Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)		Description	Value ($)
		DEBT OBLIGATIONS — 92.3%
		Asset Backed Securities — 2.7%
	250,000	522 Funding CLO I, Ltd., Series 2019-1A, Class E, 5.95% (3 mo. USD LIBOR plus 7.34%), due 01/15/33† 144A		247,483
	1,090,000	Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 2.22% (1 mo. USD LIBOR plus 0.43%), due 12/25/35†		1,061,032
	250,000	AMMC CLO, Ltd., Series 2017-20A, Class D, 5.40% (3 mo. USD LIBOR plus 3.40%), due 04/17/29† 144A		249,446
	965,000	Applebee's Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A		979,485
	1,290,000	Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Series 2006-HE5, Class M1, 2.07% (1 mo. USD LIBOR plus 0.28%), due 07/25/36†		1,126,754
	773,443	Asset Backed Securities Corp. Home Equity Loan Trust Series RFC, Series 2007-HE1, Class A4, 1.93% (1 mo. USD LIBOR plus 0.14%), due 12/25/36†		752,574
	410,000	Avery Point VI CLO, Ltd., Series 2015-6A, Class DR, 4.84% (3 mo. USD LIBOR plus 2.95%), due 08/05/27† 144A		404,474
	250,000	Benefit Street Partners CLO IV, Ltd., Series 2014-IVA, Class CRR, 5.77% (3 mo. USD LIBOR plus 3.80%), due 01/20/29† 144A		249,973
	250,000	BlueMountain CLO, Ltd., Series 2012-2A, Class AR2, 2.95% (3 mo. USD LIBOR plus 1.05%), due 11/20/28† 144A		250,008
	790,000	BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21		797,273
	385,000	California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.87%, due 10/16/23		395,269
	660,000	Carlyle Global Market Strategies CLO, Ltd., Series 2014-2RA, Class A1, 2.96% (3 mo. USD LIBOR plus 1.05%), due 05/15/31† 144A		657,730
	600,000	Catskill Park CLO, Ltd., Series 2017-1A, Class D, 7.97% (3 mo. USD LIBOR plus 6.00%), due 04/20/29† 144A		589,555
	200,000	CCG Receivables Trust, Series 2018-1, Class C, 3.42%, due 06/16/25 144A		202,421
	330,000	Cent CLO, Ltd., Series 2015-24A, Class CR, 5.15% (3 mo. USD LIBOR plus 3.15%), due 10/15/26† 144A		325,502
	604,500	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		620,800
	250,000	Cumberland Park CLO, Ltd., Series 2015-2A, Class ER, 7.62% (3 mo. USD LIBOR plus 5.65%), due 07/20/28† 144A		241,743
	248,340	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.53%, due 01/21/31 144A		254,071
	305,000	Driven Brands Funding LLC, Series 2019-2A, Class A2, 3.98%, due 10/20/49 144A		305,639
	650,000	DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, due 03/15/24 144A		666,675
	772,926	Falcon Aerospace, Ltd., Series 2017-1, Class A, 4.58%, due 02/15/42		783,524
	225,000	First Investors Auto Owner Trust, Series 2016-2A, Class D, 3.35%, due 11/15/22 144A		226,941
	260,000	Flatiron CLO, Ltd., Series 2017-1A, Class A, 3.16% (3 mo. USD LIBOR plus 1.25%), due 05/15/30† 144A		260,232
	250,000	Greenwood Park CLO, Ltd., Series 2018-1A, Class E, 6.95% (3 mo. USD LIBOR plus 4.95%), due 04/15/31† 144A		235,359
	250,000	Greywolf CLO IV, Ltd., Series 2019-1A, Class C, 5.95% (3 mo. USD LIBOR plus 3.95%), due 04/17/30† 144A		250,361
	417,552	GSAA Home Equity Trust, Series 2007-7, Class A4, 2.06% (1 mo. USD LIBOR plus 0.27%), due 07/25/37†		408,763
	290,000	Halsey Point CLO I, Ltd., Series 2019-1A, Class F, 10.11% (3 mo. USD LIBOR plus 8.20%), due 01/20/33† 144A		263,780
	499,932	Invitation Homes Trust, Series 2018-SFR1, Class E, 3.74% (1 mo. USD LIBOR plus 2.00%), due 03/17/37† 144A		501,161

See accompanying Notes to the Schedule of Investments.

1

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	1,190,000	Jack In The Box Funding LLC, Series 2019-1A, Class A21, 3.98%, due 08/25/49 144A		1,200,258
	383,046	KeyCorp Student Loan Trust, Series 2005-A, Class 2C, 3.25% (3 mo. USD LIBOR plus 1.30%), due 12/27/38†		365,716
	250,000	KKR CLO, Ltd., Series 11, Class AR, 3.18% (3 mo. USD LIBOR plus 1.18%), due 01/15/31† 144A		248,881
	250,000	LCM CLO XXII, Ltd., Series 22A, Class DR, 7.47% (3 mo. USD LIBOR plus 5.50%), due 10/20/28† 144A		230,244
	325,327	Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, due 01/25/59†† 144A		329,269
	360,000	Madison Park Funding CLO XXVI, Ltd., Series 2007-4A, Class AR, 3.13% (3 mo. USD LIBOR plus 1.20%), due 07/29/30† 144A		360,022
	217,950	MAPS, Ltd., Series 2018-1A, Class A, 4.21%, due 05/15/43 144A		222,058
	217,950	MAPS, Ltd., Series 2018-1A, Class B, 5.19%, due 05/15/43 144A		223,769
	250,000	Marathon CLO 14, Ltd., Series 2019-2A, Class BA, 5.20% (3 mo. USD LIBOR plus 3.30%), due 01/20/33† 144A		250,612
	1,309,823	Mill City Solar Loan, Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A		1,356,649
	575,000	Navient Private Education Refi Student Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A		599,175
	250,000	Neuberger Berman CLO XVII, Ltd., Series 2014-17A, Class ER, 8.50% (3 mo. USD LIBOR plus 6.55%), due 04/22/29† 144A		248,882
	250,000	Oaktree CLO, Ltd., Series 2015-1A, Class DR, 7.17% (3 mo. USD LIBOR plus 5.20%), due 10/20/27† 144A		242,704
	250,000	Oaktree CLO, Ltd., Series 2019-1A, Class D, 5.75% (3 mo. USD LIBOR plus 3.80%), due 04/22/30† 144A		237,909
	250,000	Octagon Investment Partners CLO XXIII, Ltd., Series 2015-1A, Class ER, 7.75% (3 mo. USD LIBOR plus 5.75%), due 07/15/27† 144A		243,493
	250,000	OHA Loan Funding CLO, Ltd., Series 2015-1A, Class DR2, 5.85% (3 mo. USD LIBOR plus 4.00%), due 11/15/32† 144A		250,187
	280,000	OneMain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, due 03/14/29 144A		284,092
	530,000	OZLM VII CLO, Ltd., Series 2014-7RA, Class CR, 5.00% (3 mo. USD LIBOR plus 3.00%), due 07/17/29† 144A		502,371
	750,000	OZLM XII CLO, Ltd., Series 2015-12A, Class CR, 4.94% (3 mo. USD LIBOR plus 3.00%), due 04/30/27† 144A		720,052
	706,063	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 144A		735,907
	250,000	PPM CLO 3, Ltd., Series 2019-3A, Class A, 3.40% (3 mo. USD LIBOR plus 1.40%), due 07/17/30† 144A		250,388
	180,000	Saranac CLO III, Ltd., Series 2014-3A, Class DR, 5.18% (3 mo. USD LIBOR plus 3.25%), due 06/22/30† 144A		166,453
	255,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 4.28% (28 day ARS), due 06/15/32†		252,788
	110,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 4.30% (28 day ARS), due 03/15/33†		109,172
	360,000	Sound Point CLO XXIII, Series 2019-2A, Class A1, 3.40% (3 mo. USD LIBOR plus 1.40%), due 04/15/32† 144A		358,775
	250,000	Symphony CLO IX, LP, Series 2012-9A, Class AR2, 3.60% (3 mo. USD LIBOR plus 1.32%), due 07/16/32† 144A		249,488
	250,000	Symphony CLO IX, LP, Series 2012-9A, Class D2R2, 6.38% (3 mo. USD LIBOR plus 4.10%), due 07/16/32† ‡‡‡‡		251,514

See accompanying Notes to the Schedule of Investments.

2

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	250,000	Symphony CLO XIX, Ltd., Series 2018-19A, Class E, 7.20%, due 04/16/31◆◆ 144A		238,288
	750,000	THL Credit Wind River CLO, Ltd., Series 2016-1A, Class ER, 7.54% (3 mo. USD LIBOR plus 5.55%), due 07/15/28† 144A		710,613
	340,000	Venture CLO, Ltd., Series 2018-31A, Class A1, 3.00% (3 mo. USD LIBOR plus 1.03%), due 04/20/31† 144A		335,944
	500,000	Voya CLO, Ltd., Series 2015-2A, Class ER, 7.33% (3 mo. USD LIBOR plus 5.40%), due 07/23/27† 144A		477,503
	213,925	Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A		218,456
	260,000	Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, due 10/16/23 144A		266,264
	410,000	Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 5.65% (3 mo. USD LIBOR plus 3.65%), due 10/15/31† 144A		396,204
				26,442,128
		Bank Loans — 6.2%
	140,146	Advanced Drainage Systems, Inc., Term Loan B, 4.00% (3 mo. USD LIBOR plus 2.25%), due 07/31/26†		141,722
	502,292	Albany Molecular Research, Inc., 2017 1st Lien Term Loan, 5.05% (1 mo. USD LIBOR plus 3.25%), due 08/30/24†		501,978
	130,650	Albertsons, LLC, 2019 Term Loan B7, 4.55% (1 mo. USD LIBOR plus 2.75%), due 11/17/25†		132,005
	723,069	Albertsons, LLC, 2019 Term Loan B8, 4.55% (1 mo. USD LIBOR plus 2.75%), due 08/17/26†		730,709
	65,032	Allied Universal Holdco LLC, 2019 Delayed Draw Term Loan, 6.05% (1 mo. USD LIBOR plus 4.25%), due 07/10/26†		65,528
	656,822	Allied Universal Holdco LLC, 2019 Term Loan B, 6.05% (1 mo. USD LIBOR plus 4.25%), due 07/10/26†		661,830
	302,384	Almonde, Inc., USD 1st Lien Term Loan, 5.70% (6 mo. USD LIBOR plus 3.50%), due 06/13/24†		300,998
	46,677	Almonde, Inc., USD 1st Lien Term Loan, 5.70% (2 mo. USD LIBOR plus 3.50%), due 06/13/24†		46,463
	395,960	Alterra Mountain Company, Term Loan B1, 4.55% (1 mo. USD LIBOR plus 2.75%), due 07/31/24†		398,868
	448,869	AMC Entertainment Holdings, Inc., 2019 Term Loan B, 4.80% (1 mo. USD LIBOR plus 3.00%), due 04/22/26†		452,685
	170,398	American Axle & Manufacturing, Inc., Term Loan B, 4.05% (3 mo. USD LIBOR plus 2.25%), due 04/06/24†		170,238
	24,352	American Axle & Manufacturing, Inc., Term Loan B, 4.19% (3 mo. USD LIBOR plus 2.25%), due 04/06/24†		24,329
	1,195,000	APi Group DE, Inc., Term Loan B, 4.30% (1 mo. USD LIBOR plus 2.50%), due 10/01/26†		1,206,017
	258,045	AppLovin Corp., 2018 Term Loan B, 5.30% (1 mo. USD LIBOR plus 3.50%), due 08/15/25†		259,900
	59,848	Asurion LLC, 2018 Term Loan B7, TBD, due 11/03/24###		60,147
	9,031	Asurion LLC, 2017 Term Loan B4, 4.80% (1 mo. USD LIBOR plus 3.00%), due 08/04/22†		9,097
	1,377,367	Asurion LLC, 2018 Term Loan B6, 4.80% (1 mo. USD LIBOR plus 3.00%), due 11/03/23†		1,387,554
	415,829	Asurion LLC, 2018 Term Loan B7, 4.80% (1 mo. USD LIBOR plus 3.00%), due 11/03/24†		418,701

See accompanying Notes to the Schedule of Investments.

3

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	506,624	Athenahealth, Inc., 2019 Term Loan B, 6.40% (3 mo. USD LIBOR plus 4.50%), due 02/11/26†		509,997
	110,000	Atkins Nutritionals Holdings II, Inc., 2017 Term Loan B, 5.73% (3 mo. USD LIBOR plus 3.75%), due 07/07/24†		111,375
	505,972	Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 3.51% (1 mo. USD LIBOR plus 1.75%), due 01/15/25†		509,767
	356,354	Bass Pro Group, LLC, Term Loan B, 6.80% (1 mo. USD LIBOR plus 5.00%), due 09/25/24†		355,553
	900,666	Bausch Health Companies, Inc., 2018 Term Loan B, 4.74% (1 mo. USD LIBOR plus 3.00%), due 06/02/25†		907,280
	330,000	Berry Global, Inc., Term Loan W, 3.72% (1 mo. USD LIBOR plus 2.00%), due 10/01/22†		331,738
	342,234	Boyd Gaming Corp., Term Loan B3, 3.85% (1 mo. LIBOR plus 2.25%), due 09/15/23		345,049
	113,404	BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 4.25% (3 mo. USD LIBOR plus 2.50%), due 08/15/25†		114,396
	93,446	BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 4.31% (1 mo. USD LIBOR plus 2.50%), due 08/15/25†		94,350
	199,496	Brookfield WEC Holdings, Inc., 2018 1st Lien Term Loan, TBD, due 08/01/25###		201,096
	478,791	Brookfield WEC Holdings, Inc., 2018 1st Lien Term Loan, 5.30% (1 mo. USD LIBOR plus 3.50%), due 08/01/25†		482,561
	599,000	Buckeye Partners, L.P., 2019 Term Loan B, 4.44% (1 mo. USD LIBOR plus 2.75%), due 11/01/26†		604,865
	438,652	Caesars Entertainment Operating Co., Exit Term Loan, 3.80% (1 mo. USD LIBOR plus 2.00%), due 10/07/24†		442,078
	502,312	Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 4.55% (1 mo. USD LIBOR plus 2.75%), due 12/23/24†		503,707
	479,205	Camelot U.S. Acquisition 1 Co., Term Loan B, 5.05% (1 mo. USD LIBOR plus 3.25%), due 10/31/26†		482,700
	503,412	CEC Entertainment, Inc., 2019 Term Loan B, 8.30% (1 mo. USD LIBOR plus 6.50%), due 08/30/26†		485,289
	1,056,986	Change Healthcare Holdings LLC, 2017 Term Loan B, 4.30% (1 mo. USD LIBOR plus 2.50%), due 03/01/24†		1,062,161
	329,175	Charter Communications Operating, LLC, 2019 Term Loan B2, TBD, due 02/01/27###		331,669
	692,375	Chesapeake Energy Corp., 2019 Last Out Term Loan, 9.93% (3 mo. USD LIBOR plus 8.00%), due 06/09/24†		714,877
	460,000	Chesapeake Energy Corp., 2019 Last Out Term Loan, TBD, due 06/09/24###		474,950
	29,771	CityCenter Holdings, LLC, 2017 Term Loan B, 4.05% (1 mo. USD LIBOR plus 2.25%), due 04/18/24†		29,936
	1,520,409	Clear Channel Outdoor Holdings, Inc., Term Loan B, 5.30% (1 mo. USD LIBOR plus 3.50%), due 08/21/26†		1,531,337
	1,206,975	CommScope, Inc., 2019 Term Loan B, 5.05% (1 mo. USD LIBOR plus 3.25%), due 04/06/26†		1,216,323
	210,000	CoreCivic, Inc., 2019 Term Loan, TBD, due 12/12/24###		205,537
	897,750	Crown Finance US, Inc., 2019 Incremental Term Loan, 4.30% (1 mo. USD LIBOR plus 2.50%), due 09/30/26†		899,994
	510,000	DCert Buyer, Inc., 2019 Term Loan B, 5.80% (1 mo. USD LIBOR plus 4.00%), due 10/16/26†		511,833
	486,935	Dell International LLC, 2019 Term Loan B, 3.80% (1 mo. USD LIBOR plus 2.00%), due 09/19/25†		490,780

See accompanying Notes to the Schedule of Investments.

4

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	478,304	Diamond Sports Group, LLC, Term Loan, 5.03% (1 mo. USD LIBOR plus 3.25%), due 08/24/26†		478,304
	99,248	Edelman Financial Center, LLC, 2018 1st Lien Term Loan, 5.04% (1 mo. USD LIBOR plus 3.25%), due 07/21/25†		99,930
	219,439	Equinox Holdings, Inc., 2017 1st Lien Term Loan, TBD, due 03/08/24###		220,764
	29,774	First Eagle Investment Management, LLC, 2018 Term Loan B, 4.69% (3 mo. USD LIBOR plus 2.75%), due 12/02/24†		29,961
	289,266	Focus Financial Partners, LLC, 2018 Incremental Term Loan, 4.30% (1 mo. USD LIBOR plus 2.50%), due 07/03/24†		291,616
	994,619	Four Seasons Hotels, Ltd., New 1st Lien Term Loan, 3.80% (1 mo. USD LIBOR plus 2.00%), due 11/30/23†		1,005,532
	1,629,948	Frontier Communications Corp., 2017 Term Loan B1, 5.55% (1 mo. USD LIBOR plus 3.75%), due 06/15/24†		1,641,969
	441,010	Gannet Holdings LLC, Fixed Term Loan, 11.50%, due 11/19/24		423,370
	890,000	Garda World Security Corp., 2019 1st Lien Term Loan B, 6.66% (3 mo. USD LIBOR plus 4.75%), due 10/30/26†		896,304
	265,955	GBT Group Services, Ltd., 2018 Term Loan B, 4.40% (3 mo. USD LIBOR plus 2.50%), due 08/13/25†		267,285
	350,000	Genesee & Wyoming Inc., Term Loan, TBD, due 11/06/26###		353,828
	209,468	GFL Environmental, Inc., 2018 USD Term Loan B, TBD, due 05/30/25###		210,048
	877,039	GFL Environmental, Inc., 2018 USD Term Loan B, 4.80% (1 mo. USD LIBOR plus 3.00%), due 05/30/25†		879,466
	278,194	Global Tel Link Corp., 2018 1st Lien Term Loan, 6.05% (1 mo. USD LIBOR plus 4.25%), due 11/29/25†		254,200
	245,178	GlobalTranz Enterprises, Inc., 2019 Term Loan, 6.79% (1 mo. USD LIBOR plus 5.00%), due 05/15/26†		225,564
	292,082	Golden Nugget, Inc., 2017 Incremental Term Loan B, TBD, due 10/04/23###		293,269
	125,656	Golden Nugget, Inc., 2017 Incremental Term Loan B, 4.72% (3 mo. USD LIBOR plus 2.75%), due 10/04/23†		126,511
	501,000	Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 3.74% (1 mo. USD LIBOR plus 2.00%), due 11/15/27†		505,728
	260,000	Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, TBD, due 11/15/27###		262,454
	520,000	HC Group Holdings II, Inc., Term Loan B, 6.30% (1 mo. USD LIBOR plus 4.50%), due 08/06/26†		518,538
	100,000	Hilton Worldwide Finance, LLC, 2019 Term Loan B2, TBD, due 06/22/26###		100,870
	350,000	Hilton Worldwide Finance, LLC, 2019 Term Loan B2, 3.54% (1 mo. USD LIBOR plus 1.75%), due 06/22/26†		353,068
	210,000	Hornblower Sub, LLC, 2018 Term Loan B, 6.44% (3 mo. USD LIBOR plus 4.50%), due 04/27/25†		211,312
	214,050	IAA, Inc., Term Loan B, 4.06% (1 mo. USD LIBOR plus 2.25%), due 06/28/26†		215,788
	16,373	iHeartCommunications, Inc., Exit Term Loan, TBD, due 05/01/26###		16,550
	1,003,720	iHeartCommunications, Inc., Exit Term Loan, 5.69% (1 mo. USD LIBOR plus 4.00%), due 05/01/26†		1,014,655
	129,668	Immucor, Inc., Extended Term Loan B, 6.94% (3 mo. USD LIBOR plus 5.00%), due 06/15/21†		129,424
	130,000	Intelsat Jackson Holdings SA, 2017 Term Loan B3, 5.68% (6 mo. USD LIBOR plus 3.75%), due 11/27/23†		130,422
	502,113	Jaguar Holding Co. II, 2018 Term Loan, 4.30% (1 mo. USD LIBOR plus 2.50%), due 08/18/22†		505,391

See accompanying Notes to the Schedule of Investments.

