UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21732

Mercer Funds

(Exact Name of Registrant as Specified in Charter)

99 High Street

Boston, MA 02110

(Address of Principal Executive Offices)(Zip Code)

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: March 31, 2019

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Mercer Funds^™

Annual Report

Mercer US Large Cap Equity Fund

Mercer US Small/Mid Cap Equity Fund

Mercer Non-US Core Equity Fund

Mercer Core Fixed Income Fund

Mercer Opportunistic Fixed Income Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

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

March 31, 2019

MERCER FUNDS

TABLE OF CONTENTS

	Page
Management’s Discussion of Fund Performance	1
Schedules of Investments	30
Statements of Assets and Liabilities	199
Statements of Operations	203
Statements of Changes in Net Assets	205
Financial Highlights	209
Notes to the Financial Statements	216
Report of Independent Registered Public Accounting Firm	256
Additional Information	257
Understanding Your Fund’s Expenses	264
Trustees and Officers	267

Mercer US Large Cap Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is long-term total return, which includes capital appreciation and income. The benchmark for the Fund is the Russell 1000 Index.

Investment Strategy

The Fund invests principally in equity securities (such as common stock) issued by large capitalization U.S. companies. The Fund employs a “core equity” investment strategy by investing in both growth and value oriented equity securities. The Fund may invest in derivative instruments to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs.

Performance

For the fiscal year ended March 31, 2019, the Fund’s Y-3 share class performance was 4.81% compared to its benchmark, the Russell 1000 Index, return of 9.3%. Performance for the Fund is reported net of fees and operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2019, the Fund employed six subadvisors: HS Management Partners, LLC (HS), Columbia Management Investment Advisers (Columbia), AJO LP (AJO), Brandywine Global Investment Management, LLC (Brandywine), O’Shaughnessy Asset Management, LLC (OSAM) and Parametric Portfolio Associates LLC (Parametric).

HS is a growth manager that invests in quality businesses with strong management that trade at attractive valuations.

Columbia is an aggressive growth manager, following a high conviction, concentrated strategy that focuses on financially strong companies that are growing earnings faster than the broader equity market.

AJO is a quantitative manager that relies on a combination of value, management, momentum, and sentiment factors to evaluate securities.

Brandywine, a deep value manager, focuses on cheap stocks that trade at a significant discount to intrinsic value, with strong free cash flows and quality balance sheets.

OSAM is a yield focused quantitative value manager that seeks stocks that are ranked high based on valuation, quality and shareholder yield.

Parametric utilizes exchange-traded futures to generate exposure corresponding to the Fund’s benchmark.

Market Commentary and Fund Performance

For the 12-month-period ended March 31, 2019, the U.S. equity market, as measured by the Russell 3000 Index, increased 8.8%. In 2018, U.S. equity market ended the year in negative territory for the first time since 2008. Markets fell sharply during the fourth quarter erasing gains from the prior three quarters. Weakness in the fourth quarter resulted from fears of slowing global growth, uncertainty surrounding trade negotiations with China, and Brexit, as well as the U.S. Federal Reserve’s (“Fed”) decision to halt interest rate hikes. In parallel with these macro worries, energy prices plummeted as the market struggled to absorb enormous capacity from US shale producers and Iran. During this period, markets shifted to a decidedly risk-off mood, favoring larger, more stable

1

Mercer US Large Cap Equity Fund

companies in the staples and utilities sectors, and selling more cyclical technology and financial shares. Despite their underperformance during the selloff in the fourth quarter of 2018, growth stocks outperformed value stocks for the year.

During the first quarter of 2019, markets did an about face, buying beaten down cyclicals, deeper value names, and growth equities. During this period, the Russell 3000 Index was up 14.0%, largely erasing losses from the previous quarter. The shift in sentiment came on the tails of dovish fed policy, optimism over trade negotiations with China, and continued strong business fundamentals and employment figures. For the 12-month-period ended March 31, 2019 smaller capitalization stocks have made a comeback, with the Russell 2000 Index posting its best start to the year since 1991.

Within the Russell 1000 Index, the Fund’s benchmark, the best performing sectors for the fiscal year were real estate, utilities, and information technology, with returns of 21.8%, 21.3%, and 21.0% respectively. Financials was the laggard with returns of -2.7%. The best performing industries were independent power and renewable electricity, life sciences tools & services, and software, with returns of 43.7%, 33.6%, and 33.5% respectively.

The Mercer U.S. Large Cap Equity Fund underperformed the Russell 1000 Index for the period. Five of the Fund’s six sub-advisors underperformed their respective benchmarks, with performance from the value-oriented managers detracting the most. From a sector perspective, overweight allocations to energy, financials, and staples were the largest detractors.

Columbia underperformed its benchmark for the period, with losses being driven by holdings in semiconductors, and entertainment. Offsetting these areas was strong performance from healthcare, and online retail names sectors.

HS outperformed its benchmark for the period. Holdings in media as well as overweight allocations to restaurants and specialty retail all contributed. Offsetting gains was an underweight allocation to technology and overweight allocation to staples.

AJO underperformed for the period. Style exposures to value and smaller capitalization companies, were detractors relative to their core benchmark. From an industry perspective, overweight allocations to auto components, airlines, and household durables also weighed on relative underperformance. Brandywine underperformed its benchmark for the period, with all of its underperformance coming in the volatile fourth quarter of 2018. Sector positioning was a large detractor for the period, specifically overweight allocations to energy, airlines, and household durables, and an underweight allocation to health care and utilities. From a style perspective, its higher beta and deeper value positioning also weighed on performance.

OSAM underperformed for the period, in part due to the underperformance of value and shareholder yield, 2 key components of their selection process. From a sector perspective, overweight allocations to energy and financials detracted, as did an underweight position in health care.

Parametric utilizes exchange-traded futures replicating the Fund’s benchmark, aiming to provide broad, passive, equity market exposure to the Fund’s liquidity sleeve, and seeking to create positive returns on assets that would have otherwise been earning cash or cash equivalent returns. Performance differences versus the benchmark are largely a result of cash flow effects related to daily subscription/redemption activity and through financing costs of futures relative to interest earned on cash.

Risk Considerations

The Fund invests in both growth stocks and value stocks. Growth stocks may be particularly sensitive to market conditions. Investing in value stocks involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time.

2

Mercer US Large Cap Equity Fund

The Fund may invest in derivative instruments such as exchange-listed equity futures contracts, which may cause the Fund to experience greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify the risk of loss for the Fund. The Fund may experience high portfolio turnover which may result in higher transaction costs and capital gains.

3

Mercer Funds

March 31, 2019

Comparison of Change in Value of a $10,000 Investment in

Mercer US Large Cap Equity Shares vs. the

Russell 1000^® Index

As of March 31, 2019

This graph shows the performance of the Mercer US Large Cap Equity Fund Class Y-3 shares versus the Russell 1000^® Index from April 1, 2009 through March 31, 2019. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

The table and graph assume reinvestment of dividends and capital gains, but do not reflect a deduction of taxes an investor might pay on fund distributions or upon redemption of fund shares. Performance shown reflects a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.

The data quoted represents past performance and does not guarantee future results. Current performance of the Fund may be lower or higher than the performance quoted. Please call 1-866-658-9896 for the Fund’s most recent month-end performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than when purchased.

4

Mercer US Small/Mid Cap Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, comprised primarily of capital appreciation. The benchmark for the Fund is the Russell 2500 Index.

Investment Strategy

The Fund invests principally in equity securities issued by small-to-medium capitalization U.S. companies. The Fund employs a “core equity” investment strategy by investing in both growth and value oriented equity securities. The Fund may invest in derivative instruments to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs.

Performance

For the fiscal year ended March 31, 2019, the Fund’s Y-3 share class performance was 0.19% compared to its benchmark, the Russell 2500 Index, return of 4.48%. Performance for the Fund is reported net of fees and operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2019, the Fund employed six sub-advisors: Westfield Capital Management Company (Westfield), GW&K Investment Management, LLC (GW&K), Loomis, Sayles & Company L.P. (Loomis), LSV Asset Management (LSV), BNY Mellon Asset Management North America Corporation (Mellon) and Parametric Portfolio Associates LLC (Parametric).

Westfield, a traditional growth manager, employs a fundamental, bottom-up approach which seeks to identify reasonably priced stocks with high earnings growth potential.

GW&K uses a bottom-up fundamental research process in order to identify high quality companies with sustainable long-term earnings growth rates.

Loomis looks to provide a lower volatility approach to high growth investing by seeking companies with high quality business models that have differentiated and sustainable growth opportunities.

LSV, a quantitative value manager, seeks deep value, out-of-favor companies with recent momentum. LSV avoids introducing any judgmental biases or behavioral weaknesses into their investment process.

Mellon, a fundamental intrinsic value manager, focuses on purchasing companies that are priced at a large discount from intrinsic value, underappreciated and temporarily dislocated (contrarian view).

Parametric utilizes exchange traded futures to generate market exposure corresponding to the Fund’s benchmark.

Market Commentary and Fund Performance

For the 12-month-period ended March 31, 2019, the U.S. equity market, as measured by the Russell 3000 Index, increased 8.8%. In 2018, U.S. equity market ended the year in negative territory for the first time since 2008. Markets fell sharply during the fourth quarter erasing gains from the prior three quarters. Weakness in the fourth quarter resulted from fears of slowing global growth, uncertainty surrounding trade negotiations with China and Brexit, as well as the U.S. Federal Reserve’s (“Fed”) decision to halt interest rate hikes. In parallel with these macro worries, energy prices plummeted as the market struggled to absorb enormous capacity from U.S. shale producers and Iran. During this period, markets shifted to a decidedly risk-off mood, favoring larger, more stable companies in the staples and utilities sectors, and selling more cyclical technology and financial shares. Despite their underperformance during the selloff in the fourth quarter of 2018, growth stocks outperformed value stocks for the year.

5

Mercer US Small/Mid Cap Equity Fund

During the first quarter of 2019, markets did an about face, buying beaten down cyclicals, deeper value names, and growth equities. During the first quarter of 2019, the Russell 3000 was up 14.0%, largely erasing losses from the previous quarter. The shift in sentiment came on the tails of dovish Fed policy, optimism over trade negotiations with China, and continued strong business fundamentals and employment figures. For the year, smaller cap stocks have made a comeback, with the Russell 2000 posting its best start to the year since 1991.

Within the Russell 2500 Index, the Fund’s benchmark, the best performing sectors for the fiscal year were utilities and information technology with positive returns of 23.23% and 19.28%, respectively. Underperforming sectors for the fiscal year were energy and materials, with negative returns of -17.96% and -5.67%, respectively. The top performing industries for the fiscal year were health care technology and life sciences tools & services with positive returns of 33.69% and 30.66%, respectively. The underperforming industries for the fiscal year were automobiles and construction materials with negative returns of -30.31% and -30.11%, respectively.

The Mercer U.S. Small/Mid Cap Equity Fund underperformed the Russell 2500 Index for the period. Despite the Fund’s exposure to quality, which helped drive performance for the year, its exposure to relatively larger market capitalization size companies, coupled with its exposure to value from a style perspective as well as security selection, were the primary drivers to the Fund’s underperformance. Specifically, security selection in the information technology, consumer discretionary and financial sectors detracted from performance for the fiscal year despite strong security selection in the energy sector.

Westfield underperformed for the fiscal year. The relative weakness was driven by security selection in the health care, information technology and consumer discretionary sectors, which offset more moderate relative strength in the industrials and consumer staples sectors. In addition, its overweight position to the materials and energy sectors detracted from performance from an allocation standpoint.

Loomis underperformed for the fiscal year primarily due to its security selection in the information technology and industrials sectors, despite its strong security selection in the communication services sector.

GW&K‘s outperformance was attributed to its higher quality stance and security selection, particularly in the materials and industrials sectors.

LSV’s underperformance for the period was driven by its deep value style being truly out of favor. This was evident with its security selection in multiple sectors to include the industrials, materials, financials, information technology, consumer discretionary and real estate sectors weighing on performance.

Mellon’s underperformance for the period was driven by their allocation decisions. In particular, Mellon’s underweight to the real estate and utilities sectors combined with an overweight to the energy, information technology and consumer discretionary sectors detracted from performance.

Parametric utilizes exchange-traded futures replicating the Fund’s benchmark, aiming to provide broad, passive, equity market exposure to the Fund’s liquidity sleeve, and seeking to create positive returns on assets that would have otherwise been earning cash or cash equivalent returns. Performance differences versus the benchmark are largely a result of cash flow effects related to daily subscription/redemption activity and through financing costs of futures relative to interest earned on cash.

Risk Considerations

The Fund invests in both growth stocks and value stocks. Growth stocks may be particularly sensitive to market conditions. Investing in value stocks involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time. Investments made in small and

6

Mercer US Small/Mid Cap Equity Fund

mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may invest in derivative instruments such as exchange-listed equity futures contracts, which may cause the Fund to experience greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify the risk of loss for the Fund. The Fund may experience high portfolio turnover which may result in higher transaction costs and capital gains.

7

Mercer Funds

March 31, 2019

Comparison of Change in Value of a $10,000 Investment in

Mercer US Small/Mid Cap Equity Shares vs. the

Russell 2500^™ Index

As of March 31, 2019

This graph shows the performance of the Mercer US Small/Mid Cap Equity Fund Class Y-3 shares versus the Russell 2500^™ Index from April 1, 2009 through March 31, 2019. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

The table and graph assume reinvestment of dividends and capital gains, but do not reflect a deduction of taxes an investor might pay on fund distributions or upon redemption of fund shares. Performance shown reflects a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.

The data quoted represents past performance and does not guarantee future results. Current performance of the Fund may be lower or higher than the performance quoted. Please call 1-866-658-9896 for the Fund’s most recent month-end performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than when purchased.

8

Mercer Non-US Core Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income. The benchmark for the Fund is the MSCI EAFE Index.

Investment Strategy

The Fund invests principally in equity securities issued by non-U.S. companies of any capitalization, located in the world’s developed and emerging capital markets. The Fund employs a “core equity” investment strategy that seeks to meet the Fund’s investment objective by investing in both growth- and value-oriented equity securities.

Performance

For the fiscal year ended March 31, 2019, the Fund’s Y-3 share class performance was -4.00% compared to its benchmark return of -3.71%. Performance for the Fund is reported net of fees and operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2019, the Fund employed five sub-advisors: Arrowstreet Capital, Limited Partnership (Arrowstreet), American Century Investment Management, Inc. (American Century), MFS Investment Management (MFS), LSV Asset Management (LSV) and Parametric Portfolio Associates LLC (Parametric).

Arrowstreet’s strategy seeks to outperform international equity benchmarks through a risk-controlled core approach. Arrowstreet combines sound investment intuition and research with rigorous quantitative tools to identify mispriced stocks around the world. Arrowstreet believes that the key to generating return in excess of the benchmark involves evaluating the prospects of a security considering both the characteristics of the stock itself (direct effects) as well as the characteristics of other related stocks (indirect effects).

American Century manages its portfolio based on an investment philosophy that companies exhibiting improving or accelerating growth will outperform the market over time. American Century constructs its portfolio through a bottom-up stock selection within a risk aware framework. American Century’s thorough research process seeks to identify companies that are exhibiting an improvement or acceleration in growth where it believes that growth is sustainable but that the earnings power of the company is generally underestimated. American Century will invest primarily in equity securities of companies located in Non-U.S. developed markets.

MFS manages a value portfolio, which focuses on stocks whose long-term value they believe is not adequately reflected in the stock price. MFS invests opportunistically in emerging markets.

LSV utilizes a quantitative approach which seeks deep value stocks that have fallen out of favor with the market, but have recent momentum, either in terms of price or earnings. LSV believes that long-term results are achieved through systematic exploitation of judgmental biases and behavioral weaknesses that influence investor decisions. LSV aims to exploit these biases through the disciplined application of quantitative techniques to drive bottom-up security selection.

Parametric utilizes exchange-traded futures to generate market exposure corresponding to the Fund’s benchmark.

Market Commentary and Fund Performance

As a group, global developed equity markets rose, as measured by the MSCI World Index, which increased 4.0% during the 12-month period ended March 31, 2019. U.S. equities rallied considerably, with the Russell 1000 Index up 9.3% for the fiscal year. Outside of the US, international developed markets did not perform as well, as the MSCI EAFE Index (the Fund’s benchmark) returned -3.7% over the period ended March 31, 2019.

9

Mercer Non-US Core Equity Fund

During the second and third quarters of 2018, equity markets rallied after correcting in the first quarter of the year. U.S. stocks easily outpaced international equities as the benefits of the corporate tax cuts flowed through to U.S. corporate earnings. As always, there were numerous concerns on the minds of global investors during this period including: tightening financial conditions (two Federal Reserve rate hikes during this period and the termination of asset purchases by the European Central Bank despite an uncertain growth outlook), ongoing trade tensions, slowing global growth, cautious forward guidance in corporate earnings reports. For investors in Europe, uncertainty surrounding the passage of the Brexit deal, protests in France and slowing growth weighed on market returns. Emerging markets equity markets fell throughout most of 2018 after peaking in January. Chinese economic growth continued to trend lower and equity market investors also had to consider the effects of continued U.S.-China trade tensions. Manufacturing growth, in the largest component of the emerging markets benchmark, landed at the slowest pace seen in more than two years.

In contrast to the second and third quarters, the fourth quarter of 2018 proved to be a rocky ride in global equity markets with volatility increasing materially. Global equity markets began to fall swiftly as economic indicators softened across developed markets at the same time most central banks remained determined to continue down the path of monetary tightening. Although emerging markets weathered the fourth quarter’s global sell-off relatively well, they still lagged developed equities by close to 6% during calendar year 2018. Rising rates and difficult trade negotiations had hit emerging markets earlier in the year.

In a sharp reversal, and despite slowing global growth and cautious forward guidance in corporate earnings reports, developed and emerging equity markets rallied significantly during the first quarter of 2019. The rally was driven by promising progress on trade negotiations, a solid fourth quarter 2018 earnings season and the U.S. Federal Reserve’s (“Fed”) increasing flexibility over the future interest rate policy and balance sheet reductions. In the first quarter, China led the rally in emerging market equities, as investors anticipated a U.S.-China trade resolution. Improved manufacturing reports and the news that the index provider MSCI plans to increase the China-A share weight in its equity indexes provided more tailwinds for Chinese equities.

American Century provides the growth allocation for the Fund. It outperformed its benchmark, the MSCI EAFE Index, for the fiscal year driven by stock selection. Stock selection in financials, health care, energy and consumer discretionary generated excess returns. Excess returns were hindered, however, by the rotation and outperformance of low volatility, defensive stocks during the latter half of calendar 2018.

MFS continued its strong performance and again outperformed the Fund’s benchmark. MFS’s sizable overweight to consumer staples and technology, as well as its stock selection within both sectors, strongly contributed to its relative performance. A meaningful underweight to financials, and positive selection in consumer discretionary and industrials also aided relative returns. A slight drag on the relative performance was MFS’s underweights to both the energy and utilities sectors.

LSV underperformed the benchmark during this period, driven by its deep value style being out of favor. This was evident with its negative security selection in multiple sectors, including materials, industrials and consumer discretionary. LSV also suffered from an underweight to healthcare and an overweight to financials. LSV’s exposure to small cap stocks was a drag on relative performance as well.

Arrowstreet’s outperformance was driven by both positive allocation and stock selection. Its largest sector overweight, healthcare, was a top contributor to performance. On a stock selection basis, financial company securities, particularly Japanese and Italian issuers, were the main contributors to results. Selection within the consumer discretionary sector, particularly French issuers, offset gains during the trailing one-year.

Parametric utilizes exchange-traded futures replicating the Fund’s benchmark, aiming to provide broad, passive, equity market exposure to the Fund’s liquidity sleeve, and seeking to create positive returns on assets that would

10

Mercer Non-US Core Equity Fund

have otherwise been earning cash or cash equivalent returns. Performance differences versus the benchmark are largely a result of cash flow effects related to daily subscription/redemption activity and through financing costs of futures relative to interest earned on cash.

Risk Considerations

The Fund invests in foreign and emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Emerging markets may be more volatile and less liquid than more developed markets and therefore may involve greater risks. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may invest in derivative instruments such as exchange-listed equity futures contracts, which may cause the Fund to experience greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify the risk of loss for the Fund. The Fund may experience high portfolio turnover which may result in higher transaction costs and capital gains.

11

Mercer Funds

March 31, 2019

Comparison of Change in Value of a $10,000 Investment in

Mercer Non-US Core Equity Shares vs. the

MSCI EAFE Index

As of March 31, 2019

This graph shows the performance of the Mercer Non-US Core Equity Fund Class Y-3 shares versus the MSCI EAFE Index from April 1, 2009 through March 31, 2019. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

The table and graph assume reinvestment of dividends and capital gains, but do not reflect a deduction of taxes an investor might pay on fund distributions or upon redemption of fund shares. Performance shown reflects a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.

The data quoted represents past performance and does not guarantee future results. Current performance of the Fund may be lower or higher than the performance quoted. Please call 1-866-658-9896 for the Fund’s most recent month-end performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than when purchased.

12

Mercer Core Fixed Income Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide total return, consisting of both current income and capital appreciation. The benchmark for the Fund is the Bloomberg Barclays U.S. Aggregate Bond^™ Index.

Investment Strategy

The Fund invests principally in investment grade fixed income securities, including government securities, corporate bonds and securitized bonds such as mortgage and asset-backed securities. The Fund may also invest in non-investment grade bonds, non-U.S. dollar denominated bonds, bonds issued by issuers located in emerging capital markets, and certain derivative instruments. The Fund may invest in derivative instruments, such as options, futures, and swap agreements. The Fund may engage in transactions in derivatives for a variety of purposes, including changing the investment characteristics of its portfolio, enhancing total returns or as a substitute for taking a position in an underlying asset.

Performance

For the fiscal year ended March 31, 2019, the Fund’s Y-3 share class performance was 4.37% compared to its benchmark return of 4.48%. Performance for the Fund is reported net of fees and operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2019, the Fund employed three sub-advisors, Manulife Asset Management (Manulife), Income Research & Management (IR&M) and PGIM Fixed Income, a business unit of PGIM, Inc. (Prudential).

Manulife manages its allocated portion of the Fund by seeking to produce superior results by anticipating shifts in the business cycle and moderating risk relative to the direction of interest rates. The investment team capitalizes on these shifts by using a research-driven process to identify attractive sectors as well as mispriced securities within those sectors.

IR&M manages its allocated portion of the Fund based on the belief that careful security selection and higher portfolio income provide superior returns over the long term. Portfolios are constructed using a disciplined, bottom-up investment approach to select attractive securities from the U.S fixed income universe.

Prudential manages its allocated portion of the Fund by seeking to maximize excess return opportunities from sustainable alpha sources such as sector allocation and bottom- up security selection. This process is coupled with a diligent daily portfolio risk evaluation and monitoring process. Research-based security selection is a major source of added value and incorporates both fundamental analysis as well as proprietary models that identify relative value and detailed technical review of issuers across both benchmark and non-benchmark sectors, with an emphasis on credit-oriented sectors.

Market Commentary and Fund Performance

For the 12-month period ended March 31, 2019, U.S. fixed income market returns, as measured by the Barclay U.S. Aggregate Bond Index, were positive. Generally, price increases of fixed income securities that are not backed by a U.S. Government Guarantee (including Corporate Bonds, Asset Backed Securities, and Commercial Mortgage Backed Securities) more than offset the general drop in prices of U.S. Government securities resulting from rising interest rates during the earlier part of the fiscal year. Intermediate U.S. Treasury rates decreased 0.33% while longer-term interest rates decreased 0.16% year-over-year (with some interim volatility). Yields for the 2-year Treasury Note, also referred to as the short end of the Treasury curve, stayed the same year-over-year at 2.27%. The curve flattened throughout most of 2018 and the short end of the curve inverted briefly in

13

Mercer Core Fixed Income Fund

December. Critically though, the spread between the 2-year and 10-year Treasury yields narrowed from approximately 50 to 20 basis points by the last day of 2018, and thus remains positive.

U.S. economic growth accelerated from 2.2% in 2017 to 2.9% in 2018. The unemployment rate fell to 3.7%, its lowest rate in 50 years, and wage growth rose from 2.5% to 3.1% over 2018. However, 2018 was a tumultuous period for U.S. and global fixed income markets as central banks moved toward tighter monetary policy and global liquidity declined for the first time in nearly a decade, leading to higher volatility, especially in the riskier segments of the fixed income market. While spreads ground tighter during the first half of the period, a sharp risk-off sentiment took hold of the corporate bond market in the latter part of 2018. This sentiment was supported by idiosyncratic events, a drop in oil prices, weak earnings forecasts, poor U.S. Federal Reserve (“Fed”) policy communication to the market, and increased recession fears. The period also saw a strong U.S. dollar versus non-U.S. developed and emerging market currencies, Trump administration’s protectionist trade policies escalated trade tension and tariffs between the U.S. and China continued to add volatility in the global financial markets. As a result, investors were aggressively shedding risky assets at the end of 2018 and spreads widened materially. However, risk markets rebounded after the correction seen at the end of 2018, with spreads tightening approximately 140 basis points over the first quarter of 2019. Returns from fixed income securities that are not backed by a U.S. Government guarantee (including corporate bonds, asset backed securities, and commercial mortgage backed securities) were generally positive, as these securities benefitted from strong demand for higher yields. Lower credit quality rated corporate bonds (i.e., high yield or “junk” bonds) tended to provide greater excess returns during the 12-month period than the higher credit quality rated corporate bonds (i.e., investment-grade bonds), benefitting from the renewed equity market strength in the latter part of the period, as well as the Fed pausing on raising rates and a continuation of solid earnings.

With Treasury rates staying on hold for longer and the Federal Open Market Committee expressing it will practice patience with increasing the Fed funds target rate given its assessment of slower growth and muted inflation pressures, this more accommodative monetary policy was a welcome development for yield seeking investors. Global investment grade corporate bonds outperformed similar duration Treasuries.

The Fund’s return was positive in absolute terms and it also outperformed in relation to the Bloomberg Barclays U.S. Aggregate Bond Index for the fiscal year ended March 31, 2019. The Fund was helped by its strategic overweight to spread sectors, including an allocation to high yield.

The respective performance results of each Sub-advisor correlated with their risk posture, as more risk translated into more returns in this “risk-on” period. Manulife has the largest share of the risk allocation within the Fund. Manulife’s bias towards corporate credit and its approximate 13% allocation to relatively “higher quality” high yield bonds, led it to have the strongest returns among the Fund’s Sub-Advisors for the fiscal year. Manulife also benefited from lower exposure to the 2-year and 5-year key rates, as yields declined towards the latter part of the period.

Prudential had a less aggressive allocation to spread sectors than Manulife, but it was nonetheless overweight to the spread sectors as spreads tightened, which helped it outperform the index. Prudential also had similar curve positioning to Manulife, with an overweight to the middle end of the curve, and an underweight to the low end that added to outperformance. Prudential also had an overweight to commercial mortgage backed securities, which contributed 17 basis points during the period to its performance.

Similarly, IR&M’s overall underweight to Treasuries benefited the portfolio during the latter part of the period when spread sectors rebounded, but hurt the portfolio in the fourth quarter’s risk-off environment. IR&M’s bias towards higher quality corporate bonds helped it outperform the index, but to a lesser extent than the other two managers who held more lower quality bonds and thus saw a bigger rebound in the beginning of 2019’s spread tightening environment. IR&M’s relative performance was driven by security selection, particularly within the finance, industrial, and utility sectors. Its out-of-benchmark allocation to Small Business Administration loans detracted as returns from the sector trailed versus comparable corporate and securitized sectors.

14

Mercer Core Fixed Income Fund

Risk Considerations

The Fund is subject to the risks that the underlying bonds in its portfolio are subject to, including credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline. The Fund may invest in foreign securities, which may expose the Fund to currency and exchange rate fluctuations, derivatives (such as futures, options, or swaps) and high yield bonds (also known as “junk” bonds). These investments may cause the Fund to experience greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify the risk of loss for the Fund. The Fund may experience high portfolio turnover which may result in higher transaction costs and capital gains.

15

Mercer Funds

March 31, 2019

Comparison of Change in Value of a $10,000 Investment in

Mercer Core Fixed Income Shares vs. the

Bloomberg Barclays U.S. Aggregate Bond^™ Index

As of March 31, 2019

This graph shows the performance of the Mercer Core Fixed Income Fund Class Y-3 shares versus the Bloomberg Barclays U.S. Aggregate Bond^™ Index from April 1, 2009 through March 31, 2019. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

The table and graph assume reinvestment of dividends and capital gains, but do not reflect a deduction of taxes an investor might pay on fund distributions or upon redemption of fund shares. Performance shown reflects a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.

The data quoted represents past performance and does not guarantee future results. Current performance of the Fund may be lower or higher than the performance quoted. Please call 1-866-658-9896 for the Fund’s most recent month-end performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than when purchased.

16

Mercer Opportunistic Fixed Income Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income. The Fund’s primary benchmark is the ICE Bank of America Merrill Lynch Global High Yield 2.0% Constrained Index Unhedged. The Fund’s secondary benchmark is a blended benchmark consisting of 50% JP Morgan Government Bond Index — Emerging Markets Global Diversified and 50% Bank of America Merrill Lynch Global High Yield 2.0% Constrained Index Unhedged.

Investment Strategy

The Fund invests principally in fixed income securities of U.S. and non-U.S. issuers, including those in emerging and frontier markets. The Fund invests in various strategic and tactical global bond market opportunities without limitations in geography, issuer type, quality and currency denomination. The Fund may invest in derivatives such as futures (including among others, interest rate futures), swaps (currency, interest rate, credit default and total return), forwards, options, and credit-linked notes. The Fund may engage in transactions in derivatives for a variety of purposes, including hedging, risk management, efficient portfolio management, enhance total returns, or as a substitute for taking position in the underlying asset.

Performance

For the fiscal year ended March 31, 2019, the Fund’s Y-3 share class performance was -5.15% compared to its primary benchmark return of 3.18% and secondary benchmark return of -2.22%. Performance for the Fund is reported net of fees and operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2019, the Fund employed five sub-advisors and two sub-subadvisors, Western Asset Management Company and Western Asset Management Company Limited (as sub-subadvisor) (together referred to as WAMCO), Loomis, Sayles & Company LP (Loomis), BlackRock International Limited (BlackRock), Colchester Global Investors Limited (Colchester), and T. Rowe Price Associates, Inc. and T. Rowe Price International Limited (as sub-subadvisor) (together referred to as T. Rowe). WAMCO, Loomis, BlackRock, and Colchester began managing the Fund in June 2018, and T. Rowe began managing the Fund in September 2018. Before being terminated in June 2018, Franklin Advisers, Inc. (Franklin) and Investec Asset Management Limited (Investec) were the sub-advisors to the Fund.

In managing its allocated portion of the Fund’s portfolio, Loomis invests in debt of issuers globally. Loomis produces country and credit cycle views as inputs to portfolio construction. Security selection is then carried out by a team of credit analysts who maintain a comprehensive database of internal ratings. The team will also engage in active duration positioning although security and sector selection are identified as main drivers of performance.

In managing its allocated portion of the Fund’s portfolio, WAMCO invests in credit securities across sectors and geographies. The strategy focuses on global valuations in credit and volatility conditions. The strategy seeks a blend of income and capital appreciation by dynamically rotating across sectors such as global corporates, emerging markets, and structured credit, and tactically managing overall portfolio duration.

In managing its allocated portion of the Fund’s portfolio, Colchester invests in sovereign debt issued by emerging market borrowers and those denominated in local emerging market currencies. Colchester’s portfolio construction process is based on a quantitative model that promotes allocation to countries and currencies identified based on attractive real yields and sound financial characteristics.

17

Mercer Opportunistic Fixed Income Fund

In managing its allocated portion of the Fund’s portfolio, BlackRock invests in emerging market debt securities denominated in local currency. BlackRock’s portfolio construction process implements a top down philosophy focused on identifying economic or market themes that impact asset prices. The themes inform the team’s market views and portfolios are positioned to benefit from directional moves in the market.

In managing its allocated portion of the Fund’s portfolio, T. Rowe employs an absolute return bond strategy which, through a risk-aware mind-set, is expected to provide downside protection over shorter periods of time, and achieve its target through incremental alpha generation. The strategy may take sizable positions in credit and emerging markets, although will do so from a long and short perspective, reducing the level of overall beta. A large driver of returns will be duration management and country selection, although currency and sector selection are also expected to contribute.

Market Commentary and Fund Performance

For the 12-month period ended March 31, 2019, U.S. and global fixed income markets experienced a tumultuous period as central banks moved toward tighter monetary policy and global liquidity declined for the first time in nearly a decade, leading to higher volatility, especially in the riskier segments of the fixed income market. While spreads ground tighter during the first half of the period, a sharp risk-off sentiment took hold of the corporate bond market in the latter part of 2018. This sentiment was supported by idiosyncratic events, a drop in oil prices, weak earnings forecasts, poor U.S. Federal Reserve (“Fed”) policy communication to the market, and increased recession fears. The period also saw a strong U.S. dollar versus non-U.S. developed and emerging market currencies, Trump administration’s protectionist trade policies escalated trade tension and tariffs between the U.S. and China continued to add volatility in the global financial markets. As a result, investors were aggressively shedding risky assets at the end of 2018 and spreads widened materially. However, risk markets rebounded after the correction seen at the end of 2018, with spreads tightening approximately 140 basis points over the first quarter of 2019.

After declining early in the period, U.S. Treasury securities prices generally moved upward at a slow rate. U.S. Treasury yields reached highs for the period in November 2018 as a result of market perception of a brewing recession and rising U.S. inflation. The ICE Bank of America Merrill Lynch Global High Yield 2% Constrained Index Unhedged experienced a massive widening in its yield spread (i.e., the difference in yield of the securities comprising the index over U.S. Treasuries, which is a measure of risk premium), ending the Fund’s fiscal year with a yield spread of 526 basis points and an overall effective yield of 7.77%, and sharply underperforming investment grade bonds in this risk-off environment.

Unhedged emerging markets (“EM”) local currency bonds produced average positive returns over the period, driven by weaker EM currency markets given the strength of the U.S. dollar. Declining EM inflation numbers and uncertainty around a plethora of elections ultimately resulted in modest inflows into the asset class over the period. While massive distortions in global asset allocation favored developed markets and worked against emerging markets through the fourth quarter’s risk-off environment, the beginning of 2019 saw this unwind, which benefited emerging market local markets.

During the period, WAMCO and Loomis outperformed the 50/50 benchmark, benefiting from ending the period overweight to spread sectors which rebounded in 2019 as risk and liquidity returned to the markets. However, as both strategies were underweight in high yield relative to the 50/50 benchmark during the fourth quarter’s spread widening environment, the structural under-representation of high yield in the portfolios did not offer the Fund as much rebound during the first quarter of 2019.

During the period, Colchester outperformed in emerging markets, measured against the JP Morgan Global Diversified Emerging Market government bond benchmark for its strategy. However, general weakness in emerging market currencies versus the U.S. dollar has reduced the overall return in absolute terms, underperforming the Fund’s benchmark.

18

Mercer Opportunistic Fixed Income Fund

BlackRock ended the period, outperforming the JP Morgan Global Diversified Emerging Market government bond index, benefiting from overweight to Brazil bonds and the Turkish lira.

During the period, T. Rowe underperformed its T-Bill + 200 benchmark. This was driven by risk markets rebounding after the December 2018 correction, and T. Rowe’s defensive sector positioning detracting from returns during the latter part of the period. Short positioning in the Eurozone via positions in Germany and France also detracted as weaker growth data saw a flight-to-quality in those regions. Currency positioning also dragged on performance as the decision to maintain a short dollar stance detracted during the period.

Prior to their removal from the Fund in June 2018, Franklin Templeton unperformed during the period primarily because of the portfolio’s overall lower-quality bias, which was detrimental in the risk-off period at the beginning of the period. Its exposure to higher-beta energy names was also adversely impacted from the market volatility during the period.

Prior to their removal from the Fund in June 2018, Investec outperformed during the period driven by both country and currency allocation decisions. Positions in South African and Egyptian bonds added to performance while an overweight to Indonesia bonds detracted from returns. From a currency perspective, their continued overweight to the Malaysian ringgit added value to the portfolio.

Risk Considerations

The Fund invests in non-investment grade and emerging market fixed income securities which involves certain risks such as higher volatility, currency fluctuation, political and social instability and reduced market liquidity. The Fund is subject to the risks that the underlying bonds in its portfolio are subject to, including credit, prepayment, call and interest rate risk. As interest rates rise, the value of bond prices will decline. The Fund may invest in foreign securities, which may expose the Fund to currency and exchange rate fluctuations, derivatives (such as futures, options, or swaps) and high yield bonds (also known as “junk” bonds). These investments may cause the Fund to experience greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify the risk of loss for the Fund. The Fund may experience high portfolio turnover which may result in higher transaction costs and capital gains.

19

Mercer Funds

March 31, 2019

Comparison of Change in Value of a $10,000 Investment in

Mercer Opportunistic Fixed Income Shares vs. the

ICE Bank of America Merrill Lynch Global High Yield 2% Constrained Index Unhedged and the Fund’s Secondary Index¹

As of March 31, 2019

This graph shows the performance of the Mercer Opportunistic Fixed Income Fund Class Y-3 shares versus the ICE Bank of America Merrill Lynch Global High Yield 2% Constrained Index Unhedged and the Fund’s Secondary Index¹ from August 21, 2013, which is the inception date of the Fund, through March 31, 2019. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

The table and graph assume reinvestment of dividends and capital gains, but do not reflect a deduction of taxes an investor might pay on fund distributions or upon redemption of fund shares. Performance shown reflects a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.

¹ The Mercer Opportunistic Fixed Income Fund’s Secondary Index is a blended benchmark consisting of 50% JP Morgan Government Bond Index — Emerging Markets Global Diversified USD Unhedged and 50% Bank of America Merrill Lynch Global High Yield 2% Constrained Index Unhedged.

The data quoted represents past performance and does not guarantee future results. Current performance of the Fund may be lower or higher than the performance quoted. Please call 1-866-658-9896 for the Fund’s most recent month-end performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than when purchased.

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Mercer Emerging Markets Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income. The benchmark for the Fund is the MSCI Emerging Markets Index.

Investment Strategy

The Fund invests principally in equity securities of large, medium and small capitalization companies, located in emerging markets, other investments that are tied economically to emerging markets, as well as in American, European and Global Depository receipts. Stock index futures and various types of swaps may be used to implement the country selection component of the Fund’s investment strategy. Currency forwards may be used to make stock-selection and country allocation decisions independently of the underlying currency.

Performance

For the fiscal year ended March 31, 2019, the Fund’s Y-3 share class performance was -10.20% compared to its benchmark return of -7.41%. Performance for the Fund is reported net of fees and operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2019, the Fund employed seven sub-advisors: AQR Capital Management, LLC (AQR), Dimensional Fund Advisors LP (DFA), Janus Capital Management LLC (Janus), Mondrian Investment Partners Limited (Mondrian), Copper Rock Capital Partners LLC (Copper Rock), William Blair Investment Management, LLC (William Blair) and Parametric Portfolio Associates LLC (Parametric).

AQR employs a systematic, research-driven investment approach focused on generating excess return relative to the benchmark from currency, country and security selection strategies. AQR’s proprietary investment process uses fundamental factors, such as value, momentum and quality within its models. AQR uses quantitative tools to construct optimized portfolios based on this diversified set of fundamental factors, along with estimates of risk and transactions costs.

DFA benefits from a robust research platform, which includes close ties to academia, its clear and long-standing focus on exploiting risk premiums, most notably value and size, along with the new addition profitability, and a systematic approach to building and trading its portfolios. DFA’s process is repeatable and results in broad consistent exposures to the risk premiums.

Janus’ emerging markets strategy is based on the importance of limiting the potential for permanent loss of capital by investing with businesses and management teams that have a track record of generating value for shareholders. The strategy is managed with a long-term, unconstrained, absolute return mind-set, and singular focus on identifying and investing in companies with sustainable, enduring business models.

Copper Rock specializes in small cap equity investing using a blend of quantitative and fundamental analyses to identify companies with superior growth relative to their peers. Copper Rock’s portfolio typically exhibits factor exposures to growth, momentum and quality.

Mondrian is an experienced value manager that uses a Dividend Discount Model to analyze and find attractive companies focused on the domestic oriented growth of emerging markets. Along with emerging market domiciled companies, Mondrian’s management team will also consider any company globally that generates at least 25% of revenues/profits from emerging/frontier markets.

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Mercer Emerging Markets Equity Fund

William Blair has a quality growth philosophy and process focused on finding those companies that can achieve a higher growth rate for a longer period of time than the market expects. William Blair looks for companies with experienced and motivated management teams, unique business models and attractive financial characteristics.

Parametric utilizes exchange-traded futures to generate market exposure corresponding to the Fund’s benchmark.

Market Commentary and Fund Performance

As a group, global developed equity markets rose, as measured by the MSCI World Index, which increased 4.0% during the 12-month period ended March 31, 2019. U.S. equities rallied considerably, with the Russell 1000 Index up 9.3% for the fiscal year. Outside of the U.S., international developed markets did not perform as well, as the MSCI EAFE Index returned -3.7% over the period. The MSCI Emerging Markets Index (the Fund’s benchmark) returned -7.4% for the 12-month period ended March 31, 2019.

During the second and third quarters of 2018, equity markets rallied after correcting in the first quarter of the year. U.S. stocks easily outpaced international equities as the benefits of the corporate tax cuts flowed through to U.S. corporate earnings. As always, there were plenty of concerns on the minds of global investors during this period including: tightening financial conditions (two Federal Reserve rate hikes during this period and the termination of asset purchases by the European Central Bank despite an uncertain growth outlook, ongoing trade tensions, slowing global growth, cautious forward guidance in corporate earnings reports. For investors in Europe, uncertainty surrounding the passage of the Brexit deal, protests in France and slowing growth weighed on market returns. Emerging markets equity markets fell throughout most of 2018 after peaking in January. Chinese economic growth continued to trend lower and equity market investors also had consider the effects of continued U.S.-China trade tensions. Manufacturing growth, in the largest component of the emerging markets benchmark, landed at the slowest pace seen in more than two years.

In contrast to the second and third quarters, the fourth quarter of 2018 proved to be a rocky ride in global equity markets with volatility increasing materially. Global equity markets began to fall swiftly as economic indicators softened across developed markets at the same time most central banks remained determined to continue down the path of monetary tightening. Although emerging markets weathered the fourth quarter’s global sell-off relatively well, they still lagged developed equities by close to 6% during calendar year 2018. Rising rates and difficult trade negotiations had hit emerging markets earlier in the year.

In a sharp reversal, and despite slowing global growth and cautious forward guidance in corporate earnings reports, developed and emerging equity markets rallied significantly during the first quarter of 2019. The rally was driven by promising progress on trade negotiations, a solid fourth quarter 2018 earnings season and the U.S. Federal Reserve’s (“Fed”) increasing flexibility over the future interest rate policy and balance sheet reductions. In the first quarter of 2019, China led the rally in emerging market equities, as investors anticipated a U.S.-China trade resolution. Improved manufacturing reports and the news that the index provider MSCI plans to increase the China-A share weight in its equity indexes provided more tailwinds for Chinese equities.

In this environment, the Mercer Emerging Markets Equity Fund underperformed the MSCI Emerging Markets Index (“MSCI EM Index”) by 2.9% (net) for the 12-month period ended March 31, 2019. Negative stock selection was the largest driver of the Fund’s underperformance. Collectively, the managers struggled to generate alpha, mainly in the energy, industrials and materials sectors. Positive stock selection was generated in the consumer discretionary and consumer staples sectors. In terms of sector allocation, the Fund lost ground relative to the benchmark due to an underweight to energy and an overweight to the healthcare sector. An overweight to the communication services sector was beneficial to relative returns. At a country level, the Fund held an underweight to South Korea, which helped relative performance.

22

Mercer Emerging Markets Equity Fund

The Mercer Emerging Markets Equity Fund has a larger weighting to smaller capitalization stocks versus the MSCI EM Index. That overweight generated negative returns during this period, as smaller cap emerging markets stocks as a group underperformed larger cap stocks. Offsetting some of the relative losses, caused by an overweight to small cap stocks, was the Fund’s overweight to higher dividend yielding securities. Higher dividend yielding securities were sought by investors as they can often provide some downside protection during market corrections.

Among the sub-advisors DFA, Mondrian and William Blair generated positive relative returns over the period. AQR and CopperRock trailed the MSCI EM Index. Janus performed close to the benchmark return.

AQR trailed the MSCI EM Index significantly during the trailing 12-month period. Stock selection was the primary driver of this underperformance, while country and currency selection also detracted over the period. From an investment theme perspective, the value and momentum themes were the main detractors from performance over this period.

Copper Rock trailed the Fund’s benchmark during this period as small cap emerging market stocks underperformed large cap stocks. Copper Rock also trailed the MSCI Emerging Markets Small Cap Index over the last year due to negative stock selection. The strategy’s intentional overweight to earnings momentum provided positive allocation, however the correlated overweight to price momentum was a drag on relative performance. The underweight to the utilities sector also hurt.

DFA outperformed the benchmark for the period, benefiting from positive stock selection. With low relative price (value) stocks generally outperforming high relative price (growth) stocks, DFA’s focus on value stocks was the primary driver of outperformance relative to the style-neutral index.

The Janus portfolio performed in line with the MSCI EM Index during the trailing 12 months. The strategy has benefitted from its higher exposure to consumer focused sectors. Also, the portfolio’s underweight to banks was beneficial to relative performance. What hurt relative performance over the last year was exposure to smaller capitalization companies along with a higher exposure to the South African Rand versus the benchmark weight.

William Blair outperformed the benchmark during the year, as the portfolio’s focus on quality growth companies was rewarded by the market. Positive stock selection and an underweight to South Korea were drivers of positive relative performance. The strategy’s underweight to companies with high leverage and an overweight allocation to India also proved to be beneficial to relative returns.

Mondrian outperformed the MSCI EM Index during the trailing 12-month period. The strategy’s focus on defensive, quality companies helped boost relative performance as markets corrected during this period. Mondrian was also boosted by its higher weighting to dividend yield versus the benchmark, as investors tended to prefer stable, income oriented companies during the market drop. An underweight to the South African Rand also generated positive relative gains.

Parametric utilizes exchange-traded futures replicating the Fund’s benchmark, aiming to provide broad, passive, equity market exposure to the Fund’s liquidity sleeve, and seeking to create positive returns on assets that would have otherwise been earning cash or cash equivalent returns. Performance differences versus the benchmark are largely a result of cash flow effects related to daily subscription/redemption activity and through financing costs of futures relative to interest earned on cash.

Risk Considerations

The Fund invests in emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Emerging markets may be more volatile and less liquid than more developed markets and therefore may involve greater risks. Investments made in small and mid-capitalization

23

Mercer Emerging Markets Equity Fund

companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may invest in derivatives (such as futures, forwards, options, or swaps), which may cause the Fund to experience greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify the risk of loss for the Fund. The Fund may experience high portfolio turnover which may result in higher transaction costs and capital gains.

24

Mercer Funds

March 31, 2019

Comparison of Change in Value of a $10,000 Investment in

Mercer Emerging Markets Equity Shares vs. the

MSCI Emerging Markets Index

As of March 31, 2019

This graph shows the performance of the Mercer Emerging Markets Equity Fund Class Y-3 shares versus the MSCI Emerging Markets Index from May 1, 2012, which is the inception date of the Fund, through March 31, 2019. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

The table and graph assume reinvestment of dividends and capital gains, but do not reflect a deduction of taxes an investor might pay on fund distributions or upon redemption of fund shares. Performance shown reflects a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.

The data quoted represents past performance and does not guarantee future results. Current performance of the Fund may be lower or higher than the performance quoted. Please call 1-866-658-9896 for the Fund’s most recent month-end performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than when purchased.

25

Mercer Global Low Volatility Equity Fund

Investment Objective and Benchmark

The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income. The benchmark for the Fund is the MSCI World Index.

Investment Strategy

The Fund invests principally in equity securities of U.S. and foreign issuers, of large, medium and small capitalization companies. Stock index futures and various types of swaps may be used to implement the equity security selection component of the Fund’s investment strategy. Currency forwards may be used to make stock-selection and country allocation decisions independently of the underlying currency.

Performance

For the fiscal year ended March 31, 2019, the Fund’s Y-3 share class performance was 6.92% compared to its benchmark return of 4.01%. Performance for the Fund is reported net of fees and operating expenses while the benchmark returns do not include expenses of any kind as indexes are unmanaged.

The Sub-Advisors

As of March 31, 2019, the Fund employed five sub-advisors, Acadian Asset Management LLC (Acadian), Martingale Asset Management, L.P. (Martingale), Wellington Management Company LLP (Wellington), Veritas Asset Management LLC (Veritas) and Parametric Portfolio Associates LLC (Parametric). Wellington and Veritas were sub-advisors for only part of the year, having been added in December, 2018. Before being terminated in December of 2018, MFG Asset Management (MFG) was also a sub-advisor to the Fund.

Acadian’s process uses both risk analysis and stock forecasts to build the portfolio. The process uses a risk model to determine the systematic risk and the level of volatility of each stock in the investable universe. Once a stock’s risk is determined, Acadian uses its stock forecast model as an overlay to determine the optimal mix of securities. Acadian’s security return forecasting model incorporates five categories including value, growth, risk, macroeconomic, and technical factors.

Martingale’s approach to low volatility investing is built around a risk-adjusted market index methodology which promotes broad and stable diversification combined with a valuation overlay that favors low risk companies with stronger fundamentals. Martingale’s systematic stock evaluation incorporates measures of relative valuation, growth and quality, along with each security’s risk properties.

Wellington uses a bottom-up strategy with a focus on companies that are often overlooked by other investors, but where there is a high degree of stability and predictability that should drive returns. Wellington believes that stability of cash flows is undervalued in companies that do not meet the specific criteria of growth, quality or value investors, or in companies in areas of the market (small capitalization, certain sectors or geographies) not normally associated with stability.

Veritas uses a long-term, unconstrained, fundamentally driven rigorous research process with a long term horizon. Veritas believes that companies with sustainable competitive advantages, benefitting from long-term drivers of growth and purchased at attractive valuations, will deliver performance in excess of a benchmark over time. The strategy may hold up to 20% cash. Veritas has a clear focus on the characteristics of companies it seeks to invest in by structuring them as a mix of sector specialists and generalists.

Parametric utilizes exchange-traded futures to generate market exposure corresponding to the Fund’s benchmark.

26

Mercer Global Low Volatility Equity Fund

Market Commentary and Fund Performance

As a group, global developed equity markets rose, as measured by the MSCI World Index (the Fund’s benchmark), which increased 4.0% during the 12-month period ended March 31, 2019. U.S. equities rallied considerably, with the Russell 1000 Index up 9.3% for the fiscal year. Outside of the U.S., international developed markets did not perform as well, as the MSCI EAFE Index returned -3.7% over the period. The MSCI Emerging Markets Index returned -7.4% for the 12-month period ended March 31, 2019.

During the second and third quarters of 2018, equity markets rallied after correcting in the first quarter of the year. U.S. stocks easily outpaced international equities as the benefits of the corporate tax cuts flowed through to U.S. corporate earnings. As always, there were plenty of concerns on the minds of global investors during this period including: tightening financial conditions (two Federal Reserve rate hikes during this period and the termination of asset purchases by the European Central Bank despite an uncertain growth outlook, ongoing trade tensions, slowing global growth, cautious forward guidance in corporate earnings reports. For investors in Europe, uncertainty surrounding the passage of the Brexit deal, protests in France and slowing growth weighed on market returns. Emerging markets equity markets fell throughout most of 2018 after peaking in January. Chinese economic growth continued to trend lower and equity market investors also had to consider the effects of continued U.S.-China trade tensions. Manufacturing growth, in the largest component of the emerging markets benchmark, landed at the slowest pace seen in more than two years.

In contrast to the second and third quarters, the fourth quarter of 2018 proved to be a rocky ride in global equity markets with volatility increasing materially. Global equity markets began to fall swiftly as economic indicators softened across developed markets at the same time most central banks remained determined to continue down the path of monetary tightening. Although emerging markets weathered the fourth quarter’s global sell-off relatively well, they still lagged developed equities by close to 6% during calendar year 2018. Rising rates and difficult trade negotiations had hit emerging markets earlier in the year.

In a sharp reversal, and despite slowing global growth and cautious forward guidance in corporate earnings reports, developed and emerging equity markets rallied significantly during the first quarter of 2019. The rally was driven by promising progress on trade negotiations, a solid fourth quarter 2018 earnings season and the U.S. Federal Reserve’s (“Fed”) increasing flexibility over the future interest rate policy and balance sheet reductions. In the first quarter of 2019, China led the rally in emerging market equities, as investors anticipated a U.S.-China trade resolution. Improved manufacturing reports and the news that the index provider MSCI plans to increase the China-A share weight in its equity indexes provided more tailwinds for Chinese equities.

The Mercer Global Low Volatility Equity Fund returned 6.92%, outperforming the MSCI World Index by 4.01% for the 12-month period ended March 31, 2019. The Fund’s defensive posture — lower beta and volatility — led to significant outperformance during the market sell-off in Q4 2018. During the Q1 2019 market rally, the Fund underperformed only moderately, thus preserving its positive active return for the fiscal year.

The Martingale strategy, which provides U.S. large cap exposure for the Fund, outperformed Russell 1000 Index by 1.65%. The defensive nature of the strategy led to a strong outperformance during the 2018 year-end sell-off. This helped to secure positive relative return for the fiscal year despite the fact that the strategy lagged in performance during periods of market rally in Q2 of 2018 and Q1 of 2019. From a style perspective, the main contributors to the outperformance were having lower beta and being overweight to higher dividend yield stocks. Martingale held overweight positions in defensive sectors such as health care, real estate and utilities, as well as IT services and software industries, and held underweight positions in banks, which were contributing factors to outperformance. An overweight allocation to mid-capitalization stocks as well as weak security selection within information technology and consumer discretionary sectors were the largest detractors from relative performance.

27

Mercer Global Low Volatility Equity Fund

The Acadian strategy, which provides international equity exposure for the Fund, outperformed the MSCI World ex US Index by 0.69%. The defensive nature of the strategy led to an outperformance during the 2018 year-end sell-off. Although the strategy lagged during the periods of market rally, it finished the fiscal year with positive relative performance. The main contributor to outperformance was lower beta. In addition, being overweight to defensive sectors such as health care and utilities and underweight to cyclical sectors such as automobiles and capital goods added to outperformance. An overweight allocation to mid-capitalization stocks as well weak security selection within the retail and material and mining industries were the largest detractors from relative performance.

During the period when MFG was in the Fund, it significantly outperformed its benchmark, MSCI World. The outperformance was driven by lower beta achieved through large cash allocation, significant overweight to information technology sector as well as strong security selection.

Wellington was added to the Fund on December 19, 2018. Since inception until March 31, 2019, it outperformed its benchmark, MSCI World, by 2.97%. The outperformance came predominately from strong security selection in the industrials, health care, materials, and real estate sectors. Not holding bank stocks, one of the worst performing sub-sectors, also added to the positive relative performance. Security selection within utilities, an underweight allocation to information technology, and an overweight allocation to mid-capitalization stocks detracted from relative performance.

Veritas was added to the Fund on December 19, 2018. Since inception until March 31, 2019, it underperformed its benchmark, MSCI World, by 1.35%. Allocation to cash, and being overweight to health care and media industries detracted from the performance. Being underweight to Japan, as well as strong security selection in communications services, consumer staples, industrials and financials contributed positively to the performance.

Parametric utilizes exchange-traded futures replicating the Fund’s benchmark, aiming to provide broad, passive, equity market exposure to the Fund’s liquidity sleeve and seeking to create positive returns on assets that would have otherwise been earning cash or cash equivalent returns. Performance differences versus the benchmark are largely a result of cash flow effects related to daily subscription/redemption activity and through financing costs of futures relative to interest earned on cash.

Risk Considerations

The Fund invests in foreign and emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Emerging markets may be more volatile and less liquid than more developed markets and therefore may involve greater risks. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund may invest in derivatives (such as futures, forwards, options, or swaps), which may cause the Fund to experience greater volatility and less liquidity. Derivatives may be more sensitive to changes in market conditions and may amplify the risk of loss for the Fund. The Fund may experience high portfolio turnover which may result in higher transaction costs and capital gains.

28

Mercer Funds

March 31, 2019

Comparison of Change in Value of a $10,000 Investment in

Mercer Global Low Volatility Equity Shares vs. the

MSCI World Index

As of March 31, 2019

This graph shows the performance of the Mercer Global Low Volatility Equity Fund Class Y-3 shares versus the MSCI World Index from November 6, 2012, which is the inception date of the Fund, through March 31, 2019. The performance of other classes, when launched, will vary from the performance of the class shown based on the difference in fees and expenses paid by shareholders investing in different share classes. The Fund may charge a 2% redemption fee on shares owned less than 30 days.

The table and graph assume reinvestment of dividends and capital gains, but do not reflect a deduction of taxes an investor might pay on fund distributions or upon redemption of fund shares. Performance shown reflects a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.

The data quoted represents past performance and does not guarantee future results. Current performance of the Fund may be lower or higher than the performance quoted. Please call 1-866-658-9896 for the Fund’s most recent month-end performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than when purchased.

29

Mercer US Large Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		COMMON STOCKS — 95.2%
		Aerospace & Defense — 0.5%
	23,109	Spirit AeroSystems Holdings, Inc. Class A		2,115,167
		Agriculture — 0.3%
	15,920	Altria Group, Inc.		914,286
	1,087	Philip Morris International, Inc.		96,080
				1,010,366
		Airlines — 2.0%
	55,103	American Airlines Group, Inc.		1,750,071
	58,282	Delta Air Lines, Inc.		3,010,265
	19,412	Southwest Airlines Co.		1,007,677
	26,515	United Continental Holdings, Inc.*		2,115,367
				7,883,380
		Apparel — 2.0%
	20,897	Canada Goose Holdings, Inc.* ‡		1,003,474
	29,150	LVMH Moet Hennessy Louis Vuitton SE, ADR‡		2,148,647
	46,897	NIKE, Inc. Class B		3,949,196
	5,038	Ralph Lauren Corp. Class A		653,328
				7,754,645
		Auto Manufacturers — 0.9%
	61,503	General Motors Co.		2,281,761
	18,165	PACCAR, Inc.		1,237,763
				3,519,524
		Auto Parts & Equipment — 0.6%
	14,865	Goodyear Tire & Rubber Co. (The)		269,800
	39,894	Magna International, Inc. Class A		1,942,439
				2,212,239
		Banks — 5.1%
	181,600	Banco Santander SA, ADR‡		840,808
	79,491	Bank of America Corp.		2,193,157
	4,051	BB&T Corp.		188,493
	119,464	Citigroup, Inc.		7,433,050
	38,849	Citizens Financial Group, Inc.		1,262,593
	15,663	Comerica, Inc.		1,148,411
	108,259	Fifth Third Bancorp		2,730,292
	19,550	JPMorgan Chase & Co.		1,979,046
	135,363	Regions Financial Corp.		1,915,386
	4,005	Wells Fargo & Co.		193,522
				19,884,758

See accompanying Notes to the Financial Statements.

30

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Beverages — 3.9%
	50,550	Anheuser-Busch InBev SA, ADR‡		4,244,683
	110,717	Coca-Cola Co. (The)		5,188,199
	9,948	Diageo Plc, ADR‡		1,627,592
	20,800	Molson Coors Brewing Co. Class B		1,240,720
	15,820	Monster Beverage Corp.*		863,456
	16,164	PepsiCo, Inc.		1,980,898
				15,145,548
		Biotechnology — 2.1%
	14,557	Alexion Pharmaceuticals, Inc.*		1,967,815
	15,090	Amgen, Inc.		2,866,798
	14,312	Exact Sciences Corp.* ‡		1,239,706
	8,800	Gilead Sciences, Inc.		572,088
	5,324	Illumina, Inc.*		1,654,114
				8,300,521
		Building Materials — 0.2%
	23,660	Masco Corp.		930,075
		Chemicals — 1.3%
	14,920	DowDuPont, Inc.		795,385
	11,600	Eastman Chemical Co.		880,208
	24,000	Huntsman Corp.		539,760
	12,052	Mosaic Co. (The)		329,140
	5,905	Sherwin-Williams Co. (The)		2,543,343
				5,087,836
		Commercial Services — 2.9%
	24,439	New Oriental Education & Technology Group, Inc., ADR*		2,201,710
	20,710	PayPal Holdings, Inc.*		2,150,526
	24,173	Quanta Services, Inc.		912,289
	14,624	Robert Half International, Inc.		952,900
	7,297	S&P Global, Inc.		1,536,383
	26,828	Square, Inc. Class A*		2,009,954
	77,350	Weight Watchers International, Inc.* ‡		1,558,602
				11,322,364
		Computers — 1.4%
	3,193	Apple, Inc.		606,510
	17,959	Cognizant Technology Solutions Corp. Class A		1,301,130
	63,730	HP, Inc.		1,238,274
	12,542	NetApp, Inc.		869,662
	30,056	Seagate Technology Plc		1,439,382
				5,454,958
		Cosmetics & Personal Care — 0.2%
	13,845	Colgate-Palmolive Co.		948,936

See accompanying Notes to the Financial Statements.

31

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Distribution & Wholesale — 0.3%
	25,781	HD Supply Holdings, Inc.*		1,117,606
		Diversified Financial Services — 6.1%
	109,101	Ally Financial, Inc.		2,999,187
	14,600	American Express Co.		1,595,780
	28,029	Ameriprise Financial, Inc.		3,590,515
	128,166	Charles Schwab Corp. (The)		5,480,378
	14,925	Discover Financial Services		1,062,063
	15,900	E*TRADE Financial Corp.		738,237
	35,873	Franklin Resources, Inc.‡		1,188,831
	39,200	Invesco, Ltd.		756,952
	3,368	Mastercard, Inc. Class A		792,996
	49,300	SLM Corp.		488,563
	31,137	Synchrony Financial		993,270
	4,092	T. Rowe Price Group, Inc.		409,691
	15,348	Visa, Inc. Class A‡		2,397,204
	69,015	Western Union Co. (The)‡		1,274,707
				23,768,374
		Electric — 0.7%
	58,848	AES Corp.		1,063,972
	28,962	Exelon Corp.		1,451,865
	3,360	NRG Energy, Inc.		142,733
				2,658,570
		Electrical Components & Equipment — 0.2%
	7,267	AMETEK, Inc.		602,943
		Electronics — 0.5%
	10,117	Agilent Technologies, Inc.		813,205
	698	Mettler-Toledo International, Inc.*		504,654
	1,996	Waters Corp.*		502,413
				1,820,272
		Food — 2.8%
	56,804	Conagra Brands, Inc.		1,575,743
	651	Hershey Co. (The)		74,754
	63,563	Kroger Co. (The)		1,563,650
	43,200	Nestle SA, ADR		4,117,824
	17,673	Sysco Corp.		1,179,850
	31,289	Tyson Foods, Inc. Class A		2,172,395
				10,684,216
		Health Care - Products — 1.6%
	6,154	Align Technology, Inc.*		1,749,767
	8,170	Edwards Lifesciences Corp.*		1,563,166
	11,489	IDEXX Laboratories, Inc.*		2,568,940

See accompanying Notes to the Financial Statements.

32

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Health Care - Products — continued
	3,600	Zimmer Biomet Holdings, Inc.		459,720
				6,341,593
		Health Care - Services — 1.0%
	14,192	Centene Corp.*		753,595
	4,128	DaVita, Inc.*		224,109
	968	HCA Healthcare, Inc.		126,208
	4,557	Humana, Inc.		1,212,162
	6,808	UnitedHealth Group, Inc.		1,683,346
				3,999,420
		Home Builders — 0.7%
	23,600	D.R. Horton, Inc.		976,568
	66,468	PulteGroup, Inc.		1,858,445
				2,835,013
		Home Furnishings — 0.0%
	774	Whirlpool Corp.		102,857
		Housewares — 0.1%
	11,900	Tupperware Brands Corp.		304,402
		Insurance — 2.8%
	4,081	Aon Plc		696,627
	10,416	Berkshire Hathaway, Inc. Class B*		2,092,470
	27,399	Hartford Financial Services Group, Inc. (The)		1,362,278
	15,644	Lincoln National Corp.		918,303
	81,325	MetLife, Inc.		3,462,005
	4,005	Prudential Financial, Inc.		367,979
	37,511	Voya Financial, Inc.		1,874,050
				10,773,712
		Internet — 9.5%
	14,486	Alibaba Group Holding, Ltd., ADR*		2,642,971
	3,603	Alphabet, Inc. Class A*		4,240,335
	3,155	Alphabet, Inc. Class C*		3,701,793
	1,845	Amazon.com, Inc.*		3,285,484
	2,014	Booking Holdings, Inc.*		3,514,249
	10,952	CDW Corp.		1,055,444
	33,691	Ctrip.com International, Ltd., ADR*		1,471,960
	153,153	eBay, Inc.		5,688,102
	5,240	Expedia Group, Inc.		623,560
	4,417	F5 Networks, Inc.*		693,160
	44,412	Facebook, Inc. Class A*		7,403,036
	1,527	IAC/InterActiveCorp*		320,838
	2,654	MercadoLibre, Inc.*		1,347,515
	6,475	VeriSign, Inc.*		1,175,601
				37,164,048

See accompanying Notes to the Financial Statements.

33

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Iron & Steel — 0.2%
	19,190	Steel Dynamics, Inc.		676,831
		Leisure Time — 0.5%
	5,600	Carnival Corp.		284,032
	32,640	Norwegian Cruise Line Holdings, Ltd.*		1,793,894
				2,077,926
		Lodging — 1.3%
	39,338	Marriott International, Inc. Class A		4,920,790
		Machinery - Diversified — 0.6%
	19,693	Cognex Corp.		1,001,586
	6,941	Dover Corp.		651,066
	4,799	Rockwell Automation, Inc.		842,032
				2,494,684
		Media — 3.5%
	20,182	CBS Corp. Class B		959,251
	1,221	Charter Communications, Inc. Class A*		423,577
	116,950	Comcast Corp. Class A		4,675,661
	20,767	Viacom, Inc. Class B		582,930
	62,710	Walt Disney Co. (The)		6,962,691
				13,604,110
		Mining — 0.4%
	38,700	Freeport-McMoRan, Inc.		498,843
	26,400	Newmont Mining Corp.		944,328
				1,443,171
		Miscellaneous - Manufacturing — 0.1%
	9,140	Textron, Inc.		463,032
		Oil & Gas — 5.5%
	29,067	Anadarko Petroleum Corp.		1,321,967
	58,673	BP Plc, ADR		2,565,183
	78,900	Canadian Natural Resources, Ltd.		2,169,750
	14,093	Chevron Corp.		1,735,976
	55,564	ConocoPhillips		3,708,341
	2,592	Devon Energy Corp.		81,803
	3,247	Hess Corp.		195,567
	9,548	HollyFrontier Corp.		470,430
	48,509	Marathon Petroleum Corp.		2,903,264
	29,740	Phillips 66		2,830,356
	4,813	Pioneer Natural Resources Co.		732,924
	10,100	Royal Dutch Shell Plc Class B, ADR		645,895
	23,134	Valero Energy Corp.		1,962,457
				21,323,913

See accompanying Notes to the Financial Statements.

34

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Oil & Gas Services — 0.7%
	22,100	Halliburton Co.		647,530
	45,800	Schlumberger, Ltd.		1,995,506
				2,643,036
		Packaging & Containers — 0.9%
	19,800	Crown Holdings, Inc.*		1,080,486
	6,359	Packaging Corp. of America		631,957
	39,659	Sealed Air Corp.		1,826,694
				3,539,137
		Pharmaceuticals — 4.9%
	3,893	AbbVie, Inc.		313,737
	1,995	Allergan Plc		292,088
	59,607	Bristol-Myers Squibb Co.		2,843,850
	34,818	Cardinal Health, Inc.		1,676,487
	18,800	CVS Health Corp.		1,013,884
	13,400	Horizon Pharma Plc*		354,162
	3,900	Jazz Pharmaceuticals Plc*		557,505
	23,292	Johnson & Johnson		3,255,989
	7,061	McKesson Corp.		826,561
	24,837	Merck & Co., Inc.		2,065,693
	19,300	Mylan NV*		546,962
	80,403	Pfizer, Inc.		3,414,715
	6,140	Sarepta Therapeutics, Inc.* ‡		731,826
	9,640	Zoetis, Inc.		970,459
				18,863,918
		Private Equity — 0.9%
	45,020	Blackstone Group, LP (The)*		1,574,349
	89,030	KKR & Co., Inc. Class A‡		2,091,315
				3,665,664
		Real Estate — 0.3%
	26,746	CBRE Group, Inc. Class A*		1,322,590
		REITS — 0.5%
	5,662	Apartment Investment & Management Co. REIT Class A		284,742
	6,230	SBA Communications Corp. REIT*		1,243,882
	27,700	Two Harbors Investment Corp. REIT		374,781
				1,903,405
		Retail — 9.7%
	443	AutoZone, Inc.*		453,685
	27,793	Best Buy Co., Inc.		1,974,971
	16,600	Darden Restaurants, Inc.		2,016,402
	13,725	Dunkin’ Brands Group, Inc.		1,030,747
	7,753	Foot Locker, Inc.		469,832
	24,615	Home Depot, Inc. (The)		4,723,372

See accompanying Notes to the Financial Statements.

35

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Retail — continued
	11,371	Kohl’s Corp.		781,984
	1,910	Lululemon Athletica, Inc.*		312,992
	24,125	McDonald’s Corp.		4,581,337
	42,490	Starbucks Corp.		3,158,707
	23,325	Tiffany & Co.‡		2,461,954
	6,430	Ulta Salon Cosmetics & Fragrance, Inc.*		2,242,334
	9,736	Walgreens Boots Alliance, Inc.		615,997
	46,850	Walmart, Inc.		4,569,280
	71,300	Williams-Sonoma, Inc.‡		4,012,051
	44,293	Yum! Brands, Inc.		4,420,884
				37,826,529
		Semiconductors — 2.8%
	53,261	Applied Materials, Inc.		2,112,331
	4,889	Intel Corp.		262,539
	5,900	IPG Photonics Corp.* ‡		895,502
	9,598	KLA-Tencor Corp.		1,146,097
	1,299	Lam Research Corp.		232,534
	14,900	Marvell Technology Group, Ltd.		296,361
	36,509	Micron Technology, Inc.*		1,508,917
	19,212	NVIDIA Corp.		3,449,707
	3,615	NXP Semiconductors NV		319,530
	12,580	QUALCOMM, Inc.		717,438
				10,940,956
		Shipbuilding — 0.3%
	5,363	Huntington Ingalls Industries, Inc.		1,111,214
		Software — 7.5%
	36,032	Activision Blizzard, Inc.		1,640,537
	8,302	Adobe, Inc.*		2,212,400
	4,296	ANSYS, Inc.*		784,922
	15,068	Cadence Design Systems, Inc.*		956,969
	16,144	CDK Global, Inc.		949,590
	9,603	Cerner Corp.*		549,388
	37,749	Citrix Systems, Inc.		3,762,065
	6,582	Electronic Arts, Inc.*		668,929
	6,135	Intuit, Inc.		1,603,750
	57,351	Microsoft Corp.		6,763,977
	13,128	MSCI, Inc. Class A		2,610,371
	7,072	Oracle Corp.		379,837
	15,514	salesforce.com, Inc.*		2,456,952
	8,618	ServiceNow, Inc.*		2,124,251
	13,610	Splunk, Inc.*		1,695,806
	1,597	Synopsys, Inc.*		183,895
				29,343,639

See accompanying Notes to the Financial Statements.

36

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Telecommunications — 3.4%
	66,000	AT&T, Inc.		2,069,760
	83,097	Cisco Systems, Inc.		4,486,407
	45,387	Corning, Inc.		1,502,310
	104,573	Juniper Networks, Inc.		2,768,047
	1,450	Rogers Communications, Inc. Class B		78,039
	14,013	T-Mobile US, Inc.*		968,298
	23,441	Verizon Communications, Inc.		1,386,067
				13,258,928
		Textiles — 0.3%
	8,300	Mohawk Industries, Inc.*		1,047,045
		Transportation — 0.9%
	6,842	CSX Corp.		511,918
	14,433	Expeditors International of Washington, Inc.		1,095,465
	10,261	Union Pacific Corp.		1,715,639
				3,323,022
		Trucking & Leasing — 0.3%
	23,700	AerCap Holdings NV*		1,102,998
		TOTAL COMMON STOCKS (COST $337,514,954)		370,639,881
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.7%
		Mutual Fund - Securities Lending Collateral — 1.6%
	6,158,462	State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.39%## ***		6,158,462
		U.S. Government and Agency Obligations — 0.1%
	600,000	United States Treasury Bill, 2.41%, due 09/12/19** ‡‡		593,543
		TOTAL SHORT-TERM INVESTMENTS (COST $6,751,777)		6,752,005
		TOTAL INVESTMENTS — 96.9% (Cost $344,266,731)		377,391,886
		Other Assets and Liabilities (net) — 3.1%		12,023,012
		NET ASSETS — 100.0%	$389,414,898

See accompanying Notes to the Financial Statements.

37

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

March 31, 2019

	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 March 31, 2019.
*	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 Financial Statements.

38

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	100	S&P 500 E-mini Index		Jun 2019	$	14,189,000	$	165,846
	6	S&P Mid 400 E-mini Index		Jun 2019		1,140,600		11,387
							$	177,233

See accompanying Notes to the Financial Statements.

39

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		95.2
Futures Contracts		0.0
Short-Term Investments		1.7
Other Assets and Liabilities (net)		3.1
		100.0	%

See accompanying Notes to the Financial Statements.

40

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		COMMON STOCKS — 95.5%
		Aerospace & Defense — 1.5%
	23,713	HEICO Corp.		2,249,652
	34,100	Spirit AeroSystems Holdings, Inc. Class A		3,121,173
	12,585	Teledyne Technologies, Inc.*		2,982,771
	7,214	TransDigm Group, Inc.*		3,275,084
	79,471	Wesco Aircraft Holdings, Inc.*		698,550
				12,327,230
		Agriculture — 0.1%
	52,472	Darling Ingredients, Inc.*		1,136,019
		Airlines — 0.8%
	22,100	Alaska Air Group, Inc.		1,240,252
	111,000	JetBlue Airways Corp.*		1,815,960
	63,940	SkyWest, Inc.		3,471,303
				6,527,515
		Apparel — 1.5%
	22,200	Capri Holdings, Ltd.*		1,015,650
	31,425	Carter’s, Inc.		3,167,326
	17,459	Columbia Sportswear Co.		1,818,879
	10,150	Ralph Lauren Corp. Class A		1,316,252
	100,714	Skechers U.S.A., Inc. Class A*		3,384,997
	55,139	Under Armour, Inc. Class A*		1,165,638
				11,868,742
		Auto Manufacturers — 0.2%
	93,900	Wabash National Corp.		1,272,345
		Auto Parts & Equipment — 1.8%
	38,200	Allison Transmission Holdings, Inc.		1,715,944
	29,204	Altra Industrial Motion Corp.		906,784
	64,700	American Axle & Manufacturing Holdings, Inc.*		925,857
	30,100	BorgWarner, Inc.		1,156,141
	8,800	Cooper-Standard Holdings, Inc.*		413,248
	126,046	Delphi Technologies Plc		2,427,646
	61,600	Goodyear Tire & Rubber Co. (The)		1,118,040
	6,800	Lear Corp.		922,828
	73,200	Meritor, Inc.*		1,489,620
	27,700	Tenneco, Inc. Class A		613,832
	39,700	Tower International, Inc.		834,891
	9,175	Visteon Corp.*		617,937
	7,034	WABCO Holdings, Inc.*		927,292
				14,070,060
		Banks — 5.1%
	46,000	Associated Banc-Corp.		982,100
	52,700	BankUnited, Inc.		1,760,180

See accompanying Notes to the Financial Statements.

41

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Banks — continued
	35,727	Chemical Financial Corp.		1,470,523
	40,300	CIT Group, Inc.		1,933,191
	24,232	Columbia Banking System, Inc.		792,144
	47,440	East-West Bancorp, Inc.		2,275,697
	120,631	First BanCorp/Puerto Rico		1,382,431
	145,700	First Horizon National Corp.		2,036,886
	18,923	First Interstate BancSystem, Inc. Class A		753,514
	39,691	Glacier Bancorp, Inc.		1,590,418
	48,700	Hanmi Financial Corp.		1,035,849
	91,700	Hope Bancorp, Inc.		1,199,436
	40,779	Pinnacle Financial Partners, Inc.		2,230,611
	21,100	Popular, Inc.		1,099,943
	16,000	Preferred Bank/Los Angeles CA		719,520
	154,500	Regions Financial Corp.		2,186,175
	19,130	Signature Bank/New York NY		2,449,979
	6,632	SVB Financial Group*		1,474,692
	119,400	TCF Financial Corp.		2,470,386
	29,607	Texas Capital Bancshares, Inc.*		1,616,246
	15,972	UMB Financial Corp.		1,022,847
	37,981	Webster Financial Corp.		1,924,497
	79,965	Western Alliance Bancorp*		3,281,764
	62,700	Zions Bancorp NA		2,847,207
				40,536,236
		Biotechnology — 2.6%
	53,770	Acceleron Pharma, Inc.* ‡		2,504,069
	22,690	Alnylam Pharmaceuticals, Inc.* ‡		2,120,381
	7,873	Argenx SE, ADR* ‡		982,865
	16,670	Bio-Rad Laboratories, Inc. Class A*		5,095,686
	28,737	Blueprint Medicines Corp.*		2,300,397
	58,100	Innoviva, Inc.*		815,143
	113,010	Medicines Co. (The)* ‡		3,158,629
	14,677	Sage Therapeutics, Inc.*		2,334,377
	13,700	United Therapeutics Corp.*		1,607,969
				20,919,516
		Building Materials — 1.6%
	16,900	Apogee Enterprises, Inc.		633,581
	49,124	Eagle Materials, Inc.		4,141,153
	13,115	Lennox International, Inc.		3,467,606
	14,841	Louisiana-Pacific Corp.		361,824
	26,500	Owens Corning		1,248,680
	87,353	Summit Materials, Inc. Class A* ‡		1,386,292
	42,743	US Concrete, Inc.*		1,770,415
				13,009,551
		Chemicals — 3.3%
	43,353	Cabot Corp.		1,804,785
	13,100	Celanese Corp.		1,291,791

See accompanying Notes to the Financial Statements.

