Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		DEBT OBLIGATIONS — 92.6%
		Asset Backed Securities — 4.0%
	690,000	Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 0.74% (1 mo. USD LIBOR + 0.65%), due 12/25/35(b)		683,275
	250,000	Allegro CLO XI, Ltd., Series 2019-2A, Class A1A, 1.58% (3 mo. USD LIBOR + 1.39%), due 01/19/33(b) 144A		250,661
	150,000	AMMC CLO, Ltd., Series 2017-20A, Class D, 3.59% (3 mo. USD LIBOR + 3.40%), due 04/17/29(b) 144A		150,075
	300,000	Anchorage Capital CLO, Ltd., Series 2014-3RA, Class E, 5.68% (3 mo. USD LIBOR + 5.50%), due 01/28/31(b) 144A		291,808
	420,000	Apidos CLO XXII, Series 2015-22A, Class DR, 6.94% (3 mo. USD LIBOR + 6.75%), due 04/20/31(b) 144A		419,281
	600,463	Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A		618,125
	400,000	Ares LII CLO, Ltd., Series 2019-52A, Class D, 4.13% (3 mo. USD LIBOR + 3.95%), due 04/22/31(b) 144A		400,362
	250,000	Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class C, 3.06% (3 mo. USD LIBOR + 2.90%), due 05/15/30(b) 144A		247,771
	810,000	Asset Backed Securities Corp. Home Equity Loan Trust OOMC, Series 2006-HE5, Class M1, 0.37% (1 mo. USD LIBOR + 0.28%), due 07/25/36(b)		727,521
	339,254	Asset Backed Securities Corp. Home Equity Loan Trust RFC, Series 2007-HE1, Class A4, 0.23% (1 mo. USD LIBOR + 0.14%), due 12/25/36(b)		332,252
	250,000	Assurant CLO, Ltd., Series 2019-5A, Class E, 7.52% (3 mo. USD LIBOR + 7.34%), due 01/15/33(b) 144A		250,181
	410,000	Avery Point VI CLO, Ltd., Series 2015-6A, Class DR, 3.13% (3 mo. USD LIBOR + 2.95%), due 08/05/27(b) 144A		409,919
	410,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.25%, due 02/20/27 144A		447,876
	250,000	Ballyrock CLO, Ltd., Series 2016-1A, Class ER, 7.13% (3 mo. USD LIBOR + 6.95%), due 10/15/28(b) 144A		250,312
	250,000	Barings CLO, Ltd., Series 2013-IA, Class CR, 1.69% (3 mo. USD LIBOR + 1.50%), due 01/20/28(b) 144A		249,616
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class C, 3.23% (3 mo. USD LIBOR + 3.05%), due 10/15/30(b) 144A		243,743
	450,000	BlueMountain CLO XXII, Ltd., Series 2018-22A, Class A1, 1.26% (3 mo. USD LIBOR + 1.08%), due 07/15/31(b) 144A		449,304
	321,600	BlueMountain CLO, Ltd., Series 2012-2A, Class AR2, 1.21% (3 mo. USD LIBOR + 1.05%), due 11/20/28(b) 144A		321,787
	250,000	Bristol Park CLO, Ltd., Series 2016-1A, Class ER, 7.18% (3 mo. USD LIBOR + 7.00%), due 04/15/29(b) 144A		250,175
	250,000	California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.87%, due 10/16/23		255,186
	280,000	Canyon Capital CLO, Ltd., Series 2021-1A, Class E, 6.60% (3 mo. USD LIBOR + 6.41%), due 04/15/34(b) 144A		277,742
	404,111	Carlyle Global Market Strategies CLO, Ltd., Series 2014-2RA, Class A1, 1.21% (3 mo. USD LIBOR + 1.05%), due 05/15/31(b) 144A		403,504
	300,000	Catskill Park CLO, Ltd., Series 2017-1A, Class D, 6.19% (3 mo. USD LIBOR + 6.00%), due 04/20/29(b) 144A		298,205
	250,000	CIFC Funding CLO, Ltd., Series 2017-1A, Class D, 3.69% (3 mo. USD LIBOR + 3.50%), due 04/23/29(b) 144A		250,169

See accompanying Notes to the Schedule of Investments.

87

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	94,408	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.53%, due 01/21/31 144A		97,428
	183,785	Dryden CLO XXV Senior Loan Fund, Series 2012-25A, Class ARR, 1.08% (3 mo. USD LIBOR + 0.90%), due 10/15/27(b) 144A		183,882
	325,089	DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, due 03/15/24 144A		330,640
	439,163	Falcon Aerospace, Ltd., Series 2017-1, Class A, 1.00%, due 02/15/42 144A		437,569
	380,000	FBR Securitization Trust, Series 2005-2, Class M4, 1.02% (1 mo. USD LIBOR + 0.93%), due 09/25/35(b)		348,239
	480,978	First Franklin Mortgage Loan Trust, Series 2005-FF12, Class M1, 0.77% (1 mo. USD LIBOR + 0.68%), due 11/25/36(b)		481,329
	250,000	Goldentree Loan Management US CLO 6, Ltd., Series 2019-6A, Class E, 5.41% (3 mo. USD LIBOR + 5.22%), due 01/20/33(b) 144A		243,499
	400,000	Golub Capital Partners CLO, Ltd., Series 2020-49A, Class B, 3.39% (3 mo. USD LIBOR + 3.20%), due 07/20/32(b) 144A		400,463
	380,000	Golub Capital Partners CLO, Ltd., Series 2021-53A, Class E, 6.83% (3 mo. USD LIBOR + 6.70%), due 07/20/34(b) 144A		373,919
	250,000	Greenwood Park CLO, Ltd., Series 2018-1A, Class E, 5.13% (3 mo. USD LIBOR + 4.95%), due 04/15/31(b) 144A		241,247
	250,000	Greywolf CLO IV, Ltd., Series 2019-1A, Class CR, 3.84% (3 mo. USD LIBOR + 3.65%), due 04/17/34(b) 144A		250,208
	450,000	Greywolf CLO V, Ltd., Series 2015-1A, Class A1R, 1.34% (3 mo. USD LIBOR + 1.16%), due 01/27/31(b) 144A		450,386
	140,416	GSAA Home Equity Trust, Series 2007-7, Class A4, 0.63% (1 mo. USD LIBOR + 0.54%), due 07/25/37(b)		138,866
	290,000	Halsey Point CLO I, Ltd., Series 2019-1A, Class F, 8.39% (3 mo. USD LIBOR + 8.20%), due 01/20/33(b) 144A		271,632
	250,000	Hildene Community Funding CDO CLO, Ltd., Series 2015-1A, Class AR, 3.25%, due 11/01/35 144A		252,798
	265,000	Invesco CLO, Ltd., Series 2021-1A, Class D, 3.22% (3 mo. USD LIBOR + 3.05%), due 04/15/34(b) 144A		265,118
	240,849	KeyCorp Student Loan Trust, Series 2005-A, Class 2C, 1.45% (3 mo. USD LIBOR + 1.30%), due 12/27/38(b)		232,285
	400,000	KKR CLO 14 Ltd., Series 14, Class BR, 1.98% (3 mo. USD LIBOR + 1.80%), due 07/15/31(b) 144A		400,200
	324,961	LCM CLO XVIII, LP, Series 19A, Class AR, 1.42% (3 mo. USD LIBOR + 1.24%), due 07/15/27(b) 144A		325,169
	131,579	Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, due 01/25/59(c) 144A		132,040
	250,000	Long Beach Mortgage Loan Trust, Series 2005-1, Class M4, 1.37% (1 mo. USD LIBOR + 1.28%), due 02/25/35(b)		250,926
	400,000	Magnetite CLO XII, Ltd., Series 2015-12A, Class ER, 5.86% (3 mo. USD LIBOR + 5.68%), due 10/15/31(b) 144A		395,012
	614,172	Magnolia Financial X DAC, Series 2020-1, 1.00%, due 08/13/24(d)		586,255
	250,000	Marathon CLO 14, Ltd., Series 2019-2A, Class BA, 3.49% (3 mo. USD LIBOR + 3.30%), due 01/20/33(b) 144A		246,275
	607,555	Mill City Solar Loan, Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A		661,362
	467,984	National Collegiate Student Loan Trust, Series 2007-2, Class A4, 0.38% (1 mo. USD LIBOR + 0.29%), due 01/25/33(b)		446,063
	370,000	Navient Private Education Refi Student Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A		382,854

See accompanying Notes to the Schedule of Investments.

88

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	100,000	Navient Private Education Refi Student Loan Trust, Series 2020-A, Class B, 3.16%, due 11/15/68 144A		103,056
	760,000	Navient Private Education Refi Student Loan Trust, Series 2020-GA, Class B, 2.50%, due 09/16/69 144A		768,400
	250,000	Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class DR2, 6.11% (3 mo. USD LIBOR + 5.92%), due 10/21/30(b) 144A		246,654
	250,000	Oaktree CLO, Ltd., Series 2015-1A, Class DR, 5.39% (3 mo. USD LIBOR + 5.20%), due 10/20/27(b) 144A		246,092
	955,000	Oaktree CLO, Ltd., Series 2019-4A, Class E, 7.42% (3 mo. USD LIBOR + 7.23%), due 10/20/32(b) 144A		949,198
	355,000	Ocean Trails CLO IX, Series 2020-9A, Class A1, 2.05% (3 mo. USD LIBOR + 1.87%), due 10/15/29(b) 144A		355,628
	405,000	Ocean Trails CLO IX, Series 2020-9A, Class A2, 2.45% (3 mo. USD LIBOR + 2.27%), due 10/15/29(b) 144A		406,256
	330,000	Ocean Trails CLO VI, Series 2016-6A, Class DRR, 3.78% (3 mo. USD LIBOR + 3.60%), due 07/15/28(b) 144A		330,175
	250,000	Ocean Trails CLO X, Series 2020-10A, Class D, 4.88% (3 mo. USD LIBOR + 4.70%), due 10/15/31(b) 144A		250,871
	325,000	Octagon Investment Partners 35 CLO, Ltd., Series 2018-1A, Class C, 2.79% (3 mo. USD LIBOR + 2.60%), due 01/20/31(b) 144A		321,992
	1,205,000	OHA Credit Funding CLO 3, Ltd., Series 2019-3A, Class E1, 5.19% (3 mo. USD LIBOR + 5.00%), due 07/20/32(b) 144A		1,205,602
	1,110,000	OHA Credit Funding CLO 3, Ltd., Series 2019-3A, Class ER, 0.00% (3 mo. USD LIBOR + 6.25%), due 07/02/35(b) (e) 144A		1,110,444
	935,000	OHA Credit Funding CLO 4, Ltd., Series 2019-4A, Class E, 6.32% (3 mo. USD LIBOR + 6.10%), due 10/22/32(b) 144A		931,301
	250,000	OHA Loan Funding CLO, Ltd., Series 2015-1A, Class DR2, 4.16% (3 mo. USD LIBOR + 4.00%), due 11/15/32(b) 144A		250,869
	180,000	OneMain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, due 03/14/29 144A		184,615
	850,000	Option One Mortgage Loan Trust, Series 2005-3, Class M4, 1.02% (1 mo. USD LIBOR + 0.93%), due 08/25/35(b)		798,278
	250,000	Owl Rock CLO III, Ltd., Series 2020-3A, Class A1L, 1.99% (3 mo. USD LIBOR + 1.80%), due 04/20/32(b) 144A		250,914
	250,000	Parallel CLO, Ltd., Series 2017-1A, Class CR, 2.19% (3 mo. USD LIBOR + 2.00%), due 07/20/29(b) 144A		246,339
	260,000	Parallel CLO, Ltd., Series 2020-1A, Class A1, 2.01% (3 mo. USD LIBOR + 1.83%), due 07/20/31(b) 144A		260,130
	447,350	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 144A		467,983
	340,000	Recette CLO, Ltd., Series 2015-1A, Class ARR, 1.27% (3 mo. USD LIBOR + 1.08%), due 04/20/34(b) 144A		340,475
	1,160,000	Residential Asset Securities Trust, Series 2006-KS2, Class M3, 0.71% (1 mo. USD LIBOR + 0.62%), due 03/25/36 (b)		1,133,694
	500,000	Romark CLO III, Ltd., Series 2019-3A, Class A1, 1.55% (3 mo. USD LIBOR + 1.37%), due 07/15/32(b) 144A		500,278
	180,000	Saranac CLO III, Ltd., Series 2014-3A, Class DR, 3.38% (3 mo. USD LIBOR + 3.25%), due 06/22/30(b) 144A		169,470
	430,000	Sculptor CLO XXVI, Ltd., Series 26A, Class E, 7.41% (3 mo. USD LIBOR + 7.25%), due 07/20/34(b) 144A		430,134

See accompanying Notes to the Schedule of Investments.

89

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Asset Backed Securities — continued
	515,000		Sixth Street CLO XVIII, Ltd., Series 2021-18A, Class D, 3.10% (3 mo. USD LIBOR + 2.90%), due 04/20/34(b) 144A		515,229
	107,000		SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 4.28%, due 06/15/32(f)		106,988
	54,000		SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 4.30%, due 03/15/33(f)		53,891
	680,000		SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, due 01/15/53 144A		678,032
	250,000		TCI-Symphony CLO, Ltd., Series 2016-1A, Class DR, 3.19% (3 mo. USD LIBOR + 3.00%), due 10/13/29(b) 144A		250,125
	340,000		Venture CLO 31, Ltd., Series 2018-31A, Class A1, 1.22% (3 mo. USD LIBOR + 1.03%), due 04/20/31(b) 144A		339,240
	250,000		Voya CLO, Ltd., Series 2016-3A, Class A1R, 1.38% (3 mo. USD LIBOR + 1.19%), due 10/18/31(b) 144A		250,207
	260,000		Voya CLO, Ltd., Series 2017-3A, Class DR, 7.14% (3 mo. USD LIBOR + 6.95%), due 04/20/34(b) 144A		257,002
	275,000		Webster Park CLO, Ltd., Series 2015-1A, Class CR, 3.09% (3 mo. USD LIBOR + 2.90%), due 07/20/30(b) 144A		274,966
	350,000		Wellfleet CLO, Ltd., Series 2017-2A, Class C, 3.59% (3 mo. USD LIBOR + 3.40%), due 10/20/29(b) 144A		350,174
	170,000		Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, due 10/16/23 144A		172,883
	250,000		Whitebox CLO II, Ltd., Series 2020-2A, Class A1, 1.93% (3 mo. USD LIBOR + 1.75%), due 10/24/31(b) 144A		250,680
	410,000		Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 3.83% (3 mo. USD LIBOR + 3.65%), due 10/15/31(b) 144A		397,470
	420,000		Z Capital Credit Partners CLO, Series 2021-1A, Class D, 4.35% (3 mo. USD LIBOR + 4.20%), due 07/15/33(b) 144A		399,814
	490,000		Zais CLO 16, Ltd., Series 2020-16A, Class D1, 5.67% (3 mo. USD LIBOR + 5.48%), due 10/20/31(b) 144A		491,827
					34,351,890
			Bank Loans — 15.5%
	621,402		8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 3.59% (1 mo. USD LIBOR + 3.50%), due 10/01/25(b)		620,496
	2,150,563		AAdvantage Loyalty IP, Ltd., 2021 Term Loan, 5.50% (3 mo. USD LIBOR + 4.75%), due 04/20/28(b)		2,244,650
	594,769		Academy, Ltd., 2021 Term Loan, 4.50% (3 mo. USD LIBOR + 3.75%), due 11/05/27(b)		598,610
	1,224,000		ACProducts, Inc., 2021 Term Loan B, 4.75% (6 mo. USD LIBOR + 4.25%), due 05/05/28(b)		1,219,792
	124,615		Acrisure, LLC, 2020 Term Loan B, 3.60% (3 mo. USD LIBOR + 3.50%), due 02/15/27(b)		123,431
	806,000	EUR	Adevinta ASA, EUR Term Loan B, TBD , due 04/20/28(g)		956,852
	819,200		Adtalem Global Education, Inc., 2021 Term Loan B, TBD , due 02/11/28(g)		819,405
	377		Advanced Drainage Systems, Inc., Term Loan B, 2.38% (1 mo. USD LIBOR + 2.25%), due 07/31/26(b)		379
	933,523		Air Canada, 2019 Term Loan, 1.84% (1 mo. USD LIBOR + 1.75%), due 10/06/23(b)		922,087
	791,960		Allen Media, LLC, 2020 Term Loan B, 5.65% (3 mo. USD LIBOR + 5.50%), due 02/10/27(b)		793,693
	393,100		Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 4.25% (1 mo. USD LIBOR + 3.75%), due 05/12/28(b)		394,753
	246,012		Alterra Mountain Co., Term Loan B1, 2.85% (1 mo. USD LIBOR + 2.75%), due 07/31/24(b)		243,727

See accompanying Notes to the Schedule of Investments.

90

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	392,537		Alterra Mountain Co., 2020 Term Loan B, 5.50% (1 mo. USD LIBOR + 4.50%), due 08/01/26(b)		394,623
	339,133		AMC Entertainment Holdings, Inc., 2019 Term Loan B, TBD , due 04/22/26(g)		319,915
	400,000		Amentum Government Services Holdings LLC, 2020 2nd Lien Term Loan, TBD , due 01/31/28(g)		403,000
	499,722		Amentum Government Services Holdings LLC, Term Loan B, 3.60% (1 mo. USD LIBOR + 3.50%), due 01/29/27(b)		499,098
	87,857		American Axle & Manufacturing, Inc., Term Loan B, 3.00% (1 mo. USD LIBOR + 2.25%), due 04/06/24(b)		87,796
	56,227		Amerilife Holdings, LLC, 2020 Term Loan, 4.10% (1 mo. USD LIBOR + 4.00%), due 03/18/27(b)		56,227
	1,057,261		AMG Advanced Metallurgical Group NV, 2018 Term Loan B, TBD , due 02/01/25(g)		1,051,975
	374,670		APi Group DE, Inc., Term Loan B, 2.60% (1 mo. USD LIBOR + 2.50%), due 10/01/26(b)		374,483
	190,000		Apollo Commercial Real Estate Finance, Inc., 2021 Incremental Term Loan B1, 4.00% (1 mo. USD LIBOR + 3.50%), due 03/06/28(b)		190,238
	1,010,692		Apollo Commercial Real Estate Finance, Inc., Term Loan B, 2.84% (1 mo. USD LIBOR + 2.75%), due 05/15/26(b)		999,322
	136,554		AppLovin Corp., 2018 Term Loan B, 3.35% (1 mo. USD LIBOR + 3.25%), due 08/15/25(b)		136,518
	1,146,305		Arctic Canadian Diamond Co., Ltd., 2nd Lien PIK Term Loan, 5.00% (3 mo. USD LIBOR + 5.00%), due 12/31/27(b)		1,146,305
	255,873		Aristocrat Leisure, Ltd., 2020 Incremental Term Loan B, 4.75% (3 mo. USD LIBOR + 3.75%), due 10/19/24(b)		256,712
	1,332,660	EUR	Aruba Investments, Inc., 2020 EUR Term Loan, 4.00% (6 mo. EURIBOR + 4.00%), due 11/24/27(b)		1,586,329
	211,699		Asurion LLC, 2018 Term Loan B6, 3.10% (1 mo. USD LIBOR + 3.00%), due 11/03/23(b)		210,822
	295,564		Asurion LLC, 2018 Term Loan B7, 3.10% (1 mo. USD LIBOR + 3.00%), due 11/03/24(b)		292,886
	423,255		Asurion LLC, 2020 Term Loan B8, 3.35% (1 mo. USD LIBOR + 3.25%), due 12/23/26(b)		418,923
	504,336		Asurion LLC, 2021 Term Loan B9, 3.35% (1 mo. USD LIBOR + 3.25%), due 07/31/27(b)		499,188
	842,000		At Home Group, Inc., Term Loan B, TBD , due 07/30/28(g)		842,877
	544,704		Athenahealth, Inc., 2021 Term Loan B1, 4.41% (3 mo. USD LIBOR + 4.25%), due 02/11/26(b)		548,278
	716,914		ATI Holdings Acquisition, Inc., 2016 Term Loan, 4.50% (6 mo. USD LIBOR + 3.50%), due 05/10/23(b)		717,511
	970,000		Atotech BV, 2021 USD Term Loan B, 3.00% (3 mo. USD LIBOR + 2.50%), due 03/18/28(b)		966,211
	540,000		Autokiniton US Holdings, Inc., 2021 Term Loan B, 5.00% (3 mo. USD LIBOR + 4.50%), due 04/06/28(b)		544,388
	500,539		Bausch Health Companies, Inc., 2018 Term Loan B, 3.10% (1 mo. USD LIBOR + 3.00%), due 06/02/25(b)		499,132
	2,236,000	EUR	Belron Finance US LLC, 2021 EUR Term Loan B, 2.75% (3 mo. EURIBOR + 2.75%), due 04/13/28(b)		2,635,928
	336,740		BJ’s Wholesale Club, Inc., 2017 1st Lien Term Loan, 2.07% (1 mo. USD LIBOR + 2.00%), due 02/03/24(b)		337,161
	577,169		Boyd Gaming Corp., Term Loan B3, 2.34% (1 Week USD LIBOR + 2.25%), due 09/15/23(b)		577,235
	128,527		BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 2.63% (1 mo. USD LIBOR + 2.50%), due 08/15/25(b)		128,153
	1,080,000		Brown Group Holding, LLC, Term Loan B, 3.25% (3 mo. USD LIBOR + 2.75%), due 06/07/28(b)		1,076,400

See accompanying Notes to the Schedule of Investments.

