notre Dame Intermedica Participacoes SA*		545,473
	326,700	Petroleo Brasileiro SA		2,141,051
	40,182	Porto Seguro SA		540,667
	275,992	Raia Drogasil SA		4,069,649
	22,300	Sao Martinho SA		104,660
	238,844	Sul America SA		1,762,482
	39,264	Suzano Papel e Celulose SA		385,776
	70,162	TIM Participacoes SA, ADR		1,076,285
	8,072	Usinas Siderurgicas de Minas Gerais SA		23,826
	434,428	Vale SA Class B, ADR‡		5,730,105
	163,002	Vale SA		2,144,902
	214,600	WEG SA		971,189
		Total Brazil		50,616,718
		British Virgin Islands — 0.1%
	47,482	Hollysys Automation Technologies, Ltd.		831,410
		Cayman Islands — 10.2%
	9,061	58.com, Inc., ADR*		491,197
	368,000	Agile Group Holdings, Ltd.		432,894
	151,611	Alibaba Group Holding, Ltd., ADR*		20,781,320
	1,070,000	ANTA Sports Products, Ltd.		5,131,780
	6,200,000	Anton Oilfield Services Group/Hong Kong*		617,676
	14,313	Baidu, Inc., ADR*		2,270,042
	15,612	Baozun, Inc., ADR*		456,027
	2,340,000	Beijing Enterprises Clean Energy Group, Ltd.*		33,175
	84,000	CAR, Inc.*		62,549
	42,000	Casetek Holdings, Ltd.		53,769
	583,880	Chailease Holding Co., Ltd.		1,840,712
	123,000	China Aoyuan Group, Ltd.		78,079
	619,000	China Evergrande Group‡		1,853,992
	35,000	China High Speed Transmission Equipment Group Co., Ltd.‡		33,528
	360,000	China Lesso Group Holdings, Ltd.		180,245
	1,651,000	China Medical System Holdings, Ltd.		1,535,157
	515,000	China Mengniu Dairy Co., Ltd.*		1,604,986
	2,718,000	China Resources Cement Holdings, Ltd.		2,447,445
	396,000	China Resources Land, Ltd.		1,522,425
	200,000	China SCE Group Holdings Ltd.		72,803

See accompanying Notes to the Schedule of Investments.

119

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	116,000	China State Construction International Holdings, Ltd.		92,156
	96,000	China Tianrui Group Cement Co., Ltd.*		79,210
	128,500	China ZhengTong Auto Services Holdings, Ltd.		76,647
	550,400	China Zhongwang Holdings, Ltd.‡		243,940
	1,372,000	Chinasoft International, Ltd.‡ *		681,676
	206,000	CIFI Holdings Group Co., Ltd.		109,455
	50,000	CIMC Enric Holdings, Ltd.		38,253
	452,000	Country Garden Holdings Co., Ltd.‡		550,181
	18,160	Country Garden Services Holdings Co., Ltd.*		28,854
	22,446	Ctrip.com International, Ltd., ADR*		607,389
	79,000	Dongyue Group, Ltd.		40,765
	408,300	ENN Energy Holdings, Ltd.		3,621,812
	749,000	Fu Shou Yuan International Group, Ltd.		564,427
	172,000	Fufeng Group, Ltd.*		72,716
	640,000	Fullshare Holdings, Ltd.‡ *		147,139
	212,000	Future Land Development Holdings, Ltd.		145,136
	4,630,000	GCL-Poly Energy Holdings, Ltd.*		280,898
	5,000	Ginko International Co., Ltd.		34,405
	39,000	Golden Eagle Retail Group, Ltd.		40,348
	49,000	Greentown China Holdings, Ltd.		36,800
	280,000	Haitian International Holdings, Ltd.		540,019
	231,000	Hengan International Group Co., Ltd.‡		1,681,749
	100,229	Huazhu Group, Ltd., ADR‡		2,869,556
	32,541	JD.com, Inc., ADR*		681,083
	105,398	Jiayuan International Group, Ltd.‡		194,928
	271,000	Kaisa Group Holdings, Ltd.*		86,533
	165,000	Kingboard Holdings, Ltd.		440,458
	1,038,000	Kingboard Laminates Holdings, Ltd.		856,454
	87,000	Kingsoft Corp., Ltd.		125,344
	156,500	KWG Group Holdings Ltd.*		138,523
	164,000	Lee & Man Paper Manufacturing, Ltd.		139,087
	148,500	Li Ning Co., Ltd.*		159,324
	26,000	Logan Property Holdings Co., Ltd.		32,577
	44,500	Longfor Group Holdings, Ltd.		133,000
	46,000	Minth Group, Ltd.		148,352
	6,310	Momo, Inc., ADR*		149,862
	9,692	NetEase, Inc., ADR		2,281,206
	5,970	New Oriental Education & Technology Group, Inc., ADR*		327,216
	31,000	Nexteer Automotive Group, Ltd.		44,188
	415,000	Powerlong Real Estate Holdings, Ltd.		163,257
	65,000	Ronshine China Holdings, Ltd.*		76,545
	498,800	Sands China, Ltd.		2,185,218
	423,500	Semiconductor Manufacturing International Corp.* ‡		370,526
	295,000	Shenzhou International Group Holdings, Ltd.		3,343,988
	296,000	Shimao Property Holdings, Ltd.		790,155
	4,706,000	Sino Biopharmaceutical, Ltd.		3,101,529
	694,000	SOHO China, Ltd.*		247,308
	1,202,000	SSY Group, Ltd.		890,444
	98,000	Sunac China Holdings, Ltd.‡		319,184

See accompanying Notes to the Schedule of Investments.

120

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	82,000	Sunny Optical Technology Group Co., Ltd.		728,949
	58,193	TAL Education Group, ADR*		1,552,589
	502,000	Tencent Holdings, Ltd. ¤		20,132,961
	784,000	Tianneng Power International, Ltd.		653,888
	396,000	Tingyi Cayman Islands Holding Corp.		529,055
	5,680,000	Tongda Group Holdings, Ltd.‡		565,871
	101,000	TPK Holding Co., Ltd.		158,711
	959,000	Uni-President China Holdings, Ltd.		832,917
	27,000	Vinda International Holdings, Ltd.		42,486
	23,125	Vipshop Holdings, Ltd., ADR*		126,263
	2,039	Weibo Corp., ADR* ‡		119,139
	99,000	Wisdom Marine Lines Co., Ltd.*		93,405
	377,500	Xiabuxiabu Catering Management China Holdings Co., Ltd. *		595,950
	347,097	Xinyi Solar Holdings, Ltd.‡		121,915
	2,301,008	Yuzhou Properties Co., Ltd.		949,281
	4,431	YY, Inc., ADR*		265,240
	363,000	Zhen Ding Technology Holding, Ltd.		947,152
	24,500	Zhongsheng Group Holdings, Ltd.		48,566
	18,500	ZTO Express Cayman, Inc., ADR		292,855
		Total Cayman Islands		100,266,814
		Chile — 1.6%
	6,238,004	Aguas Andinas SA Class A		3,420,026
	8,872,136	Banco de Chile		1,266,772
	9,296	Banco de Credito e Inversiones SA		603,570
	44,424	Banco Santander Chile, ADR		1,328,278
	25,885	CAP SA		226,773
	217,011	Cencosud SA		390,870
	145,353	Cia Cervecerias Unidas SA, ADR		3,652,721
	37,312	Empresa Nacional de Telecomunicaciones SA		290,324
	185,120	Empresas CMPC SA		587,529
	84,755	Empresas COPEC SA		1,016,816
	10,089	Enel Americas SA, ADR		89,994
	1,149,773	Enel Americas SA		202,121
	42,201	Enel Chile SA, ADR		208,895
	112,129	Grupo Security SA		47,017
	6,701	Inversiones Aguas Metropolitanas SA		9,752
	23,298,888	Itau CorpBanca		218,150
	3,100	Latam Airlines Group SA, ADR‡		31,930
	47,022	Ripley Corp. SA		38,959
	105,226	Sigdo Koppers SA		158,279
	73,289	SMU SA*		20,065
	55,436	Sociedad Quimica y Minera de Chile SA, ADR		2,123,199
	10,007	Vina Concha y Toro SA		19,368
		Total Chile		15,951,408
		China — 8.4%
	2,304,000	Agricultural Bank of China, Ltd. Class H		1,009,371
	52,000	Air China, Ltd. Class H		45,296

See accompanying Notes to the Schedule of Investments.

121

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		China — continued
	410,000	Aluminum Corp. of China, Ltd.*		131,965
	260,000	Angang Steel Co., Ltd.		179,325
	35,500	Anhui Conch Cement Co., Ltd. Class H		172,300
	35,305	Autohome, Inc. Class H, ADR‡		2,761,910
	223,000	AviChina Industry & Technology Co., Ltd. Class H‡		140,134
	1,204,000	BAIC Motor Corp., Ltd. 144A		635,113
	6,926,000	Bank of China, Ltd. Class H		2,990,016
	144,500	Bank of Chongqing Co., Ltd.		82,499
	767,000	Bank of Communications Co., Ltd. Class H		598,564
	159,000	Bank of Zhengzhou Co., Ltd.* 144A		77,374
	283,000	BBMG Corp.‡		89,281
	412,000	Beijing Capital International Airport Co., Ltd. Class H		437,293
	342,000	Beijing Capital Land, Ltd.		122,746
	234,000	Beijing North Star Co., Ltd.		66,649
	18,500	BYD Co., Ltd.‡		118,027
	28,000	Central China Securities Co., Ltd.		5,937
	1,214,000	China Cinda Asset Management Co., Ltd. Class H		294,609
	798,000	China CITIC Bank Corp., Ltd. Class H		485,159
	475,000	China Coal Energy Co., Ltd. Class H		186,861
	447,000	China Communications Construction Co., Ltd. Class H		422,487
	1,508,000	China Communications Services Corp., Ltd. Class H		1,248,104
	15,441,000	China Construction Bank Corp. Class H		12,740,376
	48,000	China Eastern Airlines Corp., Ltd.‡		26,730
	1,640,000	China Energy Engineering Corp., Ltd.‡		205,279
	244,000	China Everbright Bank Co., Ltd. Class H		105,649
	373,000	China Galaxy Securities Co., Ltd. Class H		168,650
	4,510,000	China Huarong Asset Management Co., Ltd. 144A		823,734
	45,200	China International Capital Corp., Ltd. Class H‡ 144A		84,865
	50,100	China International Marine Containers Group Co., Ltd. Class H		48,120
	396,910	China International Travel Service Corp., Ltd. Class A		3,480,196
	224,000	China Life Insurance Co., Ltd. Class H		476,075
	804,000	China Longyuan Power Group Corp., Ltd. Class H		547,340
	289,000	China Machinery Engineering Corp.		136,945
	106,000	China Merchants Bank Co., Ltd. Class H		388,564
	14,800	China Merchants Securities Co., Ltd.‡ 144A		19,697
	582,000	China Minsheng Banking Corp., Ltd. Class H		401,413
	3,452,000	China National Building Material Co., Ltd.		2,363,251
	154,000	China Oilfield Services, Ltd. Class H		132,376
	77,800	China Pacific Insurance Group Co., Ltd.		251,902
	7,220,000	China Petroleum & Chemical Corp. Class H		5,154,936
	203,500	China Railway Construction Corp., Ltd. Class H		282,273
	415,000	China Railway Group, Ltd. Class H		377,931
	84,000	China Railway Signal & Communication Corp., Ltd. 144A		58,794
	1,314,000	China Reinsurance Group Corp.		268,528
	360,000	China Shenhua Energy Co., Ltd. Class H		789,031
	104,000	China Southern Airlines Co., Ltd. Class H		64,424
	1,816,000	China Tower Corp., Ltd.*		343,283
	124,500	China Vanke Co., Ltd. Class H		422,985
	734,000	Chongqing Rural Commercial Bank Co., Ltd. Class H		393,749

See accompanying Notes to the Schedule of Investments.

122

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		China — continued
	66,000	CITIC Securities Co., Ltd.		113,803
	416,000	COSCO SHIPPING Development Co., Ltd.*		42,507
	436,000	COSCO SHIPPING Energy Transportation Co., Ltd. Class H‡		217,740
	151,000	COSCO SHIPPING Holdings Co., Ltd.*		56,895
	22,000	CRRC Corp., Ltd. Class H		21,468
	30,000	CSSC Offshore and Marine Engineering Group Co., Ltd.*		19,580
	202,000	Dalian Port PDA Co., Ltd.‡		26,058
	22,600	Dongjiang Environmental Co., Ltd.‡		23,757
	74,000	Everbright Securities Co., Ltd. 144A		66,161
	29,600	Fuyao Glass Industry Group Co., Ltd. 144A		94,705
	39,200	GF Securities Co., Ltd.		53,172
	340,000	Great Wall Motor Co., Ltd. Class H‡		194,984
	450,000	Guangshen Railway Co., Ltd.		169,554
	86,800	Guangzhou Automobile Group Co., Ltd. Class H		86,586
	12,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd.		42,992
	830,400	Guangzhou R&F Properties Co., Ltd. Class H		1,255,779
	17,400	Guotai Junan Securities Co., Ltd. 144A		35,203
	333,600	Haitong Securities Co., Ltd. Class H		319,567
	305,000	Harbin Bank Co., Ltd. 144A		70,900
	43,000	Hisense Home Appliances Group Co., Ltd.‡		31,690
	3,212,000	Huaneng Renewables Corp., Ltd.		861,527
	47,200	Huatai Securities Co., Ltd.‡ 144A		74,755
	67,100	Huishang Bank Corp., Ltd.		29,139
	6,523,000	Industrial & Commercial Bank of China, Ltd. Class H		4,657,292
	38,100	Inner Mongolia Yitai Coal Co., Ltd.		27,105
	192,590	Jiangsu Hengrui Medicine Co., Ltd. Class A		1,479,692
	288,000	Jiangxi Copper Co., Ltd. Class H		338,787
	214,000	Kingdee International Software Group Co., Ltd.‡		189,145
	43,313	Kweichow Moutai Co., Ltd. Class A		3,722,141
	82,100	Legend Holdings Corp. 144A		214,967
	7,410	Livzon Pharmaceutical Group, Inc.		21,532
	3,528,000	Lonking Holdings, Ltd. Class H		914,743
	1,542,000	Maanshan Iron & Steel Co., Ltd.		679,482
	162,000	Metallurgical Corp. of China, Ltd.		38,900
	213,100	Midea Group Co., Ltd. Class A		1,144,074
	22,300	New China Life Insurance Co., Ltd. Class H		88,581
	729,000	People’s Insurance Co. Group of China, Ltd. (The) Class H		293,300
	2,758,000	PetroChina Co., Ltd. Class H		1,719,050
	1,891,000	PICC Property & Casualty Co., Ltd. Class H		1,934,632
	1,160,500	Ping An Insurance Group Co., of China Ltd. Class H		10,249,711
	584,000	Postal Savings Bank of China Co., Ltd. 144A		308,061
	354,000	Qingdao Port International Co., Ltd.* 144A		237,828
	82,500	Qinhuangdao Port Co., Ltd.		20,126
	16,297	Red Star Macalline Group Corp., Ltd. 144A		13,988
	230,000	SAIC Motor Corp., Ltd. Class A		893,441
	40,500	Shandong Chenming Paper Holdings, Ltd.		23,174
	496,000	Shandong Weigao Group Medical Polymer Co., Ltd. Class H		401,648
	162,000	Shanghai Electric Group Co., Ltd. Class H‡		51,728
	9,000	Shanghai Fosun Pharmaceutical Group Co., Ltd.		26,439

See accompanying Notes to the Schedule of Investments.

123

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		China — continued
	144,000	Shanghai Jin Jiang International Hotels Group Co., Ltd.		34,945
	49,400	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		100,449
	58,500	Shengjing Bank Co., Ltd. 144A		25,479
	5,967	SINA Corp. Class H*		320,070
	851,500	Sinopec Engineering Group Co., Ltd. Class H		699,310
	1,664,000	Sinopec Shanghai Petrochemical Co., Ltd. Class H		728,990
	65,200	Sinopharm Group Co., Ltd. Class H		273,979
	129,000	Sinotrans, Ltd. Class H		56,020
	63,000	Tong Ren Tang Technologies Co., Ltd.		82,559
	20,000	Tsingtao Brewery Co., Ltd. Class H		80,722
	112,000	Weichai Power Co., Ltd. Class H		128,031
	5,056,000	West China Cement, Ltd.		684,522
	50,000	Xinhua Winshare Publishing and Media Co., Ltd.		31,548
	35,000	Xinjiang Goldwind Science & Technology Co., Ltd.		31,024
	16,500	Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co.‡ 144A		45,100
	920,000	Yanzhou Coal Mining Co., Ltd. Class H		742,642
	162,200	YiChang HEC ChangJiang Pharmaceutical Co., Ltd.		540,712
	94,000	Zhejiang Expressway Co., Ltd. Class H		81,521
	30,300	Zhuzhou CRRC Times Electric Co., Ltd. Class H		167,960
	2,078,000	Zijin Mining Group Co., Ltd. Class H		788,272
	20,000	ZTE Corp.* ‡		37,806
		Total China		82,137,866
		Colombia — 0.1%
	61,705	Almacenes Exito SA		235,610
	1,263	Banco de Bogota SA		21,701
	1,200	Bancolombia SA, ADR		45,720
	2,350	Bancolombia SA		21,998
	28,101	Grupo Argos SA		146,238
	19,770	Grupo de Inversiones Suramericana SA		195,539
	2,902	Grupo Nutresa SA		21,000
		Total Colombia		687,806
		Cyprus — 0.1%
	36,851	TCS Group Holding Plc, Reg S, GDR‡‡‡		573,402
		Czech Republic — 0.1%
	15,627	CEZ AS		371,343
	19,302	Komercni Banka AS		726,158
		Total Czech Republic		1,097,501
		Egypt — 0.3%
	621,477	Commercial International Bank Egypt SAE, GDR		2,638,170
		France — 0.2%
	22,102	Sanofi		1,911,618
		Greece — 0.1%
	59,486	JUMBO SA		864,978

See accompanying Notes to the Schedule of Investments.