42

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Chemicals — continued
	46,300	Chemours Co. (The)		1,720,508
	26,400	Eastman Chemical Co.		2,003,232
	258,361	Huntsman Corp.		5,810,539
	21,340	Ingevity Corp.*		2,253,717
	5,088	Methanex Corp.		289,304
	105,003	Orion Engineered Carbons SA		1,994,007
	13,130	Quaker Chemical Corp.		2,630,333
	60,021	RPM International, Inc.		3,483,619
	34,090	W.R. Grace & Co.		2,660,384
	7,294	Westlake Chemical Corp.		494,971
				26,437,190
		Coal — 0.1%
	8,600	Arch Coal, Inc. Class A‡		784,922
		Commercial Services — 7.4%
	21,732	Adtalem Global Education, Inc.*		1,006,626
	87,113	Booz Allen Hamilton Holding Corp. Class A		5,064,750
	14,974	Bright Horizons Family Solutions, Inc.*		1,903,345
	45,336	Cardtronics Plc Class A*		1,613,055
	10,966	CoStar Group, Inc.*		5,114,762
	17,692	Equifax, Inc.		2,096,502
	48,330	Evo Payments, Inc. Class A* ‡		1,403,987
	34,659	Gartner, Inc.*		5,257,077
	29,904	Global Payments, Inc.		4,082,494
	20,012	Grand Canyon Education, Inc.*		2,291,574
	23,951	Green Dot Corp. Class A*		1,452,628
	75,943	Laureate Education, Inc. Class A*		1,136,867
	9,425	LSC Communications, Inc.		61,545
	29,000	ManpowerGroup, Inc.		2,398,010
	25,078	MarketAxess Holdings, Inc.		6,171,194
	7,072	Morningstar, Inc.		891,001
	71,087	Nielsen Holdings Plc		1,682,629
	20,803	Paylocity Holding Corp.*		1,855,420
	100,074	Ritchie Bros Auctioneers, Inc.		3,402,516
	25,133	RR Donnelley & Sons Co.		118,628
	45,380	Total System Services, Inc.		4,311,554
	53,335	TransUnion		3,564,911
	9,964	WEX, Inc.*		1,912,988
				58,794,063
		Computers — 2.2%
	22,931	EPAM Systems, Inc.*		3,878,320
	37,270	Fortinet, Inc.*		3,129,562
	11,469	Leidos Holdings, Inc.		735,048
	34,110	Lumentum Holdings, Inc.* ‡		1,928,580
	63,100	NCR Corp.* ‡		1,721,999
	92,780	Pure Storage, Inc. Class A* ‡		2,021,676
	43,539	Rapid7, Inc.*		2,203,509

See accompanying Notes to the Financial Statements.

43

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Computers — continued
	42,200	Seagate Technology Plc		2,020,958
				17,639,652
		Distribution & Wholesale — 1.3%
	29,592	Dorman Products, Inc.*		2,606,759
	24,781	KAR Auction Services, Inc.		1,271,513
	19,458	Pool Corp.		3,209,986
	25,400	ScanSource, Inc.*		909,828
	17,564	SiteOne Landscape Supply, Inc.* ‡		1,003,783
	32,500	Triton International, Ltd.		1,010,750
				10,012,619
		Diversified Financial Services — 2.8%
	109,269	Ally Financial, Inc.		3,003,805
	27,137	Artisan Partners Asset Management, Inc. Class A		683,038
	30,700	Deluxe Corp.		1,342,204
	25,822	E*TRADE Financial Corp.		1,198,915
	18,000	Federal Agricultural Mortgage Corp. Class C		1,303,740
	88,109	Jefferies Financial Group, Inc.		1,655,568
	30,600	Lazard, Ltd. Class A		1,105,884
	39,200	Legg Mason, Inc.		1,072,904
	26,630	LPL Financial Holdings, Inc.		1,854,780
	96,000	Navient Corp.		1,110,720
	71,841	OneMain Holdings, Inc.		2,280,952
	33,035	Raymond James Financial, Inc.		2,656,344
	128,942	SLM Corp.		1,277,815
	73,600	Western Union Co. (The)‡		1,359,392
				21,906,061
		Electric — 1.1%
	58,700	AES Corp.		1,061,296
	27,000	Entergy Corp.		2,582,010
	45,452	OGE Energy Corp.		1,959,890
	38,937	Portland General Electric Co.		2,018,494
	42,162	PPL Corp.		1,338,222
				8,959,912
		Electrical Components & Equipment — 0.2%
	33,893	Generac Holdings, Inc.*		1,736,338
		Electronics — 2.6%
	29,824	Advanced Energy Industries, Inc.*		1,481,656
	21,700	Arrow Electronics, Inc.*		1,672,202
	22,700	Avnet, Inc.		984,499
	37,000	Flex, Ltd.*		370,000
	30,570	FLIR Systems, Inc.		1,454,521
	44,000	Jabil, Inc.		1,169,960
	21,223	Keysight Technologies, Inc.*		1,850,646

See accompanying Notes to the Financial Statements.

44

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Electronics — continued
	3,763	Mettler-Toledo International, Inc.*		2,720,649
	31,323	National Instruments Corp.		1,389,488
	43,100	Sanmina Corp.*		1,243,435
	18,578	Sensata Technologies Holding Plc*		836,381
	7,906	SYNNEX Corp.		754,153
	43,527	Trimble, Inc.*		1,758,491
	68,200	TTM Technologies, Inc.*		799,986
	117,800	Vishay Intertechnology, Inc.‡		2,175,766
				20,661,833
		Energy-Alternate Sources — 0.1%
	10,800	First Solar, Inc.*		570,672
		Engineering & Construction — 0.6%
	61,880	Exponent, Inc.		3,571,714
	11,389	Fluor Corp.		419,115
	9,609	TopBuild Corp.*		622,855
				4,613,684
		Entertainment — 1.6%
	31,690	Eldorado Resorts, Inc.*		1,479,606
	36,700	Live Nation Entertainment, Inc.* ‡		2,331,918
	8,338	Madison Square Garden Co. (The) Class A*		2,444,118
	62,647	Penn National Gaming, Inc.*		1,259,205
	31,340	Six Flags Entertainment Corp.		1,546,629
	16,916	Vail Resorts, Inc.		3,675,847
				12,737,323
		Environmental Control — 0.2%
	80,600	Covanta Holding Corp.		1,395,186
		Food — 1.4%
	22,700	Ingles Markets, Inc. Class A		626,974
	21,264	Ingredion, Inc.		2,013,488
	12,460	JM Smucker Co. (The)		1,451,590
	70,857	Nomad Foods, Ltd.*		1,449,026
	40,460	Performance Food Group Co.*		1,603,834
	64,700	Pilgrim’s Pride Corp.*		1,442,163
	29,600	SpartanNash Co.		469,752
	56,665	Sprouts Farmers Market, Inc.*		1,220,564
	9,424	US Foods Holding Corp.*		328,992
	18,909	Weis Markets, Inc.		771,676
				11,378,059
		Forest Products & Paper — 0.2%
	20,500	Clearwater Paper Corp.*		399,340
	35,400	Schweitzer-Mauduit International, Inc.		1,370,688
				1,770,028

See accompanying Notes to the Financial Statements.

45

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Gas — 0.3%
	33,300	National Fuel Gas Co.‡		2,029,968
		Hand & Machine Tools — 0.5%
	19,509	Lincoln Electric Holdings, Inc.		1,636,220
	24,900	Regal Beloit Corp.		2,038,563
				3,674,783
		Health Care - Products — 3.4%
	22,366	Globus Medical, Inc. Class A*		1,105,104
	31,542	Haemonetics Corp.*		2,759,294
	11,271	ICU Medical, Inc.*		2,697,488
	29,061	Insulet Corp.* ‡		2,763,411
	63,100	Lantheus Holdings, Inc.*		1,544,688
	8,645	LivaNova Plc*		840,726
	28,960	Merit Medical Systems, Inc.*		1,790,597
	6,564	Penumbra, Inc.* ‡		964,974
	46,940	STERIS Plc		6,009,728
	41,394	West Pharmaceutical Services, Inc.		4,561,619
	66,780	Wright Medical Group NV* ‡		2,100,231
				27,137,860
		Health Care - Services — 1.5%
	34,362	Acadia Healthcare Co., Inc.* ‡		1,007,150
	54,807	Catalent, Inc.*		2,224,616
	16,380	Charles River Laboratories International, Inc.*		2,379,195
	10,721	ICON Plc, ADR*		1,464,274
	14,089	LHC Group, Inc.*		1,561,907
	29,910	Quest Diagnostics, Inc.		2,689,507
	3,738	WellCare Health Plans, Inc.*		1,008,326
				12,334,975
		Home Builders — 1.3%
	15,123	Cavco Industries, Inc.*		1,777,406
	52,322	KB Home		1,264,623
	53,136	MDC Holdings, Inc.		1,544,132
	134,970	PulteGroup, Inc.		3,773,761
	13,200	Thor Industries, Inc.		823,284
	60,900	TRI Pointe Group, Inc.*		769,776
				9,952,982
		Home Furnishings — 0.2%
	23,400	Ethan Allen Interiors, Inc.		447,642
	5,800	Whirlpool Corp.		770,762
				1,218,404
		Household Products & Wares — 0.4%
	29,280	Avery Dennison Corp.		3,308,640

See accompanying Notes to the Financial Statements.

46

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Housewares — 0.4%
	44,323	Toro Co. (The)		3,051,195
		Insurance — 3.8%
	43,065	Arthur J. Gallagher & Co.		3,363,377
	51,900	Assured Guaranty, Ltd.		2,305,917
	134,700	CNO Financial Group, Inc.		2,179,446
	75,020	Essent Group, Ltd.*		3,259,619
	12,400	Everest Re Group, Ltd.		2,677,904
	18,600	HCI Group, Inc.		794,778
	66,600	Heritage Insurance Holdings, Inc.		972,360
	41,625	James River Group Holdings, Ltd.		1,668,330
	20,417	Kemper Corp.		1,554,550
	42,000	Lincoln National Corp.		2,465,400
	170,000	MGIC Investment Corp.*		2,242,300
	17,800	Reinsurance Group of America, Inc. Class A		2,527,244
	63,300	Universal Insurance Holdings, Inc.		1,962,300
	73,600	Unum Group		2,489,888
				30,463,413
		Internet — 1.1%
	32,227	Cogent Communications Holdings, Inc.		1,748,315
	58,566	Criteo SA, ADR*		1,173,077
	5,000	F5 Networks, Inc.*		784,650
	40,520	GoDaddy, Inc. Class A*		3,046,699
	20,295	Zendesk, Inc.*		1,725,075
				8,477,816
		Investment Companies — 0.4%
	57,300	Ares Capital Corp.		982,122
	59,200	New Mountain Finance Corp.		803,344
	104,525	Oaktree Specialty Lending Corp.		541,439
	105,900	Prospect Capital Corp.‡		690,468
				3,017,373
		Iron & Steel — 0.3%
	14,000	Reliance Steel & Aluminum Co.		1,263,640
	40,300	United States Steel Corp.		785,447
				2,049,087
		Leisure Time — 1.2%
	19,100	Brunswick Corp.		961,303
	36,900	Harley-Davidson, Inc.‡		1,315,854
	66,625	Norwegian Cruise Line Holdings, Ltd.*		3,661,710
	29,019	Planet Fitness, Inc. Class A*		1,994,185
	18,625	Polaris Industries, Inc.		1,572,509
				9,505,561

See accompanying Notes to the Financial Statements.

47

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Lodging — 0.1%
	14,900	Wyndham Destinations, Inc.		603,301
		Machinery - Construction & Mining — 0.2%
	26,400	Oshkosh Corp.		1,983,432
		Machinery - Diversified — 2.2%
	53,600	Briggs & Stratton Corp.		634,088
	33,536	Cactus, Inc.*		1,193,882
	55,863	Cognex Corp.		2,841,192
	42,970	Flowserve Corp.		1,939,666
	124,404	Gardner Denver Holdings, Inc.*		3,459,675
	38,579	Graco, Inc.		1,910,432
	11,908	Middleby Corp. (The)* ‡		1,548,397
	15,093	Nordson Corp.		2,000,124
	27,559	Wabtec Corp.		2,031,650
				17,559,106
		Media — 0.9%
	50,343	Altice USA, Inc. Class A		1,081,368
	22,900	AMC Networks, Inc. Class A* ‡		1,299,804
	137,100	Entercom Communications Corp. Class A‡		719,775
	15,874	Nexstar Media Group, Inc. Class A		1,720,265
	29,613	Sinclair Broadcast Group, Inc. Class A		1,139,508
	67,300	TEGNA, Inc.		948,930
				6,909,650
		Metal Fabricate & Hardware — 0.6%
	38,100	Global Brass & Copper Holdings, Inc.		1,312,164
	20,075	RBC Bearings, Inc.*		2,552,938
	28,375	Sun Hydraulics Corp.		1,319,721
				5,184,823
		Mining — 0.5%
	118,552	Goldcorp, Inc.		1,356,235
	442,981	Kinross Gold Corp.*		1,523,855
	78,618	Pan American Silver Corp.		1,041,688
				3,921,778
		Miscellaneous - Manufacturing — 1.2%
	13,113	AptarGroup, Inc.		1,395,092
	31,810	Crane Co.		2,691,762
	57,742	Hexcel Corp.		3,993,437
	35,700	Trinseo SA		1,617,210
				9,697,501
		Multi-National — 0.1%
	33,800	Banco Latinoamericano de Comercio Exterior SA		673,296

See accompanying Notes to the Financial Statements.

48

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Office & Business Equipment — 0.8%
	93,800	Pitney Bowes, Inc.		644,406
	47,000	Xerox Corp.		1,503,060
	21,590	Zebra Technologies Corp. Class A*		4,523,753
				6,671,219
		Oil & Gas — 3.3%
	141,988	Cabot Oil & Gas Corp.		3,705,887
	148,233	Callon Petroleum Co.* ‡		1,119,159
	62,900	Carrizo Oil & Gas, Inc.* ‡		784,363
	57,678	Delek US Holdings, Inc.		2,100,633
	34,455	Diamondback Energy, Inc.		3,498,216
	117,600	Gulfport Energy Corp.*		943,152
	25,200	HollyFrontier Corp.		1,241,604
	37,300	Laredo Petroleum, Inc.*		115,257
	61,343	Matador Resources Co.* ‡		1,185,760
	146,969	Parsley Energy, Inc. Class A*		2,836,502
	153,819	PBF Energy, Inc. Class A		4,789,923
	190,000	Southwestern Energy Co.* ‡		891,100
	134,000	SRC Energy, Inc.*		686,080
	117,500	W&T Offshore, Inc.*		810,750
	134,370	WPX Energy, Inc.*		1,761,591
				26,469,977
		Oil & Gas Services — 0.3%
	12,513	Dril-Quip, Inc.* ‡		573,721
	68,800	McDermott International, Inc.* ‡		511,872
	93,149	Superior Energy Services, Inc.*		435,006
	28,800	US Silica Holdings, Inc.‡		499,968
				2,020,567
		Packaging & Containers — 0.9%
	37,886	Berry Global Group, Inc.*		2,040,919
	74,600	Owens-Illinois, Inc.		1,415,908
	16,400	Packaging Corp. of America		1,629,832
	47,900	WestRock Co.		1,836,965
				6,923,624
		Pharmaceuticals — 4.5%
	28,195	Aerie Pharmaceuticals, Inc.*		1,339,263
	24,290	Agios Pharmaceuticals, Inc.* ‡		1,638,118
	42,037	Amneal Pharmaceuticals, Inc.* ‡		595,664
	11,489	Ascendis Pharma AS, ADR*		1,352,255
	57,300	Clovis Oncology, Inc.*		1,422,186
	32,811	G1 Therapeutics, Inc.*		544,663
	39,168	Horizon Pharma Plc*		1,035,210
	42,838	Jazz Pharmaceuticals Plc*		6,123,692
	50,275	Lannett Co., Inc.* ‡		395,664
	36,800	Mallinckrodt Plc* ‡		800,032

See accompanying Notes to the Financial Statements.

49

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Pharmaceuticals — continued
	64,876	Mylan NV*		1,838,586
	55,680	Neurocrine Biosciences, Inc.*		4,905,408
	53,800	Owens & Minor, Inc.		220,580
	19,136	PRA Health Sciences, Inc.*		2,110,509
	58,081	Premier, Inc. Class A*		2,003,214
	20,695	Sarepta Therapeutics, Inc.* ‡		2,466,637
	668,191	TherapeuticsMD, Inc.*		3,254,090
	60,858	Zogenix, Inc.* ‡		3,347,799
				35,393,570
		Pipelines — 0.2%
	19,299	Cheniere Energy, Inc.*		1,319,280
		Real Estate — 0.2%
	217,148	Newmark Group, Inc. Class A		1,811,014
		REITS — 6.9%
	60,911	American Campus Communities, Inc. REIT		2,898,145
	253,100	Annaly Capital Management, Inc. REIT		2,528,469
	80,900	Brixmor Property Group, Inc. REIT		1,486,133
	163,500	Cedar Realty Trust, Inc. REIT		555,900
	99,300	Chimera Investment Corp. REIT‡		1,860,882
	104,500	City Office, Inc. REIT		1,181,895
	43,300	CoreCivic, Inc. REIT		842,185
	16,211	CoreSite Realty Corp. REIT		1,734,901
	102,513	Easterly Government Properties, Inc. REIT		1,846,259
	109,500	Franklin Street Properties Corp. REIT		787,305
	35,400	Gaming and Leisure Properties, Inc. REIT		1,365,378
	76,000	Hospitality Properties Trust REIT		1,999,560
	48,140	Industrial Logistics Properties Trust REIT		970,984
	203,400	Lexington Realty Trust REIT		1,842,804
	35,100	Mack-Cali Realty Corp. REIT		779,220
	116,500	Medical Properties Trust, Inc. REIT		2,156,415
	14,981	Mid-America Apartment Communities, Inc. REIT		1,637,873
	39,583	Office Properties Income Trust REIT		1,094,074
	105,470	Physicians Realty Trust REIT		1,983,891
	95,600	Piedmont Office Realty Trust, Inc. REIT Class A		1,993,260
	56,600	Preferred Apartment Communities, Inc. REIT Class A‡		838,812
	67,480	QTS Realty Trust, Inc. REIT Class A‡		3,035,925
	6,248	Retail Value, Inc. REIT		194,750
	69,400	RLJ Lodging Trust REIT		1,219,358
	52,300	Sabra Healthcare, Inc. REIT		1,018,281
	139,600	Senior Housing Properties Trust REIT		1,644,488
	81,300	SITE Centers Corp. REIT		1,107,306
	20,100	Spirit Realty Capital, Inc. REIT		798,573
	89,900	Starwood Property Trust, Inc. REIT		2,009,265
	230,063	Summit Hotel Properties, Inc. REIT		2,625,019
	43,853	Sun Communities, Inc. REIT		5,197,458
	221,500	VEREIT, Inc. REIT		1,853,955

See accompanying Notes to the Financial Statements.

50

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		REITS — continued
	70,800	Xenia Hotels & Resorts, Inc. REIT		1,551,228
				54,639,951
		Retail — 4.5%
	35,400	American Eagle Outfitters, Inc.		784,818
	28,807	BJ’s Restaurants, Inc.		1,361,995
	33,400	Bloomin’ Brands, Inc.		683,030
	34,877	Burlington Stores, Inc.*		5,464,528
	8,219	Casey’s General Stores, Inc.		1,058,361
	16,100	Children’s Place (The), Inc.‡		1,566,208
	17,260	Dave & Buster’s Entertainment, Inc.		860,756
	44,300	Dick’s Sporting Goods, Inc.‡		1,630,683
	16,800	Dillard’s, Inc. Class A‡		1,209,936
	48,314	Five Below, Inc.*		6,003,015
	39,400	Foot Locker, Inc.		2,387,640
	69,438	Gap, Inc. (The)		1,817,887
	28,200	Kohl’s Corp.		1,939,314
	15,560	Lithia Motors, Inc. Class A‡		1,443,190
	62,160	Michaels Cos., Inc. (The)* ‡		709,867
	285,900	Office Depot, Inc.		1,037,817
	13,000	Signet Jewelers, Ltd.		353,080
	47,400	Sonic Automotive, Inc. Class A‡		701,994
	59,912	Texas Roadhouse, Inc. Class A		3,725,927
	23,900	Williams-Sonoma, Inc.‡		1,344,853
				36,084,899
		Savings & Loans — 0.1%
	33,800	Berkshire Hills Bancorp, Inc.		920,712
		Semiconductors — 2.3%
	26,400	Diodes, Inc.*		916,080
	53,100	Entegris, Inc.‡		1,895,139
	60,700	Kulicke & Soffa Industries, Inc.		1,342,077
	90,540	Marvell Technology Group, Ltd.		1,800,841
	242,140	ON Semiconductor Corp.*		4,980,820
	18,850	Power Integrations, Inc.		1,318,369
	23,016	Semtech Corp.*		1,171,744
	34,480	Silicon Laboratories, Inc.*		2,788,053
	52,548	Teradyne, Inc.		2,093,512
				18,306,635
		Shipbuilding — 0.3%
	10,900	Huntington Ingalls Industries, Inc.		2,258,480
		Software — 7.5%
	12,378	ANSYS, Inc.*		2,261,584
	104,117	Black Knight, Inc.*		5,674,377
	11,597	Bottomline Technologies, Inc.*		580,894

See accompanying Notes to the Financial Statements.

51

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Software — continued
	12,327	Broadridge Financial Solutions, Inc.		1,278,187
	27,010	Ceridian HCM Holding, Inc.*		1,385,613
	92,850	Cloudera, Inc.*		1,015,779
	12,099	CommVault Systems, Inc.*		783,289
	28,347	Covetrus, Inc.*		902,852
	30,230	Envestnet, Inc.*		1,976,740
	13,881	Everbridge, Inc.* ‡		1,041,214
	91,373	Evolent Health, Inc. Class A*		1,149,472
	21,860	First Data Corp. Class A*		574,262
	52,834	Guidewire Software, Inc.*		5,133,351
	12,628	HubSpot, Inc.* ‡		2,098,900
	19,277	j2 Global, Inc.‡		1,669,388
	4,104	Jack Henry & Associates, Inc.		569,389
	21,783	Medidata Solutions, Inc.* ‡		1,595,387
	8,824	MSCI, Inc. Class A		1,754,564
	17,010	New Relic, Inc.*		1,678,887
	122,071	Nuance Communications, Inc.*		2,066,662
	22,790	PTC, Inc.*		2,100,782
	54,250	RealPage, Inc.* ‡		3,292,433
	18,045	Splunk, Inc.*		2,248,407
	51,822	SS&C Technologies Holdings, Inc.		3,300,543
	55,693	Talend SA, ADR*		2,816,395
	15,350	Twilio, Inc. Class A* ‡		1,982,913
	14,743	Tyler Technologies, Inc.*		3,013,469
	13,323	Ultimate Software Group, Inc. (The)*		4,398,322
	11,811	Veeva Systems, Inc. Class A*		1,498,344
				59,842,399
		Telecommunications — 0.9%
	126,998	Ciena Corp.*		4,742,105
	84,300	Juniper Networks, Inc.		2,231,421
				6,973,526
		Transportation — 1.9%
	31,300	Atlas Air Worldwide Holdings, Inc.*		1,582,528
	118,302	Euronav NV		964,161
	33,116	J.B. Hunt Transport Services, Inc.		3,354,319
	73,185	Knight-Swift Transportation Holdings, Inc.		2,391,686
	10,330	Old Dominion Freight Line, Inc.		1,491,549
	24,200	Ryder System, Inc.		1,500,158
	65,795	Schneider National, Inc. Class B		1,384,985
	37,600	Scorpio Tankers, Inc.		745,984
	41,611	Werner Enterprises, Inc.		1,421,016
				14,836,386
		TOTAL COMMON STOCKS (COST $682,411,957)		758,291,939

See accompanying Notes to the Financial Statements.

52

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares			Description	Value ($)
			RIGHTS — 0.0%
			Mining — 0.0%
	407,516		Pan American Silver Corp. Expires 2/22/29* **** ¤		93,008
			TOTAL RIGHTS (COST $99,747)		93,008
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 0.5%
			Mutual Fund - Securities Lending Collateral — 0.3%
	2,502,353		State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.39%## ***		2,502,353
			U.S. Government and Agency Obligations — 0.2%
	1,600,000		United States Treasury Bill, 2.41%, due 09/12/19** ‡‡		1,582,780
			TOTAL SHORT-TERM INVESTMENTS (COST $4,084,524)		4,085,133
			TOTAL INVESTMENTS — 96.0% (Cost $686,596,228)		762,470,080
			Other Assets and Liabilities (net) — 4.0%		31,933,162
			NET ASSETS — 100.0%	$794,403,242
			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 March 31, 2019.
		*	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.
		¤	Illiquid security. The total market value of the securities at year end is $93,008 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $99,747.
		‡	All or a portion of this security is out on loan.
		‡‡	Interest rate presented is yield to maturity.
		****	Security fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the security at year end is $93,008 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $99,747.

See accompanying Notes to the Financial Statements.

53

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	156	Russell 2000 E-mini Index		Jun 2019	$	12,041,640	$	102,994
	69	S&P Mid 400 E-mini Index		Jun 2019		13,116,900		252,786
							$	355,780

See accompanying Notes to the Financial Statements.

54

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		95.5
Futures Contracts		0.0
Rights		0.0
Short-Term Investments		0.5
Other Assets and Liabilities (net)		4.0
		100.0	%

See accompanying Notes to the Financial Statements.

55

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		COMMON STOCKS — 93.4%
		Australia — 3.9%
	123,800	AGL Energy, Ltd.		1,914,482
	83,091	ALS, Ltd.		447,990
	49,220	Altium, Ltd.		1,130,018
	53,234	Appen, Ltd.		842,513
	717,900	Asaleo Care, Ltd.*		456,414
	154,500	Australia & New Zealand Banking Group, Ltd.		2,856,768
	294,129	BGP Holdings Plc* **** ¤		—
	217,813	BHP Group, Ltd.		5,955,305
	196,300	BlueScope Steel, Ltd.		1,945,211
	366,016	Brambles, Ltd.		3,057,593
	42,705	Breville Group, Ltd.		493,862
	459,365	Coca-Cola Amatil, Ltd.		2,822,580
	116,188	Computershare, Ltd.		1,409,683
	91,530	CSL, Ltd.		12,674,672
	593,400	CSR, Ltd.		1,399,452
	246,584	Downer EDI, Ltd.		1,345,236
	520,600	Fortescue Metals Group, Ltd.		2,629,336
	1,233,793	Genworth Mortgage Insurance Australia, Ltd.‡		2,094,655
	802,800	Harvey Norman Holdings, Ltd.‡		2,292,481
	37,366	IDP Education, Ltd.		386,731
	199,614	Iluka Resources, Ltd.		1,276,162
	490,000	Inghams Group, Ltd.‡		1,521,072
	93,026	IRESS, Ltd.		863,679
	225,600	Lendlease Group		1,983,956
	27,500	Macquarie Group, Ltd.		2,528,171
	975,300	Metcash, Ltd.		1,835,931
	1,454,500	Mirvac Group REIT		2,841,311
	968,970	Qantas Airways, Ltd.		3,895,822
	184,789	QBE Insurance Group, Ltd.		1,615,870
	72,900	Retail Food Group, Ltd.* ‡		13,205
	129,357	Rio Tinto, Ltd.		8,996,825
	885,320	Scentre Group REIT		2,584,725
	509,317	South32, Ltd.		1,349,489
	240,885	Steadfast Group, Ltd.		542,427
	489,740	Treasury Wine Estates, Ltd.		5,193,949
	40,879	WiseTech Global, Ltd.‡		671,368
		Total Australia		83,868,944
		Austria — 0.7%
	256,080	Erste Group Bank AG*		9,419,791
	59,174	OMV AG		3,213,873
	17,974	Vienna Insurance Group AG Wiener Versicherung Gruppe		462,170
	50,100	voestalpine AG		1,522,817
		Total Austria		14,618,651

See accompanying Notes to the Financial Statements.

56

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Belgium — 0.9%
	50,100	Ageas		2,418,955
	25,037	Anheuser-Busch InBev SA/NV, ADR		2,102,357
	11,634	Bekaert SA‡		273,544
	118,260	KBC Group NV		8,270,051
	97,400	Proximus SADP		2,811,789
	11,682	Tessenderlo Group SA*		394,170
	33,307	UCB SA		2,863,249
		Total Belgium		19,134,115
		Bermuda — 0.2%
	1,197,700	Esprit Holdings, Ltd.*		257,850
	153,756	Hiscox, Ltd.		3,125,488
	68,000	Kerry Properties, Ltd.		303,620
	743,000	Shenzhen International Holdings, Ltd.		1,576,874
		Total Bermuda		5,263,832
		Brazil — 0.8%
	179,800	Cia de Saneamento Basico do Estado de Sao Paulo*		1,940,437
	674,100	JBS SA		2,757,580
	780,959	Localiza Rent a Car SA*		6,634,248
	119,600	Magazine Luiza SA		5,312,039
	217,800	Sao Martinho SA		1,026,403
		Total Brazil		17,670,707
		Canada — 0.8%
	133,030	Canada Goose Holdings, Inc.*		6,388,100
	26,468	Descartes Systems Group (The), Inc.*		962,473
	7,502	Fairfax Financial Holdings, Ltd.		3,475,982
	168,200	Seven Generations Energy, Ltd.*		1,214,963
	77,710	Thomson Reuters Corp.		4,599,371
		Total Canada		16,640,889
		Cayman Islands — 1.6%
	50,180	Alibaba Group Holding, Ltd., ADR*		9,155,341
	2,026,000	China Resources Cement Holdings, Ltd.		2,090,536
	228,000	CK Asset Holdings, Ltd.		2,027,325
	1,211,000	IGG, Inc.		1,678,441
	3,714,000	Jiangnan Group, Ltd.*		203,443
	3,247,000	Lee & Man Paper Manufacturing, Ltd.		2,767,206
	171,750	Tencent Holdings, Ltd.		7,898,362
	9,510,000	Tongda Group Holdings, Ltd.		1,053,981
	3,279,000	WH Group, Ltd.		3,508,761
	2,084,000	Xinyi Glass Holdings, Ltd.		2,389,315
	4,934,000	Xinyi Solar Holdings, Ltd.		2,375,878
		Total Cayman Islands		35,148,589

See accompanying Notes to the Financial Statements.

57

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		China — 0.1%
	1,195,500	China Railway Construction Corp., Ltd. Class H		1,565,582
	628,600	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		1,369,316
		Total China		2,934,898
		Denmark — 0.9%
	15,634	Carlsberg AS Class B		1,954,529
	127,200	Danske Bank A/S		2,234,583
	34,600	DFDS AS‡		1,433,199
	25,395	GN Store Nord AS		1,180,248
	40,919	ISS AS		1,246,283
	26,075	Jyske Bank AS‡		1,008,307
	130,340	Novo Nordisk AS, ADR		6,818,085
	15,846	Pandora AS		742,649
	2,485	Rockwool International AS Class B		582,692
	10,326	Royal Unibrew AS		762,571
	18,190	Scandinavian Tobacco Group AS Class A		227,079
	10,560	SimCorp AS		1,020,478
	34,575	Sydbank AS‡		717,642
		Total Denmark		19,928,345
		Finland — 1.4%
	37,108	Kemira OYJ‡		459,167
	36,570	Kesko OYJ Class B		2,227,237
	84,440	Neste OYJ‡		9,007,277
	865,079	Nokia OYJ		4,928,650
	19,841	Nokian Renkaat OYJ‡		664,789
	386,373	Nordea Bank Abp‡		2,947,170
	4,576	Orion OYJ Class B‡		171,717
	501,000	Outokumpu OYJ‡		1,821,530
	43,982	Sampo OYJ Class A		1,995,655
	15,262	Tieto OYJ‡		466,125
	143,274	UPM-Kymmene OYJ‡		4,182,755
	32,521	Uponor OYJ		372,100
	55,268	Wartsila OYJ Abp‡		892,700
		Total Finland		30,136,872
		France — 9.1%
	77,440	Airbus SE		10,251,817
	16,700	Arkema SA		1,591,260
	319,686	AXA SA		8,051,459
	64,200	BNP Paribas SA		3,071,625
	78,800	Bouygues SA		2,818,106
	54,475	Cie de Saint-Gobain		1,976,314
	35,627	Cie Generale des Etablissements Michelin SCA		4,216,398
	136,676	CNP Assurances		3,011,015
	258,348	Danone SA		19,926,009
	111,343	Dassault Systemes SE‡		16,596,601
	101,485	Electricite de France SA		1,389,080

See accompanying Notes to the Financial Statements.

58

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		France — continued
	411,316	Engie SA		6,133,316
	33,224	EssilorLuxottica SA		3,632,816
	56,300	Eutelsat Communications SA		985,861
	15,500	Faurecia SA		652,308
	10,833	Gaztransport Et Technigaz SA		986,487
	21,734	Imerys SA		1,084,515
	42,863	IPSOS		1,074,233
	19,443	Kaufman & Broad SA		795,106
	20,953	Kering SA		12,027,040
	61,332	L’Oreal SA		16,514,218
	16,554	Lagardere SCA		426,029
	120,765	Legrand SA		8,089,954
	4,474	LVMH Moet Hennessy Louis Vuitton SE		1,647,248
	48,100	Metropole Television SA		887,909
	536,500	Natixis SA		2,874,093
	35,500	Neopost SA		850,637
	13,623	Nexans SA		405,818
	36,500	Nexity SA		1,782,805
	272,700	Orange SA		4,439,917
	79,430	Pernod Ricard SA		14,270,075
	66,645	Peugeot SA		1,626,855
	45,393	Renault SA		3,002,615
	141,477	Sanofi		12,508,434
	123,740	Schneider Electric SE		9,717,565
	125,353	Societe Generale SA		3,627,898
	42,074	Television Francaise 1 SA		387,863
	167,100	TOTAL SA		9,291,349
	128,511	Vivendi SA		3,727,232
		Total France		196,349,880
		Germany — 8.0%
	20,567	Aareal Bank AG		634,614
	21,405	adidas AG		5,205,895
	41,428	Allianz SE		9,223,475
	30,500	Aurubis AG		1,635,975
	47,300	BASF SE		3,480,351
	177,783	Bayer AG		11,498,321
	34,200	Bayerische Motoren Werke AG		2,640,101
	59,746	Brenntag AG		3,079,238
	23,517	Continental AG		3,543,693
	101,479	Covestro AG		5,585,617
	37,605	Daimler AG		2,206,244
	45,444	Deutsche Boerse AG		5,832,362
	215,602	Deutsche Lufthansa AG		4,736,465
	231,624	Deutsche Telekom AG		3,847,869
	213,376	Deutsche Wohnen SE		10,357,442
	90,105	Deutz AG		754,761
	52,725	DIC Asset AG		594,391
	572,053	E.ON SE		6,366,771

See accompanying Notes to the Financial Statements.

59

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Germany — continued
	102,746	Evonik Industries AG		2,801,143
	119,895	GEA Group AG		3,143,472
	29,409	HeidelbergCement AG		2,118,685
	32,384	HUGO BOSS AG		2,213,741
	280,037	Infineon Technologies AG		5,560,863
	212,353	Kloeckner & Co. SE		1,562,978
	11,472	Koenig & Bauer AG		480,989
	31,290	LEG Immobilien AG		3,845,413
	22,512	Leoni AG		439,325
	15,614	Merck KGaA		1,782,146
	144,700	METRO AG		2,403,026
	18,733	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,438,247
	5,736	Nemetschek SE		978,981
	30,256	ProSiebenSat.1 Media SE		432,136
	28,400	Rheinmetall AG		2,961,844
	122,650	RWE AG		3,291,449
	64,586	SAP SE		7,469,599
	66,495	Siemens AG		7,163,255
	17,797	Siltronic AG		1,571,491
	36,192	Software AG		1,225,241
	223,615	Symrise AG		20,167,234
	119,689	TAG Immobilien AG		2,956,641
	42,000	Talanx AG*		1,620,407
	53,370	Uniper SE		1,611,424
	176,189	Vonovia SE		9,143,878
	21,414	Wacker Neuson SE		509,748
		Total Germany		173,116,941
		Hong Kong — 1.3%
	1,704,800	AIA Group, Ltd.		16,972,098
	3,160,000	Champion REIT		2,737,342
	347,000	Link REIT		4,057,937
	109,500	Swire Pacific, Ltd. Class A		1,408,863
	291,000	Wheelock & Co., Ltd.		2,131,542
		Total Hong Kong		27,307,782
		Hungary — 0.1%
	229,600	MOL Hungarian Oil & Gas Plc		2,627,520
		India — 0.4%
	228,390	HDFC Bank, Ltd.		7,635,529
		Indonesia — 0.4%
	3,118,400	Bank Central Asia Tbk PT		6,076,938
	3,540,700	Bank Negara Indonesia Persero Tbk PT*		2,337,260
		Total Indonesia		8,414,198

See accompanying Notes to the Financial Statements.

60

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Ireland — 0.5%
	313,147	C&C Group Plc		1,125,175
	55,545	Kerry Group Plc Class A		6,205,685
	40,718	Ryanair Holdings Plc, ADR*		3,051,407
		Total Ireland		10,382,267
		Israel — 0.4%
	112,540	Bank Leumi Le-Israel BM		735,207
	25,451	Check Point Software Technologies, Ltd.*		3,219,297
	7,941	Hilan, Ltd.		215,671
	39,793	Israel Chemicals, Ltd.		207,004
	52,434	Israel Discount Bank, Ltd. Class A		181,024
	18,213	Nice, Ltd., ADR*		2,231,275
	81,500	Teva Pharmaceutical Industries, Ltd.*		1,268,753
	893	Wix.com, Ltd.*		107,901
		Total Israel		8,166,132
		Italy — 2.6%
	1,985,117	A2A SpA		3,625,450
	26,270	Anima Holding Spa		107,488
	152,475	Assicurazioni Generali SpA		2,824,908
	9,841	Banca IFIS SpA		162,545
	290,435	BPER Banca		1,187,384
	64,986	Davide Campari-Milano SpA		638,483
	2,878,668	Enel SpA		18,437,108
	619,796	ENI SpA		10,963,805
	142,005	Italgas SpA		877,615
	133,129	Leonardo SpA		1,548,653
	69,132	Mediaset SpA* ‡		211,295
	243,600	Mediobanca Banca di Credito Finanziario SpA		2,533,400
	5,249	Reply SpA		338,306
	307,265	Saras SpA		569,616
	126,384	Snam SpA		649,807
	300,863	Societa Cattolica di Assicurazioni SC		2,876,571
	46,100	Societa Iniziative Autostradali e Servizi SpA		799,227
	2,018,251	Telecom Italia SpA* ‡		1,256,377
	965,129	Telecom Italia SpA (Savings Shares)		548,783
	286,265	UniCredit SpA		3,673,332
	609,469	Unipol Gruppo SpA		3,038,479
		Total Italy		56,868,632
		Japan — 21.1%
	251,400	Advantest Corp.		5,844,082
	1,600	AEON REIT Investment Corp. REIT		1,887,880
	92,700	AGC, Inc./Japan		3,249,546
	4,700	Aica Kogyo Co., Ltd.		156,688
	18,800	Aisin Seiki Co., Ltd.		671,762
	28,400	Altech Corp.		473,911
	51,800	Amano Corp.		1,220,062

See accompanying Notes to the Financial Statements.

61

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Japan — continued
	70,300	Asahi Diamond Industrial Co., Ltd.‡		485,244
	211,200	Astellas Pharma, Inc.		3,164,613
	33,600	Benefit One, Inc.‡		659,341
	58,700	Broadleaf Co., Ltd.		308,654
	29,400	Capcom Co., Ltd.		658,734
	46,000	Central Glass Co., Ltd.		1,009,893
	8,400	Central Japan Railway Co.		1,951,159
	209,394	Chiba Bank, Ltd. (The)		1,136,972
	170,000	Chubu Electric Power Co., Inc.		2,654,786
	113,300	Citizen Watch Co., Ltd.		631,577
	16,000	Computer Engineering & Consulting, Ltd.		298,938
	198,700	Dai-ichi Life Holdings, Inc.		2,760,994
	6,000	Daiwabo Holdings Co., Ltd.		345,304
	72,100	DIC Corp.		2,107,273
	4,300	Digital Arts, Inc.		351,583
	6,400	Disco Corp.‡		911,849
	215,100	DMG Mori Co., Ltd.‡		2,660,450
	8,700	DTS Corp.		321,480
	25,800	East Japan Railway Co.		2,489,443
	35,800	Ebara Corp.		1,009,134
	13,900	Eisai Co., Ltd.		780,239
	38,100	Enplas Corp.‡		980,339
	26,300	ESPEC Corp.		490,192
	9,900	Ezaki Glico Co., Ltd.‡		520,558
	65,000	Fancl Corp.		1,679,541
	42,700	Ferrotec Holdings Corp.‡		426,672
	33,900	Foster Electric Co., Ltd.		509,028
	52,500	Fuji Corp.‡		699,146
	402,900	Fujikura, Ltd.‡		1,517,905
	107,400	Fukuoka Financial Group, Inc.		2,383,109
	7,400	Fukushima Industries Corp.		237,674
	26,400	Funai Soken Holdings, Inc.		635,165
	20,800	Furukawa Electric Co., Ltd.‡		524,487
	62,800	Futaba Corp.‡		953,759
	17,200	Futaba Industrial Co., Ltd.‡		84,691
	6,500	Fuyo General Lease Co., Ltd.		321,814
	205,294	Hachijuni Bank, Ltd. (The)‡		851,334
	326,100	Hazama Ando Corp.		2,183,133
	49,300	Hino Motors, Ltd.		415,120
	43,100	Hirose Electric Co., Ltd.‡		4,528,644
	79,200	Hitachi Chemical Co., Ltd.‡		1,754,514
	20,500	Hitachi High-Technologies Corp.		839,929
	308,500	Hitachi, Ltd.		9,992,072
	111,000	Honda Motor Co., Ltd.		3,003,524
	12,400	Horiba, Ltd.		688,982
	69,500	Hosiden Corp.		582,071
	152,200	Hoya Corp.		10,050,412
	36,700	IBJ Leasing Co., Ltd.		866,728
	61,900	Ichiyoshi Securities Co., Ltd.		433,974

See accompanying Notes to the Financial Statements.

62

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Japan — continued
	17,800	IHI Corp.		427,612
	48,700	Ines Corp.		580,343
	39,700	Infocom Corp.		660,322
	74,800	Infomart Corp.‡		910,967
	7,500	Internet Initiative Japan, Inc.		151,714
	177,100	Isuzu Motors, Ltd.		2,326,453
	132,500	Ito En, Ltd.		6,883,272
	234,400	ITOCHU Corp.		4,240,737
	40,000	JAC Recruitment Co., Ltd.		883,227
	70,600	Japan Airlines Co., Ltd.		2,486,962
	153,300	Japan Aviation Electronics Industry, Ltd.‡		2,134,303
	380,800	Japan Post Holdings Co., Ltd.		4,458,751
	655	Japan Rental Housing Investments, Inc. REIT		521,941
	36,400	Japan Steel Works, Ltd. (The)‡		670,548
	248,900	Japan Tobacco, Inc.		6,172,747
	20,500	Justsystems Corp.		522,108
	19,900	Kaken Pharmaceutical Co., Ltd.		904,341
	52,400	Kaneka Corp.		1,962,307
	132,600	Kanematsu Corp.‡		1,515,463
	94,200	Kansai Electric Power Co., Inc. (The)		1,388,936
	97,500	Kansai Paint Co., Ltd.‡		1,859,534
	160,908	Kao Corp.		12,673,767
	67,600	Kawasaki Heavy Industries, Ltd.‡		1,667,326
	529,500	KDDI Corp.		11,409,473
	85,400	Keihin Corp.‡		1,398,065
	17,100	Keyence Corp.		10,655,346
	26,800	Kintetsu World Express, Inc.		408,229
	31,100	Koa Corp.		418,376
	75,800	Kobayashi Pharmaceutical Co., Ltd.		6,396,278
	177,600	Komatsu, Ltd.		4,124,505
	35,500	Komori Corp.‡		401,554
	33,000	Konami Holdings Corp.		1,432,579
	215,500	Konica Minolta, Inc.‡		2,120,247
	9,186	Kose Corp.		1,687,233
	33,500	KYB Corp.* ‡		822,632
	29,400	Kyocera Corp.		1,726,521
	59,300	Kyowa Hakko Kirin Co., Ltd.		1,291,169
	13,600	Makino Milling Machine Co., Ltd.		560,293
	16,700	Mani, Inc.		816,253
	335,200	Marubeni Corp.		2,316,737
	345,900	Mebuki Financial Group, Inc.		884,399
	79,200	Medipal Holdings Corp.		1,881,881
	84,600	MISUMI Group, Inc.‡		2,103,439
	375,100	Mitsubishi Chemical Holdings Corp.		2,641,306
	124,400	Mitsubishi Corp.		3,454,900
	190,900	Mitsubishi Electric Corp.		2,453,406
	118,900	Mitsubishi Gas Chemical Co., Inc.‡		1,696,193
	33,200	Mitsubishi Shokuhin Co., Ltd.‡		868,656
	514,600	Mitsubishi UFJ Financial Group, Inc.		2,557,076

See accompanying Notes to the Financial Statements.

63

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Japan — continued
	136,900	Mitsui & Co., Ltd.		2,125,515
	3,003,500	Mizuho Financial Group, Inc.		4,648,322
	6,600	Mochida Pharmaceutical Co., Ltd.		338,691
	330,400	MonotaRO Co., Ltd.‡		7,346,202
	128,700	MS&AD Insurance Group Holdings, Inc.		3,918,498
	23,600	NEC Networks & System Integration Corp.		570,357
	46,400	NET One Systems Co., Ltd.		1,168,332
	8,800	NGK Insulators, Ltd.		127,844
	8,500	Nichiha Corp.		234,223
	149,800	Nihon Kohden Corp.		4,452,654
	37,500	Nihon Unisys, Ltd.		993,360
	24,100	Nikkiso Co., Ltd.		281,314
	51,500	Nippon Electric Glass Co., Ltd.		1,365,610
	434,000	Nippon Light Metal Holdings Co., Ltd.		952,812
	56,200	Nippon Soda Co., Ltd.		1,484,653
	204,700	Nippon Telegraph & Telephone Corp.		8,697,693
	113,100	Nipro Corp.‡		1,460,179
	305,100	Nissan Motor Co., Ltd.‡		2,503,427
	34,900	Nisshin Oillio Group, Ltd. (The)		1,031,061
	171,400	Nisshinbo Holdings, Inc.‡		1,497,437
	4,900	Nissin Electric Co., Ltd.		44,934
	20,700	Nissin Foods Holdings Co., Ltd.		1,421,331
	44,500	Nissin Kogyo Co., Ltd.		557,632
	30,900	Nitto Denko Corp.		1,623,377
	37,400	Nohmi Bosai, Ltd.		611,254
	11,400	Nomura Co., Ltd.		321,344
	105,600	Nomura Research Institute, Ltd.		4,798,916
	307,841	North Pacific Bank, Ltd.		770,402
	232,500	NSK, Ltd.		2,178,276
	675,200	NTN Corp.‡		2,000,864
	107,100	NTT Data Corp.		1,181,453
	53,400	Obic Co., Ltd.		5,384,144
	67,100	Oki Electric Industry Co., Ltd.‡		792,942
	47,200	Olympus Corp.		512,575
	93,900	Omron Corp.‡		4,394,471
	50,200	Ono Pharmaceutical Co., Ltd.		983,727
	11,600	Oracle Corp. Japan		778,678
	372,900	ORIX Corp.		5,355,058
	27,600	Otsuka Holdings Co., Ltd.		1,084,450
	112,200	Pan Pacific International Holdings Corp.		7,430,329
	334,000	Panasonic Corp.		2,879,368
	29,600	Prima Meat Packers, Ltd.		549,292
	367,200	Recruit Holdings Co., Ltd.		10,486,689
	79,700	Relia, Inc.		694,859
	178,800	Renesas Electronics Corp.*		827,082
	714,000	Resona Holdings, Inc.		3,094,419
	133,000	Rohto Pharmaceutical Co., Ltd.		3,414,970
	24,800	Royal Holdings Co., Ltd.		620,196
	15,400	Ryobi, Ltd.		345,608

See accompanying Notes to the Financial Statements.

64

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Japan — continued
	7,700	Sankyu, Inc.		375,661
	359,400	Santen Pharmaceutical Co., Ltd.		5,354,389
	61,800	Sanwa Holdings Corp.		735,335
	3,300	Sanyo Denki Co., Ltd.		118,363
	28,400	Sawai Pharmaceutical Co., Ltd.		1,644,703
	29,500	SCREEN Holdings Co., Ltd.‡		1,188,689
	21,100	SCSK Corp.		940,764
	73,600	Secom Co., Ltd.		6,305,057
	55,400	Seibu Holdings, Inc.		969,506
	82,500	Seiko Epson Corp.‡		1,263,383
	512,700	Senshu Ikeda Holdings, Inc.		1,315,506
	60,500	Seven & i Holdings Co., Ltd.		2,282,586
	47,100	Shin-Etsu Chemical Co., Ltd.		3,948,936
	46,000	Shin-Etsu Polymer Co., Ltd.		339,956
	35,500	Shindengen Electric Manufacturing Co., Ltd.		1,310,182
	177,200	Shinsei Bank, Ltd.		2,521,480
	21,400	Shionogi & Co., Ltd.		1,324,776
	107,000	Shiseido Co., Ltd.		7,721,091
	45,900	Showa Corp.		585,543
	9,500	SMC Corp./Japan		3,564,485
	50,000	Sohgo Security Services Co., Ltd.‡		2,177,350
	896,700	Sojitz Corp.		3,159,534
	110,000	Sompo Holdings, Inc.		4,072,639
	32,900	Star Micronics Co., Ltd.		500,849
	558,300	Sumitomo Chemical Co., Ltd.		2,597,683
	183,400	Sumitomo Corp.		2,536,797
	136,600	Sumitomo Electric Industries, Ltd.		1,812,324
	101,600	Sumitomo Mitsui Financial Group, Inc.		3,557,859
	125,700	Sumitomo Rubber Industries, Ltd.‡		1,508,150
	32,900	Sumitomo Warehouse Co., Ltd. (The)‡		414,650
	110,900	Suruga Bank, Ltd.* ‡		513,996
	5,900	Sushiro Global Holdings, Ltd.		406,180
	51,200	Systena Corp.		556,014
	32,600	T Hasegawa Co., Ltd.‡		525,735
	85,000	T&D Holdings, Inc.		893,888
	30,900	Taiheiyo Cement Corp.		1,030,140
	21,600	Taikisha, Ltd.		656,674
	173,704	Takeda Pharmaceutical Co., Ltd., ADR		3,538,350
	148,300	Teijin, Ltd.		2,446,545
	447,400	Terumo Corp.		13,662,303
	10,500	TIS, Inc.		497,086
	90,700	Tohoku Electric Power Co., Inc.		1,157,053
	121,100	Tokai Tokyo Financial Holdings, Inc.		438,732
	83,400	Tokio Marine Holdings, Inc.		4,040,211
	198,000	Tokyo Electric Power Co. Holdings, Inc.*		1,252,202
	8,700	Tokyo Electron, Ltd.		1,257,623
	61,300	Tokyo Gas Co., Ltd.		1,657,872
	63,500	Tokyu Construction Co., Ltd.		476,171
	92,000	Tokyu Corp.		1,606,686

See accompanying Notes to the Financial Statements.

65

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Japan — continued
	47,500	Topcon Corp.		560,464
	52,100	Tosoh Corp.		810,084
	64,500	Towa Pharmaceutical Co., Ltd.‡		1,697,506
	24,600	Toyo Ink SC Holdings Co., Ltd.		552,297
	146,400	Toyo Suisan Kaisha, Ltd.		5,575,064
	70,700	Toyoda Gosei Co., Ltd.		1,497,229
	65,800	Toyota Motor Corp.		3,856,391
	64,300	TS Tech Co., Ltd.		1,850,255
	14,800	Tsubakimoto Chain Co.		528,166
	88,300	Ube Industries, Ltd.		1,814,903
	33,900	Ulvac, Inc.‡		980,079
	58,400	Unipres Corp.		912,261
	13,800	Universal Entertainment Corp.‡		416,425
	72,770	USS Co., Ltd.		1,350,405
	4,900	V Technology Co., Ltd.‡		621,105
	25,700	Valor Holdings Co., Ltd.		622,735
	31,600	WATAMI Co., Ltd.		460,218
	78,400	Yamaha Motor Co., Ltd.		1,537,755
	165,100	Yokogawa Electric Corp.		3,417,302
	73,000	Yokohama Rubber Co., Ltd. (The)		1,355,992
		Total Japan		454,401,682
		Luxembourg — 0.6%
	75,944	ArcelorMittal		1,539,873
	1,678,774	B&M European Value Retail SA		8,172,602
	76,390	SES SA Class A Fiduciary, ADR		1,189,263
	99,841	Subsea 7 SA		1,237,056
		Total Luxembourg		12,138,794
		Malaysia — 0.1%
	748,700	Tenaga Nasional Bhd		2,321,749
		Netherlands — 4.8%
	10,390	Adyen NV*		8,143,154
	846,180	Aegon NV		4,070,370
	19	AerCap Holdings NV*		884
	45,382	Akzo Nobel NV		4,025,107
	30,650	Arcadis NV‡		477,685
	50,696	ASML Holding NV		9,517,693
	32,439	ASR Nederland NV		1,351,335
	18,923	Core Laboratories NV		1,304,362
	14,999	Euronext NV		951,552
	84,175	Heineken NV		8,892,055
	146,400	ING Groep NV		1,772,730
	121,830	InterXion Holding NV*		8,129,716
	150,800	Koninklijke Ahold Delhaize NV		4,017,254
	91,545	Koninklijke DSM NV		9,987,202
	855,453	Koninklijke KPN NV		2,714,501
	91,850	Koninklijke Philips NV		3,745,303

See accompanying Notes to the Financial Statements.

66

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Netherlands — continued
	55,537	Koninklijke Philips NV ADR		2,269,242
	29,468	Koninklijke Volkerwessels NV		608,160
	30,295	Koninklijke Vopak NV		1,451,154
	139,712	NN Group NV		5,809,104
	26,267	Randstad NV‡		1,282,100
	94,386	SBM Offshore NV		1,796,913
	155,156	Signify NV		4,155,073
	89,100	STMicroelectronics NV ADR		1,323,135
	125,377	Unilever NV		7,289,565
	45,846	Wolters Kluwer NV		3,124,725
	170,980	Yandex NV Class A*		5,871,453
		Total Netherlands		104,081,527
		New Zealand — 0.1%
	251,580	Air New Zealand, Ltd.		434,949
	363,746	SKY Network Television, Ltd.		320,016
	275,288	Trade Me Group, Ltd.		1,205,332
	78,410	Z Energy, Ltd.		334,757
		Total New Zealand		2,295,054
		Norway — 0.8%
	100,400	Austevoll Seafood ASA		1,189,187
	315,447	DNB ASA		5,816,919
	70,993	Elkem ASA*		251,933
	170,559	Equinor ASA		3,740,312
	30,048	Equinor ASA, ADR		660,154
	105,666	Norwegian Finans Holding ASA*		822,103
	30,370	Ocean Yield ASA‡		225,352
	87,267	Orkla ASA		670,848
	69,427	SpareBank 1 SMN‡		704,622
	209,533	Storebrand ASA		1,633,616
	43,589	Telenor ASA		874,149
		Total Norway		16,589,195
		Philippines — 0.0%
	6,261,800	Vista Land & Lifescapes, Inc.		862,175
		Poland — 0.1%
	521,100	PGE Polska Grupa Energetyczna SA*		1,351,053
		Portugal — 0.0%
	782,528	Banco Espirito Santo SA* **** ¤ ^		—
	247,142	Sonae SGPS SA		255,858
		Total Portugal		255,858
		Russia — 0.4%
	426,500	Gazprom PJSC, ADR		1,925,221
	29,100	LUKOIL PJSC, ADR		2,601,831

See accompanying Notes to the Financial Statements.

67

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Russia — continued
	92,600	MMC Norilsk Nickel PJSC, ADR		1,955,712
	26,100	Tatneft PJSC, ADR		1,806,120
		Total Russia		8,288,884
		Singapore — 0.2%
	171,000	United Overseas Bank, Ltd.		3,180,133
	1,713,900	Yangzijiang Shipbuilding Holdings, Ltd.		1,898,007
		Total Singapore		5,078,140
		South Africa — 0.1%
	1,003,000	Old Mutual, Ltd.		1,472,943
		South Korea — 0.5%
	62,900	Kia Motors Corp.		1,958,871
	150,725	Samsung Electronics Co., Ltd.		5,928,880
	8,800	SK Telecom Co., Ltd.		1,949,784
		Total South Korea		9,837,535
		Spain — 2.1%
	191,197	Amadeus IT Group SA		15,328,547
	614,700	Banco Santander SA		2,860,599
	38,971	Cia de Distribucion Integral Logista Holdings SA		918,930
	334,800	Distribuidora Internacional de Alimentacion SA‡		244,730
	200,300	Ence Energia y Celulosa SA		1,115,538
	64,465	Endesa SA		1,646,024
	498,640	Iberdrola SA		4,381,761
	363,227	International Consolidated Airlines Group SA		2,423,312
	20,191	Let’s GOWEX SA* **** ¤ ^ ‡		—
	564,700	Mapfre SA		1,557,284
	51,575	Naturgy Energy Group SA		1,443,721
	596,506	Repsol SA		10,220,945
	428,784	Telefonica SA		3,596,025
		Total Spain		45,737,416
		Sweden — 2.8%
	53,122	AF POYRY AB* ‡		887,724
	45,458	Axfood AB		847,868
	156,571	Boliden AB		4,466,560
	161,429	Cloetta AB Class B		417,700
	67,233	Getinge AB		784,662
	183,501	Hexagon AB Class B		9,595,160
	52,161	Hexpol AB		439,488
	95,264	Lindab International AB		868,903
	264,247	Lundin Petroleum AB		8,968,438
	72,244	Nyfosa AB*		433,839
	128,773	Resurs Holding AB		799,686
	189,200	Sandvik AB		3,080,138
	645,800	SAS AB*		1,302,002

See accompanying Notes to the Financial Statements.

68

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Sweden — continued
	171,900	SKF AB Class B‡		2,861,510
	373,358	Svenska Handelsbanken AB Class A‡		3,948,812
	108,375	Swedbank AB Class A		1,534,727
	33,519	Swedish Match AB		1,712,576
	34,165	Swedish Orphan Biovitrum AB*		803,358
	1,129,028	Telefonaktiebolaget LM Ericsson Class B		10,397,677
	75,051	Telefonaktiebolaget LM Ericsson Class B, ADR		688,968
	13,317	Vitrolife AB		303,876
	268,900	Volvo AB Class B‡		4,174,701
		Total Sweden		59,318,373
		Switzerland — 8.5%
	14,476	Ascom Holding AG		193,905
	9,800	Autoneum Holding AG‡		1,129,672
	79	BKW AG		5,386
	62	Chocoladefabriken Lindt & Spruengli AG		421,468
	43,412	Cie Financiere Richemont SA		3,162,071
	112,500	Credit Suisse Group AG*		1,310,937
	4,795	Geberit AG		1,959,599
	6,440	Givaudan SA		16,450,808
	918	Inficon Holding AG* ‡		511,127
	30,042	Julius Baer Group, Ltd.*		1,213,565
	37,890	Lonza Group AG*		11,748,601
	34,290	Nestle SA, ADR		3,268,523
	319,718	Nestle SA		30,466,149
	230,352	Novartis AG		22,153,946
	57,700	Novartis AG, ADR		5,547,278
	142,447	Roche Holding AG		39,241,224
	9,370	Schindler Holding AG		1,941,930
	2,794	SGS SA		6,952,035
	61,600	Sika AG		8,603,836
	12,800	Swiss Life Holding AG*		5,635,907
	46,900	Swiss Re AG		4,581,215
	5,400	Swisscom AG‡		2,640,627
	7,465	Temenos AG*		1,100,374
	715,947	UBS Group AG*		8,677,056
	15,200	Zurich Insurance Group AG		5,030,545
		Total Switzerland		183,947,784
		Taiwan — 0.6%
	565,000	Charoen Pokphand Enterprise		949,595
	1,419,000	Compeq Manufacturing Co., Ltd.		1,091,167
	940,000	Fubon Financial Holding Co., Ltd.		1,402,962
	258,238	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		10,577,429
		Total Taiwan		14,021,153

See accompanying Notes to the Financial Statements.

69

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Thailand — 0.1%
	16,831,100	Quality Houses PCL Class F ¤		1,569,877
	16,156,000	Sansiri PCL Class F ¤		666,909
		Total Thailand		2,236,786
		Turkey — 0.1%
	278,300	TAV Havalimanlari Holding AS		1,149,731
		United Kingdom — 14.3%
	339,008	3i Group Plc		4,350,300
	98,576	Aggreko Plc		1,011,154
	172,385	Anglo American Plc‡		4,612,702
	91,678	Ashtead Group Plc		2,213,016
	30,658	Associated British Foods Plc		974,354
	211,713	AstraZeneca Plc, ADR		8,559,557
	165,920	AstraZeneca Plc		13,264,001
	148,250	Avast Plc*		547,271
	20,895	AVEVA Group Plc		878,351
	262,527	Babcock International Group Plc		1,688,194
	1,191,636	BAE Systems Plc		7,490,523
	280,200	Barratt Developments Plc		2,187,767
	48,300	Bellway Plc		1,916,442
	33,600	Berkeley Group Holdings Plc		1,615,136
	148,850	BHP Group Plc, ADR		7,186,478
	1,177,100	BP Plc		8,566,388
	84,523	British American Tobacco Plc, ADR		3,526,300
	18,857	British American Tobacco Plc		784,818
	129,300	Britvic Plc		1,604,814
	1,192,600	BT Group Plc		3,464,683
	937,313	Centamin Plc		1,088,237
	1,284,086	Centrica Plc		1,910,827
	619,383	Compass Group Plc		14,563,890
	208,800	Crest Nicholson Holdings Plc		1,006,685
	19,574	Croda International Plc		1,284,988
	641,621	Diageo Plc		26,235,705
	751,600	Dixons Carphone Plc		1,437,229
	44,534	EMIS Group Plc		609,315
	1,308,680	EnQuest Plc*		324,343
	301,893	Experian Plc		8,178,408
	91,295	Ferrexpo Plc		294,550
	701,600	Firstgroup Plc*		831,483
	76,465	Galliford Try Plc		664,086
	178,868	GlaxoSmithKline Plc, ADR		7,474,894
	405,272	GlaxoSmithKline Plc		8,432,539
	47,696	Greggs Plc		1,142,944
	361,694	Halma Plc		7,880,228
	240,893	Hammerson Plc REIT		1,054,062
	49,999	IG Group Holdings Plc		338,786
	356,913	IMI Plc		4,455,425
	112,000	Imperial Brands Plc		3,830,239

See accompanying Notes to the Financial Statements.

70

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Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		United Kingdom — continued
	201,900	Inchcape Plc		1,502,220
	30,282	InterContinental Hotels Group Plc		1,821,032
	90,357	Intertek Group Plc		5,718,619
	278,234	IWG Plc		903,482
	641,500	J Sainsbury Plc		1,970,232
	3,370	KAZ Minerals Plc		28,693
	973,798	Kingfisher Plc		2,979,396
	5,315,800	Lloyds Banking Group Plc		4,304,286
	180,980	London Stock Exchange Group Plc		11,204,096
	569,000	Man Group Plc		1,006,870
	676,700	Marks & Spencer Group Plc		2,459,268
	309,291	Meggitt Plc		2,026,393
	46,200	Micro Focus International Plc, ADR		1,191,498
	484,800	Mitchells & Butlers Plc*		1,710,695
	256,118	Moneysupermarket.com Group Plc		1,241,827
	55,240	National Grid Plc, ADR		3,084,602
	277,200	Paragon Banking Group Plc		1,574,134
	12,912	Pearson Plc, ADR		141,774
	201,790	Petrofac, Ltd.		1,287,893
	530,254	Pets at Home Group Plc		1,095,843
	40,305	Prudential Plc, ADR		1,621,067
	1,132,996	QinetiQ Group Plc		4,446,769
	334,333	Quilter Plc		639,712
	146,326	Reckitt Benckiser Group Plc		12,168,570
	222,500	Redrow Plc*		1,742,472
	146,472	RELX Plc*		3,133,079
	192,666	RELX Plc (London Exchange)		4,121,043
	11,123	Renishaw Plc		537,141
	245,328	Rentokil Initial Plc		1,129,411
	226,599	Restaurant Group Plc (The)		348,418
	84,972	Rightmove Plc		564,686
	64,435	Rio Tinto Plc		3,745,547
	201,064	Rio Tinto Plc, ADR		11,832,616
	130,625	Rotork Plc		481,357
	280,600	Royal Dutch Shell Plc Class B		8,877,641
	275,200	Royal Mail Plc		854,543
	66,039	Safestore Holdings Plc REIT		513,301
	70,752	Savills Plc		833,890
	376,251	Senior Plc		1,069,778
	358,442	Smith & Nephew Plc		7,113,446
	93,606	Spectris Plc		3,061,531
	62,690	Spirax-Sarco Engineering Plc		5,873,384
	790,500	Stagecoach Group Plc		1,582,174
	181,500	Tate & Lyle Plc		1,716,544
	1,395,319	Taylor Wimpey Plc		3,189,981
	39,292	Ultra Electronics Holdings Plc		817,143
	72,420	Unilever Plc, ADR		4,180,082
	64,304	UNITE Group Plc (The) REIT		768,786
	1,296,195	Vodafone Group Plc		2,361,232

See accompanying Notes to the Financial Statements.

71

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		United Kingdom — continued
	690,051	Wm Morrison Supermarkets Plc		2,046,064
		Total United Kingdom		308,105,373
		United States — 2.0%
	65,666	Analog Devices, Inc.		6,912,660
	31,396	ANSYS, Inc.*		5,736,363
	202,754	Cadence Design Systems, Inc.*		12,876,907
	124,025	Colgate-Palmolive Co.		8,500,673
	44,253	DENTSPLY SIRONA, Inc.		2,194,506
	—	International Flavors & Fragrances, Inc.		57
	27,359	Nordson Corp.		3,625,615
	1,876	NVIDIA Corp.		336,855
	36,658	Texas Instruments, Inc.		3,888,314
		Total United States		44,071,950
		TOTAL COMMON STOCKS (COST $1,887,749,184)		2,013,777,878
		INVESTMENT COMPANIES — 1.0%
		United States — 1.0%
	297,594	iShares MSCI EAFE ETF		19,301,947
	29,600	iShares MSCI Eurozone ETF		1,142,560
		Total United States		20,444,507
		TOTAL INVESTMENT COMPANIES (COST $19,017,986)		20,444,507
		PREFERRED STOCKS — 1.0%
		Brazil — 0.1%
	517,660	Itausa — Investimentos Itau SA, 3.44%		1,593,537
		Germany — 0.9%
	149,521	Henkel AG & Co. KGaA, 2.16%		15,277,957
	29,593	Porsche Automobil Holding SE, 3.08%		1,858,802
	79,983	Schaeffler AG, 7.65%		650,935
	14,800	Volkswagen AG, 2.83%		2,331,862
		Total Germany		20,119,556
		Sweden — 0.0%
	23,917	Klovern AB, 6.02%		868,978
		TOTAL PREFERRED STOCKS (COST $24,557,534)		22,582,071
		RIGHTS — 0.0%
		Sweden — 0.0%
	55,121	AF POYRY AB* ‡		112,912
		TOTAL RIGHTS (COST $—)		112,912

See accompanying Notes to the Financial Statements.

72

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 2.8%
			Mutual Fund - Securities Lending Collateral — 2.6%
	56,574,708		State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.39%## ***		56,574,708
			U.S. Government and Agency Obligations — 0.2%
	4,000,000		United States Treasury Bill, 2.41%, due 09/12/19** ‡‡		3,956,950
			TOTAL SHORT-TERM INVESTMENTS (COST $60,530,136)		60,531,658
			TOTAL INVESTMENTS — 98.2% (Cost $1,991,854,840)		2,117,449,026
			Other Assets and Liabilities (net) — 1.8%		38,135,820
			NET ASSETS — 100.0%	$2,155,584,846
			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 March 31, 2019.
		*	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 year end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $1,457,972.
		¤	Illiquid security. The total market value of the securities at year end is $2,236,786 which represents 0.1% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $3,575,553.
		^	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 Financial Statements.

73

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	20,179,100	JPY	2,204,429,000		08/22/19	Citibank N.A.	$	42,087

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
	678	MSCI EAFE Index	Jun 2019	$	63,270,960	$	1,374,326

See accompanying Notes to the Financial Statements.

74

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Industry Sector Summary (Unaudited)	% of Net Assets
Pharmaceuticals		8.5
Banks		5.6
Insurance		5.4
Food		4.7
Chemicals		4.5
Commercial Services		3.9
Oil & Gas		3.9
Software		3.8
Beverages		3.3
Telecommunications		3.3
Electric		3.1
Cosmetics & Personal Care		2.9
Mining		2.7
Semiconductors		2.6
Health Care — Products		2.4
Electronics		2.2
Machinery — Diversified		2.0
Retail		1.8
Internet		1.6
Auto Manufacturers		1.5
Building Materials		1.5
Diversified Financial Services		1.5
Real Estate		1.5
Household Products & Wares		1.3
Apparel		1.2
Auto Parts & Equipment		1.2
Electrical Components & Equipment		1.2
Aerospace & Defense		1.1
Computers		1.1
Distribution & Wholesale		1.1
Machinery — Construction & Mining		1.0
Unaffiliated Funds		1.0
Agriculture		0.9
Miscellaneous — Manufacturing		0.9
Airlines		0.8
Engineering & Construction		0.7
Food Service		0.7
Home Builders		0.7
Metal Fabricate & Hardware		0.7
REITS		0.7
Biotechnology		0.6
Transportation		0.6
Iron & Steel		0.5
Media		0.5
Gas		0.4
Oil & Gas Services		0.4
Forest Products & Paper		0.3
Hand & Machine Tools		0.2
Holding Companies — Diversified		0.2
Office & Business Equipment		0.2
Private Equity		0.2

See accompanying Notes to the Financial Statements.

75

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Industry Sector Summary (Unaudited)	% of Net Assets
Energy-Alternate Sources		0.1
Home Furnishings		0.1
Leisure Time		0.1
Lodging		0.1
Packaging & Containers		0.1
Pipelines		0.1
Shipbuilding		0.1
Water		0.1
Advertising		0.0
Entertainment		0.0
Housewares		0.0
Storage/Warehousing		0.0
Trucking & Leasing		0.0
Short-Term Investments and Other Assets and Liabilities (net)		4.6
		100.0	%

See accompanying Notes to the Financial Statements.

76

Mercer Core Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		DEBT OBLIGATIONS — 97.6%
		Asset Backed Securities — 14.3%
	165,768	AccessLex Institute, Series 2005-1, Class A4, 2.82% (3 mo. USD LIBOR plus 0.210%), due 06/22/37†		160,699
	559,617	AccessLex Institute, Series 2006-1, Class A3, 2.85% (3 mo. USD LIBOR plus 0.200%), due 08/25/37†		548,329
	240,487	AccessLex Institute, Series 2007-A, Class A3, 2.95% (3 mo. USD LIBOR plus 0.300%), due 05/25/36†		237,193
	290,000	Ally Auto Receivables Trust, Series 2017-4, Class A4, 1.96%, due 07/15/22		287,093
	563,000	Ally Master Owner Trust, Series 2018-1, Class A2, 2.70%, due 01/17/23		562,896
	250,000	ALM CLO VIII, Ltd., Series 2013-8A, Class A1R, 4.28% (3 mo. USD LIBOR plus 1.490%), due 10/15/28† 144A		250,175
	200,000	AmeriCredit Automobile Receivables Trust, Series 2017-3, Class C, 2.69%, due 06/19/23		199,550
	500,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.60%, due 09/18/23		497,553
	400,000	AmeriCredit Automobile Receivables Trust, Series 2018-1, Class C, 3.50%, due 01/18/24		405,586
	170,000	AmeriCredit Automobile Receivables Trust, Series 2018-2, Class C, 3.59%, due 06/18/24		172,909
	141,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class C, 3.74%, due 10/18/24		144,331
	100,000	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, due 02/18/25		100,845
	200,000	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, due 02/18/25		202,009
	375,250	Applebee’s Funding LLC/IHOP Funding LLC, Series 2014-1, Class A2, 4.28%, due 09/05/44 144A		377,057
	251,550	Arbys Funding LLC, Series 2015-1A, Class A2, 4.97%, due 10/30/45 144A		258,318
	258,365	Asset Backed Securities Corp Home Equity Loan Trust, Series 2003-HE7, Class M1, 3.46% (1 mo. USD LIBOR plus 0.975%), due 12/15/33†		259,106
	72,486	Asset-Backed Pass-Through Certificates, Series 2004-R2, Class A1A, 3.18% (1 mo. USD LIBOR plus 0.690%), due 04/25/34†		72,830
	1,000,000	Atlas Senior Loan Fund CLO V, Ltd., Series 2014-1A, Class AR2, 4.04% (3 mo. USD LIBOR plus 1.260%), due 07/16/29† 144A		996,501
	167,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.45%, due 03/20/23 144A		168,943
	250,000	Battalion CLO VIII, Ltd., Series 2015-8A, Class A1R, 4.12% (3 mo. USD LIBOR plus 1.340%), due 07/18/30† 144A		250,094
	500,000	Battalion CLO X, Ltd., Series 2016-10A, Class A1, 4.33% (3 mo. USD LIBOR plus 1.550%), due 01/24/29† 144A		500,125
	402	Bear Stearns Asset Backed Securities Trust, Series 2004-SD3, Class A3, 3.63% (1 mo. USD LIBOR plus 1.140%), due 09/25/34†		403
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class A1, 4.04% (3 mo. USD LIBOR plus 1.250%), due 10/15/30† 144A		249,515
	250,000	BlueMountain CLO, Ltd., Series 2015-1A, Class A1R, 4.13% (3 mo. USD LIBOR plus 1.330%), due 04/13/27† 144A		250,066
	5,000	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.99%, due 07/17/23		4,959

See accompanying Notes to the Financial Statements.