5

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	387,060	Jane Street Group, LLC, 2018 Term Loan B, 4.80% (1 mo. USD LIBOR plus 3.00%), due 08/25/22†		387,060
	179,550	KAR Auction Services, Inc., 2019 Term Loan B6, 4.06% (1 mo. USD LIBOR plus 2.25%), due 09/19/26†		181,157
	563,721	Kraton Polymers, LLC, 2018 USD Term Loan, 4.30% (1 mo. USD LIBOR plus 2.50%), due 03/05/25†		562,312
	344,074	Level 3 Financing Inc., 2019 Term Loan B, 3.55% (1 mo. USD LIBOR plus 1.75%), due 03/01/27†		346,153
	970,113	Life Time Fitness, Inc., 2017 Term Loan B, 4.66% (3 mo. USD LIBOR plus 2.75%), due 06/10/22†		973,873
	30,000	McAfee, LLC, 2018 USD Term Loan B, TBD, due 09/30/24###		30,176
	438,439	McAfee, LLC, 2018 USD Term Loan B, 5.55% (1 mo. USD LIBOR plus 3.75%), due 09/30/24†		440,897
	729,008	Meredith Corp., 2018 Term Loan B, 4.55% (1 mo. USD LIBOR plus 2.75%), due 01/31/25†		734,384
	367,380	MGM Growth Properties Operating Partnership, LP, 2016 Term Loan B, 3.80% (1 mo. USD LIBOR plus 2.00%), due 03/21/25†		369,643
	230,000	Michaels Stores, Inc., 2018 Term Loan B, TBD, due 01/30/23###		222,956
	375,502	Michaels Stores, Inc., 2018 Term Loan B, 4.30% (1 mo. USD LIBOR plus 2.50%), due 01/30/23†		364,381
	1,189,710	Midas Intermediate Holdco II, LLC, Incremental Term Loan B, 4.70% (1 mo. USD LIBOR plus 2.75%), due 08/18/21†		1,174,838
	19,947	Mohegan Tribal Gaming Authority, 2016 Term Loan B, TBD, due 10/13/23###		19,279
	289,235	Mohegan Tribal Gaming Authority, 2016 Term Loan B, 5.80% (1 mo. USD LIBOR plus 4.00%), due 10/13/23†		279,545
	943,322	MPH Acquisition Holdings LLC, 2016 Term Loan B, 4.69% (3 mo. USD LIBOR plus 2.75%), due 06/07/23†		933,103
	414,385	NASCAR Holdings,, Inc., Term Loan B, 4.49% (3 mo. USD LIBOR plus 2.75%), due 10/19/26†		419,371
	109,725	Nexstar Broadcasting, Inc., 2019 Term Loan B4, TBD, due 09/18/26###		110,445
	379,050	Nexstar Broadcasting, Inc., 2019 Term Loan B4, 4.45% (1 mo. USD LIBOR plus 2.75%), due 09/18/26†		381,589
	448,875	Panther BF Aggregator 2, LP, USD Term Loan B, 5.30% (1 mo. USD LIBOR plus 3.50%), due 04/30/26†		451,583
	374,051	Phoenix Guarantor, Inc., Term Loan B, 6.21% (1 mo. USD LIBOR plus 4.50%), due 03/05/26†		376,623
	898,444	Prime Security Services Borrower, LLC, 2019 Term Loan B1, 4.94% (1 mo. USD LIBOR plus 3.25%), due 09/23/26†		901,938
	287,403	Prime Security Services Borrower, LLC, 2019 Term Loan B1, TBD, due 09/23/26###		288,521
	119,699	Project Alpha Intermediate Holding, Inc., 2019 Incremental Term Loan B, 6.24% (3 mo. USD LIBOR plus 4.25%), due 04/26/24†		120,971
	564,728	Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 4.55% (1 mo. USD LIBOR plus 2.75%), due 11/15/23†		568,308
	495,744	RadNet, Inc., Reprice Term Loan, 5.51% (3 mo. USD LIBOR plus 3.50%), due 06/30/23†		499,462
	696,137	RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 6.30% (1 mo. USD LIBOR plus 4.50%), due 11/17/25†		702,591
	1,758	RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 8.25% (PRIME plus 3.50%), due 11/17/25†		1,774

See accompanying Notes to the Schedule of Investments.

6

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	559,452	Reynolds Group Holdings, Inc., USD 2017 Term Loan, 4.55% (1 mo. USD LIBOR plus 2.75%), due 02/05/23†		561,987
	118,961	RPI Finance Trust, Term Loan B6, 3.80% (1 mo. USD LIBOR plus 2.00%), due 03/27/23†		120,068
	522,230	Scientific Games International, Inc., 2018 Term Loan B5, 4.55% (1 mo. USD LIBOR plus 2.75%), due 08/14/24†		524,374
	177,818	Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan, 6.30% (1 mo. USD LIBOR plus 4.50%), due 11/01/24†		132,475
	1,337,237	Sedgwick Claims Management Services, Inc., 2018 Term Loan B, 5.05% (1 mo. USD LIBOR plus 3.25%), due 12/31/25†		1,340,246
	355,357	Sedgwick Claims Management Services, Inc., 2019 Term Loan B, 5.80% (1 mo. USD LIBOR plus 4.00%), due 09/03/26†		358,733
	533,663	Sinclair Television Group, Inc., Term Loan B2B, 4.24% (1 mo. USD LIBOR plus 2.50%), due 09/30/26†		536,248
	349,553	Sophia, L.P., 2017 Term Loan B, 5.19% (3 mo. USD LIBOR plus 3.25%), due 09/30/22†		350,733
	480,000	Sotera Health Holdings, LLC, 2019 Term Loan, 6.29% (3 mo. USD LIBOR plus 4.50%), due 12/11/26†		482,200
	49,872	Sprint Communications, Inc., 1st Lien Term Loan B, 4.31% (1 mo. USD LIBOR plus 2.50%), due 02/02/24†		49,544
	815,900	Staples, Inc., 7 Year Term Loan, 6.69% (1 mo. USD LIBOR plus 5.00%), due 04/16/26†		802,811
	332,426	Stars Group Holdings BV (The), 2018 USD Incremental Term Loan, 5.44% (3 mo. USD LIBOR plus 3.50%), due 07/10/25†		335,775
	650,242	Telenet Financing USD LLC, USD Term Loan AN, 3.99% (1 mo. USD LIBOR plus 2.25%), due 08/15/26†		654,916
	550,000	Terrier Media Buyer, Inc., Term Loan B, TBD, due 12/17/26###		556,187
	421,710	TKC Holdings, Inc., 2017 1st Lien Term Loan, 5.55% (1 mo. USD LIBOR plus 3.75%), due 02/01/23†		393,596
	407,402	Trans Union, LLC, 2019 Term Loan B5, 3.55% (1 mo. USD LIBOR plus 1.75%), due 11/16/26†		409,662
	631,568	TransDigm, Inc., 2018 Term Loan E, 4.30% (1 mo. USD LIBOR plus 2.50%), due 05/30/25†		633,857
	49,875	U.S. Renal Care, Inc., 2019 Term Loan B, TBD, due 06/26/26###		49,588
	408,975	U.S. Renal Care, Inc., 2019 Term Loan B, 6.81% (1 mo. USD LIBOR plus 5.00%), due 06/26/26†		406,624
	757,684	Uber Technologies, 2018 Incremental Term Loan, 5.30% (1 mo. USD LIBOR plus 3.50%), due 07/13/23†		758,157
	789,547	Uber Technologies, 2018 Term Loan, 5.74% (1 mo. USD LIBOR plus 4.00%), due 04/04/25†		792,014
	109,716	UFC Holdings, LLC, 2019 Term Loan, TBD, due 04/29/26###		110,814
	59,539	UFC Holdings, LLC, 2019 Term Loan, 5.50% (1 mo. USD LIBOR plus 3.25%), due 04/29/26†		59,795
	418,950	Ultimate Software Group, Inc. (The), Term Loan B, 5.55% (1 mo. USD LIBOR plus 3.75%), due 05/04/26†		421,743
	570,000	Univision Communications Inc., Term Loan C5, 4.55% (1 mo. USD LIBOR plus 2.75%), due 03/15/24†		563,791
	109,722	Verscend Holding Corp., 2018 Term Loan B, 6.30% (1 mo. USD LIBOR plus 4.50%), due 08/27/25†		110,614

See accompanying Notes to the Schedule of Investments.

7

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	60,000		VFH Parent LLC, 2019 Term Loan B, TBD, due 03/01/26###		60,308
	109,747		VFH Parent LLC, 2019 Term Loan B, 5.20% (1 mo. USD LIBOR plus 3.50%), due 03/01/26†		110,309
	510,000		VICI Properties 1 LLC, Replacement Term Loan B, 3.79% (1 mo. USD LIBOR plus 2.00%), due 12/20/24†		512,940
	420,000		Virgin Media Bristol LLC, USD Term Loan N, 4.24% (1 mo. USD LIBOR plus 2.50%), due 01/31/28†		423,150
	1,630,000		Windstream Services, LLC, Repriced Term Loan B6, TBD, due 03/29/21###		1,564,120
	138,586		Wink Holdco, Inc., 1st Lien Term Loan B, 4.80% (1 mo. USD LIBOR plus 3.00%), due 12/02/24†		138,672
	460,000		WP CityMD Bidco LLC, 2019 Term Loan B, 6.44% (3 mo. USD LIBOR plus 4.50%), due 08/13/26†		461,150
	740,000	EUR	Ziggo BV, 2019 EUR Term Loan H, 3.00% (3 mo. EURIBOR plus 3.00%), due 01/31/29†		831,688
	985,000		Ziggo Secured Finance Partnership, USD Term Loan E, 4.24% (1 mo. USD LIBOR plus 2.50%), due 04/15/25†		987,258
					61,031,168
			Convertible Debt — 0.2%
	230,000		Cheniere Energy, Inc., 4.25%, due 03/15/45		182,287
	20,000		Chesapeake Energy Corp., 5.50%, due 09/15/26		9,728
	550,000		DISH Network Corp., 3.38%, due 08/15/26		530,420
	160,000		Evolent Health, Inc., 1.50%, due 10/15/25		113,205
	710,000		Teva Pharmaceutical Finance Co. LLC, 0.25%, due 02/01/26		676,581
	60,000		Twitter, Inc., 0.25%, due 06/15/24		58,125
	380,000		Vishay Intertechnology, Inc., 2.25%, due 06/15/25		381,631
	150,000		Vonage Holdings Corp., 1.75%, due 06/01/24 144A		134,684
					2,086,661
			Corporate Debt — 27.8%
	90,000		1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A		90,392
	1,000,000		1MDB Global Investments, Ltd., Reg S, 4.40%, due 03/09/23‡‡‡		973,457
	180,000		AbbVie, Inc., 2.95%, due 11/21/26 144A		183,548
	1,975,000		AbbVie, Inc., 3.20%, due 11/21/29 144A		2,011,765
	410,000		AbbVie, Inc., 4.05%, due 11/21/39 144A		432,394
	490,000		ABN AMRO Bank NV, 4.75%, due 07/28/25 144A		534,938
	1,670,000		Abu Dhabi Crude Oil Pipeline LLC, 4.60%, due 11/02/47 144A		1,934,069
	895,000		Acwa Power Management And Investments One, Ltd., 5.95%, due 12/15/39 144A		957,202
	915,000		Adani Green Energy UP, Ltd./Prayatna Developers Pvt., Ltd./Parampujya Solar Energ, 6.25%, due 12/10/24 144A		985,226
	240,000		Advanced Micro Devices, Inc., 7.50%, due 08/15/22		270,975
	245,000		AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26		263,229
	1,115,000		AES Corp., 5.50%, due 04/15/25		1,154,014
	400,000		Africa Finance Corp., 3.88%, due 04/13/24 144A		416,943
	425,000		Africa Finance Corp., 4.38%, due 04/17/26 144A		451,527
	1,280,000		African Export-Import Bank (The), 3.99%, due 09/21/29 144A		1,301,734
	810,000		AIB Group Plc, 4.26% (3 mo. USD LIBOR plus 1.87%), due 04/10/25† 144A		858,483
	440,000		Alcoa Nederland Holding BV, 6.13%, due 05/15/28 144A		477,114

See accompanying Notes to the Schedule of Investments.

8

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	360,000		Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, due 07/15/26 144A		387,567
	1,235,000		Alpek SAB de CV, 4.25%, due 09/18/29 144A		1,261,861
	1,000,000		Altice France SA/France, 7.38%, due 05/01/26 144A		1,075,490
	500,000		Altice Luxembourg SA, 10.50%, due 05/15/27 144A		570,950
	50,000		Altria Group, Inc., 4.40%, due 02/14/26		54,397
	180,000		Altria Group, Inc., 4.80%, due 02/14/29		200,801
	500,000		Altria Group, Inc., 5.95%, due 02/14/49		607,100
	10,540,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		546,368
	150,000		American Axle & Manufacturing, Inc., 6.25%, due 03/15/26		153,990
	670,000		American Media LLC, 10.50%, due 12/31/26 144A		721,840
	200,000		Anglo American Capital Plc, 4.00%, due 09/11/27‡ 144A		209,770
	500,000		Anheuser-Busch InBev Worldwide, Inc., 5.55%, due 01/23/49		650,596
	50,000		Anheuser-Busch InBev Worldwide, Inc., 5.80%, due 01/23/59		68,387
	640,000		Aon Corp., 4.50%, due 12/15/28		721,631
	150,000		ArcelorMittal, 6.13%, due 06/01/25		172,469
	350,000		ArcelorMittal, 7.00%, due 10/15/39		427,315
	955,000	EUR	ARD Finance SA, 5.00% (5.00% Cash or 5.75% PIK), due 06/30/27 144A		1,083,832
	200,000		ARD Finance SA, 6.50% (6.50% Cash or 7.25% PIK), due 06/30/27 144A		207,160
	550,000		Ardonagh Midco 3 Plc, 8.63%, due 07/15/23‡ 144A		547,022
	340,000		Ardonagh Midco 3 Plc, Reg S, 8.63%, due 07/15/23‡‡‡		338,159
	1,050,000	EUR	Arion Banki HF, (MTN), Reg S, 1.00%, due 03/20/23‡‡‡		1,193,020
	203,000	EUR	Arion Banki HF, (MTN), Reg S, 1.63%, due 12/01/21‡‡‡		234,284
	400,000		Ashtead Capital, Inc., 4.00%, due 05/01/28 144A		405,000
	200,000		Ashtead Capital, Inc., 4.25%, due 11/01/29 144A		204,750
	330,000		Ashtead Capital, Inc., 5.25%, due 08/01/26 144A		354,040
	200,000		ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A		133,583
	730,000		AT&T, Inc., 4.85%, due 03/01/39		843,552
	260,000		Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		281,007
	400,000		Banco Bilbao Vizcaya Argentaria SA, 6.50% (5 year CMT plus 5.19%)† †††††		424,000
	400,000	EUR	Banco Bilbao Vizcaya Argentaria SA, Reg S, 5.88% (5 year EUR swap plus 5.66%)† ††††† ‡‡‡		491,228
	715,000		Banco do Brasil SA/Cayman, 6.25% (10 year CMT plus 4.40%)† ††††† 144A		726,805
	200,000		Banco Mercantil del Norte SA, 7.50% (10 year CMT plus 5.47%)† ††††† 144A		213,752
	320,000		Banco Mercantil del Norte SA, 7.63% (10 year CMT plus 5.35%)† ††††† 144A		342,571
	200,000		Banco Santander SA, 4.38%, due 04/12/28		219,152
	1,435,000		Bank of America Corp., (MTN), 2.63%, due 04/19/21		1,448,497
	835,000		Bank of America Corp., (MTN), 3.56% (3 mo. USD LIBOR plus 1.06%), due 04/23/27†		883,288
	700,000		Barclays Bank Plc, 7.63%, due 11/21/22		787,125
	305,000		Barclays Plc, 4.84%, due 05/09/28		329,223
	390,000		Barclays Plc, 5.09% (3 mo. USD LIBOR plus 3.05%), due 06/20/30†		435,362
	210,000	GBP	Barclays Plc, 7.13% (5 year UK Government Bond plus 6.58%)† †††††		315,059
	2,105,000		Barclays Plc, 8.00% (5 year CMT plus 5.67%)† †††††		2,356,474
	380,000	EUR	Barclays Plc, (MTN), Reg S, 2.00% (5 year EUR swap plus 1.90%), due 02/07/28† ‡‡‡		433,865
	270,000		Bausch Health Americas, Inc., 9.25%, due 04/01/26 144A		310,622
	575,000		Bausch Health Cos., Inc., 5.00%, due 01/30/28 144A		591,612
	555,000		Bausch Health Cos., Inc., 5.25%, due 01/30/30 144A		576,922

See accompanying Notes to the Schedule of Investments.

9

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	815,000		BBVA USA, 2.50%, due 08/27/24		808,959
	349,000		Becton Dickinson and Co., 2.84% (3 mo. USD LIBOR plus 0.88%), due 12/29/20†		349,177
	482,000		Berry Petroleum Co. LLC, 7.00%, due 02/15/26 144A		447,825
	295,000		BlackRock, Inc., 3.25%, due 04/30/29‡		316,989
	400,000		Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, due 07/15/26‡ 144A		363,139
	820,000		BNP Paribas SA, 2.82% (3 mo. USD LIBOR plus 1.11%), due 11/19/25† 144A		830,304
	80,000		Boeing Co. (The), 2.70%, due 02/01/27		81,189
	190,000		Boeing Co. (The), 3.25%, due 02/01/35		194,801
	430,000		Boyd Gaming Corp., 4.75%, due 12/01/27 144A		447,458
	180,000		BP Capital Markets America, Inc., 3.94%, due 09/21/28		199,117
	1,565,000		Braskem Netherlands Finance BV, 4.50%, due 01/10/28‡ 144A		1,562,038
	405,000		Braskem Netherlands Finance BV, 5.88%, due 01/31/50 144A		402,874
	760,000		BRF SA, 4.88%, due 01/24/30 144A		784,898
	160,000		Bristol-Myers Squibb Co., 4.25%, due 10/26/49 144A		190,252
	420,000		Broadcom, Inc., 4.75%, due 04/15/29 144A		459,671
	365,000		Bruin E&P Partners LLC, 8.88%, due 08/01/23 144A		238,314
	400,000	EUR	CaixaBank SA, Reg S, 5.25% (5 year EUR swap plus 4.50%)† ††††† ‡‡‡		459,670
	110,000		Calpine Corp., 5.75%, due 01/15/25		113,163
	1,150,000		Camelot Finance SA, 4.50%, due 11/01/26 144A		1,183,780
	1,600,000		Capital One NA, 2.35%, due 01/31/20		1,600,347
	350,000		Carriage Services, Inc., 6.63%, due 06/01/26 144A		373,747
	20,000		Cascades Inc/Cascades USA, Inc., 5.13%, due 01/15/26 144A		20,600
	200,000		Cascades Inc/Cascades USA, Inc., 5.38%, due 01/15/28 144A		206,000
	375,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A		382,455
	220,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28 144A		231,257
	530,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, due 02/15/23		537,282
	200,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, due 09/30/22		202,606
	330,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, due 05/01/26 144A		348,504
	385,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, due 02/15/26 144A		406,895
	230,000		CDK Global, Inc., 5.25%, due 05/15/29 144A		246,963
	200,000		Celulosa Arauco y Constitucion SA, 4.20%, due 01/29/30 144A		200,970
	700,000		Celulosa Arauco y Constitucion SA, 5.15%, due 01/29/50 144A		695,975
	565,000		Centene Corp., 4.25%, due 12/15/27 144A		582,289
	190,000		Centene Corp., 4.63%, due 12/15/29 144A		200,108
	230,000		Centene Corp., 5.38%, due 06/01/26 144A		244,513
	355,000		CenterPoint Energy, Inc., 2.95%, due 03/01/30		350,785
	220,000		Charles River Laboratories International, Inc., 4.25%, due 05/01/28 144A		224,532
	80,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		85,357
	150,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 04/01/38		171,430
	220,000		Cheniere Energy Partners, LP, 4.50%, due 10/01/29 144A		226,479
	1,000,000		Cigna Corp., 2.55% (3 mo. USD LIBOR plus 0.65%), due 09/17/21†		1,000,061
	765,000		Cigna Corp., 4.38%, due 10/15/28		849,059
	450,000		CIT Group, Inc., 5.25%, due 03/07/25		495,938
	170,000		Citigroup, Inc., 4.65%, due 07/30/45		210,943
	550,000		Citigroup, Inc., 6.30% (3 mo. USD LIBOR plus 3.42%)† †††††		596,357
	640,000		Clearway Energy Operating LLC, 4.75%, due 03/15/28 144A		649,600
	420,000		Cleaver-Brooks, Inc., 7.88%, due 03/01/23 144A		420,174

See accompanying Notes to the Schedule of Investments.

