# EDGAR Filing Document

**Accession Number:** 0001320615
**File Stem:** 0001752724-25-195871
**Filing Date:** 2025-8
**Character Count:** 1161306
**Document Hash:** d1baf07e983eff37dcf00b61861a377c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195871.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195871

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mercer Funds
- **CENTRAL INDEX KEY:** 0001320615

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21732
- **FILM NUMBER:** 251238766

**BUSINESS ADDRESS:**
- **STREET 1:** 99 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-747-9525

**MAIL ADDRESS:**
- **STREET 1:** 99 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MGI Funds
- **DATE OF NAME CHANGE:** 20050314

## Series and Classes Contracts Data

### Mercer Short Duration Fixed Income Fund (Series ID: S000082908)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000246249 | Class Y-3    | MSDYX           |

## Nport-Ex

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 96.3%** | **COMMON STOCKS — 96.3%** |
|  | **Basic Materials — 2.3%** | **Basic Materials — 2.3%** |
| &nbsp;&nbsp; 38429 | ATI, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3317960 |
| &nbsp;&nbsp; 40200 | Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3015000 |
| &nbsp;&nbsp;&nbsp; 8300 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763600 |
| &nbsp;&nbsp; 15500 | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1157230 |
| 256052 | Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5799578 |
| &nbsp;&nbsp; 63040 | International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2952163 |
| &nbsp;&nbsp; 58700 | Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1887205 |
| &nbsp;&nbsp; 21717 | Magnera Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262341 |
| &nbsp;&nbsp; 88500 | Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3228480 |
| &nbsp;&nbsp;&nbsp; 5000 | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3454300 |
| &nbsp;&nbsp; 28393 | Quaker Chemical Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3178312 |
| &nbsp;&nbsp; 51263 | RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5630728 |
| &nbsp;&nbsp; 14800 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36541445 |
|  | **Communications — 2.8%** | **Communications — 2.8%** |
| &nbsp;&nbsp; 47900 | AMC Networks, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300333 |
| &nbsp;&nbsp; 48000 | Cargurus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1606560 |
| &nbsp;&nbsp; 38763 | Ciena Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3152595 |
| &nbsp;&nbsp; 73925 | ePlus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5329992 |
| &nbsp;&nbsp; 19500 | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3289260 |
| 101000 | Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5660040 |
| 129400 | Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3804360 |
| &nbsp;&nbsp;&nbsp; 6605 | InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1481039 |
| &nbsp;&nbsp; 67800 | Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094342 |
| &nbsp;&nbsp; 20100 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3476295 |
| &nbsp;&nbsp; 84720 | Pinterest, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3038059 |
| &nbsp;&nbsp; 45510 | Roku, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999874 |
| &nbsp;&nbsp; 60300 | Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385091 |
| &nbsp;&nbsp; 92100 | TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543596 |
| 180571 | TripAdvisor, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2356452 |
| &nbsp;&nbsp; 88979 | Yelp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3049310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45567198 |
|  | **Consumer, Cyclical — 15.7%** | **Consumer, Cyclical — 15.7%** |
| &nbsp;&nbsp; 46700 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4436033 |
| &nbsp;&nbsp; 32200 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3603180 |
| &nbsp;&nbsp;&nbsp; 7900 | AutoNation, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1569335 |
| 197499 | BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21296317 |
| &nbsp;&nbsp; 89400 | Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769734 |
| &nbsp;&nbsp; 61100 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2045628 |
| &nbsp;&nbsp; 17340 | Brinker International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3126922 |
| &nbsp;&nbsp; 20800 | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148992 |
| &nbsp;&nbsp; 23381 | Burlington Stores, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5439356 |
| &nbsp;&nbsp; 15900 | Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479067 |
| &nbsp;&nbsp;&nbsp; 7635 | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3895911 |
| &nbsp;&nbsp; 16334 | Cavco Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7095980 |
| &nbsp;&nbsp; 45849 | Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4630749 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| &nbsp;&nbsp; 25900 | Crocs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2623152 |
| &nbsp;&nbsp;&nbsp; 9200 | Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1819852 |
| &nbsp;&nbsp; 55383 | Dorman Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6793833 |
| &nbsp;&nbsp; 25204 | Freshpet, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712864 |
| 106600 | Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2324946 |
| 101984 | GCI Liberty, Inc.\*<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 23500 | Genesco, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462715 |
| 249016 | Genius Sports Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2589766 |
| &nbsp;&nbsp; 93935 | Gentherm, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2657421 |
| &nbsp;&nbsp; 57083 | GMS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6207776 |
| 102000 | Goodyear Tire & Rubber Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1057740 |
| &nbsp;&nbsp; 23492 | Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10259191 |
| &nbsp;&nbsp; 73789 | Guess?, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892109 |
| &nbsp;&nbsp; 79000 | Harley-Davidson, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1864400 |
| &nbsp;&nbsp; 47600 | Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968660 |
| &nbsp;&nbsp; 14500 | Jack in the Box, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253170 |
| &nbsp;&nbsp; 26900 | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228112 |
| &nbsp;&nbsp; 61300 | La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2278521 |
| &nbsp;&nbsp; 47158 | LGI Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2429580 |
| 113366 | Life Time Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3438391 |
| &nbsp;&nbsp; 23581 | Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7966133 |
| 158869 | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5879742 |
| &nbsp;&nbsp; 94700 | Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1104202 |
| 138500 | Mattel, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2731220 |
| &nbsp;&nbsp; 47200 | MGM Resorts International\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1623208 |
| 110700 | MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2149794 |
| &nbsp;&nbsp; 40100 | Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611525 |
| &nbsp;&nbsp; 20574 | Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8369503 |
| &nbsp;&nbsp; 39500 | ODP Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716135 |
| &nbsp;&nbsp; 24084 | Ollie's Bargain Outlet Holdings, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3173790 |
| 149015 | OPENLANE, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3643417 |
| &nbsp;&nbsp; 27641 | Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1352751 |
| &nbsp;&nbsp; 29300 | Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1303557 |
| &nbsp;&nbsp; 27237 | Planet Fitness, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2970195 |
| &nbsp;&nbsp; 12900 | Pool Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3760092 |
| &nbsp;&nbsp; 33121 | PriceSmart, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3479030 |
| &nbsp;&nbsp; 38100 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4018026 |
| &nbsp;&nbsp; 70570 | Pursuit Attractions & Hospitality, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2034533 |
| &nbsp;&nbsp; 25100 | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1721860 |
| &nbsp;&nbsp; 56653 | Red Rock Resorts, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947656 |
| &nbsp;&nbsp; 81900 | Sally Beauty Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758394 |
| &nbsp;&nbsp; 36400 | ScanSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1521884 |
| &nbsp;&nbsp; 32490 | SharkNinja, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3216185 |
| &nbsp;&nbsp; 56438 | SiteOne Landscape Supply, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6825612 |
| 109140 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9583583 |
| &nbsp;&nbsp; 78850 | Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14777278 |
| &nbsp;&nbsp; 39100 | Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4462483 |
| &nbsp;&nbsp; 44000 | Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2270840 |
| 199000 | Tri Pointe Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6358050 |

---

2See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| &nbsp;&nbsp; 43443 | UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8176841 |
| &nbsp;&nbsp; 33800 | United Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2691494 |
| &nbsp;&nbsp; 96084 | United Parks & Resorts, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4530361 |
| &nbsp;&nbsp; 28341 | Vail Resorts, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4453221 |
| &nbsp;&nbsp; 11766 | VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541111 |
| &nbsp;&nbsp; 61300 | Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651619 |
| &nbsp;&nbsp; 48828 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9042946 |
| &nbsp;&nbsp; 13800 | Whirlpool Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1399596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 254217270 |
|  | **Consumer, Non-cyclical — 22.9%** | **Consumer, Non-cyclical — 22.9%** |
| &nbsp;&nbsp; 59400 | ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2804274 |
| 132333 | Acadia Healthcare Co., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3002636 |
| 157500 | ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563850 |
| 258200 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2186954 |
| &nbsp;&nbsp; 29380 | Affirm Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031333 |
| 256500 | Albertsons Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5517315 |
| 633468 | Alight, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3585429 |
| &nbsp;&nbsp; 75454 | Alkermes PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2158739 |
| 203471 | API Group Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10387195 |
| &nbsp;&nbsp; 64898 | Ascendis Pharma AS, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11201395 |
| &nbsp;&nbsp;&nbsp; 3740 | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656258 |
| &nbsp;&nbsp; 55805 | Azenta, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1717678 |
| 122496 | Bausch & Lomb Corp.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1593673 |
| &nbsp;&nbsp; 65000 | Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1968200 |
| &nbsp;&nbsp; 26040 | Bicycle Therapeutics PLC, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180978 |
| &nbsp;&nbsp; 13006 | Bio-Rad Laboratories, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3138608 |
| &nbsp;&nbsp; 27491 | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2862638 |
| &nbsp;&nbsp; 91713 | Bright Horizons Family Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11334810 |
| &nbsp;&nbsp;&nbsp; 3100 | Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276799 |
| &nbsp;&nbsp; 27900 | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2239812 |
| &nbsp;&nbsp; 11496 | Colliers International Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500688 |
| &nbsp;&nbsp; 52900 | Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082863 |
| 436925 | CoreCivic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9206010 |
| &nbsp;&nbsp; 13600 | DaVita, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1937320 |
| &nbsp;&nbsp; 60000 | Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954600 |
| 159901 | Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237015 |
| 156208 | Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1513656 |
| &nbsp;&nbsp; 61371 | Enovis Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1924595 |
| &nbsp;&nbsp; 17460 | Euronet Worldwide, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1770095 |
| &nbsp;&nbsp; 92464 | EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3333327 |
| 126500 | Exelixis, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5575487 |
| &nbsp;&nbsp; 79500 | Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577390 |
| &nbsp;&nbsp; 47517 | Glaukos Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4908031 |
| 106687 | Globus Medical, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6296667 |
| &nbsp;&nbsp; 24913 | Grand Canyon Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4708557 |
| 115042 | GXO Logistics, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5602545 |
| &nbsp;&nbsp; 44200 | H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2426138 |
| &nbsp;&nbsp; 75868 | Haemonetics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5660511 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| &nbsp;&nbsp; 96677 | Halozyme Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5029138 |
| &nbsp;&nbsp; 41400 | Harmony Biosciences Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1308240 |
| &nbsp;&nbsp; 56843 | HealthEquity, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5954873 |
| &nbsp;&nbsp; 65700 | Herbalife Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566334 |
| &nbsp;&nbsp; 53970 | Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3516685 |
| &nbsp;&nbsp; 33664 | ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4448698 |
| &nbsp;&nbsp; 56200 | Incyte Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3827220 |
| &nbsp;&nbsp; 41004 | Ingles Markets, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2598833 |
| &nbsp;&nbsp; 35900 | Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4868758 |
| 125888 | Insmed, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12669368 |
| &nbsp;&nbsp; 38411 | Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2309269 |
| &nbsp;&nbsp; 61513 | Integer Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7564254 |
| &nbsp;&nbsp; 96236 | Jazz Pharmaceuticals PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10212564 |
| &nbsp;&nbsp; 33653 | Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5814229 |
| &nbsp;&nbsp; 29380 | Lantheus Holdings, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2405047 |
| 124584 | Laureate Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2912774 |
| &nbsp;&nbsp; 76096 | Legend Biotech Corp., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700647 |
| 254492 | LifeStance Health Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1315724 |
| &nbsp;&nbsp; 33000 | ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1333200 |
| &nbsp;&nbsp; 11378 | MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2541163 |
| &nbsp;&nbsp; 17830 | Masimo Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2999363 |
| &nbsp;&nbsp; 10872 | Medpace Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3412286 |
| &nbsp;&nbsp; 28178 | Merit Medical Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2634079 |
| &nbsp;&nbsp; 45600 | Merus NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2398560 |
| 190283 | Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9150709 |
| &nbsp;&nbsp; 22300 | MoonLake Immunotherapeutics\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052560 |
| &nbsp;&nbsp; 71093 | Natera, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12010451 |
| &nbsp;&nbsp; 67727 | Neurocrine Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8512607 |
| 203766 | Nomad Foods Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3461984 |
| &nbsp;&nbsp; 70293 | Option Care Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2283117 |
| 113900 | Organon & Co.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102552 |
| &nbsp;&nbsp; 40591 | Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7354683 |
| &nbsp;&nbsp; 11028 | Penumbra, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2830116 |
| &nbsp;&nbsp; 78472 | Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2565250 |
| 125029 | Performance Food Group Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10936287 |
| 127908 | Privia Health Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2941884 |
| &nbsp;&nbsp; 84874 | PROCEPT BioRobotics Corp.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4888742 |
| &nbsp;&nbsp; 41700 | PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1223895 |
| 212037 | Rentokil Initial PLC, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5088888 |
| &nbsp;&nbsp; 11400 | Repligen Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1417932 |
| &nbsp;&nbsp; 33580 | Revolution Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1235408 |
| &nbsp;&nbsp; 36228 | Rhythm Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2289247 |
| 215319 | Roivant Sciences Ltd.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2426645 |
| &nbsp;&nbsp; 48320 | Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2726214 |
| 158845 | Smith & Nephew PLC, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4865422 |
| &nbsp;&nbsp; 29340 | Soleno Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2458105 |
| &nbsp;&nbsp;&nbsp; 6950 | Sprouts Farmers Market, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144248 |
| &nbsp;&nbsp; 61202 | Stevanato Group SpA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1495165 |
| 189393 | Tandem Diabetes Care, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3530285 |

---

4See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| &nbsp;&nbsp; 14000 | Tenet Healthcare Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2464000 |
| &nbsp;&nbsp; 67380 | Toast, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2984260 |
| &nbsp;&nbsp; 38742 | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3409296 |
| &nbsp;&nbsp; 47374 | Travere Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701135 |
| &nbsp;&nbsp; 15340 | United Therapeutics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4407949 |
| &nbsp;&nbsp; 14100 | Universal Health Services, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2554215 |
| &nbsp;&nbsp; 59603 | Universal Technical Institute, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019946 |
| &nbsp;&nbsp; 61200 | Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1536120 |
| &nbsp;&nbsp; 98900 | Varex Imaging Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857463 |
| &nbsp;&nbsp; 54920 | Vaxcyte, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1785449 |
| &nbsp;&nbsp; 44480 | Veracyte, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202294 |
| &nbsp;&nbsp; 91252 | Vericel Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3882773 |
| &nbsp;&nbsp; 11940 | Verona Pharma PLC, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129285 |
| 168200 | Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502026 |
| &nbsp;&nbsp; 45378 | WEX, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6665574 |
| 188170 | WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5155858 |
| &nbsp;&nbsp; 26070 | Xenon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 370031405 |
|  | **Energy — 3.5%** | **Energy — 3.5%** |
| &nbsp;&nbsp; 82600 | Antero Resources Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3327128 |
| 127000 | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2322830 |
| &nbsp;&nbsp;&nbsp; 9600 | Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929760 |
| &nbsp;&nbsp; 26800 | CNX Resources Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902624 |
| 152188 | Delek U.S. Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3223342 |
| &nbsp;&nbsp; 69670 | Flowco Holdings, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240823 |
| &nbsp;&nbsp; 63200 | Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958112 |
| 129755 | HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330335 |
| 260101 | Magnolia Oil & Gas Corp. Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5847070 |
| 139931 | Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6677507 |
| &nbsp;&nbsp; 94200 | Murphy Oil Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2119500 |
| 134832 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5130358 |
| 727419 | Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9907447 |
| 123137 | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3042715 |
| 134852 | SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158379 |
| &nbsp;&nbsp; 62720 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2160077 |
| &nbsp;&nbsp; 44195 | Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56303464 |
|  | **Financial — 18.5%** | **Financial — 18.5%** |
| &nbsp;&nbsp; 61334 | Agree Realty Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4481062 |
| &nbsp;&nbsp; 40400 | Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573580 |
| &nbsp;&nbsp; 81800 | American Assets Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1615550 |
| &nbsp;&nbsp; 44750 | Annaly Capital Management, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842195 |
| 107000 | Apple Hospitality REIT, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248690 |
| &nbsp;&nbsp; 60900 | ARES Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1337364 |
| &nbsp;&nbsp; 84400 | Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2058516 |
| &nbsp;&nbsp; 21744 | Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4294223 |
| &nbsp;&nbsp; 75856 | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6607058 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| 144116 | Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4507948 |
| &nbsp;&nbsp; 90870 | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9434123 |
| &nbsp;&nbsp; 39667 | Axos Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3016279 |
| &nbsp;&nbsp; 35400 | Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1567512 |
| 107100 | Blue Owl Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1535814 |
| 164193 | Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3154148 |
| 177700 | Brandywine Realty Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762333 |
| &nbsp;&nbsp; 80900 | Brixmor Property Group, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2106636 |
| &nbsp;&nbsp;&nbsp; 6897 | C&F Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425752 |
| 271533 | Cannae Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5661463 |
| &nbsp;&nbsp; 31000 | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1411430 |
| &nbsp;&nbsp; 59900 | Chimera Investment Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830813 |
| &nbsp;&nbsp; 67300 | Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3011675 |
| 212500 | City Office REIT, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134750 |
| &nbsp;&nbsp; 65915 | CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3067025 |
| 129300 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4988394 |
| &nbsp;&nbsp; 36200 | Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2159330 |
| &nbsp;&nbsp; 83380 | Core Scientific, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423297 |
| &nbsp;&nbsp; 39800 | Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1412900 |
| &nbsp;&nbsp; 35118 | Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4514068 |
| &nbsp;&nbsp; 24612 | EastGroup Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4113157 |
| &nbsp;&nbsp; 39300 | Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1854174 |
| &nbsp;&nbsp; 10902 | Enova International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215791 |
| &nbsp;&nbsp; 59300 | EPR Properties, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3454818 |
| &nbsp;&nbsp; 29500 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1654950 |
| &nbsp;&nbsp; 24300 | Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475739 |
| &nbsp;&nbsp; 39776 | Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1762872 |
| &nbsp;&nbsp; 61200 | Fidelis Insurance Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014696 |
| &nbsp;&nbsp; 19700 | Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1104382 |
| &nbsp;&nbsp; 15700 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645741 |
| &nbsp;&nbsp; 27100 | Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695928 |
| &nbsp;&nbsp; 90100 | First BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1876783 |
| &nbsp;&nbsp; 62100 | First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421159 |
| &nbsp;&nbsp; 63800 | First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035474 |
| 247400 | First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5244880 |
| &nbsp;&nbsp; 96000 | FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1399680 |
| 848357 | Genworth Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6600217 |
| &nbsp;&nbsp; 75917 | Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3270504 |
| &nbsp;&nbsp; 12700 | Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578483 |
| &nbsp;&nbsp; 17960 | Hamilton Lane, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2552475 |
| &nbsp;&nbsp; 28700 | Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647380 |
| 106812 | Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2636120 |
| 175269 | Healthpeak Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3068960 |
| &nbsp;&nbsp; 75500 | Highwoods Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2347295 |
| &nbsp;&nbsp; 83300 | Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893809 |
| &nbsp;&nbsp; 86500 | Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1330370 |
| 197400 | Host Hotels & Resorts, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3032064 |
| &nbsp;&nbsp; 30114 | Howard Hughes Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2032695 |
| &nbsp;&nbsp; 73800 | Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2391858 |

---

6See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| &nbsp;&nbsp; 64000 | Industrial Logistics Properties Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291200 |
| &nbsp;&nbsp; 72400 | International Money Express, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730516 |
| &nbsp;&nbsp; 13000 | Jackson Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154270 |
| &nbsp;&nbsp; 34392 | Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1880898 |
| 181144 | KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3155528 |
| &nbsp;&nbsp; 44400 | Kilroy Realty Corp., REIT<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1523364 |
| &nbsp;&nbsp; 19254 | Kinsale Capital Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9317011 |
| &nbsp;&nbsp; 56600 | Kite Realty Group Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1281990 |
| &nbsp;&nbsp; 48480 | Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1677408 |
| &nbsp;&nbsp; 15863 | LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5948149 |
| &nbsp;&nbsp; 80203 | McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300340 |
| 135300 | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3766752 |
| 139500 | Navient Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1966950 |
| 199800 | New Mountain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107890 |
| &nbsp;&nbsp; 81808 | OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1440639 |
| &nbsp;&nbsp; 54000 | OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2311200 |
| &nbsp;&nbsp; 70700 | Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2717708 |
| &nbsp;&nbsp; 26200 | Omega Healthcare Investors, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960230 |
| &nbsp;&nbsp; 16400 | OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934800 |
| 122700 | Outfront Media, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2002464 |
| 240380 | P10, Inc. Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2456684 |
| 195700 | Piedmont Realty Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1426653 |
| &nbsp;&nbsp; 60074 | Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6632770 |
| &nbsp;&nbsp; 30795 | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8559162 |
| &nbsp;&nbsp; 25500 | Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2810355 |
| &nbsp;&nbsp; 14700 | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1272212 |
| 114747 | Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4133187 |
| &nbsp;&nbsp; 72100 | Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1695792 |
| &nbsp;&nbsp; 15684 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3111078 |
| &nbsp;&nbsp; 44650 | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3035754 |
| &nbsp;&nbsp; 78700 | Sabra Health Care REIT, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1451228 |
| 104400 | Service Properties Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249516 |
| &nbsp;&nbsp; 46352 | StepStone Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2572536 |
| &nbsp;&nbsp; 57606 | Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5978351 |
| &nbsp;&nbsp; 16518 | StoneX Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505451 |
| &nbsp;&nbsp; 37074 | Sun Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4689490 |
| &nbsp;&nbsp; 56200 | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750788 |
| &nbsp;&nbsp; 18357 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2687465 |
| &nbsp;&nbsp; 33558 | UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3528959 |
| 172600 | Uniti Group, Inc., REIT\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745632 |
| &nbsp;&nbsp; 20100 | Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557373 |
| &nbsp;&nbsp; 72000 | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5814720 |
| 127700 | Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140361 |
| &nbsp;&nbsp; 48700 | Victory Capital Holdings, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100729 |
| 101024 | Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7172704 |
| 129900 | Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093758 |
| &nbsp;&nbsp;&nbsp; 5418 | White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9729211 |
| &nbsp;&nbsp; 51241 | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6352859 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| &nbsp;&nbsp; 54300 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2820342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 298080809 |
|  | **Government — 0.1%** | **Government — 0.1%** |
| &nbsp;&nbsp; 58816 | Banco Latinoamericano de Comercio Exterior SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370285 |
|  | **Industrial — 18.6%** | **Industrial — 18.6%** |
| &nbsp;&nbsp; 36788 | Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4874410 |
| &nbsp;&nbsp; 32400 | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3342384 |
| &nbsp;&nbsp; 24200 | Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3487704 |
| &nbsp;&nbsp; 42100 | Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1709260 |
| &nbsp;&nbsp; 12380 | Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2877731 |
| &nbsp;&nbsp; 23057 | AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3606807 |
| &nbsp;&nbsp; 11500 | ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885615 |
| &nbsp;&nbsp; 18198 | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2956083 |
| &nbsp;&nbsp; 31100 | Arrow Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3963073 |
| &nbsp;&nbsp; 65664 | Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4632595 |
| &nbsp;&nbsp;&nbsp; 5110 | Axon Enterprise, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4230773 |
| &nbsp;&nbsp; 10625 | Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2602594 |
| &nbsp;&nbsp; 21600 | Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875312 |
| &nbsp;&nbsp; 21000 | Builders FirstSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2450490 |
| &nbsp;&nbsp; 26980 | BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3886739 |
| &nbsp;&nbsp; 43486 | Casella Waste Systems, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5017415 |
| &nbsp;&nbsp; 36906 | Chart Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6076573 |
| &nbsp;&nbsp;&nbsp; 8074 | Clean Harbors, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1866547 |
| 617421 | CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8001776 |
| 133125 | Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4222725 |
| &nbsp;&nbsp; 22940 | Coherent Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2046477 |
| &nbsp;&nbsp; 34052 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18259023 |
| &nbsp;&nbsp; 19000 | Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458090 |
| &nbsp;&nbsp; 28785 | Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5817736 |
| &nbsp;&nbsp; 64100 | Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292256 |
| &nbsp;&nbsp; 21280 | Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2565304 |
| &nbsp;&nbsp; 34249 | Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2558743 |
| &nbsp;&nbsp; 10560 | Fabrinet\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3111821 |
| &nbsp;&nbsp; 89384 | Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9512245 |
| 115100 | Flex Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5745792 |
| &nbsp;&nbsp; 44794 | Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2344966 |
| &nbsp;&nbsp; 39370 | FTAI Aviation Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4529125 |
| 438400 | Gates Industrial Corp. PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10096352 |
| &nbsp;&nbsp; 17612 | Generac Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2522215 |
| &nbsp;&nbsp; 28200 | Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298610 |
| &nbsp;&nbsp; 21300 | Greif, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1384287 |
| &nbsp;&nbsp; 22500 | Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1628325 |
| &nbsp;&nbsp; 14330 | HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3707887 |
| &nbsp;&nbsp; 34596 | Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1954328 |
| &nbsp;&nbsp; 28794 | Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6952599 |
| &nbsp;&nbsp; 49962 | IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8771828 |
| &nbsp;&nbsp; 63958 | ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10030533 |

---

8See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — continued** | **Industrial — continued** |
| &nbsp;&nbsp; 41525 | Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9056602 |
| 224801 | Janus International Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1829880 |
| &nbsp;&nbsp; 49718 | Karman Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2504296 |
| &nbsp;&nbsp; 33747 | Knife River Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2755105 |
| &nbsp;&nbsp; 36274 | Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686016 |
| &nbsp;&nbsp; 31933 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6620350 |
| &nbsp;&nbsp; 27056 | Loar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2331416 |
| &nbsp;&nbsp; 72589 | Mirion Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1562841 |
| &nbsp;&nbsp; 14700 | Mohawk Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541148 |
| &nbsp;&nbsp; 73000 | Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5801310 |
| &nbsp;&nbsp; 32703 | Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7010542 |
| &nbsp;&nbsp; 64000 | O-I Glass, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943360 |
| &nbsp;&nbsp; 36000 | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4087440 |
| &nbsp;&nbsp; 20500 | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2819160 |
| &nbsp;&nbsp; 16874 | Powell Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3551133 |
| &nbsp;&nbsp; 25300 | Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1971882 |
| &nbsp;&nbsp; 30821 | RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11859921 |
| &nbsp;&nbsp; 19440 | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2818022 |
| &nbsp;&nbsp; 39540 | Rocket Lab Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414346 |
| &nbsp;&nbsp; 32200 | Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5119800 |
| &nbsp;&nbsp; 54900 | Ryerson Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1184193 |
| &nbsp;&nbsp; 13500 | Sanmina Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320705 |
| 127842 | Schneider National, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3087384 |
| &nbsp;&nbsp; 41700 | Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1631721 |
| &nbsp;&nbsp; 24002 | Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3727751 |
| &nbsp;&nbsp;&nbsp; 4000 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1244720 |
| &nbsp;&nbsp; 77370 | StandardAero, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2448760 |
| &nbsp;&nbsp; 66976 | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9088643 |
| &nbsp;&nbsp; 74600 | Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5989634 |
| &nbsp;&nbsp; 44517 | Trimble, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3382402 |
| &nbsp;&nbsp;&nbsp; 7854 | Universal Logistics Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199335 |
| 193473 | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7139154 |
| &nbsp;&nbsp; 75700 | World Kinect Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2146095 |
| &nbsp;&nbsp; 15830 | XPO, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 301029386 |
|  | **Technology — 9.8%** | **Technology — 9.8%** |
| &nbsp;&nbsp; 78227 | Alkami Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2357762 |
| &nbsp;&nbsp; 72338 | Allegro MicroSystems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2473236 |
| &nbsp;&nbsp; 44000 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4014560 |
| &nbsp;&nbsp; 89300 | Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874407 |
| &nbsp;&nbsp; 16632 | CACI International, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7928474 |
| 577174 | CCC Intelligent Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5431207 |
| &nbsp;&nbsp; 19265 | Cellebrite DI Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308240 |
| &nbsp;&nbsp; 52556 | Chime Financial, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1813707 |
| &nbsp;&nbsp; 44700 | Cirrus Logic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4660198 |
| &nbsp;&nbsp; 89601 | Clearwater Analytics Holdings, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1964950 |
| &nbsp;&nbsp; 15278 | Commvault Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2663414 |
| &nbsp;&nbsp; 29500 | CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1926645 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Technology — continued** | **Technology — continued** |
| &nbsp;&nbsp; 33309 | CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13552766 |
| &nbsp;&nbsp; 27670 | Descartes Systems Group, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2812517 |
| &nbsp;&nbsp; 37896 | Doximity, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2324541 |
| 145200 | Dropbox, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4152720 |
| &nbsp;&nbsp; 52290 | Dynatrace, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2886931 |
| &nbsp;&nbsp; 67418 | Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5437262 |
| &nbsp;&nbsp; 57038 | ExlService Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2497694 |
| &nbsp;&nbsp; 38359 | Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1688180 |
| &nbsp;&nbsp; 47504 | Globant SA\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4315263 |
| &nbsp;&nbsp; 13314 | Guidewire Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3134781 |
| &nbsp;&nbsp; 37551 | Hinge Health, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943264 |
| &nbsp;&nbsp; 48091 | Kyndryl Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017898 |
| &nbsp;&nbsp; 75809 | MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10862672 |
| &nbsp;&nbsp; 22272 | Manhattan Associates, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4398052 |
| &nbsp;&nbsp; 19825 | MKS, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1969812 |
| &nbsp;&nbsp;&nbsp; 9810 | Monday.com Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3085049 |
| &nbsp;&nbsp; 49109 | nCino, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1373579 |
| &nbsp;&nbsp; 21700 | NCR Atleos Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619101 |
| 137211 | NCR Voyix Corp.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609485 |
| &nbsp;&nbsp;&nbsp; 8596 | Nova Ltd.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2365619 |
| &nbsp;&nbsp; 23970 | Okta, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2396281 |
| &nbsp;&nbsp; 72800 | Photronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1370824 |
| 208500 | Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986205 |
| &nbsp;&nbsp; 31036 | Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734912 |
| &nbsp;&nbsp; 66194 | Procore Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4528993 |
| &nbsp;&nbsp; 43441 | Pure Storage, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501333 |
| &nbsp;&nbsp; 24011 | Rambus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537184 |
| 213798 | SailPoint, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4887422 |
| &nbsp;&nbsp; 62420 | Samsara, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2483068 |
| &nbsp;&nbsp; 17416 | Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1961216 |
| &nbsp;&nbsp; 59376 | Semtech Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2680233 |
| &nbsp;&nbsp; 27300 | ServiceTitan, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2926014 |
| &nbsp;&nbsp; 16652 | Silicon Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2453839 |
| &nbsp;&nbsp; 14900 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110348 |
| &nbsp;&nbsp;&nbsp; 8741 | SPS Commerce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1189563 |
| &nbsp;&nbsp; 33900 | Twilio, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4215804 |
| &nbsp;&nbsp;&nbsp; 4370 | Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2590711 |
| &nbsp;&nbsp; 20872 | Workiva, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1428688 |
| 107700 | Xerox Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567579 |
| &nbsp;&nbsp; 15775 | Zebra Technologies Corp. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4864379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 158878582 |
|  | **Utilities — 2.1%** | **Utilities — 2.1%** |
| &nbsp;&nbsp; 43722 | IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5047705 |
| &nbsp;&nbsp; 24700 | National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092337 |
| &nbsp;&nbsp; 92443 | Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4742326 |
| &nbsp;&nbsp; 14300 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2296294 |
| &nbsp;&nbsp; 91064 | Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3699930 |
| &nbsp;&nbsp; 57393 | Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4269465 |

---

10See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Utilities — continued** | **Utilities — continued** |
| &nbsp;&nbsp; 21109 | Talen Energy Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6137864 |
| &nbsp;&nbsp; 67162 | TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3782564 |
| &nbsp;&nbsp; 37100 | UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1351182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33419667 |
|  | TOTAL COMMON STOCKS (COST $1,354,875,900) | 1556439511 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Par Value ($)**  | **Description** | **Value ($)** |
|  | **Short-Term Investment — 0.6%** | **Short-Term Investment — 0.6%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.6%** | **Mutual Fund - Securities Lending Collateral — 0.6%** |
| 9544800 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.35%<sup>(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9544800 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $9,544,800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9544800 |
|  | **TOTAL INVESTMENTS — 96.9**% <br>(Cost $1,364,420,700)<br>| &nbsp;&nbsp; 1565984311 |
|  | Other Assets and Liabilities (net) — 3.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49760148 |
|  | **NET ASSETS — 100.0%** | **$1615744459** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | All or a portion of this security is out on loan. |
| (b) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<br>|
| (c) | Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total <br> market value of the securities at period end is $0 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at June 30, 2025 was $0.<br>|
| (d) | The rate disclosed is the 7-day net yield as of June 30, 2025. |
| (e) | Represents an investment of securities lending cash collateral. |

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 108 | Russell 2000 E-mini Index | Sep 2025 | &nbsp;&nbsp; $11835180 | &nbsp;&nbsp; $315176 |
| 46 | S&P Mid 400 E-mini Index | Sep 2025 | &nbsp;&nbsp; 14377300 | &nbsp;&nbsp; 355149 |
|  |  |  |  | &nbsp;&nbsp; $670325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ADR |  | American Depository Receipt |
| REIT |  | Real Estate Investment Trust |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Common Stocks | &nbsp;&nbsp; 96.3 |
| Futures Contracts | &nbsp;&nbsp;&nbsp; 0.0\* |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.6 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 3.1 |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *Amount rounds to zero.*

12See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 91.6%** | **COMMON STOCKS — 91.6%** |
|  | **Brazil — 5.4%** | **Brazil — 5.4%** |
| &nbsp;&nbsp; 1210000 | Ambev SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2953031 |
| &nbsp;&nbsp; 1291200 | B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3449288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 598816 | Banco Bradesco SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 831700 | Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3366207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94900 | Centrais Eletricas Brasileiras SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31900 | CPFL Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762636 | Dexco SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 585100 | EcoRodovias Infraestrutura e Logistica SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72900 | Embraer SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1028615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9860 | Hapvida Participacoes e Investimentos SA\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 148592 | Itau Unibanco Holding SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144820 | Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3356 | MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8771342 |
| &nbsp;&nbsp; 1496600 | Natura & Co. Holding SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 404000 | Neoenergia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1891998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 156983 | NU Holdings Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2153807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298861 | Petroleo Brasileiro SA - Petrobras, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3738751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 256077 | Petroleo Brasileiro SA - Petrobras, Preferred ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2955129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 130500 | Porto Seguro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63400 | PRIO SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492531 |
| &nbsp;&nbsp; 1442900 | Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3997297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 626500 | Sendas Distribuidora SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45925 | StoneCo Ltd. Class A \*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 124215 | Telefonica Brasil SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1416051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21705 | TIM SA, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219100 | TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1694479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204400 | Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1971776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 407877 | Vale SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3960486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 357900 | WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2805310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59184712 |
|  | **Canada — 0.4%** | **Canada — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27080 | Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4438954 |
|  | **Chile — 0.7%** | **Chile — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4631 | Banco de Credito e Inversiones SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 440730 | Cencosud SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71091 | Cia Cervecerias Unidas SA, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918496 |
| &nbsp;&nbsp; 5854517 | Enel Americas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569191 |
| &nbsp;&nbsp; 3900941 | Enel Chile SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 306287 | Falabella SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1624255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6198 | Latam Airlines Group SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62668 | Sociedad Quimica y Minera de Chile SA, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2210300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7554347 |
|  | **China — 25.1%** | **China — 25.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 206000 | AAC Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20442 | ACM Research Shanghai, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325215 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 399600 | Agricultural Bank of China Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327967 |
| &nbsp;&nbsp; 3281800 | Agricultural Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2344617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2906988 |
| &nbsp;&nbsp; 1610891 | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22860852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71594 | Amlogic Shanghai Co. Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Anhui Conch Cement Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33624 | Autohome, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 635000 | AviChina Industry & Technology Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 548800 | Baidu, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5849531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 119400 | Bank of Beijing Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 167900 | Bank of China Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131826 |
| &nbsp;&nbsp; 6219000 | Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3618501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 187600 | Bank of Communications Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 684000 | Bank of Communications Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49100 | Bank of Hangzhou Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79200 | Bank of Jiangsu Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 169400 | Bank of Ningbo Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 867800 | Bank of Shanghai Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285187 |
| &nbsp;&nbsp; 1548500 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2324557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48500 | BeOne Medicines Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4260 | Bestechnic Shanghai Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | Bethel Automotive Safety Systems Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41320 | Bilibili, Inc. Class Z \*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58500 | BYD Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2724123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 246000 | BYD Co. Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3850101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154 | Cambricon Technologies Corp. Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 720000 | China CITIC Bank Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190000 | China Communications Services Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102888 |
| &nbsp;&nbsp; 8099600 | China Construction Bank Corp. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8183838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 222500 | China Everbright Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128913 |
| &nbsp;&nbsp; 2817000 | China Everbright Bank Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406922 |
| &nbsp;&nbsp; 1767000 | China Feihe Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1286691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264000 | China Galaxy Securities Co. Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 869000 | China Lesso Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 302000 | China Life Insurance Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 774000 | China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98500 | China Merchants Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765000 | China Merchants Bank Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5354240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196000 | China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36400 | China Merchants Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 163200 | China Minsheng Banking Corp. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 531000 | China Minsheng Banking Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 228000 | China National Building Material Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | China Oilfield Services Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81939 |
| &nbsp;&nbsp; 2125000 | China Overseas Land & Investment Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3691968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32500 | China Pacific Insurance Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 129600 | China Pacific Insurance Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 734000 | China Railway Signal & Communication Corp. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302294 |
| &nbsp;&nbsp; 4573000 | China Reinsurance Group Corp. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712712 |

---

14See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 575500 | China Resources Pharmaceutical Group Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9200 | China Tourism Group Duty Free Corp. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 151700 | China United Network Communications Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 125000 | Chongqing Rural Commercial Bank Co. Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105729 |
| &nbsp;&nbsp; 1196000 | CITIC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1645756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61700 | CITIC Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237586 |
| &nbsp;&nbsp; 1656000 | CMOC Group Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1676002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 193000 | CNOOC Energy Technology & Services Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78084 | Contemporary Amperex Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2748842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61800 | COSCO SHIPPING Holdings Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700500 | COSCO SHIPPING Holdings Co. Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 115300 | CRRC Corp. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000 | CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38200 | Dong-E-E-Jiao Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32487 | Eastroc Beverage Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30800 | Foshan Haitian Flavouring & Food Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213500 | Fosun International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16200 | G-bits Network Technology Xiamen Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685200 |
| &nbsp;&nbsp; 1066000 | Geely Automobile Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2171817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 122200 | Giant Biogene Holding Co. Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 163000 | Great Wall Motor Co. Ltd. Class H \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203900 | Gree Electric Appliances, Inc. of Zhuhai Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1279812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35500 | Guotai Haitong Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Haier Smart Home Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103595 |
| &nbsp;&nbsp; 1623800 | Haier Smart Home Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4655373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53000 | Haitian International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 649671 | Hangzhou Robam Appliances Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1726789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 462000 | Hansoh Pharmaceutical Group Co. Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1754351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94000 | Hisense Home Appliances Group Co. Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28600 | Huadong Medicine Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34500 | Huatai Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 567200 | Huatai Securities Co. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1146676 |
| &nbsp;&nbsp; 1121890 | Huaxia Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1241230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 523300 | Huayu Automotive Systems Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 173500 | Hubei Jumpcan Pharmaceutical Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92000 | HUTCHMED China Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 301200 | Industrial & Commercial Bank of China Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319261 |
| &nbsp;&nbsp; 6500000 | Industrial & Commercial Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5156761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97700 | Industrial Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 140800 | Inner Mongolia Yili Industrial Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40500 | Innovent Biologics, Inc.\*<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27000 | JD Health International, Inc.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 783400 | JD Logistics, Inc.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1314932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 373700 | JD.com, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6092704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30200 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40729 | Kanzhun Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17111 | KE Holdings, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 323400 | Kingsoft Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1685451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 413200 | Kuaishou Technology\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3343640 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp; 1208000 | Lenovo Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1453704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100900 | Li Auto, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1372738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 689000 | Li Ning Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1488077 |
| &nbsp;&nbsp; 1454000 | Lonking Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65888 | Luckin Coffee, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2455646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 511450 | Meituan Class B \* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8184912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289105 | Midea Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2909106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21900 | Midea Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29472 | Montage Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 172300 | NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4647449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 113400 | New China Life Insurance Co. Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53700 | PDD Holdings, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5620242 |
| &nbsp;&nbsp; 2397000 | People's Insurance Co. Group of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1827885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334000 | PICC Property & Casualty Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51732 | Ping An Insurance Group Co. of China Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401823 |
| &nbsp;&nbsp; 1376500 | Ping An Insurance Group Co. of China Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8763407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53800 | Pop Mart International Group Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1827542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 138300 | Postal Savings Bank of China Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9806 | Qifu Technology, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39800 | Sany Heavy Industry Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16900 | SG Micro Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 198400 | Shandong Weigao Group Medical Polymer Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 899408 | Shanghai Pudong Development Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1742268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 246600 | Shanghai Tunnel Engineering Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85800 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2691311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 169000 | Silergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2056468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 104200 | Sinolink Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 380700 | Sinoma International Engineering Co. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 272000 | Sinotruk Hong Kong Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39800 | Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 708200 | Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45485344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31775 | Tencent Music Entertainment Group, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 682400 | Tian Di Science & Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 321900 | Tianshan Aluminum Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 420000 | Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 382000 | Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 351000 | TravelSky Technology Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53250 | Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3101631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000 | Uni-President China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68138 | Vipshop Holdings Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025477 |
| &nbsp;&nbsp; 1695000 | Weichai Power Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3448303 |
| &nbsp;&nbsp; 1334900 | Wilmar International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3006893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11600 | WuXi AppTec Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75500 | Wuxi Biologics Cayman, Inc.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50200 | XD, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 274900 | Xiamen C & D, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398484 |
| &nbsp;&nbsp; 1461400 | Xiaomi Corp. Class B \* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11262524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150800 | XPeng, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45091 | Yealink Network Technology Corp. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218759 |

---

16See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp; 1256549 | Yifeng Pharmacy Chain Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4294108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13561 | Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 479601 | Yunnan Aluminium Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68900 | Yunnan Baiyao Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 163500 | Yunnan Yuntianhua Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 234000 | Zhejiang Expressway Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76000 | Zhejiang Huayou Cobalt Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 148400 | Zhejiang Leapmotor Technology Co. Ltd.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036304 |
| &nbsp;&nbsp; 1046700 | Zhejiang Longsheng Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1487668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71400 | Zhejiang NHU Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211717 |
| &nbsp;&nbsp; 1180500 | Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99100 | Zijin Mining Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18500 | ZTE Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 118850 | ZTO Express Cayman, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2109334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60716 | ZTO Express Cayman, Inc., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1077709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 275035933 |
|  | **Colombia — 0.1%** | **Colombia — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20438 | Grupo Cibest SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8613 | Grupo Cibest SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33752 | Interconexion Electrica SA ESP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816822 |
|  | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12829 | CEZ AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5901 | Komercni Banka AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20057 | Moneta Money Bank AS 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173870 |
|  | **Greece — 0.9%** | **Greece — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 589227 | Eurobank Ergasias Services & Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 103690 | Jumbo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3570415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 106354 | National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36979 | OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289461 | Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9788429 |
|  | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14000 | Orient Overseas International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 974000 | Sino Biopharmaceutical Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654074 |
| &nbsp;&nbsp; 3669000 | WH Group Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3533540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4426018 |
|  | **Hungary — 0.6%** | **Hungary — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32435 | MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49789 | OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3962442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76045 | Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2233257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6477079 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — 15.2%** | **India — 15.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3687 | ABB India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22209 | Ajanta Pharma Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1957 | Alkem Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4838 | APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 463411 | Ashok Leyland Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1348703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72118 | Aurobindo Pharma Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 169109 | Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2363342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47744 | Bajaj Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30693 | Bajaj Finserv Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 530910 | Bank of Baroda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1538699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 561892 | Bharat Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2771359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 465118 | Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1798441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 185896 | Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4361443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 | Bosch Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25076 | Britannia Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1703836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56331 | BSE Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1828599 |
| &nbsp;&nbsp; 1080895 | Canara Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1438519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 458972 | Cipla Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8061775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6676 | Colgate-Palmolive India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12069 | Computer Age Management Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8710 | Coromandel International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21975 | Cummins India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25271 | Cyient Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21434 | Dabur India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4512 | Divi's Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 127064 | Dr. Reddy's Laboratories Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1909772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12421 | Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98762 | Emami Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16583 | Fortis Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 652823 | GAIL India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1452260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21100 | Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20767 | Grasim Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94546 | Great Eastern Shipping Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1079694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11641 | Havells India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 137469 | HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2777276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7436 | HDFC Asset Management Co. Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 936585 | HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21832915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1774 | HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75667 | HDFC Life Insurance Co. Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34080 | Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260047 | Hindalco Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2101850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36654 | Hindustan Aeronautics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293182 | Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1493942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 112622 | Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3017609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27521 | Hyundai Motor India Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 130093 | ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2195359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 143009 | ICICI Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4810823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96126 | ICICI Prudential Life Insurance Co. Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71260 | Indian Hotels Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633542 |

---

18See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** | **India — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 928713 | Indian Oil Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1592314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 388885 | Indraprastha Gas Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 129406 | Indus Towers Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 182793 | Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3418986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 301433 | Infosys Ltd., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5585553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19127 | InterGlobe Aviation Ltd.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1332738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 151746 | Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3822989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26847 | KPIT Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19897 | Laurus Labs Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64087 | LIC Housing Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72320 | Lupin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1635773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31975 | Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 105121 | Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3897865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 192954 | Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1623844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1657 | Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29489 | Mphasis Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | MRF Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1256 | Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47444 | Muthoot Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1453889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 220993 | National Aluminium Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496972 |
| &nbsp;&nbsp; 1742604 | NMDC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1422607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8305 | Oracle Financial Services Software Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1458 | Page Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62730 | PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9872 | Persistent Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 372269 | Petronet LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14310 | PI Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11373 | Pidilite Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52520 | PNB Housing Finance Ltd.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5484 | Polycab India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 114502 | Power Finance Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 505295 | Power Grid Corp. of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1762908 |
| &nbsp;&nbsp; 1256711 | Punjab National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1617454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202173 | REC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 598460 | Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10469920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216215 | Samvardhana Motherson International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 | Shree Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 164381 | Shriram Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4807 | Solar Industries India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15786 | SRF Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11523 | State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126689 | Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2477918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37482 | Sun TV Network Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 143871 | Syngene International Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 111292 | Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4491713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 281529 | Tata Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2260738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 239809 | Tata Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91398 | Tech Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1796970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15915 | Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633099 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** | **India — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19701 | TVS Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 847762 | Union Bank of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1517032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92342 | United Spirits Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 381661 | UPL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31717 | Voltas Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 556786 | Wipro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1731002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 132104 | Zydus Lifesciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 166708302 |
|  | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 536500 | Aneka Tambang Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100701 |
| &nbsp;&nbsp; 3748500 | Astra International Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039213 |
| &nbsp;&nbsp; 8915500 | Bank Central Asia Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4776927 |
| &nbsp;&nbsp; 2910200 | Bank Mandiri Persero Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 411100 | Bank Negara Indonesia Persero Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104714 |
| 19705399 | Bank Rakyat Indonesia Persero Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4557045 |
| 71718700 | GoTo Gojek Tokopedia Tbk. PT\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 179600 | Indofood CBP Sukses Makmur Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116182 |
| &nbsp;&nbsp; 3976500 | Kalbe Farma Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374174 |
| &nbsp;&nbsp; 7054900 | Perusahaan Gas Negara Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 847800 | United Tractors Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1123298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14027849 |
|  | **Italy — 0.3%** | **Italy — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56108 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2908043 |
|  | **Japan — 0.2%** | **Japan — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 133000 | Nexon Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2668552 |
|  | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37396 | Kaspi.KZ JSC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3174546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 443510 | Solidcore Resources PLC\*<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3174546 |
|  | **Kuwait — 0.5%** | **Kuwait — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69719 | Boubyan Bank KSCP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 983505 | Kuwait Finance House KSCP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2584493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 714078 | National Bank of Kuwait SAKP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2337741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5086710 |
|  | **Macau — 0.3%** | **Macau — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 738000 | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3283870 |
|  | **Malaysia — 0.8%** | **Malaysia — 0.8%** |
| &nbsp;&nbsp; 1134500 | AMMB Holdings Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1374527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 320300 | Axiata Group Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338900 | CIMB Group Holdings Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 139400 | Hong Leong Bank Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 274600 | Malayan Banking Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 188200 | MISC Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339323 |