124

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Hong Kong — 4.3%
	116,000	Beijing Enterprises Holdings, Ltd.		614,866
	70,500	BYD Electronic International Co., Ltd.‡		88,605
	237,000	China Agri-Industries Holdings, Ltd.		84,455
	316,000	China Everbright, Ltd.		560,210
	310,875	China Merchants Port Holdings Co., Ltd.		559,860
	1,235,980	China Mobile, Ltd.		11,895,125
	457,000	China Overseas Grand Oceans Group, Ltd.‡		150,011
	840,000	China Overseas Land & Investment, Ltd.		2,886,063
	634,000	China Resources Beer Holdings Co., Ltd.		2,214,730
	968,000	China South City Holdings, Ltd.		137,237
	360,000	China Taiping Insurance Holdings Co., Ltd.		988,588
	474,000	China Traditional Chinese Medicine Holdings Co., Ltd.		276,069
	720,000	China Travel International Investment Hong Kong, Ltd.		192,200
	1,194,000	China Unicom Hong Kong, Ltd.		1,274,926
	557,000	CITIC, Ltd.		873,631
	5,208,000	CNOOC, Ltd.		8,048,791
	1,924,000	CSPC Pharmaceutical Group, Ltd.		2,776,884
	651,000	Far East Horizon, Ltd.		656,874
	316,500	Fosun International, Ltd.		460,843
	216,000	Guangdong Investment, Ltd.		417,690
	104,000	Hua Hong Semiconductor, Ltd.‡ 144A		192,609
	402,000	Lenovo Group, Ltd.		271,616
	172,000	MMG, Ltd.*		74,034
	704,000	Poly Property Group Co., Ltd.		220,299
	165,000	Shanghai Industrial Holdings, Ltd.		333,821
	1,072,000	Shenzhen Investment, Ltd.		354,625
	1,010,000	Sino-Ocean Group Holding, Ltd.		445,056
	867,500	Sinotruk Hong Kong, Ltd.‡		1,307,452
	135,500	Sun Art Retail Group, Ltd.		138,107
	4,169,000	WH Group, Ltd.		3,210,876
	2,296,000	Yuexiu Property Co., Ltd.		422,288
		Total Hong Kong		42,128,441
		Hungary — 0.6%
	42,349	MOL Hungarian Oil & Gas Plc		464,494
	98,781	OTP Bank Nyrt		3,974,076
	63,750	Richter Gedeon Nyrt		1,233,528
		Total Hungary		5,672,098
		India — 12.0%
	2,729	ACC, Ltd.		58,946
	62,785	Adani Enterprises, Ltd.		144,294
	62,785	Adani Gas, Ltd.*		90,200
	47,779	Adani Green Energy, Ltd.*		28,709
	15,817	Adani Ports & Special Economic Zone, Ltd.		87,519
	104,805	Adani Power, Ltd.*		76,560
	1,163,736	Aditya Birla Capital, Ltd.*		1,666,052
	115,690	Ambuja Cements, Ltd.		372,846
	839	Anveshan Heavy Engineering, Ltd.* **** ¤		1,148

See accompanying Notes to the Schedule of Investments.

125

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		India — continued
	89,636	Apollo Tyres, Ltd.		301,911
	4,534	Arvind Fashions, Ltd.* **** ¤		64,168
	22,672	Arvind, Ltd.		31,792
	13,321	Ashok Leyland, Ltd.		19,557
	106,805	Asian Paints, Ltd.		2,094,336
	366	Atul, Ltd.		18,086
	15,273	Aurobindo Pharma, Ltd.		160,332
	134,128	Axis Bank, Ltd.*		1,190,947
	31,970	Bajaj Auto, Ltd.		1,247,844
	72,822	Bajaj Electricals, Ltd.		527,846
	81,599	Bajaj Finance, Ltd.		3,086,772
	1,132	Bajaj Finserv, Ltd.		104,941
	8,555	Bajaj Holdings & Investment, Ltd.		361,488
	101,945	Bank of Baroda* ¤		173,182
	66,638	Bata India, Ltd.		1,077,624
	7,878	Bharat Electronics, Ltd.		9,907
	1,157,113	Bharat Heavy Electricals, Ltd.		1,209,901
	180,444	Bharat Petroleum Corp., Ltd.		938,211
	117,759	Bharti Airtel, Ltd.¤		526,766
	19,211	Bharti Infratel, Ltd.		71,242
	1,542	Birla Corp., Ltd.		13,296
	46,966	Britannia Industries, Ltd.		2,098,889
	27,266	Canara Bank*		107,244
	1,970	Ceat, Ltd.		36,852
	4,470	Chambal Fertilizers and Chemicals, Ltd.		9,495
	29,957	Cholamandalam Investment and Finance Co., Ltd.		541,813
	486,996	Cipla, Ltd.		3,620,295
	30,164	City Union Bank, Ltd.¤		83,603
	193,178	Coal India, Ltd.		666,155
	5,030	Container Corp. Of India, Ltd.¤		49,518
	1,181	Coromandel International, Ltd.		7,612
	4,760	DCB Bank, Ltd.		11,563
	2,717	DCM Shriram, Ltd.		13,119
	48,369	Dewan Housing Finance Corp., Ltd.		172,165
	102,560	DLF, Ltd.		260,238
	6,591	Dr. Reddy’s Laboratories, Ltd.		247,062
	555	eClerx Services, Ltd.¤		8,508
	32,652	Edelweiss Financial Services, Ltd.¤		85,284
	16,647	EIH, Ltd.		47,689
	16,885	Engineers India, Ltd.		30,328
	99,344	Escorts, Ltd.		1,004,183
	23,567	Exide Industries, Ltd.		90,602
	297,098	Federal Bank, Ltd.¤		396,187
	1,156	Finolex Cables, Ltd.		7,486
	21,744	Firstsource Solutions, Ltd.		14,607
	656,431	GAIL India, Ltd.		3,376,414
	24,411	Glenmark Pharmaceuticals, Ltd.		242,134
	277,080	Grasim Industries, Ltd.		3,282,970
	8,935	Gujarat Fluorochemicals, Ltd.		116,488

See accompanying Notes to the Schedule of Investments.

126

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		India — continued
	1,719	Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.		8,396
	19,346	Gujarat Pipavav Port, Ltd.¤		28,542
	36,962	Gujarat State Petronet, Ltd.		92,862
	65,889	HCL Technologies, Ltd. Class T		909,979
	25,224	HDFC Bank, Ltd., ADR		2,612,954
	56,677	HDFC Bank, Ltd.		1,722,554
	357,268	HDFC Standard Life Insurance Co., Ltd.*		1,979,392
	16,195	HEG, Ltd.		859,914
	30,876	Hero MotoCorp Ltd.		1,366,567
	378,330	Hindalco Industries, Ltd.		1,221,993
	33,143	Hindustan Petroleum Corp., Ltd.		120,153
	96,085	Hindustan Unilever, Ltd.		2,501,940
	271,347	Housing Development Finance Corp., Ltd.		7,637,282
	221,189	ICICI Bank, Ltd.¤		1,143,092
	422,223	IDFC Bank, Ltd.		262,472
	264,117	IDFC, Ltd.¤		164,943
	318,476	Indiabulls Housing Finance, Ltd., ADR		3,891,141
	58,726	Indiabulls Real Estate, Ltd.*		73,350
	138,835	Indian Oil Corp., Ltd.		272,838
	151,561	Indraprastha Gas, Ltd.		580,172
	129,114	IndusInd Bank, Ltd.		2,958,720
	331,278	Infosys, Ltd., ADR‡		3,153,767
	801,593	Infosys, Ltd.		7,573,312
	5,075	Ipca Laboratories, Ltd.¤		58,157
	73,641	Jindal Steel & Power, Ltd.*		173,779
	21,551	JM Financial, Ltd.		28,785
	134,159	JSW Energy, Ltd.*		132,112
	237,666	JSW Steel, Ltd.		1,046,799
	51,214	Jubilant Foodworks, Ltd.		919,893
	95,010	Jubilant Life Sciences, Ltd.		964,661
	1,991	Kalpataru Power Transmission, Ltd.		11,151
	100,410	Karur Vysya Bank, Ltd. (The)		127,283
	15,437	KPIT Technologies, Ltd.		48,169
	377,075	L&T Finance Holdings, Ltd.		825,282
	56,100	Larsen & Toubro, Ltd.		1,157,115
	71,752	LIC Housing Finance, Ltd.		499,638
	18,561	Lupin, Ltd.		224,346
	17,661	Mahindra & Mahindra Financial Services, Ltd.		119,882
	11,827	Mahindra & Mahindra, Ltd.		136,337
	12,324	Mahindra CIE Automotive, Ltd.*		45,587
	63,814	Manappuram Finance, Ltd.		85,098
	19,030	Maruti Suzuki India, Ltd.		2,031,248
	2,375	Motilal Oswal Financial Services, Ltd.		22,962
	84,432	Mphasis, Ltd.		1,233,736
	2,169	MRF, Ltd.		2,076,263
	31,886	Muthoot Finance, Ltd.		236,582
	1,054,216	National Aluminium Co., Ltd.		995,854
	79,506	NCC Ltd./India		100,557
	58,352	NIIT Technologies, Ltd.		959,927

See accompanying Notes to the Schedule of Investments.

127

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		India — continued
	10,817	Oberoi Realty, Ltd.		68,793
	550	ODISHA CEMENT, Ltd.		8,666
	152,132	Oil & Natural Gas Corp., Ltd.		326,425
	13,380	PC Jeweller, Ltd.		16,434
	3,286	Persistent Systems, Ltd.¤		29,363
	482,694	Petronet LNG, Ltd.		1,545,948
	1,284	Pfizer Ltd.		52,572
	165,250	Phillips Carbon Black, Ltd.		489,963
	5,384	Piramal Enterprises, Ltd.		183,233
	149,632	Power Finance Corp., Ltd.		230,615
	20,022	Prestige Estates Projects, Ltd.		63,179
	159,196	Radico Khaitan, Ltd.		914,382
	8,780	Rain Industries, Ltd.		16,927
	5,787	Rajesh Exports, Ltd.		47,322
	1,045	Ramco Cements, Ltd. (The)		9,595
	113,938	RBL Bank, Ltd. 144A		938,399
	157,497	REC, Ltd.		274,094
	34,104	Reliance Capital, Ltd.		111,987
	250,138	Reliance Industries, Ltd.		4,031,623
	10,210	Reliance Industries, Ltd. (London Exchange), GDR		325,189
	191,600	Reliance Power, Ltd.*		78,627
	2,509	Sadbhav Engineering, Ltd.		7,549
	2,984	Shriram City Union Finance, Ltd.¤		67,335
	10,340	Shriram Transport Finance Co., Ltd.¤		183,355
	1,610	Sobha, Ltd.		10,511
	1,607	SRF, Ltd.		45,828
	95,853	State Bank of India*		405,915
	2,196	State Bank of India, Ltd., Reg S, GDR* ‡‡‡		93,550
	130,179	Sterlite Technologies, Ltd.		547,548
	1,937	Strides Pharma Science, Ltd.¤		12,817
	30,315	Sun Pharmaceutical Industries, Ltd.		186,779
	1,498	Sundaram Finance, Ltd.		30,898
	3,450	Tata Chemicals, Ltd.¤		34,913
	313,861	Tata Consultancy Services, Ltd.		8,518,057
	99,158	Tata Global Beverages, Ltd.		311,826
	98,846	Tata Motors, Ltd.*		245,009
	97,109	Tata Steel, Ltd.		724,684
	185,468	Tech Mahindra, Ltd.		1,917,109
	9,840	Thomas Cook India, Ltd.		32,917
	48,175	TV18 Broadcast, Ltd.*		26,359
	777	UltraTech Cement, Ltd.		44,406
	56,007	Union Bank of India* ¤		68,750
	234,253	UPL, Ltd.		2,544,354
	1,183	Vardhman Textiles, Ltd.		18,978
	736,044	Vedanta, Ltd.		2,131,222
	1,344,021	Vodafone Idea Ltd.*		725,769
	26,227	Welspun India, Ltd.		22,333
	65,653	Wipro, Ltd., ADR‡		336,800
	62,380	Wipro, Ltd.		295,437

See accompanying Notes to the Schedule of Investments.

128

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		India — continued
	72,197	Yes Bank, Ltd.¤		188,106
		Total India		117,324,914
		Indonesia — 2.5%
	17,258,000	Adaro Energy Tbk PT		1,458,169
	70,800	AKR Corporindo Tbk PT		21,122
	128,100	Astra Agro Lestari Tbk PT		105,339
	478,600	Astra International Tbk PT		273,747
	464,500	Bank Central Asia Tbk PT		839,847
	39,500	Bank Danamon Indonesia Tbk PT		20,876
	3,163,100	Bank Mandiri Persero Tbk PT		1,622,243
	799,500	Bank Maybank Indonesia Tbk PT		11,453
	3,431,100	Bank Negara Indonesia Persero Tbk PT		2,099,699
	624,500	Bank Pan Indonesia Tbk PT*		49,725
	876,500	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		124,953
	956,700	Bank Pembangunan Daerah Jawa Timur Tbk PT		45,906
	25,644,100	Bank Rakyat Indonesia Persero Tbk PT		6,526,941
	717,600	Bank Tabungan Negara Persero Tbk PT		126,753
	244,100	Bank Tabungan Pensiunan Nasional Tbk PT		58,394
	413,900	Barito Pacific Tbk PT		68,791
	850,000	BFI Finance Indonesia Tbk PT		39,308
	1,400,700	Bumi Serpong Damai Tbk PT*		122,245
	3,729,200	Ciputra Development Tbk PT		261,926
	490,800	Indah Kiat Pulp & Paper Corp. Tbk PT		394,210
	15,600	Indo Tambangraya Megah Tbk PT		21,968
	22,000	Indocement Tunggal Prakarsa Tbk PT		28,227
	144,900	Indofood CBP Sukses Makmur Tbk PT		105,299
	405,100	Indofood Sukses Makmur Tbk PT		209,874
	1,191,600	Japfa Comfeed Indonesia Tbk PT		178,160
	1,055,000	Jaya Real Property Tbk PT		54,291
	2,110,500	Medco Energi Internasional Tbk PT*		100,535
	1,350,100	Media Nusantara Citra Tbk PT		64,782
	196,100	Pabrik Kertas Tjiwi Kimia Tbk PT		151,371
	1,405,000	Perusahaan Gas Negara Persero Tbk PT		207,135
	878,500	PP Persero Tbk PT		110,271
	1,935,500	PP Properti Tbk PT		15,748
	424,400	Semen Gresik Persero Tbk PT		339,402
	108,800	Siloam International Hospitals Tbk PT*		27,162
	892,500	Summarecon Agung Tbk PT		49,963
	15,238,500	Telekomunikasi Indonesia Persero Tbk PT		3,973,879
	775,800	Unilever Indonesia Tbk PT		2,449,327
	766,810	United Tractors Tbk PT		1,458,432
	2,870,800	Waskita Beton Precast Tbk PT		75,064
	314,700	Waskita Karya Persero Tbk PT		36,766
	875,100	Wijaya Karya Persero Tbk PT		100,716
	577,200	XL Axiata Tbk PT*		79,475
		Total Indonesia		24,109,494

See accompanying Notes to the Schedule of Investments.

129

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Isle of Man — 0.0%
	25,196	NEPI Rockcastle Plc		197,925
		Japan — 0.2%
	68,400	Honda Motor Co., Ltd.‡		1,804,528
		Luxembourg — 0.0%
	16,364	Kernel Holding SA		213,221
		Malaysia — 1.6%
	3,568,015	AirAsia Group Bhd		2,564,308
	358,000	Alliance Financial Group Bhd		348,254
	306,700	AMMB Holdings Bhd		322,100
	75,100	Axiata Group Bhd		71,420
	1,600	Batu Kawan Bhd		6,458
	14,900	BIMB Holdings Bhd		12,836
	81,500	Boustead Holdings Bhd		27,808
	71,300	Bumi Armada Bhd*		2,674
	47,500	Cahya Mata Sarawak Bhd		30,920
	291,320	CIMB Group Holdings Bhd		402,526
	830,500	Dialog Group Bhd		625,010
	199,100	DRB-Hicom Bhd		81,904
	312,500	Eco World Development Group Bhd*		68,436
	337,000	FGV Holdings Bhd**		58,307
	107,800	Gamuda Bhd		61,041
	363,200	Genting Bhd		536,121
	1,548,200	Genting Malaysia Bhd		1,131,413
	12,100	Genting Plantations Bhd		28,870
	152,300	Hartalega Holdings Bhd		226,285
	7,800	Hengyuan Refining Co. Bhd		8,796
	180,200	Hong Leong Bank Bhd		889,554
	18,800	Hong Leong Financial Group Bhd		84,435
	50,000	IHH Healthcare Bhd		65,215
	590,100	IJM Corp. Bhd		231,328
	374,500	IOI Properties Group Bhd		139,560
	43,900	Magnum Bhd		20,715
	321,300	Mah Sing Group Bhd		71,141
	981,156	Malayan Banking Bhd		2,255,531
	870,600	Malaysia Airports Holdings Bhd		1,765,427
	316,174	Malaysia Building Society Bhd		70,388
	212,900	Malaysian Resources Corp. Bhd		31,684
	127,800	MISC Bhd		207,201
	123,600	MMC Corp. Bhd		24,825
	60,300	Oriental Holdings Bhd		90,030
	143,300	Petronas Chemicals Group Bhd		322,143
	11,700	Pos Malaysia BHD		4,870
	289,300	Public Bank Bhd		1,733,350
	66,000	RHB Bank Bhd		84,486
	1,152,800	Sapura Energy Bhd*		80,898
	7,800	Scientex BHD		16,704

See accompanying Notes to the Schedule of Investments.

130

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Malaysia — continued
	546,800	Sime Darby Bhd		317,561
	181,600	Sime Darby Property Bhd		43,725
	37,500	SP Setia Bhd Group		21,143
	298,900	Sunway Bhd		106,324
	175,400	Top Glove Corp. Bhd		237,687
	411,000	UEM Sunrise Bhd		66,138
	164,000	UOA Development Bhd		84,133
	52,500	VS Industry Bhd		9,274
	57,200	Yinson Holdings Bhd		58,134
	874,700	YTL Corp. Bhd		213,780
		Total Malaysia		15,962,871
		Mexico — 3.3%
	42,023	ALEATICA SAB de CV		54,220
	983,500	Alfa SAB de CV Class A		1,168,090
	230,800	Alsea SAB de CV		600,505
	45,500	Arca Continental SAB de CV		253,911
	277,525	Banco del Bajio SA 144A		538,879
	10,037	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR		61,828
	62,866	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B		77,762
	8,331	Becle SAB de CV		11,164
	153,000	Cemex SAB de CV, ADR*		737,460
	15,200	Coca-Cola Femsa SAB de CV Series L		92,093
	19,100	El Puerto de Liverpool SAB de CV‡		122,376
	95,500	Elementia SAB de CV* ‡ 144A		61,101
	1,962,259	Fibra Uno Administracion SA de CV REIT		2,177,105
	62,483	Fomento Economico Mexicano SAB de CV, ADR		5,376,662
	16,316	Fomento Economico Mexicano SAB de CV		139,998
	310,500	Gentera SAB de CV		228,613
	17,015	Gruma SAB de CV Class B		191,691
	87,700	Grupo Aeromexico SAB de CV* ‡		98,861
	151,100	Grupo Aeroportuario del Centro Norte SAB de CV		719,602
	330,800	Grupo Aeroportuario del Pacifico SAB de CV Class B		2,689,905
	18,502	Grupo Bimbo SAB de CV Series A		36,828
	12,600	Grupo Carso SAB de CV Series A-1		45,035
	44,768	Grupo Cementos de Chihuahua SAB de CV‡		229,526
	107,100	Grupo Comercial Chedraui SA de CV		214,757
	12,520	Grupo Elektra SAB DE CV‡		602,327
	1,123,926	Grupo Financiero Banorte SAB de CV Series O		5,474,743
	213,400	Grupo Financiero Inbursa SAB de CV Series O		307,415
	34,200	Grupo Lala SAB de CV‡		36,833
	125,760	Grupo Mexico SAB de CV Series B		259,071
	76,700	Grupo Sanborns SAB de CV‡		68,935
	19,886	Grupo Televisa SAB, ADR		250,166
	57,100	Industrias Bachoco SAB de CV‡		187,765
	9,108	Industrias CH SAB de CV* ‡		39,306
	15,484	Industrias Penoles SAB de CV		188,697

See accompanying Notes to the Schedule of Investments.