10

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	220,000		Cogent Communications Group, Inc., 5.38%, due 03/01/22 144A		230,519
	760,000		Colfax Corp., 6.00%, due 02/15/24 144A		809,085
	420,000		Comcast Corp., 2.35% (3 mo. USD LIBOR plus 0.44%), due 10/01/21†		422,175
	1,000,000		Comcast Corp., 2.65%, due 02/01/30		1,005,582
	580,000		Comcast Corp., 4.25%, due 10/15/30		663,984
	340,000		Comcast Corp., 4.70%, due 10/15/48		420,425
	80,000		CommScope Technologies LLC, 5.00%, due 03/15/27 144A		75,402
	400,000		CommScope Technologies LLC, 6.00%, due 06/15/25 144A		401,452
	1,190,000		CommScope, Inc., 6.00%, due 03/01/26 144A		1,268,093
	190,000		CommScope, Inc., 8.25%, due 03/01/27‡ 144A		200,327
	140,000		Comstock Resources, Inc., 9.75%, due 08/15/26		127,382
	510,000		CONSOL Energy, Inc., 11.00%, due 11/15/25 144A		435,945
	600,000	EUR	Cooperatieve Rabobank UA, Reg S, 4.63% (5 year EUR swap plus 4.10%)† ††††† ‡‡‡		742,975
	410,000		CoreCivic, Inc. REIT, 4.63%, due 05/01/23		406,412
	525,000		Corp. Nacional del Cobre de Chile, 4.50%, due 09/16/25 144A		568,334
	280,000		Country Garden Holdings Co., Ltd., Reg S, 7.25%, due 04/04/21‡‡‡		280,772
	710,000		Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, due 05/15/25 144A		612,670
	575,000		Credit Agricole SA, 7.88% (5 year USD swap plus 4.90%)† ††††† 144A		656,880
	400,000		Credit Agricole SA, 8.13% (5 year USD swap plus 6.19%)† ††††† 144A		486,350
	300,000	EUR	Credit Agricole SA, Reg S, 6.50% (5 year EUR swap plus 5.12%)† ††††† ‡‡‡		364,498
	815,000		Credit Agricole SA/London, 2.38%, due 01/22/25 144A		814,802
	900,000		Credit Suisse Group AG, 2.59% (SOFR plus 1.56%), due 09/11/25† 144A		903,170
	800,000		Credit Suisse Group AG, 6.38% (5 year CMT plus 4.82%)† ††††† 144A		864,400
	465,000		Credit Suisse Group AG, 7.25% (5 year USD swap plus 4.33%)† ††††† 144A		519,454
	1,425,000		Credit Suisse Group Funding Guernsey, Ltd., 2.75%, due 03/26/20		1,426,866
	1,010,000		CSC Holdings LLC, 6.50%, due 02/01/29 144A		1,128,044
	685,000		CVS Health Corp., 3.25%, due 08/15/29		697,595
	760,000		CVS Health Corp., 4.30%, due 03/25/28		830,933
	800,000		CVS Health Corp., 4.78%, due 03/25/38		910,952
	810,000		DAE Funding LLC, 5.75%, due 11/15/23 144A		851,849
	200,000		Danske Bank AS, 5.00%, due 01/12/22 144A		210,141
	250,000	EUR	Danske Bank AS, Reg S, 5.75% (6 year EUR swap plus 4.64%)† ††††† ‡‡‡		283,999
	50,000		DCP Midstream Operating, LP, 5.13%, due 05/15/29		51,968
	200,000		DCP Midstream Operating, LP, 6.75%, due 09/15/37 144A		210,687
	730,000		Delek & Avner Tamar Bond, Ltd., 5.41%, due 12/30/25 144A		770,816
	590,000		Dell International LLC/EMC Corp., 8.35%, due 07/15/46 144A		814,063
	256,750,000	KZT	Development Bank of Kazakhstan JSC, Reg S, 9.50%, due 12/14/20‡‡‡		667,483
	475,000		Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, due 08/15/26 144A		481,377
	180,000		DISH DBS Corp., 5.88%, due 11/15/24		184,313
	980,000		DISH DBS Corp., 7.75%, due 07/01/26‡		1,040,015
	325,000		Dow Chemical Co. (The), 3.63%, due 05/15/26		342,291
	1,620,000		DP World Crescent, Ltd., 4.85%, due 09/26/28 144A		1,779,975
	2,175,000		DP World Plc, 5.63%, due 09/25/48 144A		2,520,040
	115,000		Dun & Bradstreet Corp. (The), 6.88%, due 08/15/26 144A		127,147
	625,000		Electricite de France SA, 4.50%, due 09/21/28 144A		695,789
	570,000	EUR	Ellaktor Value Plc, 6.38%, due 12/15/24 144A		665,386
	120,000		Endeavor Energy Resources, LP/EER Finance, Inc., 5.50%, due 01/30/26 144A		124,179
	210,000		Endeavor Energy Resources, LP/EER Finance, Inc., 5.75%, due 01/30/28 144A		221,151
	685,000		Enel Finance International NV, 3.50%, due 04/06/28 144A		701,906

See accompanying Notes to the Schedule of Investments.

11

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	235,000		Energy Transfer Operating, LP, 6.00%, due 06/15/48		274,606
	395,000		Energy Transfer Operating, LP, 6.25%, due 04/15/49		477,354
	1,080,000		EnLink Midstream Partners, LP, 4.15%, due 06/01/25		1,017,452
	220,000		EnLink Midstream Partners, LP, 5.45%, due 06/01/47		178,222
	305,000		Enstar Group, Ltd., 4.95%, due 06/01/29		327,420
	815,000		EPR Properties REIT, 3.75%, due 08/15/29		827,217
	200,000		ESH Hospitality, Inc. REIT, 4.63%, due 10/01/27 144A		202,870
	34,885,000	BRL	European Investment Bank, (MTN), 3.79%, due 08/27/21‡‡		8,154,749
	105,570,000	MXN	European Investment Bank, (MTN), Reg S, 4.00%, due 02/25/20‡‡‡		5,574,794
	8,150,000	ZAR	European Investment Bank, (MTN), Reg S, 8.50%, due 09/17/24‡‡‡		618,869
	735,000		Experian Finance Plc, 2.75%, due 03/08/30 144A		725,100
	100,000		Extraction Oil & Gas, Inc., 5.63%, due 02/01/26 144A		60,285
	200,000		Extraction Oil & Gas, Inc., 7.38%, due 05/15/24 144A		125,583
	500,000	GBP	Fidelity National Information Services, Inc., 2.25%, due 12/03/29		662,644
	400,000		First Quantum Minerals, Ltd., 6.50%, due 03/01/24 144A		401,834
	450,000		First Quantum Minerals, Ltd., 7.25%, due 05/15/22 144A		452,916
	1,270,000		First Quantum Minerals, Ltd., 7.25%, due 04/01/23‡ 144A		1,317,454
	610,000		Five Point Operating Co., LP/Five Point Capital Corp., 7.88%, due 11/15/25 144A		615,978
	1,530,000		Ford Motor Credit Co. LLC, 2.98%, due 08/03/22		1,532,870
	200,000		Ford Motor Credit Co. LLC, 5.88%, due 08/02/21		209,437
	130,000		Fox Corp., 4.71%, due 01/25/29 144A		148,364
	60,000		Fox Corp., 5.48%, due 01/25/39 144A		73,538
	640,000		Freeport-McMoRan, Inc., 5.45%, due 03/15/43		664,064
	530,000		Gazprom PJSC Via Gaz Capital SA, 4.95%, due 03/23/27 144A		591,748
	1,345,000		GEMS MENASA Cayman, Ltd./GEMS Education Delaware LLC, 7.13%, due 07/31/26 144A		1,418,081
	670,000		General Electric Co., (MTN), 6.88%, due 01/10/39		896,908
	170,000		General Motors Co., 5.20%, due 04/01/45		171,990
	430,000		General Motors Co., 5.95%, due 04/01/49		477,461
	675,000		General Motors Financial Co., Inc., 4.20%, due 11/06/21		700,020
	300,000		Genesis Energy, LP/Genesis Energy Finance Corp., 6.00%, due 05/15/23		297,875
	210,000		GEO Group (The), Inc. REIT, 5.88%, due 01/15/22		209,016
	320,000		GEO Group (The), Inc. REIT, 6.00%, due 04/15/26		284,808
	130,000		GFL Environmental, Inc., 5.13%, due 12/15/26 144A		137,004
	770,000		GFL Environmental, Inc., 5.38%, due 03/01/23 144A		795,025
	220,000		GFL Environmental, Inc., 7.00%, due 06/01/26 144A		233,034
	230,000		GFL Environmental, Inc., 8.50%, due 05/01/27 144A		253,426
	400,000		Glencore Funding LLC, 4.00%, due 03/27/27 144A		416,114
	650,000		Global Aircraft Leasing Co., Ltd., 6.50% (6.50% Cash or PIK), due 09/15/24 144A		679,867
	1,835,000		Gold Fields Orogen Holdings BVI, Ltd., 6.13%, due 05/15/29 144A		2,040,245
	100,000		Goldman Sachs Group (The), Inc., 5.15%, due 05/22/45		123,102
	405,000		Gran Tierra Energy International Holdings, Ltd., 6.25%, due 02/15/25 144A		365,816
	570,000	EUR	Grifols SA, 2.25%, due 11/15/27 144A		663,274
	600,000		GTP Acquisition Partners I LLC, 3.48%, due 06/15/50 144A		616,680
	490,000		Gulfport Energy Corp., 6.00%, due 10/15/24		349,125
	190,000		Gulfport Energy Corp., 6.38%, due 05/15/25		121,204
	1,105,000		Hanesbrands, Inc., 4.88%, due 05/15/26 144A		1,171,963
	410,000		Harley-Davidson Financial Services, Inc., Series S, 3.55%, due 05/21/21 144A		417,699
	80,000		Harsco Corp., 5.75%, due 07/31/27 144A		85,504

See accompanying Notes to the Schedule of Investments.

12

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	600,000		HCA, Inc., 5.50%, due 06/15/47		690,725
	760,000		HCA, Inc., 5.63%, due 09/01/28		867,502
	70,000,000	INR	HDFC Bank, Ltd., Reg S, 8.10%, due 03/22/25‡‡‡		979,820
	115,000		Healthpeak Properties, Inc. REIT, 3.50%, due 07/15/29		120,102
	750,000		Hess Corp., 5.60%, due 02/15/41		880,005
	610,000		Hess Midstream Operations, LP, 5.63%, due 02/15/26 144A		636,357
	65,000		Hill-Rom Holdings, Inc., 4.38%, due 09/15/27 144A		67,054
	90,000,000	INR	Housing Development Finance Corp., Ltd., (MTN), Reg S, 8.75%, due 11/29/23‡‡‡		1,268,040
	400,000		HSBC Holdings Plc, 4.58% (3 mo. USD LIBOR plus 1.53%), due 06/19/29†		447,630
	400,000		HSBC Holdings Plc, 6.50% (5 year USD ICE swap plus 3.61%)† †††††		440,360
	250,000	EUR	HSBC Holdings Plc, Reg S, 5.25% (5 year EUR swap plus 4.38%)† ††††† ‡‡‡		306,727
	70,000		Hudbay Minerals, Inc., 7.25%, due 01/15/23 144A		72,785
	400,000		Hudbay Minerals, Inc., 7.63%, due 01/15/25 144A		423,034
	380,000		ICICI Bank, Ltd./Hong Kong, Reg S, 5.75%, due 11/16/20‡‡‡		390,172
	240,000		iHeartCommunications, Inc., 4.75%, due 01/15/28 144A		246,444
	1,100,000		iHeartCommunications, Inc., 8.38%, due 05/01/27		1,217,535
	780,000		IHS Netherlands Holdco BV, 7.13%, due 03/18/25 144A		824,460
	375,000		IHS Netherlands Holdco BV, 8.00%, due 09/18/27 144A		399,731
	360,000		Intelsat Jackson Holdings SA, 5.50%, due 08/01/23		310,005
	35,350,000,000	IDR	Inter-American Development Bank, (MTN), Reg S, 7.88%, due 03/14/23‡‡‡		2,690,114
	700,000		InterGen NV, 7.00%, due 06/30/23 144A		684,250
	415,000		Intesa Sanpaolo SpA, 4.00%, due 09/23/29 144A		421,881
	430,000		Intesa Sanpaolo SpA, 4.70%, due 09/23/49 144A		439,480
	900,000		Intesa Sanpaolo SpA, 5.02%, due 06/26/24 144A		946,341
	350,000		Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A		379,176
	205,000		IQVIA, Inc., 5.00%, due 10/15/26 144A		216,751
	285,000		Iron Mountain, Inc. REIT, 4.88%, due 09/15/29 144A		290,165
	438,000	EUR	Islandsbanki HF, (MTN), Reg S, 1.13% (1 year EUR swap plus 0.75%), due 01/19/24† ‡‡‡		496,001
	260,000		j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 07/15/25 144A		276,142
	320,000		Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 10.25%, due 11/15/22 144A		338,660
	150,000		JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		158,677
	800,000		JBS USA LUX SA/JBS USA Finance, Inc., 5.75%, due 06/15/25 144A		830,332
	1,000,000		JPMorgan Chase & Co., 4.63%, due 05/10/21		1,035,198
	385,000		JPMorgan Chase & Co., 5.00% (SOFR plus 3.38%)† †††††		400,881
	1,440,000		JPMorgan Chase & Co., (MTN), 2.30%, due 08/15/21		1,443,693
	565,000		Juniper Networks, Inc., 3.75%, due 08/15/29		588,854
	586,192		K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22		5,862
	139,274		K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22		5,223
	510,000		KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A		561,387
	440,000		KazTransGas JSC, 4.38%, due 09/26/27 144A		462,430
	400,000		KeyCorp, (MTN), 2.55%, due 10/01/29		391,675
	785,000		KKR Group Finance Co. VI LLC, 3.75%, due 07/01/29‡ 144A		837,746
	950,000		KLX Energy Services Holdings, Inc., 11.50%, due 11/01/25 144A		812,250
	1,580,000		Kosmos Energy, Ltd., 7.13%, due 04/04/26 144A		1,618,511
	945,000		Kuwait Projects Co. SPC, Ltd. (MTN), Reg S, 4.50%, due 02/23/27‡‡‡		990,573
	450,000		L Brands, Inc., 5.25%, due 02/01/28		427,207
	320,000		L Brands, Inc., 5.63%, due 10/15/23		345,867
	3,390,000	EUR	Landsbankinn HF, (MTN), Reg S, 1.38%, due 03/14/22‡‡‡		3,900,219

See accompanying Notes to the Schedule of Investments.

13

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	240,000		Las Vegas Sands Corp., 3.20%, due 08/08/24		247,364
	655,000		Lazard Group LLC, 4.38%, due 03/11/29‡		714,493
	695,000		Lear Corp., 4.25%, due 05/15/29		719,046
	1,200,000		Lennar Corp., 4.75%, due 11/29/27		1,295,220
	70,000		Levi Strauss & Co., 5.00%, due 05/01/25		72,304
	575,000		Liquid Telecommunications Financing Plc, 8.50%, due 07/13/22 144A		585,781
	200,000		Lloyds Banking Group Plc, 4.65%, due 03/24/26		217,731
	450,000	EUR	Lloyds Banking Group Plc, Reg S, 6.38% (5 year EUR swap plus 5.29%)† ††††† ‡‡‡		518,376
	1,300,000		Lonestar Resources America, Inc., 11.25%, due 01/01/23 144A		893,750
	440,000		Lukoil International Finance BV, 4.75%, due 11/02/26 144A		488,372
	800,000		MAF Global Securities, Ltd., Reg S, 5.50% (5 year USD swap plus 3.48%)† ††††† ‡‡‡		819,000
	190,000		Magellan Health, Inc., 4.90%, due 09/22/24		195,304
	400,000		Match Group, Inc., 5.00%, due 12/15/27 144A		418,139
	575,000		Mattamy Group Corp., 5.25%, due 12/15/27 144A		599,437
	1,930,000		MDGH - GMTN BV, 3.70%, due 11/07/49 144A		2,011,205
	740,000		MEG Energy Corp., 7.00%, due 03/31/24 144A		746,168
	520,000		Melco Resorts Finance, Ltd., 5.38%, due 12/04/29 144A		535,200
	250,000		Mercer International, Inc., 7.38%, due 01/15/25		269,841
	570,000		Mexico City Airport Trust, Reg S, 5.50%, due 07/31/47‡‡‡		589,776
	260,000		Michaels Stores, Inc., 8.00%, due 07/15/27‡ 144A		248,781
	465,000		Midcontinent Communications/Midcontinent Finance Corp., 5.38%, due 08/15/27 144A		493,062
	1,735,000		Millicom International Cellular SA, 6.25%, due 03/25/29 144A		1,917,418
	815,000		Millicom International Cellular SA, 6.63%, due 10/15/26 144A		903,957
	1,355,000		Mineral Resources, Ltd., 8.13%, due 05/01/27 144A		1,490,259
	280,000		Mohegan Gaming & Entertainment, 7.88%, due 10/15/24 144A		286,184
	740,000		Montage Resources Corp., 8.88%, due 07/15/23		684,493
	1,000,000		Morgan Stanley, (MTN), 2.50%, due 04/21/21		1,007,827
	110,000	EUR	Motion Bondco DAC, 4.50%, due 11/15/27 144A		130,081
	370,000		MPLX, LP, 2.79% (3 mo. USD LIBOR plus 0.90%), due 09/09/21†		371,170
	300,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27		318,758
	175,000		MSCI, Inc., 4.00%, due 11/15/29 144A		177,730
	845,000		MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24 144A		869,522
	440,000		Nationwide Building Society, 3.96% (3 mo. USD LIBOR plus 1.86%), due 07/18/30† 144A		473,279
	240,000		Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.13%, due 11/15/21 144A		190,140
	435,000		NBM US Holdings, Inc., 6.63%, due 08/06/29 144A		472,958
	1,330,000		NBM US Holdings, Inc., 7.00%, due 05/14/26 144A		1,443,559
	280,000		NCL Corp., Ltd., Class C, 3.63%, due 12/15/24 144A		284,550
	275,000	EUR	Netflix, Inc., 3.88%, due 11/15/29 144A		327,594
	580,000		Netflix, Inc., 5.38%, due 11/15/29 144A		618,761
	300,000		Netflix, Inc., 5.88%, due 11/15/28		333,123
	270,000		Netflix, Inc., 6.38%, due 05/15/29		307,962
	210,000	EUR	Netflix, Inc., Reg S, 3.88%, due 11/15/29‡‡‡		250,163
	284,000		Newell Brands, Inc., 4.20%, due 04/01/26		296,377
	620,000		NGPL PipeCo LLC, Senior Note, 7.77%, due 12/15/37 144A		802,672
	41,000,000	SEK	Nordea Hypotek AB, (MTN), Reg S, 1.25%, due 05/19/21‡‡‡		4,448,710
	254,127		Northern Oil and Gas, Inc., 8.50% (8.50% Cash or PIK), due 05/15/23		263,657

See accompanying Notes to the Schedule of Investments.

14

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	640,000		Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22 144A		481,139
	625,000		NXP BV/NXP Funding LLC/NXP USA, Inc., 3.88%, due 06/18/26 144A		663,945
	530,000		Oasis Petroleum, Inc., 6.88%, due 03/15/22		511,450
	160,000		Oasis Petroleum, Inc., 6.88%, due 01/15/23‡		156,800
	90,000		Occidental Petroleum Corp., 2.90%, due 08/15/24		91,567
	90,000		Occidental Petroleum Corp., 3.20%, due 08/15/26		91,160
	1,165,000		OCP SA, 4.50%, due 10/22/25 144A		1,249,240
	645,000		OCP SA, 6.88%, due 04/25/44 144A		822,468
	945,000		Ooredoo International Finance, Ltd., 3.25%, due 02/21/23 144A		964,702
	290,000		Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, due 08/15/27 144A		304,312
	570,000		Oversea-Chinese Banking Corp., Ltd., (MTN), Reg S, 4.25%, due 06/19/24‡ ‡‡‡		606,819
	430,000		Owl Rock Capital Corp., 4.00%, due 03/30/25		432,006
	825,000		Oztel Holdings SPC, Ltd., 5.63%, due 10/24/23 144A		881,842
	600,000		Pactiv LLC, 8.38%, due 04/15/27		670,708
	140,000		Park Aerospace Holdings, Ltd., 4.50%, due 03/15/23 144A		146,988
	280,000		Park-Ohio Industries, Inc., 6.63%, due 04/15/27		285,853
	235,000		Parkland Fuel Corp., 5.88%, due 07/15/27 144A		253,144
	155,000		Parkland Fuel Corp., 6.00%, due 04/01/26 144A		164,013
	230,000		Perrigo Finance Unlimited Co., 3.90%, due 12/15/24		236,561
	925,000		Perusahaan Listrik Negara PT, 4.13%, due 05/15/27 144A		977,353
	770,000		Petrobras Global Finance BV, 5.30%, due 01/27/25		841,298
	1,695,000		Petrobras Global Finance BV, 5.75%, due 02/01/29		1,914,926
	385,000		Petrobras Global Finance BV, 6.00%, due 01/27/28‡		440,013
	720,000		Petrobras Global Finance BV, 6.85%, due 06/05/15#		825,260
	11,184,300	MXN	Petroleos Mexicanos, Reg S (GDN), 7.19%, due 09/12/24‡‡‡		541,949
	485,000		PetSmart, Inc., 5.88%, due 06/01/25 144A		495,306
	650,000		PetSmart, Inc., 7.13%, due 03/15/23 144A		638,625
	310,000		PetSmart, Inc., 8.88%, due 06/01/25 144A		306,900
	230,000		Polaris Intermediate Corp., 8.50% (8.50% Cash or 9.25% PIK), due 12/01/22 144A		214,761
	925,000	EUR	PPF Arena 1 BV, (MTN), Reg S, 3.13%, due 03/27/26‡‡‡		1,097,144
	230,000		PPG Industries, Inc., 2.40%, due 08/15/24		232,452
	160,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, due 04/15/26‡ 144A		174,201
	178,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 05/15/23 144A		187,011
	280,000		Prosperous Ray, Ltd., Reg S, 4.63%, due 11/12/23‡‡‡		299,680
	1,165,000		Prosus NV, 4.85%, due 07/06/27 144A		1,273,122
	720,000		Prosus NV, 5.50%, due 07/21/25 144A		801,953
	720,000		Prosus NV, Reg S, 4.85%, due 07/06/27‡‡‡		786,822
	388,000		Quicken Loans, Inc., 5.75%, due 05/01/25 144A		401,904
	790,000		Range Resources Corp., 5.00%, due 03/15/23‡		728,625
	200,000		Range Resources Corp., 5.88%, due 07/01/22		199,062
	1,000,000	EUR	RCI Banque SA, (MTN), Reg S, 2.25%, due 03/29/21‡‡‡		1,155,728
	215,000		Reinsurance Group of America, Inc., 3.90%, due 05/15/29		229,606
	155,000		Roper Technologies, Inc., 2.35%, due 09/15/24		156,059
	165,000		Roper Technologies, Inc., 2.95%, due 09/15/29		167,023
	445,000		Royal Bank of Scotland Group Plc, 4.27% (3 mo. USD LIBOR plus 1.76%), due 03/22/25†		473,048
	300,000		Royal Bank of Scotland Group Plc, 4.89% (3 mo. USD LIBOR plus 1.75%), due 05/18/29†		339,626

See accompanying Notes to the Schedule of Investments.