---

20See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Malaysia — continued** | **Malaysia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25900 | Petronas Dagangan Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 936400 | RHB Bank Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308500 | SD Guthrie Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 474100 | Sime Darby Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 723100 | Telekom Malaysia Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 593200 | Tenaga Nasional Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260800 | YTL Corp. Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9093443 |
|  | **Mexico — 3.0%** | **Mexico — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 266000 | Alfa SAB de CV Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47819 | America Movil SAB de CV, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 355080 | Arca Continental SAB de CV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3736497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63400 | Banco del Bajio SA<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 135341 | Cemex SAB de CV, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42902 | Coca-Cola Femsa SAB de CV, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4149910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309671 | Credito Real SAB de CV SOFOM ER\*<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86272 | Fomento Economico Mexicano SAB de CV, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8884291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18485 | Gruma SAB de CV Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58700 | Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 542463 | Grupo Financiero Banorte SAB de CV Class O  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4944246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263900 | Grupo Mexico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1581975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19500 | Industrias Penoles SAB de CV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217900 | Kimberly-Clark de Mexico SAB de CV Class A <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57765 | Promotora y Operadora de Infraestructura SAB de CV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7363 | Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 162906 | Unifin Financiera SAB de CV\*<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10348 |
| &nbsp;&nbsp; 1387755 | Wal-Mart de Mexico SAB de CV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4560228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33424140 |
|  | **Netherlands — 0.4%** | **Netherlands — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52082 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3870881 |
|  | **Panama — 0.2%** | **Panama — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19325 | Copa Holdings SA Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2125170 |
|  | **Peru — 0.6%** | **Peru — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13393 | Cia de Minas Buenaventura SAA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30220 | Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6754775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6974688 |
|  | **Philippines — 0.3%** | **Philippines — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19640 | Ayala Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 170300 | Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 136270 | Bank of the Philippine Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 109366 | BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29090 | GT Capital Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81310 | International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57130 | Metropolitan Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8943 | PLDT, Inc., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194600 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Philippines — continued** | **Philippines — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 765270 | Universal Robina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1216670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3268024 |
|  | **Poland — 0.7%** | **Poland — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32802 | Alior Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 271898 | Allegro.eu SA\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2609607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9265 | Asseco Poland SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594 | Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5683 | CCC SA\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5058 | CD Projekt SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86217 | Orange Polska SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54000 | Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78742 | Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1377213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9262 | XTB SA 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23237 | Zabka Group SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7910133 |
|  | **Portugal — 0.4%** | **Portugal — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 156870 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3958514 |
|  | **Qatar — 0.3%** | **Qatar — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 295427 | Barwa Real Estate Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 122677 | Ooredoo QPSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217018 | Qatar Islamic Bank QPSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1321796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 354418 | Qatar National Bank QPSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1689115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3666686 |
|  | **Russia — 0.0%** | **Russia — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 214920 | Evraz PLC\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7610 | Gazprom Neft PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 1043282 | Gazprom PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99121 | Globaltrans Investment PLC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 1645900 | GMK Norilskiy Nickel PAO\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | HeadHunter Group PLC, ADR\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44258 | LSR Group PJSC\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 136755 | LUKOIL PJSC\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8543 | Magnit PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 984659 | Magnitogorsk Iron & Steel Works PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | MMC Norilsk Nickel PJSC, ADR\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 126700 | Mobile TeleSystems PJSC, ADR\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 154250 | Novatek PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 1715500 | Novolipetsk Steel PJSC\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5323 | PhosAgro PJSC<sup>(b)(c)(d)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | PhosAgro PJSC\*<sup>(b)(c)(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | PhosAgro PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 250620 | Polyus PJSC\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | Polyus PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4954 | Ros Agro PLC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 5496180 | Sberbank of Russia PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 105511 | Severstal PAO, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

22See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Russia — continued** | **Russia — continued** |
| 25625090 | Surgutneftegas PAO<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 598704 | Tatneft PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8773 | TCS Group Holding PLC, GDR\*<sup>(b)(c)(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16391 | TCS Group Holding PLC, GDR\*<sup>(b)(c)(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47122 | X5 Retail Group NV, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  | **Saudi Arabia — 2.2%** | **Saudi Arabia — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92014 | Al Rajhi Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2325560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92618 | Alinma Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 274566 | Arab National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1746 | Arabian Internet & Communications Services Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4736 | Astra Industrial Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343537 | Banque Saudi Fransi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1635049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19020 | Co. for Cooperative Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 | Elm Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97867 | Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1547637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46524 | Jarir Marketing Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30933 | Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6454 | Nahdi Medical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 271765 | Riyad Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2082777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57428 | SABIC Agri-Nutrients Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1640767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8030 | Saudi Arabian Mining Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 456819 | Saudi Arabian Oil Co. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2961754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205892 | Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211564 | Saudi Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 232474 | Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2243031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 175198 | Saudi Telecom Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1987294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58483 | Yanbu National Petrochemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23685853 |
|  | **Singapore — 0.3%** | **Singapore — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20763 | Sea Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3320834 |
|  | **South Africa — 2.4%** | **South Africa — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 137660 | Bid Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3626428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5417 | Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 111508 | Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2332208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31582 | Discovery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 107683 | Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2548857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25106 | Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27655 | Impala Platinum Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150231 | Investec Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65496 | Kumba Iron Ore Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1051666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 688077 | Momentum Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1328156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61814 | MTN Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12499 | Naspers Ltd. Class N  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3879434 |
| &nbsp;&nbsp; 2188929 | Old Mutual Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1491944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126864 | OUTsurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559230 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Africa — continued** | **South Africa — continued** |
| &nbsp;&nbsp; 1105725 | Redefine Properties Ltd., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400384 | Sanlam Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60476 | Sappi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15044 | Sasol Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 224016 | Standard Bank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2877191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85456 | Vodacom Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26475564 |
|  | **South Korea — 8.9%** | **South Korea — 8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875 | Alteogen, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38831 | Coupang, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1163377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13272 | Coway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7103 | DB HiTek Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34255 | DB Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3130975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7144 | Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3717 | Ecopro BM Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24627 | Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1571380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821 | Hanjin Kal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94135 | Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2768385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2466 | Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8386 | Hanwha Ocean Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5628 | Hanwha Systems Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355 | HD Hyundai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2850 | HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3232 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4319 | HL Mando Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20843 | HMM Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 | Hyosung Heavy Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13081 | Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1306374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23210 | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4924147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14513 | Hyundai Rotem Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2112778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7886 | Industrial Bank of Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55449 | KakaoBank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67167 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5518585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35310 | Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2528161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16826 | Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34436 | Korean Air Lines Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6586 | Krafton, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1771902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62283 | KT Corp., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1294241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3764 | LG Chem Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7481 | LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3123 | LG Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1301 | LG Innotek Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84399 | LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4328 | Meritz Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19387 | NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3763990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18284 | Netmarble Corp. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9292 | Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 | PharmaResearch Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258484 |

---

24See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — continued** | **South Korea — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6978 | Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 645153 | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28602624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 | Samyang Foods Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49584 | Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2255547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7938 | SK Biopharmaceuticals Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57218 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12393909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5102 | SK Innovation Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7106 | SK Square Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29309 | SK Telecom Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2790 | SK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 129022 | Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2147050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96980629 |
|  | **Taiwan — 14.8%** | **Taiwan — 14.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36000 | Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 398792 | Advantech Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4643789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 160000 | ASE Technology Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 460000 | Asia Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52000 | Asia Vital Components Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1315486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 107000 | Asustek Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2360019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 788000 | AUO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | Bizlink Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54000 | Catcher Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392067 |
| &nbsp;&nbsp; 1296000 | Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2787332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 716000 | China Airlines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 117000 | Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1765070 |
| &nbsp;&nbsp; 2257000 | Compal Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2231006 |
| &nbsp;&nbsp; 1193000 | CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1785422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 152000 | Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2139926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 911000 | E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265000 | Elan Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1104841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14000 | Elite Material Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420634 |
| &nbsp;&nbsp; 1035000 | Eva Airways Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 234000 | Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1594755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233000 | Far Eastern New Century Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 908000 | Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2714620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48000 | Giant Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178681 |
| &nbsp;&nbsp; 1151000 | Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6310197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | International Games System Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263169 |
| &nbsp;&nbsp; 1227000 | KGI Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | King Slide Works Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | Largan Precision Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31000 | Lite-On Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 143000 | MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6088563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000 | Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77000 | Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 558000 | Pegatron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1467614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19000 | PharmaEssentia Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356580 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Taiwan — continued** | **Taiwan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14000 | Phison Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239866 |
| &nbsp;&nbsp; 1355000 | Pou Chen Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1436239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 313998 | President Chain Store Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2757999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 461000 | Primax Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Quanta Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199000 | Radiant Opto-Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 107000 | Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2077710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000 | Simplo Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 131000 | Sitronix Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 935000 | Taishin Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 533000 | Taiwan Business Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280183 |
| &nbsp;&nbsp; 2658924 | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96003123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 244000 | Uni-President Enterprises Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Voltronic Power Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1294534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 159000 | Wan Hai Lines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260000 | Winbond Electronics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Wistron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 164000 | WNC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 454000 | Yang Ming Marine Transport Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107630 |
| &nbsp;&nbsp; 1185000 | Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33000 | Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 162338337 |
|  | **Thailand — 1.3%** | **Thailand — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91200 | Advanced Info Service PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 615900 | Bangkok Bank PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2634238 |
| &nbsp;&nbsp; 1930000 | Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756400 | CP ALL PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 160800 | CP Axtra PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44600 | Electricity Generating PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340700 | Gulf Development PCL, NVDR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406410 |
| &nbsp;&nbsp; 2056000 | Indorama Ventures PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242900 | Kasikornbank PCL Class F  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1139100 |
| &nbsp;&nbsp; 2077800 | Krung Thai Bank PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1363401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 610000 | SCB X PCL Class F  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2186027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54920 | Srisawad Corp. PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 389100 | Thai Union Group PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123332 |
| 22994100 | TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1337079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 813200 | True Corp. PCL, NVDR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14175669 |
|  | **Turkey — 0.6%** | **Turkey — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 919807 | Akbank TAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 356804 | Aselsan Elektronik Sanayi Ve Ticaret AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83386 | Haci Omer Sabanci Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 360321 | KOC Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196416 | Turk Hava Yollari AO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1407511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54168 | Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131672 |
| &nbsp;&nbsp; 1416058 | Turkiye Is Bankasi AS Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477859 |

---

26See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Turkey — continued** | **Turkey — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77548 | Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6827177 |
|  | **United Arab Emirates — 0.9%** | **United Arab Emirates — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 414431 | Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1520489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191872 | Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 471285 | Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89020 | Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77457 | Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 651855 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2414166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 146062 | Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74357 | Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308584 | First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1394798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9365664 |
|  | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36642 | Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1663494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47866 | Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2910591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4574085 |
|  | **United States — 0.6%** | **United States — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47065 | Cognizant Technology Solutions Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3672482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13772 | Globant SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96100 | JBS NV, BDR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1377096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300626 |
|  | **Vietnam — 0.4%** | **Vietnam — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 522000 | Mobile World Investment Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309863 |
| &nbsp;&nbsp; 1455630 | Vietnam Dairy Products JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3233814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4543677 |
|  | **Zambia — 0.3%** | **Zambia — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 214445 | First Quantum Minerals Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3801704 |
|  | TOTAL COMMON STOCKS (COST $985,825,770) | 1003435534 |
|  | **PREFERRED STOCKS — 1.9%** | **PREFERRED STOCKS — 1.9%** |
|  | **Brazil — 1.6%** | **Brazil — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 348200 | Banco Bradesco SA, 5.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25500 | Centrais Eletricas Brasileiras SA, 4.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207491 |
| &nbsp;&nbsp; 2310500 | Cia Energetica de Minas Gerais, 17.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4572020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 359500 | Gerdau SA, 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 707880 | Itau Unibanco Holding SA, 6.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4792394 |
| &nbsp;&nbsp; 2251933 | Itausa SA, 8.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4518018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 317500 | Petroleo Brasileiro SA - Petrobras, 10.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18043010 |
|  | **South Korea — 0.3%** | **South Korea — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2869 | Hyundai Motor Co., 7.93%, Second-Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1854 | Hyundai Motor Co., 8.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212218 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — continued** | **South Korea — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63298 | Samsung Electronics Co. Ltd., 2.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2321255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2871220 |
|  | TOTAL PREFERRED STOCKS (COST $19,862,710) | &nbsp;&nbsp;&nbsp;&nbsp; 20914230 |
|  | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
|  | **South Korea — 0.0%** | **South Korea — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 | Hanwha Aerospace Co. Ltd., Expires 07/02/25\*<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35276 |
|  | TOTAL RIGHTS (COST $—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35276 |
|  | **WARRANT — 0.0%** | **WARRANT — 0.0%** |
|  | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52160 | YTL Corp. Bhd., Expires 06/02/28\*<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10173 |
|  | TOTAL WARRANT (COST $—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10173 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.2%** | **Mutual Fund - Securities Lending Collateral — 0.2%** |
| 1889154 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.35%<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1889154 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $1,889,154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1889154 |
|  | **TOTAL INVESTMENTS — 93.7**% <br>(Cost $1,007,577,634)<br>| &nbsp;&nbsp; 1026284367 |
|  | Other Assets and Liabilities (net) — 6.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69507691 |
|  | **NET ASSETS — 100.0%** | **$1095792058** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | All or a portion of this security is out on loan. |
| (b) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<br>|
| (c) | Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total <br> market value of the securities at period end is $55,797 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at June 30, 2025 was $94,698,977.<br>|
| (d) | Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total <br> market value of the securities at period end is $0 which represents 0.0% of net assets. The <br> aggregate cost of these securities held at June 30, 2025 was $85,541,075.<br>|
| (e) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|
| (f) | Securities are traded on separate exchanges for the same entity.  |
| (g) | The rate disclosed is the 7-day net yield as of June 30, 2025. |

---

28See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (h) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $49,204,954 which represents 4.5% of net <br> assets.<br>|

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 1096 | MSCI Emerging Markets E-mini Index | Sep 2025 | &nbsp;&nbsp; $67595800 | &nbsp;&nbsp; $1094515 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ADR |  | American Depository Receipt |
| BDR |  | Brazilian Depositary Receipt |
| GDR |  | Global Depository Receipt |
| NVDR |  | Non-Voting Depository Receipt |
| REIT |  | Real Estate Investment Trust |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
| Financial | &nbsp;&nbsp; 23.5 |
| Technology | &nbsp;&nbsp; 19.4 |
| Communications | &nbsp;&nbsp; 14.8 |
| Consumer, Cyclical | &nbsp;&nbsp; 10.4 |
| Consumer, Non-cyclical | &nbsp;&nbsp; 10.3 |
| Industrial | &nbsp;&nbsp;&nbsp; 6.2 |
| Basic Materials | &nbsp;&nbsp;&nbsp; 4.3 |
| Energy | &nbsp;&nbsp;&nbsp; 2.8 |
| Utilities | &nbsp;&nbsp;&nbsp; 1.5 |
| Diversified | &nbsp;&nbsp;&nbsp; 0.3 |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.2 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 6.3 |
|  | 100.0% |

---

30See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 94.8%** | **COMMON STOCKS — 94.8%** |
|  | **Australia — 2.1%** | **Australia — 2.1%** |
| &nbsp;&nbsp; 620761 | AGL Energy Ltd. | &nbsp;&nbsp; 3971748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30141 | Aristocrat Leisure Ltd. | &nbsp;&nbsp; 1287467 |
| 1358851 | Aurizon Holdings Ltd. | &nbsp;&nbsp; 2698433 |
| &nbsp;&nbsp; 681000 | Bank of Queensland Ltd. | &nbsp;&nbsp; 3472413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77550 | Brambles Ltd. | &nbsp;&nbsp; 1190341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25934 | Computershare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 678042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41228 | Downer EDI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 170815 |
| &nbsp;&nbsp; 111792 | Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 580583 |
| 2060426 | Glencore PLC\* | &nbsp;&nbsp; 8009601 |
| &nbsp;&nbsp; 105055 | GPT Group, REIT | &nbsp;&nbsp;&nbsp;&nbsp; 333247 |
| &nbsp;&nbsp; 606100 | Harvey Norman Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2093458 |
| 1256900 | Helia Group Ltd. | &nbsp;&nbsp; 4637809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4748 | HUB24 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 277525 |
| &nbsp;&nbsp; 475600 | Metcash Ltd. | &nbsp;&nbsp; 1218742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7413 | Netwealth Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 163851 |
| &nbsp;&nbsp; 282604 | Northern Star Resources Ltd. | &nbsp;&nbsp; 3480581 |
| &nbsp;&nbsp; 352272 | OceanaGold Corp. | &nbsp;&nbsp; 4962009 |
| 1206200 | Perenti Ltd. | &nbsp;&nbsp; 1280680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3193 | Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 596660 |
| &nbsp;&nbsp; 771765 | Qantas Airways Ltd. | &nbsp;&nbsp; 5432841 |
| &nbsp;&nbsp; 406700 | QBE Insurance Group Ltd. | &nbsp;&nbsp; 6235055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968 | REA Group Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 467826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24966 | Regis Resources Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84200 | Rio Tinto Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5912099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14923 | SEEK Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 235236 |
| &nbsp;&nbsp; 533758 | Super Retail Group Ltd. | &nbsp;&nbsp; 4981482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16240 | Technology One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 436527 |
| &nbsp;&nbsp; 334054 | Telstra Group Ltd. | &nbsp;&nbsp; 1059607 |
| &nbsp;&nbsp; 171752 | Transurban Group | &nbsp;&nbsp; 1574707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51401 | Ventia Services Group Pty. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 174505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61147 | Wesfarmers Ltd. | &nbsp;&nbsp; 3396425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11171 | WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 798344 |
| &nbsp;&nbsp; 376210 | Woodside Energy Group Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5773327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70200 | Woolworths Group Ltd. | &nbsp;&nbsp; 1431339 |
|  |  | 79086348 |
|  | **Austria — 0.3%** | **Austria — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 50522 | ANDRITZ AG | &nbsp;&nbsp; 3738492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5427 | BAWAG Group AG 144A | &nbsp;&nbsp;&nbsp;&nbsp; 689335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17121 | Erste Group Bank AG<sup>(b)</sup> <br>| &nbsp;&nbsp; 1450139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2891 | Erste Group Bank AG<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 244207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25798 | EVN AG | &nbsp;&nbsp;&nbsp;&nbsp; 708214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45338 | OMV AG | &nbsp;&nbsp; 2456092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9905 | Raiffeisen Bank International AG | &nbsp;&nbsp;&nbsp;&nbsp; 300305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6280 | voestalpine AG | &nbsp;&nbsp;&nbsp;&nbsp; 175883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55600 | Wienerberger AG | &nbsp;&nbsp; 2059143 |
|  |  | 11821810 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Belgium — 0.3%** | **Belgium — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 31200 | Ageas SA | &nbsp;&nbsp; 2099389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40418 | Anheuser-Busch InBev SA | &nbsp;&nbsp; 2769208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436 | D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4396 | Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp; 372859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12314 | KBC Group NV | &nbsp;&nbsp; 1262181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp; 316815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21907 | Proximus SADP<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 212584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62000 | Solvay SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 2134365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17400 | Syensqo SA | &nbsp;&nbsp; 1341480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9560 | Umicore SA | &nbsp;&nbsp;&nbsp;&nbsp; 139960 |
|  |  | 10742132 |
|  | **Brazil — 0.7%** | **Brazil — 0.7%** |
| &nbsp;&nbsp; 171802 | Petroleo Brasileiro SA - Petrobras, Preferred ADR | &nbsp;&nbsp; 1982595 |
| &nbsp;&nbsp; 224600 | Vale SA | &nbsp;&nbsp; 2166639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72497 | Wheaton Precious Metals Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 6510230 |
| &nbsp;&nbsp; 148188 | Wheaton Precious Metals Corp.<sup>(b)</sup> <br>| 13299452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31200 | Yara International ASA | &nbsp;&nbsp; 1147928 |
|  |  | 25106844 |
|  | **Burkina Faso — 0.0%** | **Burkina Faso — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 41521 | IAMGOLD Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 305208 |
|  | **Canada — 7.5%** | **Canada — 7.5%** |
| &nbsp;&nbsp; 110452 | Agnico Eagle Mines Ltd.<sup>(b)</sup> <br>| 13132820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86290 | Agnico Eagle Mines Ltd.<sup>(b)</sup> <br>| 10262470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9431 | Air Canada\* | &nbsp;&nbsp;&nbsp;&nbsp; 145629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25065 | Alamos Gold, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp; 665338 |
| &nbsp;&nbsp; 174023 | Algonquin Power & Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 997152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22500 | Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 1116178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4731 | Aritzia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 244611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10931 | Atco Ltd. Class I <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 406798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74661 | B2Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 269526 |
| 1360404 | Barrick Mining Corp. | 28323611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9723 | BCE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 215559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10107 | Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 331308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43503 | CAE, Inc.\* | &nbsp;&nbsp; 1273333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38636 | Canadian Apartment Properties REIT, REIT | &nbsp;&nbsp; 1257475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77900 | Canadian Imperial Bank of Commerce<sup>(a)</sup> <br>| &nbsp;&nbsp; 5518369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43146 | Canadian National Railway Co. | &nbsp;&nbsp; 4488910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61150 | Canadian Natural Resources Ltd. | &nbsp;&nbsp; 1920110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45938 | Canadian Tire Corp. Ltd. Class A <sup>(a)</sup> <br>| &nbsp;&nbsp; 6241441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4741 | Canadian Utilities Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp; 130920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17998 | CCL Industries, Inc. Class B <sup>(a)</sup> <br>| &nbsp;&nbsp; 1047432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78497 | Cenovus Energy, Inc. | &nbsp;&nbsp; 1067559 |
| &nbsp;&nbsp; 402652 | Centerra Gold, Inc. | &nbsp;&nbsp; 2894845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43463 | CGI, Inc.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp; 4555254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80681 | CGI, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 8457789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223 | Constellation Software, Inc. | &nbsp;&nbsp; 8134763 |

---

32See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** | **Canada — continued** |
| &nbsp;&nbsp; 10169 | Descartes Systems Group, Inc.\* | &nbsp;&nbsp; 1033628 |
| &nbsp;&nbsp;&nbsp; 4132 | Docebo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 119580 |
| &nbsp;&nbsp; 15639 | Dollarama, Inc. | &nbsp;&nbsp; 2199088 |
| &nbsp;&nbsp; 10090 | Dundee Precious Metals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 161795 |
| &nbsp;&nbsp; 19392 | Emera, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 886532 |
| 203875 | Empire Co. Ltd. Class A  | &nbsp;&nbsp; 8443368 |
| &nbsp;&nbsp; 74854 | Enbridge, Inc. | &nbsp;&nbsp; 3392383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929 | Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 1673494 |
| 143300 | Finning International, Inc. | &nbsp;&nbsp; 6114273 |
| &nbsp;&nbsp; 28258 | First Majestic Silver Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 233694 |
| &nbsp;&nbsp;&nbsp; 2312 | FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 403721 |
| &nbsp;&nbsp; 28344 | Fortis, Inc.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp; 1350624 |
| &nbsp;&nbsp; 46312 | Fortis, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 2210472 |
| &nbsp;&nbsp; 15799 | Fortuna Mining Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 103325 |
| &nbsp;&nbsp; 59137 | Franco-Nevada Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 9693737 |
| 161884 | Franco-Nevada Corp.<sup>(b)</sup> <br>| 26524299 |
| &nbsp;&nbsp; 12289 | George Weston Ltd. | &nbsp;&nbsp; 2459691 |
| &nbsp;&nbsp;&nbsp; 7826 | Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 385352 |
| &nbsp;&nbsp; 18821 | Hydro One Ltd.<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 676839 |
| &nbsp;&nbsp; 62400 | iA Financial Corp., Inc. | &nbsp;&nbsp; 6827187 |
| &nbsp;&nbsp; 55800 | Imperial Oil Ltd. | &nbsp;&nbsp; 4423924 |
| &nbsp;&nbsp; 22970 | Intact Financial Corp. | &nbsp;&nbsp; 5330488 |
| &nbsp;&nbsp; 15450 | Keyera Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 504319 |
| &nbsp;&nbsp;&nbsp; 1584 | Kinaxis, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 235098 |
| 657102 | Kinross Gold Corp.<sup>(b)</sup> <br>| 10270504 |
| &nbsp;&nbsp;&nbsp; 5656 | Kinross Gold Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88208 |
| &nbsp;&nbsp; 15720 | Lightspeed Commerce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 184081 |
| &nbsp;&nbsp; 10790 | Loblaw Cos. Ltd. | &nbsp;&nbsp; 1781200 |
| 118363 | Lundin Gold, Inc. | &nbsp;&nbsp; 6236936 |
| &nbsp;&nbsp;&nbsp; 8744 | Magna International, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 337328 |
| 166421 | Magna International, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 6425515 |
| 173000 | Manulife Financial Corp. | &nbsp;&nbsp; 5520279 |
| &nbsp;&nbsp; 95700 | Maple Leaf Foods, Inc. | &nbsp;&nbsp; 1989746 |
| 181900 | MEG Energy Corp. | &nbsp;&nbsp; 3430038 |
| &nbsp;&nbsp; 10841 | Metro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 849880 |
| &nbsp;&nbsp; 67325 | New Gold, Inc.\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 334035 |
| 816337 | New Gold, Inc.\*<sup>(b)</sup> <br>| &nbsp;&nbsp; 4040868 |
| &nbsp;&nbsp;&nbsp; 2811 | North West Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99441 |
| &nbsp;&nbsp; 55800 | Nutrien Ltd.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp; 3244947 |
| &nbsp;&nbsp; 29385 | Nutrien Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp; 1711382 |
| 241900 | Open Text Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 7054013 |
| &nbsp;&nbsp; 14973 | Open Text Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 437212 |
| &nbsp;&nbsp;&nbsp; 9558 | OR Royalties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 245736 |
| &nbsp;&nbsp; 28389 | Pan American Silver Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 806248 |
| &nbsp;&nbsp;&nbsp; 1028 | Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68146 |
| &nbsp;&nbsp;&nbsp; 7847 | RioCan Real Estate Investment Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp; 101847 |
| &nbsp;&nbsp; 44892 | Rogers Communications, Inc. Class B  | &nbsp;&nbsp; 1331497 |
| 117200 | Russel Metals, Inc. | &nbsp;&nbsp; 3766376 |
| &nbsp;&nbsp; 69095 | Sandstorm Gold Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 649493 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** | **Canada — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53135 | Saputo, Inc. | &nbsp;&nbsp;&nbsp; 1085286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72140 | Shopify, Inc. Class A \* | &nbsp;&nbsp;&nbsp; 8321349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11382 | SSR Mining, Inc.\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12691 | SSR Mining, Inc.\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30444 | Stantec, Inc. | &nbsp;&nbsp;&nbsp; 3308654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 159800 | Suncor Energy, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 5973908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72744 | Suncor Energy, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 2724263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75290 | TC Energy Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 3668215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13815 | TELUS Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36083 | TELUS Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4467 | TFI International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4851 | Torex Gold Resources, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4947 | Triple Flag Precious Metals Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117194 |
|  |  | 276355905 |
|  | **China — 2.4%** | **China — 2.4%** |
| &nbsp;&nbsp; 1287500 | 3SBio, Inc. 144A | &nbsp;&nbsp;&nbsp; 3886260 |
| &nbsp;&nbsp; 6252000 | Agricultural Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp; 4466617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 274700 | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp; 3898387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | Baidu, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515 |
| &nbsp;&nbsp; 5706000 | Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp; 3320014 |
| &nbsp;&nbsp; 1290000 | Bank of Communications Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp; 1201208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 277000 | BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1204933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 984500 | Budweiser Brewing Co. APAC Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 488000 | China CITIC Bank Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465263 |
| &nbsp;&nbsp; 5243000 | China Construction Bank Corp. Class H  | &nbsp;&nbsp;&nbsp; 5297529 |
| &nbsp;&nbsp; 3187000 | China Galaxy Securities Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp; 3586552 |
| &nbsp;&nbsp; 1323600 | China International Capital Corp. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp; 2985954 |
| &nbsp;&nbsp; 1681000 | China Life Insurance Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp; 4046273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 824000 | China Medical System Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1262126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 349600 | China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683601 |
| &nbsp;&nbsp; 2918000 | CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp;&nbsp; 2869392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 771600 | Dongfang Electric Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp; 1319789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 151000 | Haidilao International Holding Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287121 |
| 10135000 | Industrial & Commercial Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp; 8040581 |
| &nbsp;&nbsp; 1450500 | JD Logistics, Inc.\* 144A | &nbsp;&nbsp;&nbsp; 2434655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89018 | Kanzhun Ltd., ADR\* | &nbsp;&nbsp;&nbsp; 1588081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 370500 | Kingboard Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1187704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 149800 | NetEase, Inc. | &nbsp;&nbsp;&nbsp; 4040556 |
| &nbsp;&nbsp; 1243500 | Ping An Insurance Group Co. of China Ltd. Class H  | &nbsp;&nbsp;&nbsp; 7916670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 172000 | Pop Mart International Group Ltd. 144A | &nbsp;&nbsp;&nbsp; 5842700 |
| &nbsp;&nbsp; 2033000 | Postal Savings Bank of China Co. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp; 1420961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 418100 | Shanghai Pharmaceuticals Holding Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 717600 | Sinopharm Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp; 1682194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83000 | SITC International Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85710 | Trip.com Group Ltd., ADR | &nbsp;&nbsp;&nbsp; 5026034 |
| &nbsp;&nbsp; 2395700 | Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp;&nbsp; 4179890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26274 | Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1174711 |

---

34See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp; 256500 | Zhejiang Leapmotor Technology Co. Ltd.\* 144A | &nbsp;&nbsp; 1791186 |
|  |  | 88974315 |
|  | **Denmark — 1.0%** | **Denmark — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | AP Moller - Maersk AS Class A  | &nbsp;&nbsp;&nbsp;&nbsp; 333104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | AP Moller - Maersk AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp; 470001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26249 | Carlsberg AS Class B  | &nbsp;&nbsp; 3710479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64900 | D/S Norden AS | &nbsp;&nbsp; 2054002 |
| &nbsp;&nbsp; 223676 | Danske Bank AS | &nbsp;&nbsp; 9087776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71900 | Dfds AS\* | &nbsp;&nbsp; 1271291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3847 | Genmab AS\* | &nbsp;&nbsp;&nbsp;&nbsp; 793266 |
| &nbsp;&nbsp; 179676 | Genmab AS, ADR\* | &nbsp;&nbsp; 3712106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8279 | GN Store Nord AS\* | &nbsp;&nbsp;&nbsp;&nbsp; 126957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8545 | ISS AS | &nbsp;&nbsp;&nbsp;&nbsp; 237910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33297 | Jyske Bank AS | &nbsp;&nbsp; 3357325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2926 | NKT AS\* | &nbsp;&nbsp;&nbsp;&nbsp; 235882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23083 | Novonesis Novozymes B Class B  | &nbsp;&nbsp; 1651744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41210 | Pandora AS | &nbsp;&nbsp; 7208128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1595 | Ringkjoebing Landbobank AS | &nbsp;&nbsp;&nbsp;&nbsp; 348239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5510 | Rockwool AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp; 256888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1925 | Royal Unibrew AS | &nbsp;&nbsp;&nbsp;&nbsp; 156568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3466 | Sydbank AS | &nbsp;&nbsp;&nbsp;&nbsp; 256126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15461 | Tryg AS | &nbsp;&nbsp;&nbsp;&nbsp; 398409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53240 | Vestas Wind Systems AS | &nbsp;&nbsp;&nbsp;&nbsp; 797216 |
|  |  | 36463417 |
|  | **Finland — 0.6%** | **Finland — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7808 | Elisa OYJ | &nbsp;&nbsp;&nbsp;&nbsp; 433409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19312 | Kone OYJ Class B  | &nbsp;&nbsp; 1267441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26400 | Konecranes OYJ | &nbsp;&nbsp; 2089850 |
| 1035355 | Nokia OYJ | &nbsp;&nbsp; 5335301 |
| &nbsp;&nbsp; 526374 | Nordea Bank Abp<sup>(b)</sup> <br>| &nbsp;&nbsp; 7781143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88387 | Nordea Bank Abp<sup>(b)</sup> <br>| &nbsp;&nbsp; 1309718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4824 | Orion OYJ Class B  | &nbsp;&nbsp;&nbsp;&nbsp; 361845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4894 | Puuilo OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75018 |
| &nbsp;&nbsp; 124748 | Sampo OYJ Class A  | &nbsp;&nbsp; 1337765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57679 | TietoEVRY OYJ<sup>(a)</sup> <br>| &nbsp;&nbsp; 1090870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70800 | Valmet OYJ<sup>(a)</sup> <br>| &nbsp;&nbsp; 2185615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28649 | Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp; 674707 |
|  |  | 23942682 |
|  | **France — 7.8%** | **France — 7.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 75190 | Air Liquide SA | 15476108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78681 | Airbus SE<sup>(b)</sup> <br>| 16406199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4602 | Airbus SE<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 958170 |
| &nbsp;&nbsp; 169380 | AXA SA | &nbsp;&nbsp; 8296265 |
| &nbsp;&nbsp; 298501 | BNP Paribas SA | 26792172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70155 | Bollore SE<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 439296 |
| &nbsp;&nbsp; 121476 | Bouygues SA | &nbsp;&nbsp; 5479814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55197 | Capgemini SE | &nbsp;&nbsp; 9414592 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **France — continued** | **France — continued** |
| 359600 | Carrefour SA | &nbsp;&nbsp;&nbsp; 5051797 |
| 216575 | Cie de Saint-Gobain SA | &nbsp;&nbsp; 25388776 |
| &nbsp;&nbsp; 77000 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp; 2855146 |
| &nbsp;&nbsp;&nbsp; 9810 | Covivio SA, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617258 |
| 193651 | Credit Agricole SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 3655856 |
| &nbsp;&nbsp; 12521 | Dassault Aviation SA | &nbsp;&nbsp;&nbsp; 4421364 |
| 300067 | Dassault Systemes SE | &nbsp;&nbsp; 10838986 |
| &nbsp;&nbsp; 30277 | Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935792 |
| 120717 | Engie SA | &nbsp;&nbsp;&nbsp; 2832806 |
| &nbsp;&nbsp; 40265 | EssilorLuxottica SA | &nbsp;&nbsp; 11022714 |
| &nbsp;&nbsp; 42955 | Gecina SA, REIT<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 4709862 |
| &nbsp;&nbsp; 11425 | Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220035 |
| &nbsp;&nbsp; 21000 | Ipsen SA | &nbsp;&nbsp;&nbsp; 2494984 |
| &nbsp;&nbsp; 48500 | IPSOS SA | &nbsp;&nbsp;&nbsp; 2593752 |
| 156756 | Klepierre SA, REIT<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 6189173 |
| 198968 | Legrand SA | &nbsp;&nbsp; 26484366 |
| &nbsp;&nbsp;&nbsp; 4263 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp; 2227953 |
| 125400 | Metropole Television SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 1936086 |
| &nbsp;&nbsp;&nbsp; 1843 | Nexans SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240385 |
| 134500 | Orange SA | &nbsp;&nbsp;&nbsp; 2046064 |
| &nbsp;&nbsp; 79795 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp; 7943059 |
| &nbsp;&nbsp; 35500 | Quadient SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663268 |
| &nbsp;&nbsp; 57300 | Rexel SA | &nbsp;&nbsp;&nbsp; 1762094 |
| &nbsp;&nbsp; 81300 | Rubis SCA | &nbsp;&nbsp;&nbsp; 2620300 |
| &nbsp;&nbsp; 36122 | Safran SA | &nbsp;&nbsp; 11723397 |
| &nbsp;&nbsp;&nbsp; 9505 | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313203 |
| &nbsp;&nbsp; 39452 | Societe BIC SA | &nbsp;&nbsp;&nbsp; 2447071 |
| 367451 | Societe Generale SA | &nbsp;&nbsp; 20981739 |
| &nbsp;&nbsp; 15100 | Sopra Steria Group | &nbsp;&nbsp;&nbsp; 3674661 |
| 219200 | Television Francaise 1 SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 2270042 |
| &nbsp;&nbsp;&nbsp; 5837 | Thales SA | &nbsp;&nbsp;&nbsp; 1713620 |
| 513940 | TotalEnergies SE | &nbsp;&nbsp; 31501029 |
| &nbsp;&nbsp;&nbsp; 2522 | Unibail-Rodamco-Westfield, REIT\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240513 |
| &nbsp;&nbsp;&nbsp; 4629 | Valeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50597 |
| &nbsp;&nbsp;&nbsp; 2946 | Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433351 |
| &nbsp;&nbsp; 26812 | Vivendi SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92285 |
|  |  | 288456000 |
|  | **Georgia — 0.1%** | **Georgia — 0.1%** |
| &nbsp;&nbsp; 45361 | Lion Finance Group PLC | &nbsp;&nbsp;&nbsp; 4402203 |
| &nbsp;&nbsp;&nbsp; 4128 | TBC Bank Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262563 |
|  |  | &nbsp;&nbsp;&nbsp; 4664766 |
|  | **Germany — 7.5%** | **Germany — 7.5%** |
| &nbsp;&nbsp; 24215 | adidas AG | &nbsp;&nbsp;&nbsp; 5624848 |
| &nbsp;&nbsp; 25019 | Allianz SE | &nbsp;&nbsp; 10101662 |
| &nbsp;&nbsp;&nbsp; 5717 | Auto1 Group SE\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183863 |
| &nbsp;&nbsp; 77000 | Bayer AG | &nbsp;&nbsp;&nbsp; 2307338 |
| &nbsp;&nbsp; 54200 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp; 4798391 |

---

36See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Germany — continued** | **Germany — continued** |
| &nbsp;&nbsp; 49087 | Beiersdorf AG | &nbsp;&nbsp;&nbsp; 6144528 |
| &nbsp;&nbsp; 34299 | Bilfinger SE | &nbsp;&nbsp;&nbsp; 3290336 |
| 333200 | Commerzbank AG | &nbsp;&nbsp; 10476529 |
| &nbsp;&nbsp;&nbsp; 6040 | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525231 |
| &nbsp;&nbsp;&nbsp; 3716 | CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461149 |
| 186900 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp; 8815181 |
| 219400 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 6486677 |
| &nbsp;&nbsp; 71847 | Deutsche Boerse AG | &nbsp;&nbsp; 23362225 |
| &nbsp;&nbsp; 37334 | Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314563 |
| 118200 | Deutsche Pfandbriefbank AG 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728713 |
| 141365 | Deutsche Post AG | &nbsp;&nbsp;&nbsp; 6511917 |
| 185110 | Deutsche Telekom AG | &nbsp;&nbsp;&nbsp; 6753690 |
| &nbsp;&nbsp; 41600 | Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp; 2084889 |
| &nbsp;&nbsp; 43361 | GEA Group AG | &nbsp;&nbsp;&nbsp; 3022822 |
| &nbsp;&nbsp; 23400 | Heidelberg Materials AG | &nbsp;&nbsp;&nbsp; 5478546 |
| &nbsp;&nbsp; 45100 | HUGO BOSS AG | &nbsp;&nbsp;&nbsp; 2079055 |
| 259970 | Infineon Technologies AG | &nbsp;&nbsp; 11023404 |
| &nbsp;&nbsp;&nbsp; 1621 | IONOS Group SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75953 |
| &nbsp;&nbsp;&nbsp; 9857 | K&S AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180045 |
| &nbsp;&nbsp; 57331 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp; 5521997 |
| &nbsp;&nbsp; 13078 | Krones AG | &nbsp;&nbsp;&nbsp; 2149203 |
| 117745 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp; 6865268 |
| &nbsp;&nbsp; 10995 | MTU Aero Engines AG | &nbsp;&nbsp;&nbsp; 4872426 |
| &nbsp;&nbsp; 26320 | Nemetschek SE | &nbsp;&nbsp;&nbsp; 3801473 |
| &nbsp;&nbsp;&nbsp; 7562 | Nordex SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149340 |
| &nbsp;&nbsp; 87095 | Puma SE | &nbsp;&nbsp;&nbsp; 2369726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585033 |
| &nbsp;&nbsp;&nbsp; 6749 | Rheinmetall AG | &nbsp;&nbsp; 14229259 |
| 194045 | SAP SE | &nbsp;&nbsp; 58820595 |
| 414900 | Schaeffler AG | &nbsp;&nbsp;&nbsp; 2216687 |
| &nbsp;&nbsp; 15262 | Scout24 SE 144A | &nbsp;&nbsp;&nbsp; 2097356 |
| &nbsp;&nbsp; 34980 | Siemens AG | &nbsp;&nbsp;&nbsp; 8940271 |
| 178711 | Siemens Energy AG\* | &nbsp;&nbsp; 20580409 |
| &nbsp;&nbsp;&nbsp; 2122 | Stroeer SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126860 |
| &nbsp;&nbsp; 53077 | Symrise AG Class A  | &nbsp;&nbsp;&nbsp; 5553832 |
| &nbsp;&nbsp; 25000 | Talanx AG | &nbsp;&nbsp;&nbsp; 3226035 |
| &nbsp;&nbsp; 54162 | TeamViewer SE\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607627 |
| &nbsp;&nbsp; 30280 | thyssenkrupp AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324031 |
| &nbsp;&nbsp; 27628 | TUI AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240601 |
| &nbsp;&nbsp; 87300 | United Internet AG | &nbsp;&nbsp;&nbsp; 2429273 |
| &nbsp;&nbsp;&nbsp; 1288 | Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138691 |
| 303880 | Zalando SE\* 144A | &nbsp;&nbsp;&nbsp; 9970156 |
|  |  | 276647704 |
|  | **Greece — 0.2%** | **Greece — 0.2%** |
| &nbsp;&nbsp; 38700 | Metlen Energy & Metals SA | &nbsp;&nbsp;&nbsp; 2094568 |
| 302858 | National Bank of Greece SA | &nbsp;&nbsp;&nbsp; 3858609 |
|  |  | &nbsp;&nbsp;&nbsp; 5953177 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5639 | Millicom International Cellular SA | &nbsp;&nbsp;&nbsp;&nbsp; 211293 |
|  | **Hong Kong — 2.2%** | **Hong Kong — 2.2%** |
| 1181200 | AIA Group Ltd. | 10622197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15600 | ASMPT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 114429 |
| &nbsp;&nbsp; 439500 | CK Asset Holdings Ltd. | &nbsp;&nbsp; 1940065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37500 | CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 248319 |
| &nbsp;&nbsp; 100500 | CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 846571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19012 | Futu Holdings Ltd., ADR | &nbsp;&nbsp; 2349693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47200 | Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 708153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63000 | Henderson Land Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 220671 |
| &nbsp;&nbsp; 233000 | HKT Trust & HKT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 347954 |
| &nbsp;&nbsp; 576900 | Hong Kong Exchanges & Clearing Ltd. | 30867085 |
| &nbsp;&nbsp; 138300 | Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 798566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7600 | Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 365359 |
| &nbsp;&nbsp; 196500 | Kerry Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 507666 |
| &nbsp;&nbsp; 635500 | Link REIT, REIT | &nbsp;&nbsp; 3387775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85500 | MTR Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 307421 |
| &nbsp;&nbsp; 255000 | PCCW Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 173277 |
| &nbsp;&nbsp; 689500 | Power Assets Holdings Ltd. | &nbsp;&nbsp; 4431577 |
| &nbsp;&nbsp; 121119 | Prudential PLC | &nbsp;&nbsp; 1518032 |
| &nbsp;&nbsp; 389000 | Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 4466665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26000 | Swire Pacific Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp; 223001 |
| &nbsp;&nbsp; 496500 | Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 5469178 |
| 9510000 | Tongda Group Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 120048 |
| 2792000 | United Laboratories International Holdings Ltd. | &nbsp;&nbsp; 5349512 |
| 7335500 | WH Group Ltd. 144A | &nbsp;&nbsp; 7064672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87000 | Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 246373 |
| &nbsp;&nbsp; 157000 | Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 240556 |
|  |  | 82934815 |
|  | **Hungary — 0.1%** | **Hungary — 0.1%** |
| &nbsp;&nbsp; 223400 | MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 1938037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95800 | Richter Gedeon Nyrt | &nbsp;&nbsp; 2813414 |
|  |  | &nbsp;&nbsp; 4751451 |
|  | **India — 0.3%** | **India — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 73890 | MakeMyTrip Ltd.\* | &nbsp;&nbsp; 7242698 |
| &nbsp;&nbsp; 802900 | Redington Ltd. | &nbsp;&nbsp; 3052029 |
|  |  | 10294727 |
|  | **Ireland — 1.4%** | **Ireland — 1.4%** |
| 2629624 | AIB Group PLC | 21558350 |
| 1189228 | Bank of Ireland Group PLC | 16911297 |
| &nbsp;&nbsp; 126940 | Kerry Group PLC Class A  | 13969752 |
|  |  | 52439399 |
|  | **Israel — 0.7%** | **Israel — 0.7%** |
| &nbsp;&nbsp; 209233 | Bank Hapoalim BM | &nbsp;&nbsp; 4019261 |
| &nbsp;&nbsp; 316972 | Bank Leumi Le-Israel BM | &nbsp;&nbsp; 5899678 |