91

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	784,311		Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 2.85% (1 mo. USD LIBOR + 2.75%), due 12/23/24(b)		778,469
	283,548		Caesars Resort Collection, LLC, 2020 Term Loan B1, 4.60% (1 mo. USD LIBOR + 4.50%), due 07/21/25(b)		284,837
	500,485		Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 4.00% (1 mo. USD LIBOR + 3.00%), due 10/30/26(b)		501,361
	797,351		Camelot U.S. Acquisition 1 Co., Term Loan B, 3.10% (1 mo. USD LIBOR + 3.00%), due 10/30/26(b)		795,357
	570,695		Cardinal Parent, Inc., 2020 Term Loan B, 5.25% (3 mo. USD LIBOR + 4.50%), due 11/12/27(b)		572,007
	3,747,762		Carnival Corp., 2021 USD Term Loan B, TBD , due 06/30/25(g)		4,284,171
	2,817,762	EUR	Carnival Corp., EUR Term Loan B, 7.50% (1 mo. EURIBOR + 7.50%), due 06/30/25(b)		3,352,863
	124,878		Castle US Holding Corp., USD Term Loan B, 3.90% (3 mo. USD LIBOR + 3.75%), due 01/29/27(b)		123,598
	796		CEC Entertainment, Inc., 2019 Term Loan B , due 08/30/26(h)		1,253
	143,633		Cinemark USA, Inc., 2018 Term Loan B, 1.86% (1 mo. USD LIBOR + 1.75%), due 03/31/25(b)		139,623
	897,877		Citadel Securities, LP, 2021 Term Loan B, 2.60% (1 mo. USD LIBOR + 2.50%), due 02/02/28(b)		889,796
	1,401,000		City Brewing Company, LLC, Closing Date Term Loan, 4.25% (3 mo. USD LIBOR + 3.50%), due 04/05/28(b)		1,408,005
	192,399		Clarios Global, LP, 2021 USD Term Loan B, 3.35% (1 mo. USD LIBOR + 3.25%), due 04/30/26(b)		191,037
	548,625		Clark Equipment Co., 2021 Incremental Term Loan, 2.40% (3 mo. USD LIBOR + 2.25%), due 05/18/24(b)		547,253
	356,924		Claros Mortgage Trust, Inc., Term Loan B, 6.00% (1 mo. USD LIBOR + 5.00%), due 08/09/26(b)		358,263
	1,087,631		Clear Channel Outdoor Holdings, Inc., Term Loan B, 3.69% (3 mo. USD LIBOR + 3.50%), due 08/21/26(b)		1,063,329
	846,801		ClubCorp Holdings, Inc., 2017 Term Loan B, 2.90% (3 mo. USD LIBOR + 2.75%), due 09/18/24(b)		815,340
	673,442		CNT Holdings I Corp., 2020 Term Loan, 4.50% (3 mo. USD LIBOR + 3.75%), due 11/08/27(b)		674,757
	1,208,198		CommScope, Inc., 2019 Term Loan B, 3.35% (1 mo. USD LIBOR + 3.25%), due 04/06/26(b)		1,204,422
	120,908		CoreCivic, Inc., 2019 Term Loan, 5.50% (1 mo. USD LIBOR + 4.50%), due 12/18/24(b)		118,188
	1,704,000		CoreLogic, Inc., Term Loan, 4.00% (1 mo. USD LIBOR + 3.50%), due 06/02/28(b)		1,703,201
	377,631		CP Atlas Buyer, Inc., 2021 Term Loan B, 4.25% (1 mo. USD LIBOR + 3.75%), due 11/23/27(b)		377,159
	52,790		CWGS Group, LLC, 2021 Term Loan B, 3.25% (1 mo. USD LIBOR + 2.50%), due 06/03/28(b)		52,441
	1,364,535		DCert Buyer, Inc., 2019 Term Loan B, 4.10% (1 mo. USD LIBOR + 4.00%), due 10/16/26(b)		1,367,946
	915,200		DCert Buyer, Inc., 2021 2nd Lien Term Loan, 7.10% (1 mo. USD LIBOR + 7.00%), due 02/16/29(b)		924,810
	99,944		Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 4.75% (1 mo. USD LIBOR + 3.75%), due 04/09/27(b)		100,536
	288,100		Deerfield Dakota Holding, LLC, 2021 USD 2nd Lien Term Loan, 7.50% (1 mo. USD LIBOR + 6.75%), due 04/07/28(b)		296,023

See accompanying Notes to the Schedule of Investments.

92

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	511,322		Delta TopCo, Inc., 2020 Term Loan B, 4.50% (3 mo. USD LIBOR + 3.75%), due 12/01/27(b)		513,080
	341,770		Diamond Sports Group, LLC, Term Loan, 3.36% (1 mo. USD LIBOR + 3.25%), due 08/24/26(b)		211,775
	283,794		Dun & Bradstreet Corp. (The), Term Loan, 3.35% (1 mo. USD LIBOR + 3.25%), due 02/06/26(b)		282,685
	640,000		Empire Today, LLC, 2021 Term Loan B, 5.75% (1 mo. USD LIBOR + 5.00%), due 04/03/28(b)		643,200
	301,803		Endo Luxembourg Finance Co. I SARL, 2021 Term Loan, 5.75% (3 mo. USD LIBOR + 5.00%), due 03/27/28(b)		294,541
	1,132,948		Endure Digital Inc., Term Loan, 4.25% (3 mo. USD LIBOR + 3.50%), due 02/10/28(b)		1,129,762
	181,607		Equinox Holdings, Inc., 2020 Term Loan B2, 10.00% (3 mo. USD LIBOR + 9.00%), due 03/08/24(b)		181,607
	214,527		EyeCare Partners, LLC, 2020 2nd Lien Term Loan, 8.35% (1 mo. USD LIBOR + 8.25%), due 02/18/28(b)		206,750
	274,556		EyeCare Partners, LLC, 2020 Term Loan, 3.85% (1 mo. USD LIBOR + 3.75%), due 02/18/27(b)		272,554
	190,000		First Brands Group, LLC, 2021 2nd Lien Term Loan, 9.50% (3 mo. USD LIBOR + 8.50%), due 03/30/28(b)		191,900
	309,225		First Brands Group, LLC, 2021 Term Loan, 6.00% (1 mo. USD LIBOR + 5.00%), due 03/30/27(b)		313,284
	490,000		Focus Financial Partners, LLC, 2021 Term Loan, TBD , due 06/24/28(g)		488,980
	1,674,198		Focus Financial Partners, LLC, 2020 Term Loan, 2.10% (1 mo. USD LIBOR + 2.00%), due 07/03/24(b)		1,659,810
	113,573	EUR	Froneri International, Ltd., 2020 EUR Term Loan, 2.38% (6 mo. USD LIBOR + 2.38%), due 01/29/27(b)		132,268
	437,454		Froneri International, Ltd., 2020 USD Term Loan, 2.35% (1 mo. USD LIBOR + 2.25%), due 01/29/27(b)		431,521
	2,186,831		Gainwell Acquisition Corp., Term Loan B, 4.75% (3 mo. USD LIBOR + 4.00%), due 10/01/27(b)		2,196,398
	870,695		Gannett Holdings LLC, 2021 Term Loan B, 7.75% (3 mo. USD LIBOR + 7.00%), due 01/29/26(b)		880,491
	223,926		Garda World Security Corp., 2021 Term Loan B, 4.35% (1 mo. USD LIBOR + 4.25%), due 10/30/26(b)		225,226
	331,276		Global Medical Response, Inc., 2020 Term Loan B, 5.75% (3 mo. USD LIBOR + 4.75%), due 10/02/25(b)		333,139
	171,619		Global Tel*Link Corp., 2018 1st Lien Term Loan, 4.35% (1 mo. USD LIBOR + 4.25%), due 11/29/25(b)		159,034
	309,172		Global Tel*Link Corp., 2018 2nd Lien Term Loan, 8.35% (1 mo. USD LIBOR + 8.25%), due 11/29/26(b)		262,023
	152,366		GlobalTranz Enterprises, Inc., 2019 Term Loan, 5.10% (1 mo. USD LIBOR + 5.00%), due 05/15/26(b)		151,651
	1,295,888		Graham Packaging Co. Inc., 2021 Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), due 08/04/27(b)		1,296,624
	1,014,900		Great Outdoors Group, LLC, 2021 Term Loan B, 5.00% (6 mo. USD LIBOR + 4.25%), due 03/06/28(b)		1,022,240
	540,000		Greystone Select Financial LLC, Term Loan B, 5.75% (6 mo. USD LIBOR + 5.00%), due 05/06/28(b)		540,000
	684,178		Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 2.09% (1 Week USD LIBOR + 2.00%), due 11/15/27(b)		678,152

See accompanying Notes to the Schedule of Investments.

93

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	660,000		Hayward Industries, Inc., 2021 Term Loan, 3.25% (1 mo. USD LIBOR + 2.75%), due 05/12/28(b)		659,587
	817,464		HC Group Holdings II, Inc., Term Loan B, 3.85% (1 mo. USD LIBOR + 3.75%), due 08/06/26(b)		818,486
	857,850		Hudson River Trading LLC, 2021 Term Loan, 3.10% (1 mo. USD LIBOR + 3.00%), due 03/20/28(b)		855,884
	31,224		Hyland Software, Inc., 2018 1st Lien Term Loan, 4.25% (1 mo. USD LIBOR + 3.50%), due 07/01/24(b)		31,327
	1,650,000		Icon Luxembourg SARL, Term Loan B, TBD , due 06/16/28(g)		1,655,156
	537,790		Illuminate Buyer, LLC, 2021 Term Loan, 3.60% (1 mo. USD LIBOR + 3.50%), due 06/30/27(b)		535,213
	345,600		INEOS Styrolution US Holding LLC, 2021 USD Term Loan B, 3.25% (1 mo. USD LIBOR + 2.75%), due 01/29/26(b)		345,330
	850,000		Ingram Micro, Inc., 2021 Term Loan B, TBD , due 03/31/28(g)		852,745
	447,750		IRB Holding Corp., 2020 Fourth Amendment Incremental Term Loan, 4.25% (3 mo. USD LIBOR + 3.25%), due 12/15/27(b)		447,983
	790,937		IRB Holding Corp., 2020 Term Loan B, 3.75% (6 mo. USD LIBOR + 2.75%), due 02/05/25(b)		789,825
	716,840		Jane Street Group, LLC, 2021 Term Loan, 2.85% (1 mo. USD LIBOR + 2.75%), due 01/26/28(b)		714,958
	246,565	EUR	Jazz Financing Lux SARL, EUR Term Loan, 3.50% (1 mo. EURIBOR + 3.50%), due 05/05/28(b)		292,980
	1,006,000		Jazz Financing Lux SARL, USD Term Loan, 4.00% (1 mo. USD LIBOR + 3.50%), due 04/21/28(b)		1,010,940
	127,727		LBM Acquisition LLC, Delayed Draw Term Loan, TBD , due 12/17/27(g)		127,128
	580,817		LBM Acquisition LLC, Term Loan B, 4.50% (3 mo. USD LIBOR + 3.75%), due 12/17/27(b)		578,094
	320,182		Les Schwab Tire Centers, Term Loan B, 4.25% (6 mo. USD LIBOR + 3.50%), due 11/02/27(b)		320,983
	407,003		Leslie’s Poolmart, Inc., 2021 Term Loan B, 3.25% (1 mo. USD LIBOR + 2.75%), due 03/04/28(b)		406,042
	765,105		LogMeIn, Inc., Term Loan B, 4.83% (1 mo. USD LIBOR + 4.75%), due 08/31/27(b)		764,547
	1,562,000		Lonza Group AG, USD Term Loan B, TBD , due 04/29/28(g)		1,781,687
	1,550,897	EUR	MA FinanceCo., LLC, 2020 EUR Term Loan B, 4.50% (3 mo. EURIBOR + 4.50%), due 06/05/25(b)		1,867,947
	250,000		Madison IAQ LLC, Term Loan, 3.75% (3 mo. USD LIBOR + 3.25%), due 06/16/28(b)		250,438
	750,000		Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, TBD , due 04/29/28(g)		750,803
	1,040,000		Magenta Buyer LLC, 2021 USD 2nd Lien Term Loan, TBD , due 05/03/29(g)		1,032,200
	126,550		Maravai Intermediate Holdings, LLC, 2020 Term Loan B, 4.75% (1 mo. USD LIBOR + 3.75%), due 10/19/27(b)		127,103
	1,010,000		Mavis Tire Express Services Corp., 2021 Term Loan B, 4.75% (3 mo. USD LIBOR + 4.00%), due 05/04/28(b)		1,014,892
	406,461		Mayfield Agency Borrower, Inc., 2018 1st Lien Term Loan, 4.60% (1 mo. USD LIBOR + 4.50%), due 02/28/25(b)		406,461
	1,041,495		MH Sub I, LLC, 2020 Incremental Term Loan, 4.75% (1 mo. USD LIBOR + 3.75%), due 09/13/24(b)		1,045,010
	1,959,000		Michaels Companies, Inc., 2021 Term Loan B, 5.00% (3 mo. USD LIBOR + 4.25%), due 04/15/28(b)		1,969,612
	599,414		Mileage Plus Holdings LLC, 2020 Term Loan B, 6.25% (3 mo. USD LIBOR + 5.25%), due 06/21/27(b)		640,670

See accompanying Notes to the Schedule of Investments.

94

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	243,435		Mister Car Wash Holdings, Inc., 2019 Term Loan B, 3.10% (1 mo. USD LIBOR + 3.00%), due 05/14/26(b)		242,759
	518,680		Monitronics International Inc., Takeback Term Loan, 7.75% (1 mo. USD LIBOR + 6.50%), due 03/29/24(b)		506,145
	930,000		One Call Corp., 2021 Term Loan, 6.25% (3 mo. USD LIBOR + 5.50%), due 04/22/27(b)		941,625
	330,000		Orbcomm, Inc., Term Loan B, TBD , due 06/17/28(g)		329,794
	1,200,000	EUR	Organon & Co., EUR Term Loan B, 3.00% (6 mo. EURIBOR + 3.00%), due 06/02/28(b)		1,421,969
	1,113,000		Organon & Co., USD Term Loan, 3.50% (3 mo. USD LIBOR + 3.00%), due 06/02/28(b)		1,115,286
	382,963		PAE Holding Corp., 2020 Term Loan B, 5.25% (1 mo. USD LIBOR + 4.50%), due 10/19/27(b)		384,064
	227,037		Parexel International Corp., Term Loan B, 2.85% (1 mo. USD LIBOR + 2.75%), due 09/27/24(b)		225,973
	277,128		Particle Investments SARL, Term Loan, 5.75% (3 mo. USD LIBOR + 5.25%), due 02/18/27(b)		278,513
	1,315,000	EUR	Paysafe Holdings US Corp., EUR Term Loan B2, TBD , due 06/28/28(g)		1,554,098
	580,000		Peraton Corp., 2nd Lien Term Loan B1, 8.50% (1 mo. USD LIBOR + 7.75%), due 02/01/29(b)		594,500
	927,675		Peraton Corp., Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), due 02/01/28(b)		932,096
	478,800		Petco Health & Wellness Company, Inc., 2021 Term Loan B, 4.00% (3 mo. USD LIBOR + 3.25%), due 03/03/28(b)		478,586
	646,400		PetSmart, Inc., 2021 Term Loan B, 4.50% (3 mo. USD LIBOR + 3.75%), due 02/12/28(b)		647,612
	232,472		Phoenix Guarantor, Inc., 2020 Term Loan B, 3.34% (1 mo. USD LIBOR + 3.25%), due 03/05/26(b)		231,164
	321,839		Planview Parent, Inc., Term Loan, 4.75% (3 mo. USD LIBOR + 4.00%), due 12/17/27(b)		322,778
	729,280		Playa Resorts Holding BV, 2017 Term Loan B, 3.75% (1 mo. USD LIBOR + 2.75%), due 04/29/24(b)		702,159
	610,905		Precision Medicine Group, LLC, 2021 Term Loan, 3.75% (3 mo. USD LIBOR + 3.00%), due 11/18/27(b)		610,268
	11,418		Presidio, Inc., 2020 Term Loan B, 3.60% (1 mo. USD LIBOR + 3.50%), due 01/22/27(b)		11,429
	8,432		Presidio, Inc., 2020 Term Loan B, 3.61% (1 mo. USD LIBOR + 3.50%), due 01/22/27(b)		8,440
	327,968		Presidio, Inc., 2020 Term Loan B, 3.69% (3 mo. USD LIBOR + 3.50%), due 01/22/27(b)		328,276
	142,148		Prime Security Services Borrower, LLC, 2021 Term Loan, 3.50% (1 mo. USD LIBOR + 2.75%), due 09/23/26(b)		142,163
	55,574		Prime Security Services Borrower, LLC, 2021 Term Loan, 3.50% (3 mo. USD LIBOR + 2.75%), due 09/23/26(b)		55,580
	110,377		Prime Security Services Borrower, LLC, 2021 Term Loan, 3.50% (6 mo. USD LIBOR + 2.75%), due 09/23/26(b)		110,388
	1,300,000		Proofpoint, Inc., 1st Lien Term Loan, TBD , due 06/09/28(g)		1,294,515
	610,000		Quikrete Holdings, Inc., 2021 Term Loan B1, TBD , due 05/12/28(g)		605,959
	973,885		Rackspace Technology Global, Inc., 2021 Term Loan, 3.50% (3 mo. USD LIBOR + 2.75%), due 02/15/28(b)		970,081
	339,702		Radiology Partners, Inc., 2018 1st Lien Term Loan B, 4.32% (1 mo. USD LIBOR + 4.25%), due 07/09/25(b)		340,079
	291,260		Radiology Partners, Inc., 2018 1st Lien Term Loan B, 4.32% (1 mo. USD LIBOR + 4.25%), due 07/09/25(b)		291,584
	317,067		Redstone Buyer LLC, 2021 2nd Lien Delayed Draw Term Loan, TBD , due 04/15/29(g)		312,311
	552,933		Redstone Buyer LLC, 2021 2nd Lien Term Loan, 8.50% (3 mo. USD LIBOR + 7.75%), due 04/27/29(b)		544,639
	567,781		Redstone Buyer LLC, 2021 Term Loan, 5.50% (3 mo. USD LIBOR + 4.75%), due 04/27/28(b)		568,136

See accompanying Notes to the Schedule of Investments.

95

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	700,118	RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3.85% (1 mo. USD LIBOR + 3.75%), due 11/16/25(b)		699,601
	352,000	Royal Caribbean Cruises, Ltd., 2019 Term Loan A, TBD , due 04/05/22(g)		343,200
	218,913	Ryan Specialty Group, LLC, Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), due 09/01/27(b)		219,297
	12,928	Science Applications International Corp., 2020 Incremental Term Loan B, 1.98% (1 mo. USD LIBOR + 1.88%), due 03/12/27(b)		12,912
	256,035	Scientific Games International, Inc., 2018 Term Loan B5, 2.85% (1 mo. USD LIBOR + 2.75%), due 08/14/24(b)		254,515
	278,927	Sedgwick Claims Management Services, Inc., 2018 Term Loan B, 3.35% (1 mo. USD LIBOR + 3.25%), due 12/31/25(b)		276,277
	329,394	Sedgwick Claims Management Services, Inc., 2020 Term Loan B3, 5.25% (1 mo. USD LIBOR + 4.25%), due 09/03/26(b)		330,766
	3,941,703	SkyMiles IP, Ltd., 2020 Skymiles Term Loan B, 4.75% (3 mo. USD LIBOR + 3.75%), due 10/20/27(b)		4,167,859
	258,695	Sotera Health Holdings, LLC, 2021 Term Loan, 3.25% (3 mo. USD LIBOR + 2.75%), due 12/11/26(b)		258,129
	240,000	Sovos Brands Intermediate, Inc., 2021 Term Loan, 5.00% (3 mo. USD LIBOR + 4.25%), due 06/08/28(b)		240,900
	498,437	Station Casinos LLC, 2020 Term Loan B, 2.25% (1 mo. USD LIBOR + 2.25%), due 02/08/27(b)		493,422
	482,000	Summer BC Holdco B SARL, 2021 USD Term Loan, TBD , due 12/04/26(g)		483,105
	156,164	Surf Holdings, LLC, USD Term Loan, 3.63% (3 mo. USD LIBOR + 3.50%), due 03/05/27(b)		155,285
	440,570	Symplr Software, Inc., 2020 Term Loan, 5.25% (3 mo. USD LIBOR + 4.50%), due 12/22/27(b)		441,561
	704,003	Tech Data Corp., ABL FILO Term Loan, 5.60% (1 mo. USD LIBOR + 5.50%), due 06/30/25(b)		707,083
	1,073,865	Tech Data Corp., ABL Term Loan, 3.60% (1 mo. USD LIBOR + 3.50%), due 06/30/25(b)		1,076,818
	470,800	Telenet Financing USD LLC, 2020 USD Term Loan AR, 2.07% (1 mo. USD LIBOR + 2.00%), due 04/30/28(b)		464,731
	316,949	Terrier Media Buyer, Inc., 2021 Term Loan, 3.60% (1 mo. USD LIBOR + 3.50%), due 12/17/26(b)		315,848
	1,050,000	TKC Holdings, Inc., 2021 Term Loan, 6.50% (3 mo. USD LIBOR + 5.50%), due 05/03/28(b)		1,032,937
	398,382	TransDigm, Inc., 2020 Term Loan F, 2.35% (1 mo. USD LIBOR + 2.25%), due 12/09/25(b)		392,932
	760,000	Triton Water Holdings,, Inc., Term Loan, 4.50% (3 mo. USD LIBOR + 3.50%), due 03/31/28(b)		760,407
	182,979	TruGreen Limited Partnership, 2020 2nd Lien Term Loan, 9.50% (3 mo. USD LIBOR + 8.50%), due 11/02/28(b)		187,553
	375,738	Tutor Perini Corp., Term Loan B, 5.75% (3 mo. USD LIBOR + 4.75%), due 08/13/27(b)		380,435
	1,018,871	U.S. Renal Care, Inc., 2019 Term Loan B, 5.10% (1 mo. USD LIBOR + 5.00%), due 06/26/26(b)		1,024,602
	1,282,903	Uber Technologies, Inc., 2021 1st Lien Term Loan B, 3.60% (1 mo. USD LIBOR + 3.50%), due 04/04/25(b)		1,283,819
	240,427	Ultimate Software Group, Inc. (The), 2021 Incremental Term Loan, 4.00% (3 mo. USD LIBOR + 3.25%), due 05/04/26(b)		240,878
	2,309,213	United Airlines, Inc., 2021 Term Loan B, 4.50% (3 mo. USD LIBOR + 3.75%), due 04/21/28(b)		2,342,202

See accompanying Notes to the Schedule of Investments.