131

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Mexico — continued
	618,079	Mexichem SAB de CV		1,566,402
	220,500	Minera Frisco SAB de CV Class A* ‡		58,333
	247,700	Nemak SAB de CV 144A		184,639
	14,495	Organizacion Soriana SAB de CV* ‡		21,249
	9,902	Promotora y Operadora de Infraestructura SAB de CV		94,446
	1,809	Promotora y Operadora de Infraestructura SAB de CV Series L		11,344
	22,100	Vitro SAB de CV Series A		59,465
	2,611,900	Wal-Mart de Mexico SAB de CV		6,628,639
		Total Mexico		31,967,747
		Netherlands — 0.8%
	55,974	Heineken Holding NV		4,719,016
	97,762	Yandex NV Class A*		2,673,791
		Total Netherlands		7,392,807
		Nigeria — 0.1%
	14,424,151	Guaranty Trust Bank Plc		1,367,021
		Papua New Guinea — 0.2%
	328,691	Oil Search, Ltd.		1,656,812
		Philippines — 0.5%
	688,400	Alliance Global Group, Inc.		155,785
	6,935	Ayala Corp.		118,694
	191,300	Ayala Land, Inc.		147,700
	10,959	Bank of the Philippine Islands		19,590
	176,100	BDO Unibank, Inc.		438,032
	135,700	China Banking Corp.		69,934
	156,900	DMCI Holdings, Inc.		38,132
	204,200	Emperador, Inc.		27,610
	6,070	GT Capital Holdings, Inc.		112,546
	20,340	International Container Terminal Services, Inc.		38,680
	240,310	JG Summit Holdings, Inc.		254,545
	22,520	Jollibee Foods Corp.		124,966
	1,801,000	Megaworld Corp.		162,684
	695,100	Metro Pacific Investments Corp.		61,334
	116,764	Metropolitan Bank & Trust Co.		179,748
	548,200	Petron Corp.		80,377
	46,140	Philippine National Bank*		37,511
	31,520	Pilipinas Shell Petroleum Corp.		28,622
	29,100	Rizal Commercial Banking Corp.		15,772
	246,500	Robinsons Land Corp.		94,456
	38,420	Robinsons Retail Holdings, Inc.		58,450
	30,470	San Miguel Corp.		85,178
	12,670	San Miguel Food and Beverage, Inc.		19,757
	33,510	Security Bank Corp.		98,774
	23,585	SM Investments Corp.		411,510
	159,300	SM Prime Holdings, Inc.		108,452
	4,270	Top Frontier Investment Holdings, Inc.*		20,284

See accompanying Notes to the Schedule of Investments.

132

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Philippines — continued
	28,020	Union Bank of the Philippines		34,076
	812,780	Universal Robina Corp.		1,962,975
	912,600	Vista Land & Lifescapes, Inc.		93,889
		Total Philippines		5,100,063
		Poland — 0.8%
	32,777	Alior Bank SA*		463,725
	22,601	Asseco Poland SA		277,463
	29,838	Bank Millennium SA*		70,450
	2,112	Bank Polska Kasa Opieki SA		61,279
	37,835	Cyfrowy Polsat SA*		227,206
	31,574	Dino Polska SA*		805,581
	67,330	Enea SA*		177,432
	9,123	Grupa Azoty SA		75,718
	24,594	Grupa Lotos SA		579,376
	58,591	Jastrzebska Spolka Weglowa SA*		1,049,000
	13,561	KGHM Polska Miedz SA*		320,836
	191	LPP SA		399,108
	380	mBank SA		42,908
	259,270	PGE Polska Grupa Energetyczna SA*		690,145
	53,237	Polski Koncern Naftowy ORLEN SA		1,532,596
	289,927	Polskie Gornictwo Naftowe i Gazownictwo SA		533,279
	13,359	Powszechna Kasa Oszczednosci Bank Polski SA		140,355
	12,556	Powszechny Zaklad Ubezpieczen SA		146,725
	231,480	Tauron Polska Energia SA*		134,942
		Total Poland		7,728,124
		Qatar — 0.1%
	5,502	Industries Qatar QSC		201,887
	1,312	Qatar Islamic Bank SAQ		54,768
	20,302	Qatar National Bank QPSC		1,087,234
		Total Qatar		1,343,889
		Russia — 1.4%
	567,242	Gazprom PJSC, ADR		2,512,315
	302,109	Gazprom PJSC (OTC Exchange), ADR‡		1,335,322
	3,913	LUKOIL PJSC, ADR		279,153
	41,738	LUKOIL PJSC (Euroclear Shares), ADR		2,983,432
	6,698	Magnitogorsk Iron & Steel Works PJSC, Reg S, GDR		55,526
	64,668	MMC Norilsk Nickel PJSC, ADR‡		1,218,345
	96,760	Mobile Telesystems PJSC, ADR		677,320
	4,578	Novatek PJSC, Reg S, GDR‡‡‡		782,838
	22,491	Novolipetsk Steel PJSC, GDR		514,594
	83,399	Rosneft Oil Co. PJSC, Reg S, GDR‡‡‡		515,406
	23,672	Sberbank of Russia PJSC, ADR		259,445
	125,725	Severstal PJSC, Reg S, GDR‡‡‡		1,716,146
	88,066	Surgutneftegas PJSC, ADR		334,651
	5,971	Tatneft PJSC, ADR		376,173
	303,080	VTB Bank PJSC, Reg S, GDR‡‡‡		335,813
		Total Russia		13,896,479

See accompanying Notes to the Schedule of Investments.

133

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Singapore — 0.2%
	450,000	Singapore Telecommunications, Ltd.		967,352
	78,080	United Overseas Bank, Ltd.		1,407,502
		Total Singapore		2,374,854
		South Africa — 6.3%
	140,018	Absa Group, Ltd.		1,575,093
	38,082	AECI, Ltd.		221,079
	103,560	African Rainbow Minerals, Ltd.		1,024,801
	15,686	Anglo American Platinum, Ltd.		586,581
	92,622	AngloGold Ashanti, Ltd.		1,170,250
	10,624	Aspen Pharmacare Holdings, Ltd.		99,571
	237,640	AVI, Ltd.		1,679,587
	66,687	Barloworld, Ltd.		533,774
	113,505	Bid Corp., Ltd.		2,090,985
	161,357	Bidvest Group, Ltd. (The)		2,320,243
	42,311	Capitec Bank Holdings, Ltd.		3,288,404
	9,617	Discovery, Ltd.		106,827
	3,329	Distell Group Holdings, Ltd.		24,855
	234,749	Exxaro Resources, Ltd.		2,249,902
	681,704	FirstRand, Ltd.		3,106,883
	12,026	Foschini Group, Ltd. (The)		138,978
	488,227	Gold Fields, Ltd., ADR‡		1,718,559
	43,509	Gold Fields, Ltd.		149,234
	250,718	Growthpoint Properties, Ltd. REIT		406,099
	20,455	Imperial Logistics, Ltd.		96,694
	27,464	Investec, Ltd.		150,828
	46,715	Italtile, Ltd.		45,465
	216,604	KAP Industrial Holdings, Ltd.		122,117
	1,689	Kumba Iron Ore, Ltd.‡		33,234
	38,874	Liberty Holdings, Ltd.		297,264
	72,170	Life Healthcare Group Holdings, Ltd.		132,450
	449,407	MMI Holdings, Ltd.*		535,165
	9,661	Mondi, Ltd.		207,908
	94,516	Mr Price Group, Ltd.		1,617,318
	65,904	MTN Group, Ltd.		407,748
	41,237	Naspers, Ltd. Class N		8,291,174
	19,631	Nedbank Group, Ltd.		374,906
	7,817	Northam Platinum, Ltd.*		23,508
	55,027	Pick n Pay Stores, Ltd.		259,241
	12,375	Pioneer Foods Group, Ltd.		72,633
	470,452	PPC, Ltd.*		192,956
	971	PSG Group, Ltd.		16,524
	467,772	Redefine Properties, Ltd. REIT		314,449
	301,729	Remgro, Ltd.		4,084,721
	58,970	Reunert, Ltd.		290,320
	143,441	RMB Holdings, Ltd.		786,757
	38,975	Sanlam, Ltd.		216,212
	287,040	Sappi, Ltd.		1,629,254
	8,300	Sasol, Ltd., ADR		243,107

See accompanying Notes to the Schedule of Investments.

134

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		South Africa — continued
	83,107	Sasol, Ltd.		2,455,368
	233,309	Shoprite Holdings, Ltd.		3,084,025
	568,362	Sibanye Gold, Ltd.*		395,898
	298,289	Standard Bank Group, Ltd.		3,707,825
	115,361	Super Group, Ltd.*		272,183
	81,164	Telkom SA SOC, Ltd.		357,099
	327,143	Tiger Brands, Ltd.		6,226,292
	34,879	Tongaat Hulett, Ltd.		135,273
	237,145	Truworths International, Ltd.		1,452,379
	41,502	Tsogo Sun Holdings, Ltd.		61,827
	166,148	Woolworths Holdings, Ltd.		636,294
		Total South Africa		61,718,121
		South Korea — 10.2%
	92	Asia Cement Co., Ltd.**		8,534
	11,613	Asiana Airlines, Inc.*		43,036
	4,361	BGF Co., Ltd.**		31,541
	592	Binggrae Co., Ltd.**		38,466
	72,867	BNK Financial Group, Inc.**		478,684
	434	CJ CheilJedang Corp.*		128,551
	826	CJ Corp.*		89,944
	326	CJ ENM Co Ltd*		58,989
	7,439	CJ Hello Co., Ltd.*		61,069
	448	CJ Logistics Corp.*		67,051
	6,732	Com2uS Corp.		778,301
	2,932	Daekyo Co., Ltd.		17,606
	14,973	Daelim Industrial Co., Ltd.*		1,375,455
	3,287	Daesang Corp.*		73,794
	43,444	Daewoo Securities Co., Ltd.*		254,247
	9,213	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		281,972
	3,137	Daou Technology, Inc.*		52,996
	2,778	DB Insurance Co., Ltd.*		175,274
	48,210	DGB Financial Group, Inc.*		359,047
	18,298	Dongkuk Steel Mill Co., Ltd.*		118,565
	50	Dongwon F&B Co., Ltd.*		12,883
	148	Dongwon Industries Co., Ltd.*		26,926
	3,027	Doosan Bobcat, Inc.*		85,455
	1,190	Doosan Corp.		118,915
	12,049	Doosan Heavy Industries & Construction Co., Ltd.*		105,070
	26,090	Doosan Infracore Co., Ltd.*		177,472
	16,106	Douzone Bizon Co., Ltd.*		749,150
	1,739	E-MART, Inc.*		284,430
	3,563	Eugene Corp.*		19,958
	25,891	Fila Korea, Ltd.*		1,241,413
	344	Global & Yuasa Battery Co., Ltd.*		11,083
	5,238	GS Engineering & Construction Corp.*		205,380
	8,233	GS Holdings Corp.*		380,734
	363	GS Home Shopping, Inc.*		58,429
	1,535	GS Retail Co., Ltd.*		55,716

See accompanying Notes to the Schedule of Investments.

135

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	859	Halla Holdings Corp.		33,681
	102,362	Hana Financial Group, Inc.		3,325,527
	4,085	Handsome Co., Ltd.*		132,713
	538	Hanil Cement Co., Ltd.		56,654
	442	Hanil Holdings Co., Ltd.		20,638
	5,797	Hanjin Kal Corp.*		154,822
	2,099	Hankook Tire Co., Ltd.*		75,529
	776	Hansol Paper Co., Ltd.		11,545
	11,891	Hanwha Aerospace Co., Ltd.*		346,350
	23,695	Hanwha Chemical Corp.		428,965
	9,719	Hanwha Corp.*		273,069
	16,935	Hanwha General Insurance Co., Ltd.*		89,699
	131,815	Hanwha Life Insurance Co., Ltd.*		498,530
	6,201	HDC Holdings Co., Ltd.*		95,866
	3,159	HDC Hyundai Development Co-Engineering & Construction*		136,462
	2,951	Hite Jinro Co., Ltd.*		43,903
	156	Hyosung Advanced Materials Corp.*		14,400
	111	Hyosung Chemical Corp.*		14,126
	774	Hyosung Corp.		34,698
	150	Hyosung TNC Co., Ltd.*		24,870
	1,417	Hyundai Construction Equipment Co., Ltd.*		54,226
	4,809	Hyundai Department Store Co., Ltd.*		389,616
	34,899	Hyundai Engineering & Construction Co., Ltd.*		1,707,730
	1,000	Hyundai Glovis Co., Ltd.*		115,612
	11,341	Hyundai Greenfood Co., Ltd.*		145,345
	3,154	Hyundai Heavy Industries Co., Ltd.*		363,227
	955	Hyundai Heavy Industries Holdings Co., Ltd.*		296,137
	1,942	Hyundai Home Shopping Network Corp.*		172,305
	537	Hyundai Livart Furniture Co., Ltd.*		9,649
	38,687	Hyundai Marine & Fire Insurance Co., Ltd.*		1,423,285
	5,196	Hyundai Mipo Dockyard Co., Ltd.*		279,405
	6,387	Hyundai Mobis Co., Ltd.*		1,087,587
	14,471	Hyundai Motor Co.		1,536,847
	8,145	Hyundai Steel Co.*		330,311
	3,661	Hyundai Wia Corp.*		118,938
	23,114	Industrial Bank of Korea		291,048
	2,322	IS Dongseo Co., Ltd.*		63,783
	47,860	JB Financial Group Co., Ltd.*		244,490
	35,071	KB Financial Group, Inc.		1,461,554
	1,323	KCC Corp.		366,380
	48,347	Kginicis Co., Ltd.		667,274
	26,900	Kia Motors Corp.*		812,448
	2,041	KISWIRE, Ltd.*		42,528
	14,403	KIWOOM Securities Co., Ltd.*		1,009,423
	11,818	Koh Young Technology, Inc.*		873,799
	889	Kolon Corp.*		24,619
	3,072	Kolon Industries, Inc.*		157,757
	5,615	Korea Asset In Trust Co., Ltd.		22,142
	787	Korea Electric Terminal Co., Ltd.		28,636

See accompanying Notes to the Schedule of Investments.

136

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	21,492	Korea Investment Holdings Co., Ltd.*		1,146,060
	1,259	Korea Line Corp.*		24,541
	6,043	Korea Petrochemical Ind Co., Ltd.*		831,332
	4,390	Korea Zinc Co., Ltd.*		1,701,627
	8,733	Korean Air Lines Co., Ltd.*		258,672
	30,323	Korean Reinsurance Co.*		235,344
	61,770	KT Corp., ADR		878,369
	2,427	KT Skylife Co., Ltd.*		25,014
	9,085	Kumho Petrochemical Co., Ltd.*		710,809
	670	Kumho Tire Co., Inc.*		3,188
	6,138	LF Corp.*		136,700
	8,529	LG Chem, Ltd.*		2,652,414
	94,189	LG Corp.*		5,900,530
	24,582	LG Display Co., Ltd.‡		397,656
	3,066	LG Electronics, Inc.		171,188
	2,064	LG Hausys, Ltd.*		104,698
	3,973	LG Household & Health Care, Ltd.*		3,920,302
	691	LG Innotek Co., Ltd.*		53,506
	8,961	LG International Corp.*		123,276
	12,131	LG Uplus Corp.*		191,891
	1,034	LIG Nex1 Co., Ltd.*		34,241
	3,327	Lotte Chemical Corp.*		825,936
	8	Lotte Chilsung Beverage Co., Ltd.*		10,038
	607	Lotte Fine Chemical Co., Ltd.*		22,331
	15	Lotte Food Co., Ltd.*		9,531
	1,597	Lotte Himart Co., Ltd.*		66,768
	7,750	Lotte Shopping Co., Ltd.*		1,465,540
	1,775	LS Corp.*		78,108
	595	Mando Corp.*		15,438
	1,213	Medy-Tox, Inc.		628,134
	2,483	Meritz Financial Group, Inc.*		25,702
	2,886	Meritz Fire & Marine Insurance Co., Ltd.*		56,515
	63,681	Meritz Securities Co., Ltd.*		244,268
	13,550	Mirae Asset Life Insurance Co., Ltd.*		55,983
	45,374	Modetour Network, Inc.*		980,026
	2,471	Namhae Chemical Corp.*		25,467
	5,629	Nexen Tire Corp.*		46,261
	20,881	NH Investment & Securities Co., Ltd.*		244,217
	168	Nong Shim Co., Ltd.*		38,319
	2,020	OCI Co., Ltd.*		193,709
	8,143	Orion Corp. Republic of Korea*		875,748
	2,563	Orion Corp. Republic of South Korea*		39,279
	12,140	Pan Ocean Co., Ltd.*		48,362
	3,347	Poongsan Corp.*		82,040
	13,482	POSCO		2,936,123
	7,862	Posco Daewoo Corp.*		128,238
	1,326	S&T Motiv Co., Ltd.*		32,146
	1,400	Samsung C&T Corp.*		132,371
	6,619	Samsung Card Co., Ltd.*		204,953

See accompanying Notes to the Schedule of Investments.

137

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	740,886	Samsung Electronics Co., Ltd.		25,696,620
	914	Samsung Fire & Marine Insurance Co., Ltd.*		220,350
	77,648	Samsung Heavy Industries Co., Ltd.*		515,658
	6,736	Samsung Life Insurance Co., Ltd.*		492,613
	173	Samsung SDI Co., Ltd.		33,955
	5,222	Samsung SDS Co., Ltd.*		954,730
	13,625	Samsung Securities Co., Ltd.*		384,646
	1,020	Samyang Corp.*		50,278
	1,103	Samyang Holdings Corp.*		77,599
	4,072	Seah Besteel Corp.*		64,594
	1,847	SFA Engineering Corp.*		57,274
	90,644	Shinhan Financial Group Co., Ltd.		3,216,977
	4,547	Shinsegae International, Inc.*		792,608
	722	Shinsegae, Inc.*		165,650
	26,054	Silicon Works Co., Ltd.*		784,562
	1,679	Sindoh Co., Ltd.*		69,068
	1,594	SK Discovery Co., Ltd.*		37,286
	1,185	SK Gas, Ltd.*		75,085
	921	SK Holdings Co., Ltd.		214,608
	97,876	SK Hynix, Inc.		5,306,953
	1,750	SK Innovation Co., Ltd.		281,524
	45,410	SK Networks Co., Ltd.*		211,626
	1,994	SK Telecom Co., Ltd.		481,612
	2,399	SKC Co., Ltd.		76,971
	3,982	SL Corp.*		71,196
	10,808	Soulbrain Co., Ltd.*		460,585
	7,760	Ssangyong Motor Co.*		27,540
	127	Taekwang Industrial Co., Ltd.*		150,242
	11,134	Taeyoung Engineering & Construction Co., Ltd.*		113,256
	14,048	Tongyang Life Insurance Co., Ltd.*		60,055
	34,979	Value Added Technology Co., Ltd.*		677,134
	5,297	Wonik Holdings Co., Ltd.*		16,663
	44,465	Woori Bank		621,665
	86	Young Poong Corp.*		57,421
	17,663	Youngone Corp.		607,077
	1,790	Youngone Holdings Co., Ltd.*		100,264
	10,268	Yuanta Securities Korea Co., Ltd.*		28,895
		Total South Korea		100,202,033
		Spain — 0.0%
	16,331	CEMEX Latam Holdings SA*		18,607
		Switzerland — 0.5%
	83,398	ABB, Ltd.		1,581,584
	47,715	Coca-Cola HBC AG*		1,490,076
	17,168	Nestle SA		1,389,741
		Total Switzerland		4,461,401

See accompanying Notes to the Schedule of Investments.