---

38See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Israel — continued** | **Israel — continued** |
| &nbsp;&nbsp; 126656 | Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 216311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2848 | Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 126013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 | Elbit Systems Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 493678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 | Elbit Systems Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 277791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3858 | First International Bank of Israel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 279376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5479 | Harel Insurance Investments & Financial Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 153635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31673 | ICL Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 217045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 | Israel Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77786 |
| &nbsp;&nbsp; 249942 | Israel Discount Bank Ltd. Class A  | &nbsp;&nbsp; 2492907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47047 | Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 3068164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3162 | Nice Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 535956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22228 | Nice Ltd., ADR\* | &nbsp;&nbsp; 3754532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390 | Oddity Tech Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 104903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10974 | Phoenix Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 317928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4002 | Plus500 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 186267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11682 | Shufersal Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 134199 |
| &nbsp;&nbsp; 119700 | Teva Pharmaceutical Industries Ltd.\* | &nbsp;&nbsp; 2015792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2928 | Wix.com Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 463971 |
|  |  | 24835193 |
|  | **Italy — 5.4%** | **Italy — 5.4%** |
| 1974842 | A2A SpA | &nbsp;&nbsp; 5298118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7052 | Azimut Holding SpA | &nbsp;&nbsp;&nbsp;&nbsp; 225098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3634 | Banca Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp; 201332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33165 | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp; 281291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27085 | Banca Popolare di Sondrio SpA | &nbsp;&nbsp;&nbsp;&nbsp; 375330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92178 | Banco BPM SpA<sup>(a)</sup> <br>| &nbsp;&nbsp; 1072960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11333 | BFF Bank SpA\* 144A | &nbsp;&nbsp;&nbsp;&nbsp; 123823 |
| &nbsp;&nbsp; 460959 | BPER Banca SpA<sup>(a)</sup> <br>| &nbsp;&nbsp; 4176941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5345 | Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp; 295403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49614 | Coca-Cola HBC AG | &nbsp;&nbsp; 2571463 |
| &nbsp;&nbsp; 988965 | Enel SpA | &nbsp;&nbsp; 9353749 |
| &nbsp;&nbsp; 256377 | Eni SpA | &nbsp;&nbsp; 4138034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25430 | Ferrari NV | 12424786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37346 | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp; 826050 |
| &nbsp;&nbsp; 304740 | Generali | 10809519 |
| &nbsp;&nbsp; 156564 | Infrastrutture Wireless Italiane SpA<sup>(a)</sup> 144A | &nbsp;&nbsp; 1907936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7260 | Interpump Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 301299 |
| 4817992 | Intesa Sanpaolo SpA | 27675750 |
| &nbsp;&nbsp; 294535 | Iveco Group NV | &nbsp;&nbsp; 5776273 |
| &nbsp;&nbsp; 615606 | Leonardo SpA<sup>(a)</sup> <br>| 34594426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7619 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 210751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8021 | Maire SpA | &nbsp;&nbsp;&nbsp;&nbsp; 105586 |
| &nbsp;&nbsp; 209404 | Mediobanca Banca di Credito Finanziario SpA<sup>(a)</sup> <br>| &nbsp;&nbsp; 4853122 |
| &nbsp;&nbsp; 673960 | MFE-MediaForEurope NV Class A <sup>(a)</sup> <br>| &nbsp;&nbsp; 2302936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27166 | Nexi SpA 144A | &nbsp;&nbsp;&nbsp;&nbsp; 161869 |
| &nbsp;&nbsp; 501000 | Pirelli & C SpA 144A | &nbsp;&nbsp; 3443603 |
| &nbsp;&nbsp; 262370 | Poste Italiane SpA<sup>(a)</sup> 144A | &nbsp;&nbsp; 5618821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16278 | Prysmian SpA | &nbsp;&nbsp; 1143919 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Italy — continued** | **Italy — continued** |
| 165365 | Ryanair Holdings PLC, ADR | &nbsp;&nbsp;&nbsp; 9536599 |
| 590393 | Telecom Italia SpA\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290198 |
| 361135 | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp; 3701691 |
| 614991 | UniCredit SpA | &nbsp;&nbsp; 41103890 |
| 252857 | Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp; 4995923 |
| &nbsp;&nbsp; 31466 | Webuild SpA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132879 |
|  |  | 200031368 |
|  | **Japan — 17.6%** | **Japan — 17.6%** |
| &nbsp;&nbsp; 38000 | Acom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111973 |
| &nbsp;&nbsp; 54100 | Advantest Corp. | &nbsp;&nbsp;&nbsp; 3995293 |
| &nbsp;&nbsp; 44600 | Aeon Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 1363733 |
| &nbsp;&nbsp; 11300 | AEON Financial Service Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100170 |
| &nbsp;&nbsp;&nbsp; 2300 | AEON REIT Investment Corp., REIT | &nbsp;&nbsp;&nbsp; 2017936 |
| &nbsp;&nbsp; 11500 | AGC, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335461 |
| &nbsp;&nbsp; 28200 | Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358648 |
| &nbsp;&nbsp; 39300 | Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp; 1045683 |
| &nbsp;&nbsp; 11400 | Alfresa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155223 |
| &nbsp;&nbsp; 37100 | Amano Corp. | &nbsp;&nbsp;&nbsp; 1148277 |
| &nbsp;&nbsp; 25900 | ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506029 |
| &nbsp;&nbsp; 25500 | Artience Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | Asahi Group Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4003 |
| &nbsp;&nbsp; 11000 | Asahi Intecc Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173383 |
| 134500 | Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp; 1314816 |
| 122100 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp; 4357672 |
| &nbsp;&nbsp; 34500 | BayCurrent, Inc. | &nbsp;&nbsp;&nbsp; 1771936 |
| &nbsp;&nbsp; 16900 | BIPROGY, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703225 |
| 238000 | Brother Industries Ltd. | &nbsp;&nbsp;&nbsp; 4084960 |
| &nbsp;&nbsp; 67100 | Canon, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 1937580 |
| 158800 | Capcom Co. Ltd. | &nbsp;&nbsp;&nbsp; 5404897 |
| 162500 | Central Japan Railway Co. | &nbsp;&nbsp;&nbsp; 3628474 |
| 748394 | Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp; 6875067 |
| 105100 | Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp; 1295725 |
| &nbsp;&nbsp;&nbsp; 9700 | Chudenko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222757 |
| &nbsp;&nbsp; 15400 | Chugoku Electric Power Co., Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75832 |
| 336000 | Citizen Watch Co. Ltd. | &nbsp;&nbsp;&nbsp; 1981012 |
| 114200 | Coca-Cola Bottlers Japan Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1838405 |
| &nbsp;&nbsp;&nbsp; 7000 | COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161396 |
| &nbsp;&nbsp;&nbsp; 5500 | Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234129 |
| &nbsp;&nbsp;&nbsp; 1800 | Cosmos Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113941 |
| 227200 | Credit Saison Co. Ltd. | &nbsp;&nbsp;&nbsp; 6105404 |
| 114200 | CyberAgent, Inc. | &nbsp;&nbsp;&nbsp; 1304236 |
| 447500 | Daicel Corp. | &nbsp;&nbsp;&nbsp; 3730656 |
| 204400 | Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1540360 |
| 111200 | Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp;&nbsp; 2581479 |
| &nbsp;&nbsp; 21500 | Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp; 2532239 |
| &nbsp;&nbsp; 58900 | Daiwa House Industry Co. Ltd. | &nbsp;&nbsp;&nbsp; 2022996 |
| 552900 | Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp; 3920401 |
| &nbsp;&nbsp; 57500 | DeNA Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 1059243 |

---

40See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 58600 | East Japan Railway Co. | 1260811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13700 | Eisai Co. Ltd. | &nbsp;&nbsp; 392343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99200 | Electric Power Development Co. Ltd. | 1685221 |
| &nbsp;&nbsp; 224300 | ENEOS Holdings, Inc. | 1103695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 | Ezaki Glico Co. Ltd.<sup>(a)</sup> <br>| 2871081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21900 | FANUC Corp. | &nbsp;&nbsp; 593908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10700 | Fast Retailing Co. Ltd. | 3655440 |
| &nbsp;&nbsp; 121000 | Food & Life Cos. Ltd. | 5875643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900 | Fuji Corp. | &nbsp;&nbsp; 109408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41600 | Fukuoka Financial Group, Inc. | 1104509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28700 | Futaba Industrial Co. Ltd. | &nbsp;&nbsp; 158353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6600 | GungHo Online Entertainment, Inc. | &nbsp;&nbsp; 126159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49800 | Hankyu Hanshin Holdings, Inc. | 1349453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39000 | Hirose Electric Co. Ltd. | 4696622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900 | Hisamitsu Pharmaceutical Co., Inc. | &nbsp;&nbsp; 110597 |
| &nbsp;&nbsp; 331200 | Hitachi Ltd. | 9565255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57000 | Hokkaido Electric Power Co., Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 295330 |
| &nbsp;&nbsp; 751400 | Honda Motor Co. Ltd. | 7223498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21400 | Hoya Corp. | 2532760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23300 | Ichinen Holdings Co. Ltd. | &nbsp;&nbsp; 253848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 386107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9500 | Iida Group Holdings Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 133307 |
| &nbsp;&nbsp; 477000 | Inpex Corp.<sup>(a)</sup> <br>| 6672563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24200 | Internet Initiative Japan, Inc. | &nbsp;&nbsp; 476260 |
| &nbsp;&nbsp; 256000 | Isuzu Motors Ltd. | 3231243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14900 | J Front Retailing Co. Ltd. | &nbsp;&nbsp; 201914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 | Jaccs Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 71930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8400 | Japan Airlines Co. Ltd. | &nbsp;&nbsp; 170593 |
| &nbsp;&nbsp; 171600 | Japan Exchange Group, Inc. | 1734719 |
| &nbsp;&nbsp; 533000 | Japan Petroleum Exploration Co. Ltd. | 3737212 |
| &nbsp;&nbsp; 261000 | Japan Post Bank Co. Ltd. | 2808951 |
| 1056400 | Japan Post Holdings Co. Ltd. | 9721160 |
| &nbsp;&nbsp; 265000 | Japan Post Insurance Co. Ltd. | 5958314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21700 | Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 262724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13400 | JTEKT Corp. | &nbsp;&nbsp; 109670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800 | Kadokawa Corp. | &nbsp;&nbsp; 132947 |
| &nbsp;&nbsp; 166200 | Kakaku.com, Inc. | 3074289 |
| &nbsp;&nbsp; 120400 | Kamigumi Co. Ltd. | 3333469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64900 | Kanadevia Corp. | &nbsp;&nbsp; 436190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89700 | Kaneka Corp. | 2462562 |
| &nbsp;&nbsp; 239700 | Kanematsu Corp. | 4536184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45200 | Kansai Electric Power Co., Inc. | &nbsp;&nbsp; 533283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92200 | Kao Corp.<sup>(a)</sup> <br>| 4114209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15900 | Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 604360 |
| &nbsp;&nbsp; 333200 | KDDI Corp. | 5707053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300 | Keio Corp. | &nbsp;&nbsp; 152901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24300 | Keyence Corp. | 9727667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44100 | Kikkoman Corp. | &nbsp;&nbsp; 407424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31900 | Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 602842 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 145200 | Kirin Holdings Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2027153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71900 | Kitz Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 587928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76200 | Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 2057149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 128500 | Komatsu Ltd. | &nbsp;&nbsp; 4193287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10300 | Konami Group Corp. | &nbsp;&nbsp; 1621551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16686 | Kose Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 653549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28000 | Kyowa Kirin Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 478582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25200 | Kyushu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 224579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7600 | Life Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 116248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85100 | Lion Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 877765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219500 | Lixil Corp. | &nbsp;&nbsp; 2534389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 925800 | LY Corp. | &nbsp;&nbsp; 3398845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 427800 | M3, Inc. | &nbsp;&nbsp; 5857901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 133600 | Macnica Holdings, Inc. | &nbsp;&nbsp; 1787910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13600 | Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 416933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 274200 | Marubeni Corp. | &nbsp;&nbsp; 5501011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31900 | Maruha Nichiro Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 672650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 145400 | Mazda Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 870762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5800 | McDonald's Holdings Co. Japan Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 239305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 927600 | Mebuki Financial Group, Inc. | &nbsp;&nbsp; 4804582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11700 | Medipal Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 188889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100 | Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 115280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47900 | MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 1056643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16900 | MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 224835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 424100 | Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 2216544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 839800 | Mitsubishi Electric Corp. | 18081913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196500 | Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp; 3002905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 363000 | Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 2669055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35600 | Mitsubishi Motors Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 100203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77100 | MIXI, Inc. | &nbsp;&nbsp; 1857227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74700 | Mizuho Financial Group, Inc. | &nbsp;&nbsp; 2050163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 456000 | Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 3368508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100 | Modec, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 132068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 496800 | MonotaRO Co. Ltd. | &nbsp;&nbsp; 9776381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 379900 | MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 8448325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11500 | Nagoya Railroad Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 129644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 622600 | NEC Corp. | 18179572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 245600 | Nexon Co. Ltd. | &nbsp;&nbsp; 4927793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337600 | NGK Insulators Ltd. | &nbsp;&nbsp; 4219185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67600 | NH Foods Ltd. | &nbsp;&nbsp; 2336046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13400 | Nichirei Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 174857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144800 | Nintendo Co. Ltd. | 13846476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219000 | Nippon Express Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4373595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6800 | Nippon Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 125046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 118800 | Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 2581932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197900 | Nippon Soda Co. Ltd. | &nbsp;&nbsp; 4146138 |
| 10214200 | Nippon Telegraph & Telephone Corp. | 10874730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56400 | Nippon Yusen KK | &nbsp;&nbsp; 2018730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7400 | Nishi-Nippon Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 110377 |

---

42See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 49700 | Nishi-Nippon Railroad Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 698932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12200 | Nisshin Seifun Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 145326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43800 | Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 908273 |
| &nbsp;&nbsp; 265700 | Nitto Denko Corp. | &nbsp;&nbsp; 5108757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900 | Nojima Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 128654 |
| 1318100 | Nomura Holdings, Inc. | &nbsp;&nbsp; 8629915 |
| &nbsp;&nbsp; 185500 | Nomura Research Institute Ltd. | &nbsp;&nbsp; 7431401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3700 | NS Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 104125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36700 | OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 2167645 |
| &nbsp;&nbsp; 129000 | Obic Co. Ltd. | &nbsp;&nbsp; 5011271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28200 | Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 329128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10700 | Okinawa Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67208 |
| &nbsp;&nbsp; 419400 | Olympus Corp. | &nbsp;&nbsp; 4961249 |
| &nbsp;&nbsp; 203500 | Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2199124 |
| &nbsp;&nbsp; 390000 | ORIX Corp. | &nbsp;&nbsp; 8766961 |
| &nbsp;&nbsp; 190100 | Osaka Gas Co. Ltd. | &nbsp;&nbsp; 4850246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10400 | Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 211127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69200 | Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 3415674 |
| &nbsp;&nbsp; 531500 | Panasonic Holdings Corp. | &nbsp;&nbsp; 5692334 |
| 1340900 | Persol Holdings Co. Ltd. | &nbsp;&nbsp; 2606079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20100 | Raito Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 398355 |
| &nbsp;&nbsp; 204300 | Rakuten Bank Ltd.\* | &nbsp;&nbsp; 9297530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19700 | Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 1156388 |
| &nbsp;&nbsp; 492400 | Rengo Co. Ltd. | &nbsp;&nbsp; 2656352 |
| 2110100 | Resona Holdings, Inc. | 19308387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | Resorttrust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 146281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29400 | Ricoh Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 276726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16400 | Rinnai Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 405310 |
| &nbsp;&nbsp; 379700 | Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5375252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28100 | Round One Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 284746 |
| &nbsp;&nbsp; 353200 | Ryohin Keikaku Co. Ltd. | 16888641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29500 | San-In Godo Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 242082 |
| &nbsp;&nbsp; 331500 | Sankyo Co. Ltd. | &nbsp;&nbsp; 6110619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42100 | Sankyu, Inc. | &nbsp;&nbsp; 2246829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19500 | Sanrio Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 940368 |
| &nbsp;&nbsp; 295600 | Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3380200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18200 | Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 601539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29600 | Sanyo Chemical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 746882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31600 | SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 2558240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13800 | SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 414300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21100 | Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 504610 |
| &nbsp;&nbsp; 255900 | Seiko Epson Corp. | &nbsp;&nbsp; 3388013 |
| &nbsp;&nbsp; 148200 | Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 2671037 |
| &nbsp;&nbsp; 356700 | Shimadzu Corp. | &nbsp;&nbsp; 8819551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700 | Shimamura Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 189026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5700 | Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 824842 |
| &nbsp;&nbsp; 463400 | Shionogi & Co. Ltd. | &nbsp;&nbsp; 8336158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43800 | Skylark Holdings Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 914420 |
| &nbsp;&nbsp; 693300 | SoftBank Corp. | &nbsp;&nbsp; 1068137 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 227500 | Sojitz Corp. | &nbsp;&nbsp; 5561076 |
| 253200 | Sompo Holdings, Inc. | &nbsp;&nbsp; 7562528 |
| 162000 | Square Enix Holdings Co. Ltd. | 12105581 |
| 249500 | Subaru Corp. | &nbsp;&nbsp; 4321658 |
| &nbsp;&nbsp; 88600 | Sugi Holdings Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2020310 |
| &nbsp;&nbsp; 99500 | Sumitomo Heavy Industries Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2033103 |
| &nbsp;&nbsp; 81000 | Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 2024486 |
| 112800 | Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 2981044 |
| &nbsp;&nbsp; 20900 | Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 545917 |
| &nbsp;&nbsp; 17900 | Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 688023 |
| 330400 | Sumitomo Rubber Industries Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3732357 |
| &nbsp;&nbsp;&nbsp; 5300 | Sumitomo Warehouse Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 108664 |
| &nbsp;&nbsp;&nbsp; 3300 | Sundrug Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 102964 |
| &nbsp;&nbsp; 55300 | Suntory Beverage & Food Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1764783 |
| &nbsp;&nbsp;&nbsp; 4200 | Suzuken Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 151408 |
| &nbsp;&nbsp; 20600 | Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 357376 |
| &nbsp;&nbsp; 29800 | T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 649846 |
| 123900 | Taisei Corp. | &nbsp;&nbsp; 7188763 |
| 340800 | Takeda Pharmaceutical Co. Ltd. | 10487990 |
| 773900 | Terumo Corp. | 14161857 |
| &nbsp;&nbsp; 93200 | TIS, Inc. | &nbsp;&nbsp; 3116145 |
| &nbsp;&nbsp; 50400 | Tobu Railway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 867606 |
| &nbsp;&nbsp; 70600 | Toho Co. Ltd. | &nbsp;&nbsp; 4158957 |
| &nbsp;&nbsp;&nbsp; 4600 | Toho Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 127702 |
| &nbsp;&nbsp; 29900 | Tohoku Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 217419 |
| &nbsp;&nbsp; 37100 | TOKAI Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 254863 |
| &nbsp;&nbsp; 13000 | Token Corp. | &nbsp;&nbsp; 1272464 |
| 117600 | Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 4945797 |
| 178300 | Tokuyama Corp. | &nbsp;&nbsp; 3707313 |
| &nbsp;&nbsp; 93100 | Tokyo Electric Power Co. Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 308448 |
| &nbsp;&nbsp; 19900 | Tokyo Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 659559 |
| &nbsp;&nbsp; 31900 | Tokyu Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 377946 |
| &nbsp;&nbsp; 14800 | Tomy Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 333426 |
| &nbsp;&nbsp; 84400 | TOTO Ltd. | &nbsp;&nbsp; 2118112 |
| 179600 | Toyo Suisan Kaisha Ltd. | 11887727 |
| 111300 | Toyota Motor Corp. | &nbsp;&nbsp; 1905994 |
| &nbsp;&nbsp; 35400 | Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 797138 |
| &nbsp;&nbsp; 32300 | Trend Micro, Inc. | &nbsp;&nbsp; 2224438 |
| 210600 | TS Tech Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2457647 |
| &nbsp;&nbsp; 65800 | Tsubakimoto Chain Co. | &nbsp;&nbsp;&nbsp;&nbsp; 815775 |
| &nbsp;&nbsp;&nbsp; 2100 | Tsuruha Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 163524 |
| 466500 | Unicharm Corp. | &nbsp;&nbsp; 3368514 |
| &nbsp;&nbsp; 25700 | Valor Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 447833 |
| &nbsp;&nbsp; 23900 | Warabeya Nichiyo Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 399018 |
| 114900 | Yakult Honsha Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2154902 |
| &nbsp;&nbsp; 83700 | Yamaha Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 601357 |
| 271300 | Yamaha Motor Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2017184 |
| &nbsp;&nbsp; 47000 | Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 2841900 |
| &nbsp;&nbsp;&nbsp; 7700 | Yamazaki Baking Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 172083 |

---

44See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 13400 | Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355975 |
| &nbsp;&nbsp; 192600 | Yokohama Rubber Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 5267764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | Zensho Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543467 |
|  |  | 652387928 |
|  | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6840 | Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485721 |
|  | **Macau — 0.3%** | **Macau — 0.3%** |
| 1953000 | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp; 8690241 |
| &nbsp;&nbsp; 797200 | Sands China Ltd. | &nbsp;&nbsp;&nbsp; 1663483 |
|  |  | &nbsp;&nbsp; 10353724 |
|  | **Netherlands — 3.3%** | **Netherlands — 3.3%** |
| &nbsp;&nbsp; 232812 | ABN AMRO Bank NV CVA, GDR 144A | &nbsp;&nbsp;&nbsp; 6352226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7965 | Adyen NV\*<sup>(a)</sup> 144A | &nbsp;&nbsp; 14573708 |
| &nbsp;&nbsp; 465426 | Aegon Ltd. | &nbsp;&nbsp;&nbsp; 3359607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4515 | Arcadis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22179 | ASML Holding NV | &nbsp;&nbsp; 17695732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41211 | ASR Nederland NV | &nbsp;&nbsp;&nbsp; 2727714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81586 | Euronext NV 144A | &nbsp;&nbsp; 13912120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31960 | EXOR NV | &nbsp;&nbsp;&nbsp; 3211845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6410 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476409 |
| &nbsp;&nbsp; 899451 | ING Groep NV | &nbsp;&nbsp; 19669597 |
| &nbsp;&nbsp; 169535 | ING Groep NV, ADR | &nbsp;&nbsp;&nbsp; 3707730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73228 | JDE Peet's NV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 2085161 |
| &nbsp;&nbsp; 209400 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp; 8724038 |
| &nbsp;&nbsp; 222725 | NN Group NV | &nbsp;&nbsp; 14752414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53777 | Universal Music Group NV | &nbsp;&nbsp;&nbsp; 1739049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61449 | Wolters Kluwer NV | &nbsp;&nbsp; 10239929 |
|  |  | 123445663 |
|  | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 25293 | Xero Ltd.\* | &nbsp;&nbsp;&nbsp; 2980744 |
|  | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 66241 | Airtel Africa PLC 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163781 |
|  | **Norway — 0.8%** | **Norway — 0.8%** |
| &nbsp;&nbsp; 286985 | Aker BP ASA | &nbsp;&nbsp;&nbsp; 7292757 |
| &nbsp;&nbsp; 100400 | Austevoll Seafood ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962195 |
| &nbsp;&nbsp; 221545 | DNB Bank ASA | &nbsp;&nbsp;&nbsp; 6105786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50342 | Equinor ASA | &nbsp;&nbsp;&nbsp; 1266034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8737 | Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220649 |
| &nbsp;&nbsp; 100715 | Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp; 3891004 |
| &nbsp;&nbsp; 118600 | Mowi ASA | &nbsp;&nbsp;&nbsp; 2282415 |
| &nbsp;&nbsp; 178300 | Orkla ASA | &nbsp;&nbsp;&nbsp; 1930271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27309 | Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385790 |
| &nbsp;&nbsp; 239865 | Telenor ASA | &nbsp;&nbsp;&nbsp; 3731582 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Norway — continued** | **Norway — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5541 | Vend Marketplaces ASA Class B  | &nbsp;&nbsp;&nbsp;&nbsp; 186168 |
|  |  | 28254651 |
|  | **Portugal — 0.5%** | **Portugal — 0.5%** |
| &nbsp;&nbsp; 536228 | Banco Comercial Portugues SA Class R  | &nbsp;&nbsp;&nbsp;&nbsp; 416368 |
| &nbsp;&nbsp; 228482 | Galp Energia SGPS SA | &nbsp;&nbsp; 4179987 |
| &nbsp;&nbsp; 383117 | Jeronimo Martins SGPS SA | &nbsp;&nbsp; 9667711 |
| 1703426 | Sonae SGPS SA | &nbsp;&nbsp; 2416603 |
|  |  | 16680669 |
|  | **Russia — 0.0%** | **Russia — 0.0%** |
| 3792080 | Gazprom PJSC<sup>(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 843000 | GMK Norilskiy Nickel PAO\*<sup>(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 113778 | LUKOIL PJSC<sup>(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 18119 | Novatek PJSC<sup>(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 169349 | Rosneft Oil Co. PJSC<sup>(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1092670 | Sberbank of Russia PJSC<sup>(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 296674 | Tatneft PJSC<sup>(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  | **Singapore — 0.7%** | **Singapore — 0.7%** |
| &nbsp;&nbsp; 126600 | ComfortDelGro Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 142163 |
| &nbsp;&nbsp; 390100 | Genting Singapore Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 219122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16364 | Hafnia Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81792 |
| &nbsp;&nbsp; 122300 | Jardine Cycle & Carriage Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2341377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72600 | Keppel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 423425 |
| &nbsp;&nbsp; 159200 | Netlink NBN Trust<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 110001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51400 | SATS Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 122817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45927 | Sea Ltd., ADR\* | &nbsp;&nbsp; 7345564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84300 | Singapore Airlines Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 461649 |
| &nbsp;&nbsp; 330900 | Singapore Exchange Ltd. | &nbsp;&nbsp; 3864078 |
| &nbsp;&nbsp; 111400 | Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 681522 |
| 1904400 | Singapore Telecommunications Ltd. | &nbsp;&nbsp; 5713143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16776 | STMicroelectronics NV<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 508710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13408 | STMicroelectronics NV<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 408500 |
| &nbsp;&nbsp; 116500 | United Overseas Bank Ltd. | &nbsp;&nbsp; 3295078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15500 | Venture Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 138897 |
|  |  | 25857838 |
|  | **South Africa — 0.0%** | **South Africa — 0.0%** |
| 1003000 | Old Mutual Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 679179 |
|  | **South Korea — 0.7%** | **South Korea — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 84300 | Doosan Bobcat, Inc. | &nbsp;&nbsp; 3637201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496 | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 317386 |
| &nbsp;&nbsp; 109837 | Kia Corp. | &nbsp;&nbsp; 7864222 |
| &nbsp;&nbsp; 184397 | Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 8175174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9842 | Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 3167351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55600 | SK Telecom Co. Ltd. | &nbsp;&nbsp; 2335434 |
|  |  | 25496768 |

---

46See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Spain — 3.4%** | **Spain — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 13346 | ACS Actividades de Construccion y Servicios SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34554 | Aena SME SA 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919165 |
| &nbsp;&nbsp; 148616 | Amadeus IT Group SA | &nbsp;&nbsp; 12528882 |
| &nbsp;&nbsp; 384863 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp; 5898622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48347 | Banco Bilbao Vizcaya Argentaria SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743093 |
| &nbsp;&nbsp; 336312 | Banco de Sabadell SA | &nbsp;&nbsp;&nbsp; 1067225 |
| 3736291 | Banco Santander SA | &nbsp;&nbsp; 30823478 |
| &nbsp;&nbsp; 102501 | Banco Santander SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850758 |
| &nbsp;&nbsp; 868467 | Bankinter SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 11296777 |
| 2593922 | CaixaBank SA | &nbsp;&nbsp; 22394868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98952 | Cellnex Telecom SA\* 144A | &nbsp;&nbsp;&nbsp; 3840166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5838 | Fluidra SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145296 |
| &nbsp;&nbsp; 820690 | Iberdrola SA | &nbsp;&nbsp; 15721582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7958 | Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60876 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp; 3161171 |
| 1222320 | Mapfre SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 4979272 |
| &nbsp;&nbsp; 740618 | Repsol SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 10811379 |
| &nbsp;&nbsp; 294256 | Unicaja Banco SA 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692974 |
|  |  | 127143692 |
|  | **Sweden — 2.2%** | **Sweden — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 17313 | Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723938 |
| &nbsp;&nbsp; 283422 | Assa Abloy AB Class B  | &nbsp;&nbsp;&nbsp; 8797915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64366 | Atlas Copco AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910408 |
| &nbsp;&nbsp; 208714 | Betsson AB Class B  | &nbsp;&nbsp;&nbsp; 4379944 |
| &nbsp;&nbsp; 170592 | Epiroc AB Class A  | &nbsp;&nbsp;&nbsp; 3685320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8936 | Evolution AB 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13422 | Getinge AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267396 |
| &nbsp;&nbsp; 107429 | H & M Hennes & Mauritz AB Class B <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 1500474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9305 | Hemnet Group AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6460 | Industrivarden AB Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71592 | Industrivarden AB Class C  | &nbsp;&nbsp;&nbsp; 2568847 |
| &nbsp;&nbsp; 297541 | Investor AB Class B  | &nbsp;&nbsp;&nbsp; 8741275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6264 | L E Lundbergforetagen AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29594 | Loomis AB | &nbsp;&nbsp;&nbsp; 1235382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20070 | Sectra AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738427 |
| &nbsp;&nbsp; 297600 | Securitas AB Class B  | &nbsp;&nbsp;&nbsp; 4420713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87592 | Skandinaviska Enskilda Banken AB Class A  | &nbsp;&nbsp;&nbsp; 1518633 |
| &nbsp;&nbsp; 168700 | SKF AB Class B  | &nbsp;&nbsp;&nbsp; 3846546 |
| &nbsp;&nbsp; 277334 | Svenska Cellulosa AB SCA Class B  | &nbsp;&nbsp;&nbsp; 3580766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78189 | Svenska Handelsbanken AB Class A  | &nbsp;&nbsp;&nbsp; 1038039 |
| &nbsp;&nbsp; 287398 | Swedbank AB Class A  | &nbsp;&nbsp;&nbsp; 7558969 |
| &nbsp;&nbsp; 182545 | Tele2 AB Class B  | &nbsp;&nbsp;&nbsp; 2648767 |
| &nbsp;&nbsp; 250056 | Telefonaktiebolaget LM Ericsson, ADR | &nbsp;&nbsp;&nbsp; 2120475 |
| &nbsp;&nbsp; 782061 | Telefonaktiebolaget LM Ericsson Class B  | &nbsp;&nbsp;&nbsp; 6653688 |
| &nbsp;&nbsp; 882835 | Telia Co. AB | &nbsp;&nbsp;&nbsp; 3164743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1631 | Truecaller AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11492 |
| &nbsp;&nbsp; 284900 | Volvo AB Class B  | &nbsp;&nbsp;&nbsp; 7940697 |
|  |  | &nbsp;&nbsp; 79571525 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Switzerland — 4.4%** | **Switzerland — 4.4%** |
| &nbsp;&nbsp; 308046 | ABB Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp; 18356508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20306 | ABB Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 1208212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6656 | Accelleron Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40770 | Adecco Group AG | &nbsp;&nbsp;&nbsp; 1208076 |
| &nbsp;&nbsp; 107200 | Avolta AG | &nbsp;&nbsp;&nbsp; 5815201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1838 | Belimo Holding AG | &nbsp;&nbsp;&nbsp; 1872994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4757 | Cembra Money Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp; 3354332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70295 | Cie Financiere Richemont SA Class A  | &nbsp;&nbsp; 13251690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143 | dormakaba Holding AG | &nbsp;&nbsp;&nbsp; 1043713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67188 | DSM-Firmenich AG | &nbsp;&nbsp;&nbsp; 7119256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230 | Flughafen Zurich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66409 | Galderma Group AG | &nbsp;&nbsp;&nbsp; 9643858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1645 | Geberit AG | &nbsp;&nbsp;&nbsp; 1292399 |
| &nbsp;&nbsp; 120350 | Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp; 8094868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261 | Kardex Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11959 | Landis & Gyr Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5017 | Logitech International SA<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5844 | Logitech International SA<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25356 | Lonza Group AG | &nbsp;&nbsp; 18058981 |
| &nbsp;&nbsp; 191130 | On Holding AG Class A \* | &nbsp;&nbsp;&nbsp; 9948317 |
| &nbsp;&nbsp; 216649 | Sandoz Group AG | &nbsp;&nbsp; 11865693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14935 | Schindler Holding AG | &nbsp;&nbsp;&nbsp; 5545129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14840 | Sika AG | &nbsp;&nbsp;&nbsp; 4014175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15786 | Sonova Holding AG | &nbsp;&nbsp;&nbsp; 4700417 |
| &nbsp;&nbsp; 132193 | Sportradar Group AG Class A \* | &nbsp;&nbsp;&nbsp; 3711979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4989 | Sunrise Communications AG Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3173 | Swatch Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19942 | Swatch Group AG Bearer Shares <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 3244206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664 | Swissquote Group Holding SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5418 | Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386948 |
| &nbsp;&nbsp; 493206 | UBS Group AG<sup>(b)</sup> <br>| &nbsp;&nbsp; 16704534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59066 | UBS Group AG\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 1997612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7669 | Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp; 5360600 |
|  |  | 162233368 |
|  | **Taiwan — 0.9%** | **Taiwan — 0.9%** |
| &nbsp;&nbsp; 424000 | ASE Technology Holding Co. Ltd. | &nbsp;&nbsp;&nbsp; 2124305 |
| &nbsp;&nbsp; 971000 | Chipbond Technology Corp. | &nbsp;&nbsp;&nbsp; 1778561 |
| &nbsp;&nbsp; 413000 | Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp; 2264215 |
| &nbsp;&nbsp; 314000 | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 11337286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67676 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 15327937 |
| 1296000 | United Microelectronics Corp. | &nbsp;&nbsp;&nbsp; 1964767 |
|  |  | &nbsp;&nbsp; 34797071 |
|  | **Turkey — 0.1%** | **Turkey — 0.1%** |
| 1439800 | Coca-Cola Icecek AS | &nbsp;&nbsp;&nbsp; 1790107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12214 | Eldorado Gold Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248433 |
|  |  | &nbsp;&nbsp;&nbsp; 2038540 |

---

48See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — 10.1%** | **United Kingdom — 10.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 110100 | 3i Group PLC | &nbsp;&nbsp; 6217548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13543 | Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 606921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4483 | AJ Bell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17653 | Allfunds Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 135022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 162841 | Associated British Foods PLC | &nbsp;&nbsp; 4592986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86460 | AstraZeneca PLC<sup>(b)</sup> <br>| 12037313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14720 | AstraZeneca PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 2057136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52604 | Auto Trader Group PLC 144A | &nbsp;&nbsp;&nbsp;&nbsp; 594729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 705114 | Aviva PLC | &nbsp;&nbsp; 5984608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 403600 | B&M European Value Retail SA | &nbsp;&nbsp; 1502461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15031 | Babcock International Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 236316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 515877 | Balfour Beatty PLC | &nbsp;&nbsp; 3694408 |
| &nbsp;&nbsp; 7969133 | Barclays PLC | 36848677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 558142 | Barclays PLC, ADR | 10375860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9364 | Bodycote PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45200 | British American Tobacco PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 2135385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22650 | British American Tobacco PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 1071603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3844 | British American Tobacco PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp; 181937 |
| &nbsp;&nbsp; 1848090 | BT Group PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 4907483 |
| &nbsp;&nbsp; 1899300 | Centrica PLC | &nbsp;&nbsp; 4205387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19624 | Chemring Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 152129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 533500 | CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 3293383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 388905 | Compass Group PLC | 13150204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48721 | Croda International PLC | &nbsp;&nbsp; 1955154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 374110 | Diageo PLC | &nbsp;&nbsp; 9394419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30647 | Diageo PLC, ADR | &nbsp;&nbsp; 3090443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 749178 | Direct Line Insurance Group PLC | &nbsp;&nbsp; 3148161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 456268 | Drax Group PLC | &nbsp;&nbsp; 4333590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298569 | Hiscox Ltd. | &nbsp;&nbsp; 5136177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 556400 | HSBC Holdings PLC | &nbsp;&nbsp; 6725080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96534 | IG Group Holdings PLC | &nbsp;&nbsp; 1408525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 421387 | IMI PLC | 12095109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 229500 | Imperial Brands PLC | &nbsp;&nbsp; 9044958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84237 | Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp; 930436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9293 | InterContinental Hotels Group PLC | &nbsp;&nbsp; 1059299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48605 | Intertek Group PLC | &nbsp;&nbsp; 3157990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 523700 | J Sainsbury PLC | &nbsp;&nbsp; 2079809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10212 | JET2 PLC | &nbsp;&nbsp;&nbsp;&nbsp; 258241 |
| &nbsp;&nbsp; 1751120 | Kingfisher PLC | &nbsp;&nbsp; 6985280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19121 | Lancashire Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 150696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 320213 | Legal & General Group PLC | &nbsp;&nbsp; 1117459 |
| 19146492 | Lloyds Banking Group PLC | 20129266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 592819 | Lloyds Banking Group PLC, ADR | &nbsp;&nbsp; 2519481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 189218 | London Stock Exchange Group PLC | 27601944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 607951 | Man Group PLC | &nbsp;&nbsp; 1409142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 422100 | Marks & Spencer Group PLC | &nbsp;&nbsp; 2049968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 393300 | Mitchells & Butlers PLC\* | &nbsp;&nbsp; 1544643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32159 | MONY Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97501 |
| &nbsp;&nbsp; 4678471 | NatWest Group PLC | 32794758 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp; 421633 | Paragon Banking Group PLC | &nbsp;&nbsp;&nbsp; 5455399 |
| &nbsp;&nbsp; 568456 | QinetiQ Group PLC | &nbsp;&nbsp;&nbsp; 4020180 |
| &nbsp;&nbsp; 102817 | Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp; 6982606 |
| &nbsp;&nbsp; 501236 | RELX PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 27143901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95079 | RELX PLC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 5125541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39924 | Rightmove PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431843 |
| &nbsp;&nbsp; 482453 | Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp; 6399259 |
| &nbsp;&nbsp; 287132 | Sage Group PLC | &nbsp;&nbsp;&nbsp; 4926497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69007 | Serco Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191056 |
| &nbsp;&nbsp; 552115 | Smith & Nephew PLC | &nbsp;&nbsp;&nbsp; 8422492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37496 | Spirax Group PLC | &nbsp;&nbsp;&nbsp; 3060581 |
| &nbsp;&nbsp; 114695 | Standard Chartered PLC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 1897603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10600 | Standard Chartered PLC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177069 |
| 1391600 | Tesco PLC | &nbsp;&nbsp;&nbsp; 7652970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50139 | TP ICAP Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8111 | Vesuvius PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43628 |
| 5764678 | Vodafone Group PLC | &nbsp;&nbsp;&nbsp; 6145851 |
| 1209680 | Vodafone Group PLC, ADR | &nbsp;&nbsp; 12895189 |
|  |  | 375464359 |
|  | **United States — 9.1%** | **United States — 9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 26388 | Adobe, Inc.\* | &nbsp;&nbsp; 10208990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54741 | Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp; 6459985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59027 | Alcon AG | &nbsp;&nbsp;&nbsp; 5223935 |
| &nbsp;&nbsp; 836623 | BP PLC | &nbsp;&nbsp;&nbsp; 4166466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11725 | Cadence Design Systems, Inc.\* | &nbsp;&nbsp;&nbsp; 3613059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5906 | Carnival PLC, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 | Charter Communications, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18840 | Chipotle Mexican Grill, Inc.\* | &nbsp;&nbsp;&nbsp; 1057866 |
| &nbsp;&nbsp; 773143 | Comcast Corp. Class A  | &nbsp;&nbsp; 27593474 |
| &nbsp;&nbsp; 220013 | CRH PLC | &nbsp;&nbsp; 20197193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51550 | CSL Ltd. | &nbsp;&nbsp;&nbsp; 8090998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2562 | CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp; 1042427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18028 | Dollar General Corp. | &nbsp;&nbsp;&nbsp; 2062043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17102 | Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp; 2731189 |
| &nbsp;&nbsp; 574739 | Experian PLC | &nbsp;&nbsp; 29558945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17066 | Ferrovial SE<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906760 |
| &nbsp;&nbsp; 232220 | GFL Environmental, Inc. | &nbsp;&nbsp; 11717821 |
| &nbsp;&nbsp; 626004 | GSK PLC | &nbsp;&nbsp; 11913360 |
| 5157827 | Haleon PLC | &nbsp;&nbsp; 26492580 |
| &nbsp;&nbsp; 172150 | JBS NV, BDR\* | &nbsp;&nbsp;&nbsp; 2466878 |
| &nbsp;&nbsp; 303984 | Kenvue, Inc. | &nbsp;&nbsp;&nbsp; 6362385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11504 | Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp; 2552393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6577 | MDA Space Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18480 | Merck & Co., Inc. | &nbsp;&nbsp;&nbsp; 1462877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15962 | Meta Platforms, Inc. Class A  | &nbsp;&nbsp; 11781393 |
| &nbsp;&nbsp; 157600 | Novartis AG | &nbsp;&nbsp; 19004592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45590 | Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93100 | Roche Holding AG | &nbsp;&nbsp; 30337862 |

---

50See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp; 46400 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4473921 |
| 126808 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33696661 |
| 311200 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10887040 |
| 155300 | Signify NV 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4189905 |
| &nbsp;&nbsp;&nbsp; 9271 | Spotify Technology SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7114009 |
| &nbsp;&nbsp; 56700 | Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9808040 |
| 238924 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4447135 |
| &nbsp;&nbsp; 47651 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061859 |
| &nbsp;&nbsp; 80388 | Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9968916 |
| &nbsp;&nbsp;&nbsp; 6834 | Waters Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2385339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 336857219 |
|  | **Zambia — 0.0%** | **Zambia — 0.0%** |
| &nbsp;&nbsp; 41123 | First Quantum Minerals Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729033 |
|  | TOTAL COMMON STOCKS (COST $2,772,336,305) | 3509640027 |
|  | **INVESTMENT COMPANIES — 0.4%** | **INVESTMENT COMPANIES — 0.4%** |
|  | **United States — 0.4%** | **United States — 0.4%** |
| &nbsp;&nbsp; 22703 | iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1895247 |
| 100474 | iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8981371 |
| &nbsp;&nbsp;&nbsp; 3309 | iShares MSCI Eurozone ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196720 |
| &nbsp;&nbsp; 61006 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3477952 |
|  | TOTAL INVESTMENT COMPANIES (COST $12,725,664) | &nbsp;&nbsp;&nbsp;&nbsp; 14551290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **PREFERRED STOCKS — 0.3%** | **PREFERRED STOCKS — 0.3%** |
|  | **Germany — 0.3%** | **Germany — 0.3%** |
| &nbsp;&nbsp; 8471 | Porsche Automobil Holding SE, 5.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334726 |
| 93332 | Volkswagen AG, 7.09% | &nbsp;&nbsp;&nbsp;&nbsp; 9821105 |
|  |  | &nbsp;&nbsp; 10155831 |
|  | TOTAL PREFERRED STOCKS (COST $17,791,181) | 10155831 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 1.5%** | **SHORT-TERM INVESTMENT — 1.5%** |
|  | **Mutual Fund - Securities Lending Collateral — 1.5%** | **Mutual Fund - Securities Lending Collateral — 1.5%** |
| 54655973 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.35%<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54655973 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $54,655,973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54655973 |
|  | **TOTAL INVESTMENTS — 97.0**% <br>(Cost $2,857,509,123)<br>| &nbsp;&nbsp; 3589003121 |
|  | Other Assets and Liabilities (net) — 3.0% | &nbsp;&nbsp;&nbsp;&nbsp; 111827451 |
|  | **NET ASSETS — 100.0%** | **$3700830572** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | All or a portion of this security is out on loan. |
| (b) | Securities are traded on separate exchanges for the same entity.  |
| (c) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<br>|
| (d) | Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total <br> market value of the securities at period end is $0 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at June 30, 2025 was $29,569,045.<br>|
| (e) | Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total <br> market value of the securities at period end is $0 which represents 0.0% of net assets. The <br> aggregate cost of these securities held at June 30, 2025 was $29,569,045.<br>|
| (f) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|
| (g) | The rate disclosed is the 7-day net yield as of June 30, 2025. |
| (h) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $98,844,038 which represents 2.7% of net <br> assets.<br>|

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 754 | MSCI EAFE Index | Sep 2025 | &nbsp;&nbsp; $101100090 | &nbsp;&nbsp; $842499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ADR |  | American Depository Receipt |
| BDR |  | Brazilian Depositary Receipt |
| CVA |  | Certificaten Van Aandelen |
| ETF |  | Exchange-traded fund |
| GDR |  | Global Depository Receipt |
| REIT |  | Real Estate Investment Trust |

---

52See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
| Financial | &nbsp;&nbsp; 26.8 |
| Consumer, Non-cyclical | &nbsp;&nbsp; 16.0 |
| Industrial | &nbsp;&nbsp; 15.0 |
| Consumer, Cyclical | &nbsp;&nbsp; 10.9 |
| Technology | &nbsp;&nbsp;&nbsp; 8.3 |
| Basic Materials | &nbsp;&nbsp;&nbsp; 6.5 |
| Communications | &nbsp;&nbsp;&nbsp; 6.1 |
| Energy | &nbsp;&nbsp;&nbsp; 3.5 |
| Utilities | &nbsp;&nbsp;&nbsp; 2.0 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 0.4 |
| Diversified | &nbsp;&nbsp;&nbsp; 0.0\* |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 1.5 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 3.0 |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *Amount rounds to zero.*

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>|  | **Description** | **Value ($)** |
|  |  | **DEBT OBLIGATIONS — 98.3%** | **DEBT OBLIGATIONS — 98.3%** |
|  |  | **Asset Backed Securities — 10.2%** | **Asset Backed Securities — 10.2%** |
| &nbsp;&nbsp; 160592 |  | &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, 3.20%, due 12/29/30 <br> 144A<br>| &nbsp;&nbsp; 157703 |
| 1800000 |  | Affirm Master Trust, Series 2025-1A, Class A, 4.99%, due 02/15/33 144A | 1814795 |
| &nbsp;&nbsp; 148000 |  | Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, due 08/15/46 144A | &nbsp;&nbsp; 143090 |
| &nbsp;&nbsp; 221000 |  | Aligned Data Centers Issuer LLC, Series 2023-2A, Class A2, 6.50%, due 11/16/48 144A | &nbsp;&nbsp; 225593 |
| &nbsp;&nbsp; 209486 |  | AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, due 01/19/27 | &nbsp;&nbsp; 207511 |
| &nbsp;&nbsp; 400000 |  | AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, due 08/18/27 | &nbsp;&nbsp; 392540 |
| &nbsp;&nbsp; 700000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C, 5.80%, due 12/18/28 | &nbsp;&nbsp; 714680 |
| &nbsp;&nbsp; 800000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-2, Class C, 6.00%, due 07/18/29 | &nbsp;&nbsp; 822412 |
| 1528648 |  | AMSR Trust, Series 2021-SFR2, Class A, 1.53%, due 08/17/38 144A | 1476438 |
| 2742000 |  | AMSR Trust, Series 2022-SFR3, Class A, 4.00%, due 10/17/39 144A | 2712254 |
| &nbsp;&nbsp; 181000 |  | AMSR Trust, Series 2025-SFR1, Class A, 3.66%, due 06/17/42 144A | &nbsp;&nbsp; 172919 |
| 4000000 | EUR | &nbsp;&nbsp;&nbsp; Anchorage Capital Europe CLO 6 DAC, Series 6A, Class AR, 3.99% (3 mo. EURIBOR <br> + 1.75%), due 01/22/38<sup>(b)</sup> 144A<br>| 4705905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95694 |  | Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 07/17/46 144A | &nbsp;&nbsp;&nbsp;&nbsp; 88141 |
| &nbsp;&nbsp; 500062 |  | Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A | &nbsp;&nbsp; 477523 |
| 3163000 |  | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class A, 5.23%, due <br> 12/20/30 144A<br>| 3237987 |
| 2500000 | EUR | &nbsp;&nbsp;&nbsp; Barings Euro CLO DAC, Series 2015-1A, Class ARR, 3.14% (3 mo. EURIBOR + <br> 0.98%), due 07/25/35<sup>(b)</sup> 144A<br>| 2933743 |
| 1248030 | EUR | &nbsp;&nbsp;&nbsp; BNPP AM Euro CLO DAC, Series 2018-1A, Class AR, 2.88% (3 mo. EURIBOR + <br> 0.60%), due 04/15/31<sup>(b)</sup> 144A<br>| 1451628 |
| 1131363 |  | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, due <br> 04/25/54<sup>(c)</sup> 144A<br>| 1143102 |
| &nbsp;&nbsp; 881499 | EUR | &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies Euro CLO Ltd., Series 2014-2A, Class AR1, 2.89% (3 <br> mo. EURIBOR + 0.75%), due 11/15/31<sup>(b)</sup> 144A<br>| 1032992 |
| &nbsp;&nbsp; 310000 |  | CarMax Auto Owner Trust, Series 2021-3, Class C, 1.25%, due 05/17/27 | &nbsp;&nbsp; 306697 |
| &nbsp;&nbsp; 300000 |  | CarMax Auto Owner Trust, Series 2021-4, Class C, 1.38%, due 07/15/27 | &nbsp;&nbsp; 295141 |
| &nbsp;&nbsp; 400000 |  | CarMax Auto Owner Trust, Series 2022-1, Class C, 2.20%, due 11/15/27 | &nbsp;&nbsp; 392576 |
| &nbsp;&nbsp; 200000 |  | CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, due 07/17/28 | &nbsp;&nbsp; 196369 |
| &nbsp;&nbsp; 407452 |  | CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A | &nbsp;&nbsp; 403165 |
| &nbsp;&nbsp; 393943 |  | CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.53%, due 03/15/61 144A | &nbsp;&nbsp; 379211 |
| &nbsp;&nbsp; 304000 |  | CLI Funding IX LLC, Series 2025-1A, Class A, 5.35%, due 06/20/50 144A | &nbsp;&nbsp; 306533 |
| &nbsp;&nbsp; 383839 |  | CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A | &nbsp;&nbsp; 357054 |
| &nbsp;&nbsp; 287737 |  | CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64%, due 02/18/46 144A | &nbsp;&nbsp; 264167 |
| &nbsp;&nbsp; 282945 |  | CLI Funding VIII LLC, Series 2022-1A, Class A, 2.72%, due 01/18/47 144A | &nbsp;&nbsp; 258732 |
| &nbsp;&nbsp; 295000 |  | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC, Series 2024-1A, Class A1, 5.25%, due 02/25/49 <br> 144A<br>| &nbsp;&nbsp; 296708 |
| &nbsp;&nbsp; 328000 |  | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC, Series 2025-1A, Class A1, 5.32%, due 05/25/50 <br> 144A<br>| &nbsp;&nbsp; 332929 |
| &nbsp;&nbsp; 199000 |  | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer III LLC, Series 2025-2A, Class A2, 5.84%, due 02/25/50 <br> 144A<br>| &nbsp;&nbsp; 201664 |
| &nbsp;&nbsp; 235000 |  | &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, <br> Class A2, 6.00%, due 05/20/55 144A<br>| &nbsp;&nbsp; 242907 |
| 2250000 |  | &nbsp;&nbsp;&nbsp; Crown City CLO I, Series 2020-1A, Class A1AR, 5.72% (3 mo. USD Term SOFR + <br> 1.45%), due 07/20/34<sup>(b)</sup> 144A<br>| 2251321 |
| 1578732 | EUR | &nbsp;&nbsp;&nbsp; CVC Cordatus Loan Fund VII DAC, Series 7A, Class ARR, 2.61% (3 mo. EURIBOR + <br> 0.63%), due 09/15/31<sup>(b)</sup> 144A<br>| 1851257 |
| &nbsp;&nbsp; 457000 |  | &nbsp;&nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC, Series 2023-1A, Class A2, 4.30%, due 04/20/48 <br> 144A<br>| &nbsp;&nbsp; 446363 |