77

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	Carlyle Global Market Strategies CLO, Ltd., Series 2012-4A, Class AR, 4.21% (3 mo. USD LIBOR plus 1.450%), due 01/20/29† 144A		500,119
	500,000	Carlyle Global Market Strategies CLO, Ltd., Series 2017-1A, Class A1B, 3.99% (3 mo. USD LIBOR plus 1.230%), due 04/20/31† 144A		499,491
	255,000	CarMax Auto Owner Trust, Series 2018-1, Class A3, 2.48%, due 11/15/22		254,620
	930,000	Citibank Credit Card Issuance Trust, Series 2018-A1, Class A1, 2.49%, due 01/20/23		928,971
	1,300,000	Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30		1,394,750
	253,521	CLI Funding LLC, Series 2018-1A, Class A, 4.03%, due 04/18/43 144A		255,600
	292,000	CNH Equipment Trust, Series 2018-B, Class A3, 3.19%, due 11/15/23		295,394
	324,225	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		330,667
	223,000	Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 2.80% (3 mo. USD LIBOR plus 0.200%), due 03/28/35†		211,201
	627,737	Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 144A		618,740
	380,183	CSMC Trust, Series 2018-RPL8, Class A1, 4.13%, due 07/25/58◆◆ 144A		382,261
	326,400	DB Master Finance LLC, Series 2015-1A, Class A2II, 3.98%, due 02/20/45 144A		326,765
	1,087,238	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, due 11/20/47 144A		1,089,347
	148,125	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A		148,901
	496,000	DB Master Finance LLC, Series 2019-1A, Class A2I, 3.79%, due 05/20/49†††† 144A		499,819
	245,000	DLL LLC, Series 2018-ST2, Class A3, 3.46%, due 01/20/22 144A		247,553
	384,150	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A		390,614
	853,010	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2I, 4.02% (3 mo. USD LIBOR plus 1.250%), due 07/25/47† 144A		853,078
	601,455	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I, 4.12%, due 07/25/48 144A		612,044
	314,579	Drive Auto Receivables Trust, Series 2018-1, Class B, 2.88%, due 02/15/22		314,603
	333,788	Driven Brands Funding LLC, Series 2015-1A, Class A2, 5.22%, due 07/20/45 144A		346,652
	326,000	Enterprise Fleet Financing LLC, Series 2018-3, Class A2, 3.38%, due 05/20/24 144A		328,953
	490,000	Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, due 03/15/23 144A		493,084
	127,725	FOCUS Brands Funding LLC, Series 2017-1A, Class A2I, 3.86%, due 04/30/47 144A		130,077
	113,000	Ford Credit Auto Owner Trust, Series 2017-B, Class A4, 1.87%, due 09/15/22		111,446
	285,000	Ford Credit Auto Owner Trust, Series 2017-C, Class A4, 2.16%, due 03/15/23		282,427
	350,000	Ford Credit Auto Owner Trust, Series 2018-B, Class A3, 3.24%, due 04/15/23		354,263
	1,900,000	Ford Credit Floorplan Master Owner Trust, Series 2018-2, Class A, 3.17%, due 03/15/25		1,929,768
	2,564,000	Ford Credit Floorplan Master Owner Trust, Series 2018-3, Class A1, 3.52%, due 10/15/23		2,613,378
	201,541	Fremont Home Loan Trust, Series 2004-B, Class M1, 3.36% (1 mo. USD LIBOR plus 0.870%), due 05/25/34†		200,274
	100,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, due 06/17/24		101,659
	1,245,000	GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.97%, due 11/16/23		1,255,586
	936,000	Goal Capital Funding Trust, Series 2005-2, Class A4, 2.85% (3 mo. USD LIBOR plus 0.200%), due 08/25/44†		920,751
	390,000	Golden Credit Card Trust, Series 2018-1A, Class A, 2.62%, due 01/15/23 144A		389,548
	259,567	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A		257,677
	104,351	Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32 144A		105,859

See accompanying Notes to the Financial Statements.

78

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	194,138	Home Equity Asset Trust, Series 2003-8, Class M1, 3.57% (1 mo. USD LIBOR plus 1.080%), due 04/25/34†		195,020
	125,000	Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.87%, due 09/15/23		123,353
	145,000	Honda Auto Receivables Owner Trust, Series 2017-3, Class A4, 1.98%, due 11/20/23		143,366
	226,000	Honda Auto Receivables Owner Trust, Series 2018-2, Class A3, 3.01%, due 05/18/22		227,444
	170,000	Honda Auto Receivables Owner Trust, Series 2018-3, Class A3, 2.95%, due 08/22/22		171,204
	221,000	Hyundai Auto Receivables Trust, Series 2018-B, Class A3, 3.20%, due 12/15/22		223,467
	500,000	ICG US CLO, Ltd., Series 2017-2A, Class A1, 4.05% (3 mo. USD LIBOR plus 1.280%), due 10/23/29† 144A		498,301
	572,107	Invitation Homes Trust, Series 2018-SFR1, Class A, 3.18%, due 03/17/37◆◆ 144A		565,306
	188,336	KeyCorp Student Loan Trust, Series 2004-A, Class 1A2, 3.00% (3 mo. USD LIBOR plus 0.240%), due 10/27/42†		183,209
	500,000	Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 144A		495,688
	735,452	Limerock CLO III LLC, Series 2014-3A, Class A1R, 3.96% (3 mo. USD LIBOR plus 1.200%), due 10/20/26† 144A		735,728
	2,370,000	Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A4, 1.46%, due 12/15/22		2,340,661
	750,000	MidOcean Credit CLO III, Series 2014-3A, Class A1R, 3.88%, due 04/21/31◆◆ 144A		740,224
	165,180	Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.50%, due 08/25/58◆◆ 144A		166,971
	210,000	MMAF Equipment Finance LLC, Series 2017-B, Class A3, 2.21%, due 10/17/22 144A		208,489
	161,000	MMAF Equipment Finance LLC, Series 2019-A, Class A3, 2.84%, due 11/13/23 144A		161,546
	147,505	Morgan Stanley ABS Capital I, Inc., Series 2003-NC10, Class M1, 3.51% (1 mo. USD LIBOR plus 1.020%), due 10/25/33†		146,445
	74,530	Morgan Stanley ABS Capital I, Inc., Series 2003-NC7, Class M1, 3.54% (1 mo. USD LIBOR plus 1.050%), due 06/25/33†		75,470
	217,237	MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/36 144A		220,446
	408,521	Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/45 144A		417,888
	419,000	Nelnet Student Loan Trust, Series 2006-1, Class A6, 3.10% (3 mo. USD LIBOR plus 0.450%), due 08/23/36† 144A		410,795
	242,761	New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.21% (1 mo. USD LIBOR plus 0.720%), due 10/25/33† 144A		237,720
	236,277	New Residential Mortgage LLC, Series 2018-FNT1, Class A, 3.61%, due 05/25/23 144A		238,515
	148,234	New Residential Mortgage LLC, Series 2018-FNT2, Class A, 3.79%, due 07/25/54 144A		149,544
	401,021	NewResidential Mortgage Loan Trust, Series 2018-1A, Class A1A, 4.00%, due 12/25/57◆◆ 144A		410,859
	120,000	NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A2, 3.22%, due 02/15/23 144A		120,491
	2,050,000	NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.69%, due 10/15/23 144A		2,087,576
	330,000	Nissan Auto Receivables Owner Trust, Series 2017-B, Class A4, 1.95%, due 10/16/23		326,248
	600,000	North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3.57% (3 mo. USD LIBOR plus 0.800%), due 07/25/36†		605,826
	91,546	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.19%, due 01/25/23 144A		91,182

See accompanying Notes to the Financial Statements.

79

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	237,859	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS2, Class A, 3.27%, due 02/25/23 144A		237,832
	250,000	OCP CLO, Ltd., Series 2017-13A, Class A1A, 4.05% (3 mo. USD LIBOR plus 1.260%), due 07/15/30† 144A		250,107
	1,300,000	OneMain Direct Auto Receivables Trust, Series 2017-2A, Class B, 2.55%, due 11/14/23 144A		1,292,386
	300,000	OneMain Direct Auto Receivables Trust, Series 2017-2A, Class C, 2.82%, due 07/15/24 144A		298,434
	700,000	OneMain Financial Issuance Trust, Series 2017-1A, Class A2, 3.29% (1 mo. USD LIBOR plus 0.800%), due 09/14/32† 144A		702,513
	170,000	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, due 03/14/29 144A		170,894
	108,000	Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, due 02/15/27 144A		109,320
	750,000	OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 4.01% (3 mo. USD LIBOR plus 1.250%), due 10/22/30† 144A		744,940
	750,000	OZLM IX CLO, Ltd., Series 2014-9A, Class A1AR, 3.75% (1 mo. USD LIBOR plus 1.280%), due 10/20/31† 144A		745,969
	250,000	OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 4.00% (1 mo. USD LIBOR plus 1.250%), due 10/30/30† 144A		248,057
	750,000	OZLM XV CLO, Ltd., Series 2016-15A, Class A1, 4.25% (3 mo. USD LIBOR plus 1.490%), due 01/20/29† 144A		750,198
	750,000	Palmer Square CLO Ltd., Series 2018-2A, Class A1A, 3.88%, due 07/16/31◆◆ 144A		741,061
	500,000	Palmer Square CLO, Ltd., Series 2015-1A, Class A1R, 3.94% (3 mo. USD LIBOR plus 1.300%), due 05/21/29† 144A		500,054
	240,000	PFS Financing Corp., Series 2018-B, Class A, 2.89%, due 02/15/23 144A		239,723
	650,000	Progress Residential Trust, Series 2019-SFR1, Class A, 3.42%, due 08/17/35 144A		656,855
	9,725	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35††		9,903
	250,000	Romark CLO II, Ltd., Series 2018-2A, Class A1, 3.95%, due 07/25/31◆◆ 144A		247,345
	300,000	Santander Drive Auto Receivables Trust, Series 2017-3, Class C, 2.76%, due 12/15/22		299,562
	300,000	Santander Drive Auto Receivables Trust, Series 2018-1, Class C, 2.96%, due 03/15/24		300,313
	500,000	Santander Drive Auto Receivables Trust, Series 2018-2, Class C, 3.35%, due 07/17/23		502,635
	430,000	Santander Drive Auto Receivables Trust, Series 2018-3, Class C, 3.51%, due 08/15/23		432,642
	500,000	Santander Drive Auto Receivables Trust, Series 2018-5, Class C, 3.81%, due 12/16/24		507,718
	295,543	Saxon Asset Securities Trust, Series 2005-1, Class M1, 3.13% (1 mo. USD LIBOR plus 0.690%), due 05/25/35†		293,312
	130,973	Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A, 3.50%, due 06/20/35 144A		132,633
	154,000	Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A, 3.20%, due 01/20/36 144A		155,047
	500,000	Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 4.00% (3 mo. USD LIBOR plus 1.240%), due 07/20/30† 144A		498,285
	105,186	SLM Private Credit Student Loan Trust, Series 2006-A, Class A5, 2.90% (3 mo. USD LIBOR plus 0.290%), due 06/15/39†		102,326
	3,088,900	Small Business Administration Participation Certificates, Series 2013-20H, Class 1, 3.16%, due 08/01/33		3,114,434
	2,766,924	Small Business Administration Participation Certificates, Series 2014-20C, Class 1, 3.21%, due 03/01/34		2,822,608

See accompanying Notes to the Financial Statements.

80

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	1,194,757	Small Business Administration Participation Certificates, Series 2014-20D, Class 1, 3.11%, due 04/01/34		1,212,235
	882,008	Small Business Administration Participation Certificates, Series 2014-20I, Class 1, 2.92%, due 09/01/34		886,420
	150,024	SMB Private Education Loan Trust, Series 2015-C, Class A2A, 2.75%, due 07/15/27 144A		149,804
	1,750,000	Sound Point CLO VII-R, Ltd., Series 2014-3RA, Class A1, 3.53% (1 mo. USD LIBOR plus 1.250%), due 10/23/31† 144A		1,744,057
	500,000	Sound Point CLO XVI, Ltd., Series 2017-2A, Class A, 4.05% (3 mo. USD LIBOR plus 1.280%), due 07/25/30† 144A		498,902
	345,966	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, due 04/25/29 144A		345,953
	3,235,375	STORE Master Funding I LLC, Series 2015-1A, Class A1, 3.75%, due 04/20/45 144A		3,246,333
	1,196,372	STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A		1,205,385
	798,065	SunTrust Student Loan Trust, Series 2006-1A, Class A4, 2.95% (3 mo. USD LIBOR plus 0.190%), due 10/28/37† 144A		788,796
	286,283	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, due 11/25/48 144A		294,914
	750,000	Telos CLO, Series 2013-3A, Class AR, 4.07% (3 mo. USD LIBOR plus 1.300%), due 07/17/26† 144A		750,280
	119,000	Textainer Marine Containers VII, Ltd., Series 2018-1A, Class A, 4.11%, due 07/20/43 144A		120,681
	1,000,000	TICP CLO VI, Ltd., Series 2016-6A, Class A, 4.34% (3 mo. USD LIBOR plus 1.550%), due 01/15/29† 144A		1,000,157
	250,000	TICP CLO VII, Ltd., Series 2017-7A, Class AS, 4.02% (3 mo. USD LIBOR plus 1.230%), due 07/15/29† 144A		249,735
	115,000	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.91%, due 10/25/53◆◆ 144A		119,538
	265,000	Towd Point Mortgage Trust, Series 2015-2, Class 1M2, 3.78%, due 11/25/60◆◆ 144A		273,299
	725,340	Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, due 06/25/57◆◆ 144A		715,874
	803,555	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, due 10/25/57◆◆ 144A		789,291
	781,428	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/58◆◆ 144A		775,246
	254,627	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75%, due 05/25/58◆◆ 144A		258,177
	376,374	Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58◆◆ 144A		373,192
	284,116	Towd Point Mortgage Trust, Series 2018-5, Class A1, 3.25%, due 07/25/58◆◆ 144A		283,465
	201,829	Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58◆◆ 144A		205,574
	108,323	Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25%, due 07/25/58◆◆ 144A		108,203
	424,886	Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75%, due 03/25/58◆◆ 144A		431,114
	300,000	Toyota Auto Receivables Owner Trust, Series 2017-C, Class A4, 1.98%, due 12/15/22		296,095
	460,000	Toyota Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.02%, due 12/15/22		464,253
	750,000	Trinitas CLO V, Ltd., Series 2016-5A, Class A, 4.47% (3 mo. USD LIBOR plus 1.700%), due 10/25/28† 144A		750,250
	500,000	Trinitas CLO VI, Ltd., Series 2017-6A, Class A, 4.09% (3 mo. USD LIBOR plus 1.320%), due 07/25/29† 144A		500,342
	220,500	Triton Container Finance V LLC, Series 2018-1A, Class A, 3.95%, due 03/20/43 144A		223,206
	182,996	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, due 02/16/43 144A		185,880
	500,000	Venture XIX CLO, Ltd., Series 2014-19A, Class ARR, 4.05%, due 01/15/32◆◆ 144A		496,658
	215,404	VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A		211,667
	57,024	Wachovia Student Loan Trust, Series 2006-1, Class B, 3.01% (3 mo. USD LIBOR plus 0.240%), due 04/25/40† 144A		54,043

See accompanying Notes to the Financial Statements.

81

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	Wellfleet CLO, Ltd., Series 2018-3A, Class A1A, 4.07% (1 mo. USD LIBOR plus 1.250%), due 01/20/32† 144A		496,028
	152,792	Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/30 144A		151,947
	153,000	Westlake Automobile Receivables Trust, Series 2019-1A, Class C, 3.45%, due 03/15/24 144A		153,857
	317,000	World Omni Automobile Lease Securitization Trust, Series 2018-B, Class A3, 3.19%, due 12/15/21		319,837
	250,000	Zais CLO 6, Ltd., Series 2017-1A, Class A1, 4.16% (3 mo. USD LIBOR plus 1.370%), due 07/15/29† 144A		250,139
				78,339,940
		Corporate Debt — 35.3%
	235,000	3M Co. (MTN), 3.25%, due 02/14/24‡		242,262
	300,000	AbbVie, Inc., 3.60%, due 05/14/25		300,949
	500,000	AbbVie, Inc., 4.50%, due 05/14/35		489,838
	133,326	ABY Transmision Sur SA, 6.88%, due 04/30/43 144A		149,326
	175,000	Activision Blizzard, Inc., 3.40%, due 09/15/26		171,608
	111,000	Advanced Micro Devices, Inc., 7.00%, due 07/01/24‡		116,481
	250,000	AECOM, 5.13%, due 03/15/27		242,813
	400,000	AEP Texas, Inc., 3.80%, due 10/01/47		381,002
	200,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.63%, due 10/30/20		204,774
	200,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.00%, due 10/01/21		207,604
	370,000	Aetna, Inc., 4.75%, due 03/15/44		361,546
	220,000	Ahern Rentals, Inc., 7.38%, due 05/15/23 144A		203,775
	780,008	Air Canada Pass Through Trust, Series 2015-1, Class A, 3.60%, due 09/15/28 144A		777,512
	194,967	Air Canada Pass Through Trust,Series 2017-1, Class B, 3.70%, due 07/15/27 144A		189,186
	134,791	Air Canada Pass Through Trust,Series 2013-1, Class A, 4.13%, due 11/15/26 144A		137,675
	1,908,000	Air Lease Corp., 3.25%, due 03/01/25‡		1,838,923
	117,000	Aircastle, Ltd., 4.40%, due 09/25/23		119,209
	165,000	Aircastle, Ltd., 5.50%, due 02/15/22		173,167
	141,000	Alimentation Couche-Tard, Inc., 2.70%, due 07/26/22 144A		139,592
	640,000	Allergan Funding SCS, 4.55%, due 03/15/35		627,774
	290,000	Ally Financial, Inc., 5.13%, due 09/30/24		305,587
	130,000	Altice Financing SA, 6.63%, due 02/15/23 144A		133,250
	365,000	Amazon.com, Inc., 3.15%, due 08/22/27		367,800
	225,000	Amazon.com, Inc., 4.05%, due 08/22/47		238,594
	340,000	AMC Networks, Inc., 5.00%, due 04/01/24		342,516
	244,285	American Airlines Pass Through Trust,Series 2015-1, Class A, 3.38%, due 11/01/28		241,011
	145,941	American Airlines Pass Through Trust,Series 2017-2, Class A, 3.60%, due 04/15/31		141,093
	189,000	American Airlines Pass Through Trust,Series 2017-1, Class AA, 3.65%, due 02/15/29		190,482
	129,334	American Airlines Pass Through Trust,Series 2015-1, Class B, 3.70%, due 11/01/24		127,873
	124,200	American Airlines Pass Through Trust,Series 2017-1, Class A, 4.00%, due 08/15/30		125,775
	225,435	American Airlines Pass Through Trust,Series 2016-1, Class A, 4.10%, due 07/15/29		230,003
	2,584,712	American Airlines Pass Through Trust,Series 2013-2, Class A, 4.95%, due 07/15/24		2,679,701
	76,579	American Airlines Pass Through Trust,Series 2001-1, Class A, 6.98%, due 11/23/22		78,358
	255,000	American Express Co., 2.50%, due 08/01/22		252,136
	195,000	American Homes 4 Rent, LP REIT, 4.25%, due 02/15/28		193,177
	341,000	American Tower Corp. REIT, 3.55%, due 07/15/27		335,871
	145,000	American Tower Corp. REIT, 4.70%, due 03/15/22		151,768

See accompanying Notes to the Financial Statements.

82

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	135,000	AmeriGas Partners, LP/AmeriGas Finance Corp., 5.50%, due 05/20/25		135,169
	319,000	Anadarko Petroleum Corp., 4.85%, due 03/15/21		330,799
	4,000,000	Anadarko Petroleum Corp., 6.89%, due 10/10/36‡‡		1,780,906
	255,000	Andeavor Logistics, LP, 6.88%◆ †††††		256,424
	86,000	Andeavor Logistics, LP/Tesoro Logistics Finance Corp., 4.25%, due 12/01/27‡		86,566
	140,000	Andeavor Logistics, LP/Tesoro Logistics Finance Corp., 5.25%, due 01/15/25		145,455
	145,000	Andeavor Logistics, LP/Tesoro Logistics Finance Corp., 6.38%, due 05/01/24		152,431
	150,000	Anglo American Capital Plc, 4.75%, due 04/10/27 144A		152,999
	1,295,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46 144A		1,302,692
	200,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48		192,453
	135,000	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, due 09/15/24		136,728
	189,000	Antero Resources Corp., 5.13%, due 12/01/22		190,710
	5,000	Anthem, Inc., 5.10%, due 01/15/44		5,469
	225,000	Aquarion Co., 4.00%, due 08/15/24 144A		229,666
	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† ‡‡‡		298,349
	188,000	Archrock Partners, LP/Archrock Partners Finance Corp., 6.00%, due 04/01/21		187,918
	168,000	Archrock Partners, LP/Archrock Partners Finance Corp., 6.00%, due 10/01/22		170,100
	204,000	Arconic, Inc., 5.13%, due 10/01/24		208,981
	175,000	Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.00%, due 02/15/25 144A		175,438
	174,000	Ares Capital Corp., 3.63%, due 01/19/22		174,430
	140,000	Ashtead Capital, Inc., 4.38%, due 08/15/27 144A		135,800
	140,000	ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A		63,700
	150,000	AT&T, Inc., 2.63%, due 12/01/22		148,174
	2,000,000	AT&T, Inc., 3.21%, due 11/27/22‡‡ 144A		1,787,404
	619,000	AT&T, Inc., 3.40%, due 05/15/25		613,098
	25,000	AT&T, Inc., 4.30%, due 02/15/30		25,311
	278,000	AT&T, Inc., 4.35%, due 03/01/29		284,253
	10,000	AT&T, Inc., 4.45%, due 05/15/21		10,322
	855,000	AT&T, Inc., 4.85%, due 03/01/39		861,769
	110,000	AT&T, Inc., 5.25%, due 03/01/37		115,414
	130,000	Australia & New Zealand Banking Group, Ltd., 6.75% (USISDA05 plus 5.168%)† ††††† ‡ 144A		137,760
	147,000	Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		149,940
	105,000	AXA SA, 8.60%, due 12/15/30		137,648
	160,000	Azul Investments LLP, 5.88%, due 10/26/24 144A		152,400
	200,000	Banco Santander SA, 3.85%, due 04/12/23		201,819
	100,000	Banco Santander SA, 4.38%, due 04/12/28		101,210
	137,000	Banff Merger Sub, Inc., 9.75%, due 09/01/26 144A		133,233
	470,000	Bank of America Corp., 3.50%, due 04/19/26		474,442
	420,000	Bank of America Corp., 5.13% (3 mo. USD LIBOR plus 3.387%)† ††††† ‡		419,144
	270,000	Bank of America Corp.,Series DD, 6.30% (3 mo. USD LIBOR plus 4.553%)† ††††† ‡		293,543
	755,000	Bank of America Corp., (MTN), 3.59% (3 mo. USD LIBOR plus 1.370%), due 07/21/28† ‡		753,431
	385,000	Bank of America Corp., (MTN), 3.82% (3 mo. USD LIBOR plus 1.575%), due 01/20/28†		390,539
	273,000	Bank of America Corp., (MTN),Series L, 3.95%, due 04/21/25		277,946
	500,000	Bank of America Corp., (MTN), 4.13%, due 01/22/24		524,213

See accompanying Notes to the Financial Statements.

83

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	135,000	Bank of America Corp., (MTN), 4.20%, due 08/26/24		139,802
	210,000	Bank of America Corp., (MTN), 4.27% (1 mo. USD LIBOR plus 1.310%), due 07/23/29†		218,842
	513,000	Bank of America Corp., (MTN), 4.33%, due 03/15/50◆		529,204
	1,105,000	Bank of America Corp., (MTN), 4.45%, due 03/03/26		1,152,645
	200,000	Bank of Montreal (MTN), 2.90%, due 03/26/22		200,281
	575,000	Barclays Plc, 3.68%, due 01/10/23		574,646
	190,000	Barclays Plc, 4.38%, due 01/12/26		191,378
	400,000	Barclays Plc, 4.97%, due 05/16/29†		413,855
	190,000	Barclays Plc, 7.75% (1 mo. USD LIBOR plus 4.842%)† †††††		190,434
	770,000	BAT Capital Corp., 3.22%, due 08/15/24		753,335
	225,000	Bausch Health Cos., Inc., 6.13%, due 04/15/25‡ 144A		223,313
	255,000	Bayer US Finance II LLC, 3.23%, due 06/25/21◆◆ 144A		252,890
	335,000	Bayer US Finance II LLC, 3.50%, due 06/25/21 144A		336,463
	85,000	Berkshire Hathaway Energy Co., 5.95%, due 05/15/37		105,528
	1,312,000	Berkshire Hathaway Energy Co., 6.13%, due 04/01/36		1,649,804
	105,000	BHP Billiton Finance USA, Ltd., 6.25% (USD 5 year swap rate plus 4.971%), due 10/19/75† 144A		109,570
	1,099,000	Blackstone Holdings Finance Co. LLC, 4.75%, due 02/15/23 144A		1,166,321
	145,000	BMW US Capital LLC, 3.10%, due 04/12/21 144A		145,958
	110,000	BMW US Capital LLC, 3.21%, due 04/12/21 144A◆◆		109,971
	510,000	BNP Paribas SA, 3.38%, due 01/09/25 144A		499,990
	1,835,000	Boston Properties, LP REIT, 5.63%, due 11/15/20		1,905,776
	169,000	Boston Scientific Corp., 3.45%, due 03/01/24		172,143
	170,000	BPCE SA, 4.50%, due 03/15/25 144A		171,101
	240,000	BPCE SA, 5.70%, due 10/22/23 144A		256,156
	190,000	Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		185,440
	305,000	Brighthouse Financial, Inc., 3.70%, due 06/22/27		276,857
	98,792	British Airways Pass Through Trust,Series 2018-1, Class A, 4.13%, due 03/20/33 144A		100,575
	140,000	C&W Senior Financing DAC, 6.88%, due 09/15/27 144A		141,050
	130,000	Cablevision Systems Corp., 5.88%, due 09/15/22		136,175
	485,000	Canadian Imperial Bank of Commerce, 2.70%, due 02/02/21		485,518
	859,000	Canadian Pacific Railway Co., 6.13%, due 09/15/15#		1,056,351
	958,000	Capital One Financial Corp., 3.20%, due 01/30/23		959,785
	155,000	Capital One Financial Corp., 3.50%, due 06/15/23		156,984
	155,000	Capital One Financial Corp., 3.90%, due 01/29/24		158,546
	82,000	CBS Corp., 3.38%, due 03/01/22		82,669
	120,000	CBS Corp., 3.70%, due 08/15/24		122,045
	115,000	CCM Merger, Inc., 6.00%, due 03/15/22 144A		118,306
	210,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.88%, due 05/01/27‡ 144A		218,463
	715,000	Celgene Corp., 2.25%, due 08/15/21		703,985
	156,000	Celgene Corp., 3.25%, due 02/20/23		157,379
	130,000	Cemex SAB de CV, 6.13%, due 05/05/25 144A		134,875
	200,000	Cengage Learning, Inc., 9.50%, due 06/15/24‡ 144A		166,500
	225,000	Cenovus Energy, Inc., 4.45%, due 09/15/42		199,386
	250,000	Cenovus Energy, Inc., 5.40%, due 06/15/47‡		247,933
	163,000	Centene Corp., 5.38%, due 06/01/26 144A		170,539
	125,000	CenterPoint Energy, Inc., 2.50%, due 09/01/22‡		122,061

See accompanying Notes to the Financial Statements.

84

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	350,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		347,627
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, due 07/23/22		5,175
	370,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.75%, due 04/01/48		387,075
	1,846,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35		2,061,081
	620,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45		695,989
	276,000	Chemours Co. (The), 6.63%, due 05/15/23		286,375
	250,000	Cheniere Corpus Christi Holdings LLC, 5.13%, due 06/30/27		262,812
	133,000	Cheniere Corpus Christi Holdings LLC, 5.88%, due 03/31/25		144,970
	101,000	Chesapeake Energy Corp., 7.50%, due 10/01/26‡		99,717
	540,000	Cigna Corp., 4.38%, due 10/15/28 144A		560,638
	135,000	Cimarex Energy Co., 4.38%, due 06/01/24		140,310
	225,000	Cincinnati Bell, Inc., 7.00%, due 07/15/24‡ 144A		208,256
	2,447,000	Citigroup, Inc., 3.40%, due 05/01/26		2,434,870
	310,000	Citigroup, Inc., 3.67% (3 mo. USD LIBOR plus 1.390%), due 07/24/28†		309,464
	1,110,000	Citigroup, Inc., 3.89% (3 mo. USD LIBOR plus 1.563%), due 01/10/28†		1,128,128
	180,000	Citigroup, Inc., 4.40%, due 06/10/25		186,523
	344,000	Citigroup, Inc., 4.60%, due 03/09/26		359,672
	110,000	Citigroup, Inc., 5.50%, due 09/13/25		120,675
	130,000	Citigroup, Inc., 5.90% (3 mo. USD LIBOR plus 4.230%)† †††††		132,514
	230,000	Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.068%)† †††††		234,160
	550,000	Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.095%)† †††††		555,613
	120,000	Citigroup, Inc., 6.13% (3 mo. USD LIBOR plus 4.478%)† ††††† ‡		122,447
	295,000	Citigroup, Inc.,Series T, 6.25% (3 mo. USD LIBOR plus 4.517%)† ††††† ‡		310,763
	231,000	Citrix Systems, Inc., 4.50%, due 12/01/27		227,529
	180,000	Clear Channel Worldwide Holdings, Inc.,Series B, 6.50%, due 11/15/22		184,725
	158,000	Clearway Energy Operating LLC, 5.38%, due 08/15/24		158,395
	1,024,000	Cleveland Clinic Foundation (The), 4.86%, due 01/01/14#		1,134,684
	535,000	CNAC HK Finbridge Co., Ltd., Reg S, 3.50%, due 07/19/22‡‡‡		535,071
	196,000	CNO Financial Group, Inc., 5.25%, due 05/30/25		203,473
	153,000	Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, due 08/15/26 144A		155,778
	130,000	Columbia Pipeline Group, Inc., 4.50%, due 06/01/25		135,801
	5,000	Comcast Corp., 3.97%, due 11/01/47		4,831
	20,000	Comcast Corp., 6.50%, due 11/15/35		25,346
	54,000	Commercial Metals Co., 5.38%, due 07/15/27		52,110
	350,000	Commonwealth Edison Co., 4.00%, due 03/01/48		359,356
	201,000	CommScope Finance LLC, 8.25%, due 03/01/27 144A		209,040
	130,000	Comunicaciones Celulares SA Via Comcel Trust, 6.88%, due 02/06/24 144A		135,444
	862,000	Conagra Brands, Inc., 3.80%, due 10/22/21		878,546
	45,000	Concho Resources, Inc., 4.88%, due 10/01/47		47,568
	65,000	Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56		65,846
	190,000	Constellation Brands, Inc., 3.20%, due 02/15/23‡		191,315
	1,053,162	Continental Airlines Pass Through Trust,Series 2007-1, Class A, 5.98%, due 10/19/23		1,108,980
	353,000	Continental Resources, Inc., 5.00%, due 09/15/22		355,907

See accompanying Notes to the Financial Statements.

85

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	935,000	Cooperatieve Rabobank UA, 3.88%, due 09/26/23 144A		963,179
	595,000	Corp. Andina de Fomento, 2.13%, due 09/27/21		582,808
	55,000	Corp. Andina de Fomento, 2.75%, due 01/06/23		54,346
	1,526,000	Cox Communications, Inc., 3.35%, due 09/15/26 144A		1,488,474
	118,000	Credit Acceptance Corp., 6.13%, due 02/15/21		118,369
	250,000	Credit Agricole SA, 3.75%, due 04/24/23 144A		252,892
	175,000	Credit Agricole SA, 7.88% (USD 5 year swap rate plus 4.898%)† ††††† ‡ 144A		188,276
	200,000	Credit Suisse Group AG, 7.50% (1 mo. USD LIBOR plus 4.600%)† ††††† 144A		205,867
	500,000	Credit Suisse Group Funding Guernsey, Ltd., 3.45%, due 04/16/21		505,404
	125,000	Credito Real SAB de CV SOFOM ER, 9.13%◆ ††††† 144A		121,719
	170,000	Crown Castle Holdings GS V LLC/Crown Castle GS III Corp. REIT, 3.85%, due 04/15/23		174,155
	125,000	CSC Holdings LLC, 7.50%, due 04/01/28‡ 144A		134,569
	216,000	CSI Compressco, LP/CSI Compressco Finance, Inc., 7.25%, due 08/15/22		190,080
	189,000	CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A		181,440
	1,160,000	CVS Health Corp., 2.75%, due 12/01/22		1,144,621
	440,000	CVS Health Corp., 3.35%, due 03/09/21		443,519
	50,000	CVS Health Corp., 4.78%, due 03/25/38		49,588
	415,000	CVS Health Corp., 5.05%, due 03/25/48		418,704
	120,000	CVS Health Corp., 5.13%, due 07/20/45		122,138
	1,983,262	CVS Pass-Through Trust, 7.51%, due 01/10/32 144A		2,358,868
	160,000	Cydsa SAB DE CV, 6.25%, due 10/04/27 144A		153,802
	286,000	Daimler Finance North America LLC, 3.75%, due 11/05/21 144A		291,139
	187,000	Danske Bank AS, 5.00%, due 01/12/22 144A		191,860
	265,000	DaVita, Inc., 5.00%, due 05/01/25‡		254,930
	578,000	DCP Midstream Operating, LP, 5.35%, due 03/15/20‡ 144A		589,658
	290,000	DCP Midstream Operating, LP, 5.85% (3 mo. USD LIBOR plus 3.850%), due 05/21/43† 144A		271,875
	212,000	DCP Midstream, LP,Series A, 7.38% (1 mo. USD LIBOR plus 5.148%)† †††††		208,338
	292,000	Dell International LLC/EMC Corp., 4.90%, due 10/01/26 144A		296,836
	296,000	Dell International LLC/EMC Corp., 5.30%, due 10/01/29 144A		299,185
	375,000	Dell International LLC/EMC Corp., 6.02%, due 06/15/26 144A		403,676
	366,000	Dell International LLC/EMC Corp., 8.35%, due 07/15/46 144A		442,329
	812,597	Delta Air Lines Pass Through Trust,Series 2007-1, Class A, 6.82%, due 02/10/24		889,672
	290,000	Delta Air Lines, Inc., 3.63%, due 03/15/22		291,836
	143,000	Delta Air Lines, Inc., 3.80%, due 04/19/23		144,635
	225,000	Delta Air Lines, Inc., 4.38%, due 04/19/28		220,661
	300,000	Deutsche Bank AG, 5.00%, due 02/14/22		306,789
	375,000	Deutsche Bank AG, (MTN), 3.38%, due 05/12/21		372,878
	132,000	Diamondback Energy, Inc., 4.75%, due 11/01/24 144A		135,439
	622,000	Digital Realty Trust, LP REIT, 3.70%, due 08/15/27		616,453
	272,000	Discover Financial Services, 3.95%, due 11/06/24		277,117
	70,000	Discover Financial Services, 4.10%, due 02/09/27		70,028
	600,000	Discovery Communications LLC, 2.80%, due 06/15/20 144A		597,483
	245,000	Dollar Tree, Inc., 3.47%, due 04/17/20◆◆		245,056
	411,000	Dollar Tree, Inc., 4.20%, due 05/15/28		409,946
	115,000	Dominion Energy, Inc., 2.85%, due 08/15/26		110,496
	325,000	DTE Electric Co., 4.05%, due 05/15/48		339,258
	1,839,000	Duke Energy Corp., 3.55%, due 09/15/21		1,868,265

See accompanying Notes to the Financial Statements.

86

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	420,000	Duke Energy Florida LLC, 3.40%, due 10/01/46		391,505
	195,000	Duke Energy Progress LLC, 3.70%, due 10/15/46		190,640
	190,000	El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32		250,194
	80,000	Eldorado Resorts, Inc., 6.00%, due 09/15/26‡		81,600
	275,000	Electricite de France SA, 5.25% (USD 10 year swap rate plus 3.709%)† ††††† 144A		276,880
	102,000	Embraer Netherlands Finance BV, 5.05%, due 06/15/25		107,993
	250,000	Embraer Overseas, Ltd., 5.70%, due 09/16/23 144A		268,440
	308,000	Emera US Finance, LP, 3.55%, due 06/15/26		304,986
	199,000	Enable Midstream Partners, LP, 3.90%, due 05/15/24		197,708
	255,000	Enable Midstream Partners, LP, 4.95%, due 05/15/28		258,428
	265,000	Enbridge Energy Partners, LP, 4.38%, due 10/15/20		270,860
	205,000	Enbridge, Inc., 5.50% (3 mo. USD LIBOR plus 3.418%), due 07/15/77†		194,027
	185,000	Enbridge, Inc., 6.25% (1 mo. USD LIBOR plus 3.641%), due 03/01/78†		184,260
	265,000	Encana Corp., 6.50%, due 08/15/34		317,023
	70,000	Energy Transfer Operating, LP, 4.20%, due 04/15/27		70,335
	263,000	Energy Transfer Operating, LP, 4.25%, due 03/15/23		270,291
	270,000	Energy Transfer Operating, LP, 4.95%, due 06/15/28		283,444
	160,000	Energy Transfer Operating, LP, 5.15%, due 03/15/45		154,034
	109,000	Energy Transfer Operating, LP, 5.88%, due 01/15/24		119,146
	177,000	Enova International, Inc., 8.50%, due 09/15/25 144A		165,716
	355,000	Enterprise Products Operating LLC, 5.25% (1 mo. USD LIBOR plus 3.033%), due 08/16/77◆		328,899
	45,000	Equifax, Inc., 7.00%, due 07/01/37		51,421
	134,000	Equinix, Inc. REIT, 5.38%, due 05/15/27		141,075
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49* ***** ^		—
	769,000	Exelon Corp., 5.10%, due 06/15/45		861,512
	912,000	Exelon Generation Co. LLC, 4.25%, due 06/15/22		946,429
	300,000	Exelon Generation Co. LLC, 5.20%, due 10/01/19		303,369
	345,000	Expedia Group, Inc., 3.80%, due 02/15/28		333,233
	365,000	Expedia Group, Inc., 5.00%, due 02/15/26		386,761
	1,270,000	Express Scripts Holding Co., 3.40%, due 03/01/27		1,238,146
	770,000	FedEx Corp., 4.05%, due 02/15/48		692,202
	1,360,000	Ferguson Finance Plc, 4.50%, due 10/24/28 144A		1,370,102
	157,000	Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR plus 3.033%)† †††††		150,559
	245,000	FirstEnergy Corp.,Series C, 7.38%, due 11/15/31		324,355
	200,000	FLIR Systems, Inc., 3.13%, due 06/15/21		199,425
	395,000	Ford Motor Credit Co. LLC, 3.81%, due 10/12/21		391,493
	395,000	Ford Motor Credit Co. LLC, 5.88%, due 08/02/21		409,142
	160,000	Freedom Mortgage Corp., 8.13%, due 11/15/24‡ 144A		142,800
	72,000	Freedom Mortgage Corp., 8.25%, due 04/15/25‡ 144A		64,260
	131,000	GCI LLC, 6.88%, due 04/15/25		137,386
	1,355,000	GE Capital International Funding Co. Unlimited Co., 2.34%, due 11/15/20		1,338,717
	563,000	GE Capital International Funding Co. Unlimited Co., 4.42%, due 11/15/35		521,320
	80,000	General Electric Co., (MTN), 4.38%, due 09/16/20		81,552
	305,000	General Motors Co., 4.00%, due 04/01/25		301,280
	345,000	General Motors Co., 4.88%, due 10/02/23		358,986
	1,045,000	General Motors Financial Co., Inc., 3.50%, due 07/10/19		1,047,001
	305,000	General Motors Financial Co., Inc., 3.55%, due 04/09/21		306,786
	160,000	General Motors Financial Co., Inc., 3.65%, due 04/09/21◆◆		158,830

See accompanying Notes to the Financial Statements.

87

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	266,000	General Motors Financial Co., Inc., 4.00%, due 01/15/25		260,750
	1,085,000	General Motors Financial Co., Inc., 4.15%, due 06/19/23		1,095,794
	229,000	General Motors Financial Co., Inc., 4.30%, due 07/13/25		227,931
	281,000	GlaxoSmithKline Capital Plc, 3.00%, due 06/01/24		282,599
	379,000	GLP Capital, LP/GLP Financing II, Inc. REIT, 5.38%, due 04/15/26		396,965
	265,000	Goldcorp, Inc., 3.63%, due 06/09/21		267,435
	919,000	Goldman Sachs Group (The), Inc., 2.63%, due 04/25/21		915,591
	140,000	Goldman Sachs Group (The), Inc., 3.50%, due 01/23/25		139,760
	85,000	Goldman Sachs Group (The), Inc., 3.75%, due 02/25/26		85,365
	320,000	Goldman Sachs Group (The), Inc., 3.81%, due 04/23/29◆		317,297
	777,000	Goldman Sachs Group (The), Inc., 3.85%, due 01/26/27		780,682
	125,000	Goldman Sachs Group (The), Inc., 5.30% (3 mo. USD LIBOR plus 3.834%)† ††††† ‡		125,997
	465,000	Goldman Sachs Group (The), Inc., 5.38% (3 mo. USD LIBOR plus 3.922%)† †††††		469,164
	130,000	Goldman Sachs Group (The), Inc., 5.75%, due 01/24/22		139,482
	50,000	Graham Holdings Co., 5.75%, due 06/01/26 144A		52,625
	175,000	Greenko Dutch BV, 4.88%, due 07/24/22 144A		172,637
	42,000	Greif, Inc., 6.50%, due 03/01/27 144A		43,050
	84,000	H&E Equipment Services, Inc., 5.63%, due 09/01/25‡		84,105
	160,000	HCA, Inc., 5.25%, due 04/15/25		172,027
	147,000	HCA, Inc., 5.25%, due 06/15/26		157,729
	150,000	HCA, Inc., 5.38%, due 02/01/25		159,375
	140,000	HCA, Inc., 7.50%, due 02/15/22		154,742
	45,000	Hewlett Packard Enterprise Co., 2.10%, due 10/04/19 144A		44,815
	85,000	Hilton Domestic Operating Co., Inc., 5.13%, due 05/01/26 144A		86,640
	97,000	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, due 12/01/24		101,123
	440,000	HSBC Holdings Plc, 3.28%, due 05/18/21◆◆		439,921
	320,000	HSBC Holdings Plc, 3.95% (1 mo. USD LIBOR plus 0.987%), due 05/18/24†		326,501
	195,000	HSBC Holdings Plc, 6.88% (USISDA05 plus 5.514%)† ††††† ‡		203,607
	297,000	Huntington Ingalls Industries, Inc., 5.00%, due 11/15/25‡ 144A		305,167
	224,000	Husky Energy, Inc., 3.95%, due 04/15/22		229,276
	252,000	IHS Markit, Ltd., 4.00%, due 03/01/26 144A		252,378
	125,000	IHS Markit, Ltd., 4.75%, due 02/15/25 144A		130,436
	135,000	IHS Markit, Ltd., 4.75%, due 08/01/28		141,421
	110,000	IHS Markit, Ltd., 5.00%, due 11/01/22 144A		115,313
	220,000	ING Bank NV, 5.80%, due 09/25/23 144A		237,317
	200,000	Instituto Costarricense de Electricidad, 6.38%, due 05/15/43 144A		159,750
	130,000	International Game Technology Plc, 6.50%, due 02/15/25 144A		135,850
	100,000	IQVIA, Inc., 4.88%, due 05/15/23 144A		102,260
	107,000	j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 07/15/25 144A		111,548
	122,000	Jacobs Entertainment, Inc., 7.88%, due 02/01/24 144A		128,100
	52,000	JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		52,407
	190,000	Jefferies Financial Group, Inc, 5.50%, due 10/18/23		198,995
	500,000	Jefferies Group LLC, 5.13%, due 01/20/23		529,963
	235,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, due 01/23/30‡		215,378
	228,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, due 01/15/27		229,380
	1,002,000	JPMorgan Chase & Co., 3.20%, due 01/25/23		1,016,357
	230,000	JPMorgan Chase & Co., 3.20%, due 06/15/26		228,728
	1,430,000	JPMorgan Chase & Co., 3.38%, due 05/01/23		1,445,473

See accompanying Notes to the Financial Statements.

88

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	440,000	JPMorgan Chase & Co., 3.51% (1 mo. USD LIBOR plus 0.610%), due 06/18/22†		446,277
	625,000	JPMorgan Chase & Co., 3.96%, due 11/15/48◆		610,260
	340,000	JPMorgan Chase & Co., 4.01%, due 04/23/29◆		349,512
	90,000	JPMorgan Chase & Co., 4.35%, due 08/15/21		93,190
	555,000	JPMorgan Chase & Co., 5.30% (3 mo. USD LIBOR plus 3.800%)† †††††		560,941
	280,000	JPMorgan Chase & Co.,Series S, 6.75% (3 mo. USD LIBOR plus 3.780%)† ††††† ‡		307,136
	250,000	JPMorgan Chase Bank NA, 3.09%, due 04/26/21◆		250,529
	843,000	Juniper Networks, Inc., 4.60%, due 03/15/21		865,977
	200,000	KazMunayGas National Co. JSC, 3.88%, due 04/19/22‡ 144A		202,052
	322,000	Keurig Dr Pepper, Inc., 3.55%, due 05/25/21 144A		325,586
	120,000	Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32		155,011
	110,000	Kinder Morgan Inc., 3.15%, due 01/15/23		110,275
	1,240,000	KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A		1,329,342
	688,000	KKR Group Finance Co. LLC, 6.38%, due 09/29/20 144A		720,938
	167,000	KLA-Tencor Corp., 4.10%, due 03/15/29		170,302
	105,000	Klabin Finance SA, 4.88%, due 09/19/27 144A		102,113
	360,000	Kraft Heinz Foods Co., 3.50%, due 06/06/22		364,091
	155,000	Kraft Heinz Foods Co., 4.88%, due 02/15/25 144A		158,586
	129,000	Kratos Defense & Security Solutions, Inc., 6.50%, due 11/30/25 144A		136,256
	300,000	L Brands, Inc., 5.63%, due 10/15/23‡		307,875
	47,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, due 03/15/22 144A		47,823
	88,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, due 10/01/25 144A		84,700
	225,000	Lam Research Corp., 3.75%, due 03/15/26		229,416
	187,000	Lam Research Corp., 4.88%, due 03/15/49		197,247
	110,000	Laureate Education, Inc., 8.25%, due 05/01/25 144A		119,900
	145,000	Lazard Group LLC, 4.38%, due 03/11/29		146,829
	154,000	Lear Corp., 5.25%, due 01/15/25		160,163
	470,000	Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%***** ††† ††††† ¤		165
	270,000	Lehman Brothers Holdings, Inc., (MTN), 6.75%, due 12/28/17***** ††† ¤		95
	890,000	Lehman Brothers Holdings, Inc., Subordinated Note, 6.50%, due 07/19/17***** ††† ¤		312
	254,000	Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A		263,318
	2,133,000	Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A		2,220,325
	236,000	Liberty Mutual Group, Inc., 7.80%, due 03/07/87 144A		270,559
	105,000	Lions Gate Capital Holdings LLC, 5.88%, due 11/01/24 144A		108,544
	145,000	Liquid Telecommunications Financing Plc, 8.50%, due 07/13/22 144A		149,643
	800,000	Lloyds Bank Plc, 3.30%, due 05/07/21‡		806,545
	465,000	Lloyds Banking Group Plc, 4.45%, due 05/08/25		483,055
	180,000	Lloyds Banking Group Plc, 7.50% (USD 5 year swap rate plus 4.760%)† ††††† ‡		185,850
	473,000	Lockheed Martin Corp., 4.70%, due 05/15/46		533,748
	127,000	LSC Communications, Inc., 8.75%, due 10/15/23‡ 144A		134,938
	140,000	M&T Bank Corp.,Series F, 5.13% (3 mo. USD LIBOR plus 3.520%)† ††††† ‡		140,207
	270,000	Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A		279,138
	1,484,000	Macquarie Group, Ltd., 4.15%, due 03/27/24◆◆ 144A		1,510,896
	55,000	Magellan Midstream Partners, LP, 4.25%, due 09/15/46		53,686
	200,000	Magellan Midstream Partners, LP, 5.15%, due 10/15/43		217,488
	230,000	Martin Marietta Materials, Inc., 4.25%, due 07/02/24		238,605
	255,000	Marvell Technology Group, Ltd., 4.88%, due 06/22/28‡		263,847

See accompanying Notes to the Financial Statements.

89

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	135,000	Masco Corp., 4.45%, due 04/01/25		138,751
	460,000	Massachusetts Institute of Technology, 4.68%, due 07/01/14#		537,424
	145,000	McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, due 05/15/24‡ 144A		116,544
	241,000	MDC Partners, Inc., 6.50%, due 05/01/24‡ 144A		200,633
	170,000	MEDNAX, Inc., 5.25%, due 12/01/23 144A		172,550
	154,000	MEDNAX, Inc., 6.25%, due 01/15/27‡ 144A		155,925
	145,000	MetLife, Inc., 6.40%, due 12/15/66		155,721
	185,000	Mexichem SAB de CV, 5.50%, due 01/15/48 144A		173,208
	63,000	MGIC Investment Corp., 5.75%, due 08/15/23		66,780
	155,000	Microchip Technology, Inc., 3.92%, due 06/01/21 144A		156,420
	380,000	Microchip Technology, Inc., 4.33%, due 06/01/23 144A		387,930
	220,000	Micron Technology, Inc., 4.98%, due 02/06/26		224,619
	344,000	Micron Technology, Inc., 5.33%, due 02/06/29		353,435
	645,000	Microsoft Corp., 4.00%, due 02/12/55		676,357
	213,000	Microsoft Corp., 4.45%, due 11/03/45		241,771
	450,000	Mitsubishi UFJ Financial Group, Inc., 3.22%, due 03/07/22		453,779
	1,483,000	Morgan Stanley, 3.13%, due 07/27/26		1,445,052
	945,000	Morgan Stanley, 3.59% (3 mo. USD LIBOR plus 1.340%), due 07/22/28†		938,658
	921,000	Morgan Stanley, 3.88%, due 04/29/24		947,819
	325,000	Morgan Stanley, 5.45% (3 mo. USD LIBOR plus 3.610%)† ††††† ‡		326,219
	695,000	Morgan Stanley, (MTN), 3.77%, due 01/24/29◆		698,125
	190,000	Morgan Stanley, (MTN), 3.88%, due 01/27/26		194,445
	333,000	Motorola Solutions, Inc., 4.60%, due 02/23/28		336,028
	190,000	MPLX, LP, 4.00%, due 03/15/28		189,002
	250,000	MPLX, LP, 4.50%, due 04/15/38		237,835
	100,000	MPLX, LP, 4.80%, due 02/15/29		105,362
	25,000	MPLX, LP, 5.20%, due 03/01/47		25,406
	145,000	MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24 144A		138,074
	154,000	Murphy Oil Corp., 5.75%, due 08/15/25		158,886
	135,000	Mylan NV, 5.25%, due 06/15/46		121,697
	170,000	Mylan, Inc., 5.20%, due 04/15/48		153,594
	195,000	Myriad International Holdings BV, 5.50%, due 07/21/25 144A		209,099
	44,000	National CineMedia LLC, 6.00%, due 04/15/22		44,660
	102,000	Nationstar Mortgage Holdings, Inc., 8.13%, due 07/15/23‡ 144A		105,315
	83,000	Nationstar Mortgage Holdings, Inc., 9.13%, due 07/15/26 144A		84,453
	220,000	Natura Cosmeticos SA, 5.38%, due 02/01/23 144A		220,000
	175,000	Netflix, Inc., 4.88%, due 04/15/28		173,688
	260,000	Netflix, Inc., 5.88%, due 11/15/28 144A		275,275
	445,000	New England Power Co., 3.80%, due 12/05/47 144A		427,104
	63,000	Newfield Exploration Co., 5.63%, due 07/01/24		68,919
	97,000	Newfield Exploration Co., 5.75%, due 01/30/22		103,645
	260,000	NextEra Energy Capital Holdings, Inc., 3.55%, due 05/01/27		261,329
	165,000	Nippon Life Insurance Co., 5.10% (USISDA05 plus 3.650%), due 10/16/44† 144A		172,668
	670,000	NiSource, Inc., 3.49%, due 05/15/27		668,363
	135,000	Nissan Motor Acceptance Corp., 3.65%, due 09/21/21 144A		135,790
	780,000	Noble Energy, Inc., 4.15%, due 12/15/21		799,113
	115,000	Norbord, Inc., 6.25%, due 04/15/23 144A		118,306
	195,000	Northern States Power Co., 3.60%, due 09/15/47		190,759

See accompanying Notes to the Financial Statements.

90

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	220,000	Northern States Power Co., 4.13%, due 05/15/44		230,828
	143,000	NRG Energy, Inc., 6.25%, due 05/01/24		148,005
	315,000	Nutrien, Ltd., 4.90%, due 06/01/43		322,512
	370,000	NXP BV/NXP Funding LLC, 4.63%, due 06/01/23 144A		385,170
	163,000	NXP BV/NXP Funding LLC, 4.88%, due 03/01/24‡ 144A		172,302
	117,000	Omega Healthcare Investors, Inc. REIT, 4.50%, due 01/15/25		118,964
	139,000	ONEOK Partners, LP, 5.00%, due 09/15/23		147,814
	200,000	ONEOK, Inc., 4.95%, due 07/13/47		197,451
	100,000	Owens Corning, 4.20%, due 12/15/22		102,631
	155,000	Oztel Holdings SPC, Ltd., 6.63%, due 04/24/28 144A		151,570
	155,000	Parsley Energy LLC/Parsley Finance Corp., 5.63%, due 10/15/27‡ 144A		155,000
	205,000	PECO Energy Co., 3.70%, due 09/15/47		200,833
	1,700,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.90%, due 02/01/24 144A		1,721,264
	155,000	Petrobras Global Finance BV, 5.30%, due 01/27/25		157,637
	227,000	Petrobras Global Finance BV, 5.75%, due 02/01/29		225,411
	80,000	Petrobras Global Finance BV, 6.25%, due 03/17/24		86,200
	280,000	Petrobras Global Finance BV, 7.38%, due 01/17/27		308,658
	190,000	Petroleos Mexicanos, 4.88%, due 01/24/22		192,092
	155,000	Petroleos Mexicanos, 5.50%, due 01/21/21		157,945
	76,000	Petroleos Mexicanos, 6.35%, due 02/12/48		67,385
	255,000	Petroleos Mexicanos, 6.50%, due 06/02/41		231,461
	520,000	Petroleos Mexicanos, 6.75%, due 09/21/47		478,660
	350,000	Petroleos Mexicanos, 6.88%, due 08/04/26		365,680
	1,006,000	Phillips 66 Partners, LP, 3.61%, due 02/15/25		1,005,143
	774,000	Phillips 66 Partners, LP, 3.75%, due 03/01/28		763,341
	65,000	Plains All American Pipeline, LP/PAA Finance Corp., 4.70%, due 06/15/44		60,475
	50,000	Plains All American Pipeline, LP/PAA Finance Corp., 5.15%, due 06/01/42		47,933
	315,000	PNC Bank NA, 2.45%, due 07/28/22‡		313,932
	152,000	PNC Financial Services Group (The), Inc., 3.50%, due 01/23/24		155,710
	155,000	PNC Financial Services Group (The), Inc.,Series R, 4.85% (3 mo. USD LIBOR plus 3.040%)† †††††		152,904
	343,000	PNC Financial Services Group (The), Inc.,Series O, 6.75% (3 mo. USD LIBOR plus 3.678%)† †††††		364,571
	540,000	PPL Capital Funding, Inc., 5.00%, due 03/15/44		588,417
	63,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 05/15/23 144A		66,308
	90,000	Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26		85,559
	415,000	Prudential Financial, Inc., 5.88% (3 mo. USD LIBOR plus 4.175%), due 09/15/42†		439,580
	445,000	Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27		438,631
	355,000	Public Service Electric & Gas Co., (MTN), 3.70%, due 05/01/28		369,357
	170,000	QEP Resources, Inc., 6.88%, due 03/01/21		175,100
	65,000	Qorvo, Inc., 5.50%, due 07/15/26 144A		67,282
	170,000	Quicken Loans, Inc., 5.25%, due 01/15/28 144A		159,800
	205,000	Quicken Loans, Inc., 5.75%, due 05/01/25 144A		206,743
	200,000	QVC, Inc., 4.38%, due 03/15/23		202,973
	125,000	QVC, Inc., 5.13%, due 07/02/22		131,022
	130,000	QVC, Inc., 5.45%, due 08/15/34		126,503
	175,000	Rackspace Hosting, Inc., 8.63%, due 11/15/24‡ 144A		156,342
	87,000	Radian Group, Inc., 4.50%, due 10/01/24		86,130
	49,000	Radian Group, Inc., 5.25%, due 06/15/20‡		50,409

See accompanying Notes to the Financial Statements.

91

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	52,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, due 02/15/23 144A		51,740
	62,000	Refinitiv US Holdings, Inc., 8.25%, due 11/15/26 144A		60,993
	38,000	Refinitiv US Holdings, Inc., 6.25%, due 05/15/26 144A		38,618
	328,000	Regions Bank, 3.37% (1 mo. USD LIBOR plus 0.500%), due 08/13/21†		329,609
	300,000	Regions Financial Corp., 2.75%, due 08/14/22		297,834
	120,000	Regions Financial Corp., 3.80%, due 08/14/23		123,419
	490,000	Royal Bank of Canada, (MTN), 3.14%, due 04/30/21◆◆		491,235
	780,000	Royal Bank of Scotland Group Plc, 3.88%, due 09/12/23		783,693
	382,000	Royal Bank of Scotland Group Plc, 8.63% (USD 5 year swap rate plus 7.598%)† †††††		407,785
	151,000	Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28		152,195
	215,000	Sabine Pass Liquefaction LLC, 5.75%, due 05/15/24		237,058
	76,000	Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26		84,602
	320,000	Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25‡		319,200
	290,000	San Diego Gas & Electric Co., 4.15%, due 05/15/48		290,901
	155,000	Santander Holdings USA, Inc., 3.40%, due 01/18/23		155,003
	275,000	Santander Holdings USA, Inc., 3.70%, due 03/28/22		278,391
	200,000	Santander Holdings USA, Inc., 4.45%, due 12/03/21		206,156
	170,000	Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		169,259
	200,000	SASOL Financing USA LLC, 5.88%, due 03/27/24		212,220
	200,000	SASOL Financing USA LLC, 6.50%, due 09/27/28		218,442
	310,000	SBA Tower Trust REIT, 3.72%, due 04/09/48 144A		314,418
	400,000	Schlumberger Holdings Corp., 3.00%, due 12/21/20 144A		401,829
	170,000	Select Medical Corp., 6.38%, due 06/01/21		170,850
	922,000	SES SA, 3.60%, due 04/04/23 144A		916,896
	485,000	Shire Acquisitions Investments Ireland DAC, 2.88%, due 09/23/23		478,929
	715,000	Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26		692,092
	120,000	Simmons Foods, Inc., 5.75%, due 11/01/24‡ 144A		105,900
	850,000	Simon Property Group, LP REIT, 6.75%, due 02/01/40		1,146,881
	315,000	Sirius XM Radio, Inc., 5.00%, due 08/01/27 144A		316,370
	145,000	Sirius XM Radio, Inc., 5.38%, due 07/15/26 144A		148,669
	35,000	SM Energy Co., 6.63%, due 01/15/27‡		33,425
	195,000	Societe Generale SA, 7.38% (USD 5 year swap rate plus 6.238%)† ††††† 144A		201,581
	335,000	Southern California Edison Co., 4.00%, due 04/01/47		312,452
	1,318,000	Southern Co. (The), 3.25%, due 07/01/26		1,292,213
	1,260,000	Southern Co. Gas Capital Corp., 2.45%, due 10/01/23		1,225,050
	62,000	Springleaf Finance Corp., 6.88%, due 03/15/25		64,093
	135,000	Sprint Capital Corp., 6.88%, due 11/15/28		130,106
	50,000	Sprint Communications, Inc., 7.00%, due 03/01/20 144A		51,438
	170,000	Sprint Corp., 7.88%, due 09/15/23		178,500
	396,875	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, due 03/20/23 144A		397,748
	280,000	Standard Industries, Inc./NJ, 5.38%, due 11/15/24 144A		288,050
	67,000	State Street Corp., 3.61% (3 mo. USD LIBOR plus 1.000%), due 06/01/77†		53,026
	18,000	Stearns Holdings LLC, 9.38%, due 08/15/20 144A		16,920
	133,000	Stifel Financial Corp., 4.25%, due 07/18/24		136,968
	922,000	Sunoco Logistics Partners Operations, LP, 3.45%, due 01/15/23		926,147
	265,000	Sunoco Logistics Partners Operations, LP, 3.90%, due 07/15/26		263,596
	166,000	Sunoco Logistics Partners Operations, LP, 4.40%, due 04/01/21‡		170,296
	157,000	Sunoco Logistics Partners Operations, LP, 5.40%, due 10/01/47		157,059

See accompanying Notes to the Financial Statements.

92

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	245,000	SunTrust Bank/Atlanta GA, 2.45%, due 08/01/22		241,912
	175,000	Synchrony Financial, 2.70%, due 02/03/20		174,803
	303,000	Syngenta Finance NV, 4.44%, due 04/24/23‡ 144A		309,291
	152,000	Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 4.75%, due 10/01/23 144A		153,473
	145,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.88%, due 04/15/26 144A		153,990
	270,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.25%, due 04/15/21 144A		270,756
	605,000	Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A		621,748
	34,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		46,794
	40,000	Team Health Holdings, Inc., 6.38%, due 02/01/25‡ 144A		32,750
	311,000	Tech Data Corp., 4.95%, due 02/15/27		315,585
	160,000	Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, due 07/15/23‡ 144A		157,600
	120,000	Telecom Argentina SA, 6.50%, due 06/15/21 144A		120,000
	223,000	Telecom Italia Capital SA, 7.20%, due 07/18/36		227,549
	140,000	Telecom Italia SpA, 5.30%, due 05/30/24 144A		141,225
	845,000	Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22		858,664
	138,000	Tervita Escrow Corp., 7.63%, due 12/01/21 144A		137,655
	1,303,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		1,065,735
	145,000	Teva Pharmaceutical Finance Netherlands III BV, 6.75%, due 03/01/28‡		146,305
	70,000	Time Warner Cable LLC, 4.13%, due 02/15/21		71,116
	380,000	Time Warner Cable LLC, 8.25%, due 04/01/19		380,000
	240,000	Toronto-Dominion Bank, (MTN) (The), 3.25%, due 03/11/24		243,013
	500,000	Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48		510,103
	165,000	Tribune Media Co., 5.88%, due 07/15/22		169,228
	55,000	Trident Merger Sub, Inc., 6.63%, due 11/01/25 144A		51,700
	300,000	UBS Group Funding Switzerland AG, 2.86% (1 mo. USD LIBOR plus 0.954%), due 08/15/23† 144A		295,695
	962,000	UBS Group Funding Switzerland AG, 4.13%, due 04/15/26 144A		995,707
	185,000	UBS Group Funding Switzerland AG, 7.00%◆ ††††† 144A		187,889
	174,962	United Airlines Pass Through Trust,Series 2016-1, Class A, 3.45%, due 01/07/30		172,042
	266,991	United Airlines Pass Through Trust,Series 2016-1, Class B, 3.65%, due 07/07/27		263,915
	215,588	United Airlines Pass Through Trust,Series 2014-2, Class A, 3.75%, due 03/03/28		217,517
	2,295,833	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.00%, due 10/11/27		2,343,242
	150,000	United Airlines Pass Through Trust,Series 2019-1 Class A, 4.55%, due 08/25/31		154,068
	66,689	United Airlines Pass Through Trust,Series 2018-1, Class B, 4.60%, due 09/01/27		67,790
	123,747	United Airlines Pass Through Trust,Series 2014-2, Class B, 4.63%, due 03/03/24		125,782
	460,000	United Rentals North America, Inc., 4.88%, due 01/15/28		448,592
	170,000	United Rentals North America, Inc., 5.50%, due 07/15/25		174,250
	105,000	United Rentals North America, Inc., 5.88%, due 09/15/26		108,938
	135,000	Universal Health Services, Inc., 4.75%, due 08/01/22 144A		136,519
	165,000	Universal Health Services, Inc., 5.00%, due 06/01/26 144A		168,506
	120,000	UPC Holding BV, 5.50%, due 01/15/28 144A		120,000
	111,354	US Airways Pass Through Trust,Series 2012-1, Class A, 5.90%, due 04/01/26		121,003
	96,972	US Airways Pass Through Trust,Series 2010-1, Class A, 6.25%, due 10/22/24		104,114
	85,000	US Concrete, Inc., 6.38%, due 06/01/24		86,488
	490,000	Valero Energy Corp., 3.40%, due 09/15/26		479,871

See accompanying Notes to the Financial Statements.

93

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	156,000	Ventas Realty, LP REIT, 3.50%, due 02/01/25		156,183
	135,000	VEREIT Operating Partnership, LP REIT, 4.60%, due 02/06/24		138,992
	70,000	VeriSign, Inc., 4.75%, due 07/15/27		70,271
	70,000	VeriSign, Inc., 5.25%, due 04/01/25		73,588
	137,000	Verisk Analytics, Inc., 4.00%, due 06/15/25		142,986
	250,000	Verizon Communications, Inc., 4.50%, due 08/10/33		264,614
	175,000	Verizon Communications, Inc., 4.67%, due 03/15/55		178,574
	839,000	Verizon Communications, Inc., 4.86%, due 08/21/46		895,218
	500,000	Verizon Communications, Inc., 5.01%, due 04/15/49		546,686
	140,000	Viacom, Inc., 6.25% (3 mo. USD LIBOR plus 3.899%), due 02/28/57†		140,350
	118,000	Vista Outdoor, Inc., 5.88%, due 10/01/23‡		110,330
	281,000	Vodafone Group Plc, 7.00%, due 04/04/79		285,642
	683,000	Volkswagen Group of America Finance LLC, 4.63%, due 11/13/25 144A		707,293
	310,000	Voya Financial, Inc., 5.65% (3 mo. USD LIBOR plus 3.580%), due 05/15/53†		305,807
	1,178,000	Voya Financial, Inc., 3.13%, due 07/15/24		1,164,041
	401,000	Warner Media LLC, 3.80%, due 02/15/27		399,746
	485,000	Wells Fargo & Co.,Series U, 5.88% (3 mo. USD LIBOR plus 3.990%)† ††††† ‡		518,681
	185,000	Wells Fargo & Co.,Series K, 6.38% (3 mo. USD LIBOR plus 3.770%)† †††††		186,388
	708,000	Welltower, Inc. REIT, 4.50%, due 01/15/24		746,852
	60,000	West Corp., 8.50%, due 10/15/25‡ 144A		51,900
	172,000	Western Digital Corp., 4.75%, due 02/15/26		164,690
	170,000	WestRock RKT Co., 3.50%, due 03/01/20		170,852
	225,000	Williams Cos. (The), Inc., 3.75%, due 06/15/27‡		223,582
	250,000	Williams Cos. (The), Inc., 4.55%, due 06/24/24		264,039
	160,000	Williams Cos. (The), Inc., 5.75%, due 06/24/44		176,240
	85,000	WMG Acquisition Corp., 4.88%, due 11/01/24 144A		86,488
	117,000	WMG Acquisition Corp., 5.50%, due 04/15/26 144A		120,364
	50,000	WPX Energy, Inc., 5.25%, due 09/15/24		50,750
	99,000	Wyndham Destinations, Inc., 5.40%, due 04/01/24		100,980
	116,000	XPO Logistics, Inc., 6.50%, due 06/15/22‡ 144A		118,610
	175,000	YPF SA, 8.50%, due 07/28/25 144A		172,375
				194,009,401
		Mortgage Backed Securities - Private Issuers — 10.0%
	75,383	Angel Oak Mortgage Trust I LLC, Series 2018-1, Class A1, 3.26%, due 04/27/48◆◆ 144A		75,302
	175,774	Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, due 09/25/48◆◆ 144A		177,095
	644,764	Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.76%, due 04/25/48◆◆ 144A		653,330
	200,000	Barclays Commercial Mortgage Trust, Series 2015-SRCH, Class D, 4.96%, due 08/10/35◆◆ 144A		210,310
	191,000	Barclays Commercial Mortgage Trust, Series 2018-TALL, Class B, 3.45%, due 03/15/37◆◆ 144A		190,118
	207,000	Barclays Commercial Mortgage Trust, Series 2018-TALL, Class E, 4.92%, due 03/15/37◆◆ 144A		206,654
	126,868	Bellemeade Re, Ltd., Series 2017-1, Class M1, 4.19%, due 10/25/27◆◆ 144A		128,044
	293,000	Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 4.09%, due 04/25/28◆◆ 144A		294,327
	132,431	Bellemeade Re, Ltd., Series 2018-2A, Class M1A, 3.44%, due 08/25/28◆◆ 144A		132,522
	235,000	BENCHMARK Mortgage Trust, Series 2019-B10, Class A2, 3.61%, due 03/15/62††††		243,582
	215,000	BX Commercial Mortgage Trust, Series 2018-BIOA, Class D, 3.80% (1 mo. USD LIBOR plus 1.321%), due 03/15/37† 144A		214,820
	700,000	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58		689,852

See accompanying Notes to the Financial Statements.

94

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	240,000	CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class E, 4.63% (1 mo. LIBOR plus 2.150%), due 07/15/32† 144A		240,254
	206,000	CHT Mortgage Trust, Series 2017-CSMO, Class D, 4.73%, due 11/15/36◆◆ 144A		206,683
	178,565	CIM Trust, Series 2017-2, Class A1, 4.49% (1 mo. USD LIBOR plus 2.000%), due 12/25/57† 144A		180,178
	719,925	CIM Trust, Series 2017-3, Class A1, 4.49%, due 01/25/57◆◆ 144A		732,981
	337,087	CIM Trust, Series 2017-6, Class A1, 3.02%, due 06/25/57◆◆ 144A		331,073
	1,772,000	Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.40%, due 10/10/49		1,752,528
	115,000	Citigroup Commercial Mortgage Trust, Series 2017-1500, Class E, 4.98%, due 07/15/32◆◆ 144A		113,690
	27,500,000	Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.46%, due 05/10/47◆◆		616,055
	205,000	Cold Storage Trust, Series 2017-ICE3, Class D, 4.58% (1 mo. LIBOR plus 2.100%), due 04/15/36† 144A		205,162
	67,627	COLT Mortgage Loan Trust, Series 2018-2, Class A1, 3.47%, due 07/27/48◆◆ 144A		67,868
	157,000	COLT Mortgage Loan Trust, Series 2019-2, Class A1, 3.34%, due 05/25/49◆◆ 144A		157,000
	221,000	Commercial Mortgage Pass Through Certificates, Series 2012-LC4, Class B, 4.93%, due 12/10/44◆◆		228,702
	235,000	Commercial Mortgage Pass Through Certificates, Series 2013-300P, Class D, 4.39%, due 08/10/30◆◆ 144A		242,297
	72,946	Commercial Mortgage Pass Through Certificates, Series 2013-LC6, Class A3, 2.67%, due 01/10/46		72,739
	576,781	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A2, 2.82%, due 03/10/47		576,348
	1,200,000	Commercial Mortgage Pass Through Certificates, Series 2015-CR25, Class A3, 3.51%, due 08/10/48		1,231,400
	1,197,000	Commercial Mortgage Pass Through Certificates, Series 2018-COR3, Class A3, 4.23%, due 05/10/51		1,287,692
	53,000,000	Commercial Mortgage Pass Through Certificates, (IO), Series 2014-CR17, Class XB, 0.22%, due 05/10/47◆◆ 144A		602,022
	187,963	Credit Suisse Mortgage Trust, 3.43%, due 08/30/37◆◆ ‡‡‡‡		187,963
	305,000	Credit Suisse Mortgage Trust, Series 2006-OMA, Class B2, 5.54%, due 05/15/23 144A		310,050
	728,220	Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3, 3.50%, due 06/25/47◆◆ 144A		730,834
	851,249	Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A, 3.85%, due 09/25/57◆◆ 144A		866,875
	1,100,000	CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50		1,095,228
	775,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50		773,095
	480,000	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-HQA4, Class M2, 3.79% (1 mo. USD LIBOR plus 1.300%), due 04/25/29†		482,721
	455,314	FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA1, Class M1, 3.69% (1 mo. USD LIBOR plus 1.200%), due 07/25/29†		457,412
	1,125,497	FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M1, 3.24% (1 mo. USD LIBOR plus 0.750%), due 03/25/30†		1,125,250
	102,204	FNMA Connecticut Avenue Securities, Series 2016-C04, Class 1M1, 3.94% (1 mo. USD LIBOR plus 1.450%), due 01/25/29†		102,607
	220,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class EFX, 3.38%, due 12/15/34◆◆ 144A		217,977

See accompanying Notes to the Financial Statements.

95

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	174,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX, 3.38%, due 12/15/34◆◆ 144A		172,967
	144,755	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, due 11/25/57◆◆ 144A		145,334
	85,000	Great Wolf Trust, Series 2017-WOLF, Class E, 5.73%, due 09/15/34◆◆ 144A		85,284
	1,217,389	GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, due 05/10/45		1,230,686
	900,000	GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48		906,189
	100,000	Hilton Orlando Trust, Series 2018-ORL, Class D, 4.18%, due 12/15/34◆◆ 144A		100,223
	100,000	Hudsons Bay Simon JV Trust, Series 2015-HBFL, Class DFL, 6.38% (1 mo. LIBOR plus 3.650%), due 08/05/34† 144A		100,311
	170,000	IMT Trust, Series 2017-APTS, Class CFX, 3.50%, due 06/15/34◆◆ 144A		169,405
	902,035	JP Morgan Mortgage Trust, Series 2016-1, Class A5, 3.50%, due 05/25/46◆◆ 144A		906,968
	1,725,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due 04/15/47		1,751,189
	824,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due 11/15/48		822,701
	700,000	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49		692,387
	1,300,000	JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50		1,326,693
	1,187,287	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.72%, due 02/15/46 144A		1,219,593
	500,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A3, 3.53%, due 01/15/46		499,638
	760,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, 2.56%, due 08/15/49		736,115
	1,600,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50		1,594,202
	148,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class A, 3.39%, due 06/15/35◆◆ 144A		147,812
	578,905	JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, due 10/25/46◆◆ 144A		581,517
	1,357,561	JPMorgan Mortgage Trust, Series 2017-2, Class A5, 3.50%, due 05/25/47◆◆ 144A		1,361,591
	1,128,960	JPMorgan Mortgage Trust, Series 2018-4, Class A15, 3.50%, due 10/25/48◆◆ 144A		1,133,745
	277,227	Lehman XS Trust, Series 2006-GP4, Class 1A1, 2.69% (1 mo. USD LIBOR plus 0.205%), due 08/25/46†		274,275
	222,869	LSTAR Securities Investment, Ltd., Series 2017-8, Class A, 4.14%, due 11/01/22◆◆ 144A		225,292
	187,057	MetLife Securization Trust, Series 2018-1A, Class A, 3.75%, due 03/25/57◆◆ 144A		189,975
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46		100,401
	1,600,000	Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49		1,541,287
	212,000	Morgan Stanley Capital I Trust, Series 2017-CLS, Class D, 3.88%, due 11/15/34◆◆ 144A		211,929
	95,000	Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.79%, due 11/15/32◆◆ 144A		94,905
	165,000	Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.32%, due 01/15/43◆◆ 144A		168,819
	254,058	New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 3.24% (1 mo. USD LIBOR plus 0.750%), due 01/25/48† 144A		252,890

See accompanying Notes to the Financial Statements.

96

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	40,742	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 4.70%, due 05/25/35◆◆		40,830
	330,000	Radnor RE Ltd., Series 2018-1, Class M1, 3.89%, due 03/25/28◆◆ 144A		329,485
	1,911,735	Small Business Administration Participation Certificates, Series 2013-20L, Class 1, 3.38%, due 12/01/33		1,945,178
	290,000	STACR Trust, Series 2018-DNA3, Class M1, 3.24% (1 mo. USD LIBOR plus 0.750%), due 09/25/48† 144A		289,820
	111,741	Starwood Mortgage Residential Trust, Series 2018-IMC1, Class A1, 3.79%, due 03/25/48◆◆ 144A		112,928
	675,000	UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50		685,471
	2,272,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, due 08/10/49		2,295,723
	1,453,919	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A3, 2.92%, due 03/10/46		1,462,520
	1,523,797	UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, due 01/10/45		1,545,080
	395,239	Verus Securitization Trust, Series 2018-3, Class A1, 4.11%, due 10/25/58◆◆ 144A		403,009
	240,000	VNO Mortgage Trust, Series 2013-PENN, Class D, 3.95%, due 12/13/29◆◆ 144A		240,790
	18,670	WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A7, 4.35%, due 09/25/33◆◆		19,273
	188,000	Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class C, 2.71%, due 03/18/28◆◆ 144A		186,345
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49		1,437,546
	3,000,000	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49		2,909,327
	950,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50		948,776
	1,400,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50		1,415,873
	110,000	Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class D, 4.13%, due 12/15/34◆◆ 144A		110,078
	1,360,000	WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.90%, due 06/15/44◆◆ 144A		1,408,375
				54,941,390
		Mortgage Backed Securities - U.S. Government Agency Obligations — 25.8%
	602,535	FHLMC Gold, Pool # A89870, 4.50%, due 11/01/39		638,243
	463,990	FHLMC Gold, Pool # A96970, 4.00%, due 02/01/41		481,814
	787,729	FHLMC Gold, Pool # C91908, 3.00%, due 01/01/37		795,715
	627,514	FHLMC Gold, Pool # G06231, 4.00%, due 12/01/40		651,634
	286,330	FHLMC Gold, Pool # G06409, 6.00%, due 11/01/39		315,663
	153,488	FHLMC Gold, Pool # G06875, 5.50%, due 12/01/38		168,723
	571,039	FHLMC Gold, Pool # G07021, 5.00%, due 09/01/39		615,504
	806,293	FHLMC Gold, Pool # G08672, 4.00%, due 10/01/45		833,296
	196,407	FHLMC Gold, Pool # G08735, 4.50%, due 10/01/46		206,007
	101,049	FHLMC Gold, Pool # G08748, 3.50%, due 02/01/47		102,767
	575,753	FHLMC Gold, Pool # G08771, 4.00%, due 07/01/47		595,030
	858,658	FHLMC Gold, Pool # G08805, 4.00%, due 03/01/48		886,494

See accompanying Notes to the Financial Statements.