96

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	325,278		Univision Communications, Inc., 2020 Replacement Term Loan, 3.85% (1 mo. USD LIBOR + 3.75%), due 03/15/26(b)		326,173
	712,000	EUR	UPC Broadband Holding BV, 2021 EUR Term Loan AY, 3.00% (3 mo. EURIBOR + 3.00%), due 01/31/29(b)		841,089
	291,135		US Foods, Inc., 2016 Term Loan B, 1.85% (1 mo. USD LIBOR + 1.75%), due 06/27/23(b)		288,819
	874,131		US Foods, Inc., 2019 Term Loan B, 2.10% (1 mo. USD LIBOR + 2.00%), due 09/13/26(b)		862,476
	1,078,333		USS Ultimate Holdings, Inc., 1st Lien Term Loan, 4.75% (1 mo. USD LIBOR + 3.75%), due 08/25/24(b)		1,082,858
	548,517		Verscend Holding Corp., 2021 Term Loan B, 4.10% (1 mo. USD LIBOR + 4.00%), due 08/27/25(b)		550,802
	622,995		Vertex Aerospace Services Corp., 2021 Term Loan, 4.10% (1 mo. USD LIBOR + 4.00%), due 06/29/27(b)		623,968
	313,345		VFH Parent LLC, 2019 Term Loan B, 3.09% (1 mo. USD LIBOR + 3.00%), due 03/01/26(b)		312,529
	537,600		Virgin Media Bristol LLC, 2020 USD Term Loan Q, 3.35% (3 mo. USD LIBOR + 3.25%), due 01/31/29(b)		537,390
	719,297		Virgin Media Bristol LLC, USD Term Loan N, 2.57% (1 mo. USD LIBOR + 2.50%), due 01/31/28(b)		713,790
	900,000		Virgin Pulse, Inc., 2021 Term Loan, 4.75% (3 mo. USD LIBOR + 4.00%), due 03/30/28(b)		902,812
	243,000		VS Buyer, LLC, Term Loan B, 3.10% (1 mo. USD LIBOR + 3.00%), due 02/28/27(b)		242,126
	104,422		Whatabrands LLC, 2020 Term Loan B, 2.83% (1 mo. USD LIBOR + 2.75%), due 07/31/26(b)		104,103
	496,754		William Morris Endeavor Entertainment, LLC, 2018 1st Lien Term Loan, 2.85% (1 mo. USD LIBOR + 2.75%), due 05/18/25(b)		488,682
	1,084,944		Windstream Services, LLC, 2020 Exit Term Loan B, 7.25% (1 mo. USD LIBOR + 6.25%), due 09/21/27(b)		1,089,691
	517,069		WP CityMD Bidco LLC, 2021 Term Loan B, 3.90% (3 mo. USD LIBOR + 3.75%), due 08/13/26(b)		518,869
	763,561		WP CPP Holdings, LLC, 2018 Term Loan, 4.75% (3 mo. USD LIBOR + 3.75%), due 04/30/25(b)		748,608
					132,379,108
			Convertible Debt — 1.7%
	1,170,000		Aerie Pharmaceuticals, Inc., 1.50%, due 10/01/24		1,164,190
	30,000		American Eagle Outfitters, Inc., 3.75%, due 04/15/25		131,070
	260,000		Apollo Commercial Real Estate Finance, Inc. REIT, 4.75%, due 08/23/22		262,288
	80,000		Apollo Commercial Real Estate Finance, Inc. REIT, 5.38%, due 10/15/23		81,300
	95,000		Bill.com Holdings, Inc., 0.00%, due 12/01/25(i) 144A		127,300
	745,000		BioMarin Pharmaceutical, Inc., 1.25%, due 05/15/27		750,161
	130,000		Blackline, Inc., 0.77%, due 03/15/26(i) 144A		125,450
	75,000		Burlington Stores, Inc., 2.25%, due 04/15/25		119,531
	1,300,000		Cheniere Energy, Inc., 4.25%, due 03/15/45		1,107,870
	595,000		Datadog, Inc., 0.13%, due 06/15/25		795,441
	790,000		DISH Network Corp., 3.38%, due 08/15/26		808,170
	120,000		DocuSign, Inc., 0.00%, due 01/15/24(i) 144A		124,200
	330,000		DraftKings, Inc., 1.54%, due 03/15/28(i) 144A		298,980

See accompanying Notes to the Schedule of Investments.

97

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Convertible Debt — continued
	135,000		Enphase Energy, Inc., 0.40%, due 03/01/28(i) 144A		131,507
	55,000		Envista Holdings Corp., 2.38%, due 06/01/25		117,425
	520,000		Etsy, Inc., 0.25%, due 06/15/28 144A		575,640
	105,000		Euronet Worldwide, Inc., 0.75%, due 03/15/49(j)		120,094
	110,000		Expedia Group, Inc., 0.00%, due 02/15/26(i) (j) 144A		119,350
	145,000		Ford Motor Co., 0.00%, due 03/15/26(i) 144A		161,041
	76,000		Gannett Co., Inc., 6.00%, due 12/01/27		83,600
	160,000		Halozyme Therapeutics, Inc., 0.25%, due 03/01/27 144A		149,300
	60,000		HubSpot, Inc., 0.38%, due 06/01/25		127,290
	250,000		Liberty Latin America, Ltd., 2.00%, due 07/15/24		255,896
	425,000		Livongo Health, Inc., 0.88%, due 06/01/25		672,827
	225,000		MercadoLibre, Inc., 2.00%, due 08/15/28		795,375
	100,000		Microchip Technology, Inc., 0.13%, due 11/15/24		113,000
	85,000		Middleby Corp. (The), 1.00%, due 09/01/25 144A		122,570
	75,000		MongoDB, Inc., 0.25%, due 01/15/26		135,703
	130,000		NextEra Energy Partners, LP, 0.00%, due 06/15/24(i) 144A		130,195
	100,000		NortonLifeLock, Inc., 2.00%, due 08/15/22 144A		137,700
	120,000		Nutanix, Inc., 0.00%, due 01/15/23(i)		127,050
	120,000		ON Semiconductor Corp., 0.00%, due 05/01/27(i) 144A		125,472
	575,000		Palo Alto Networks, Inc., 0.38%, due 06/01/25		784,875
	105,000		Pegasystems, Inc., 0.75%, due 03/01/25		125,606
	80,000		Pioneer Natural Resources Co., 0.25%, due 05/15/25		128,040
	805,000		Rapid7, Inc., 0.25%, due 03/15/27 144A		897,092
	290,000		Realogy Group LLC/Realogy Co-Issuer Corp., 0.25%, due 06/15/26 144A		292,468
	40,000		Sea, Ltd., 2.38%, due 12/01/25		123,600
	105,000		Shopify, Inc., 0.13%, due 11/01/25		137,235
	190,000		Spirit Airlines, Inc., 1.00%, due 05/15/26		182,039
	80,000		Spotify USA, Inc., 1.38%, due 03/15/26(i) 144A		75,080
	70,000		Square, Inc., 0.13%, due 03/01/25		144,506
	535,000		Sunrun, Inc., 2.41%, due 02/01/26(i) 144A		481,179
	30,000		Teradyne, Inc., 1.25%, due 12/15/23		127,162
	105,000		Twitter, Inc., 0.25%, due 06/15/24		144,312
	210,000		Uber Technologies, Inc., 0.00%, due 12/15/25(i) 144A		213,990
	146,000		Vail Resorts, Inc., 0.00%, due 01/01/26(i) 144A		152,205
	110,000		Vishay Intertechnology, Inc., 2.25%, due 06/15/25		115,914
	80,000		Zendesk, Inc., 0.63%, due 06/15/25		116,904
	65,000		Zillow Group, Inc., 2.75%, due 05/15/25		128,497
	85,000		Zscaler, Inc., 0.13%, due 07/01/25 144A		133,349
	140,000		Zynga, Inc., 0.00%, due 12/15/26(i) 144A		149,975
					14,751,014
			Corporate Debt — 32.2%
	150,000		AbbVie, Inc., 4.05%, due 11/21/39		174,457
	290,000		ABN AMRO Bank NV, 4.75%, due 07/28/25 144A		325,545
	290,000		Acuris Finance Us, Inc./Acuris Finance SARL, 5.00%, due 05/01/28 144A		289,990
	1,263,646		Acwa Power Management And Investments One, Ltd., 5.95%, due 12/15/39 144A		1,503,815
	370,000		AdaptHealth LLC, 4.63%, due 08/01/29 144A		375,576
	270,000		AdaptHealth LLC, 6.13%, due 08/01/28 144A		287,873
	245,000	EUR	Adevinta ASA, 3.00%, due 11/15/27 144A		301,223

See accompanying Notes to the Schedule of Investments.

98

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	1,040,000	EUR	Adient Global Holdings, Ltd., Reg S, 3.50%, due 08/15/24(k)		1,270,553
	680,000		Adtalem Global Education, Inc., 5.50%, due 03/01/28 144A		691,934
	270,000		AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, due 09/15/23		289,618
	250,000		AES Corp. (The), 2.45%, due 01/15/31 144A		247,762
	1,000,000		AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A		1,047,700
	2,170,000		Akbank TAS, 6.80%, due 02/06/26(j) 144A		2,295,242
	570,000		Akumin, Inc., 7.00%, due 11/01/25 144A		593,438
	280,000		Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, due 02/15/28 144A		298,535
	300,000		Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, due 06/01/29 144A		304,533
	310,000		Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, due 06/01/28 144A		311,507
	300,000		Altice France Holding SA, 10.50%, due 05/15/27 144A		333,755
	370,000		Altice France SA, 5.13%, due 07/15/29 144A		372,276
	220,000		Altice France SA, 7.38%, due 05/01/26 144A		229,060
	360,000		Altria Group, Inc., 5.95%, due 02/14/49		461,467
	365,000		Ambience Merger Sub, Inc., 4.88%, due 07/15/28(e) 144A		366,825
	6,650,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		333,644
	1,100,000		American Airlines, Inc., 11.75%, due 07/15/25 144A		1,381,875
	350,000		American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.50%, due 04/20/26 144A		371,000
	320,000		American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.75%, due 04/20/29 144A		346,400
	220,000		American Express Co., 4.05%, due 12/03/42		263,129
	725,248		American News Co. LLC, 8.50% (8.50% Cash or 10.00% PIK), due 09/01/26 144A		815,193
	445,000		Anglo American Capital Plc, 2.88%, due 03/17/31 144A		455,615
	295,000		Anglo American Capital Plc, 3.95%, due 09/10/50 144A		320,968
	685,000		AngloGold Ashanti Holdings Plc, 3.75%, due 10/01/30(j)		709,509
	380,000		Antares Holdings, LP, 3.95%, due 07/15/26 144A		395,882
	630,000		Antero Resources Corp., 5.38%, due 03/01/30 144A		643,784
	470,000		Apollo Commercial Real Estate Finance, Inc. REIT, 4.63%, due 06/15/29 144A		464,055
	235,000		ArcelorMittal SA, 7.25%, due 10/15/39(c)		332,348
	970,000	EUR	ARD Finance SA, Reg S, 5.00% (5.00% Cash or 5.75% PIK), due 06/30/27(k)		1,182,305
	280,000	EUR	ARD Finance SA, 5.00% (5.00% Cash or 5.75% PIK), due 06/30/27 144A		341,284
	2,285,000		Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance Plc, 4.00%, due 09/01/29 144A		2,270,719
	650,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 5.25%, due 04/30/25 144A		684,125
	672,822		Ardonagh Midco 2 Plc, 11.50% (11.50% Cash or 12.75% PIK), due 01/15/27 144A		739,832
	557,000		AT&T, Inc., 3.50%, due 09/15/53 144A		560,447
	390,000		Australia & New Zealand Banking Group, Ltd., 2.95% (5 yr. CMT + 1.29%), due 07/22/30(b) 144A		406,224
	60,000		AutoNation, Inc., 4.75%, due 06/01/30		71,041
	160,000		Aviation Capital Group LLC, 5.50%, due 12/15/24 144A		180,997
	250,000		Avolon Holdings Funding, Ltd., 4.25%, due 04/15/26 144A		271,131
	160,000		Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		173,039
	490,000		Baidu, Inc., 2.38%, due 10/09/30		491,330
	200,000	EUR	Banco Bilbao Vizcaya Argentaria SA, Reg S, 5.88% (5 yr. EUR swap annual + 5.66%)(b) (k) (l)		256,747
	200,000		Banco Bilbao Vizcaya Argentaria SA, 6.50% (5 yr. CMT + 5.19%)(b) (l)		218,000
	690,000		Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)(b) (l) 144A		780,562
	610,000		Banco Mercantil del Norte SA, 7.63% (10 yr. CMT + 5.35%)(b) (l) 144A		693,417
	400,000		Banco Santander SA, 2.75%, due 12/03/30		396,605

See accompanying Notes to the Schedule of Investments.

99

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	600,000		Banco Santander SA, 2.96%, due 03/25/31		618,658
	425,000		Banff Merger Sub, Inc., 9.75%, due 09/01/26 144A		447,844
	200,000		Barclays Plc, 5.09% (3 mo. USD LIBOR + 3.05%), due 06/20/30(b)		233,423
	535,000	GBP	Barclays Plc, Reg S, 6.38% (5 yr. UK Government Bond + 6.02%)(b) (k) (l)		828,658
	350,000		Barclays Plc, 8.00% (5 yr. CMT + 5.67%)(b) (l)		398,344
	240,000	EUR	Barclays Plc, (MTN), Reg S, 2.00% (5 yr. EUR swap annual + 1.90%), due 02/07/28(b) (k)		291,930
	550,000		Bausch Health Americas, Inc., 8.50%, due 01/31/27 144A		599,164
	90,000		Bausch Health Americas, Inc., 9.25%, due 04/01/26 144A		98,006
	60,000		Bausch Health Cos., Inc., 4.88%, due 06/01/28 144A		61,485
	130,000		Bausch Health Cos., Inc., 5.00%, due 02/15/29 144A		121,390
	30,000		Bausch Health Cos., Inc., 9.00%, due 12/15/25 144A		32,207
	500,000		Bed Bath & Beyond, Inc., 5.17%, due 08/01/44		465,276
	1,362,000		Berry Petroleum Co. LLC, 7.00%, due 02/15/26 144A		1,385,181
	850,000		Bimbo Bakeries USA, Inc., 4.00%, due 05/17/51 144A		916,773
	320,000		Blackboard, Inc., 10.38%, due 11/15/24 144A		339,600
	740,000		Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, due 12/15/25 144A		802,900
	1,285,000		BNP Paribas SA, 4.50% (5 yr. CMT + 2.94%)(b) (j) (l) 144A		1,306,684
	230,000		Boeing Co. (The), 2.20%, due 02/04/26		232,235
	50,000		Boeing Co. (The), 2.70%, due 02/01/27		51,729
	120,000		Boeing Co. (The), 3.25%, due 02/01/35		121,725
	430,000		Boeing Co. (The), 5.15%, due 05/01/30		509,595
	570,000		Boeing Co. (The), 5.93%, due 05/01/60		788,578
	290,000		Boyne USA, Inc., 4.75%, due 05/15/29 144A		300,038
	440,000		Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		464,178
	685,000		Caesars Entertainment, Inc., 8.13%, due 07/01/27 144A		762,713
	750,000		Carnival Corp., 9.88%, due 08/01/27 144A		876,574
	740,000		Carnival Plc, 7.88%, due 06/01/27		882,313
	220,000		Carrols Restaurant Group, Inc., 5.88%, due 07/01/29 144A		217,525
	485,000		Carvana Co., 5.63%, due 10/01/25 144A		505,494
	120,000		Carvana Co., 5.88%, due 10/01/28 144A		126,431
	545,000	EUR	Catalent Pharma Solutions, Inc., Reg S, 2.38%, due 03/01/28(k)		649,386
	765,000	EUR	Catalent Pharma Solutions, Inc., 2.38%, due 03/01/28 144A		911,523
	355,000		Caterpillar, Inc., 3.25%, due 04/09/50(j)		392,991
	1,500,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32		1,559,572
	245,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A		259,394
	570,000		Celulosa Arauco y Constitucion SA, 5.15%, due 01/29/50(j) 144A		659,923
	480,000		Cemex SAB de CV, 3.88%, due 07/11/31 144A		488,520
	1,390,000		Cemex SAB de CV, 5.13% (5 yr. CMT + 4.53%)(b) (l) 144A		1,436,495
	1,255,000		Cemex SAB de CV, 5.20%, due 09/17/30 144A		1,383,713
	150,000		Cenovus Energy, Inc., 5.38%, due 07/15/25		171,707
	1,495,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 3.90%, due 06/01/52		1,526,601
	250,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.13%, due 07/01/49		298,271
	150,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 04/01/38		184,589
	185,000		Chevron Corp., 3.08%, due 05/11/50		191,790
	620,000		CHS/Community Health Systems, Inc., 6.13%, due 04/01/30 144A		630,075

See accompanying Notes to the Schedule of Investments.

100

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	880,000		CHS/Community Health Systems, Inc., 6.88%, due 04/15/29 144A		923,459
	160,000		Cigna Corp., 4.80%, due 08/15/38		199,498
	770,000	EUR	Cirsa Finance International SARL, Reg S, 6.25%, due 12/20/23(k)		928,128
	110,000		Citigroup, Inc., 4.65%, due 07/30/45		141,854
	97,000		Citigroup, Inc., 5.30%, due 05/06/44		131,249
	170,000		Citigroup, Inc., 6.30% (3 mo. USD LIBOR + 3.42%)(b) (l)		183,294
	745,000		Clarivate Science Holdings Corp., 4.88%, due 06/30/29 144A		765,487
	930,000		Clear Channel Outdoor Holdings, Inc., 7.50%, due 06/01/29 144A		964,025
	800,000		Colgate Energy Partners III LLC, 5.88%, due 07/01/29 144A		831,000
	635,000		Colombia Telecomunicaciones SA ESP, 4.95%, due 07/17/30 144A		660,816
	380,000		Comcast Corp., 4.25%, due 10/15/30		447,566
	780,000		Commercial Metals Co., 3.88%, due 02/15/31		785,850
	1,600,000	EUR	Commerzbank AG, Reg S, 6.13% (5 yr. EUR swap annual + 6.36%)(b) (k) (l)		2,096,574
	226,000		CommScope Technologies LLC, 6.00%, due 06/15/25 144A		231,085
	770,000		CommScope, Inc., 8.25%, due 03/01/27 144A		823,938
	250,000		Comstock Resources, Inc., 5.88%, due 01/15/30 144A		255,313
	400,000	EUR	Cooperatieve Rabobank UA, Reg S, 4.63% (5 yr. EUR swap annual + 4.10%)(b) (k) (l)		522,108
	820,000		CoreCivic, Inc., 8.25%, due 04/15/26		851,939
	280,000		CoreCivic, Inc. REIT, 4.63%, due 05/01/23(j)		280,788
	290,000		CP Atlas Buyer, Inc., 7.00%, due 12/01/28 144A		301,339
	375,000		Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)(b) (j) (l) 144A		424,689
	380,000		Credit Agricole SA, 8.13% (5 yr. USD swap + 6.19%)(b) (l) 144A		462,977
	1,015,000		Credit Suisse Group AG, 4.50% (5 yr. CMT + 3.55%)(b) (l) 144A		1,009,823
	265,000		Credit Suisse Group AG, 7.25% (5 yr. USD ICE swap + 4.33%)(b) (l) 144A		299,767
	200,000		Credit Suisse Group AG, 7.50% (5 yr. USD swap + 4.60%)(b) (l) 144A		218,000
	240,000		Crown Castle International Corp. REIT, 3.30%, due 07/01/30		257,487
	320,000		CSC Holdings LLC, 4.50%, due 11/15/31 144A		322,365
	390,000		CSC Holdings LLC, 6.50%, due 02/01/29 144A		432,455
	90,000		CVS Health Corp., 4.78%, due 03/25/38		110,887
	90,000		CVS Health Corp., 5.05%, due 03/25/48		117,116
	30,000		DCP Midstream Operating, LP, 5.63%, due 07/15/27		34,209
	130,000		DCP Midstream Operating, LP, 6.75%, due 09/15/37 144A		156,975
	440,000		Dell International LLC/EMC Corp., 6.20%, due 07/15/30		566,254
	1,350,000		Dell International LLC/EMC Corp., 8.35%, due 07/15/46		2,211,464
	640,000		Delta Air Lines, Inc., 7.00%, due 05/01/25 144A		747,311
	30,000		Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, due 10/20/28 144A		33,377
	660,000		Deutsche Bank AG, 3.73% (SOFR + 2.76%), due 01/14/32(b)		672,407
	400,000		Deutsche Bank AG, Reg S, 4.79% (5 yr. USD swap + 4.36%)(b) (k) (l)		401,500
	2,200,000		Deutsche Bank AG, 6.00% (5 yr. CMT + 4.52%)(b) (l)		2,334,750
	400,000		Deutsche Bank AG, 7.50% (5 yr. USD swap + 5.00%)(b) (j) (l)		446,480
	130,000		Diamondback Energy, Inc., 3.50%, due 12/01/29		139,285
	820,000		DISH DBS Corp., 5.13%, due 06/01/29 144A		810,718
	340,000		DISH DBS Corp., 7.75%, due 07/01/26		385,475
	160,000		Diversified Healthcare Trust REIT, 4.38%, due 03/01/31		153,520
	240,000		Diversified Healthcare Trust REIT, 4.75%, due 02/15/28		236,771
	350,000		Diversified Healthcare Trust REIT, 9.75%, due 06/15/25		388,085
	860,000		Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, due 02/15/23 144A		900,248
	540,000		DP World Plc, 5.63%, due 09/25/48 144A		677,001
	295,000		eBay, Inc., 4.00%, due 07/15/42		331,540

See accompanying Notes to the Schedule of Investments.