138

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Taiwan — 9.9%
	21,000	A-DATA Technology Co., Ltd.		27,192
	227,000	Acer, Inc.*		143,643
	39,000	Ardentec Corp.		32,990
	94,000	ASE Technology Holding Co., Ltd.*		178,293
	1,164,000	Asia Cement Corp.		1,285,675
	543,000	Asustek Computer, Inc.		3,559,700
	857,000	AU Optronics Corp.		342,945
	283,000	Bioteque Corp.		869,154
	537,140	Capital Securities Corp.		156,404
	241,000	Catcher Technology Co., Ltd.		1,764,160
	1,046,000	Cathay Financial Holding Co., Ltd.		1,599,440
	158,000	Cathay Real Estate Development Co., Ltd.		102,551
	23,062	Center Laboratories, Inc.*		51,020
	428,480	Chang Hwa Commercial Bank, Ltd.		239,771
	206,000	Cheng Loong Corp.		124,993
	53,000	Cheng Shin Rubber Industry Co., Ltd.		70,438
	118,000	Cheng Uei Precision Industry Co., Ltd.		90,985
	22,110	Chicony Electronics Co., Ltd.		45,030
	7,000	Chilisin Electronics Corp.		17,877
	103,000	Chin-Poon Industrial Co., Ltd.		120,804
	3,023,000	China Airlines, Ltd.		1,081,856
	3,033,000	China Development Financial Holding Corp.		959,129
	954,600	China General Plastics Corp.		683,255
	716,840	China Life Insurance Co., Ltd.		649,510
	439,000	China Petrochemical Development Corp.*		156,393
	1,026,000	China Steel Corp.		809,464
	31,000	Chipbond Technology Corp.		62,531
	56,944	ChipMOS Technologies, Inc.*		48,353
	90,000	Chung Hung Steel Corp.*		31,330
	117,000	Chung Hwa Pulp Corp.		36,771
	886,000	Compal Electronics, Inc.		503,000
	143,000	Compeq Manufacturing Co., Ltd.		92,117
	120,000	Coretronic Corp.		148,551
	2,638,120	CTBC Financial Holding Co., Ltd.		1,733,742
	59,000	CTCI Corp.		85,226
	66,000	Darwin Precisions Corp.		34,463
	35,000	Delta Electronics, Inc.		147,461
	31,000	Depo Auto Parts Ind Co., Ltd.		68,481
	44,000	E Ink Holdings, Inc.		43,160
	3,410,878	E.Sun Financial Holding Co., Ltd.		2,230,493
	61,000	Eclat Textile Co., Ltd.		690,633
	77,000	EnTie Commercial Bank Co., Ltd.		32,441
	208,000	Epistar Corp.		173,237
	87,740	Eternal Materials Co., Ltd.		66,939
	1,048,500	Eva Airways Corp.		538,969
	147,000	Evergreen International Storage & Transport Corp.		64,564
	480,549	Evergreen Marine Corp. Taiwan, Ltd.		186,047
	116,000	Everlight Electronics Co., Ltd.		111,520
	304,000	Far Eastern Department Stores, Ltd.		155,279

See accompanying Notes to the Schedule of Investments.

139

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	633,720	Far Eastern International Bank		206,175
	385,000	Far Eastern New Century Corp.		349,465
	41,000	Feng Hsin Iron & Steel Co.		78,033
	2,561,381	First Financial Holding Co., Ltd.		1,666,643
	31,000	FLEXium Interconnect, Inc.		75,137
	48,000	Formosa Advanced Technologies Co., Ltd.		49,660
	683,000	Formosa Chemicals & Fibre Corp.		2,333,182
	155,000	Formosa Plastics Corp.		509,321
	18,000	Foxconn Technology Co., Ltd.		35,430
	829,997	Fubon Financial Holding Co., Ltd.		1,270,500
	38,000	Getac Technology Corp.		49,699
	582,000	Giant Manufacturing Co., Ltd.		2,736,084
	91,000	Gigabyte Technology Co., Ltd.		119,016
	198,000	Globalwafers Co., Ltd.		1,806,910
	245,000	Grand Pacific Petrochemical		174,163
	126,000	Grape King Bio, Ltd.		780,916
	54,570	Great Wall Enterprise Co., Ltd.		59,475
	18,000	Greatek Electronics, Inc.		25,152
	801,000	HannStar Display Corp.		183,461
	44,000	Highwealth Construction Corp.		64,417
	775,200	Hon Hai Precision Industry Co., Ltd.		1,785,606
	676,115	Hua Nan Financial Holdings Co., Ltd.		384,944
	73,000	Huaku Development Co., Ltd.		161,737
	1,016,800	Hung Sheng Construction, Ltd.		845,211
	18,000	IEI Integration Corp.		20,292
	1,432,000	Innolux Corp.		452,843
	63,796	International CSRC Investment Holdings Co.		80,842
	134,000	Inventec Corp.		96,128
	54,000	Kenda Rubber Industrial Co., Ltd.		51,300
	19,000	Kerry TJ Logistics Co., Ltd.		21,944
	85,000	King Yuan Electronics Co., Ltd.		64,295
	157,000	King’s Town Bank Co., Ltd.		147,362
	338,000	Kinpo Electronics		111,065
	81,000	Kinsus Interconnect Technology Corp.		114,897
	27,000	LCY Chemical Corp.		46,293
	423,000	Lite-On Technology Corp., ADR		558,734
	190,462	Long Chen Paper Co., Ltd.		88,300
	14,000	Lung Yen Life Service Corp.		25,598
	26,000	MediaTek, Inc.		194,131
	954,000	Mega Financial Holding Co., Ltd.		805,423
	114,480	Mercuries & Associates Holding, Ltd.		66,482
	284,445	Mercuries Life Insurance Co., Ltd.*		107,811
	347,000	Micro-Star International Co., Ltd.		862,504
	47,000	Nan Kang Rubber Tire Co., Ltd.		39,527
	130,000	Nan Ya Plastics Corp.		319,322
	958,000	Nanya Technology Corp.		1,714,221
	20,000	Nien Made Enterprise Co., Ltd.		153,561
	317,000	O-Bank Co., Ltd.		82,506
	28,000	Pan Jit International, Inc.*		23,184

See accompanying Notes to the Schedule of Investments.

140

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	188,000	Pegatron Corp.		314,383
	6,000	Phison Electronics Corp.		44,507
	718,000	Pou Chen Corp.		761,519
	550,000	Powertech Technology, Inc.		1,182,776
	129,000	President Chain Store Corp.		1,305,235
	12,000	Primax Electronics, Ltd.		16,963
	324,000	Prince Housing & Development Corp.		107,519
	159,000	Qisda Corp., ADR		101,907
	73,000	Quanta Computer, Inc.		125,162
	311,000	Radiant Opto-Electronics Corp.		854,979
	108,000	Realtek Semiconductor Corp.		502,456
	31,000	Rechi Precision Co., Ltd.		24,458
	18,000	Ruentex Industries, Ltd.		46,029
	20,000	San Fang Chemical Industry Co., Ltd.		15,486
	117,000	Sanyang Motor Co., Ltd.		76,130
	45,000	Shihlin Electric & Engineering Corp.		59,952
	5,021,903	Shin Kong Financial Holding Co., Ltd.		1,465,545
	47,000	Shin Zu Shing Co., Ltd.		128,750
	340,000	Shinkong Synthetic Fibers Corp.		127,761
	33,000	Sigurd Microelectronics Corp.		29,042
	114,000	Simplo Technology Co., Ltd.		771,448
	942,480	SinoPac Financial Holdings Co., Ltd.		315,826
	71,000	Sunny Friend Environmental Technology Co., Ltd.		468,914
	539,000	Sunonwealth Electric Machine Industry Co., Ltd.		650,581
	75,000	Synnex Technology International Corp.		88,818
	75,530	TA Chen Stainless Pipe		103,329
	607,825	Taichung Commercial Bank Co., Ltd.		201,705
	240,000	TaiDoc Technology Corp.		1,378,144
	901,263	Taishin Financial Holding Co., Ltd.		382,649
	1,364,680	Taiwan Business Bank		459,526
	363,000	Taiwan Cement Corp.		420,431
	1,884,900	Taiwan Cooperative Financial Holding Co., Ltd.		1,082,360
	241,000	Taiwan Glass Industry Corp.		101,145
	79,000	Taiwan Hon Chuan Enterprise Co., Ltd.		122,084
	444,251	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		16,397,304
	513,000	Taiwan Semiconductor Manufacturing Co., Ltd.		3,763,591
	28,000	Taiwan Shin Kong Security Co., Ltd.		34,981
	69,000	Tatung Co., Ltd.*		58,142
	58,616	TCI Co., Ltd.		989,742
	404,000	Teco Electric and Machinery Co., Ltd.		229,359
	225,000	Ton Yi Industrial Corp.		88,940
	15,000	Tong Hsing Electronic Industries, Ltd.		52,461
	51,000	Tong Yang Industry Co., Ltd.		61,143
	20,000	Transcend Information, Inc.		43,466
	23,000	Tripod Technology Corp.		59,713
	243,000	Tung Ho Steel Enterprise Corp.		150,210
	91,000	TXC Corp.		95,923
	44,000	U-Ming Marine Transport Corp.		46,166
	5,563,015	Uni-President Enterprises Corp.		12,632,933

See accompanying Notes to the Schedule of Investments.

141

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	410,000	Unimicron Technology Corp.		297,459
	204,970	Union Bank Of Taiwan		63,951
	35,700	Unitech Printed Circuit Board Corp.		15,854
	1,153,000	United Microelectronics Corp.		422,008
	230,040	UPC Technology Corp.		86,816
	243,780	USI Corp.		94,381
	49,000	Wah Lee Industrial Corp.		79,071
	565,000	Walsin Lihwa Corp.		307,894
	118,000	Wan Hai Lines, Ltd.		61,232
	609,224	Waterland Financial Holdings Co., Ltd.		188,890
	553,000	Winbond Electronics Corp.		243,783
	576,447	Wistron Corp.		358,205
	28,560	Wistron NeWeb Corp.		74,241
	152,720	WPG Holdings, Ltd.		183,590
	36,000	WT Microelectronics Co., Ltd.		45,444
	166,000	Yang Ming Marine Transport Corp.*		47,526
	341,000	YFY, Inc.		124,809
	312,090	Yieh Phui Enterprise Co., Ltd.		104,582
	1,148,000	Yuanta Financial Holding Co., Ltd.		577,044
	258,000	Yulon Motor Co., Ltd.		152,767
	8,000	Yung Chi Paint & Varnish Manufacturing Co., Ltd.		18,349
	35,000	Yungtay Engineering Co., Ltd.		67,411
		Total Taiwan		96,603,782
		Thailand — 2.7%
	1,985,800	Airports of Thailand PCL		3,918,540
	379,100	AP Thailand PCL Class F		69,859
	92,100	Bangchak Corp. PCL Class F		89,809
	85,600	Bangkok Airways PCL		30,496
	57,500	Bangkok Bank PCL, NVDR		358,492
	3,000	Bangkok Bank PCL		19,072
	42,900	Bangkok Life Assurance PCL, NVDR		34,586
	543,100	Banpu PCL		246,864
	284,300	Charoen Pokphand Foods PCL		214,797
	1,742,000	CP All PCL Class F		3,678,209
	338,500	Golden Land Property Development PCL		72,773
	128,200	Hana Microelectronics PCL		129,932
	612,900	Home Product Center PCL Class N, NVDR		286,120
	349,200	IRPC PCL Class F		61,668
	335,500	Kasikornbank PCL, NVDR		1,906,250
	215,500	Kasikornbank PCL		1,221,123
	24,100	Kiatnakin Bank PCL Class F		49,036
	1,225,400	Krung Thai Bank PCL, NVDR		722,595
	369,600	Krung Thai Bank PCL		217,946
	1,151,900	Krungthai Card PCL Class F		1,079,022
	43,600	MBK PCL Class F		27,585
	910,300	Mega Lifesciences PCL Class F		803,781
	764,700	Muangthai Capital PCL Class F		1,150,808
	69,700	Precious Shipping PCL Class F*		18,517

See accompanying Notes to the Schedule of Investments.

142

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Thailand — continued
	318,500	Pruksa Holding PCL Class F		169,228
	307,300	PTT Exploration & Production PCL Class N, NVDR		1,071,209
	102,100	PTT Exploration & Production PCL (Foreign Shares)		355,908
	607,100	PTT Global Chemical PCL, NVDR		1,328,497
	167,100	PTT Global Chemical PCL		365,660
	1,865,100	PTT PCL, NVDR		2,634,969
	387,000	PTT PCL		546,744
	10,214,100	Quality Houses PCL Class F		821,896
	2,363,200	Sansiri PCL		85,644
	194,300	Siam Commercial Bank PCL (The)		796,654
	70,000	Sri Trang Agro-Industry PCL		30,313
	103,600	Star Petroleum Refining PCL Class F		30,545
	113,200	Supalai PCL		63,275
	262,000	Thai Airways International PCL Class F*		97,365
	737,600	Thai Oil PCL, NVDR		1,500,798
	72,800	Thai Oil PCL		148,127
	92,200	Thai Union Group PCL Class F		45,873
	146,200	Thanachart Capital PCL		223,386
	1,448,000	TMB Bank PCL		97,838
	346,800	True Corp. PCL Class F		55,386
		Total Thailand		26,877,195
		Turkey — 0.4%
	207,219	Akbank T.A.S.		267,209
	9,600	Anadolu Efes Biracilik Ve Malt Sanayii AS		37,174
	9,494	Arcelik AS		28,179
	8,486	Aygaz AS		18,073
	44,329	BIM Birlesik Magazalar AS		724,943
	87,117	Dogan Sirketler Grubu Holding AS*		16,703
	88,701	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D*		36,348
	26,827	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A*		9,178
	23,713	KOC Holding AS		63,295
	4,098	Pegasus Hava Tasimaciligi AS*		17,656
	46,236	Soda Sanayii AS		61,707
	91,091	TAV Havalimanlari Holding AS		409,575
	49,611	Trakya Cam Sanayii AS		28,256
	128,100	Turk Hava Yollari AO*		387,919
	136,290	Turkiye Garanti Bankasi AS		203,927
	131,148	Turkiye Halk Bankasi AS		173,059
	1,068,531	Turkiye Is Bankasi Class C		909,875
	386,900	Turkiye Sinai Kalkinma Bankasi AS		58,909
	188,498	Turkiye Sise ve Cam Fabrikalari AS		200,903
	72,860	Turkiye Vakiflar Bankasi TAO Series D		53,413
	99,335	Yapi ve Kredi Bankasi AS*		29,876
		Total Turkey		3,736,177
		United Arab Emirates — 0.2%
	2,060,201	Emaar Malls PJSC		1,003,977

See accompanying Notes to the Schedule of Investments.

143

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		United Arab Emirates — continued
	55,296	Emirates Telecommunications Group Co. PJSC		255,619
	113,451	First Abu Dhabi Bank PJSC		435,501
		Total United Arab Emirates		1,695,097
		United Kingdom — 1.0%
	374,539	Cairn Energy Plc*		715,519
	120,885	GlaxoSmithKline Plc		2,295,838
	104,195	Unilever Plc		5,452,092
	95,534	WPP Plc		1,030,076
		Total United Kingdom		9,493,525
		United States — 1.1%
	33,448	Citigroup, Inc.		1,741,303
	29,838	Cognizant Technology Solutions Corp. Class A		1,894,116
	11,612	Johnson & Johnson		1,498,529
	15,608	Microsoft Corp.		1,585,304
	16,307	PPG Industries, Inc.		1,667,065
	68,991	Southern Copper Corp.		2,122,853
	18,515	Yum China Holdings, Inc.		620,808
		Total United States		11,129,978
		TOTAL COMMON STOCKS (COST $972,265,535)		878,421,592
		PREFERRED STOCKS — 1.6%
		Brazil — 1.5%
	91,300	Banco Bradesco SA, 2.73%		910,468
	231,900	Banco do Estado do Rio Grande do Sul SA, 8.19%		1,327,109
	26,600	Braskem SA, 3.93%		325,178
	10,500	Cia Brasileira de Distribuicao, 1.61%		219,387
	121,800	Gerdau SA, 2.37%		465,736
	566,055	Itau Unibanco Holding SA, 5.58%		5,184,791
	589,162	Itausa — Investimentos Itau SA, 3.25%		1,836,309
	648,000	Petroleo Brasileiro SA, 3.53%		3,791,947
	115,200	Usinas Siderurgicas de Minas Gerais SA, 1.26% Series A		274,049
		Total Brazil		14,334,974
		Colombia — 0.0%
	5,238	Banco Davivienda SA, 2.41%		49,872
	15,537	Grupo Argos SA/Colombia, 2.39%		69,372
	8,638	Grupo de Inversiones Suramericana SA, 1.68%		82,669
		Total Colombia		201,913
		Germany — 0.1%
	14,041	Bayerische Motoren Werke AG, 6.35%		996,765
		South Korea — 0.0%
	123	CJ Corp., 0.00%* **** ¤		4,042
		TOTAL PREFERRED STOCKS (COST $14,831,343)		15,537,694

See accompanying Notes to the Schedule of Investments.

144

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		RIGHTS — 0.0%
		Malaysia — 0.0%
	461,120	Sapura Energy Bhd Class R* ****		—
	1,921,333	Sapura Energy Bhd Class R* ****		—
		Total Malaysia		—
		TOTAL RIGHTS (COST $—)		—
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.2%
		Investment Fund — 0.5%
	4,762,275	State Street Institutional Treasury Plus Money Market Fund, Institutional Class, 2.28%## *****		4,762,275
		Mutual Fund - Securities Lending Collateral — 0.4%
	4,353,293	State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.27%## ***		4,353,293
		U.S. Government and Agency Obligations — 0.3%
	1,700,000	United States Treasury Bill, 2.52%, due 05/30/19** ‡‡		1,683,078
	1,300,000	United States Treasury Bill, 2.31%, due 03/14/19** ‡‡		1,293,901
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $2,976,611)		2,976,979
		TOTAL SHORT-TERM INVESTMENTS (COST $12,092,179)		12,092,547
		TOTAL INVESTMENTS — 92.6% (Cost $999,189,057)		906,051,833
		Other Assets and Liabilities (net) — 7.4%		71,993,162
		NET ASSETS — 100.0%	$978,044,995

See accompanying Notes to the Schedule of Investments.

145

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	GDR — Global Depository Receipt
	NVDR — Non-Voting Depository Receipt
	REIT — Real Estate Investment Trust
##	The rate disclosed is the 7 day net yield as of December 31, 2018.
*	Non-income producing security
**	All or a portion of this security is pledged 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 $69,358 which represents 0.0% of net assets. The aggregate tax cost of these securities held at December 31, 2018 was $89,937.
*****	Security has been segregated to cover collateral requirements on open synthetic futures contracts.
¤	Illiquid security. The total market value of the securities at period end is $23,504,740 which represents 2.4% of net assets. The aggregate tax cost of these securities held at December 31, 2018 was $21,963,822.
‡	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 $4,894,584 which represents 0.5% of net assets.

See accompanying Notes to the Schedule of Investments.