97

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	259,013	FHLMC Gold, Pool # G16177, 2.00%, due 01/01/32		252,466
	1,706,497	FHLMC Gold, Pool # G16634, 3.00%, due 10/01/31		1,728,173
	1,754,787	FHLMC Gold, Pool # G60564, 5.00%, due 02/01/42		1,895,759
	1,598,307	FHLMC Gold, Pool # G60722, 3.00%, due 10/01/46		1,594,238
	684,669	FHLMC Gold, Pool # G60767, 3.50%, due 10/01/46		699,131
	393,493	FHLMC Gold, Pool # G60788, 3.50%, due 12/01/46		401,836
	1,586,307	FHLMC Gold, Pool # G60804, 4.50%, due 05/01/42		1,679,505
	1,784,002	FHLMC Gold, Pool # G60931, 3.00%, due 02/01/47		1,784,711
	1,964,450	FHLMC Gold, Pool # G60934, 3.50%, due 06/01/45		2,010,552
	1,747,385	FHLMC Gold, Pool # G61242, 4.50%, due 12/01/45		1,834,260
	1,397,722	FHLMC Gold, Pool # G61748, 3.50%, due 11/01/48		1,428,116
	1,273,112	FHLMC Gold, Pool # G67703, 3.50%, due 04/01/47		1,302,611
	180,129	FHLMC Gold, Pool # J16432, 3.50%, due 08/01/26		184,832
	190,257	FHLMC Gold, Pool # J17763, 3.50%, due 01/01/27		195,209
	607,471	FHLMC Gold, Pool # J34888, 2.50%, due 07/01/31		605,013
	1,131,834	FHLMC Gold, Pool # Q09224, 4.00%, due 07/01/42		1,187,605
	253,857	FHLMC Gold, Pool # Q11218, 3.50%, due 09/01/42		259,525
	498,640	FHLMC Gold, Pool # Q12052, 3.50%, due 10/01/42		509,791
	1,000,371	FHLMC Gold, Pool # Q12862, 3.50%, due 11/01/42		1,023,894
	474,242	FHLMC Gold, Pool # Q17792, 3.50%, due 05/01/43		485,396
	1,915,209	FHLMC Gold, Pool # Q34842, 3.00%, due 07/01/45		1,915,672
	1,470,592	FHLMC Gold, Pool # Q36815, 4.00%, due 10/01/45		1,519,764
	2,003,237	FHLMC Gold, Pool # Q41918, 3.50%, due 07/01/46		2,049,645
	1,357,673	FHLMC Gold, Pool # Q42618, 3.00%, due 08/01/46		1,353,798
	1,464,152	FHLMC Gold, Pool # Q44455, 3.50%, due 11/01/46		1,494,811
	1,460,374	FHLMC Gold, Pool # Q45741, 3.50%, due 01/01/47		1,494,213
	226,647	FHLMC Gold, Pool # Q49494, 4.50%, due 07/01/47		237,712
	944,653	FHLMC Gold, Pool # Q54957, 4.00%, due 03/01/48		977,096
	1,265,552	FHLMC Gold, Pool # Q60989, 3.00%, due 12/01/46		1,261,938
	416,324	FHLMC Gold, Pool # V60565, 3.00%, due 06/01/29		421,945
	1,054,177	FHLMC Gold, Pool # V60599, 3.00%, due 09/01/29		1,068,392
	1,399,504	FHLMC Gold, Pool # V82292, 4.00%, due 04/01/46		1,455,025
	1,682,685	FHLMC Gold, Pool # V82515, 3.50%, due 06/01/46		1,715,419
	399,625	FHLMC Gold, Pool # V82848, 3.00%, due 12/01/46		399,041
	550,000	FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class AM, 3.17%, due 09/25/26◆◆		561,299
	325,000	FHLMC Multifamily Structured Pass Through Certificates, Series K083, Class AM, 4.03%, due 10/25/28◆◆		352,248
	200,000	FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class AM, 3.92%, due 11/25/28◆◆		215,072
	900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K157, Class A2, 3.99%, due 05/25/33◆◆		966,002
	480,000	FHLMC Multifamily Structured Pass Through Certificates, Series W5FX, Class AFX, 2.97%, due 04/25/28◆◆		487,061
	32,621,400	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K006, Class AX1, 0.94%, due 01/25/20◆◆		157,454
	21,009,360	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K007, Class X1, 1.03%, due 04/25/20◆◆		159,883

See accompanying Notes to the Financial Statements.

98

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	25,896,647	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 0.84%, due 10/25/22◆◆		660,056
	94,983	FHLMC Reference REMIC, Series R007, Class ZA, 6.00%, due 05/15/36		106,878
	938,792	FHLMC REMIC, Series 4777, Class CB, 3.50%, due 10/15/45		958,526
	3,986	FNMA, Pool # 254548, 5.50%, due 12/01/32		4,312
	1,807,022	FNMA, Pool # 254903, 5.00%, due 10/01/33		1,945,096
	2,000,316	FNMA, Pool # 725027, 5.00%, due 11/01/33		2,153,383
	1,218,749	FNMA, Pool # 725331, 4.00%, due 01/01/34		1,266,285
	1,384,527	FNMA, Pool # 735676, 5.00%, due 07/01/35		1,490,087
	502,319	FNMA, Pool # 745148, 5.00%, due 01/01/36		540,900
	581,945	FNMA, Pool # 932807, 4.00%, due 09/01/40		603,877
	492,127	FNMA, Pool # 983471, 5.50%, due 05/01/38		529,280
	609,369	FNMA, Pool # 985184, 5.50%, due 08/01/38		655,589
	399,472	FNMA, Pool # 995245, 5.00%, due 01/01/39		429,401
	878,400	FNMA, Pool # AB6212, 3.00%, due 09/01/42		879,260
	1,238,194	FNMA, Pool # AB6802, 3.50%, due 11/01/42		1,264,931
	283,680	FNMA, Pool # AB7059, 2.50%, due 11/01/42		276,920
	269,867	FNMA, Pool # AB9383, 4.00%, due 05/01/43		282,037
	1,621,708	FNMA, Pool # AB9659, 3.00%, due 06/01/43		1,623,301
	541,160	FNMA, Pool # AD9153, 4.50%, due 08/01/40		572,233
	312,202	FNMA, Pool # AE0469, 6.00%, due 12/01/39		344,607
	321,179	FNMA, Pool # AE7685, 4.00%, due 10/01/40		333,285
	1,341,884	FNMA, Pool # AH4404, 4.00%, due 01/01/41		1,392,470
	195,425	FNMA, Pool # AI1892, 5.00%, due 05/01/41		211,346
	975,117	FNMA, Pool # AJ9278, 3.50%, due 12/01/41		996,172
	494,521	FNMA, Pool # AJ9317, 4.00%, due 01/01/42		513,162
	1,000,425	FNMA, Pool # AL0215, 4.50%, due 04/01/41**		1,058,179
	1,519,420	FNMA, Pool # AL1895, 3.50%, due 06/01/42		1,552,229
	863,411	FNMA, Pool # AL3000, 3.50%, due 12/01/42		882,059
	1,120,343	FNMA, Pool # AL3316, 3.50%, due 03/01/43		1,144,533
	231	FNMA, Pool # AL3873, 3.50%, due 07/01/43		236
	1,137,891	FNMA, Pool # AL6301, 4.50%, due 06/01/42		1,202,122
	1,343,255	FNMA, Pool # AL6663, 4.00%, due 03/01/39		1,388,892
	606,679	FNMA, Pool # AL6839, 5.00%, due 04/01/42		654,405
	1,769,793	FNMA, Pool # AL7521, 5.00%, due 06/01/39		1,909,957
	3,303,501	FNMA, Pool # AL7594, 3.50%, due 08/01/45		3,370,748
	1,170,938	FNMA, Pool # AL8191, 4.00%, due 12/01/45		1,214,910
	206,337	FNMA, Pool # AO4109, 4.00%, due 06/01/42		214,116
	487,042	FNMA, Pool # AQ7923, 3.00%, due 12/01/42		487,520
	1,218,145	FNMA, Pool # AS5133, 3.50%, due 06/01/45		1,239,549
	341,522	FNMA, Pool # AS6286, 4.00%, due 12/01/45		353,317
	552,583	FNMA, Pool # AS6304, 4.00%, due 12/01/45		571,669
	731,432	FNMA, Pool # AS6452, 3.50%, due 01/01/46		744,286
	297,109	FNMA, Pool # AS7693, 2.00%, due 08/01/31		289,402
	428,352	FNMA, Pool # AS8073, 2.50%, due 10/01/46		416,414
	902,340	FNMA, Pool # AT0232, 3.00%, due 03/01/43		903,227
	415,603	FNMA, Pool # AX3719, 3.50%, due 07/01/27		425,835
	349,792	FNMA, Pool # AZ3743, 3.50%, due 11/01/45		355,938
	2,951,755	FNMA, Pool # BD7043, 4.00%, due 03/01/47		3,066,599

See accompanying Notes to the Financial Statements.

99

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	2,643,509	FNMA, Pool # BE7192, 4.00%, due 03/01/47		2,737,216
	1,545,663	FNMA, Pool # BH1207, 4.00%, due 06/01/47		1,601,449
	929	FNMA, Pool # BM1105, 5.00%, due 07/01/41		999
	1,557,263	FNMA, Pool # BM1573, 3.50%, due 07/01/47		1,592,152
	1,472,434	FNMA, Pool # BM1655, 5.00%, due 11/01/44		1,584,396
	1,672,630	FNMA, Pool # BM1972, 3.50%, due 10/01/37		1,716,456
	967,799	FNMA, Pool # BM3033, 3.00%, due 10/01/47		965,165
	1,088,864	FNMA, Pool # BM3116, 3.00%, due 02/01/47		1,090,272
	294,711	FNMA, Pool # BM3258, 3.00%, due 02/01/47		295,009
	802,908	FNMA, Pool # BM3286, 4.50%, due 11/01/47		840,662
	1,006,291	FNMA, Pool # BM3491, 4.50%, due 01/01/38		1,057,757
	1,737,687	FNMA, Pool # BM3641, 4.00%, due 04/01/48		1,810,362
	3,051,761	FNMA, Pool # BM3820, 4.00%, due 02/01/47		3,179,386
	1,638,210	FNMA, Pool # BM4425, 5.00%, due 07/01/47		1,761,848
	1,479,285	FNMA, Pool # CA0655, 3.50%, due 11/01/47		1,507,578
	1,504,098	FNMA, Pool # CA1560, 4.50%, due 04/01/48		1,586,878
	2,102,550	FNMA, Pool # CA2057, 4.50%, due 07/01/48		2,200,380
	9,721	FNMA, Pool # MA2064, 3.00%, due 10/01/24		9,904
	424,078	FNMA, Pool # MA3385, 4.50%, due 06/01/48		443,727
	1,132,884	FNMA REMIC, Series 2011-59, Class NZ, 5.50%, due 07/25/41		1,256,127
	29,282	FNMA REMIC, Series 2012-28, Class B, 6.50%, due 06/25/39		31,368
	1,700,000	FNMA-ACES, Series 2015-M10, Class A2, 3.09%, due 04/25/27◆◆		1,715,923
	808,003	FNMA-ACES, Series 2015-M8, Class AB2, 2.83%, due 01/25/25◆◆		815,270
	500,000	FNMA-ACES, Series 2016-M7, Class AB2, 2.38%, due 09/25/26		484,455
	500,000	FNMA-ACES, Series 2017-M1, Class A2, 2.42%, due 10/25/26◆◆		486,156
	1,700,000	FNMA-ACES, Series 2017-M8, Class A2, 3.06%, due 05/25/27◆◆		1,716,577
	438,970	FNMA-ACES, Series 2018-M10, Class A1, 3.38%, due 07/25/28◆◆		456,838
	367,043	GNMA, Pool # 004636, 4.50%, due 02/20/40		386,709
	67,930	GNMA, Pool # 004678, 4.50%, due 04/20/40		71,567
	438,447	GNMA, Pool # 004833, 4.00%, due 10/20/40		456,736
	378,034	GNMA, Pool # 004977, 4.00%, due 03/20/41		393,838
	980,504	GNMA, Pool # 004978, 4.50%, due 03/20/41		1,033,025
	1,536,951	GNMA, Pool # 005055, 4.50%, due 05/20/41		1,619,325
	560	GNMA, Pool # 005334, 5.00%, due 03/20/42		604
	668,353	GNMA, Pool # 734152, 4.00%, due 01/15/41		695,353
	53,197	GNMA, Pool # 783637, 3.00%, due 06/20/42		53,541
	423,462	GNMA, Pool # AL8626, 3.00%, due 08/15/45		425,689
	78,668	GNMA, Pool # MA0624, 3.00%, due 12/20/42		79,176
	356,544	GNMA, Pool # MA0625, 3.50%, due 12/20/42		365,582
	204,100	GNMA, Pool # MA0698, 3.00%, due 01/20/43		205,416
	700,343	GNMA, Pool # MA0851, 3.00%, due 03/20/43		704,862
	119,300	GNMA, Pool # MA1156, 3.00%, due 07/20/43		120,069
	167,513	GNMA, Pool # MA1599, 3.00%, due 01/20/44		168,593
	339,973	GNMA, Pool # MA2372, 4.00%, due 11/20/44		353,698
	334,145	GNMA, Pool # MA3377, 4.00%, due 01/20/46		346,419
	614,589	GNMA, Pool # MA3873, 3.00%, due 08/20/46		618,556
	239,493	GNMA, Pool # MA4125, 2.50%, due 12/20/46		234,576
	485,613	GNMA I, Pool # 784605, 4.50%, due 01/15/42		511,395
	1,298,675	GNMA II, Pool # AV9421, 3.50%, due 11/20/46		1,330,511

See accompanying Notes to the Financial Statements.

100

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	923,843	GNMA II, Pool # AY7555, 3.50%, due 04/20/47		946,539
	553,871	GNMA II, Pool # MA0462, 3.50%, due 10/20/42		567,920
	553,120	GNMA II, Pool # MA0852, 3.50%, due 03/20/43		569,524
	474,579	GNMA II, Pool # MA2371, 3.50%, due 11/20/44		485,658
	379,746	GNMA II, Pool # MA2825, 3.00%, due 05/20/45		382,195
	857,166	GNMA II, Pool # MA3456, 4.50%, due 02/20/46		902,479
	1,779,221	GNMA II, Pool # MA3803, 3.50%, due 07/20/46		1,821,557
	318,625	GNMA II, Pool # MA4071, 4.50%, due 11/20/46		336,574
	577,660	GNMA II, Pool # MA4263, 4.00%, due 02/20/47		596,930
	438,502	GNMA II, Pool # MA5021, 4.50%, due 02/20/48		456,855
	147,561	GNMA II, Pool # MA5079, 4.50%, due 03/20/48		153,377
				141,435,697
		Municipal Obligations — 1.0%
	60,000	Alabama Economic Settlement Authority, 4.26%, due 09/15/32		63,124
	300,000	Bay Area Toll Authority, 6.26%, due 04/01/49		428,490
	90,000	District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14#		103,849
	464,000	Municipal Electric Authority of Georgia, 6.64%, due 04/01/57		522,858
	2,049,000	New Jersey Economic Development Authority, 2.94%, due 02/15/20‡‡		1,997,201
	1,000,000	State of California General Obligation, 7.55%, due 04/01/39		1,520,570
	695,000	State of Illinois, General Obligation, 5.00%, due 11/01/22		749,551
	105,000	University of Virginia, 4.18%, due 09/01/17#		108,837
				5,494,480
		Sovereign Debt Obligations — 1.2%
	288,000	Argentine Republic Government International Bond, 5.88%, due 01/11/28		221,796
	135,000	Colombia Government International Bond, 7.38%, due 09/18/37		177,019
	215,000	Export-Import Bank of India, 3.88%, due 02/01/28‡ 144A		212,947
	600,000	Hashemite Kingdom of Jordan Government AID Bond, 3.00%, due 06/30/25		617,042
	400,000	Hungary Government International Bond, 5.75%, due 11/22/23		443,044
	200,000	Indonesia Government International Bond, 4.45%, due 02/11/24		208,916
	220,000	Indonesia Government International Bond, 5.88%, due 01/15/24 144A		243,009
	200,000	Japan Bank for International Cooperation, 3.38%, due 10/31/23		206,490
	200,000	Panama Government International Bond, 4.00%, due 09/22/24		209,400
	250,000	Province of Alberta Canada, 3.30%, due 03/15/28		259,519
	100,000	Province of Manitoba Canada, 2.13%, due 06/22/26		95,767
	220,000	Province of Ontario Canada, 3.40%, due 10/17/23‡		227,799
	220,000	Province of Quebec Canada, 2.75%, due 04/12/27		220,520
	150,000	Provincia de Buenos Aires, 7.88%, due 06/15/27 144A		109,875
	246,000	Qatar Government International Bond, 3.38%, due 03/14/24‡ 144A		248,691
	520,000	Qatar Government International Bond, 5.10%, due 04/23/48 144A		570,700
	375,000	Saudi Government International Bond, 2.88%, due 03/04/23 144A		372,028
	235,000	Saudi Government International Bond, 4.00%, due 04/17/25 144A		241,097
	445,000	Saudi Government International Bond, 4.38%, due 04/16/29 144A		464,525
	330,000	Saudi Government International Bond, 5.25%, due 01/16/50 144A		352,725
	400,000	Tokyo Metropolitan Government, 2.50%, due 06/08/22 144A		397,559
	300,000	Turkey Government International Bond, 7.00%, due 06/05/20‡		303,413
	140,000	Uruguay Government International Bond, 5.10%, due 06/18/50		149,975
				6,553,856

See accompanying Notes to the Financial Statements.

101

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)			Description	Value ($)
			U.S. Government and Agency Obligations — 10.0%
	140,000		FHLMC, 1.38%, due 08/15/19		139,463
	270,000		FNMA, 2.38%, due 01/19/23		270,874
	315,000		FNMA, 2.50%, due 02/05/24		318,175
	310,000		FNMA, 6.63%, due 11/15/30***		427,449
	25,000		Tennessee Valley Authority, 7.13%, due 05/01/30		35,154
	4,360,000		U.S. Treasury Bond, 2.75%, due 11/15/42		4,339,988
	2,788,000		U.S. Treasury Bond, 2.75%, due 11/15/47		2,748,467
	4,165,000		U.S. Treasury Bond, 3.00%, due 02/15/47		4,323,059
	1,015,000		U.S. Treasury Bond, 3.00%, due 02/15/48		1,050,406
	3,383,000		U.S. Treasury Bond, 3.00%, due 08/15/48		3,502,660
	6,202,000		U.S. Treasury Bond, 3.38%, due 11/15/48		6,903,722
	6,896,000		U.S. Treasury Bond, 4.50%, due 05/15/38		8,870,249
	2,994,000		U.S. Treasury Note, 2.38%, due 02/29/24		3,013,941
	1,551,000		U.S. Treasury Note, 2.63%, due 05/15/21		1,562,087
	7,570,000		U.S. Treasury Note, 2.63%, due 02/15/29		7,710,015
	7,928,000		U.S. Treasury Note, 2.88%, due 09/30/23		8,142,304
	1,292,000		U.S. Treasury Note, 2.88%, due 08/15/28		1,342,595
					54,700,608
			TOTAL DEBT OBLIGATIONS (COST $539,392,651)		535,475,372
Number of Contracts		Notional Value ($)	Description	Value ($)
			OPTIONS PURCHASED — 0.0%
			Purchased Futures Options — 0.0%
			Put Options — 0.0%
	48	10,228,500	U.S. Treasury Note 2-Year Futures Option with JP Morgan Securities LLC, Strike Price $ 106.00, Expires 04/26/19		750
	48	10,228,500	U.S. Treasury Note 2-Year Futures Option with JP Morgan Securities LLC, Strike Price $ 106.63, Expires 04/26/19		18,750
	81	9,382,078	U.S. Treasury Note 5-Year Futures Option with JP Morgan Securities LLC, Strike Price $ 115.00, Expires 04/26/19		5,063
			TOTAL FUTURES OPTIONS PURCHASED (PREMIUMS PAID $23,074)		24,563
			TOTAL OPTIONS PURCHASED (PREMIUMS PAID $23,074)		24,563
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 1.4%
			Certificate of Deposit — 0.1%
	430,000		Ford Motor Credit Co., 3.66%, due 04/09/19‡‡ 144A		429,599
			TOTAL CERTIFICATES OF DEPOSIT (COST $429,708)		429,599

See accompanying Notes to the Financial Statements.

102

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)			Description	Value ($)
			Mutual Fund - Securities Lending Collateral — 1.1%
	6,309,277		State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.39%****		6,309,277
			TOTAL MUTUAL FUND - SECURITIES LENDING COLLATERAL (COST $6,309,277)		6,309,277
			U.S. Government and Agency Obligations — 0.2%
	922,000		U.S. Treasury Bill, 2.31%, due 05/16/19‡‡		919,283
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $919,247)		919,283
			TOTAL SHORT-TERM INVESTMENTS (COST $7,658,232)		7,658,159
			TOTAL INVESTMENTS — 99.0% (Cost $547,073,957)		543,158,094
			Other Assets and Liabilities (net) — 1.0%		5,442,382
			NET ASSETS — 100.0%	$548,600,476
			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
		#	Year of maturity is greater than 2100.
		*	Non-income producing security
		**	All or a portion of this security is pledged for open futures collateral.
		***	All or a portion of this security is pledged for open futures and open centrally cleared swaps 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 year end is $572 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $1,565,555.
		¤	Illiquid security. The total market value of the securities at year end is $572 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $1,565,555.

See accompanying Notes to the Financial Statements.

103

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

^	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 March 31, 2019.
◆	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.
††††	When-issued security.
†††††	Security is perpetual and has no stated maturity date.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
‡‡‡	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
‡‡‡‡	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 year end, the market value of restricted securities was $187,963, which is 0.0% 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 year end is $117,877,694 which represents 21.5% of net assets.

See accompanying Notes to the Financial Statements.

104

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

At March 31, 2019, the Fund held the following restricted security:

Restricted Security	Acquistion Date	Principal Amount	Cost		Value
Credit Suisse Mortgage Trust, 3.43%, due 08/30/2037	11/28/18	$187,963	$	187,963	$	187,963
					$	187,963

Futures Contracts

Number of Contracts		Description	Expiration Date	Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	168	U.S. Treasury Note 10-Year	Jun 2019	$	20,868,750	$	301,167
	77	U.S. Treasury Note 2-Year	Jun 2019		16,408,219		59,336
	190	U.S. Treasury Note 5-Year	Jun 2019		22,007,344		183,532
	28	U.S. Ultra 10-Year	Jun 2019		3,717,875		74,392
	111	U.S. Ultra Bond	Jun 2019		18,648,000		674,358
						$	1,292,785
	Sales
	49	U.S. Long Bond	Jun 2019	$	7,333,156	$	(187,872	)

Written Options

Written Futures Options

Type of Contract	Counterparty		Number of Contracts		Notional Value				Premiums Received				Value at March 31, 2019
PUT — U.S. Treasury Note 2-Year Futures Option		JP Morgan Securities LLC		96		$	(20,457,000	)		$	(5,867	)		$	(6,000	)
Strike @ $ 106.25
Expires 04/26/2019

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	$	(123,603	)	$	6,783,600	$	(257,050	)	$	(133,447	)
Overnight Federal Funds Effective Rate (12M)	2.41%	02/12/25		117			2,295,000		(46,845	)		(46,962	)
Overnight Federal Funds Effective Rate (12M)	2.37%	03/23/21		92			4,545,000		(20,931	)		(21,023	)
Overnight Federal Funds Effective Rate (12M)	2.07%	02/15/27		(336	)		920,000		1,394			1,730
Overnight Federal Funds Effective Rate (12M)	1.96%	02/15/27		102			265,000		2,395			2,293
Overnight Federal Funds Effective Rate (12M)	1.95%	03/29/24		124			4,490,000		16,124			16,000
3-Month USD LIBOR	3.11%	07/31/25		340			2,709,000		(127,236	)		(127,576	)
3-Month USD LIBOR	3.00%	05/31/25		50			120,000		(4,762	)		(4,812	)
3-Month USD LIBOR	2.84%	08/15/28		(3,212	)		1,662,000		(62,122	)		(58,910	)
3-Month USD LIBOR	2.66%	11/15/43		103			145,000		(1,993	)		(2,096	)
3-Month USD LIBOR	2.33%	11/15/24		12,963			3,810,000		(6,241	)		(19,204	)
3-Month USD LIBOR	2.29%	05/15/27		101			130,000		613			512

See accompanying Notes to the Financial Statements.

105

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

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)
3-Month USD LIBOR	2.21%	01/08/26	$	—	$	7,920,000	$	56,082	$	56,082
3-Month USD LIBOR	2.18%	08/15/24		1,488		385,000		2,369		881
3-Month USD LIBOR	2.17%	08/15/24		10,977		7,885,000		50,728		39,751
12-Month USD LIBOR	1.90%	02/15/27		797		390,000		5,402		4,605
12-Month USD LIBOR	1.82%	02/15/27		20,041		1,447,000		27,979		7,938
									$	(284,238	)

See accompanying Notes to the Financial Statements.

106

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		97.6
Futures Contracts		0.2
Options Purchased		0.0
Written Options		0.0
Swaps		(0.1	)
Short-Term Investments		1.4
Other Assets and Liabilities (net)		0.9
		100.0	%

See accompanying Notes to the Financial Statements.

107

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2019

Par Value**		Description	Value ($)
		DEBT OBLIGATIONS — 91.9%
		Asset Backed Securities — 2.5%
	1,090,000	Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 2.92% (1 mo. USD LIBOR plus 0.430%), due 12/25/35†		1,059,075
	250,000	AMMC CLO 20, Ltd., Series 2017-20A, Class D, 6.17% (3 mo. USD LIBOR plus 3.400%), due 04/17/29† 144A		250,388
	888,750	Applebee’s Funding LLC/IHOP Funding LLC, Series 2014-1, Class A2, 4.28%, due 09/05/44 144A		893,029
	1,290,000	Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Series 2006-HE5, Class M1, 2.77% (1 mo. USD LIBOR plus 0.280%), due 07/25/36†		1,026,582
	660,000	Avery Point VI CLO, Ltd., Series 2015-6A, Class DR, 5.68%, due 08/05/27◆◆ 144A		652,428
	790,000	BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21		796,957
	385,000	California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.87%, due 10/16/23		393,247
	380,000	California Street CLO IX, LP, Series 2012-9A, Class ER, 9.96% (3 mo. USD LIBOR plus 7.180%), due 10/16/28† 144A		381,369
	600,000	Catskill Park CLO, Ltd., Series 2017-1A, Class D, 8.76% (3 mo. USD LIBOR plus 6.000%), due 04/20/29† 144A		579,147
	200,000	CCG Receivables Trust, Series 2018-1, Class C, 3.42%, due 06/16/25 144A		200,621
	330,000	Cent CLO 24, Ltd., Series 2015-24A, Class CR, 5.94%, due 10/15/26◆◆ 144A		326,807
	609,150	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		621,253
	129,773	Colony Starwood Homes Trust, Series 2016-2A, Class B, 4.23% (1 mo. USD LIBOR plus 1.750%), due 12/17/33† 144A		129,901
	250,000	Cumberland Park CLO, Ltd., Series 2015-2A, Class ER, 8.41%, due 07/20/28◆◆ 144A		248,018
	371,593	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.53%, due 01/21/31 144A		376,904
	650,000	DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, due 03/15/24 144A		662,108
	225,000	First Investors Auto Owner Trust, Series 2016-2A, Class D, 3.35%, due 11/15/22 144A		225,028
	250,000	Greywolf CLO, Ltd., Series 2019-1A, Class C, 1.00%, due 04/17/30◆◆ †††† 144A		248,125
	524,599	GSAA Home Equity Trust, Series 2007-7, Class A4, 2.76% (1 mo. USD LIBOR plus 0.270%), due 07/25/37†		505,659
	500,000	Invitation Homes Trust, Series 2018-SFR1, Class E, 4.48%, due 03/17/37◆◆ 144A		499,066
	250,000	LCM CLO XXII, Ltd., Series 22A, Class DR, 8.26%, due 10/20/28◆◆ 144A		235,590
	370,851	Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, due 01/25/59†† 144A		373,876
	232,375	MAPS, Ltd., Series 2018-1A, Class A, 4.21%, due 05/15/43 144A		234,725
	232,375	MAPS, Ltd., Series 2018-1A, Class B, 5.19%, due 05/15/43 144A		234,466
	1,500,000	Mill City Solar Loan 2019-1, Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A		1,517,133
	575,000	Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A		600,221
	250,000	Neuberger Berman CLO XVII, Ltd., Series 2014-17A, Class ER, 9.31% (3 mo. USD LIBOR plus 6.550%), due 04/22/29† 144A		240,773
	500,000	Oaktree CLO, Ltd., Series 2015-1A, Class DR, 7.96%, due 10/20/27◆◆ 144A		482,947
	250,000	Octagon Investment Partners CLO XXIII, Ltd., Series 2015-1A, Class ER, 8.54%, due 07/15/27◆◆ 144A		248,747
	730,000	OneMain Financial Issuance Trust, Series 2015-2A, Class D, 5.64%, due 07/18/25 144A		733,616
	280,000	OneMain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, due 03/14/29 144A		282,418

See accompanying Notes to the Financial Statements.

108

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**		Description	Value ($)
		Asset Backed Securities — continued
	530,000	OZLM VII CLO, Ltd., Series 2014-7RA, Class CR, 5.77%, due 07/17/29◆◆ 144A		512,232
	750,000	OZLM XII CLO, Ltd., Series 2015-12A, Class CR, 5.75%, due 04/30/27◆◆ 144A		749,599
	711,425	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 144A		735,381
	180,000	Saranac CLO III, Ltd., Series 2014-3A, Class DR, 5.86%, due 06/22/30◆◆ 144A		175,325
	292,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 4.28% (28 day ARS), due 06/15/32†		292,354
	139,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 4.30% (28 day ARS), due 03/15/33†		140,070
	750,000	THL Credit Wind River CLO, Ltd., Series 2016-1A, Class ER, 8.34%, due 07/15/28◆◆ 144A		728,346
	361,602	VOLT LXVIII LLC, Series 2018-NPL4, Class A1A, 4.34%, due 07/27/48†† 144A		363,837
	500,000	Voya CLO, Ltd., Series 2015-2A, Class ER, 8.17%, due 07/23/27◆◆ 144A		479,150
	260,000	Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, due 10/16/23 144A		264,423
	410,000	Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 6.08%, due 10/15/31◆◆ 144A		404,433
				20,105,374
		Bank Loans — 5.1%
	506,146	Albany Molecular Research, Inc., 2017 1st Lien Term Loan, 5.75% (1 mo. USD LIBOR plus 3.250%), due 08/30/24†		498,132
	763,351	Albertsons, LLC, USD 2017 Term Loan B5, 5.61% (3 mo. USD LIBOR plus 3.000%), due 12/21/22†		758,170
	503,528	American Axle & Manufacturing, Inc., Term Loan B, 4.74% (1 mo. USD LIBOR plus 2.250%), due 04/06/24†		492,933
	506,127	American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 4.50% (1 mo. USD LIBOR plus 2.000%), due 10/31/23		493,428
	1,388,230	Asurion LLC, 2018 Term Loan B6, 5.50% (1 mo. USD LIBOR plus 3.000%), due 11/03/23†		1,381,940
	398,995	Asurion LLC, 2018 Term Loan B7, 5.50% (1 mo. USD LIBOR plus 3.000%), due 11/03/24†		396,938
	569,724	Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 4.49% (1 mo. USD LIBOR plus 2.000%), due 01/15/25†		566,067
	1,083,205	Bass Pro Group, LLC, Term Loan B, 7.50% (1 mo. USD LIBOR plus 5.000%), due 09/25/24†		1,061,535
	157,047	Beacon Roofing Supply, Inc., 2017 Term Loan B, 4.75% (1 mo. USD LIBOR plus 2.250%), due 01/02/25†		153,137
	330,000	Berry Global, Inc., Term Loan Q, 4.61% (2 mo. USD LIBOR plus 2.000%), due 10/01/22†		328,494
	505,827	Boyd Gaming Corp., Term Loan B3, 4.66% (1 mo. USD LIBOR plus 2.250%), due 09/15/23†		501,021
	208,425	BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 5.00% (1 mo. USD LIBOR plus 2.500%), due 08/15/25†		207,638
	506,156	Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 5.25% (1 mo. USD LIBOR plus 2.750%), due 12/22/24†		501,185
	898,939	Camelot UK Holdco, Ltd., 2017 Repriced Term Loan, 5.75% (1 mo. USD LIBOR plus 3.250%), due 10/03/23†		894,444
	320,331	Catalent Pharma Solutions, Inc., USD Term Loan B, 4.75% (1 mo. USD LIBOR plus 2.250%), due 05/20/24†		319,387

See accompanying Notes to the Financial Statements.

109

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**		Description	Value ($)
		Bank Loans — continued
	506,005	CEC Entertainment, Inc., Term Loan B, 5.75% (1 mo. USD LIBOR plus 3.250%), due 02/14/21†		490,825
	1,246,518	Change Healthcare Holdings LLC, 2017 Term Loan B, 5.25% (1 mo. USD LIBOR plus 2.750%), due 03/01/24†		1,230,936
	660,000	CommScope, Inc., 2019 Term Loan B, 3.25%, due 04/06/26###		661,399
	932,932	Delek US Holdings, Inc., 2018 Term Loan B, 4.75% (1 mo. USD LIBOR plus 2.250%), due 03/31/25†		925,935
	506,156	Dell International LLC, 2017 Term Loan B, 4.50% (1 mo. USD LIBOR plus 2.000%), due 09/07/23†		500,968
	833,326	Falcon Aerospace, Ltd., 2017 Term Loan A, 4.58%, due 02/15/42 144A		820,826
	345,703	First Data Corp., 2017 USD Term Loan, 4.49% (1 mo. USD LIBOR plus 2.000%), due 07/08/22†		345,217
	360,000	First Data Corp., 2024 USD Term Loan, 4.49% (1 mo. USD LIBOR plus 2.000%), due 04/26/24†		359,325
	1,002,310	Four Seasons Hotels, Ltd., New 1st Lien Term Loan, 4.50% (1 mo. USD LIBOR plus 2.000%), due 11/30/23†		995,920
	633,009	GFL Environmental Inc., 2018 USD Term Loan B, 5.50% (1 mo. USD LIBOR plus 3.000%), due 05/30/25†		614,810
	267,975	Global Business Travel Holdings, Ltd., 2018 Term Loan B, 5.19% (3 mo. USD LIBOR plus 2.500%), due 08/13/25†		267,975
	481,707	Golden Nugget, Inc., 2017 Incremental Term Loan B, 5.23% (3 mo. USD LIBOR plus 2.750%), due 10/04/23†		477,492
	507,236	GrafTech Finance, Inc., 2018 Term Loan B, 6.00% (1 mo. USD LIBOR plus 3.500%), due 02/12/25†		504,700
	379,048	Hyland Software, Inc., 2018 Term Loan 3, 6.00% (1 mo. USD LIBOR plus 3.500%), due 07/01/24†		379,107
	130,000	Intelsat Jackson Holdings S.A., 2017 Term Loan B3, 4.75%, due 11/27/23###		127,806
	398,990	Intrawest Resorts Holdings, Inc., Term Loan B1, 4.00%, due 07/31/24###		397,577
	359,093	IRB Holding Corp., 1st Lien Term Loan, 5.74% (1 mo. USD LIBOR plus 3.250%), due 02/05/25†		350,902
	506,057	Jaguar Holding Co. II, 2018 Term Loan, 5.00% (1 mo. USD LIBOR plus 2.500%), due 08/18/22†		501,422
	754,228	JBS USA, LLC, 2017 Term Loan B, 5.00% (1 mo. USD LIBOR plus 2.500%), due 10/30/22†		749,703
	703,680	Kraton Polymers, LLC, 2018 USD Term Loan, 5.00% (1 mo. USD LIBOR plus 2.500%), due 03/05/25†		699,612
	510,000	Level 3 Financing, Inc., 2017 Term Loan B, 4.74% (1 mo. USD LIBOR plus 2.500%), due 02/22/24†		504,900
	977,557	Life Time, Inc., 2017 Term Loan B, 5.38% (3 mo. USD LIBOR plus 2.750%), due 06/10/22†		966,967
	39,900	McAfee, LLC, 2018 USD Term Loan B, 3.75%, due 09/30/24† ###		39,845
	1,006,397	MEG Energy Corp., 2017 Term Loan B, 6.00% (1 mo. USD LIBOR plus 3.500%), due 12/31/23†		1,002,623
	981,039	Meredith Corp., 2018 Term Loan B, 5.25% (1 mo. USD LIBOR plus 2.750%), due 01/31/25†		979,813
	610,143	Messer Industries GmbH, 2018 USD Term Loan, 5.10% (3 mo. USD LIBOR plus 2.500%), due 03/01/26† ###		599,465
	505,328	MGM Growth Properties Operating Partnership, LP, 2016 Term Loan B, 4.50% (1 mo. USD LIBOR plus 2.000%), due 03/21/25†		498,590

See accompanying Notes to the Financial Statements.

110

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**		Description	Value ($)
		Bank Loans — continued
	378,706	Michaels Stores, Inc., 2018 Term Loan B, 5.00% (1 mo. USD LIBOR plus 2.500%), due 01/30/23†		371,368
	519,645	Microchip Technology, Inc., 2018 Term Loan B, 4.50% (1 mo. USD LIBOR plus 2.000%), due 05/29/25†		514,364
	793,909	Midas Intermediate Holdco II, LLC, Incremental Term Loan B, 5.35% (1 mo. USD LIBOR plus 2.750%), due 08/18/21◆◆		774,557
	220,000	MKS Instruments, Inc., 2018 Term Loan B5, 4.74% (1 mo. USD LIBOR plus 2.250%), due 02/02/26†		220,046
	473,322	MPH Acquisition Holdings LLC, 2016 Term Loan B, 5.35% (3 mo. USD LIBOR plus 2.750%), due 06/07/23†		458,708
	385,598	Natgasoline LLC, Term Loan B, 6.13% (3 mo. USD LIBOR plus 3.500%), due 11/14/25†		386,071
	410,000	Panther BF Aggregator 2 L P, Term Loan B, 3.50%, due 03/18/26† ###		405,890
	306,632	Post Holdings, Inc., 2017 Series A Incremental Term Loan, 4.49% (1 mo. USD LIBOR plus 2.000%), due 05/24/24†		304,716
	274,759	PQ Corp., 2018 Term Loan B, 5.24% (3 mo. USD LIBOR plus 2.500%), due 02/08/25†		272,011
	506,136	Prime Security Services Borrower, LLC, 2016 1st Lien Term Loan, 5.25% (1 mo. USD LIBOR plus 2.750%), due 05/02/22†		501,798
	565,739	Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 5.25% (1 mo. USD LIBOR plus 2.750%), due 11/15/23†		551,596
	357,568	Reynolds Group Holdings, Inc., USD 2017 Term Loan, 5.25% (1 mo. USD LIBOR plus 2.750%), due 02/05/23†		353,833
	506,165	Scientific Games International, Inc., 2018 Term Loan B5, 5.33% (1 mo. USD LIBOR plus 2.750%), due 08/14/24†		493,059
	368,799	Sophia, L.P., 2017 Term Loan B, 5.85% (3 mo. USD LIBOR plus 3.250%), due 09/30/22†		366,609
	759,190	Sprint Communications, Inc., 1st Lien Term Loan B, 5.00% (1 mo. USD LIBOR plus 2.500%), due 02/02/24†		737,838
	250,000	Starfruit Finco B.V, 2018 USD Term Loan B, 5.74% (1 mo. USD LIBOR plus 3.250%), due 10/01/25†		246,795
	373,209	Stars Group Holdings B.V. (The), 2018 USD Incremental Term Loan, 6.10% (3 mo. USD LIBOR plus 3.500%), due 07/10/25†		373,063
	650,242	Telenet Financing USD LLC, USD Term Loan AN, 4.73% (1 mo. USD LIBOR plus 2.250%), due 08/15/26†		638,050
	490,625	Trans Union, LLC, Term Loan B3, 4.50% (1 mo. USD LIBOR plus 2.000%), due 04/10/23†		486,901
	318,729	Travelport Finance (Luxembourg) S.a.r.l., 2018 Term Loan B, 5.18% (3 mo. USD LIBOR plus 2.500%), due 03/17/25†		318,604
	320,000	Travelport Finance (Luxembourg) S.a.r.l., 2019 Term Loan, 4.75%, due 03/13/26###		312,600
	835,935	TTM Technologies, Inc., 2017 Term Loan, 4.99% (1 mo. USD LIBOR plus 2.500%), due 09/28/24†		826,530
	763,557	Uber Technologies, 2018 Incremental Term Loan, 5.98% (1 mo. USD LIBOR plus 3.500%), due 07/13/23†		760,375
	1,140,559	Uber Technologies, 2018 Term Loan, 6.49% (1 mo. USD LIBOR plus 4.000%), due 04/04/25†		1,144,408
	249,873	UPC Financing Partnership, USD Term Loan AR, 4.98% (1 mo. USD LIBOR plus 2.500%), due 01/15/26†		249,263
	401,198	USI, Inc., 2017 Repriced Term Loan, 5.60% (3 mo. USD LIBOR plus 3.000%), due 05/16/24†		388,661

See accompanying Notes to the Financial Statements.

111

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Bank Loans — continued
	882,891		Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 5.48% (1 mo. USD LIBOR plus 3.000%), due 06/02/25†		877,533
	510,000		VICI Properties 1 LLC, Replacement Term Loan B, 4.49% (1 mo. USD LIBOR plus 2.000%), due 12/20/24†		502,541
	1,052,466		Vistra Operations Co. LLC, 2016 Term Loan B2, 4.75% (1 mo. USD LIBOR plus 2.250%), due 12/14/23†		1,047,993
	250,000		VVC Holding Corp., 2019 Term Loan B, 7.20% (3 mo. USD LIBOR plus 4.500%), due 02/11/26†		246,667
	1,039,643		Wall Street Systems Delaware, Inc., 2017 Term Loan B, 5.65% (1 mo. USD LIBOR plus 3.000%), due 11/21/24†		1,004,555
	139,646		Wink Holdco,, Inc., 1st Lien Term Loan B, 5.50% (1 mo. USD LIBOR plus 3.000%), due 12/02/24†		135,370
	985,000		Ziggo Secured Finance Partnership, USD Term Loan E, 4.98% (1 mo. USD LIBOR plus 2.500%), due 04/15/25†		960,991
					41,782,473
			Convertible Debt — 0.2%
	130,000		Chegg, Inc., 0.13%, due 03/15/25 144A		128,721
	220,000		DISH Network Corp., 3.38%, due 08/15/26		187,440
	750,000		Liberty Media Corp., 2.13%, due 03/31/48 144A		723,750
	90,000		Twitter, Inc., 0.25%, due 06/15/24 144A		83,509
	320,000		Twitter, Inc., 1.00%, due 09/15/21		301,908
	80,000		Western Digital Corp., 1.50%, due 02/01/24 144A		70,561
					1,495,889
			Corporate Debt — 26.4%
	400,000		1011778 BC ULC/New Red Finance, Inc., 4.25%, due 05/15/24‡ 144A		397,000
	1,000,000		1MDB Global Investments, Ltd., Reg S, 4.40%, due 03/09/23‡‡‡		938,523
	490,000		ABN AMRO Bank NV, 4.75%, due 07/28/25‡ 144A		509,818
	245,000		AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26††††		245,781
	175,000		AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, due 01/16/24		182,071
	1,115,000		AES Corp., 5.50%, due 04/15/25		1,159,600
	775,000		AHP Health Partners, Inc., 9.75%, due 07/15/26‡ 144A		838,937
	1,000,000		Air Lease Corp., 3.50%, due 01/15/22		1,009,622
	640,000		Alcoa Nederland Holding BV, 6.13%, due 05/15/28 144A		660,800
	1,200,000		Altice France SA/France, 7.38%, due 05/01/26 144A		1,179,000
	900,000		Altice Luxembourg SA, 7.75%, due 05/15/22 144A		903,375
	50,000		Altria Group, Inc., 4.40%, due 02/14/26		51,439
	180,000		Altria Group, Inc., 4.80%, due 02/14/29		185,734
	10,540,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		497,183
	440,000		American Axle & Manufacturing, Inc., 6.50%, due 04/01/27‡		427,482
	640,000		American Media LLC, 10.50%, due 12/31/26 144A		630,400
	180,000		Amkor Technology, Inc., 6.63%, due 09/15/27 144A		183,038
	200,000		Anglo American Capital Plc, 4.00%, due 09/11/27 144A		194,609
	670,000		Anheuser-Busch InBev Worldwide, Inc., 5.55%, due 01/23/49		736,411
	50,000		Anheuser-Busch InBev Worldwide, Inc., 5.80%, due 01/23/59		55,679
	640,000		Aon Corp., 4.50%, due 12/15/28		676,070
	350,000		ArcelorMittal, 7.00%, due 10/15/39		399,124
	645,000		Archer-Daniels-Midland Co., 4.50%, due 03/15/49		710,041

See accompanying Notes to the Financial Statements.

112

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Corporate Debt — continued
	1,430,000		Ardonagh Midco 3 Plc, 8.63%, due 07/15/23‡ 144A		1,229,800
	715,000		Ardonagh Midco 3 Plc, Reg S, 8.63%, due 07/15/23‡‡‡		614,900
	450,000	EUR	Arion Banki HF, (MTN), 1.63%, due 12/01/21‡‡‡		513,240
	330,000		Ashtead Capital, Inc., 5.25%, due 08/01/26 144A		339,075
	370,000		ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A		168,350
	730,000		AT&T, Inc., 4.85%, due 03/01/39		735,779
	260,000		Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		265,200
	800,000		Banco Bilbao Vizcaya Argentaria SA, 6.13%◆ †††††		714,748
	400,000	EUR	Banco Bilbao Vizcaya Argentaria SA, Reg S, 5.88%◆ ††††† ‡‡‡		437,331
	455,000		Banco BTG Pactual SA/Cayman Islands, 7.75%, due 02/15/29◆ 144A		452,725
	320,000		Banco Mercantil del Norte SA, 7.63% (10 year CMT plus 5.353%)† ††††† 144A		321,600
	1,000,000		Banco Santander SA, 4.38%, due 04/12/28		1,012,101
	600,000	EUR	Banco Santander SA, Reg S, 4.75%◆ ††††† ‡‡‡		586,949
	700,000		Barclays Bank Plc, 7.63%, due 11/21/22		761,659
	300,000		Barclays Plc, 4.97%, due 05/16/29◆		310,391
	1,315,000		Barclays Plc, 8.00%◆ †††††		1,346,231
	380,000		Bausch Health Americas, Inc., 8.50%, due 01/31/27 144A		403,750
	122,000		Bausch Health Cos., Inc., 5.63%, due 12/01/21 144A		122,037
	350,000		Bausch Health Cos., Inc., 6.13%, due 04/15/25 144A		347,375
	150,000		Bausch Health Cos., Inc., 7.00%, due 03/15/24 144A		159,075
	150,000		Beacon Roofing Supply, Inc., 4.88%, due 11/01/25‡ 144A		142,313
	349,000		Becton Dickinson and Co., 3.48%, due 12/29/20◆◆		349,037
	482,000		Berry Petroleum Co. LLC, 7.00%, due 02/15/26 144A		479,590
	650,000		BioScrip, Inc., 8.88%, due 02/15/21		659,750
	400,000		Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, due 07/15/26‡ 144A		410,000
	1,035,000		BNP Paribas SA, 5.13%◆ ††††† 144A		906,593
	710,000		BNP Paribas SA, 5.20%, due 01/10/30◆ ‡ 144A		767,147
	750,000		Bombardier, Inc., 7.88%, due 04/15/27 144A		774,600
	335,000		Bombardier, Inc., 8.75%, due 12/01/21 144A		371,431
	180,000		BP Capital Markets America, Inc., 3.94%, due 09/21/28		188,750
	440,000		Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		429,440
	645,000		British Telecommunications Plc, 5.13%, due 12/04/28		691,048
	2,005,000		Broadcom, Inc., 4.25%, due 04/15/26 144A		1,990,183
	650,000		Bruin E&P Partners LLC, 8.88%, due 08/01/23 144A		625,625
	800,000	EUR	CaixaBank SA, (MTN), Reg S, 2.75% (5 year EUR swap plus 2.350%), due 07/14/28† ‡‡‡		911,381
	600,000	EUR	CaixaBank SA, Reg S, 5.25%◆ ††††† ‡‡‡		591,415
	1,600,000		Capital One NA/Mclean VA, 2.35%, due 01/31/20		1,592,278
	320,000		Carriage Services, Inc., 6.63%, due 06/01/26 144A		328,800
	220,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28 144A		217,503
	630,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, due 02/15/23		642,600
	200,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, due 09/30/22		204,125
	965,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, due 05/01/26 144A		998,775
	385,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, due 02/15/26 144A		403,769
	330,000		Centene Corp., 5.38%, due 06/01/26 144A		345,263
	250,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		248,305
	150,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 04/01/38		151,025

See accompanying Notes to the Financial Statements.

113

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Corporate Debt — continued
	760,000		Chesapeake Energy Corp., 8.00%, due 06/15/27		752,400
	1,000,000		Cigna Corp., 3.26%, due 09/17/21◆◆ 144A		999,733
	1,000,000		Cigna Corp., 3.75%, due 07/15/23 144A		1,025,879
	765,000		Cigna Corp., 4.38%, due 10/15/28 144A		794,237
	605,000		Cigna Corp., 4.90%, due 12/15/48 144A		625,228
	460,000		Cirsa Finance International Sarl, 7.88%, due 12/20/23 144A		477,025
	635,000	EUR	Cirsa Finance International Sarl, Reg S, 6.25%, due 12/20/23‡‡‡		754,945
	500,000		CIT Group, Inc., 5.25%, due 03/07/25		533,275
	170,000		Citigroup, Inc., 4.65%, due 07/30/45		181,056
	1,315,000		Citigroup, Inc., 6.30% (3 mo. USD LIBOR plus 3.423%)† †††††		1,338,782
	860,000		Clear Channel Worldwide Holdings, Inc., 9.25%, due 02/15/24 144A		913,750
	170,000		Cleaver-Brooks, Inc., 7.88%, due 03/01/23 144A		157,675
	280,000		Cogent Communications Group, Inc., 5.38%, due 03/01/22 144A		287,700
	420,000		Comcast Corp., 3.24%, due 10/01/21◆◆		420,604
	580,000		Comcast Corp., 4.25%, due 10/15/30		616,736
	460,000		Comcast Corp., 4.70%, due 10/15/48		499,422
	885,000		CONSOL Energy, Inc., 11.00%, due 11/15/25 144A		1,006,687
	250,000		Cooperatieve Rabobank UA, 3.75%, due 07/21/26		246,318
	600,000	EUR	Cooperatieve Rabobank UA, Reg S, 4.63%◆◆ ††††† ‡‡‡		685,500
	460,000		CoreCivic, Inc. REIT, 4.63%, due 05/01/23		444,475
	525,000		Corp. Nacional del Cobre de Chile, 4.50%, due 09/16/25 144A		557,409
	280,000		Country Garden Holdings Co., Ltd., Reg S, 7.25%, due 04/04/21‡‡‡		283,646
	630,000		Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, due 05/15/25 144A		585,900
	575,000		Credit Agricole SA, 7.88% (USD 5 year swap rate plus 4.898%)† ††††† 144A		618,622
	400,000		Credit Agricole SA, 8.13% (USD 5 year swap rate plus 6.185%)† ††††† 144A		450,380
	300,000	EUR	Credit Agricole SA, Reg S, 6.50% (5 year EUR swap plus 5.120%)† ††††† ‡‡‡		361,126
	930,000		Credit Suisse Group AG, 7.25%◆ ††††† 144A		934,859
	1,425,000		Credit Suisse Group Funding Guernsey, Ltd., 2.75%, due 03/26/20		1,423,490
	1,210,000		CSC Holdings LLC, 6.50%, due 02/01/29 144A		1,290,919
	760,000		CVS Health Corp., 4.30%, due 03/25/28		770,768
	800,000		CVS Health Corp., 4.78%, due 03/25/38		793,409
	590,000		CVS Health Corp., 5.05%, due 03/25/48		595,265
	1,100,000		DAE Funding LLC, 5.75%, due 11/15/23 144A		1,133,000
	200,000		Danske Bank AS, 5.00%, due 01/12/22 144A		205,198
	250,000	EUR	Danske Bank AS, Reg S, 5.75% (6 year EUR swap plus 4.640%)† ††††† ‡‡‡		281,407
	250,000		DCP Midstream Operating, LP, 6.75%, due 09/15/37 144A		258,750
	1,272,000		Diamondback Energy, Inc., 4.75%, due 11/01/24 144A		1,305,136
	1,100,000		DISH DBS Corp., 7.75%, due 07/01/26‡		959,750
	330,000		Dow Chemical Co. (The), 5.55%, due 11/30/48 144A		368,455
	430,000		DP World, Ltd., 5.63%, due 09/25/48 144A		448,608
	110,000		Eclipse Resources Corp., 8.88%, due 07/15/23		105,358
	1,115,000		Ecopetrol SA, 4.13%, due 01/16/25		1,128,949
	625,000		Electricite de France SA, 4.50%, due 09/21/28 144A		645,645
	685,000		Enel Finance International NV, 3.50%, due 04/06/28 144A		644,452
	80,000		Energy Transfer Operating, LP, 6.25%, due 04/15/49		89,734
	625,000		Enterprise Products Operating LLC, 4.80%, due 02/01/49		665,791
	24,500,000	ZAR	Eskom Holdings SOC, Ltd., (MTN), 7.50%, due 09/15/33		1,293,128
	130,000	EUR	Europcar Mobility Group, Reg S, 5.75%, due 06/15/22‡‡‡		149,931
	25,575,000	BRL	European Investment Bank, (MTN), 6.34%, due 08/27/21‡‡		5,683,187

See accompanying Notes to the Financial Statements.

114

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Corporate Debt — continued
	63,050,000	MXN	European Investment Bank, (MTN), Reg S, 4.00%, due 02/25/20‡‡‡		3,124,173
	9,280,000,000	IDR	European Investment Bank, (MTN), Reg S, 6.95%, due 02/06/20‡‡‡		648,590
	8,150,000	ZAR	European Investment Bank, (MTN), Reg S, 8.50%, due 09/17/24‡‡‡		583,279
	160,000		Extraction Oil & Gas, Inc., 5.63%, due 02/01/26 144A		123,600
	200,000		Extraction Oil & Gas, Inc., 7.38%, due 05/15/24 144A		168,000
	200,000		First Data Corp., 5.75%, due 01/15/24 144A		206,400
	640,000		First Quantum Minerals, Ltd., 6.50%, due 03/01/24 144A		601,600
	2,070,000		First Quantum Minerals, Ltd., 7.25%, due 04/01/23 144A		2,031,187
	390,000		Five Point Operating Co., LP/Five Point Capital Corp., 7.88%, due 11/15/25 144A		374,400
	1,530,000		Ford Motor Credit Co. LLC, 2.98%, due 08/03/22		1,462,990
	160,000		Fox Corp., 4.71%, due 01/25/29 144A		171,704
	50,000		Fox Corp., 5.48%, due 01/25/39 144A		55,382
	740,000		Freeport-McMoRan, Inc., 5.45%, due 03/15/43		651,207
	220,000	GBP	Garfunkelux Holdco 3 SA, Reg S, 8.50%, due 11/01/22‡‡‡		260,484
	530,000		Gazprom OAO Via Gaz Capital SA, 4.95%, due 03/23/27 144A		531,588
	315,000		General Electric Co., 4.13%, due 10/09/42		273,928
	555,000		General Electric Co., 4.50%, due 03/11/44		507,857
	540,000		General Electric Co., (MTN), 6.88%, due 01/10/39		639,491
	682,000		General Motors Financial Co., Inc., 4.15%, due 06/19/23		688,785
	675,000		General Motors Financial Co., Inc., 4.20%, due 11/06/21		687,045
	340,000		Genesis Energy, LP/Genesis Energy Finance Corp., 6.00%, due 05/15/23‡		343,400
	210,000		GEO Group (The), Inc. REIT, 5.88%, due 01/15/22		203,700
	70,000		GEO Group (The), Inc. REIT, 5.88%, due 10/15/24		61,600
	320,000		GEO Group (The), Inc. REIT, 6.00%, due 04/15/26		269,600
	605,000		Geopark, Ltd., 6.50%, due 09/21/24 144A		609,538
	400,000		Glencore Funding LLC, 4.00%, due 03/27/27 144A		388,540
	750,000		Glencore Funding LLC, 4.88%, due 03/12/29 144A		755,680
	100,000		Goldman Sachs Group (The), Inc., 3.50%, due 11/16/26		98,760
	100,000		Goldman Sachs Group (The), Inc., 5.15%, due 05/22/45¤		105,912
	600,000		GTP Acquisition Partners I LLC, 3.48%, due 06/15/50 144A		606,901
	860,000		Gulfport Energy Corp., 6.00%, due 10/15/24		784,870
	220,000		Gulfport Energy Corp., 6.38%, due 05/15/25		199,925
	150,000		Gulfport Energy Corp., 6.38%, due 01/15/26		133,500
	1,295,000		Hanesbrands, Inc., 4.88%, due 05/15/26 144A		1,284,122
	410,000		Harley-Davidson Financial Services, Inc., Series S, 3.55%, due 05/21/21 144A		409,251
	515,000		HCA, Inc., 5.00%, due 03/15/24		546,598
	600,000		HCA, Inc., 5.50%, due 06/15/47		638,819
	950,000		HCA, Inc., 5.63%, due 09/01/28		1,007,000
	60,000,000	INR	HDFC Bank, Ltd., Reg S, 8.10%, due 03/22/25‡‡‡		856,532
	820,000		Hexion, Inc., 6.63%, due 04/15/20		692,900
	1,000,000		Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, due 04/01/27		1,015,000
	400,000		HSBC Holdings Plc, 4.58%, due 06/19/29◆		420,804
	400,000		HSBC Holdings Plc, 6.50%◆ †††††		396,374
	250,000	EUR	HSBC Holdings Plc, Reg S, 5.25% (5 year EUR swap plus 4.383%)† ††††† ‡‡‡		297,211
	120,000		Hudbay Minerals, Inc., 7.25%, due 01/15/23 144A		124,800
	400,000		HudBay Minerals, Inc., 7.63%, due 01/15/25 144A		412,500
	380,000		ICICI Bank Ltd/Hong Kong, Reg S, 5.75%, due 11/16/20‡‡‡		394,258
	20,000		Indigo Natural Resources LLC, 6.88%, due 02/15/26 144A		17,800
	500,000		Intelsat Jackson Holdings SA, 5.50%, due 08/01/23		446,250

See accompanying Notes to the Financial Statements.

115

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Corporate Debt — continued
	375,000		Intelsat Jackson Holdings SA, 9.50%, due 09/30/22 144A		433,125
	35,350,000,000	IDR	Inter-American Development Bank, (MTN), Reg S, 7.88%, due 03/14/23‡‡‡		2,533,582
	700,000		InterGen NV, 7.00%, due 06/30/23		635,250
	1,515,000		Intesa Sanpaolo SpA, 5.02%, due 06/26/24 144A		1,465,311
	550,000		Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A		537,425
	540,000		iStar, Inc. REIT, 5.25%, due 09/15/22		531,225
	1,225,000		Itau Unibanco Holding SA/Cayman Island, 6.13%◆ ††††† 144A		1,205,645
	260,000		j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 07/15/25 144A		271,050
	320,000		Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 10.25%, due 11/15/22 144A		344,000
	580,000	EUR	James Hardie Industries Plc, 3.63%, due 10/01/26 144A		664,490
	360,000		JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		362,819
	1,000,000		JPMorgan Chase & Co., 4.63%, due 05/10/21		1,037,764
	568,994		K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22¤		1,735
	123,799		K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22¤		4,642
	710,000		KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A		729,766
	440,000		KazTransGas JSC, 4.38%, due 09/26/27 144A		427,742
	950,000		KLX Energy Services Holdings, Inc., 11.50%, due 11/01/25 144A		988,000
	1,335,000		Kosmos Energy, Ltd., 7.13%, due 04/04/26†††† 144A		1,326,322
	555,000	EUR	Kraton Polymers LLC/Kraton Polymers Capital Corp., Reg S, 5.25%, due 05/15/26‡‡‡		634,486
	450,000		L Brands, Inc., 5.25%, due 02/01/28‡		401,625
	420,000		L Brands, Inc., 5.63%, due 10/15/23‡		431,025
	650,000		Lamar Media Corp., 5.75%, due 02/01/26 144A		681,688
	300,000		Lamb Weston Holdings, Inc., 4.88%, due 11/01/26 144A		305,625
	3,390,000	EUR	Landsbankinn HF, (MTN), Reg S, 1.38%, due 03/14/22‡‡‡		3,837,701
	655,000		Lazard Group LLC, 4.38%, due 03/11/29		663,263
	500,000		Lennar Corp., 4.75%, due 11/29/27		502,109
	200,000		Levi Strauss & Co., 5.00%, due 05/01/25		207,000
	400,000		Lions Gate Capital Holdings LLC, 6.38%, due 02/01/24 144A		420,000
	400,000		Lloyds Banking Group Plc, 4.65%, due 03/24/26		405,037
	450,000	EUR	Lloyds Banking Group Plc, Reg S, 6.38% (5 year EUR swap plus 5.290%)† ††††† ‡‡‡		520,745
	1,305,000		Lonestar Resources America, Inc., 11.25%, due 01/01/23 144A		1,272,375
	800,000		Macquarie Group, Ltd., 5.03%, due 01/15/30◆ 144A		849,520
	170,000		Magellan Health, Inc., 4.90%, due 09/22/24		162,180
	460,000		Match Group, Inc., 5.00%, due 12/15/27‡ 144A		465,750
	830,000		McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.63%, due 05/01/24 144A		689,937
	990,000		MEG Energy Corp., 7.00%, due 03/31/24 144A		928,125
	300,000		Mercer International, Inc., 6.50%, due 02/01/24		308,250
	1,185,000		Meredith Corp., 6.88%, due 02/01/26		1,250,175
	650,000		Microchip Technology, Inc., 3.92%, due 06/01/21 144A		655,954
	280,000		Microchip Technology, Inc., 4.33%, due 06/01/23 144A		285,843
	315,000		Micron Technology, Inc., 4.64%, due 02/06/24		323,341
	440,000		MidAmerican Energy Co., 4.25%, due 07/15/49		468,771
	1,000,000		Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 9.25%, due 06/01/21* **** ^		—
	850,000		Millicom International Cellular SA, 6.25%, due 03/25/29 144A		866,838
	200,000		Millicom International Cellular SA, 6.63%, due 10/15/26 144A		210,250
	595,000		Mitsubishi UFJ Financial Group, Inc., 3.74%, due 03/07/29		610,912
	1,000,000		Morgan Stanley, (MTN), 2.50%, due 04/21/21		993,871

See accompanying Notes to the Financial Statements.

116

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Corporate Debt — continued
	400,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27		408,000
	420,000		Myriad International Holdings BV, 4.85%, due 07/06/27 144A		432,346
	615,000		Nationstar Mortgage Holdings, Inc., 8.13%, due 07/15/23‡ 144A		634,987
	505,000		Nationstar Mortgage Holdings, Inc., 9.13%, due 07/15/26 144A		513,838
	500,000		Navient Corp., 6.75%, due 06/25/25		497,025
	260,000		NCL Corp., Ltd., Class C, 4.75%, due 12/15/21 144A		263,575
	350,000		Neovia Logistics Services LLC/SPL Logistics Finance Corp., 8.88%, due 08/01/20 144A		334,250
	300,000		Netflix, Inc., 5.88%, due 11/15/28 144A		317,625
	270,000		Netflix, Inc., 6.38%, due 05/15/29‡ 144A		292,613
	170,000		Newmark Group, Inc., 6.13%, due 11/15/23		175,367
	430,000		NGPL PipeCo LLC, Senior Note, 7.77%, due 12/15/37 144A		518,150
	41,000,000	SEK	Nordea Hypotek AB, (MTN), Reg S, 1.25%, due 05/19/21‡‡‡		4,535,147
	30,000		Northern Oil and Gas, Inc., 9.50% (9.50% Cash or PIK), due 05/15/23		31,200
	450,000		Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22 144A		397,125
	905,000		NRG Energy, Inc., 7.25%, due 05/15/26		999,066
	570,000		Oversea-Chinese Banking Corp., Ltd., (MTN), Reg S, 4.25%, due 06/19/24‡‡‡		588,267
	110,000		Pacific Gas & Electric Co., 3.25%, due 09/15/21†††		100,650
	470,000		Pactiv LLC, 8.38%, due 04/15/27		481,750
	140,000		Park Aerospace Holdings, Ltd., 4.50%, due 03/15/23 144A		139,650
	310,000		Park-Ohio Industries, Inc., 6.63%, due 04/15/27		310,000
	440,000		Perusahaan Listrik Negara PT, 4.13%, due 05/15/27 144A		434,254
	920,000		Petrobras Global Finance BV, 5.30%, due 01/27/25		935,649
	1,100,000		Petrobras Global Finance BV, 5.75%, due 02/01/29		1,092,300
	720,000		Petrobras Global Finance BV, 6.85%, due 06/05/15#		699,084
	1,575,000		Petrobras Global Finance BV, 6.90%, due 03/19/49		1,561,455
	1,515,000		Petroleos Mexicanos, 4.88%, due 01/24/22		1,531,680
	8,487,700	MXN	Petroleos Mexicanos, Reg S, 7.19%, due 09/12/24‡‡‡		368,650
	763,000		Polaris Intermediate Corp., 8.50% (8.50% Cash or PIK), due 12/01/22 144A		755,561
	70,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, due 04/15/24†††† 144A		70,175
	220,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, due 04/15/26†††† 144A		220,596
	441,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 05/15/23 144A		464,153
	280,000		Prosperous Ray, Ltd., Reg S, 4.63%, due 11/12/23‡‡‡		294,134
	920,000		Prudential Financial, Inc., 5.70%, due 09/15/48◆		932,443
	830,000		QNB Finansbank AS, 6.88%, due 09/07/24 144A		800,845
	1,000,000		Quicken Loans, Inc., 5.75%, due 05/01/25 144A		1,008,500
	150,000		Range Resources Corp., 4.88%, due 05/15/25‡		139,875
	270,000		Range Resources Corp., 5.00%, due 03/15/23‡		265,613
	1,000,000	EUR	RCI Banque SA, (MTN), Reg S, 2.25%, due 03/29/21‡‡‡		1,170,392
	264,000		Refinitiv US Holdings, Inc., 8.25%, due 11/15/26 144A		259,710
	155,000		Refinitiv US Holdings, Inc., 6.25%, due 05/15/26 144A		157,519
	180,000		RegionalCare Hospital Partners Holdings, Inc., 8.25%, due 05/01/23 144A		191,588
	380,000		Resolute Forest Products, Inc., 5.88%, due 05/15/23		378,100
	445,000		Royal Bank of Scotland Group Plc, 4.27%, due 03/22/25◆		450,233
	300,000		Royal Bank of Scotland Group Plc, 4.89%, due 05/18/29◆		311,726
	795,000		RPM International, Inc., 4.55%, due 03/01/29		806,744
	70,000		Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25‡		69,825

See accompanying Notes to the Financial Statements.

117

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Corporate Debt — continued
	400,000		Sands China, Ltd., 5.13%, due 08/08/25		417,475
	1,000,000	EUR	Santander Consumer Finance SA, Reg S, 0.88%, due 01/24/22‡‡‡		1,142,923
	590,000		Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		587,427
	500,000		Scientific Games International, Inc., 10.00%, due 12/01/22‡		527,300
	180,000		Seagate HDD Cayman, 4.75%, due 06/01/23		182,128
	40,000		Service Corp. International, Senior Note, 7.50%, due 04/01/27		46,200
	1,420,000		Shelf Drilling Holdings, Ltd., 8.25%, due 02/15/25 144A		1,356,100
	200,000		Silversea Cruise Finance, Ltd., 7.25%, due 02/01/25 144A		217,300
	765,000		Societe Generale SA, 4.75%, due 09/14/28‡ 144A		805,073
	240,000		Southern California Edison Co., 4.20%, due 03/01/29		244,177
	405,000		Southern California Edison Co., 4.88%, due 03/01/49		430,752
	555,000		Southern Copper Corp., 3.88%, due 04/23/25		563,528
	1,055,000		Southern Copper Corp., 5.88%, due 04/23/45		1,186,566
	320,000		Speedway Motorsports, Inc., 5.13%, due 02/01/23		322,800
	280,000		Sprint Capital Corp., 6.88%, due 11/15/28		269,850
	540,000		Sprint Corp., 7.13%, due 06/15/24		549,450
	225,000		Sprint Corp., 7.88%, due 09/15/23		236,250
	1,310,000		SS&C Technologies, Inc., 5.50%, due 09/30/27 144A		1,325,556
	775,000		Standard Chartered Plc, 4.30%, due 02/19/27 144A		776,770
	585,000		Standard Chartered Plc, 7.75% (USD 5 year swap rate plus 5.723%)† ††††† 144A		613,130
	110,000		Standard Industries, Inc./NJ, 4.75%, due 01/15/28 144A		105,325
	420,000		Standard Industries, Inc./NJ, 6.00%, due 10/15/25 144A		441,878
	1,585,000		Stillwater Mining Co., 7.13%, due 06/27/25 144A		1,552,745
	620,000		Suzano Austria GmbH, 6.00%, due 01/15/29 144A		661,980
	260,000		Suzano Austria GmbH, Reg S, 5.75%, due 07/14/26‡‡‡		277,706
	16,600,000	SEK	Swedbank Hypotek AB, (MTN), Reg S, 1.00%, due 06/15/22‡‡‡		1,832,978
	370,000		Swire Pacific MTN Financing, Ltd. (MTN), Reg S, 4.50%, due 10/09/23‡‡‡		391,329
	395,000		Synchrony Financial, 4.38%, due 03/19/24		400,530
	525,000		Synchrony Financial, 4.50%, due 07/23/25		527,468
	890,000		Synchrony Financial, 5.15%, due 03/19/29		906,758
	250,000		T-Mobile USA, Inc., 6.38%, due 03/01/25		260,950
	10,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 6.50%, due 07/15/27 144A		10,813
	310,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 6.88%, due 01/15/29 144A		337,513
	230,000		Teck Resources, Ltd., 5.40%, due 02/01/43		227,534
	90,000		Teck Resources, Ltd., 6.00%, due 08/15/40		93,266
	800,000		Telecom Italia SpA, 5.30%, due 05/30/24 144A		807,000
	200,000		Telefonica Emisiones SA, 5.21%, due 03/08/47		203,086
	100,000	EUR	Telefonica Europe BV, Reg S, 5.88% (10 year EUR swap plus 4.301%)† ††††† ‡‡‡		125,057
	1,000,000		Telenet Finance Luxembourg Notes Sarl, 5.50%, due 03/01/28 144A		985,000
	400,000	EUR	Telenet Finance Luxembourg Notes Sarl, Reg S, 3.50%, due 03/01/28‡‡‡		450,716
	100,000		Tenet Healthcare Corp., 8.13%, due 04/01/22		107,960
	1,230,000		Tesla, Inc., 5.30%, due 08/15/25 144A		1,068,562
	1,370,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, Reg S, 1.13%, due 10/15/24‡‡‡		1,347,836
	360,000		Teva Pharmaceutical Finance Netherlands III BV, 2.80%, due 07/21/23		321,382
	300,000		Teva Pharmaceutical Finance Netherlands III BV, 6.00%, due 04/15/24		301,176
	870,000		TransDigm, Inc., 6.25%, due 03/15/26 144A		908,280
	2,880,000	ZAR	Transnet SOC, Ltd., (MTN), Reg S, 9.50%, due 05/13/21‡‡‡		201,513

See accompanying Notes to the Financial Statements.

118

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Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Corporate Debt — continued
	859,950		Transocean Pontus, Ltd., 6.13%, due 08/01/25 144A		874,999
	590,000		Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A		558,140
	1,160,000		Uber Technologies, Inc., 7.50%, due 11/01/23‡ 144A		1,212,200
	340,000		UBS Group Funding Switzerland AG, 7.00%◆ ††††† 144A		345,309
	325,000		UniCredit SpA, 5.86% (5 year USD ICE swap plus 3.703%), due 06/19/32† 144A		299,916
	755,000		UniCredit SpA, 7.30%, due 04/02/34◆ †††† 144A		762,196
	700,000		UniCredit SpA, 7.83%, due 12/04/23 144A		780,157
	285,000	EUR	UniCredit SpA, Reg S, 6.63% (5 year EUR swap plus 6.387%)† ††††† ‡‡‡		311,889
	655,000		UniCredit SpA, Reg S, 8.00% (5 year USD swap plus 5.180%)† ††††† ‡‡‡		614,854
	800,000		Union Pacific Corp., 4.50%, due 09/10/48		850,357
	90,000		United Rentals North America, Inc., 4.63%, due 07/15/23		91,744
	500,000		United Rentals North America, Inc., 4.88%, due 01/15/28		487,600
	350,000		United Rentals North America, Inc., 5.88%, due 09/15/26		363,125
	90,000		United Rentals North America, Inc., 6.50%, due 12/15/26‡		94,950
	700,000		Univision Communications, Inc., 5.13%, due 05/15/23‡ 144A		666,312
	200,000		Univision Communications, Inc., 6.75%, due 09/15/22 144A		204,000
	500,000		UPCB Finance IV, Ltd., 5.38%, due 01/15/25 144A		508,750
	380,000		Vale Overseas, Ltd., 6.88%, due 11/10/39		437,950
	390,000		Verizon Communications, Inc., 3.88%, due 02/08/29		399,701
	100,000		Verizon Communications, Inc., 4.52%, due 09/15/48		102,786
	670,000		Viacom, Inc., 6.88%, due 04/30/36		787,147
	300,000		Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.75%, due 04/15/23 144A		240,000
	1,025,000		Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.75%, due 04/15/23 144A		850,750
	500,000		Virgin Media Secured Finance Plc, 5.50%, due 08/15/26 144A		510,000
	117,000	GBP	Virgin Media Secured Finance Plc, Reg S, 5.50%, due 01/15/25‡‡‡		156,459
	855,000	GBP	Virgin Media Secured Finance Plc, Reg S, 6.25%, due 03/28/29‡‡‡		1,182,066
	1,090,000		Vistra Operations Co. LLC, 5.63%, due 02/15/27 144A		1,137,687
	750,000		VOC Escrow, Ltd., 5.00%, due 02/15/28 144A		733,125
	270,000		Vodafone Group Plc, 4.38%, due 05/30/28		274,692
	10,000		Vodafone Group Plc, 5.25%, due 05/30/48		9,929
	350,000		WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 144A		370,623
	450,000		Weight Watchers International, Inc., 8.63%, due 12/01/25‡ 144A		406,125
	2,500,000		Wells Fargo Bank NA, 3.27%, due 07/23/21◆◆		2,504,232
	325,000		William Carter Co., 5.63%, due 03/15/27 144A		337,188
	680,000		Williams Cos. (The), Inc., 8.75%, due 03/15/32‡		946,857
	765,000		Windstream Services LLC/Windstream Finance Corp., 8.63%, due 10/31/25††† 144A		729,619
	300,000		WPX Energy, Inc., 8.25%, due 08/01/23		339,000
	1,230,000		XPO CNW, Inc., 6.70%, due 05/01/34		1,070,100
	70,000		XPO Logistics, Inc., 6.13%, due 09/01/23 144A		70,788
	290,000		Yamana Gold, Inc., 4.63%, due 12/15/27		283,993
	650,000		Yingde Gases Investment, Ltd., 6.25%, due 01/19/23 144A		656,941
	710,000		YPF SA, Reg S, 8.50%, due 03/23/21‡ ‡‡‡		719,052
					214,276,461
			Mortgage Backed Securities - Private Issuers — 2.4%
	620,000		Barclays Commercial Mortgage Securities Trust, Series 2018-CBM, Class D, 4.87%, due 07/15/37◆◆ 144A		622,435
	2,000,000		BBCCRE Trust, Series 2015-GTP, Class F, 4.56%, due 08/10/33◆◆ 144A		1,729,529

See accompanying Notes to the Financial Statements.