101

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	150,000	Empire Communities Corp., 7.00%, due 12/15/25 144A		158,021
	660,000	Enbridge, Inc., 3.40%, due 08/01/51		664,455
	410,000	Endeavor Energy Resources, LP/EER Finance, Inc., 5.75%, due 01/30/28 144A		437,745
	240,000	Endeavor Energy Resources, LP/EER Finance, Inc., 6.63%, due 07/15/25 144A		257,524
	520,000	Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, due 07/31/27(j) 144A		531,058
	490,000	Endo Luxembourg Finance Co. I SARL/Endo US, Inc., 6.13%, due 04/01/29 144A		480,813
	980,000	Energean Israel Finance, Ltd., Reg S, 5.88%, due 03/30/31(k) 144A		1,010,968
	50,000	Energy Transfer, LP, 6.25%, due 04/15/49		65,723
	1,465,000	ENN Clean Energy International Investment, Ltd., 3.38%, due 05/12/26 144A		1,495,103
	205,000	Enstar Group, Ltd., 4.95%, due 06/01/29		235,990
	140,000	Enterprise Products Operating LLC, 3.70%, due 01/31/51		150,477
	160,000	Enterprise Products Operating LLC, 3.95%, due 01/31/60		178,788
	265,000	EPR Properties REIT, 3.75%, due 08/15/29		265,699
	150,000	EQM Midstream Partners, LP, 6.00%, due 07/01/25 144A		163,474
	140,000	EQM Midstream Partners, LP, 6.50%, due 07/01/27 144A		156,509
	105,000	EQT Corp., 3.13%, due 05/15/26 144A		107,741
	140,000	EQT Corp., 3.63%, due 05/15/31 144A		146,308
	810,000	EQT Corp., 3.90%, due 10/01/27		868,725
	330,000	EQT Corp., 8.50%, due 02/01/30(c)		430,403
	500,000	First Quantum Minerals, Ltd., 6.88%, due 03/01/26 144A		523,680
	560,000	First Quantum Minerals, Ltd., 6.88%, due 10/15/27 144A		610,932
	330,000	FirstEnergy Corp., 2.25%, due 09/01/30(j)		316,800
	130,000	FirstEnergy Corp., 7.38%, due 11/15/31		178,244
	600,000	Five Point Operating Co., LP/Five Point Capital Corp., 7.88%, due 11/15/25 144A		635,316
	650,000	Ford Motor Co., 8.50%, due 04/21/23		726,180
	615,000	Ford Motor Co., 9.00%, due 04/22/25		758,999
	390,000	Ford Motor Credit Co. LLC, 2.90%, due 02/16/28		388,641
	570,000	Ford Motor Credit Co. LLC, 3.63%, due 06/17/31		581,759
	380,000	Ford Motor Credit Co. LLC, 4.00%, due 11/13/30		398,525
	1,000,000	Freeport Minerals Corp., 7.13%, due 11/01/27		1,224,880
	455,000	Freeport-McMoRan, Inc., 4.63%, due 08/01/30		498,846
	650,000	Frontier Communications Holdings LLC, 5.00%, due 05/01/28 144A		672,802
	280,000	Gartner, Inc., 3.63%, due 06/15/29 144A		284,550
	290,000	Gartner, Inc., 3.75%, due 10/01/30 144A		297,064
	590,000	Gazprom PJSC Via Gaz Capital SA, 4.95%, due 03/23/27 144A		660,386
	1,200,000	GEMS MENASA Cayman, Ltd./GEMS Education Delaware LLC, 7.13%, due 07/31/26 144A		1,244,100
	83,000	General Electric Co., (MTN), 6.88%, due 01/10/39		124,475
	155,000	General Motors Co., 5.20%, due 04/01/45		191,895
	890,000	GEO Group, Inc. (The) REIT, 5.88%, due 10/15/24		799,638
	200,000	GEO Group, Inc. (The) REIT, 6.00%, due 04/15/26(j)		162,250
	200,000	GFL Environmental, Inc., 5.13%, due 12/15/26 144A		212,196
	1,066,194	Global Aircraft Leasing Co., Ltd., 6.50% (6.50% Cash or 7.25% PIK), due 09/15/24 144A		1,072,884
	280,000	Global Atlantic Fin Co., 4.40%, due 10/15/29 144A		309,683
	2,555,000	Gold Fields Orogen Holdings BVI, Ltd., 6.13%, due 05/15/29 144A		3,037,384
	190,000	Goldman Sachs Group, Inc. (The), 5.15%, due 05/22/45		254,738
	810,000	Granite US Holdings Corp., 11.00%, due 10/01/27(j) 144A		906,281
	580,000	H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A		571,445

See accompanying Notes to the Schedule of Investments.

102

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	420,000		Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd., 5.75%, due 01/20/26 144A		451,441
	500,000		HCA, Inc., 3.50%, due 09/01/30		532,998
	80,000		Healthpeak Properties, Inc. REIT, 3.50%, due 07/15/29		88,536
	125,000		Hess Midstream Operations, LP, 5.13%, due 06/15/28 144A		131,283
	1,340,000		Hess Midstream Operations, LP, 5.63%, due 02/15/26 144A		1,399,295
	975,000		Hexion, Inc., 7.88%, due 07/15/27 144A		1,053,102
	50,000		Hill-Rom Holdings, Inc., 4.38%, due 09/15/27 144A		51,921
	1,235,000		HSBC Holdings Plc, 4.60% (5 yr. CMT + 3.65%)(b) (l)		1,284,400
	250,000	EUR	HSBC Holdings Plc, Reg S, 5.25% (5 yr. EUR swap annual + 4.38%)(b) (k) (l)		310,743
	190,000	EUR	HSE Finance SARL, 5.63%, due 10/15/26 144A		232,148
	1,340,000		HTA Group, Ltd., 7.00%, due 12/18/25 144A		1,430,973
	260,000		Hudbay Minerals, Inc., 4.50%, due 04/01/26 144A		261,300
	610,000		Hudbay Minerals, Inc., 6.13%, due 04/01/29(j) 144A		650,412
	280,000		iHeartCommunications, Inc., 4.75%, due 01/15/28 144A		289,040
	320,000		iHeartCommunications, Inc., 5.25%, due 08/15/27 144A		335,168
	145,000		iHeartCommunications, Inc., 6.38%, due 05/01/26		154,534
	590,000		iHeartCommunications, Inc., 8.38%, due 05/01/27		632,781
	740,000		IHS Netherlands Holdco BV, Reg S, 8.00%, due 09/18/27(k)		804,750
	850,000		IHS Netherlands Holdco BV, 7.13%, due 03/18/25 144A		888,250
	3,120,000		IHS Netherlands Holdco BV, 8.00%, due 09/18/27 144A		3,393,000
	810,000		Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, due 07/01/28 144A		904,786
	1,190,000		Independence Energy Finance LLC, 7.25%, due 05/01/26 144A		1,253,308
	415,000		Intesa Sanpaolo SpA, 4.00%, due 09/23/29 144A		455,772
	1,450,000		Intesa Sanpaolo SpA, 4.95%, due 06/01/42 144A		1,506,295
	350,000		Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A		396,143
	590,000		Intesa Sanpaolo SpA, 7.70% (5 yr. USD swap + 5.46%)(b) (j) (l) 144A		677,391
	3,150,000		Itau Unibanco Holding SA, 3.88% (5 yr. CMT + 3.45%), due 04/15/31(b) 144A		3,137,227
	2,499,000		Itau Unibanco Holding SA, 4.63% (5 yr. CMT + 3.22%)(b) (j) (l) 144A		2,410,310
	225,000		Jazz Securities DAC, 4.38%, due 01/15/29 144A		233,561
	2,080,000		JBS Finance Luxembourg SARL, 3.63%, due 01/15/32 144A		2,081,435
	1,781,922		JetBlue Pass Through Trust, Class B, 7.75%, due 05/15/30		2,079,522
	612,968		K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22(d)		2,084
	198,302		K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22(d)		516
	660,000		KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A		754,360
	590,000		KazTransGas JSC, 4.38%, due 09/26/27 144A		656,552
	1,770,000		Kenbourne Invest SA, 4.70%, due 01/22/28 144A		1,785,098
	915,000		Kernel Holding SA, 6.75%, due 10/27/27 144A		995,864
	2,155,000		Klabin Austria GmbH, 3.20%, due 01/12/31 144A		2,120,994
	1,005,000		Kosmos Energy, Ltd., 7.13%, due 04/04/26(j) 144A		999,488
	20,000		Kraft Heinz Foods Co., 3.88%, due 05/15/27		21,990
	600,000		L Brands, Inc., 5.25%, due 02/01/28		672,144
	330,000		L Brands, Inc., 6.63%, due 10/01/30 144A		382,388
	210,000		Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 4.75%, due 06/15/29 144A		210,263
	30,000		Las Vegas Sands Corp., 3.20%, due 08/08/24		31,502
	425,000		Lazard Group LLC, 4.38%, due 03/11/29		483,335
	650,000		Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, due 02/01/26 144A		678,437

See accompanying Notes to the Schedule of Investments.

103

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	35,000		Lennar Corp., 4.50%, due 04/30/24		38,325
	120,000		Lennar Corp., 4.75%, due 11/15/22(c)		125,849
	560,000		Lennar Corp., 4.88%, due 12/15/23		610,254
	460,000		Leviathan Bond, Ltd., Reg S, 6.50%, due 06/30/27(k) 144A		512,900
	100,000		Liberty Interactive LLC, 8.25%, due 02/01/30		114,426
	320,000		Liberty Interactive LLC, 8.50%, due 07/15/29		365,939
	1,590,000		Liberty Mutual Group, Inc., 4.30%, due 02/01/61 144A		1,459,239
	1,340,000		Liquid Telecommunications Financing Plc, 5.50%, due 09/04/26 144A		1,376,850
	890,000		Lithia Motors, Inc., 3.88%, due 06/01/29 144A		923,642
	250,000	EUR	Lloyds Banking Group Plc, Reg S, 4.95% (5 yr. EURIBOR + 5.29%)(b) (k) (l)		327,811
	400,000		Lukoil International Finance BV, 4.75%, due 11/02/26 144A		451,332
	1,390,000		Madison IAQ LLC, 5.88%, due 06/30/29 144A		1,416,062
	1,270,000		MAF Global Securities, Ltd., Reg S, 5.50% (5 yr. USD swap + 3.48%)(b) (k) (l)		1,310,094
	605,000		MAF Sukuk, Ltd., Reg S, 4.64%, due 05/14/29(k)		683,269
	985,000		Magic Mergeco, Inc., 5.25%, due 05/01/28 144A		1,011,772
	1,470,000		Magic Mergeco, Inc., 7.88%, due 05/01/29 144A		1,517,775
	410,000		Marriott International, Inc., 2.85%, due 04/15/31		416,750
	130,000		MDC Holdings, Inc., 6.00%, due 01/15/43		167,697
	440,000		MEG Energy Corp., 5.88%, due 02/01/29 144A		459,325
	210,000		MEG Energy Corp., 7.13%, due 02/01/27 144A		224,286
	620,000		MEGlobal Canada ULC, 5.88%, due 05/18/30 144A		766,497
	320,000		Melco Resorts Finance, Ltd., 5.38%, due 12/04/29 144A		338,600
	800,000		MercadoLibre, Inc., 3.13%, due 01/14/31		786,400
	210,000		Midcap Financial Issuer Trust, 5.63%, due 01/15/30 144A		211,073
	490,000		Midcap Financial Issuer Trust, 6.50%, due 05/01/28 144A		513,417
	970,000		Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, due 06/20/27 144A		1,069,182
	2,115,000		Millicom International Cellular SA, 6.25%, due 03/25/29 144A		2,315,238
	243,000		Millicom International Cellular SA, 6.63%, due 10/15/26 144A		257,812
	170,000		Minerals Technologies, Inc., 5.00%, due 07/01/28 144A		177,377
	490,000		MPH Acquisition Holdings LLC, 5.75%, due 11/01/28(j) 144A		493,055
	160,000	GBP	MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.69%, due 06/05/28		235,947
	500,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27		530,670
	295,000		Mylan, Inc., 5.40%, due 11/29/43		365,481
	1,860,000	AUD	National Australia Bank, Ltd. (MTN), 0.81% (3 mo. Bank Bill Swap Rate + 0.77%), due 01/21/25(b)		1,418,591
	400,000		Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A		404,052
	245,000		Natwest Group Plc, 4.27% (3 mo. USD LIBOR + 1.76%), due 03/22/25(b)		265,891
	1,120,000	GBP	Natwest Group Plc, 4.50% (5 yr. UK Government Bond + 3.99%)(b) (l)		1,591,730
	235,000		NBM US Holdings, Inc., 7.00%, due 05/14/26 144A		253,626
	470,000		NCL Corp., Ltd., Class C, 10.25%, due 02/01/26 144A		547,538
	700,000		NCL Corp., Ltd., Class C, 12.25%, due 05/15/24 144A		846,289
	340,000		NCR Corp., 5.13%, due 04/15/29 144A		351,050
	580,000		Netflix, Inc., 6.38%, due 05/15/29		741,602
	1,635,000		Nexstar Broadcasting, Inc., 5.63%, due 07/15/27 144A		1,735,144
	390,000		NGPL PipeCo LLC, 7.77%, due 12/15/37 144A		558,792
	1,355,000		Nielsen Finance LLC/Nielsen Finance Co., 5.88%, due 10/01/30 144A		1,478,269
	470,000		NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, due 04/01/26 144A		502,313
	420,000		NMI Holdings, Inc., 7.38%, due 06/01/25 144A		482,651
	690,000		Nordstrom, Inc., 4.25%, due 08/01/31(j) 144A		719,465

See accompanying Notes to the Schedule of Investments.

104

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	230,000		Northern Oil and Gas, Inc., 8.13%, due 03/01/28 144A		248,129
	400,000		Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22(h) (d)		520
	160,000	EUR	Novelis Sheet Ingot GmbH, 3.38%, due 04/15/29 144A		195,023
	430,000		NRG Energy, Inc., 3.63%, due 02/15/31 144A		423,099
	590,000		Oasis Petroleum, Inc., 6.38%, due 06/01/26 144A		615,948
	90,000		Occidental Petroleum Corp., 6.13%, due 01/01/31(j)		106,000
	2,975,000		OCP SA, 5.13%, due 06/23/51(j) 144A		3,011,592
	2,530,000		OCP SA, 6.88%, due 04/25/44 144A		3,094,253
	245,000		OneMain Finance Corp., 5.38%, due 11/15/29		266,986
	1,240,000		Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, due 04/30/31 144A		1,278,998
	950,000		Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, due 03/15/30 144A		966,150
	590,000		Oversea-Chinese Banking Corp., Ltd., (MTN), Reg S, 4.25%, due 06/19/24(k)		642,791
	360,000		Pactiv LLC, 8.38%, due 04/15/27		410,323
	580,000	EUR	Paprec Holding SA, 3.50%, due 07/01/28(e) 144A		693,566
	570,000		Park-Ohio Industries, Inc., 6.63%, due 04/15/27		582,004
	250,000		Parsley Energy LLC/Parsley Finance Corp., 5.63%, due 10/15/27 144A		270,839
	260,000		Pattern Energy Operations, LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28 144A		269,802
	955,000	EUR	Paysafe Finance Plc/Paysafe Holdings US Corp., 3.00%, due 06/15/29 144A		1,138,832
	760,000		Paysafe Finance Plc/Paysafe Holdings US Corp., 4.00%, due 06/15/29 144A		749,550
	40,000		PBF Holding Co. LLC/PBF Finance Corp., 9.25%, due 05/15/25 144A		40,348
	180,000		Penn National Gaming, Inc., 4.13%, due 07/01/29(e) 144A		180,225
	1,310,000		Petrobras Global Finance BV, 5.30%, due 01/27/25		1,477,025
	450,000		Petrobras Global Finance BV, 6.85%, due 06/05/15(m)		514,958
	7,056,900	MXN	Petroleos Mexicanos, (GDN), Reg S, 7.19%, due 09/12/24(k)		335,852
	300,000		PetSmart, Inc./PetSmart Finance Corp., 4.75%, due 02/15/28 144A		312,000
	515,000		PetSmart, Inc./PetSmart Finance Corp., 7.75%, due 02/15/29		568,431
	280,000		Playtika Holding Corp., 4.25%, due 03/15/29 144A		280,367
	105,000	EUR	PLT VII Finance SARL, 4.63%, due 01/05/26 144A		128,949
	880,000		PM General Purchaser LLC, 9.50%, due 10/01/28 144A		928,805
	600,000		Precision Drilling Corp., 6.88%, due 01/15/29 144A		618,750
	15,000		Precision Drilling Corp., 7.13%, due 01/15/26(j) 144A		15,481
	110,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A		117,152
	280,000		Prosperous Ray, Ltd., Reg S, 4.63%, due 11/12/23(k)		300,897
	1,010,000		Prosus NV, 4.03%, due 08/03/50 144A		975,068
	680,000		Prosus NV, 4.85%, due 07/06/27 144A		776,043
	400,000		QVC, Inc., 5.45%, due 08/15/34		418,382
	520,000		Rackspace Technology Global, Inc., 3.50%, due 02/15/28 144A		503,828
	575,000		Radian Group, Inc., 6.63%, due 03/15/25		649,675
	230,000		Radiology Partners, Inc., 9.25%, due 02/01/28 144A		255,006
	350,000		Range Resources Corp., 8.25%, due 01/15/29 144A		395,068
	1,220,000		Range Resources Corp., 9.25%, due 02/01/26		1,347,185
	410,000		Raytheon Technologies Corp., 3.13%, due 07/01/50		422,024
	1,320,000		Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, due 01/15/29 144A		1,381,763
	220,000		Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, due 06/15/25 144A		238,911
	370,000		Rent-A-Center, Inc, 6.38%, due 02/15/29 144A		398,028
	440,000		Royal Caribbean Cruises, Ltd., 11.50%, due 06/01/25 144A		507,676
	516,000		RR Donnelley & Sons Co., 6.13%, due 11/01/26 144A		544,437
	1,265,000		Rumo Luxembourg SARL, 5.25%, due 01/10/28 144A		1,355,637

See accompanying Notes to the Schedule of Investments.

105

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	795,000		SA Global Sukuk, Ltd., 2.69%, due 06/17/31(j) 144A		805,860
	590,000	GBP	Saga Plc, Reg S, 3.38%, due 05/12/24(k)		806,954
	200,000		Sands China, Ltd., 5.13%, due 08/08/25		223,958
	420,000		Sasol Financing USA LLC, 4.38%, due 09/18/26		435,227
	2,885,000		Sasol Financing USA LLC, 5.50%, due 03/18/31		3,045,117
	340,000		Seagate HDD Cayman, 4.09%, due 06/01/29 144A		348,565
	321,000		Seagate HDD Cayman, 4.88%, due 06/01/27		354,321
	220,000		Service Properties Trust REIT, 4.35%, due 10/01/24		221,828
	690,000		Service Properties Trust REIT, 5.50%, due 12/15/27		737,499
	400,000		Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, due 11/01/26 144A		418,086
	480,000		Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, due 03/01/29 144A		484,786
	1,480,000		Societe Generale SA, 2.89% (1 yr. CMT + 1.30%), due 06/09/32(b) 144A		1,499,492
	1,495,000		Societe Generale SA, 3.63%, due 03/01/41(d)		1,520,061
	1,490,000		Societe Generale SA, 4.75% (5 yr. CMT + 3.93%)(b) (l) 144A		1,547,737
	505,000		Societe Generale SA, 7.38% (5 yr. USD swap + 4.30%)(b) (j) (l) 144A		552,063
	265,000	EUR	Sofima Holding SpA, 3.75%, due 01/15/28 144A		316,393
	396,000		Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, due 09/20/25 144A		448,668
	420,000		SRM Escrow Issuer LLC, 6.00%, due 11/01/28 144A		445,736
	695,000		SRS Distribution, Inc., 4.63%, due 07/01/28 144A		711,506
	520,000		Standard Chartered Plc, 4.75% (5 yr. CMT + 3.81%)(b) (j) (l) 144A		535,389
	470,000		Standard Chartered Plc, 6.00% (5 yr. CMT + 5.66%)(b) (j) (l) 144A		516,436
	755,000		Starwood Property Trust, Inc. REIT, 3.63%, due 07/15/26(e) 144A		761,606
	930,000		StoneMor, Inc., 8.50%, due 05/15/29 144A		941,625
	240,000		Suburban Propane Partners, LP/Suburban Energy Finance Corp., 5.00%, due 06/01/31 144A		246,000
	735,000	EUR	Summer BC Holdco B SARL, Reg S, 5.75%, due 10/31/26(k)		914,121
	220,000	EUR	Summer BC Holdco B SARL, 5.75%, due 10/31/26 144A		273,614
	100,000		Summit Materials LLC/Summit Materials Finance Corp., 5.25%, due 01/15/29 144A		106,384
	1,945,000		Suzano Austria GmbH, 3.13%, due 01/15/32(e)		1,928,701
	240,000		Suzano Austria GmbH, 3.75%, due 01/15/31		252,000
	260,000		Suzano Austria GmbH, Reg S, 5.75%, due 07/14/26(k)		306,210
	630,000		Suzano Austria GmbH, 6.00%, due 01/15/29		751,306
	1,190,000		Suzano Austria GmbH, Reg S, 7.00%, due 03/16/47(k)		1,610,802
	360,000		Swire Pacific MTN Financing, Ltd., (MTN), Reg S, 4.50%, due 10/09/23(k)		388,916
	400,000		Switch, Ltd., 3.75%, due 09/15/28 144A		405,800
	280,000		Switch, Ltd., 4.13%, due 06/15/29 144A		287,700
	415,000		T-Mobile USA, Inc., 4.38%, due 04/15/40		487,801
	320,000		Talen Energy Supply LLC, 6.63%, due 01/15/28 144A		293,536
	180,000		Talen Energy Supply LLC, 10.50%, due 01/15/26 144A		130,388
	330,000		Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A		343,962
	520,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 4.00%, due 01/15/32 144A		535,600
	120,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.50%, due 03/01/30		132,122
	150,000		Teck Resources, Ltd., 5.40%, due 02/01/43		183,004
	60,000		Teck Resources, Ltd., 6.00%, due 08/15/40		76,872
	640,000		Teine Energy, Ltd., 6.88%, due 04/15/29 144A		659,088
	200,000		Telefonica Emisiones SA, 5.21%, due 03/08/47		250,164

See accompanying Notes to the Schedule of Investments.