146

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty				Unrealized Appreciation (Depreciation)
BRL	23,589,000	USD	6,019,321		03/20/19		Citibank N.A. London				$	32,166
CLP	1,482,997,000	USD	2,204,745		03/20/19		Citibank N.A. London					(66,079	)
CNH	33,135,000	USD	4,792,747		03/20/19		Citibank N.A. London					29,090
COP	6,200,000,000	USD	1,902,475		03/20/19		Citibank N.A. London					(510	)
EUR	780,000	USD	894,564		03/20/19		Citibank N.A. London					2,868
HKD	300,753,000	USD	38,544,497		03/20/19		Citibank N.A. London					(44,449	)
HUF	654,650,000	USD	2,327,245		03/20/19		Citibank N.A. London					17,874
IDR	74,900,000,000	USD	5,114,178		03/20/19		Citibank N.A. London					51,101
ILS	9,516,000	USD	2,579,757		03/20/19		Citibank N.A. London					(18,094	)
INR	1,605,636,000	USD	22,383,983		03/20/19		Citibank N.A. London					424,264
KRW	4,340,000,000	USD	3,875,666		03/20/19		Citibank N.A. London					24,395
MXN	680,071,000	USD	33,019,037		03/20/19		Citibank N.A. London					1,106,006
PEN	500,000	USD	147,863		03/20/19		Citibank N.A. London					(260	)
PHP	286,000,000	USD	5,413,653		03/20/19		Citibank N.A. London					(8,723	)
PLN	39,685,000	USD	10,525,741		03/20/19		Citibank N.A. London					56,898
RUB	1,134,787,000	USD	16,790,013		03/20/19		Citibank N.A. London					(585,534	)
SGD	11,084,000	USD	8,097,932		03/20/19		Citibank N.A. London					48,382
THB	33,343,000	USD	1,019,312		03/20/19		Citibank N.A. London					6,832
TWD	136,989,000	USD	4,484,975		03/20/19		Citibank N.A. London					102
ZAR	46,912,000	USD	3,345,155		03/20/19		Citibank N.A. London					(113,797	)
USD	10,540,403	BRL	40,601,000		03/20/19		Citibank N.A. London					124,682
USD	13,205,425	CLP	8,976,022,000		03/20/19		Citibank N.A. London					260,882
USD	22,878,219	CNH	159,268,000		03/20/19		Citibank N.A. London					(298,609	)
USD	9,357,870	COP	30,000,000,000		03/20/19		Citibank N.A. London					154,814
USD	2,282,771	CZK	51,845,000		03/20/19		Citibank N.A. London					(25,038	)
USD	298,277	EUR	260,000		03/20/19		Citibank N.A. London					(865	)
USD	12,643,685	HKD	98,672,000		03/20/19		Citibank N.A. London					12,466
USD	4,826,020	IDR	70,648,791,775		03/20/19		Citibank N.A. London					(46,086	)
USD	2,681,460	ILS	9,906,000		03/20/19		Citibank N.A. London					14,810
USD	2,122,280	INR	151,389,000		03/20/19		Citibank N.A. London					(28,219	)
USD	41,003,301	KRW	45,793,838,000		03/20/19		Citibank N.A. London					(148,479	)
USD	2,011,054	MXN	41,488,000		03/20/19		Citibank N.A. London					(70,758	)
USD	59,371	PEN	200,000		03/20/19		Citibank N.A. London					330
USD	2,879,440	PHP	152,571,000		03/20/19		Citibank N.A. London					(3,901	)
USD	1,102,321	PLN	4,153,000		03/20/19		Citibank N.A. London					(5,143	)
USD	4,184,927	RUB	283,223,000		03/20/19		Citibank N.A. London					140,572
USD	2,162,303	THB	71,110,000		03/20/19		Citibank N.A. London					(26,136	)
USD	2,073,966	TWD	63,412,000		03/20/19		Citibank N.A. London					(2,171	)
USD	5,531,079	ZAR	79,659,000		03/20/19		Citibank N.A. London					44,067
								$	1,059,750

See accompanying Notes to the Schedule of Investments.

147

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Currency Abbreviations

BRL — Brazilian Real

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro Currency

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

PEN — Peruvian Nuevo Sol

PHP — Philippines Peso

PLN — Polish Zloty

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Baht

TWD — Taiwan Dollar

USD — U.S. Dollar

ZAR — South African Rand

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	163	HSCEI Futures		Jan 2019	$	10,515,726	$	108,992
	767	MSCI Emerging Markets E-mini Index		Mar 2019		37,076,780		(620,124	)
	126	MSCI Singapore IX ETS		Jan 2019		3,158,782		35,321
	140	MSCI Taiwan Stock Index		Jan 2019		5,031,600		82,981
							$	(392,830	)
	Sales
	6	FTSE Bursa Malaysia KLCI Index		Jan 2019	$	122,795	$	(303	)
	230	FTSE/JSE Top 40 Index		Mar 2019		7,524,046		(225,942	)
	49	Mexico Bolsa Index		Mar 2019		1,039,478		14
	446	SET50 Index		Mar 2019		2,857,359		48,825
							$	(177,406	)

See accompanying Notes to the Schedule of Investments.

148

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Synthetic Futures

Number of Contracts Long (Short)			Reference Entity	Expiration Date	Counterparty	Notional Value		Value
	(32,300	)	BIST 30 Futures	02/28/2019	Goldman Sachs International	$	726,473	$	4,745
	11,700		Hang Seng China Enterprises Index	01/30/2019	Goldman Sachs International		15,059,365		30,671
	(220	)	Ibovespa Futures Index	02/13/2019	Goldman Sachs International		5,028,144		43,877
	22,500,000		KOSPI 200 Index	03/14/2019	Goldman Sachs International		5,228,794		(9,556	)
	(2,009	)	MSCI Brazil Net Return BRL Index	03/20/2019	Goldman Sachs International		504,579		(47	)
	7,991		MSCI China Net Return Index	03/20/2019	Goldman Sachs International		530,476		(27,435	)
	1,098		MSCI Daily TR Net Istrael Index	03/20/2019	Goldman Sachs International		149,643		(11,350	)
	(8,749	)	MSCI Mexico Net Index	03/20/2019	Goldman Sachs International		380,233		973
	85		MSCI Singapore Net Return Index	03/20/2019	Goldman Sachs International		337,033		(4,983	)
	(58,733	)	MSCI South Africa Net Return Index	03/20/2019	Goldman Sachs International		3,691,870		(76,923	)
	(1,688	)	MSCI South Africa Net Return Index	03/20/2019	Goldman Sachs International		105,509		(2,943	)
	25,800		Taiwan Stock Index	01/16/2019	Goldman Sachs International		8,121,778		(30,987	)
	1,200		Tel Aviv 35 Index	01/25/2019	Goldman Sachs International		486,044		(19,801	)
	(2,660	)	WIG20 Futures Index	03/15/2019	Goldman Sachs International		1,632,149		25,301
								$	(78,458	)

See accompanying Notes to the Schedule of Investments.

149

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Banks		12.8
Internet		6.3
Semiconductors		6.1
Diversified Financial Services		5.8
Oil & Gas		5.1
Food		4.3
Retail		3.8
Insurance		3.7
Computers		3.4
Chemicals		3.3
Beverages		2.7
Telecommunications		2.6
Pharmaceuticals		2.4
Iron & Steel		2.0
Mining		2.0
Engineering & Construction		1.9
Building Materials		1.6
Real Estate		1.6
Holding Companies — Diversified		1.3
Auto Manufacturers		1.1
Gas		1.1
Leisure Time		1.1
Apparel		1.0
Cosmetics & Personal Care		1.0
Electronics		1.0
Health Care — Products		0.9
Software		0.9
Coal		0.8
Commercial Services		0.8
Home Furnishings		0.8
Lodging		0.7
Airlines		0.6
Distribution & Wholesale		0.6
Electric		0.6
Household Products & Wares		0.6
Water		0.6
Forest Products & Paper		0.5
Machinery — Construction & Mining		0.5
Aerospace & Defense		0.4
Auto Parts & Equipment		0.4
Electrical Components & Equipment		0.3
Machinery — Diversified		0.3
Oil & Gas Services		0.3
REITS		0.3
Health Care — Services		0.2
Home Builders		0.2
Metal Fabricate & Hardware		0.2
Miscellaneous — Manufacturing		0.2
Pipelines		0.2
Advertising		0.1

See accompanying Notes to the Schedule of Investments.

150

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Biotechnology		0.1
Environmental Control		0.1
Investment Companies		0.1
Shipbuilding		0.1
Agriculture		0.0
Energy-Alternate Sources		0.0
Food Service		0.0
Housewares		0.0
Media		0.0
Office & Business Equipment		0.0
Packaging & Containers		0.0
Textiles		0.0
Transportation		0.0
Trucking & Leasing		0.0
Short-Term Investments and Other Assets and Liabilities (net)		8.6
		100.0	%

See accompanying Notes to the Schedule of Investments.

151

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 92.3%
		Australia — 1.9%
	98,303	AGL Energy, Ltd.		1,425,629
	55,180	Ansell, Ltd.		856,181
	2,904	BlueScope Steel, Ltd.		22,407
	55,342	Coca-Cola Amatil, Ltd.		319,089
	838	Cochlear, Ltd.		102,398
	79,992	Coles Group, Ltd.*		661,130
	11,338	Newcrest Mining, Ltd.		174,007
	5,369	Northern Star Resources, Ltd.		34,925
	13,871	Regis Resources, Ltd.		47,166
	48,520	Rio Tinto, Ltd.		2,680,384
	18,141	Saracen Mineral Holdings, Ltd.*		37,420
	12,681	Scentre Group REIT		34,817
	353,040	Sonic Healthcare, Ltd.		5,495,221
	217,573	Telstra Corp., Ltd.		436,538
	79,992	Wesfarmers, Ltd.		1,814,448
	137,026	Woolworths Group, Ltd.		2,838,038
		Total Australia		16,979,798
		Austria — 0.6%
	19,866	Erste Group Bank AG*		659,720
	26,711	EVN AG		384,126
	11,455	Flughafen Wien AG		451,770
	30,481	Raiffeisen Bank International AG		773,545
	34,645	Telekom Austria AG Class A*		262,973
	13,457	Verbund AG		572,877
	15,100	Vienna Insurance Group AG Wiener Versicherung Gruppe		350,065
	58,329	Voestalpine AG		1,740,316
		Total Austria		5,195,392
		Belgium — 0.8%
	11,217	Ackermans & van Haaren NV		1,690,033
	18,633	Colruyt SA‡		1,325,731
	6,583	D’ieteren SA/NV		247,735
	19,006	Elia System Operator SA		1,266,667
	3,353	Financiere de Tubize SA		232,662
	32,094	UCB SA		2,615,872
		Total Belgium		7,378,700
		Bermuda — 1.4%
	2,600	Assured Guaranty, Ltd.		99,528
	23,020	Axis Capital Holdings, Ltd.		1,188,753
	6,346	Bunge, Ltd.		339,130
	149,500	CK Infrastructure Holdings, Ltd.		1,132,323
	21,000	Clear Media, Ltd.		16,388
	192,000	Emperor International Holdings, Ltd.		45,368
	20,735	Enstar Group, Ltd.*		3,474,564
	6,814	Everest Re Group, Ltd.		1,483,817

See accompanying Notes to the Schedule of Investments.

152

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Bermuda — continued
	54,329	Genpact, Ltd.		1,466,340
	20,000	Guoco Group, Ltd.		252,256
	85,000	Hongkong Land Holdings, Ltd.		535,500
	59,294	Hudson, Ltd. Class A*		1,016,892
	300,000	Regal Hotels International Holdings, Ltd.		200,783
	11,273	RenaissanceRe Holdings, Ltd.		1,507,200
	7,500	Soundwill Holdings, Ltd.		10,326
	58,000	Transport International Holdings, Ltd.		160,013
	3,000	Wing On Co. International, Ltd.		9,675
	32,000	Wing Tai Properties, Ltd.		22,071
		Total Bermuda		12,960,927
		British Virgin Islands — 0.0%
	1,600	Michael Kors Holdings, Ltd.*		60,672
		Canada — 5.9%
	14,300	Artis Real Estate Investment Trust REIT		96,743
	25,412	Atco, Ltd./Canada Class I		718,376
	38,100	Bank of Montreal		2,488,021
	24,300	Bank of Nova Scotia (The)		1,210,730
	61,995	BCE, Inc.		2,450,662
	32,689	Canadian Imperial Bank of Commerce		2,433,605
	73,954	Canadian National Railway Co.		5,474,805
	1,619	Canadian Utilities, Ltd. Class A		37,126
	6,400	Cogeco, Inc.		272,907
	6,600	Cott Corp.		91,863
	10,300	Fairfax Financial Holdings, Ltd.		4,532,211
	26,000	Fortis, Inc./Canada		866,349
	43,076	George Weston, Ltd.		2,840,089
	109,232	Intact Financial Corp.		7,932,876
	21,200	Just Energy Group, Inc.		70,004
	37,000	Loblaw Cos., Ltd.		1,655,491
	1,900	Lululemon Athletica, Inc.*		231,059
	33,800	Maple Leaf Foods, Inc.		676,346
	39,600	National Bank of Canada‡		1,625,114
	7,000	North West Co. (The), Inc.‡		161,034
	94,200	Power Corp. of Canada		1,691,848
	40,400	Power Financial Corp.		764,045
	6,300	Pretium Resources, Inc.*		53,369
	66,500	Quebecor, Inc. Class B		1,399,334
	60,300	Rogers Communications, Inc. Class B		3,088,730
	37,200	Royal Bank of Canada		2,545,005
	21,500	Summit Industrial Income REIT		150,491
	52,100	Toronto-Dominion Bank (The)		2,588,597
	77,264	Waste Connections, Inc.		5,736,852
		Total Canada		53,883,682
		Denmark — 0.7%
	24,369	Carlsberg AS Class B		2,585,493

See accompanying Notes to the Schedule of Investments.

153

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Denmark — continued
	15,351	GN Store Nord AS		572,140
	9,653	H Lundbeck AS		422,026
	1,102	Matas AS		9,791
	42,484	Novo Nordisk AS Class B		1,938,738
	9,916	Royal Unibrew AS		682,034
	601	Schouw & Co. AS		44,707
		Total Denmark		6,254,929
		Finland — 0.6%
	16,871	Aktia Bank OYJ		173,575
	20,688	Elisa OYJ		853,273
	58,106	Fortum OYJ		1,268,696
	44,637	Kesko OYJ Class B		2,403,361
	30,599	Orion OYJ Class B		1,059,171
		Total Finland		5,758,076
		France — 4.3%
	61,292	Accor SA		2,600,147
	45,708	Airbus SE		4,387,002
	7,119	AXA SA		153,468
	5,215	Caisse Regionale de Credit Agricole Mutuel Nord de France		132,346
	162,835	Credit Agricole SA		1,755,345
	1,341	Dassault Aviation SA		1,854,886
	10,644	Electricite de France SA		167,914
	40,424	Engie SA		578,789
	9,249	Fnac Darty SA*		603,718
	5,600	IPSOS		131,490
	5,835	Korian-Medica		207,312
	59,166	Lagardere SCA		1,489,336
	552	Manutan International		39,754
	22,631	Metropole Television SA		363,224
	3,797	Neopost SA		103,392
	68,577	Orange SA		1,109,664
	65,076	Peugeot SA		1,387,032
	103,070	Rubis SCA		5,523,610
	54,593	Safran SA		6,577,801
	25,685	Sanofi		2,221,514
	304	Savencia SA		19,391
	74	Societe Fonciere Lyonnaise SA REIT		5,143
	6,578	Societe Generale SA		209,196
	42,626	Veolia Environnement SA		874,909
	1,091	Vetoquinol SA		63,357
	3,493	Vilmorin & Cie SA		225,606
	73,615	Vinci SA		6,060,697
		Total France		38,846,043
		Germany — 1.7%
	33,379	Aareal Bank AG		1,029,863

See accompanying Notes to the Schedule of Investments.

154

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	22,910	Aurubis AG		1,131,913
	93,239	Brenntag AG		4,018,298
	1,616	CTS Eventim AG & Co. KGaA		60,186
	29,142	Deutsche Lufthansa AG		656,279
	154,374	Deutsche Telekom AG		2,615,324
	4,176	Hornbach Baumarkt AG		81,345
	3,385	Hornbach Holding AG & Co. KGaA		159,426
	143	KWS Saat SE		42,502
	14,946	Mckesson Europe AG		444,224
	28,642	Merck KGaA		2,946,134
	39,830	Rhoen-Klinikum AG		1,004,428
	50,401	Salzgitter AG		1,473,238
	7,475	Wuestenrot & Wuerttembergische AG		136,721
		Total Germany		15,799,881
		Hong Kong — 2.3%
	602,600	AIA Group, Ltd.		5,002,842
	647,000	Champion REIT		442,938
	279,500	CLP Holdings, Ltd.		3,159,362
	1,986,000	Guangdong Investment, Ltd.		3,840,426
	1,892,000	HKT Trust & HKT, Ltd.		2,725,866
	698,469	Hong Kong & China Gas Co., Ltd.		1,445,228
	16,000	Hong Kong Ferry Holdings Co., Ltd.		16,492
	11,000	Hopewell Holdings, Ltd.		48,331
	249,000	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		92,230
	38,000	Liu Chong Hing Investment, Ltd.		59,019
	219,000	PCCW, Ltd.		126,152
	263,500	Power Assets Holdings, Ltd.		1,834,220
	347,000	Regal Real Estate Investment Trust REIT		98,834
	545,000	Sunlight Real Estate Investment Trust REIT		349,442
	140,500	Swire Pacific, Ltd. Class A		1,484,076
	17,200	Swire Properties, Ltd.		60,414
		Total Hong Kong		20,785,872
		Ireland — 1.5%
	19,337	Accenture Plc Class A		2,726,710
	35,800	Allergan Plc		4,785,028
	8,207	ICON Plc, ADR*		1,060,426
	83,701	Irish Residential Properties Plc REIT		129,172
	12,100	Jazz Pharmaceuticals Plc*		1,499,916
	2,045	Kerry Group Plc Class A		202,215
	32,206	Medtronic Plc		2,929,458
	48,092	Total Produce Plc‡		77,792
		Total Ireland		13,410,717
		Israel — 0.8%
	266,154	Bank Hapoalim BM		1,684,497
	31,897	Bank Leumi Le-Israel BM		192,914

See accompanying Notes to the Schedule of Investments.