---

54See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 449000 |  | &nbsp;&nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, 4.50%, due 05/20/49 <br> 144A<br>| &nbsp;&nbsp; 437827 |
| &nbsp;&nbsp; 278000 |  | DataBank Issuer LLC, Series 2021-1A, Class A2, 2.06%, due 02/27/51 144A | &nbsp;&nbsp; 271995 |
| &nbsp;&nbsp; 258772 |  | DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A | &nbsp;&nbsp; 256307 |
| &nbsp;&nbsp; 152000 |  | &nbsp;&nbsp;&nbsp; Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, due 04/15/49 <br> 144A<br>| &nbsp;&nbsp; 143703 |
| 1419355 |  | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2I, 4.12%, due 07/25/48 <br> 144A<br>| 1415089 |
| &nbsp;&nbsp; 389972 |  | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, due 04/25/51 <br> 144A<br>| &nbsp;&nbsp; 364499 |
| &nbsp;&nbsp; 338207 |  | Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A | &nbsp;&nbsp; 323640 |
| &nbsp;&nbsp; 402060 |  | Driven Brands Funding LLC, Series 2021-1A, Class A2, 2.79%, due 10/20/51 144A | &nbsp;&nbsp; 376408 |
| &nbsp;&nbsp; 531000 |  | FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, due 08/17/38 144A | &nbsp;&nbsp; 512187 |
| &nbsp;&nbsp; 300000 |  | Ford Credit Auto Owner Trust, Series 2022-A, Class C, 2.14%, due 07/15/29 | &nbsp;&nbsp; 296606 |
| &nbsp;&nbsp; 242000 |  | Frontier Issuer LLC, Series 2024-1, Class C, 11.16%, due 06/20/54 144A | &nbsp;&nbsp; 272079 |
| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class B, 5.72%, <br> due 01/16/29<br>| &nbsp;&nbsp; 510507 |
| &nbsp;&nbsp; 700000 |  | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class B, 6.16%, <br> due 04/16/29<br>| &nbsp;&nbsp; 723290 |
| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class C, 6.41%, <br> due 05/16/29<br>| &nbsp;&nbsp; 517985 |
| &nbsp;&nbsp; 160000 |  | &nbsp;&nbsp;&nbsp; GM Financial Revolving Receivables Trust, Series 2024-1, Class A, 4.98%, due 12/11/36 <br> 144A<br>| &nbsp;&nbsp; 163736 |
| 2973000 |  | &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, Series 2023-2, Class A, 5.34%, due 06/15/30 <br> 144A<br>| 3065393 |
| &nbsp;&nbsp; 180307 |  | &nbsp;&nbsp;&nbsp; Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, 3.21%, due <br> 01/22/29 144A<br>| &nbsp;&nbsp; 179532 |
| &nbsp;&nbsp; 387012 |  | &nbsp;&nbsp;&nbsp; Golub Capital Partners ABS Funding Ltd., Series 2021-1A, Class A2, 2.77%, due <br> 04/20/29 144A<br>| &nbsp;&nbsp; 385087 |
| 5000000 | EUR | &nbsp;&nbsp;&nbsp; Harvest CLO XXXII DAC, Series 32A, Class A, 3.61% (3 mo. EURIBOR + 1.45%), <br> due 07/25/37<sup>(b)</sup> 144A<br>| 5885392 |
| &nbsp;&nbsp; 402000 |  | HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, due 02/01/62 144A | &nbsp;&nbsp; 392999 |
| &nbsp;&nbsp; 167000 |  | Hotwire Funding LLC, Series 2024-1A, Class A2, 5.89%, due 06/20/54 144A | &nbsp;&nbsp; 169685 |
| 3750000 | EUR | &nbsp;&nbsp;&nbsp; ICG Euro CLO DAC, Series 2023-1A, Class AR, 3.68% (3 mo. EURIBOR + 1.25%), <br> due 10/19/38<sup>(b)</sup> 144A<br>| 4397534 |
| 1480665 | EUR | &nbsp;&nbsp;&nbsp; Invesco Euro CLO I DAC, Series 1A, Class A1R, 2.93% (3 mo. EURIBOR + 0.65%), <br> due 07/15/31<sup>(b)</sup> 144A<br>| 1729486 |
| &nbsp;&nbsp; 431261 |  | Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, due 09/17/41 144A | &nbsp;&nbsp; 420593 |
| &nbsp;&nbsp; 263340 |  | Jersey Mike's Funding LLC, Series 2024-1A, Class A2, 5.64%, due 02/15/55 144A | &nbsp;&nbsp; 268269 |
| 1276486 |  | &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.50% (SOFR 30-day average + <br> 1.20%), due 02/25/55<sup>(b)</sup> 144A<br>| 1274850 |
| 2000000 |  | &nbsp;&nbsp;&nbsp; Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, 5.66% (3 mo. USD <br> Term SOFR + 1.38%), due 07/17/34<sup>(b)</sup> 144A<br>| 2001900 |
| &nbsp;&nbsp; 195000 |  | &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, Series 2023-1A, Class A2, 6.56%, due 04/20/53 <br> 144A<br>| &nbsp;&nbsp; 199799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59839 |  | Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A | &nbsp;&nbsp;&nbsp;&nbsp; 52628 |
| &nbsp;&nbsp; 617280 |  | Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, due 04/30/51 144A | &nbsp;&nbsp; 578194 |
| &nbsp;&nbsp; 198338 |  | Neighborly Issuer LLC, Series 2022-1A, Class A2, 3.70%, due 01/30/52 144A | &nbsp;&nbsp; 184281 |
| &nbsp;&nbsp; 117201 |  | &nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.62% (1 mo. USD <br> Term SOFR + 0.83%), due 10/25/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 118421 |
| &nbsp;&nbsp; 506000 |  | &nbsp;&nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, due <br> 10/20/61 144A<br>| &nbsp;&nbsp; 476802 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, due <br> 10/20/61 144A<br>| &nbsp;&nbsp; 435291 |
| 4750000 | &nbsp;&nbsp;&nbsp; NGC Ltd., Series 2024-1A, Class A1, 5.87% (3 mo. USD Term SOFR + 1.60%), due <br> 07/20/37<sup>(b)</sup> 144A<br>| 4766088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52232 | &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A, 3.10%, due <br> 07/25/26 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51012 |
| 1994000 | PFS Financing Corp., Series 2024-B, Class A, 4.95%, due 02/15/29 144A | 2014938 |
| 1509592 | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC, Series 2024-1A, Class A2I, 5.77%, due 06/05/54 <br> 144A<br>| 1533851 |
| 1543163 | Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, due 04/17/27 144A | 1501195 |
| 3115697 | Progress Residential Trust, Series 2024-SFR3, Class A, 3.00%, due 06/17/41 144A | 2940881 |
| &nbsp;&nbsp; 224000 | Progress Residential Trust, Series 2025-SFR1, Class A, 3.40%, due 02/17/42<sup>(c)</sup> 144A | &nbsp;&nbsp; 212442 |
| &nbsp;&nbsp; 298000 | Progress Residential Trust, Series 2025-SFR2, Class A, 3.31%, due 04/17/42 144A | &nbsp;&nbsp; 280832 |
| &nbsp;&nbsp; 749900 | RCKT Mortgage Trust, Series 2024-CES3, Class A1A, 6.59%, due 05/25/44<sup>(d)</sup> 144A | &nbsp;&nbsp; 760212 |
| 3800000 | &nbsp;&nbsp;&nbsp; Regatta 31 Funding Ltd., Series 2025-1A, Class A1, 5.40% (3 mo. USD Term SOFR + <br> 1.17%), due 03/25/38<sup>(b)</sup> 144A<br>| 3802261 |
| 2000000 | &nbsp;&nbsp;&nbsp; Regatta XII Funding Ltd., Series 2019-1A, Class ARR, 5.65% (3 mo. USD Term SOFR <br> + 1.39%), due 10/15/37<sup>(b)</sup> 144A<br>| 2006138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1057 | Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 5.43%, due 08/25/35<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| &nbsp;&nbsp; 433000 | &nbsp;&nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, due <br> 09/15/48 144A<br>| &nbsp;&nbsp; 429868 |
| &nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp; RIN II Ltd., Series 2019-1A, Class AR, 5.74% (3 mo. USD Term SOFR + 1.48%), due <br> 01/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 302808 |
| &nbsp;&nbsp; 331000 | &nbsp;&nbsp;&nbsp; RIN XII LLC, Series 2025-1A, Class A1, 5.63% (3 mo. USD Term SOFR + 1.30%), <br> due 04/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 330784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96434 | Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35%, due 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 96299 |
| &nbsp;&nbsp; 200000 | Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.09%, due 05/15/30 | &nbsp;&nbsp; 201191 |
| &nbsp;&nbsp; 600000 | Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77%, due 11/15/30 | &nbsp;&nbsp; 609870 |
| &nbsp;&nbsp; 900000 | Santander Drive Auto Receivables Trust, Series 2023-4, Class C, 6.04%, due 12/15/31 | &nbsp;&nbsp; 923673 |
| &nbsp;&nbsp; 400000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class B, 5.98%, due 04/16/29 | &nbsp;&nbsp; 407023 |
| &nbsp;&nbsp; 100000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class C, 6.40%, due 03/17/31 | &nbsp;&nbsp; 103587 |
| &nbsp;&nbsp; 500000 | Santander Drive Auto Receivables Trust, Series 2024-1, Class C, 5.45%, due 03/15/30 | &nbsp;&nbsp; 506021 |
| &nbsp;&nbsp; 500000 | Santander Drive Auto Receivables Trust, Series 2024-2, Class C, 5.84%, due 06/17/30 | &nbsp;&nbsp; 511576 |
| 1000000 | Santander Drive Auto Receivables Trust, Series 2024-3, Class C, 5.64%, due 08/15/30 | 1021283 |
| 1000000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, due 01/15/31 | 1004740 |
| 2100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class C, 5.04%, due 03/17/31 | 2125458 |
| 2700000 | Santander Drive Auto Receivables Trust, Series 2025-2, Class C, 5.06%, due 05/15/31 | 2735821 |
| 3170246 | SBA Small Business Investment Cos., Series 2024-10A, Class 1, 5.04%, due 03/10/34 | 3239651 |
| &nbsp;&nbsp; 131338 | Servpro Master Issuer LLC, Series 2024-1A, Class A2, 6.17%, due 01/25/54 144A | &nbsp;&nbsp; 135526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39228 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07%, due 01/15/53 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35347 |
| &nbsp;&nbsp; 400565 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2024-A, Class A1A, 5.24%, due 03/15/56 <br> 144A<br>| &nbsp;&nbsp; 407948 |
| &nbsp;&nbsp; 455433 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2024-E, Class A1A, 5.09%, due 10/16/56 <br> 144A<br>| &nbsp;&nbsp; 460464 |
| &nbsp;&nbsp; 363537 | Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A | &nbsp;&nbsp; 356066 |
| &nbsp;&nbsp; 363825 | Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, due 08/20/51 144A | &nbsp;&nbsp; 332706 |
| 2178000 | Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, due 03/26/46 144A | 2127439 |
| &nbsp;&nbsp; 129350 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 07/30/54 144A | &nbsp;&nbsp; 131800 |
| 4035720 | Subway Funding LLC, Series 2024-1A, Class A2II, 6.27%, due 07/30/54 144A | 4145995 |
| &nbsp;&nbsp; 441780 | Subway Funding LLC, Series 2024-3A, Class A23, 5.91%, due 07/30/54 144A | &nbsp;&nbsp; 438645 |

---

56See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 163945 | Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159975 |
| &nbsp;&nbsp; 200000 | Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.44%, due 06/25/54 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201763 |
| &nbsp;&nbsp; 386000 | Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, due 03/25/55 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381403 |
| &nbsp;&nbsp; 222381 | TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, due 02/20/46 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200134 |
| 4000000 | &nbsp;&nbsp;&nbsp; Tikehau U.S. CLO IV Ltd., Series 2023-1A, Class A1, 6.46% (3 mo. USD Term SOFR <br> + 2.20%), due 07/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4008480 |
| &nbsp;&nbsp; 908871 | Towd Point Mortgage Trust, Series 2024-CES3, Class A1, 6.29%, due 05/25/64<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918092 |
| &nbsp;&nbsp; 909605 | Towd Point Mortgage Trust, Series 2024-CES4, Class A1, 5.12%, due 09/25/64<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906237 |
| &nbsp;&nbsp; 837806 | Towd Point Mortgage Trust, Series 2025-CRM1, Class A1, 5.80%, due 01/25/65<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 844451 |
| 4014221 | Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10%, due 07/17/40 144A | &nbsp;&nbsp;&nbsp;&nbsp; 4049278 |
| 1397596 | &nbsp;&nbsp;&nbsp; Tricon Residential Trust, Series 2025-SFR1, Class A, 5.41% (1 mo. USD Term SOFR + <br> 1.10%), due 03/17/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1398437 |
| &nbsp;&nbsp; 391140 | &nbsp;&nbsp;&nbsp; Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363861 |
| &nbsp;&nbsp; 213343 | &nbsp;&nbsp;&nbsp; Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, due 03/20/46 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195077 |
| &nbsp;&nbsp; 872089 | U.S. Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839861 |
| &nbsp;&nbsp; 591088 | U.S. Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568497 |
| &nbsp;&nbsp; 746340 | U.S. Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712677 |
| &nbsp;&nbsp; 281581 | U.S. Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270505 |
| &nbsp;&nbsp; 246336 | U.S. Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233891 |
| &nbsp;&nbsp; 695920 | U.S. Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580688 |
| 2378562 | U.S. Small Business Administration, Series 2022-25G, Class 1, 3.93%, due 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 2259105 |
| 2063860 | U.S. Small Business Administration, Series 2022-25J, Class 1, 5.04%, due 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 2091619 |
| 1659529 | U.S. Small Business Administration, Series 2023-25D, Class 1, 4.48%, due 04/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1632953 |
| 1274387 | U.S. Small Business Administration, Series 2023-25L, Class 1, 5.28%, due 12/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1304093 |
| 1791119 | U.S. Small Business Administration, Series 2024-25D, Class 1, 5.38%, due 04/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 1841336 |
| &nbsp;&nbsp; 249000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 04/20/55 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255189 |
| &nbsp;&nbsp; 335000 | Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314749 |
| &nbsp;&nbsp; 409962 | VR Funding LLC, Series 2020-1A, Class A, 2.79%, due 11/15/50 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387774 |
| &nbsp;&nbsp; 512349 | Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505746 |
| 1812234 | Wendy's Funding LLC, Series 2021-1A, Class A2I, 2.37%, due 06/15/51 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1668886 |
| 1385000 | &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, due 09/19/39 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1392455 |
| &nbsp;&nbsp; 136200 | Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129963 |
| &nbsp;&nbsp; 250000 | Willis Engine Structured Trust VIII, Series 2025-A, Class A, 5.58%, due 06/15/50 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253429 |
| &nbsp;&nbsp; 277000 | Wingstop Funding LLC, Series 2024-1A, Class A2, 5.86%, due 12/05/54 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282766 |
| &nbsp;&nbsp; 144583 | World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143481 |
| &nbsp;&nbsp; 249287 | Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.24%, due 07/30/51 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230784 |
| &nbsp;&nbsp; 254000 | Zayo Issuer LLC, Series 2025-1A, Class A2, 5.65%, due 03/20/55 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259907 |
|  |  | 136275780 |
|  | **Corporate Debt — 31.9%** | **Corporate Debt — 31.9%** |
| &nbsp;&nbsp; 225000 | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | AbbVie, Inc., 4.05%, due 11/21/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57003 |
| &nbsp;&nbsp; 130000 | AbbVie, Inc., 4.70%, due 05/14/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116622 |
| &nbsp;&nbsp; 445000 | AbbVie, Inc., 4.75%, due 03/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401292 |
| &nbsp;&nbsp; 155000 | AbbVie, Inc., 5.05%, due 03/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157874 |
| &nbsp;&nbsp; 500000 | AbbVie, Inc., 5.40%, due 03/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486529 |
| 1340000 | Advocate Health & Hospitals Corp., 2.21%, due 06/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1212798 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 400000 | AEP Texas, Inc., 3.80%, due 10/01/47 | &nbsp;&nbsp; 292978 |
| &nbsp;&nbsp; 315000 | AEP Transmission Co. LLC, 3.80%, due 06/15/49 | &nbsp;&nbsp; 235440 |
| 2250000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, due 10/29/28 | 2144217 |
| 1140000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/30/32 | 1033468 |
| &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50% (5 yr. CMT + <br> 2.44%), due 01/31/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 211864 |
| &nbsp;&nbsp; 200000 | Aeropuertos Dominicanos Siglo XXI SA, 7.00%, due 06/30/34<sup>(e)</sup> 144A | &nbsp;&nbsp; 208333 |
| &nbsp;&nbsp; 247440 | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A | &nbsp;&nbsp; 226727 |
| &nbsp;&nbsp; 370000 | Aetna, Inc., 4.75%, due 03/15/44 | &nbsp;&nbsp; 315010 |
| &nbsp;&nbsp; 332000 | Air Canada Pass-Through Trust, 10.50%, due 07/15/26 144A | &nbsp;&nbsp; 350675 |
| 2060000 | Air Lease Corp., 5.20%, due 07/15/31 | 2106141 |
| &nbsp;&nbsp; 200000 | Aker BP ASA, 3.10%, due 07/15/31 144A | &nbsp;&nbsp; 178703 |
| &nbsp;&nbsp; 150000 | Aker BP ASA, 3.75%, due 01/15/30 144A | &nbsp;&nbsp; 142880 |
| 2082000 | Aker BP ASA, 4.00%, due 01/15/31 144A | 1978492 |
| &nbsp;&nbsp; 150000 | Aker BP ASA, 5.80%, due 10/01/54 144A | &nbsp;&nbsp; 136900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Alcoa Nederland Holding BV, 7.13%, due 03/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 89265 |
| &nbsp;&nbsp; 655000 | Alexandria Real Estate Equities, Inc., 2.00%, due 05/18/32 | &nbsp;&nbsp; 544159 |
| &nbsp;&nbsp; 870000 | Alexandria Real Estate Equities, Inc., 5.50%, due 10/01/35 | &nbsp;&nbsp; 880272 |
| &nbsp;&nbsp; 424860 | Alfa Desarrollo SpA, 4.55%, due 09/27/51 144A | &nbsp;&nbsp; 312868 |
| &nbsp;&nbsp; 461000 | Allied Universal Holdco LLC, 7.88%, due 02/15/31 144A | &nbsp;&nbsp; 482013 |
| &nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.88%, due 06/15/30 <br> 144A<br>| &nbsp;&nbsp; 180582 |
| &nbsp;&nbsp; 159000 | Ally Financial, Inc., 5.74% (SOFR + 1.96%), due 05/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 161864 |
| &nbsp;&nbsp; 255000 | Ally Financial, Inc., 6.18% (SOFR + 2.29%), due 07/26/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 260242 |
| &nbsp;&nbsp; 310000 | Ally Financial, Inc., 8.00%, due 11/01/31 | &nbsp;&nbsp; 353138 |
| &nbsp;&nbsp; 141000 | Alpha Generation LLC, 6.75%, due 10/15/32 144A | &nbsp;&nbsp; 145443 |
| &nbsp;&nbsp; 143000 | AltaGas Ltd., 7.20% (5 yr. CMT + 3.57%), due 10/15/54<sup>(b)</sup> 144A | &nbsp;&nbsp; 143389 |
| 1798000 | Amazon.com, Inc., 4.10%, due 04/13/62 | 1411122 |
| &nbsp;&nbsp; 260000 | Ambipar Lux SARL, 10.88%, due 02/05/33 144A | &nbsp;&nbsp; 246367 |
| 1780000 | Ameren Illinois Co., 4.95%, due 06/01/33<sup>(e)</sup> <br>| 1805126 |
| &nbsp;&nbsp; 308275 | American Airlines Pass-Through Trust, 2.88%, due 01/11/36 | &nbsp;&nbsp; 272223 |
| &nbsp;&nbsp; 287112 | American Airlines Pass-Through Trust, 3.15%, due 08/15/33 | &nbsp;&nbsp; 264313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63377 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 59484 |
| &nbsp;&nbsp; 384031 | American Airlines Pass-Through Trust, 3.50%, due 08/15/33 | &nbsp;&nbsp; 347754 |
| &nbsp;&nbsp; 170814 | American Airlines Pass-Through Trust, 3.60%, due 04/15/31 | &nbsp;&nbsp; 157916 |
| &nbsp;&nbsp; 239850 | American Airlines Pass-Through Trust, 3.65%, due 08/15/30 | &nbsp;&nbsp; 232236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99327 | American Airlines Pass-Through Trust, 3.85%, due 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 95905 |
| &nbsp;&nbsp; 272025 | American Airlines Pass-Through Trust, 3.95%, due 01/11/32 | &nbsp;&nbsp; 256890 |
| &nbsp;&nbsp; 210945 | American Airlines Pass-Through Trust, 4.00%, due 08/15/30 | &nbsp;&nbsp; 202088 |
| &nbsp;&nbsp; 331143 | American Airlines Pass-Through Trust, 4.10%, due 07/15/29 | &nbsp;&nbsp; 320510 |
| &nbsp;&nbsp; 250000 | American Airlines, Inc., 7.25%, due 02/15/28<sup>(e)</sup> 144A | &nbsp;&nbsp; 255481 |
| &nbsp;&nbsp; 184000 | American Electric Power Co., Inc., 5.63%, due 03/01/33 | &nbsp;&nbsp; 191373 |
| &nbsp;&nbsp; 235000 | American Tower Corp., 5.55%, due 07/15/33 | &nbsp;&nbsp; 242520 |
| &nbsp;&nbsp; 235000 | American Tower Corp., 5.65%, due 03/15/33 | &nbsp;&nbsp; 245087 |
| 2305000 | American Tower Trust #1, 5.49%, due 03/15/53 144A | 2345582 |
| &nbsp;&nbsp; 419000 | Amgen, Inc., 5.25%, due 03/02/30 | &nbsp;&nbsp; 431851 |
| &nbsp;&nbsp; 843000 | Amgen, Inc., 5.25%, due 03/02/33 | &nbsp;&nbsp; 863546 |
| &nbsp;&nbsp; 435000 | Amgen, Inc., 5.65%, due 03/02/53 | &nbsp;&nbsp; 425024 |
| &nbsp;&nbsp; 128000 | AmWINS Group, Inc., 6.38%, due 02/15/29 144A | &nbsp;&nbsp; 130542 |

---

58See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 686000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46 | &nbsp;&nbsp; 629318 |
| &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, due 06/15/29 <br> 144A<br>| &nbsp;&nbsp; 263188 |
| &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 02/01/32 <br> 144A<br>| &nbsp;&nbsp; 248054 |
| &nbsp;&nbsp; 108000 | Antero Resources Corp., 5.38%, due 03/01/30 144A | &nbsp;&nbsp; 108759 |
| &nbsp;&nbsp; 331000 | Apollo Debt Solutions BDC, 6.70%, due 07/29/31 | &nbsp;&nbsp; 344073 |
| &nbsp;&nbsp; 545000 | Apollo Debt Solutions BDC, 6.90%, due 04/13/29 | &nbsp;&nbsp; 569144 |
| 1000000 | Apple, Inc., 3.85%, due 08/04/46 | &nbsp;&nbsp; 810033 |
| 1526000 | AppLovin Corp., 5.13%, due 12/01/29 | 1546306 |
| &nbsp;&nbsp; 980000 | AptarGroup, Inc., 3.60%, due 03/15/32 | &nbsp;&nbsp; 905564 |
| 2015000 | Aptiv Swiss Holdings Ltd., 3.25%, due 03/01/32<sup>(e)</sup> <br>| 1804324 |
| &nbsp;&nbsp; 875000 | Aptiv Swiss Holdings Ltd., 5.15%, due 09/13/34 | &nbsp;&nbsp; 845076 |
| &nbsp;&nbsp; 148000 | ARES Capital Corp., 5.88%, due 03/01/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 150959 |
| &nbsp;&nbsp; 266000 | ARES Strategic Income Fund, 5.60%, due 02/15/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 265316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68000 | ARES Strategic Income Fund, 5.70%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 68572 |
| &nbsp;&nbsp; 359000 | ARES Strategic Income Fund, 5.80%, due 09/09/30 144A | &nbsp;&nbsp; 360366 |
| &nbsp;&nbsp; 234000 | ARES Strategic Income Fund, 6.20%, due 03/21/32 | &nbsp;&nbsp; 234805 |
| &nbsp;&nbsp; 115000 | ARES Strategic Income Fund, 6.35%, due 08/15/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 117948 |
| &nbsp;&nbsp; 200000 | Aris Mining Corp., 8.00%, due 10/31/29 144A | &nbsp;&nbsp; 204217 |
| &nbsp;&nbsp; 148000 | Arsenal AIC Parent LLC, 8.00%, due 10/01/30 144A | &nbsp;&nbsp; 158129 |
| &nbsp;&nbsp; 213000 | Arthur J Gallagher & Co., 5.55%, due 02/15/55 | &nbsp;&nbsp; 204448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73000 | Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 70536 |
| &nbsp;&nbsp; 250000 | Asbury Automotive Group, Inc., 4.75%, due 03/01/30 | &nbsp;&nbsp; 242237 |
| &nbsp;&nbsp; 710000 | Ascension Health, 2.53%, due 11/15/29 | &nbsp;&nbsp; 662202 |
| &nbsp;&nbsp; 150000 | Ascension Health, 3.11%, due 11/15/39 | &nbsp;&nbsp; 117584 |
| &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29<sup>(e)</sup> <br> 144A<br>| &nbsp;&nbsp; 326758 |
| &nbsp;&nbsp; 120000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 10/15/32 144A | &nbsp;&nbsp; 122211 |
| &nbsp;&nbsp; 100000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 07/15/33 144A | &nbsp;&nbsp; 101516 |
| 2050000 | Ashtead Capital, Inc., 2.45%, due 08/12/31 144A | 1770159 |
| &nbsp;&nbsp; 200000 | Ashtead Capital, Inc., 5.50%, due 08/11/32 144A | &nbsp;&nbsp; 202683 |
| &nbsp;&nbsp; 367000 | Ashtead Capital, Inc., 5.55%, due 05/30/33 144A | &nbsp;&nbsp; 370841 |
| 2200000 | AT&T, Inc., 2.25%, due 02/01/32 | 1894169 |
| &nbsp;&nbsp; 960000 | AT&T, Inc., 2.30%, due 06/01/27 | &nbsp;&nbsp; 926049 |
| &nbsp;&nbsp; 728000 | AT&T, Inc., 2.75%, due 06/01/31 | &nbsp;&nbsp; 660293 |
| &nbsp;&nbsp; 814000 | AT&T, Inc., 3.50%, due 06/01/41 | &nbsp;&nbsp; 639020 |
| &nbsp;&nbsp; 627000 | AT&T, Inc., 3.55%, due 09/15/55 | &nbsp;&nbsp; 423405 |
| 1014000 | AT&T, Inc., 3.65%, due 09/15/59 | &nbsp;&nbsp; 680844 |
| &nbsp;&nbsp; 554000 | AT&T, Inc., 4.50%, due 05/15/35<sup>(e)</sup> <br>| &nbsp;&nbsp; 528155 |
| &nbsp;&nbsp; 234000 | Athene Global Funding, 4.72%, due 10/08/29 144A | &nbsp;&nbsp; 233597 |
| &nbsp;&nbsp; 208000 | Athene Global Funding, 5.32%, due 11/13/31 144A | &nbsp;&nbsp; 209813 |
| &nbsp;&nbsp; 185000 | Athene Holding Ltd., 3.50%, due 01/15/31 | &nbsp;&nbsp; 174468 |
| &nbsp;&nbsp; 154000 | Athene Holding Ltd., 6.63% (5 yr. CMT + 2.61%), due 10/15/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 151983 |
| &nbsp;&nbsp; 195459 | Atlantica Transmision Sur SA, 6.88%, due 04/30/43 144A | &nbsp;&nbsp; 206492 |
| &nbsp;&nbsp; 250000 | Atlas Warehouse Lending Co. LP, 6.25%, due 01/15/30 144A | &nbsp;&nbsp; 252757 |
| &nbsp;&nbsp; 153000 | Atlassian Corp., 5.25%, due 05/15/29 | &nbsp;&nbsp; 157148 |
| &nbsp;&nbsp; 320000 | AutoNation, Inc., 4.75%, due 06/01/30 | &nbsp;&nbsp; 318354 |
| 1939000 | Aviation Capital Group LLC, 6.38%, due 07/15/30 144A | 2058792 |
| &nbsp;&nbsp; 246000 | BAE Systems PLC, 5.13%, due 03/26/29 144A | &nbsp;&nbsp; 252236 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, <br> 7.13%, due 05/15/31 144A<br>| &nbsp;&nbsp; 119634 |
| &nbsp;&nbsp; 175000 | Ball Corp., 3.13%, due 09/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 157158 |
| &nbsp;&nbsp; 400000 | Banco Santander SA, 5.54% (1 yr. CMT + 1.45%), due 03/14/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 412573 |
| &nbsp;&nbsp; 472000 | Banco Santander SA, 9.63% (5 yr. CMT + 5.30%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 551637 |
| &nbsp;&nbsp; 265000 | Bank of America Corp., 1.66% (SOFR + 0.91%), due 03/11/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 259990 |
| 2330000 | Bank of America Corp., 2.50% (3 mo. USD Term SOFR + 1.25%), due 02/13/31<sup>(b)</sup> <br>| 2128656 |
| &nbsp;&nbsp; 573000 | Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 523991 |
| 3897000 | Bank of America Corp., 2.69% (SOFR + 1.32%), due 04/22/32<sup>(b)</sup> <br>| 3498361 |
| &nbsp;&nbsp; 230000 | Bank of America Corp., 2.88% (3 mo. USD Term SOFR + 1.45%), due 10/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 215326 |
| 1145000 | Bank of America Corp., 3.59% (3 mo. USD Term SOFR + 1.63%), due 07/21/28<sup>(b)</sup> <br>| 1127645 |
| 5348000 | Bank of America Corp., 4.57% (SOFR + 1.83%), due 04/27/33<sup>(b)</sup> <br>| 5264336 |
| 1575000 | Bank of America Corp., 4.95% (SOFR + 2.04%), due 07/22/28<sup>(b)</sup> <br>| 1593465 |
| &nbsp;&nbsp; 830000 | Bank of America Corp., 5.43% (SOFR + 1.91%), due 08/15/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 830092 |
| &nbsp;&nbsp; 561000 | Bank of America Corp., 6.63% (5 yr. CMT + 2.68%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 582404 |
| &nbsp;&nbsp; 509000 | Bank of Montreal, 7.70% (5 yr. CMT + 3.45%), due 05/26/84<sup>(b)</sup> <br>| &nbsp;&nbsp; 526858 |
| &nbsp;&nbsp; 203000 | Bank of New York Mellon Corp., 4.94% (SOFR + 0.89%), due 02/11/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 207348 |
| &nbsp;&nbsp; 400000 | Barclays PLC, 4.84% (SOFR + 1.34%), due 09/10/28<sup>(b)(e)</sup> <br>| &nbsp;&nbsp; 403168 |
| 1475000 | Barclays PLC, 4.94% (SOFR + 1.56%), due 09/10/30<sup>(b)</sup> <br>| 1486426 |
| &nbsp;&nbsp; 311000 | Barclays PLC, 5.37% (SOFR + 1.23%), due 02/25/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 317761 |
| 1994000 | Barclays PLC, 6.49% (SOFR + 2.22%), due 09/13/29<sup>(b)</sup> <br>| 2108537 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Barclays PLC, 7.63% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + <br> 3.69%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 201359 |
| &nbsp;&nbsp; 452000 | Barclays PLC, 8.00% (5 yr. CMT + 5.43%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 475245 |
| &nbsp;&nbsp; 156000 | BAT Capital Corp., 3.56%, due 08/15/27 | &nbsp;&nbsp; 153546 |
| 1970000 | BAT Capital Corp., 4.39%, due 08/15/37 | 1762593 |
| &nbsp;&nbsp; 605000 | Berkshire Hathaway Energy Co., 1.65%, due 05/15/31 | &nbsp;&nbsp; 515665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Berkshire Hathaway Energy Co., 5.95%, due 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 90688 |
| 1015000 | Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A | &nbsp;&nbsp; 615833 |
| &nbsp;&nbsp; 542000 | Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A | &nbsp;&nbsp; 527405 |
| &nbsp;&nbsp; 296000 | Blackstone Private Credit Fund, 5.25%, due 04/01/30 | &nbsp;&nbsp; 293508 |
| &nbsp;&nbsp; 243000 | Blackstone Private Credit Fund, 5.95%, due 07/16/29 | &nbsp;&nbsp; 247734 |
| &nbsp;&nbsp; 272000 | Blackstone Private Credit Fund, 6.00%, due 01/29/32 | &nbsp;&nbsp; 273626 |
| &nbsp;&nbsp; 238000 | Blackstone Private Credit Fund, 7.30%, due 11/27/28 | &nbsp;&nbsp; 253918 |
| &nbsp;&nbsp; 254000 | Blackstone Secured Lending Fund, 5.35%, due 04/13/28 | &nbsp;&nbsp; 255874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, due 07/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 62657 |
| &nbsp;&nbsp; 269000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, due 07/15/32 144A | &nbsp;&nbsp; 285219 |
| &nbsp;&nbsp; 290000 | BlueLinx Holdings, Inc., 6.00%, due 11/15/29 144A | &nbsp;&nbsp; 279261 |
| &nbsp;&nbsp; 260000 | BNP Paribas SA, 2.16% (SOFR + 1.22%), due 09/15/29<sup>(b)</sup> 144A | &nbsp;&nbsp; 241080 |
| &nbsp;&nbsp; 313000 | BNP Paribas SA, 5.50% (SOFR + 1.59%), due 05/20/30<sup>(b)</sup> 144A | &nbsp;&nbsp; 321488 |
| &nbsp;&nbsp; 180000 | BNP Paribas SA, 9.25% (5 yr. CMT + 4.97%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 193308 |
| 2775000 | Boeing Co., 2.20%, due 02/04/26 | 2732081 |
| &nbsp;&nbsp; 325000 | Boeing Co., 3.95%, due 08/01/59 | &nbsp;&nbsp; 222390 |
| 1795000 | Boeing Co., 5.71%, due 05/01/40 | 1774578 |
| &nbsp;&nbsp; 620000 | Boeing Co., 6.53%, due 05/01/34 | &nbsp;&nbsp; 674054 |
| &nbsp;&nbsp; 129000 | Booking Holdings, Inc., 4.63%, due 04/13/30 | &nbsp;&nbsp; 130525 |
| &nbsp;&nbsp; 310000 | BPCE SA, 5.72% (SOFR + 1.96%), due 01/18/30<sup>(b)</sup> 144A | &nbsp;&nbsp; 319251 |
| &nbsp;&nbsp; 352000 | Braskem Netherlands Finance BV, 4.50%, due 01/31/30<sup>(e)</sup> 144A | &nbsp;&nbsp; 273067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54821 | British Airways Pass-Through Trust, 4.13%, due 03/20/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 52505 |

---

60See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 135644 | British Airways Pass-Through Trust, 4.25%, due 05/15/34 144A | &nbsp;&nbsp; 130379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61194 | British Airways Pass-Through Trust, 8.38%, due 11/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 64563 |
| 1055000 | Brixmor Operating Partnership LP, 2.50%, due 08/16/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 921524 |
| &nbsp;&nbsp; 927000 | Broadcom, Inc., 3.42%, due 04/15/33 144A | &nbsp;&nbsp; 841012 |
| 2566000 | Broadcom, Inc., 4.11%, due 09/15/28<sup>(e)</sup> <br>| 2556239 |
| &nbsp;&nbsp; 151000 | Broadcom, Inc., 4.55%, due 02/15/32 | &nbsp;&nbsp; 149659 |
| 1847000 | Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.34%, due 01/30/32 | 1571534 |
| &nbsp;&nbsp; 374000 | Brookfield Finance, Inc., 6.30% (5 yr. CMT + 2.08%), due 01/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 358834 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due <br> 06/15/29 144A<br>| &nbsp;&nbsp; 136640 |
| 1732000 | Brown & Brown, Inc., 5.25%, due 06/23/32 | 1767512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88000 | Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, due 02/01/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 87287 |
| &nbsp;&nbsp; 278000 | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | &nbsp;&nbsp; 257752 |
| &nbsp;&nbsp; 177000 | Builders FirstSource, Inc., 6.38%, due 06/15/32 144A | &nbsp;&nbsp; 182040 |
| &nbsp;&nbsp; 311000 | Builders FirstSource, Inc., 6.38%, due 03/01/34 144A | &nbsp;&nbsp; 317320 |
| &nbsp;&nbsp; 100000 | Builders FirstSource, Inc., 6.75%, due 05/15/35 144A | &nbsp;&nbsp; 103087 |
| 1640000 | Bunge Ltd. Finance Corp., 2.75%, due 05/14/31<sup>(e)</sup> <br>| 1485193 |
| &nbsp;&nbsp; 385000 | Caesars Entertainment, Inc., 6.00%, due 10/15/32<sup>(e)</sup> 144A | &nbsp;&nbsp; 377815 |
| &nbsp;&nbsp; 149000 | Caesars Entertainment, Inc., 6.50%, due 02/15/32 144A | &nbsp;&nbsp; 152984 |
| &nbsp;&nbsp; 250000 | Calpine Corp., 3.75%, due 03/01/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 237345 |
| &nbsp;&nbsp; 630000 | Canadian Natural Resources Ltd., 5.00%, due 12/15/29 144A | &nbsp;&nbsp; 635984 |
| &nbsp;&nbsp; 509000 | Canadian Pacific Railway Co., 6.13%, due 09/15/15<sup>(g)</sup> <br>| &nbsp;&nbsp; 519221 |
| &nbsp;&nbsp; 845000 | Capital One Financial Corp., 5.88% (SOFR + 1.99%), due 07/26/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 871598 |
| &nbsp;&nbsp; 165000 | Capital Power U.S. Holdings, Inc., 5.26%, due 06/01/28 144A | &nbsp;&nbsp; 167268 |
| &nbsp;&nbsp; 271000 | Capital Power U.S. Holdings, Inc., 6.19%, due 06/01/35 144A | &nbsp;&nbsp; 279797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73000 | Capstone Copper Corp., 6.75%, due 03/31/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 74795 |
| &nbsp;&nbsp; 306000 | Carnival Corp., 5.88%, due 06/15/31 144A | &nbsp;&nbsp; 311929 |
| &nbsp;&nbsp; 707000 | CBRE Services, Inc., 4.80%, due 06/15/30 | &nbsp;&nbsp; 709512 |
| &nbsp;&nbsp; 129000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 | &nbsp;&nbsp; 120211 |
| &nbsp;&nbsp; 210000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A | &nbsp;&nbsp; 209378 |
| &nbsp;&nbsp; 700000 | CDW LLC/CDW Finance Corp., 5.10%, due 03/01/30 | &nbsp;&nbsp; 705460 |
| &nbsp;&nbsp; 121000 | CDW LLC/CDW Finance Corp., 5.55%, due 08/22/34<sup>(e)</sup> <br>| &nbsp;&nbsp; 120817 |
| &nbsp;&nbsp; 295000 | Cemex SAB de CV, 3.88%, due 07/11/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 272195 |
| &nbsp;&nbsp; 260000 | Cemex SAB de CV, 5.20%, due 09/17/30<sup>(e)</sup> 144A | &nbsp;&nbsp; 259603 |
| &nbsp;&nbsp; 225000 | Cencora, Inc., 2.80%, due 05/15/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 209024 |
| &nbsp;&nbsp; 145000 | Cenovus Energy, Inc., 3.75%, due 02/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 98588 |
| &nbsp;&nbsp; 215000 | Cenovus Energy, Inc., 5.40%, due 06/15/47 | &nbsp;&nbsp; 191070 |
| &nbsp;&nbsp; 311000 | Centene Corp., 3.00%, due 10/15/30 | &nbsp;&nbsp; 278086 |
| &nbsp;&nbsp; 162000 | Centene Corp., 3.38%, due 02/15/30 | &nbsp;&nbsp; 149326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72000 | CenterPoint Energy, Inc., 6.85% (5 yr. CMT + 2.95%), due 02/15/55<sup>(b)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 74668 |
| &nbsp;&nbsp; 437000 | CenterPoint Energy, Inc., 7.00% (5 yr. CMT + 3.25%), due 02/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 458466 |
| &nbsp;&nbsp; 204000 | Century Communities, Inc., 3.88%, due 08/15/29 144A | &nbsp;&nbsp; 189176 |
| &nbsp;&nbsp; 489000 | Champion Iron Canada, Inc., 7.88%, due 07/15/32<sup>(h)</sup> 144A | &nbsp;&nbsp; 496116 |
| &nbsp;&nbsp; 244000 | Charles Schwab Corp., 5.85% (SOFR + 2.50%), due 05/19/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 259295 |
| &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 2.30%, due 02/01/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 139284 |
| &nbsp;&nbsp; 636000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 2.80%, due 04/01/31<br>| &nbsp;&nbsp; 567340 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 3.90%, due 06/01/52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 82426 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 2818000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 6.38%, due 10/23/35<br>| 2961195 |
| &nbsp;&nbsp; 662000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 6.48%, due 10/23/45<br>| &nbsp;&nbsp; 656383 |
| &nbsp;&nbsp; 506000 | Cheniere Energy Partners LP, 4.00%, due 03/01/31 | &nbsp;&nbsp; 481744 |
| &nbsp;&nbsp; 192000 | Cheniere Energy Partners LP, 5.55%, due 10/30/35<sup>(h)</sup> 144A | &nbsp;&nbsp; 193582 |
| &nbsp;&nbsp; 402000 | Cheniere Energy Partners LP, 5.95%, due 06/30/33 | &nbsp;&nbsp; 419803 |
| &nbsp;&nbsp; 108000 | Cheniere Energy, Inc., 5.65%, due 04/15/34 | &nbsp;&nbsp; 110663 |
| &nbsp;&nbsp; 185000 | CIMIC Finance USA Pty. Ltd., 7.00%, due 03/25/34 144A | &nbsp;&nbsp; 197195 |
| &nbsp;&nbsp; 238000 | Cimpress PLC, 7.38%, due 09/15/32 144A | &nbsp;&nbsp; 227469 |
| &nbsp;&nbsp; 525000 | Citigroup, Inc., 2.56% (SOFR + 1.17%), due 05/01/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 465244 |
| &nbsp;&nbsp; 625000 | Citigroup, Inc., 3.52% (3 mo. USD Term SOFR + 1.41%), due 10/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 612163 |
| &nbsp;&nbsp; 340000 | Citigroup, Inc., 3.67% (3 mo. USD Term SOFR + 1.65%), due 07/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 334753 |
| 1840000 | Citigroup, Inc., 3.89% (3 mo. USD Term SOFR + 1.82%), due 01/10/28<sup>(b)</sup> <br>| 1823831 |
| &nbsp;&nbsp; 440000 | Citigroup, Inc., 4.41% (SOFR + 3.91%), due 03/31/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 435429 |
| 1959000 | Citigroup, Inc., 4.95% (SOFR + 1.46%), due 05/07/31<sup>(b)</sup> <br>| 1981864 |
| 1350000 | Citigroup, Inc., 6.02% (SOFR + 1.83%), due 01/24/36<sup>(b)</sup> <br>| 1387051 |
| &nbsp;&nbsp; 465000 | Citigroup, Inc., 6.17% (SOFR + 2.66%), due 05/25/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 486962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53000 | Citizens Financial Group, Inc., 3.25%, due 04/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 49595 |
| &nbsp;&nbsp; 248000 | Citizens Financial Group, Inc., 5.25% (SOFR + 1.26%), due 03/05/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 251378 |
| &nbsp;&nbsp; 598000 | Citizens Financial Group, Inc., 5.72% (SOFR + 1.91%), due 07/23/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 618867 |
| &nbsp;&nbsp; 180000 | Civitas Resources, Inc., 8.63%, due 11/01/30 144A | &nbsp;&nbsp; 182890 |
| &nbsp;&nbsp; 120000 | Cloud Software Group, Inc., 8.25%, due 06/30/32 144A | &nbsp;&nbsp; 127819 |
| &nbsp;&nbsp; 200000 | Clue Opco LLC, 9.50%, due 10/15/31 144A | &nbsp;&nbsp; 212216 |
| &nbsp;&nbsp; 205000 | Clydesdale Acquisition Holdings, Inc., 6.88%, due 01/15/30 144A | &nbsp;&nbsp; 209823 |
| &nbsp;&nbsp; 438000 | CNO Financial Group, Inc., 5.25%, due 05/30/29 | &nbsp;&nbsp; 442072 |
| &nbsp;&nbsp; 205000 | CNO Financial Group, Inc., 6.45%, due 06/15/34 | &nbsp;&nbsp; 215133 |
| &nbsp;&nbsp; 290000 | Columbia Pipelines Holding Co. LLC, 5.68%, due 01/15/34 144A | &nbsp;&nbsp; 293731 |
| 2777000 | Columbia Pipelines Operating Co. LLC, 5.44%, due 02/15/35 144A | 2794226 |
| &nbsp;&nbsp; 141000 | Columbia Pipelines Operating Co. LLC, 5.93%, due 08/15/30 144A | &nbsp;&nbsp; 148926 |
| &nbsp;&nbsp; 435000 | Columbia Pipelines Operating Co. LLC, 6.04%, due 11/15/33 144A | &nbsp;&nbsp; 456687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Comcast Corp., 2.89%, due 11/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 10964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Comcast Corp., 3.97%, due 11/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3858 |
| &nbsp;&nbsp; 190000 | Comerica, Inc., 5.98% (SOFR + 2.16%), due 01/30/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 194661 |
| &nbsp;&nbsp; 200000 | Comision Federal de Electricidad, 4.69%, due 05/15/29 144A | &nbsp;&nbsp; 195538 |
| 1670000 | CommonSpirit Health, 5.32%, due 12/01/34 | 1674922 |
| &nbsp;&nbsp; 350000 | Commonwealth Edison Co., 4.00%, due 03/01/48 | &nbsp;&nbsp; 277943 |
| &nbsp;&nbsp; 738000 | ConocoPhillips Co., 5.50%, due 01/15/55 | &nbsp;&nbsp; 700951 |
| &nbsp;&nbsp; 463000 | ConocoPhillips Co., 5.55%, due 03/15/54 | &nbsp;&nbsp; 442960 |
| &nbsp;&nbsp; 148000 | Consensus Cloud Solutions, Inc., 6.50%, due 10/15/28 144A | &nbsp;&nbsp; 147373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56 | &nbsp;&nbsp;&nbsp;&nbsp; 74952 |
| &nbsp;&nbsp; 350000 | Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45 | &nbsp;&nbsp; 300727 |
| &nbsp;&nbsp; 385000 | Constellation Brands, Inc., 2.25%, due 08/01/31 | &nbsp;&nbsp; 333685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86000 | Constellation Energy Generation LLC, 6.13%, due 01/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 92676 |
| &nbsp;&nbsp; 183000 | Constellation Energy Generation LLC, 6.50%, due 10/01/53 | &nbsp;&nbsp; 196639 |
| 1155000 | Constellation Software, Inc., 5.16%, due 02/16/29 144A | 1175270 |
| &nbsp;&nbsp; 232000 | Continental Resources, Inc., 2.88%, due 04/01/32 144A | &nbsp;&nbsp; 195157 |
| &nbsp;&nbsp; 221000 | Continental Resources, Inc., 4.90%, due 06/01/44 | &nbsp;&nbsp; 173835 |
| &nbsp;&nbsp; 440000 | Continental Resources, Inc., 5.75%, due 01/15/31 144A | &nbsp;&nbsp; 444424 |