119

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Mortgage Backed Securities - Private Issuers — continued
	1,000,000		BHMS, Series 2018-MZB, Class MZB, 9.12%, due 07/15/20◆◆ 144A		1,008,698
	530,000		BX Trust, Series 2017-IMC, Class A, 3.53%, due 10/15/32◆◆ 144A		528,795
	1,500,000		BX Trust, Series 2018-BILT, 3.50%, due 05/15/30◆◆ 144A		1,493,187
	640,000		CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.76%, due 12/15/47◆◆ 144A		665,699
	337,882		Citigroup Mortgage Loan Trust, Series 2018-A, Class A1, 4.00%, due 01/25/68◆◆ 144A		340,775
	1,500,000		FNMA Connecticut Avenue Securities, Series 2017-C03, Class 1B1, 7.34% (1 mo. USD LIBOR plus 4.850%), due 10/25/29† 144A		1,670,010
	1,920,000		FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1B1, 6.74%, due 01/25/31◆◆ 144A		1,949,626
	1,580,000		FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1M2, 4.84%, due 01/25/31◆◆ 144A		1,588,825
	665,000		Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class M, 4.75%, due 08/25/57◆◆ 144A		634,455
	440,000		Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class M, 4.75%, due 07/25/58◆◆ 144A		410,720
	860,000		GAHR Commercial Mortgage Trust, Series 2015-NRF, Class EFX, 3.38%, due 12/15/34◆◆ 144A		852,092
	410,000		GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.39%, due 08/10/44◆◆ 144A		398,531
	1,390,000		JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, 10.69%, due 06/15/35◆◆ 144A		1,383,133
	1,145,618		Motel 6 Trust, Series 2017-MTL6, Class E, 5.73%, due 08/15/34◆◆ 144A		1,153,063
	230,000		Starwood Retail Property Trust, Series 2014-STAR, Class C, 4.98% (1 mo. USD LIBOR plus 2.500%), due 11/15/27† 144A		221,143
	300,000		Starwood Retail Property Trust, Series 2014-STAR, Class D, 5.73% (1 mo. USD LIBOR plus 3.250%), due 11/15/27† 144A		268,654
	1,337,885		Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 3.05% (1 mo. USD LIBOR plus 0.560%), due 05/25/45†		1,142,472
	988,265		WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR1, Class A1B, 3.27% (1 mo. USD LIBOR plus 0.780%), due 01/25/45†		974,107
	208,096		Wells Fargo Mortgage Backed Securities Trust, Series 2006-3, Class A11, 5.50%, due 03/25/36		209,755
					19,245,704
			Mortgage Backed Securities - U.S. Government Agency Obligations — 2.5%
	2,382,853		FNMA, Pool # MA3461, 3.00%, due 09/01/33		2,405,777
	1,573,158		FNMA, Pool # BM5520, 3.50%, due 02/01/47		1,600,761
	65,386		FNMA, Pool # MA3472, 5.00%, due 09/01/48		68,775
	592,114		GNMA II Pool, Pool # MA5595, 4.00%, due 11/20/48		611,866
	14,772,645		GNMA II Pool, Pool # MA5652, 4.50%, due 12/20/48		15,417,137
					20,104,316
			Sovereign Debt Obligations — 39.9%
	440,000		Abu Dhabi Government International Bond, 4.13%, due 10/11/47 144A		445,236
	103,115,000	ARS	Argentina POM Politica Monetaria, 67.55%, due 06/21/20◆◆		2,653,048
	300,000		Argentine Republic Government International Bond, 4.63%, due 01/11/23		246,450
	2,735,000		Argentine Republic Government International Bond, 5.88%, due 01/11/28		2,106,292

See accompanying Notes to the Financial Statements.

120

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	1,775,000		Argentine Republic Government International Bond, 6.88%, due 04/22/21		1,625,012
	615,000		Argentine Republic Government International Bond, 6.88%, due 01/11/48		454,331
	15,700,000	AUD	Australia Government Bond, Reg S, 2.75%, due 04/21/24‡‡‡		11,863,119
	1,645,000		Bahrain Government International Bond, Reg S, 6.00%, due 09/19/44‡‡‡		1,535,591
	1,230,000		Bahrain Government International Bond, Reg S, 6.13%, due 08/01/23‡‡‡		1,289,194
	3,815,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/21		5,722,795
	5,475,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26		8,321,547
	615,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35		976,203
	675,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43¤		1,223,140
	2,574,000	BRL	Brazil Letras do Tesouro Nacional, 7.53%, due 07/01/21‡‡		563,202
	2,393,000	BRL	Brazil Letras do Tesouro Nacional, 7.98%, due 01/01/22‡‡		501,263
	1,415,000	BRL	Brazil Notas do Tesouro Nacional Serie B, 6.00%, due 08/15/50		1,441,543
	1,800,000	BRL	Brazil Notas do Tesouro Nacional Series B, 6.00%, due 08/15/20		1,540,241
	812,000	BRL	Brazil Notas do Tesouro Nacional Series B, 6.00%, due 05/15/45		808,866
	27,078,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/21		7,271,393
	36,944,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/23		10,047,793
	22,663,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/25		6,197,131
	5,353,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/29		1,467,415
	500,000		Colombia Government International Bond, 4.50%, due 03/15/29		528,750
	23,271,100,000	COP	Colombian TES, 6.00%, due 04/28/28		7,111,614
	13,167,400,000	COP	Colombian TES, 7.00%, due 05/04/22		4,342,599
	2,764,800,000	COP	Colombian TES, 7.00%, due 06/30/32		885,735
	10,595,800,000	COP	Colombian TES, 7.50%, due 08/26/26		3,597,838
	4,800,100,000	COP	Colombian TES, 7.75%, due 09/18/30		1,642,353
	7,353,300,000	COP	Colombian TES, 10.00%, due 07/24/24		2,754,690
	7,778,200,000	COP	Colombian TES, 11.00%, due 07/24/20		2,642,202
	560,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.38%, due 09/25/28‡‡‡		675,493
	170,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.75%, due 06/27/24‡‡‡		210,755
	319,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.75%, due 02/26/34‡‡‡		383,012
	2,890,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 3.75%, due 07/26/23‡‡‡		3,697,183
	904,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 4.25%, due 11/04/25‡‡‡		1,224,961
	4,960,000	CZK	Czech Republic Government Bond, 0.25%, due 02/10/27		191,193
	16,180,000	CZK	Czech Republic Government Bond, 2.75%, due 07/23/29		761,179
	45,420,000	CZK	Czech Republic Government Bond, Reg S, 0.95%, due 05/15/30‡‡‡		1,782,260
	15,820,000	CZK	Czech Republic Government Bond, Reg S, 1.00%, due 06/26/26‡‡‡		651,452
	9,820,000	CZK	Czech Republic Government Bond, Reg S, 2.40%, due 09/17/25‡‡‡		445,008
	590,000		Ecuador Government International Bond, 9.63%, due 06/02/27 144A		615,812
	210,000		Ecuador Government International Bond, 10.75%, due 01/31/29 144A		232,102
	990,000		Egypt Government International Bond, 7.60%, due 03/01/29 144A		1,018,677
	415,000		Egypt Government International Bond, 8.70%, due 03/01/49 144A		432,652
	900,000		Ghana Government International Bond, 7.63%, due 05/16/29 144A		881,935
	200,000		Ghana Government International Bond, 8.13%, due 03/26/32 144A		199,560
	134,180,000	HUF	Hungary Government Bond, 3.00%, due 08/21/30		474,581
	550,540,000	HUF	Hungary Government Bond, 0.50%, due 04/21/21		1,918,710
	100,670,000	HUF	Hungary Government Bond, 1.75%, due 10/26/22		357,135
	61,510,000	HUF	Hungary Government Bond, 2.50%, due 10/24/24		221,660
	153,290,000	HUF	Hungary Government Bond, 2.75%, due 12/22/26		547,099
	625,890,000	HUF	Hungary Government Bond, 3.00%, due 06/26/24		2,328,951
	368,760,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		1,344,888

See accompanying Notes to the Financial Statements.

121

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	187,110,000	HUF	Hungary Government Bond, 5.50%, due 06/24/25		785,600
	245,700,000	HUF	Hungary Government Bond, 6.75%, due 10/22/28		1,153,356
	1,970,000		Indonesia Government International Bond, (MTN), Reg S, 5.25%, due 01/17/42‡‡‡		2,124,121
	6,489,000,000	IDR	Indonesia Treasury Bond, 5.63%, due 05/15/23		433,533
	17,252,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		1,099,694
	15,805,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		975,104
	38,125,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		2,583,745
	37,602,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 08/15/32		2,535,204
	40,578,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 05/15/38		2,690,601
	19,199,000,000	IDR	Indonesia Treasury Bond, 8.13%, due 05/15/24		1,407,581
	20,765,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/29		1,526,898
	25,940,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 06/15/32		1,854,127
	28,685,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/36		2,055,993
	22,105,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		1,629,374
	3,026,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 09/15/26		223,497
	41,618,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		3,007,251
	33,069,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 04/15/39		2,383,546
	36,373,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		2,733,132
	9,364,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		717,034
	9,536,000,000	IDR	Indonesia Treasury Bond, 9.50%, due 07/15/31		752,334
	3,815,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		320,882
	3,360,000	ILS	Israel Government Bond — Fixed, 1.25%, due 11/30/22		940,583
	5,210,000	ILS	Israel Government Bond — Fixed, 3.75%, due 03/31/47		1,616,605
	7,010,000	ILS	Israel Government Bond — Fixed, 5.50%, due 01/31/42		2,821,290
	2,969,000	EUR	Italy Buoni Poliennali Del Tesoro, Reg S, 3.45%, due 03/01/48‡‡‡		3,340,172
	500,000		Kazakhstan Government International Bond, (MTN), Reg S, 5.13%, due 07/21/25‡‡‡		546,033
	630,000		Kuwait International Government Bond, 3.50%, due 03/20/27 144A		644,836
	2,189,000	MYR	Malaysia Government Bond, 3.42%, due 08/15/22		535,190
	3,257,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		794,869
	26,273,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		6,464,529
	15,793,000	MYR	Malaysia Government Bond, 3.80%, due 08/17/23		3,897,863
	4,513,000	MYR	Malaysia Government Bond, 3.84%, due 04/15/33		1,075,557
	16,000,000	MYR	Malaysia Government Bond, 3.88%, due 03/10/22		3,972,625
	3,566,000	MYR	Malaysia Government Bond, 3.88%, due 03/14/25		880,959
	391,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		96,307
	15,700,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		3,906,671
	1,207,000	MYR	Malaysia Government Bond, 4.06%, due 09/30/24		300,329
	989,000	MYR	Malaysia Government Bond, 4.13%, due 04/15/32		242,707
	979,000	MYR	Malaysia Government Bond, 4.16%, due 07/15/21		243,693
	903,000	MYR	Malaysia Government Bond, 4.23%, due 06/30/31		225,700
	3,565,000	MYR	Malaysia Government Bond, 4.50%, due 04/15/30		917,039
	807,000	MYR	Malaysia Government Bond, 4.74%, due 03/15/46		200,329
	360,000	MYR	Malaysia Government Bond, 4.76%, due 04/07/37		92,974
	1,420,000	MYR	Malaysia Government Bond, 4.89%, due 06/08/38		374,330
	8,600,000	MYR	Malaysia Government Bond, 4.92%, due 07/06/48		2,216,321
	66,423,100	MXN	Mexican Bonos, 5.75%, due 03/05/26		3,028,188
	45,229,400	MXN	Mexican Bonos, 6.50%, due 06/10/21		2,272,721
	88,957,000	MXN	Mexican Bonos, 6.50%, due 06/09/22		4,420,999
	4,470,200	MXN	Mexican Bonos, 7.25%, due 12/09/21		227,380
	218,606,400	MXN	Mexican Bonos, 7.50%, due 06/03/27		10,923,502

See accompanying Notes to the Financial Statements.

122

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	18,184,500	MXN	Mexican Bonos, 7.75%, due 05/29/31		906,792
	17,577,600	MXN	Mexican Bonos, 7.75%, due 11/23/34		862,845
	50,977,400	MXN	Mexican Bonos, 7.75%, due 11/13/42		2,443,288
	17,577,500	MXN	Mexican Bonos, 8.00%, due 06/11/20		909,572
	17,338,800	MXN	Mexican Bonos, 8.00%, due 12/07/23		900,536
	41,841,200	MXN	Mexican Bonos, 8.00%, due 11/07/47		2,049,338
	22,670,300	MXN	Mexican Bonos, 8.50%, due 05/31/29		1,202,358
	16,250,700	MXN	Mexican Bonos, 8.50%, due 11/18/38		844,458
	42,869,200	MXN	Mexican Bonos, 10.00%, due 12/05/24		2,428,323
	62,997,800	MXN	Mexican Bonos, 10.00%, due 11/20/36		3,740,928
	22,743,825	MXN	Mexican Udibonos, 4.00%, due 11/30/28		1,184,712
	17,517,877	MXN	Mexican Udibonos, 4.50%, due 11/22/35		955,695
	740,000		Mexico Government International Bond, 3.60%, due 01/30/25		741,480
	1,365,000		Oman Government International Bond, Reg S, 6.50%, due 03/08/47‡‡‡		1,198,373
	920,000		Oman Government International Bond, Reg S, 6.75%, due 01/17/48‡‡‡		819,651
	5,427,000	PEN	Peruvian Government International Bond, Reg S, 6.35%, due 08/12/28‡‡‡		1,774,448
	1,493,000	PEN	Peruvian Government International Bond, Reg S (GDN), 5.70%, due 08/12/24‡‡‡		475,790
	5,434,000	PEN	Peruvian Government International Bond, Reg S (GDN), 6.95%, due 08/12/31‡‡‡		1,852,153
	4,326,000	PEN	Peruvian Government International Bond, Reg S (GDN), 8.20%, due 08/12/26‡‡‡		1,567,280
	58,000,000	PHP	Philippine Government International Bond, 3.90%, due 11/26/22		1,071,293
	9,000,000	PHP	Philippine Government International Bond, 4.95%, due 01/15/21		171,739
	20,000,000	PHP	Philippine Government International Bond, 6.25%, due 01/14/36		413,826
	4,530,000	PLN	Poland Government Bond, 2.50%, due 01/25/23		1,205,144
	8,324,000	PLN	Poland Government Bond, 2.50%, due 07/25/26		2,169,644
	8,598,000	PLN	Poland Government Bond, 2.50%, due 07/25/27		2,216,079
	19,683,000	PLN	Poland Government Bond, 3.25%, due 07/25/25		5,397,121
	1,710,000		Provincia de Buenos Aires/Argentina, 6.50%, due 02/15/23 144A		1,397,925
	150,000		Provincia de Buenos Aires/Argentina, 7.88%, due 06/15/27 144A		109,875
	480,000		Qatar Government International Bond, 4.00%, due 03/14/29 144A		495,447
	590,000		Qatar Government International Bond, 4.82%, due 03/14/49‡ 144A		621,879
	590,000		Qatar Government International Bond, 5.10%, due 04/23/48 144A		647,525
	3,143,000	PLN	Republic of Poland Government Bond, 2.50%, due 04/25/24		831,883
	9,702,000	PLN	Republic of Poland Government Bond, 2.75%, due 04/25/28		2,533,779
	11,025,115	ZAR	Republic of South Africa Government Bond, 8.75%, due 01/31/44		692,625
	2,175,000	RON	Romania Government Bond, 3.25%, due 04/29/24		489,853
	2,690,000	RON	Romania Government Bond, 3.40%, due 03/08/22		624,026
	1,395,000	RON	Romania Government Bond, 3.65%, due 09/24/31		284,321
	16,725,000	RON	Romania Government Bond, 4.25%, due 06/28/23		3,949,644
	12,515,000	RON	Romania Government Bond, 5.00%, due 02/12/29		2,970,409
	6,960,000	RON	Romania Government Bond, 5.80%, due 07/26/27		1,774,811
	93,267,000	RUB	Russian Federal Bond — OFZ, 6.90%, due 05/23/29		1,290,519
	116,631,000	RUB	Russian Federal Bond — OFZ, 7.00%, due 08/16/23		1,720,799
	320,480,000	RUB	Russian Federal Bond — OFZ, 7.05%, due 01/19/28		4,553,111
	207,439,000	RUB	Russian Federal Bond — OFZ, 7.10%, due 10/16/24		3,040,770
	22,536,000	RUB	Russian Federal Bond — OFZ, 7.25%, due 05/10/34		311,611
	110,781,000	RUB	Russian Federal Bond — OFZ, 7.40%, due 12/07/22		1,671,019
	123,888,000	RUB	Russian Federal Bond — OFZ, 7.50%, due 08/18/21		1,880,077
	120,966,000	RUB	Russian Federal Bond — OFZ, 7.70%, due 03/23/33		1,751,956
	183,718,000	RUB	Russian Federal Bond — OFZ, 7.75%, due 09/16/26		2,746,087
	107,362,000	RUB	Russian Federal Bond — OFZ, 8.15%, due 02/03/27		1,643,747

See accompanying Notes to the Financial Statements.

123

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Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	84,440,000	RUB	Russian Federal Bond — OFZ, 8.50%, due 09/17/31		1,309,892
	460,000		Saudi Government International Bond, 5.25%, due 01/16/50 144A		491,678
	930,000		Senegal Government International Bond, 6.25%, due 05/23/33 144A		895,363
	49,421,000	ZAR	South Africa Government Bond, 6.25%, due 03/31/36		2,490,551
	6,213,819	ZAR	South Africa Government Bond, 6.75%, due 03/31/21		429,867
	8,620,240	ZAR	South Africa Government Bond, 7.00%, due 02/28/31		501,240
	5,017,838	ZAR	South Africa Government Bond, 7.75%, due 02/28/23		348,139
	14,682,195	ZAR	South Africa Government Bond, 8.00%, due 01/31/30		939,134
	14,291,364	ZAR	South Africa Government Bond, 8.25%, due 03/31/32		909,798
	19,357,188	ZAR	South Africa Government Bond, 8.50%, due 01/31/37		1,206,121
	29,431,348	ZAR	South Africa Government Bond, 8.75%, due 02/28/48		1,843,279
	8,648,505	ZAR	South Africa Government Bond, 8.88%, due 02/28/35		565,241
	16,379,685	ZAR	South Africa Government Bond, 9.00%, due 01/31/40		1,058,067
	145,735,528	ZAR	South Africa Government Bond, 10.50%, due 12/21/26		11,155,583
	7,979,000	THB	Thailand Government Bond, 2.00%, due 12/17/22		252,027
	157,350,000	THB	Thailand Government Bond, 2.13%, due 12/17/26		4,889,958
	14,520,000	THB	Thailand Government Bond, 2.40%, due 12/17/23		464,210
	42,246,000	THB	Thailand Government Bond, 2.88%, due 12/17/28		1,381,819
	19,725,000	THB	Thailand Government Bond, 3.60%, due 06/17/67		636,678
	37,230,000	THB	Thailand Government Bond, 3.65%, due 06/20/31		1,298,772
	31,590,000	THB	Thailand Government Bond, 4.00%, due 06/17/66		1,099,756
	38,540,000	THB	Thailand Government Bond, 4.88%, due 06/22/29		1,465,430
	96,998,616	THB	Thailand Government Bond, Reg S, 1.25%, due 03/12/28‡‡‡		2,869,365
	7,038,068	TRY	Turkey Government Bond, 4.00%, due 04/01/20		1,242,027
	7,580,000	TRY	Turkey Government Bond, 9.00%, due 07/24/24		888,197
	8,270,000	TRY	Turkey Government Bond, 10.60%, due 02/11/26		1,007,108
	6,573,043	TRY	Turkey Government Bond, 11.00%, due 03/02/22		904,003
	5,105,000	TRY	Turkey Government Bond, 12.40%, due 03/08/28		670,474
	369,000		Turkey Government International Bond, 6.63%, due 02/17/45		318,836
	21,388,000	UYU	Uruguay Government International Bond, Reg S, 8.50%, due 03/15/28‡‡‡		558,916
					324,243,845
			U.S. Government and Agency Obligations — 12.9%
	700,000		U.S. Treasury Bond, 3.13%, due 05/15/48		742,410
	270,000		U.S. Treasury Bond, 3.38%, due 11/15/48		300,549
	2,824,222		U.S. Treasury Inflation Indexed Bond, 1.00%, due 02/15/48		2,884,730
	2,110,506		U.S. Treasury Inflation Indexed Bonds, 1.00%, due 02/15/49		2,165,826
	6,500,000		U.S. Treasury Note, 1.38%, due 06/30/23		6,273,770
	15,600,000		U.S. Treasury Note, 1.50%, due 10/31/19(a)		15,514,688
	4,070,000		U.S. Treasury Note, 1.63%, due 03/15/20		4,040,349
	4,819,100		U.S. Treasury Note, 2.25%, due 03/31/20(b)		4,811,476
	16,230,000		U.S. Treasury Note, 2.25%, due 08/15/27		16,078,161
	15,810,000		U.S. Treasury Note, 2.25%, due 11/15/27		15,645,415
	17,000,000		U.S. Treasury Note, 2.50%, due 05/31/20		17,023,242
	19,200,000		U.S. Treasury Note, 2.50%, due 02/28/26		19,420,875
	90,000		U.S. Treasury Note, 2.63%, due 02/15/29		91,665
					104,993,156
			TOTAL DEBT OBLIGATIONS (COST $747,332,968)		746,247,218

See accompanying Notes to the Financial Statements.

124

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Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

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.* **** ¤		95,749
	66,347		Birch Permian Holdings, Inc.* **** ¤		746,404
	14,783		Nine Point Energy, LLC* **** ¤		—
					842,153
			TOTAL COMMON STOCKS (COST $1,610,355)		842,153
			CONVERTIBLE PREFERRED STOCK — 0.1%
			Health Care - Products — 0.1%
	689		Danaher Corp., 4.75%*		725,510
			Oil & Gas — 0.0%
	322		Nine Point Energy Holdings, Inc., 0.00%* **** ¤		230,420
			TOTAL CONVERTIBLE PREFERRED STOCK (COST $989,884)		955,930
			PREFERRED STOCK — 0.0%
			Investment Company — 0.0%
	2,450		B. Riley Financial, Inc., 6.88%* ‡		62,059
			TOTAL PREFERRED STOCK (COST $61,250)		62,059
Notional Value			Description	Value ($)
			OPTIONS PURCHASED — 0.1%
			PURCHASED CURRENCY OPTIONS — 0.1%
			Call Options — 0.0%
	1,600,000	USD	USD/EUR Option with JPMorgan Chase Bank N.A., Strike Price USD 1.14, Expires 06/20/19		24,416
	9,530,000	USD	USD/KRW Option with HSBC Bank USA, N.A., Strike Price KRW 1,130.00, Expires 05/07/19		101,237
	9,800,000	USD	EUR/USD Option with HSBC Bank USA, N.A., Strike Price USD 1.14, Expires 04/10/19		2,313
	3,450,000	USD	USD/CAD Option with Morgan Stanley & Co., Strike Price CAD 1.34, Expires 04/26/19		15,266
	1,510,000	USD	USD/AUD Option with JPMorgan Chase Bank N.A., Strike Price AUD 0.70, Expires 05/13/19		7,231
	4,110,000	USD	USD/CNH Option with Citibank N.A., Strike Price CNH 6.78, Expires 04/29/19		8,175
			Put Options — 0.1%
	5,900,000	USD	USD/BRL Option with JPMorgan Chase Bank N.A., Strike Price BRL 3.78, Expires 04/09/19		9,818

See accompanying Notes to the Financial Statements.

125

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Notional Value				Description	Value ($)
				Put Options — continued
	4,850,000	USD		GBP/USD Option with HSBC Bank USA, N.A., Strike Price USD 1.30, Expires 04/02/19		25,981
	3,700,000	USD		USD/ZAR Option with JPMorgan Chase Bank N.A., Strike Price ZAR 13.85, Expires 05/24/19		26,677
	7,400,000	USD		USD/JPY Option with HSBC Bank USA, N.A., Strike Price JPY 108.00, Expires 07/24/19		66,112
	5,200,000	EUR		EUR/USD Option with JPMorgan Chase Bank N.A., Strike Price USD 1.12, Expires 05/31/19		39,167
	5,100,000	EUR		EUR/USD Option with Citibank N.A., Strike Price USD 1.12, Expires 06/07/19		40,624
	5,000,000	EUR		EUR/HUF Option with Natwest Markets Plc, Strike Price HUF 324.00, Expires 04/16/19		56,597
	800,000	USD		USD/BRL Option with Citibank N.A., Strike Price BRL 3.82, Expires 06/24/19		13,009
	7,977,910	USD		USD/MXN Option with JPMorgan Chase Bank N.A., Strike Price MXN 19.15, Expires 06/12/19		64,230
	12,300,000	USD		USD/JPY Option with HSBC Bank USA, N.A., Strike Price JPY 108.00, Expires 07/24/19		109,888
	1,530,000	USD		USD/AUD Option with Citibank N.A., Strike Price USD 0.74, Expires 04/02/19		2
				TOTAL CURRENCY OPTIONS PURCHASED (PREMIUMS PAID $804,499)		610,743
Number of Contracts			Notional Value ($)	Description	Value ($)
				PURCHASED FUTURES OPTIONS — 0.0%
				Call Options — 0.0%
	790		98,132,813	U.S. Treasury Note 10-Year Futures Option with JPMorgan Securities LLC, Strike Price $ 124.50, Expires 04/26/19		320,937
				Put Options — 0.0%
	1,750		4,966,150	S&P 500 E-mini Futures Option with UBS Securities LLC, Strike Price $ 2,600.00, Expires 06/21/19		35,000
	750		2,128,350	S&P 500 E-mini Futures Option with UBS Securities LLC, Strike Price $ 2,550.00, Expires 05/17/19		4,687
	450		1,277,010	S&P 500 E-mini Futures Option with UBS Securities LLC, Strike Price $ 2,600.00, Expires 05/17/19		3,938
	400		1,135,120	S&P 500 E-mini Futures Option with UBS Securities LLC, Strike Price $ 2,500.00, Expires 05/17/19		1,800
	14		1,739,063	U.S. Treasury Note 10-Year Futures Option with UBS Securities LLC, Strike Price $ 124.00, Expires 05/24/19		8,750
				TOTAL FUTURES OPTIONS PURCHASED (PREMIUMS PAID $573,967)		375,112

See accompanying Notes to the Financial Statements.

126

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Number of Contracts			Notional Value ($)	Description	Value ($)
				PURCHASED INDEX OPTIONS — 0.0%
				Put Options — 0.0%
	1,000		7,378,770	NASDAQ 100 Stock Index Option with Citigroup Global Markets Inc., Strike Price $ 7,000.00, Expires 05/17/19		65,930
	4,300		12,530,114	S&P 500 Index Option with Citigroup Global Markets Inc., Strike Price $ 2,800.00, Expires 05/17/19		163,400
	5,600		16,318,288	S&P 500 Index Option with Citigroup Global Markets Inc., Strike Price $ 2,800.00, Expires 04/18/19		102,480
				TOTAL INDEX OPTIONS PURCHASED (PREMIUMS PAID $416,795)		331,810
				PURCHASED SWAPTIONS — 0.0%
				Put Swaptions — 0.0%
	5,770,000		5,770,000	CDX.NA.HY Index Option with Morgan Stanley & Co., Strike Price $ 103.00, Expires 04/17/19		3,466
	11,430,000		11,430,000	CDX.NA.HY Index Option with JPMorgan Chase Bank N.A., Strike Price $ 103.00, Expires 04/17/19		6,866
	12,060,000		12,060,000	CDX.NA.HY Index Option with BNP Paribas S.A., Strike Price $ 103.50, Expires 04/17/19		6,616
	5,140,000		5,140,000	CDX.NA.HY Index Option with JPMorgan Chase Bank N.A., Strike Price $ 103.50, Expires 04/17/19		2,820
				TOTAL PURCHASED SWAPTIONS (PREMIUMS PAID $307,949)		19,768
				TOTAL OPTIONS PURCHASED (PREMIUMS PAID $2,103,210)		1,337,433
Par Value ($)				Description	Value ($)
				SHORT-TERM INVESTMENTS — 3.7%
				Certificate of Deposit — 0.1%
	650,000			CNH Industrial Capital, 5.06%, due 04/03/19‡‡		649,731
				Investment Company — 1.0%
	7,973,220			T. Rowe Price Government Reserve Fund, 2.49%, due 09/19/34		7,973,220
						7,973,220
				Mutual Fund - Securities Lending Collateral — 1.0%
	7,793,870			State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.39%## ***		7,793,870
				Sovereign Debt Obligations — 0.7%
	80,600,000	EGP		Egypt Treasury Bills, 18.30%, due 04/09/19‡‡		4,630,058
	1,150,000	EGP		Egypt Treasury Bills, 17.60%, due 04/23/19‡‡		65,633
	19,675,000	EGP		Egypt Treasury Bills, 17.36%, due 06/04/19‡‡		1,101,369
	3,800,000	EGP		Egypt Treasury Bills, 15.02%, due 04/23/19‡‡		216,874
				TOTAL SOVEREIGN DEBT OBLIGATIONS		6,013,934

See accompanying Notes to the Financial Statements.

127

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)			Description	Value ($)
			U.S. Government and Agency Obligations — 0.9%
	7,100,000		U.S. Treasury Bill, 2.37%, due 06/27/19‡‡		7,059,804
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $7,059,155)		7,059,804
			TOTAL SHORT-TERM INVESTMENTS (COST $29,311,922)		29,490,559
			TOTAL INVESTMENTS — 95.9% (Cost $781,409,589)		778,935,352
			Other Assets and Liabilities (net) — 4.1%		33,645,112
			NET ASSETS — 100.0%	$812,580,464
			Notes to Schedule of Investments:
			ARS — Auction Rate Security
			CDX.NA.HY — Markit North America High Yield CDS Index
			CLO — Collateralized Loan Obligation
			CMT — Constant Maturing Treasury Rate
			FNMA — Federal National Mortgage Association
			GDN — Global Depository Note
			GNMA — Government National Mortgage Association
			MTN — Medium Term Note
			PIK — Payment In Kind
			REIT — Real Estate Investment Trust
		#	Year of maturity is greater than 2100.
		##	The rate disclosed is the 7 day net yield as of March 31, 2019.
		###	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
		*	Non-income producing security
		**	Unless otherwise indicated, all par values are denominated in United States dollars ($).
		***	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 year end is $1,072,573 which represents 0.1% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $1,911,239.
		¤	Illiquid security. The total market value of the securities at year end is $2,408,002 which represents 0.3% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $4,301,870.
		^	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.

See accompanying Notes to the Financial Statements.

128

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

◆◆	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 March 31, 2019.
††	Debt obligation initially issued in zero coupon form which converts to coupon form at a specific rate and date. The rate shown is the rate at period end.
†††	Security is currently in default.
††††	When-issued security.
†††††	Security is perpetual and has no stated maturity date.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
‡‡‡	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
(a)	All or a portion of this security is pledged for open futures and open centrally cleared swaps collateral.
(b)	All or a portion of this security is pledged for open forward foreign currency contracts 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 year end is $135,717,517 which represents 16.7% of net assets.

See accompanying Notes to the Financial Statements.

129

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
ARS	11,236,850	USD	242,749		05/22/19	Citibank N.A.	$	(594	)
ARS	4,899,240	USD	117,347		04/11/19	HSBC Bank Plc		(5,739	)
ARS	9,702,280	USD	233,228		04/22/19	HSBC Bank Plc		(15,532	)
ARS	4,899,240	USD	113,540		05/16/19	HSBC Bank Plc		(7,117	)
ARS	8,830,190	USD	199,327		05/22/19	HSBC Bank Plc		(9,036	)
ARS	28,214,000	USD	642,761		04/24/19	JPMorgan Chase Bank N.A.		(11,434	)
ARS	28,213,000	USD	680,980		04/26/19	JPMorgan Chase Bank N.A.		(51,394	)
ARS	54,900,000	USD	1,310,888		04/29/19	JPMorgan Chase Bank N.A.		(90,753	)
ARS	2,946,270	USD	73,786		04/11/19	Morgan Stanley & Co.		(6,668	)
ARS	37,688,435	USD	902,717		05/16/19	Morgan Stanley & Co.		(84,040	)
AUD	550,000	USD	395,578		04/17/19	Citibank N.A.		(4,766	)
AUD	4,726,466	USD	3,383,242		04/26/19	HSBC Bank USA, N.A.		(24,194	)
AUD	545,000	USD	387,564		04/26/19	JPMorgan Chase Bank N.A.		(238	)
BRL	3,781,441	USD	972,593		04/02/19	BNP Paribas S.A.		(925	)
BRL	5,400,000	USD	1,397,359		04/11/19	Citibank N.A.		(10,620	)
BRL	6,025,360	USD	1,559,542		04/11/19	HSBC Bank Plc		(12,209	)
BRL	11,095,832	USD	2,847,495		04/02/19	HSBC Bank USA, N.A.		3,658
BRL	12,554,164	USD	3,254,109		04/02/19	JPMorgan Chase Bank N.A.		(28,226	)
BRL	19,106,226	USD	4,980,809		04/02/19	Morgan Stanley & Co.		(71,328	)
BRL	8,121,590	USD	2,142,142		04/11/19	Morgan Stanley & Co.		(56,489	)
CAD	400,000	USD	304,603		04/01/19	Barclays Bank Plc		(5,191	)
CAD	400,000	USD	297,846		04/17/19	JPMorgan Chase Bank N.A.		1,690
CHF	1,950,000	USD	1,956,417		05/24/19	Bank of America N.A.		11,209
CHF	1,949,000	USD	1,954,090		05/24/19	HSBC Bank USA, N.A.		12,527
CHF	205,000	USD	204,848		05/24/19	JPMorgan Chase Bank N.A.		2,005
CHF	1,950,000	USD	1,954,816		05/24/19	Morgan Stanley & Co.		12,810
CLP	1,029,173,000	USD	1,515,272		04/05/19	Barclays Bank Plc		(2,830	)
CLP	2,058,346,000	USD	3,020,987		04/05/19	BNP Paribas S.A.		3,899
CLP	100,370,950	USD	150,617		04/11/19	Credit Suisse		(3,113	)
CLP	2,058,346,000	USD	3,093,768		04/05/19	Deutsche Bank AG		(68,882	)
CLP	1,969,737,260	USD	2,963,437		04/11/19	HSBC Bank Plc		(68,733	)
CLP	1,029,173,000	USD	1,516,836		04/05/19	JPMorgan Chase Bank N.A.		(4,393	)
CLP	237,388,810	USD	353,799		04/11/19	JPMorgan Chase Bank N.A.		(4,935	)
CLP	69,421,000	USD	104,162		04/24/19	JPMorgan Chase Bank N.A.		(2,139	)
CLP	1,029,175,293	USD	1,513,048		04/05/19	Morgan Stanley & Co.		(602	)
COP	10,867,743,680	USD	3,444,770		04/11/19	HSBC Bank Plc		(34,968	)
CZK	25,428,000	USD	1,121,936		04/12/19	Barclays Bank Plc		(16,284	)
CZK	1,810,490	USD	79,819		04/11/19	HSBC Bank Plc		(1,098	)
CZK	8,729,889	USD	382,310		04/11/19	JPMorgan Chase Bank N.A.		(2,730	)
CZK	57,198,000	USD	2,491,039		04/15/19	JPMorgan Chase Bank N.A.		(3,772	)
CZK	2,223,981	USD	97,402		04/11/19	Morgan Stanley & Co.		(702	)
CZK	77,218,250	USD	3,404,685		04/11/19	Natwest Markets Plc		(47,200	)
EUR	285,000	USD	322,474		04/23/19	Bank of America N.A.		(1,895	)
EUR	4,165,000	USD	4,749,350		04/30/19	Bank of America N.A.		(61,638	)
EUR	555,000	USD	623,543		04/01/19	BNP Paribas S.A.		(361	)
EUR	1,160,000	USD	1,323,108		04/17/19	Citibank N.A.		(18,950	)
EUR	4,129,610	USD	4,714,062		04/11/19	Deutsche Bank AG		(73,585	)
EUR	1,050,960	USD	1,186,630		04/11/19	JPMorgan Chase Bank N.A.		(5,657	)

See accompanying Notes to the Financial Statements.

130

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
EUR	1,170,000	USD	1,320,914		04/17/19	JPMorgan Chase Bank N.A.	$	(5,513	)
EUR	788,000	USD	894,903		04/30/19	JPMorgan Chase Bank N.A.		(8,008	)
EUR	5,616,820	USD	6,365,366		04/11/19	Toronto Dominion Bank		(53,699	)
GBP	759,590	USD	1,003,637		04/17/19	Citibank N.A.		(13,100	)
GBP	696,000	USD	923,996		05/24/19	HSBC Bank USA, N.A.		(14,731	)
HUF	224,191,370	USD	787,620		04/11/19	Citibank N.A.		(4,409	)
HUF	67,612,350	USD	245,713		04/11/19	HSBC Bank Plc		(9,510	)
HUF	321,369,000	USD	1,159,831		04/01/19	JPMorgan Chase Bank N.A.		(37,893	)
HUF	21,003,980	USD	75,665		04/11/19	JPMorgan Chase Bank N.A.		(2,288	)
HUF	26,455,000	USD	93,679		07/02/19	JPMorgan Chase Bank N.A.		(699	)
HUF	64,948,770	USD	231,560		04/11/19	Toronto Dominion Bank		(4,662	)
IDR	6,160,504,180	USD	431,647		04/11/19	Citibank N.A.		490
IDR	47,461,964,354	USD	3,337,247		04/11/19	HSBC Bank Plc		(7,967	)
IDR	3,540,566,820	USD	250,642		04/11/19	JPMorgan Chase Bank N.A.		(2,284	)
IDR	50,844,781,000	USD	3,550,117		04/24/19	JPMorgan Chase Bank N.A.		10,490
IDR	7,040,885,520	USD	489,145		04/11/19	Morgan Stanley & Co.		4,747
ILS	10,654,874	USD	2,961,209		04/16/19	Bank of America N.A.		(22,684	)
ILS	2,321,850	USD	635,695		04/16/19	Barclays Bank Plc		4,651
ILS	5,177,265	USD	1,439,795		04/16/19	BNP Paribas S.A.		(11,948	)
ILS	385,164	USD	107,170		04/16/19	Credit Suisse		(945	)
ILS	5,178,030	USD	1,438,695		04/16/19	Morgan Stanley & Co.		(10,638	)
INR	4,319,000	USD	60,259		04/05/19	BNP Paribas S.A.		2,068
INR	104,125,780	USD	1,503,861		04/11/19	Citibank N.A.		(2,645	)
INR	106,718,000	USD	1,524,216		07/12/19	Credit Suisse		(2,612	)
INR	6,477,000	USD	90,408		04/05/19	Deutsche Bank AG		3,059
INR	13,073,240	USD	187,182		04/11/19	Deutsche Bank AG		1,299
INR	42,523,030	USD	609,082		04/11/19	HSBC Bank Plc		3,987
INR	173,854,000	USD	2,427,253		04/05/19	HSBC Bank USA, N.A.		81,593
INR	8,954,980	USD	129,360		04/11/19	Natwest Markets Plc		(254	)
JPY	14,670,000	USD	132,631		04/26/19	BNP Paribas S.A.		192
JPY	190,646,930	USD	1,710,026		04/11/19	Citibank N.A.		13,664
JPY	139,440,000	USD	1,298,034		04/17/19	Citibank N.A.		(36,605	)
JPY	303,301,000	USD	2,795,609		04/26/19	HSBC Bank USA, N.A.		(49,496	)
JPY	131,282,470	USD	1,185,815		04/11/19	JPMorgan Chase Bank N.A.		1,145
JPY	108,702,000	USD	992,114		04/26/19	JPMorgan Chase Bank N.A.		(7,917	)
JPY	1,002,314,000	USD	9,110,248		04/26/19	Morgan Stanley & Co.		(35,210	)
JPY	280,232,460	USD	2,536,392		04/11/19	Toronto Dominion Bank		(2,735	)
KRW	3,873,991,890	USD	3,441,713		07/12/19	HSBC Bank USA, N.A.		(17,972	)
KZT	119,073,000	USD	311,506		05/20/19	Citibank N.A.		(704	)
KZT	91,879,480	USD	239,425		06/13/19	Citibank N.A.		(666	)
KZT	76,998,480	USD	200,648		06/18/19	HSBC Bank Plc		(749	)
KZT	49,920,210	USD	128,660		04/03/19	Natwest Markets Plc		2,827
KZT	128,190,390	USD	334,119		04/08/19	Natwest Markets Plc		3,199
KZT	15,349,920	USD	39,896		04/15/19	Natwest Markets Plc		439
KZT	168,534,120	USD	433,584		05/06/19	Natwest Markets Plc		7,441
KZT	51,940,050	USD	135,261		05/08/19	Natwest Markets Plc		608
KZT	93,418,380	USD	245,354		05/22/19	Natwest Markets Plc		(1,603	)
KZT	80,328,400	USD	211,030		05/28/19	Natwest Markets Plc		(1,662	)

See accompanying Notes to the Financial Statements.

131

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
MXN	9,694,965	USD	502,602		04/17/19	Barclays Bank Plc	$	(3,988	)
MXN	409,562	USD	21,506		05/24/19	BNP Paribas S.A.		(565	)
MXN	29,239,150	USD	1,554,098		04/11/19	Citibank N.A.		(48,870	)
MXN	22,505,035	USD	1,159,916		04/17/19	Citibank N.A.		(2,477	)
MXN	18,325,920	USD	951,406		04/11/19	HSBC Bank Plc		(7,989	)
MXN	46,481,000	USD	2,394,403		05/24/19	HSBC Bank USA, N.A.		(17,825	)
MXN	20,406,000	USD	1,049,717		04/01/19	JPMorgan Chase Bank N.A.		2,274
MXN	3,505,000	USD	179,183		07/02/19	JPMorgan Chase Bank N.A.		(1,075	)
MXN	14,200,000	USD	731,608		04/11/19	Morgan Stanley & Co.		(593	)
MXN	6,690,190	USD	348,810		04/11/19	Natwest Markets Plc		(4,400	)
MXN	7,505,900	USD	385,937		04/11/19	Toronto Dominion Bank		466
MYR	18,202,191	USD	4,474,482		04/05/19	HSBC Bank USA, N.A.		(16,197	)
MYR	7,498,730	USD	1,839,756		04/11/19	Morgan Stanley & Co.		(3,330	)
MYR	14,084,810	USD	3,448,229		05/16/19	Morgan Stanley & Co.		(1,533	)
PEN	1,599,500	USD	481,614		04/11/19	HSBC Bank Plc		(124	)
PEN	224,000	USD	67,856		04/24/19	JPMorgan Chase Bank N.A.		(477	)
PEN	129,000	USD	39,079		04/25/19	JPMorgan Chase Bank N.A.		(278	)
PHP	103,170,000	USD	1,949,178		04/24/19	JPMorgan Chase Bank N.A.		10,789
PHP	30,140,340	USD	576,220		04/11/19	Morgan Stanley & Co.		(2,810	)
PLN	1,455,000	USD	379,770		05/17/19	Bank of America N.A.		281
PLN	2,304,000	USD	603,006		05/17/19	BNP Paribas S.A.		(1,194	)
PLN	350,890	USD	92,333		04/11/19	Citibank N.A.		(782	)
PLN	4,263,700	USD	1,126,712		04/11/19	Deutsche Bank AG		(14,268	)
PLN	22,456,700	USD	5,847,185		04/11/19	HSBC Bank Plc		11,998
PLN	33,288,000	USD	8,856,688		04/01/19	JPMorgan Chase Bank N.A.		(174,032	)
PLN	3,525,000	USD	929,613		04/15/19	JPMorgan Chase Bank N.A.		(9,792	)
PLN	32,230,000	USD	8,466,517		07/02/19	JPMorgan Chase Bank N.A.		(35,943	)
PLN	240,210	USD	63,115		04/11/19	Morgan Stanley & Co.		(441	)
RON	1,167,000	USD	276,895		04/18/19	BNP Paribas S.A.		(2,887	)
RON	23,409,000	USD	5,612,077		04/01/19	JPMorgan Chase Bank N.A.		(112,618	)
RON	2,730,150	USD	650,325		04/11/19	JPMorgan Chase Bank N.A.		(9,129	)
RON	1,309,000	USD	310,305		04/18/19	JPMorgan Chase Bank N.A.		(2,956	)
RON	23,236,000	USD	5,476,959		07/02/19	JPMorgan Chase Bank N.A.		(35,477	)
RUB	236,241,100	USD	3,628,887		04/11/19	HSBC Bank Plc		(37,902	)
RUB	28,305,120	USD	438,579		04/11/19	JPMorgan Chase Bank N.A.		(8,326	)
RUB	77,601,490	USD	1,200,065		04/11/19	Morgan Stanley & Co.		(20,484	)
SEK	35,720,000	USD	3,863,420		05/17/19	JPMorgan Chase Bank N.A.		593
THB	85,858,000	USD	2,705,893		04/05/19	Bank of America N.A.		(220	)
THB	352,570,300	USD	11,068,673		04/11/19	HSBC Bank Plc		43,690
THB	42,929,000	USD	1,358,233		04/05/19	HSBC Bank USA, N.A.		(5,396	)
THB	85,856,022	USD	2,708,445		04/05/19	JPMorgan Chase Bank N.A.		(2,834	)
TRY	9,003,000	USD	1,613,090		04/12/19	BNP Paribas S.A.		(44,729	)
TRY	7,575,000	USD	1,382,020		04/11/19	Citibank N.A.		(61,143	)
TRY	26,716,316	USD	4,798,719		04/11/19	HSBC Bank Plc		(140,107	)
TRY	4,683,000	USD	855,406		04/01/19	JPMorgan Chase Bank N.A.		(26,499	)
TRY	1,146,960	USD	206,380		04/11/19	JPMorgan Chase Bank N.A.		(6,381	)
TRY	6,813,000	USD	1,260,476		04/12/19	JPMorgan Chase Bank N.A.		(73,622	)
TRY	25,123,000	USD	4,522,130		04/15/19	JPMorgan Chase Bank N.A.		(158,278	)

See accompanying Notes to the Financial Statements.

132

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
TRY	4,935,460	USD	892,875		04/11/19	Natwest Markets Plc	$	(32,263	)
TRY	960,000	USD	172,706		04/11/19	Toronto Dominion Bank		(5,308	)
TWD	74,626,000	USD	2,418,603		04/10/19	Barclays Bank Plc		3,918
TWD	4,411,000	USD	143,219		04/10/19	HSBC Bank USA, N.A.		(28	)
TWD	149,253,000	USD	4,835,671		04/10/19	State Street Bank London		9,400
ZAR	16,261,751	USD	1,138,922		04/05/19	Bank of America N.A.		(11,714	)
ZAR	57,817,022	USD	4,006,031		04/05/19	Barclays Bank Plc		1,642
ZAR	17,426,368	USD	1,220,018		04/05/19	BNP Paribas S.A.		(12,083	)
ZAR	10,271,390	USD	710,052		04/11/19	Citibank N.A.		1,405
ZAR	18,987,230	USD	1,332,487		04/11/19	Deutsche Bank AG		(17,320	)
ZAR	11,145,000	USD	782,379		04/11/19	HSBC Bank Plc		(10,411	)
ZAR	8,145,239	USD	570,070		04/05/19	HSBC Bank USA, N.A.		(5,471	)
ZAR	15,547,000	USD	1,075,869		04/01/19	JPMorgan Chase Bank N.A.		2,193
ZAR	12,170,000	USD	842,217		04/11/19	JPMorgan Chase Bank N.A.		749
ZAR	12,946,570	USD	897,454		04/11/19	Morgan Stanley & Co.		(698	)
ZAR	3,473,460	USD	239,818		04/11/19	State Street Bank London		774
USD	290,678	ARS	11,912,000		05/15/19	Citibank N.A.		31,578
USD	35,787	AUD	50,000		04/17/19	Barclays Bank Plc		258
USD	4,597,831	AUD	6,497,265		04/26/19	BNP Paribas S.A.		(19,704	)
USD	803,989	AUD	1,121,350		04/17/19	Citibank N.A.		7,195
USD	1,194,573	AUD	1,685,376		04/26/19	Deutsche Bank AG		(3,206	)
USD	9,350,367	AUD	13,211,453		04/26/19	HSBC Bank USA, N.A.		(38,867	)
USD	442,524	AUD	624,422		04/26/19	Morgan Stanley & Co.		(1,245	)
USD	92,265	AUD	130,000		04/26/19	State Street Bank London		(124	)
USD	970,422	BRL	3,781,441		04/02/19	BNP Paribas S.A.		(1,247	)
USD	663,408	BRL	2,581,020		04/11/19	Citibank N.A.		593
USD	2,758,628	BRL	10,481,830		04/11/19	Deutsche Bank AG		66,856
USD	2,852,839	BRL	11,095,832		04/02/19	HSBC Bank Plc		1,686
USD	391,093	BRL	1,479,013		04/11/19	HSBC Bank Plc		11,277
USD	3,223,517	BRL	12,554,164		04/02/19	JPMorgan Chase Bank N.A.		(2,366	)
USD	606,738	BRL	2,342,010		04/11/19	JPMorgan Chase Bank N.A.		5,302
USD	2,779,489	BRL	10,658,200		04/24/19	JPMorgan Chase Bank N.A.		44,369
USD	5,813,351	BRL	22,319,200		04/25/19	JPMorgan Chase Bank N.A.		86,087
USD	2,704,109	BRL	10,507,898		06/04/19	JPMorgan Chase Bank N.A.		15,311
USD	4,914,823	BRL	19,106,226		04/02/19	Morgan Stanley & Co.		5,342
USD	1,958,227	BRL	7,519,567		04/11/19	Morgan Stanley & Co.		27,174
USD	646,471	BRL	2,493,440		04/11/19	Natwest Markets Plc		6,147
USD	2,400,250	CAD	3,228,000		04/26/19	Bank of America N.A.		(17,537	)
USD	180,985	CAD	240,000		04/17/19	Barclays Bank Plc		1,264
USD	304,623	CAD	400,000		04/01/19	JPMorgan Chase Bank N.A.		5,210
USD	500,088	CAD	660,000		04/17/19	JPMorgan Chase Bank N.A.		5,855
USD	2,288,960	CAD	3,050,000		04/26/19	JPMorgan Chase Bank N.A.		4,496
USD	771,048	CLP	517,604,477		04/05/19	Barclays Bank Plc		10,391
USD	1,514,982	CLP	1,029,173,000		06/07/19	Barclays Bank Plc		2,461
USD	1,585,334	CLP	1,093,801,000		04/05/19	BNP Paribas S.A.		(22,084	)
USD	3,020,676	CLP	2,058,346,000		06/07/19	BNP Paribas S.A.		(4,366	)
USD	319,644	CLP	218,828,470		04/11/19	Citibank N.A.		(1,944	)
USD	227,989	CLP	154,850,150		04/11/19	Credit Suisse		423

See accompanying Notes to the Financial Statements.

133

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	346,806	CLP	236,087,900		04/11/19	Deutsche Bank AG	$	(147	)
USD	3,092,374	CLP	2,058,346,000		06/07/19	Deutsche Bank AG		67,332
USD	1,041,206	CLP	693,855,720		04/11/19	HSBC Bank Plc		21,523
USD	68,195	CLP	44,968,000		04/05/19	HSBC Bank USA, N.A.		2,112
USD	3,146,365	CLP	2,187,604,816		04/05/19	JPMorgan Chase Bank N.A.		(68,476	)
USD	1,566,201	CLP	1,049,609,000		04/24/19	JPMorgan Chase Bank N.A.		23,669
USD	1,516,679	CLP	1,029,173,000		06/07/19	JPMorgan Chase Bank N.A.		4,158
USD	4,744,444	CLP	3,281,403,000		04/05/19	JPMorgan Chase Bank N.A. London		(77,810	)
USD	118,100	CLP	78,832,000		04/05/19	Morgan Stanley & Co.		2,251
USD	620,857	CLP	413,491,030		04/11/19	Morgan Stanley & Co.		13,196
USD	1,512,892	CLP	1,029,175,293		06/07/19	Morgan Stanley & Co.		368
USD	1,216,589	CNH	8,187,680		04/11/19	JPMorgan Chase Bank N.A.		(1,713	)
USD	262,354	COP	839,271,320		04/11/19	Credit Suisse		(971	)
USD	132,818	COP	417,911,860		04/11/19	Deutsche Bank AG		1,696
USD	1,101,433	COP	3,446,922,620		04/11/19	HSBC Bank Plc		19,947
USD	2,321,948	COP	7,311,235,000		04/24/19	JPMorgan Chase Bank N.A.		29,873
USD	303,916	COP	960,070,640		04/11/19	Morgan Stanley & Co.		2,690
USD	354,688	CZK	8,140,000		04/11/19	Citibank N.A.		757
USD	538,204	CZK	12,250,000		04/11/19	HSBC Bank Plc		5,568
USD	324,553	EUR	285,000		04/23/19	Bank of America N.A.		3,974
USD	5,561,756	EUR	4,853,000		04/30/19	Bank of America N.A.		99,701
USD	2,351,737	EUR	2,030,000		04/17/19	Barclays Bank Plc		69,461
USD	1,483,129	EUR	1,298,925		04/30/19	Barclays Bank Plc		21,188
USD	632,921	EUR	555,000		04/01/19	BNP Paribas S.A.		9,738
USD	766,812	EUR	682,000		04/30/19	BNP Paribas S.A.		(780	)
USD	625,183	EUR	555,000		05/02/19	BNP Paribas S.A.		425
USD	2,682,386	EUR	2,321,002		04/17/19	Citibank N.A.		72,944
USD	281,280	EUR	248,000		04/30/19	Credit Suisse		2,156
USD	587,466	EUR	520,000		04/08/19	Deutsche Bank AG		3,286
USD	821,961	EUR	729,840		04/11/19	Deutsche Bank AG		1,834
USD	925,929	EUR	815,000		04/23/19	Deutsche Bank AG		9,185
USD	521,663	EUR	454,398		04/30/19	Deutsche Bank AG		10,238
USD	776,535	EUR	680,000		04/04/19	Goldman Sachs & Co.		12,867
USD	550,854	EUR	484,510		04/11/19	HSBC Bank Plc		6,406
USD	2,240,247	EUR	1,963,649		04/30/19	HSBC Bank USA, N.A.		30,157
USD	1,577,819	EUR	1,391,680		04/11/19	JPMorgan Chase Bank N.A.		13,976
USD	4,381,225	EUR	3,822,415		04/17/19	JPMorgan Chase Bank N.A.		83,784
USD	7,108,130	EUR	6,206,000		04/30/19	JPMorgan Chase Bank N.A.		123,272
USD	652,674	EUR	576,710		04/11/19	Toronto Dominion Bank		4,621
USD	649,116	EUR	570,000		04/23/19	UBS AG London		7,957
USD	195,238	GBP	150,000		04/17/19	Barclays Bank Plc		(368	)
USD	171,552	GBP	129,513		05/24/19	JPMorgan Chase Bank N.A.		2,354
USD	987,953	GBP	761,763		05/24/19	Morgan Stanley & Co.		(7,226	)
USD	228,415	HUF	63,850,000		04/11/19	Citibank N.A.		5,356
USD	6,078,944	HUF	1,697,122,952		04/11/19	HSBC Bank Plc		150,061
USD	1,160,335	HUF	321,369,000		04/01/19	JPMorgan Chase Bank N.A.		38,396
USD	179,506	HUF	49,635,660		04/11/19	JPMorgan Chase Bank N.A.		6,104
USD	122,242	IDR	1,742,200,000		04/11/19	Citibank N.A.		34

See accompanying Notes to the Financial Statements.

134

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	988,229	IDR	14,389,112,712		04/17/19	Citibank N.A.	$	(20,334	)
USD	188,764	IDR	2,721,403,500		04/11/19	Credit Suisse		(2,133	)
USD	886,512	IDR	12,665,509,390		04/11/19	Deutsche Bank AG		(1,927	)
USD	1,214,573	IDR	17,348,225,160		04/11/19	HSBC Bank Plc		(2,341	)
USD	64,594	IDR	921,051,810		04/11/19	JPMorgan Chase Bank N.A.		(14	)
USD	1,666,816	IDR	23,893,582,000		04/24/19	JPMorgan Chase Bank N.A.		(6,427	)
USD	210,571	ILS	761,602		04/16/19	Bank of America N.A.		527
USD	3,790,587	ILS	13,937,673		04/16/19	Barclays Bank Plc		(53,307	)
USD	2,665,523	ILS	9,746,774		04/16/19	BNP Paribas S.A.		(22,556	)
USD	1,859,750	ILS	6,837,000		04/16/19	HSBC Bank USA, N.A.		(25,837	)
USD	735,150	ILS	2,651,048		04/16/19	JPMorgan Chase Bank N.A.		4,013
USD	2,604,810	ILS	9,542,103		04/16/19	Morgan Stanley & Co.		(26,823	)
USD	1,544,176	INR	106,718,000		04/05/19	Credit Suisse		4,154
USD	4,792,550	INR	335,810,480		04/11/19	HSBC Bank Plc		(48,939	)
USD	1,128,413	INR	77,932,000		04/05/19	HSBC Bank USA, N.A.		3,795
USD	165,895	JPY	18,426,060		04/11/19	Citibank N.A.		(700	)
USD	745,588	JPY	82,650,000		04/17/19	Citibank N.A.		(2,096	)
USD	881,809	JPY	98,211,000		04/26/19	HSBC Bank USA, N.A.		(7,402	)
USD	428,172	JPY	47,590,530		04/11/19	JPMorgan Chase Bank N.A.		(2,107	)
USD	4,706,516	JPY	518,844,000		04/26/19	JPMorgan Chase Bank N.A.		8,858
USD	1,857,858	JPY	204,094,990		04/11/19	Morgan Stanley & Co.		12,580
USD	596,224	JPY	66,364,770		04/11/19	State Street Bank London		(3,798	)
USD	3,477,239	KRW	3,873,991,890		07/12/19	HSBC Bank USA, N.A.		53,499
USD	1,156,061	MXN	22,764,000		05/24/19	Bank of America N.A.		(7,864	)
USD	3,681,962	MXN	71,437,309		05/24/19	BNP Paribas S.A.		29,365
USD	321,702	MXN	6,201,260		04/11/19	Citibank N.A.		2,462
USD	1,012,059	MXN	19,627,450		04/11/19	HSBC Bank Plc		1,640
USD	4,230,650	MXN	82,282,523		05/24/19	HSBC Bank USA, N.A.		23,537
USD	1,059,386	MXN	20,406,000		04/01/19	JPMorgan Chase Bank N.A.		7,394
USD	683,774	MXN	13,015,420		04/11/19	JPMorgan Chase Bank N.A.		13,742
USD	770,736	MXN	15,033,000		04/15/19	JPMorgan Chase Bank N.A.		(2,664	)
USD	2,535,191	MXN	49,567,000		05/24/19	JPMorgan Chase Bank N.A.		825
USD	2,728,619	MXN	53,105,948		05/24/19	Morgan Stanley & Co.		13,308
USD	1,414,046	MXN	27,585,360		04/11/19	Natwest Markets Plc		(6,045	)
USD	888,946	MYR	3,642,191		04/05/19	BNP Paribas S.A.		(3,140	)
USD	1,738,460	MYR	7,104,215		06/14/19	Deutsche Bank AG		1,051
USD	1,769,739	MYR	7,280,000		04/05/19	HSBC Bank USA, N.A.		(13,360	)
USD	4,467,344	MYR	18,202,191		06/14/19	HSBC Bank USA, N.A.		15,812
USD	1,770,041	MYR	7,280,000		04/05/19	JPMorgan Chase Bank N.A.		(13,058	)
USD	605,311	MYR	2,470,420		04/11/19	Morgan Stanley & Co.		309
USD	2,220,496	MYR	9,061,130		05/16/19	Morgan Stanley & Co.		3,145
USD	271,464	PEN	895,450		04/11/19	Citibank N.A.		1,911
USD	4,194,013	PEN	13,896,440		04/11/19	HSBC Bank Plc		10,836
USD	1,407,643	PEN	4,669,010		04/11/19	Morgan Stanley & Co.		2,154
USD	324,239	PHP	17,256,000		04/12/19	Barclays Bank Plc		(4,015	)
USD	509,309	PHP	26,931,020		04/11/19	HSBC Bank Plc		(3,046	)
USD	1,260,668	PHP	67,166,000		04/12/19	JPMorgan Chase Bank N.A. London		(17,002	)
USD	1,359,423	PLN	5,150,000		04/11/19	Citibank N.A.		15,734

See accompanying Notes to the Financial Statements.

135

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	603,801	PLN	2,310,000		04/11/19	HSBC Bank Plc	$	1,099
USD	8,722,551	PLN	33,288,000		04/01/19	JPMorgan Chase Bank N.A.		39,894
USD	200,758	PLN	767,000		04/15/19	JPMorgan Chase Bank N.A.		616
USD	1,136,143	PLN	4,320,000		04/11/19	State Street Bank London		9,011
USD	366,597	PLN	1,390,000		04/11/19	Toronto Dominion Bank		3,932
USD	988,978	RON	4,170,817		04/18/19	Bank of America N.A.		9,683
USD	216,183	RON	879,000		04/18/19	Barclays Bank Plc		9,796
USD	1,458,657	RON	6,004,079		04/18/19	BNP Paribas S.A.		48,918
USD	1,127,412	RON	4,747,800		04/11/19	Citibank N.A.		12,355
USD	470,614	RON	1,972,820		04/11/19	Deutsche Bank AG		7,283
USD	1,164,306	RON	4,911,320		04/11/19	HSBC Bank Plc		10,847
USD	5,530,126	RON	23,409,000		04/01/19	JPMorgan Chase Bank N.A.		30,667
USD	738,673	RON	3,110,930		04/11/19	JPMorgan Chase Bank N.A.		8,048
USD	432,400	RON	1,758,010		04/18/19	JPMorgan Chase Bank N.A.		19,625
USD	833,839	RUB	54,990,000		04/17/19	Barclays Bank Plc		(1,170	)
USD	1,354,116	RUB	91,870,000		04/17/19	Citibank N.A.		(40,906	)
USD	2,445,666	RUB	162,655,100		04/11/19	HSBC Bank Plc		(26,775	)
USD	2,400,560	RUB	157,992,000		04/24/19	JPMorgan Chase Bank N.A.		4,391
USD	2,782,348	RUB	184,313,510		04/11/19	Morgan Stanley & Co.		(19,311	)
USD	4,137,964	SEK	38,051,474		05/17/19	Bank of America N.A.		21,743
USD	2,707,173	THB	85,858,000		06/14/19	Bank of America N.A.		(3,374	)
USD	1,696,694	THB	53,663,022		04/05/19	Barclays Bank Plc		5,592
USD	304,082	THB	9,700,850		04/11/19	Credit Suisse		(1,671	)
USD	306,723	THB	9,767,600		04/11/19	Deutsche Bank AG		(1,133	)
USD	1,764,658	THB	55,909,350		04/11/19	HSBC Bank Plc		2,499
USD	1,691,965	THB	53,660,000		04/05/19	HSBC Bank USA, N.A.		958
USD	1,359,055	THB	42,929,000		06/14/19	HSBC Bank USA, N.A.		3,781
USD	3,382,574	THB	107,320,000		04/05/19	JPMorgan Chase Bank N.A.		560
USD	655,512	THB	20,800,000		04/11/19	JPMorgan Chase Bank N.A.		(65	)
USD	5,128,898	THB	162,345,000		04/25/19	JPMorgan Chase Bank N.A.		10,282
USD	3,711,749	THB	117,850,710		06/14/19	JPMorgan Chase Bank N.A.		(8,812	)
USD	1,155,909	THB	36,626,750		04/11/19	Morgan Stanley & Co.		1,501
USD	2,091,636	THB	66,245,510		04/11/19	Natwest Markets Plc		3,701
USD	1,133,400	TRY	6,249,000		04/12/19	Bank of America N.A.		44,797
USD	1,685,319	TRY	9,567,000		04/12/19	Barclays Bank Plc		18,706
USD	1,174,353	TRY	6,555,530		04/11/19	Citibank N.A.		31,245
USD	270,428	TRY	1,500,860		04/11/19	HSBC Bank Plc		8,718
USD	854,544	TRY	4,683,000		04/01/19	JPMorgan Chase Bank N.A.		25,635
USD	77,618	TRY	442,690		04/11/19	JPMorgan Chase Bank N.A.		424
USD	2,527,208	TRY	14,551,000		04/15/19	JPMorgan Chase Bank N.A.		(294	)
USD	87,667	TRY	510,000		05/02/19	JPMorgan Chase Bank N.A.		492
USD	315,083	TRY	1,743,560		04/11/19	Morgan Stanley & Co.		11,053
USD	398,033	TRY	2,247,330		04/11/19	Natwest Markets Plc		6,159
USD	2,198,170	TWD	67,386,000		04/10/19	Barclays Bank Plc		10,676
USD	2,428,441	TWD	74,626,000		07/12/19	Barclays Bank Plc		(8,168	)
USD	4,679,796	TWD	143,768,000		04/10/19	BNP Paribas S.A.		12,779
USD	555,090	TWD	17,136,000		04/10/19	HSBC Bank USA, N.A.		(1,181	)
USD	4,853,756	TWD	149,253,000		07/12/19	State Street Bank London		(19,496	)

See accompanying Notes to the Financial Statements.

136

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	2,780,445	ZAR	37,712,000		04/05/19	Barclays Bank Plc	$	166,381
USD	1,908,734	ZAR	26,097,000		04/05/19	BNP Paribas S.A.		99,781
USD	2,407,924	ZAR	34,797,820		04/11/19	Citibank N.A.		(2,375	)
USD	297,986	ZAR	4,301,840		04/11/19	HSBC Bank Plc		15
USD	1,132,248	ZAR	15,547,000		04/01/19	JPMorgan Chase Bank N.A.		54,186
USD	986,219	ZAR	13,329,379		04/05/19	JPMorgan Chase Bank N.A.		62,273
USD	553,899	ZAR	8,134,880		04/11/19	JPMorgan Chase Bank N.A.		(9,570	)
USD	4,023,343	ZAR	58,231,000		04/15/19	JPMorgan Chase Bank N.A.		(8,157	)
USD	550,462	ZAR	8,105,000		07/02/19	JPMorgan Chase Bank N.A.		(5,457	)
USD	1,659,547	ZAR	22,512,000		04/05/19	Morgan Stanley & Co.		99,093
USD	1,038,199	ZAR	14,979,250		04/11/19	Morgan Stanley & Co.		649
USD	731,005	ZAR	10,570,520		04/11/19	Natwest Markets Plc		(1,171	)
USD	853,994	ZAR	12,392,240		04/11/19	State Street Bank London		(4,365	)
USD	305,029	ZAR	4,403,290		04/11/19	Toronto Dominion Bank		30
							$	(462,318	)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	10	10 Yr Australian Bond Futures		Jun 2019	$	984,236	$	12,084
	21	Euro-BTP		Jun 2019		3,052,883		(7,703	)
	110	U.S. Long Bond		Jun 2019		16,462,187		250,818
	360	U.S. Treasury Note 10-Year		Jun 2019		44,718,750		146,288
	1	U.S. Treasury Note 2-Year		Jun 2019		213,094		740
	43	U.S. Ultra Bond		Jun 2019		7,224,000		218,375
							$	620,602
	Sales
	36	Euro-Bund		Jun 2019	$	6,723,894	$	(144,975	)
	30	Euro-OAT		Jun 2019		5,479,620		(145,199	)
	5	Long Gilt Futures		Jun 2019		842,878		(12,779	)
	133	U.S. Treasury Note 5-Year		Jun 2019		15,405,141		(23,246	)
	35	U.S. Ultra 10-Year		Jun 2019		4,647,344		7,040
	13	U.S. Ultra Bond		Jun 2019		2,184,000		1,499
	73	U.S. Ultra Bond		Jun 2019		12,264,000		(575,620	)
							$	(893,280	)

See accompanying Notes to the Financial Statements.

137

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Written Options

Written Currency Options

Type of Contract	Counterparty		Notional Value				Premiums Received				Value at March 31, 2019
CALL — USD/BRL Option		Citibank N.A.		USD	(800,000	)		$	(14,850	)		$	(14,638	)
Strike @ $4.02
Expires 06/24/2019
CALL — USD/CAD Option		JPMorgan Chase Bank N.A.		USD	(1,600,000	)			(7,600	)			(4,421	)
Strike @ $1.37
Expires 06/10/2019
CALL — USD/EUR Option		JPMorgan Chase Bank N.A.		USD	(700,000	)			(3,644	)			(1,964	)
Strike @ $1.10
Expires 06/07/2019
CALL — USD/EUR Option		Citibank N.A.		USD	(800,000	)			(3,796	)			(4,864	)
Strike @ $1.11
Expires 06/24/2019
Total Written Currency Options								$	(29,890	)		$	(25,887	)

Written Futures Options

Type of Contract	Counterparty		Number of Contracts		Notional Value				Premiums Received				Value at March 31, 2019
CALL — U.S. Treasury Note 10-Year Futures Option		UBS Securities LLC		14		$	(1,739,063	)		$	(7,413	)		$	(6,344	)
Strike @ $125.00
Expires 05/24/2019
CALL — U.S. Treasury Note 5-Year Futures Option		UBS Securities LLC		20			(2,316,563	)			(4,809	)			(13,750	)
Strike @ $115.25
Expires 04/26/2019
CALL — U.S. Treasury Note 5-Year Futures Option		UBS Securities LLC		14			(1,621,594	)			(5,116	)			(9,078	)
Strike @ $115.50
Expires 05/24/2019
PUT — S&P 500 E-mini Futures Option		UBS Securities LLC		9			(1,277,010	)			(7,519	)			(1,507	)
Strike @ $2,450.00
Expires 05/17/2019
PUT — S&P 500 E-mini Futures Option		UBS Securities LLC		15			(2,128,350	)			(5,031	)			(1,500	)
Strike @ $2,350.00
Expires 05/17/2019
PUT — S&P 500 E-mini Futures		UBS Securities LLC		35			(4,966,150	)			(15,689	)			(12,688	)
Option
Strike @ $2,400.00
Expires 06/21/2019
Total Written Futures Options										$	(45,577	)		$	(44,867	)

See accompanying Notes to the Financial Statements.

138

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Written Swaptions

Type of Contract	Counterparty		Notional Value				Premiums Received				Value at March 31, 2019
CALL — CDX.NA.IG Index Option		BNP Paribas S.A.		USD	(24,500,000	)		$	(37,485	)		$	(41,852	)
Strike @ $65.00
Expires 05/15/2019
PUT — CDX.NA.HY Index		Merrill Lynch Capital Services, Inc.		USD	(6,750,000	)			(23,153	)			(6,674	)
Option
Strike @ $101.00
Expires 05/15/2019
Total Written Swaptions								$	(60,638	)		$	(48,526	)
Total Written Options								$	(136,105	)		$	(119,280	)

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	$	(278,793	)	$	(278,793	)
12-Month US CPI	1.95%	03/28/24	Merrill Lynch Capital Services, Inc.	—		2,150,000		(1,871	)		(1,871	)
12-Month US CPI	1.90%	01/15/24	HSBC Sec. New York	—		1,635,000		(4,696	)		(4,696	)
				$    —			$	(285,360	)	$	(285,360	)

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		$	(16,937	)		$	(16,937	)
3-Month USD CDOR	2.94%	09/25/48			—			CAD	40,000			(4,088	)			(4,088	)
3-Month USD CDOR	2.81%	09/12/48			—			CAD	1,860,000			(147,862	)			(147,862	)
3-Month USD CDOR	2.43%	03/20/49			1			CAD	150,000			(2,513	)			(2,514	)
3-Month USD HIBOR	2.95%	11/12/23			—			HKD	35,000,000			(197,788	)			(197,788	)
3-Month USD HIBOR	2.10%	03/22/24			—			HKD	8,500,000			(6,486	)			(6,486	)
3-Month USD LIBOR	2.88%	05/15/44			10,379			USD	1,924,000			(93,833	)			(104,212	)
3-Month USD LIBOR	2.75%	08/15/44			(10,220	)		USD	2,295,000			(56,859	)			(46,639	)
3-Month USD LIBOR	2.50%	01/31/26			(122,884	)		USD	9,095,000			(100,589	)			22,295
3-Month USD LIBOR	2.25%	12/31/25			3,064			USD	2,232,000			9,241				6,177
6-Month USD EURIBOR	0.86%	12/11/28			—			EUR	9,900,000			(454,847	)			(454,847	)
6-Month USD LIBOR	1.45%	03/08/69			—			GBP	520,000			(36,523	)			(36,523	)
6-Month USD LIBOR	1.27%	10/26/21			656			GBP	1,348,000			(10,533	)			(11,189	)
6-Month USD LIBOR	0.58%	03/22/29			—			EUR	1,200,000			(15,390	)			(15,390	)
6-Month USD PRIBOR	1.87%	03/27/24			—			CZK	6,700,820			(803	)			(803	)
6-Month USD PRIBOR	1.87%	03/28/24			—			CZK	20,102,459			(2,420	)			(2,420	)
6-Month USD PRIBOR	1.86%	03/29/24			—			CZK	76,656,060			(7,144	)			(7,144	)
6-Month USD PRIBOR	1.83%	04/01/24			—			CZK	3,832,803			(162	)			(162	)

See accompanying Notes to the Financial Statements.

139

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

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)
6-Month USD PRIBOR	1.83%	04/01/24		$	—		CZK	3,832,803		$	(142	)		$	(142	)
6-Month USD PRIBOR	1.82%	04/02/24			—		CZK	8,176,646			(131	)			(131	)
6-Month USD PRIBOR	1.80%	04/01/24			—		CZK	3,832,803			105				105
6-Month USD PRIBOR	1.79%	04/01/24			—		CZK	3,832,803			187				187
6-Month USD PRIBOR	1.78%	04/01/24			—		CZK	3,832,803			269				269
6-Month USD WIBOR	2.98%	09/17/28			—		PLN	34,190,000			(575,738	)			(575,738	)
6-Month USD WIBOR	2.97%	11/12/28			—		PLN	8,400,000			(139,519	)			(139,519	)
6-Month USD WIBOR	2.93%	11/05/28			—		PLN	1,135,000			(17,692	)			(17,692	)
6-Month USD WIBOR	2.47%	01/14/29			—		PLN	3,300,000			(16,217	)			(16,217	)
6-Month USD WIBOR	2.33%	03/25/29			—		PLN	7,660,000			(11,275	)			(11,275	)
														$	(1,786,685	)

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
	5,640,000		USD		12/20/23	JPMorgan Chase Bank N.A.		(1.00	%)	Bank of China Ltd., 3.13%, 01/23/19	$	(61,080	)	$	(56,485	)	$	(117,565	)
	820,000		USD		12/20/23	Barclays Bank Plc		(1.00	%)	Bank of China Ltd., 3.13%, 01/23/19		(9,481	)		(7,612	)		(17,093	)
	345,000		EUR		06/20/24	Barclays Bank Plc		(1.00	%)	Bayerische Motoren Werke Aktiengesellschaft, 0.13%, 01/12/21		107			(6,283	)		(6,176	)
	100,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Bayerische Motoren Werke Aktiengesellschaft, 0.13%, 01/12/21		218			(2,254	)		(2,036	)
	1,620,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Bayerische Motoren Werke Aktiengesellschaft, 0.13%, 01/12/21		6,358			(39,342	)		(32,984	)
	950,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Bayerische Motoren Werke Aktiengesellschaft, 0.13%, 01/12/21		(9,948	)		(9,395	)		(19,343	)
	200,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Bayerische Motoren Werke Aktiengesellschaft, 0.13%, 01/12/21		(2,289	)		(1,783	)		(4,072	)
	757,576		USD		11/17/59	Credit Suisse		(3.00%)		CMBX.NA.BBB-.10**		(1,467	)		41,887			40,420
	1,627,217		USD		11/17/59	Morgan Stanley & Co.		(3.00%)		CMBX.NA.BBB-.10**		(4,975	)		91,793			86,818
	115,207		USD		11/17/59	Credit Suisse		(3.00%)		CMBX.NA.BBB-.10**		(65	)		6,213			6,148
	480,000		EUR		06/20/24	Merrill Lynch Capital Services, Inc.		(1.00%)		Daimler AG, 0.63%, 03/05/20		75			(5,612	)		(5,537	)
	100,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Daimler AG, 0.63%, 03/05/20		(275	)		(1,205	)		(1,480	)

See accompanying Notes to the Financial Statements.

140

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Buy Protection — continued

Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfronts Premiums Paid/ (Received)			Value
	909,474		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Daimler AG, 0.63%, 03/05/20	$	(5,295	)	$	(8,163	)	$	(13,458	)
	710,526		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Daimler AG, 0.63%, 03/05/20		(8,007	)		(2,507	)		(10,514	)
	310,000		EUR		12/20/23	Barclays Bank Plc	(1.00%)	Daimler AG, 0.63%, 03/05/20		(2,547	)		(2,040	)		(4,587	)
	335,893		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Daimler AG, 0.63%, 03/05/20		(2,760	)		(2,210	)		(4,970	)
	202,107		EUR		12/20/23	Morgan Stanley & Co.	(1.00%)	Daimler AG, 0.63%, 03/05/20		(2,108	)		(882	)		(2,990	)
	212,000		EUR		12/20/23	Barclays Bank Plc	(1.00%)	Daimler AG, 0.63%, 03/05/20		(2,039	)		(1,098	)		(3,137	)
	415,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Daimler AG, 0.63%, 03/05/20		(4,552	)		(1,589	)		(6,141	)
	415,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Daimler AG, 0.63%, 03/05/20		(4,100	)		(2,041	)		(6,141	)
	200,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Daimler AG, 0.63%, 03/05/20		(2,849	)		(111	)		(2,960	)
	960,000		USD		12/20/20	Barclays Bank Plc	(5.00%)	Ford Motor Co., 4.35%, 03/30/2019		(2,532	)		(64,910	)		(67,442	)
	191,071		EUR		06/20/24	Merrill Lynch Capital Services, Inc.	(5.00%)	Glencore International AG, 6.50%, 02/27/19		1,370			(39,050	)		(37,680	)
	170,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(5.00%)	Glencore International AG, 0.0338, 09/30/20		(2,213	)		(29,987	)		(32,200	)
	4,060,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(5.00%)	Glencore International AG, 6.50%, 02/27/19		(64,953	)		(704,056	)		(769,009	)
	600,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(5.00%)	Glencore International AG, 6.50%, 02/27/19		(16,161	)		(97,485	)		(113,646	)
	120,000		USD		06/20/24	Barclays Bank Plc	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		904			7,970			8,874
	1,000,000		USD		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		(14,414	)		78,228			63,814
	213,889		USD		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		468			13,181			13,649
	324,074		USD		12/20/23	Barclays Bank Plc	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		(1,388	)		22,069			20,681
	162,037		USD		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		(1,050	)		11,390			10,340
	525,000		USD		12/20/23	Barclays Bank Plc	(1.00%)	Republic of South Africa, 5.50%, 03/09/20		(9,218	)		28,819			19,601
	80,000		USD		06/20/24	Merrill Lynch Capital Services, Inc.	(1.00%)	Republic of South Africa, 5.50%, 03/09/20		73			3,649			3,722
	200,000		EUR		12/20/23	Morgan Stanley & Co.	(1.00%)	Volkswagen Aktiengesellschaft, 5.50%, 03/30/21		(1,885	)		2,415			530
	215,909		EUR		12/20/23	Barclays Bank Plc	(1.00%)	Volkswagen Aktiengesellschaft, 5.50%, 03/30/21		(2,226	)		2,798			572

See accompanying Notes to the Financial Statements.