106

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	635,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, 6.00%, due 01/31/25		812,520
	310,000		Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		295,275
	190,000		Time Warner Cable LLC, 6.75%, due 06/15/39		265,282
	440,000		TopBuild Corp., 3.63%, due 03/15/29 144A		436,212
	940,000		TransAlta Corp., 6.50%, due 03/15/40		1,078,650
	80,000		Transcontinental Gas Pipe Line Co. LLC, 3.25%, due 05/15/30		86,691
	240,000		TransDigm, Inc., 5.50%, due 11/15/27		250,500
	740,000		TransDigm, Inc., 6.25%, due 03/15/26 144A		781,625
	250,000		TransDigm, Inc., 7.50%, due 03/15/27		266,275
	210,000		TransDigm, Inc., 8.00%, due 12/15/25 144A		227,491
	340,000		Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A		319,178
	460,000		Triton Water Holdings, Inc., 6.25%, due 04/01/29 144A		461,778
	350,000		Turk Telekomunikasyon AS, 6.88%, due 02/28/25 144A		387,303
	460,000		Twitter, Inc., 3.88%, due 12/15/27 144A		489,332
	340,000		UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)(b) (l) 144A		374,661
	1,970,000		Ulker Biskuvi Sanayi AS, 6.95%, due 10/30/25 144A		2,139,952
	990,000		UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35(b) 144A		1,080,544
	555,000		UniCredit SpA, 7.30% (5 yr. USD ICE swap + 4.91%), due 04/02/34(b) 144A		667,981
	415,000		UniCredit SpA, Reg S, 8.00% (5 yr. USD swap + 5.18%)(b) (k) (l)		462,945
	1,570,000		Unifin Financiera SAB de CV, 8.38%, due 01/27/28 144A		1,471,875
	2,535,000		Unifin Financiera SAB de CV, 9.88%, due 01/28/29(j) 144A		2,525,228
	170,000		Uniquify, Inc., 6.00%, due 06/15/24 144A		170,751
	77,640		United Airlines Pass Through Trust, 4.88%, due 07/15/27		82,455
	100,000		United Airlines, Inc., 4.38%, due 04/15/26 144A		103,643
	765,000		United Airlines, Inc., 4.63%, due 04/15/29 144A		792,731
	680,000		United Rentals North America, Inc., 5.25%, due 01/15/30		745,770
	410,000		Univision Communications, Inc., 9.50%, due 05/01/25 144A		453,425
	320,000		US Renal Care, Inc., 10.63%, due 07/15/27 144A		336,792
	290,000		Utah Acquisition Sub, Inc., 5.25%, due 06/15/46		354,301
	540,000		Vale Overseas, Ltd., 6.88%, due 11/10/39		756,146
	1,840,000		VEON Holdings BV, 3.38%, due 11/25/27 144A		1,856,376
	110,000		Verizon Communications, Inc., 3.40%, due 03/22/41		116,505
	130,000		Verizon Communications, Inc., 3.55%, due 03/22/51		139,081
	300,000		Verizon Communications, Inc., 3.70%, due 03/22/61		321,820
	285,000	EUR	Vertical Holdco GmbH, 6.63%, due 07/15/28 144A		360,850
	270,000	EUR	Vertical Midco GmbH, 4.38%, due 07/15/27 144A		335,132
	265,000		VF Ukraine PAT via VFU Funding Plc, 6.20%, due 02/11/25(j) 144A		277,277
	465,000		Victoria Secret Co., 4.63%, due 07/15/29(e) 144A		465,000
	800,000		Victors Merger Corp., 6.38%, due 05/15/29 144A		807,004
	240,000		Viking Cruises, Ltd., 7.00%, due 02/15/29 144A		250,402
	600,000		Viper Energy Partners, LP, 5.38%, due 11/01/27 144A		626,763
	300,000		Virgin Media Secured Finance Plc, 5.50%, due 05/15/29 144A		322,875
	450,000		Vmed O2 UK Financing I Plc, 4.75%, due 07/15/31(e) 144A		457,875
	830,000		VOC Escrow, Ltd., 5.00%, due 02/15/28 144A		840,790
	730,000		VTR Comunicaciones SpA, 5.13%, due 01/15/28(j) 144A		764,292
	1,080,000		VTR Finance NV, 6.38%, due 07/15/28 144A		1,148,672
	350,000		WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 144A		378,699
	260,000		Wells Fargo & Co., (MTN), 5.01% (SOFR + 4.50%), due 04/04/51(b)		356,886

See accompanying Notes to the Schedule of Investments.

107

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Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	457,000	Wendy’s International LLC, 7.00%, due 12/15/25		515,983
	620,000	Western Midstream Operating, LP, 4.35%, due 02/01/25(c)		655,920
	470,000	Western Midstream Operating, LP, 5.30%, due 03/01/48		502,484
	592,000	Western Midstream Operating, LP, 5.45%, due 04/01/44		640,736
	60,000	Williams Cos., Inc. (The), 8.75%, due 03/15/32		92,304
	565,000	Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, due 08/15/28 144A		582,656
	500,000	WW International, Inc., 4.50%, due 04/15/29 144A		504,428
	370,000	Wynn Macau, Ltd., 5.13%, due 12/15/29 144A		382,058
	370,000	Wynn Macau, Ltd., 5.63%, due 08/26/28 144A		386,883
	500,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, due 04/15/25 144A		539,965
	620,000	XPO CNW, Inc., 6.70%, due 05/01/34		742,450
	180,000	Yamana Gold, Inc., 4.63%, due 12/15/27		198,552
	414,050	YPF SA, 4.00%, due 02/12/26(c) 144A		348,464
	85,000	Yum! Brands, Inc., 4.75%, due 01/15/30 144A		92,133
	275,000	Yuzhou Group Holdings Co., Ltd., Reg S, 6.35%, due 01/13/27(k)		213,158
	220,000	Yuzhou Group Holdings Co., Ltd., Reg S, 7.38%, due 01/13/26(k)		173,540
				274,562,329
		Mortgage Backed Securities - Private Issuers — 5.5%
	355,000	BANK, Series 2020-BNK25, Class AS, 2.84%, due 01/15/63		374,808
	1,260,000	BBCCRE Trust, Series 2015-GTP, Class F, 4.71%, due 08/10/33(f) 144A		1,168,098
	390,000	BBCCRE Trust, Series 2018-CBM, Class D, 2.46% (1 mo. USD LIBOR + 2.39%), due 07/15/37(b) 144A		389,472
	280,000	BBCMS Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52		304,349
	345,000	BBCMS Mortgage Trust, Series 2020-C6, Class AS, 2.84%, due 02/15/53		363,673
	250,000	Benchmark Mortgage Trust, Series 2020-B16, Class AM, 2.94%, due 02/15/53(f)		265,350
	1,000,000	BHMS, Series 2018-MZB, Class MZB, 6.71% (1 mo. USD LIBOR + 6.64%), due 07/15/25(b) 144A		953,691
	460,000	BX Commercial Mortgage Trust, Series 2018-BIOA, Class E, 2.02% (1 mo. USD LIBOR + 1.95%), due 03/15/37(b) 144A		461,629
	590,000	BX Commercial Mortgage Trust, Series 2019-IMC, Class E, 2.22% (1 mo. USD LIBOR + 2.15%), due 04/15/34(b) 144A		588,254
	950,000	BX Trust, Series 2018-BILT, Class B, 1.09% (1 mo. USD LIBOR + 1.02%), due 05/15/30(b) 144A		951,950
	410,000	CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.97%, due 12/15/47(f) 144A		411,388
	425,000	CFK Trust, Series 2020-MF2, Class F, 3.57%, due 03/15/39(f) 144A		400,764
	300,000	CGDB Commercial Mortgage Trust, Series 2019-MOB, Class A, 1.02% (1 mo. USD LIBOR + 0.95%), due 11/15/36(b) 144A		300,444
	190,000	CHT Mortgage Trust, Series 2017-CSMO, Class E, 3.07% (1 mo. USD LIBOR + 3.00%), due 11/15/36(b) 144A		190,819
	183,645	Citigroup Mortgage Loan Trust CMO, Series 2018-A, Class A1, 4.00%, due 01/25/68(f) 144A		183,997
	192,000	Credit Suisse Commercial Mortgage, Series 2018-TOP, Class F, 2.82% (1 mo. USD LIBOR + 2.75%), due 08/15/35(b) 144A		192,305
	1,060,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class F, 2.72% (1 mo. USD LIBOR + 2.65%), due 05/15/36(b) 144A		1,064,538
	300,000	Credit Suisse Mortgage Trust, Series 2019-UVIL, Class A, 3.16%, due 12/15/41 144A		319,100
	1,050,000	Credit Suisse Mortgage Trust, Series 2020-TMIC, Class A, 3.25% (1 mo. USD LIBOR + 3.00%), due 12/15/35(b) 144A		1,070,086

See accompanying Notes to the Schedule of Investments.

108

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Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	742,500	Credit Suisse Mortgage Trust CMO, Series 2019 RIO, Class B, 8.00% (1 mo. USD LIBOR + 7.00%), due 12/15/21(b) (d)		711,224
	450,000	Credit Suisse Mortgage Trust LLC, Series 2014-USA, Class F, 4.37%, due 09/15/37 144A		349,998
	490,000	Extended Stay America Trust, Series 2021-ESH, Class F, 3.78% (1 mo. USD LIBOR + 3.70%), due 07/15/38(b) (e) 144A		493,793
	290,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2017-1, Class M1, 4.00%, due 01/25/56(f) 144A		294,084
	415,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class M, 4.75%, due 08/25/57(f) 144A		443,439
	280,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-1, Class M, 4.75%, due 07/25/58(f) 144A		295,971
	560,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-4, Class M, 4.50%, due 02/25/59(f) 144A		592,152
	370,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class M, 4.25%, due 08/25/59(f) 144A		391,144
	640,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-2, Class M, 4.25%, due 11/25/59(f) 144A		675,984
	590,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-3, Class M, 4.25%, due 05/25/60(f) 144A		596,689
	1,580,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA1, Class B1, 2.39% (1 mo. USD LIBOR + 2.30%), due 01/25/50(b) 144A		1,581,907
	310,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA2, Class M2, 1.94% (1 mo. USD LIBOR + 1.85%), due 02/25/50(b) 144A		312,874
	1,430,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA3, Class B1, 5.19% (1 mo. USD LIBOR + 5.10%), due 06/25/50(b) 144A		1,501,235
	900,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA6, Class B1, 3.02% (SOFR + 3.00%), due 12/25/50(b) 144A		908,822
	283,252	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2015-HQ1, Class B, 10.84% (1 mo. USD LIBOR + 10.75%), due 03/25/25(b)		284,440
	605,000	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-HRP1, Class B1, 4.69% (1 mo. USD LIBOR + 4.60%), due 12/25/42(b)		620,286
	229,462	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-SPI1, Class B, 4.04%, due 09/25/47(f) 144A		222,505
	470,881	FHLMC Structured Asset Mortgage Investments II Trust CMO, Series 2005-AR2, Class 2A2, 0.65% (1 mo. USD LIBOR + 0.56%), due 05/25/45(b)		369,279
	790,800	FNMA Connecticut Avenue Securities CMO, Series 2014-C04, Class 1M2, 4.99% (1 mo. USD LIBOR + 4.90%), due 11/25/24(b) 144A		818,639
	298,886	FNMA Connecticut Avenue Securities CMO, Series 2016-C06, Class 1M2, 4.34% (1 mo. USD LIBOR + 4.25%), due 04/25/29(b) 144A		311,013
	440,000	FNMA Connecticut Avenue Securities CMO, Series 2017-C07, Class 1B1, 4.09% (1 mo. USD LIBOR + 4.00%), due 05/25/30(b) 144A		459,465
	996,407	FNMA Connecticut Avenue Securities CMO, Series 2017-C07, Class 1M2, 2.49% (1 mo. USD LIBOR + 2.40%), due 05/25/30(b) 144A		1,011,451
	610,000	FNMA Connecticut Avenue Securities CMO, Series 2018-C01, Class 1B1, 3.64% (1 mo. USD LIBOR + 3.55%), due 07/25/30(b) 144A		626,755
	707,762	FNMA Connecticut Avenue Securities CMO, Series 2018-C01, Class 1M2, 2.34% (1 mo. USD LIBOR + 2.25%), due 07/25/30(b) 144A		718,310
	465,183	FNMA Connecticut Avenue Securities CMO, Series 2018-C03, Class 1M2, 2.24% (1 mo. USD LIBOR + 2.15%), due 10/25/30(b) 144A		471,346

See accompanying Notes to the Schedule of Investments.

109

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Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,210,000	FNMA Connecticut Avenue Securities CMO, Series 2018-C05, Class 1B1, 4.34% (1 mo. USD LIBOR + 4.25%), due 01/25/31(b) 144A		1,267,627
	1,902,843	FNMA Connecticut Avenue Securities CMO, Series 2018-C05, Class 1M2, 2.44% (1 mo. USD LIBOR + 2.35%), due 01/25/31(b) 144A		1,927,769
	492,500	FNMA Connecticut Avenue Securities CMO, Series 2018-C06, Class 1B1, 3.84% (1 mo. USD LIBOR + 3.75%), due 03/25/31(b) 144A		506,750
	513,725	FNMA Connecticut Avenue Securities CMO, Series 2018-C06, Class 1M2, 2.09% (1 mo. USD LIBOR + 2.00%), due 03/25/31(b) 144A		518,175
	610,000	FNMA Connecticut Avenue Securities Trust CMO, Series 2018-R07, Class 1B1, 4.44% (1 mo. USD LIBOR + 4.35%), due 04/25/31(b) 144A		634,851
	134,332	FNMA Connecticut Avenue Securities Trust CMO, Series 2019-R05, Class 1M2, 2.09% (1 mo. USD LIBOR + 2.00%), due 07/25/39(b) 144A		134,947
	250,000	FNMA Connecticut Avenue Securities Trust CMO, Series 2019-R07, Class 1B1, 3.49% (1 mo. USD LIBOR + 3.40%), due 10/25/39(b) 144A		252,780
	423,392	FNMA Connecticut Avenue Securities Trust CMO, Series 2020-R01, Class 1M2, 2.14% (1 mo. USD LIBOR + 2.05%), due 01/25/40(b) 144A		425,581
	265,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.43%, due 08/10/44(f) 144A		149,731
	570,000	GS Mortgage Securities Trust, Series 2020-DUNE, Class A, 1.17% (1 mo. USD LIBOR + 1.10%), due 12/15/36(b) 144A		573,457
	205,233	HarborView Mortgage Loan Trust CMO, Series 2005-9, Class 2A1C, 0.99% (1 mo. USD LIBOR + 0.90%), due 06/20/35(b)		203,438
	1,390,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, 8.43% (1 mo. USD LIBOR + 8.21%), due 06/15/35(b) 144A		553,772
	1,210,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFL, 2.98% (1 mo. USD LIBOR + 2.90%), due 07/05/33(b) 144A		1,174,957
	530,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class E, 2.67% (1 mo. USD LIBOR + 2.60%), due 09/15/29(b) 144A		525,273
	800,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class F, 3.47% (1 mo. USD LIBOR + 3.40%), due 09/15/29(b) 144A		790,163
	417,430	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BOLT, Class C, 3.87% (1 mo. USD LIBOR + 3.80%), due 07/15/34(b) 144A		395,595
	800,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-MKST, Class F, 2.92% (1 mo. USD LIBOR + 2.85%), due 12/15/36(b) 144A		739,171
	760,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class GFX, 4.84%, due 01/16/37(f) 144A		733,979
	221,767	KKR Industrial Portfolio Trust, Series 2020-AIP, Class E, 2.70% (1 mo. USD LIBOR + 2.63%), due 03/15/37(b) 144A		222,686
	590,000	MHC Trust, Series 2021-MHC2, Class E, 2.02% (1 mo. USD LIBOR + 1.95%), due 05/15/23(b) 144A		592,034
	320,000	Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.42%, due 07/11/40(f) 144A		362,283
	641,959	Motel 6 Trust, Series 2017-MTL6, Class E, 3.32% (1 mo. USD LIBOR + 3.25%), due 08/15/34(b) 144A		645,108
	365,000	MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.28%, due 10/15/30 144A		363,326
	490,000	Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 3.34% (1 mo. USD LIBOR + 3.25%), due 10/15/49(b) 144A		497,949
	460,000	Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 3.84% (1 mo. USD LIBOR + 3.75%), due 03/25/50(b) 144A		480,179
	320,000	Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 1.57% (1 mo. USD LIBOR + 1.50%), due 07/15/36(b) 144A		320,306

See accompanying Notes to the Schedule of Investments.

110

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Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Mortgage Backed Securities - Private Issuers — continued
	780,000		Natixis Commercial Mortgage Securities Trust, Series 2019-TRUE, Class A, 3.51% (1 mo. USD LIBOR + 2.01%), due 04/18/24(b) 144A		742,507
	450,812		New Residential Mortgage Loan Trust CMO, Series 2017-5A, Class B4, 2.65%, due 06/25/57(f) 144A		458,834
	167,307		PMT Credit Risk Transfer Trust CMO, Series 2019-3R, Class A, 2.80% (1 mo. USD LIBOR + 2.70%), due 10/27/22(b) 144A		167,995
	500,000		Radnor RE, Ltd. Mortgage Insurance-Linked Notes CMO, Series 2020-1, Class M1C, 1.84% (1 mo. USD LIBOR + 1.75%), due 01/25/30(b) 144A		489,778
	360,000		SFO Commercial Mortgage Trust, Series 2021-555, Class E, 2.97% (1 mo. USD LIBOR + 2.90%), due 05/15/38(b) 144A		362,991
	230,000		Starwood Retail Property Trust, Series 2014-STAR, Class C, 2.82% (1 mo. USD LIBOR + 2.75%), due 11/15/27(b) (d) (n)		108,666
	900,000		Starwood Retail Property Trust, Series 2014-STAR, Class D, 3.57% (1 mo. USD LIBOR + 3.50%), due 11/15/27(b) (d) (n)		221,836
	766,336		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class E, 3.41% (1 mo. USD LIBOR + 3.33%), due 11/11/34(b) 144A		755,672
	761,476		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class F, 4.18% (1 mo. USD LIBOR + 4.10%), due 11/11/34(b) 144A		730,576
	590,000		Towd Point Mortgage Trust, Series 2019-4, Class B1B, 3.50%, due 10/25/59(f) 144A		609,787
	352,368		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR1, Class A1B, 0.87% (1 mo. USD LIBOR + 0.78%), due 01/25/45(b)		346,421
	758,704		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR6, Class 2A1A, 0.55% (1 mo. USD LIBOR + 0.46%), due 04/25/45(b)		749,198
	512,963		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2006-AR16, Class 2A2, 2.49%, due 12/25/36(f)		490,101
	407,369		Wells Fargo Mortgage Backed Securities Trust CMO, Series 2006-AR5, Class 2A1, 2.63%, due 04/25/36(f)		403,530
					46,647,299
			Mortgage Backed Securities - U.S. Government Agency Obligations — 0.1%
	60,000		FNMA, Pool # BL5547, 2.68%, due 01/01/35		65,729
	129,149		FNMA, Pool # BM6224, 2.79%, due 01/01/35(f)		142,558
	396,363		UMBS, Pool # BM5520, 3.50%, due 02/01/47		421,128
					629,415
			Sovereign Debt Obligations — 33.6%
	470,000		Abu Dhabi Government International Bond, 4.13%, due 10/11/47 144A		561,486
	327,438		Argentine Republic Government International Bond, 0.13%, due 07/09/46(c)		105,762
	5,505		Argentine Republic Government International Bond, 1.00%, due 07/09/29		2,098
	1,980,000		Bahrain Government International Bond, 5.25%, due 01/25/33 144A		1,932,559
	1,185,000		Bahrain Government International Bond, 5.45%, due 09/16/32(j) 144A		1,180,074
	475,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, Reg S, 2.30%, due 10/01/28(k) 144A		568,983
	270,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, Reg S, 2.80%, due 10/01/33(k) 144A		301,468
	1,200,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26		1,718,278
	470,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35		648,382
	170,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43		262,596
	1,485,000,000	CLP	Bonos tesoreria Pesos Bonds, Reg S, 5.00%, due 10/01/28(k)		2,120,807
	4,857,000	BRL	Brazil Letras do Tesouro Nacional, 5.58%, due 01/01/22(i)		941,319
	11,731,000	BRL	Brazil Letras do Tesouro Nacional, 6.51%, due 07/01/22(i)		2,192,492

See accompanying Notes to the Schedule of Investments.

111

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Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	13,096,000	BRL	Brazil Letras do Tesouro Nacional, 7.71%, due 07/01/23(i)		2,251,951
	13,812,000	BRL	Brazil Letras do Tesouro Nacional, 8.10%, due 01/01/24(i)		2,275,340
	1,129,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 05/15/45		988,272
	1,134,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 08/15/50		1,009,965
	14,614,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/23		3,021,513
	14,384,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/25		3,025,092
	25,480,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/27		5,384,971
	24,016,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/29		5,089,130
	5,374,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/31		1,129,369
	1,460,000		Brazilian Government International Bond, 4.75%, due 01/14/50		1,420,668
	90,000	EUR	Bundesrepublik Deutschland Bundesanleihe, Reg S, 0.00%, due 08/15/26(k)		109,941
	8,350,000	CNY	China Government Bond, 1.99%, due 04/09/25		1,249,977
	10,500,000	CNY	China Government Bond, 2.68%, due 05/21/30		1,565,289
	5,270,000	CNY	China Government Bond, 3.02%, due 10/22/25		819,359
	10,100,000	CNY	China Government Bond, 3.13%, due 11/21/29		1,563,376
	5,150,000	CNY	China Government Bond, 3.25%, due 11/22/28		805,843
	6,690,000	CNY	China Government Bond, 3.27%, due 11/19/30		1,049,354
	2,200,000	CNY	China Government Bond, 3.29%, due 05/23/29		345,009
	3,220,000	CNY	China Government Bond, 3.81%, due 09/14/50		511,534
	18,623,200,000	COP	Colombian TES, 6.00%, due 04/28/28		4,793,183
	2,269,600,000	COP	Colombian TES, 6.25%, due 11/26/25		616,645
	14,486,000,000	COP	Colombian TES, 7.00%, due 05/04/22		4,008,921
	4,715,700,000	COP	Colombian TES, 7.00%, due 06/30/32		1,232,623
	5,825,000,000	COP	Colombian TES, 7.25%, due 10/18/34		1,530,153
	9,879,600,000	COP	Colombian TES, 7.50%, due 08/26/26		2,803,650
	5,527,400,000	COP	Colombian TES, 7.75%, due 09/18/30		1,544,576
	13,361,400,000	COP	Colombian TES, 10.00%, due 07/24/24		4,080,354
	9,720,000	CZK	Czech Republic Government Bond, 0.25%, due 02/10/27		417,342
	18,720,000	CZK	Czech Republic Government Bond, Reg S, 0.95%, due 05/15/30(k)		811,820
	8,760,000	CZK	Czech Republic Government Bond, Reg S, 1.00%, due 06/26/26(k)		394,776
	22,420,000	CZK	Czech Republic Government Bond, 2.00%, due 10/13/33		1,061,919
	4,270,000	CZK	Czech Republic Government Bond, Reg S, 2.40%, due 09/17/25(k)		204,988
	10,550,000	CZK	Czech Republic Government Bond, 2.75%, due 07/23/29		526,530
	1,425,000		Dominican Republic International Bond, Reg S, 4.50%, due 01/30/30(k)		1,460,639
	14,650,000	DOP	Dominican Republic International Bond, Reg S, 9.75%, due 06/05/26(k)		290,649
	22,450,000	EGP	Egypt Government Bond, 14.61%, due 09/08/25		1,440,685
	13,761,000	EGP	Egypt Government Bond, 14.66%, due 10/06/30		877,416
	4,826,000	EGP	Egypt Government Bond, 16.10%, due 05/07/29		328,824
	49,395,000	EGP	Egypt Government Bond, 16.50%, due 04/02/26		3,379,742
	325,000		Egypt Government International Bond, 5.75%, due 05/29/24 144A		346,775
	590,000		Egypt Government International Bond, 7.60%, due 03/01/29 144A		649,797
	1,455,000		El Salvador Government International Bond, Reg S, 7.65%, due 06/15/35(k)		1,335,108
	27,505,000	BRL	European Investment Bank, (MTN), 5.43%, due 08/27/21(i)		5,434,565
	85,473,000	MXN	European Investment Bank, (MTN), 5.50%, due 01/23/23		4,267,962
	5,140,000	ZAR	European Investment Bank, (MTN), Reg S, 8.50%, due 09/17/24(k)		384,015
	560,000		Ghana Government International Bond, 7.63%, due 05/16/29 144A		567,871
	2,235,000		Ghana Government International Bond, 7.75%, due 04/07/29 144A		2,289,758
	200,000		Ghana Government International Bond, 8.13%, due 03/26/32 144A		203,311
	128,140,000	HUF	Hungary Government Bond, 3.00%, due 08/21/30		452,505

See accompanying Notes to the Schedule of Investments.