---

62See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1085000 | Corebridge Global Funding, 4.85%, due 06/06/30 144A | 1094801 |
| &nbsp;&nbsp; 191000 | CoreWeave, Inc., 9.25%, due 06/01/30 144A | &nbsp;&nbsp; 195428 |
| &nbsp;&nbsp; 525000 | Corp. Andina de Fomento, 5.00%, due 01/24/29 | &nbsp;&nbsp; 539283 |
| &nbsp;&nbsp; 439000 | CoStar Group, Inc., 2.80%, due 07/15/30 144A | &nbsp;&nbsp; 397324 |
| &nbsp;&nbsp; 970000 | Cox Communications, Inc., 2.60%, due 06/15/31 144A | &nbsp;&nbsp; 849267 |
| 2063000 | Cox Communications, Inc., 3.35%, due 09/15/26 144A | 2031596 |
| &nbsp;&nbsp; 627000 | Credit Agricole SA, 3.25%, due 01/14/30 144A | &nbsp;&nbsp; 584428 |
| &nbsp;&nbsp; 435000 | Credit Agricole SA, 6.32% (SOFR + 1.86%), due 10/03/29<sup>(b)</sup> 144A | &nbsp;&nbsp; 457282 |
| &nbsp;&nbsp; 310000 | CSN Resources SA, 4.63%, due 06/10/31 144A | &nbsp;&nbsp; 244289 |
| &nbsp;&nbsp; 635000 | CVS Health Corp., 4.78%, due 03/25/38 | &nbsp;&nbsp; 583146 |
| &nbsp;&nbsp; 130000 | CVS Health Corp., 5.13%, due 07/20/45<sup>(e)</sup> <br>| &nbsp;&nbsp; 115228 |
| &nbsp;&nbsp; 835653 | CVS Pass-Through Trust, 5.77%, due 01/10/33 144A | &nbsp;&nbsp; 842529 |
| &nbsp;&nbsp; 389580 | CVS Pass-Through Trust, 6.94%, due 01/10/30 | &nbsp;&nbsp; 402233 |
| 1210329 | CVS Pass-Through Trust, 7.51%, due 01/10/32 144A | 1267836 |
| &nbsp;&nbsp; 337000 | Danske Bank AS, 5.02% (1 yr. CMT + 0.93%), due 03/04/31<sup>(b)</sup> 144A | &nbsp;&nbsp; 340935 |
| &nbsp;&nbsp; 214000 | DaVita, Inc., 4.63%, due 06/01/30 144A | &nbsp;&nbsp; 205182 |
| &nbsp;&nbsp; 115000 | Dcli Bidco LLC, 7.75%, due 11/15/29 144A | &nbsp;&nbsp; 116587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 64775 |
| &nbsp;&nbsp; 443000 | Dell International LLC/EMC Corp., 5.30%, due 04/01/32 | &nbsp;&nbsp; 452956 |
| &nbsp;&nbsp; 602000 | Dell International LLC/EMC Corp., 5.40%, due 04/15/34 | &nbsp;&nbsp; 613336 |
| 1015092 | Delta Air Lines Pass-Through Trust, 2.00%, due 12/10/29 | &nbsp;&nbsp; 955835 |
| &nbsp;&nbsp; 201000 | Delta Air Lines, Inc., 4.38%, due 04/19/28 | &nbsp;&nbsp; 200060 |
| &nbsp;&nbsp; 490000 | Deutsche Bank AG, 3.74% (SOFR + 2.26%), due 01/07/33<sup>(b)</sup> <br>| &nbsp;&nbsp; 441211 |
| &nbsp;&nbsp; 279000 | Deutsche Bank AG, 5.30% (SOFR + 1.72%), due 05/09/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 283434 |
| &nbsp;&nbsp; 460000 | Deutsche Bank AG, 5.37% (SOFR + 1.21%), due 01/10/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 468189 |
| &nbsp;&nbsp; 292000 | Deutsche Bank AG, 6.82% (SOFR + 2.51%), due 11/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 311639 |
| 1900000 | Diamondback Energy, Inc., 6.25%, due 03/15/33 | 2024427 |
| &nbsp;&nbsp; 224000 | Dominion Energy, Inc., 3.38%, due 04/01/30 | &nbsp;&nbsp; 212963 |
| &nbsp;&nbsp; 280000 | Dominion Energy, Inc., 6.88% (5 yr. CMT + 2.39%), due 02/01/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 294704 |
| &nbsp;&nbsp; 149000 | Dominion Energy, Inc., 7.00% (5 yr. CMT + 2.51%), due 06/01/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 160239 |
| &nbsp;&nbsp; 711000 | DT Midstream, Inc., 4.38%, due 06/15/31 144A | &nbsp;&nbsp; 681312 |
| &nbsp;&nbsp; 127000 | DT Midstream, Inc., 5.80%, due 12/15/34 144A | &nbsp;&nbsp; 129446 |
| &nbsp;&nbsp; 623494 | DTE Electric Securitization Funding I LLC, 2.64%, due 12/01/27 | &nbsp;&nbsp; 613008 |
| 2038000 | DTE Energy Co., 5.85%, due 06/01/34 | 2133022 |
| &nbsp;&nbsp; 411000 | Duke Energy Carolinas LLC, 3.95%, due 03/15/48 | &nbsp;&nbsp; 321183 |
| &nbsp;&nbsp; 416000 | Duke Energy Corp., 5.75%, due 09/15/33 | &nbsp;&nbsp; 437200 |
| &nbsp;&nbsp; 435000 | Duke Energy Florida LLC, 3.40%, due 10/01/46 | &nbsp;&nbsp; 313040 |
| 1525000 | Duke Energy Indiana LLC, 5.25%, due 03/01/34 | 1560148 |
| 1210000 | DuPont de Nemours, Inc., 4.73%, due 11/15/28 | 1228880 |
| &nbsp;&nbsp; 120000 | DuPont de Nemours, Inc., 5.42%, due 11/15/48 | &nbsp;&nbsp; 121003 |
| &nbsp;&nbsp; 428000 | Ecopetrol SA, 6.88%, due 04/29/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 424455 |
| &nbsp;&nbsp; 790000 | Ecopetrol SA, 8.63%, due 01/19/29 | &nbsp;&nbsp; 835897 |
| &nbsp;&nbsp; 575000 | Edison International, 5.25%, due 11/15/28 | &nbsp;&nbsp; 569367 |
| &nbsp;&nbsp; 222000 | Efesto Bidco SpA Efesto U.S. LLC, 7.50%, due 02/15/32 144A | &nbsp;&nbsp; 224972 |
| &nbsp;&nbsp; 449000 | Electricite de France SA, 5.65%, due 04/22/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 466005 |
| &nbsp;&nbsp; 373000 | Electricite de France SA, 9.13% (5 yr. CMT + 5.41%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 421649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Elevance Health, Inc., 5.10%, due 01/15/44 | &nbsp;&nbsp;&nbsp;&nbsp; 13860 |
| &nbsp;&nbsp; 353000 | Embraer Netherlands Finance BV, 7.00%, due 07/28/30<sup>(e)</sup> 144A | &nbsp;&nbsp; 381358 |
| &nbsp;&nbsp; 355000 | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, due 12/15/30 144A | &nbsp;&nbsp; 363315 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 357000 | Enact Holdings, Inc., 6.25%, due 05/28/29 | &nbsp;&nbsp; 370631 |
| &nbsp;&nbsp; 319000 | Enbridge, Inc., 5.50% (3 mo. USD Term SOFR + 3.68%), due 07/15/77<sup>(b)</sup> <br>| &nbsp;&nbsp; 316911 |
| &nbsp;&nbsp; 446000 | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(b)</sup> <br>| &nbsp;&nbsp; 445231 |
| &nbsp;&nbsp; 308000 | Enbridge, Inc., 6.25% (3 mo. USD Term SOFR + 3.90%), due 03/01/78<sup>(b)</sup> <br>| &nbsp;&nbsp; 309757 |
| &nbsp;&nbsp; 182000 | Enbridge, Inc., 8.50% (5 yr. CMT + 4.43%), due 01/15/84<sup>(b)</sup> <br>| &nbsp;&nbsp; 203088 |
| &nbsp;&nbsp; 189000 | Endo Finance Holdings, Inc., 8.50%, due 04/15/31 144A | &nbsp;&nbsp; 200304 |
| &nbsp;&nbsp; 115000 | Energean Israel Finance Ltd., 5.38%, due 03/30/28<sup>(i)</sup> <br>| &nbsp;&nbsp; 109789 |
| &nbsp;&nbsp; 172000 | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(i)</sup> <br>| &nbsp;&nbsp; 158971 |
| &nbsp;&nbsp; 367000 | Energy Transfer LP, 5.15%, due 03/15/45 | &nbsp;&nbsp; 323752 |
| &nbsp;&nbsp; 150000 | Energy Transfer LP, 5.30%, due 04/01/44 | &nbsp;&nbsp; 134502 |
| &nbsp;&nbsp; 590000 | Energy Transfer LP, 5.30%, due 04/15/47 | &nbsp;&nbsp; 520913 |
| &nbsp;&nbsp; 573000 | Energy Transfer LP, 5.40%, due 10/01/47 | &nbsp;&nbsp; 510820 |
| 1958000 | Energy Transfer LP, 5.60%, due 09/01/34 | 1989556 |
| &nbsp;&nbsp; 120000 | Energy Transfer LP, 6.40%, due 12/01/30 | &nbsp;&nbsp; 129372 |
| &nbsp;&nbsp; 670000 | Energy Transfer LP, 6.50% (5 yr. CMT + 5.69%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 674669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Energy Transfer LP, 6.55%, due 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp; 70560 |
| 1320000 | Energy Transfer LP, 7.13% (5 yr. CMT + 5.31%)<sup>(b)(f)</sup> <br>| 1347936 |
| &nbsp;&nbsp; 110000 | Enova International, Inc., 9.13%, due 08/01/29 144A | &nbsp;&nbsp; 115884 |
| 2445000 | Entergy Louisiana LLC, 4.00%, due 03/15/33 | 2305964 |
| 1450000 | Enterprise Products Operating LLC, 4.90%, due 05/15/46 | 1305045 |
| &nbsp;&nbsp; 653000 | &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, 5.25% (3 mo. USD Term SOFR + 3.29%), due <br> 08/16/77<sup>(b)</sup> <br>| &nbsp;&nbsp; 647722 |
| &nbsp;&nbsp; 184000 | EQT Corp., 6.38%, due 04/01/29 144A | &nbsp;&nbsp; 189853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | EQT Corp., 7.50%, due 06/01/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 25461 |
| &nbsp;&nbsp; 114000 | EQT Corp., 7.50%, due 06/01/30 144A | &nbsp;&nbsp; 125343 |
| &nbsp;&nbsp; 205000 | Eskom Holdings SOC Ltd., 6.35%, due 08/10/28 144A | &nbsp;&nbsp; 207434 |
| 2050000 | Eversource Energy, 2.90%, due 03/01/27 | 2000762 |
| 1416000 | Exelon Corp., 3.35%, due 03/15/32 | 1308491 |
| 1478000 | Exelon Corp., 5.10%, due 06/15/45 | 1345674 |
| &nbsp;&nbsp; 206000 | Exelon Corp., 5.13%, due 03/15/31 | &nbsp;&nbsp; 211163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92000 | Exelon Corp., 6.50% (5 yr. CMT + 1.98%), due 03/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 93647 |
| &nbsp;&nbsp; 378000 | Expand Energy Corp., 4.75%, due 02/01/32 | &nbsp;&nbsp; 367815 |
| 1000000 | Fairfax Financial Holdings Ltd., 5.63%, due 08/16/32 | 1027906 |
| &nbsp;&nbsp; 675000 | Fairfax Financial Holdings Ltd., 6.00%, due 12/07/33 | &nbsp;&nbsp; 704457 |
| 2378000 | Ferguson Finance PLC, 3.25%, due 06/02/30 144A | 2241094 |
| 1130000 | Ferguson Finance PLC, 4.50%, due 10/24/28 144A | 1128516 |
| &nbsp;&nbsp; 142000 | Fifth Third Bancorp, 4.77% (SOFR + 2.13%), due 07/28/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 142916 |
| &nbsp;&nbsp; 230000 | Fifth Third Bancorp, 5.63% (SOFR + 1.84%), due 01/29/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 239424 |
| &nbsp;&nbsp; 264000 | Fifth Third Bancorp, 7.59% (3 mo. USD Term SOFR + 3.29%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 266253 |
| &nbsp;&nbsp; 350000 | First Citizens BancShares, Inc., 5.23% (SOFR + 1.41%), due 03/12/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 351937 |
| &nbsp;&nbsp; 207000 | First Horizon Corp., 5.51% (SOFR + 1.77%), due 03/07/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 210030 |
| &nbsp;&nbsp; 200000 | First Quantum Minerals Ltd., 8.63%, due 06/01/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 207749 |
| &nbsp;&nbsp; 235000 | FirstEnergy Corp., 2.65%, due 03/01/30 | &nbsp;&nbsp; 215876 |
| 2365000 | Florida Power & Light Co., 2.45%, due 02/03/32<sup>(e)</sup> <br>| 2086731 |
| &nbsp;&nbsp; 178000 | Flowserve Corp., 3.50%, due 10/01/30 | &nbsp;&nbsp; 166189 |
| &nbsp;&nbsp; 200000 | Flutter Treasury DAC, 6.38%, due 04/29/29 144A | &nbsp;&nbsp; 206135 |
| &nbsp;&nbsp; 186000 | Ford Motor Co., 3.25%, due 02/12/32 | &nbsp;&nbsp; 156886 |
| 1560000 | Ford Motor Credit Co. LLC, 2.90%, due 02/10/29 | 1418953 |
| &nbsp;&nbsp; 350000 | Ford Motor Credit Co. LLC, 3.63%, due 06/17/31 | &nbsp;&nbsp; 308226 |

---

64See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1205000 | Ford Motor Credit Co. LLC, 4.00%, due 11/13/30 | 1100511 |
| &nbsp;&nbsp; 949000 | Ford Motor Credit Co. LLC, 5.11%, due 05/03/29 | &nbsp;&nbsp; 928287 |
| &nbsp;&nbsp; 451000 | Ford Motor Credit Co. LLC, 5.80%, due 03/08/29 | &nbsp;&nbsp; 452103 |
| &nbsp;&nbsp; 408000 | Ford Motor Credit Co. LLC, 6.05%, due 11/05/31 | &nbsp;&nbsp; 406073 |
| &nbsp;&nbsp; 838000 | Ford Motor Credit Co. LLC, 6.13%, due 03/08/34 | &nbsp;&nbsp; 816151 |
| &nbsp;&nbsp; 279000 | Ford Motor Credit Co. LLC, 7.12%, due 11/07/33 | &nbsp;&nbsp; 289690 |
| &nbsp;&nbsp; 464000 | Foundry JV Holdco LLC, 5.88%, due 01/25/34 144A | &nbsp;&nbsp; 471945 |
| 1075000 | Foundry JV Holdco LLC, 5.90%, due 01/25/33 144A | 1115431 |
| 2630000 | Foundry JV Holdco LLC, 6.15%, due 01/25/32 144A | 2769591 |
| &nbsp;&nbsp; 275000 | Freeport-McMoRan, Inc., 5.40%, due 11/14/34 | &nbsp;&nbsp; 279472 |
| &nbsp;&nbsp; 613000 | Fresenius Medical Care U.S. Finance III, Inc., 2.38%, due 02/16/31 144A | &nbsp;&nbsp; 530482 |
| &nbsp;&nbsp; 140000 | Full House Resorts, Inc., 8.25%, due 02/15/28<sup>(e)</sup> 144A | &nbsp;&nbsp; 136132 |
| &nbsp;&nbsp; 207000 | GA Global Funding Trust, 5.20%, due 12/09/31 144A | &nbsp;&nbsp; 207474 |
| &nbsp;&nbsp; 165000 | Gap, Inc., 3.63%, due 10/01/29 144A | &nbsp;&nbsp; 153450 |
| &nbsp;&nbsp; 291000 | GCI LLC, 4.75%, due 10/15/28 144A | &nbsp;&nbsp; 281566 |
| &nbsp;&nbsp; 570000 | General Motors Co., 5.00%, due 04/01/35 | &nbsp;&nbsp; 539033 |
| 3111000 | General Motors Financial Co., Inc., 2.40%, due 10/15/28 | 2896293 |
| &nbsp;&nbsp; 495000 | General Motors Financial Co., Inc., 3.10%, due 01/12/32 | &nbsp;&nbsp; 435136 |
| &nbsp;&nbsp; 978000 | General Motors Financial Co., Inc., 3.60%, due 06/21/30 | &nbsp;&nbsp; 915565 |
| &nbsp;&nbsp; 982000 | General Motors Financial Co., Inc., 5.95%, due 04/04/34 | &nbsp;&nbsp; 996483 |
| &nbsp;&nbsp; 878000 | General Motors Financial Co., Inc., 6.00%, due 01/09/28 | &nbsp;&nbsp; 904581 |
| &nbsp;&nbsp; 161000 | Genesis Energy LP/Genesis Energy Finance Corp., 7.88%, due 05/15/32 | &nbsp;&nbsp; 167538 |
| &nbsp;&nbsp; 198000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 05/15/33 | &nbsp;&nbsp; 207180 |
| 1831000 | Genpact Luxembourg SARL/Genpact USA, Inc., 6.00%, due 06/04/29 | 1896151 |
| &nbsp;&nbsp; 200000 | Genting New York LLC/GENNY Capital, Inc., 7.25%, due 10/01/29 144A | &nbsp;&nbsp; 207652 |
| &nbsp;&nbsp; 205000 | Georgia Power Co., 4.95%, due 05/17/33 | &nbsp;&nbsp; 206677 |
| 2471000 | Global Atlantic Fin Co., 3.13%, due 06/15/31 144A | 2196344 |
| 1497000 | Global Atlantic Fin Co., 4.40%, due 10/15/29 144A | 1453767 |
| &nbsp;&nbsp; 268000 | Global Atlantic Fin Co., 4.70% (5 yr. CMT + 3.80%), due 10/15/51<sup>(b)</sup> 144A | &nbsp;&nbsp; 263163 |
| &nbsp;&nbsp; 102000 | Global Atlantic Fin Co., 7.95% (5 yr. CMT + 3.61%), due 10/15/54<sup>(b)</sup> 144A | &nbsp;&nbsp; 106445 |
| &nbsp;&nbsp; 327000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, due 01/15/32 144A | &nbsp;&nbsp; 279013 |
| &nbsp;&nbsp; 234000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, due 08/15/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 229199 |
| &nbsp;&nbsp; 246000 | Global Infrastructure Solutions, Inc., 5.63%, due 06/01/29 144A | &nbsp;&nbsp; 245250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67000 | Global Partners LP/GLP Finance Corp., 7.13%, due 07/01/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 67988 |
| &nbsp;&nbsp; 187000 | Global Partners LP/GLP Finance Corp., 8.25%, due 01/15/32 144A | &nbsp;&nbsp; 196817 |
| &nbsp;&nbsp; 119000 | GLP Capital LP/GLP Financing II, Inc., 3.25%, due 01/15/32 | &nbsp;&nbsp; 104826 |
| &nbsp;&nbsp; 156000 | GLP Capital LP/GLP Financing II, Inc., 4.00%, due 01/15/30 | &nbsp;&nbsp; 150032 |
| 1259000 | GLP Capital LP/GLP Financing II, Inc., 4.00%, due 01/15/31 | 1187945 |
| &nbsp;&nbsp; 200000 | GLP Capital LP/GLP Financing II, Inc., 5.38%, due 04/15/26 | &nbsp;&nbsp; 200169 |
| 1175000 | Goldman Sachs Group, Inc., 1.43% (SOFR + 0.80%), due 03/09/27<sup>(b)</sup> <br>| 1149789 |
| 1100000 | Goldman Sachs Group, Inc., 1.54% (SOFR + 0.82%), due 09/10/27<sup>(b)</sup> <br>| 1062310 |
| 2059000 | Goldman Sachs Group, Inc., 2.62% (SOFR + 1.28%), due 04/22/32<sup>(b)</sup> <br>| 1830703 |
| &nbsp;&nbsp; 387000 | Goldman Sachs Group, Inc., 2.65% (SOFR + 1.26%), due 10/21/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 342072 |
| 2331000 | Goldman Sachs Group, Inc., 3.80%, due 03/15/30 | 2275361 |
| 1065000 | Goldman Sachs Group, Inc., 3.81% (3 mo. USD Term SOFR + 1.42%), due 04/23/29<sup>(b)</sup> <br>| 1048220 |
| &nbsp;&nbsp; 204000 | Graphic Packaging International LLC, 3.50%, due 03/01/29 144A | &nbsp;&nbsp; 192551 |
| &nbsp;&nbsp; 386000 | Gray Media, Inc., 10.50%, due 07/15/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 414979 |
| &nbsp;&nbsp; 145000 | Group 1 Automotive, Inc., 4.00%, due 08/15/28 144A | &nbsp;&nbsp; 140075 |
| &nbsp;&nbsp; 528000 | Harbour Energy PLC, 6.33%, due 04/01/35 144A | &nbsp;&nbsp; 525447 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 410000 | HCA, Inc., 4.38%, due 03/15/42 | &nbsp;&nbsp; 343142 |
| &nbsp;&nbsp; 285000 | HCA, Inc., 5.45%, due 04/01/31 | &nbsp;&nbsp; 293967 |
| &nbsp;&nbsp; 275000 | HCA, Inc., 7.75%, due 07/15/36 | &nbsp;&nbsp; 317534 |
| 3040000 | Healthpeak OP LLC, 1.35%, due 02/01/27 | 2898954 |
| &nbsp;&nbsp; 646000 | Healthpeak OP LLC, 3.25%, due 07/15/26 | &nbsp;&nbsp; 638400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | Hess Midstream Operations LP, 4.25%, due 02/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 67359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53000 | Hess Midstream Operations LP, 5.50%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 53271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63000 | Hess Midstream Operations LP, 6.50%, due 06/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 64832 |
| 1390000 | Hewlett Packard Enterprise Co., 4.45%, due 09/25/26 | 1392624 |
| &nbsp;&nbsp; 250000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, due 04/15/30 144A | &nbsp;&nbsp; 243267 |
| &nbsp;&nbsp; 205000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A | &nbsp;&nbsp; 195935 |
| &nbsp;&nbsp; 276000 | &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.63%, <br> due 01/15/32 144A<br>| &nbsp;&nbsp; 280458 |
| &nbsp;&nbsp; 387000 | Horizon Mutual Holdings, Inc., 6.20%, due 11/15/34 144A | &nbsp;&nbsp; 381164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24000 | Howard Midstream Energy Partners LLC, 7.38%, due 07/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 25259 |
| &nbsp;&nbsp; 137000 | HPS Corporate Lending Fund, 5.95%, due 04/14/32 | &nbsp;&nbsp; 136372 |
| 1704000 | HSBC Holdings PLC, 5.13% (SOFR + 1.29%), due 03/03/31<sup>(b)</sup> <br>| 1727204 |
| &nbsp;&nbsp; 217000 | Huntington Bancshares, Inc., 5.27% (SOFR + 1.28%), due 01/15/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 222404 |
| &nbsp;&nbsp; 128000 | Huntington Bancshares, Inc., 6.14% (5 yr. CMT + 1.70%), due 11/18/39<sup>(b)</sup> <br>| &nbsp;&nbsp; 130639 |
| &nbsp;&nbsp; 164000 | Huntington Bancshares, Inc., 6.21% (SOFR + 2.02%), due 08/21/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 172117 |
| &nbsp;&nbsp; 100000 | Huntsman International LLC, 4.50%, due 05/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 94912 |
| &nbsp;&nbsp; 200000 | Icon Investments Six DAC, 5.85%, due 05/08/29 | &nbsp;&nbsp; 207570 |
| &nbsp;&nbsp; 216000 | IHS Holding Ltd., 7.88%, due 05/29/30 144A | &nbsp;&nbsp; 217220 |
| &nbsp;&nbsp; 377000 | IHS Holding Ltd., 8.25%, due 11/29/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 381636 |
| &nbsp;&nbsp; 261000 | Iliad Holding SASU, 7.00%, due 04/15/32 144A | &nbsp;&nbsp; 267742 |
| &nbsp;&nbsp; 200000 | Iliad Holding SASU, 8.50%, due 04/15/31 144A | &nbsp;&nbsp; 214105 |
| 2000000 | Imperial Brands Finance PLC, 5.50%, due 02/01/30 144A | 2062597 |
| &nbsp;&nbsp; 242000 | ING Groep NV, 5.34% (SOFR + 1.44%), due 03/19/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 248215 |
| &nbsp;&nbsp; 200000 | ING Groep NV, 6.11% (SOFR + 2.09%), due 09/11/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 212699 |
| &nbsp;&nbsp; 170000 | IPALCO Enterprises, Inc., 4.25%, due 05/01/30 | &nbsp;&nbsp; 163319 |
| &nbsp;&nbsp; 152000 | IQVIA, Inc., 6.25%, due 02/01/29 | &nbsp;&nbsp; 158968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76000 | Iron Mountain Information Management Services, Inc., 5.00%, due 07/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 72985 |
| &nbsp;&nbsp; 161000 | Iron Mountain, Inc., 5.25%, due 07/15/30 144A | &nbsp;&nbsp; 158915 |
| &nbsp;&nbsp; 226000 | Iron Mountain, Inc., 6.25%, due 01/15/33 144A | &nbsp;&nbsp; 232533 |
| &nbsp;&nbsp; 107000 | Jacobs Entertainment, Inc., 6.75%, due 02/15/29 144A | &nbsp;&nbsp; 103065 |
| &nbsp;&nbsp; 230000 | JB Poindexter & Co., Inc., 8.75%, due 12/15/31 144A | &nbsp;&nbsp; 234358 |
| 1050000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.00%, due <br> 02/02/29<br>| &nbsp;&nbsp; 998201 |
| &nbsp;&nbsp; 267000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.63%, due <br> 01/15/32<br>| &nbsp;&nbsp; 244460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.75%, due <br> 12/01/31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60616 |
| &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.75%, due <br> 04/01/33<br>| &nbsp;&nbsp; 344563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp; JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, due 04/20/35 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 96439 |
| &nbsp;&nbsp; 980000 | Jefferies Financial Group, Inc., 5.88%, due 07/21/28 | 1016583 |
| &nbsp;&nbsp; 300000 | Jefferies Financial Group, Inc., 6.20%, due 04/14/34 | &nbsp;&nbsp; 313957 |
| &nbsp;&nbsp; 204586 | JetBlue Pass-Through Trust, 2.75%, due 11/15/33 | &nbsp;&nbsp; 179522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91000 | JH North America Holdings, Inc., 5.88%, due 01/31/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 91851 |

---

66See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 | JH North America Holdings, Inc., 6.13%, due 07/31/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 91551 |
| 2000000 | JPMorgan Chase & Co., 2.07% (SOFR + 1.02%), due 06/01/29<sup>(b)</sup> <br>| 1876223 |
| &nbsp;&nbsp; 273000 | JPMorgan Chase & Co., 2.52% (SOFR + 2.04%), due 04/22/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 249667 |
| &nbsp;&nbsp; 760000 | JPMorgan Chase & Co., 2.58% (3 mo. USD Term SOFR + 1.25%), due 04/22/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 678948 |
| &nbsp;&nbsp; 512000 | JPMorgan Chase & Co., 2.96% (3 mo. USD Term SOFR + 2.52%), due 05/13/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 473577 |
| 1817000 | JPMorgan Chase & Co., 3.78% (3 mo. USD Term SOFR + 1.60%), due 02/01/28<sup>(b)</sup> <br>| 1801863 |
| &nbsp;&nbsp; 965000 | JPMorgan Chase & Co., 4.01% (3 mo. USD Term SOFR + 1.38%), due 04/23/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 956677 |
| 2124000 | JPMorgan Chase & Co., 4.20% (3 mo. USD Term SOFR + 1.52%), due 07/23/29<sup>(b)</sup> <br>| 2115406 |
| &nbsp;&nbsp; 124000 | JPMorgan Chase & Co., 4.45% (3 mo. USD Term SOFR + 1.59%), due 12/05/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 124258 |
| &nbsp;&nbsp; 408000 | JPMorgan Chase & Co., 4.60% (SOFR + 1.04%), due 10/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 409473 |
| &nbsp;&nbsp; 410000 | JPMorgan Chase & Co., 5.00% (SOFR + 1.13%), due 07/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 417578 |
| &nbsp;&nbsp; 371000 | JPMorgan Chase & Co., 5.01% (SOFR + 1.31%), due 01/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 377915 |
| &nbsp;&nbsp; 437000 | JPMorgan Chase & Co., 5.29% (SOFR + 1.46%), due 07/22/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 444881 |
| 2965000 | JPMorgan Chase & Co., 5.34% (SOFR + 1.62%), due 01/23/35<sup>(b)</sup> <br>| 3036234 |
| &nbsp;&nbsp; 389000 | JPMorgan Chase & Co., 5.50% (SOFR + 1.32%), due 01/24/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 400831 |
| &nbsp;&nbsp; 269000 | JPMorgan Chase & Co., 5.58% (SOFR + 1.16%), due 04/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 279370 |
| &nbsp;&nbsp; 780000 | Kaiser Foundation Hospitals, 2.81%, due 06/01/41 | &nbsp;&nbsp; 557230 |
| &nbsp;&nbsp; 163000 | KB Home, 4.00%, due 06/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 151423 |
| &nbsp;&nbsp; 322000 | KeyCorp, 5.12% (SOFR + 1.23%), due 04/04/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 325925 |
| &nbsp;&nbsp; 608000 | Kinder Morgan, Inc., 5.85%, due 06/01/35 | &nbsp;&nbsp; 630476 |
| 1291000 | KKR Group Finance Co. II LLC, 5.50%, due 02/01/43<sup>(e)</sup> 144A | 1229368 |
| &nbsp;&nbsp; 257000 | KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A | &nbsp;&nbsp; 181090 |
| &nbsp;&nbsp; 283000 | KKR Group Finance Co. X LLC, 3.25%, due 12/15/51 144A | &nbsp;&nbsp; 181839 |
| 1910000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | 1897734 |
| &nbsp;&nbsp; 145000 | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | &nbsp;&nbsp; 138427 |
| &nbsp;&nbsp; 260000 | Lamb Weston Holdings, Inc., 4.38%, due 01/31/32 144A | &nbsp;&nbsp; 244477 |
| &nbsp;&nbsp; 336000 | Lazard Group LLC, 4.38%, due 03/11/29 | &nbsp;&nbsp; 332131 |
| &nbsp;&nbsp; 425000 | Level 3 Financing, Inc., 6.88%, due 06/30/33 144A | &nbsp;&nbsp; 432753 |
| &nbsp;&nbsp; 433000 | Leviathan Bond Ltd., 6.50%, due 06/30/27<sup>(i)</sup> <br>| &nbsp;&nbsp; 431181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79000 | Leviathan Bond Ltd., 6.75%, due 06/30/30<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 78109 |
| &nbsp;&nbsp; 244000 | Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51<sup>(b)</sup> 144A | &nbsp;&nbsp; 237684 |
| &nbsp;&nbsp; 170000 | Lightning Power LLC, 7.25%, due 08/15/32 144A | &nbsp;&nbsp; 179027 |
| &nbsp;&nbsp; 110000 | Lithia Motors, Inc., 3.88%, due 06/01/29 144A | &nbsp;&nbsp; 104993 |
| &nbsp;&nbsp; 246000 | Lithia Motors, Inc., 4.38%, due 01/15/31 144A | &nbsp;&nbsp; 234082 |
| &nbsp;&nbsp; 101000 | Lithia Motors, Inc., 4.63%, due 12/15/27 144A | &nbsp;&nbsp; 100289 |
| 1800000 | Lloyds Banking Group PLC, 5.09% (1 yr. CMT + 0.85%), due 11/26/28<sup>(b)</sup> <br>| 1824161 |
| 1360000 | Lloyds Banking Group PLC, 5.68% (1 yr. CMT + 1.75%), due 01/05/35<sup>(b)</sup> <br>| 1396608 |
| &nbsp;&nbsp; 200000 | Lloyds Banking Group PLC, 6.07% (1 yr. CMT + 1.60%), due 06/13/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 205706 |
| &nbsp;&nbsp; 200000 | Lloyds Banking Group PLC, 6.75% (5 yr. CMT + 3.15%)<sup>(b)(e)(f)</sup> <br>| &nbsp;&nbsp; 196196 |
| &nbsp;&nbsp; 145440 | LLPL Capital Pte. Ltd., 6.88%, due 02/04/39 144A | &nbsp;&nbsp; 148423 |
| &nbsp;&nbsp; 248000 | Long Ridge Energy LLC, 8.75%, due 02/15/32<sup>(e)</sup> 144A | &nbsp;&nbsp; 257808 |
| &nbsp;&nbsp; 167000 | M&T Bank Corp., 5.13% (3 mo. USD Term SOFR + 3.78%)<sup>(b)(e)(f)</sup> <br>| &nbsp;&nbsp; 166543 |
| &nbsp;&nbsp; 189000 | M&T Bank Corp., 5.18% (SOFR + 1.40%), due 07/08/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 192182 |
| &nbsp;&nbsp; 307000 | M&T Bank Corp., 5.39% (SOFR + 1.61%), due 01/16/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 306057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97000 | Macquarie Airfinance Holdings Ltd., 5.15%, due 03/17/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 97013 |
| &nbsp;&nbsp; 236000 | Macquarie Bank Ltd., 3.62%, due 06/03/30 144A | &nbsp;&nbsp; 221890 |
| 2000000 | Macquarie Group Ltd., 6.26% (SOFR + 2.30%), due 12/07/34<sup>(b)(e)</sup> 144A | 2143289 |
| &nbsp;&nbsp; 172000 | Macy's Retail Holdings LLC, 5.88%, due 04/01/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 170392 |
| &nbsp;&nbsp; 149000 | Macy's Retail Holdings LLC, 5.88%, due 03/15/30<sup>(e)</sup> 144A | &nbsp;&nbsp; 146554 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 135000 | Macy's Retail Holdings LLC, 6.13%, due 03/15/32<sup>(e)</sup> 144A | &nbsp;&nbsp; 128880 |
| &nbsp;&nbsp; 420000 | Magnera Corp., 7.25%, due 11/15/31 144A | &nbsp;&nbsp; 396385 |
| &nbsp;&nbsp; 474000 | MARB BondCo PLC, 3.95%, due 01/29/31 144A | &nbsp;&nbsp; 420627 |
| &nbsp;&nbsp; 206000 | Mars, Inc., 5.00%, due 03/01/32 144A | &nbsp;&nbsp; 208843 |
| 1465000 | Mars, Inc., 5.20%, due 03/01/35 144A | 1483284 |
| &nbsp;&nbsp; 193000 | Marvell Technology, Inc., 5.95%, due 09/15/33 | &nbsp;&nbsp; 203912 |
| &nbsp;&nbsp; 460000 | Massachusetts Institute of Technology, 4.68%, due 07/01/14<sup>(e)(g)</sup> <br>| &nbsp;&nbsp; 384148 |
| 1615000 | Massachusetts Mutual Life Insurance Co., 5.67%, due 12/01/52 144A | 1571042 |
| &nbsp;&nbsp; 286000 | MassMutual Global Funding II, 4.35%, due 09/17/31 144A | &nbsp;&nbsp; 282103 |
| &nbsp;&nbsp; 157000 | MasTec, Inc., 5.90%, due 06/15/29 | &nbsp;&nbsp; 162519 |
| &nbsp;&nbsp; 163000 | Matador Resources Co., 6.25%, due 04/15/33 144A | &nbsp;&nbsp; 162202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98000 | Match Group Holdings II LLC, 3.63%, due 10/01/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 87749 |
| &nbsp;&nbsp; 300000 | Match Group Holdings II LLC, 4.13%, due 08/01/30 144A | &nbsp;&nbsp; 280746 |
| &nbsp;&nbsp; 256331 | MC Brazil Downstream Trading SARL, 7.25%, due 06/30/31 144A | &nbsp;&nbsp; 202937 |
| &nbsp;&nbsp; 361000 | MetLife, Inc., 6.40%, due 12/15/66 | &nbsp;&nbsp; 378723 |
| 2827000 | Metropolitan Life Global Funding I, 3.30%, due 03/21/29 144A | 2727872 |
| &nbsp;&nbsp; 601000 | Mexico City Airport Trust, 4.25%, due 10/31/26 144A | &nbsp;&nbsp; 588977 |
| 1005000 | Mexico City Airport Trust, 5.50%, due 07/31/47 144A | &nbsp;&nbsp; 830557 |
| &nbsp;&nbsp; 446000 | MGM Resorts International, 4.75%, due 10/15/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 440929 |
| &nbsp;&nbsp; 272000 | Michaels Cos., Inc., 5.25%, due 05/01/28 144A | &nbsp;&nbsp; 218824 |
| &nbsp;&nbsp; 189000 | Michaels Cos., Inc., 7.88%, due 05/01/29 144A | &nbsp;&nbsp; 124740 |
| &nbsp;&nbsp; 362000 | Micron Technology, Inc., 2.70%, due 04/15/32 | &nbsp;&nbsp; 315056 |
| &nbsp;&nbsp; 287000 | Micron Technology, Inc., 5.30%, due 01/15/31 | &nbsp;&nbsp; 293993 |
| &nbsp;&nbsp; 572000 | Micron Technology, Inc., 6.75%, due 11/01/29 | &nbsp;&nbsp; 618414 |
| &nbsp;&nbsp; 358000 | Midcontinent Communications, 8.00%, due 08/15/32<sup>(e)</sup> 144A | &nbsp;&nbsp; 379310 |
| &nbsp;&nbsp; 329000 | &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 <br> 144A<br>| &nbsp;&nbsp; 317120 |
| &nbsp;&nbsp; 196200 | Millicom International Cellular SA, 6.25%, due 03/25/29 144A | &nbsp;&nbsp; 196766 |
| &nbsp;&nbsp; 200000 | Millicom International Cellular SA, 7.38%, due 04/02/32<sup>(e)</sup> 144A | &nbsp;&nbsp; 205456 |
| 1250000 | Moody's Corp., 3.25%, due 05/20/50 | &nbsp;&nbsp; 844691 |
| &nbsp;&nbsp; 715000 | Morgan Stanley, 1.93% (SOFR + 1.02%), due 04/28/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 611507 |
| 2321000 | Morgan Stanley, 2.24% (SOFR + 1.18%), due 07/21/32<sup>(b)</sup> <br>| 2010470 |
| &nbsp;&nbsp; 523000 | Morgan Stanley, 2.48% (SOFR + 1.36%), due 09/16/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 444555 |
| 1755000 | Morgan Stanley, 2.70% (SOFR + 1.14%), due 01/22/31<sup>(b)</sup> <br>| 1618706 |
| 2423000 | Morgan Stanley, 2.94% (SOFR + 1.29%), due 01/21/33<sup>(b)</sup> <br>| 2163162 |
| 2461000 | Morgan Stanley, 3.62% (SOFR + 3.12%), due 04/01/31<sup>(b)</sup> <br>| 2360578 |
| &nbsp;&nbsp; 910000 | Morgan Stanley, 3.77% (3 mo. USD Term SOFR + 1.40%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 897139 |
| 1247000 | Morgan Stanley, 4.21% (SOFR + 1.61%), due 04/20/28<sup>(b)</sup> <br>| 1244893 |
| &nbsp;&nbsp; 619000 | Morgan Stanley, 5.17% (SOFR + 1.45%), due 01/16/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 632088 |
| &nbsp;&nbsp; 513000 | Morgan Stanley, 5.32% (SOFR + 1.56%), due 07/19/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 519470 |
| &nbsp;&nbsp; 507000 | Motorola Solutions, Inc., 2.30%, due 11/15/30 | &nbsp;&nbsp; 450209 |
| &nbsp;&nbsp; 366000 | Motorola Solutions, Inc., 2.75%, due 05/24/31 | &nbsp;&nbsp; 328262 |
| &nbsp;&nbsp; 370000 | MPLX LP, 4.50%, due 04/15/38 | &nbsp;&nbsp; 327528 |
| &nbsp;&nbsp; 530000 | MPLX LP, 4.70%, due 04/15/48 | &nbsp;&nbsp; 430454 |
| &nbsp;&nbsp; 208000 | MPLX LP, 4.95%, due 09/01/32 | &nbsp;&nbsp; 206188 |
| &nbsp;&nbsp; 213000 | MPLX LP, 5.00%, due 03/01/33 | &nbsp;&nbsp; 210146 |
| &nbsp;&nbsp; 105000 | MPLX LP, 5.20%, due 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 91702 |
| &nbsp;&nbsp; 685000 | MPLX LP, 5.50%, due 06/01/34 | &nbsp;&nbsp; 688116 |
| &nbsp;&nbsp; 255000 | MPT Operating Partnership LP/MPT Finance Corp., 3.50%, due 03/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 180522 |

---

68See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 210000 | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, due 10/15/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 194151 |
| &nbsp;&nbsp; 430000 | MSCI, Inc., 3.63%, due 11/01/31 144A | &nbsp;&nbsp; 396496 |
| &nbsp;&nbsp; 695000 | Mylan, Inc., 5.40%, due 11/29/43 | &nbsp;&nbsp; 585365 |
| &nbsp;&nbsp; 365000 | National Fuel Gas Co., 5.50%, due 03/15/30 | &nbsp;&nbsp; 375332 |
| 2436000 | National Securities Clearing Corp., 5.00%, due 05/30/28 144A | 2488538 |
| &nbsp;&nbsp; 395000 | NatWest Group PLC, 7.30% (5 yr. CMT + 2.94%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 393246 |
| &nbsp;&nbsp; 320000 | NatWest Group PLC, 8.13% (5 yr. CMT + 3.75%)<sup>(b)(e)(f)</sup> <br>| &nbsp;&nbsp; 345969 |
| &nbsp;&nbsp; 282000 | NBM U.S. Holdings, Inc., 6.63%, due 08/06/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 284182 |
| &nbsp;&nbsp; 219000 | NCL Corp. Ltd., 6.75%, due 02/01/32 144A | &nbsp;&nbsp; 223874 |
| &nbsp;&nbsp; 294000 | Newell Brands, Inc., 6.38%, due 05/15/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 286745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Newell Brands, Inc., 6.63%, due 05/15/32<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 47823 |
| &nbsp;&nbsp; 187000 | Newell Brands, Inc., 8.50%, due 06/01/28 144A | &nbsp;&nbsp; 196857 |
| &nbsp;&nbsp; 150000 | Newmont Corp., 5.45%, due 06/09/44 | &nbsp;&nbsp; 146820 |
| &nbsp;&nbsp; 260000 | News Corp., 3.88%, due 05/15/29 144A | &nbsp;&nbsp; 248955 |
| &nbsp;&nbsp; 900000 | NextEra Energy Capital Holdings, Inc., 1.90%, due 06/15/28 | &nbsp;&nbsp; 841241 |
| &nbsp;&nbsp; 162000 | NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30 | &nbsp;&nbsp; 145965 |
| &nbsp;&nbsp; 228000 | NextEra Energy Capital Holdings, Inc., 6.38% (5 yr. CMT + 2.05%), due 08/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 233394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68000 | NextEra Energy Capital Holdings, Inc., 6.50% (5 yr. CMT + 1.98%), due 08/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 69680 |
| &nbsp;&nbsp; 182000 | NextEra Energy Capital Holdings, Inc., 6.70% (5 yr. CMT + 2.36%), due 09/01/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 187998 |
| 1900000 | Niagara Mohawk Power Corp., 5.66%, due 01/17/54 144A | 1829031 |
| &nbsp;&nbsp; 204000 | NiSource, Inc., 3.60%, due 05/01/30 | &nbsp;&nbsp; 195772 |
| &nbsp;&nbsp; 200000 | Nomura Holdings, Inc., 2.61%, due 07/14/31 | &nbsp;&nbsp; 176607 |
| 2285000 | Northwest Pipeline LLC, 4.00%, due 04/01/27 | 2271198 |
| &nbsp;&nbsp; 324000 | Novelis Corp., 4.75%, due 01/30/30 144A | &nbsp;&nbsp; 310658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56000 | Novelis Corp., 6.88%, due 01/30/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 57935 |
| &nbsp;&nbsp; 218000 | NRG Energy, Inc., 3.63%, due 02/15/31 144A | &nbsp;&nbsp; 200779 |
| &nbsp;&nbsp; 722000 | NRG Energy, Inc., 3.88%, due 02/15/32 144A | &nbsp;&nbsp; 663521 |
| &nbsp;&nbsp; 261000 | NRG Energy, Inc., 4.45%, due 06/15/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 256896 |
| &nbsp;&nbsp; 228000 | NRG Energy, Inc., 5.75%, due 07/15/29 144A | &nbsp;&nbsp; 229433 |
| &nbsp;&nbsp; 217000 | NRG Energy, Inc., 6.00%, due 02/01/33 144A | &nbsp;&nbsp; 219298 |
| &nbsp;&nbsp; 170000 | NRG Energy, Inc., 6.25%, due 11/01/34 144A | &nbsp;&nbsp; 173310 |
| &nbsp;&nbsp; 346000 | NRG Energy, Inc., 7.00%, due 03/15/33<sup>(e)</sup> 144A | &nbsp;&nbsp; 380112 |
| &nbsp;&nbsp; 235000 | NRG Energy, Inc., 10.25% (5 yr. CMT + 5.92%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 261102 |
| &nbsp;&nbsp; 250000 | NSTAR Electric Co., 3.10%, due 06/01/51 | &nbsp;&nbsp; 163407 |
| &nbsp;&nbsp; 400000 | NSTAR Electric Co., 5.40%, due 06/01/34 | &nbsp;&nbsp; 410075 |
| 1519000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 2.50%, due 05/11/31 | 1342035 |
| 3517000 | Occidental Petroleum Corp., 4.46%, due 10/10/36<sup>(j)</sup> <br>| 1952488 |
| &nbsp;&nbsp; 153000 | Occidental Petroleum Corp., 5.38%, due 01/01/32 | &nbsp;&nbsp; 151853 |
| &nbsp;&nbsp; 359000 | Occidental Petroleum Corp., 6.05%, due 10/01/54 | &nbsp;&nbsp; 329298 |
| &nbsp;&nbsp; 390000 | Occidental Petroleum Corp., 6.45%, due 09/15/36 | &nbsp;&nbsp; 399295 |
| &nbsp;&nbsp; 159000 | Occidental Petroleum Corp., 6.60%, due 03/15/46 | &nbsp;&nbsp; 156851 |
| &nbsp;&nbsp; 403000 | Occidental Petroleum Corp., 6.63%, due 09/01/30 | &nbsp;&nbsp; 426394 |
| &nbsp;&nbsp; 412000 | OCP SA, 6.75%, due 05/02/34 144A | &nbsp;&nbsp; 427639 |
| &nbsp;&nbsp; 133000 | OneMain Finance Corp., 3.88%, due 09/15/28 | &nbsp;&nbsp; 127635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62000 | OneMain Finance Corp., 6.63%, due 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 64066 |
| &nbsp;&nbsp; 190000 | OneMain Finance Corp., 9.00%, due 01/15/29 | &nbsp;&nbsp; 199367 |
| &nbsp;&nbsp; 655000 | ONEOK, Inc., 3.10%, due 03/15/30 | &nbsp;&nbsp; 612212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | ONEOK, Inc., 4.25%, due 09/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 57194 |
| &nbsp;&nbsp; 370000 | ONEOK, Inc., 5.38%, due 06/01/29 | &nbsp;&nbsp; 378043 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 370000 | ONEOK, Inc., 5.70%, due 11/01/54<sup>(e)</sup> <br>| &nbsp;&nbsp; 341837 |
| 1738000 | ONEOK, Inc., 6.05%, due 09/01/33 | 1824410 |
| &nbsp;&nbsp; 369000 | ONEOK, Inc., 6.63%, due 09/01/53 | &nbsp;&nbsp; 383820 |
| 1456000 | Oracle Corp., 3.95%, due 03/25/51 | 1075611 |
| &nbsp;&nbsp; 223000 | Oracle Corp., 5.25%, due 02/03/32 | &nbsp;&nbsp; 228837 |
| &nbsp;&nbsp; 620000 | Oracle Corp., 5.55%, due 02/06/53 | &nbsp;&nbsp; 583555 |
| &nbsp;&nbsp; 177000 | Ovintiv, Inc., 6.25%, due 07/15/33 | &nbsp;&nbsp; 182843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39000 | Ovintiv, Inc., 7.20%, due 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp; 42225 |
| &nbsp;&nbsp; 180000 | Owens Corning, 3.88%, due 06/01/30 | &nbsp;&nbsp; 173880 |
| &nbsp;&nbsp; 870000 | Pacific Gas & Electric Co., 3.95%, due 12/01/47<sup>(e)</sup> <br>| &nbsp;&nbsp; 614599 |
| &nbsp;&nbsp; 694000 | Pacific Gas & Electric Co., 4.95%, due 07/01/50 | &nbsp;&nbsp; 560059 |
| &nbsp;&nbsp; 303000 | Pacific Gas & Electric Co., 5.80%, due 05/15/34 | &nbsp;&nbsp; 303122 |
| &nbsp;&nbsp; 265000 | PacifiCorp, 2.70%, due 09/15/30 | &nbsp;&nbsp; 242438 |
| &nbsp;&nbsp; 259000 | PacifiCorp, 7.38% (5 yr. CMT + 3.32%), due 09/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 269894 |
| &nbsp;&nbsp; 376000 | Panther Escrow Issuer LLC, 7.13%, due 06/01/31 144A | &nbsp;&nbsp; 390817 |
| &nbsp;&nbsp; 109000 | Paramount Global, 4.20%, due 05/19/32 | &nbsp;&nbsp;&nbsp;&nbsp; 99526 |
| &nbsp;&nbsp; 211000 | Paramount Global, 4.38%, due 03/15/43 | &nbsp;&nbsp; 155442 |
| &nbsp;&nbsp; 446000 | Paramount Global, 4.95%, due 05/19/50 | &nbsp;&nbsp; 341473 |
| &nbsp;&nbsp; 196000 | Parkland Corp., 4.50%, due 10/01/29 144A | &nbsp;&nbsp; 188559 |
| &nbsp;&nbsp; 190000 | Parkland Corp., 4.63%, due 05/01/30 144A | &nbsp;&nbsp; 182088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | Parkland Corp., 6.63%, due 08/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 97157 |
| &nbsp;&nbsp; 415000 | PECO Energy Co., 3.05%, due 03/15/51 | &nbsp;&nbsp; 272929 |
| &nbsp;&nbsp; 205000 | PECO Energy Co., 3.70%, due 09/15/47 | &nbsp;&nbsp; 156391 |
| 3790000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.25%, due 07/01/29 144A | 3882110 |
| &nbsp;&nbsp; 875000 | Petroleos Mexicanos, 6.50%, due 03/13/27 | &nbsp;&nbsp; 869468 |
| &nbsp;&nbsp; 255000 | Petroleos Mexicanos, 6.50%, due 06/02/41 | &nbsp;&nbsp; 189582 |
| &nbsp;&nbsp; 472000 | PG&E Corp., 7.38% (5 yr. CMT + 3.88%), due 03/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 448174 |
| 1558047 | PG&E Wildfire Recovery Funding LLC, 3.59%, due 06/01/32 | 1531662 |
| &nbsp;&nbsp; 827000 | PG&E Wildfire Recovery Funding LLC, 4.26%, due 06/01/38 | &nbsp;&nbsp; 780938 |
| 2169000 | PG&E Wildfire Recovery Funding LLC, 4.72%, due 06/01/39 | 2104414 |
| &nbsp;&nbsp; 145000 | Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29 | &nbsp;&nbsp; 140641 |
| &nbsp;&nbsp; 219000 | Pilgrim's Pride Corp., 6.25%, due 07/01/33 | &nbsp;&nbsp; 231818 |
| &nbsp;&nbsp; 390000 | PNC Financial Services Group, Inc., 4.81% (SOFR + 1.26%), due 10/21/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 391019 |
| 1444000 | PNC Financial Services Group, Inc., 5.40% (SOFR + 1.60%), due 07/23/35<sup>(b)</sup> <br>| 1470999 |
| &nbsp;&nbsp; 216000 | PNC Financial Services Group, Inc., 5.58% (SOFR + 1.39%), due 01/29/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 222711 |
| &nbsp;&nbsp; 235000 | PNC Financial Services Group, Inc., 5.94% (SOFR + 1.95%), due 08/18/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 248715 |
| &nbsp;&nbsp; 307000 | PNC Financial Services Group, Inc., 6.25% (7 yr. CMT + 2.81%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 316433 |
| &nbsp;&nbsp; 316000 | Popular, Inc., 7.25%, due 03/13/28 | &nbsp;&nbsp; 335968 |
| &nbsp;&nbsp; 130000 | Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26 | &nbsp;&nbsp; 127320 |
| 1580000 | Public Service Co. of Colorado, 5.35%, due 05/15/34 | 1603375 |
| &nbsp;&nbsp; 294000 | Qorvo, Inc., 3.38%, due 04/01/31 144A | &nbsp;&nbsp; 265378 |
| &nbsp;&nbsp; 209000 | Qorvo, Inc., 4.38%, due 10/15/29 | &nbsp;&nbsp; 203025 |
| &nbsp;&nbsp; 158000 | Quanta Services, Inc., 5.25%, due 08/09/34 | &nbsp;&nbsp; 160035 |
| &nbsp;&nbsp; 236000 | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | &nbsp;&nbsp; 242831 |
| &nbsp;&nbsp; 200000 | Rakuten Group, Inc., 9.75%, due 04/15/29 144A | &nbsp;&nbsp; 219635 |
| &nbsp;&nbsp; 200000 | Rede D'or Finance SARL, 4.50%, due 01/22/30 144A | &nbsp;&nbsp; 190078 |
| &nbsp;&nbsp; 446000 | Regeneron Pharmaceuticals, Inc., 1.75%, due 09/15/30 | &nbsp;&nbsp; 387482 |
| &nbsp;&nbsp; 547000 | Regions Financial Corp., 5.50% (SOFR + 2.06%), due 09/06/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 548611 |
| &nbsp;&nbsp; 154000 | Regions Financial Corp., 5.72% (SOFR + 1.49%), due 06/06/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 159102 |