141

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Buy Protection — continued

Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfronts Premiums Paid/ (Received)			Value
	323,864		EUR		12/20/23	Barclays Bank Plc		(1.00%)		Volkswagen Aktiengesellschaft, 5.50%, 03/30/21	$	(3,043	)	$	3,901		$	858
	107,955		EUR		12/20/23	Barclays Bank Plc		(1.00%)		Volkswagen Aktiengesellschaft, 5.50%, 03/30/21		(991	)		1,277			286
	302,272		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Volkswagen Aktiengesellschaft, 5.50%, 03/30/21		(3,119	)		3,919			800
	1,620,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Volkswagen Aktiengesellschaft, 5.50%, 03/30/21		5,256			(964	)		4,292
	100,000		EUR		12/20/23	JPMorgan Chase Bank N.A.		(1.00%)		Volkswagen Aktiengesellschaft, 5.50%, 03/30/21		893			(628	)		265
	350,000		EUR		06/20/24	Barclays Bank Plc		(1.00%)		Volkswagen Aktiengesellschaft, 5.50%, 03/30/21		2,042			1,214			3,256
											$	(229,266	)	$	(766,969	)	$	(996,235	)
	Sell Protection
	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-)		(21,628	)		163,925			142,297
	114,583		EUR		12/20/23	Barclays Bank Plc		5.00	%	ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)		1,156			18,973			20,129
	114,583		EUR		12/20/23	BNP Paribas S.A.		5.00	%	ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)		1,017			19,112			20,129
	150,000		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-)		2,874			23,477			26,351
											$	(16,581	)	$	225,487		$	208,906

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
	290,000		USD		06/20/24	(5.00%)	CDX.NA.HY.30***	$	(1,656	)	$	(17,620	)	$	(19,276	)
	24,500,000		USD		06/20/24	(5.00%)	CDX.NA.IG.31****		(232,002	)		(1,396,500	)		(1,628,502	)
	45,450,000		USD		06/20/24	(1.00%)	CDX.NA.IG.31****		(83,089	)		(730,414	)		(813,503	)
	19,300,000		EUR		06/20/24	(1.00%)	iTraxx Europe Crossover S30 Index		(6,134	)		(385,863	)		(391,997	)
								$	(322,881	)	$	(2,530,397	)	$	(2,853,278	)

See accompanying Notes to the Financial Statements.

142

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

*	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.
**	The CMBX Index tracks the performance of a basket of twenty five commercial mortgage backed securities. The BBB- tranche represents underlying security tranches with an initial rating of BBB-.
***	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. Represents an investment grade index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated investment grade or higher. Rating represents a weighted average of the credit ratings of all the companies underlying the single name CDS within the index.

U.S. Treasury securities in the amount of $72,880 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

Currency Abbreviations

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi

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

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

See accompanying Notes to the Financial Statements.

143

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Currency Abbreviations — continued

USD — U.S. Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

See accompanying Notes to the Financial Statements.

144

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

March 31, 2019

Asset Class Summary (Unaudited)	% of Net Assets
Sovereign Debt Obligations		39.9
Corporate Debt		26.4
U.S. Government and Agency Obligations		12.9
Bank Loans		5.1
Asset Backed Securities		2.5
Mortgage Backed Securities — U.S. Government Agency Obligations		2.5
Mortgage Backed Securities — Private Issuers		2.4
Convertible Debt		0.2
Convertible Preferred Stock		0.1
Common Stocks		0.1
Purchased Currency Options		0.1
Purchased Futures Options		0.0
Purchased Index Options		0.0
Preferred Stock		0.0
Purchased Swaptions		0.0
Written Currency Options		0.0
Written Futures Options		0.0
Written Swaptions		0.0
Futures Contracts		0.0
OTC Interest Rate Swaps		0.0
OTC Credit Default Swaps		(0.1	)
Centrally Cleared Interest Rate Swaps		(0.2	)
Centrally Cleared Credit Default Swaps		(0.4	)
Forward Foreign Currency Contracts		(7.5	)
Short-Term Investments		3.7
Other Assets and Liabilities (net)		12.3
		100.0	%

See accompanying Notes to the Financial Statements.

145

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		COMMON STOCKS — 89.9%
		Australia — 0.5%
	258,437	Newcrest Mining, Ltd.		4,683,143
		Bermuda — 1.7%
	336,000	Beijing Enterprises Water Group, Ltd.*		207,594
	136,000	China Oriental Group Co., Ltd.		85,412
	52,000	China Resources Gas Group, Ltd.		245,097
	510,688	COSCO SHIPPING Ports, Ltd.		551,677
	748,000	CP Pokphand Co., Ltd.		67,654
	24,668	Credicorp, Ltd.		5,919,087
	460,000	Gemdale Properties & Investment Corp., Ltd.		58,599
	1,829,000	Haier Electronics Group Co., Ltd.*		5,312,289
	224,000	Hopson Development Holdings, Ltd.		218,294
	13,900	Jardine Matheson Holdings, Ltd.		866,804
	1,264,000	Joy City Property, Ltd.		175,512
	408,000	K Wah International Holdings, Ltd.		251,558
	212,000	Kunlun Energy Co., Ltd.		221,454
	132,500	Luye Pharma Group, Ltd.‡ 144A		115,790
	1,500,000	Nan Hai Corp., Ltd.		30,382
	209,000	Nine Dragons Paper Holdings, Ltd.		199,150
	51,000	Shenzhen International Holdings, Ltd.		108,238
	771,000	Sihuan Pharmaceutical Holdings Group, Ltd.		186,613
	224,000	United Energy Group, Ltd.‡		43,373
	568,000	Yue Yuen Industrial Holdings, Ltd.		1,953,643
		Total Bermuda		16,818,220
		Brazil — 5.3%
	535,048	Ambev SA, ADR		2,300,706
	416,121	B3 SA — Brasil Bolsa Balcao		3,434,439
	67,450	Banco Bradesco SA, ADR		735,879
	118,750	Banco Bradesco SA		1,154,942
	7,744	Banco BTG Pactual SA		72,033
	214,300	Banco do Brasil SA		2,682,811
	12,800	Banco Santander Brasil SA		144,620
	74,000	BB Seguridade Participacoes SA		504,273
	27,000	BRF SA*		157,142
	237,914	CCR SA		717,710
	270,900	Centrais Eletricas Brasileiras SA*		2,553,979
	12,932	Cia Brasileira de Distribuicao, ADR		301,057
	149,900	Cia de Saneamento Basico do Estado de Sao Paulo, ADR		1,585,942
	169,644	Cia Energetica de Minas Gerais, ADR‡		605,629
	76,985	Cia Siderurgica Nacional SA*		321,455
	37,600	Cielo SA		91,688
	10,394	Cosan SA		113,910
	173,300	Cyrela Brazil Realty SA Empreendimentos e Participacoes		724,514
	62,100	Duratex SA		175,049
	100,520	Embraer SA, ADR		1,910,885
	181,700	Embraer SA		861,414
	117,005	Engie Brasil Energia SA		1,284,088

See accompanying Notes to the Financial Statements.

146

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Brazil — continued
	139,700	Fleury SA		732,297
	10,900	Grendene SA		23,471
	800	Guararapes Confeccoes SA		29,601
	229,400	Hypera SA		1,526,700
	171,300	IRB Brasil Resseguros SA		4,016,529
	337,015	Itau Unibanco Holding SA, ADR		2,969,102
	106,700	JBS SA		436,484
	469,676	Kroton Educacional SA		1,279,278
	1,255	LOG Commercial Properties e Participacoes SA*		5,476
	278,000	MRV Engenharia e Participacoes SA		999,363
	122,100	Multiplan Empreendimentos Imobiliarios SA		733,849
	110,900	Notre Dame Intermedica Participacoes SA		934,687
	65,200	Petrobras Distribuidora SA		387,846
	326,700	Petroleo Brasileiro SA		2,614,977
	40,182	Porto Seguro SA		555,797
	285,687	Raia Drogasil SA		4,793,628
	22,300	Sao Martinho SA		105,091
	226,934	Sul America SA		1,737,707
	17,964	Suzano Papel e Celulose SA		214,874
	96,211	TIM Participacoes SA, ADR‡		1,450,862
	8,072	Usinas Siderurgicas de Minas Gerais SA Usiminas		24,164
	205,784	Vale SA Class B, ADR		2,687,539
	163,002	Vale SA		2,133,179
	291,600	WEG SA		1,348,716
		Total Brazil		54,175,382
		British Virgin Islands — 0.1%
	44,431	Hollysys Automation Technologies, Ltd.		930,385
		Cayman Islands — 12.0%
	8,333	58.com, Inc., ADR*		547,311
	368,000	Agile Group Holdings, Ltd.		595,367
	153,870	Alibaba Group Holding, Ltd., ADR* ‡		28,073,581
	382,000	ANTA Sports Products, Ltd.		2,598,590
	5,208,000	Anton Oilfield Services Group*		816,036
	24,000	Asia Cement China Holdings Corp.		23,633
	14,313	Baidu, Inc., ADR*		2,359,498
	13,052	Baozun, Inc., ADR*		542,180
	2,340,000	Beijing Enterprises Clean Energy Group, Ltd.* ‡		38,752
	160,000	Bosideng International Holdings, Ltd.		39,134
	84,000	CAR, Inc.* ‡		72,444
	42,000	Casetek Holdings, Ltd.		68,954
	557,880	Chailease Holding Co., Ltd.		2,280,718
	765,000	China Aoyuan Group, Ltd.		922,878
	619,000	China Evergrande Group‡		2,058,090
	35,000	China High Speed Transmission Equipment Group Co., Ltd.‡		30,319
	360,000	China Lesso Group Holdings, Ltd.		232,970
	2,196,000	China Medical System Holdings, Ltd.		2,128,875
	499,000	China Mengniu Dairy Co., Ltd.*		1,856,165

See accompanying Notes to the Financial Statements.

147

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Cayman Islands — continued
	2,028,000	China Resources Cement Holdings, Ltd.		2,092,599
	396,000	China Resources Land, Ltd.		1,775,706
	200,000	China SCE Group Holdings, Ltd.		104,204
	360,000	China State Construction International Holdings, Ltd.		337,072
	96,000	China Tianrui Group Cement Co., Ltd.* ‡		81,081
	166,500	China ZhengTong Auto Services Holdings, Ltd.		92,477
	550,400	China Zhongwang Holdings, Ltd.‡		300,093
	1,144,000	Chinasoft International, Ltd.* ‡		706,807
	69,000	Chlitina Holding, Ltd.		659,318
	206,000	CIFI Holdings Group Co., Ltd.		156,141
	50,000	CIMC Enric Holdings, Ltd.		51,274
	452,000	Country Garden Holdings Co., Ltd.‡		705,931
	18,160	Country Garden Services Holdings Co., Ltd.*		33,822
	22,446	Ctrip.com International, Ltd., ADR*		980,666
	79,000	Dongyue Group, Ltd.		54,847
	485,000	ENN Energy Holdings, Ltd.		4,689,393
	949,000	Fu Shou Yuan International Group, Ltd.		870,426
	172,000	Fufeng Group, Ltd.*		90,273
	445,000	Fullshare Holdings, Ltd.* ‡		59,523
	128,000	Future Land Development Holdings, Ltd.		158,493
	4,630,000	GCL-Poly Energy Holdings, Ltd.* ‡		324,397
	13,000	General Interface Solution Holding, Ltd.		48,507
	5,000	Ginko International Co., Ltd.		37,800
	39,000	Golden Eagle Retail Group, Ltd.‡		46,204
	187,500	Greentown China Holdings, Ltd.		187,262
	183,000	Haitian International Holdings, Ltd.		415,891
	209,500	Hengan International Group Co., Ltd.‡		1,836,139
	93,290	Huazhu Group, Ltd., ADR‡		3,931,241
	32,541	JD.com, Inc., ADR*		981,111
	105,398	Jiayuan International Group, Ltd.		55,720
	271,000	Kaisa Group Holdings, Ltd.*		122,900
	165,000	Kingboard Holdings, Ltd.		585,386
	667,500	Kingboard Laminates Holdings, Ltd.		701,517
	273,000	Kingsoft Corp., Ltd.		694,155
	253,500	KWG Group Holdings, Ltd.		305,817
	164,000	Lee & Man Paper Manufacturing, Ltd.		139,766
	641,000	Li Ning Co., Ltd.*		1,006,009
	44,500	Longfor Group Holdings, Ltd.		156,743
	46,000	Minth Group, Ltd.		144,740
	6,310	Momo, Inc., ADR*		241,294
	13,330	NetEase, Inc., ADR		3,218,528
	5,970	New Oriental Education & Technology Group, Inc., ADR*		537,837
	48,000	Nexteer Automotive Group, Ltd.		59,312
	415,000	Powerlong Real Estate Holdings, Ltd.		217,282
	65,000	Ronshine China Holdings, Ltd.*		103,173
	448,400	Sands China, Ltd.		2,253,439
	581,500	Semiconductor Manufacturing International Corp.* ‡		588,171
	273,000	Shenzhou International Group Holdings, Ltd.		3,658,571
	296,000	Shimao Property Holdings, Ltd.		925,713

See accompanying Notes to the Financial Statements.

148

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Cayman Islands — continued
	409,000	Shui On Land, Ltd.		101,078
	1,776,000	Sino Biopharmaceutical, Ltd.		1,619,903
	694,000	SOHO China, Ltd.*		291,747
	948,000	SSY Group, Ltd.		881,585
	98,000	Sunac China Holdings, Ltd.		488,130
	78,447	TAL Education Group, ADR*		2,830,368
	468,800	Tencent Holdings, Ltd.		21,558,965
	115,004	Tencent Music Entertainment Group, ADR*		2,081,572
	612,000	Tingyi Cayman Islands Holding Corp.		1,008,832
	101,000	TPK Holding Co., Ltd.		190,724
	795,000	Uni-President China Holdings, Ltd.		779,814
	27,000	Vinda International Holdings, Ltd.		52,212
	23,125	Vipshop Holdings, Ltd., ADR*		185,694
	2,039	Weibo Corp., ADR*		126,398
	2,931,000	WH Group, Ltd.		3,136,377
	99,000	Wisdom Marine Lines Co., Ltd.*		96,846
	394,000	Xiabuxiabu Catering Management China Holdings Co., Ltd.*		686,618
	347,097	Xinyi Solar Holdings, Ltd.		167,138
	50,500	Xtep International Holdings, Ltd.		36,090
	1,825,008	Yuzhou Properties Co., Ltd.		1,101,986
	4,431	YY, Inc., ADR*		372,248
	268,000	Zhen Ding Technology Holding, Ltd.		832,160
	24,500	Zhongsheng Group Holdings, Ltd.		60,798
	14,429	ZTO Express Cayman, Inc., ADR		263,762
		Total Cayman Islands		121,761,311
		Chile — 1.5%
	5,942,039	Aguas Andinas SA Class A		3,378,485
	7,739,404	Banco de Chile		1,139,514
	10,083	Banco de Credito e Inversiones SA		644,625
	35,136	Banco Santander Chile, ADR		1,045,296
	25,885	CAP SA		307,360
	247,327	Cencosud SA		428,195
	132,797	Cia Cervecerias Unidas SA, ADR		3,912,200
	37,312	Empresa Nacional de Telecomunicaciones SA		388,542
	163,274	Empresas CMPC SA		575,859
	90,533	Empresas COPEC SA		1,149,485
	84,335	Enel Americas SA, ADR		753,112
	931,109	Enel Americas SA		165,540
	42,201	Enel Chile SA, ADR		218,601
	151,852	Grupo Security SA		61,703
	6,701	Inversiones Aguas Metropolitanas SA		10,241
	33,710,081	Itau CorpBanca		297,234
	3,100	Latam Airlines Group SA, ADR‡		32,798
	47,022	Ripley Corp. SA		38,358
	105,226	Sigdo Koppers SA		193,295
	73,289	SMU SA*		19,117
	21,395	Vina Concha y Toro SA		44,521
		Total Chile		14,804,081

See accompanying Notes to the Financial Statements.

149

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		China — 9.1%
	2,304,000	Agricultural Bank of China, Ltd. Class H		1,062,488
	52,000	Air China, Ltd. Class H		63,990
	410,000	Aluminum Corp. of China, Ltd. Class H*		150,944
	260,000	Angang Steel Co., Ltd. Class H‡		190,116
	35,500	Anhui Conch Cement Co., Ltd. Class H		216,845
	2,925	Autohome, Inc. Class H, ADR* ‡		307,476
	207,000	AviChina Industry & Technology Co., Ltd. Class H		132,112
	1,220,500	BAIC Motor Corp., Ltd. Class H 144A		797,606
	10,704,000	Bank of China, Ltd. Class H		4,854,329
	144,500	Bank of Chongqing Co., Ltd. Class H		92,407
	767,000	Bank of Communications Co., Ltd. Class H		628,260
	159,000	Bank of Zhengzhou Co., Ltd. Class H* ‡ 144A		73,120
	283,000	BBMG Corp. Class H‡		103,827
	1,246,000	Beijing Capital International Airport Co., Ltd. Class H		1,182,517
	342,000	Beijing Capital Land, Ltd. Class H		130,701
	234,000	Beijing North Star Co., Ltd. Class H		79,292
	18,500	BYD Co., Ltd. Class H‡		111,472
	28,000	Central China Securities Co., Ltd. Class H		8,561
	196,000	China BlueChemical, Ltd. Class H		63,669
	1,214,000	China Cinda Asset Management Co., Ltd. Class H		337,138
	798,000	China CITIC Bank Corp., Ltd. Class H		508,283
	475,000	China Coal Energy Co., Ltd. Class H		196,657
	568,000	China Communications Construction Co., Ltd. Class H		587,540
	1,332,000	China Communications Services Corp., Ltd. Class H		1,187,778
	11,968,000	China Construction Bank Corp. Class H		10,260,529
	48,000	China Eastern Airlines Corp., Ltd. Class H		34,059
	1,640,000	China Energy Engineering Corp., Ltd. Class H‡		198,473
	244,000	China Everbright Bank Co., Ltd. Class H		115,318
	308,500	China Galaxy Securities Co., Ltd. Class H		202,786
	1,574,000	China Huarong Asset Management Co., Ltd. Class H 144A		334,853
	45,200	China International Capital Corp., Ltd. Class H‡ 144A		104,680
	50,100	China International Marine Containers Group Co., Ltd. Class H		64,077
	368,410	China International Travel Service Corp., Ltd. Class A		3,841,876
	191,000	China Life Insurance Co., Ltd. Class H		513,392
	2,053,000	China Longyuan Power Group Corp., Ltd. Class H		1,427,956
	289,000	China Machinery Engineering Corp. Class H		147,262
	106,000	China Merchants Bank Co., Ltd. Class H		515,150
	14,800	China Merchants Securities Co., Ltd. Class H 144A		20,965
	582,000	China Minsheng Banking Corp., Ltd. Class H		422,601
	3,270,000	China National Building Material Co., Ltd. Class H		2,578,526
	106,000	China Oilfield Services, Ltd. Class H		114,508
	77,800	China Pacific Insurance Group Co., Ltd. Class H		305,255
	6,612,000	China Petroleum & Chemical Corp. Class H		5,213,827
	203,500	China Railway Construction Corp., Ltd. Class H		266,496
	415,000	China Railway Group, Ltd. Class H		378,525
	47,000	China Railway Signal & Communication Corp., Ltd. Class H 144A		37,181
	1,314,000	China Reinsurance Group Corp. Class H		277,867
	581,500	China Shenhua Energy Co., Ltd. Class H		1,325,977
	72,000	China Southern Airlines Co., Ltd. Class H		64,388

See accompanying Notes to the Financial Statements.

150

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		China — continued
	124,500	China Vanke Co., Ltd. Class H		523,379
	533,000	Chongqing Rural Commercial Bank Co., Ltd. Class H		307,580
	66,000	CITIC Securities Co., Ltd. Class H		153,693
	416,000	COSCO SHIPPING Development Co., Ltd. Class H*		54,584
	436,000	COSCO SHIPPING Energy Transportation Co., Ltd. Class H		249,938
	151,000	COSCO SHIPPING Holdings Co., Ltd. Class H* ‡		62,709
	22,000	CRRC Corp., Ltd. Class H		20,739
	30,000	CSSC Offshore and Marine Engineering Group Co., Ltd. Class H* ‡		32,828
	202,000	Dalian Port PDA Co., Ltd. Class H‡		27,277
	22,600	Dongjiang Environmental Co., Ltd. Class H‡		26,141
	60,200	Everbright Securities Co., Ltd. Class H‡ 144A		59,894
	29,600	Fuyao Glass Industry Group Co., Ltd. Class H 144A		99,359
	39,200	GF Securities Co., Ltd. Class H		56,329
	459,500	Great Wall Motor Co., Ltd. Class H‡		344,774
	450,000	Guangshen Railway Co., Ltd. Class H		175,415
	86,800	Guangzhou Automobile Group Co., Ltd. Class H		102,502
	12,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		52,892
	641,600	Guangzhou R&F Properties Co., Ltd. Class H		1,387,826
	17,400	Guotai Junan Securities Co., Ltd. Class H‡ 144A		38,790
	333,600	Haitong Securities Co., Ltd. Class H		431,770
	305,000	Harbin Bank Co., Ltd. Class H 144A		73,434
	43,000	Hisense Home Appliances Group Co., Ltd. Class H		60,474
	3,366,000	Huaneng Renewables Corp., Ltd. Class H		934,768
	47,200	Huatai Securities Co., Ltd. Class H‡ 144A		94,401
	67,100	Huishang Bank Corp., Ltd. Class H		28,806
	6,523,000	Industrial & Commercial Bank of China, Ltd. Class H		4,778,024
	38,100	Inner Mongolia Yitai Coal Co., Ltd. Class H		33,004
	214,908	Jiangsu Hengrui Medicine Co., Ltd. Class A		2,092,093
	288,000	Jiangxi Copper Co., Ltd. Class H		382,290
	175,000	Kingdee International Software Group Co., Ltd.‡		202,422
	40,313	Kweichow Moutai Co., Ltd. Class A		5,122,898
	82,100	Legend Holdings Corp. Class H 144A		218,063
	7,410	Livzon Pharmaceutical Group, Inc. Class H		25,770
	3,573,000	Lonking Holdings, Ltd. Class H		1,156,112
	1,602,000	Maanshan Iron & Steel Co., Ltd. Class H		783,659
	162,000	Metallurgical Corp. of China, Ltd. Class H		47,878
	342,100	Midea Group Co., Ltd. Class A		2,480,660
	22,300	New China Life Insurance Co., Ltd. Class H		113,631
	2,417,000	People’s Insurance Co. Group of China, Ltd. (The) Class H		1,034,544
	5,324,000	PetroChina Co., Ltd. Class H		3,452,144
	2,729,000	PICC Property & Casualty Co., Ltd. Class H		3,100,998
	1,066,500	Ping An Insurance Group Co. of China, Ltd. Class H		11,942,159
	233,000	Postal Savings Bank of China Co., Ltd. Class H 144A		133,271
	354,000	Qingdao Port International Co., Ltd. Class H* 144A		248,478
	82,500	Qinhuangdao Port Co., Ltd. Class H		19,338
	16,297	Red Star Macalline Group Corp., Ltd. Class H 144A		15,757
	208,900	SAIC Motor Corp., Ltd. Class A		810,396
	40,500	Shandong Chenming Paper Holdings, Ltd. Class H		26,054
	604,000	Shandong Weigao Group Medical Polymer Co., Ltd. Class H		577,074

See accompanying Notes to the Financial Statements.

151

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		China — continued
	162,000	Shanghai Electric Group Co., Ltd. Class H‡		61,498
	9,000	Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		32,503
	144,000	Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		38,889
	129,400	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		281,880
	58,500	Shengjing Bank Co., Ltd. Class H‡ 144A		32,492
	5,967	SINA Corp. Class H*		353,485
	873,500	Sinopec Engineering Group Co., Ltd. Class H		852,363
	2,150,000	Sinopec Shanghai Petrochemical Co., Ltd. Class H		1,024,338
	36,400	Sinopharm Group Co., Ltd. Class H		151,629
	198,000	Sinotrans, Ltd. Class H		85,002
	63,000	Tong Ren Tang Technologies Co., Ltd. Class H		84,589
	20,000	Tsingtao Brewery Co., Ltd. Class H		94,268
	65,000	Weichai Power Co., Ltd. Class H		103,835
	3,380,000	West China Cement, Ltd.		447,799
	50,000	Xinhua Winshare Publishing and Media Co., Ltd. Class H		38,917
	376,400	Xinjiang Goldwind Science & Technology Co., Ltd. Class H‡		541,828
	16,500	Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H‡ 144A		44,246
	1,776,000	Yanzhou Coal Mining Co., Ltd. Class H		1,744,337
	169,400	YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H		733,712
	94,000	Zhejiang Expressway Co., Ltd. Class H		107,771
	30,300	Zhuzhou CRRC Times Electric Co., Ltd. Class H		179,099
	172,000	Zijin Mining Group Co., Ltd. Class H		71,211
	20,000	ZTE Corp. Class H* ‡		60,128
		Total China		93,196,493
		Colombia — 0.1%
	61,705	Almacenes Exito SA		281,263
	1,263	Banco de Bogota SA		26,168
	1,200	Bancolombia SA, ADR		61,272
	2,350	Bancolombia SA		29,214
	9,433	Cementos Argos SA		23,334
	4,791	Corp. Financiera Colombiana SA*		39,856
	32,325	Grupo Argos SA		183,672
	14,750	Grupo de Inversiones Suramericana SA		169,657
	2,902	Grupo Nutresa SA		23,486
		Total Colombia		837,922
		Cyprus — 0.1%
	43,241	TCS Group Holding Plc, Reg S, GDR‡‡‡		767,095
		Czech Republic — 0.1%
	14,808	CEZ AS		347,915
	18,993	Komercni Banka AS		776,072
		Total Czech Republic		1,123,987

See accompanying Notes to the Financial Statements.

152

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Egypt — 0.3%
	711,280	Commercial International Bank Egypt SAE, GDR		2,763,323
	34,948	Commercial International Bank Egypt SAE (London Exchange), GDR¤		135,773
		Total Egypt		2,899,096
		France — 0.2%
	23,815	Sanofi		2,105,560
		Greece — 0.1%
	742	Bank of Greece		11,664
	24,347	Ellaktor SA*		44,288
	90,793	Eurobank Ergasias SA*		72,382
	2,059	GEK Terna Holding Real Estate Construction SA*		11,375
	2,981	Hellenic Petroleum SA		28,619
	66,064	JUMBO SA		1,105,281
	1,016	Motor Oil Hellas Corinth Refineries SA		23,615
	8,869	Mytilineos Holdings SA		89,726
	11,435	National Bank of Greece SA*		19,979
		Total Greece		1,406,929
		Hong Kong — 4.2%
	116,000	Beijing Enterprises Holdings, Ltd.		657,584
	70,500	BYD Electronic International Co., Ltd.‡		90,887
	412,000	China Agri-Industries Holdings, Ltd.		141,183
	316,000	China Everbright, Ltd.		626,368
	654,000	China Jinmao Holdings Group, Ltd.		426,561
	310,875	China Merchants Port Holdings Co., Ltd.		662,148
	1,176,480	China Mobile, Ltd.		11,989,681
	457,000	China Overseas Grand Oceans Group, Ltd.		248,586
	680,000	China Overseas Land & Investment, Ltd.		2,581,418
	730,000	China Resources Beer Holdings Co., Ltd.		3,073,459
	22,000	China Resources Pharmaceutical Group, Ltd. 144A		31,109
	416,000	China Resources Power Holdings Co., Ltd.		625,329
	968,000	China South City Holdings, Ltd.		155,374
	635,400	China Taiping Insurance Holdings Co., Ltd.		1,894,071
	232,000	China Traditional Chinese Medicine Holdings Co., Ltd.		138,019
	720,000	China Travel International Investment Hong Kong, Ltd.		183,441
	1,014,000	China Unicom Hong Kong, Ltd.		1,285,269
	771,000	CITIC, Ltd.		1,151,105
	4,618,000	CNOOC, Ltd.		8,647,775
	1,106,000	CSPC Pharmaceutical Group, Ltd.		2,057,032
	651,000	Far East Horizon, Ltd.		689,981
	269,500	Fosun International, Ltd.		456,608
	404,000	Guangdong Investment, Ltd.		780,214
	49,000	Hua Hong Semiconductor, Ltd.‡ 144A		114,854
	402,000	Lenovo Group, Ltd.		361,546
	176,000	MMG, Ltd.*		71,522
	704,000	Poly Property Group Co., Ltd.		274,427
	165,000	Shanghai Industrial Holdings, Ltd.		388,436
	1,072,000	Shenzhen Investment, Ltd.		409,684

See accompanying Notes to the Financial Statements.

153

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Hong Kong — continued
	1,010,000	Sino-Ocean Group Holding, Ltd.		442,602
	538,000	Sinotruk Hong Kong, Ltd.‡		1,144,542
	135,500	Sun Art Retail Group, Ltd.		132,049
	2,296,000	Yuexiu Property Co., Ltd.		552,798
		Total Hong Kong		42,485,662
		Hungary — 0.6%
	42,349	MOL Hungarian Oil & Gas Plc		484,638
	92,172	OTP Bank Nyrt		4,054,475
	61,344	Richter Gedeon Nyrt		1,156,461
		Total Hungary		5,695,574
		India — 11.7%
	2,729	ACC, Ltd.		65,827
	51,815	Adani Enterprises, Ltd.		109,651
	62,785	Adani Gas, Ltd.*		116,915
	47,779	Adani Green Energy, Ltd.*		25,588
	15,817	Adani Ports & Special Economic Zone, Ltd.		86,717
	104,805	Adani Power, Ltd.*		72,543
	862,710	Aditya Birla Capital, Ltd.*		1,202,999
	115,690	Ambuja Cements, Ltd.		392,870
	839	Anveshan Heavy Engineering, Ltd.*		6,770
	89,636	Apollo Tyres, Ltd.		287,702
	4,534	Arvind Fashions, Ltd.*		67,482
	22,672	Arvind, Ltd.		29,700
	13,321	Ashok Leyland, Ltd.		17,518
	98,842	Asian Paints, Ltd.		2,125,941
	366	Atul, Ltd.		18,729
	11,307	Aurobindo Pharma, Ltd.		128,372
	53,644	Axis Bank, Ltd.*		600,286
	26,896	Bajaj Auto, Ltd.		1,124,759
	75,516	Bajaj Finance, Ltd.		3,292,618
	1,132	Bajaj Finserv, Ltd.		114,957
	8,555	Bajaj Holdings & Investment, Ltd.		420,161
	101,945	Bank of Baroda*		189,468
	56,800	Bata India, Ltd.		1,149,529
	7,878	Bharat Electronics, Ltd.		10,587
	279,435	Bharat Heavy Electricals, Ltd.		302,528
	163,218	Bharat Petroleum Corp., Ltd.		937,252
	117,759	Bharti Airtel, Ltd.		563,594
	24,223	Bharti Infratel, Ltd.		109,305
	1,542	Birla Corp., Ltd.		11,662
	43,464	Britannia Industries, Ltd.		1,934,846
	2,962	Cadila Healthcare, Ltd.		14,760
	27,266	Canara Bank*		114,732
	2,737	Ceat, Ltd.		44,223
	9,046	Chambal Fertilizers and Chemicals, Ltd.		21,729
	38,562	Cholamandalam Investment and Finance Co., Ltd.		807,172
	555,580	Cipla, Ltd.		4,230,107

See accompanying Notes to the Financial Statements.

154

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		India — continued
	21,936	City Union Bank, Ltd.		64,755
	250,000	Coal India, Ltd.		853,302
	6,287	Container Corp. Of India, Ltd.		47,737
	1,181	Coromandel International, Ltd.		8,797
	288,628	DCB Bank, Ltd.		850,364
	2,717	DCM Shriram, Ltd.		16,222
	48,369	Dewan Housing Finance Corp., Ltd.		104,349
	102,560	DLF, Ltd.		298,760
	4,833	Dr. Reddy’s Laboratories, Ltd.		194,087
	555	eClerx Services, Ltd.		9,197
	32,652	Edelweiss Financial Services, Ltd.		92,689
	16,647	EIH, Ltd.		49,983
	16,885	Engineers India, Ltd.		28,554
	97,195	Escorts, Ltd.		1,116,252
	10,155	Exide Industries, Ltd.		31,971
	297,098	Federal Bank, Ltd.		411,713
	1,156	Finolex Cables, Ltd.		7,919
	1,488	Finolex Industries, Ltd.		10,482
	21,744	Firstsource Solutions, Ltd.		14,752
	743,739	GAIL India, Ltd.		3,757,613
	11,419	Glenmark Pharmaceuticals, Ltd.		106,319
	226,986	Grasim Industries, Ltd.		2,817,870
	4,827	Great Eastern Shipping Co., Ltd. (The)		19,841
	8,935	Gujarat Fluorochemicals, Ltd.		142,779
	1,719	Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.		7,611
	26,889	Gujarat Pipavav Port, Ltd.		38,233
	32,753	Gujarat State Petronet, Ltd.		89,831
	36,616	HCL Technologies, Ltd. Class T		574,545
	21,924	HDFC Bank, Ltd., ADR		2,541,211
	56,677	HDFC Bank, Ltd.		1,894,824
	330,630	HDFC Life Insurance Co., Ltd.		1,803,133
	6,556	Hero MotoCorp, Ltd.		241,524
	860,438	Hindalco Industries, Ltd.		2,544,984
	33,143	Hindustan Petroleum Corp., Ltd.		135,730
	97,987	Hindustan Unilever, Ltd.		2,413,783
	241,375	Housing Development Finance Corp., Ltd.		6,843,169
	35,388	ICICI Bank, Ltd., ADR		405,546
	221,189	ICICI Bank, Ltd.		1,274,291
	422,223	IDFC Bank, Ltd.*		338,266
	264,117	IDFC, Ltd.		176,904
	461,973	Indiabulls Housing Finance, Ltd., ADR		5,739,735
	58,726	Indiabulls Real Estate, Ltd.*		77,991
	325,697	Indian Oil Corp., Ltd.		765,641
	175,224	Indraprastha Gas, Ltd.		772,984
	119,487	IndusInd Bank, Ltd.		3,071,907
	332,086	Infosys, Ltd., ADR‡		3,629,700
	735,547	Infosys, Ltd.		7,879,989
	5,075	Ipca Laboratories, Ltd.		71,647
	73,641	Jindal Steel & Power, Ltd.*		191,185

See accompanying Notes to the Financial Statements.

155

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		India — continued
	21,551	JM Financial, Ltd.		29,429
	134,159	JSW Energy, Ltd.*		140,792
	24,265	JSW Steel, Ltd.		102,594
	59,365	Jubilant Foodworks, Ltd.		1,241,202
	64,714	Jubilant Life Sciences, Ltd.		620,283
	124,460	Just Dial, Ltd.*		1,080,660
	79,783	Kajaria Ceramics, Ltd.		681,337
	1,991	Kalpataru Power Transmission, Ltd.		13,616
	100,410	Karur Vysya Bank, Ltd. (The)		103,345
	19,360	KPIT Engineering, Ltd.* **** ¤		24,509
	19,360	KPIT Technologies, Ltd.*		27,667
	25,418	L&T Finance Holdings, Ltd.		55,899
	49,676	Larsen & Toubro, Ltd.		990,903
	71,752	LIC Housing Finance, Ltd.		549,986
	14,877	Lupin, Ltd.		158,692
	17,661	Mahindra & Mahindra Financial Services, Ltd.		107,177
	31,314	Mahindra & Mahindra, Ltd.		305,117
	12,324	Mahindra CIE Automotive, Ltd.*		41,540
	74,227	Manappuram Finance, Ltd.		133,668
	17,612	Maruti Suzuki India, Ltd.		1,696,243
	889,072	Motherson Sumi Systems, Ltd.		1,922,526
	2,375	Motilal Oswal Financial Services, Ltd.		20,539
	71,742	Mphasis, Ltd.		1,035,094
	2,011	MRF, Ltd.		1,680,792
	8,766	Muthoot Finance, Ltd.*		77,695
	1,711	Natco Pharma, Ltd.		14,077
	124,982	National Aluminium Co., Ltd.		100,040
	79,506	NCC, Ltd.		129,574
	61,886	NIIT Technologies, Ltd.		1,183,673
	10,817	Oberoi Realty, Ltd.		81,508
	550	ODISHA CEMENT, Ltd.		7,856
	160,101	Oil & Natural Gas Corp., Ltd.		369,775
	13,380	PC Jeweller, Ltd.		15,896
	4,508	Persistent Systems, Ltd.		40,997
	683,819	Petronet LNG, Ltd.		2,472,705
	1,284	Pfizer, Ltd.		60,702
	5,384	Piramal Enterprises, Ltd.		214,043
	1,849	PNB Housing Finance, Ltd. 144A		23,125
	149,632	Power Finance Corp., Ltd.		264,164
	20,022	Prestige Estates Projects, Ltd.		72,834
	177,823	Radico Khaitan, Ltd.		1,016,241
	8,780	Rain Industries, Ltd.		12,947
	5,787	Rajesh Exports, Ltd.		55,422
	1,045	Ramco Cements, Ltd. (The)		11,103
	101,677	RBL Bank, Ltd. 144A		995,121
	157,497	REC, Ltd.		346,709
	34,104	Reliance Capital, Ltd.		100,330
	224,986	Reliance Industries, Ltd.		4,426,809
	2,210	Reliance Industries, Ltd. (London Exchange), GDR		88,621

See accompanying Notes to the Financial Statements.

156

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		India — continued
	191,600	Reliance Power, Ltd.*		31,253
	2,509	Sadbhav Engineering, Ltd.		9,000
	2,984	Shriram City Union Finance, Ltd.		79,904
	10,340	Shriram Transport Finance Co., Ltd.		190,299
	3,149	Sobha, Ltd.		23,415
	1,607	SRF, Ltd.		55,836
	61,065	State Bank of India*		282,561
	2,196	State Bank of India, Reg S, GDR* ‡‡‡		101,565
	33,085	Steel Authority of India, Ltd.*		25,694
	194,949	Sterlite Technologies, Ltd.		614,606
	6,618	Strides Pharma Science, Ltd.		45,053
	37,691	Sun Pharmaceutical Industries, Ltd.		259,960
	1,498	Sundaram Finance, Ltd.		33,517
	4,518	Tata Chemicals, Ltd.		38,674
	326,403	Tata Consultancy Services, Ltd.		9,423,399
	78,855	Tata Global Beverages, Ltd.		232,439
	98,846	Tata Motors, Ltd.*		248,132
	31,521	Tata Steel, Ltd.		236,902
	39,975	Tech Mahindra, Ltd.		448,020
	13,380	Thomas Cook India, Ltd.		49,638
	48,175	TV18 Broadcast, Ltd.*		24,618
	1,134	UltraTech Cement, Ltd.		65,457
	56,007	Union Bank of India*		76,886
	217,171	UPL, Ltd.		3,003,245
	1,183	Vardhman Textiles, Ltd.		18,614
	790,943	Vedanta, Ltd.		2,109,942
	1,344,021	Vodafone Idea, Ltd.*		348,252
	26,227	Welspun India, Ltd.		22,526
	63,184	Wipro, Ltd., ADR‡		251,472
	59,461	Wipro, Ltd.		218,703
	3,632	Wockhardt, Ltd.*		23,215
	94,528	Yes Bank, Ltd.		374,564
		Total India		119,243,208
		Indonesia — 2.6%
	12,160,100	Adaro Energy Tbk PT		1,148,549
	70,800	AKR Corporindo Tbk PT		23,467
	1,091,400	Aneka Tambang Tbk PT		67,829
	128,100	Astra Agro Lestari Tbk PT		100,978
	478,600	Astra International Tbk PT		246,190
	438,500	Bank Central Asia Tbk PT		854,521
	104,300	Bank Danamon Indonesia Tbk PT		68,117
	2,914,900	Bank Mandiri Persero Tbk PT		1,525,000
	799,500	Bank Maybank Indonesia Tbk PT		15,047
	3,431,100	Bank Negara Indonesia Persero Tbk PT		2,264,911
	624,500	Bank Pan Indonesia Tbk PT*		63,152
	876,500	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		123,719
	956,700	Bank Pembangunan Daerah Jawa Timur Tbk PT*		43,669
	23,957,100	Bank Rakyat Indonesia Persero Tbk PT		6,931,408

See accompanying Notes to the Financial Statements.

157

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Indonesia — continued
	717,600	Bank Tabungan Negara Persero Tbk PT		122,959
	285,600	Barito Pacific Tbk PT		72,002
	850,000	BFI Finance Indonesia Tbk PT		39,396
	336,400	Bukit Asam Tbk PT		99,219
	1,075,000	Bumi Serpong Damai Tbk PT*		106,066
	3,729,200	Ciputra Development Tbk PT		261,882
	394,700	Indah Kiat Pulp & Paper Corp. Tbk PT		238,372
	68,500	Indo Tambangraya Megah Tbk PT		115,089
	3,700	Indocement Tunggal Prakarsa Tbk PT		5,690
	276,500	Indofood Sukses Makmur Tbk PT		123,784
	764,900	Japfa Comfeed Indonesia Tbk PT		94,270
	1,055,000	Jaya Real Property Tbk PT		44,082
	2,110,500	Medco Energi Internasional Tbk PT*		131,906
	1,350,100	Media Nusantara Citra Tbk PT		71,108
	131,500	Pabrik Kertas Tjiwi Kimia Tbk PT		101,811
	5,398,000	Perusahaan Gas Negara Persero Tbk PT		890,822
	878,500	PP Persero Tbk PT		128,320
	1,935,500	PP Properti Tbk PT		19,980
	282,600	Semen Gresik Persero Tbk PT		276,845
	108,800	Siloam International Hospitals Tbk PT*		29,034
	892,500	Summarecon Agung Tbk PT		58,915
	14,102,300	Telekomunikasi Indonesia Persero Tbk PT		3,911,804
	730,800	Unilever Indonesia Tbk PT		2,526,238
	1,035,310	United Tractors Tbk PT		1,966,653
	113,000	Vale Indonesia Tbk PT*		26,901
	2,870,800	Waskita Beton Precast Tbk PT		81,044
	407,500	Waskita Karya Persero Tbk PT		56,804
	6,079,100	Wijaya Karya Persero Tbk PT		922,111
	577,200	XL Axiata Tbk PT*		109,441
		Total Indonesia		26,109,105
		Isle of Man — 0.0%
	25,196	NEPI Rockcastle Plc		212,173
		Japan — 0.2%
	60,500	Honda Motor Co., Ltd.		1,637,056
	59,000	Isuzu Motors, Ltd.		775,046
		Total Japan		2,412,102
		Luxembourg — 0.0%
	16,364	Kernel Holding SA		210,000
		Malaysia — 1.3%
	54,700	Aeon Co. M Bhd		19,696
	3,152,615	AirAsia Group Bhd		2,054,123
	337,500	Alliance Bank Malaysia Bhd		338,120
	306,700	AMMB Holdings Bhd		342,572
	52,400	Axiata Group Bhd		53,266
	1,600	Batu Kawan Bhd		6,655

See accompanying Notes to the Financial Statements.

158

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Malaysia — continued
	14,900	BIMB Holdings Bhd		15,730
	81,500	Boustead Holdings Bhd		25,353
	71,300	Bumi Armada Bhd*		3,318
	47,500	Cahya Mata Sarawak Bhd		38,861
	291,320	CIMB Group Holdings Bhd		367,495
	164,700	Dialog Group Bhd		127,887
	199,100	DRB-Hicom Bhd		92,661
	312,500	Eco World Development Group Bhd*		71,188
	337,000	FGV Holdings Bhd*		97,406
	264,100	Gamuda Bhd		186,309
	428,900	Genting Bhd		697,586
	1,494,300	Genting Malaysia Bhd		1,171,282
	12,100	Genting Plantations Bhd		31,417
	7,800	Hengyuan Refining Co. Bhd		11,139
	170,300	Hong Leong Bank Bhd		846,807
	10,800	Hong Leong Financial Group Bhd		50,740
	50,000	IHH Healthcare Bhd		70,667
	540,500	IJM Corp. Bhd		293,916
	328,300	IOI Properties Group Bhd		106,150
	34,500	Lotte Chemical Titan Holding Bhd 144A		34,648
	43,900	Magnum Bhd		25,593
	321,300	Mah Sing Group Bhd		73,193
	338,056	Malayan Banking Bhd		767,613
	829,900	Malaysia Airports Holdings Bhd		1,471,764
	316,174	Malaysia Building Society Bhd		73,961
	212,900	Malaysian Resources Corp. Bhd		46,152
	100,400	MISC Bhd		164,526
	123,600	MMC Corp. Bhd		29,973
	60,300	Oriental Holdings Bhd		95,121
	503,700	Petronas Chemicals Group Bhd		1,130,163
	68,900	Petronas Gas Bhd		297,371
	11,700	Pos Malaysia BHD		5,245
	105,800	Public Bank Bhd		600,203
	154,600	RHB Bank Bhd		215,853
	1,152,800	Sapura Energy Bhd*		94,596
	7,800	Scientex BHD		16,336
	318,400	Sime Darby Bhd		173,921
	181,600	Sime Darby Property Bhd		49,376
	58,900	SP Setia Bhd Group		32,750
	298,900	Sunway Bhd		123,001
	65,600	Supermax Corp. Bhd		23,621
	411,000	UEM Sunrise Bhd		82,552
	17,500	UMW Holdings Bhd		24,562
	164,000	UOA Development Bhd		86,369
	145,300	VS Industry Bhd		38,082
	57,200	Yinson Holdings Bhd		64,451
	737,900	YTL Corp. Bhd		191,592
		Total Malaysia		13,152,932

See accompanying Notes to the Financial Statements.

159

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Mexico — 3.4%
	42,023	ALEATICA SAB de CV		45,711
	1,346,655	Alfa SAB de CV Class A		1,428,749
	19,000	Alpek SAB de CV		25,438
	95,100	Arca Continental SAB de CV		529,491
	418,088	Banco del Bajio SA‡ 144A		830,895
	10,037	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR		67,950
	62,866	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B‡		85,917
	8,331	Becle SAB de CV		12,794
	130,050	Cemex SAB de CV, ADR*		603,432
	15,200	Coca-Cola Femsa SAB de CV Series L		100,505
	15,700	El Puerto de Liverpool SAB de CV		99,166
	95,500	Elementia SAB de CV* 144A		54,993
	1,670,056	Fibra Uno Administracion SA de CV REIT		2,303,080
	69,615	Fomento Economico Mexicano SAB de CV, ADR		6,424,072
	12,016	Fomento Economico Mexicano SAB de CV		110,834
	310,500	Gentera SAB de CV		241,549
	30,570	Gruma SAB de CV Class B		313,273
	87,700	Grupo Aeromexico SAB de CV* ‡		91,328
	197,100	Grupo Aeroportuario del Centro Norte SAB de CV		1,111,930
	306,100	Grupo Aeroportuario del Pacifico SAB de CV Class B		2,715,489
	591	Grupo Aeroportuario del Sureste SAB de CV, ADR		95,600
	31,002	Grupo Bimbo SAB de CV Series A		64,713
	12,600	Grupo Carso SAB de CV Series A-1‡		49,361
	33,217	Grupo Cementos de Chihuahua SAB de CV		183,145
	107,100	Grupo Comercial Chedraui SA de CV		208,706
	9,583	Grupo Elektra SAB DE CV‡		518,888
	1,010,626	Grupo Financiero Banorte SAB de CV Series O		5,494,033
	213,400	Grupo Financiero Inbursa SAB de CV Series O		295,498
	34,200	Grupo Lala SAB de CV‡		44,378
	363,660	Grupo Mexico SAB de CV Series B		996,257
	76,700	Grupo Sanborns SAB de CV		73,942
	19,886	Grupo Televisa SAB, ADR		219,939
	57,100	Industrias Bachoco SAB de CV Series B		219,510
	9,108	Industrias CH SAB de CV Series B* ‡		40,447
	15,414	Industrias Penoles SAB de CV		192,485
	448,179	Mexichem SAB de CV		1,072,071
	220,500	Minera Frisco SAB de CV Class A* ‡		50,244
	247,700	Nemak SAB de CV‡ 144A		143,404
	14,495	Organizacion Soriana SAB de CV Class B* ‡		16,813
	12,412	Promotora y Operadora de Infraestructura SAB de CV		123,151
	1,809	Promotora y Operadora de Infraestructura SAB de CV Series L		11,378
	22,100	Vitro SAB de CV Series A		56,955
	2,600,500	Wal-Mart de Mexico SAB de CV		6,956,564
		Total Mexico		34,324,078

See accompanying Notes to the Financial Statements.

160

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Netherlands — 0.8%
	46,515	Heineken Holding NV		4,664,082
	90,474	Yandex NV Class A*		3,106,877
		Total Netherlands		7,770,959
		Nigeria — 0.1%
	14,791,916	Guaranty Trust Bank Plc		1,477,143
		Papua New Guinea — 0.2%
	404,463	Oil Search, Ltd.		2,255,385
		Philippines — 0.5%
	688,400	Alliance Global Group, Inc.		211,856
	6,935	Ayala Corp.		124,146
	191,300	Ayala Land, Inc.		163,576
	23,039	Bank of the Philippine Islands		36,943
	176,100	BDO Unibank, Inc.		448,718
	135,700	China Banking Corp.		69,388
	156,900	DMCI Holdings, Inc.		35,856
	204,200	Emperador, Inc.		28,699
	6,070	GT Capital Holdings, Inc.		107,679
	20,340	International Container Terminal Services, Inc.		50,627
	240,310	JG Summit Holdings, Inc.		290,605
	1,801,000	Megaworld Corp.		198,930
	252,100	Metro Pacific Investments Corp.		23,285
	154,854	Metropolitan Bank & Trust Co.		235,628
	548,200	Petron Corp.		67,755
	46,140	Philippine National Bank*		50,085
	31,520	Pilipinas Shell Petroleum Corp.		29,653
	5,745	PLDT, Inc.		125,819
	24,000	Puregold Price Club, Inc.		21,984
	29,100	Rizal Commercial Banking Corp.		14,797
	246,500	Robinsons Land Corp.		115,012
	38,420	Robinsons Retail Holdings, Inc.		57,802
	30,470	San Miguel Corp.		100,967
	12,670	San Miguel Food and Beverage, Inc.		26,059
	40,030	Security Bank Corp.		131,883
	49,700	Semirara Mining & Power Corp.		20,775
	159,300	SM Prime Holdings, Inc.		121,045
	4,270	Top Frontier Investment Holdings, Inc.*		21,224
	28,020	Union Bank of the Philippines		32,470
	755,930	Universal Robina Corp.		2,188,181
	912,600	Vista Land & Lifescapes, Inc.		125,654
		Total Philippines		5,277,101
		Poland — 0.8%
	22,554	Alior Bank SA*		351,501
	22,601	Asseco Poland SA		305,957
	1,414	Bank Handlowy w Warszawie SA		24,895
	29,838	Bank Millennium SA*		69,578

See accompanying Notes to the Financial Statements.

161

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Poland — continued
	2,112	Bank Polska Kasa Opieki SA		60,597
	21,510	Cyfrowy Polsat SA*		144,079
	37,983	Dino Polska SA*		1,198,780
	67,330	Enea SA*		153,667
	9,123	Grupa Azoty SA		98,039
	28,496	Grupa Lotos SA		619,890
	61,470	Jastrzebska Spolka Weglowa SA*		978,043
	49,706	KGHM Polska Miedz SA*		1,387,259
	769	mBank SA		85,287
	373,088	PGE Polska Grupa Energetyczna SA*		967,303
	33,462	Polski Koncern Naftowy ORLEN SA		852,206
	522,040	Polskie Gornictwo Naftowe i Gazownictwo SA		851,718
	13,359	Powszechna Kasa Oszczednosci Bank Polski SA		134,432
	17,314	Powszechny Zaklad Ubezpieczen SA		182,902
	231,480	Tauron Polska Energia SA*		122,205
		Total Poland		8,588,338
		Qatar — 0.1%
	5,502	Industries Qatar QSC		187,241
	1,312	Qatar Islamic Bank SAQ		54,649
	20,302	Qatar National Bank QPSC		1,006,527
		Total Qatar		1,248,417
		Russia — 1.5%
	551,440	Gazprom PJSC, ADR		2,489,200
	271,337	Gazprom PJSC (OTC Exchange), ADR‡		1,226,443
	45,651	LUKOIL PJSC (Euroclear Shares), ADR		4,090,330
	6,698	Magnitogorsk Iron & Steel Works PJSC, Reg S, GDR‡‡‡		60,014
	16,808	MMC Norilsk Nickel PJSC, ADR		354,985
	274,884	Mobile Telesystems PJSC, ADR		2,078,123
	4,578	Novatek PJSC, Reg S, GDR‡‡‡		784,669
	18,957	Novolipetsk Steel PJSC, GDR		486,626
	83,399	Rosneft Oil Co. PJSC, Reg S, GDR‡‡‡		523,746
	23,672	Sberbank of Russia PJSC, ADR		313,891
	122,406	Severstal PJSC, Reg S, GDR‡‡‡		1,909,534
	88,066	Surgutneftegas PJSC, ADR		326,725
	303,080	VTB Bank PJSC, Reg S, GDR‡‡‡		346,117
		Total Russia		14,990,403
		Singapore — 0.2%
	398,500	Singapore Telecommunications, Ltd.		888,498
	69,980	United Overseas Bank, Ltd.		1,301,437
		Total Singapore		2,189,935
		South Africa — 5.8%
	59,657	Absa Group, Ltd.‡		629,199
	38,082	AECI, Ltd.		252,872
	100,936	African Rainbow Minerals, Ltd.		1,187,750

See accompanying Notes to the Financial Statements.

162

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		South Africa — continued
	1,461	Anglo American Platinum, Ltd.		74,578
	29,204	AngloGold Ashanti, Ltd., ADR‡		382,572
	27,376	AngloGold Ashanti, Ltd.‡		363,697
	43,907	Aspen Pharmacare Holdings, Ltd.		283,087
	257,596	AVI, Ltd.		1,612,783
	66,687	Barloworld, Ltd.		587,276
	106,375	Bid Corp., Ltd.		2,198,128
	143,407	Bidvest Group, Ltd. (The)		1,924,192
	39,231	Capitec Bank Holdings, Ltd.		3,672,460
	161,042	Clicks Group, Ltd.		2,057,072
	9,617	Discovery, Ltd.		91,227
	3,329	Distell Group Holdings, Ltd.‡		29,739
	177,789	Exxaro Resources, Ltd.		2,026,150
	636,201	FirstRand, Ltd.‡		2,777,513
	52,276	Foschini Group, Ltd. (The)		590,863
	442,132	Gold Fields, Ltd., ADR		1,649,152
	43,509	Gold Fields, Ltd.		160,746
	250,718	Growthpoint Properties, Ltd. REIT		424,549
	20,455	Imperial Logistics, Ltd.‡		84,919
	54,823	Investec, Ltd.		320,622
	46,715	Italtile, Ltd.		43,731
	216,604	KAP Industrial Holdings, Ltd.		105,589
	1,689	Kumba Iron Ore, Ltd.‡		50,396
	38,874	Liberty Holdings, Ltd.		272,337
	72,170	Life Healthcare Group Holdings, Ltd.		134,319
	470,749	MMI Holdings, Ltd.‡		541,543
	25,690	Mondi, Ltd.		567,874
	11,078	Motus Holdings, Ltd.‡		62,852
	142,347	Mr Price Group, Ltd.		1,870,684
	65,904	MTN Group, Ltd.‡		404,987
	36,662	Naspers, Ltd. Class N		8,471,035
	19,631	Nedbank Group, Ltd.‡		342,002
	44,298	Netcare, Ltd.		71,725
	7,817	Northam Platinum, Ltd.*		34,420
	186,389	Old Mutual, Ltd.‡		282,661
	139,430	Pick n Pay Stores, Ltd.		642,077
	12,375	Pioneer Foods Group, Ltd.		68,752
	470,452	PPC, Ltd.*		153,324
	8,037	PSG Group, Ltd.		145,735
	467,772	Redefine Properties, Ltd. REIT		314,632
	345,642	Remgro, Ltd.		4,440,228
	50,029	Reunert, Ltd.		246,307
	74,875	RMB Holdings, Ltd.‡		394,487
	38,975	Sanlam, Ltd.‡		199,344
	269,496	Sappi, Ltd.		1,245,517
	7,568	Sasol, Ltd., ADR‡		234,154
	40,499	Sasol, Ltd.		1,263,729
	202,383	Shoprite Holdings, Ltd.		2,225,880
	568,362	Sibanye Gold, Ltd.*		619,942

See accompanying Notes to the Financial Statements.

163

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		South Africa — continued
	17,032	Spar Group, Ltd. (The)		226,617
	166,962	Standard Bank Group, Ltd.		2,144,500
	93,635	Super Group, Ltd.*		216,082
	81,164	Telkom SA SOC, Ltd.		410,400
	326,550	Tiger Brands, Ltd.		6,000,572
	34,879	Tongaat Hulett, Ltd.		52,145
	268,188	Truworths International, Ltd.		1,290,427
	41,502	Tsogo Sun Holdings, Ltd.		55,571
	9,158	Vodacom Group, Ltd.		70,762
	52,776	Woolworths Holdings, Ltd.		170,098
		Total South Africa		59,468,583
		South Korea — 9.4%
	17,799	AfreecaTV Co., Ltd.		857,726
	302	Asia Cement Co., Ltd.		31,395
	18,126	Asiana Airlines, Inc.*		56,050
	4,361	BGF Co., Ltd.		31,427
	592	Binggrae Co., Ltd.		34,995
	76,962	BNK Financial Group, Inc.		452,917
	16,145	Cheil Worldwide, Inc.		344,207
	434	CJ CheilJedang Corp.		123,497
	826	CJ Corp.		90,597
	4,081	CJ Hello Co., Ltd.		33,292
	448	CJ Logistics Corp.*		65,319
	2,932	Daekyo Co., Ltd.		15,989
	11,234	Daelim Industrial Co., Ltd.		954,064
	3,287	Daesang Corp.		82,095
	3,025	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		74,486
	3,137	Daou Technology, Inc.		58,451
	2,211	DB HiTek Co., Ltd.		24,348
	2,778	DB Insurance Co., Ltd.		168,134
	48,210	DGB Financial Group, Inc.		346,996
	18,298	Dongkuk Steel Mill Co., Ltd.*		118,806
	50	Dongwon F&B Co., Ltd.		11,255
	287	Dongwon Industries Co., Ltd.		58,912
	3,027	Doosan Bobcat, Inc.		82,402
	852	Doosan Corp.		69,505
	16,679	Doosan Heavy Industries & Construction Co., Ltd.* ‡		98,302
	13,049	Doosan Infracore Co., Ltd.*		81,046
	3,169	E-MART, Inc.		480,194
	7,243	Eugene Corp.		42,433
	20,251	Fila Korea, Ltd.		1,391,576
	4,455	GS Engineering & Construction Corp.		167,195
	8,233	GS Holdings Corp.		382,964
	363	GS Home Shopping, Inc.		57,211
	1,535	GS Retail Co., Ltd.		52,943
	859	Halla Holdings Corp.		30,800
	98,800	Hana Financial Group, Inc.		3,168,285
	2,051	Handsome Co., Ltd.		80,497

See accompanying Notes to the Financial Statements.

164

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		South Korea — continued
	538	Hanil Cement Co., Ltd.		68,488
	442	Hanil Holdings Co., Ltd.		21,300
	3,259	Hanjin Kal Corp.		73,788
	1,291	Hanjin Transportation Co., Ltd.		41,229
	8,806	Hankook Tire Co., Ltd.		290,534
	776	Hansol Paper Co., Ltd.		10,084
	10,091	Hanwha Aerospace Co., Ltd.*		305,815
	23,695	Hanwha Chemical Corp.		436,284
	9,719	Hanwha Corp.		260,292
	16,935	Hanwha General Insurance Co., Ltd.		77,133
	107,871	Hanwha Life Insurance Co., Ltd.		380,129
	5,185	Harim Holdings Co., Ltd.		52,987
	6,201	HDC Holdings Co., Ltd.		103,523
	3,159	HDC Hyundai Development Co-Engineering & Construction Series E		141,099
	2,951	Hite Jinro Co., Ltd.		48,096
	156	Hyosung Advanced Materials Corp.*		17,248
	111	Hyosung Chemical Corp.		13,739
	774	Hyosung Corp.		51,482
	150	Hyosung TNC Co., Ltd.		22,861
	1,417	Hyundai Construction Equipment Co., Ltd.		59,484
	5,900	Hyundai Department Store Co., Ltd.		524,976
	52,745	Hyundai Engineering & Construction Co., Ltd.		2,481,352
	618	Hyundai Glovis Co., Ltd.		69,961
	7,291	Hyundai Greenfood Co., Ltd.		91,852
	1,163	Hyundai Heavy Industries Co., Ltd.*		121,925
	955	Hyundai Heavy Industries Holdings Co., Ltd.		280,165
	1,027	Hyundai Home Shopping Network Corp.		98,620
	537	Hyundai Livart Furniture Co., Ltd.		9,722
	34,159	Hyundai Marine & Fire Insurance Co., Ltd.		1,140,539
	5,196	Hyundai Mipo Dockyard Co., Ltd.		269,161
	6,147	Hyundai Mobis Co., Ltd.		1,129,107
	12,299	Hyundai Motor Co.		1,294,803
	8,145	Hyundai Steel Co.		322,184
	3,661	Hyundai Wia Corp.		130,623
	23,114	Industrial Bank of Korea		286,100
	2,322	IS Dongseo Co., Ltd.		64,233
	47,860	JB Financial Group Co., Ltd.		234,852
	35,071	KB Financial Group, Inc.		1,293,033
	1,323	KCC Corp.		371,223
	26,900	Kia Motors Corp.		837,737
	2,041	KISWIRE, Ltd.		44,592
	10,952	KIWOOM Securities Co., Ltd.		782,492
	8,443	Koh Young Technology, Inc.		635,959
	889	Kolon Corp.		26,315
	3,072	Kolon Industries, Inc.		136,942
	5,615	Korea Asset In Trust Co., Ltd.		20,677
	64,013	Korea Electric Power Corp.*		1,686,185
	787	Korea Electric Terminal Co., Ltd.		42,571
	15,801	Korea Investment Holdings Co., Ltd.		864,454

See accompanying Notes to the Financial Statements.

165

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		South Korea — continued
	2,429	Korea Line Corp.*		45,259
	6,849	Korea Petrochemical Ind Co., Ltd.		947,311
	3,595	Korea Zinc Co., Ltd.		1,472,712
	4,635	Korean Air Lines Co., Ltd.		130,054
	30,323	Korean Reinsurance Co.		244,433
	61,770	KT Corp., ADR		768,419
	2,427	KT Skylife Co., Ltd.		25,230
	1,039	KT&G Corp.		94,737
	15,544	Kumho Petrochemical Co., Ltd.		1,303,664
	670	Kumho Tire Co., Inc.*		2,579
	6,138	LF Corp.		135,186
	7,583	LG Chem, Ltd.		2,445,052
	77,778	LG Corp.		5,310,365
	24,582	LG Display Co., Ltd.* ‡		422,297
	3,066	LG Electronics, Inc.		202,851
	2,064	LG Hausys, Ltd.		110,373
	3,545	LG Household & Health Care, Ltd.		4,425,394
	691	LG Innotek Co., Ltd.		71,529
	8,961	LG International Corp.		126,706
	5,498	LG Uplus Corp.		74,834
	1,034	LIG Nex1 Co., Ltd.		35,845
	817	Lotte Chemical Corp.		209,090
	8	Lotte Chilsung Beverage Co., Ltd.		12,482
	1,164	Lotte Fine Chemical Co., Ltd.		45,223
	40	Lotte Food Co., Ltd.		22,377
	1,597	Lotte Himart Co., Ltd.		72,035
	3,884	Lotte Shopping Co., Ltd.		609,067
	1,775	LS Corp.		81,784
	1,410	Mando Corp.		35,526
	1,004	Medy-Tox, Inc.		516,373
	2,483	Meritz Financial Group, Inc.		31,062
	2,886	Meritz Fire & Marine Insurance Co., Ltd.		61,783
	30,315	Meritz Securities Co., Ltd.		130,463
	65,536	Mirae Asset Daewoo Co., Ltd.		423,204
	13,550	Mirae Asset Life Insurance Co., Ltd.		61,358
	29,184	Modetour Network, Inc.		593,913
	2,471	Namhae Chemical Corp.		24,272
	5,629	Nexen Tire Corp.		49,194
	11,431	NH Investment & Securities Co., Ltd.		135,448
	363	NHN Entertainment Corp.*		28,302
	2,817	Nong Shim Co., Ltd.		766,851
	2,020	OCI Co., Ltd.		165,323
	5,055	Orion Corp.		445,335
	4,005	Orion Holdings Corp.		65,450
	12,140	Pan Ocean Co., Ltd.*		43,957
	3,347	Poongsan Corp.		85,216
	21,870	POSCO		4,874,557
	3,308	Posco International Corp.		51,728
	1,326	S&T Motiv Co., Ltd.		45,092

See accompanying Notes to the Financial Statements.

166

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		South Korea — continued
	1,400	Samsung C&T Corp.		131,971
	6,619	Samsung Card Co., Ltd.		200,593
	675,095	Samsung Electronics Co., Ltd.		26,555,362
	914	Samsung Fire & Marine Insurance Co., Ltd.		242,370
	11,648	Samsung Heavy Industries Co., Ltd.*		84,761
	8,690	Samsung Life Insurance Co., Ltd.		643,845
	173	Samsung SDI Co., Ltd.		32,692
	1,777	Samsung SDS Co., Ltd.		367,893
	13,625	Samsung Securities Co., Ltd.		399,711
	1,020	Samyang Corp.		54,455
	1,103	Samyang Holdings Corp.		80,167
	4,072	Seah Besteel Corp.		68,698
	1,034	Sebang Global Battery Co., Ltd.		42,085
	24,141	SFA Engineering Corp.		920,893
	85,437	Shinhan Financial Group Co., Ltd.		3,161,267
	4,166	Shinsegae International, Inc.		1,099,213
	511	Shinsegae, Inc.		151,936
	27,551	Silicon Works Co., Ltd.		1,025,487
	1,679	Sindoh Co., Ltd.		69,077
	1,594	SK Discovery Co., Ltd.		37,213
	1,185	SK Gas, Ltd.		95,418
	921	SK Holdings Co., Ltd.		219,479
	10,614	SK Hynix, Inc.		693,823
	1,750	SK Innovation Co., Ltd.		276,738
	45,410	SK Networks Co., Ltd.		242,032
	590	SK Telecom Co., Ltd.		130,724
	1,417	SKC Co., Ltd.		45,128
	3,982	SL Corp.		77,177
	11,279	Soulbrain Co., Ltd.		525,645
	7,760	Ssangyong Motor Co.*		34,866
	127	Taekwang Industrial Co., Ltd.		181,029
	6,785	Taeyoung Engineering & Construction Co., Ltd.		74,120
	14,048	Tongyang Life Insurance Co., Ltd.		56,868
	5,297	Wonik Holdings Co., Ltd.*		22,586
	44,465	Woori Financial Group, Inc.		538,625
	86	Young Poong Corp.		60,611
	1,900	Youngone Corp.		54,568
	1,790	Youngone Holdings Co., Ltd.		100,925
	10,268	Yuanta Securities Korea Co., Ltd.*		27,952
	3,705	Yuhan Corp.		783,367
		Total South Korea		95,680,926
		Spain — 0.0%
	16,331	CEMEX Latam Holdings SA*		24,608
		Switzerland — 0.4%
	75,494	ABB, Ltd.		1,418,308
	50,026	Coca-Cola HBC AG*		1,704,624

See accompanying Notes to the Financial Statements.

167

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Switzerland — continued
	8,583	Nestle SA		817,880
		Total Switzerland		3,940,812
		Taiwan — 9.8%
	21,000	A-DATA Technology Co., Ltd.		27,152
	413,000	Acer, Inc.*		264,653
	39,000	Ardentec Corp.		36,064
	94,000	ASE Technology Holding Co., Ltd.*		205,869
	959,000	Asia Cement Corp.		1,247,738
	513,000	Asustek Computer, Inc.		3,711,783
	857,000	AU Optronics Corp.		315,600
	261,000	Bioteque Corp.		1,016,207
	21,000	Brighton-Best International Taiwan, Inc.		24,291
	537,140	Capital Securities Corp.		167,309
	18,000	Catcher Technology Co., Ltd.		138,414
	1,046,000	Cathay Financial Holding Co., Ltd.		1,525,533
	158,000	Cathay Real Estate Development Co., Ltd.		123,548
	23,062	Center Laboratories, Inc.*		62,256
	428,480	Chang Hwa Commercial Bank, Ltd.		256,500
	206,000	Cheng Loong Corp.		137,019
	53,000	Cheng Shin Rubber Industry Co., Ltd.		72,139
	118,000	Cheng Uei Precision Industry Co., Ltd.		150,082
	22,110	Chicony Electronics Co., Ltd.		51,436
	12,000	Chilisin Electronics Corp.		34,964
	103,000	Chin-Poon Industrial Co., Ltd.		127,328
	3,301,000	China Airlines, Ltd.		1,056,046
	3,193,000	China Development Financial Holding Corp.		1,067,079
	995,600	China General Plastics Corp.		733,282
	725,840	China Life Insurance Co., Ltd.		615,847
	214,000	China Man-Made Fiber Corp.		69,434
	439,000	China Petrochemical Development Corp.*		172,350
	838,000	China Steel Corp.		687,899
	31,000	Chipbond Technology Corp.		71,414
	56,944	ChipMOS Technologies, Inc.		48,407
	9,000	Chong Hong Construction Co., Ltd.		26,281
	155,000	Chung Hung Steel Corp.*		57,332
	117,000	Chung Hwa Pulp Corp.		37,203
	886,000	Compal Electronics, Inc.		550,507
	143,000	Compeq Manufacturing Co., Ltd.		109,963
	120,000	Coretronic Corp.		189,225
	2,536,120	CTBC Financial Holding Co., Ltd.		1,682,765
	29,000	CTCI Corp.		45,165
	66,000	Darwin Precisions Corp.		44,114
	209,000	Delta Electronics, Inc.		1,078,211
	31,000	Depo Auto Parts Ind Co., Ltd.		68,597
	44,000	E Ink Holdings, Inc.		49,253
	3,186,878	E.Sun Financial Holding Co., Ltd.		2,455,780
	77,000	EnTie Commercial Bank Co., Ltd.		33,728
	208,000	Epistar Corp.		167,369

See accompanying Notes to the Financial Statements.

168

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Taiwan — continued
	87,740	Eternal Materials Co., Ltd.		69,747
	638,342	Eva Airways Corp.		312,745
	147,000	Evergreen International Storage & Transport Corp.		64,150
	480,549	Evergreen Marine Corp. Taiwan, Ltd.		186,323
	116,000	Everlight Electronics Co., Ltd.		117,617
	304,000	Far Eastern Department Stores, Ltd.		161,762
	633,720	Far Eastern International Bank		230,290
	385,000	Far Eastern New Century Corp.		380,372
	34,000	Feng Hsin Steel Co., Ltd.		66,631
	15,000	Feng TAY Enterprise Co., Ltd.		106,098
	2,028,381	First Financial Holding Co., Ltd.		1,388,648
	31,000	FLEXium Interconnect, Inc.		93,340
	33,000	Formosa Advanced Technologies Co., Ltd.		37,903
	566,000	Formosa Chemicals & Fibre Corp.		2,056,813
	115,000	Formosa Plastics Corp.		408,575
	126,000	Foxconn Technology Co., Ltd.		251,424
	829,997	Fubon Financial Holding Co., Ltd.		1,238,781
	17,000	Getac Technology Corp.		28,351
	496,000	Giant Manufacturing Co., Ltd.		3,540,501
	91,000	Gigabyte Technology Co., Ltd.		144,972
	30,000	Globalwafers Co., Ltd.		294,934
	245,000	Grand Pacific Petrochemical		190,385
	117,000	Grape King Bio, Ltd.		755,439
	54,570	Great Wall Enterprise Co., Ltd.		62,501
	18,000	Greatek Electronics, Inc.		24,821
	801,000	HannStar Display Corp.		177,246
	44,000	Highwealth Construction Corp.		72,523
	9,000	Holy Stone Enterprise Co., Ltd.		33,874
	795,200	Hon Hai Precision Industry Co., Ltd.		1,896,374
	422,115	Hua Nan Financial Holdings Co., Ltd.		265,701
	23,000	Huaku Development Co., Ltd.		55,223
	891,800	Hung Sheng Construction, Ltd.		859,378
	18,000	IEI Integration Corp.		19,799
	1,432,000	Innolux Corp.		464,626
	47,796	International CSRC Investment Holdings Co.		64,823
	324,000	Inventec Corp.		246,518
	54,000	Kenda Rubber Industrial Co., Ltd.		51,774
	19,000	Kerry TJ Logistics Co., Ltd.		22,717
	85,000	King Yuan Electronics Co., Ltd.		72,395
	157,000	King’s Town Bank Co., Ltd.		163,008
	338,000	Kinpo Electronics		124,472
	81,000	Kinsus Interconnect Technology Corp.		118,528
	264,000	Lite-On Technology Corp., ADR		384,173
	190,462	Long Chen Paper Co., Ltd.		105,364
	14,000	Lung Yen Life Service Corp.		28,254
	59,000	Macronix International		40,009
	138,000	Makalot Industrial Co., Ltd.		967,148
	26,000	MediaTek, Inc.		238,315
	330,000	Mega Financial Holding Co., Ltd.		300,336

See accompanying Notes to the Financial Statements.

169

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Taiwan — continued
	114,480	Mercuries & Associates Holding, Ltd.		66,674
	284,445	Mercuries Life Insurance Co., Ltd.*		104,289
	242,000	Micro-Star International Co., Ltd.		679,191
	47,000	Nan Kang Rubber Tire Co., Ltd.		47,579
	130,000	Nan Ya Plastics Corp.		332,798
	599,000	Nanya Technology Corp.		1,193,316
	20,000	Nien Made Enterprise Co., Ltd.		176,181
	317,000	O-Bank Co., Ltd.		80,637
	33,000	Oriental Union Chemical Corp.		27,946
	28,000	Pan Jit International, Inc.*		24,211
	188,000	Pegatron Corp.		325,121
	16,000	Phison Electronics Corp.		156,779
	581,000	Pou Chen Corp.		707,858
	391,000	Powertech Technology, Inc.		923,567
	236,000	President Chain Store Corp.		2,323,973
	28,000	President Securities Corp.		12,673
	382,000	Primax Electronics, Ltd.		752,337
	324,000	Prince Housing & Development Corp.		121,945
	91,000	Qisda Corp., ADR		58,313
	73,000	Quanta Computer, Inc.		136,902
	428,000	Radiant Opto-Electronics Corp.		1,369,244
	78,000	Radium Life Tech Co., Ltd.*		37,582
	68,000	Realtek Semiconductor Corp.		401,551
	31,000	Rechi Precision Co., Ltd.		25,447
	64,000	Ruentex Industries, Ltd.		167,992
	20,000	San Fang Chemical Industry Co., Ltd.		14,958
	117,000	Sanyang Motor Co., Ltd.		76,683
	45,000	Shihlin Electric & Engineering Corp.		61,323
	4,511,903	Shin Kong Financial Holding Co., Ltd.		1,329,248
	23,000	Shin Zu Shing Co., Ltd.		81,715
	340,000	Shinkong Synthetic Fibers Corp.		153,891
	33,000	Sigurd Microelectronics Corp.		32,229
	123,000	Simplo Technology Co., Ltd.		1,085,511
	942,480	SinoPac Financial Holdings Co., Ltd.		348,608
	78,000	Sunny Friend Environmental Technology Co., Ltd.		609,919
	401,000	Sunonwealth Electric Machine Industry Co., Ltd.		459,282
	75,000	Synnex Technology International Corp.		90,037
	45,530	TA Chen Stainless Pipe		67,142
	542,825	Taichung Commercial Bank Co., Ltd.		200,782
	180,000	TaiDoc Technology Corp.		981,165
	901,263	Taishin Financial Holding Co., Ltd.		410,855
	1,510,680	Taiwan Business Bank		588,185
	422,000	Taiwan Cement Corp.		564,803
	1,884,900	Taiwan Cooperative Financial Holding Co., Ltd.		1,192,568
	241,000	Taiwan Glass Industry Corp.		107,518
	48,000	Taiwan Hon Chuan Enterprise Co., Ltd.		76,546
	404,266	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		16,558,735
	476,000	Taiwan Semiconductor Manufacturing Co., Ltd.		3,791,567
	28,000	Taiwan Shin Kong Security Co., Ltd.		34,704

See accompanying Notes to the Financial Statements.