15

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	400,000		Sands China, Ltd., 5.13%, due 08/08/25		440,102
	1,000,000	EUR	Santander Consumer Finance SA, Reg S, 0.88%, due 01/24/22‡‡‡		1,143,544
	590,000		Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		634,711
	1,495,000		SASOL Financing USA LLC, 5.88%, due 03/27/24		1,619,833
	425,000		SBA Tower Trust REIT, 2.84%, due 01/15/50 144A		429,879
	110,000		Sensata Tech, Inc., 4.38%, due 02/15/30 144A		112,414
	1,090,000		Shelf Drilling Holdings, Ltd., 8.25%, due 02/15/25 144A		1,040,939
	410,000		Shimao Property Holdings, Ltd., Reg S, 5.60%, due 07/15/26‡‡‡		429,619
	200,000		Silversea Cruise Finance, Ltd., 7.25%, due 02/01/25 144A		212,083
	765,000		Societe Generale SA, 4.75%, due 09/14/28 144A		869,576
	970,000		Southern California Edison Co., 4.88%, due 03/01/49		1,152,487
	250,000		Speedway Motorsports LLC/Speedway Funding II, Inc., 4.88%, due 11/01/27 144A		254,063
	370,000		Springleaf Finance Corp., 5.38%, due 11/15/29		386,890
	610,000		Springleaf Finance Corp., 7.13%, due 03/15/26		706,426
	1,395,000		Sprint Capital Corp., 6.88%, due 11/15/28		1,505,693
	60,000		Sprint Capital Corp., 8.75%, due 03/15/32		72,936
	225,000		Sprint Corp., 7.88%, due 09/15/23		248,718
	1,085,000		SS&C Technologies, Inc., 5.50%, due 09/30/27 144A		1,160,272
	905,000		Standard Chartered Plc, 3.09% (3 mo. USD LIBOR plus 1.20%), due 09/10/22† 144A		912,566
	775,000		Standard Chartered Plc, 4.30%, due 02/19/27 144A		817,409
	585,000		Standard Chartered Plc, 7.75% (5 year USD swap plus 5.72%)† ††††† ‡ 144A		647,575
	110,000		Standard Industries, Inc./NJ, 4.75%, due 01/15/28 144A		113,005
	640,000		Sumitomo Mitsui Financial Group, Inc., 3.04%, due 07/16/29		653,914
	830,000	EUR	Summer BC Holdco B SARL, 5.75%, due 10/31/26 144A		974,066
	420,000		Suzano Austria GmbH, 6.00%, due 01/15/29		474,746
	260,000		Suzano Austria GmbH, Reg S, 5.75%, due 07/14/26‡‡‡		291,290
	16,600,000	SEK	Swedbank Hypotek AB, (MTN), Reg S, 1.00%, due 06/15/22‡‡‡		1,805,152
	370,000		Swire Pacific MTN Financing, Ltd., (MTN), Reg S, 4.50%, due 10/09/23‡‡‡		394,301
	625,000		Synchrony Financial, 4.38%, due 03/19/24		667,284
	800,000		Synchrony Financial, 4.50%, due 07/23/25		863,842
	200,000		T-Mobile USA, Inc., 6.38%, due 03/01/25		207,083
	280,000		Talen Energy Supply LLC, 10.50%, due 01/15/26 144A		267,000
	610,000		Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 4.75%, due 10/01/23 144A		609,994
	715,000		Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 5.50%, due 09/15/24 144A		720,355
	1,100,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.00%, due 01/15/28		1,124,555
	220,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.50%, due 03/01/30 144A		226,325
	310,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 6.88%, due 01/15/29		344,674
	795,000		TD Ameritrade Holding Corp., 2.75%, due 10/01/29		796,534
	230,000		Teck Resources, Ltd., 5.40%, due 02/01/43		243,645
	90,000		Teck Resources, Ltd., 6.00%, due 08/15/40		100,655
	350,000		Telecom Italia SpA, 5.30%, due 05/30/24 144A		377,121
	200,000		Telefonica Emisiones SA, 5.21%, due 03/08/47		237,750
	425,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, 3.25%, due 04/15/22		483,789
	235,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, 6.00%, due 01/31/25 144A		279,615

See accompanying Notes to the Schedule of Investments.

16

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	360,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, Reg S, 1.25%, due 03/31/23‡‡‡		377,500
	370,000		Teva Pharmaceutical Finance Netherlands III BV, 7.13%, due 01/31/25 144A		380,835
	535,000		Total Capital International SA, 2.83%, due 01/10/30		550,667
	2,880,000	ZAR	Transnet SOC, Ltd., (MTN), Reg S, 9.50%, due 05/13/21‡‡‡		210,300
	390,000		Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A		345,443
	490,000		Twitter, Inc., 3.88%, due 12/15/27 144A		490,970
	340,000		UBS Group AG, 7.00% (5 year USD swap plus 4.34%)† ††††† 144A		371,875
	755,000		UniCredit SpA, 7.30% (5 year USD ICE swap plus 4.91%), due 04/02/34† 144A		869,662
	655,000		UniCredit SpA, Reg S, 8.00% (5 year USD swap plus 5.18%)† ††††† ‡‡‡		716,734
	1,200,000		Unifin Financiera SAB de CV, 8.38%, due 01/27/28 144A		1,230,000
	605,000		Unifin Financiera SAB de CV, Reg S, 7.00%, due 01/15/25‡‡‡		610,747
	200,000		Union Pacific Corp., 3.84%, due 03/20/60 144A		203,971
	140,000		United Rentals North America, Inc., 3.88%, due 11/15/27		143,192
	500,000		United Rentals North America, Inc., 4.88%, due 01/15/28		521,540
	510,000		United Rentals North America, Inc., 5.25%, due 01/15/30		549,856
	600,000		Univision Communications, Inc., 5.13%, due 05/15/23 144A		600,000
	10,000		Univision Communications, Inc., 5.13%, due 02/15/25 144A		9,913
	105,000		Unum Group, 4.00%, due 06/15/29		110,498
	500,000		UPCB Finance IV, Ltd., 5.38%, due 01/15/25 144A		515,042
	380,000		Vale Overseas, Ltd., 6.88%, due 11/10/39		496,255
	390,000		Verizon Communications, Inc., 3.88%, due 02/08/29		430,572
	100,000		Verizon Communications, Inc., 4.52%, due 09/15/48		120,180
	670,000		ViacomCBS, Inc., 6.88%, due 04/30/36		898,363
	820,000		VICI Properties, LP/VICI Note Co., Inc. REIT, 4.63%, due 12/01/29 144A		856,367
	950,000		Videotron, Ltd., 5.13%, due 04/15/27 144A		1,018,706
	300,000		Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.75%, due 04/15/23 144A		147,975
	585,000		Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.75%, due 04/15/23 144A		295,425
	100,000		Viper Energy Partners, LP, 5.38%, due 11/01/27 144A		104,185
	500,000		Virgin Media Secured Finance Plc, 5.50%, due 08/15/26 144A		526,161
	769,500	GBP	Virgin Media Secured Finance Plc, Reg S, 6.25%, due 03/28/29‡‡‡		1,090,110
	590,000		Vistra Operations Co. LLC, 3.70%, due 01/30/27 144A		586,807
	570,000		Vistra Operations Co. LLC, 5.00%, due 07/31/27‡ 144A		596,693
	755,000		Vistra Operations Co. LLC, 5.63%, due 02/15/27 144A		796,978
	650,000		VOC Escrow, Ltd., 5.00%, due 02/15/28 144A		682,077
	405,000		Vodafone Group Plc, 4.25%, due 09/17/50		424,582
	130,000		Vodafone Group Plc, 4.38%, due 05/30/28		144,256
	800,000		Vodafone Group Plc, 4.88%, due 06/19/49		931,616
	230,000		Waste Management, Inc., 3.45%, due 06/15/29		246,525
	350,000		WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 144A		407,565
	280,000		Weight Watchers International, Inc., 8.63%, due 12/01/25‡ 144A		297,790
	480,000		Wells Fargo & Co., 2.50%, due 03/04/21		483,563
	2,500,000		Wells Fargo Bank NA, 2.43% (3 mo. USD LIBOR plus 0.50%), due 07/23/21†		2,503,807
	410,000		Wendy's International LLC, 7.00%, due 12/15/25		432,857
	220,000		Western Midstream Operating LP, 5.45%, due 04/01/44		195,253
	390,000		Westpac Banking Corp., 4.11% (5 year CMT plus 2.00%), due 07/24/34†		409,339
	1,035,000		Whiting Petroleum Corp., 5.75%, due 03/15/21		981,439
	565,000		William Carter Co., (The), 5.63%, due 03/15/27 144A		608,687
	240,000		William Lyon Homes, Inc., 5.88%, due 01/31/25		247,900

See accompanying Notes to the Schedule of Investments.

17

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	100,000		Williams Cos. (The), Inc., 8.75%, due 03/15/32		143,933
	625,000		WPX Energy, Inc., 5.25%, due 10/15/27		660,531
	305,000		WPX Energy, Inc., 8.25%, due 08/01/23		351,639
	370,000		Wynn Macau, Ltd., 5.13%, due 12/15/29 144A		378,514
	770,000		XPO CNW, Inc., 6.70%, due 05/01/34		784,031
	290,000		Yamana Gold, Inc., 4.63%, due 12/15/27		303,660
	150,000		YPF SA, 8.50%, due 03/23/21 144A		148,937
	440,000		YPF SA, Reg S, 8.50%, due 03/23/21‡‡‡		436,880
	125,000		Yum! Brands, Inc., 4.75%, due 01/15/30 144A		131,169
	1,045,000	EUR	Ziggo BV, 4.25%, due 01/15/27 144A		1,267,513
					274,493,491
			Mortgage Backed Securities - Private Issuers — 3.0%
	610,000		BANK, Series 2019-BN23, Class A3, 2.92%, due 12/15/52		625,593
	2,000,000		BBCCRE Trust, Series 2015-GTP, Class F, 4.56%, due 08/10/33◆◆ 144A		1,902,422
	620,000		BBCMS Trust, Series 2018-CBM, Class D, 4.13% (1 mo. USD LIBOR plus 2.39%), due 07/15/37† 144A		620,360
	450,000		BBCMS Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52		466,239
	1,000,000		BHMS, Series 2018-MZB, Class MZB, 8.38% (1 mo. USD LIBOR plus 6.64%), due 07/15/20† 144A		1,010,122
	1,500,000		BX Trust, Series 2018-BILT, Class B, 2.76% (1 mo. USD LIBOR plus 1.02%), due 05/15/30† 144A		1,493,411
	930,000		BX Trust, Series 2019-IMC, Class E, 3.89% (1 mo. USD LIBOR plus 2.15%), due 04/15/34† 144A		935,497
	640,000		CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.74%, due 12/15/47◆◆ 144A		659,494
	480,000		CGDB Commercial Mortgage Trust, Series 2019-MOB, Class A, 2.69% (1 mo. USD LIBOR plus 0.95%), due 11/15/36† 144A		479,848
	325,868		Citigroup Mortgage Loan Trust, Series 2018-A, Class A1, 4.00%, due 01/25/68◆◆ 144A		327,692
	1,172,500		CSMC, Series 2019 RIO, 8.74%, due 12/15/22‡‡‡‡ 144A		1,177,726
	480,000		CSMC, Series 2019-UVIL, Class A, 3.16%, due 12/15/41 144A		489,238
	665,000		FHLMC Seasoned Credit Risk Transfer Trust, Series 2018-3, Class M, 4.75%, due 08/25/57◆◆ 144A		688,053
	440,000		FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-1, Class M, 4.75%, due 07/25/58◆◆ 144A		455,696
	880,000		FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M, 4.50%, due 02/25/59◆◆ 144A		895,265
	1,500,000		FNMA Connecticut Avenue Securities, Series 2017-C03, Class 1B1, 6.64% (1 mo. USD LIBOR plus 4.85%), due 10/25/29† 144A		1,700,795
	960,000		FNMA Connecticut Avenue Securities, Series 2018-C01, Class 1M2, 4.04% (1 mo. USD LIBOR plus 2.25%), due 07/25/30† 144A		973,579
	1,920,000		FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1B1, 6.04% (1 mo. USD LIBOR plus 4.25%), due 01/25/31† 144A		2,103,378
	1,580,000		FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1M2, 4.14% (1 mo. USD LIBOR plus 2.35%), due 01/25/31† 144A		1,604,029
	642,500		FNMA Connecticut Avenue Securities, Series 2018-C06, Class 1B1, 5.54% (1 mo. USD LIBOR plus 3.75%), due 03/25/31† 144A		680,898

See accompanying Notes to the Schedule of Investments.

18

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Mortgage Backed Securities - Private Issuers — continued
	556,139		FNMA Connecticut Avenue Securities, Series 2018-C06, Class 1M2, 3.79% (1 mo. USD LIBOR plus 2.00%), due 03/25/31† 144A		558,916
	975,000		FNMA Connecticut Avenue Securities Trust, Series 2019-R05, Class 1M2, 3.79% (1 mo. USD LIBOR plus 2.00%), due 07/25/39† 144A		980,873
	410,000		GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.39%, due 08/10/44◆◆ 144A		408,522
	1,390,000		JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, 9.95% (1 mo. USD LIBOR plus 8.21%), due 06/15/35† 144A		1,388,982
	840,000		JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class E, 4.34% (1 mo. USD LIBOR plus 2.60%), due 09/15/29† 144A		842,707
	662,443		JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BOLT, Class C, 5.54% (1 mo. USD LIBOR plus 3.80%), due 07/15/34† 144A		663,329
	1,019,109		Motel 6 Trust, Series 2017-MTL6, Class E, 4.99% (1 mo. USD LIBOR plus 3.25%), due 08/15/34† 144A		1,025,452
	820,000		Natixis Commercial Mortgage Securities Trust, Series 2019-TRUE, Class A, 3.76% (1 mo. USD LIBOR plus 2.01%), due 04/18/24† 144A		820,914
	230,000		Starwood Retail Property Trust, Series 2014-STAR, Class C, 4.49% (1 mo. USD LIBOR plus 2.75%), due 11/15/27† 144A		227,842
	300,000		Starwood Retail Property Trust, Series 2014-STAR, Class D, 5.24% (1 mo. USD LIBOR plus 3.50%), due 11/15/27† 144A		257,184
	1,110,760		Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 2.35% (1 mo. USD LIBOR plus 0.56%), due 05/25/45†		894,594
	1,571,550		Verus Securitization Trust, Series 2019-3, Class A1, 2.78%, due 07/25/59 †† 144A		1,575,770
	832,880		WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR1, Class A1B, 2.57% (1 mo. USD LIBOR plus 0.78%), due 01/25/45†		829,165
					29,763,585
			Mortgage Backed Securities - U.S. Government Agency Obligations — 0.2%
	1,381,754		UMBS, Pool # BM5520, 3.50%, due 02/01/47		1,442,190
			Sovereign Debt Obligations — 43.7%
	860,000		Abu Dhabi Government International Bond, 2.13%, due 09/30/24 144A		858,516
	860,000		Abu Dhabi Government International Bond, 4.13%, due 10/11/47 144A		1,002,381
	760,000		Angolan Government International Bond, 8.00%, due 11/26/29‡ 144A		812,986
	114,075,000	ARS	Argentina POM Politica Monetaria, 56.59% (ARLLMONP), due 06/21/20†		1,264,726
	1,260,000		Argentine Republic Government International Bond, 3.75%, due 12/31/38 ††		618,591
	2,420,000		Argentine Republic Government International Bond, 5.88%, due 01/11/28		1,144,291
	8,335,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26		12,230,531
	700,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35		1,098,474
	685,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43		1,231,299
	300,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, Reg S, 4.00%, due 03/01/23‡‡‡		419,994
	2,415,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.70%, due 09/01/30‡‡‡ ‡‡‡‡		3,660,188
	2,111,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 08/15/20		1,770,516
	1,355,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 05/15/45		1,559,943
	2,458,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 08/15/50		2,929,241
	3,862,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/21		1,009,431
	40,824,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/23		11,283,629
	15,799,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/25		4,516,164
	49,580,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/27		14,505,802

See accompanying Notes to the Schedule of Investments.

19

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	9,967,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/29		2,994,355
	500,000		Brazilian Government International Bond, 4.75%, due 01/14/50		495,165
	26,894,100,000	COP	Colombian TES, 6.00%, due 04/28/28		8,167,163
	576,900,000	COP	Colombian TES, 6.25%, due 11/26/25		181,034
	18,460,500,000	COP	Colombian TES, 7.00%, due 05/04/22		5,885,757
	5,320,600,000	COP	Colombian TES, 7.00%, due 06/30/32		1,695,797
	934,900,000	COP	Colombian TES, 7.25%, due 10/18/34		302,948
	10,557,500,000	COP	Colombian TES, 7.50%, due 08/26/26		3,516,316
	6,040,600,000	COP	Colombian TES, 7.75%, due 09/18/30		2,038,743
	5,969,800,000	COP	Colombian TES, 10.00%, due 07/24/24		2,158,092
	8,107,000,000	COP	Colombian TES, 11.00%, due 07/24/20		2,570,348
	400,000		Costa Rica Government International Bond, 6.13%, due 02/19/31 144A		426,100
	425,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.38%, due 09/25/28‡‡‡		551,746
	439,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.75%, due 02/26/34‡‡‡		607,997
	1,610,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.75%, due 05/03/49‡‡‡		2,322,916
	904,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 4.25%, due 11/04/25 ‡,‡‡,‡‡‡		1,251,935
	4,960,000	CZK	Czech Republic Government Bond, 0.25%, due 02/10/27		199,055
	3,110,000	CZK	Czech Republic Government Bond, 2.00%, due 10/13/33		141,169
	16,180,000	CZK	Czech Republic Government Bond, 2.75%, due 07/23/29		787,209
	30,750,000	CZK	Czech Republic Government Bond, Reg S, 0.95%, due 05/15/30‡‡‡		1,273,092
	13,880,000	CZK	Czech Republic Government Bond, Reg S, 1.00%, due 06/26/26‡‡‡		593,986
	390,000		Ecuador Government International Bond, 9.63%, due 06/02/27 144A		368,685
	210,000		Ecuador Government International Bond, 10.75%, due 01/31/29 144A		205,348
	20,426,000	EGP	Egypt Government Bond, 16.10%, due 05/07/29		1,456,021
	240,000		Egypt Government International Bond, 7.60%, due 03/01/29 144A		263,117
	1,320,000		Fiji Government International Bond, Reg S, 6.63%, due 10/02/20‡‡‡		1,328,250
	700,000		Ghana Government International Bond, 7.63%, due 05/16/29 144A		715,398
	200,000		Ghana Government International Bond, 8.13%, due 03/26/32 144A		204,273
	336,000,000	HUF	Hungary Government Bond, 3.00%, due 08/21/30		1,248,444
	164,070,000	HUF	Hungary Government Bond, 2.50%, due 10/24/24		599,300
	88,770,000	HUF	Hungary Government Bond, 2.75%, due 12/22/26		328,288
	395,110,000	HUF	Hungary Government Bond, 3.00%, due 06/26/24		1,474,123
	120,080,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		449,103
	187,110,000	HUF	Hungary Government Bond, 5.50%, due 06/24/25		785,195
	246,070,000	HUF	Hungary Government Bond, 6.75%, due 10/22/28		1,173,225
	430,000		Indonesia Government International Bond, 3.50%, due 01/11/28‡		449,497
	1,600,000		Indonesia Government International Bond, (MTN), Reg S, 5.25%, due 01/17/42‡‡‡		1,930,786
	24,782,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		1,686,055
	15,805,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		1,053,920
	47,986,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		3,451,666
	50,101,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 08/15/32		3,605,310
	43,510,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 05/15/38		3,110,692
	37,369,000,000	IDR	Indonesia Treasury Bond, 8.13%, due 05/15/24		2,874,176
	192,514,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/29		14,980,245
	11,789,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 06/15/32		899,988
	29,893,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/36		2,257,722
	4,252,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		328,672
	8,419,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 09/15/26		653,407
	65,973,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		5,096,780

See accompanying Notes to the Schedule of Investments.