---

70See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 154000 | Reinsurance Group of America, Inc., 6.65% (5 yr. CMT + 2.39%), due 09/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 153877 |
| 1582000 | Rentokil Terminix Funding LLC, 5.00%, due 04/28/30 144A | 1593736 |
| &nbsp;&nbsp; 367000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29 144A | &nbsp;&nbsp; 325389 |
| &nbsp;&nbsp; 200000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/06/31 144A | &nbsp;&nbsp; 164323 |
| &nbsp;&nbsp; 245000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 8.45%, due 07/27/30 144A | &nbsp;&nbsp; 242500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | RHP Hotel Properties LP/RHP Finance Corp., 6.50%, due 06/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 29852 |
| &nbsp;&nbsp; 168000 | &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, due 02/01/33 <br> 144A<br>| &nbsp;&nbsp; 168352 |
| &nbsp;&nbsp; 190000 | Rocket Cos., Inc., 6.13%, due 08/01/30 144A | &nbsp;&nbsp; 193734 |
| &nbsp;&nbsp; 251000 | Rocket Cos., Inc., 6.38%, due 08/01/33 144A | &nbsp;&nbsp; 257137 |
| &nbsp;&nbsp; 170000 | Rocket Software, Inc., 9.00%, due 11/28/28 144A | &nbsp;&nbsp; 175387 |
| &nbsp;&nbsp; 143000 | Royal Caribbean Cruises Ltd., 5.63%, due 09/30/31 144A | &nbsp;&nbsp; 143963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 | Royal Caribbean Cruises Ltd., 6.25%, due 03/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 60682 |
| &nbsp;&nbsp; 172000 | Royalty Pharma PLC, 5.15%, due 09/02/29 | &nbsp;&nbsp; 175660 |
| &nbsp;&nbsp; 529000 | Ryder System, Inc., 5.25%, due 06/01/28 | &nbsp;&nbsp; 542990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | S&S Holdings LLC, 8.38%, due 10/01/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 58687 |
| &nbsp;&nbsp; 572000 | Sabine Pass Liquefaction LLC, 4.50%, due 05/15/30 | &nbsp;&nbsp; 571255 |
| &nbsp;&nbsp; 122000 | Sabre GLBL, Inc., 11.13%, due 07/15/30 144A | &nbsp;&nbsp; 127764 |
| &nbsp;&nbsp; 434000 | Saks Global Enterprises LLC, 11.00%, due 12/15/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 164920 |
| &nbsp;&nbsp; 200000 | Sands China Ltd., 5.40%, due 08/08/28 | &nbsp;&nbsp; 201616 |
| &nbsp;&nbsp; 138000 | Sasol Financing USA LLC, 5.50%, due 03/18/31 | &nbsp;&nbsp; 113532 |
| &nbsp;&nbsp; 400000 | Sasol Financing USA LLC, 6.50%, due 09/27/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 380385 |
| &nbsp;&nbsp; 240000 | Saudi Arabian Oil Co., 5.25%, due 07/17/34 144A | &nbsp;&nbsp; 242747 |
| 4523000 | SBA Tower Trust, 4.83%, due 10/15/29 144A | 4532453 |
| &nbsp;&nbsp; 144000 | SBL Holdings, Inc., 5.00%, due 02/18/31 144A | &nbsp;&nbsp; 130867 |
| &nbsp;&nbsp; 298000 | Sempra, 5.50%, due 08/01/33 | &nbsp;&nbsp; 304353 |
| &nbsp;&nbsp; 285000 | Sempra, 6.40% (5 yr. CMT + 2.63%), due 10/01/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 271271 |
| &nbsp;&nbsp; 290000 | Sempra, 6.88% (5 yr. CMT + 2.79%), due 10/01/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 293172 |
| &nbsp;&nbsp; 185000 | Sensata Technologies, Inc., 3.75%, due 02/15/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 168810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72000 | Service Corp. International, 5.75%, due 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 72824 |
| &nbsp;&nbsp; 850000 | Simon Property Group LP, 6.75%, due 02/01/40<sup>(e)</sup> <br>| &nbsp;&nbsp; 961961 |
| &nbsp;&nbsp; 184000 | Sirius XM Radio LLC, 4.00%, due 07/15/28 144A | &nbsp;&nbsp; 176849 |
| &nbsp;&nbsp; 169000 | Sixth Street Lending Partners, 5.75%, due 01/15/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 169498 |
| &nbsp;&nbsp; 139000 | Sixth Street Lending Partners, 6.13%, due 07/15/30<sup>(e)</sup> 144A | &nbsp;&nbsp; 141612 |
| 1130000 | Societe Generale SA, 1.79% (1 yr. CMT + 1.00%), due 06/09/27<sup>(b)</sup> 144A | 1100093 |
| 1365000 | Societe Generale SA, 2.80% (1 yr. CMT + 1.30%), due 01/19/28<sup>(b)</sup> 144A | 1325983 |
| &nbsp;&nbsp; 345000 | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 316461 |
| &nbsp;&nbsp; 305000 | Solventum Corp., 5.40%, due 03/01/29 | &nbsp;&nbsp; 314158 |
| &nbsp;&nbsp; 573000 | Solventum Corp., 5.45%, due 03/13/31 | &nbsp;&nbsp; 595234 |
| 1131000 | Sonoco Products Co., 5.00%, due 09/01/34<sup>(e)</sup> <br>| 1100823 |
| &nbsp;&nbsp; 570000 | Southern California Edison Co., 3.45%, due 02/01/52 | &nbsp;&nbsp; 358617 |
| &nbsp;&nbsp; 335000 | Southern California Edison Co., 4.00%, due 04/01/47 | &nbsp;&nbsp; 240915 |
| &nbsp;&nbsp; 134000 | Southern Co., 5.20%, due 06/15/33 | &nbsp;&nbsp; 136426 |
| &nbsp;&nbsp; 309000 | Southern Co., 5.70%, due 03/15/34 | &nbsp;&nbsp; 323079 |
| &nbsp;&nbsp; 310000 | Southern Co., 6.38% (5 yr. CMT + 2.07%), due 03/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 319757 |
| 2180000 | Southern Co. Gas Capital Corp., 4.95%, due 09/15/34 | 2161871 |
| &nbsp;&nbsp; 205000 | Standard Industries, Inc., 4.38%, due 07/15/30 144A | &nbsp;&nbsp; 194231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Standard Industries, Inc., 4.75%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 24740 |
| &nbsp;&nbsp; 116000 | Star Parent, Inc., 9.00%, due 10/01/30 144A | &nbsp;&nbsp; 122156 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 175000 | Starwood Property Trust, Inc., 3.63%, due 07/15/26 144A | &nbsp;&nbsp; 172150 |
| &nbsp;&nbsp; 198000 | Starwood Property Trust, Inc., 6.00%, due 04/15/30 144A | &nbsp;&nbsp; 200398 |
| 1550000 | Sun Communities Operating LP, 2.30%, due 11/01/28 | 1451133 |
| 1900000 | Sun Communities Operating LP, 2.70%, due 07/15/31 | 1684929 |
| &nbsp;&nbsp; 150000 | Sunoco LP, 6.25%, due 07/01/33 144A | &nbsp;&nbsp; 152599 |
| &nbsp;&nbsp; 149000 | Sunoco LP, 7.00%, due 05/01/29 144A | &nbsp;&nbsp; 155272 |
| &nbsp;&nbsp; 245000 | Sunoco LP, 7.25%, due 05/01/32 144A | &nbsp;&nbsp; 257416 |
| &nbsp;&nbsp; 394000 | Sunoco LP/Sunoco Finance Corp., 4.50%, due 04/30/30 | &nbsp;&nbsp; 379149 |
| &nbsp;&nbsp; 275000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | &nbsp;&nbsp; 270089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48000 | Talos Production, Inc., 9.00%, due 02/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 49179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Talos Production, Inc., 9.38%, due 02/01/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 61306 |
| &nbsp;&nbsp; 378000 | Targa Resources Corp., 5.50%, due 02/15/35 | &nbsp;&nbsp; 379507 |
| 1159000 | Targa Resources Corp., 6.15%, due 03/01/29 | 1219220 |
| &nbsp;&nbsp; 341000 | &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, due <br> 01/15/32<br>| &nbsp;&nbsp; 317994 |
| &nbsp;&nbsp; 210000 | Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A | &nbsp;&nbsp; 213681 |
| &nbsp;&nbsp; 416000 | Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A | &nbsp;&nbsp; 339166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A | &nbsp;&nbsp;&nbsp;&nbsp; 42895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | Tenet Healthcare Corp., 4.38%, due 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 67815 |
| &nbsp;&nbsp; 277000 | Teva Pharmaceutical Finance Netherlands IV BV, 5.75%, due 12/01/30 | &nbsp;&nbsp; 282141 |
| 1665000 | Textron, Inc., 5.50%, due 05/15/35 | 1691922 |
| 1162000 | T-Mobile USA, Inc., 3.88%, due 04/15/30 | 1128910 |
| 1604000 | T-Mobile USA, Inc., 5.88%, due 11/15/55 | 1604467 |
| &nbsp;&nbsp; 249000 | &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due <br> 05/15/30 144A<br>| &nbsp;&nbsp; 254746 |
| &nbsp;&nbsp; 140000 | Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50 | &nbsp;&nbsp; 106150 |
| &nbsp;&nbsp; 141000 | Travel & Leisure Co., 4.63%, due 03/01/30 144A | &nbsp;&nbsp; 135272 |
| &nbsp;&nbsp; 115000 | TriNet Group, Inc., 3.50%, due 03/01/29 144A | &nbsp;&nbsp; 108161 |
| &nbsp;&nbsp; 162000 | TrueNoord Capital DAC, 8.75%, due 03/01/30 144A | &nbsp;&nbsp; 168351 |
| &nbsp;&nbsp; 387000 | Truist Financial Corp., 5.15% (SOFR + 1.57%), due 08/05/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 394652 |
| 2600000 | Truist Financial Corp., 5.71% (SOFR + 1.92%), due 01/24/35<sup>(b)</sup> <br>| 2696113 |
| &nbsp;&nbsp; 793000 | Truist Financial Corp., 5.87% (SOFR + 2.36%), due 06/08/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 828733 |
| &nbsp;&nbsp; 207000 | Truist Financial Corp., 7.16% (SOFR + 2.45%), due 10/30/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 223949 |
| &nbsp;&nbsp; 382000 | Trust Fibra Uno, 7.38%, due 02/13/34 144A | &nbsp;&nbsp; 389294 |
| &nbsp;&nbsp; 438000 | U.S. Bancorp, 4.84% (SOFR + 1.60%), due 02/01/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 432650 |
| &nbsp;&nbsp; 288000 | U.S. Bancorp, 5.08% (SOFR + 1.30%), due 05/15/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 293845 |
| &nbsp;&nbsp; 252000 | U.S. Bancorp, 5.38% (SOFR + 1.56%), due 01/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 259509 |
| &nbsp;&nbsp; 410000 | U.S. Bancorp, 5.84% (SOFR + 2.26%), due 06/12/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 430819 |
| &nbsp;&nbsp; 290000 | UBS Group AG, 5.43% (1 yr. CMT + 1.52%), due 02/08/30<sup>(b)</sup> 144A | &nbsp;&nbsp; 297900 |
| &nbsp;&nbsp; 221000 | UBS Group AG, 6.30% (1 yr. CMT + 2.00%), due 09/22/34<sup>(b)</sup> 144A | &nbsp;&nbsp; 237429 |
| &nbsp;&nbsp; 216000 | UBS Group AG, 7.00% (5 yr. USD SOFR ICE Swap Rate + 3.08%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 215413 |
| &nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp; UBS Group AG, 7.13% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + <br> 3.18%)<sup>(b)(f)</sup> 144A<br>| &nbsp;&nbsp; 262576 |
| &nbsp;&nbsp; 300000 | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 347673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87000 | Under Armour, Inc., 7.25%, due 07/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 88323 |
| &nbsp;&nbsp; 281528 | United Airlines Pass-Through Trust, 5.45%, due 08/15/38 | &nbsp;&nbsp; 285099 |
| &nbsp;&nbsp; 285494 | United Airlines Pass-Through Trust, 5.88%, due 08/15/38 | &nbsp;&nbsp; 285116 |
| &nbsp;&nbsp; 271916 | United Airlines Pass-Through Trust, 3.45%, due 01/07/30 | &nbsp;&nbsp; 260169 |
| 1616781 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | 1603218 |
| &nbsp;&nbsp; 245717 | United Airlines Pass-Through Trust, 4.55%, due 02/25/33 | &nbsp;&nbsp; 231031 |

---

72See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 405053 | United Airlines Pass-Through Trust, 5.80%, due 07/15/37 | &nbsp;&nbsp; 414601 |
| &nbsp;&nbsp; 552122 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | &nbsp;&nbsp; 563873 |
| &nbsp;&nbsp; 580000 | United Airlines, Inc., 4.38%, due 04/15/26 144A | &nbsp;&nbsp; 576528 |
| &nbsp;&nbsp; 238000 | United Airlines, Inc., 4.63%, due 04/15/29 144A | &nbsp;&nbsp; 231183 |
| &nbsp;&nbsp; 265000 | United Rentals North America, Inc., 5.25%, due 01/15/30 | &nbsp;&nbsp; 265885 |
| &nbsp;&nbsp; 885000 | UnitedHealth Group, Inc., 3.05%, due 05/15/41 | &nbsp;&nbsp; 650853 |
| &nbsp;&nbsp; 155000 | UnitedHealth Group, Inc., 3.25%, due 05/15/51 | &nbsp;&nbsp; 102902 |
| &nbsp;&nbsp; 535000 | UnitedHealth Group, Inc., 4.75%, due 05/15/52 | &nbsp;&nbsp; 456111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | UnitedHealth Group, Inc., 5.30%, due 06/15/35<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71373 |
| &nbsp;&nbsp; 499000 | UnitedHealth Group, Inc., 5.75%, due 07/15/64 | &nbsp;&nbsp; 485770 |
| &nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, due <br> 02/15/29<sup>(e)</sup> 144A<br>| &nbsp;&nbsp; 132547 |
| &nbsp;&nbsp; 363000 | Universal Health Services, Inc., 2.65%, due 10/15/30 | &nbsp;&nbsp; 323768 |
| &nbsp;&nbsp; 120000 | University of Chicago, 2.76%, due 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 92808 |
| &nbsp;&nbsp; 350000 | University of Southern California, 2.95%, due 10/01/51 | &nbsp;&nbsp; 224219 |
| &nbsp;&nbsp; 281000 | Valvoline, Inc., 3.63%, due 06/15/31 144A | &nbsp;&nbsp; 254667 |
| &nbsp;&nbsp; 359000 | Var Energi ASA, 5.88%, due 05/22/30 144A | &nbsp;&nbsp; 368034 |
| 1160000 | Var Energi ASA, 7.50%, due 01/15/28 144A | 1228809 |
| &nbsp;&nbsp; 735000 | Var Energi ASA, 8.00%, due 11/15/32 144A | &nbsp;&nbsp; 833801 |
| &nbsp;&nbsp; 178000 | Varex Imaging Corp., 7.88%, due 10/15/27 144A | &nbsp;&nbsp; 180451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 61328 |
| &nbsp;&nbsp; 195000 | Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31 144A | &nbsp;&nbsp; 180632 |
| &nbsp;&nbsp; 215000 | Venture Global LNG, Inc., 7.00%, due 01/15/30 144A | &nbsp;&nbsp; 217534 |
| &nbsp;&nbsp; 662000 | Venture Global LNG, Inc., 9.00% (5 yr. CMT + 5.44%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 644225 |
| &nbsp;&nbsp; 329000 | Venture Global LNG, Inc., 9.50%, due 02/01/29 144A | &nbsp;&nbsp; 358611 |
| &nbsp;&nbsp; 617000 | Verisk Analytics, Inc., 3.63%, due 05/15/50 | &nbsp;&nbsp; 441184 |
| &nbsp;&nbsp; 437000 | Verizon Communications, Inc., 2.55%, due 03/21/31 | &nbsp;&nbsp; 392076 |
| &nbsp;&nbsp; 578000 | Verizon Communications, Inc., 2.88%, due 11/20/50 | &nbsp;&nbsp; 360358 |
| 1624000 | Verizon Communications, Inc., 3.55%, due 03/22/51 | 1162076 |
| &nbsp;&nbsp; 636000 | Viatris, Inc., 2.70%, due 06/22/30 | &nbsp;&nbsp; 566733 |
| &nbsp;&nbsp; 515000 | Viatris, Inc., 3.85%, due 06/22/40 | &nbsp;&nbsp; 380599 |
| 1108000 | Viatris, Inc., 4.00%, due 06/22/50 | &nbsp;&nbsp; 738621 |
| &nbsp;&nbsp; 446000 | VICI Properties LP, 5.13%, due 11/15/31 | &nbsp;&nbsp; 446866 |
| &nbsp;&nbsp; 358000 | VICI Properties LP, 5.13%, due 05/15/32 | &nbsp;&nbsp; 356905 |
| &nbsp;&nbsp; 205000 | VICI Properties LP/VICI Note Co., Inc., 3.88%, due 02/15/29 144A | &nbsp;&nbsp; 198435 |
| &nbsp;&nbsp; 342000 | VICI Properties LP/VICI Note Co., Inc., 4.63%, due 12/01/29 144A | &nbsp;&nbsp; 336137 |
| 1203000 | VICI Properties LP/VICI Note Co., Inc., 5.75%, due 02/01/27 144A | 1220014 |
| 3016000 | Virginia Power Fuel Securitization LLC, 4.88%, due 05/01/33 | 3067448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69000 | Virtusa Corp., 7.13%, due 12/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 65821 |
| &nbsp;&nbsp; 107000 | Vistra Corp., 8.00% (5 yr. CMT + 6.93%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 109661 |
| &nbsp;&nbsp; 550000 | Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A | &nbsp;&nbsp; 542124 |
| &nbsp;&nbsp; 195000 | Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A | &nbsp;&nbsp; 194890 |
| &nbsp;&nbsp; 140000 | Vistra Operations Co. LLC, 6.88%, due 04/15/32 144A | &nbsp;&nbsp; 146458 |
| &nbsp;&nbsp; 342000 | Vistra Operations Co. LLC, 6.95%, due 10/15/33 144A | &nbsp;&nbsp; 375849 |
| &nbsp;&nbsp; 281000 | Vodafone Group PLC, 7.00% (5 yr. USD Swap + 4.87%), due 04/04/79<sup>(b)</sup> <br>| &nbsp;&nbsp; 293617 |
| &nbsp;&nbsp; 340000 | WakeMed, 3.29%, due 10/01/52<sup>(e)</sup> <br>| &nbsp;&nbsp; 228046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69000 | Warnermedia Holdings, Inc., 5.14%, due 03/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 43815 |
| 1871000 | Wells Fargo & Co., 2.57% (3 mo. USD Term SOFR + 1.26%), due 02/11/31<sup>(b)</sup> <br>| 1714493 |
| 1270000 | Wells Fargo & Co., 3.35% (SOFR + 1.50%), due 03/02/33<sup>(b)</sup> <br>| 1160181 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1905000 | Wells Fargo & Co., 4.81% (SOFR + 1.98%), due 07/25/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1921396 |
| 2694000 | Wells Fargo & Co., 5.15% (SOFR + 1.50%), due 04/23/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2759890 |
| &nbsp;&nbsp; 286000 | Wells Fargo & Co., 5.21% (SOFR + 1.38%), due 12/03/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287214 |
| &nbsp;&nbsp; 174000 | Wells Fargo & Co., 5.24% (SOFR + 1.11%), due 01/24/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178544 |
| 1720000 | Wells Fargo & Co., 5.39% (SOFR + 2.02%), due 04/24/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1760621 |
| &nbsp;&nbsp; 588000 | Wells Fargo & Co., 6.49% (SOFR + 2.06%), due 10/23/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642938 |
| &nbsp;&nbsp; 113000 | WESCO Distribution, Inc., 6.38%, due 03/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116875 |
| &nbsp;&nbsp; 286000 | Western Midstream Operating LP, 4.05%, due 02/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275163 |
| &nbsp;&nbsp; 219000 | Western Midstream Operating LP, 5.45%, due 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214812 |
| &nbsp;&nbsp; 153000 | Whistler Pipeline LLC, 5.40%, due 09/30/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154818 |
| &nbsp;&nbsp; 132000 | Whistler Pipeline LLC, 5.70%, due 09/30/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134651 |
| &nbsp;&nbsp; 118000 | Williams Scotsman, Inc., 6.63%, due 06/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121212 |
| &nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/01/31 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149884 |
| &nbsp;&nbsp; 159000 | WMG Acquisition Corp., 3.88%, due 07/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148717 |
| &nbsp;&nbsp; 300000 | Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269390 |
| &nbsp;&nbsp; 134000 | XHR LP, 6.63%, due 05/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136696 |
| &nbsp;&nbsp; 610000 | Yale University, 2.40%, due 04/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361366 |
| 1070000 | Yamana Gold, Inc., 2.63%, due 08/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946160 |
| 1220000 | Yara International ASA, 4.75%, due 06/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1222866 |
| &nbsp;&nbsp; 560000 | Yara International ASA, 7.38%, due 11/14/32 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624071 |
|  |  | 428984021 |
|  | **Mortgage Backed Securities - Private Issuers — 6.9%** | **Mortgage Backed Securities - Private Issuers — 6.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 74051 | Angel Oak Mortgage Trust, Series 2020-R1, Class A1, 0.99%, due 04/25/53<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70539 |
| &nbsp;&nbsp; 188673 | Angel Oak Mortgage Trust, Series 2021-4, Class A1, 1.04%, due 01/20/65<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159420 |
| &nbsp;&nbsp; 330249 | Angel Oak Mortgage Trust, Series 2021-5, Class A1, 0.95%, due 07/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286457 |
| &nbsp;&nbsp; 219688 | Angel Oak Mortgage Trust, Series 2024-3, Class A1, 4.80%, due 11/26/68<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218754 |
| 1000000 | &nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A4, 2.25%, due <br> 06/15/54 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882384 |
| &nbsp;&nbsp; 178267 | Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.18%, due 10/25/48<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161030 |
| &nbsp;&nbsp; 837401 | ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, due 04/25/64<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809830 |
| &nbsp;&nbsp; 421000 | BAHA Trust, Series 2024-MAR, Class A, 6.17%, due 12/10/41<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436431 |
| &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.84%, <br> due 11/05/32<sup>(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172019 |
| &nbsp;&nbsp; 971351 | Bank, Series 2019-BN20, Class A2, 2.76%, due 09/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908994 |
| 2038993 | Bank, Series 2019-BN23, Class A2, 2.67%, due 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1887533 |
| 1438152 | Bank, Series 2020-BN26, Class A2, 2.04%, due 03/15/63 | &nbsp;&nbsp;&nbsp;&nbsp; 1343361 |
| 1800000 | Bank, Series 2020-BN26, Class A3, 2.16%, due 03/15/63 | &nbsp;&nbsp;&nbsp;&nbsp; 1619533 |
| 2300000 | Bank, Series 2021-BN34, Class A4, 2.16%, due 06/15/63 | &nbsp;&nbsp;&nbsp;&nbsp; 1994643 |
| 2224000 | Bank, Series 2021-BN36, Class A5, 2.47%, due 09/15/64 | &nbsp;&nbsp;&nbsp;&nbsp; 1945876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26958 | BBCMS Mortgage Trust, Series 2019-C5, Class A2, 3.04%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42908 | BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40283 |
| 2000000 | BBCMS Mortgage Trust, Series 2022-C14, Class A4, 2.69%, due 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp; 1771074 |
| 1235014 | BBCMS Mortgage Trust, Series 2023-C21, Class A2, 6.51%, due 09/15/56<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1296824 |
| &nbsp;&nbsp; 162000 | BBCMS Mortgage Trust, Series 2024-5C29, Class A3, 5.21%, due 09/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165357 |
| &nbsp;&nbsp; 171000 | BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, due 12/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177410 |
| 2052000 | BBCMS Mortgage Trust, Series 2025-C32, Class A5, 5.72%, due 02/15/62 | &nbsp;&nbsp;&nbsp;&nbsp; 2160052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89460 | Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87774 |

---

74See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 85214 | Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57 | &nbsp;&nbsp;&nbsp;&nbsp; 81011 |
| 1350000 | Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72 | 1241731 |
| &nbsp;&nbsp; 600000 | Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53 | &nbsp;&nbsp; 529815 |
| &nbsp;&nbsp; 722180 | Benchmark Mortgage Trust, Series 2020-B20, Class A2, 1.75%, due 10/15/53 | &nbsp;&nbsp; 717582 |
| &nbsp;&nbsp; 620706 | Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A | &nbsp;&nbsp; 609089 |
| 3014257 | Benchmark Mortgage Trust, Series 2021-B23, Class A2, 1.62%, due 02/15/54 | 2757313 |
| 1700000 | Benchmark Mortgage Trust, Series 2021-B23, Class A4A1, 1.82%, due 02/15/54 | 1461287 |
| &nbsp;&nbsp; 900000 | Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, due 03/15/54 | &nbsp;&nbsp; 826843 |
| 1750000 | Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, due 03/15/54 | 1549431 |
| 3000000 | Benchmark Mortgage Trust, Series 2023-B39, Class A2, 6.79%, due 07/15/56<sup>(d)</sup> <br>| 3123711 |
| 1148665 | Benchmark Mortgage Trust, Series 2023-B40, Class A2, 6.93%, due 12/15/56 | 1218367 |
| &nbsp;&nbsp; 352000 | Benchmark Mortgage Trust, Series 2024-V12, Class A3, 5.74%, due 12/15/57 | &nbsp;&nbsp; 366949 |
| 2218000 | Benchmark Mortgage Trust, Series 2025-V14, Class A4, 5.66%, due 04/15/57 | 2313279 |
| &nbsp;&nbsp; 177000 | BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, due 12/15/57<sup>(d)</sup> <br>| &nbsp;&nbsp; 183837 |
| 2027000 | BMO Mortgage Trust, Series 2025-5C10, Class A3, 5.58%, due 05/15/58 | 2101832 |
| &nbsp;&nbsp; 139460 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, due <br> 02/25/49<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 130600 |
| 1154399 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2023-RPL1, Class A1, 5.00%, due 05/25/63<sup>(d)</sup> <br> 144A<br>| 1143781 |
| 1468743 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-VOLT, Class A, 5.13% (1 mo. USD Term <br> SOFR + 0.81%), due 09/15/36<sup>(b)</sup> 144A<br>| 1464614 |
| &nbsp;&nbsp; 260000 | BX Trust, Series 2019-OC11, Class A, 3.20%, due 12/09/41 144A | &nbsp;&nbsp; 242707 |
| 2218000 | BX Trust, Series 2022-CLS, Class A, 5.76%, due 10/13/27 144A | 2246830 |
| &nbsp;&nbsp; 959076 | CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/52<sup>(d)</sup> 144A | &nbsp;&nbsp; 923452 |
| &nbsp;&nbsp; 348411 | CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58 | &nbsp;&nbsp; 346085 |
| 2283607 | CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49 | 2248721 |
| &nbsp;&nbsp; 466920 | &nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, Series 2024-RPL3, Class A1A, 3.25%, due <br> 09/25/64<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 416080 |
| 1289404 | CIM Trust, Series 2024-R1, Class A1, 4.75%, due 06/25/64<sup>(d)</sup> 144A | 1279740 |
| 6783969 | &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class XB, 0.14%, due <br> 05/10/47<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp; 277659 | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72 | &nbsp;&nbsp; 259424 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.01%, due <br> 10/12/40<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 392739 |
| &nbsp;&nbsp; 264628 | COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.92%, due 08/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 222834 |
| &nbsp;&nbsp; 206476 | COLT Mortgage Loan Trust, Series 2021-3, Class A1, 0.96%, due 09/27/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 172541 |
| &nbsp;&nbsp; 117415 | COLT Mortgage Loan Trust, Series 2021-HX1, Class A1, 1.11%, due 10/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 100989 |
| &nbsp;&nbsp; 396973 | COLT Trust, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp; 342875 |
| &nbsp;&nbsp; 862000 | COMM Mortgage Trust, Series 2015-CR27, Class A4, 3.61%, due 10/10/48 | &nbsp;&nbsp; 858468 |
| 1335000 | CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50 | 1303008 |
| 1050000 | CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52 | &nbsp;&nbsp; 971841 |
| 1770063 | CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, due 03/15/54 | 1609934 |
| &nbsp;&nbsp; 175087 | CSMC Trust, Series 2018-RPL9, Class A, 3.85%, due 09/25/57<sup>(d)</sup> 144A | &nbsp;&nbsp; 169877 |
| &nbsp;&nbsp; 206244 | CSMC Trust, Series 2021-NQM2, Class A1, 1.18%, due 02/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 185118 |
| &nbsp;&nbsp; 189223 | CSMC Trust, Series 2021-NQM3, Class A1, 1.02%, due 04/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 163140 |
| &nbsp;&nbsp; 276095 | CSMC Trust, Series 2021-NQM6, Class A1, 1.17%, due 07/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 231676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56047 | &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, Series 2021-1, Class A1, 0.80%, due 02/25/66<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48130 |
| &nbsp;&nbsp; 121681 | &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, Series 2021-2, Class A1, 0.93%, due 06/25/66<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 101835 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 760040 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-2, <br> Class MA, 3.50%, due 11/25/57<br>| &nbsp;&nbsp; 737285 |
| &nbsp;&nbsp; 530562 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-4, <br> Class MA, 3.50%, due 03/25/58<br>| &nbsp;&nbsp; 511349 |
| &nbsp;&nbsp; 490402 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, <br> Class MA, 3.50%, due 07/25/58<br>| &nbsp;&nbsp; 471914 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA3, <br> Class M1B, 7.21% (SOFR 30-day average + 2.90%), due 04/25/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 391687 |
| &nbsp;&nbsp; 395656 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2023-R02, Class 1M1, 6.61% (SOFR 30-day average + 2.30%), due 01/25/43<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 404007 |
| &nbsp;&nbsp; 224390 | Flagstar Mortgage Trust, Series 2020-2, Class A2, 3.00%, due 08/25/50<sup>(d)</sup> 144A | &nbsp;&nbsp; 193679 |
| &nbsp;&nbsp; 545736 | Flagstar Mortgage Trust, Series 2021-1, Class A2, 2.50%, due 02/01/51<sup>(d)</sup> 144A | &nbsp;&nbsp; 445257 |
| &nbsp;&nbsp; 180636 | GCAT Trust, Series 2021-NQM1, Class A1, 0.87%, due 01/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 161570 |
| &nbsp;&nbsp; 165199 | GCAT Trust, Series 2021-NQM2, Class A1, 1.04%, due 05/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 141500 |
| &nbsp;&nbsp; 244265 | GCAT Trust, Series 2021-NQM3, Class A1, 1.09%, due 05/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 212225 |
| 1515000 | GS Mortgage Securities Trust, Series 2019-GC40, Class A3, 2.90%, due 07/10/52 | 1430101 |
| 1600000 | GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53 | 1437908 |
| 1069195 | GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53 | 1013406 |
| &nbsp;&nbsp; 110093 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-NQM1, Class A1, 1.02%, due <br> 07/25/61<sup>(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34767 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, due <br> 09/27/60<sup>(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32923 |
| &nbsp;&nbsp; 324000 | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.65%, due 01/13/40<sup>(d)</sup> 144A | &nbsp;&nbsp; 334335 |
| &nbsp;&nbsp; 160862 | &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A1, 1.07%, due 06/25/56<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 140250 |
| &nbsp;&nbsp; 588605 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, <br> 2.56%, due 08/15/49<br>| &nbsp;&nbsp; 580761 |
| &nbsp;&nbsp; 357000 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, <br> 2.81%, due 01/16/37 144A<br>| &nbsp;&nbsp; 321393 |
| 1526120 | JP Morgan Mortgage Trust, Series 2023-4, Class 1A4A, 5.50%, due 11/25/53<sup>(d)</sup> 144A | 1531480 |
| 2010560 | JP Morgan Mortgage Trust, Series 2025-2, Class A4A, 5.50%, due 07/25/55<sup>(d)</sup> 144A | 2018621 |
| &nbsp;&nbsp; 779049 | &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due <br> 07/15/50<br>| &nbsp;&nbsp; 759953 |
| &nbsp;&nbsp; 465581 | &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%, <br> due 06/13/52<br>| &nbsp;&nbsp; 453456 |
| &nbsp;&nbsp; 677282 | &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due <br> 06/15/49<br>| &nbsp;&nbsp; 667953 |
| 1137148 | &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due <br> 03/15/50<br>| 1112648 |
| &nbsp;&nbsp; 546925 | &nbsp;&nbsp;&nbsp; Kinbane 2 DAC, Series 2024-RPL2A, Class A, 3.19% (1 mo. EURIBOR + 1.10%), due <br> 01/24/63<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 642813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63799 | Legacy Mortgage Asset Trust, Series 2021-GS1, Class A1, 5.89%, due 10/25/66<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 63842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89978 | MFA Trust, Series 2021-NQM1, Class A1, 1.15%, due 04/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 84354 |
| &nbsp;&nbsp; 447179 | Mill City Mortgage Trust, Series 2015-1, Class M3, 3.80%, due 06/25/56<sup>(d)</sup> 144A | &nbsp;&nbsp; 442298 |
| &nbsp;&nbsp; 411131 | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, <br> 3.31%, due 04/15/48<br>| &nbsp;&nbsp; 405152 |
| &nbsp;&nbsp; 135200 | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A4, <br> 3.73%, due 05/15/48<br>| &nbsp;&nbsp; 134842 |
| 1562383 | Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49 | 1529254 |
| 3110000 | Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52 | 3010580 |
| &nbsp;&nbsp; 980000 | Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53 | &nbsp;&nbsp; 862618 |

---

76See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.46%, due <br> 01/15/43<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 180110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99191 | &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 5.18% (1 mo. USD <br> Term SOFR + 0.86%), due 01/25/48<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 97179 |
| &nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp; NXPT Commercial Mortgage Trust, Series 2024-STOR, Class A, 4.46%, due 11/05/41<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 173141 |
| &nbsp;&nbsp; 150928 | NYMT Loan Trust, Series 2022-CP1, Class A1, 2.04%, due 07/25/61 144A | &nbsp;&nbsp; 141736 |
| &nbsp;&nbsp; 104128 | OBX Trust, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 88386 |
| &nbsp;&nbsp; 155943 | OBX Trust, Series 2021-NQM2, Class A1, 1.10%, due 05/25/61<sup>(d)</sup> 144A | &nbsp;&nbsp; 128977 |
| &nbsp;&nbsp; 214142 | OBX Trust, Series 2021-NQM3, Class A1, 1.05%, due 07/25/61<sup>(d)</sup> 144A | &nbsp;&nbsp; 175627 |
| &nbsp;&nbsp; 353771 | &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, Series 2020-F1, Class A2, 2.00%, due 01/25/36<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 315271 |
| &nbsp;&nbsp; 216160 | PRPM LLC, Series 2024-RPL2, Class A1, 3.50%, due 05/25/54<sup>(c)</sup> 144A | &nbsp;&nbsp; 209037 |
| &nbsp;&nbsp; 657869 | PRPM LLC, Series 2025-RCF1, Class A1, 4.50%, due 02/25/55<sup>(c)</sup> 144A | &nbsp;&nbsp; 649313 |
| &nbsp;&nbsp; 838776 | RCKT Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, due 01/25/45<sup>(c)</sup> 144A | &nbsp;&nbsp; 844388 |
| &nbsp;&nbsp; 326000 | ROCK Trust, Series 2024-CNTR, Class A, 5.39%, due 11/13/41 144A | &nbsp;&nbsp; 333829 |
| &nbsp;&nbsp; 375000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/41 144A | &nbsp;&nbsp; 392426 |
| &nbsp;&nbsp; 110319 | Sequoia Mortgage Trust, Series 2020-3, Class A4, 3.00%, due 04/25/50<sup>(d)</sup> 144A | &nbsp;&nbsp; 108463 |
| 1205616 | Sequoia Mortgage Trust, Series 2024-5, Class A5, 6.00%, due 06/25/54<sup>(d)</sup> 144A | 1216240 |
| 1563902 | Sequoia Mortgage Trust, Series 2024-6, Class A5, 6.00%, due 07/27/54<sup>(d)</sup> 144A | 1581374 |
| &nbsp;&nbsp; 289000 | SLG Office Trust, Series 2021-OVA, Class D, 2.85%, due 07/15/41 144A | &nbsp;&nbsp; 247753 |
| &nbsp;&nbsp; 314825 | &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2022-1, Class A1, 2.45%, due 12/25/66<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 285675 |
| &nbsp;&nbsp; 216151 | Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58<sup>(d)</sup> 144A | &nbsp;&nbsp; 204945 |
| &nbsp;&nbsp; 211970 | Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58<sup>(d)</sup> 144A | &nbsp;&nbsp; 206458 |
| &nbsp;&nbsp; 166579 | Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, due 10/25/59<sup>(d)</sup> 144A | &nbsp;&nbsp; 160066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62264 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 5.43% (1 mo. USD Term <br> SOFR + 1.11%), due 10/25/59<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62769 |
| &nbsp;&nbsp; 257749 | Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75%, due 10/25/60 144A | &nbsp;&nbsp; 233956 |
| &nbsp;&nbsp; 500000 | Towd Point Mortgage Trust, Series 2021-SJ2, Class A1B, 2.25%, due 12/25/61<sup>(d)</sup> 144A | &nbsp;&nbsp; 463471 |
| &nbsp;&nbsp; 222826 | Towd Point Mortgage Trust, Series 2024-4, Class A1A, 4.44%, due 10/27/64<sup>(d)</sup> 144A | &nbsp;&nbsp; 224017 |
| &nbsp;&nbsp; 779739 | Towd Point Mortgage Trust, Series 2025-CES1, Class A1, 5.71%, due 02/25/55<sup>(c)</sup> 144A | &nbsp;&nbsp; 789100 |
| &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp; VDCM Commercial Mortgage Trust, Series 2025-AZ, Class A, 5.23%, due 07/13/44<sup>(d)(h)</sup> <br> 144A<br>| &nbsp;&nbsp; 234946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56431 | Verus Securitization Trust, Series 2020-5, Class A1, 2.22%, due 05/25/65<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 54677 |
| &nbsp;&nbsp; 111593 | Verus Securitization Trust, Series 2021-3, Class A1, 1.05%, due 06/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 98116 |
| &nbsp;&nbsp; 168112 | Verus Securitization Trust, Series 2021-4, Class A1, 0.94%, due 07/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 139818 |
| &nbsp;&nbsp; 195261 | Verus Securitization Trust, Series 2021-5, Class A1, 1.01%, due 09/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 168223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64157 | Verus Securitization Trust, Series 2021-R1, Class A1, 0.82%, due 10/25/63<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 62031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5459 | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR9, Class 1A7, 6.53%, <br> due 09/25/33<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5443 |
| &nbsp;&nbsp; 842346 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due <br> 07/15/50<br>| &nbsp;&nbsp; 825275 |
| 1590090 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due <br> 03/15/50<br>| 1548390 |
| 1900000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A3, 1.96%, due <br> 04/15/54<br>| 1717402 |
| &nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2025-5C4, Class A3, 5.67%, due <br> 05/15/58<br>| &nbsp;&nbsp; 197112 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 193000 | &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust, Series 2025-DC, Class A, 5.35%, due 07/15/40<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197010 |
|  |  | 92823539 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 29.9%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 29.9%** |
| 148337 | Federal Home Loan Mortgage Corp., Pool # A89870, 4.50%, due 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148263 |
| 104120 | Federal Home Loan Mortgage Corp., Pool # A96970, 4.00%, due 02/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100154 |
| 191448 | Federal Home Loan Mortgage Corp., Pool # C91908, 3.00%, due 01/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181566 |
| 148896 | Federal Home Loan Mortgage Corp., Pool # G06231, 4.00%, due 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144130 |
| &nbsp;&nbsp; 92614 | Federal Home Loan Mortgage Corp., Pool # G06409, 6.00%, due 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97241 |
| &nbsp;&nbsp; 46294 | Federal Home Loan Mortgage Corp., Pool # G06875, 5.50%, due 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47860 |
| 171855 | Federal Home Loan Mortgage Corp., Pool # G07021, 5.00%, due 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174579 |
| 321322 | Federal Home Loan Mortgage Corp., Pool # G07816, 4.50%, due 09/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319775 |
| 236982 | Federal Home Loan Mortgage Corp., Pool # G08537, 3.00%, due 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214354 |
| 142464 | Federal Home Loan Mortgage Corp., Pool # G08672, 4.00%, due 10/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135360 |
| 484506 | Federal Home Loan Mortgage Corp., Pool # G08721, 3.00%, due 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431224 |
| 224457 | Federal Home Loan Mortgage Corp., Pool # G08726, 3.00%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199587 |
| &nbsp;&nbsp; 39278 | Federal Home Loan Mortgage Corp., Pool # G08735, 4.50%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38393 |
| &nbsp;&nbsp; 18905 | Federal Home Loan Mortgage Corp., Pool # G08748, 3.50%, due 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17439 |
| 271398 | Federal Home Loan Mortgage Corp., Pool # G08749, 4.00%, due 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257553 |
| 142210 | Federal Home Loan Mortgage Corp., Pool # G08771, 4.00%, due 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134933 |
| 123711 | Federal Home Loan Mortgage Corp., Pool # G08786, 4.50%, due 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120651 |
| &nbsp;&nbsp; 59744 | Federal Home Loan Mortgage Corp., Pool # G16177, 2.00%, due 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56827 |
| &nbsp;&nbsp; 40654 | Federal Home Loan Mortgage Corp., Pool # G60359, 3.00%, due 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36386 |
| 192859 | Federal Home Loan Mortgage Corp., Pool # G60581, 3.50%, due 05/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179095 |
| 760798 | Federal Home Loan Mortgage Corp., Pool # G60722, 3.00%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679249 |
| 281435 | Federal Home Loan Mortgage Corp., Pool # G60767, 3.50%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259406 |
| 120646 | Federal Home Loan Mortgage Corp., Pool # G60788, 3.50%, due 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111836 |
| 440023 | Federal Home Loan Mortgage Corp., Pool # G60804, 4.50%, due 05/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438720 |
| 631112 | Federal Home Loan Mortgage Corp., Pool # G60934, 3.50%, due 06/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592989 |
| 793678 | Federal Home Loan Mortgage Corp., Pool # G60985, 3.00%, due 05/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710720 |
| &nbsp;&nbsp; 85543 | Federal Home Loan Mortgage Corp., Pool # G60989, 3.00%, due 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76144 |
| &nbsp;&nbsp; 58007 | Federal Home Loan Mortgage Corp., Pool # G61022, 3.00%, due 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52385 |
| &nbsp;&nbsp; 69263 | Federal Home Loan Mortgage Corp., Pool # G61581, 4.00%, due 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65680 |
| 429738 | Federal Home Loan Mortgage Corp., Pool # G61748, 3.50%, due 11/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396758 |
| &nbsp;&nbsp; 52543 | Federal Home Loan Mortgage Corp., Pool # G67700, 3.50%, due 08/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48750 |
| 229156 | Federal Home Loan Mortgage Corp., Pool # G67701, 3.00%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207005 |
| 141781 | Federal Home Loan Mortgage Corp., Pool # G67703, 3.50%, due 04/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131135 |
| &nbsp;&nbsp; 20723 | Federal Home Loan Mortgage Corp., Pool # G67708, 3.50%, due 03/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19116 |
| &nbsp;&nbsp; 66611 | Federal Home Loan Mortgage Corp., Pool # J24414, 2.50%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65217 |
| 423772 | Federal Home Loan Mortgage Corp., Pool # Q09224, 4.00%, due 07/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409414 |
| &nbsp;&nbsp; 63795 | Federal Home Loan Mortgage Corp., Pool # Q11218, 3.50%, due 09/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59962 |
| 138268 | Federal Home Loan Mortgage Corp., Pool # Q12052, 3.50%, due 10/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129946 |
| 392313 | Federal Home Loan Mortgage Corp., Pool # Q12862, 3.50%, due 11/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369643 |
| 147300 | Federal Home Loan Mortgage Corp., Pool # Q17792, 3.50%, due 05/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138342 |
| 374696 | Federal Home Loan Mortgage Corp., Pool # Q36815, 4.00%, due 10/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355051 |
| &nbsp;&nbsp; 39376 | Federal Home Loan Mortgage Corp., Pool # Q37986, 3.50%, due 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36598 |
| 273966 | Federal Home Loan Mortgage Corp., Pool # Q41918, 3.50%, due 07/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254639 |
| &nbsp;&nbsp; 49956 | Federal Home Loan Mortgage Corp., Pool # Q44399, 3.50%, due 11/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46132 |