112

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	103,180,000	HUF	Hungary Government Bond, 2.50%, due 10/24/24		357,446
	56,010,000	HUF	Hungary Government Bond, 2.75%, due 12/22/26		195,615
	171,210,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		605,818
	108,660,000	HUF	Hungary Government Bond, 3.25%, due 10/22/31		389,734
	163,750,000	HUF	Hungary Government Bond, 5.50%, due 06/24/25		629,255
	174,190,000	HUF	Hungary Government Bond, 6.75%, due 10/22/28		761,250
	230,000		Indonesia Government International Bond, 3.50%, due 01/11/28(j)		251,621
	1,590,000		Indonesia Government International Bond, (MTN), Reg S, 5.25%, due 01/17/42(k)		1,985,879
	11,001,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		759,828
	16,843,000,000	IDR	Indonesia Treasury Bond, 6.50%, due 06/15/25		1,220,665
	35,718,000,000	IDR	Indonesia Treasury Bond, 6.50%, due 02/15/31		2,448,038
	10,023,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		690,004
	38,299,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		2,804,015
	11,176,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 09/15/30		798,429
	30,581,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 08/15/32		2,229,249
	54,905,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 05/15/38		3,894,468
	28,404,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 04/15/40		2,008,750
	11,405,000,000	IDR	Indonesia Treasury Bond, 8.13%, due 05/15/24		859,245
	30,548,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/29		2,352,238
	2,658,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 06/15/32		204,776
	17,059,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/36		1,293,719
	2,683,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		202,385
	14,937,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 09/15/26		1,159,709
	57,221,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		4,377,288
	27,983,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 04/15/39		2,143,112
	31,350,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		2,498,444
	18,253,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		1,460,240
	6,017,000,000	IDR	Indonesia Treasury Bond, 9.50%, due 07/15/31		500,079
	5,494,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		480,702
	22,300,000,000	IDR	Inter-American Development Bank, (MTN), 7.88%, due 03/14/23		1,621,210
	200,000		Israel Government International Bond, 2.75%, due 07/03/30		213,738
	445,000	EUR	Ivory Coast Government International Bond, 4.88%, due 01/30/32 144A		528,676
	143,723		Ivory Coast Government International Bond, Reg S, 5.75%, due 12/31/32(c) (k)		144,469
	540,000		Ivory Coast Government International Bond, Reg S, 6.13%, due 06/15/33(k)		571,304
	810,000		Kazakhstan Government International Bond, (MTN), Reg S, 5.13%, due 07/21/25(k)		942,767
	1,355,000		Kenya Government International Bond, Reg S, 7.25%, due 02/28/28(k)		1,500,459
	1,465,000		Kenya Government International Bond, Reg S, 8.00%, due 05/22/32(k)		1,652,601
	6,344,000	MYR	Malaysia Government Bond, 2.63%, due 04/15/31		1,444,510
	1,381,000	MYR	Malaysia Government Bond, 3.42%, due 08/15/22		338,633
	3,415,000	MYR	Malaysia Government Bond, 3.48%, due 06/14/24		850,817
	2,860,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		706,707
	6,468,000	MYR	Malaysia Government Bond, 3.50%, due 05/31/27		1,610,203
	1,025,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		248,755
	10,005,000	MYR	Malaysia Government Bond, 3.73%, due 06/15/28		2,517,792
	1,022,000	MYR	Malaysia Government Bond, 3.76%, due 05/22/40		231,736
	11,158,000	MYR	Malaysia Government Bond, 3.80%, due 08/17/23		2,787,912
	681,000	MYR	Malaysia Government Bond, 3.83%, due 07/05/34		163,504
	2,226,000	MYR	Malaysia Government Bond, 3.84%, due 04/15/33		545,051
	7,115,000	MYR	Malaysia Government Bond, 3.88%, due 03/14/25		1,797,021

See accompanying Notes to the Schedule of Investments.

113

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	12,517,000	MYR	Malaysia Government Bond, 3.89%, due 08/15/29		3,170,475
	661,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		167,932
	6,454,000	MYR	Malaysia Government Bond, 3.90%, due 11/16/27		1,638,787
	1,398,000	MYR	Malaysia Government Bond, 3.90%, due 11/30/26		355,289
	13,930,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		3,542,911
	1,275,000	MYR	Malaysia Government Bond, 4.06%, due 09/30/24		323,184
	624,000	MYR	Malaysia Government Bond, 4.13%, due 04/15/32		158,516
	953,000	MYR	Malaysia Government Bond, 4.18%, due 07/15/24		241,938
	1,205,000	MYR	Malaysia Government Bond, 4.23%, due 06/30/31		311,593
	6,905,000	MYR	Malaysia Government Bond, 4.39%, due 04/15/26		1,789,594
	4,041,000	MYR	Malaysia Government Bond, 4.50%, due 04/15/30		1,063,990
	1,597,000	MYR	Malaysia Government Bond, 4.74%, due 03/15/46		405,626
	1,798,000	MYR	Malaysia Government Bond, 4.76%, due 04/07/37		465,791
	647,000	MYR	Malaysia Government Bond, 4.89%, due 06/08/38		169,233
	38,538,500	MXN	Mexican Bonos, 5.75%, due 03/05/26		1,883,775
	19,558,300	MXN	Mexican Bonos, 6.50%, due 06/09/22		992,028
	10,202,000	MXN	Mexican Bonos, 6.75%, due 03/09/23		522,067
	11,994,200	MXN	Mexican Bonos, 7.25%, due 12/09/21		608,178
	61,951,400	MXN	Mexican Bonos, 7.50%, due 06/03/27		3,245,858
	12,236,100	MXN	Mexican Bonos, 7.75%, due 05/29/31		649,173
	30,890,100	MXN	Mexican Bonos, 7.75%, due 11/23/34		1,638,484
	46,391,700	MXN	Mexican Bonos, 7.75%, due 11/13/42		2,397,263
	22,141,200	MXN	Mexican Bonos, 8.00%, due 12/07/23		1,166,104
	9,850,600	MXN	Mexican Bonos, 8.00%, due 09/05/24		521,074
	39,496,600	MXN	Mexican Bonos, 8.00%, due 11/07/47		2,094,297
	39,329,000	MXN	Mexican Bonos, 8.50%, due 05/31/29		2,175,576
	64,086,400	MXN	Mexican Bonos, 8.50%, due 11/18/38		3,559,687
	57,110,600	MXN	Mexican Bonos, 10.00%, due 12/05/24		3,205,287
	23,060,000	MXN	Mexican Bonos, 10.00%, due 11/20/36		1,461,057
	12,151,241	MXN	Mexican Udibonos, 4.50%, due 11/22/35		715,817
	420,000		Mexico Government International Bond, 2.66%, due 05/24/31(j)		411,344
	902,000		Mexico Government International Bond, 3.60%, due 01/30/25		993,138
	830,000		Nigeria Government International Bond, Reg S, 7.14%, due 02/23/30(k)		878,250
	1,370,000		Nigeria Government International Bond (MTN), Reg S, 6.50%, due 11/28/27(k)		1,456,161
	755,000		Oman Sovereign Sukuk Co., 4.88%, due 06/15/30 144A		775,898
	630,000		Panama Government International Bond, 4.50%, due 04/01/56		714,414
	640,000		Peruvian Government International Bond, 2.78%, due 01/23/31		653,606
	4,428,000	PEN	Peruvian Government International Bond (GDN), Reg S, 6.35%, due 08/12/28(k)		1,294,979
	2,314,000	PEN	Peruvian Government International Bond (GDN), Reg S, 6.95%, due 08/12/31(k)		679,182
	2,849,000	PEN	Peruvian Government International Bond (GDN), Reg S, 8.20%, due 08/12/26(k)		925,252
	1,080,000		Provincia de Buenos Aires/Argentina, 6.50%, due 02/15/23 144A		480,611
	150,000		Provincia de Buenos Aires/Argentina, 7.88%, due 06/15/27 144A		67,877
	180,000		Provincia de Buenos Aires/Argentina, 9.13%, due 03/16/24 144A		81,452
	330,000		Provincia de Buenos Aires/Argentina, 9.95%, due 06/09/21(d)		157,579
	56,667		Provincia de Buenos Aires/Argentina, 10.88%, due 01/26/21(d)		28,192
	421,629		Provincia de Cordoba/Argentina, 5.00%, due 12/10/25(c) 144A		327,479
	200,000		Qatar Government International Bond, 4.82%, due 03/14/49 144A		258,016
	1,050,000		Qatar Government International Bond, 5.10%, due 04/23/48 144A		1,396,586
	9,335,000	PLN	Republic of Poland Government Bond, 1.25%, due 10/25/30		2,375,030
	3,288,000	PLN	Republic of Poland Government Bond, 1.75%, due 07/25/21		864,579

See accompanying Notes to the Schedule of Investments.

114

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	15,263,000	PLN	Republic of Poland Government Bond, 2.25%, due 04/25/22		4,086,170
	5,078,000	PLN	Republic of Poland Government Bond, 2.50%, due 01/25/23		1,381,984
	4,014,000	PLN	Republic of Poland Government Bond, 2.75%, due 04/25/28		1,143,626
	7,947,000	PLN	Republic of Poland Government Bond, 2.75%, due 10/25/29		2,286,406
	986,000	PLN	Republic of Poland Government Bond, 5.75%, due 09/23/22		276,958
	41,727,040	ZAR	Republic of South Africa Government Bond, 6.25%, due 03/31/36		2,076,510
	18,936,293	ZAR	Republic of South Africa Government Bond, 6.50%, due 02/28/41		892,325
	55,656,164	ZAR	Republic of South Africa Government Bond, 7.00%, due 02/28/31		3,347,068
	31,142,463	ZAR	Republic of South Africa Government Bond, 8.00%, due 01/31/30		2,070,410
	14,512,491	ZAR	Republic of South Africa Government Bond, 8.25%, due 03/31/32		929,188
	45,138,681	ZAR	Republic of South Africa Government Bond, 8.50%, due 01/31/37		2,721,580
	66,589,058	ZAR	Republic of South Africa Government Bond, 8.75%, due 01/31/44		3,957,406
	109,618,107	ZAR	Republic of South Africa Government Bond, 8.75%, due 02/28/48		6,507,418
	34,272,890	ZAR	Republic of South Africa Government Bond, 8.88%, due 02/28/35		2,180,640
	7,422,320	ZAR	Republic of South Africa Government Bond, 9.00%, due 01/31/40		457,013
	35,632,995	ZAR	Republic of South Africa Government Bond, 10.50%, due 12/21/26		2,839,160
	3,390,000	RON	Romania Government Bond, 3.25%, due 04/29/24		835,506
	860,000	RON	Romania Government Bond, 4.00%, due 10/25/23		215,419
	1,195,000	RON	Romania Government Bond, 4.25%, due 06/28/23		298,905
	312,000	EUR	Romanian Government International Bond, 2.75%, due 02/26/26 144A		409,873
	355,000	EUR	Romanian Government International Bond, 3.62%, due 05/26/30 144A		487,652
	264,508,000	RUB	Russian Federal Bond - OFZ, 6.90%, due 05/23/29		3,607,298
	49,770,000	RUB	Russian Federal Bond - OFZ, 7.00%, due 08/16/23		685,251
	499,819,000	RUB	Russian Federal Bond - OFZ, 7.05%, due 01/19/28		6,892,085
	227,763,000	RUB	Russian Federal Bond - OFZ, 7.10%, due 10/16/24		3,146,058
	194,980,000	RUB	Russian Federal Bond - OFZ, 7.25%, due 05/10/34		2,707,027
	56,819,000	RUB	Russian Federal Bond - OFZ, 7.40%, due 12/07/22		788,504
	47,168,000	RUB	Russian Federal Bond - OFZ, 7.65%, due 04/10/30		672,179
	138,935,000	RUB	Russian Federal Bond - OFZ, 7.70%, due 03/23/33		1,995,198
	38,304,000	RUB	Russian Federal Bond - OFZ, 7.70%, due 03/16/39		555,010
	135,970,000	RUB	Russian Federal Bond - OFZ, 7.75%, due 09/16/26		1,933,262
	47,137,000	RUB	Russian Federal Bond - OFZ, 7.95%, due 10/07/26		674,758
	227,158,000	RUB	Russian Federal Bond - OFZ, 8.15%, due 02/03/27		3,288,152
	77,879,000	RUB	Russian Federal Bond - OFZ, 8.50%, due 09/17/31		1,176,440
	330,000		State of Israel, 3.38%, due 01/15/50		353,291
	2,325,000	TRY	Turkey Government Bond, 9.00%, due 05/04/22		251,568
	18,318,344	TRY	Turkey Government Bond, 11.70%, due 11/13/30		1,627,829
	4,889,000	TRY	Turkey Government Bond, 12.60%, due 10/01/25		481,162
	2,445,000		Turkiye Ihracat Kredi Bankasi AS, 5.75%, due 07/06/26 144A		2,445,000
	1,070,000		Ukraine Government International Bond, 7.25%, due 03/15/33 144A		1,117,456
	1,580,000		Ukraine Government International Bond, Reg S, 1.26%, due 05/31/40(f) (k)		1,878,604
	1,520,000		Ukraine Government International Bond, Reg S, 7.25%, due 03/15/33(k)		1,587,414
	19,966,000	UYU	Uruguay Government International Bond, Reg S, 8.50%, due 03/15/28(k)		477,917
					287,072,114
			U.S. Government and Agency Obligations — 0.0%
	30,000		U.S. Treasury Bond, 2.25%, due 05/15/41		31,223
			TOTAL DEBT OBLIGATIONS (COST $772,562,797)		790,424,392

See accompanying Notes to the Schedule of Investments.

115

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 0.1%
		Consumer, Cyclical — 0.0%
	7,396,155	Edcon Holdings, Ltd. 1* (n) (o)		—
	736,020	Edcon Holdings, Ltd. 2* (n) (o)		—
		TOTAL CONSUMER, CYCLICAL		—
		Energy — 0.0%
	10	Amplify Energy Corp.*		41
	14,783	Nine Point Energy Holdings, LLC* (n)		—
		TOTAL ENERGY		41
		Industrial — 0.0%
	1,282	Arctic Canadian Diamond Co., Ltd.* (n)		—
		Utilities — 0.1%
	8,511	Birch Permian Holdings, Inc.* (n)		110,643
	66,347	Birch Permian Holdings, Inc.* (n)		862,511
		TOTAL UTILITIES		973,154
		TOTAL COMMON STOCKS (COST $1,610,355)		973,195
		CONVERTIBLE PREFERRED STOCKS — 1.0%
		Consumer, Cyclical — 0.0%
	700	Aptiv Plc, 5.50%		125,174
		Consumer, Non-cyclical — 0.1%
	7,582	Bunge, Ltd., 4.88%(l)		881,256
	100	Danaher Corp., 5.00%(j)		147,527
		TOTAL CONSUMER, NON-CYCLICAL		1,028,783
		Energy — 0.7%
	103,220	MPLX, LP, 8.46%(c) (l)		3,444,967
	322	Nine Point Energy Holdings, Inc., 0.00%* (n)		134,883
	2,430	Targa Resources Corp., 9.50%(l)		2,631,086
		TOTAL ENERGY		6,210,936
		Financial — 0.1%
	3,306	Elanco Animal Health, Inc., 5.00%		177,400
	1,601	KKR & Co., Inc., 6.00%		123,373
		TOTAL FINANCIAL		300,773
		Technology — 0.1%
	80	Broadcom, Inc., 8.00%		121,590
	8,900	Clarivate Plc, 5.25%		931,830
		TOTAL TECHNOLOGY		1,053,420
		TOTAL CONVERTIBLE PREFERRED STOCK (COST $8,623,909)		8,719,086

See accompanying Notes to the Schedule of Investments.

116

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Shares				Description	Value ($)
				PREFERRED STOCK — 0.0%
				Financial — 0.0%
	8,000			B Riley Financial, Inc., 5.50%		200,640
				TOTAL PREFERRED STOCK (COST $200,000)		200,640
Notional Value				Description	Value ($)
				PURCHASED OPTIONS — 0.1%
				PURCHASED CURRENCY OPTIONS — 0.0%
				Call Options — 0.0%
	17,900,000	AUD		AUD/USD Option with JPMorgan Chase Bank N.A., Strike Price USD 0.77, Expires 08/05/21		22,604
	3,020,000	EUR		EUR/USD Option with Morgan Stanley & Co., Strike Price USD 109.50, Expires 08/18/21		18,409
	9,800,000	EUR		EUR/USD Option with Morgan Stanley and Co. International Plc, Strike Price USD 1.21, Expires 07/23/21		10,518
	2,771,000	JPY		JPY/USD Option with Morgan Stanley & Co., Strike Price USD 115.20, Expires 11/10/21		7,703
				Put Options — 0.0%
	3,006,000	EUR		EUR/USD Option with BNP Paribas S.A., Strike Price USD 109.00, Expires 08/18/21		14,994
	8,100,000			USD/CAD Option with Bank of America, N.A., Strike Price CAD 110.00, Expires 07/12/21		7,735
	4,700,000			USD/INR Option with Bank of America, N.A., Strike Price INR 73.00, Expires 07/02/21		5
				TOTAL PURCHASED CURRENCY OPTIONS (PREMIUMS PAID $214,483)		81,968
Number of Contracts			Notional Value ($)	Description	Value ($)
				PURCHASED FUTURES OPTIONS — 0.0%
				Put Options — 0.0%
	1,550		6,647,330	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $4,000.00, Expires 09/17/21		74,400
	1,550		6,647,330	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,900.00, Expires 09/17/21		57,350
	2,350		10,078,210	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,850.00, Expires 09/17/21		76,963
	2,500		10,721,500	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,800.00, Expires 07/16/21		5,125
				TOTAL PURCHASED FUTURES OPTIONS (PREMIUMS PAID $400,947)		213,838

See accompanying Notes to the Schedule of Investments.

117

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

June 30, 2021 (Unaudited)

Notional Value			Description	Value ($)
			PURCHASED SWAPTION — 0.1%
			Put Swaption — 0.1%
	15,100,000	EUR	6 mo. LIBOR Index Option with Morgan Stanley & Co., Strike Price EUR 0.25, Expires 05/06/22		269,321
			TOTAL PURCHASED OPTIONS (PREMIUMS PAID $1,009,839)		565,127
Par Value(a)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 1.9%
			Mutual Fund - Securities Lending Collateral — 0.9%
	7,733,407		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(p) (q)		7,733,407
			Sovereign Debt Obligation — 1.0%
	141,575,000	EGP	Egypt Treasury Bills, 12.64%, due 01/04/22(i)		8,468,168
			TOTAL SHORT-TERM INVESTMENTS (COST $16,235,179)		16,201,575
			TOTAL INVESTMENTS — 95.7% (Cost $800,242,079)		817,084,015
			Other Assets and Liabilities (net)(r) — 4.3%		37,093,674
			NET ASSETS — 100.0%	$854,177,689
			Notes to Schedule of Investments:
		*	Non-income producing security.
		(a)	Unless otherwise indicated, all par values are denominated in United States dollars ($).
		(b)	Variable or floating rate note. Rate shown is as of June 30, 2021.
		(c)	Step coupon security that pays an initial coupon rate for the first period and then a lower/higher coupon rate for the following periods. Rate shown is current coupon rate.
		(d)	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 $3,336,933, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.
		(e)	When-issued security.
		(f)	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.
		(g)	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.
		(h)	Security is currently in default.
		(i)	Interest rate presented is yield to maturity.

See accompanying Notes to the Schedule of Investments.

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June 30, 2021 (Unaudited)

(j)	All or a portion of this security is out on loan.
(k)	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.
(l)	Security is perpetual and has no stated maturity date.
(m)	Year of maturity is greater than 2100.
(n)	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $1,438,539 which represents 0.2% of net assets. The aggregate tax cost of these securities held at June 30, 2021 was $2,870,539.
(o)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
(p)	The rate disclosed is the 7-day net yield as of June 30, 2021.
(q)	Represents an investment of securities lending cash collateral.
(r)	As of June 30, 2021, the value of unfunded loan commitments was $349,149 for the Fund. See Notes to Schedule of Investments.
144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $273,209,413 which represents 32.0% of net assets.