20

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	27,998,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 04/15/39		2,163,001
	43,775,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		3,490,095
	30,723,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		2,473,687
	9,536,000,000	IDR	Indonesia Treasury Bond, 9.50%, due 07/15/31		797,428
	3,815,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		338,125
	6,410,000	ILS	Israel Government Bond — Fixed, 3.75%, due 03/31/47		2,600,085
	3,604,000	ILS	Israel Government Bond — Fixed, 5.50%, due 01/31/42		1,792,640
	1,500,000,000	JPY	Japan Government Five Year Bond, 0.10%, due 09/20/24		13,950,271
	500,000		Kazakhstan Government International Bond, (MTN), Reg S, 5.13%, due 07/21/25‡‡‡		575,725
	280,000		Kenya Government International Bond, 7.00%, due 05/22/27 144A		298,743
	9,590,000,000	KRW	Korea Treasury Bond, 1.88%, due 03/10/24		8,418,180
	6,519,330,000	KRW	Korea Treasury Bond, 2.38%, due 12/10/28		5,954,504
	630,000		Kuwait International Government Bond, 3.50%, due 03/20/27 144A		678,176
	2,189,000	MYR	Malaysia Government Bond, 3.42%, due 08/15/22		539,959
	907,000	MYR	Malaysia Government Bond, 3.48%, due 06/14/24		224,360
	3,174,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		784,880
	32,067,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		7,929,256
	3,834,000	MYR	Malaysia Government Bond, 3.73%, due 06/15/28		961,977
	19,218,000	MYR	Malaysia Government Bond, 3.80%, due 08/17/23		4,808,086
	3,528,000	MYR	Malaysia Government Bond, 3.84%, due 04/15/33		880,291
	14,200,000	MYR	Malaysia Government Bond, 3.88%, due 03/10/22		3,536,418
	3,566,000	MYR	Malaysia Government Bond, 3.88%, due 03/14/25		898,801
	5,791,000	MYR	Malaysia Government Bond, 3.89%, due 08/15/29		1,481,677
	1,047,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		264,898
	6,189,000	MYR	Malaysia Government Bond, 3.90%, due 11/16/27		1,569,173
	1,848,000	MYR	Malaysia Government Bond, 3.91%, due 07/15/26		467,751
	12,995,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		3,291,553
	2,020,000	MYR	Malaysia Government Bond, 4.06%, due 09/30/24		512,348
	989,000	MYR	Malaysia Government Bond, 4.13%, due 04/15/32		254,378
	1,511,000	MYR	Malaysia Government Bond, 4.18%, due 07/15/24		385,041
	903,000	MYR	Malaysia Government Bond, 4.23%, due 06/30/31		234,432
	1,289,000	MYR	Malaysia Government Bond, 4.39%, due 04/15/26		334,746
	3,565,000	MYR	Malaysia Government Bond, 4.50%, due 04/15/30		946,670
	807,000	MYR	Malaysia Government Bond, 4.74%, due 03/15/46		217,266
	1,866,000	MYR	Malaysia Government Bond, 4.76%, due 04/07/37		512,170
	1,860,000	MYR	Malaysia Government Bond, 4.89%, due 06/08/38		518,254
	7,520,000	MYR	Malaysia Government Bond, 4.92%, due 07/06/48		2,089,105
	44,232,000	MXN	Mexican Bonos, 5.75%, due 03/05/26		2,221,438
	4,652,900	MXN	Mexican Bonos, 6.50%, due 06/10/21		245,684
	107,489,200	MXN	Mexican Bonos, 7.50%, due 06/03/27		5,917,086
	18,523,900	MXN	Mexican Bonos, 7.75%, due 05/29/31		1,047,389
	37,137,700	MXN	Mexican Bonos, 7.75%, due 11/23/34		2,107,649
	59,295,400	MXN	Mexican Bonos, 7.75%, due 11/13/42		3,333,058
	20,256,800	MXN	Mexican Bonos, 8.00%, due 12/07/23		1,118,383
	36,693,000	MXN	Mexican Bonos, 8.00%, due 11/07/47		2,130,352
	78,864,700	MXN	Mexican Bonos, 8.50%, due 05/31/29		4,651,614
	52,154,300	MXN	Mexican Bonos, 8.50%, due 11/18/38		3,151,298
	62,342,800	MXN	Mexican Bonos, 10.00%, due 12/05/24		3,750,307
	65,661,300	MXN	Mexican Bonos, 10.00%, due 11/20/36		4,493,439

See accompanying Notes to the Schedule of Investments.

21

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	25,813,639	MXN	Mexican Udibonos, 4.00%, due 11/30/28		1,433,806
	17,910,851	MXN	Mexican Udibonos, 4.50%, due 11/22/35		1,076,137
	1,000,000		Mexico Government International Bond, 3.60%, due 01/30/25		1,047,770
	760,000		Oman Government International Bond, 6.00%, due 08/01/29 144A		795,629
	6,518,000	PEN	Peruvian Government International Bond, Reg S (GDN), 6.35%, due 08/12/28‡‡‡		2,284,643
	5,378,000	PEN	Peruvian Government International Bond, Reg S (GDN), 6.95%, due 08/12/31‡‡‡		1,958,773
	3,278,000	PEN	Peruvian Government International Bond, Reg S (GDN), 8.20%, due 08/12/26‡‡‡		1,260,671
	58,000,000	PHP	Philippine Government International Bond, 3.90%, due 11/26/22		1,149,486
	9,000,000	PHP	Philippine Government International Bond, 4.95%, due 01/15/21		179,911
	95,000,000	PHP	Philippine Government International Bond, 6.25%, due 01/14/36		2,280,886
	5,771,000	PLN	Poland Government Bond, 2.50%, due 07/25/26		1,571,850
	2,313,000	PLN	Poland Government Bond, 2.50%, due 07/25/27		628,842
	1,551,000	PLN	Poland Government Bond, 3.25%, due 07/25/25		438,192
	1,710,000		Provincia de Buenos Aires/Argentina, 6.50%, due 02/15/23 144A		722,475
	150,000		Provincia de Buenos Aires/Argentina, 7.88%, due 06/15/27 144A		64,875
	180,000		Provincia de Buenos Aires/Argentina, 9.13%, due 03/16/24 144A		80,100
	300,000		Provincia de Buenos Aires/Argentina, 9.95%, due 06/09/21 144A		146,250
	180,000		Provincia de Buenos Aires/Argentina, Reg S, 9.95%, due 06/09/21‡‡‡		87,750
	340,000		Provincia de Buenos Aires/Argentina, Reg S, 10.88%, due 01/26/21‡‡‡		237,150
	650,000		Provincia de Cordoba, 7.13%, due 06/10/21 144A		484,250
	480,000		Qatar Government International Bond, 4.00%, due 03/14/29 144A		536,641
	200,000		Qatar Government International Bond, 4.82%, due 03/14/49 144A		248,090
	770,000		Qatar Government International Bond, 5.10%, due 04/23/48 144A		991,026
	1,520,000		Qatar Government International Bond, Reg S, 5.10%, due 04/23/48‡‡‡		1,956,311
	580,000		Republic of Italy Government International Bond, 2.88%, due 10/17/29		552,332
	6,882,000	PLN	Republic of Poland Government Bond, 2.75%, due 04/25/28		1,905,682
	6,457,000	PLN	Republic of Poland Government Bond, 2.75%, due 10/25/29		1,799,379
	35,997,918	ZAR	Republic of South Africa Government Bond, 8.75%, due 01/31/44		2,265,287
	885,000		Republic of South Africa Government International Bond, 4.85%, due 09/30/29		887,212
	2,175,000	RON	Romania Government Bond, 3.25%, due 04/29/24		498,658
	1,200,000	RON	Romania Government Bond, 3.65%, due 09/24/31		253,581
	17,225,000	RON	Romania Government Bond, 4.25%, due 06/28/23		4,093,344
	8,625,000	RON	Romania Government Bond, 5.00%, due 02/12/29		2,113,806
	10,310,000	RON	Romania Government Bond, 5.80%, due 07/26/27		2,666,815
	315,000	EUR	Romanian Government International Bond, (MTN), Reg S, 2.38%, due 04/19/27‡‡‡		387,109
	442,374,000	RUB	Russian Federal Bond — OFZ, 6.90%, due 05/23/29		7,510,520
	78,879,000	RUB	Russian Federal Bond — OFZ, 7.00%, due 08/16/23		1,321,759
	409,603,000	RUB	Russian Federal Bond — OFZ, 7.05%, due 01/19/28		6,965,617
	200,347,000	RUB	Russian Federal Bond — OFZ, 7.10%, due 10/16/24		3,380,800
	166,659,000	RUB	Russian Federal Bond — OFZ, 7.25%, due 05/10/34		2,893,868
	90,051,000	RUB	Russian Federal Bond — OFZ, 7.40%, due 12/07/22		1,520,905
	174,496,000	RUB	Russian Federal Bond — OFZ, 7.50%, due 08/18/21		2,892,148
	274,730,000	RUB	Russian Federal Bond — OFZ, 7.70%, due 03/23/33		4,937,410
	156,365,000	RUB	Russian Federal Bond — OFZ, 7.75%, due 09/16/26		2,748,530
	33,612,000	RUB	Russian Federal Bond — OFZ, 7.95%, due 10/07/26		595,680
	595,286,000	RUB	Russian Federal Bond — OFZ, 8.15%, due 02/03/27		10,714,645
	212,128,000	RUB	Russian Federal Bond — OFZ, 8.50%, due 09/17/31		4,039,777
	1,550,000		Saudi Government International Bond, Reg S, 5.25%, due 01/16/50‡‡‡		1,929,781
	440,000		Senegal Government International Bond, 6.25%, due 05/23/33 144A		463,954

See accompanying Notes to the Schedule of Investments.

22

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	56,591,000	ZAR	South Africa Government Bond, 6.25%, due 03/31/36		2,900,431
	16,259,175	ZAR	South Africa Government Bond, 6.50%, due 02/28/41		810,404
	66,006,610	ZAR	South Africa Government Bond, 7.00%, due 02/28/31		3,999,157
	49,248,454	ZAR	South Africa Government Bond, 8.00%, due 01/31/30		3,290,142
	28,447,485	ZAR	South Africa Government Bond, 8.25%, due 03/31/32		1,868,944
	19,071,390	ZAR	South Africa Government Bond, 8.50%, due 01/31/37		1,209,667
	107,904,365	ZAR	South Africa Government Bond, 8.75%, due 02/28/48		6,816,041
	36,416,893	ZAR	South Africa Government Bond, 8.88%, due 02/28/35		2,430,606
	18,949,924	ZAR	South Africa Government Bond, 9.00%, due 01/31/40		1,237,050
	264,693,346	ZAR	South Africa Government Bond, 10.50%, due 12/21/26		21,189,533
	103,080,000	THB	Thailand Government Bond, 2.13%, due 12/17/26		3,617,738
	216,571,000	THB	Thailand Government Bond, 2.88%, due 12/17/28		8,092,415
	34,040,000	THB	Thailand Government Bond, 3.60%, due 06/17/67		1,569,936
	32,811,000	THB	Thailand Government Bond, 3.65%, due 06/20/31		1,330,988
	26,010,000	THB	Thailand Government Bond, 4.00%, due 06/17/66		1,294,856
	113,792,595	THB	Thailand Government Bond, Reg S, 1.25%, due 03/12/28‡‡‡		3,726,036
	915,952	TRY	Turkey Government Bond, 7.10%, due 03/08/23		136,523
	1,865,560	TRY	Turkey Government Bond, 8.00%, due 03/12/25		269,599
	1,690,208	TRY	Turkey Government Bond, 8.80%, due 09/27/23		261,583
	4,554,073	TRY	Turkey Government Bond, 9.00%, due 07/24/24		694,092
	3,606,972	TRY	Turkey Government Bond, 10.50%, due 08/11/27		566,108
	7,749,279	TRY	Turkey Government Bond, 10.60%, due 02/11/26		1,233,165
	1,178,304	TRY	Turkey Government Bond, 11.00%, due 03/02/22		196,912
	5,926,440	TRY	Turkey Government Bond, 11.00%, due 02/24/27		951,059
	739,302	TRY	Turkey Government Bond, 12.20%, due 01/18/23		126,716
	3,328,000	TRY	Turkey Government Bond, 12.40%, due 03/08/28		574,333
	707,985	TRY	Turkey Government Bond, 16.20%, due 06/14/23		134,376
	881,000		Turkey Government International Bond, 7.63%, due 04/26/29‡		975,392
	1,075,000	GBP	United Kingdom Gilt, Reg S, 4.25%, due 12/07/46‡‡‡		2,360,372
	57,031,000	UYU	Uruguay Government International Bond, Reg S, 8.50%, due 03/15/28‡‡‡		1,322,055
					430,583,501
			U.S. Government and Agency Obligations — 8.5%
	170,000		U.S. Treasury Bond, 2.25%, due 08/15/49		165,435
	600,000		U.S. Treasury Bond, 2.38%, due 11/15/49		599,859
	700,000		U.S. Treasury Bond, 3.13%, due 05/15/48		808,322
	150,000		U.S. Treasury Bond, 3.38%, due 11/15/48		181,506
	15,734,096		U.S. Treasury Inflation Indexed Bonds, 0.13%, due 04/15/22		15,712,211
	14,617,537		U.S. Treasury Inflation Indexed Bonds, 0.63%, due 04/15/23		14,845,571
	1,454,166		U.S. Treasury Inflation Indexed Bonds, 1.00%, due 02/15/49		1,617,338
	9,039,000		U.S. Treasury Note, 1.38%, due 01/15/20		9,038,121
	9,100,000		U.S. Treasury Note, 1.38%, due 04/30/20		9,091,747
	6,500,000		U.S. Treasury Note, 1.38%, due 06/30/23		6,444,775
	6,600,000		U.S. Treasury Note, 1.63%, due 03/15/20		6,599,613
	1,655,000		U.S. Treasury Note, 2.13%, due 05/31/21		1,667,186
	125,700		U.S. Treasury Note, 2.25%, due 03/31/20******		125,879
	17,000,000		U.S. Treasury Note, 2.50%, due 05/31/20*** *****		17,059,047
					83,956,610
			TOTAL DEBT OBLIGATIONS (COST $884,565,795)		909,799,334

See accompanying Notes to the Schedule of Investments.

23

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 0.2%
		Diversified Financial Services — 0.0%
	7,396,155	Edcon Holdings, Ltd. 1* **** ^		—
	736,020	Edcon Holdings, Ltd. 2* **** ^		—
				—
		Oil & Gas — 0.1%
	10	Amplify Energy Corp.		66
	8,511	Birch Permian Holdings, Inc. * ****		76,599
	66,347	Birch Permian Holdings, Inc. * ****		597,123
	5,758	ConocoPhillips		374,443
	5,128	Exxon Mobil Corp.		357,832
	14,783	Nine Point Energy Holdings, LLC * ****		—
				1,406,063
		Oil & Gas Services — 0.1%
	15,179	Halliburton Co.		371,430
	9,696	Schlumberger, Ltd.		389,779
				761,209
		TOTAL COMMON STOCKS (COST $3,020,531)		2,167,272
		CONVERTIBLE PREFERRED STOCKS — 0.1%
		Electric — 0.1%
	14,933	Southern Co. (The), 6.75%		804,888
		Oil & Gas — 0.0%
	322	Nine Point Energy Holdings, Inc., 0.00% * ****		141,194
		TOTAL CONVERTIBLE PREFERRED STOCKS (COST $1,050,105)		946,082
		PREFERRED STOCKS — 0.0%
		Diversified Financial Services — 0.0%
	6,375	B. Riley Financial, Inc., 6.50%‡		160,650
	2,450	B. Riley Financial, Inc., 6.88%‡		62,793
				223,443
		TOTAL PREFERRED STOCKS (COST $220,625)		223,443
		WARRANT — 0.0%
		Oil & Gas — 0.0%
	77	Amplify Energy Corp.*		—
		TOTAL WARRANT (COST $—)		—

See accompanying Notes to the Schedule of Investments.

24

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Notional Value		Description	Value ($)
		OPTIONS PURCHASED — 0.0%
		PURCHASED CURRENCY OPTIONS — 0.0%
		Call Options — 0.0%
	1,730,000  USD	USD/AUD Option with UBS Securities LLC, Strike Price AUD 0.68, Expires 01/07/20		16
	2,580,000  USD	USD/EUR Option with UBS Securities LLC, Strike Price EUR 1.11, Expires 01/17/20		1,143
	14,000,000  USD	USD/JPY Option with Goldman Sachs International, Strike Price JPY 110.00, Expires 02/07/20		23,338
	6,000,000  EUR	EUR/JPY Option with BNP Paribas S.A., Strike Price JPY 122.50, Expires 01/17/20		17,383
	21,700,000  USD	USD/JPY Option with Citibank N.A., Strike Price JPY 110.50, Expires 01/10/20		2,322
		Put Options — 0.0%
	14,500,000  EUR	EUR/USD Option with Morgan Stanley & Co., Strike Price USD 1.10, Expires 01/10/20		537
	14,000,000  EUR	EUR/USD Option with Bank of America N.A., Strike Price USD 1.11, Expires 02/07/20		30,314
	2,880,000  USD	USD/GBP Option with UBS Securities LLC, Strike Price GBP 1.30, Expires 03/20/20		73,224
	1,920,000  USD	USD/RUB Option with UBS Securities LLC, Strike Price RUB 63.25, Expires 02/19/20		38,519
		TOTAL CURRENCY OPTIONS PURCHASED (PREMIUMS PAID $276,826)		186,796

Number of Contracts		Notional Value ($)		Description	Value ($)
				PURCHASED FUTURES OPTIONS — 0.0%
				Call Options — 0.0%
	57		7,320,047	U.S. Treasury Note 10-Year Futures Option with UBS Securities LLC, Strike Price $128.50, Expires 01/24/20		26,719
				Put Options — 0.0%
	34		5,492,700	S&P 500 E-mini Futures with UBS Securities LLC, Strike Price $2,950.00, Expires 01/17/20		4,165
	14		2,261,700	S&P 500 E-mini Futures with UBS Securities LLC, Strike Price $2,850.00, Expires 01/17/20		945
	12		1,938,600	S&P 500 E-mini Futures with UBS Securities LLC, Strike Price $3,050.00, Expires 02/21/20		12,150
	11		1,777,050	S&P 500 E-mini Futures with UBS Securities LLC, Strike Price $3,000.00, Expires 02/21/20		8,525
	16		2,584,800	S&P 500 E-mini Futures with UBS Securities LLC, Strike Price $2,950.00, Expires 03/20/20		17,800
	10		1,615,500	S&P 500 E-mini Futures with UBS Securities LLC, Strike Price $3,000.00, Expires 03/20/20		13,875
	9		1,453,950	S&P 500 E-mini Futures with UBS Securities LLC, Strike Price $2,900.00, Expires 03/20/20		8,100

See accompanying Notes to the Schedule of Investments.