155

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Israel — continued
	477	Fattal Holdings 1998, Ltd.*		51,073
	3,121	FIBI Holdings, Ltd.		80,173
	14,841	First International Bank Of Israel, Ltd.		312,170
	784	Israel Corp., Ltd. (The)		208,235
	331,092	Israel Discount Bank, Ltd. Class A		1,024,265
	3,616,989	Isramco Negev 2, LP*		360,078
	256,403	Oil Refineries, Ltd.		122,343
	3,595	Paz Oil Co., Ltd.		542,701
	8,053	Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		414,638
	83,832	Shufersal, Ltd.		550,766
	54,670	Strauss Group, Ltd.		1,241,386
	2,288	Taro Pharmaceutical Industries, Ltd.		193,656
		Total Israel		6,978,895
		Japan — 6.3%
	85,100	Aeon Co., Ltd.		1,667,251
	7,100	Aeon Hokkaido Corp.		50,670
	44,900	Alfresa Holdings Corp.		1,147,106
	33,400	Alpen Co., Ltd.‡		512,043
	212,800	Astellas Pharma, Inc.		2,718,308
	1,900	AT-Group Co., Ltd.		41,476
	700	Central Japan Railway Co.		147,797
	28,500	DCM Holdings Co., Ltd.‡		297,949
	15,400	DyDo Group Holdings, Inc.		807,091
	50,600	EDION Corp.‡		498,552
	20	Frontier Real Estate Investment Corp. REIT		79,296
	1,700	J-Oil Mills, Inc.		59,112
	30	Japan Logistics Fund, Inc. REIT		60,921
	92,400	Japan Post Bank Co., Ltd.		1,019,040
	182,200	Japan Post Holdings Co., Ltd.		2,100,743
	84	Japan Rental Housing Investments, Inc. REIT		62,857
	9,300	Japan Tobacco, Inc.‡		221,788
	19,900	K’s Holdings Corp.		195,889
	1,200	Kadoya Sesame Mills, Inc.		58,187
	3,200	Kaken Pharmaceutical Co., Ltd.		141,895
	17,700	Kato Sangyo Co., Ltd.		489,628
	35,700	KDDI Corp.		853,819
	600	KFC Holdings Japan, Ltd.		10,757
	56,200	Komeri Co., Ltd.		1,214,512
	66,300	KYORIN Holdings, Inc.		1,450,907
	54,000	LIXIL VIVA Corp.		766,331
	154,200	Marui Group Co., Ltd.		2,997,845
	69,200	Matsumotokiyoshi Holdings Co., Ltd.		2,122,390
	128,800	Medipal Holdings Corp.		2,764,654
	8,000	Mitsubishi Shokuhin Co., Ltd.		204,165
	130,900	Mitsubishi Tanabe Pharma Corp.		1,886,277
	9,500	Mitsui Sugar Co., Ltd.		240,974
	1,563,900	Mizuho Financial Group, Inc.		2,427,491
	4,300	Mizuno Corp.		91,358

See accompanying Notes to the Schedule of Investments.

156

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	15,000	Mochida Pharmaceutical Co., Ltd.		1,233,195
	31,900	Nichi-iko Pharmaceutical Co., Ltd.		468,404
	14,700	Nippon Flour Mills Co., Ltd.		245,994
	124,100	Nippon Light Metal Holdings Co., Ltd.		252,238
	91,700	Nippon Telegraph & Telephone Corp.		3,746,064
	30,100	Nisshin Oillio Group, Ltd. (The)		860,078
	4,200	Nojima Corp.		85,175
	115,800	NTT DOCOMO, Inc.		2,609,630
	14,600	Ohsho Food Service Corp.		964,772
	10,500	Okinawa Cellular Telephone Co.		344,529
	30,550	Okinawa Electric Power Co., Inc. (The)		594,210
	1,300	Otsuka Holdings Co., Ltd.		53,237
	1,300	Sawai Pharmaceutical Co., Ltd.		61,970
	2,700	Seiko Holdings Corp.		51,999
	64,900	Seven & i Holdings Co., Ltd.		2,829,300
	10,700	Shionogi & Co., Ltd.		611,582
	14,100	Showa Sangyo Co., Ltd.		382,332
	257,500	Sony Financial Holdings, Inc.		4,823,064
	4,600	St. Marc Holdings Co., Ltd.		102,763
	27,700	Sumitomo Mitsui Construction Co., Ltd.		168,652
	13,400	Suzuken Co., Ltd.		682,733
	6,500	Taisho Pharmaceutical Holdings Co., Ltd.		653,466
	12,000	Takashimaya Co., Ltd.		153,562
	61,600	Toho Holdings Co., Ltd.‡		1,509,190
	461,300	Tokyo Electric Power Co. Holdings, Inc.*		2,745,558
	13,600	Tokyu Construction Co., Ltd.		123,586
	45,400	Tsumura & Co.		1,264,157
	6,000	United Super Markets Holdings, Inc.		65,679
	43,000	Vital KSK Holdings, Inc.‡		442,483
	3,700	Yodogawa Steel Works, Ltd.		73,686
		Total Japan		57,612,367
		Liberia — 0.0%
	1,798	Royal Caribbean Cruises, Ltd.		175,826
		Luxembourg — 0.3%
	16,552	APERAM SA		436,138
	119,684	Atento SA*		479,933
	515,416	B&M European Value Retail SA		1,847,861
		Total Luxembourg		2,763,932
		Netherlands — 1.2%
	2,026	ABN AMRO Group NV, ADR		23,522
	25,038	ForFarmers NV		230,409
	7,961	Heineken Holding NV		671,170
	22,927	Koninklijke Ahold Delhaize NV		578,564
	16,052	LyondellBasell Industries NV Class A		1,334,884
	9,184	NN Group NV		365,354
	5,623	QIAGEN NV*		193,712

See accompanying Notes to the Schedule of Investments.

157

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Netherlands — continued
	132,251	Unilever NV, ADR		7,169,084
		Total Netherlands		10,566,699
		New Zealand — 0.7%
	253,622	Argosy Property, Ltd.		204,079
	320,956	Contact Energy, Ltd.		1,269,781
	38,340	Ebos Group, Ltd.		516,235
	2,506	Fisher & Paykel Healthcare Corp., Ltd.		21,845
	63,681	Fonterra Co-operative Group, Ltd.‡		198,134
	23,487	Freightways, Ltd.		115,757
	115,729	Genesis Energy, Ltd.		202,541
	100,669	Goodman Property Trust REIT		103,281
	458,079	Infratil, Ltd.		1,121,152
	49,518	Kiwi Property Group, Ltd. REIT		45,324
	35,536	Mainfreight, Ltd.		733,923
	303,644	Mercury NZ, Ltd.		742,153
	56,455	Metlifecare, Ltd.		204,043
	23,860	Restaurant Brands New Zealand, Ltd.		133,594
	77,392	Summerset Group Holdings, Ltd.		330,572
	21,443	Trade Me Group, Ltd.		90,122
	6,801	Trustpower, Ltd.		28,047
	68,690	Vector, Ltd.		153,380
	3,702	Warehouse Group, Ltd. (The)		5,089
	63,531	Z Energy, Ltd.		233,878
		Total New Zealand		6,452,930
		Norway — 0.8%
	7,575	Austevoll Seafood ASA		93,428
	60,645	Equinor ASA		1,286,907
	29,003	Leroy Seafood Group ASA		220,860
	4,194	Olav Thon Eiendomsselskap ASA		67,808
	347,148	Orkla ASA		2,727,744
	145,254	Telenor ASA		2,809,750
		Total Norway		7,206,497
		Panama — 0.2%
	28,209	Carnival Corp.		1,390,704
		Portugal — 0.0%
	99,893	REN — Redes Energeticas Nacionais SGPS SA		277,945
	155,555	Sonae SGPS SA		144,036
		Total Portugal		421,981
		Puerto Rico — 0.2%
	30,300	Popular, Inc.		1,430,766

See accompanying Notes to the Schedule of Investments.

158

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Singapore — 0.5%
	14,000	AIMS AMP Capital Industrial REIT		13,661
	27,600	Fraser and Neave, Ltd.		34,829
	48,500	Frasers Hospitality Trust REIT		24,908
	65,700	Hong Leong Finance, Ltd.		122,434
	366,200	Keppel Infrastructure Trust		130,306
	263,100	Olam International, Ltd.		318,500
	366,100	OUE, Ltd.‡		384,096
	1,826,000	Sheng Siong Group, Ltd.		1,420,073
	25,800	SIA Engineering Co., Ltd.		42,968
	127,000	Singapore Airlines, Ltd.		877,726
	151,700	Singapore Telecommunications, Ltd.		326,105
	594,900	SPH REIT		436,464
	33,000	United Industrial Corp., Ltd.		66,097
		Total Singapore		4,198,167
		Spain — 1.0%
	28,646	Aena SA		4,445,360
	1,597	Cia de Distribucion Integral Logista Holdings SA		39,908
	326,590	International Consolidated Airlines Group SA		2,570,540
	42,650	Viscofan SA		2,346,107
		Total Spain		9,401,915
		Sweden — 1.0%
	110,916	Axfood AB		1,897,839
	15,343	Bilia AB		143,378
	51,696	Cloetta AB Class B		141,691
	46,899	Dios Fastigheter AB		298,083
	3,512	Fastighets AB Balder Class B*		99,824
	17,222	Granges AB		156,372
	88,957	ICA Gruppen AB‡		3,178,666
	9,435	Pandox AB Class B		156,011
	67,000	Swedish Match AB		2,638,179
	18,611	Swedish Orphan Biovitrum AB*		405,142
		Total Sweden		9,115,185
		Switzerland — 3.9%
	25,012	Adecco Group AG		1,165,349
	9,262	Allreal Holding AG*		1,438,438
	449	Alpiq Holding AG*		34,889
	1,093	Banque Cantonale de Geneve		212,879
	608	Barry Callebaut AG		944,256
	74	Basellandschaftliche Kantonalbank		68,160
	579	Basler Kantonalbank		42,171
	93	Bell Food Group AG		28,774
	336	Berner Kantonalbank AG		66,396
	17,306	BKW AG		1,206,048
	686	Chubb, Ltd.		88,618
	13,692	Coca-Cola HBC AG*		427,583

See accompanying Notes to the Schedule of Investments.

159

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		Switzerland — continued
	1,409	Intershop Holding AG		697,496
	180	Luzerner Kantonalbank AG		83,993
	535	Mobimo Holding AG		126,993
	68,942	Nestle SA		5,580,819
	117,504	Novartis AG		10,017,282
	13,487	Roche Holding AG		3,330,022
	1,386	Siegfried Holding AG*		472,404
	4,609	Sonova Holding AG		750,868
	38	St. Galler Kantonalbank AG		17,404
	6,896	Swiss Life Holding AG*		2,648,433
	23,072	Swiss Re AG		2,109,199
	2,531	Swisscom AG		1,205,935
	1,597	Swissquote Group Holding SA		73,305
	3,202	Tamedia AG		342,677
	5,020	Valora Holding AG*		1,094,847
	12,761	Vifor Pharma AG		1,383,801
	438	Vontobel Holding AG		22,393
		Total Switzerland		35,681,432
		United Kingdom — 5.8%
	19,514	AG Barr Plc		196,090
	4,103	Aon Plc		596,412
	31,070	Atlantica Yield plc		608,972
	111,330	BAE Systems Plc		651,099
	10,101	Berkeley Group Holdings Plc		447,561
	247,502	Britvic Plc		2,520,172
	9,659	Burberry Group Plc		213,496
	937	Carnival Plc		44,906
	460,057	Central Asia Metals Plc		1,274,394
	230,345	Centrica Plc		395,753
	37,740	Coca-Cola European Partners Plc*		1,730,379
	1,491	Craneware Plc		46,524
	17,789	Cranswick Plc		596,308
	80,201	Diageo Plc		2,854,924
	343,277	EI Group Plc*		793,951
	2,065	EMIS Group Plc		24,012
	44,550	Evraz Plc		272,630
	40,303	GCP Student Living Plc REIT		76,174
	1,026	Genus Plc		28,042
	7,719	GlaxoSmithKline Plc		146,599
	18,575	Greggs Plc		299,499
	271,383	Halfords Group Plc		881,365
	343,941	Hansteen Holdings Plc REIT		405,847
	66,418	Imperial Brands Plc		2,010,703
	295,096	Inchcape Plc		2,072,726
	80,889	JD Sports Fashion Plc		359,335
	395,462	Legal & General Group Plc		1,163,455
	822,653	Lloyds Banking Group Plc		543,248
	273,661	Marston’s Plc		327,797

See accompanying Notes to the Schedule of Investments.

160

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	116,422	National Express Group Plc		554,549
	52,772	Paragon Banking Group Plc		259,432
	11,691	QinetiQ Group Plc		42,644
	103,022	Reckitt Benckiser Group Plc		7,889,585
	666,811	Rolls-Royce Holdings Plc*		7,048,778
	6,559	Royal Dutch Shell Plc Class B		195,473
	2,295	Secure Income Plc REIT		11,019
	13,837	Segro Plc REIT		103,728
	30,322	Smith & Nephew Plc		565,369
	12,150	Softcat Plc		90,989
	35,011	Sports Direct International Plc*		106,035
	97,447	SSE Plc		1,342,233
	17,741	SSP Group Plc		146,280
	50,200	STERIS Plc		5,363,870
	67,886	Tate & Lyle Plc		570,633
	593,804	Tritax Big Box Plc REIT		992,981
	712,941	Vodafone Group Plc		1,388,334
	97,771	WH Smith Plc		2,141,763
	814,768	WM Morrison Supermarkets Plc		2,212,870
		Total United Kingdom		52,608,938
		United States — 47.9%
	28,400	Abbott Laboratories		2,054,172
	8,375	Adobe, Inc.*		1,894,760
	253,000	ADT, Inc.		1,520,530
	53,283	AGNC Investment Corp. REIT		934,584
	885	Alleghany Corp.		551,638
	21,605	Allstate Corp. (The)		1,785,221
	8,244	Alphabet, Inc. Class A*		8,614,650
	45,587	Altria Group, Inc.		2,251,542
	28,171	Amdocs, Ltd.		1,650,257
	28,278	Ameren Corp.		1,844,574
	23,113	American Electric Power Co., Inc.		1,727,466
	92,257	American Express Co.		8,793,937
	14,702	American Financial Group, Inc.		1,330,972
	2,800	American National Insurance Co.		356,272
	62,300	American Tower Corp. REIT		9,855,237
	2,600	AmerisourceBergen Corp. Class A		193,440
	60,600	Ametek, Inc.		4,102,620
	36,144	Annaly Capital Management, Inc. REIT		354,934
	8,446	ANSYS, Inc.*		1,207,271
	7,113	Anthem, Inc.		1,868,087
	46,492	Apple Hospitality, Inc. REIT		662,976
	7,175	Archer-Daniels-Midland Co.		293,960
	23,084	Arthur J. Gallagher & Co.		1,701,291
	61,588	AT&T, Inc.		1,757,722
	8,131	Atmos Energy Corp.		753,906
	38,800	Automatic Data Processing, Inc.		5,087,456
	300	AutoZone, Inc.*		251,502

See accompanying Notes to the Schedule of Investments.

161

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	7,600	AvalonBay Communities, Inc. REIT		1,322,780
	122,600	Avangrid, Inc.		6,141,034
	156,300	Ball Corp.		7,186,674
	111,639	Baxter International, Inc.		7,348,079
	2,080	Becton Dickinson and Co.		468,666
	12,272	Berkshire Hathaway, Inc. Class B*		2,505,697
	1,900	Black Knight, Inc.*		85,614
	8,780	Boeing Co. (The)		2,831,550
	625	Booking Holdings, Inc.*		1,076,513
	100	Boston Properties, Inc. REIT		11,255
	8,912	Bright Horizons Family Solutions, Inc.*		993,242
	32,655	Bristol-Myers Squibb Co.		1,697,407
	17,880	Broadridge Financial Solutions, Inc.		1,720,950
	11,848	Brown & Brown, Inc.		326,531
	86,106	BWX Technologies, Inc.		3,291,832
	5,160	Cabot Corp.		221,570
	36,935	Cadence Design Systems, Inc.*		1,605,934
	4,200	Camden Property Trust REIT		369,810
	8,600	Capital One Financial Corp.		650,074
	4,600	Carter’s, Inc.		375,452
	800	CBRE Group, Inc. Class A*		32,032
	10,863	CDK Global, Inc.		520,120
	2,300	Celanese Corp. Series A		206,931
	60,998	CenterPoint Energy, Inc.		1,721,974
	50,100	Cerner Corp.*		2,627,244
	43,200	Charter Communications, Inc. Class A*		12,310,704
	7,700	Chevron Corp.		837,683
	45,094	Chimera Investment Corp. REIT‡		803,575
	56,369	Cigna Corp.*		10,705,509
	33,160	Cintas Corp.		5,570,548
	13,700	Citrix Systems, Inc.		1,403,702
	86,000	Clean Harbors, Inc.*		4,244,100
	39,783	CMS Energy Corp.		1,975,226
	11,600	CNA Financial Corp.		512,140
	7,700	Coca-Cola Co. (The)		364,595
	30,192	Cognizant Technology Solutions Corp. Class A		1,916,588
	6,600	Colgate-Palmolive Co.		392,832
	2,600	Columbia Sportswear Co.		218,634
	243,300	Comcast Corp. Class A		8,284,365
	36,170	Conagra Brands, Inc.		772,591
	23,900	ConocoPhillips		1,490,165
	5,649	Consolidated Edison, Inc.		431,923
	9,256	Constellation Brands, Inc. Class A		1,488,550
	3,672	Cooper Cos., Inc. (The)		934,524
	10,045	CoreLogic, Inc.*		335,704
	700	Costco Wholesale Corp.		142,597
	123,900	CVS Health Corp.		8,117,928
	24,122	Danaher Corp.		2,487,461
	19,715	Darden Restaurants, Inc.		1,968,740

See accompanying Notes to the Schedule of Investments.

162

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	13,100	Delta Air Lines, Inc.		653,690
	149,500	DENTSPLY SIRONA, Inc.		5,562,895
	437	Domino’s Pizza, Inc.		108,372
	16,077	DTE Energy Co.		1,773,293
	6,013	DXC Technology Co.		319,711
	49,368	Edison International		2,802,621
	2,900	Edwards Lifesciences Corp.*		444,193
	29,567	Eli Lilly & Co.		3,421,493
	23,400	Encompass Health Corp.		1,443,780
	21,845	Entergy Corp.		1,880,199
	8,400	EPR Properties REIT		537,852
	16,266	Equity LifeStyle Properties, Inc. REIT		1,579,917
	14,300	Equity Residential REIT		943,943
	2,458	Erie Indemnity Co. Class A		327,676
	4,867	Essex Property Trust, Inc. REIT		1,193,437
	7,300	Estee Lauder Cos., Inc. (The) Class A		949,730
	52,462	Exelon Corp.		2,366,036
	33,400	Exxon Mobil Corp.		2,277,546
	52,162	Facebook, Inc. Class A*		6,837,917
	2,200	Fair Isaac Corp.*		411,400
	4,005	FedEx Corp.		646,127
	66,421	Fidelity National Information Services, Inc.		6,811,474
	28,883	First American Financial Corp.		1,289,337
	2,200	First Citizens BancShares, Inc. Class A		829,510
	53,218	FirstEnergy Corp.		1,998,336
	23,838	Fiserv, Inc.*		1,751,855
	56,900	Flowers Foods, Inc.		1,050,943
	11,500	Fortinet, Inc.*		809,945
	33,500	Gaming and Leisure Properties, Inc. REIT		1,082,385
	2,400	General Mills, Inc.		93,456
	54,600	H&R Block, Inc.		1,385,202
	12,246	Hanover Insurance Group, Inc. (The)		1,429,965
	63,412	HCA Healthcare, Inc.		7,891,623
	18,626	Hershey Co. (The)		1,996,335
	21,216	Highwoods Properties, Inc. REIT		820,847
	17,086	Hill-Rom Holdings, Inc.		1,512,965
	75,200	Hologic, Inc.*		3,090,720
	6,364	Home Depot, Inc. (The)		1,093,463
	19,343	Honeywell International, Inc.		2,555,597
	10,900	Hormel Foods Corp.‡		465,212
	34,763	Hospitality Properties Trust REIT		830,140
	7,043	Humana, Inc.		2,017,679
	6,826	Huntington Ingalls Industries, Inc.		1,299,056
	4,200	ICU Medical, Inc.*		964,446
	16,403	Ingredion, Inc.		1,499,234
	19,384	International Business Machines Corp.		2,203,379
	13,138	Intuit, Inc.		2,586,215
	1,600	Intuitive Surgical, Inc.*		766,272
	8,042	Jack Henry & Associates, Inc.		1,017,474

See accompanying Notes to the Schedule of Investments.