170

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Taiwan — continued
	52,000	Tatung Co., Ltd.*		40,999
	47,616	TCI Co., Ltd.		651,967
	404,000	Teco Electric and Machinery Co., Ltd.		275,271
	225,000	Ton Yi Industrial Corp.		95,634
	15,000	Tong Hsing Electronic Industries, Ltd.		50,372
	78,000	Tong Yang Industry Co., Ltd.		100,092
	20,000	Transcend Information, Inc.		45,424
	23,000	Tripod Technology Corp.		74,253
	27,000	TSRC Corp.		24,091
	243,000	Tung Ho Steel Enterprise Corp.		167,543
	67,000	TXC Corp.		70,108
	80,000	U-Ming Marine Transport Corp.		80,596
	5,549,015	Uni-President Enterprises Corp.		13,467,216
	410,000	Unimicron Technology Corp.		393,764
	204,970	Union Bank Of Taiwan		71,160
	35,700	Unitech Printed Circuit Board Corp.		24,093
	1,153,000	United Microelectronics Corp.		435,828
	230,040	UPC Technology Corp.		92,925
	243,780	USI Corp.		95,312
	49,000	Wah Lee Industrial Corp.		84,580
	565,000	Walsin Lihwa Corp.		323,559
	331,000	Walsin Technology Corp.		2,147,921
	118,000	Wan Hai Lines, Ltd.		61,449
	642,224	Waterland Financial Holdings Co., Ltd.		218,794
	553,000	Winbond Electronics Corp.		264,653
	576,447	Wistron Corp.		443,270
	28,560	Wistron NeWeb Corp.		75,059
	98,720	WPG Holdings, Ltd.		128,763
	36,000	WT Microelectronics Co., Ltd.		47,481
	166,000	Yang Ming Marine Transport Corp.*		46,589
	341,000	YFY, Inc.		131,109
	312,090	Yieh Phui Enterprise Co., Ltd.		100,957
	1,148,000	Yuanta Financial Holding Co., Ltd.		653,701
	258,000	Yulon Motor Co., Ltd.		162,817
	8,000	Yung Chi Paint & Varnish Manufacturing Co., Ltd.		19,416
	35,000	Yungtay Engineering Co., Ltd.		72,679
		Total Taiwan		100,210,362
		Thailand — 2.5%
	1,837,800	Airports of Thailand PCL		3,908,981
	379,100	AP Thailand PCL Class F¤		84,218
	92,100	Bangchak Corp. PCL Class F¤		93,595
	85,600	Bangkok Airways PCL Class F¤		31,829
	57,500	Bangkok Bank PCL, NVDR		375,059
	42,900	Bangkok Life Assurance PCL, NVDR		37,175
	543,100	Banpu PCL Class F¤		277,240
	184,600	Charoen Pokphand Foods PCL Class F		148,331
	1,307,900	CP ALL PCL Class F		3,080,685
	15,800	Electricity Generating PCL Class N, NVDR		145,379

See accompanying Notes to the Financial Statements.

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(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Thailand — continued
	57,200	Esso Thailand PCL Class F¤		19,827
	338,500	Golden Land Property Development PCL Class F¤		89,065
	114,600	Hana Microelectronics PCL Class F¤		111,946
	349,200	IRPC PCL Class F		62,721
	147,900	Kasikornbank PCL, NVDR		873,838
	379,600	Kasikornbank PCL Class F		2,248,773
	24,100	Kiatnakin Bank PCL Class F¤		52,779
	1,127,600	Krung Thai Bank PCL, NVDR		682,210
	369,600	Krung Thai Bank PCL Class F		223,612
	741,600	Krungthai Card PCL Class F¤		823,740
	43,600	MBK PCL Class F¤		28,577
	510,900	Muangthai Capital PCL Class F¤		708,354
	69,700	Precious Shipping PCL Class F* ¤		17,790
	318,500	Pruksa Holding PCL Class F¤		180,652
	551,900	PTT Exploration & Production PCL Class N, NVDR		2,182,557
	46,100	PTT Exploration & Production PCL Class F		182,308
	574,200	PTT Global Chemical PCL, NVDR		1,216,794
	167,100	PTT Global Chemical PCL Class F		354,103
	1,865,100	PTT PCL, NVDR		2,821,011
	387,000	PTT PCL Class F		582,299
	2,363,200	Sansiri PCL Class F¤		97,551
	194,300	Siam Commercial Bank PCL (The) Class F		808,180
	1,015,800	Sino-Thai Engineering & Construction PCL Class F¤		771,413
	70,000	Sri Trang Agro-Industry PCL Class F¤		28,234
	361,600	Star Petroleum Refining PCL Class F¤		124,198
	113,200	Supalai PCL Class F¤		67,417
	262,000	Thai Airways International PCL Class F* ¤		101,547
	362,200	Thai Oil PCL, NVDR		793,222
	82,800	Thai Oil PCL Class F¤		181,333
	92,200	Thai Union Group PCL Class F¤		56,072
	146,200	Thanachart Capital PCL Class F¤		251,076
	255,400	Tisco Financial Group PCL Class F¤		710,227
	1,448,000	TMB Bank PCL Class F¤		93,081
	346,800	True Corp. PCL Class F		52,017
	14,000	Vinythai PCL Class F¤		10,896
		Total Thailand		25,791,912
		Turkey — 0.4%
	269,384	Akbank T.A.S.*		301,350
	4,992	Anadolu Efes Biracilik Ve Malt Sanayii AS		15,472
	162,637	Arcelik AS		486,506
	8,486	Aygaz AS		14,465
	28,851	BIM Birlesik Magazalar AS		389,133
	3,454	Coca-Cola Icecek AS		18,549
	87,117	Dogan Sirketler Grubu Holding AS*		17,579
	31,339	Enka Insaat ve Sanayi AS		25,461
	13,646	Eregli Demir ve Celik Fabrikalari TAS		22,028
	15,339	Ford Otomotiv Sanayi AS		132,441
	88,701	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D*		37,681

See accompanying Notes to the Financial Statements.

172

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(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Turkey — continued
	26,827	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A*		11,111
	23,713	KOC Holding AS		67,534
	22,782	Koza Anadolu Metal Madencilik Isletmeleri AS*		22,501
	8,732	Pegasus Hava Tasimaciligi AS*		42,040
	30,173	Soda Sanayii AS		40,056
	172,482	TAV Havalimanlari Holding AS		712,569
	125,332	Tekfen Holding AS		500,033
	49,611	Trakya Cam Sanayii AS		29,154
	26,298	Turk Hava Yollari AO*		60,187
	98,151	Turkiye Garanti Bankasi AS		144,892
	298,141	Turkiye Halk Bankasi AS		336,686
	322,135	Turkiye Is Bankasi AS Class C		313,605
	386,900	Turkiye Sinai Kalkinma Bankasi AS*		52,047
	92,896	Turkiye Sise ve Cam Fabrikalari AS		95,862
	72,860	Turkiye Vakiflar Bankasi TAO Series D		58,421
	99,335	Yapi ve Kredi Bankasi AS*		37,451
		Total Turkey		3,984,814
		United Arab Emirates — 0.2%
	85,401	Abu Dhabi Commercial Bank PJSC		220,414
	1,883,411	Emaar Malls PJSC		892,199
	55,296	Emirates Telecommunications Group Co. PJSC		251,407
	113,451	First Abu Dhabi Bank PJSC		471,335
		Total United Arab Emirates		1,835,355
		United Kingdom — 1.0%
	381,173	Cairn Energy Plc*		804,137
	86,981	GlaxoSmithKline Plc		1,809,823
	51,510	Mondi Plc		1,139,700
	102,600	Unilever Plc		5,875,806
	88,564	WPP Plc		935,691
		Total United Kingdom		10,565,157
		United States — 1.1%
	27,845	Citigroup, Inc.		1,732,516
	19,335	Cognizant Technology Solutions Corp. Class A		1,400,821
	13,945	Johnson & Johnson		1,949,371
	10,829	Microsoft Corp.		1,277,172
	14,626	PPG Industries, Inc.		1,650,837
	64,511	Southern Copper Corp.		2,559,796
	18,515	Yum China Holdings, Inc.		831,509
		Total United States		11,402,022
		TOTAL COMMON STOCKS (COST $918,966,708)		916,056,670

See accompanying Notes to the Financial Statements.

173

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		PREFERRED STOCKS — 1.8%
		Brazil — 1.7%
	91,300	Banco Bradesco SA, 2.64%		1,007,380
	230,800	Banco do Estado do Rio Grande do Sul SA, 8.64% Series B		1,434,605
	21,400	Braskem SA, 3.88%		279,893
	10,500	Cia Brasileira de Distribuicao, 1.90%		246,764
	365,400	Gerdau SA, 2.84%		1,421,527
	523,955	Itau Unibanco Holding SA, 4.19%		4,635,447
	695,262	Itausa — Investimentos Itau SA, 3.44%		2,140,257
	653,400	Petroleo Brasileiro SA, 3.08%		4,711,156
	384,300	Randon SA Implementos e Participacoes, 1.05%		957,862
	115,200	Usinas Siderurgicas de Minas Gerais SA, 1.34% Series A		297,199
		Total Brazil		17,132,090
		Colombia — 0.0%
	5,238	Banco Davivienda SA, 2.06%		61,498
	15,537	Grupo Argos SA, 2.19%		72,186
	6,424	Grupo de Inversiones Suramericana SA, 1.51%		69,373
		Total Colombia		203,057
		Germany — 0.1%
	12,612	Bayerische Motoren Werke AG, 6.36%		829,857
		South Korea — 0.0%
	123	CJ Corp., 0.00%* **** ¤		3,973
	14,035	Samsung Electronics Co., Ltd., 2.80%		448,215
		Total South Korea		452,188
		TOTAL PREFERRED STOCKS (COST $17,176,811)		18,617,192
		RIGHTS — 0.0%
		Hong Kong — 0.0%
	71,516	Xinjiang Goldwind Science & Technology Co., Ltd., Expires 04/26/2019* **** ¤		28,151
		India — 0.0%
	3,077,100	Vodafone Idea, Ltd., Expires 04/24/2019* **** ¤		242,081
		South Korea — 0.0%
	9,682	Doosan Heavy Industries & Construction Co., Ltd., Expires 04/26/2019* **** ¤		9,724
		TOTAL RIGHTS (COST $705,617)		279,956
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.5%
		Investment Fund — 0.6%
	5,491,115	State Street Institutional Treasury Plus Money Market Fund, Institutional Class, 2.34%## *****		5,491,115

See accompanying Notes to the Financial Statements.

174

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Par Value ($)		Description	Value ($)
		MUTUAL FUND - SECURITIES LENDING COLLATERAL — 0.6%
	6,377,010	State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.39%## ***		6,377,010
		U.S. Government and Agency Obligations — 0.3%
	1,700,000	United States Treasury Bill, 2.36%, due 05/30/19** ‡‡		1,693,460
	1,000,000	United States Treasury Bill, 2.41%, due 09/12/19** ‡‡		989,237
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $2,681,959)		2,682,697
		TOTAL SHORT-TERM INVESTMENTS (COST $14,550,084)		14,550,822
		TOTAL INVESTMENTS — 93.2% (Cost $951,399,220)		949,504,640
		Other Assets and Liabilities (net) — 6.8%		69,142,531
		NET ASSETS — 100.0%	$1,018,647,171

See accompanying Notes to the Financial Statements.

175

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2019

	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 March 31, 2019.
*	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 year end is $308,438 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $734,929.
*****	Security has been segregated to cover collateral requirements on open synthetic futures contracts.
¤	Illiquid security. The total market value of the securities at year end is $5,456,868 which represents 0.5% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $5,922,175.
‡	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 year end is $4,770,529 which represents 0.5% of net assets.

See accompanying Notes to the Financial Statements.

176

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
BRL	15,722,000	USD	4,162,420		06/19/19	Citibank N.A. London	$	(144,471	)
CLP	50,743,000	USD	76,885		06/19/19	Citibank N.A. London		(2,313	)
CNH	48,591,000	USD	7,239,964		06/19/19	Citibank N.A. London		(11,130	)
COP	11,900,000,000	USD	3,795,992		06/19/19	Citibank N.A. London		(75,636	)
CZK	63,000,000	USD	2,791,195		06/19/19	Citibank N.A. London		(46,750	)
EUR	610,000	USD	697,335		06/19/19	Citibank N.A. London		(7,888	)
HKD	361,676,000	USD	46,239,169		06/19/19	Citibank N.A. London		(57,042	)
HUF	1,014,650,000	USD	3,662,240		06/19/19	Citibank N.A. London		(99,509	)
IDR	2,749,255,000	USD	191,028		06/19/19	Citibank N.A. London		119
ILS	10,000	USD	2,780		06/19/19	Citibank N.A. London		(10	)
INR	2,720,153,000	USD	38,439,830		06/19/19	Citibank N.A. London		436,809
KRW	3,469,716,000	USD	3,071,164		06/19/19	Citibank N.A. London		(7,107	)
MXN	915,698,000	USD	46,750,389		06/19/19	Citibank N.A. London		(122,595	)
PEN	400,000	USD	120,609		06/19/19	Citibank N.A. London		(540	)
PHP	539,010,000	USD	10,272,484		06/19/19	Citibank N.A. London		(77,078	)
PLN	46,433,000	USD	12,232,645		06/19/19	Citibank N.A. London		(91,715	)
RUB	1,098,037,000	USD	16,427,379		06/19/19	Citibank N.A. London		100,682
SGD	16,104,000	USD	11,946,205		06/19/19	Citibank N.A. London		(39,597	)
THB	17,112,000	USD	542,793		06/19/19	Citibank N.A. London		(2,491	)
TWD	49,051,000	USD	1,597,489		06/19/19	Citibank N.A. London		1,734
ZAR	70,238,000	USD	4,928,649		06/19/19	Citibank N.A. London		(103,483	)
USD	25,066,661	BRL	96,451,000		06/19/19	Citibank N.A. London		417,429
USD	22,911,681	CLP	15,178,959,000		06/19/19	Citibank N.A. London		604,510
USD	32,684,777	CNH	219,310,000		06/19/19	Citibank N.A. London		58,243
USD	3,926,241	COP	12,200,000,000		06/19/19	Citibank N.A. London		112,094
USD	2,343,785	CZK	52,845,000		06/19/19	Citibank N.A. London		41,718
USD	34,174	EUR	30,000		06/19/19	Citibank N.A. London		267
USD	12,818,709	HKD	100,337,200		06/19/19	Citibank N.A. London		6,730
USD	4,277,852	IDR	61,775,676,775		06/19/19	Citibank N.A. London		(17,208	)
USD	714,049	ILS	2,563,000		06/19/19	Citibank N.A. London		4,051
USD	1,212,697	INR	84,917,000		06/19/19	Citibank N.A. London		(943	)
USD	41,015,067	KRW	45,992,677,000		06/19/19	Citibank N.A. London		399,599
USD	5,974,935	MXN	116,421,000		06/19/19	Citibank N.A. London		46,720
USD	90,444	PEN	300,000		06/19/19	Citibank N.A. London		393
USD	1,198,752	PLN	4,534,000		06/19/19	Citibank N.A. London		13,238
USD	2,446,217	RUB	160,163,000		06/19/19	Citibank N.A. London		35,384
USD	7,595,841	SGD	10,260,000		06/19/19	Citibank N.A. London		10,036
USD	1,877,093	THB	58,987,000		06/19/19	Citibank N.A. London		14,611
USD	9,270,626	TWD	284,742,000		06/19/19	Citibank N.A. London		(12,892	)
USD	16,001,397	ZAR	228,607,000		06/19/19	Citibank N.A. London		296,698
							$	1,680,667

See accompanying Notes to the Financial Statements.

177

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2019

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
	42	FTSE Bursa Malaysia KLCI Index		Apr 2019	$	846,687	$	(85	)
	80	HSCEI Futures		Apr 2019		5,795,706		63,709
	45	KOSPI 200 Index		Jun 2019		2,747,335		(5,548	)
	689	MSCI Emerging Markets E-mini Index		Jun 2019		36,427,430		153,800
	118	MSCI Singapore IX ETS		Apr 2019		3,133,599		8,009
	137	MSCI Taiwan Stock Index		Apr 2019		5,352,590		53,831
	126	SET50 Index		Jun 2019		860,302		4,593
							$	278,309
	Sales
	161	FTSE/JSE Top 40 Index		Jun 2019	$	5,669,455	$	(23,213	)
	44	Mexico Bolsa Index		Jun 2019		987,496		(30,765	)
							$	(53,978	)

See accompanying Notes to the Financial Statements.

178

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Synthetic Futures

Number of Contracts Long (Short)			Reference Entity	Expiration Date		Counterparty	Notional Value			Value
	18,250		Hang Seng China Enterprises Index		04/29/2019	Goldman Sachs International		$	26,291,321		$	157,519
	21,250,000		KOSPI 200 Index		06/13/2019	Goldman Sachs International			5,209,078			(3,452	)
	7,991		MSCI China Net Return HKD Index		06/19/2019	Goldman Sachs International			594,221			(3,665	)
	7,272		MSCI China Net Return HKD Index		06/19/2019	Goldman Sachs International			534,559			3,001
	730		MSCI Daily TR Net Israel Index		06/19/2019	Goldman Sachs International			101,707			(994	)
	11		MSCI Singapore Net Return Index		06/19/2019	Goldman Sachs International			45,950			50
	900		Tel Aviv 35 Index		04/26/2019	Goldman Sachs International			388,255			(5,755	)
	(103,500	)	BIST 30 Futures		04/30/2019	Goldman Sachs International			2,613,875			241,582
	(980	)	DTOP Index Futures		06/20/2019	Goldman Sachs International			739,422			2,602
	(455	)	Ibovespa Futures Index		04/17/2019	Goldman Sachs International			11,602,593			33,726
	(147	)	MSCI Brazil Net Return BRL Index		06/19/2019	Goldman Sachs International			40,535			(371	)
	(200	)	MSCI Mexico Net Index		06/19/2019	Goldman Sachs International			9,417			(126	)
	(5,477	)	MSCI Mexico Net Index		06/19/2019	Goldman Sachs International			250,798			(6,898	)
	(790	)	MSCI Poland Index		06/19/2019	Goldman Sachs International			42,492			124
	(4,940	)	MSCI South Africa Net Return Index		06/19/2019	Goldman Sachs International			327,294			(4,091	)
	(1,342	)	MSCI South Africa Net Return Index		06/19/2019	Goldman Sachs International			88,950			(969	)
	(62,146	)	MSCI South Africa Net Return Index		06/19/2019	Goldman Sachs International			4,171,193			(44,085	)
	(3,080	)	WIG20 Futures Index		06/21/2019	Goldman Sachs International			1,875,291			(2,089	)
											$	366,109

See accompanying Notes to the Financial Statements.

179

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Industry Sector Summary (Unaudited)	% of Net Assets
Banks		12.3
Internet		6.8
Diversified Financial Services		5.9
Oil & Gas		5.6
Semiconductors		5.3
Food		4.3
Retail		4.0
Insurance		3.8
Computers		3.3
Beverages		3.0
Telecommunications		2.7
Chemicals		2.6
Pharmaceuticals		2.3
Mining		2.2
Engineering & Construction		2.1
Real Estate		2.1
Iron & Steel		1.6
Building Materials		1.5
Electric		1.3
Electronics		1.3
Gas		1.3
Holding Companies — Diversified		1.3
Apparel		1.1
Auto Manufacturers		1.0
Cosmetics & Personal Care		1.0
Leisure Time		1.0
Software		1.0
Commercial Services		0.9
Home Furnishings		0.9
Coal		0.8
Lodging		0.8
Distribution & Wholesale		0.7
Preferred Stocks		0.7
Auto Parts & Equipment		0.6
Household Products & Wares		0.6
Water		0.6
Forest Products & Paper		0.4
Aerospace & Defense		0.3
Airlines		0.3
Electrical Components & Equipment		0.3
Machinery — Diversified		0.3
Pipelines		0.3
REITS		0.3
Health Care — Services		0.2
Oil & Gas Services		0.2
Advertising		0.1
Biotechnology		0.1
Environmental Control		0.1
Home Builders		0.1
Investment Companies		0.1
Machinery — Construction & Mining		0.1

See accompanying Notes to the Financial Statements.

180

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Industry Sector Summary (Unaudited)	% of Net Assets
Miscellaneous — Manufacturing		0.1
Textiles		0.1
Agriculture		0.0
Energy-Alternate Sources		0.0
Food Service		0.0
Housewares		0.0
Media		0.0
Metal Fabricate & Hardware		0.0
Office & Business Equipment		0.0
Packaging & Containers		0.0
Shipbuilding		0.0
Transportation		0.0
Trucking & Leasing		0.0
Short-Term Investments and Other Assets and Liabilities (net)		8.3
		100.0	%

See accompanying Notes to the Financial Statements.

181

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		COMMON STOCKS — 93.4%
		Australia — 1.4%
	34,756	AGL Energy, Ltd.		537,478
	55,180	Ansell, Ltd.		996,390
	43,720	Newcrest Mining, Ltd.		792,251
	5,369	Northern Star Resources, Ltd.		34,134
	205,729	Regis Resources, Ltd.		774,540
	17,871	Rio Tinto, Ltd.		1,242,934
	18,141	Saracen Mineral Holdings, Ltd.*		37,371
	292,051	Sonic Healthcare, Ltd.		5,095,178
	217,573	Telstra Corp., Ltd.		513,116
	87,264	Wesfarmers, Ltd.		2,147,883
	46,853	Woolworths Group, Ltd.		1,011,774
		Total Australia		13,183,049
		Austria — 0.4%
	26,711	EVN AG		389,302
	11,455	Flughafen Wien AG		496,483
	9,486	Oesterreichische Post AG		401,556
	34,645	Telekom Austria AG Class A*		252,079
	5,968	UNIQA Insurance Group AG		59,506
	15,100	Vienna Insurance Group AG Wiener Versicherung Gruppe		388,270
	58,329	voestalpine AG		1,772,942
		Total Austria		3,760,138
		Belgium — 0.4%
	6,105	Ackermans & van Haaren NV*		921,997
	18,633	Colruyt SA		1,378,764
	6,583	D’ieteren SA/NV		260,928
	19,006	Elia System Operator SA/NV*		1,333,805
	2,360	Financiere de Tubize SA‡		167,740
		Total Belgium		4,063,234
		Bermuda — 1.6%
	4,500	Arch Capital Group, Ltd.*		145,440
	32,000	Assured Guaranty, Ltd.		1,421,760
	27,320	Axis Capital Holdings, Ltd.		1,496,590
	4,346	Bunge, Ltd.		230,642
	149,500	CK Infrastructure Holdings, Ltd.		1,227,431
	21,000	Clear Media, Ltd.		18,138
	342,000	Emperor International Holdings, Ltd.		105,868
	19,196	Enstar Group, Ltd.*		3,340,104
	8,914	Everest Re Group, Ltd.		1,925,068
	61,329	Genpact, Ltd.		2,157,554
	12,000	Guoco Group, Ltd.		173,963
	85,000	Hongkong Land Holdings, Ltd.		604,350
	173	Hudson, Ltd. Class A*		2,379
	300,000	Regal Hotels International Holdings, Ltd.		188,409
	12,573	RenaissanceRe Holdings, Ltd.		1,804,226

See accompanying Notes to the Financial Statements.

182

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Bermuda — continued
	7,500	Soundwill Holdings, Ltd.		11,465
	58,000	Transport International Holdings, Ltd.		175,109
	3,000	Wing On Co. International, Ltd.		10,471
	32,000	Wing Tai Properties, Ltd.		24,051
		Total Bermuda		15,063,018
		Canada — 5.5%
	55,200	Algonquin Power & Utilities Corp.		621,023
	25,412	Atco, Ltd. Class I		855,975
	38,100	Bank of Montreal		2,851,618
	24,300	Bank of Nova Scotia (The)‡		1,293,987
	48,301	BCE, Inc.		2,144,081
	33,389	Canadian Imperial Bank of Commerce		2,639,229
	68,174	Canadian National Railway Co.		6,104,761
	1,619	Canadian Utilities, Ltd. Class A		44,209
	6,400	Cogeco, Inc.		376,733
	1,316	Constellation Software, Inc.		1,115,588
	8,384	Fairfax Financial Holdings, Ltd.		3,884,648
	26,000	Fortis, Inc.		961,218
	39,376	George Weston, Ltd.		2,832,172
	102,648	Intact Financial Corp.		8,688,526
	46,000	Just Energy Group, Inc.		155,979
	1,600	Lululemon Athletica, Inc.*		262,192
	22,400	Maple Leaf Foods, Inc.		518,271
	39,600	National Bank of Canada		1,787,699
	12,700	North West Co. (The), Inc.		273,878
	92,267	OceanaGold Corp.		290,072
	21,400	Quebecor, Inc. Class B		524,768
	57,900	Rogers Communications, Inc. Class B		3,114,842
	29,100	Royal Bank of Canada		2,196,087
	52,100	Toronto-Dominion Bank (The)		2,828,169
	71,708	Waste Connections, Inc.		6,352,612
		Total Canada		52,718,337
		Denmark — 0.2%
	17,199	Carlsberg AS Class B		2,150,182
	4,688	H Lundbeck AS‡		203,071
	1,102	Matas AS		10,906
		Total Denmark		2,364,159
		Finland — 0.2%
	16,871	Aktia Bank OYJ		177,502
	25,690	Fortum OYJ‡		525,863
	21,988	Kesko OYJ Class B		1,339,143
		Total Finland		2,042,508
		France — 4.4%
	3,959	Accor SA*		160,522
	45,708	Airbus SE		6,051,008

See accompanying Notes to the Financial Statements.

183

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		France — continued
	7,119	AXA SA		179,296
	5,215	Caisse Regionale de Credit Agricole Mutuel Nord de France‡		139,950
	112,012	Credit Agricole SA		1,354,572
	27,824	Edenred		1,267,495
	1,503	Electricite de France SA		20,572
	113,229	Engie SA		1,688,408
	5,600	IPSOS		140,347
	3,105	Korian SA		125,791
	77,112	Lagardere SCA		1,984,533
	552	Manutan International		38,181
	36,602	Metropole Television SA		675,660
	169,975	Orange SA		2,767,418
	44,548	Peugeot SA		1,087,450
	96,131	Rubis SCA		5,248,076
	54,593	Safran SA		7,493,894
	304	Savencia SA		21,641
	74	Societe Fonciere Lyonnaise SA REIT		5,401
	52,919	Societe Generale SA		1,531,553
	44,231	Suez		586,541
	97,444	Veolia Environnement SA		2,180,641
	1,091	Vetoquinol SA		70,072
	3,235	Vilmorin & Cie SA		171,450
	68,183	Vinci SA		6,639,220
		Total France		41,629,692
		Germany — 1.5%
	47,243	Aareal Bank AG		1,457,726
	66,316	Brenntag AG		3,417,848
	158,790	Deutsche Telekom AG		2,637,909
	4,176	Hornbach Baumarkt AG		74,649
	3,385	Hornbach Holding AG & Co. KGaA		169,898
	14,946	McKesson Europe AG		439,691
	28,642	Merck KGaA		3,269,132
	39,830	RHOEN-KLINIKUM AG		1,148,490
	50,401	Salzgitter AG		1,458,961
	6,310	TAG Immobilien AG		155,874
	1,712	TLG Immobilien AG		51,595
	7,475	Wuestenrot & Wuerttembergische AG		143,693
		Total Germany		14,425,466
		Hong Kong — 2.2%
	574,800	AIA Group, Ltd.		5,722,408
	1,101,000	Champion REIT		953,739
	260,000	CLP Holdings, Ltd.		3,014,032
	1,712,000	Guangdong Investment, Ltd.		3,306,253
	239,000	HK Electric Investments & HK Electric Investments, Ltd.		244,177
	1,892,000	HKT Trust & HKT, Ltd.		3,041,681
	174,469	Hong Kong & China Gas Co., Ltd.		418,284
	16,000	Hong Kong Ferry Holdings Co., Ltd.		18,079

See accompanying Notes to the Financial Statements.

184

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Hong Kong — continued
	49,000	Kowloon Development Co., Ltd.		61,172
	249,000	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		100,869
	38,000	Liu Chong Hing Investment, Ltd.		67,190
	12,000	Miramar Hotel & Investment		25,957
	360,000	Power Assets Holdings, Ltd.		2,497,086
	347,000	Regal Real Estate Investment Trust REIT		106,532
	545,000	Sunlight Real Estate Investment Trust REIT		407,538
	49,500	Swire Pacific, Ltd. Class A		636,883
		Total Hong Kong		20,621,880
		Ireland — 2.2%
	21,137	Accenture Plc Class A		3,720,535
	24,300	Allergan Plc		3,557,763
	5,340	ICON Plc, ADR*		729,337
	83,701	Irish Residential Properties Plc REIT		149,434
	14,500	Jazz Pharmaceuticals Plc*		2,072,775
	38,306	Medtronic Plc		3,488,910
	46,052	STERIS Plc*		5,896,038
	48,092	Total Produce Plc		91,800
	5,900	Willis Towers Watson Plc		1,036,335
		Total Ireland		20,742,927
		Israel — 0.7%
	266,154	Bank Hapoalim BM		1,762,211
	31,897	Bank Leumi Le-Israel BM		208,378
	3,121	FIBI Holdings, Ltd.		87,111
	14,841	First International Bank Of Israel, Ltd.*		349,501
	331,092	Israel Discount Bank, Ltd. Class A		1,143,065
	3,616,989	Isramco Negev 2, LP*		386,678
	152,052	Oil Refineries, Ltd.*		74,364
	1,957	Paz Oil Co., Ltd.		292,362
	5,902	Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		298,243
	56,884	Strauss Group, Ltd.		1,362,953
	2,288	Taro Pharmaceutical Industries, Ltd.		247,310
		Total Israel		6,212,176
		Japan — 5.0%
	7,100	Aeon Hokkaido Corp.		48,366
	26,400	Alpen Co., Ltd.		407,860
	165,500	Astellas Pharma, Inc.		2,479,846
	1,900	AT-Group Co., Ltd.		34,847
	17,800	Chugoku Electric Power Co., Inc. (The)‡		222,088
	52,900	DCM Holdings Co., Ltd.‡		493,227
	15,400	DyDo Group Holdings, Inc.‡		694,276
	50,600	EDION Corp.‡		441,610
	20	Frontier Real Estate Investment Corp. REIT		83,932
	2,500	J-Oil Mills, Inc.		93,057
	30	Japan Logistics Fund, Inc. REIT		63,667

See accompanying Notes to the Financial Statements.

185

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Japan — continued
	74,800	Japan Post Bank Co., Ltd.‡		817,032
	182,200	Japan Post Holdings Co., Ltd.		2,133,362
	84	Japan Rental Housing Investments, Inc. REIT		66,936
	9,300	Japan Tobacco, Inc.		230,641
	1,200	Kadoya Sesame Mills, Inc.		56,268
	4,600	Kaken Pharmaceutical Co., Ltd.		209,044
	17,700	Kato Sangyo Co., Ltd.		583,683
	49,000	KDDI Corp.		1,055,834
	600	KFC Holdings Japan, Ltd.		10,782
	2,400	Kohnan Shoji Co., Ltd.		59,564
	56,200	Komeri Co., Ltd.		1,376,503
	66,300	KYORIN Holdings, Inc.		1,294,433
	58,400	LIXIL VIVA Corp.		740,783
	157,100	Marui Group Co., Ltd.‡		3,172,232
	63,300	Matsumotokiyoshi Holdings Co., Ltd.		2,107,426
	89,100	Medipal Holdings Corp.		2,117,116
	8,000	Mitsubishi Shokuhin Co., Ltd.		209,315
	59,600	Mitsubishi Tanabe Pharma Corp.		796,390
	4,900	Mitsui Sugar Co., Ltd.		120,679
	1,563,900	Mizuho Financial Group, Inc.		2,420,347
	7,400	Mizuno Corp.‡		171,487
	30,000	Mochida Pharmaceutical Co., Ltd.		1,539,504
	45,000	Nichi-iko Pharmaceutical Co., Ltd.		596,829
	16,800	Nippon Flour Mills Co., Ltd.		288,386
	47,700	Nippon Telegraph & Telephone Corp.		2,026,771
	30,100	Nisshin Oillio Group, Ltd. (The)		889,253
	115,800	NTT DOCOMO, Inc.		2,564,789
	13,500	Ohsho Food Service Corp.		854,994
	10,500	Okinawa Cellular Telephone Co.		333,921
	23,250	Okinawa Electric Power Co., Inc. (The)		395,955
	50	Orix JREIT, Inc. REIT		85,874
	4,400	Sawai Pharmaceutical Co., Ltd.		254,813
	2,700	Seiko Holdings Corp.‡		64,277
	46,300	Seven & i Holdings Co., Ltd.		1,746,838
	15,200	Showa Sangyo Co., Ltd.		411,705
	5,100	Softbank Corp.‡		57,458
	232,800	Sony Financial Holdings, Inc.		4,391,619
	4,600	St. Marc Holdings Co., Ltd.		103,441
	13,400	Suzuken Co., Ltd.		776,022
	400	Taisho Pharmaceutical Holdings Co., Ltd.		38,126
	61,600	Toho Holdings Co., Ltd.‡		1,537,704
	312,400	Tokyo Electric Power Co. Holdings, Inc.*		1,975,697
	41,400	Tsumura & Co.		1,258,626
	6,000	United Super Markets Holdings, Inc.		59,358
	43,000	Vital KSK Holdings, Inc.‡		424,231
	5,800	Yellow Hat, Ltd.		76,296
	1,500	ZERIA Pharmaceutical Co., Ltd.		25,925
		Total Japan		47,591,045

See accompanying Notes to the Financial Statements.

186

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Liberia — 0.0%
	1,798	Royal Caribbean Cruises, Ltd.		206,087
		Luxembourg — 0.2%
	78,039	Atento SA*		281,721
	362,452	B&M European Value Retail SA		1,764,487
		Total Luxembourg		2,046,208
		Netherlands — 1.6%
	10,824	ForFarmers NV		89,087
	7,961	Heineken Holding NV		798,253
	22,927	Koninklijke Ahold Delhaize NV		610,767
	16,052	LyondellBasell Industries NV Class A		1,349,652
	7,071	NN Group NV		294,006
	3,200	NXP Semiconductors NV		282,848
	29,100	QIAGEN NV*		1,183,788
	7,226	Sligro Food Group NV		259,233
	176,351	Unilever NV, ADR		10,253,253
		Total Netherlands		15,120,887
		New Zealand — 0.6%
	253,622	Argosy Property, Ltd.		221,402
	225,864	Contact Energy, Ltd.		1,069,032
	38,340	Ebos Group, Ltd.		575,253
	63,681	Fonterra Co-operative Group, Ltd.		184,579
	19,925	Freightways, Ltd.		112,244
	115,729	Genesis Energy, Ltd.		254,145
	69,101	Goodman Property Trust REIT		81,530
	458,079	Infratil, Ltd.		1,302,749
	49,518	Kiwi Property Group, Ltd. REIT		50,150
	35,536	Mainfreight, Ltd.		868,844
	142,620	Mercury NZ, Ltd.		379,341
	56,455	Metlifecare, Ltd.		192,126
	23,860	Restaurant Brands New Zealand, Ltd.		142,385
	18,019	Summerset Group Holdings, Ltd.		81,107
	6,801	Trustpower, Ltd.		30,659
	68,690	Vector, Ltd.		167,711
	3,702	Warehouse Group, Ltd. (The)		5,504
	63,531	Z Energy, Ltd.		271,234
		Total New Zealand		5,989,995
		Norway — 0.7%
	55,028	DNB ASA		1,014,729
	4,194	Olav Thon Eiendomsselskap ASA		73,832
	347,148	Orkla ASA		2,668,633
	145,254	Telenor ASA		2,912,974
		Total Norway		6,670,168

See accompanying Notes to the Financial Statements.

187

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Panama — 0.1%
	28,209	Carnival Corp.		1,430,760
		Portugal — 0.0%
	99,893	REN — Redes Energeticas Nacionais SGPS SA		285,123
		Puerto Rico — 0.2%
	34,400	Popular, Inc.		1,793,272
		Singapore — 0.4%
	14,000	AIMS AMP Capital Industrial REIT		14,677
	27,600	Fraser and Neave, Ltd.		36,882
	48,500	Frasers Hospitality Trust REIT		26,318
	64,272	Hong Leong Finance, Ltd.		129,066
	366,200	Keppel Infrastructure Trust		125,716
	263,100	Olam International, Ltd.		384,598
	310,100	OUE, Ltd.‡		389,199
	1,689,176	Sheng Siong Group, Ltd.		1,296,968
	116,100	Singapore Airlines, Ltd.		828,000
	582,649	SPH REIT		451,666
	33,000	United Industrial Corp., Ltd.		70,653
		Total Singapore		3,753,743
		Spain — 0.9%
	30,146	Aena SME SA		5,432,834
	1,020	Cia de Distribucion Integral Logista Holdings SA		24,052
	8,273	Iberdrola SA		72,698
	56,647	International Consolidated Airlines Group SA		377,927
	39,502	Viscofan SA‡		2,472,781
		Total Spain		8,380,292
		Sweden — 1.4%
	91,216	Axfood AB		1,701,332
	15,343	Bilia AB Class A		131,259
	51,696	Cloetta AB Class B		133,764
	46,899	Dios Fastigheter AB		385,798
	82,325	ICA Gruppen AB‡		3,310,645
	42,161	Nyfosa AB*		253,185
	1,461	Pandox AB Class B		26,211
	310,000	Svenska Handelsbanken AB Class A‡		3,278,708
	64,496	Swedish Match AB		3,295,274
	214,322	Telia Co. AB		969,328
		Total Sweden		13,485,504
		Switzerland — 3.8%
	9,262	Allreal Holding AG*		1,576,372
	449	Alpiq Holding AG*		28,854
	1,093	Banque Cantonale de Geneve		218,403
	887	Barry Callebaut AG		1,601,392

See accompanying Notes to the Financial Statements.

188

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		Switzerland — continued
	74	Basellandschaftliche Kantonalbank		67,915
	579	Basler Kantonalbank‡		44,185
	93	Bell Food Group AG		26,801
	336	Berner Kantonalbank AG		81,647
	17,306	BKW AG		1,179,915
	686	Chubb, Ltd.		96,095
	159	Emmi AG		139,857
	607	Helvetia Holding AG		370,575
	1,003	Intershop Holding AG		511,622
	180	Luzerner Kantonalbank AG		85,671
	78,438	Nestle SA		7,474,411
	114,640	Novartis AG		11,025,423
	13,487	Roche Holding AG		3,715,392
	2,341	Sonova Holding AG		463,076
	6,896	Swiss Life Holding AG*		3,036,345
	5,472	Swisscom AG‡		2,675,835
	3,202	Tamedia AG		324,733
	5,020	Valora Holding AG* ‡		1,383,663
		Total Switzerland		36,128,182
		United Kingdom — 4.5%
	19,514	AG Barr Plc		205,202
	13,603	Aon Plc		2,322,032
	573,900	BAE Systems Plc		3,607,487
	247,502	Britvic Plc		3,071,885
	400,530	Central Asia Metals Plc		1,236,929
	230,345	Centrica Plc		342,773
	1,824	Coca-Cola European Partners Plc*		94,374
	1,491	Craneware Plc		47,211
	17,789	Cranswick Plc		630,959
	61,686	Diageo Plc		2,522,323
	343,277	EI Group Plc*		952,764
	2,065	EMIS Group Plc		28,253
	40,303	GCP Student Living Plc REIT		80,246
	18,575	Greggs Plc		445,114
	271,383	Halfords Group Plc		820,412
	343,941	Hansteen Holdings Plc REIT		436,520
	59,149	Imperial Brands Plc		2,022,811
	252,523	Inchcape Plc		1,878,877
	395,462	Legal & General Group Plc		1,418,640
	258,175	Lloyds Banking Group Plc		209,048
	273,661	Marston’s Plc		366,222
	116,422	National Express Group Plc		615,917
	52,772	Paragon Banking Group Plc		299,676
	11,691	QinetiQ Group Plc		45,885
	103,022	Reckitt Benckiser Group Plc		8,567,379
	472,411	Rolls-Royce Holdings Plc*		5,559,877
	22,475	Secure Income Plc REIT		120,366
	12,962	Smith & Nephew Plc		257,237

See accompanying Notes to the Financial Statements.

189

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		United Kingdom — continued
	17,741	SSP Group Plc		160,042
	67,886	Tate & Lyle Plc		642,035
	593,804	Tritax Big Box Plc REIT		1,111,114
	2,187	Unilever Plc		125,247
	24,545	WH Smith Plc		678,687
	814,768	Wm Morrison Supermarkets Plc		2,415,861
		Total United Kingdom		43,339,405
		United States — 53.3%
	28,400	Abbott Laboratories		2,270,296
	8,875	Adobe, Inc.*		2,365,099
	53,283	AGNC Investment Corp. REIT		959,094
	24,500	Akamai Technologies, Inc.*		1,756,895
	2,785	Alleghany Corp.*		1,705,534
	24,705	Allstate Corp. (The)		2,326,717
	10,244	Alphabet, Inc. Class A*		12,056,061
	45,487	Altria Group, Inc.		2,612,318
	35,671	Amdocs, Ltd.		1,930,158
	29,678	Ameren Corp.		2,182,817
	27,313	American Electric Power Co., Inc.		2,287,464
	91,957	American Express Co.		10,050,900
	19,702	American Financial Group, Inc.		1,895,529
	3,100	American National Insurance Co.		374,542
	57,795	American Tower Corp. REIT		11,389,083
	2,600	AmerisourceBergen Corp. Class A		206,752
	56,083	AMETEK, Inc.		4,653,207
	153,044	Annaly Capital Management, Inc. REIT		1,528,910
	10,246	ANSYS, Inc.*		1,872,047
	7,113	Anthem, Inc.		2,041,289
	5,503	Apartment Investment & Management Co. REIT Class A		276,721
	46,492	Apple Hospitality, Inc. REIT		757,820
	7,175	Archer-Daniels-Midland Co.		309,458
	22,684	Arthur J. Gallagher & Co.		1,771,620
	141,388	AT&T, Inc.		4,433,928
	8,131	Atmos Energy Corp.		836,924
	35,691	Automatic Data Processing, Inc.		5,701,280
	1,400	AutoZone, Inc.*		1,433,768
	8,900	AvalonBay Communities, Inc. REIT		1,786,497
	110,778	Avangrid, Inc.		5,577,672
	136,933	Ball Corp.		7,922,943
	111,339	Baxter International, Inc.		9,052,974
	2,080	Becton Dickinson and Co.		519,438
	5,172	Berkshire Hathaway, Inc. Class B*		1,039,003
	1,900	Black Knight, Inc.*		103,550
	8,380	Boeing Co. (The)		3,196,300
	925	Booking Holdings, Inc.*		1,614,042
	15,300	Boston Properties, Inc. REIT		2,048,364
	8,912	Bright Horizons Family Solutions, Inc.*		1,132,804
	32,655	Bristol-Myers Squibb Co.		1,557,970

See accompanying Notes to the Financial Statements.

190

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		United States — continued
	4,000	Broadcom, Inc.		1,202,840
	17,680	Broadridge Financial Solutions, Inc.		1,833,239
	11,748	Brown & Brown, Inc.		346,683
	79,786	BWX Technologies, Inc.‡		3,955,790
	1,600	Cable One, Inc.		1,570,208
	37,035	Cadence Design Systems, Inc.*		2,352,093
	17,400	Camden Property Trust REIT		1,766,100
	5,200	Capital One Financial Corp.		424,788
	10,863	CDK Global, Inc.		638,962
	60,398	CenterPoint Energy, Inc.		1,854,219
	34,200	Charter Communications, Inc. Class A*		11,864,322
	4,800	Chemed Corp.		1,536,336
	7,700	Chevron Corp.		948,486
	45,094	Chimera Investment Corp. REIT‡		845,062
	44,100	Cigna Corp.*		7,092,162
	10,000	Cinemark Holdings, Inc.		399,900
	25,913	Cintas Corp.		5,237,276
	20,800	Citrix Systems, Inc.		2,072,928
	76,364	Clean Harbors, Inc.*		5,462,317
	13,500	Clorox Co. (The)		2,166,210
	300	CME Group, Inc.		49,374
	27,983	CMS Energy Corp.		1,554,176
	11,600	CNA Financial Corp.		502,860
	34,300	Coca-Cola Co. (The)		1,607,298
	30,192	Cognizant Technology Solutions Corp. Class A		2,187,410
	28,900	Colgate-Palmolive Co.		1,980,806
	2,200	Columbia Sportswear Co.		229,196
	206,800	Comcast Corp. Class A		8,267,864
	20,500	ConocoPhillips		1,368,170
	5,649	Consolidated Edison, Inc.		479,092
	13,149	Cooper Cos., Inc. (The)		3,894,339
	48,131	Copart, Inc.*		2,916,257
	700	Costco Wholesale Corp.		169,498
	123,900	CVS Health Corp.		6,681,927
	38,965	Danaher Corp.		5,144,159
	21,015	Darden Restaurants, Inc.		2,552,692
	13,100	Delta Air Lines, Inc.		676,615
	149,500	DENTSPLY SIRONA, Inc.		7,413,705
	300	Dollar General Corp.		35,790
	437	Domino’s Pizza, Inc.		112,790
	17,677	DTE Energy Co.		2,205,029
	4,300	Dunkin’ Brands Group, Inc.		322,930
	45,868	Edison International		2,840,147
	28,667	Eli Lilly & Co.		3,719,830
	30,100	Encompass Health Corp.		1,757,840
	21,545	Entergy Corp.		2,060,348
	16,500	EPR Properties REIT		1,268,850
	16,566	Equity LifeStyle Properties, Inc. REIT		1,893,494
	14,800	Equity Residential REIT		1,114,736

See accompanying Notes to the Financial Statements.

191

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		United States — continued
	5,058	Erie Indemnity Co. Class A		902,954
	7,067	Essex Property Trust, Inc. REIT		2,044,059
	7,300	Estee Lauder Cos., Inc. (The) Class A		1,208,515
	56,362	Exelon Corp.		2,825,427
	33,300	Exxon Mobil Corp.		2,690,640
	52,162	Facebook, Inc. Class A*		8,694,884
	2,200	Fair Isaac Corp.*		597,586
	69,762	Fidelity National Information Services, Inc.		7,890,082
	28,383	First American Financial Corp.		1,461,724
	2,600	First Citizens BancShares, Inc. Class A		1,058,720
	41,818	FirstEnergy Corp.		1,740,047
	13,838	Fiserv, Inc.* ‡		1,221,619
	60,800	Flowers Foods, Inc.		1,296,256
	9,400	Fortinet, Inc.*		789,318
	21,300	Gaming and Leisure Properties, Inc. REIT		821,541
	2,500	General Mills, Inc.		129,375
	1,500	Graham Holdings Co. Class B		1,024,770
	65,500	H&R Block, Inc.‡		1,568,070
	12,846	Hanover Insurance Group, Inc. (The)		1,466,628
	59,705	HCA Healthcare, Inc.		7,784,338
	20,126	Hershey Co. (The)		2,311,069
	20,616	Highwoods Properties, Inc. REIT		964,416
	18,086	Hill-Rom Holdings, Inc.		1,914,584
	68,766	Hologic, Inc.*		3,328,274
	6,364	Home Depot, Inc. (The)		1,221,188
	18,843	Honeywell International, Inc.		2,994,530
	25,300	Hormel Foods Corp.‡		1,132,428
	37,563	Hospitality Properties Trust REIT		988,283
	6,843	Humana, Inc.		1,820,238
	7,726	Huntington Ingalls Industries, Inc.		1,600,827
	4,200	ICU Medical, Inc.*		1,005,186
	19,203	Ingredion, Inc.		1,818,332
	8,900	Intel Corp.		477,930
	2,600	Intercontinental Exchange, Inc.		197,964
	20,484	International Business Machines Corp.		2,890,292
	13,338	Intuit, Inc.		3,486,687
	7,542	Jack Henry & Associates, Inc.		1,046,377
	5,179	JM Smucker Co. (The)		603,354
	36,190	Johnson & Johnson		5,059,000
	16,238	Kellogg Co.		931,736
	1,900	Kohl’s Corp.		130,663
	13,300	Kroger Co. (The)		327,180
	22,100	Lamb Weston Holdings, Inc.		1,656,174
	19,028	Liberty Property Trust REIT		921,336
	7,575	Lockheed Martin Corp.		2,273,712
	4,000	Lowe’s Cos., Inc.		437,880
	9,332	M&T Bank Corp.		1,465,311
	24,000	Macquarie Infrastructure Corp.		989,280
	9,559	Mastercard, Inc. Class A		2,250,667

See accompanying Notes to the Financial Statements.

192

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		United States — continued
	3,459	McCormick & Co., Inc.‡		521,029
	19,796	McDonald’s Corp.		3,759,260
	4,100	McKesson Corp.		479,946
	45,234	Merck & Co., Inc.		3,762,112
	5,740	Mercury General Corp.		287,402
	873	Mettler-Toledo International, Inc.*		631,179
	43,900	MFA Financial, Inc. REIT		319,153
	103,943	Microsoft Corp.		12,259,037
	1,225	Mid-America Apartment Communities, Inc. REIT		133,929
	22,847	Middleby Corp. (The)* ‡		2,970,795
	37,300	Mondelez International, Inc. Class A		1,862,016
	5,792	Morningstar, Inc.		729,734
	71,420	Motorola Solutions, Inc.		10,028,796
	1,400	MSCI, Inc. Class A		278,376
	6,300	National Instruments Corp.		279,468
	49,451	Newmont Mining Corp.‡		1,768,862
	12,770	NextEra Energy, Inc.		2,468,696
	2,490	Northrop Grumman Corp.		671,304
	4,500	Nu Skin Enterprises, Inc. Class A		215,370
	400	O’Reilly Automotive, Inc.*		155,320
	5,200	OGE Energy Corp.		224,224
	21,700	Old Republic International Corp.		453,964
	29,707	Omnicom Group, Inc.‡		2,168,314
	71,314	Oracle Corp.		3,830,275
	45,949	Packaging Corp. of America		4,566,412
	16,700	Paychex, Inc.		1,339,340
	33,948	PepsiCo, Inc.		4,160,327
	91,034	Pfizer, Inc.		3,866,214
	75,500	Philip Morris International, Inc.		6,673,445
	9,900	Phillips 66		942,183
	21,400	Pinnacle West Capital Corp.		2,045,412
	16,400	Post Holdings, Inc.*		1,794,160
	17,109	Premier, Inc. Class A*		590,089
	42,580	Procter & Gamble Co. (The)		4,430,449
	35,483	Progressive Corp. (The)		2,557,969
	21,630	Prologis, Inc. REIT		1,556,278
	500	Public Storage REIT		108,890
	11,181	Raytheon Co.		2,035,836
	10,620	Reinsurance Group of America, Inc. Class A		1,507,828
	31,104	Republic Services, Inc. Class A		2,500,140
	1,200	ResMed, Inc.		124,764
	2,600	Robert Half International, Inc.		169,416
	15,200	Royal Gold, Inc.		1,382,136
	21,100	S&P Global, Inc.		4,442,605
	53,800	Sabre Corp.		1,150,782
	31	Seaboard Corp.		132,826
	68,843	Service Corp. International		2,764,046
	12,200	Simon Property Group, Inc. REIT		2,222,962
	16,800	Southern Co. (The)		868,224

See accompanying Notes to the Financial Statements.

193

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares		Description	Value ($)
		United States — continued
	1,885	Spirit AeroSystems Holdings, Inc. Class A		172,534
	42,549	Starbucks Corp.		3,163,093
	18,700	STORE Capital Corp. REIT		626,450
	14,753	Stryker Corp.		2,914,013
	14,196	Sun Communities, Inc. REIT		1,682,510
	21,372	Synopsys, Inc.*		2,460,986
	35,447	Sysco Corp.		2,366,442
	11,800	Target Corp.		947,068
	74,140	TD Ameritrade Holding Corp.		3,706,259
	27,000	TFS Financial Corp.		444,690
	31,147	Thermo Fisher Scientific, Inc.		8,525,557
	4,600	TJX Cos., Inc. (The)		244,766
	53,090	Torchmark Corp.		4,350,725
	10,193	Total System Services, Inc.		968,437
	100	Tractor Supply Co.		9,776
	17,563	Travelers Cos., Inc. (The)		2,408,941
	400	TreeHouse Foods, Inc.*		25,820
	15,300	Two Harbors Investment Corp. REIT		207,009
	30,279	Tyson Foods, Inc. Class A		2,102,271
	36,664	UDR, Inc. REIT		1,666,745
	34,687	UGI Corp.		1,922,354
	8,000	United Continental Holdings, Inc.*		638,240
	1,300	United States Cellular Corp.*		59,683
	34,902	UnitedHealth Group, Inc.		8,629,869
	19,650	Universal Health Services, Inc. Class B		2,628,580
	23,359	US Bancorp		1,125,670
	31,000	US Foods Holding Corp.*		1,082,210
	14,043	Varian Medical Systems, Inc.*		1,990,174
	1,400	VeriSign, Inc.*		254,184
	72,012	Verizon Communications, Inc.		4,258,070
	5,800	VF Corp.		504,078
	7,600	Walgreens Boots Alliance, Inc.		480,852
	35,236	Walmart, Inc.		3,436,567
	27,385	Waste Management, Inc.		2,845,575
	1,685	Waters Corp.*		424,131
	2,800	WEC Energy Group, Inc.		221,424
	19,059	Xcel Energy, Inc.		1,071,306
	48,765	Yum China Holdings, Inc.		2,190,036
	21,771	Yum! Brands, Inc.		2,172,964
	7,767	Zimmer Biomet Holdings, Inc.		991,846
		Total United States		509,689,581
		TOTAL COMMON STOCKS (COST $804,764,960)		892,736,836
		PREFERRED STOCKS — 0.0%
		Japan — 0.0%
	67	Shinkin Central Bank, 2.72% Class A		144,732

See accompanying Notes to the Financial Statements.

194

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

March 31, 2019

Shares			Description	Value ($)
			Sweden — 0.0%
	3,600		Akelius Residential Property AB, 5.76%		134,098
			TOTAL PREFERRED STOCKS (COST $259,373)		278,830
			RIGHTS — 0.0%
			Singapore — 0.0%
	43,212		Keppel Infrastructure Trust, Expires 04/04/2019* **** ¤		766
			TOTAL RIGHTS (COST $—)		766
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 2.2%
			Mutual Fund - Securities Lending Collateral — 2.0%
	18,747,378		State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.39%## **		18,747,378
			U.S. Government and Agency Obligations — 0.2%
	1,650,000		United States Treasury Bill, 2.41%, due 09/12/19*** ‡‡		1,632,242
			TOTAL SHORT-TERM INVESTMENTS (COST $20,378,992)		20,379,620
			TOTAL INVESTMENTS — 95.6% (Cost $825,403,325)		913,396,052
			Other Assets and Liabilities (net) — 4.4%		42,481,703
			NET ASSETS — 100.0%	$955,877,755
			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 March 31, 2019.
		*	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.
		****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the security at year end is $766 which represents 0.0% of net assets. The aggregate tax cost of this security held at March 31, 2019 was $0.
		¤	Illiquid security. The total market value of the securities at year end is $766 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2019 was $0.
		‡	All or a portion of this security is out on loan.
		‡‡	Interest rate presented is yield to maturity.

See accompanying Notes to the Financial Statements.

195

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Futures Contracts

Number of Contracts		Description	Expiration Date	Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	13	Canadian Dollar	Jun 2019	$	975,390	$	(1,855	)
	87	MSCI EAFE Index	Jun 2019		8,118,840		180,350
	106	S&P 500 E-mini Index	Jun 2019		15,040,340		439,301
	7	S&P/TSX 60 Index	Jun 2019		1,002,987		7,577
						$	625,373

See accompanying Notes to the Financial Statements.

196

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Industry Sector Summary (Unaudited)	% of Net Assets
Pharmaceuticals		7.5
Insurance		7.4
Food		6.5
Preferred Stocks		5.7
Electric		5.4
Software		5.0
Telecommunications		4.8
REITS		4.5
Health Care — Services		4.1
Retail		4.1
Banks		3.6
Aerospace & Defense		3.2
Commercial Services		2.9
Media		2.8
Internet		2.4
Cosmetics & Personal Care		1.9
Diversified Financial Services		1.9
Environmental Control		1.9
Agriculture		1.6
Beverages		1.6
Engineering & Construction		1.6
Computers		1.4
Packaging & Containers		1.3
Household Products & Wares		1.1
Gas		1.0
Transportation		0.9
Mining		0.7
Oil & Gas		0.7
Water		0.7
Chemicals		0.6
Distribution & Wholesale		0.5
Electrical Components & Equipment		0.5
Real Estate		0.5
Electronics		0.4
Iron & Steel		0.4
Machinery — Construction & Mining		0.4
Airlines		0.3
Machinery — Diversified		0.3
Advertising		0.2
Semiconductors		0.2
Shipbuilding		0.2
Apparel		0.1
Auto Manufacturers		0.1
Energy-Alternate Sources		0.1
Health Care — Products		0.1
Holding Companies — Diversified		0.1
Leisure Time		0.1
Miscellaneous — Manufacturing		0.1
Biotechnology		0.0
Entertainment		0.0
Investment Companies		0.0

See accompanying Notes to the Financial Statements.

197

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

March 31, 2019

Industry Sector Summary (Unaudited)	% of Net Assets
Lodging		0.0
Private Equity		0.0
Savings & Loans		0.0
Short-Term Investments and Other Assets and Liabilities (net)		6.6
		100.0	%

See accompanying Notes to the Financial Statements.

198

Mercer Funds

Statements of Assets and Liabilities

March 31, 2019

	Mercer US Large Cap Equity Fund			Mercer US Small/Mid Cap Equity Fund			Mercer Non-US Core Equity Fund			Mercer Core Fixed Income Fund
Assets
Investments, at value(a)		$	377,391,886		$	762,470,080		$	2,117,449,026		$	543,158,094
Foreign currency, at value(b)			—			17,177			5,201,367			—
Cash and cash equivalents			17,497,958			35,684,656			76,139,168			8,559,022
Receivable for investments sold			875,850			3,108,804			11,446,259			253,541
Dividend and interest receivable			399,582			855,715			9,014,198			3,765,783
Foreign tax reclaims receivable			190,900			32,256			4,160,706			817
Cash collateral held at broker on open centrally cleared swap contracts			—			—			—			1,150,134
Receivable for variation margin on open futures contracts			117,842			79,992			229,289			—
Cash collateral held at broker on open futures contracts			400,000			—			—			—
Unrealized appreciation on open forward foreign currency contracts			—			—			42,087			—
Prepaid expenses			3,143			5,805			13,946			5,167
Receivable for variation margin on open centrally cleared swap contracts			—			—			—			122,856
Securities lending income receivable			3,271			9,670			40,050			2,123
Total assets			396,880,432			802,264,155			2,223,736,096			557,017,537
Liabilities
Obligation to return securities lending collateral			6,158,462			2,502,353			56,574,708			6,309,277
Payable for investments purchased			958,064			4,474,993			9,613,852			807,584
Payable for TBA and when-issued securities purchased			—			—			—			738,279
Payable for variation margin on open futures contracts			—			—			—			129,462
Payable for foreign capital gains tax			—			—			23,278			—
Payable for Fund shares repurchased			—			—			—			10,000
Written options, at value(c)			—			—			—			6,000
Payable to affiliate for:
Advisory fees			177,953			605,821			1,294,225			168,749
Trustees fees			7,342			14,813			39,881			10,676
Accrued expenses			163,713			262,933			605,306			237,034
Total liabilities			7,465,534			7,860,913			68,151,250			8,417,061
Net assets		$	389,414,898		$	794,403,242		$	2,155,584,846		$	548,600,476

See accompanying Notes to the Financial Statements.

199

Mercer Funds

Statements of Assets and Liabilities (Continued)

March 31, 2019

	Mercer US Large Cap Equity Fund			Mercer US Small/Mid Cap Equity Fund			Mercer Non-US Core Equity Fund			Mercer Core Fixed Income Fund
Net assets consist of:
Paid-in capital		$	348,479,336		$	721,175,196		$	2,044,132,937		$	560,333,048
Distributable earnings (Accumulated loss)			40,935,562			73,228,046			111,451,909			(11,732,572	)
Net assets		$	389,414,898		$	794,403,242		$	2,155,584,846		$	548,600,476
Net assets attributable to:
Class Y-3 shares		$	389,414,898		$	794,403,242		$	2,155,584,846		$	548,600,476
Shares outstanding:
Class Y-3			45,382,750			78,439,281			218,299,337			54,858,871
Net asset value per unit:
Class Y-3		$	8.58		$	10.13		$	9.87		$	10.00
(a)   Investments, at cost		$	344,266,731		$	686,596,228		$	1,991,854,840		$	547,073,957
(b)   Foreign currency, at cost		$	—		$	17,221		$	5,215,890		$	—
(c)   Premiums on written options		$	—		$	—		$	—		$	5,867

See accompanying Notes to the Financial Statements.

200

Mercer Funds

Statements of Assets and Liabilities (Continued)

March 31, 2019

	Mercer Opportunistic Fixed Income Fund			Mercer Emerging Markets Equity Fund			Mercer Global Low Volatility Equity Fund
Assets
Investments, at value(a)		$	778,935,352		$	949,504,640		$	913,396,052
Foreign currency, at value(b)			5,772,922			4,891,129			496,677
Cash and cash equivalents			26,539,170			71,022,960			57,705,698
Receivable for investments sold			30,978,997			2,286,428			2,192,656
Dividend and interest receivable			9,898,640			2,563,319			2,301,578
Unrealized appreciation on open forward foreign currency contracts			2,754,284			2,601,065			—
Cash collateral held at broker on open futures contracts			1,411,795			1,677,639			—
Receivable for TBA securities sold			1,850,283			—			—
Cash collateral held at broker on open forward foreign currency contracts, open options, and open OTC swaps contracts			1,327,808			—			—
Foreign tax reclaims receivable			97,549			61,473			1,063,388
Receivable for variation margin on open futures contracts			37,457			420,032			117,757
OTC — Swap contracts, at value (up-front net premiums paid of $544,618, $-, and $-, respectively)			493,832			—			—
Cash collateral held at broker on open centrally cleared swap contracts			481,685			—			—
Receivable for Fund shares sold			—			136,442			—
Receivable for swap contract premiums			99,612			—			—
Prepaid expenses			4,185			7,081			6,425
Synthetic futures, at value			—			438,604			—
Receivable for variation margin on open centrally cleared swap contracts			514,999			—			—
Securities lending income receivable			7,900			12,207			13,312
Total assets			861,206,470			1,035,623,019			977,293,543
Liabilities
Payable for investments purchased			29,736,099			4,674,661			1,744,804
Obligation to return securities lending collateral			7,793,870			6,377,010			18,747,378
Payable for TBA and when-issued securities purchased			4,711,124			—			—
Unrealized depreciation on open forward foreign currency contracts			3,216,602			920,398			—
Cash collateral on open forward foreign currency contracts due to broker			—			2,550,423			—
OTC — Swap contracts, at value (up-front net premiums received of $1,086,100, $-, and $-, respectively)			1,566,521			—			—
Payable for foreign capital gains tax			138,875			1,023,394			—
Cash collateral on open forward foreign currency contracts, open options, and open OTC swap contracts due to broker			400,000			—			—
Written options, at value(c)			119,280			—			—
Synthetic futures, at value			—			72,495			—
Variation margin payable on open futures contracts			39,634			—			—
Payable for closed synthetic futures contracts			—			218,050			—
Payable to affiliate for:
Advisory fees			545,643			684,591			601,347
Trustees fees			15,176			18,872			17,741
Accrued expenses			343,182			435,954			304,518
Total liabilities			48,626,006			16,975,848			21,415,788
Net assets		$	812,580,464		$	1,018,647,171		$	955,877,755

See accompanying Notes to the Financial Statements.

201

Mercer Funds

Statements of Assets and Liabilities (Continued)

March 31, 2019

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund				Mercer Global Low Volatility Equity Fund
Net assets consist of:
Paid-in capital		$	852,122,810			$	1,041,442,885			$	788,124,091
Distributable earnings (Accumulated loss)			(39,542,346	)			(22,795,714	)			167,753,664
Net assets		$	812,580,464			$	1,018,647,171			$	955,877,755
Net assets attributable to:
Class Y-3 shares		$	812,580,464			$	1,018,647,171			$	955,877,755
Shares outstanding:
Class Y-3			89,533,785				112,580,369				72,788,611
Net asset value per unit:
Class Y-3		$	9.08			$	9.05			$	13.13
(a)   Investments, at cost		$	781,409,589			$	951,399,220			$	825,403,325
(b)   Foreign currency, at cost		$	5,779,438			$	4,896,527			$	498,210
(c)   Premiums on written options		$	136,105			$	—			$	—

See accompanying Notes to the Financial Statements.

202

Mercer Funds

Statements of Operations

For the Year Ended March 31, 2019

	Mercer US Large Cap Equity Fund				Mercer US Small/Mid Cap Equity Fund				Mercer Non-US Core Equity Fund				Mercer Core Fixed Income Fund
Investment Income:
Dividends		$	7,797,564			$	10,285,545			$	63,089,481			$	—
Interest			154,992				354,971				1,004,445				26,911,042
Securities lending income			61,915				133,289				526,498				54,505
Withholding taxes			(93,479	)			(28,941	)			(5,596,785	)			—
Non-cash dividends			—				1,112,838				—				—
Other income			1,625				184,599				1,205				17,191
Total investment income			7,922,617				12,042,301				59,024,844				26,982,738
Expenses:
Advisory fees			2,292,322				7,464,579				14,861,742				2,618,409
Custodian and fund accounting fees			113,296				195,675				534,911				179,134
Audit fees			58,509				62,173				96,466				83,903
Transfer agent fees			24,296				25,160				25,262				25,126
Legal fees			114,799				226,914				590,987				178,930
Trustees fees			36,060				69,315				176,128				60,286
Registration fees			26,406				26,406				26,106				26,406
Miscellaneous			43,645				79,871				193,737				68,000
Total expenses			2,709,333				8,150,093				16,505,339				3,240,194
Net investment income			5,213,284				3,892,208				42,519,505				23,742,544
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			46,761,711				65,479,343				19,953,845				(7,616,114	)
Purchased option contracts			—				—				—				(22,388	)
Swap contracts			—				—				—				460,897
Closed futures contracts			751,520				(3,047,398	)			(9,800,826	)			1,179,585
Written option contracts			—				—				—				6,467
Forward foreign currency contracts			—				—				1,478,708				—
Foreign currency related transactions			(89	)			(120	)			(1,843,013	)			—
Net realized gain (loss)			47,513,142				62,431,825				9,788,714				(5,991,553	)
Change in net unrealized appreciation (depreciation) on:
Investments			(31,727,501	)			(63,400,513	)			(134,016,885	)			10,670,492
Purchased option contracts			—				—				—				1,489
Swap contracts			—				—				—				(1,228,628	)
Open futures contracts			752,122				1,338,458				3,401,830				300,806
Written option contracts			—				—				—				(133	)
Forward foreign currency contracts			—				—				146,907				—
Foreign currency related translations			(15	)			(1,746	)			(163,626	)			814
Change in net unrealized appreciation (depreciation)			(30,975,394	)			(62,063,801	)			(130,631,774	)			9,744,840
Net realized and unrealized gain (loss)			16,537,748				368,024				(120,843,060	)			3,753,287
Net increase (decrease) in net assets resulting from operations		$	21,751,032			$	4,260,232			$	(78,323,555	)		$	27,495,831

See accompanying Notes to the Financial Statements.

203

Mercer Funds

Statements of Operations (Continued)

For the Year Ended March 31, 2019

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund				Mercer Global Low Volatility Equity Fund
Investment Income:
Dividends		$	90,627			$	29,230,357			$	21,871,501
Interest			38,542,731				788,334				752,796
Securities lending income			53,296				193,266				150,665
Withholding taxes			(462,254	)			(3,343,681	)			(1,211,014	)
Other income			99,612				8,083				—
Total investment income			38,324,012				26,876,359				21,563,948
Expenses:
Advisory fees			5,416,210				8,238,932				7,217,299
Custodian and fund accounting fees			354,683				662,762				226,798
Audit fees			84,957				159,138				68,369
Transfer agent fees			24,563				25,073				24,688
Legal fees			209,198				285,820				264,420
Trustees fees			57,403				86,466				80,603
Registration fees			28,255				27,880				27,805
Interest expense			242				8,544				—
Miscellaneous			73,834				114,455				93,993
Total expenses			6,249,345				9,609,070				8,003,975
Net investment income			32,074,667				17,267,289				13,559,973
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			(42,693,422	)			(13,982,877	)			67,696,987
Purchased option contracts			(734,704	)			—				—
Swap contracts			(1,046,207	)			—				—
Closed futures contracts			(1,059,568	)			(8,694,962	)			(1,449,083	)
Written option contracts			108,576				—				—
Forward foreign currency contracts			(5,452,322	)			(7,071,037	)			—
Foreign currency related transactions			(3,121,548	)			(594,935	)			(242,112	)
Net realized gain (loss)			(53,999,195	)			(30,343,811	)			66,005,792
Change in net unrealized appreciation (depreciation) on:
Investments			(3,669,772	)			(106,087,535	)			(17,178,664	)
Purchased option contracts			(765,777	)			—				—
Swap contracts			(2,640,773	)			—				—
Open futures contracts			(271,487	)			(150,693	)			1,745,774
Written option contracts			16,825				—				—
Forward foreign currency contracts			(253,772	)			1,772,163				—
Foreign currency related translations			(108,503	)			(1,059,946	)			(35,326	)
Change in net unrealized appreciation (depreciation)			(7,693,259	)			(105,526,011	)			(15,468,216	)
Net realized and unrealized gain (loss)			(61,692,454	)			(135,869,822	)			50,537,576
Net increase (decrease) in net assets resulting from operations		$	(29,617,787	)		$	(118,602,533	)		$	64,097,549

See accompanying Notes to the Financial Statements.

204

Mercer Funds

Statements of Changes in Net Assets

	Mercer US Large Cap Equity Fund								Mercer US Small/Mid Cap Equity Fund
	Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2019				Year Ended March 31, 2018
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	5,213,284			$	7,604,697			$	3,892,208			$	3,035,340
Net realized gain (loss)			47,513,142				104,190,636				62,431,825				117,950,083
Change in net unrealized appreciation (depreciation)			(30,975,394	)			(12,497,608	)			(62,063,801	)			(3,633,592	)
Net increase in net assets resulting from operations			21,751,032				99,297,725				4,260,232				117,351,831
Distributions to shareholders (See Note 2):
Class Y-3			(97,267,079	)			(72,475,376	)			(134,114,544	)			(94,877,327	)
Total distributions			(97,267,079	)			(72,475,376	)(a)			(134,114,544	)			(94,877,327	)(b)
Net share transactions (See Note 7):
Class Y-3			(47,626,675	)			(115,323,720	)			16,313,503				(86,986,239	)
Increase (decrease) in net assets resulting from net shares transactions			(47,626,675	)			(115,323,720	)			16,313,503				(86,986,239	)
Net decrease in net assets			(123,142,722	)			(88,501,371	)			(113,540,809	)			(64,511,735	)
Net assets:
Beginning of year			512,557,620				601,058,991				907,944,051				972,455,786
End of year		$	389,414,898			$	512,557,620			$	794,403,242			$	907,944,051

(a) Included in total distributions was $(7,533,062) from net investment income and $(64,942,314) from net realized gains as of year ended March 31, 2018. The undistributed net investment income was $1,244,427 at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

(b) Included in total distributions was $(4,249,847) from net investment income and $(90,627,480) from net realized gains as of year ended March 31, 2018. The distributions in excess of net investment income was $(623) at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

See accompanying Notes to the Financial Statements.

205

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Non-US Core Equity Fund								Mercer Core Fixed Income Fund
	Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2019				Year Ended March 31, 2018
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	42,519,505			$	38,658,876			$	23,742,544			$	22,379,987
Net realized gain (loss)			9,788,714				298,158,773				(5,991,553	)			(570,639	)
Change in net unrealized appreciation (depreciation)			(130,631,774	)			77,034,628				9,744,840				(8,324,350	)
Net increase (decrease) in net assets resulting from operations			(78,323,555	)			413,852,277				27,495,831				13,484,998
Distributions to shareholders (See Note 2):
Class Y-3			(218,880,784	)			(170,790,191	)			(24,784,732	)			(19,914,504	)
Total distributions			(218,880,784	)			(170,790,191	)(a)			(24,784,732	)			(19,914,504	)(b)
Net share transactions (See Note 7):
Class Y-3			293,490,399				(354,867,675	)			(312,057,324	)			98,773,232
Increase (decrease) in net assets resulting from net shares transactions			293,490,399				(354,867,675	)			(312,057,324	)			98,773,232
Net increase (decrease) in net assets			(3,713,940	)			(111,805,589	)			(309,346,225	)			92,343,726
Net assets:
Beginning of year			2,159,298,786				2,271,104,375				857,946,701				765,602,975
End of year		$	2,155,584,846			$	2,159,298,786			$	548,600,476			$	857,946,701

(a) Included in total distributions was $(45,496,553) from net investment income and $(125,293,638) from net realized gains as of year ended March 31, 2018. The distributions in excess of net investment income was $(502,673) at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

(b) Included in total distributions was $(19,914,504) from net investment income and $0 from net realized gains as of year ended March 31, 2018. The undistributed net investment income was $6,112,251 at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

See accompanying Notes to the Financial Statements.

206

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Opportunistic Fixed Income Fund								Mercer Emerging Markets Equity Fund
	Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2019				Year Ended March 31, 2018
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	32,074,667			$	33,165,244			$	17,267,289			$	23,614,533
Net realized gain (loss)			(53,999,195	)			7,176,468				(30,343,811	)			341,364,374
Change in net unrealized appreciation (depreciation)			(7,693,259	)			13,909,550				(105,526,011	)			(47,488,518	)
Net increase (decrease) in net assets resulting from operations			(29,617,787	)			54,251,262				(118,602,533	)			317,490,389
Distributions to shareholders (See Note 2):
Class Y-3			(15,919,968	)			(23,966,710	)			(142,768,325	)			(36,403,991	)
Total distributions			(15,919,968	)			(23,966,710	)(a)			(142,768,325	)			(36,403,991	)(b)
Net share transactions (See Note 7):
Class Y-3			210,895,795				58,079,251				163,890,739				(646,948,904	)
Increase (decrease) in net assets resulting from net shares transactions			210,895,795				58,079,251				163,890,739				(646,948,904	)
Net increase (decrease) in net assets			165,358,040				88,363,803				(97,480,119	)			(365,862,506	)
Net assets:
Beginning of year			647,222,424				558,858,621				1,116,127,290				1,481,989,796
End of year		$	812,580,464			$	647,222,424			$	1,018,647,171			$	1,116,127,290

(a) Included in total distributions was $(23,966,710) from net investment income and $0 from net realized gains as of year ended March 31, 2018. The undistributed net investment income was $16,141,517 at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

(b) Included in total distributions was $(36,403,991) from net investment income and $0 from net realized gains as of year ended March 31, 2018. The distributions in excess of net investment income was $(1,949,655) at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

See accompanying Notes to the Financial Statements.

207

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Global Low Volatility Equity Fund
	Year Ended March 31, 2019				Year Ended March 31, 2018
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	13,559,973			$	15,564,976
Net realized gain (loss)			66,005,792				151,397,171
Change in net unrealized appreciation (depreciation)			(15,468,216	)			(17,711,022	)
Net increase in net assets resulting from operations			64,097,549				149,251,125
Distributions to shareholders (See Note 2):
Class Y-3			—				(146,523,040	)
Total distributions			—				(146,523,040	)(a)
Net share transactions (See Note 7):
Class Y-3			(28,829,907	)			(331,977,749	)
Decrease in net assets resulting from net shares transactions			(28,829,907	)			(331,977,749	)
Net increase (decrease) in net assets			35,267,642				(329,249,664	)
Net assets:
Beginning of year			920,610,113				1,249,859,777
End of year		$	955,877,755			$	920,610,113

(a) Included in total distributions was $(18,085,932) from net investment income and $(128,437,108) from net realized gains as of year ended March 31, 2018. The distributions in excess of net investment income was $(661,448) at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

See accompanying Notes to the Financial Statements.