25

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Number of Contracts		Notional Value ($)		Description	Value ($)
				Put Options — continued
	128		19,956,000	U.S. Long Bond Future Option with JPMorgan Securities, Inc., Strike Price $157.00, Expires 01/24/20		234,000
				TOTAL FUTURES OPTIONS PURCHASED (PREMIUMS PAID $366,369)		326,279
				PURCHASED INDEX OPTIONS — 0.0%
				Put Options — 0.0%
	16		13,972,917	NASDAQ 100 E-mini Index with Citigroup Global Markets Inc., Strike Price $7,500.00, Expires 03/20/20		76,800
	24		20,959,375	NASDAQ 100 E-mini Index with Citigroup Global Markets Inc., Strike Price $7,250.00, Expires 03/20/20		86,400
	524		1,692,929	S&P 500 Futures with UBS Securities LLC, Strike Price $2,865.20, Expires 01/24/20		—
				TOTAL INDEX OPTIONS PURCHASED (PREMIUMS PAID $1,080,882)		163,200
Notional Value				Description	Value ($)
				PURCHASED SWAPTIONS — 0.0%
				Put Swaptions — 0.0%
	7,500,000		USD	CDX.NA.HY Index Option with Citibank N.A., Strike Price $104.00, Expires 01/15/20		1,315
	10,500,000		USD	CDX.NA.HY Index Option with JPMorgan Chase Bank N.A., Strike Price $ 106.00, Expires 02/19/20		23,297
	10,500,000		USD	CDX.NA.HY Index Option with Bank of America N.A., Strike Price $106.00, Expires 02/19/20		23,297
				TOTAL PURCHASED SWAPTIONS (PREMIUMS PAID $151,575)		47,909
				TOTAL OPTIONS PURCHASED (PREMIUMS PAID $1,875,652)		724,184
Par Value (a)				Description	Value ($)
				SHORT-TERM INVESTMENTS — 5.2%
				Certificates of Deposit — 0.7%
	400,000			Broadcom, Inc., 2.64%, due 01/09/20‡‡ 144A		399,741
	2,300,000			Enel Finance America LLC, 3.88%, due 01/23/20‡‡ 144A		2,297,077
	600,000			ENI Finance USA, Inc., 1.87%, due 01/14/20‡‡ 144A		599,571
	1,300,000			FMC Technologies, Inc., 2.18%, due 03/04/20‡‡ 144A		1,295,071
	1,800,000			Southern California Edison, 1.83%, due 01/02/20‡‡ 144A		1,799,821
						6,391,281
				Investment Company — 2.2%
	21,885,006			T. Rowe Price Government Reserve Fund, 1.58%, due 09/19/34		21,885,006

See accompanying Notes to the Schedule of Investments.

26

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2019 (Unaudited)

Par Value (a)				Description	Value ($)
				Mutual Fund - Securities Lending Collateral — 0.6%
	5,903,540			State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.53%## **		5,903,540
				Sovereign Debt Obligations — 1.7%
	7,154,000	BRL		Brazil Letras do Tesouro Nacional Bills, 5.66%, due 07/01/22‡‡		1,553,971
	11,483,000	BRL		Brazil Letras do Tesouro Nacional Bills, 6.30%, due 07/01/23‡‡		2,328,474
	9,393,000	BRL		Brazil Letras do Tesouro Nacional Bills, 5.29%, due 01/01/22‡‡		2,107,754
	2,574,000	BRL		Brazil Letras do Tesouro Nacional Bills, 4.84%, due 07/01/21‡‡		595,960
	103,500,000	EGP		Egypt Treasury Bills, 5.76%, due 01/14/20‡‡		6,434,487
	16,600,000	EGP		Egypt Treasury Bills, 13.03%, due 06/16/20‡‡		975,904
	29,550,000	EGP		Egypt Treasury Bills, 10.55%, due 03/17/20‡‡		1,801,162
	9,250,000	EGP		Egypt Treasury Bills, 10.85%, due 02/11/20‡‡		569,239
				TOTAL SOVEREIGN DEBT OBLIGATIONS		16,366,951
				TOTAL SHORT-TERM INVESTMENTS (COST $50,161,544)		50,546,778
				TOTAL INVESTMENTS — 97.8% (Cost $940,894,252)		964,407,093
				Other Assets and Liabilities (net) — 2.2%		21,721,467
				NET ASSETS — 100.0%	$986,128,560
				Notes to Schedule of Investments:
				ARLLMONP — Argentina Blended Historical Policy Rate
				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
				MTN — Medium Term Note
				PIK — Payment In Kind
				REIT — Real Estate Investment Trust
				SOFR — Secured Overnight Financing Rate
				UMBS — Uniform Mortgage-Backed Securities are single-class securities backed by fixed-rate mortgage loans purchased by either FHLMC or FNMA
			#	Year of maturity is greater than 2100.
			##	The rate disclosed is the 7 day net yield as of December 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

See accompanying Notes to the Schedule of Investments.

27

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

	**	Represents an investment of securities lending cash collateral.
	***	All or a portion of this security is pledged for open futures collateral.
	****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $814,916 which represents 0.1% of net assets. The aggregate tax cost of these securities held at December 31, 2019 was $1,911,239.
	*****	All or a portion of this security is pledged for open centrally cleared swaps collateral.
	******	All or a portion of this security is pledged for forward foreign currency contracts, OTC swaps, and/or OTC options collateral.
	^	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
◆	◆	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
	†	Variable or floating rate note. Rate shown is as of December 31, 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 perpetual and has no stated maturity date.
	‡	All or a portion of this security is out on loan.
	‡‡	Interest rate presented is yield to maturity.
	‡‡‡	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
	‡‡‡‡	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period end, the market value of restricted securities was $5,089,428, which is 0.5% of net assets. See details shown in the Restricted Securities table that follows.
	(a)	Unless otherwise indicated, all par values are denominated in United States dollars ($).
	144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $197,085,935 which represents 20.0% of net assets.

See accompanying Notes to the Schedule of Investments.

28

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

At December 31, 2019, the Fund held the following restricted securities:

Restricted Securities	Acquistion Date		Principal Amount			Cost			Value
Bonos de la Tesoreria de la Republica en pesos, 4.70%, due 09/01/30		06/11/19		CLP	2,415,000,000		$	3,901,592		$	3,660,188
CSMC, Series 2019 RIO, 8.74%, due 12/15/22		12/16/19		USD	1,172,500			1,172,500			1,177,726
Symphony CLO IX, LP, Series 2012-9A, Class D2R2, 6.38% (3 mo. USD LIBOR plus 4.10%), due 07/16/32		11/21/19		USD	250,000			243,488			251,514
										$	5,089,428

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
AUD	120,000	USD	80,598		01/17/20	Barclays Bank Plc	$	3,786
AUD	674,000	USD	463,500		01/24/20	Barclays Bank Plc		10,537
AUD	739,286	USD	502,157		02/18/20	Barclays Bank Plc		18,114
AUD	200,000	USD	134,295		01/17/20	Citibank N.A.		6,345
AUD	7,800,000	USD	5,373,693		01/24/20	HSBC Bank USA, N.A.		112,197
AUD	1,161,571	USD	788,126		01/09/20	JPMorgan Chase Bank N.A.		28,530
BRL	4,195,580	USD	1,030,855		01/16/20	Bank of America, N.A.		11,667
BRL	3,258,320	USD	790,584		01/16/20	Barclays Bank Plc		19,048
BRL	5,880,000	USD	1,393,596		01/17/20	Barclays Bank Plc		67,428
BRL	13,127,580	USD	3,165,186		01/16/20	Citibank N.A.		96,771
BRL	1,768,750	USD	421,482		01/17/20	Citibank N.A.		18,005
BRL	1,888,680	USD	450,222		01/16/20	Goldman Sachs International		19,080
BRL	6,845,730	USD	1,646,722		01/16/20	HSBC Bank Plc		54,313
BRL	1,331,920	USD	325,181		01/16/20	JPMorgan Chase Bank N.A.		5,776
BRL	11,565,000	USD	2,754,490		01/17/20	JPMorgan Chase Bank N.A.		119,106
BRL	1,331,920	USD	324,186		01/16/20	Morgan Stanley & Co.		6,771
BRL	10,330,000	USD	2,454,066		02/19/20	Morgan Stanley & Co.		109,518
CAD	522,537	USD	397,545		01/03/20	Citibank N.A.		5,418
CAD	572,036	USD	430,450		01/17/20	Citibank N.A.		10,723
CAD	3,708,000	USD	2,833,703		01/24/20	HSBC Bank USA, N.A.		26,115
CAD	2,150,000	USD	1,632,763		01/17/20	JPMorgan Chase Bank N.A.		25,388
CAD	639,202	USD	489,600		01/28/20	JPMorgan Chase Bank N.A.		3,397
CAD	286,249	USD	218,677		01/24/20	State Street Bank London		2,094
CLP	73,111,060	USD	91,583		01/16/20	Bank of America, N.A.		5,664
CLP	1,027,529,400	USD	1,291,840		01/10/20	JPMorgan Chase Bank N.A.		74,837
CLP	2,186,490,600	USD	2,760,372		01/15/20	JPMorgan Chase Bank N.A.		147,928
CLP	509,854,060	USD	687,274		01/16/20	Morgan Stanley & Co.		(9,099	)
CNH	10,629,740	USD	1,524,847		01/16/20	Citibank N.A.		1,014
CNH	12,962,520	USD	1,855,246		01/16/20	HSBC Bank Plc		5,478
CNH	340,050	USD	48,530		01/16/20	JPMorgan Chase Bank N.A.		283
CNH	7,455,520	USD	1,063,941		01/16/20	Royal Bank of Scotland Plc		6,272
COP	2,315,578,080	USD	683,465		01/16/20	Bank of America, N.A.		21,814
COP	11,928,496,065	USD	3,565,108		01/16/20	Citibank N.A.		68,073
COP	4,469,122,070	USD	1,339,478		01/16/20	HSBC Bank Plc		21,727

See accompanying Notes to the Schedule of Investments.

29

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
COP	2,369,421,940	USD	672,367		01/16/20	JPMorgan Chase Bank N.A.	$	49,311
COP	2,637,388,200	USD	792,301		01/16/20	Morgan Stanley & Co.		10,994
CZK	17,514,220	USD	769,092		01/16/20	Citibank N.A.		4,510
CZK	11,086,595	USD	477,879		01/16/20	Credit Suisse International		11,815
CZK	29,226,016	USD	1,277,290		01/16/20	Deutsche Bank AG		13,622
CZK	43,328,770	USD	1,893,846		01/16/20	Goldman Sachs International		19,984
CZK	4,790,000	USD	208,201		01/16/20	HSBC Bank Plc		3,373
CZK	47,562,000	USD	2,068,400		03/16/20	JPMorgan Chase Bank N.A.		32,688
CZK	75,184,360	USD	3,274,924		01/16/20	Morgan Stanley & Co.		45,966
CZK	3,463,770	USD	149,322		01/16/20	Royal Bank of Scotland Plc		3,672
EUR	410,000	USD	453,985		01/17/20	Barclays Bank Plc		6,642
EUR	1,171,320	USD	1,311,375		01/21/20	Barclays Bank Plc		4,912
EUR	443,571	USD	491,727		02/18/20	Barclays Bank Plc		7,613
EUR	741,000	USD	822,044		01/31/20	BNP Paribas S.A.		11,187
EUR	1,118,535	USD	1,254,933		01/17/20	Citibank N.A.		1,721
EUR	567,600	USD	629,460		02/12/20	Citibank N.A.		9,265
EUR	4,030,271	USD	4,467,274		02/21/20	Citibank N.A.		70,564
EUR	1,259,039	USD	1,392,915		01/31/20	Deutsche Bank AG		22,834
EUR	520,000	USD	576,961		01/17/20	JPMorgan Chase Bank N.A.		7,250
EUR	2,512,377	USD	2,793,549		02/21/20	JPMorgan Chase Bank N.A.		35,233
EUR	3,862,060	USD	4,291,616		01/16/20	State Street Bank London		47,067
EUR	105,223	USD	117,154		01/31/20	State Street Bank London		1,166
GBP	479,590	USD	588,282		01/17/20	Citibank N.A.		47,317
GBP	1,171,491	USD	1,556,572		02/21/20	Goldman Sachs International		(2,510	)
GBP	1,164,000	USD	1,506,756		02/21/20	Morgan Stanley & Co.		37,369
HUF	113,714,420	USD	386,442		01/16/20	Bank of America, N.A.		(227	)
HUF	206,019,270	USD	683,209		01/16/20	Citibank N.A.		16,505
HUF	208,480,000	USD	701,407		01/16/20	Goldman Sachs International		6,665
HUF	254,673,400	USD	858,404		01/16/20	HSBC Bank Plc		6,558
HUF	516,869,000	USD	1,734,004		03/16/20	JPMorgan Chase Bank N.A.		26,786
HUF	71,328,100	USD	242,497		01/16/20	Morgan Stanley & Co.		(242	)
HUF	296,749,090	USD	993,318		01/16/20	State Street Bank London		14,547
HUF	229,706,590	USD	765,879		01/16/20	Toronto Dominion Bank		14,286
IDR	2,100,000,000	USD	149,180		01/16/20	Barclays Bank Plc		1,915
IDR	8,180,847,389	USD	577,253		01/16/20	Citibank N.A.		11,355
IDR	18,305,321,990	USD	1,291,437		01/16/20	Deutsche Bank AG		25,622
IDR	92,884,657,542	USD	6,601,846		01/16/20	HSBC Bank Plc		81,165
IDR	40,630,024,000	USD	2,862,992		01/16/20	HSBC Bank USA, N.A.		60,321
IDR	21,739,706,870	USD	1,522,298		01/16/20	JPMorgan Chase Bank N.A.		41,864
ILS	15,721,836	USD	4,482,106		01/14/20	Citibank N.A.		71,912
ILS	6,470,000	USD	1,863,384		01/14/20	JPMorgan Chase Bank N.A.		10,728
INR	51,752,390	USD	730,450		01/16/20	Citibank N.A.		(6,318	)
INR	52,476,600	USD	727,730		01/16/20	Deutsche Bank AG		6,536
INR	21,433,230	USD	297,028		01/16/20	Goldman Sachs International		2,871
INR	81,830,150	USD	1,135,780		01/16/20	HSBC Bank Plc		9,208
INR	110,644,000	USD	1,528,232		01/16/20	HSBC Bank USA, N.A.		19,926
INR	83,479,410	USD	1,153,553		01/16/20	JPMorgan Chase Bank N.A.		14,512

See accompanying Notes to the Schedule of Investments.

30

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
INR	716,973,610	USD	9,968,779		01/16/20	Morgan Stanley & Co.	$	63,292
JPY	94,747,506	USD	884,160		01/24/20	Bank of America, N.A.		(11,482	)
JPY	228,630,000	USD	2,150,860		01/17/20	Barclays Bank Plc		(45,851	)
JPY	961,882,000	USD	8,914,701		01/24/20	BNP Paribas S.A.		(55,226	)
JPY	9,249,558	USD	84,591		01/16/20	Citibank N.A.		565
JPY	322,733,442	USD	2,951,468		01/16/20	HSBC Bank Plc		19,795
JPY	975,382,413	USD	9,034,952		01/24/20	HSBC Bank USA, N.A.		(51,130	)
JPY	47,294,075	USD	438,275		01/17/20	JPMorgan Chase Bank N.A.		(2,835	)
JPY	160,269,140	USD	1,465,133		01/16/20	State Street Bank London		10,393
KRW	4,334,114,425	USD	3,728,912		01/16/20	Citibank N.A.		20,022
KRW	235,772,000	USD	195,873		01/16/20	HSBC Bank USA, N.A.		8,066
KRW	2,768,808,350	USD	2,369,541		01/10/20	JPMorgan Chase Bank N.A.		25,125
KRW	5,014,311,550	USD	4,311,980		01/13/20	JPMorgan Chase Bank N.A.		25,036
KRW	3,096,041,000	USD	2,645,511		01/16/20	State Street Bank London		32,511
KZT	158,542,340	USD	406,415		02/18/20	Royal Bank of Scotland Plc		3,891
MXN	5,426,436	USD	286,676		01/16/20	Bank of America, N.A.		148
MXN	29,100,000	USD	1,450,988		01/17/20	Barclays Bank Plc		86,909
MXN	47,193,144	USD	2,428,883		01/16/20	Citibank N.A.		65,594
MXN	40,045,292	USD	2,099,709		01/16/20	Deutsche Bank AG		16,956
MXN	59,019,028	USD	3,064,450		01/16/20	Goldman Sachs International		55,105
MXN	16,411,650	USD	840,711		01/16/20	HSBC Bank Plc		26,756
MXN	12,617,240	USD	667,638		01/16/20	JPMorgan Chase Bank N.A.		(731	)
MXN	14,986,000	USD	781,979		03/17/20	JPMorgan Chase Bank N.A.		2,932
MXN	42,422,045	USD	2,187,605		01/24/20	Morgan Stanley & Co.		51,948
MXN	11,007,280	USD	562,945		01/16/20	Royal Bank of Scotland Plc		18,865
MXN	13,449,950	USD	696,041		01/16/20	State Street Bank London		14,880
MXN	518,028	USD	27,172		01/24/20	State Street Bank London		175
MXN	12,445,150	USD	633,783		01/16/20	Toronto Dominion Bank		24,027
MYR	2,997,520	USD	726,848		01/16/20	Barclays Bank Plc		5,617
MYR	2,401,590	USD	581,217		01/16/20	Goldman Sachs International		5,628
MYR	516,330	USD	123,790		01/16/20	Morgan Stanley & Co.		2,378
PEN	112,000	USD	33,166		01/10/20	JPMorgan Chase Bank N.A.		652
PEN	512,000	USD	150,743		01/13/20	JPMorgan Chase Bank N.A.		3,836
PHP	19,333,620	USD	380,921		01/16/20	Barclays Bank Plc		710
PHP	39,598,890	USD	779,352		01/16/20	HSBC Bank Plc		2,298
PHP	18,780,000	USD	368,741		01/10/20	JPMorgan Chase Bank N.A.		2,038
PLN	2,224,550	USD	580,878		01/16/20	Bank of America, N.A.		6,512
PLN	4,059,000	USD	1,049,068		02/14/20	Bank of America, N.A.		22,808
PLN	958,000	USD	246,981		02/14/20	BNP Paribas S.A.		6,001
PLN	12,278,910	USD	3,207,819		01/16/20	Goldman Sachs International		34,415
PLN	3,309,030	USD	858,722		01/16/20	HSBC Bank Plc		15,025
PLN	19,626,480	USD	5,091,680		01/16/20	JPMorgan Chase Bank N.A.		90,674
PLN	30,981,000	USD	8,007,185		03/16/20	JPMorgan Chase Bank N.A.		174,531
PLN	946,970	USD	249,376		01/16/20	UBS AG		671
RON	16,839,020	USD	3,916,554		01/16/20	Goldman Sachs International		31,220
RON	2,308,000	USD	534,249		01/17/20	JPMorgan Chase Bank N.A.		6,818
RON	19,731,000	USD	4,557,339		03/16/20	JPMorgan Chase Bank N.A.		56,134

See accompanying Notes to the Schedule of Investments.

31

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
RON	438,660	USD	102,748		01/16/20	Royal Bank of Scotland Plc	$	92
RON	1,168,000	USD	272,865		01/17/20	State Street Bank London		950
RUB	225,275,230	USD	3,520,479		01/16/20	Bank of America, N.A.		103,392
RUB	42,673,400	USD	665,161		01/16/20	Barclays Bank Plc		21,301
RUB	372,418,240	USD	5,798,347		01/17/20	BNP Paribas S.A.		191,810
RUB	26,615,250	USD	414,245		01/16/20	Credit Suisse International		13,899
RUB	24,219,170	USD	378,357		01/16/20	Goldman Sachs International		11,243
RUB	107,502,050	USD	1,672,357		01/16/20	HSBC Bank Plc		56,965
RUB	117,195,970	USD	1,829,248		01/16/20	JPMorgan Chase Bank N.A.		56,016
RUB	175,553,752	USD	2,815,070		01/17/20	JPMorgan Chase Bank N.A.		8,623
RUB	66,452,060	USD	1,032,185		01/16/20	Morgan Stanley & Co.		36,791
RUB	25,183,010	USD	390,102		01/16/20	UBS AG		15,003
THB	392,202,210	USD	12,955,111		01/16/20	HSBC Bank Plc		142,745
THB	22,360,360	USD	740,287		01/16/20	Morgan Stanley & Co.		6,453
THB	23,527,870	USD	775,113		01/16/20	Royal Bank of Scotland Plc		10,616
TRY	8,350,599	USD	1,433,899		01/16/20	Bank of America, N.A.		(35,741	)
TRY	2,394,521	USD	401,883		01/16/20	HSBC Bank Plc		(964	)
TRY	22,351,000	USD	3,767,552		03/16/20	JPMorgan Chase Bank N.A.		(80,680	)
TRY	6,053,200	USD	1,027,773		01/16/20	Royal Bank of Scotland Plc		(14,274	)
ZAR	22,075,000	USD	1,457,625		01/10/20	Bank of America, N.A.		119,606
ZAR	37,284,180	USD	2,531,007		01/16/20	Bank of America, N.A.		130,757
ZAR	47,557,380	USD	3,387,865		01/10/20	Barclays Bank Plc		10,050
ZAR	10,866,270	USD	729,922		01/16/20	Barclays Bank Plc		45,834
ZAR	48,202,892	USD	3,223,200		01/10/20	BNP Paribas S.A.		220,835
ZAR	13,127,866	USD	894,684		01/16/20	Citibank N.A.		42,530
ZAR	1,152,494	USD	81,701		01/16/20	Deutsche Bank AG		577
ZAR	12,229,770	USD	834,968		01/16/20	Goldman Sachs International		38,131
ZAR	46,625,640	USD	3,197,778		01/16/20	HSBC Bank Plc		130,885
ZAR	9,199,384	USD	624,394		01/10/20	HSBC Bank USA, N.A.		32,890
ZAR	21,509,000	USD	1,487,391		01/10/20	JPMorgan Chase Bank N.A.		49,399
ZAR	10,496,520	USD	721,887		01/16/20	JPMorgan Chase Bank N.A.		27,473
ZAR	28,157,475	USD	1,864,665		01/10/20	Morgan Stanley & Co.		147,151
USD	332,215	AUD	490,000		01/17/20	Barclays Bank Plc		(12,353	)
USD	3,014,526	AUD	4,466,893		01/17/20	Citibank N.A.		(126,592	)
USD	502,049	AUD	739,286		02/18/20	Goldman Sachs & Co.		(18,222	)
USD	5,349,830	BRL	21,962,253		01/16/20	Bank of America, N.A.		(107,377	)
USD	1,830,614	BRL	7,590,680		01/16/20	Barclays Bank Plc		(55,527	)
USD	2,863,232	BRL	12,240,000		03/03/20	BNP Paribas S.A.		(172,633	)
USD	510,102	BRL	2,143,040		01/16/20	Citibank N.A.		(22,403	)
USD	1,416,726	BRL	5,896,871		01/16/20	Deutsche Bank AG		(48,535	)
USD	278,135	BRL	1,156,255		01/16/20	Goldman Sachs International		(9,172	)
USD	1,783,608	BRL	7,522,902		03/03/20	Goldman Sachs International		(82,284	)
USD	1,331,641	BRL	5,570,920		01/16/20	HSBC Bank Plc		(52,628	)
USD	4,027,824	BRL	16,926,529		03/03/20	HSBC Bank USA, N.A.		(170,432	)
USD	1,926,208	BRL	8,074,100		01/10/20	JPMorgan Chase Bank N.A.		(80,428	)
USD	1,482,601	BRL	6,216,100		01/13/20	JPMorgan Chase Bank N.A.		(62,127	)
USD	416,339	BRL	1,744,670		01/16/20	JPMorgan Chase Bank N.A.		(17,178	)

See accompanying Notes to the Schedule of Investments.