163

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	5,179	JM Smucker Co. (The)		484,185
	29,990	Johnson & Johnson		3,870,210
	16,600	KAR Auction Services, Inc.		792,152
	14,038	Kellogg Co.		800,306
	1,900	Kohl’s Corp.		126,046
	1,400	L3 Technologies, Inc.		243,124
	21,600	Lamb Weston Holdings, Inc.		1,588,896
	10,708	Landstar System, Inc.		1,024,434
	19,028	Liberty Property Trust REIT		796,893
	7,575	Lockheed Martin Corp.		1,983,438
	10,532	M&T Bank Corp.		1,507,445
	9,559	Mastercard, Inc. Class A		1,803,305
	3,959	McCormick & Co., Inc.‡		551,251
	17,996	McDonald’s Corp.		3,195,550
	800	McKesson Corp.		88,376
	45,234	Merck & Co., Inc.		3,456,330
	5,740	Mercury General Corp.		296,815
	873	Mettler-Toledo International, Inc.*		493,751
	43,900	MFA Financial, Inc. REIT		293,252
	98,143	Microsoft Corp.		9,968,385
	1,225	Mid-America Apartment Communities, Inc. REIT		117,233
	24,700	Middleby Corp. (The)*		2,537,431
	20,800	Mondelez International, Inc. Class A		832,624
	5,992	Morningstar, Inc.		658,161
	78,831	Motorola Solutions, Inc.		9,068,718
	1,400	MSCI, Inc. Class A		206,402
	47,151	Newmont Mining Corp.		1,633,782
	12,770	NextEra Energy, Inc.		2,219,681
	2,490	Northrop Grumman Corp.		609,801
	4,500	Nu Skin Enterprises, Inc. Class A		275,985
	5,200	OGE Energy Corp.		203,788
	14,800	Old Republic International Corp.		304,436
	17,907	Omnicom Group, Inc.		1,311,509
	140,614	Oracle Corp.		6,348,722
	49,600	Packaging Corp. of America		4,139,616
	35,500	Park Hotels & Resorts, Inc. REIT		922,290
	16,700	Paychex, Inc.		1,088,005
	31,248	PepsiCo, Inc.		3,452,279
	93,434	Pfizer, Inc.		4,078,394
	107,859	Philip Morris International, Inc.		7,200,667
	16,400	Post Holdings, Inc.*		1,461,732
	16,409	Premier, Inc. Class A*		612,876
	26,080	Procter & Gamble Co. (The)		2,397,274
	35,383	Progressive Corp. (The)		2,134,656
	32,330	Prologis, Inc. REIT		1,898,418
	63,500	QUALCOMM, Inc.		3,613,785
	800	Ralph Lauren Corp. Class A		82,768
	11,181	Raytheon Co.		1,714,606
	6,820	Reinsurance Group of America, Inc. Class A		956,369

See accompanying Notes to the Schedule of Investments.

164

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	29,104	Republic Services, Inc.		2,098,107
	1,400	ResMed, Inc.		159,418
	2,600	Robert Half International, Inc.		148,720
	5,900	Royal Gold, Inc.		505,335
	21,100	S&P Global, Inc.		3,585,734
	53,800	Sabre Corp.		1,164,232
	31	Seaboard Corp.		109,678
	74,348	Service Corp. International		2,993,251
	12,400	Simon Property Group, Inc. REIT		2,083,076
	5,185	Spirit AeroSystems Holdings, Inc. Class A		373,787
	15,549	Starbucks Corp.		1,001,356
	18,700	STORE Capital Corp. REIT		529,397
	13,453	Stryker Corp.		2,108,758
	14,696	Sun Communities, Inc. REIT		1,494,730
	900	SunTrust Banks, Inc.		45,396
	22,672	Synopsys, Inc.*		1,909,889
	24,644	Synovus Financial Corp.		788,362
	32,647	Sysco Corp.		2,045,661
	12,900	Target Corp.		852,561
	80,100	TD Ameritrade Holding Corp.		3,921,696
	31,147	Thermo Fisher Scientific, Inc.		6,970,387
	57,406	Torchmark Corp.		4,278,469
	12,193	Total System Services, Inc.		991,169
	16,063	Travelers Cos., Inc. (The)		1,923,544
	6,200	Two Harbors Investment Corp. REIT		79,608
	30,679	Tyson Foods, Inc. Class A		1,638,259
	38,164	UDR, Inc. REIT		1,512,058
	34,087	UGI Corp.		1,818,542
	8,000	United Continental Holdings, Inc.*		669,840
	34,702	UnitedHealth Group, Inc.		8,644,962
	24,800	Universal Health Services, Inc. Class B		2,890,688
	25,659	US Bancorp		1,172,616
	31,000	US Foods Holding Corp.*		980,840
	14,243	Varian Medical Systems, Inc.*		1,613,874
	1,400	VeriSign, Inc.*		207,606
	32,512	Verizon Communications, Inc.		1,827,825
	5,800	VF Corp.		413,772
	6,800	Vistra Energy Corp.*		155,652
	7,300	Walgreens Boots Alliance, Inc.		498,809
	33,736	Walmart, Inc.		3,142,508
	25,585	Waste Management, Inc.		2,276,809
	1,685	Waters Corp.*		317,875
	2,800	WEC Energy Group, Inc.		193,928
	9,600	WP Carey, Inc. REIT		627,264
	18,359	Xcel Energy, Inc.		904,548
	26,765	Yum China Holdings, Inc.		897,431
	11,871	Yum! Brands, Inc.		1,091,182
	7,667	Zimmer Biomet Holdings, Inc.		795,221
		Total United States		435,975,801
		TOTAL COMMON STOCKS (COST $849,647,605)		839,296,724

See accompanying Notes to the Schedule of Investments.

165

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2018 (Unaudited)

Shares			Description	Value ($)
			PREFERRED STOCKS — 0.1%
			Germany — 0.1%
	4,309		Henkel AG & Co. KGaA, 1.85%		469,924
			Japan — 0.0%
	72		Shinkin Central Bank, 2.71% Class A		157,499
			Sweden — 0.0%
	2,443		Akelius Residential Property AB, 5.89%		90,519
			TOTAL PREFERRED STOCKS (COST $739,958)		717,942
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 0.9%
			Mutual Fund - Securities Lending Collateral — 0.7%
	6,475,781		State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.27%## **		6,475,781
			U.S. Government and Agency Obligations — 0.2%
	2,000,000		United States Treasury Bill, 2.36%, due 03/14/19*** ‡‡		1,990,617
			TOTAL SHORT-TERM INVESTMENTS (COST $8,466,601)		8,466,398
			TOTAL INVESTMENTS — 93.3% (Cost $858,854,164)		848,481,064
			Other Assets and Liabilities (net) — 6.7%		61,097,487
			NET ASSETS — 100.0%	$909,578,551
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			REIT — Real Estate Investment Trust
		##	The rate disclosed is the 7 day net yield as of December 31, 2018.
		*	Non-income producing security
		**	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.

See accompanying Notes to the Schedule of Investments.

166

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	16	Canadian Dollar		Mar 2019	$	1,176,160	$	(25,089	)
	118	MSCI EAFE Index		Mar 2019		10,124,400		(152,012	)
	140	S&P 500 E-mini Index		Mar 2019		17,536,400		(705,346	)
	9	S&P/TSX 60 Index		Mar 2019		1,129,843		(23,285	)
							$	(905,732	)

See accompanying Notes to the Schedule of Investments.

167

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Pharmaceuticals		8.8
Food		7.1
Insurance		6.9
Electric		5.5
Health Care — Products		5.4
Health Care — Services		4.9
Software		4.7
Telecommunications		4.3
REITS		3.9
Retail		3.6
Banks		3.4
Aerospace & Defense		3.1
Commercial Services		2.7
Media		2.6
Beverages		2.1
Diversified Financial Services		1.8
Internet		1.8
Engineering & Construction		1.6
Agriculture		1.5
Environmental Control		1.5
Packaging & Containers		1.3
Computers		1.2
Cosmetics & Personal Care		1.2
Gas		1.1
Household Products & Wares		1.0
Oil & Gas		1.0
Transportation		1.0
Airlines		0.7
Mining		0.7
Chemicals		0.6
Electronics		0.6
Electrical Components & Equipment		0.5
Real Estate		0.5
Water		0.5
Iron & Steel		0.4
Machinery — Construction & Mining		0.4
Semiconductors		0.4
Distribution & Wholesale		0.3
Lodging		0.3
Machinery — Diversified		0.3
Auto Manufacturers		0.2
Holding Companies — Diversified		0.2
Leisure Time		0.2
Advertising		0.1
Biotechnology		0.1
Home Builders		0.1
Metal Fabricate & Hardware		0.1
Miscellaneous — Manufacturing		0.1
Shipbuilding		0.1
Apparel		0.0
Energy-Alternate Sources		0.0

See accompanying Notes to the Schedule of Investments.

168

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Investment Companies		0.0
Office & Business Equipment		0.0
Private Equity		0.0
Short-Term Investments and Other Assets and Liabilities (net)		7.6
		100.0	%

See accompanying Notes to the Schedule of Investments.

169

Mercer Funds

Notes to Schedule of Investments

December 31, 2018 (Unaudited)

1. Organization

Mercer Funds (the “Trust”) consists of the following seven series: Mercer US Large Cap Equity Fund (“Large Cap”), Mercer US Small/Mid Cap Equity Fund (“Small/Mid Cap”), Mercer Non-US Core Equity Fund (“Non-US Core Equity”), Mercer Core Fixed Income Fund (“Core Fixed”), Mercer Opportunistic Fixed Income Fund (“Opportunistic Fixed”), Mercer Emerging Markets Equity Fund (“Emerging Markets”) and Mercer Global Low Volatility Equity Fund (“Global Low Volatility”) (each a “Fund,” and collectively referred to as the “Funds”). The Trust is a Delaware statutory trust established on March 11, 2005. The Trust is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”). 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 open-end investment companies and accordingly follow the open-end investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946: Financial Services — Investment Companies.

Under the 1940 Act, each Fund is classified as diversified.

The investment objectives of the Funds are:

Fund	Investment Objective
Large Cap	Long-term total return, which includes capital appreciation and income
Small/Mid Cap	Long-term total return, comprised primarily of capital appreciation
Non-US Core Equity	Long-term total return, which includes capital appreciation and income
Core Fixed	Total return, consisting of both current income and capital appreciation
Opportunistic Fixed	Long-term total return, which includes capital appreciation and income
Emerging Markets	Long-term total return, which includes capital appreciation and income
Global Low Volatility	Long-term total return, which includes capital appreciation and income

Each Fund has registered and is authorized to offer interests in four classes of shares: 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 December 31, 2018, 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.

170

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

In August 2018, FASB issued Accounting Standards Update No. 2018-13 “Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”, which amends the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has decided to early adopt the removals and modifications, but not the additions, of the amendments.

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this standard’s update to the Funds.

(a)  Security Valuation

Each Fund’s investments are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”) on each day when the NYSE is open. Portfolio securities listed on an exchange normally are valued at the last sale or official closing price on the day on which the securities are valued or, lacking any sales on such day, at the last available bid price using prices as of the close of trading. In cases where securities are traded on more than one exchange, the securities are generally valued on the exchange considered by the 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.

171

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December 31, 2018 (Unaudited)

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.

The Funds follow a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 — quoted prices unadjusted in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At December 31, 2018, Large Cap and Small/Mid Cap held long-term investments whose value was determined using Level 1 inputs, with corresponding major categories as shown in the schedule of investments, Futures Contracts and State Street Institutional U.S. Government Money Market Fund, Premier Class whose value was determined using Level 1 inputs and short-term investment positions in a United States Treasury Bill, as shown in the schedule of investments, whose value was determined using Level 2 inputs.

172

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December 31, 2018 (Unaudited)

The following is a summary of the portfolio securities by level based on inputs used as of December 31, 2018 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	$	92,589,570	$	0	*	$	—		$	92,589,570
Austria		13,626,686		—			—			13,626,686
Belgium		22,743,208		—			—			22,743,208
Bermuda		5,246,211		—			—			5,246,211
Brazil		23,621,864		—			—			23,621,864
Canada		13,243,913		—			—			13,243,913
Cayman Islands		24,167,397		—			—			24,167,397
China		2,936,443		—			—			2,936,443
Denmark		19,375,992		—			—			19,375,992
Finland		27,242,509		—			—			27,242,509
France		181,495,575		—			—			181,495,575
Germany		167,636,116		—			—			167,636,116
Hong Kong		24,059,094		—			—			24,059,094
Hungary		2,518,311		—			—			2,518,311
India		5,710,744		—			—			5,710,744
Indonesia		5,792,306		—			—			5,792,306
Ireland		8,895,222		—			—			8,895,222
Israel		7,544,450		—			—			7,544,450
Italy		41,900,083		—			—			41,900,083
Japan		444,416,840		—			—			444,416,840
Luxembourg		12,079,588		—			—			12,079,588
Malaysia		2,463,961		—			—			2,463,961
Netherlands		55,546,351		—			—			55,546,351
New Zealand		1,623,408		—			—			1,623,408
Norway		11,865,434		—			—			11,865,434
Philippines		644,221		—			—			644,221
Poland		1,127,951		—			—			1,127,951
Portugal		3,878,749		—			0	**		3,878,749
Russia		6,775,097		—			—			6,775,097
Singapore		4,654,325		—			—			4,654,325
South Africa		1,496,115		—			—			1,496,115
South Korea		8,274,871		—			—			8,274,871
Spain		40,490,903		—			0	**		40,490,903
Sweden		46,769,523		—			—			46,769,523
Switzerland		147,906,945		—			—			147,906,945
Taiwan		13,833,184		—			—			13,833,184
Thailand		—		2,036,150			—			2,036,150
Turkey		1,676,230		—			—			1,676,230

173

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December 31, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
United Kingdom	$	280,165,590	$	—	$	—	$	280,165,590
United States		42,678,068		—		—		42,678,068
Total Common Stocks		1,818,713,048		2,036,150		0		1,820,749,198
Investment Companies
United States		18,530,351		—		—		18,530,351
Total Investment Companies		18,530,351		—		—		18,530,351
Preferred Stocks
Brazil		1,613,451		—		—		1,613,451
Germany		18,806,975		—		—		18,806,975
Spain		135,205		—		—		135,205
Total Preferred Stocks		20,555,631		—		—		20,555,631
Rights
Spain		175,588		—		—		175,588
Total Rights		175,588		—		—		175,588
Short-Term Investments
Mutual Fund - Securities Lending Collateral		20,760,081		—		—		20,760,081
U.S. Government and Agency Obligations		—		5,971,852		—		5,971,852
Total Short-Term Investments		20,760,081		5,971,852		—		26,731,933
Forward Foreign Currency Contracts†		—		78,779		—		78,779
Total Forward Foreign Currency Contracts		—		78,779		—		78,779
Total	$	1,878,734,699	$	8,086,781	$	0	$	1,886,821,480

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	$	(1,805,533	)	$	—	$	—	$	(1,805,533	)
Total Futures Contracts		(1,805,533	)		—		—		(1,805,533	)
Total	$	(1,805,533	)	$	—	$	—	$	(1,805,533	)

* Represents one or more Level 2 securities at $0 value as of December 31, 2018.

** Represents one or more Level 3 securities at $0 value as of December 31, 2018.

† Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation.

174

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December 31, 2018 (Unaudited)

Core Fixed

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Debt Obligations
Asset Backed Securities	$	—	$	107,805,975	$	—		$	107,805,975
Convertible Debt		—		215,111		—			215,111
Corporate Debt		—		268,019,794		0	**		268,019,794
Mortgage Backed Securities - Private Issuers		—		78,823,927		—			78,823,927
Mortgage Backed Securities - U.S. Government Agency Obligations		—		198,105,967		—			198,105,967
Municipal Obligations		—		7,969,595		—			7,969,595
Sovereign Debt Obligations		—		9,262,634		—			9,262,634
U.S. Government and Agency Obligations		—		96,278,116		—			96,278,116
Total Debt Obligations		—		766,481,119		0			766,481,119
Short-Term Investments
Certificates of Deposit		—		426,043		—			426,043
Mutual Fund - Securities Lending Collateral		5,903,868		—		—			5,903,868
Total Short-Term Investments		5,903,868		426,043		—			6,329,911
Futures Contracts†
Buys		1,531,971		—		—			1,531,971
Total Futures Contracts		1,531,971		—		—			1,531,971
Swaps
Centrally Cleared Interest Rate Swaps†		—		658,017		—			658,017
Total Swaps		—		658,017		—			658,017
Total	$	7,435,839	$	767,565,179	$	0		$	775,001,018

175

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December 31, 2018 (Unaudited)

LIABILITIES VALUATION INPUT    

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Sales	$	(278,427	)	$	—		$	—	$	(278,427	)
Total Futures Contracts		(278,427	)		—			—		(278,427	)
Swaps
Centrally Cleared Interest Rate Swaps†		—			(124,273	)		—		(124,273	)
Total Swaps		—			(124,273	)		—		(124,273	)
Total	$	(278,427	)	$	(124,273	)	$	—	$	(402,700	)

** Represents one or more Level 3 securities at $0 value as of December 31, 2018.

† Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation/depreciation.

Opportunistic Fixed

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Debt Obligations
Asset Backed Securities	$	—	$	21,509,393	$	—		$	21,509,393
Bank Loans		—		49,104,527		—			49,104,527
Convertible Debt		—		208,751		—			208,751
Corporate Debt		—		157,093,554		0	**		157,093,554
Mortgage Backed Securities - Private Issuers		—		13,700,675		—			13,700,675
Mortgage Backed Securities - U.S. Government Agency Obligations		—		40,221,327		—			40,221,327
Sovereign Debt Obligations		—		302,037,466		—			302,037,466
U.S. Government and Agency Obligations		—		32,137,038		—			32,137,038
Total Debt Obligations		—		616,012,731		0			616,012,731
Common Stocks
Diversified Financial Services		—		—		0	**		—
Oil & Gas		270		790,265		—			790,535
Pharmaceuticals		162,941		—		—			162,941
Total Common Stocks		163,211		790,265		0			953,476
Convertible Preferred Stock
Oil & Gas		—		239,033		—			239,033
Total Convertible Preferred Stock		—		239,033		—			239,033

176

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December 31, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investment Companies
Investment Companies	$	4,340,362	$	—	$	—	$	4,340,362
Total Investment Companies		4,340,362		—		—		4,340,362
Preferred Stocks
Investment Companies		56,546		—		—		56,546
Total Preferred Stocks		56,546		—		—		56,546
Options Purchased
Call Options		61,789		—		—		61,789
Put Options		2,627,405		—		—		2,627,405
Total Options Purchased		2,689,194		—		—		2,689,194
Short-Term Investments
Certificates of Deposit		—		5,649,353		—		5,649,353
Investment Companies		—		16,451,532		—		16,451,532
Mutual Fund - Securities Lending Collateral		24,269,865		—		—		24,269,865
Sovereign Debt Obligations		—		2,525,515		—		2,525,515
U.S. Government and Agency Obligations		—		36,249,966		—		36,249,966
Total Short-Term Investments		24,269,865		60,876,366		—		85,146,231
Futures Contracts†
Buys		2,188,208		—		—		2,188,208
Sales		2,802		—		—		2,802
Total Futures Contracts		2,191,010		—		—		2,191,010
Swaps
Centrally Cleared Interest Rate Swaps†		—		62,909		—		62,909
OTC Credit Default Swaps		—		246,722		—		246,722
Centrally Cleared Credit Default Swaps†		—		723,687		—		723,687
Total Swaps		—		1,033,318		—		1,033,318
Forward Foreign Currency Contracts†		—		4,909,053		—		4,909,053
Total Forward Foreign Currency Contracts		—		4,909,053		—		4,909,053
Total	$	33,710,188	$	683,860,766	$	0	$	717,570,954

177

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December 31, 2018 (Unaudited)

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Sales	$	(1,354,794	)	$	—		$	—	$	(1,354,794	)
Total Futures Contracts		(1,354,794	)		—			—		(1,354,794	)
Swaps
OTC Interest Rate Swaps		—			(309,305	)		—		(309,305	)
Centrally Cleared Interest Rate Swaps†		—			(1,031,110	)		—		(1,031,110	)
OTC Credit Default Swaps		—			(1,121,615	)		—		(1,121,615	)
Centrally Cleared Credit Default Swaps†		—			(197,082	)		—		(197,082	)
Total Swaps		—			(2,659,112	)		—		(2,659,112	)
Forward Foreign Currency Contracts†		—			(5,001,308	)		—		(5,001,308	)
Total Forward Foreign Currency Contracts		—			(5,001,308	)		—		(5,001,308	)
Written Options		(29,697	)		—			—		(29,697	)
Total	$	(1,384,491	)	$	(7,660,420	)	$	—	$	(9,044,911	)

** Represents one or more Level 3 securities at $0 value as of December 31, 2018.

† Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation/depreciation.