208

Mercer US Large Cap Equity Fund

Financial Highlights

	Year Ended 3/31/2019				Year Ended 3/31/2018				Year Ended 3/31/2017				Year Ended 3/31/2016				Year Ended 3/31/2015
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of year		$	10.85			$	10.61			$	9.34			$	11.11			$	13.16
Net investment income†			0.12				0.14				0.11	(a)			0.04				0.05
Net realized and unrealized gain (loss) on investments			0.18				1.68				1.54				(0.43	)			1.63
Total from investment operations			0.30				1.82				1.65				(0.39	)			1.68
Less dividends and distributions:
From net investment income			(0.14	)			(0.16	)			(0.08	)			(0.05	)			(0.04	)
From net realized gain on investments			(2.43	)			(1.42	)			(0.30	)			(1.33	)			(3.69	)
Total dividends and distributions			(2.57	)			(1.58	)			(0.38	)			(1.38	)			(3.73	)
Net asset value at end of year		$	8.58			$	10.85			$	10.61			$	9.34			$	11.11
Total investment return			4.81	%			17.26	%			17.74	%			(4.09	)%			13.63	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			1.21	%			1.28	%			1.14	%(a)			0.33	%			0.37	%
Net expenses to average daily net assets			0.63	%			0.60	%			0.61	%(d)			0.63	%(c)			0.60	%(c)
Total expenses (before reductions and reimbursements) to average daily net assets			0.63	%			0.60	%			0.61	%			0.63	%(c)			0.63	%(c)
Portfolio turnover rate			74	%			64	%			84	%			66	%			118	%
Net assets at end of year (in 000’s)		$	389,415			$	512,558			$	601,059			$	301,260			$	362,698

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

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

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

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

† Computed using average shares outstanding throughout the year.

See accompanying Notes to the Financial Statements.

209

Mercer US Small/Mid Cap Equity Fund

Financial Highlights (Continued)

	Year Ended 3/31/2019				Year Ended 3/31/2018				Year Ended 3/31/2017				Year Ended 3/31/2016				Year Ended 3/31/2015
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of year		$	12.29			$	12.12			$	10.30			$	12.23			$	12.44
Net investment income (loss)†			0.05				0.04				0.04	(a)			(0.02	)			(0.03	)
Net realized and unrealized gain (loss) on investments			(0.23	)			1.46				2.13				(1.28	)			1.32
Total from investment operations			(0.18	)			1.50				2.17				(1.30	)			1.29
Less dividends and distributions:
From net investment income			(0.05	)			(0.06	)			(0.08	)			—				—
From net realized gain on investments			(1.93	)			(1.27	)			(0.27	)			(0.63	)			(1.50	)
Total dividends and distributions			(1.98	)			(1.33	)			(0.35	)			(0.63	)			(1.50	)
Net asset value at end of year		$	10.13			$	12.29			$	12.12			$	10.30			$	12.23
Total investment return			0.19	%			12.64	%			21.24	%			(10.78	)%			11.11	%(b)
Ratios/Supplemental Data:
Net investment income (loss) to average net assets			0.47	%			0.31	%			0.40	%(a)			(0.18	)%			(0.25	)%
Net expenses to average daily net assets			0.98	%			0.95	%			0.97	%(d)			0.98	%(c)			0.98	%(c)
Total expenses (before reductions and reimbursements) to average daily net assets			0.98	%			0.95	%			0.97	%			0.98	%(c)			0.99	%(c)
Portfolio turnover rate			47	%			49	%			106	%			68	%			75	%
Net assets at end of year (in 000’s)		$	794,403			$	907,944			$	972,456			$	427,426			$	470,893

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

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

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

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

† Computed using average shares outstanding throughout the year.

See accompanying Notes to the Financial Statements.

210

Mercer Non-US Core Equity Fund

Financial Highlights (Continued)

	Year Ended 3/31/2019				Year Ended 3/31/2018				Year Ended 3/31/2017				Year Ended 3/31/2016				Year Ended 3/31/2015
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of year		$	11.51			$	10.44			$	9.61			$	10.64			$	11.92
Net investment income†			0.22				0.19				0.18	(a)			0.16				0.19
Net realized and unrealized gain (loss) on investments			(0.76	)			1.75				0.83				(0.76	)			(0.22	)
Total from investment operations			(0.54	)			1.94				1.01				(0.60	)			(0.03	)
Less dividends and distributions:
From net investment income			(0.20	)			(0.23	)			(0.18	)			(0.17	)			(0.27	)
From net realized gain on investments			(0.90	)			(0.64	)			—				(0.26	)			(0.98	)
Total dividends and distributions			(1.10	)			(0.87	)			(0.18	)			(0.43	)			(1.25	)
Net asset value at end of year		$	9.87			$	11.51			$	10.44			$	9.61			$	10.64
Total investment return			(4.00	)%			18.80	%			10.62	%			(5.64	)%			0.19	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			2.03	%			1.64	%			1.81	%(a)			1.60	%			1.72	%
Net expenses to average daily net assets			0.79	%			0.79	%(c)			0.82	%(c)(d)			0.83	%(c)			0.84	%(c)
Total expenses (before reductions and reimbursements) to average daily net assets			0.79	%			0.79	%(c)			0.81	%(c)			0.83	%(c)			0.84	%(c)
Portfolio turnover rate			81	%			81	%			81	%			109	%			101	%
Net assets at end of year (in 000’s)		$	2,155,585			$	2,159,299			$	2,271,104			$	1,941,634			$	2,072,981

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

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

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

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

† Computed using average shares outstanding throughout the year.

See accompanying Notes to the Financial Statements.

211

Mercer Core Fixed Income Fund

Financial Highlights (Continued)

	Year Ended 3/31/2019				Year Ended 3/31/2018				Year Ended 3/31/2017				Year Ended 3/31/2016				Year Ended 3/31/2015
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of year		$	9.90			$	9.96			$	10.15			$	10.43			$	10.42
Net investment income†			0.31				0.27				0.25	(a)			0.29				0.28
Net realized and unrealized gain (loss) on investments			0.11				(0.09	)			(0.09	)			(0.17	)			0.28
Total from investment operations			0.42				0.18				0.16				0.12				0.56
Less dividends and distributions:
From net investment income			(0.32	)			(0.24	)			(0.25	)			(0.30	)			(0.33	)
From net realized gain on investments			—				—				(0.10	)			(0.10	)			(0.22	)
Total dividends and distributions			(0.32	)			(0.24	)			(0.35	)			(0.40	)			(0.55	)
Net asset value at end of year		$	10.00			$	9.90			$	9.96			$	10.15			$	10.43
Total investment return			4.37	%			1.80	%			1.58	%			1.26	%			5.43	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			3.17	%			2.71	%			2.43	%(a)			2.80	%			2.66	%
Net expenses to average daily net assets			0.43	%			0.43	%			0.43	%(c)(d)			0.42	%			0.40	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.43	%			0.43	%			0.43	%(c)			0.42	%			0.42	%
Portfolio turnover rate			80	%(e)			113	%(e)			151	%			88	%			192	%
Net assets at end of year (in 000’s)		$	548,600			$	857,947			$	765,603			$	783,875			$	892,649

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

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

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

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

(e) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 74% and 81% for the years ended March 31, 2019 and March 31, 2018, respectively.

† Computed using average shares outstanding throughout the year.

See accompanying Notes to the Financial Statements.

212

Mercer Opportunistic Fixed Income Fund

Financial Highlights (Continued)

	Year Ended 3/31/2019				Year Ended 3/31/2018				Year Ended 3/31/2017				Year Ended 3/31/2016				Year Ended 3/31/2015
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of year		$	9.80			$	9.31			$	8.44			$	9.13			$	10.43
Net investment income†			0.43				0.53				0.51	(a)			0.54				0.56
Net realized and unrealized gain (loss) on investments			(0.94	)			0.33				0.36				(1.12	)			(1.32	)
Total from investment operations			(0.51	)			0.86				0.87				(0.58	)			(0.76	)
Less dividends and distributions:
From net investment income			(0.21	)			(0.37	)			—				(0.07	)			(0.47	)
From net realized gain on investments			—				—				—				(0.04	)			(0.07	)
Total dividends and distributions			(0.21	)			(0.37	)			—				(0.11	)			(0.54	)
Net asset value at end of year		$	9.08			$	9.80			$	9.31			$	8.44			$	9.13
Total investment return			(5.15	)%			9.42	%			10.31	%(b)			(6.25	)%(b)			(7.36	)%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			4.74	%			5.49	%			5.75	%(a)			6.28	%			5.55	%
Net expenses to average daily net assets			0.92	%(c)			0.92	%(c)			0.94	%(c)(d)			0.90	%(c)			0.90	%(c)
Total expenses (before reductions and reimbursements) to average daily net assets			0.92	%(c)			0.92	%(c)			0.94	%(c)			0.95	%(c)			0.97	%(c)
Portfolio turnover rate			243	%(e)			72	%			55	%			53	%			58	%
Net assets at end of year (in 000’s)		$	812,580			$	647,222			$	558,859			$	414,262			$	395,939

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

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

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

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

(e) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 218% for the year ended March 31, 2019.

† Computed using average shares outstanding throughout the year.

See accompanying Notes to the Financial Statements.

213

Mercer Emerging Markets Equity Fund

Financial Highlights (Continued)

	Year Ended 3/31/2019				Year Ended 3/31/2018				Year Ended 3/31/2017				Year Ended 3/31/2016				Year Ended 3/31/2015
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of year		$	11.75			$	9.77			$	8.59			$	9.88			$	9.99
Net investment income†			0.17				0.18				0.14	(a)			0.16				0.17
Net realized and unrealized gain (loss) on investments			(1.48	)			2.05				1.22				(1.36	)			(0.09	)
Total from investment operations			(1.31	)			2.23				1.36				(1.20	)			0.08
Less dividends and distributions:
From net investment income			(0.01	)			(0.25	)			(0.18	)			(0.09	)			(0.19	)
From net realized gain on investments			(1.38	)			—				—				—				—
Total dividends and distributions			(1.39	)			(0.25	)			(0.18	)			(0.09	)			(0.19	)
Net asset value at end of year		$	9.05			$	11.75			$	9.77			$	8.59			$	9.88
Total investment return			(10.20	)%			22.92	%			16.14	%			(12.06	)%			0.81	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			1.66	%			1.62	%			1.52	%(a)			1.79	%			1.66	%
Net expenses to average daily net assets			0.92	%(c)			0.95	%(c)			1.00	%(c)(d)			1.00	%(c)			0.98	%(c)
Total expenses (before reductions and reimbursements) to average daily net assets			0.92	%(c)			0.95	%(c)			0.99	%(c)			1.00	%(c)			1.00	%(c)
Portfolio turnover rate			57	%			93	%			89	%			66	%			46	%
Net assets at end of year (in 000’s)		$	1,018,647			$	1,116,127			$	1,481,990			$	1,150,136			$	1,087,355

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

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

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

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

† Computed using average shares outstanding throughout the year.

See accompanying Notes to the Financial Statements.

214

Mercer Global Low Volatility Equity Fund

Financial Highlights (Continued)

	Year Ended 3/31/2019				Year Ended 3/31/2018				Year Ended 3/31/2017				Year Ended 3/31/2016				Year Ended 3/31/2015
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of year		$	12.28			$	12.62			$	11.81			$	12.11			$	12.27
Net investment income†			0.18				0.18				0.16	(a)			0.15				0.15
Net realized and unrealized gain on investments			0.67				1.39				1.11				0.33				0.54
Total from investment operations			0.85				1.57				1.27				0.48				0.69
Less dividends and distributions:
From net investment income			—				(0.18	)			(0.14	)			(0.14	)			(0.19	)
From net realized gain on investments			—				(1.73	)			(0.32	)			(0.64	)			(0.66	)
Total dividends and distributions			—				(1.91	)			(0.46	)			(0.78	)			(0.85	)
Net asset value at end of year		$	13.13			$	12.28			$	12.62			$	11.81			$	12.11
Total investment return			6.92	%			12.47	%			11.02	%			4.13	%			5.80	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			1.40	%			1.35	%			1.34	%(a)			1.23	%			1.25	%
Net expenses to average daily net assets			0.83	%			0.80	%(c)			0.81	%(c)			0.82	%(c)			0.85	%(c)
Total expenses (before reductions and reimbursements/recapture) to average daily net assets			0.83	%			0.80	%(c)			0.81	%(c)			0.82	%(c)			0.84	%(c)
Portfolio turnover rate			80	%			36	%			55	%			31	%			84	%
Net assets at end of year (in 000’s)		$	955,878			$	920,610			$	1,249,860			$	952,386			$	819,052

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

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

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

† Computed using average shares outstanding throughout the year.

See accompanying Notes to the Financial Statements.

215

Mercer Funds

Notes to the Financial Statements

March 31, 2019

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 Investments LLC, successor to Mercer Investment Management, Inc.¹ (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: Adviser Class (formerly Class S), Class I (formerly 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 March 31, 2019, only the Class Y-3 shares of each Fund had commenced operations.

2. Significant Accounting Policies

In August 2018, the Securities and Exchange Commission (“SEC”) adopted Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to

¹  Effective March 28, 2019, Mercer Investment Management, Inc., a Delaware corporation, converted to a Delaware limited liability company and was renamed Mercer Investments LLC.

216

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2019

November 5, 2018. As of March 31, 2019, Management has adopted the amendments. The amendment requires presentation of the total, rather than the components, of distributable earnings (accumulated loss) on the Statements of Assets and Liabilities. The amendment requires presentation of the total distributions, rather than the components, on the Statements of Changes in Net Assets and removal of the requirement for disclosure of undistributed net investment income on a book basis. This amendment facilitates compliance of the disclosure of information without significantly altering the information provided to investors.

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. As of March 31, 2019, Management has adopted 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.

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

(a)  Security Valuation

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

217

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2019

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

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

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

The Board has delegated its responsibility for valuing portfolio securities to the Advisor, subject to continuing Board oversight. The Advisor has appointed a Valuation Committee that is responsible for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Advisor or the applicable 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.)

218

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2019

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

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

The assets and liabilities shown in the Statements of Assets and Liabilities related to investments purchased for “to-be-announced” (“TBA”), TBA commitments or when-issued securities approximate fair value and are determined using Level 2 inputs, as of March 31, 2019. The assets and liabilities shown in the Statements of Assets and Liabilities related to cash collateral held at broker for futures contracts and swap contracts are determined using Level 1 inputs as of March 31, 2019.

At March 31, 2019, Large 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.

The following is a summary of the portfolio securities by level based on inputs used as of March 31, 2019 in valuing the assets and liabilities of Small/Mid Cap, Non-US Core Equity, Core Fixed, Opportunistic Fixed, Emerging Markets and Global Low Volatility for which fair valuation was used:

Small/Mid Cap

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	$	758,291,939	$	—	$	—	$	758,291,939
Total Common Stocks		758,291,939		—		—		758,291,939
Rights
Mining		—		93,008		—		93,008
Total Rights		—		93,008		—		93,008
Short-Term Investments
Mutual Fund - Securities Lending Collateral		2,502,353		—		—		2,502,353
U.S. Government and Agency Obligations		—		1,582,780		—		1,582,780
Total Short-Term Investments		2,502,353		1,582,780		—		4,085,133
Futures Contracts†
Buys		355,780		—		—		355,780
Total Futures Contracts		355,780		—		—		355,780
Total	$	761,150,072	$	1,675,788	$	—	$	762,825,860

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

219

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2019

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	$	83,868,944	$	0	*	$	—		$	83,868,944
Austria		14,618,651		—			—			14,618,651
Belgium		19,134,115		—			—			19,134,115
Bermuda		5,263,832		—			—			5,263,832
Brazil		17,670,707		—			—			17,670,707
Canada		16,640,889		—			—			16,640,889
Cayman Islands		35,148,589		—			—			35,148,589
China		2,934,898		—			—			2,934,898
Denmark		19,928,345		—			—			19,928,345
Finland		30,136,872		—			—			30,136,872
France		196,349,880		—			—			196,349,880
Germany		173,116,941		—			—			173,116,941
Hong Kong		27,307,782		—			—			27,307,782
Hungary		2,627,520		—			—			2,627,520
India		7,635,529		—			—			7,635,529
Indonesia		8,414,198		—			—			8,414,198
Ireland		10,382,267		—			—			10,382,267
Israel		8,166,132		—			—			8,166,132
Italy		56,868,632		—			—			56,868,632
Japan		454,401,682		—			—			454,401,682
Luxembourg		12,138,794		—			—			12,138,794
Malaysia		2,321,749		—			—			2,321,749
Netherlands		104,081,527		—			—			104,081,527
New Zealand		2,295,054		—			—			2,295,054
Norway		16,589,195		—			—			16,589,195
Philippines		862,175		—			—			862,175
Poland		1,351,053		—			—			1,351,053
Portugal		255,858		—			0	**		255,858
Russia		8,288,884		—			—			8,288,884
Singapore		5,078,140		—			—			5,078,140
South Africa		1,472,943		—			—			1,472,943
South Korea		9,837,535		—			—			9,837,535
Spain		45,737,416		—			0	**		45,737,416
Sweden		59,318,373		—			—			59,318,373
Switzerland		183,947,784		—			—			183,947,784
Taiwan		14,021,153		—			—			14,021,153
Thailand		—		2,236,786			—			2,236,786
Turkey		1,149,731		—			—			1,149,731
United Kingdom		308,105,373		—			—			308,105,373
United States		44,071,950		—			—			44,071,950
Total Common Stocks		2,011,541,092		2,236,786			0			2,013,777,878

220

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Notes to the Financial Statements (Continued)

March 31, 2019

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
United States	$	20,444,507	$	—	$	—	$	20,444,507
Total Investment Companies		20,444,507		—		—		20,444,507
Preferred Stocks
Brazil		1,593,537		—		—		1,593,537
Germany		20,119,556		—		—		20,119,556
Sweden		868,978		—		—		868,978
Total Preferred Stocks		22,582,071		—		—		22,582,071
Rights
Sweden		112,912		—		—		112,912
Total Rights		112,912		—		—		112,912
Short-Term Investments
Mutual Fund - Securities Lending Collateral		56,574,708		—		—		56,574,708
U.S. Government and Agency Obligations		—		3,956,950		—		3,956,950
Total Short-Term Investments		56,574,708		3,956,950		—		60,531,658
Futures Contracts†
Buys		1,374,326		—		—		1,374,326
Total Futures Contracts		1,374,326		—		—		1,374,326
Forward Foreign Currency Contracts†		—		42,087		—		42,087
Total Forward Foreign Currency Contracts		—		42,087		—		42,087
Total	$	2,112,629,616	$	6,235,823	$	0	$	2,118,865,439

* Represents one or more Level 2 securities at $0 value as of March 31, 2019.

** Represents one or more Level 3 securities at $0 value as of March 31, 2019.

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

221

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Notes to the Financial Statements (Continued)

March 31, 2019

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	$	—	$	78,339,940	$	—		$	78,339,940
Corporate Debt		—		194,009,401		0	**		194,009,401
Mortgage Backed Securities - Private Issuers		—		54,941,390		—			54,941,390
Mortgage Backed Securities - U.S. Government Agency Obligations		—		141,435,697		—			141,435,697
Municipal Obligations		—		5,494,480		—			5,494,480
Sovereign Debt Obligations		—		6,553,856		—			6,553,856
U.S. Government and Agency Obligations		—		54,700,608		—			54,700,608
Total Debt Obligations		—		535,475,372		0			535,475,372
Short-Term Investments
Certificates of Deposit		—		429,599		—			429,599
Mutual Fund - Securities Lending Collateral		6,309,277		—		—			6,309,277
U.S. Government and Agency Obligations		—		919,283		—			919,283
Total Short-Term Investments		6,309,277		1,348,882		—			7,658,159
Options Purchased		24,563		—		—			24,563
Futures Contracts†
Buys		1,292,785		—		—			1,292,785
Total Futures Contracts		1,292,785		—		—			1,292,785
Swaps
Centrally Cleared Interest Rate Swaps†		—		129,792		—			129,792
Total Swaps		—		129,792		—			129,792
Total	$	7,626,625	$	536,954,046	$	0		$	544,580,671

222

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Notes to the Financial Statements (Continued)

March 31, 2019

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	$	(187,872	)	$	—		$	—	$	(187,872	)
Total Futures Contracts		(187,872	)		—			—		(187,872	)
Swaps
Centrally Cleared Interest Rate Swaps†		—			(414,030	)		—		(414,030	)
Total Swaps		—			(414,030	)		—		(414,030	)
Written Options		(6,000	)		—			—		(6,000	)
Total	$	(193,872	)	$	(414,030	)	$	—	$	(607,902	)

** Represents one or more Level 3 securities at $0 value as of March 31, 2019.

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

Opportunistic Fixed

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Debt Obligations
Asset Backed Securities	$	—	$	20,105,374	$	—		$	20,105,374
Bank Loans		—		41,782,473		—			41,782,473
Convertible Debt		—		1,495,889		—			1,495,889
Corporate Debt		—		214,276,461		0	**		214,276,461
Mortgage Backed Securities - Private Issuers		—		19,245,704		—			19,245,704
Mortgage Backed Securities - U.S. Government Agency Obligations		—		20,104,316		—			20,104,316
Sovereign Debt Obligations		—		324,243,845		—			324,243,845
U.S. Government and Agency Obligations		—		104,993,156		—			104,993,156
Total Debt Obligations		—		746,247,218		0			746,247,218
Common Stocks
Diversified Financial Services		—		—		0	**		—
Oil & Gas		—		842,153		—			842,153
Total Common Stocks		—		842,153		0			842,153

223

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Notes to the Financial Statements (Continued)

March 31, 2019

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Convertible Preferred Stock
Health Care - Products	$	725,510	$	—	$	—	$	725,510
Oil & Gas		—		230,420		—		230,420
Total Convertible Preferred Stock		725,510		230,420		—		955,930
Preferred Stocks
Investment Companies		62,059		—		—		62,059
Total Preferred Stocks		62,059		—		—		62,059
Short-Term Investments
Certificates of Deposit		—		649,731		—		649,731
Investment Company		—		7,973,220		—		7,973,220
Mutual Fund - Securities Lending Collateral		7,793,870		—		—		7,793,870
Sovereign Debt Obligations		—		6,013,934		—		6,013,934
U.S. Government and Agency Obligations		—		7,059,804		—		7,059,804
Total Short-Term Investments		7,793,870		21,696,689		—		29,490,559
Options Purchased		706,922		630,511		—		1,337,433
Futures Contracts†
Buys		628,305		—		—		628,305
Sales		8,539		—		—		8,539
Total Futures Contracts		636,844		—		—		636,844
Swaps
Centrally Cleared Interest Rate Swaps†		—		29,033		—		29,033
OTC Credit Default Swaps		—		493,832		—		493,832
Total Swaps		—		522,865		—		522,865
Forward Foreign Currency Contracts†		—		2,754,284		—		2,754,284
Total Forward Foreign Currency Contracts		—		2,754,284		—		2,754,284
Total	$	9,925,205	$	772,924,140	$	0	$	782,849,345

224

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Notes to the Financial Statements (Continued)

March 31, 2019

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	$	(7,703	)	$	—		$	—	$	(7,703	)
Sales		(901,819	)		—			—		(901,819	)
Total Futures Contracts		(909,522	)		—			—		(909,522	)
Swaps
OTC Interest Rate Swaps		—			(285,360	)		—		(285,360	)
Centrally Cleared Interest Rate Swaps†		—			(1,815,718	)		—		(1,815,718	)
OTC Credit Default Swaps		—			(1,281,161	)		—		(1,281,161	)
Centrally Cleared Credit Default Swaps†		—			(322,881	)		—		(322,881	)
Total Swaps		—			(3,705,120	)		—		(3,705,120	)
Forward Foreign Currency Contracts†		—			(3,216,602	)		—		(3,216,602	)
Total Forward Foreign Currency Contracts		—			(3,216,602	)		—		(3,216,602	)
Written Options		(44,867	)		(74,413	)		—		(119,280	)
Total	$	(954,389	)	$	(6,996,135	)	$	—	$	(7,950,524	)

** Represents one or more Level 3 securities at $0 value as of March 31, 2019.

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

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
Australia	$	4,683,143	$	—	$	—	$	4,683,143
Bermuda		16,818,220		—		—		16,818,220
Brazil		54,175,382		—		—		54,175,382
British Virgin Islands		930,385		—		—		930,385
Cayman Islands		121,761,311		—		—		121,761,311
Chile		14,804,081		—		—		14,804,081
China		93,196,493		—		—		93,196,493
Colombia		837,922		—		—		837,922
Cyprus		767,095		—		—		767,095

225

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Notes to the Financial Statements (Continued)

March 31, 2019

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	$	1,123,987	$	—	$	—	$	1,123,987
Egypt		2,899,096		—		—		2,899,096
France		2,105,560		—		—		2,105,560
Greece		1,406,929		—		—		1,406,929
Hong Kong		42,485,662		—		—		42,485,662
Hungary		5,695,574		—		—		5,695,574
India		119,218,699		24,509		—		119,243,208
Indonesia		26,109,105		—		—		26,109,105
Isle of Man		212,173		—		—		212,173
Japan		2,412,102		—		—		2,412,102
Luxembourg		210,000		—		—		210,000
Malaysia		13,152,932		—		—		13,152,932
Mexico		34,324,078		—		—		34,324,078
Netherlands		7,770,959		—		—		7,770,959
Nigeria		1,477,143		—		—		1,477,143
Papua New Guinea		2,255,385		—		—		2,255,385
Philippines		5,277,101		—		—		5,277,101
Poland		8,588,338		—		—		8,588,338
Qatar		1,248,417		—		—		1,248,417
Russia		14,990,403		—		—		14,990,403
Singapore		2,189,935		—		—		2,189,935
South Africa		59,468,583		—		—		59,468,583
South Korea		95,680,926		—		—		95,680,926
Spain		24,608		—		—		24,608
Switzerland		3,940,812		—		—		3,940,812
Taiwan		100,210,362		—		—		100,210,362
Thailand		15,930,019		9,861,893		—		25,791,912
Turkey		3,984,814		—		—		3,984,814
United Arab Emirates		1,835,355		—		—		1,835,355
United Kingdom		10,565,157		—		—		10,565,157
United States		11,402,022		—		—		11,402,022
Total Common Stocks		906,170,268		9,886,402		—		916,056,670
Preferred Stocks
Brazil		17,132,090		—		—		17,132,090
Colombia		203,057		—		—		203,057
Germany		829,857		—		—		829,857
South Korea		448,215		3,973		—		452,188
Total Preferred Stocks		18,613,219		3,973		—		18,617,192
Rights
Hong Kong		—		28,151		—		28,151
India		—		242,081		—		242,081
South Korea		—		9,724		—		9,724
Total Rights		—		279,956		—		279,956

226

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Notes to the Financial Statements (Continued)

March 31, 2019

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short-Term Investments
Investment Fund	$	5,491,115	$	—	$	—	$	5,491,115
Mutual Fund - Securities Lending Collateral		6,377,010		—		—		6,377,010
U.S. Government and Agency Obligations		—		2,682,697		—		2,682,697
Total Short-Term Investments		11,868,125		2,682,697		—		14,550,822
Futures Contracts†
Buys		283,942		—		—		283,942
Total Futures Contracts		283,942		—		—		283,942
Synthetic Futures
Long		—		160,570		—		160,570
Short		—		278,034		—		278,034
Total Synthetic Futures		—		438,604		—		438,604
Forward Foreign Currency Contracts†		—		2,601,065		—		2,601,065
Total Forward Foreign Currency Contracts		—		2,601,065		—		2,601,065
Total	$	936,935,554	$	15,892,697	$	—	$	952,828,251

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	$	(5,633	)	$	—		$	—	$	(5,633	)
Sales		(53,978	)		—			—		(53,978	)
Total Futures Contracts		(59,611	)		—			—		(59,611	)
Synthetic Futures
Long		—			(13,866	)		—		(13,866	)
Short		—			(58,629	)		—		(58,629	)
Total Synthetic Futures		—			(72,495	)		—		(72,495	)
Forward Foreign Currency Contracts†		—			(920,398	)		—		(920,398	)
Total Forward Foreign Currency Contracts		—			(920,398	)		—		(920,398	)
Total	$	(59,611	)	$	(992,893	)	$	—	$	(1,052,504	)

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

227

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Notes to the Financial Statements (Continued)

March 31, 2019

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	$	892,736,836	$	—	$	—	$	892,736,836
Total Common Stocks		892,736,836		—		—		892,736,836
Preferred Stocks
Japan		144,732		—		—		144,732
Sweden		134,098		—		—		134,098
Total Preferred Stocks		278,830		—		—		278,830
Rights
Singapore		—		766		—		766
Total Rights		—		766		—		766
Short-Term Investments
Mutual Fund - Securities Lending Collateral		18,747,378		—		—		18,747,378
U.S. Government and Agency Obligations		—		1,632,242		—		1,632,242
Total Short-Term Investments		18,747,378		1,632,242		—		20,379,620
Futures Contracts†
Buys		627,228		—		—		627,228
Total Futures Contracts		627,228		—		—		627,228
Total	$	912,390,272	$	1,633,008	$	—	$	914,023,280

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	$	(1,855	)	$	—	$	—	$	(1,855	)
Total Futures Contracts		(1,855	)		—		—		(1,855	)
Total	$	(1,855	)	$	—	$	—	$	(1,855	)

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

228

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Notes to the Financial Statements (Continued)

March 31, 2019

Investments in Derivative Instruments

At March 31, 2019 and during the period then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

Large Cap

ASSET DERIVATIVES
	Equity Risk		Total
Futures Contracts(3)	$	177,233	$	177,233
Total Value	$	177,233	$	177,233
NET REALIZED GAIN (LOSS)
	Equity Risk		Total
Futures Contracts(7)	$	751,520	$	751,520
Total Realized Gain (Loss)	$	751,520	$	751,520
CHANGE IN APPRECIATION (DEPRECIATION)
	Equity Risk		Total
Futures Contracts(12)	$	752,122	$	752,122
Total Change in Appreciation (Depreciation)	$	752,122	$	752,122
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(16)
	Equity Risk		Total
Futures Contracts		101		101

Small/Mid Cap

ASSET DERIVATIVES
	Equity Risk			Total
Futures Contracts(3)	$	355,780		$	355,780
Total Value	$	355,780		$	355,780
NET REALIZED GAIN (LOSS)
	Equity Risk			Total
Futures Contracts(7)	$	(3,047,398	)	$	(3,047,398	)
Total Realized Gain (Loss)	$	(3,047,398	)	$	(3,047,398	)
CHANGE IN APPRECIATION (DEPRECIATION)
	Equity Risk			Total
Futures Contracts(12)	$	1,338,458		$	1,338,458
Total Change in Appreciation (Depreciation)	$	1,338,458		$	1,338,458

229

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Notes to the Financial Statements (Continued)

March 31, 2019

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(16)
	Equity Risk		Total
Futures Contracts	$	276	$	276

Non-US Core Equity

ASSET DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(3)	$	—		$	1,374,326		$	1,374,326
Forward Foreign Currency Contracts(2)		42,087			—			42,087
Total Value	$	42,087		$	1,374,326		$	1,416,413
NET REALIZED GAIN (LOSS)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(7)	$	—		$	(9,800,826	)	$	(9,800,826	)
Forward Foreign Currency Contracts(6)		1,478,708			—			1,478,708
Total Realized Gain (Loss)	$	1,478,708		$	(9,800,826	)	$	(8,322,118	)
CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(12)	$	—		$	3,401,830		$	3,401,830
Forward Foreign Currency Contracts(11)		146,907			—			146,907
Total Change in Appreciation (Depreciation)	$	146,907		$	3,401,830		$	3,548,737
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(16)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts		—			933			933
Forward Foreign Currency Contracts		(19,714,853	)		—			(19,714,853	)

Core Fixed

ASSET DERIVATIVES
	Interest Rate Risk		Total
Options Purchased(1)	$	24,563	$	24,563
Futures Contracts(3)		1,292,785		1,292,785
Centrally Cleared Swap Contracts**		129,792		129,792
Total Value	$	1,447,140	$	1,447,140

230

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Notes to the Financial Statements (Continued)

March 31, 2019

LIABILITY DERIVATIVES
	Interest Rate Risk			Total
Options Written(5)	$	(6,000	)	$	(6,000	)
Futures Contracts(3)		(187,872	)		(187,872	)
Centrally Cleared Swap Contracts**		(414,030	)		(414,030	)
Total Value	$	(607,902	)	$	(607,902	)
NET REALIZED GAIN (LOSS)
	Interest Rate Risk			Total
Options Purchased(8)	$	(22,388	)	$	(22,388	)
Options Written(9)		6,467			6,467
Swaps Contracts(10)		460,897			460,897
Futures Contracts(7)		1,179,585			1,179,585
Total Realized Gain (Loss)	$	1,624,561		$	1,624,561
CHANGE IN APPRECIATION (DEPRECIATION)
	Interest Rate Risk			Total
Options Purchased(13)	$	1,489		$	1,489
Options Written(14)		(133	)		(133	)
Swaps Contracts(15)		(1,228,628	)		(1,228,628	)
Futures Contracts(12)		300,806			300,806
Total Change in Appreciation (Depreciation)	$	(926,466	)	$	(926,466	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(16)
	Interest Rate Risk			Total
Options Purchased		136,667			136,667
Options Written		(149,000	)		(149,000	)
Swaps Contracts		326,684,900			326,684,900
Futures Contracts		696			696

Opportunistic Fixed

ASSET DERIVATIVES
	Credit Risk		Foreign Currency Risk		Interest Rate Risk		Equity Risk		Total
Options Purchased(1)	$	19,768	$	610,743	$	329,687	$	377,235	$	1,337,433
Futures Contracts(3)		—		—		636,844		—		636,844
Forward Foreign Currency Contracts(2)		—		2,754,284		—		—		2,754,284
OTC Swaps Contracts		493,832		—		—		—		493,832
Centrally Cleared Swap Contracts**		—		—		29,033		—		29,033
Total Value	$	513,600	$	3,365,027	$	995,564	$	377,235	$	5,251,426

231

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March 31, 2019

LIABILITY DERIVATIVES
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Written(5)	$	(48,526	)	$	(25,887	)	$	(29,172	)	$	(15,695	)	$	(119,280	)
Forward Foreign Currency Contracts(4)		—			(3,216,602	)		—			—			(3,216,602	)
Futures Contracts(3)		—			—			(909,522	)		—			(909,522	)
OTC Swaps Contracts		(1,281,161	)		—			(285,360	)		—			(1,566,521	)
Centrally Cleared Swap Contracts**		(322,881	)		—			(1,815,718	)		—			(2,138,599	)
Total Value	$	(1,652,568	)	$	(3,242,489	)	$	(3,039,772	)	$	(15,695	)	$	(7,950,524	)
NET REALIZED GAIN (LOSS)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased(8)	$	(421,296	)	$	(499,760	)	$	(19,253	)	$	205,605		$	(734,704	)
Options Written(9)		40,115			47,660			40,237			(19,436	)		108,576
Swaps Contracts(10)		(950,961	)		—			(95,246	)		—			(1,046,207	)
Futures Contracts(7)		—			—			(1,059,568	)		—			(1,059,568	)
Forward Foreign Currency Contracts(6)†		—			(5,452,322	)		—			—			(5,452,322	)
Total Realized Gain (Loss)	$	(1,332,142	)	$	(5,904,422	)	$	(1,133,830	)	$	186,169		$	(8,184,225	)
CHANGE IN APPRECIATION (DEPRECIATION)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased(13)	$	(288,181	)	$	(193,756	)	$	(166,726	)	$	(117,114	)	$	(765,777	)
Options Written(14)		12,112			4,003			(11,833	)		12,543			16,825
Swaps Contracts(15)		(568,728	)		—			(2,072,045	)		—			(2,640,773	)
Futures Contracts(12)		—			—			(271,487	)		—			(271,487	)
Forward Foreign Currency Contracts(11)†		—			(253,772	)		—			—			(253,772	)
Total Change in Appreciation (Depreciation)	$	(844,797	)	$	(443,525	)	$	(2,522,091	)	$	(104,571	)	$	(3,914,984	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(16)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased		39,200,000			51,087,938			7,990,375			13,025			98,291,338
Options Written		(24,725,000	)		(3,270,200	)		(2,977,286	)		(65,969	)		(31,038,455	)
Swaps Contracts		87,612,541			—			56,472,955			—			144,085,496
Futures Contracts		—			—			1,036			—			1,036
Forward Foreign Currency Contracts†		—			(27,778,896	)		—			—			(27,778,896	)

232

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March 31, 2019

Emerging Markets

ASSET DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(3)	$	—		$	283,942		$	283,942
Forward Foreign Currency Contracts(2)		2,601,065			—			2,601,065
Synthetic Futures		—			438,604			438,604
Total Value	$	2,601,065		$	722,546		$	3,323,611
LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Forward Foreign Currency Contracts(4)	$	(920,398	)	$	—		$	(920,398	)
Futures Contracts(3)		—			(59,611	)		(59,611	)
Synthetic Futures		—			(72,495	)		(72,495	)
Total Value	$	(920,398	)	$	(132,106	)	$	(1,052,504	)
NET REALIZED GAIN (LOSS)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(7)††	$	—		$	(8,694,962	)	$	(8,694,962	)
Forward Foreign Currency Contracts(6)		(7,071,037	)		—			(7,071,037	)
Total Realized Gain (Loss)	$	(7,071,037	)	$	(8,694,962	)	$	(15,765,999	)
CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(12)††	$	—		$	(150,693	)	$	(150,693	)
Forward Foreign Currency Contracts(11)		1,772,163			—			1,772,163
Total Change in Appreciation (Depreciation)	$	1,772,163		$	(150,693	)	$	1,621,470
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(16)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts††		—			10,736,489			10,736,489
Forward Foreign Currency Contracts		28,886,551			—			28,886,551

Global Low Volatility

ASSET DERIVATIVES
	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(3)	$	—	$	627,228	$	627,228
Total Value	$	—	$	627,228	$	627,228

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March 31, 2019

LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(3)	$	(1,855	)	$	—		$	(1,855	)
Total Value	$	(1,855	)	$	—		$	(1,855	)
NET REALIZED GAIN (LOSS)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(7)	$	(12,126	)	$	(1,436,957	)	$	(1,449,083	)
Total Realized Gain (Loss)	$	(12,126	)	$	(1,436,957	)	$	(1,449,083	)
CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(12)	$	(12,050	)	$	1,757,824		$	1,745,774
Total Change in Appreciation (Depreciation)	$	(12,050	)	$	1,757,824		$	1,745,774
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(16)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts		14			221			235

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

† Includes Cross Currency Foreign Currency Contracts.

†† Includes Synthetic Futures.

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

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

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

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

⁽⁵⁾ Statements of Assets and Liabilities location: Written options, at value.

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

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

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

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March 31, 2019

⁽⁹⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Written option contracts.

⁽¹⁰⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Swap contracts.

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

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

⁽¹³⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Purchased option contracts.

⁽¹⁴⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Written option contracts.

⁽¹⁵⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Swap contracts.

⁽¹⁶⁾ Amounts disclosed represent average number of contracts, notional amounts, or shares outstanding for the time period that the Fund held such derivatives during the year ended March 31, 2019.

Netting Agreements and Collateral Requirements

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

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

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash

235

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March 31, 2019

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

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

The following tables present the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of related collateral received by the Funds for assets or pledged by the Funds for liabilities as of March 31, 2019.

Non-US Core Equity

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset		Cash Collateral Received*		Net Amount of Derivative Assets(a)
Citibank N.A.	$	42,087	$	—	$	—	$	42,087
	$	42,087	$	—	$	—	$	42,087

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

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

Opportunistic Fixed

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Cash Collateral Received*			Net Amount of Derivative Assets(a)
Bank of America N.A.	$	191,915	$	(126,926	)	$	—		$	64,989
Barclays Bank Plc		400,642		(193,756	)		(100,000	)		106,886
BNP Paribas S.A.		233,910		(190,421	)		—			43,489
Citibank N.A.		259,533		(259,533	)		—			—
Credit Suisse		53,301		(11,445	)		—			41,856
Deutsche Bank AG		173,119		(173,119	)		—			—

236

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Notes to the Financial Statements (Continued)

March 31, 2019

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Cash Collateral Received*			Net Amount of Derivative Assets(a)
Goldman Sachs & Co.	$	12,867	$	—		$	—		$	12,867
HSBC Bank Plc		311,797		(311,797	)		—			—
HSBC Bank USA, N.A.		536,960		(237,957	)		—			299,003
JPMorgan Chase Bank N.A.		1,259,102		(1,259,102	)		—			—
Merrill Lynch Capital Services, Inc.		3,722		(3,722	)		—			—
Morgan Stanley & Co.		318,450		(318,450	)		—			—
Natwest Markets Plc		87,118		(87,118	)		—			—
State Street Bank London		19,185		(19,185	)		—			—
Toronto Dominion Bank		9,049		(9,049	)		—			—
UBS AG London		7,957		—			—			7,957
	$	3,878,627	$	(3,201,580	)	$	(100,000	)	$	577,047

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Cash Collateral Pledged*		Net Amount of Derivative Liabilities(b)
Bank of America N.A.	$	(126,926	)	$	126,926	$	—	$	—
Barclays Bank Plc		(193,756	)		193,756		—		—
BNP Paribas S.A.		(190,421	)		190,421		—		—
Citibank N.A.		(294,188	)		259,533		34,655		—
Credit Suisse		(11,445	)		11,445		—		—
Deutsche Bank AG		(180,468	)		173,119		7,349		—
HSBC Bank Plc		(450,292	)		311,797		40,000		(98,495	)
HSBC Bank USA, N.A.		(237,957	)		237,957		—		—
HSBC Sec. New York		(283,489	)		—		—		(283,489	)
JPMorgan Chase Bank N.A.		(2,200,074	)		1,259,102		887,282		(53,690	)
JPMorgan Chase Bank N.A. London		(94,812	)		—		94,812		—
Merrill Lynch Capital Services, Inc.		(51,762	)		3,722		—		(48,040	)
Morgan Stanley & Co.		(353,161	)		318,450		34,711		—
Natwest Markets Plc		(94,598	)		87,118		—		(7,480	)
State Street Bank London		(27,783	)		19,185		—		(8,598	)
Toronto Dominion Bank		(66,404	)		9,049		—		(57,355	)
	$	(4,857,536	)	$	3,201,580	$	1,098,809	$	(557,147	)

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

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

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

237

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Notes to the Financial Statements (Continued)

March 31, 2019

Emerging Markets

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Cash Collateral Received*			Net Amount of Derivative Assets(a)
Citibank N.A. London	$	2,601,065	$	(920,398	)	$	(1,680,667	)	$	—
Goldman Sachs International		438,604		(72,495	)		—			366,109
	$	3,039,669	$	(992,893	)	$	(1,680,667	)	$	366,109

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Cash Collateral Pledged*		Net Amount of Derivative Liabilities(b)
Citibank N.A. London	$	(920,398	)	$	920,398	$	—	$	—
Goldman Sachs International		(72,495	)		72,495		—		—
	$	(992,893	)	$	992,893	$	—	$	—

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

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

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

(b)  Security transactions and related investment income

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

(c)  Cash, cash equivalents 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,

238

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Notes to the Financial Statements (Continued)

March 31, 2019

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 1 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.

Securities on loan are fully collateralized and the collateral was equal to or exceeded the securities on loan at March 31, 2019. 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 March 31, 2019 were as follows:

	Market Value of Loaned Securities		Value of Cash Collateral		Value of Non-Cash Collateral
Large Cap	$	23,880,189	$	6,158,462	$	18,117,904
Small/Mid Cap		65,557,775		2,502,353		64,268,452
Non-US Core Equity		95,020,855		56,574,708		43,445,397
Core Fixed		14,114,102		6,309,277		8,081,878
Opportunistic Fixed		15,522,169		7,793,870		8,049,853
Emerging Markets		19,707,305		6,377,010		14,223,093
Global Low Volatility		27,015,409		18,747,378		9,400,994

For Large Cap, Small/Mid Cap, Non-US Core Equity, Emerging Markets and Global Low Volatility, all of the securities on loan collateralized by cash are classified as Common Stocks in each Fund’s Schedule of Investments at March 31, 2019, with a contractual maturity of overnight and continuous.

239

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2019

For Core Fixed and Opportunistic Fixed, the values of the security loan obligations are classified as follows at March 31, 2019:

Core Fixed

	Remaining Contractual Maturity of the Agreements As of March 31, 2019
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Debt	$	5,848,004	$	—	$	—	$	—	$	5,848,004
Sovereign Debt Obligations		461,273		—		—		—		461,273
Total	$	6,309,277	$	—	$	—	$	—	$	6,309,277
Total Borrowings	$	6,309,277	$	—	$	—	$	—	$	6,309,277
Gross amount of recognized liabilities for securities lending transactions									$	6,309,277

Opportunistic Fixed

	Remaining Contractual Maturity of the Agreements As of March 31, 2019
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Debt	$	7,143,640	$	—	$	—	$	—	$	7,143,640
Preferred Stocks		15,667		—		—		—		15,667
Sovereign Debt Obligations		634,563		—		—		—		634,563
Total	$	7,793,870	$	—	$	—	$	—	$	7,793,870
Total Borrowings	$	7,793,870	$	—	$	—	$	—	$	7,793,870
Gross amount of recognized liabilities for securities lending transactions									$	7,793,870

(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.

240

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2019

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

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

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

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

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of a default, a Fund will succeed in pursuing contractual remedies. A Fund thus assumes the risk that it may be delayed in, or prevented from, obtaining payments owed to it pursuant to a swap contract. However, the amount at risk is only the net unrealized gain, if any, on the swap at the time of default, and not the entire notional amount. 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 variation margin payable or receivable 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 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).

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March 31, 2019

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

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

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

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

During the year ended March 31, 2019, 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 Schedules of Investments for a listing of open swap agreements as of March 31, 2019.

(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.

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March 31, 2019

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 on the Statements of Assets and Liabilities. 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.

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 year ended March 31, 2019, 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 each Fund’s Schedule of Investments for a listing of open futures contracts as of March 31, 2019.

(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

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March 31, 2019

Funds may also buy and sell combinations of put and call options on the same underlying security, currency or index. Short (sold) options positions will generally be hedged by the Funds with cash, cash equivalents, current portfolio security holdings, or other options or futures positions.

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

When the Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as 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 year ended March 31, 2019, 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

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March 31, 2019

market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time the contract was opened and the value at the time the contract was closed.

The Funds will only enter into forward contracts to sell, for a fixed amount of U.S. dollars or other appropriate currency, an amount of foreign currency, to the extent that the value of the short forward contract is covered by the underlying value of securities denominated in the currency being sold. Alternatively, when a Fund enters into a forward contract to sell an amount of foreign currency, the Custodian or the Fund’s sub-custodian will segregate assets in a segregated account of the Fund in an amount not less than the value of the Fund’s total assets committed to the consummation of such forward contract. If the additional segregated assets placed in the segregated account decline, additional cash or securities will be placed in the account on a daily basis so that the value of the account will equal the amount of the Fund’s commitments with respect to such contract. 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 year ended March 31, 2019, 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 March 31, 2019.

(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

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March 31, 2019

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.

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 March 31, 2019.

(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 March 31, 2019.

(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.

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March 31, 2019

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 Schedules of Investments for mortgage-backed and asset-backed securities held by Core Fixed and Opportunistic Fixed as of March 31, 2019.

(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 March 31, 2019, 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 utilize the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

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March 31, 2019

On March 31, 2019, the following Funds had deferred capital losses available to be offset against future net capital gains through the indicated expiration dates as follows:

	Unlimited
Core Fixed	$	12,448,296
Opportunistic Fixed		24,454,111
Emerging Markets		23,002,286

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of March 31, 2019, Large Cap, Non-US Core Equity, Core Fixed and Opportunistic Fixed, have elected to defer current year post-October losses of $1,207,308, $10,121,411, $140,070 and $2,964,727, respectively. Opportunistic Fixed has elected to defer late-year ordinary losses of $3,447,091 as arising on April 1, 2019.

As of March 31, 2019, 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	$	347,650,015	$	44,276,399	$	(14,357,295	)	$	29,919,104
Small/Mid Cap		690,994,016		122,194,218		(50,363,461	)		71,830,757
Non-US Core Equity		2,012,915,441		224,924,177		(118,972,996	)		105,951,181
Core Fixed		547,208,292		7,200,715		(11,250,913	)		(4,050,198	)
Opportunistic Fixed		785,340,031		12,312,618		(18,717,297	)		(6,404,679	)
Emerging Markets		960,002,449		74,732,671		(85,230,480	)		(10,497,809	)
Global Low Volatility		826,690,281		109,534,122		(22,828,351	)		86,705,771

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. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These differences primarily relate to swap income, gains and losses from passive foreign investment companies and other basis adjustments during the period ended March 31, 2019.

As of March 31, 2019, the Funds had no uncertain tax positions that would require recognition, derecognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended March 31, 2019 remains subject to examination by the Internal Revenue Service.

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.

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March 31, 2019

During the years ended March 31, 2019 and March 31, 2018, the tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid, were as follows:

	2019						2018
	Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital
Large Cap	$	18,203,269	$	79,063,810	$	—	$	35,003,064	$	37,472,312	$	—
Small/Mid Cap		13,103,133		121,011,411		—		44,310,010		50,567,317		—
Non-US Core Equity		71,614,415		147,266,369		—		97,125,234		73,664,957		—
Core Fixed		24,784,732		—		—		19,914,504		—		—
Opportunistic Fixed		15,919,968		—		—		23,966,710		—		—
Emerging Markets		39,741,557		103,026,768		—		36,403,991		—		—
Global Low Volatility		—		—		—		82,662,535		63,860,505		—

As of March 31, 2019, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gains		Capital Losses Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings
Large Cap	$	—	$	12,225,577	$	(1,209,368	)	$	29,919,353		$	40,935,562
Small/Mid Cap		—		1,397,695		(362	)		71,830,713			73,228,046
Non-US Core Equity		15,759,711		—		(10,123,605	)		105,815,803			111,451,909
Core Fixed		5,193,265		—		(12,590,727	)		(4,335,110	)		(11,732,572	)
Opportunistic Fixed		—		—		(30,873,673	)		(8,668,673	)		(39,542,346	)
Emerging Markets		12,150,992		—		(23,002,286	)		(11,944,420	)		(22,795,714	)
Global Low Volatility		13,667,359		67,398,170		—			86,688,135			167,753,664

All other differences are temporary losses related to mostly organizational costs and other timing adjustments.

(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.

3. Credit agreement

The Trust entered into a Credit Agreement on behalf of the Funds (“the Agreement”) with a bank pursuant to a committed, unsecured revolving line of credit through December 13, 2019. Borrowings for each Fund under the Agreement are limited to the lesser of $50,000,000 or 33 1/3% of a Fund’s Adjusted Net Assets provided borrowings did not exceed, in the aggregate, $50,000,000. Under the terms of the Agreement the Trust pays an annual commitment fee at the rate 0.25% per year on the difference between the total line of credit and the average daily amount of borrowings outstanding. Interest is charged to the Funds based on its borrowings at a variable rate equal to the higher of the Overnight Federal Funds Rate or 30-Day LIBOR plus 1.00%. The Funds did not borrow under the Agreement during the year ended March 31, 2019.

250

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2019

4. Indemnities

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

5. Fees and other transactions with affiliates

As of March 31, 2019, the Advisor provides investment advisory services to each Fund pursuant to an investment management agreement. Pursuant to the investment management agreement, each Fund pays the Advisor a fee for managing the Fund’s investments at an annual rate of:

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

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

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

As of March 31, 2019, the Funds have adopted a plan of marketing and service, or “12b-1 plan” to finance the provision of certain shareholder services to the owners of Class S and Class Y-1 shares of the Funds (collectively referred to as the “plans”). The plan provides for payments at annual rates (based on average net assets) of up to 0.25% of each Fund’s Class S and Class Y-1 shares. However, Class S and Class Y-1 shares have not commenced operations.²

²  Effective April 1, 2019, Class S and Class Y-1 shares were redesignated as Adviser Class and Class I shares, respectively, and changes to the 12b-1 Plans that applied to those share classes, as well as the administrative services fees that applied to those share classes and Class Y-2 shares, were adopted. Further information about these changes can be found in the Funds’ prospectus and statement of additional information, as filed with the SEC on March 29, 2019.

251

Mercer Funds

Notes to Financial Statements (Continued)

March 31, 2019 (Unaudited)

Pursuant to the Funds’ expense reimbursement agreement, the Advisor can recapture certain amounts waived or reimbursed over the 12-month period ended July 31, 2016 with respect to Opportunistic Fixed Income Fund. The following amounts were available for recapture as of July 31, 2018:

	Expenses Reimbursed in the 12-Months Ended  July 31, 2016
	Subject to Recapture until July 31, 2019
Opportunistic Fixed	$	176,732

6. Purchases and sales of securities

Cost of purchases and proceeds from sales of securities, excluding short-term investments, for the year ended March 31, 2019, were as follows:

	Long-Term U.S. Government Securities			Other Long-Term Securities
Purchases
Large Cap	$	—		$	307,564,377
Small/Mid Cap		—			373,024,394
Non-US Core Equity		—			1,782,429,655
Core Fixed		455,134,152	*		131,197,650
Opportunistic Fixed		631,659,611	**		1,024,640,484
Emerging Markets		—			568,266,679
Global Low Volatility		—			733,932,157
Sales
Large Cap		—			438,243,661
Small/Mid Cap		—			485,438,855
Non-US Core Equity		—			1,598,477,633
Core Fixed		587,827,278	*		314,419,289
Opportunistic Fixed		527,102,260	**		960,220,418
Emerging Markets		—			538,889,205
Global Low Volatility		—			699,491,499

* Includes purchases of $50,311,891 and sales of $53,541,479 for TBA securities.

** Includes purchases of $158,043,758 and sales of $157,908,493 for TBA securities.

252

Mercer Funds

Notes to the Financial Statements (Continued)

March 31, 2019

7. Share transactions

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

Large Cap

	Year Ended March 31, 2019						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		1,111,242		$	9,300,085			943,101		$	10,994,675
Shares issued to shareholders in reinvestment of distributions		12,312,288			97,267,079			6,716,902			72,475,376
Shares repurchased		(15,278,614	)		(154,193,839	)		(17,080,246	)		(198,793,771	)
Net decrease		(1,855,084	)	$	(47,626,675	)		(9,420,243	)	$	(115,323,720	)

Small/Mid Cap

	Year Ended March 31, 2019						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		9,955,444		$	115,835,355			3,618,044		$	45,259,896
Shares issued to shareholders in reinvestment of distributions		14,532,788			134,114,544			7,880,177			94,877,327
Shares repurchased		(19,938,961	)		(233,636,396	)		(17,836,232	)		(227,123,462	)
Net increase (decrease)		4,549,271		$	16,313,503			(6,338,011	)	$	(86,986,239	)

Non-US Core Equity

	Year Ended March 31, 2019						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		36,986,983		$	391,777,967			20,842,524		$	238,966,126
Shares issued to shareholders in reinvestment of distributions		23,739,781			218,880,784			15,114,176			170,790,191
Shares repurchased		(29,969,109	)		(317,168,352	)		(66,027,147	)		(764,623,992	)
Net increase (decrease)		30,757,655		$	293,490,399			(30,070,447	)	$	(354,867,675	)

253

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Notes to the Financial Statements (Continued)

March 31, 2019

Core Fixed

	Year Ended March 31, 2019						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		11,872,441		$	116,813,300			19,178,104		$	194,169,216
Shares issued to shareholders in reinvestment of distributions		2,581,743			24,784,732			1,981,543			19,914,504
Shares repurchased		(46,284,747	)		(453,655,356	)		(11,313,719	)		(115,310,488	)
Net increase (decrease)		(31,830,563	)	$	(312,057,324	)		9,845,928		$	98,773,232

Opportunistic Fixed

	Year Ended March 31, 2019						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		30,437,722		$	274,937,746			16,750,989		$	163,306,702
Shares issued to shareholders in reinvestment of distributions		1,807,034			15,919,968			2,533,479			23,966,710
Shares repurchased		(8,780,534	)		(79,961,919	)		(13,267,089	)		(129,194,161	)
Net increase		23,464,222		$	210,895,795			6,017,379		$	58,079,251

Emerging Markets

	Year Ended March 31, 2019						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		21,266,136		$	218,061,043			24,627,345		$	268,542,786
Shares issued to shareholders in reinvestment of distributions		16,996,229			142,768,325			3,267,863			36,403,991
Shares redeemed through in-kind redemption*		—			—			(53,685,733	)		(604,905,874	)
Shares repurchased		(20,683,889	)		(196,938,629	)		(30,832,913	)		(346,989,807	)
Net increase (decrease)		17,578,476		$	163,890,739			(56,623,438	)	$	(646,948,904	)

* The Fund had a redemption in-kind on November 17, 2017.

254

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Notes to the Financial Statements (Continued)

March 31, 2019

Global Low Volatility

	Year Ended March 31, 2019						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		16,031,898		$	200,221,293			17,880,974		$	233,315,310
Shares issued to shareholders in reinvestment of distributions		—			—			11,581,479			146,523,040
Shares redeemed through in-kind redemption*		—			—			(39,626,273	)		(531,155,034	)
Shares repurchased		(18,205,264	)		(229,051,200	)		(13,917,801	)		(180,661,065	)
Net decrease		(2,173,366	)	$	(28,829,907	)		(24,081,621	)	$	(331,977,749	)

* The Fund had a redemption in-kind on October 13, 2017.

On November 17, 2017, Emerging Markets transferred securities in-kind valued at $325,402,466 and cash of $279,503,408 for a redemption. This resulted in 53,685,733 units redeemed which are shown in the Statements of Changes in Net Assets. This transfer also resulted in a realized gain of $75,577,986 which is shown on the Statements of Operations.

On October 13, 2017, Global Low Volatility transferred securities in-kind valued at $483,152,037 and cash of $48,002,998 for a redemption. This resulted in 39,626,273 units redeemed which are shown in the Statements of Changes in Net Assets. This transfer also resulted in a realized gain of $81,952,311 which is shown on the Statements of Operations.

8. Subsequent events

Management has evaluated the impact of subsequent events through May 24, 2019, the date the financial statements were available to be issued for possible adjustment to and/or disclosure in the Funds’ financial statements. Management has determined that there are no material events that would require adjustment and/or disclosure in the Funds’ financial statements through this date.

On January 10, 2019, The Board of the Trust approved an agreement to commence operations for the Adviser Class, Class I and Class Y-2 shares that were previously authorized but not offered as shares. The principal difference between the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. Further information can be found in the Funds’ prospectus and statement of additional information, as filed with the SEC on March 29, 2019.

255

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Mercer Funds:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Mercer Funds comprising Mercer US Large Cap Equity Fund, Mercer US Small/Mid Cap Equity Fund, Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund, Mercer Emerging Markets Equity Fund, and Mercer Global Low Volatility Equity Fund (the “Funds”), including the schedules of investments, as of March 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years ended in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Mercer Funds as of March 31, 2019, and the results of their operations, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2019, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Boston, Massachusetts

May 24, 2019

We have served as the auditor of one or more of the Mercer investment companies since 2006.

Mercer Funds

Additional Information (Unaudited)

Proxy Voting

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

Quarterly Reporting

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

Federal Tax Information

The amount of long-term capital gains paid for the fiscal year ended March 31, 2019, the amount of long-term capital gains paid were as follows:

Fund
Large Cap	$	79,063,810
Small/Mid Cap		121,011,411
Non-US Core Equity		147,266,369
Emerging Markets		103,026,768

For the year ended March 31, 2019, Non-US Core Equity and Emerging Markets had foreign tax credits in the amount of $4,093,717 and $3,134,820, respectively, and foreign source income of $61,881,890 and $28,892,553, respectively.

Qualified dividend income (“QDI”) received by the Funds through March 31, 2019, that qualified for a reduced tax rate pursuant to the Internal Revenue Code Section 1(h)(11) are as follows:

Fund	QDI
Large Cap	$	7,163,847
Small/Mid Cap		7,323,908
Non-US Core Equity		45,784,465
Emerging Markets		16,240,935

For corporate shareholders, a portion of the ordinary dividends paid during the Funds’ year ended March 31, 2019, qualified for the dividends received deduction, as follows:

Fund
Large Cap	47.73	%
Small/Mid Cap	73.28	%
Non-US Core Equity	0.82	%
Emerging Markets	0.55	%

257

Mercer Funds

Additional Information (Unaudited) (Continued)

Board Approval of New Subadvisory Agreements for One of the Funds During the Period October 1, 2018 through March 31, 2019

Mercer Global Low Volatility Equity Fund

At a meeting of the Board of Trustees held on December 3, 2018 (the “Meeting”), the Trustees, including the Independent Trustees, considered and approved proposed new subadvisory agreements between the Advisor and two newly proposed subadvisors with respect to the Mercer Global Low Volatility Equity Fund (the “Fund”). The Advisor recommended the two proposed new subadvisors to replace one of the subadvisors that previously managed an allocated portion of the Fund’s portfolio, and the Advisor also reallocated assets among the Fund’s current subadvisors in connection with such appointments. The changes described herein with respect to the changes in the subadvisory arrangements for the Fund are referred to collectively below as the “New Subadvisor Structure.”

Approval of a New Subadvisory Agreement for the Fund with Wellington Management Company LLP

At the Meeting, the Trustees, including the Independent Trustees, first considered and approved a proposed new subadvisory agreement between the Advisor and Wellington Management Company LLP (“Wellington”) on behalf of the Fund (the “Wellington Subadvisory Agreement”). The Advisor recommended the appointment of Wellington, along with one other new subadvisor, to replace a subadvisor to the Fund that the Advisor intended to terminate as a subadvisor, as well as the reallocation of assets of the Fund among the Fund’s remaining subadvisors, and the Advisor had presented the Board with the recommendation to retain Wellington as part of the New Subadvisor Structure based upon the Advisor’s determination that Wellington was qualified to serve as a new subadvisor to the Fund, based upon the Advisor’s analysis of Wellington.

In considering the approval of the Wellington Subadvisory Agreement, the Independent Trustees considered the information and materials from the Advisor and Wellington that included, as to Wellington and the Fund: (i) the Wellington Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Wellington for the Board’s approval, and the Advisor’s rationale for recommending that Wellington be appointed as a subadvisor to the Fund; (iii) the nature, extent, and quality of the services that Wellington proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of Wellington; (v) Wellington’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Wellington for its services to the Fund, and the fees charged to other accounts that Wellington manages; (vii) the compliance program applicable to Wellington; (viii) information regarding the historical performance returns of Wellington managing the investment mandate it would employ for the Fund as well as longer-term historical returns for an investment mandate similar to the investment mandate it would employ for the Fund, and a comparison of such performance to a relevant index; and (ix) the financial condition of Wellington.

In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Advisor and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by Wellington. The Independent Trustees considered and analyzed factors that the Independent Trustees deemed relevant with respect to Wellington, including: the nature, extent, and quality of the services to be provided to the Fund by Wellington; Wellington’s management style and investment decision-making process; Wellington’s historical performance record managing the investment mandate it would employ for the Fund as well as longer-term historical performance returns for an investment mandate similar to the investment mandate it would employ for the Fund; the qualifications and experience of the members of Wellington’s

258

Mercer Funds

Additional Information (Unaudited) (Continued)

portfolio management team; and Wellington’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the subadvisors to the Fund, which includes extensive management and compliance due diligence with respect to the management and operations of each of the subadvisors. Additionally, the Independent Trustees received assistance and advice from their independent legal counsel regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements.

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

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

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

The Independent Trustees considered the review, selection, and due diligence process employed by the Advisor in determining to recommend Wellington to serve as a subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to Wellington for its services to the Fund were fair and reasonable. The Independent Trustees emphasized in their discussions that the subadvisory fees of Wellington would be paid by the Advisor, and were not

259

Mercer Funds

Additional Information (Unaudited) (Continued)

additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Independent Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to Wellington with respect to the assets of the Fund to be allocated to Wellington was supported by the services that were expected to be provided by Wellington to the Fund. The Independent Trustees also considered the potential “fallout” or ancillary benefits that may accrue to Wellington from its relationship with the Fund and concluded that they were reasonable.

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

(c)  Investment performance of the Fund and Wellington.  Because Wellington was a newly proposed subadvisor to the Fund, the Independent Trustees could not consider Wellington’s investment performance in managing the Fund as a factor in evaluating the Wellington Subadvisory Agreement. However, the Independent Trustees reviewed Wellington’s historical performance record managing the investment mandate it would employ for the Fund, as well as longer-term historical performance returns for an investment mandate similar to the investment mandate it would employ for the Fund. The Independent Trustees also compared the historical investment performance of Wellington to a relevant index and concluded that Wellington’s historical performance record, viewed together with the other factors considered by the Independent Trustees, supported a decision to approve the Wellington Subadvisory Agreement.

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

Approval of a New Subadvisory Agreement for the Fund with Veritas Asset Management LLP

At the Meeting, the Trustees, including the Independent Trustees, also considered and approved a proposed new subadvisory agreement between the Advisor and Veritas Asset Management LLP (“Veritas”) on behalf of the Fund (the “Veritas Subadvisory Agreement”). The Advisor recommended the appointment of Veritas, along with one other new subadvisor, to replace a subadvisor to the Fund

260

Mercer Funds

Additional Information (Unaudited) (Continued)

that the Advisor intended to terminate as a subadvisor, as well as the reallocation of assets of the Fund among the Fund’s remaining subadvisors, and the Advisor had presented the Board with the recommendation to retain Veritas as part of the New Subadvisor Structure based upon the Advisor’s determination that Veritas was qualified to serve as a new subadvisor to the Fund, based upon the Advisor’s analysis of Veritas.

In considering the approval of the Veritas Subadvisory Agreement, the Independent Trustees considered the information and materials from the Advisor and Veritas that included, as to Veritas and the Fund: (i) the Veritas Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Veritas for the Board’s approval, and the Advisor’s rationale for recommending that Veritas be appointed as a subadvisor to the Fund; (iii) the nature, extent, and quality of the services that Veritas proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of Veritas; (v) Veritas’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Veritas for its services to the Fund, and the fees charged to other accounts that Veritas manages; (vii) the compliance program applicable to Veritas, along with supplemental information regarding such compliance program; (viii) information regarding the historical performance returns of Veritas managing the investment mandate it would employ for the Fund, and a comparison of such performance to a relevant index; and (ix) the financial condition of Veritas.

In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Advisor and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by Veritas. The Independent Trustees considered and analyzed factors that the Independent Trustees deemed relevant with respect to Veritas, including: the nature, extent, and quality of the services to be provided to the Fund by Veritas; Veritas’s management style and investment decision-making process; Veritas’s historical performance record managing the investment mandate it would employ for the Fund; the qualifications and experience of the members of Veritas’s portfolio management team; and Veritas’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the subadvisors to the Fund, which includes extensive management and compliance due diligence with respect to the management and operations of each of the subadvisors. Additionally, the Independent Trustees received assistance and advice from their independent legal counsel regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements.

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

(a)  The nature, extent, and quality of the services to be provided by Veritas.  The Independent Trustees reviewed the nature, extent, and quality of the services to be provided by Veritas to the Fund. The Independent Trustees discussed the specific investment management process that Veritas indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by Veritas), the qualifications of Veritas’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that Veritas would be managing, and the performance record of Veritas as compared to a relevant index. The Independent Trustees considered Veritas’s infrastructure and resources, and whether Veritas’s organization appeared to support Veritas’s strategy adequately. The Independent Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to Veritas, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by Veritas. The

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Additional Information (Unaudited) (Continued)

Independent Trustees determined that the Fund and its shareholders would benefit from the quality and experience of Veritas’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Independent Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by Veritas, as well as Veritas’s ability to render such services based on Veritas’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that Veritas would manage.

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

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

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

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Additional Information (Unaudited) (Continued)

(c)  Investment performance of the Fund and Veritas.  Because Veritas was a newly proposed subadvisor to the Fund, the Independent Trustees could not consider Veritas’s investment performance in managing the Fund as a factor in evaluating the Veritas Subadvisory Agreement. However, the Independent Trustees reviewed Veritas’s historical performance record managing the investment mandate it would employ for the Fund. The Independent Trustees also compared the historical investment performance of Veritas to a relevant index and concluded that Veritas’s historical performance record, viewed together with the other factors considered by the Independent Trustees, supported a decision to approve the Veritas Subadvisory Agreement.

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

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Mercer Funds

Understanding Your Fund’s Expenses (Unaudited)

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases, redemption fees and certain exchange fees and ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. These costs are described in more detail in the Funds’ prospectus. The examples below are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds. The first line in the table for each Fund shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2018 through March 31, 2019. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = $8.60) and multiply the result by the number in the Operating Expenses Incurred column as shown below for your Class. The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line in the table of each fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

Large Cap — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.64	%		1,000.00		964.60		982.30		3.13
Hypothetical		0.64	%		1,000.00		1,021.74		1,010.87		3.23

* Actual expenses are equal to the Class’ annualized expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 182/365

Small/Mid Cap — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		1.00	%		1,000.00		927.90		963.95		4.81
Hypothetical		1.00	%		1,000.00		1,019.95		1,009.98		5.04

* Actual expenses are equal to the Class’ annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 182/365

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

Non-US Core Equity — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.81	%		1,000.00		955.00		977.50		3.95
Hypothetical		0.81	%		1,000.00		1,020.89		1,010.45		4.08

* Actual expenses are equal to the Class’ annualized expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 182/365

Core Fixed — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.45	%		1,000.00		1,043.70		1,021.85		2.29
Hypothetical		0.45	%		1,000.00		1,022.69		1,011.35		2.27

* Actual expenses are equal to the Class’ annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 182/365

Opportunistic Fixed — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.94	%**		1,000.00		1,028.20		1,014.10		4.75
Hypothetical		0.94	%**		1,000.00		1,020.24		1,010.12		4.73

* Actual expenses are equal to the Class’ annualized expense ratio of 0.94%, multiplied by the average account value over the period, multiplied by 182/365

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

Emerging Markets — Class Y3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.95	%**		1,000.00		1,004.90		1,002.45		4.75
Hypothetical		0.95	%**		1,000.00		1,020.19		1,010.10		4.78

* Actual expenses are equal to the Class’ annualized expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 182/365

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

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

Global Low Volatility — Class Y3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.85	%		1,000.00		999.20		999.60		4.24
Hypothetical		0.85	%		1,000.00		1,020.69		1,010.35		4.28

* Actual expenses are equal to the Class’ annualized expense ratio of 0.85%, multiplied by the average account value over the period, multiplied by 182/365

266

Mercer Funds

Trustees and Officers (Unaudited)

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

Independent Trustees

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee During Past 5 Years
Harrison M. Bains, Jr. 99 High Street Boston, MA 02110 (75)	Trustee	Trustee since 2005	Mr. Bains is retired.		7	Mr. Bains is a director of Cara Therapeutics, Inc.; Mr. Bains was a director of BG Medicine, Inc. (2007 to 2014) and a trustee of BofA Funds Series Trust (11 portfolios) (2011 to 2016).
Adela M. Cepeda 99 High Street Boston, MA 02110 (60)	Chairperson and Trustee	Chairperson since 2018; Trustee since 2005	Ms. Cepeda is Managing Director of PFM Financial Advisors LLC (a financial advisory firm) since September 2016. Ms. Cepeda was previously Founder and President of A.C. Advisory, Inc. (a financial advisory firm) 1995 — 2016.		7	Ms. Cepeda is a director or trustee of: The UBS Funds (15 portfolios); UBS Relationship Funds (11 portfolios); SMA Relationship Trust (5 portfolios); Consulting Group Capital Markets Funds (9 portfolios); BMO Financial Corp. (U.S. holding company for BMO Harris Bank N.A.); Ms. Cepeda was a director of Fort Dearborn Income Securities, Inc. (2000 to 2016)

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Trustees and Officers (Unaudited) (Continued)

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee During Past 5 Years
Gail A. Schneider 99 High Street Boston, MA 02110 (69)	Trustee	Trustee since 2009	Ms. Schneider is a self-employed consultant since 2007.		7	None

Interested Trustee:

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee During Past 5 Years
Richard S. Joseph** (53)	Trustee, President, and Chief Executive Officer	Since 2016	Mr. Joseph is President and Head of the US Mercer Delegated Solutions of Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.) since December 2015. Prior to December 2015, he was Chief Operating Officer of Mercer Investment Management, Inc. since 2005.		7	Mr. Joseph is a trustee of Mercer Trust Company and a director of Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.)

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

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

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

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Trustees and Officers (Unaudited) (Continued)

Officers:

The executive officers of the Trust not named above are:

Name and Age	Position(s) Held with Trust	Term of Office(†) and Length of Time Served	Principal Occupation(s) During Past 5 Years
Stephen Gouthro (51)	Vice President, Treasurer and Chief Financial Officer	Since 2018	Mr. Gouthro is a partner at Mercer and U.S. Chief Operating Officer for Mercer’s U.S. Business Solutions Group. Mr. Gouthro joined Mercer in 2018. Prior to joining Mercer, Mr. Gouthro was at Putnam Investments in various leadership roles in Operations, Technology, and Investments.
Carol Ann McMahon (46)	Vice President and Assistant Treasurer	Since 2017	Ms. McMahon is a Partner and Global COO for Wealth, Global Business Solutions since 2016 and US COO in January 2017. Prior to 2016, Ms. McMahon held the position of European COO since 2006.
Jennifer La Belle (50)	Vice President and Assistant Treasurer	Since 2018	Ms. La Belle is a Principal for Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.). Ms. La Belle joined Mercer in August 2015 with primary responsibilities related to the treasury functions for the Mercer Funds. Before joining Mercer, Ms. La Belle was a Vice President at State Street with over 19 years working in Fund Administration.
Stan Mavromates (57)	Vice President and Chief Investment Officer	Since 2012	Mr. Mavromates is Vice President and Chief Investment Officer of Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.) since 2012.
Colin Dean (41)	Vice President, Chief Legal Officer and Secretary	Since 2017	Mr. Dean is Global Chief Counsel, Investments since 2018. He has served as Senior Legal Counsel — Investments for Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.) and Mercer Investment Consulting LLC since 2010.
Caroline Hulme (33)	Vice President and Assistant Secretary	Since 2017	Ms. Hulme is Senior Legal Counsel, Investments since 2018. She served as Legal Counsel — Investments for Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.) and Mercer Investment Consulting LLC since 2014. Prior to 2014, she was an Associate in the investment management practice group of Bingham McCutchen LLP
Larry Vasquez (51)	Vice President	Since 2012	Mr. Vasquez is a Vice President and Portfolio Manager of Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.) since 2012.
Robert Phay (50)	Vice President and Chief Compliance Officer	Since 2016	Mr. Phay is the Chief Compliance Officer — Investments of Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.) and Mercer Investment Consulting LLC since March 2015. Mr. Phay most recently served in various compliance and legal positions for Commonfund, including Chief Compliance Officer (September 2011 — February 2015), Acting General Counsel (January 2015 — February 2015), and Associate General Counsel (July 2006 — December 2014).

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Trustees and Officers (Unaudited) (Continued)

Name and Age	Position(s) Held with Trust	Term of Office(†) and Length of Time Served	Principal Occupation(s) During Past 5 Years
Alec Rapaport (47)	Vice President	Since 2019	Mr. Rapaport is a Vice President and Portfolio Manager of Mercer Investments LLC (formerly known as Mercer Investment Management, Inc.) since 2019. Prior to that, Mr. Rapaport was an independent consultant, and before that he worked at Commonfund Asset Management Company from 2000 to 2016, holding various positions, which included Team Head, Managing Director Fixed Income & Commodities.

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

270

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

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to its President, Chief Financial Officer and Chief Investment Officer. During the period covered by this report, there were no amendments to a provision of its code of ethics, nor were there any waivers, including implicit waivers granted from a provision of the code of ethics. A copy of the Registrant’s code of ethics is filed with the Form N-CSR under Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The audit committee financial expert serving on the Registrant’s audit committee is Harrison M. Bains, Jr., who is “independent” as defined in Item 3(a)(2) of this Form.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees – The aggregate fee billed for the fiscal year for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements was $381,430 and $351,430 for the fiscal years ended March 31, 2018 and March 31, 2019, respectively.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended March 31, 2018 and March 31, 2019 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fee billed in the last fiscal year for professional services rendered by the principal accountant for the review of the Registrant’s tax returns and excise tax calculations was $68,188 and $67,954 for the fiscal years ended March 31, 2018 and March 31, 2019, respectively. Fees in the amount of $115,612 and $73,105 were billed in the fiscal years ended March 31, 2018 and March 31, 2019, respectively for review of non-US capital gains and the preparation and filing of return of income for the Mercer Non-US Core Equity Fund and the Mercer Emerging Markets Equity Fund.

(d) All Other Fees – Fees in the amount of $24,000 were billed in the fiscal year ended March 31, 2018 for tax advisory services related to the reclamation of taxes paid by the Mercer Non-US Core Equity Fund in certain European Union countries.

(e) (1) The Registrant’s audit committee pre-approves all audit and non-audit services to be performed by the Registrant’s accountant before the accountant is engaged by the Registrant to perform such services.

(2) There were no services described in (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the fiscal year ended March 31, 2019 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) There were no aggregate fees billed for the fiscal year ended March 31, 2019 by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Registrant’s full schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a)(1) Code of Ethics for the Registrant’s President, Chief Financial Officer and Chief Investment Officer (as referenced in Item 2 above), attached hereto as Exhibit (a)(1).

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

(a)(3) Not applicable.

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

SIGNATURES

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

(Registrant)	Mercer Funds
By (Signature and Title)	/S/ Richard Joseph
	Richard Joseph
	President and Chief Executive Officer
	(Principal Executive Officer)
Date May 24, 2019

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

By (Signature and Title)	/S/ Richard Joseph
	Richard Joseph
	President and Chief Executive Officer
	(Principal Executive Officer)
Date May 24, 2019

By (Signature and Title)	/S/ Stephen Gouthro
	Stephen Gouthro
	Vice President, Treasurer and Chief Financial Officer
	(Principal Financial Officer)
Date May 24, 2019