32

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	2,673,608	BRL	11,119,000		01/17/20	JPMorgan Chase Bank N.A.	$	(89,168	)
USD	2,452,808	BRL	10,330,000		02/19/20	Morgan Stanley & Co.		(110,777	)
USD	1,530,722	BRL	6,481,000		03/03/20	Morgan Stanley & Co.		(76,749	)
USD	1,333,123	BRL	5,642,176		03/03/20	State Street Bank London		(66,296	)
USD	691,927	BRL	2,810,000		01/16/20	UBS AG		(6,305	)
USD	393,000	CAD	522,537		01/03/20	BNP Paribas S.A.		(9,962	)
USD	456,521	CAD	600,304		01/17/20	Citibank N.A.		(6,453	)
USD	489,467	CAD	639,202		01/28/20	Citibank N.A.		(3,530	)
USD	472,457	CAD	621,999		02/04/20	Morgan Stanley & Co.		(7,285	)
USD	415,962	CLP	310,349,240		01/16/20	Bank of America, N.A.		3,156
USD	5,225,754	CLP	4,118,341,474		03/06/20	BNP Paribas S.A.		(254,325	)
USD	372,103	CLP	289,384,670		01/16/20	Citibank N.A.		(12,817	)
USD	510,618	CLP	388,743,480		01/16/20	Goldman Sachs International		(6,463	)
USD	1,480,079	CLP	1,169,040,056		03/06/20	JPMorgan Chase Bank N.A.		(75,507	)
USD	510,280	CLP	390,109,080		01/16/20	Royal Bank of Scotland Plc		(8,617	)
USD	611,360	COP	2,105,219,500		01/16/20	Citibank N.A.		(29,847	)
USD	2,626,000	COP	9,056,019,880		01/16/20	HSBC Bank Plc		(132,283	)
USD	2,587,349	COP	8,763,649,100		01/10/20	JPMorgan Chase Bank N.A.		(82,403	)
USD	1,104,066	COP	3,810,131,520		01/16/20	Morgan Stanley & Co.		(56,424	)
USD	504,811	COP	1,735,541,290		01/16/20	Royal Bank of Scotland Plc		(23,800	)
USD	188,806	COP	651,851,280		01/16/20	UBS AG		(9,735	)
USD	1,425,064	CZK	32,654,070		01/16/20	Deutsche Bank AG		(17,265	)
USD	309,755	CZK	7,120,000		01/16/20	Goldman Sachs International		(4,735	)
USD	1,381,392	EUR	1,251,040		01/16/20	Bank of America, N.A.		(24,041	)
USD	256,280	EUR	230,000		01/23/20	Bank of America, N.A.		(2,218	)
USD	122,429	EUR	110,000		03/18/20	Bank of America, N.A.		(1,627	)
USD	886,523	EUR	796,040		01/16/20	Barclays Bank Plc		(7,758	)
USD	1,041,255	EUR	940,000		01/17/20	Barclays Bank Plc		(14,818	)
USD	520,103	EUR	469,560		01/21/20	Barclays Bank Plc		(7,571	)
USD	830,054	EUR	745,000		01/23/20	Barclays Bank Plc		(7,254	)
USD	492,942	EUR	446,027		01/17/20	BNP Paribas S.A.		(8,161	)
USD	491,375	EUR	443,571		02/18/20	BNP Paribas S.A.		(7,966	)
USD	1,636,615	EUR	1,476,000		01/17/20	Citibank N.A.		(21,644	)
USD	629,315	EUR	567,600		02/12/20	Citibank N.A.		(9,410	)
USD	452,201	EUR	405,000		01/16/20	Deutsche Bank AG		(2,781	)
USD	366,602	EUR	327,772		01/31/20	Deutsche Bank AG		(1,968	)
USD	1,188,684	EUR	1,070,000		01/13/20	Goldman Sachs & Co.		(13,140	)
USD	86,901	EUR	77,847		02/21/20	Goldman Sachs International		(750	)
USD	33,333	EUR	30,000		01/16/20	HSBC Bank Plc		(369	)
USD	645,336	EUR	580,000		01/10/20	HSBC Bank USA, N.A.		(5,997	)
USD	628,353	EUR	565,000		01/13/20	HSBC Bank USA, N.A.		(6,255	)
USD	932,871	EUR	840,000		01/27/20	HSBC Bank USA, N.A.		(11,445	)
USD	289,303	EUR	260,076		01/31/20	HSBC Bank USA, N.A.		(3,144	)
USD	3,367,285	EUR	3,036,684		01/17/20	JPMorgan Chase Bank N.A.		(44,375	)
USD	1,404,721	EUR	1,263,000		02/21/20	JPMorgan Chase Bank N.A.		(17,339	)
USD	8,543,757	EUR	7,652,827		01/31/20	Morgan Stanley & Co.		(61,603	)
USD	235,983	EUR	212,109		02/21/20	Morgan Stanley & Co.		(2,839	)

See accompanying Notes to the Schedule of Investments.

33

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	2,895,665	EUR	2,619,080		01/16/20	Royal Bank of Scotland Plc	$	(46,639	)
USD	1,067,956	EUR	960,000		01/09/20	Standard Chartered Bank		(10,047	)
USD	1,100,724	EUR	990,000		01/06/20	State Street Bank and Trust		(10,759	)
USD	840,802	EUR	755,000		01/23/20	State Street Bank and Trust		(7,746	)
USD	489,746	EUR	440,490		01/16/20	State Street Bank London		(5,105	)
USD	169,552	EUR	152,620		02/21/20	State Street Bank London		(2,289	)
USD	4,454,160	GBP	3,459,300		02/21/20	BNP Paribas S.A.		(134,835	)
USD	640,107	GBP	495,000		01/27/20	HSBC Bank USA, N.A.		(16,102	)
USD	306,079	GBP	236,168		02/21/20	HSBC Bank USA, N.A.		(7,214	)
USD	283,553	GBP	215,000		01/16/20	UBS AG		(1,378	)
USD	3,805,826	HKD	29,841,000		01/31/20	HSBC Bank USA, N.A.		(22,792	)
USD	243,267	HKD	1,907,000		01/31/20	JPMorgan Chase Bank N.A.		(1,402	)
USD	275,562	HUF	81,300,980		01/16/20	Citibank N.A.		(565	)
USD	1,524,728	HUF	454,093,012		01/16/20	Deutsche Bank AG		(17,533	)
USD	322,378	HUF	96,540,000		01/16/20	HSBC Bank Plc		(5,507	)
USD	391,078	HUF	117,840,000		01/16/20	State Street Bank London		(9,148	)
USD	812,330	IDR	11,424,398,800		01/16/20	Bank of America, N.A.		(9,650	)
USD	2,392,482	IDR	34,320,455,323		01/16/20	Barclays Bank Plc		(76,860	)
USD	1,553,470	IDR	22,174,062,712		01/17/20	Barclays Bank Plc		(41,798	)
USD	351,716	IDR	5,036,567,168		01/16/20	BNP Paribas S.A.		(10,663	)
USD	1,849,306	IDR	26,349,240,710		01/16/20	Citibank N.A.		(46,511	)
USD	2,888,171	IDR	41,388,220,896		01/16/20	Credit Suisse International		(89,694	)
USD	682,981	IDR	9,669,045,400		01/16/20	Goldman Sachs International		(12,702	)
USD	3,421,552	IDR	48,183,505,810		01/16/20	HSBC Bank Plc		(45,230	)
USD	879,796	IDR	12,600,435,152		01/16/20	HSBC Bank USA, N.A.		(26,800	)
USD	1,091,017	IDR	15,492,118,021		01/10/20	JPMorgan Chase Bank N.A.		(24,246	)
USD	2,485,046	IDR	35,186,300,320		01/13/20	JPMorgan Chase Bank N.A.		(47,288	)
USD	433,737	IDR	6,163,405,860		01/16/20	Morgan Stanley & Co.		(9,717	)
USD	902,446	IDR	12,748,240,000		01/16/20	UBS AG		(14,784	)
USD	350,718	ILS	1,224,867		01/14/20	Bank of America, N.A.		(4,080	)
USD	290,470	ILS	1,024,725		01/14/20	Citibank N.A.		(6,354	)
USD	2,546,375	INR	183,008,000		01/16/20	Bank of America, N.A.		(14,318	)
USD	557,588	INR	40,000,000		01/16/20	BNP Paribas S.A.		(2,101	)
USD	1,421,862	INR	101,928,860		01/16/20	Citibank N.A.		(4,352	)
USD	682,843	INR	48,755,000		01/16/20	Goldman Sachs International		651
USD	2,628,652	INR	188,417,521		01/16/20	HSBC Bank Plc		(7,732	)
USD	2,493,929	INR	179,313,500		01/16/20	HSBC Bank USA, N.A.		(15,070	)
USD	3,568,562	INR	254,901,260		01/16/20	JPMorgan Chase Bank N.A.		1,921
USD	3,371,888	INR	241,984,809		01/16/20	Morgan Stanley & Co.		(14,023	)
USD	1,345,374	JPY	145,466,500		01/16/20	Bank of America, N.A.		6,128
USD	1,338,095	JPY	144,227,872		01/17/20	Barclays Bank Plc		10,181
USD	2,890,478	JPY	314,285,630		01/16/20	Citibank N.A.		(3,010	)
USD	242,957	JPY	25,740,000		01/17/20	Citibank N.A.		5,968
USD	14,156,312	JPY	1,530,210,213		01/24/20	HSBC Bank USA, N.A.		62,215
USD	18,742,757	JPY	2,022,936,000		01/24/20	JPMorgan Chase Bank N.A.		110,377
USD	300,041	JPY	32,500,030		01/16/20	Morgan Stanley & Co.		828
USD	19,076	JPY	2,056,937		01/24/20	State Street Bank London		130

See accompanying Notes to the Schedule of Investments.

34

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	685,334	KRW	802,800,000		01/16/20	Bank of America, N.A.	$	(9,074	)
USD	8,441,040	KRW	10,015,542,001		01/16/20	Barclays Bank Plc		(222,230	)
USD	4,028,510	KRW	4,809,690,868		01/16/20	BNP Paribas S.A.		(131,789	)
USD	3,735,822	KRW	4,334,114,425		04/09/20	Citibank N.A.		(21,151	)
USD	1,471,141	KRW	1,703,434,000		04/09/20	Goldman Sachs International		(5,460	)
USD	3,013,740	KRW	3,497,413,000		04/09/20	HSBC Bank USA, N.A.		(17,949	)
USD	3,666,695	KRW	4,373,451,000		01/16/20	JPMorgan Chase Bank N.A.		(116,264	)
USD	765,157	MXN	14,844,420		01/16/20	Bank of America, N.A.		(19,472	)
USD	1,460,165	MXN	28,658,780		01/16/20	Barclays Bank Plc		(54,645	)
USD	472,502	MXN	9,040,000		01/17/20	Citibank N.A.		(5,250	)
USD	1,896,287	MXN	36,779,079		01/16/20	Goldman Sachs International		(47,736	)
USD	1,488,860	MXN	28,788,810		01/16/20	HSBC Bank Plc		(32,824	)
USD	3,217,869	MXN	63,213,609		01/24/20	HSBC Bank USA, N.A.		(119,317	)
USD	1,740,457	MXN	33,790,102		01/16/20	JPMorgan Chase Bank N.A.		(45,579	)
USD	395,879	MXN	7,742,031		01/24/20	JPMorgan Chase Bank N.A.		(12,840	)
USD	2,870,707	MXN	55,932,000		03/17/20	JPMorgan Chase Bank N.A.		(58,800	)
USD	879,212	MXN	16,946,810		01/16/20	Morgan Stanley & Co.		(16,542	)
USD	1,714,074	MXN	33,196,161		01/16/20	Royal Bank of Scotland Plc		(40,568	)
USD	555,306	MXN	10,545,000		01/16/20	Toronto Dominion Bank		(2,069	)
USD	840,395	MXN	16,068,840		01/16/20	UBS AG		(8,952	)
USD	5,487,433	MYR	22,947,348		03/06/20	HSBC Bank USA, N.A.		(114,582	)
USD	2,005,196	MYR	8,289,480		01/16/20	Morgan Stanley & Co.		(20,396	)
USD	5,128,099	PEN	17,153,490		01/16/20	HSBC Bank Plc		(50,196	)
USD	270,739	PEN	909,440		01/16/20	Morgan Stanley & Co.		(3,803	)
USD	1,816,540	PHP	92,393,500		03/06/20	HSBC Bank USA, N.A.		(4,010	)
USD	1,817,970	PHP	92,393,500		03/06/20	Morgan Stanley & Co.		(2,580	)
USD	535,159	PLN	2,072,150		01/16/20	Citibank N.A.		(11,991	)
USD	193,148	PLN	748,000		02/14/20	JPMorgan Chase Bank N.A.		(4,379	)
USD	39,033	PLN	151,073		01/16/20	Morgan Stanley & Co.		(858	)
USD	204,898	PLN	793,077		01/16/20	Royal Bank of Scotland Plc		(4,513	)
USD	745,681	PLN	2,907,640		01/16/20	UBS AG		(22,078	)
USD	430,067	RON	1,860,124		01/17/20	Bank of America, N.A.		(6,004	)
USD	328,960	RON	1,423,823		01/17/20	Citibank N.A.		(4,828	)
USD	1,795,119	RON	7,743,400		01/16/20	Goldman Sachs International		(20,259	)
USD	574,853	RON	2,469,062		01/17/20	Goldman Sachs International		(3,972	)
USD	248,288	RON	1,070,000		01/16/20	JPMorgan Chase Bank N.A.		(2,565	)
USD	440,419	RON	1,891,757		01/17/20	JPMorgan Chase Bank N.A.		(3,068	)
USD	422,313	RON	1,806,401		01/17/20	State Street Bank London		(1,164	)
USD	2,171,990	RUB	138,651,600		01/16/20	Bank of America, N.A.		(58,417	)
USD	2,377,143	RUB	150,452,080		01/16/20	Barclays Bank Plc		(43,092	)
USD	562,118	RUB	35,340,000		01/17/20	Barclays Bank Plc		(6,308	)
USD	2,579,854	RUB	165,928,497		01/17/20	BNP Paribas S.A.		(89,021	)
USD	711,584	RUB	46,139,130		01/16/20	Citibank N.A.		(30,629	)
USD	2,252,261	RUB	146,210,000		01/17/20	Citibank N.A.		(99,453	)
USD	1,174,266	RUB	75,355,540		01/16/20	HSBC Bank Plc		(37,935	)
USD	3,149,660	RUB	204,245,800		01/10/20	JPMorgan Chase Bank N.A.		(138,326	)
USD	5,068,740	RUB	326,391,000		01/13/20	JPMorgan Chase Bank N.A.		(183,640	)

See accompanying Notes to the Schedule of Investments.

35

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	2,626,531	RUB	167,806,890		01/16/20	JPMorgan Chase Bank N.A.	$	(72,881	)
USD	2,486,124	RUB	163,848,000		01/17/20	JPMorgan Chase Bank N.A.		(149,288	)
USD	969,600	RUB	62,534,352		02/20/20	JPMorgan Chase Bank N.A.		(32,150	)
USD	1,350,273	RUB	84,552,752		04/17/20	JPMorgan Chase Bank N.A.		4,961
USD	5,604,880	RUB	360,882,512		01/17/20	State Street Bank London		(199,731	)
USD	3,073,752	SEK	29,489,737		02/21/20	Deutsche Bank AG		(83,985	)
USD	3,075,371	SEK	29,489,737		02/21/20	State Street Bank London		(82,366	)
USD	6,947,607	THB	209,904,582		03/06/20	Barclays Bank Plc		(70,661	)
USD	6,949,908	THB	209,904,582		03/06/20	Citibank N.A.		(68,361	)
USD	159,442	THB	4,826,164		03/06/20	Goldman Sachs International		(1,923	)
USD	463,245	THB	14,003,750		01/16/20	HSBC Bank Plc		(4,420	)
USD	109,675	THB	3,320,884		03/06/20	HSBC Bank USA, N.A.		(1,360	)
USD	1,494,263	THB	45,194,780		01/16/20	JPMorgan Chase Bank N.A.		(15,047	)
USD	2,929,213	THB	88,575,000		01/17/20	JPMorgan Chase Bank N.A.		(28,879	)
USD	1,420,478	THB	42,941,060		01/16/20	Morgan Stanley & Co.		(13,567	)
USD	684,658	THB	20,741,700		01/16/20	UBS AG		(8,025	)
USD	720,033	TRY	4,207,370		01/16/20	Bank of America, N.A.		15,585
USD	430,161	TRY	2,500,000		01/16/20	HSBC Bank Plc		11,580
USD	346,064	TRY	2,040,000		01/16/20	Royal Bank of Scotland Plc		4,503
USD	323,224	TRY	1,890,000		01/16/20	UBS AG		6,778
USD	424,904	TWD	12,861,000		01/16/20	Citibank N.A.		(4,407	)
USD	5,766,645	TWD	175,133,000		01/16/20	Goldman Sachs International		(79,448	)
USD	8,397,750	TWD	253,897,000		01/16/20	HSBC Bank USA, N.A.		(77,554	)
USD	5,869,965	TWD	177,324,000		04/09/20	HSBC Bank USA, N.A.		(73,082	)
USD	3,697,237	ZAR	57,228,975		01/10/20	Bank of America, N.A.		(391,701	)
USD	1,481,567	ZAR	22,299,331		01/10/20	Bank of America, N.A.		(111,692	)
USD	2,175,402	ZAR	32,416,680		01/16/20	Bank of America, N.A.		(138,865	)
USD	1,210,411	ZAR	18,913,768		01/10/20	Barclays Bank Plc		(140,953	)
USD	3,359,743	ZAR	47,557,380		03/13/20	Barclays Bank Plc		(10,022	)
USD	4,289,381	ZAR	63,859,402		01/10/20	BNP Paribas S.A.		(273,292	)
USD	2,856,865	ZAR	42,192,130		01/16/20	Citibank N.A.		(155,283	)
USD	1,214,010	ZAR	18,915,000		01/10/20	HSBC Bank USA, N.A.		(137,443	)
USD	1,236,428	ZAR	18,662,000		01/10/20	JPMorgan Chase Bank N.A.		(96,947	)
USD	1,064,541	ZAR	15,881,640		01/16/20	JPMorgan Chase Bank N.A.		(69,269	)
USD	6,788,795	ZAR	101,706,000		03/16/20	JPMorgan Chase Bank N.A.		(414,955	)
USD	1,726,731	ZAR	25,265,970		01/16/20	Morgan Stanley & Co.		(77,038	)
USD	1,467,942	ZAR	21,694,720		01/16/20	Royal Bank of Scotland Plc		(80,871	)
USD	1,219,968	ZAR	18,915,000		01/10/20	State Street Bank London		(131,484	)
USD	774,352	ZAR	11,178,300		01/16/20	State Street Bank London		(23,681	)
USD	917,725	ZAR	13,670,000		01/16/20	UBS AG		(58,194	)
							$	(3,851,357	)

See accompanying Notes to the Schedule of Investments.