---

78See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 149159 | Federal Home Loan Mortgage Corp., Pool # Q44963, 3.50%, due 12/01/46 | &nbsp;&nbsp; 137867 |
| &nbsp;&nbsp; 473140 | Federal Home Loan Mortgage Corp., Pool # Q45741, 3.50%, due 01/01/47 | &nbsp;&nbsp; 437398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24634 | Federal Home Loan Mortgage Corp., Pool # Q46015, 3.50%, due 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 22751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10982 | Federal Home Loan Mortgage Corp., Pool # Q47384, 4.00%, due 04/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 10394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43331 | Federal Home Loan Mortgage Corp., Pool # Q48463, 4.00%, due 06/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 40969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40593 | Federal Home Loan Mortgage Corp., Pool # Q49494, 4.50%, due 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 39602 |
| &nbsp;&nbsp; 154069 | Federal Home Loan Mortgage Corp., Pool # Q52312, 4.00%, due 11/01/47 | &nbsp;&nbsp; 146113 |
| &nbsp;&nbsp; 117098 | Federal Home Loan Mortgage Corp., Pool # Q54957, 4.00%, due 03/01/48 | &nbsp;&nbsp; 111053 |
| 1070390 | Federal Home Loan Mortgage Corp., Pool # QA6367, 3.00%, due 01/01/50 | &nbsp;&nbsp; 944167 |
| &nbsp;&nbsp; 674694 | Federal Home Loan Mortgage Corp., Pool # QA7234, 3.00%, due 02/01/50 | &nbsp;&nbsp; 591440 |
| &nbsp;&nbsp; 467861 | Federal Home Loan Mortgage Corp., Pool # QA8518, 3.00%, due 04/01/50 | &nbsp;&nbsp; 411238 |
| &nbsp;&nbsp; 179832 | Federal Home Loan Mortgage Corp., Pool # QB0220, 3.00%, due 06/01/50 | &nbsp;&nbsp; 157622 |
| 1217294 | Federal Home Loan Mortgage Corp., Pool # QB3535, 2.00%, due 09/01/50 | &nbsp;&nbsp; 970707 |
| &nbsp;&nbsp; 239666 | Federal Home Loan Mortgage Corp., Pool # QC0039, 2.50%, due 03/01/51 | &nbsp;&nbsp; 200357 |
| 1250992 | Federal Home Loan Mortgage Corp., Pool # QC4339, 2.00%, due 07/01/51 | 1009591 |
| &nbsp;&nbsp; 764134 | Federal Home Loan Mortgage Corp., Pool # QC5189, 2.50%, due 08/01/51 | &nbsp;&nbsp; 638046 |
| &nbsp;&nbsp; 381796 | Federal Home Loan Mortgage Corp., Pool # QC6357, 2.50%, due 09/01/51 | &nbsp;&nbsp; 319759 |
| &nbsp;&nbsp; 421330 | Federal Home Loan Mortgage Corp., Pool # QD6056, 3.00%, due 02/01/52 | &nbsp;&nbsp; 369159 |
| 1045287 | Federal Home Loan Mortgage Corp., Pool # QD6057, 3.00%, due 02/01/52 | &nbsp;&nbsp; 913682 |
| &nbsp;&nbsp; 685019 | Federal Home Loan Mortgage Corp., Pool # QE0375, 4.00%, due 04/01/52 | &nbsp;&nbsp; 643960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60310 | Federal Home Loan Mortgage Corp., Pool # QE1497, 4.00%, due 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 56849 |
| &nbsp;&nbsp; 654545 | Federal Home Loan Mortgage Corp., Pool # QF2436, 5.00%, due 10/01/52 | &nbsp;&nbsp; 646581 |
| &nbsp;&nbsp; 212863 | Federal Home Loan Mortgage Corp., Pool # RA1343, 3.00%, due 09/01/49 | &nbsp;&nbsp; 187106 |
| 1396756 | Federal Home Loan Mortgage Corp., Pool # RA1776, 3.00%, due 12/01/49 | 1232064 |
| &nbsp;&nbsp; 800149 | Federal Home Loan Mortgage Corp., Pool # RA1860, 3.00%, due 12/01/49 | &nbsp;&nbsp; 701425 |
| &nbsp;&nbsp; 890286 | Federal Home Loan Mortgage Corp., Pool # RA4912, 3.00%, due 03/01/51 | &nbsp;&nbsp; 772083 |
| 1397292 | Federal Home Loan Mortgage Corp., Pool # RA6944, 3.50%, due 03/01/52 | 1268417 |
| &nbsp;&nbsp; 524739 | Federal Home Loan Mortgage Corp., Pool # RA6951, 3.50%, due 03/01/52 | &nbsp;&nbsp; 477385 |
| 2741218 | Federal Home Loan Mortgage Corp., Pool # RA7135, 2.50%, due 04/01/52 | 2290483 |
| 1774731 | Federal Home Loan Mortgage Corp., Pool # RA7407, 4.00%, due 05/01/52 | 1658272 |
| 1793350 | Federal Home Loan Mortgage Corp., Pool # RA7545, 4.00%, due 06/01/52 | 1671871 |
| 2445777 | Federal Home Loan Mortgage Corp., Pool # RA7787, 5.00%, due 08/01/52 | 2415791 |
| 1161844 | Federal Home Loan Mortgage Corp., Pool # RA9258, 5.00%, due 06/01/53 | 1144591 |
| 1583850 | Federal Home Loan Mortgage Corp., Pool # RB5111, 2.00%, due 05/01/41 | 1363282 |
| 1087923 | Federal Home Loan Mortgage Corp., Pool # RC1916, 2.00%, due 06/01/36 | 1002819 |
| 1338239 | Federal Home Loan Mortgage Corp., Pool # RJ3472, 5.50%, due 02/01/55 | 1350500 |
| 3551308 | Federal Home Loan Mortgage Corp., Pool # SB0307, 2.50%, due 02/01/35 | 3352841 |
| 1976231 | Federal Home Loan Mortgage Corp., Pool # SB0385, 3.00%, due 07/01/35 | 1907477 |
| &nbsp;&nbsp; 332928 | Federal Home Loan Mortgage Corp., Pool # SB8166, 3.50%, due 06/01/37 | &nbsp;&nbsp; 321557 |
| &nbsp;&nbsp; 200610 | Federal Home Loan Mortgage Corp., Pool # SB8178, 4.00%, due 09/01/37 | &nbsp;&nbsp; 196586 |
| &nbsp;&nbsp; 253625 | Federal Home Loan Mortgage Corp., Pool # SB8199, 4.50%, due 12/01/37 | &nbsp;&nbsp; 252161 |
| 1297887 | Federal Home Loan Mortgage Corp., Pool # SB8205, 4.50%, due 01/01/38 | 1291991 |
| &nbsp;&nbsp; 331892 | Federal Home Loan Mortgage Corp., Pool # SB8212, 4.50%, due 02/01/38 | &nbsp;&nbsp; 330386 |
| &nbsp;&nbsp; 914003 | Federal Home Loan Mortgage Corp., Pool # SB8504, 2.50%, due 10/01/35 | &nbsp;&nbsp; 862911 |
| 2491891 | Federal Home Loan Mortgage Corp., Pool # SD0291, 5.00%, due 03/01/50 | 2487400 |
| &nbsp;&nbsp; 901083 | Federal Home Loan Mortgage Corp., Pool # SD0742, 2.50%, due 11/01/51 | &nbsp;&nbsp; 758927 |
| &nbsp;&nbsp; 377868 | Federal Home Loan Mortgage Corp., Pool # SD0815, 3.00%, due 01/01/52 | &nbsp;&nbsp; 331614 |
| &nbsp;&nbsp; 388004 | Federal Home Loan Mortgage Corp., Pool # SD0905, 3.00%, due 03/01/52 | &nbsp;&nbsp; 339895 |
| &nbsp;&nbsp; 522676 | Federal Home Loan Mortgage Corp., Pool # SD1050, 4.50%, due 07/01/52 | &nbsp;&nbsp; 503000 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| 2698340 | Federal Home Loan Mortgage Corp., Pool # SD1265, 4.50%, due 06/01/52 | 2602779 |
| 1930024 | Federal Home Loan Mortgage Corp., Pool # SD1295, 5.00%, due 07/01/52 | 1910572 |
| 1467478 | Federal Home Loan Mortgage Corp., Pool # SD1325, 4.00%, due 08/01/52 | 1374050 |
| 1237273 | Federal Home Loan Mortgage Corp., Pool # SD1446, 4.50%, due 08/01/52 | 1187643 |
| 1547440 | Federal Home Loan Mortgage Corp., Pool # SD1475, 4.50%, due 08/01/52 | 1492639 |
| 2374104 | Federal Home Loan Mortgage Corp., Pool # SD1483, 4.00%, due 08/01/52 | 2238293 |
| 1163036 | Federal Home Loan Mortgage Corp., Pool # SD1513, 5.00%, due 08/01/52 | 1145150 |
| &nbsp;&nbsp; 882019 | Federal Home Loan Mortgage Corp., Pool # SD1517, 4.50%, due 09/01/52 | &nbsp;&nbsp; 851439 |
| &nbsp;&nbsp; 825511 | Federal Home Loan Mortgage Corp., Pool # SD1606, 4.50%, due 09/01/52 | &nbsp;&nbsp; 794435 |
| &nbsp;&nbsp; 861382 | Federal Home Loan Mortgage Corp., Pool # SD1695, 5.00%, due 10/01/52 | &nbsp;&nbsp; 849081 |
| &nbsp;&nbsp; 467202 | Federal Home Loan Mortgage Corp., Pool # SD1807, 4.50%, due 07/01/52 | &nbsp;&nbsp; 449615 |
| &nbsp;&nbsp; 639400 | Federal Home Loan Mortgage Corp., Pool # SD1922, 5.00%, due 11/01/52 | &nbsp;&nbsp; 631323 |
| &nbsp;&nbsp; 405655 | Federal Home Loan Mortgage Corp., Pool # SD1944, 5.00%, due 12/01/52 | &nbsp;&nbsp; 400682 |
| &nbsp;&nbsp; 681074 | Federal Home Loan Mortgage Corp., Pool # SD1999, 5.00%, due 12/01/52 | &nbsp;&nbsp; 671207 |
| &nbsp;&nbsp; 854931 | Federal Home Loan Mortgage Corp., Pool # SD2032, 5.00%, due 12/01/52 | &nbsp;&nbsp; 846236 |
| 2913306 | Federal Home Loan Mortgage Corp., Pool # SD2172, 5.50%, due 02/01/53 | 2941880 |
| &nbsp;&nbsp; 428213 | Federal Home Loan Mortgage Corp., Pool # SD2273, 4.50%, due 12/01/52 | &nbsp;&nbsp; 412094 |
| 1546655 | Federal Home Loan Mortgage Corp., Pool # SD2318, 5.00%, due 02/01/53 | 1528236 |
| 1454496 | Federal Home Loan Mortgage Corp., Pool # SD2526, 4.00%, due 08/01/49 | 1368135 |
| &nbsp;&nbsp; 404508 | Federal Home Loan Mortgage Corp., Pool # SD2683, 4.50%, due 04/01/53 | &nbsp;&nbsp; 390482 |
| 3312897 | Federal Home Loan Mortgage Corp., Pool # SD2922, 5.00%, due 05/01/53 | 3273425 |
| 1530115 | Federal Home Loan Mortgage Corp., Pool # SD2954, 4.50%, due 04/01/53 | 1475925 |
| &nbsp;&nbsp; 344299 | Federal Home Loan Mortgage Corp., Pool # SD3338, 5.50%, due 06/01/53 | &nbsp;&nbsp; 347632 |
| &nbsp;&nbsp; 757128 | Federal Home Loan Mortgage Corp., Pool # SD3372, 5.00%, due 07/01/53 | &nbsp;&nbsp; 749532 |
| &nbsp;&nbsp; 381437 | Federal Home Loan Mortgage Corp., Pool # SD3425, 5.50%, due 07/01/53 | &nbsp;&nbsp; 383917 |
| &nbsp;&nbsp; 942316 | Federal Home Loan Mortgage Corp., Pool # SD3435, 5.00%, due 07/01/53 | &nbsp;&nbsp; 929487 |
| &nbsp;&nbsp; 464798 | Federal Home Loan Mortgage Corp., Pool # SD3507, 4.00%, due 04/01/53 | &nbsp;&nbsp; 436072 |
| 1363837 | Federal Home Loan Mortgage Corp., Pool # SD3562, 4.50%, due 08/01/53 | 1316694 |
| 1743421 | Federal Home Loan Mortgage Corp., Pool # SD3563, 4.50%, due 08/01/53 | 1681330 |
| 1181649 | Federal Home Loan Mortgage Corp., Pool # SD3566, 5.00%, due 08/01/53 | 1169107 |
| &nbsp;&nbsp; 302024 | Federal Home Loan Mortgage Corp., Pool # SD3662, 5.50%, due 08/01/53 | &nbsp;&nbsp; 304207 |
| &nbsp;&nbsp; 801753 | Federal Home Loan Mortgage Corp., Pool # SD3780, 4.00%, due 08/01/52 | &nbsp;&nbsp; 747529 |
| &nbsp;&nbsp; 931608 | Federal Home Loan Mortgage Corp., Pool # SD4253, 3.50%, due 07/01/52 | &nbsp;&nbsp; 846496 |
| 1031276 | Federal Home Loan Mortgage Corp., Pool # SD4624, 3.50%, due 08/01/47 | &nbsp;&nbsp; 945969 |
| &nbsp;&nbsp; 485992 | Federal Home Loan Mortgage Corp., Pool # SD4660, 4.00%, due 08/01/52 | &nbsp;&nbsp; 453071 |
| &nbsp;&nbsp; 484056 | Federal Home Loan Mortgage Corp., Pool # SD4904, 3.50%, due 07/01/52 | &nbsp;&nbsp; 439407 |
| &nbsp;&nbsp; 524138 | Federal Home Loan Mortgage Corp., Pool # SD4934, 4.00%, due 04/01/53 | &nbsp;&nbsp; 490768 |
| 3758440 | Federal Home Loan Mortgage Corp., Pool # SD5061, 5.50%, due 03/01/54 | 3806289 |
| 1216925 | Federal Home Loan Mortgage Corp., Pool # SD5082, 3.50%, due 07/01/52 | 1102024 |
| &nbsp;&nbsp; 885278 | Federal Home Loan Mortgage Corp., Pool # SD5100, 4.00%, due 10/01/52 | &nbsp;&nbsp; 825453 |
| &nbsp;&nbsp; 364358 | Federal Home Loan Mortgage Corp., Pool # SD5147, 3.00%, due 11/01/50 | &nbsp;&nbsp; 319398 |
| &nbsp;&nbsp; 785623 | Federal Home Loan Mortgage Corp., Pool # SD5367, 5.50%, due 04/01/54 | &nbsp;&nbsp; 792077 |
| 1366736 | Federal Home Loan Mortgage Corp., Pool # SD5470, 5.00%, due 03/01/53 | 1352591 |
| &nbsp;&nbsp; 619815 | Federal Home Loan Mortgage Corp., Pool # SD5730, 3.50%, due 12/01/49 | &nbsp;&nbsp; 561444 |
| &nbsp;&nbsp; 717854 | Federal Home Loan Mortgage Corp., Pool # SD6698, 5.00%, due 11/01/54 | &nbsp;&nbsp; 706007 |
| &nbsp;&nbsp; 857226 | Federal Home Loan Mortgage Corp., Pool # SD7170, 5.00%, due 12/01/54 | &nbsp;&nbsp; 845979 |
| 1094253 | Federal Home Loan Mortgage Corp., Pool # SD7334, 5.50%, due 01/01/55 | 1098480 |
| 1241435 | Federal Home Loan Mortgage Corp., Pool # SD7408, 5.50%, due 01/01/55 | 1249158 |
| 4265670 | Federal Home Loan Mortgage Corp., Pool # SD7521, 2.50%, due 07/01/50 | 3596996 |

---

80See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 1022792 | Federal Home Loan Mortgage Corp., Pool # SD7543, 2.50%, due 08/01/51 | &nbsp;&nbsp; 862443 |
| &nbsp;&nbsp; 2172546 | Federal Home Loan Mortgage Corp., Pool # SD7548, 2.50%, due 11/01/51 | 1836621 |
| &nbsp;&nbsp; 1497686 | Federal Home Loan Mortgage Corp., Pool # SD7551, 3.00%, due 01/01/52 | 1315705 |
| &nbsp;&nbsp; 4433430 | Federal Home Loan Mortgage Corp., Pool # SD7552, 2.50%, due 01/01/52 | 3734013 |
| &nbsp;&nbsp; 3581784 | Federal Home Loan Mortgage Corp., Pool # SD7563, 4.50%, due 05/01/53 | 3473575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2288 | Federal Home Loan Mortgage Corp., Pool # SD8025, 3.50%, due 11/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2086 |
| &nbsp;&nbsp; 3809769 | Federal Home Loan Mortgage Corp., Pool # SD8090, 2.00%, due 09/01/50 | 3043692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 709830 | Federal Home Loan Mortgage Corp., Pool # SD8104, 1.50%, due 11/01/50 | &nbsp;&nbsp; 535186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343554 | Federal Home Loan Mortgage Corp., Pool # SD8113, 2.00%, due 12/01/50 | &nbsp;&nbsp; 274044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 495260 | Federal Home Loan Mortgage Corp., Pool # SD8121, 2.00%, due 01/01/51 | &nbsp;&nbsp; 395364 |
| &nbsp;&nbsp; 2385539 | Federal Home Loan Mortgage Corp., Pool # SD8128, 2.00%, due 02/01/51 | 1901390 |
| &nbsp;&nbsp; 1017404 | Federal Home Loan Mortgage Corp., Pool # SD8134, 2.00%, due 03/01/51 | &nbsp;&nbsp; 810286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30544 | Federal Home Loan Mortgage Corp., Pool # SD8140, 2.00%, due 04/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 24324 |
| &nbsp;&nbsp; 3053429 | Federal Home Loan Mortgage Corp., Pool # SD8141, 2.50%, due 04/01/51 | 2552244 |
| &nbsp;&nbsp; 4845804 | Federal Home Loan Mortgage Corp., Pool # SD8146, 2.00%, due 05/01/51 | 3858534 |
| &nbsp;&nbsp; 2810642 | Federal Home Loan Mortgage Corp., Pool # SD8147, 2.50%, due 05/01/51 | 2348903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 886762 | Federal Home Loan Mortgage Corp., Pool # SD8151, 2.50%, due 06/01/51 | &nbsp;&nbsp; 740306 |
| &nbsp;&nbsp; 1529519 | Federal Home Loan Mortgage Corp., Pool # SD8167, 2.50%, due 09/01/51 | 1273790 |
| &nbsp;&nbsp; 1237651 | Federal Home Loan Mortgage Corp., Pool # SD8193, 2.00%, due 02/01/52 | &nbsp;&nbsp; 983328 |
| &nbsp;&nbsp; 2610913 | Federal Home Loan Mortgage Corp., Pool # SD8227, 4.00%, due 07/01/52 | 2434328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 937779 | Federal Home Loan Mortgage Corp., Pool # SD8229, 4.50%, due 05/01/52 | &nbsp;&nbsp; 898325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 386478 | Federal Home Loan Mortgage Corp., Pool # SD8278, 6.00%, due 12/01/52 | &nbsp;&nbsp; 394097 |
| &nbsp;&nbsp; 3525759 | Federal Home Loan Mortgage Corp., Pool # SD8288, 5.00%, due 01/01/53 | 3473950 |
| &nbsp;&nbsp; 1276930 | Federal Home Loan Mortgage Corp., Pool # SD8289, 5.50%, due 01/01/53 | 1281321 |
| &nbsp;&nbsp; 3458097 | Federal Home Loan Mortgage Corp., Pool # SD8408, 5.50%, due 03/01/54 | 3460638 |
| &nbsp;&nbsp; 1054622 | Federal Home Loan Mortgage Corp., Pool # SL0331, 5.50%, due 02/01/55 | 1061562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758065 | Federal Home Loan Mortgage Corp., Pool # SL0765, 4.50%, due 02/01/54 | &nbsp;&nbsp; 729527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63073 | Federal Home Loan Mortgage Corp., Pool # V60565, 3.00%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 61947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 193504 | Federal Home Loan Mortgage Corp., Pool # V60599, 3.00%, due 09/01/29 | &nbsp;&nbsp; 189868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 352973 | Federal Home Loan Mortgage Corp., Pool # V82292, 4.00%, due 04/01/46 | &nbsp;&nbsp; 335335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203154 | Federal Home Loan Mortgage Corp., Pool # V82848, 3.00%, due 12/01/46 | &nbsp;&nbsp; 182245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27825 | Federal Home Loan Mortgage Corp., Pool # V82980, 3.50%, due 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 25701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 626793 | Federal Home Loan Mortgage Corp., Pool # ZM1609, 3.50%, due 09/01/46 | &nbsp;&nbsp; 576882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194217 | Federal Home Loan Mortgage Corp., Pool # ZS4727, 4.00%, due 07/01/47 | &nbsp;&nbsp; 184048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 121700 | Federal Home Loan Mortgage Corp., Pool # ZS4760, 4.00%, due 03/01/48 | &nbsp;&nbsp; 115265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 905044 | Federal Home Loan Mortgage Corp., Pool # ZT0536, 3.50%, due 03/01/48 | &nbsp;&nbsp; 833775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309372 | Federal Home Loan Mortgage Corp., Pool # ZT0657, 6.00%, due 07/01/40 | &nbsp;&nbsp; 326719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310017 | Federal Home Loan Mortgage Corp., Pool # ZT2100, 3.00%, due 04/01/47 | &nbsp;&nbsp; 274060 |
| 11217052 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, <br> Series K106, Class X1, 1.44%, due 01/25/30<sup>(d)</sup> <br>| &nbsp;&nbsp; 569998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27466 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Reference REMICS, Series R007, Class ZA, <br> 6.00%, due 05/15/36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 142483 | Federal National Mortgage Association, Pool # 745148, 5.00%, due 01/01/36 | &nbsp;&nbsp; 144707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 142689 | Federal National Mortgage Association, Pool # 932807, 4.00%, due 09/01/40 | &nbsp;&nbsp; 138085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70463 | Federal National Mortgage Association, Pool # 983471, 5.50%, due 05/01/38 | &nbsp;&nbsp;&nbsp;&nbsp; 72072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144159 | Federal National Mortgage Association, Pool # 985184, 5.50%, due 08/01/38 | &nbsp;&nbsp; 147805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 119089 | Federal National Mortgage Association, Pool # 995245, 5.00%, due 01/01/39 | &nbsp;&nbsp; 120377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8330 | Federal National Mortgage Association, Pool # AB5369, 3.50%, due 06/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264215 | Federal National Mortgage Association, Pool # AB6212, 3.00%, due 09/01/42 | &nbsp;&nbsp; 239345 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 426339 | Federal National Mortgage Association, Pool # AB6802, 3.50%, due 11/01/42 | &nbsp;&nbsp; 400313 |
| &nbsp;&nbsp; 110137 | Federal National Mortgage Association, Pool # AB7059, 2.50%, due 11/01/42 | &nbsp;&nbsp;&nbsp;&nbsp; 97487 |
| &nbsp;&nbsp; 208104 | Federal National Mortgage Association, Pool # AB8703, 3.00%, due 03/01/38 | &nbsp;&nbsp; 192661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87223 | Federal National Mortgage Association, Pool # AB9383, 4.00%, due 05/01/43 | &nbsp;&nbsp;&nbsp;&nbsp; 84110 |
| &nbsp;&nbsp; 689481 | Federal National Mortgage Association, Pool # AB9659, 3.00%, due 06/01/43 | &nbsp;&nbsp; 623155 |
| 1325343 | Federal National Mortgage Association, Pool # AC3668, 4.50%, due 10/01/39 | 1323054 |
| &nbsp;&nbsp; 136059 | Federal National Mortgage Association, Pool # AD9153, 4.50%, due 08/01/40 | &nbsp;&nbsp; 135782 |
| &nbsp;&nbsp; 102462 | Federal National Mortgage Association, Pool # AE0469, 6.00%, due 12/01/39 | &nbsp;&nbsp; 107465 |
| &nbsp;&nbsp; 297996 | Federal National Mortgage Association, Pool # AH4404, 4.00%, due 01/01/41 | &nbsp;&nbsp; 287978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56033 | Federal National Mortgage Association, Pool # AI1892, 5.00%, due 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp; 56761 |
| &nbsp;&nbsp; 281792 | Federal National Mortgage Association, Pool # AI4815, 4.50%, due 06/01/41 | &nbsp;&nbsp; 280437 |
| &nbsp;&nbsp; 240199 | Federal National Mortgage Association, Pool # AJ9278, 3.50%, due 12/01/41 | &nbsp;&nbsp; 225787 |
| &nbsp;&nbsp; 120100 | Federal National Mortgage Association, Pool # AJ9317, 4.00%, due 01/01/42 | &nbsp;&nbsp; 115949 |
| &nbsp;&nbsp; 246722 | Federal National Mortgage Association, Pool # AL0215, 4.50%, due 04/01/41 | &nbsp;&nbsp; 245687 |
| &nbsp;&nbsp; 474180 | Federal National Mortgage Association, Pool # AL1895, 3.50%, due 06/01/42 | &nbsp;&nbsp; 445431 |
| &nbsp;&nbsp; 286774 | Federal National Mortgage Association, Pool # AL2466, 4.00%, due 09/01/42 | &nbsp;&nbsp; 276805 |
| &nbsp;&nbsp; 311547 | Federal National Mortgage Association, Pool # AL3000, 3.50%, due 12/01/42 | &nbsp;&nbsp; 292300 |
| &nbsp;&nbsp; 361827 | Federal National Mortgage Association, Pool # AL3316, 3.50%, due 03/01/43 | &nbsp;&nbsp; 339513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21428 | Federal National Mortgage Association, Pool # AL5939, 3.50%, due 09/01/43 | &nbsp;&nbsp;&nbsp;&nbsp; 20133 |
| &nbsp;&nbsp; 423242 | Federal National Mortgage Association, Pool # AL6663, 4.00%, due 03/01/39 | &nbsp;&nbsp; 416520 |
| &nbsp;&nbsp; 481043 | Federal National Mortgage Association, Pool # AL7594, 3.50%, due 08/01/45 | &nbsp;&nbsp; 447037 |
| &nbsp;&nbsp; 379081 | Federal National Mortgage Association, Pool # AL8191, 4.00%, due 12/01/45 | &nbsp;&nbsp; 359348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33869 | Federal National Mortgage Association, Pool # AL8673, 3.50%, due 06/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 31300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37620 | Federal National Mortgage Association, Pool # AL9515, 3.50%, due 07/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 34743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96755 | Federal National Mortgage Association, Pool # AL9657, 3.50%, due 01/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 89334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55177 | Federal National Mortgage Association, Pool # AO4109, 4.00%, due 06/01/42 | &nbsp;&nbsp;&nbsp;&nbsp; 53219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39724 | Federal National Mortgage Association, Pool # AQ3381, 3.00%, due 11/01/42 | &nbsp;&nbsp;&nbsp;&nbsp; 35951 |
| &nbsp;&nbsp; 142060 | Federal National Mortgage Association, Pool # AQ7923, 3.00%, due 12/01/42 | &nbsp;&nbsp; 128659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25097 | Federal National Mortgage Association, Pool # AR8749, 3.00%, due 03/01/43 | &nbsp;&nbsp;&nbsp;&nbsp; 22725 |
| &nbsp;&nbsp; 256830 | Federal National Mortgage Association, Pool # AS5133, 3.50%, due 06/01/45 | &nbsp;&nbsp; 238675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29652 | Federal National Mortgage Association, Pool # AS5593, 3.50%, due 08/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 27550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8073 | Federal National Mortgage Association, Pool # AS6187, 3.50%, due 11/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7499 |
| &nbsp;&nbsp; 109145 | Federal National Mortgage Association, Pool # AS6188, 3.50%, due 11/01/45 | &nbsp;&nbsp; 101385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60560 | Federal National Mortgage Association, Pool # AS6286, 4.00%, due 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 57449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85740 | Federal National Mortgage Association, Pool # AS6304, 4.00%, due 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 81362 |
| &nbsp;&nbsp; 133018 | Federal National Mortgage Association, Pool # AS6452, 3.50%, due 01/01/46 | &nbsp;&nbsp; 123313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59036 | Federal National Mortgage Association, Pool # AS7010, 3.50%, due 04/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 54454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73729 | Federal National Mortgage Association, Pool # AS7693, 2.00%, due 08/01/31 | &nbsp;&nbsp;&nbsp;&nbsp; 70153 |
| &nbsp;&nbsp; 158531 | Federal National Mortgage Association, Pool # AS8073, 2.50%, due 10/01/46 | &nbsp;&nbsp; 134832 |
| 1369718 | Federal National Mortgage Association, Pool # AS8483, 3.00%, due 12/01/46 | 1210910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29365 | Federal National Mortgage Association, Pool # AS8647, 3.00%, due 01/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 26255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95037 | Federal National Mortgage Association, Pool # AZ3743, 3.50%, due 11/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 86968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64360 | Federal National Mortgage Association, Pool # BC1489, 3.00%, due 08/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 57569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25705 | Federal National Mortgage Association, Pool # BC9078, 4.00%, due 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 24371 |
| &nbsp;&nbsp; 162961 | Federal National Mortgage Association, Pool # BC9468, 3.00%, due 06/01/46 | &nbsp;&nbsp; 144976 |
| &nbsp;&nbsp; 340093 | Federal National Mortgage Association, Pool # BD7043, 4.00%, due 03/01/47 | &nbsp;&nbsp; 322375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60860 | Federal National Mortgage Association, Pool # BD7118, 3.50%, due 04/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 56168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25320 | Federal National Mortgage Association, Pool # BE2974, 4.00%, due 01/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 24095 |
| &nbsp;&nbsp; 204951 | Federal National Mortgage Association, Pool # BE7192, 4.00%, due 03/01/47 | &nbsp;&nbsp; 194262 |

---

82See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 348194 | Federal National Mortgage Association, Pool # BK1023, 4.50%, due 02/01/48 | &nbsp;&nbsp; 336184 |
| &nbsp;&nbsp; 178429 | Federal National Mortgage Association, Pool # BK7611, 4.50%, due 09/01/48 | &nbsp;&nbsp; 173594 |
| &nbsp;&nbsp; 101962 | Federal National Mortgage Association, Pool # BM1013, 3.50%, due 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 94171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91537 | Federal National Mortgage Association, Pool # BM1277, 4.00%, due 05/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 86763 |
| &nbsp;&nbsp; 551549 | Federal National Mortgage Association, Pool # BM1573, 3.50%, due 07/01/47 | &nbsp;&nbsp; 509405 |
| &nbsp;&nbsp; 597940 | Federal National Mortgage Association, Pool # BM1972, 3.50%, due 10/01/37 | &nbsp;&nbsp; 578518 |
| &nbsp;&nbsp; 434481 | Federal National Mortgage Association, Pool # BM3033, 3.00%, due 10/01/47 | &nbsp;&nbsp; 387372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39033 | Federal National Mortgage Association, Pool # BM3077, 3.00%, due 11/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 34805 |
| &nbsp;&nbsp; 149551 | Federal National Mortgage Association, Pool # BM3258, 3.00%, due 02/01/47 | &nbsp;&nbsp; 134045 |
| &nbsp;&nbsp; 298899 | Federal National Mortgage Association, Pool # BM3332, 3.50%, due 01/01/48 | &nbsp;&nbsp; 274759 |
| &nbsp;&nbsp; 222250 | Federal National Mortgage Association, Pool # BM3491, 4.50%, due 01/01/38 | &nbsp;&nbsp; 224965 |
| &nbsp;&nbsp; 114086 | Federal National Mortgage Association, Pool # BM3628, 3.50%, due 03/01/48 | &nbsp;&nbsp; 105440 |
| &nbsp;&nbsp; 603551 | Federal National Mortgage Association, Pool # BM3641, 4.00%, due 04/01/48 | &nbsp;&nbsp; 571702 |
| &nbsp;&nbsp; 382184 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, Pool # BM4377, 6.91%, (1 yr. RFUCC Treasury <br> + 1.88%), due 04/01/38<sup>(b)</sup> <br>| &nbsp;&nbsp; 396699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7822 | Federal National Mortgage Association, Pool # BM4426, 3.50%, due 06/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7185 |
| &nbsp;&nbsp; 409253 | Federal National Mortgage Association, Pool # BM4896, 3.00%, due 02/01/47 | &nbsp;&nbsp; 369824 |
| 1697827 | Federal National Mortgage Association, Pool # BM5019, 4.00%, due 12/01/47 | 1616424 |
| &nbsp;&nbsp; 513608 | Federal National Mortgage Association, Pool # BM5213, 3.00%, due 07/01/45 | &nbsp;&nbsp; 459556 |
| &nbsp;&nbsp; 122959 | Federal National Mortgage Association, Pool # BM5293, 3.50%, due 02/01/49 | &nbsp;&nbsp; 112293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39452 | Federal National Mortgage Association, Pool # BM5682, 3.50%, due 03/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 36322 |
| &nbsp;&nbsp; 224985 | Federal National Mortgage Association, Pool # BM5694, 4.00%, due 06/01/48 | &nbsp;&nbsp; 213154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85308 | Federal National Mortgage Association, Pool # BM5874, 4.00%, due 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 80937 |
| &nbsp;&nbsp; 193742 | Federal National Mortgage Association, Pool # BM5950, 3.00%, due 11/01/48 | &nbsp;&nbsp; 171952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7194 | Federal National Mortgage Association, Pool # BM5971, 3.50%, due 06/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6580 |
| &nbsp;&nbsp; 370898 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, Pool # BM6482, 6.76%, (1 yr. RFUCC Treasury <br> + 1.58%), due 04/01/47<sup>(b)</sup> <br>| &nbsp;&nbsp; 383436 |
| &nbsp;&nbsp; 165032 | Federal National Mortgage Association, Pool # BO1420, 3.50%, due 09/01/49 | &nbsp;&nbsp; 150407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7404 | Federal National Mortgage Association, Pool # BO1439, 3.00%, due 10/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6487 |
| &nbsp;&nbsp; 326875 | Federal National Mortgage Association, Pool # BO5387, 3.50%, due 12/01/49 | &nbsp;&nbsp; 300104 |
| &nbsp;&nbsp; 244888 | Federal National Mortgage Association, Pool # BP5568, 3.00%, due 06/01/50 | &nbsp;&nbsp; 214491 |
| 1196262 | Federal National Mortgage Association, Pool # BP6618, 2.50%, due 08/01/50 | 1003549 |
| &nbsp;&nbsp; 413135 | Federal National Mortgage Association, Pool # BQ3138, 2.50%, due 10/01/50 | &nbsp;&nbsp; 347951 |
| 1092203 | Federal National Mortgage Association, Pool # BV8474, 3.00%, due 05/01/52 | &nbsp;&nbsp; 960228 |
| &nbsp;&nbsp; 669313 | Federal National Mortgage Association, Pool # CA0623, 4.50%, due 10/01/47 | &nbsp;&nbsp; 653175 |
| &nbsp;&nbsp; 404796 | Federal National Mortgage Association, Pool # CA0655, 3.50%, due 11/01/47 | &nbsp;&nbsp; 372918 |
| &nbsp;&nbsp; 255749 | Federal National Mortgage Association, Pool # CA0855, 3.50%, due 12/01/47 | &nbsp;&nbsp; 234922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11177 | Federal National Mortgage Association, Pool # CA1545, 4.00%, due 04/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 10587 |
| &nbsp;&nbsp; 215877 | Federal National Mortgage Association, Pool # CA3828, 4.00%, due 07/01/49 | &nbsp;&nbsp; 203832 |
| &nbsp;&nbsp; 569431 | Federal National Mortgage Association, Pool # CA3986, 5.00%, due 08/01/49 | &nbsp;&nbsp; 566648 |
| &nbsp;&nbsp; 376490 | Federal National Mortgage Association, Pool # CA4149, 3.00%, due 09/01/49 | &nbsp;&nbsp; 326863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27629 | Federal National Mortgage Association, Pool # CA4546, 3.00%, due 11/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 24286 |
| &nbsp;&nbsp; 413089 | Federal National Mortgage Association, Pool # CA5229, 3.00%, due 02/01/50 | &nbsp;&nbsp; 358626 |
| &nbsp;&nbsp; 468748 | Federal National Mortgage Association, Pool # CA5556, 3.50%, due 04/01/50 | &nbsp;&nbsp; 426953 |
| &nbsp;&nbsp; 976260 | Federal National Mortgage Association, Pool # CA6738, 3.00%, due 08/01/50 | &nbsp;&nbsp; 854473 |
| 2392524 | Federal National Mortgage Association, Pool # CA6840, 2.00%, due 09/01/35 | 2201109 |
| &nbsp;&nbsp; 673042 | Federal National Mortgage Association, Pool # CA6909, 2.50%, due 09/01/50 | &nbsp;&nbsp; 568058 |
| &nbsp;&nbsp; 806370 | Federal National Mortgage Association, Pool # CA9171, 2.00%, due 02/01/51 | &nbsp;&nbsp; 642292 |
| 4972914 | Federal National Mortgage Association, Pool # CB0671, 2.50%, due 06/01/51 | 4205358 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| 1203718 | Federal National Mortgage Association, Pool # CB1273, 2.00%, due 08/01/51 | &nbsp;&nbsp; 962679 |
| 1429830 | Federal National Mortgage Association, Pool # CB2243, 2.50%, due 11/01/36 | 1344468 |
| &nbsp;&nbsp; 460989 | Federal National Mortgage Association, Pool # CB2287, 2.50%, due 12/01/51 | &nbsp;&nbsp; 387265 |
| &nbsp;&nbsp; 396374 | Federal National Mortgage Association, Pool # CB2858, 2.50%, due 02/01/52 | &nbsp;&nbsp; 332494 |
| 1040736 | Federal National Mortgage Association, Pool # CB2889, 3.00%, due 02/01/52 | &nbsp;&nbsp; 902871 |
| &nbsp;&nbsp; 387501 | Federal National Mortgage Association, Pool # CB3126, 3.50%, due 03/01/52 | &nbsp;&nbsp; 353525 |
| &nbsp;&nbsp; 711589 | Federal National Mortgage Association, Pool # CB3158, 2.50%, due 03/01/52 | &nbsp;&nbsp; 596761 |
| 1858721 | Federal National Mortgage Association, Pool # CB3512, 4.00%, due 05/01/52 | 1740391 |
| &nbsp;&nbsp; 639554 | Federal National Mortgage Association, Pool # CB3601, 3.50%, due 05/01/52 | &nbsp;&nbsp; 579974 |
| 1489662 | Federal National Mortgage Association, Pool # CB3606, 3.50%, due 05/01/52 | 1344423 |
| &nbsp;&nbsp; 900677 | Federal National Mortgage Association, Pool # CB3618, 4.00%, due 05/01/52 | &nbsp;&nbsp; 839952 |
| &nbsp;&nbsp; 926926 | Federal National Mortgage Association, Pool # CB3865, 4.50%, due 06/01/52 | &nbsp;&nbsp; 894100 |
| &nbsp;&nbsp; 660832 | Federal National Mortgage Association, Pool # CB3910, 4.00%, due 06/01/52 | &nbsp;&nbsp; 616069 |
| &nbsp;&nbsp; 380475 | Federal National Mortgage Association, Pool # CB4028, 4.50%, due 07/01/52 | &nbsp;&nbsp; 366154 |
| &nbsp;&nbsp; 723422 | Federal National Mortgage Association, Pool # CB4040, 5.00%, due 07/01/52 | &nbsp;&nbsp; 713464 |
| &nbsp;&nbsp; 718238 | Federal National Mortgage Association, Pool # CB4090, 4.00%, due 07/01/52 | &nbsp;&nbsp; 672513 |
| 1389906 | Federal National Mortgage Association, Pool # CB4101, 4.50%, due 07/01/52 | 1333711 |
| &nbsp;&nbsp; 790080 | Federal National Mortgage Association, Pool # CB4167, 5.00%, due 07/01/52 | &nbsp;&nbsp; 783355 |
| &nbsp;&nbsp; 910472 | Federal National Mortgage Association, Pool # CB4300, 4.50%, due 08/01/52 | &nbsp;&nbsp; 876198 |
| 1107243 | Federal National Mortgage Association, Pool # CB4304, 4.50%, due 08/01/52 | 1061644 |
| 1874270 | Federal National Mortgage Association, Pool # CB4337, 4.50%, due 08/01/52 | 1821359 |
| 4416555 | Federal National Mortgage Association, Pool # CB4352, 5.00%, due 08/01/52 | 4381778 |
| 1313465 | Federal National Mortgage Association, Pool # CB4387, 4.50%, due 08/01/52 | 1259604 |
| 1778713 | Federal National Mortgage Association, Pool # CB4395, 4.50%, due 08/01/52 | 1705523 |
| &nbsp;&nbsp; 734888 | Federal National Mortgage Association, Pool # CB4562, 5.00%, due 09/01/52 | &nbsp;&nbsp; 724089 |
| &nbsp;&nbsp; 453939 | Federal National Mortgage Association, Pool # CB4675, 4.50%, due 09/01/52 | &nbsp;&nbsp; 435958 |
| &nbsp;&nbsp; 331516 | Federal National Mortgage Association, Pool # CB4838, 5.00%, due 10/01/52 | &nbsp;&nbsp; 327636 |
| 1653419 | Federal National Mortgage Association, Pool # CB5434, 5.00%, due 01/01/53 | 1636831 |
| 1311885 | Federal National Mortgage Association, Pool # CB6059, 5.00%, due 04/01/53 | 1295800 |
| 2822031 | Federal National Mortgage Association, Pool # CB7336, 5.50%, due 10/01/53 | 2836302 |
| 1346077 | Federal National Mortgage Association, Pool # CB9429, 5.00%, due 11/01/54 | 1321986 |
| &nbsp;&nbsp; 552851 | Federal National Mortgage Association, Pool # CB9463, 5.00%, due 11/01/54 | &nbsp;&nbsp; 547406 |
| 1878805 | Federal National Mortgage Association, Pool # CB9649, 5.00%, due 12/01/54 | 1850775 |
| &nbsp;&nbsp; 333120 | Federal National Mortgage Association, Pool # CB9794, 5.50%, due 01/01/55 | &nbsp;&nbsp; 336686 |
| 2583888 | Federal National Mortgage Association, Pool # FA0018, 2.50%, due 04/01/52 | 2168771 |
| &nbsp;&nbsp; 896327 | Federal National Mortgage Association, Pool # FA0243, 5.50%, due 12/01/54 | &nbsp;&nbsp; 901820 |
| &nbsp;&nbsp; 605547 | Federal National Mortgage Association, Pool # FM0030, 3.00%, due 02/01/49 | &nbsp;&nbsp; 537698 |
| &nbsp;&nbsp; 160397 | Federal National Mortgage Association, Pool # FM1001, 3.50%, due 11/01/48 | &nbsp;&nbsp; 147560 |
| &nbsp;&nbsp; 120916 | Federal National Mortgage Association, Pool # FM1347, 3.00%, due 12/01/48 | &nbsp;&nbsp; 107440 |
| &nbsp;&nbsp; 471650 | Federal National Mortgage Association, Pool # FM1467, 3.00%, due 12/01/47 | &nbsp;&nbsp; 419822 |
| &nbsp;&nbsp; 472819 | Federal National Mortgage Association, Pool # FM1588, 3.00%, due 10/01/49 | &nbsp;&nbsp; 419628 |
| &nbsp;&nbsp; 256743 | Federal National Mortgage Association, Pool # FM1715, 3.00%, due 12/01/45 | &nbsp;&nbsp; 228770 |
| &nbsp;&nbsp; 355610 | Federal National Mortgage Association, Pool # FM1790, 3.00%, due 11/01/49 | &nbsp;&nbsp; 308733 |
| &nbsp;&nbsp; 251598 | Federal National Mortgage Association, Pool # FM1864, 3.00%, due 11/01/49 | &nbsp;&nbsp; 221153 |
| 1580769 | Federal National Mortgage Association, Pool # FM2226, 3.00%, due 09/01/46 | 1428148 |
| &nbsp;&nbsp; 659738 | Federal National Mortgage Association, Pool # FM2274, 4.00%, due 08/01/49 | &nbsp;&nbsp; 624218 |
| &nbsp;&nbsp; 306904 | Federal National Mortgage Association, Pool # FM2336, 4.00%, due 01/01/50 | &nbsp;&nbsp; 289494 |
| &nbsp;&nbsp; 333933 | Federal National Mortgage Association, Pool # FM2461, 3.50%, due 03/01/50 | &nbsp;&nbsp; 302946 |
| &nbsp;&nbsp; 446442 | Federal National Mortgage Association, Pool # FM2570, 4.50%, due 04/01/48 | &nbsp;&nbsp; 445350 |