At June 30, 2021, the Fund held the following restricted securities:

Restricted Securities	Acquisition Date		Principal Amount			Cost			Value
Credit Suisse Mortgage Trust CMO, Series 2019 RIO, Class B, 8.00% (1 mo. USD LIBOR + 7.00%), due 12/15/21		12/16/19		USD	742,500		$	742,500		$	711,224
K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22		08/23/13		USD	612,968			725,119			2,084
K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22		01/30/16		USD	198,302			215,945			516
Magnolia Financial X DAC, Series 2020-1, 1.00%, due 08/13/24		03/02/20		USD	614,172			614,172			586,255
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22		01/25/19		USD	400,000			334,367			520
Provincia de Buenos Aires/Argentina, 9.95%, due 06/09/21		09/17/19		USD	150,000			150,000			71,627
Provincia de Buenos Aires/Argentina, 10.88%, due 01/26/21		10/23/19		USD	56,667			56,667			28,192
Provincia de Buenos Aires/Argentina, 9.95%, due 06/09/21		08/13/19		USD	180,000			180,000			85,952
Societe Generale SA, 3.63%, due 03/01/41		02/22/21		USD	1,495,000			1,494,158			1,520,061
Starwood Retail Property Trust, Series 2014-STAR, Class C, 2.82% (1 mo. USD LIBOR + 2.75%), due 11/15/27		07/25/18		USD	230,000			226,550			108,666
Starwood Retail Property Trust, Series 2014-STAR, Class D, 3.57% (1 mo. USD LIBOR + 3.50%), due 11/15/27		12/21/18		USD	900,000			732,750			221,836
										$	3,336,933

See accompanying Notes to the Schedule of Investments.

119

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Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
AUD	3,517,155	USD	2,692,157		07/19/21	Citibank N.A.	$	(51,420	)
AUD	2,420,000	USD	1,824,088		07/14/21	Morgan Stanley and Co. International Plc		(7,156	)
AUD	2,490,000	USD	1,894,347		07/19/21	Morgan Stanley Capital Services, Inc.		(24,815	)
AUD	1,609,880	USD	1,246,779		07/14/21	Toronto Dominion Bank		(38,084	)
BRL	6,400,000	USD	1,266,497		07/14/21	Citibank N.A.		7,373
BRL	3,000,000	USD	599,880		07/14/21	Deutsche Bank AG		(2,753	)
BRL	12,000,000	USD	2,391,612		07/14/21	JPMorgan Chase Bank N.A.		(3,105	)
BRL	15,275,300	USD	2,989,237		09/13/21	JPMorgan Chase Bank N.A.		28,930
CAD	3,608,280	USD	2,882,250		07/19/21	Citibank N.A.		31,614
CAD	3,346,566	USD	2,718,891		07/19/21	Goldman Sachs & Co.		(16,372	)
CAD	5,916,060	USD	4,795,157		07/19/21	Morgan Stanley Capital Services, Inc.		(17,644	)
CAD	800,000	USD	661,877		07/14/21	The BNY Mellon		(15,836	)
CHF	547,710	USD	611,979		07/14/21	Deutsche Bank AG		(19,251	)
CLP	484,300,000	USD	650,603		07/14/21	Bank of America, N.A.		14,326
CLP	212,287,876	USD	294,419		07/14/21	Deutsche Bank AG		(2,955	)
CLP	305,224,411	USD	402,947		07/14/21	Goldman Sachs International		16,116
CLP	38,187,713	USD	52,168		07/14/21	HSBC Bank Plc		263
CLP	914,569,964	USD	1,275,818		07/14/21	JPMorgan Chase Bank N.A.		(20,143	)
CLP	717,397,500	USD	999,230		09/13/21	JPMorgan Chase Bank N.A.		(15,799	)
CNH	11,800,000	USD	1,823,522		07/14/21	Bank of America, N.A.		1,746
CNH	1,700,000	USD	265,843		07/14/21	Goldman Sachs International		(2,881	)
CNH	46,098,620	USD	7,192,768		07/14/21	Morgan Stanley and Co. International Plc		(62,062	)
CNY	87,228,800	USD	13,542,089		09/09/21	JPMorgan Chase Bank N.A.		(104,598	)
COP	911,940,000	USD	241,794		07/14/21	HSBC Bank Plc		2,286
COP	4,639,078,700	USD	1,239,021		07/23/21	JPMorgan Chase Bank N.A.		2,098
CZK	99,142,512	USD	4,759,488		07/14/21	Barclays Bank Plc		(150,303	)
CZK	13,000,000	USD	621,230		07/14/21	Citibank N.A.		(16,854	)
CZK	1,872,700	USD	89,107		08/19/21	JPMorgan Chase Bank N.A.		(2,065	)
CZK	3,400,000	USD	158,869		07/14/21	Morgan Stanley and Co. International Plc		(801	)
CZK	9,600,000	USD	447,511		07/14/21	Toronto Dominion Bank		(1,202	)
CZK	26,000,000	USD	1,219,822		07/14/21	UBS AG		(11,069	)
EUR	500,000	USD	606,706		07/14/21	Bank of America, N.A.		(13,605	)
EUR	17,389,250	USD	21,206,644		07/14/21	Barclays Bank Plc		(579,492	)
EUR	500,000	USD	596,102		07/19/21	BNP Paribas S.A.		(2,941	)
EUR	284,000	USD	337,477		07/01/21	Goldman Sachs & Co.		(681	)
EUR	895,000	USD	1,086,001		07/06/21	Goldman Sachs & Co.		(24,527	)
EUR	210,000	USD	254,681		07/19/21	Goldman Sachs & Co.		(5,554	)
EUR	1,328,000	USD	1,619,348		07/07/21	HSBC Bank USA, N.A.		(44,301	)
EUR	1,700,000	USD	2,033,859		07/14/21	JPMorgan Chase Bank N.A.		(17,317	)
EUR	600,000	USD	711,303		07/14/21	Morgan Stanley and Co. International Plc		418
EUR	1,187,000	USD	1,416,875		07/06/21	Morgan Stanley Capital Services, Inc.		(9,089	)
EUR	1,570,000	USD	1,900,196		07/19/21	Morgan Stanley Capital Services, Inc.		(37,671	)
EUR	722,000	USD	858,133		07/01/21	Standard Chartered Bank		(1,913	)
EUR	1,100,000	USD	1,341,368		07/14/21	The BNY Mellon		(36,546	)
GBP	2,478,329	USD	3,507,973		07/19/21	Goldman Sachs & Co.		(84,118	)
GBP	431,450	USD	611,606		07/14/21	Morgan Stanley and Co. International Plc		(15,558	)
GBP	330,000	USD	466,460		07/19/21	Morgan Stanley Capital Services, Inc.		(10,559	)
HUF	187,800,000	USD	629,941		07/14/21	Bank of America, N.A.		4,476

See accompanying Notes to the Schedule of Investments.

120

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Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
HUF	267,200,000	USD	928,382		07/14/21	Citibank N.A.	$	(25,739	)
HUF	179,600,000	USD	608,475		07/14/21	Deutsche Bank AG		(1,759	)
HUF	95,040,000	USD	319,537		07/14/21	HSBC Bank Plc		1,522
HUF	641,214,400	USD	2,185,103		08/19/21	JPMorgan Chase Bank N.A.		(20,273	)
HUF	468,542,278	USD	1,644,931		07/14/21	Morgan Stanley and Co. International Plc		(62,124	)
HUF	93,100,000	USD	320,001		07/14/21	State Street Bank London		(5,495	)
IDR	4,795,000,000	USD	331,719		07/14/21	Bank of America, N.A.		(1,342	)
IDR	4,201,569,820	USD	286,275		08/18/21	Citibank N.A.		2,402
IDR	30,562,710,360	USD	2,140,546		07/14/21	HSBC Bank Plc		(34,763	)
IDR	1,446,230,180	USD	98,516		08/18/21	HSBC Bank Plc		849
IDR	178,115,463,482	USD	12,294,170		07/02/21	JPMorgan Chase Bank N.A.		(10,345	)
IDR	39,752,230,800	USD	2,747,217		07/06/21	JPMorgan Chase Bank N.A.		(6,559	)
IDR	25,821,860,000	USD	1,806,988		07/19/21	Morgan Stanley Capital Services, Inc.		(28,538	)
INR	22,400,000	USD	300,671		07/14/21	Bank of America, N.A.		325
INR	61,700,000	USD	829,629		07/14/21	Deutsche Bank AG		(545	)
INR	45,800,000	USD	625,675		07/14/21	Goldman Sachs International		(10,245	)
INR	136,494,397	USD	1,853,728		07/14/21	HSBC Bank Plc		(19,609	)
INR	54,700,000	USD	744,572		07/14/21	JPMorgan Chase Bank N.A.		(9,551	)
INR	10,405,603	USD	142,095		07/14/21	Morgan Stanley and Co. International Plc		(2,271	)
INR	45,800,000	USD	616,375		07/14/21	UBS AG		(946	)
JPY	35,562,180	USD	324,262		07/14/21	Bank of America, N.A.		(3,824	)
JPY	175,300,000	USD	1,584,906		07/14/21	Bank of New York		(5,338	)
JPY	34,100,000	USD	310,082		07/14/21	Citibank N.A.		(2,818	)
JPY	207,900,000	USD	1,874,547		07/14/21	Goldman Sachs International		(1,231	)
JPY	593,400,000	USD	5,379,055		07/14/21	JPMorgan Chase Bank N.A.		(32,132	)
JPY	361,935,706	USD	3,293,558		07/19/21	Morgan Stanley Capital Services, Inc.		(32,140	)
JPY	423,700,000	USD	3,823,540		07/14/21	State Street Bank London		(5,724	)
KRW	6,997,026,400	USD	6,173,709		08/23/21	JPMorgan Chase Bank N.A.		38,042
KZT	26,300,000	USD	60,704		09/02/21	Bank of America, N.A.		(105	)
KZT	90,550,000	USD	206,311		07/21/21	Goldman Sachs International		4,592
KZT	55,962,020	USD	129,347		08/11/21	Goldman Sachs International		301
KZT	198,300,000	USD	455,862		08/19/21	Goldman Sachs International		2,631
KZT	423,218,120	USD	971,241		09/02/21	Goldman Sachs International		3,911
KZT	113,098,870	USD	257,658		07/21/21	Morgan Stanley and Co. International Plc		5,764
KZT	151,631,120	USD	350,754		08/19/21	Morgan Stanley and Co. International Plc		(165	)
KZT	20,530,000	USD	47,130		08/19/21	Natwest Markets Plc		337
MXN	10,713,160	USD	538,260		07/14/21	Bank of America, N.A.		(989	)
MXN	6,225,461	USD	314,839		07/14/21	Citibank N.A.		(2,628	)
MXN	39,510,778	USD	1,936,774		07/19/21	Citibank N.A.		43,532
MXN	33,070,000	USD	1,621,264		07/19/21	Goldman Sachs & Co.		36,226
MXN	27,560,000	USD	1,392,066		07/14/21	Goldman Sachs International		(9,915	)
MXN	39,200,000	USD	1,969,475		07/14/21	HSBC Bank Plc		(3,570	)
MXN	13,138,559	USD	637,177		07/14/21	JPMorgan Chase Bank N.A.		21,731
MXN	20,273,200	USD	1,015,975		09/17/21	JPMorgan Chase Bank N.A.		(7,402	)
MXN	27,948,039	USD	1,394,444		07/14/21	Morgan Stanley and Co. International Plc		7,168
MXN	68,640,000	USD	3,374,514		07/19/21	Morgan Stanley Capital Services, Inc.		65,768
MXN	4,200,000	USD	213,001		07/14/21	Natwest Markets Plc		(2,369	)
MXN	2,500,000	USD	121,779		07/14/21	State Street Bank London		3,597

See accompanying Notes to the Schedule of Investments.

121

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
MXN	920,000	USD	46,505		07/14/21	UBS AG	$	(367	)
MYR	4,116,240	USD	998,603		07/14/21	Goldman Sachs International		(7,606	)
NOK	64,490,000	USD	7,656,505		07/19/21	Morgan Stanley Capital Services, Inc.		(161,549	)
NZD	833,280	USD	599,937		07/14/21	JPMorgan Chase Bank N.A.		(17,683	)
PEN	5,001,180	USD	1,276,196		07/14/21	Bank of America, N.A.		29,976
PEN	2,400,000	USD	605,162		07/14/21	Goldman Sachs International		21,653
PEN	256,000	USD	66,780		07/12/21	JPMorgan Chase Bank N.A.		67
PEN	112,000	USD	28,851		07/21/21	JPMorgan Chase Bank N.A.		421
PEN	24,700	USD	6,346		07/26/21	JPMorgan Chase Bank N.A.		113
PEN	1,200,000	USD	302,496		07/14/21	Morgan Stanley and Co. International Plc		10,912
PHP	8,175,950	USD	171,006		07/14/21	Bank of America, N.A.		(3,567	)
PHP	29,600,000	USD	605,738		07/14/21	Goldman Sachs International		452
PHP	29,471,710	USD	603,812		07/14/21	HSBC Bank Plc		(250	)
PHP	14,800,000	USD	303,465		07/14/21	JPMorgan Chase Bank N.A.		(370	)
PHP	11,804,400	USD	244,681		09/20/21	JPMorgan Chase Bank N.A.		(3,477	)
PLN	4,600,000	USD	1,229,212		07/14/21	Bank of America, N.A.		(20,827	)
PLN	1,200,000	USD	317,872		07/14/21	Barclays Bank Plc		(2,642	)
PLN	1,200,000	USD	317,728		07/14/21	HSBC Bank Plc		(2,497	)
PLN	626,287	USD	164,882		07/14/21	JPMorgan Chase Bank N.A.		(361	)
PLN	180,000	USD	47,461		08/19/21	JPMorgan Chase Bank N.A.		(171	)
PLN	21,679,058	USD	5,895,953		07/14/21	Morgan Stanley and Co. International Plc		(201,031	)
RON	2,700,000	USD	668,549		07/14/21	Bank of America, N.A.		(18,548	)
RON	2,500,000	USD	618,797		07/14/21	Goldman Sachs International		(16,944	)
RON	4,800,000	USD	1,187,424		07/14/21	JPMorgan Chase Bank N.A.		(31,867	)
RON	13,999,100	USD	3,437,471		08/19/21	JPMorgan Chase Bank N.A.		(71,829	)
RON	4,100,000	USD	1,009,778		07/14/21	State Street Bank London		(22,739	)
RUB	270,585,020	USD	3,721,863		07/14/21	Bank of America, N.A.		(24,216	)
RUB	180,270,000	USD	2,305,862		07/19/21	Citibank N.A.		155,745
RUB	215,798,985	USD	2,813,678		07/19/21	Goldman Sachs & Co.		133,080
RUB	57,300,000	USD	788,270		07/14/21	Goldman Sachs International		(5,244	)
RUB	8,860,000	USD	122,050		07/14/21	UBS AG		(974	)
THB	17,400,000	USD	553,735		07/14/21	Barclays Bank Plc		(10,851	)
THB	311,523,120	USD	9,991,120		07/14/21	Citibank N.A.		(271,538	)
THB	30,000,000	USD	946,047		07/14/21	Goldman Sachs International		(10,041	)
THB	67,900,000	USD	2,144,485		07/14/21	HSBC Bank Plc		(25,992	)
THB	36,551,400	USD	1,171,895		09/20/21	JPMorgan Chase Bank N.A.		(31,794	)
TRY	9,423,200	USD	1,100,174		07/26/21	JPMorgan Chase Bank N.A.		(29,109	)
UAH	35,325,330	USD	1,249,570		09/02/21	Citibank N.A.		21,583
UAH	4,672,880	USD	164,945		07/21/21	Goldman Sachs International		5,334
UAH	14,100,000	USD	497,530		08/11/21	Goldman Sachs International		13,107
UAH	736,160	USD	25,876		08/11/21	HSBC Bank Plc		785
UAH	14,077,160	USD	491,007		07/20/21	UBS AG		22,115
ZAR	1,970,000	USD	137,156		07/14/21	Bank of America, N.A.		605
ZAR	24,540,790	USD	1,746,955		07/14/21	Citibank N.A.		(30,832	)
ZAR	8,800,000	USD	627,674		07/14/21	Deutsche Bank AG		(12,295	)
ZAR	6,900,000	USD	492,111		07/14/21	Goldman Sachs International		(9,598	)
ZAR	8,500,000	USD	594,949		07/14/21	HSBC Bank Plc		(549	)
ZAR	4,205,000	USD	304,863		09/16/21	JPMorgan Chase Bank N.A.		(13,167	)

See accompanying Notes to the Schedule of Investments.

122

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
ZAR	14,700,000	USD	1,039,033		07/14/21	Morgan Stanley and Co. International Plc	$	(11,070	)
ZAR	3,900,000	USD	275,663		07/14/21	Natwest Markets Plc		(2,938	)
USD	601,316	AUD	800,000		07/14/21	Barclays Bank Plc		677
USD	603,252	AUD	800,000		07/14/21	JPMorgan Chase Bank N.A.		2,613
USD	983,049	AUD	1,270,000		07/19/21	Morgan Stanley Capital Services, Inc.		29,512
USD	60,715	AUD	80,000		07/14/21	The BNY Mellon		651
USD	189,703	AUD	249,880		07/14/21	UBS AG		2,094
USD	315,615	BRL	1,595,028		07/14/21	Bank of America, N.A.		(1,863	)
USD	1,139,292	BRL	5,744,975		07/14/21	Citibank N.A.		(4,200	)
USD	943,412	BRL	5,284,242		07/19/21	Citibank N.A.		(107,849	)
USD	136,192	BRL	686,257		07/14/21	Goldman Sachs International		(402	)
USD	5,822,676	BRL	29,383,846		07/14/21	JPMorgan Chase Bank N.A.		(25,951	)
USD	4,994,443	BRL	26,514,500		08/23/21	JPMorgan Chase Bank N.A.		(258,320	)
USD	2,214,737	BRL	11,148,534		07/14/21	Morgan Stanley and Co. International Plc		(4,293	)
USD	2,614,543	CAD	3,270,000		07/19/21	Citibank N.A.		(26,144	)
USD	4,170,984	CAD	5,135,588		07/19/21	Goldman Sachs & Co.		23,743
USD	645,377	CAD	800,000		07/14/21	Morgan Stanley and Co. International Plc		(664	)
USD	54,462	CHF	50,000		07/14/21	Bank of America, N.A.		352
USD	543,676	CHF	500,000		07/14/21	JPMorgan Chase Bank N.A.		2,579
USD	300,504	CLP	220,593,115		07/14/21	Bank of America, N.A.		(2,364	)
USD	179,286	CLP	135,700,000		07/14/21	Citibank N.A.		(7,025	)
USD	7,774	CLP	5,749,849		07/14/21	Goldman Sachs International		(120	)
USD	302,109	CLP	224,500,000		07/14/21	HSBC Bank Plc		(6,122	)
USD	120,034	CLP	89,820,000		07/14/21	JPMorgan Chase Bank N.A.		(3,286	)
USD	975,719	CLP	717,397,500		09/13/21	JPMorgan Chase Bank N.A.		(7,712	)
USD	542,403	CLP	397,357,036		07/14/21	Morgan Stanley and Co. International Plc		(3,155	)
USD	77,489	CNH	500,000		07/14/21	Deutsche Bank AG		148
USD	3,327,105	CNH	21,512,987		07/14/21	HSBC Bank Plc		(604	)
USD	151,992	CNH	987,013		07/14/21	State Street Bank London		(683	)
USD	171,476	CNY	1,100,000		07/14/21	State Street Bank London		1,372
USD	911,606	COP	3,429,852,272		07/14/21	Citibank N.A.		(6,392	)
USD	612,663	COP	2,273,900,000		07/14/21	HSBC Bank Plc		4,056
USD	351,880	COP	1,263,003,544		07/14/21	JPMorgan Chase Bank N.A.		13,838
USD	4,105,966	COP	15,203,162,000		07/23/21	JPMorgan Chase Bank N.A.		38,580
USD	809,752	COP	3,057,800,000		07/14/21	Morgan Stanley and Co. International Plc		(8,666	)
USD	823,561	COP	3,119,247,728		07/14/21	Natwest Markets Plc		(11,304	)
USD	264,256	CZK	5,500,000		07/14/21	State Street Bank London		8,558
USD	957,268	EUR	800,000		07/14/21	Bank of America, N.A.		8,307
USD	1,577,428	EUR	1,295,000		07/15/21	Bank of America, N.A.		41,266
USD	692,021	EUR	580,000		07/26/21	Bank of America, N.A.		3,856
USD	317,624	EUR	266,000		07/30/21	Bank of America, N.A.		1,991
USD	1,944,256	EUR	1,595,000		07/12/21	Barclays Bank Plc		52,342
USD	743,070	EUR	608,000		07/13/21	Barclays Bank Plc		21,874
USD	19,738,625	EUR	16,185,488		07/14/21	Barclays Bank Plc		539,377
USD	322,565	EUR	266,000		07/19/21	Barclays Bank Plc		7,003
USD	1,629,436	EUR	1,366,000		07/30/21	Barclays Bank Plc		8,557
USD	1,464,407	EUR	1,201,000		07/14/21	BNP Paribas S.A.		39,779
USD	2,947,460	EUR	2,458,341		07/19/21	BNP Paribas S.A.		31,077

See accompanying Notes to the Schedule of Investments.