36

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	10	10 Year Australian Bond Futures		Mar 2020	$	1,004,924	$	(16,757	)
	30	Euro-Bund		Mar 2020		5,741,248		(52,227	)
	6	U.S. Long Bond		Mar 2020		935,438		(24,295	)
	86	U.S. Treasury Note 10-Year		Mar 2020		11,044,281		(112,344	)
	282	U.S. Treasury Note 2-Year		Mar 2020		60,771,000		(75,664	)
	61	U.S. Treasury Note 5-Year		Mar 2020		7,235,172		(17,067	)
	54	U.S. Ultra 10-Year Note		Mar 2020		7,597,969		(60,165	)
	43	U.S. Ultra Bond		Mar 2020		7,811,219		(255,786	)
							$	(614,305	)
	Sales
	55	10 Year Australian Bond Futures		Mar 2020	$	5,527,084	$	114,697
	89	10 Year Canadian Bond Futures		Mar 2020		9,435,682		187,514
	16	30 Day Federal Funds		Jan 2020		6,563,692		(17,198	)
	46	Euro-BTP		Mar 2020		7,355,919		25,480
	25	Euro-Bund		Mar 2020		4,784,373		46,483
	91	Euro-OAT		Mar 2020		16,626,541		140,387
	3	Long Gilt		Mar 2020		522,137		5,744
	536	U.S. Treasury Note 10-Year		Mar 2020		68,834,125		769,739
	477	U.S. Treasury Note 5-Year		Mar 2020		56,576,672		286,279
	39	U.S. Ultra Bond		Mar 2020		7,084,594		216,125
							$	1,775,250

See accompanying Notes to the Schedule of Investments.

37

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Written Options

Written Currency Options

Type of Contract	Counterparty		Notional Value				Premiums Received				Value at December 31, 2019
CALL — USD/AUD Option		UBS Securities LLC		USD	(2,300,000	)		$	(12,788	)		$	(683	)
Strike @ AUD 0.66
Expires 02/14/2020
CALL — USD/CAD Option		UBS Securities LLC		USD	(1,720,000	)			(7,465	)			(2	)
Strike @ CAD 1.36
Expires 01/02/2020
CALL — USD/CAD Option		UBS Securities LLC		USD	(2,120,000	)			(8,304	)			(319	)
Strike @ CAD 1.34
Expires 02/03/2020
CALL — USD/EUR Option		UBS Securities LLC		USD	(2,580,000	)			(9,972	)			(751	)
Strike @ EUR 1.09
Expires 02/10/2020
CALL — USD/EUR Option		UBS Securities LLC		USD	(2,070,000	)			(7,762	)			(677	)
Strike @ EUR 1.09
Expires 02/14/2020
CALL — USD/RUB Option		UBS Securities LLC		USD	(1,920,000	)			(12,720	)			(1,899	)
Strike @ RUB 66.65
Expires 02/19/2020
PUT — USD/CAD Option		UBS Securities LLC		USD	(2,040,000	)			(7,528	)			(3,221	)
Strike @ CAD 1.28
Expires 01/27/2020
Total Written Currency Options								$	(66,539	)		$	(7,552	)

Written Futures Options

Type of Contract	Counterparty		Number of Contracts		Notional Value				Premiums Received				Value at December 31, 2019
PUT — S&P 500 E-mini Futures Option		UBS Securities LLC		13		$	(2,100,150	)		$	(8,260	)		$	(682	)
Strike @ $2,800.00
Expires 01/17/2020
PUT — S&P 500 E-mini Futures Option		UBS Securities LLC		12			(1,938,600	)			(5,825	)			(4,200	)
Strike @ $2,850.00
Expires 02/21/2020
PUT — S&P 500 E-mini		UBS Securities LLC		10			(1,615,500	)			(7,229	)			(5,750	)
Futures Option
Strike @ $2,800.00
Expires 03/20/2020
Total Written Futures Options										$	(21,314	)		$	(10,632	)

See accompanying Notes to the Schedule of Investments.

38

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Written Swaptions

Type of Contract	Counterparty		Notional Value				Premiums Received				Value at December 31, 2019
CALL — CDX.NA.HY Index Option		Bank of America N.A.		USD	(5,800,000	)		$	(14,355	)		$	(33,272	)
Strike @ 109.00
Expires 02/19/2020
PUT — CDX.NA.HY Index Option		JPMorgan Chase Bank N.A.		USD	(5,300,000	)			(58,035	)			(25,599	)
Strike @ 107.50
Expires 02/19/2020
PUT — CDX.NA.HY Index		Bank of America N.A.		USD	(5,300,000	)			(64,130	)			(25,599	)
Option
Strike @ 107.50
Expires 02/19/2020
Total Written Swaptions								$	(136,520	)		$	(84,470	)
Total Written Options								$	(224,373	)		$	(102,654	)

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	$	(297,703	)	$	(297,703	)
12-Month US CPI	1.95%	03/28/24	Merrill Lynch Capital Services, Inc.		—		2,150,000		(4,437	)		(4,437	)
12-Month US CPI	1.91%	05/23/24	Bank of America N.A.		—		2,225,000		(2,388	)		(2,388	)
12-Month US CPI	1.90%	05/24/24	Bank of America N.A.		—		3,869,565		(3,738	)		(3,738	)
12-Month US CPI	1.90%	01/15/24	HSBC Sec. New York		—		1,635,000		(6,587	)		(6,587	)
12-Month US CPI	1.89%	05/24/24	Morgan Stanley & Co.		—		2,805,435		(1,209	)		(1,209	)
12-Month US CPI	1.68%	10/25/24	Bank of America N.A.		—		3,500,000		33,704			33,704
12-Month US CPI	1.52%	10/07/24	Bank of America N.A.		—		5,100,000		85,344			85,344
6.87%	BRL-CDI	01/04/27	JPMorgan Chase Bank N.A.		—		7,210,000		40,764			40,764
7.02%	BRL-CDI	01/04/27	Citigroup Global Markets Inc.		—		1,800,000		11,156			11,156
7.02%	BRL-CDI	01/04/27	Citigroup Global Markets Inc.		1,105		2,100,000		13,016			11,911
7.02%	BRL-CDI	01/04/27	Citigroup Global Markets Inc.		1,320		2,156,000		13,363			12,043
7.04%	BRL-CDI	01/04/27	JPMorgan Chase Bank N.A.		—		1,400,000		8,994			8,994
				$	2,425			$	(109,721	)	$	(112,146	)

See accompanying Notes to the Schedule of Investments.

39

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Centrally Cleared Interest Rate Swaps

Payments Received by Fund	Payments Made by Fund	Maturity Date	Upfront Premiums Paid (Received)			Notional Value		Market Value			Unrealized Appreciation (Depreciation)
1-Month TIIE	6.67%	11/11/21	$	32		MXN	45,541,022	$	1,024		$	992
7.20%	1-Month TIIE	07/17/24		—		MXN	182,404,200		235,646			235,646
3-Month CDOR	3.01%	10/31/48		—		CAD	150,000		(18,594	)		(18,594	)
3-Month CDOR	2.94%	09/25/48		—		CAD	40,000		(4,513	)		(4,513	)
3-Month CDOR	2.81%	09/12/48		—		CAD	1,260,000		(113,617	)		(113,617	)
3-Month CDOR	2.53%	04/16/49		1		CAD	50,000		(2,253	)		(2,254	)
3-Month CDOR	2.44%	04/05/49		1		CAD	80,000		(2,312	)		(2,313	)
3-Month CDOR	2.43%	03/20/49		1		CAD	150,000		(4,106	)		(4,107	)
3-Month CDOR	2.08%	10/30/49		—		CAD	150,000		4,748			4,748
3-Month CDOR	2.01%	10/23/49		—		CAD	160,000		7,148			7,148
3-Month CDOR	1.81%	10/03/49		(1	)	CAD	300,000		23,625			23,626
1.61%	3-Month CDOR	10/03/24		22		CAD	3,000,000		(46,609	)		(46,631	)
1.71%	3-Month CDOR	06/21/24		—		CAD	1,246,715		(15,292	)		(15,292	)
1.83%	3-Month CDOR	05/28/24		(233	)	CAD	6,256,591		(52,113	)		(51,880	)
1.84%	3-Month CDOR	05/28/24		—		CAD	1,684,819		(12,610	)		(12,610	)
3-Month USD LIBOR	2.88%	05/15/44		10,190		USD	1,786,000		(271,784	)		(281,974	)
3-Month USD LIBOR	1.85%	11/15/44		4,987		USD	2,531,000		128,520			123,533
3-Month USD LIBOR	1.55%	06/30/26		49,518		USD	13,110,000		191,636			142,118
1.65%	6-Month BUBOR	07/05/29		5		HUF	78,465,810		3,744			3,739
6-Month EURIBOR	0.86%	12/11/28		—		EUR	8,900,000		(668,196	)		(668,196	)
6-Month EURIBOR	0.14%	11/13/29		—		EUR	1,700,000		9,099			9,099
6-Month EURIBOR	0.00%	09/18/29		—		EUR	11,800,000		278,499			278,499
6-Month PRIBOR	1.99%	04/09/24		—		CZK	7,000,000		1,837			1,837
6-Month PRIBOR	1.87%	03/27/24		—		CZK	6,700,820		3,226			3,226
6-Month PRIBOR	1.87%	03/28/24		—		CZK	20,102,459		9,688			9,688
6-Month PRIBOR	1.87%	11/25/24		—		CZK	15,000,000		6,776			6,776
6-Month PRIBOR	1.86%	03/29/24		—		CZK	72,656,060		36,710			36,710
6-Month PRIBOR	1.83%	04/01/24		—		CZK	3,832,803		2,115			2,115
6-Month PRIBOR	1.83%	04/01/24		—		CZK	3,832,803		2,133			2,133
6-Month PRIBOR	1.82%	04/02/24		—		CZK	8,176,646		4,708			4,708
6-Month PRIBOR	1.80%	04/01/24		—		CZK	3,832,803		2,344			2,344
6-Month PRIBOR	1.72%	10/25/24		—		CZK	28,600,000		21,954			21,954
6-Month USD LIBOR	1.51%	05/07/49		20		GBP	950,000		(128,720	)		(128,740	)
6-Month USD LIBOR	1.45%	03/08/69		—		GBP	320,000		(69,565	)		(69,565	)
6-Month USD LIBOR	1.43%	04/05/69		—		GBP	25,000		(5,232	)		(5,232	)
6-Month USD LIBOR	1.07%	11/21/49		1		GBP	90,000		1,274			1,273
6-Month USD LIBOR	1.01%	10/23/49		2		GBP	100,000		3,601			3,599
6-Month USD LIBOR	0.99%	10/23/69		—		GBP	70,000		2,110			2,110
6-Month USD LIBOR	0.73%	10/03/49		—		GBP	80,000		10,602			10,602
6-Month USD LIBOR	0.70%	10/03/69		—		GBP	80,000		14,655			14,655
0.00%	6-Month USD LIBOR	12/16/24		—		JPY	700,000,000		(12,594	)		(12,594	)
0.00%	6-Month USD LIBOR	12/17/24		—		JPY	700,000,000		(10,310	)		(10,310	)
6-Month WIBOR	2.98%	09/17/28		—		PLN	34,190,000		(827,790	)		(827,790	)
6-Month WIBOR	2.93%	11/05/28		—		PLN	1,135,000		(26,488	)		(26,488	)
6-Month WIBOR	2.47%	01/14/29		—		PLN	3,300,000		(44,927	)		(44,927	)
6-Month WIBOR	2.33%	03/25/29		—		PLN	6,980,000		(74,158	)		(74,158	)
6-Month WIBOR	1.97%	11/14/29		—		PLN	7,000,000		(17,465	)		(17,465	)

See accompanying Notes to the Schedule of Investments.

40

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Centrally Cleared Interest Rate Swaps — continued

Payments Received by Fund	Payments Made by Fund	Maturity Date	Upfront Premiums Paid (Received)		Notional Value		Market Value		Unrealized Appreciation (Depreciation)
6-Month WIBOR	1.86%	11/07/29	$	—	PLN	2,550,961	$	340	$	340
6-Month WIBOR	1.82%	11/05/29		—	PLN	2,589,808		2,818		2,818
6-Month WIBOR	1.80%	11/05/29		—	PLN	2,589,808		3,899		3,899
6-Month WIBOR	1.80%	11/05/29		—	PLN	2,589,808		4,054		4,054
6-Month WIBOR	1.80%	11/05/29		—	PLN	2,589,808		4,053		4,053
6-Month WIBOR	1.80%	11/06/29		—	PLN	2,589,807		4,054		4,054
									$	(1,467,154	)

OTC — Credit Default Swaps

Buy Protection

Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid/ (Received)			Value
	1,216,216		USD		12/20/24	BNP Paribas S.A.	(1.00%)	Bank of China Ltd., 3.00%, 02/14/22	$	(5,123	)	$	(33,096	)	$	(38,219	)
	1,483,784		USD		12/20/24	Citibank N.A.	(1.00%)	Bank of China Ltd., 3.00%, 02/14/22		(6,270	)		(40,357	)		(46,627	)
	2,600,000		USD		12/20/24	Morgan Stanley & Co.	(5.00%)	CDX.NA.HY.BB.33**		(5,439	)		(469,040	)		(474,479	)
	2,600,000		USD		12/20/24	Morgan Stanley & Co.	(5.00%)	CDX.NA.HY.BB.33**		(4,399	)		(470,080	)		(474,479	)
	2,150,000		USD		11/17/59	Morgan Stanley & Co.	(3.00%)	CMBX.NA.BBB-.10***		(87,618	)		92,916			5,298
	1,627,217		USD		11/17/59	Morgan Stanley & Co.	(3.00%)	CMBX.NA.BBB-.10***		(87,784	)		91,793			4,009
	2,200,000		USD		11/17/59	Morgan Stanley & Co.	(3.00%)	CMBX.NA.BBB-.10***		(74,420	)		79,841			5,421
	2,400,000		USD		11/17/59	Morgan Stanley & Co.	(3.00%)	CMBX.NA.BBB-.10***		(75,193	)		81,107			5,914
	730,000		EUR		12/20/24	Morgan Stanley & Co.	(1.00%)	Daimler AG, 1.40%, 01/12/24		(633	)		(19,195	)		(19,828	)
	70,190		EUR		06/20/24	Merrill Lynch Capital Services, Inc.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		845			(14,202	)		(13,357	)
	4,060,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		(20,611	)		(704,056	)		(724,667	)
	170,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		(356	)		(29,987	)		(30,343	)
	600,000		EUR		12/20/23	JPMorgan Chase Bank N.A.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		(9,609	)		(97,485	)		(107,094	)
	63,170		EUR		06/20/24	Merrill Lynch Capital Services, Inc.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		802			(12,823	)		(12,021	)
	191,071		EUR		06/20/24	Merrill Lynch Capital Services, Inc.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		2,689			(39,050	)		(36,361	)

See accompanying Notes to the Schedule of Investments.

41

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

OTC — Credit Default Swaps — continued

Buy Protection — continued

Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid/ (Received)			Value
	140,379		EUR		06/20/24	Merrill Lynch Capital Services, Inc.	(5.00%)	Glencore International AG, 3.38%, 09/30/20	$	1,420		$	(28,135	)	$	(26,715	)
	70,190		EUR		06/20/24	Merrill Lynch Capital Services, Inc.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		801			(14,158	)		(13,357	)
	187,500		EUR		12/20/24	BNP Paribas S.A.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		(1,749	)		(36,095	)		(37,844	)
	187,500		EUR		12/20/24	Bank of America N.A.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		(1,673	)		(36,171	)		(37,844	)
	225,000		EUR		12/20/24	Bank of America N.A.	(5.00%)	Glencore International AG, 3.38%, 09/30/20		(2,019	)		(43,394	)		(45,413	)
	1,000,000		USD		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		(61,324	)		78,228			16,904
	162,037		USD		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		(8,651	)		11,390			2,739
	324,074		USD		12/20/23	Barclays Bank Plc	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		(16,590	)		22,068			5,478
	213,889		USD		12/20/23	JPMorgan Chase Bank N.A.	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		(9,565	)		13,181			3,616
	120,000		USD		06/20/24	Barclays Bank Plc	(1.00%)	Kingdom of Bahrain, 5.50%, 03/31/20		(5,074	)		7,971			2,897
	50,000		USD		12/20/24	Morgan Stanley & Co.	(5.00%)	Lenar Corp., 4.75%, 04/01/21		374			(10,295	)		(9,921	)
	55,000		USD		12/20/24	Morgan Stanley & Co.	(5.00%)	Lenar Corp., 4.75%, 04/01/21		418			(11,331	)		(10,913	)
	85,000		USD		12/20/24	Goldman Sachs International	(5.00%)	Lenar Corp., 4.75%, 04/01/21		570			(17,436	)		(16,866	)
	85,000		USD		12/20/24	Goldman Sachs International	(5.00%)	Lenar Corp., 4.75%, 04/01/21		320			(17,186	)		(16,866	)
	125,000		USD		12/20/24	Morgan Stanley & Co.	(5.00%)	Lenar Corp., 4.75%, 04/01/21		652			(25,455	)		(24,803	)
	135,000		USD		12/20/24	Goldman Sachs International	(5.00%)	Lenar Corp., 4.75%, 04/01/21		522			(27,309	)		(26,787	)
	230,000		USD		06/20/24	Barclays Bank Plc	(5.00%)	Springleaf Finance Corp., 7.75%, 10/01/21		(2,781	)		(35,267	)		(38,048	)
	110,000		USD		12/20/24	Barclays Bank Plc	(5.00%)	Springleaf Finance Corp., 7.75%, 10/01/21		(1,098	)		(18,311	)		(19,409	)
	395,000		USD		12/20/24	Barclays Bank Plc	(1.00%)	Toll Brothers Finance Corp., 4.38%, 04/15/23		378			(4,326	)		(3,948	)
	130,000		USD		12/20/24	Barclays Bank Plc	(1.00%)	Toll Brothers Finance Corp., 4.38%, 04/15/23		183			(1,482	)		(1,299	)
	130,000		USD		12/20/24	Barclays Bank Plc	(1.00%)	Toll Brothers Finance Corp., 4.38%, 04/15/23		179			(1,478	)		(1,299	)
								Total Buy Protection	$	(477,826	)	$	(1,778,705	)	$	(2,256,531	)

See accompanying Notes to the Schedule of Investments.

42

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

OTC — Credit Default Swaps — continued

Sell Protection

Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate		Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid/ (Received)			Value
	2,300,000		EUR		12/20/24	JPMorgan Chase Bank N.A.		5.00%	ArcelorMittal SA, 2.88%, 07/06/20 (Moody's rating: Baa3; S&P rating: BBB-)	$	5,283		$	433,119		$	438,402
	730,000		EUR		12/20/24	Morgan Stanley & Co.		1.00%	Volkswagen AG, 0.50%, 03/30/21 (Moody's rating: A3; S&P rating: BBB+)		1,126			9,254			10,380
									Total Sell Protection	$	6,409		$	442,373		$	448,782
								Total OTC Credit Default Swaps		$	(471,417	)	$	(1,336,332	)	$	(1,807,749	)

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
	3,286,800		USD		12/20/24	(5.00)%	CDX.NA.HY.33****	$	(121,482	)	$	(195,242	)	$	(316,724	)
	19,600,000		USD		12/20/24	(1.00)%	CDX.NA.IG.33*****		(111,511	)		(396,763	)		(508,274	)
	7,300,000		USD		12/20/24	(5.00)%	CDX.NA.IG.33*****		(174,945	)		(528,500	)		(703,445	)
	30,200,000		EUR		12/20/24	(1.00)%	iTRAXX Europe S31 Index		(146,137	)		(795,372	)		(941,509	)
								$	(554,075	)	$	(1,915,877	)	$	(2,469,952	)

*	The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.
**	CDX.NA.HY.BB — 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.
***	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 $138,000 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

See accompanying Notes to the Schedule of Investments.

43

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

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

USD — U.S. Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

See accompanying Notes to the Schedule of Investments.

44

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2019 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Sovereign Debt Obligations		43.7
Corporate Debt		27.8
U.S. Government and Agency Obligations		8.5
Bank Loans		6.2
Mortgage Backed Securities — Private Issuers		3.0
Asset Backed Securities		2.7
Common Stocks		0.2
Convertible Debt		0.2
Mortgage Backed Securities — U.S. Government Agency Obligations		0.2
Futures Contracts		0.1
Convertible Preferred Stocks		0.1
Purchased Futures Options		0.0	*
Preferred Stocks		0.0	*
Purchased Currency Options		0.0	*
Purchased Index Options		0.0	*
Purchased Swaptions		0.0	*
Warrant		0.0	*
Written Currency Options		0.0	*
Written Futures Options		0.0	*
Written Swaptions		0.0	*
OTC Interest Rate Swaps		0.0	*
Centrally Cleared Interest Rate Swaps		(0.1	)
OTC Credit Default Swaps		(0.2	)
Centrally Cleared Credit Default Swaps		(0.3	)
Forward Foreign Currency Contracts		(10.1	)
Short-Term Investments		5.2
Other Assets and Liabilities (net)		12.8
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Schedule of Investments.

45