Emerging Markets

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Argentina	$	1,305,204	$	—	$	—	$	1,305,204
Australia		4,112,879		—		—		4,112,879
Bermuda		19,248,614		—		—		19,248,614
Brazil		50,616,718		—		—		50,616,718
British Virgin Islands		831,410		—		—		831,410
Cayman Islands		100,266,814		—		—		100,266,814
Chile		15,951,408		—		—		15,951,408
China		82,137,866		—		—		82,137,866
Colombia		687,806		—		—		687,806
Cyprus		573,402		—		—		573,402

178

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December 31, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Czech Republic	$	1,097,501	$	—		$	—	$	1,097,501
Egypt		2,638,170		—			—		2,638,170
France		1,911,618		—			—		1,911,618
Greece		864,978		—			—		864,978
Hong Kong		42,128,441		—			—		42,128,441
Hungary		5,672,098		—			—		5,672,098
India		117,259,598		65,316			—		117,324,914
Indonesia		24,109,494		—			—		24,109,494
Isle of Man		197,925		—			—		197,925
Japan		1,804,528		—			—		1,804,528
Luxembourg		213,221		—			—		213,221
Malaysia		15,962,871		—			—		15,962,871
Mexico		31,967,747		—			—		31,967,747
Netherlands		7,392,807		—			—		7,392,807
Nigeria		1,367,021		—			—		1,367,021
Papua New Guinea		1,656,812		—			—		1,656,812
Philippines		5,100,063		—			—		5,100,063
Poland		7,728,124		—			—		7,728,124
Qatar		1,343,889		—			—		1,343,889
Russia		13,896,479		—			—		13,896,479
Singapore		2,374,854		—			—		2,374,854
South Africa		61,718,121		—			—		61,718,121
South Korea		100,202,033		—			—		100,202,033
Spain		18,607		—			—		18,607
Switzerland		4,461,401		—			—		4,461,401
Taiwan		96,603,782		—			—		96,603,782
Thailand		15,370,332		11,506,863			—		26,877,195
Turkey		3,736,177		—			—		3,736,177
United Arab Emirates		1,695,097		—			—		1,695,097
United Kingdom		9,493,525		—			—		9,493,525
United States		11,129,978		—			—		11,129,978
Total Common Stocks		866,849,413		11,572,179			—		878,421,592
Preferred Stocks
Brazil		14,334,974		—			—		14,334,974
Colombia		201,913		—			—		201,913
Germany		996,765		—			—		996,765
South Korea		—		4,042			—		4,042
Total Preferred Stocks		15,533,652		4,042			—		15,537,694
Rights
Malaysia		—		0	*		—		—
Total Rights		—		0			—		—
Short-Term Investments
Investment Fund		4,762,275		—			—		4,762,275
Mutual Fund - Securities Lending Collateral		4,353,293		—			—		4,353,293

179

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December 31, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
U.S. Government and Agency Obligations	$	—	$	2,976,979	$	—	$	2,976,979
Total Short-Term Investments		9,115,568		2,976,979		—		12,092,547
Futures Contracts†
Buys		227,294		—		—		227,294
Sales		48,839		—		—		48,839
Total Futures Contracts		276,133		—		—		276,133
Synthetic Futures
Long		—		105,567		—		105,567
Total Synthetic Futures		—		105,567		—		105,567
Forward Foreign Currency Contracts†		—		2,552,601		—		2,552,601
Total Forward Foreign Currency Contracts		—		2,552,601		—		2,552,601
Total	$	891,774,766	$	17,211,368	$	—	$	908,986,134

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	$	(620,124	)	$	—		$	—	$	(620,124	)
Sales		(226,245	)		—			—		(226,245	)
Total Futures Contracts		(846,369	)		—			—		(846,369	)
Synthetic Futures
Long		—			(184,025	)		—		(184,025	)
Total Synthetic Futures		—			(184,025	)		—		(184,025	)
Forward Foreign Currency Contracts†		—			(1,492,851	)		—		(1,492,851	)
Total Forward Foreign Currency Contracts		—			(1,492,851	)		—		(1,492,851	)
Total	$	(846,369	)	$	(1,676,876	)	$	—	$	(2,523,245	)

* Represents one or more Level 2 securities at $0 value as of December 31, 2018.

† Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation.

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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	$	16,979,798	$	—	$	—	$	16,979,798
Austria		5,195,392		—		—		5,195,392
Belgium		7,378,700		—		—		7,378,700
Bermuda		12,960,927		—		—		12,960,927
British Virgin Islands		60,672		—		—		60,672
Canada		53,883,682		—		—		53,883,682
Denmark		6,254,929		—		—		6,254,929
Finland		5,758,076		—		—		5,758,076
France		38,846,043		—		—		38,846,043
Germany		15,799,881		—		—		15,799,881
Hong Kong		20,785,872		—		—		20,785,872
Ireland		13,410,717		—		—		13,410,717
Israel		6,978,895		—		—		6,978,895
Japan		57,612,367		—		—		57,612,367
Liberia		175,826		—		—		175,826
Luxembourg		2,763,932		—		—		2,763,932
Netherlands		10,566,699		—		—		10,566,699
New Zealand		6,452,930		—		—		6,452,930
Norway		7,206,497		—		—		7,206,497
Panama		1,390,704		—		—		1,390,704
Portugal		421,981		—		—		421,981
Puerto Rico		1,430,766		—		—		1,430,766
Singapore		4,198,167		—		—		4,198,167
Spain		9,401,915		—		—		9,401,915
Sweden		9,115,185		—		—		9,115,185
Switzerland		35,681,432		—		—		35,681,432
United Kingdom		52,608,938		—		—		52,608,938
United States		435,975,801		—		—		435,975,801
Total Common Stocks		839,296,724		—		—		839,296,724
Preferred Stocks
Germany		469,924		—		—		469,924
Japan		157,499		—		—		157,499
Sweden		90,519		—		—		90,519
Total Preferred Stocks		717,942		—		—		717,942
Short-Term Investments
Mutual Fund - Securities Lending Collateral		6,475,781		—		—		6,475,781
U.S. Government and Agency Obligations		—		1,990,617		—		1,990,617
Total Short-Term Investments		6,475,781		1,990,617		—		8,466,398
Total	$	846,490,447	$	1,990,617	$	—	$	848,481,064

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LIABILITIES VALUATION INPUT    

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	(905,732	)	$	—	$	—	$	(905,732	)
Total Futures Contracts		(905,732	)		—		—		(905,732	)
Total	$	(905,732	)	$	—	$	—	$	(905,732	)

† Futures contracts are valued at unrealized appreciation/depreciation.

Investments in Derivative Instruments

At December 31, 2018 and during the period then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

Large Cap

LIABILITY DERIVATIVES
	Equity Risk			Total
Futures Contracts(1)	$	(476,639	)	$	(476,639	)
Total Value	$	(476,639	)	$	(476,639	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(2)
	Equity Risk			Total
Futures Contracts		96			96

Small/Mid Cap

LIABILITY DERIVATIVES
	Equity Risk			Total
Futures Contracts(1)	$	(907,718	)	$	(907,718	)
Total Value	$	(907,718	)	$	(907,718	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(2)
	Equity Risk			Total
Futures Contracts		274			274

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Non-US Core Equity

ASSET DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Forward Foreign Currency Contracts(3)	$	78,779		$	—		$	78,779
Total Value	$	78,779		$	—		$	78,779
LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(1)	$	—		$	(1,805,533	)	$	(1,805,533	)
Total Value	$	—		$	(1,805,533	)	$	(1,805,533	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(2)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts		—			960			960
Forward Foreign Currency Contracts		(20,065,658	)		—			(20,065,658	)

Core Fixed

ASSET DERIVATIVES
	Interest Rate Risk			Total
Futures Contracts(1)	$	1,531,971		$	1,531,971
Centrally Cleared Swap Contracts**		658,017			658,017
Total Value	$	2,189,988		$	2,189,988
LIABILITY DERIVATIVES
	Interest Rate Risk			Total
Futures Contracts(1)	$	(278,427	)	$	(278,427	)
Centrally Cleared Swap Contracts**		(124,273	)		(124,273	)
Total Value	$	(402,700	)	$	(402,700	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(2)
	Interest Rate Risk			Total
Options Purchased		106,000			106,000
Options Written		(106,000	)		(106,000	)
Swaps Contracts		417,339,889			417,339,889
Futures Contracts		730			730

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Opportunistic Fixed

ASSET DERIVATIVES
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased(4)	$	983,430		$	243,238		$	38,633		$	1,423,893		$	2,689,194
Futures Contracts(1)		—			—			2,191,010			—			2,191,010
Forward Foreign Currency Contracts(3)		—			4,909,053			—			—			4,909,053
OTC Swaps Contracts		246,722			—			—			—			246,722
Centrally Cleared Swap Contracts**		723,687			—			62,909			—			786,596
Total Value	$	1,953,839		$	5,152,291		$	2,292,552		$	1,423,893		$	10,822,575
LIABILITY DERIVATIVES
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Written(4)	$	—		$	(8,785	)	$	(13,062	)	$	(7,850	)	$	(29,697	)
Forward Foreign Currency Contracts(3)		—			(5,001,308	)		—			—			(5,001,308	)
Futures Contracts(1)		—			—			(1,354,794	)		—			(1,354,794	)
OTC Swaps Contracts		(1,121,615	)		—			(309,305	)		—			(1,430,920	)
Centrally Cleared Swap Contracts**		(197,082	)		—			(1,031,110	)		—			(1,228,192	)
Total Value	$	(1,318,697	)	$	(5,010,093	)	$	(2,708,271	)	$	(7,850	)	$	(9,044,911	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(2)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased		—			36,845,000			26,794,600			194			63,639,794
Options Written		—			(2,763,667	)		(13	)		(100,085	)		(2,863,765	)
Swaps Contracts		66,310,523			—			56,731,071			—			123,041,594
Futures Contracts		—			—			1,122			—			1,122
Forward Foreign Currency Contracts		—			(20,926,877	)		—			—			(20,926,877	)

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Emerging Markets

ASSET DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(1)†	$	—		$	381,700		$	381,700
Forward Foreign Currency Contracts(3)		2,552,601			—			2,552,601
Total Value	$	2,552,601		$	381,700		$	2,934,301
LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Forward Foreign Currency Contracts(3)	$	(1,492,851	)	$	—		$	(1,492,851	)
Futures Contracts(1)†		—			(1,030,394	)		(1,030,394	)
Total Value	$	(1,492,851	)	$	(1,030,394	)	$	(2,523,245	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(2)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts†		—			8,173,498			8,173,498
Forward Foreign Currency Contracts		29,832,078			—			29,832,078

Global Low Volatility

LIABILITY DERIVATIVES

	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(1)	$	(25,089	)	$	(880,643	)	$	(905,732	)
Total Value	$	(25,089	)	$	(880,643	)	$	(905,732	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(2)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts		14			244			258

⁽¹⁾   As shown in the Futures Contracts and Synthetic Futures tables within the Schedule of Investments.

⁽²⁾  Amounts disclosed represent average number of contracts, notional amounts, or shares outstanding for the months that the Fund held such derivatives during the period ended December 31, 2018.

⁽³⁾  As shown in the Forward Foreign Currency Contracts table with the Schedule of Investments.

⁽⁴⁾  As shown within the Schedule of Investments.

† Includes Synthetic Futures.

** Centrally Cleared Swaps are valued at unrealized appreciation/depreciation on the Schedule of Investments.

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(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 cash and cash equivalents. Cash and cash equivalents are defined as cash and bank balances as well as short-term investments with a maturity of less than three months from the acquisition date.

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 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.

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Securities on loan are fully collateralized and the collateral was equal to or exceeded the securities on loan at December 31, 2018. 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 December 31, 2018 were as follows:

	Market Value of Loaned Securities		Value of Cash Collateral		Value of Non-Cash Collateral
Large Cap	$	14,193,335	$	5,550,771	$	8,871,276
Small/Mid Cap		64,347,004		3,490,672		61,895,259
Non-US Core Equity		37,144,962		20,760,081		18,210,795
Core Fixed		18,282,123		5,903,868		12,727,938
Opportunistic Fixed		25,702,067		24,269,865		1,938,835
Emerging Markets		22,060,281		4,353,293		18,584,322
Global Low Volatility		8,565,736		6,475,781		2,442,589

For Large Cap, Small/Mid Cap, 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 December 31, 2018, with a contractual maturity of overnight and continuous.

For Non-US Core Equity, Core Fixed and Opportunistic Fixed, the values of the security loan obligations are classified as follows at December 31, 2018:

Non-US Core Equity

	Remaining Contractual Maturity of the Agreements As of December 31, 2018
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	20,600,946	$	—	$	—	$	—	$	20,600,946
Rights		159,135		—		—		—		159,135
Total Borrowings	$	20,760,081	$	—	$	—	$	—	$	20,760,081
Gross amount of recognized liabilities for securities lending transactions									$	20,760,081

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Core Fixed

	Remaining Contractual Maturity of the Agreements As of December 31, 2018
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Debt	$	5,674,905	$	—	$	—	$	—	$	5,674,905
Sovereign Debt Obligations		228,963		—		—		—		228,963
Total	$	5,903,868	$	—	$	—	$	—	$	5,903,868
Total Borrowings	$	5,903,868	$	—	$	—	$	—	$	5,903,868
Gross amount of recognized liabilities for securities lending transactions									$	5,903,868

Opportunistic Fixed

	Remaining Contractual Maturity of the Agreements As of December 31, 2018
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Debt	$	6,922,793	$	—	$	—	$	—	$	6,922,793
U.S. Government and Agency Obligations		17,347,072		—		—		—		17,347,072
Total	$	24,269,865	$	—	$	—	$	—	$	24,269,865
Total Borrowings	$	24,269,865	$	—	$	—	$	—	$	24,269,865
Gross amount of recognized liabilities for securities lending transactions									$	24,269,865

(e)   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. Up-front payments received or made are reflected as “up-front net premiums received” or “up-front net premiums paid”, respectively, on the Statement of Assets and Liabilities. 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

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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 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,

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and not the entire notional amount. 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 counterparty risk of 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 certain 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 who were not previously required to register are 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 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.

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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 December 31, 2018, Core Fixed and Opportunistic Fixed used swap agreements to adjust interest rate and yield curve exposure or to manage credit exposure. See the Core Fixed and Opportunistic Fixed Schedule of Investments for a listing of open swap agreements as of December 31, 2018.

(f)   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 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 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 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 total return swap transaction in which there’s a commitment to receive positive or negative returns in exchange for equity index futures. If the underlying asset declines in value over the term of the total return swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. 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 December 31, 2018, 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 Schedules of Investments for a listing of open futures contracts as of December 31, 2018.

(g)  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

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December 31, 2018 (Unaudited)

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 a liability. The amount of 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.

During the period ended December 31, 2018, Core Fixed and Opportunistic Fixed used options to manage interest rate and volatility exposure.

(h)  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

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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. The primary risks associated with forward foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably.

During the period ended December 31, 2018, 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 and Emerging Markets used forward foreign currency contracts to hedge, cross hedge or to actively manage the currency exposures in the Funds. See the Non-US Core Equity, Opportunistic Fixed and Emerging Markets Schedules of Investments for a listing of open forward foreign currency contracts as of December 31, 2018.

(i)   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 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.

(j)   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.

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Notes to Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

A Fund may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Security Valuation”.

See the Schedules of Investments for TBA and when-issued securities held as of December 31, 2018.

(k)  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 December 31, 2018.

(l)  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 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 and Opportunistic Fixed as of December 31, 2018.

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Notes to Schedule of Investments (Continued)

December 31, 2018 (Unaudited)

(m)  Bank loans

Core Fixed and Opportunistic Fixed may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ‘‘Lender’’) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. At December 31, 2018, the Funds held no unfunded loan commitments.

(n)  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.

(o)  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.

(p)  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.

(q)  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.

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December 31, 2018 (Unaudited)

3. Federal income taxes

As of December 31, 2018, the cost for U.S. federal income tax purposes and gross unrealized appreciation and depreciation in value of investments and derivatives were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Large Cap	$	377,021,918	$	27,737,718	$	(40,239,381	)	$	(12,501,663	)
Small/Mid Cap		707,871,397		71,535,119		(95,975,611	)		(24,440,492	)
Non-US Core Equity		1,970,220,788		134,296,493		(217,774,580	)		(83,478,087	)
Core Fixed		793,722,336		3,969,996		(24,881,302	)		(20,911,306	)
Opportunistic Fixed		732,086,226		7,562,693		(30,211,346	)		(22,648,653	)
Emerging Markets		1,008,574,513		33,356,680		(135,879,360	)		(102,522,680	)
Global Low Volatility		860,200,020		49,810,408		(61,529,364	)		(11,718,956	)

The temporary differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily due to wash sale loss deferrals, investments in passive foreign investment companies and other basis adjustments.

4. Subsequent events

Management has determined that no material events or transactions occurred subsequent to December 31, 2018 through the date the schedules of investments were filed with the Securities and Exchange Commission that would require additional disclosure.

197

Item 2. 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, as amended, (17CFR 270.30a-3(c))), are effective based on their evaluation of the 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, as amended, (17 CFR 270.30a-3(d))) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications 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, as amended, (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

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.

	Mercer Funds
By:	/S/ Richard Joseph
	Richard Joseph President and Chief Executive Officer (Principal Executive Officer)
Date:	February 20, 2019

Pursuant to the requirement of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report had been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/S/ Richard Joseph
	Richard Joseph President and Chief Executive Officer (Principal Executive Officer)
Date:	February 20, 2019
By:	/S/ Stephen Gouthro
	Stephen Gouthro Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:	February 20, 2019