123

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	1,219,513	EUR	1,000,000		07/14/21	Citibank N.A.	$	33,311
USD	999,155	EUR	840,000		07/19/21	Citibank N.A.		2,644
USD	1,269,844	EUR	1,063,000		07/21/21	Citibank N.A.		8,732
USD	1,284,598	EUR	1,075,000		07/28/21	Citibank N.A.		9,068
USD	953,975	EUR	799,000		07/30/21	Commonwealth Bank of Australia		5,891
USD	2,706,888	EUR	2,221,000		07/12/21	Deutsche Bank AG		72,442
USD	1,161,003	EUR	953,000		07/16/21	Deutsche Bank AG		30,507
USD	182,553	EUR	153,000		07/30/21	Deutsche Bank AG		1,006
USD	346,875	EUR	284,000		07/01/21	Goldman Sachs & Co.		10,080
USD	1,091,424	EUR	895,000		07/06/21	Goldman Sachs & Co.		29,951
USD	254,636	EUR	210,000		07/19/21	Goldman Sachs & Co.		5,508
USD	213,926	EUR	179,000		07/28/21	Goldman Sachs & Co.		1,536
USD	337,692	EUR	284,000		08/02/21	Goldman Sachs & Co.		681
USD	2,859,154	EUR	2,353,000		07/07/21	HSBC Bank USA, N.A.		68,427
USD	1,644,851	EUR	1,350,000		07/08/21	HSBC Bank USA, N.A.		43,677
USD	607,569	EUR	500,000		07/14/21	JPMorgan Chase Bank N.A.		14,468
USD	3,953,897	EUR	3,300,000		07/14/21	Morgan Stanley and Co. International Plc		39,432
USD	1,450,383	EUR	1,187,000		07/06/21	Morgan Stanley Capital Services, Inc.		42,597
USD	1,421,866	EUR	1,169,000		07/07/21	Morgan Stanley Capital Services, Inc.		35,398
USD	941,487	EUR	773,000		07/12/21	Morgan Stanley Capital Services, Inc.		24,591
USD	1,146,608	EUR	950,000		07/19/21	Morgan Stanley Capital Services, Inc.		19,602
USD	136,114	EUR	114,000		07/21/21	Morgan Stanley Capital Services, Inc.		868
USD	306,001	EUR	256,000		07/28/21	Morgan Stanley Capital Services, Inc.		2,247
USD	882,384	EUR	722,000		07/01/21	Standard Chartered Bank		26,164
USD	4,594,785	EUR	3,777,000		07/07/21	Standard Chartered Bank		115,153
USD	1,581,445	EUR	1,328,000		07/26/21	Standard Chartered Bank		5,784
USD	858,685	EUR	722,000		08/02/21	Standard Chartered Bank		1,916
USD	873,647	EUR	732,000		07/30/21	State Street Bank and Trust		5,065
USD	2,167,085	EUR	1,784,000		07/07/21	UBS AG		51,209
USD	3,298,289	GBP	2,383,670		07/19/21	Goldman Sachs & Co.		5,206
USD	41,828	GBP	30,000		07/14/21	JPMorgan Chase Bank N.A.		383
USD	555,766	GBP	400,000		07/14/21	Morgan Stanley and Co. International Plc		3,167
USD	836,209	GBP	591,000		07/14/21	Standard Chartered Bank		19,743
USD	1,256,016	HUF	370,800,000		07/14/21	Morgan Stanley and Co. International Plc		3,397
USD	85,786	IDR	1,240,390,000		07/14/21	Bank of America, N.A.		323
USD	200,539	IDR	2,902,654,858		07/14/21	Citibank N.A.		545
USD	2,263,550	IDR	32,699,870,142		07/14/21	HSBC Bank Plc		10,515
USD	314,115	IDR	4,597,600,000		08/18/21	HSBC Bank Plc		(1,771	)
USD	12,315,187	IDR	178,115,463,482		07/02/21	JPMorgan Chase Bank N.A.		31,362
USD	2,774,100	IDR	39,752,230,800		07/06/21	JPMorgan Chase Bank N.A.		33,441
USD	7,101,350	IDR	104,254,912,712		07/19/21	JPMorgan Chase Bank N.A.		(79,083	)
USD	1,457,566	IDR	21,095,359,000		07/26/21	JPMorgan Chase Bank N.A.		5,434
USD	6,450,986	IDR	93,600,531,241		08/03/21	JPMorgan Chase Bank N.A.		11,864
USD	2,735,308	IDR	39,752,230,800		08/05/21	JPMorgan Chase Bank N.A.		1,068
USD	291,151	IDR	4,142,500,000		07/14/21	Morgan Stanley and Co. International Plc		5,731
USD	261,511	IDR	3,790,085,000		07/14/21	UBS AG		373
USD	1,168,827	INR	85,564,010		07/14/21	Bank of America, N.A.		19,076
USD	603,898	INR	45,000,000		07/14/21	Citibank N.A.		(782	)

See accompanying Notes to the Schedule of Investments.

124

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	1,695,654	INR	126,100,000		07/14/21	Natwest Markets Plc	$	1,207
USD	3,438,263	JPY	378,600,000		07/14/21	Bank of America, N.A.		26,828
USD	1,326,538	JPY	144,120,000		07/19/21	Goldman Sachs & Co.		27,867
USD	655,593	JPY	71,700,000		07/14/21	JPMorgan Chase Bank N.A.		9,529
USD	2,015,628	JPY	217,820,000		07/19/21	Morgan Stanley Capital Services, Inc.		52,843
USD	7,469,472	JPY	817,662,380		07/14/21	State Street Bank London		101,797
USD	716,033	MXN	14,664,711		07/14/21	Bank of America, N.A.		(19,412	)
USD	308,756	MXN	6,249,350		07/14/21	Citibank N.A.		(4,653	)
USD	359,011	MXN	7,170,000		07/19/21	Citibank N.A.		(354	)
USD	1,221,873	MXN	25,157,812		07/14/21	Deutsche Bank AG		(39,807	)
USD	3,263,716	MXN	65,872,160		07/19/21	Goldman Sachs & Co.		(37,840	)
USD	3,036,954	MXN	59,869,661		07/14/21	Goldman Sachs International		34,453
USD	530,852	MXN	10,560,000		07/14/21	HSBC Bank Plc		1,261
USD	1,329,065	MXN	26,952,591		07/14/21	JPMorgan Chase Bank N.A.		(22,625	)
USD	1,868,337	MXN	38,424,886		07/14/21	Morgan Stanley and Co. International Plc		(58,695	)
USD	1,926,962	MXN	38,516,548		07/19/21	Morgan Stanley Capital Services, Inc.		(3,513	)
USD	501,096	MXN	10,300,000		07/14/21	State Street Bank London		(15,456	)
USD	504,467	MYR	2,100,000		07/14/21	Goldman Sachs International		(1,115	)
USD	287,356	MYR	1,200,000		08/18/21	Goldman Sachs International		(1,131	)
USD	769,612	MYR	3,200,000		07/14/21	Morgan Stanley and Co. International Plc		(798	)
USD	937,238	MYR	3,900,000		08/18/21	Morgan Stanley and Co. International Plc		(346	)
USD	2,517,804	NOK	20,930,000		07/19/21	Morgan Stanley Capital Services, Inc.		85,343
USD	588,963	NZD	842,700		07/14/21	JPMorgan Chase Bank N.A.		126
USD	635,340	PEN	2,500,000		07/14/21	Morgan Stanley and Co. International Plc		(17,591	)
USD	607,553	PHP	29,600,000		07/14/21	Bank of America, N.A.		1,363
USD	908,852	PHP	44,300,000		07/14/21	Citibank N.A.		1,615
USD	47,450	PLN	180,000		07/01/21	JPMorgan Chase Bank N.A.		169
USD	52,435	PLN	200,000		07/14/21	JPMorgan Chase Bank N.A.		(104	)
USD	232,657	PLN	867,700		08/19/21	JPMorgan Chase Bank N.A.		4,694
USD	848,353	PLN	3,100,000		07/14/21	Morgan Stanley and Co. International Plc		34,008
USD	1,351,288	RON	5,494,760		07/14/21	Bank of America, N.A.		28,473
USD	2,233,580	RON	9,049,490		07/14/21	Goldman Sachs International		54,996
USD	664,981	RON	2,700,000		07/14/21	JPMorgan Chase Bank N.A.		14,980
USD	565,806	RON	2,300,000		07/14/21	State Street Bank London		12,101
USD	594,141	RUB	43,300,000		07/14/21	Bank of America, N.A.		2,429
USD	897,119	RUB	65,400,000		07/14/21	Barclays Bank Plc		3,403
USD	4,043,821	RUB	304,220,000		07/19/21	Citibank N.A.		(110,338	)
USD	2,342,812	RUB	172,590,000		07/19/21	Goldman Sachs & Co.		(13,924	)
USD	1,139,155	RUB	82,500,000		07/14/21	Goldman Sachs International		11,761
USD	605,441	RUB	44,400,000		07/14/21	HSBC Bank Plc		(1,302	)
USD	1,987,055	RUB	145,400,000		07/14/21	JPMorgan Chase Bank N.A.		108
USD	545,483	RUB	40,589,640		07/19/21	JPMorgan Chase Bank N.A.		(8,773	)
USD	3,325,879	RUB	242,649,500		09/20/21	JPMorgan Chase Bank N.A.		44,673
USD	605,193	RUB	44,400,000		07/14/21	Morgan Stanley and Co. International Plc		(1,550	)
USD	3,588,233	SAR	13,460,000		07/15/21	JPMorgan Chase Bank N.A.		(526	)
USD	404,480	THB	12,600,000		07/14/21	Natwest Markets Plc		11,358
USD	66,396	TRY	580,000		07/01/21	JPMorgan Chase Bank N.A.		(367	)
USD	1,983,172	TWD	54,804,960		07/14/21	Morgan Stanley and Co. International Plc		16,157

See accompanying Notes to the Schedule of Investments.

125

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	1,301,854	ZAR	18,465,000		07/14/21	Bank of America, N.A.	$	10,607
USD	986,338	ZAR	13,700,000		07/14/21	Citibank N.A.		28,305
USD	296,550	ZAR	4,100,000		07/14/21	Goldman Sachs International		9,840
USD	80,237	ZAR	1,135,000		07/14/21	HSBC Bank Plc		867
USD	1,116,523	ZAR	15,503,467		07/14/21	JPMorgan Chase Bank N.A.		32,374
USD	11,027,527	ZAR	156,926,567		08/23/21	JPMorgan Chase Bank N.A.		108,341
USD	194,627	ZAR	2,810,100		09/16/21	JPMorgan Chase Bank N.A.		(306	)
USD	2,130,089	ZAR	30,300,000		07/14/21	Morgan Stanley and Co. International Plc		11,228
USD	1,429,102	ZAR	19,464,855		07/14/21	State Street Bank London		67,937
USD	615,158	ZAR	8,734,777		07/14/21	UBS AG		4,340
							$	(459,850	)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	10	10-Year Australian Bond Futures		Sep 2021	$	1,059,977	$	2,610
	181	Euro 90-Day		Dec 2023		44,740,937		57
	16	U.S. Long Bond		Sep 2021		2,572,000		73,288
	283	U.S. Treasury Note 2-Year		Sep 2021		62,350,648		(97,771	)
	123	U.S. Ultra 10-Year		Sep 2021		18,105,984		189,753
	95	U.S. Ultra Bond		Sep 2021		18,305,312		831,923
							$	999,860
	Sales
	31	Euro 90-Day		Dec 2021	$	7,734,113	$	(2,228	)
	17	Euro-Bund		Sep 2021		3,479,871		(30,964	)
	114	U.S. Treasury Note 10-Year		Sep 2021		15,105,000		1,245
	57	U.S. Treasury Note 10-Year		Sep 2021		7,552,500		(29,206	)
	134	U.S. Treasury Note 5-Year		Sep 2021		16,539,578		59,440
							$	(1,713	)

See accompanying Notes to the Schedule of Investments.

126

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Written Options

Written Currency Options

Type of Contract	Counterparty		Notional Value				Premiums Received				Value at June 30, 2021
CALL — USD/EUR Option
Strike @ EUR 106.50
Expires 08/18/2021		BNP Paribas S.A.		USD	(6,012,000	)		$	(59,218	)		$	(11,351	)
PUT — USD/EUR Option
Strike @ EUR 110.00
Expires 08/18/2021		Morgan Stanley & Co.		USD	(6,040,000	)			(11,476	)			(19,102	)
Total Written Currency Options								$	(70,694	)		$	(30,453	)

Written Futures Options

Type of Contract	Counterparty		Number of Contracts		Notional Value				Premiums Received				Value at June 30, 2021
PUT — S&P 500 E-mini
Futures Option
Strike @ $3,500.00
Expires 07/16/2021		JPMorgan Securities LLC		2,500		$	(10,721,500	)		$	(55,832	)		$	(2,250	)
PUT — S&P 500 E-mini
Futures Option
Strike @ $3,600.00
Expires 09/17/2021		JPMorgan Securities LLC		3,900			(16,725,540	)			(117,824	)			(69,225	)
PUT — S&P 500 E-mini
Futures Option
Strike @ $3,800.00
Expires 09/17/2021		JPMorgan Securities LLC		1,550			(6,647,330	)			(46,047	)			(44,563	)
Total Written Futures Options										$	(219,703	)		$	(116,038	)

Written Swaption

Type of Contract	Counterparty		Notional Value				Premiums Received				Value at June 30, 2021
6 mo. LIBOR Index Option
Strike @ EUR 1.00
Expires 05/06/2022		Morgan Stanley & Co.		EUR	(15,100,000	)		$	(80,120	)		$	(37,346	)
Total Written Options								$	(370,517	)		$	(183,837	)

See accompanying Notes to the Schedule of Investments.

127

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

OTC — Interest Rate Swaps

Payments Received by Fund	Payment Frequency	Payments Made by Fund	Payment Frequency	Maturity Date	Counterparty	Upfront Premiums Paid (Received)		Notional Value		Market Value			Unrealized Appreciation (Depreciation)
1.34%	Semi-Annual	6-Month THB BIBOR	Semi-Annual	09/15/26	HSBC Securities	$	—	THB	7,637,517	$	(3,630	)	$	(3,630	)
1.87%	Quarterly	7-Day CNRR	Quarterly	09/16/25	HSBC Bank Plc		—	CNY	2,702,414		(14,583	)		(14,583	)
1.90%	Quarterly	7-Day CNRR	Quarterly	09/16/25	HSBC Bank Plc		—		9,266,521		(48,292	)		(48,292	)
2.51%	Quarterly	7-Day CNRR	Quarterly	03/18/25	Citibank N.A.		—		6,502,698		(6,972	)		(6,972	)
2.51%	Quarterly	7-Day CNRR	Quarterly	09/16/25	HSBC Bank Plc		—		5,489,373		(7,733	)		(7,733	)
2.55%	Quarterly	7-Day CNRR	Quarterly	02/10/25	Bank of America, N.A.		—		2,915,046		(2,370	)		(2,370	)
2.56%	Quarterly	7-Day CNRR	Quarterly	03/18/25	Bank of America, N.A.		—		8,702,233		(6,981	)		(6,981	)
2.69%	Quarterly	7-Day CNRR	Quarterly	12/16/25	HSBC Bank Plc		—		3,081,518		(1,418	)		(1,418	)
BRL-CDI	At Maturity	7.49%	At Maturity	01/04/27	Bank of America, N.A.		—	BRL	591,999		2,251			2,251
BRL-CDI	Annual	2.78%	Annual	01/03/22	HSBC Bank Plc		—		13,862,865		30,041			30,041
4.11%	Annual	BRL-CDI	Annual	01/02/23	HSBC Bank Plc		—		7,927,478		(42,283	)		(42,283	)
6.87%	At Maturity	BRL-CDI	At Maturity	01/04/27	JPMorgan Chase Bank N.A.		—		4,110,000		(66,245	)		(66,245	)
7.02%	At Maturity	BRL-CDI	At Maturity	01/04/27	Citigroup Global Markets, Inc.		—		1,800,000		(1,653	)		(1,653	)
7.02%	At Maturity	BRL-CDI	At Maturity	01/04/27	Citigroup Global Markets, Inc.		1,105		2,100,000		(1,928	)		(3,033	)
7.04%	At Maturity	BRL-CDI	At Maturity	01/04/27	JPMorgan Chase Bank N.A.		—		1,400,000		(1,036	)		(1,036	)
						$	1,105			$	(172,832	)	$	(173,937	)

Centrally Cleared Interest Rate Swaps

Payments Received by Fund	Payment Frequency	Payments Made by Fund		Payment Frequency	Maturity Date	Upfront Premiums Paid (Received)			Notional Value		Market Value			Unrealized Appreciation (Depreciation)
1-Month TIIE	Monthly		5.56%	Monthly	12/31/30	$	13		MXN	16,684,659	$	84,542		$	84,529
5.12%	Monthly		1-Month TIIE	Monthly	06/13/25		11			15,617,022		(37,008	)		(37,019	)
7.20%	Monthly		1-Month TIIE	Monthly	07/17/24		—			116,734,200		149,134			149,134
3-Month JIBAR	Quarterly		7.31%	Quarterly	09/15/31		13		ZAR	11,239,353		10,521			10,508
3-Month USD LIBOR	Quarterly		2.00%	Semi-Annual	02/15/47		(1,393	)	USD	1,575,000		(87,231	)		(85,838	)
3-Month USD LIBOR	Quarterly		1.60%	Semi-Annual	02/15/47		4,663			772,000		24,006			19,343
1.10%	Semi-Annual		3-Month USD LIBOR	Quarterly	12/18/25		—			17,167,000		(75,945	)		(75,945	)
6-Month BUBOR	Semi-Annual		2.69%	Annual	09/15/31		12			HUF 209,148,313		3,491			3,479
6-Month PRIBOR	Semi-Annual		1.81%	Annual	09/15/31		2		CZK	2,864,014		1,077			1,075
6-Month WIBOR	Semi-Annual		1.94%	Annual	09/15/31		22		PLN	5,003,743		(16,214	)		(16,236	)
Overnight Federal Funds Effective Rate (12M)	Annual		1.73%	Annual	02/15/47		—		USD	684,000		(29,285	)		(29,285	)
SOFR	Annual		0.74%	Annual	08/19/45		—			490,000		74,534			74,534
SOFR	Annual		0.56%	Annual	07/20/45		9,344			3,210,000		606,539			597,195
														$	695,474

See accompanying Notes to the Schedule of Investments.

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Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

OTC — Credit Default Swaps

Buy Protection

Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate			Payment Frequency	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid/ (Received)			Value
	1,250,138		USD		06/20/26	Goldman Sachs & Co.		(1.00%	)	Quarterly	CDX.EM.35**	$	(12,873	)	$	45,630		$	32,757
	730,000		EUR		12/20/24	Morgan Stanley & Co.		(1.00%	)	Quarterly	Daimler AG, 1.40%, 01/12/24		(1,558	)		(19,195	)		(20,753	)
	1,157,747		USD		06/20/26	HSBC Securities		(1.00%	)	Quarterly	Russian Federation, 7.50%, 03/30/31		(8,789	)		(662	)		(9,451	)
										Total Buy Protection		$	(23,220	)	$	25,773		$	2,553

Sell Protection

Notional Amount*		Currency		Expiration Date		Counterparty	Receive (Pay) Fixed Rate			Payment Frequency	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid/ (Received)		Value
	820,000		USD		06/20/26	Morgan Stanley & Co.		(5.00%	)	Quarterly	Netflix, Inc., 4.88%, 06/30/30 (Moody’s rating: Ba1; S&P rating: BB+)	$	(9,591	)	$	180,545	$	170,954
	410,000		USD		06/20/26	Morgan Stanley & Co.		(5.00%	)	Quarterly	Netflix, Inc., 4.88%, 06/30/30 (Moody’s rating: Ba1; S&P rating: BB+)		(5,185	)		90,662		85,477
	730,000		EUR		12/20/24	Morgan Stanley & Co.		1.00%		Quarterly	Volkswagen International Finance N.V., 0.50%, 03/30/21 (Moody’s rating: A3; S&P rating: BBB+)		8,345			9,255		17,600
										Total Sell Protection		$	(6,431	)	$	280,462	$	274,031
								Total OTC Credit Default Swaps				$	(29,651	)	$	306,235	$	276,584

Centrally Cleared Credit Default Swaps

Buy Protection

Notional Amount*		Currency	Expiration Date	Receive (Pay) Fixed Rate		Payment Frequency	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid (Received)			Value
	3,243,000	USD	06/20/26		(5.00%)	Quarterly	CDX.NA.HY.36***	$	(55,100	)	$	(275,535	)	$	(330,635	)
	615,000	USD	06/20/26		(1.00%)	Quarterly	ViacomCBS, Inc.		(580	)		(9,500	)		(10,080	)
	615,000	USD	06/20/26		(1.00%)	Quarterly	Walt Disney Co. (The)		(129	)		(18,723	)		(18,852	)
								$	(55,809	)	$	(303,758	)	$	(359,567	)

See accompanying Notes to the Schedule of Investments.

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Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

*	The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.
**	CDX.EM — Markit CDX Emerging Markets Index. Represents an index composed of fifteen (15) sovereign reference entities that trade in the credit default swaps (CDS) market.
***	CDX.NA.HY — Markit North America High Yield CDS Index. Represents an index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated BB and B.

U.S. Treasury securities in the amount of $376,521 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Pesos

EGP — Egyptian Pound

EUR — Euro Currency

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

KZT — Kazakhstani Tenge

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krona

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PHP — Philippines Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SAR — Saudi Riyal

THB — Thai Baht

TRY — Turkish New Lira

TWD — Taiwan Dollar

UAH — Ukrainian Hryvnia

USD — U.S. Dollar

See accompanying Notes to the Schedule of Investments.

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Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Currency Abbreviations — continued

UYU — Uruguayan Peso

ZAR — South African Rand

Other Abbreviations

BIBOR — Bangkok Interbank Offered Rate

BUBOR — Budapest Interbank Offered Rate

CDI — Brazil Interbank Deposit Rate

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

CMT — Constant Maturity Treasury Index

CNRR — China Fixing Repo Rates

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GDN — Global Depository Note

ICE — Intercontinental Exchange

JIBAR — Johannesburg Interbank Average Rate

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

OTC — Over-The-Counter

PIK — Payment In Kind

PRIBOR — Prague Interbank Offered Rate

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

TBD — To Be Determined

TIIE — Mexican Interbank Equilibrium Interest Rate

UMBS — Uniform Mortgage-Backed Securities are single-class securities backed by fixed-rate mortgage loans

     purchased by either FHLMC or FNMA

WIBOR — Warsaw Interbank Offer Rate

See accompanying Notes to the Schedule of Investments.

131

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Schedule of Investments (Continued)

June 30, 2021 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Sovereign Debt Obligations		33.6
Corporate Debt		32.2
Bank Loans		15.5
Mortgage Backed Securities — Private Issuers		5.5
Asset Backed Securities		4.0
Convertible Debt		1.7
Convertible Preferred Stocks		1.0
Futures Contracts		0.1
Common Stocks		0.1
Centrally Cleared Interest Rate Swaps		0.1
Mortgage Backed Securities — U.S. Government Agency Obligations		0.1
Purchased Swaption		0.1
OTC Credit Default Swaps		0.0	*
Purchased Futures Options		0.0	*
Preferred Stock		0.0	*
Purchased Currency Options		0.0	*
U.S. Government and Agency Obligations		0.0	*
Written Currency Options		0.0	*
Written Swaptions		0.0	*
Written Futures Options		0.0	*
OTC Interest Rate Swaps		0.0	*
Centrally Cleared Credit Default Swaps		0.0	*
Forward Foreign Currency Contracts		(1.0	)
Short-Term Investments		1.9
Other Assets and Liabilities (net)		5.1
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Schedule of Investments.

132