---

84See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 781438 | Federal National Mortgage Association, Pool # FM2664, 3.50%, due 03/01/50 | &nbsp;&nbsp; 706289 |
| 1007286 | Federal National Mortgage Association, Pool # FM2725, 3.00%, due 02/01/50 | &nbsp;&nbsp; 874485 |
| 1091907 | Federal National Mortgage Association, Pool # FM3250, 3.50%, due 05/01/50 | &nbsp;&nbsp; 995798 |
| &nbsp;&nbsp; 604237 | Federal National Mortgage Association, Pool # FM4330, 2.50%, due 10/01/50 | &nbsp;&nbsp; 510498 |
| 2461779 | Federal National Mortgage Association, Pool # FM4765, 2.00%, due 11/01/50 | 1981657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24559 | Federal National Mortgage Association, Pool # FM5035, 4.00%, due 07/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 23236 |
| &nbsp;&nbsp; 716247 | Federal National Mortgage Association, Pool # FM6039, 3.50%, due 06/01/50 | &nbsp;&nbsp; 652718 |
| 1733992 | Federal National Mortgage Association, Pool # FM6497, 2.00%, due 03/01/51 | 1400164 |
| &nbsp;&nbsp; 657395 | Federal National Mortgage Association, Pool # FM6585, 3.50%, due 11/01/40 | &nbsp;&nbsp; 625664 |
| &nbsp;&nbsp; 642550 | Federal National Mortgage Association, Pool # FM7341, 4.00%, due 03/01/48 | &nbsp;&nbsp; 609069 |
| &nbsp;&nbsp; 238327 | Federal National Mortgage Association, Pool # FM7441, 3.00%, due 05/01/51 | &nbsp;&nbsp; 206491 |
| &nbsp;&nbsp; 974313 | Federal National Mortgage Association, Pool # FM7785, 4.00%, due 05/01/49 | &nbsp;&nbsp; 922626 |
| 1576061 | Federal National Mortgage Association, Pool # FM7794, 4.00%, due 01/01/50 | 1488571 |
| 1557227 | Federal National Mortgage Association, Pool # FM8216, 4.00%, due 11/01/48 | 1468518 |
| &nbsp;&nbsp; 978322 | Federal National Mortgage Association, Pool # FM8325, 2.50%, due 07/01/35 | &nbsp;&nbsp; 937179 |
| &nbsp;&nbsp; 770205 | Federal National Mortgage Association, Pool # FM8451, 2.50%, due 08/01/51 | &nbsp;&nbsp; 647489 |
| 1278591 | Federal National Mortgage Association, Pool # FM8603, 4.00%, due 09/01/49 | 1211032 |
| 4198112 | Federal National Mortgage Association, Pool # FM8779, 2.50%, due 09/01/51 | 3539850 |
| 2779861 | Federal National Mortgage Association, Pool # FM9000, 2.00%, due 06/01/51 | 2234676 |
| 1221659 | Federal National Mortgage Association, Pool # FM9461, 3.50%, due 11/01/51 | 1107661 |
| &nbsp;&nbsp; 848011 | Federal National Mortgage Association, Pool # FM9726, 2.50%, due 11/01/51 | &nbsp;&nbsp; 714961 |
| &nbsp;&nbsp; 486686 | Federal National Mortgage Association, Pool # FM9977, 4.00%, due 02/01/50 | &nbsp;&nbsp; 459236 |
| 1209044 | Federal National Mortgage Association, Pool # FP0077, 3.50%, due 03/01/51 | 1099404 |
| &nbsp;&nbsp; 901614 | Federal National Mortgage Association, Pool # FS0027, 2.50%, due 11/01/51 | &nbsp;&nbsp; 760062 |
| &nbsp;&nbsp; 983403 | Federal National Mortgage Association, Pool # FS0194, 2.50%, due 01/01/52 | &nbsp;&nbsp; 825489 |
| 2027442 | Federal National Mortgage Association, Pool # FS0644, 3.00%, due 02/01/52 | 1772161 |
| &nbsp;&nbsp; 110112 | Federal National Mortgage Association, Pool # FS0703, 4.00%, due 01/01/49 | &nbsp;&nbsp; 104250 |
| 1875403 | Federal National Mortgage Association, Pool # FS0715, 3.00%, due 01/01/52 | 1639956 |
| &nbsp;&nbsp; 338102 | Federal National Mortgage Association, Pool # FS0717, 3.00%, due 02/01/52 | &nbsp;&nbsp; 293581 |
| &nbsp;&nbsp; 406920 | Federal National Mortgage Association, Pool # FS1201, 3.00%, due 01/01/50 | &nbsp;&nbsp; 353204 |
| &nbsp;&nbsp; 637807 | Federal National Mortgage Association, Pool # FS1205, 3.50%, due 04/01/52 | &nbsp;&nbsp; 576887 |
| 1161419 | Federal National Mortgage Association, Pool # FS1228, 3.00%, due 03/01/52 | 1015176 |
| &nbsp;&nbsp; 479447 | Federal National Mortgage Association, Pool # FS1285, 3.50%, due 02/01/52 | &nbsp;&nbsp; 436744 |
| &nbsp;&nbsp; 358465 | Federal National Mortgage Association, Pool # FS1427, 3.00%, due 02/01/50 | &nbsp;&nbsp; 315028 |
| &nbsp;&nbsp; 287977 | Federal National Mortgage Association, Pool # FS1602, 4.00%, due 07/01/49 | &nbsp;&nbsp; 272776 |
| &nbsp;&nbsp; 198854 | Federal National Mortgage Association, Pool # FS1637, 4.00%, due 04/01/52 | &nbsp;&nbsp; 186196 |
| 2530267 | Federal National Mortgage Association, Pool # FS1938, 2.50%, due 02/01/52 | 2124135 |
| 1170563 | Federal National Mortgage Association, Pool # FS1976, 4.00%, due 08/01/51 | 1108833 |
| &nbsp;&nbsp; 962880 | Federal National Mortgage Association, Pool # FS2187, 4.00%, due 06/01/52 | &nbsp;&nbsp; 907623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63300 | Federal National Mortgage Association, Pool # FS2354, 4.00%, due 06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 59505 |
| 1456791 | Federal National Mortgage Association, Pool # FS2896, 4.50%, due 09/01/52 | 1410613 |
| &nbsp;&nbsp; 892967 | Federal National Mortgage Association, Pool # FS2920, 3.00%, due 07/01/36 | &nbsp;&nbsp; 856399 |
| &nbsp;&nbsp; 423302 | Federal National Mortgage Association, Pool # FS2969, 4.50%, due 10/01/52 | &nbsp;&nbsp; 409884 |
| 1902926 | Federal National Mortgage Association, Pool # FS3040, 3.00%, due 12/01/51 | 1652673 |
| &nbsp;&nbsp; 562705 | Federal National Mortgage Association, Pool # FS3067, 4.00%, due 07/01/52 | &nbsp;&nbsp; 526881 |
| &nbsp;&nbsp; 555079 | Federal National Mortgage Association, Pool # FS3139, 4.50%, due 10/01/52 | &nbsp;&nbsp; 534183 |
| &nbsp;&nbsp; 597471 | Federal National Mortgage Association, Pool # FS3158, 4.50%, due 11/01/52 | &nbsp;&nbsp; 576313 |
| &nbsp;&nbsp; 436267 | Federal National Mortgage Association, Pool # FS3276, 4.50%, due 12/01/37 | &nbsp;&nbsp; 433749 |
| &nbsp;&nbsp; 271794 | Federal National Mortgage Association, Pool # FS3310, 4.50%, due 11/01/37 | &nbsp;&nbsp; 270560 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 912018 | Federal National Mortgage Association, Pool # FS3332, 5.50%, due 12/01/52 | &nbsp;&nbsp; 920306 |
| &nbsp;&nbsp; 531035 | Federal National Mortgage Association, Pool # FS3405, 5.50%, due 12/01/52 | &nbsp;&nbsp; 538637 |
| &nbsp;&nbsp; 845363 | Federal National Mortgage Association, Pool # FS3417, 5.00%, due 12/01/52 | &nbsp;&nbsp; 834999 |
| 1642907 | Federal National Mortgage Association, Pool # FS3560, 4.50%, due 04/01/53 | 1584726 |
| 1878413 | Federal National Mortgage Association, Pool # FS4223, 4.50%, due 05/01/47 | 1854919 |
| 1072005 | Federal National Mortgage Association, Pool # FS4312, 4.50%, due 03/01/53 | 1031649 |
| 1147921 | Federal National Mortgage Association, Pool # FS4758, 2.50%, due 01/01/36 | 1083768 |
| &nbsp;&nbsp; 817957 | Federal National Mortgage Association, Pool # FS5171, 3.00%, due 12/01/51 | &nbsp;&nbsp; 715726 |
| &nbsp;&nbsp; 348213 | Federal National Mortgage Association, Pool # FS5263, 4.50%, due 05/01/53 | &nbsp;&nbsp; 336141 |
| &nbsp;&nbsp; 293390 | Federal National Mortgage Association, Pool # FS5590, 5.50%, due 07/01/53 | &nbsp;&nbsp; 295535 |
| &nbsp;&nbsp; 867332 | Federal National Mortgage Association, Pool # FS5656, 5.50%, due 08/01/53 | &nbsp;&nbsp; 874327 |
| 1414984 | Federal National Mortgage Association, Pool # FS5871, 2.00%, due 07/01/51 | 1130015 |
| 1594129 | Federal National Mortgage Association, Pool # FS5912, 4.00%, due 05/01/52 | 1486564 |
| &nbsp;&nbsp; 413112 | Federal National Mortgage Association, Pool # FS6158, 4.00%, due 07/01/52 | &nbsp;&nbsp; 385470 |
| 1389712 | Federal National Mortgage Association, Pool # FS6255, 3.50%, due 08/01/52 | 1261989 |
| &nbsp;&nbsp; 393120 | Federal National Mortgage Association, Pool # FS6645, 3.00%, due 05/01/52 | &nbsp;&nbsp; 345354 |
| &nbsp;&nbsp; 689293 | Federal National Mortgage Association, Pool # FS7206, 5.50%, due 02/01/54 | &nbsp;&nbsp; 696511 |
| &nbsp;&nbsp; 611536 | Federal National Mortgage Association, Pool # FS7249, 4.50%, due 10/01/52 | &nbsp;&nbsp; 590334 |
| &nbsp;&nbsp; 898930 | Federal National Mortgage Association, Pool # FS7381, 3.50%, due 09/01/52 | &nbsp;&nbsp; 816014 |
| 1897880 | Federal National Mortgage Association, Pool # FS7404, 3.50%, due 01/01/48 | 1749774 |
| &nbsp;&nbsp; 617507 | Federal National Mortgage Association, Pool # FS7532, 5.50%, due 03/01/54 | &nbsp;&nbsp; 620994 |
| 2785477 | Federal National Mortgage Association, Pool # FS7948, 2.50%, due 04/01/52 | 2350742 |
| &nbsp;&nbsp; 984702 | Federal National Mortgage Association, Pool # FS8125, 5.50%, due 05/01/54 | &nbsp;&nbsp; 991818 |
| 1145780 | Federal National Mortgage Association, Pool # FS8422, 4.00%, due 09/01/53 | 1072843 |
| &nbsp;&nbsp; 595923 | Federal National Mortgage Association, Pool # FS9784, 5.50%, due 11/01/54 | &nbsp;&nbsp; 600710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60598 | Federal National Mortgage Association, Pool # MA2516, 3.00%, due 01/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 53902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92345 | Federal National Mortgage Association, Pool # MA2781, 2.50%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 78989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14474 | Federal National Mortgage Association, Pool # MA2835, 4.00%, due 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 13719 |
| 2204968 | Federal National Mortgage Association, Pool # MA2863, 3.00%, due 01/01/47 | 1956355 |
| &nbsp;&nbsp; 266979 | Federal National Mortgage Association, Pool # MA3058, 4.00%, due 07/01/47 | &nbsp;&nbsp; 252986 |
| &nbsp;&nbsp; 266892 | Federal National Mortgage Association, Pool # MA3076, 2.50%, due 07/01/32 | &nbsp;&nbsp; 256063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74685 | Federal National Mortgage Association, Pool # MA3087, 3.50%, due 08/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 68819 |
| &nbsp;&nbsp; 294588 | Federal National Mortgage Association, Pool # MA3114, 2.50%, due 08/01/32 | &nbsp;&nbsp; 283171 |
| &nbsp;&nbsp; 281732 | Federal National Mortgage Association, Pool # MA3124, 2.50%, due 09/01/32 | &nbsp;&nbsp; 270812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57282 | Federal National Mortgage Association, Pool # MA3155, 3.00%, due 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp; 55672 |
| 2857017 | Federal National Mortgage Association, Pool # MA3182, 3.50%, due 11/01/47 | 2628187 |
| 6033889 | Federal National Mortgage Association, Pool # MA3210, 3.50%, due 12/01/47 | 5542512 |
| &nbsp;&nbsp; 120114 | Federal National Mortgage Association, Pool # MA3211, 4.00%, due 12/01/47 | &nbsp;&nbsp; 114065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86217 | Federal National Mortgage Association, Pool # MA3238, 3.50%, due 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 79080 |
| &nbsp;&nbsp; 218278 | Federal National Mortgage Association, Pool # MA3332, 3.50%, due 04/01/48 | &nbsp;&nbsp; 199772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58170 | Federal National Mortgage Association, Pool # MA3364, 3.50%, due 05/01/33 | &nbsp;&nbsp;&nbsp;&nbsp; 57302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46345 | Federal National Mortgage Association, Pool # MA3385, 4.50%, due 06/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 45087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66729 | Federal National Mortgage Association, Pool # MA3442, 3.50%, due 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 60929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52355 | Federal National Mortgage Association, Pool # MA3521, 4.00%, due 11/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 49535 |
| &nbsp;&nbsp; 537060 | Federal National Mortgage Association, Pool # MA3871, 3.00%, due 12/01/49 | &nbsp;&nbsp; 470882 |
| 3470891 | Federal National Mortgage Association, Pool # MA3937, 3.00%, due 02/01/50 | 3042777 |
| &nbsp;&nbsp; 110808 | Federal National Mortgage Association, Pool # MA3960, 3.00%, due 03/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 96883 |
| &nbsp;&nbsp; 271071 | Federal National Mortgage Association, Pool # MA4014, 3.00%, due 05/01/35 | &nbsp;&nbsp; 259972 |
| &nbsp;&nbsp; 637749 | Federal National Mortgage Association, Pool # MA4018, 2.00%, due 05/01/50 | &nbsp;&nbsp; 510304 |

---

86See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 399441 | Federal National Mortgage Association, Pool # MA4048, 3.00%, due 06/01/50 | &nbsp;&nbsp; 350109 |
| &nbsp;&nbsp; 110654 | Federal National Mortgage Association, Pool # MA4120, 2.50%, due 09/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 92796 |
| 1417156 | Federal National Mortgage Association, Pool # MA4158, 2.00%, due 10/01/50 | 1131754 |
| &nbsp;&nbsp; 922016 | Federal National Mortgage Association, Pool # MA4159, 2.50%, due 10/01/50 | &nbsp;&nbsp; 769256 |
| &nbsp;&nbsp; 372314 | Federal National Mortgage Association, Pool # MA4181, 1.50%, due 11/01/50 | &nbsp;&nbsp; 280716 |
| &nbsp;&nbsp; 284342 | Federal National Mortgage Association, Pool # MA4204, 2.00%, due 12/01/40 | &nbsp;&nbsp; 246164 |
| &nbsp;&nbsp; 673136 | Federal National Mortgage Association, Pool # MA4208, 2.00%, due 12/01/50 | &nbsp;&nbsp; 537362 |
| 3175284 | Federal National Mortgage Association, Pool # MA4209, 1.50%, due 12/01/50 | 2392108 |
| &nbsp;&nbsp; 433806 | Federal National Mortgage Association, Pool # MA4232, 2.00%, due 01/01/41 | &nbsp;&nbsp; 374734 |
| &nbsp;&nbsp; 447633 | Federal National Mortgage Association, Pool # MA4236, 1.50%, due 01/01/51 | &nbsp;&nbsp; 337331 |
| 1596302 | Federal National Mortgage Association, Pool # MA4237, 2.00%, due 01/01/51 | 1273825 |
| &nbsp;&nbsp; 776729 | Federal National Mortgage Association, Pool # MA4238, 2.50%, due 01/01/51 | &nbsp;&nbsp; 649679 |
| &nbsp;&nbsp; 889703 | Federal National Mortgage Association, Pool # MA4254, 1.50%, due 02/01/51 | &nbsp;&nbsp; 670182 |
| 1798333 | Federal National Mortgage Association, Pool # MA4255, 2.00%, due 02/01/51 | 1433361 |
| &nbsp;&nbsp; 442753 | Federal National Mortgage Association, Pool # MA4268, 2.00%, due 02/01/41 | &nbsp;&nbsp; 382414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91119 | Federal National Mortgage Association, Pool # MA4281, 2.00%, due 03/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 72569 |
| &nbsp;&nbsp; 200847 | Federal National Mortgage Association, Pool # MA4305, 2.00%, due 04/01/51 | &nbsp;&nbsp; 159950 |
| 4679646 | Federal National Mortgage Association, Pool # MA4325, 2.00%, due 05/01/51 | 3726253 |
| 1341648 | Federal National Mortgage Association, Pool # MA4326, 2.50%, due 05/01/51 | 1118291 |
| &nbsp;&nbsp; 247611 | Federal National Mortgage Association, Pool # MA4333, 2.00%, due 05/01/41 | &nbsp;&nbsp; 213054 |
| &nbsp;&nbsp; 287663 | Federal National Mortgage Association, Pool # MA4356, 2.50%, due 06/01/51 | &nbsp;&nbsp; 240267 |
| &nbsp;&nbsp; 356962 | Federal National Mortgage Association, Pool # MA4380, 3.00%, due 07/01/51 | &nbsp;&nbsp; 311318 |
| &nbsp;&nbsp; 399291 | Federal National Mortgage Association, Pool # MA4399, 2.50%, due 08/01/51 | &nbsp;&nbsp; 332444 |
| &nbsp;&nbsp; 854937 | Federal National Mortgage Association, Pool # MA4549, 3.00%, due 02/01/52 | &nbsp;&nbsp; 741774 |
| 1277167 | Federal National Mortgage Association, Pool # MA4618, 4.00%, due 04/01/52 | 1188747 |
| 1103213 | Federal National Mortgage Association, Pool # MA4644, 4.00%, due 05/01/52 | 1028545 |
| 2275703 | Federal National Mortgage Association, Pool # MA4656, 4.50%, due 07/01/52 | 2181983 |
| &nbsp;&nbsp; 771664 | Federal National Mortgage Association, Pool # MA4686, 5.00%, due 06/01/52 | &nbsp;&nbsp; 760485 |
| 2912607 | Federal National Mortgage Association, Pool # MA4733, 4.50%, due 09/01/52 | 2792862 |
| &nbsp;&nbsp; 938869 | Federal National Mortgage Association, Pool # MA4761, 5.00%, due 09/01/52 | &nbsp;&nbsp; 925218 |
| 1789804 | Federal National Mortgage Association, Pool # MA4806, 5.00%, due 11/01/52 | 1766919 |
| 1570543 | Federal National Mortgage Association, Pool # MA4894, 6.00%, due 01/01/53 | 1601558 |
| 4006428 | Federal National Mortgage Association, Pool # MA4979, 5.50%, due 04/01/53 | 4015046 |
| &nbsp;&nbsp; 870925 | Federal National Mortgage Association, Pool # MA5010, 5.50%, due 05/01/53 | &nbsp;&nbsp; 872799 |
| &nbsp;&nbsp; 414274 | Federal National Mortgage Association, Pool # MA5139, 6.00%, due 09/01/53 | &nbsp;&nbsp; 421852 |
| &nbsp;&nbsp; 366969 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2011-59, Class NZ, 5.50%, due <br> 07/25/41<br>| &nbsp;&nbsp; 378248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2012-28, Class B, 6.50%, due <br> 06/25/39<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99201 | Government National Mortgage Association, Pool # 004636, 4.50%, due 02/20/40 | &nbsp;&nbsp;&nbsp;&nbsp; 98486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18739 | Government National Mortgage Association, Pool # 004678, 4.50%, due 04/20/40 | &nbsp;&nbsp;&nbsp;&nbsp; 18603 |
| &nbsp;&nbsp; 111353 | Government National Mortgage Association, Pool # 004833, 4.00%, due 10/20/40 | &nbsp;&nbsp; 106543 |
| &nbsp;&nbsp; 104900 | Government National Mortgage Association, Pool # 004977, 4.00%, due 03/20/41 | &nbsp;&nbsp; 100368 |
| &nbsp;&nbsp; 263466 | Government National Mortgage Association, Pool # 004978, 4.50%, due 03/20/41 | &nbsp;&nbsp; 261565 |
| &nbsp;&nbsp; 409054 | Government National Mortgage Association, Pool # 005055, 4.50%, due 05/20/41 | &nbsp;&nbsp; 406103 |
| &nbsp;&nbsp; 214122 | Government National Mortgage Association, Pool # 734152, 4.00%, due 01/15/41 | &nbsp;&nbsp; 203965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16099 | Government National Mortgage Association, Pool # 783637, 3.00%, due 06/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 14703 |
| 1398598 | Government National Mortgage Association, Pool # 784369, 4.00%, due 08/15/45 | 1328336 |
| &nbsp;&nbsp; 147428 | Government National Mortgage Association, Pool # 784605, 4.50%, due 01/15/42 | &nbsp;&nbsp; 144666 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| 2524137 | Government National Mortgage Association, Pool # 785283, 2.50%, due 01/20/51 | 2147578 |
| &nbsp;&nbsp; 355352 | Government National Mortgage Association, Pool # 796468, 4.00%, due 09/20/42 | &nbsp;&nbsp; 338241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82139 | Government National Mortgage Association, Pool # AL8626, 3.00%, due 08/15/45 | &nbsp;&nbsp;&nbsp;&nbsp; 73298 |
| &nbsp;&nbsp; 574967 | Government National Mortgage Association, Pool # AV9421, 3.50%, due 11/20/46 | &nbsp;&nbsp; 530426 |
| &nbsp;&nbsp; 307692 | Government National Mortgage Association, Pool # AY7555, 3.50%, due 04/20/47 | &nbsp;&nbsp; 283848 |
| &nbsp;&nbsp; 156215 | Government National Mortgage Association, Pool # MA0462, 3.50%, due 10/20/42 | &nbsp;&nbsp; 146240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23377 | Government National Mortgage Association, Pool # MA0624, 3.00%, due 12/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 21319 |
| &nbsp;&nbsp; 104326 | Government National Mortgage Association, Pool # MA0625, 3.50%, due 12/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 97653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59145 | Government National Mortgage Association, Pool # MA0698, 3.00%, due 01/20/43 | &nbsp;&nbsp;&nbsp;&nbsp; 53915 |
| &nbsp;&nbsp; 201018 | Government National Mortgage Association, Pool # MA0851, 3.00%, due 03/20/43 | &nbsp;&nbsp; 183158 |
| &nbsp;&nbsp; 161623 | Government National Mortgage Association, Pool # MA0852, 3.50%, due 03/20/43 | &nbsp;&nbsp; 151237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33801 | Government National Mortgage Association, Pool # MA1156, 3.00%, due 07/20/43 | &nbsp;&nbsp;&nbsp;&nbsp; 30714 |
| &nbsp;&nbsp; 110026 | Government National Mortgage Association, Pool # MA1376, 4.00%, due 10/20/43 | &nbsp;&nbsp; 105042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49687 | Government National Mortgage Association, Pool # MA1599, 3.00%, due 01/20/44 | &nbsp;&nbsp;&nbsp;&nbsp; 45170 |
| &nbsp;&nbsp; 101646 | Government National Mortgage Association, Pool # MA2371, 3.50%, due 11/20/44 | &nbsp;&nbsp;&nbsp;&nbsp; 94723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81694 | Government National Mortgage Association, Pool # MA2372, 4.00%, due 11/20/44 | &nbsp;&nbsp;&nbsp;&nbsp; 77658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73835 | Government National Mortgage Association, Pool # MA2825, 3.00%, due 05/20/45 | &nbsp;&nbsp;&nbsp;&nbsp; 66412 |
| &nbsp;&nbsp; 171227 | Government National Mortgage Association, Pool # MA3310, 3.50%, due 12/20/45 | &nbsp;&nbsp; 159238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69008 | Government National Mortgage Association, Pool # MA3377, 4.00%, due 01/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 65450 |
| &nbsp;&nbsp; 103206 | Government National Mortgage Association, Pool # MA3455, 4.00%, due 02/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 97917 |
| &nbsp;&nbsp; 194678 | Government National Mortgage Association, Pool # MA3456, 4.50%, due 02/20/46 | &nbsp;&nbsp; 190395 |
| &nbsp;&nbsp; 168315 | Government National Mortgage Association, Pool # MA3596, 3.00%, due 04/20/46 | &nbsp;&nbsp; 151252 |
| &nbsp;&nbsp; 322231 | Government National Mortgage Association, Pool # MA3803, 3.50%, due 07/20/46 | &nbsp;&nbsp; 299739 |
| &nbsp;&nbsp; 239172 | Government National Mortgage Association, Pool # MA3873, 3.00%, due 08/20/46 | &nbsp;&nbsp; 214863 |
| &nbsp;&nbsp; 112351 | Government National Mortgage Association, Pool # MA4004, 3.50%, due 10/20/46 | &nbsp;&nbsp; 104329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65659 | Government National Mortgage Association, Pool # MA4071, 4.50%, due 11/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 64296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58270 | Government National Mortgage Association, Pool # MA4125, 2.50%, due 12/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 50725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91442 | Government National Mortgage Association, Pool # MA4263, 4.00%, due 02/20/47 | &nbsp;&nbsp;&nbsp;&nbsp; 86214 |
| &nbsp;&nbsp; 144327 | Government National Mortgage Association, Pool # MA4585, 3.00%, due 07/20/47 | &nbsp;&nbsp; 129417 |
| &nbsp;&nbsp; 135532 | Government National Mortgage Association, Pool # MA4586, 3.50%, due 07/20/47 | &nbsp;&nbsp; 125321 |
| &nbsp;&nbsp; 345706 | Government National Mortgage Association, Pool # MA4720, 4.00%, due 09/20/47 | &nbsp;&nbsp; 326061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97945 | Government National Mortgage Association, Pool # MA4838, 4.00%, due 11/20/47 | &nbsp;&nbsp;&nbsp;&nbsp; 92379 |
| &nbsp;&nbsp; 395296 | Government National Mortgage Association, Pool # MA5019, 3.50%, due 02/20/48 | &nbsp;&nbsp; 365231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46022 | Government National Mortgage Association, Pool # MA5021, 4.50%, due 02/20/48 | &nbsp;&nbsp;&nbsp;&nbsp; 44952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16118 | Government National Mortgage Association, Pool # MA5079, 4.50%, due 03/20/48 | &nbsp;&nbsp;&nbsp;&nbsp; 15743 |
| &nbsp;&nbsp; 191333 | Government National Mortgage Association, Pool # MA5264, 4.00%, due 06/20/48 | &nbsp;&nbsp; 180457 |
| &nbsp;&nbsp; 109283 | Government National Mortgage Association, Pool # MA5397, 3.50%, due 08/20/48 | &nbsp;&nbsp; 100960 |
| &nbsp;&nbsp; 111652 | Government National Mortgage Association, Pool # MA5466, 4.00%, due 09/20/48 | &nbsp;&nbsp; 105305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90788 | Government National Mortgage Association, Pool # MA5467, 4.50%, due 09/20/48 | &nbsp;&nbsp;&nbsp;&nbsp; 88452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38837 | Government National Mortgage Association, Pool # MA5530, 5.00%, due 10/20/48 | &nbsp;&nbsp;&nbsp;&nbsp; 38867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66745 | Government National Mortgage Association, Pool # MA5762, 3.50%, due 02/20/49 | &nbsp;&nbsp;&nbsp;&nbsp; 61663 |
| 3679178 | Government National Mortgage Association, Pool # MA5764, 4.50%, due 02/20/49 | 3594947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61934 | Government National Mortgage Association, Pool # MA5817, 4.00%, due 03/20/49 | &nbsp;&nbsp;&nbsp;&nbsp; 58414 |
| &nbsp;&nbsp; 223161 | Government National Mortgage Association, Pool # MA5874, 3.00%, due 04/20/49 | &nbsp;&nbsp; 200372 |
| &nbsp;&nbsp; 858409 | Government National Mortgage Association, Pool # MA5876, 4.00%, due 04/20/49 | &nbsp;&nbsp; 815185 |
| &nbsp;&nbsp; 433972 | Government National Mortgage Association, Pool # MA6038, 3.00%, due 07/20/49 | &nbsp;&nbsp; 387556 |
| 3601808 | Government National Mortgage Association, Pool # MA6090, 3.50%, due 08/20/49 | 3296989 |
| &nbsp;&nbsp; 156763 | Government National Mortgage Association, Pool # MA6338, 3.00%, due 12/20/49 | &nbsp;&nbsp; 139352 |
| &nbsp;&nbsp; 363459 | Government National Mortgage Association, Pool # MA6409, 3.00%, due 01/20/50 | &nbsp;&nbsp; 323342 |

---

88See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 71682 | Government National Mortgage Association, Pool # MA6476, 4.00%, due 02/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67448 |
| 1974841 | Government National Mortgage Association, Pool # MA6540, 2.50%, due 03/20/50 | &nbsp;&nbsp;&nbsp;&nbsp; 1679907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46571 | Government National Mortgage Association, Pool # MA6865, 2.50%, due 09/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39662 |
| 5123969 | Government National Mortgage Association, Pool # MA6930, 2.00%, due 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp; 4177366 |
| &nbsp;&nbsp; 213034 | Government National Mortgage Association, Pool # MA6931, 2.50%, due 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181426 |
| &nbsp;&nbsp; 162332 | Government National Mortgage Association, Pool # MA6995, 2.50%, due 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138295 |
| 2926692 | Government National Mortgage Association, Pool # MA7589, 2.50%, due 09/20/51 | &nbsp;&nbsp;&nbsp;&nbsp; 2489574 |
| 3991404 | Government National Mortgage Association, Pool # MA7880, 2.00%, due 02/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 3254368 |
| 2309973 | Government National Mortgage Association, Pool # MA7883, 3.50%, due 02/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 2110884 |
| 1631562 | Government National Mortgage Association, Pool # MA7938, 3.50%, due 03/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1489686 |
| &nbsp;&nbsp; 847488 | Government National Mortgage Association, Pool # MA7939, 4.00%, due 03/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792215 |
| 2733973 | Government National Mortgage Association, Pool # MA8044, 3.50%, due 05/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 2495385 |
| 1616409 | Government National Mortgage Association, Pool # MA8150, 4.00%, due 07/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1511147 |
| 2468809 | Government National Mortgage Association, Pool # MA8267, 4.00%, due 09/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 2308669 |
| 1487372 | Government National Mortgage Association, Pool # MA8429, 5.50%, due 11/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1504232 |
| 2768291 | Government National Mortgage Association, Pool # MA8642, 2.50%, due 02/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 2374530 |
| &nbsp;&nbsp; 909385 | Government National Mortgage Association, Pool # MA8725, 5.00%, due 03/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 898488 |
| 2014856 | Government National Mortgage Association, Pool # MA9782, 7.00%, due 07/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 2082461 |
| 1000000 | Government National Mortgage Association, TBA, 6.00%, due 07/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1014920 |
| &nbsp;&nbsp; 500000 | Uniform Mortgage-Backed Security, TBA, 4.00%, due 07/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464981 |
| &nbsp;&nbsp; 500000 | Uniform Mortgage-Backed Security, TBA, 5.00%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489755 |
|  |  | 401439718 |
|  | **Municipal Obligations — 0.7%** | **Municipal Obligations — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Alabama Economic Settlement Authority, 4.26%, due 09/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59126 |
| &nbsp;&nbsp; 355000 | Bay Area Toll Authority, 6.26%, due 04/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373749 |
| 1525000 | California Health Facilities Financing Authority, 4.19%, due 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp; 1429156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 | District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76855 |
| 1055000 | Empire State Development Corp., 5.77%, due 03/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 1089047 |
| &nbsp;&nbsp; 257000 | Golden State Tobacco Securitization Corp., 4.21%, due 06/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185326 |
| &nbsp;&nbsp; 735053 | &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development <br> Authority, 3.62%, due 02/01/29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730235 |
| &nbsp;&nbsp; 280000 | Maryland Economic Development Corp., 5.43%, due 05/31/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266896 |
| &nbsp;&nbsp; 338000 | Municipal Electric Authority of Georgia, 6.64%, due 04/01/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365368 |
| &nbsp;&nbsp; 885000 | State of California, 7.50%, due 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1027665 |
| &nbsp;&nbsp; 655000 | State of California, 7.55%, due 04/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785784 |
| &nbsp;&nbsp; 935000 | State of Connecticut, 3.98%, due 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934070 |
| 1690000 | University of Michigan, 4.45%, due 04/01/22<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1327783 |
| &nbsp;&nbsp; 940000 | University of Virginia, 2.26%, due 09/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536057 |
| &nbsp;&nbsp; 595000 | University of Virginia, 2.58%, due 11/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360813 |
| &nbsp;&nbsp; 185000 | University of Virginia, 4.18%, due 09/01/17<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138200 |
|  |  | &nbsp;&nbsp;&nbsp; 9686130 |
|  | **Sovereign Debt Obligations — 0.4%** | **Sovereign Debt Obligations — 0.4%** |
| &nbsp;&nbsp; 200000 | Bermuda Government International Bonds, 2.38%, due 08/20/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178460 |
| &nbsp;&nbsp; 800000 | Cassa Depositi e Prestiti SpA, 5.88%, due 04/30/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837428 |
| &nbsp;&nbsp; 560000 | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558936 |
| &nbsp;&nbsp; 535000 | Hungary Government International Bonds, 5.38%, due 09/26/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540549 |
| &nbsp;&nbsp; 999000 | Israel Government International Bonds, 5.38%, due 02/19/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1019308 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 695000 | Mexico Government International Bonds, 6.88%, due 05/13/37 | &nbsp;&nbsp;&nbsp;&nbsp; 726570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Mexico Government International Bonds, 6.75%, due 09/27/34 | &nbsp;&nbsp;&nbsp;&nbsp; 319200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340000 | Province of Alberta, 1.30%, due 07/22/30 | &nbsp;&nbsp;&nbsp;&nbsp; 298458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 175000 | Province of Alberta, 3.30%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 172547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Province of Manitoba, 2.13%, due 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 220000 | Province of Quebec, 2.75%, due 04/12/27 | &nbsp;&nbsp;&nbsp;&nbsp; 215774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Serbia International Bonds, 6.25%, due 05/26/28<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 413883 |
|  |  | 5379235 |
|  | **U.S. Government and Agency Obligations — 18.3%** | **U.S. Government and Agency Obligations — 18.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Federal National Mortgage Association, 0.88%, due 08/05/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310000 | Federal National Mortgage Association, 4.41%, due 03/17/31<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 245077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 545000 | Federal National Mortgage Association, 6.63%, due 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 616907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000 | Tennessee Valley Authority, 1.50%, due 09/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 128956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 910000 | Tennessee Valley Authority, 5.25%, due 02/01/55 | &nbsp;&nbsp;&nbsp;&nbsp; 889593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Tennessee Valley Authority, 7.13%, due 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | Tennessee Valley Authority Generic STRIPS, 4.78%, due 07/15/34<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63699 |
| 10753000 | U.S. Treasury Bonds, 1.38%, due 08/15/50 | &nbsp;&nbsp; 5305093 |
| &nbsp;&nbsp; 2089000 | U.S. Treasury Bonds, 1.63%, due 11/15/50 | &nbsp;&nbsp; 1101213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 635000 | U.S. Treasury Bonds, 2.00%, due 02/15/50 | &nbsp;&nbsp;&nbsp;&nbsp; 373112 |
| &nbsp;&nbsp; 2240000 | U.S. Treasury Bonds, 2.38%, due 11/15/49 | &nbsp;&nbsp; 1441388 |
| 18915000 | U.S. Treasury Bonds, 2.38%, due 05/15/51<sup>(k)</sup> <br>| 11999942 |
| 16490000 | U.S. Treasury Bonds, 3.00%, due 02/15/49<sup>(l)(m)</sup> <br>| 12154934 |
| &nbsp;&nbsp; 5700000 | U.S. Treasury Bonds, 3.25%, due 05/15/42 | &nbsp;&nbsp; 4717418 |
| &nbsp;&nbsp; 2726000 | U.S. Treasury Bonds, 3.38%, due 11/15/48 | &nbsp;&nbsp; 2157267 |
| &nbsp;&nbsp; 9905000 | U.S. Treasury Bonds, 3.63%, due 08/15/43 | &nbsp;&nbsp; 8524491 |
| &nbsp;&nbsp; 8130000 | U.S. Treasury Bonds, 4.00%, due 11/15/42 | &nbsp;&nbsp; 7419578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 930000 | U.S. Treasury Bonds, 4.00%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 813641 |
| 13341000 | U.S. Treasury Bonds, 4.25%, due 02/15/54 | 12173663 |
| &nbsp;&nbsp; 6893000 | U.S. Treasury Bonds, 4.25%, due 08/15/54 | &nbsp;&nbsp; 6296863 |
| 18111000 | U.S. Treasury Bonds, 4.50%, due 02/15/44 | 17505413 |
| 10462000 | U.S. Treasury Bonds, 4.63%, due 05/15/44 | 10262977 |
| &nbsp;&nbsp; 7105000 | U.S. Treasury Bonds, 4.63%, due 11/15/44 | &nbsp;&nbsp; 6957349 |
| 13363000 | U.S. Treasury Bonds, 4.63%, due 02/15/55 | 13012221 |
| &nbsp;&nbsp; 4221000 | U.S. Treasury Bonds, 4.75%, due 11/15/43 | &nbsp;&nbsp; 4217867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 105000 | U.S. Treasury Bonds, 4.75%, due 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp; 104081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 120000 | U.S. Treasury Bonds, 4.75%, due 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp; 119344 |
| &nbsp;&nbsp; 3751000 | U.S. Treasury Bonds, 5.00%, due 05/15/45 | &nbsp;&nbsp; 3853859 |
| &nbsp;&nbsp; 2904858 | U.S. Treasury Inflation-Indexed Notes, 0.13%, due 01/15/30 | &nbsp;&nbsp; 2742231 |
| &nbsp;&nbsp; 2155000 | U.S. Treasury Notes, 0.50%, due 04/30/27 | &nbsp;&nbsp; 2032350 |
| &nbsp;&nbsp; 1955000 | U.S. Treasury Notes, 3.75%, due 04/30/27 | &nbsp;&nbsp; 1955000 |
| &nbsp;&nbsp; 1200000 | U.S. Treasury Notes, 3.88%, due 05/31/27 | &nbsp;&nbsp; 1202906 |
| &nbsp;&nbsp; 5750000 | U.S. Treasury Notes, 3.88%, due 03/15/28 | &nbsp;&nbsp; 5778525 |
| &nbsp;&nbsp; 1915000 | U.S. Treasury Notes, 3.88%, due 06/15/28 | &nbsp;&nbsp; 1925248 |
| 12002000 | U.S. Treasury Notes, 3.88%, due 06/30/30 | 12048414 |
| 18277000 | U.S. Treasury Notes, 4.00%, due 02/28/30 | 18459056 |
| 23639000 | U.S. Treasury Notes, 4.00%, due 06/30/32 | 23659315 |
| 12296000 | U.S. Treasury Notes, 4.13%, due 02/28/27 | 12361803 |
| &nbsp;&nbsp; 7586000 | U.S. Treasury Notes, 4.25%, due 11/15/34 | &nbsp;&nbsp; 7613262 |

---

90See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** | **U.S. Government and Agency Obligations — continued** |
| 14939000 | U.S. Treasury Notes, 4.25%, due 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14963509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 995000 | U.S. Treasury Notes, 4.63%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011635 |
| &nbsp;&nbsp; 2395000 | U.S. Treasury STRIPS Coupon, 2.66%, due 08/15/44<sup>(j)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919394 |
| &nbsp;&nbsp; 3500000 | U.S. Treasury STRIPS Coupon, 2.67%, due 02/15/43<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1458566 |
| &nbsp;&nbsp; 7055000 | U.S. Treasury STRIPS Coupon, 3.37%, due 11/15/41<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3161242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 345000 | U.S. Treasury STRIPS Coupon, 4.37%, due 08/15/43<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | U.S. Treasury STRIPS Coupon, 4.72%, due 02/15/40<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49543 |
| &nbsp;&nbsp; 2690000 | U.S. Treasury STRIPS Coupon, 4.84%, due 02/15/42<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1187075 |
|  |  | &nbsp;&nbsp; 245257963 |
|  | TOTAL DEBT OBLIGATIONS (COST $1,348,407,496) | 1319846386 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** |
|  | **Industrial — 0.0%** | **Industrial — 0.0%** |
| 924 | Altera Infrastructure LP/Teekay Offshore Finance Corp.\* | 24486 |
|  | TOTAL COMMON STOCK (COST $234,312) | 24486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.7%** | **SHORT-TERM INVESTMENT — 0.7%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.7%** | **Mutual Fund - Securities Lending Collateral — 0.7%** |
| 9879095 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.35%<sup>(n)(o)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9879095 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $9,879,095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9879095 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE TBA SALE** <br> **COMMITMENTS — 99.0%** <br>(Cost $1,358,520,903)<br>| &nbsp;&nbsp; 1329749967 |
|  | **TBA SALE COMMITMENTS — (0.7)%** | **TBA SALE COMMITMENTS — (0.7)%** |
| (3000000) | Uniform Mortgage-Backed Security, TBA, 2.00%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2376506) |
| (3000000) | Uniform Mortgage-Backed Security, TBA, 2.50%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2488318) |
| (1500000) | Uniform Mortgage-Backed Security, TBA, 4.00%, due 07/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1394942) |
| &nbsp;&nbsp; (500000) | Uniform Mortgage-Backed Security, TBA, 4.00%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (464883) |
| (1500000) | Uniform Mortgage-Backed Security, TBA, 4.50%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1434281) |
| (1500000) | Uniform Mortgage-Backed Security, TBA, 6.00%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1522954) |
|  | TOTAL TBA SALE COMMITMENTS (PROCEEDS $9,621,279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9681884) |
|  | **TOTAL INVESTMENTS NET OF TBA SALE** <br> **COMMITMENTS — 98.3%** <br>(Cost $1,348,899,624)<br>| &nbsp;&nbsp; 1320068083 |
|  | Other Assets and Liabilities (net) — 1.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23392053 |
|  | **NET ASSETS — 100.0%** | **$1343460136** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | **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, 2025. |
| (c) | Step coupon security that pays an initial coupon rate for the first period and then a lower/higher <br> coupon rate for the following periods. Rate shown is current coupon rate.<br>|
| (d) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as <br> of period end.<br>|
| (e) | All or a portion of this security is out on loan. |
| (f) | Security is perpetual and has no stated maturity date. |
| (g) | Year of maturity is greater than 2100. |
| (h) | When-issued security. |
| (i) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|
| (j) | Interest rate presented is yield to maturity. |
| (k) | All or a portion of this security is pledged for open futures collateral. |
| (l) | All or a portion of this security is pledged for open forward foreign currency contracts collateral. |
| (m) | All or a portion of this security is pledged for open centrally cleared swaps collateral. |
| (n) | The rate disclosed is the 7-day net yield as of June 30, 2025. |
| (o) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $264,176,401 which represents 19.7% of <br> net assets.<br>|

---

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement <br>Date<br>| Counterparty | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| EUR | 510422 | &nbsp;&nbsp; USD | 580481 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; $18678 |
| EUR | 24414774 | &nbsp;&nbsp; USD | 28332696 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 326573 |
| EUR | 3396420 | &nbsp;&nbsp; USD | 3966836 | 08/04/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 28748 |
| USD | 28305841 | &nbsp;&nbsp; EUR | 24925196 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (952587)<br>|
| USD | 28395022 | &nbsp;&nbsp; EUR | 24414774 | 08/04/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (326774)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(905362)<br>|

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 144 | U.S. Treasury Note 10-Year | Sep 2025 | &nbsp;&nbsp; $16146000 | &nbsp;&nbsp; $221306 |
| 31 | U.S. Treasury Note 2-Year | Sep 2025 | &nbsp;&nbsp; 6448727 | &nbsp;&nbsp; 24165 |

---

92See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

**Futures Contracts—continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of<br> Contracts<br>| Description | Expiration Date | Notional<br> Value<br>| Market Value/<br> Unrealized<br> Appreciation<br> (Depreciation)<br>|
| 323 | U.S. Treasury Note 5-Year | Sep 2025 | &nbsp;&nbsp; $35207000 | &nbsp;&nbsp; $261534 |
| 76 | U.S. Ultra 10-Year | Sep 2025 | &nbsp;&nbsp; 8684187 | &nbsp;&nbsp; 166455 |
|  |  |  |  | &nbsp;&nbsp; $673460 |
| Sales |  |  |  |  |
| 28 | U.S. Long Bond | Sep 2025 | &nbsp;&nbsp; $3233125 | &nbsp;&nbsp; $(45541)<br>|
| 32 | U.S. Ultra Bond | Sep 2025 | &nbsp;&nbsp; 3812000 | &nbsp;&nbsp; (94049)<br>|
|  |  |  |  | &nbsp;&nbsp; $(139590)<br>|

---

**Written Options**

**Written Exchange-Traded Options** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Type of Contract | Number of <br>Contracts<br>| Notional <br>Value<br>| Premiums <br>Received<br>| Value at <br>June 30, 2025<br>|
| &nbsp;&nbsp;&nbsp; PUT - 3-Month SOFR Futures Option <br>Strike @ $96.25 <br>Expires 12/12/2025<br>| 33 | $79468 | $(21321) | $(14025) |
| &nbsp;&nbsp;&nbsp; CALL - 3-Month SOFR Futures Option <br>Strike @ $96.25 <br>Expires 12/12/2025<br>| 33 | 79468 | (32009) | (20625) |
| Total Written Exchange-Traded Options |  |  | $(53330) | $(34650) |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments <br>Received <br>by Fund<br>| Payment <br>Frequency<br>| Payments <br>Made <br>by Fund<br>| Payment <br>Frequency<br>| Maturity <br>Date<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Notional <br>Value | Notional <br>Value | Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| SOFR | Annual | 4.81% | Annual | 08/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; $— | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11925000 | &nbsp;&nbsp;&nbsp;&nbsp; $(5935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5935)<br>|
| SOFR | Annual | 4.70% | Annual | 09/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; 153 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; (9376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9529)<br>|
| SOFR | Annual | 4.67% | Annual | 05/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; — | USD | &nbsp;&nbsp;&nbsp;&nbsp; 10955000 | &nbsp;&nbsp;&nbsp;&nbsp; (67482)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67482)<br>|
| SOFR | Annual | 4.25% | Annual | 05/13/29 | &nbsp;&nbsp;&nbsp;&nbsp; (9824)<br>| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9240000 | &nbsp;&nbsp;&nbsp;&nbsp; (285165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (275341)<br>|
| SOFR | Annual | 1.35% | Annual | 05/11/54 | &nbsp;&nbsp;&nbsp;&nbsp; 515808 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 502573 | &nbsp;&nbsp;&nbsp;&nbsp; (13235)<br>|
| 4.50% | Annual | SOFR | Annual | 05/13/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5534 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 14850000 | &nbsp;&nbsp;&nbsp;&nbsp; 258865 | &nbsp;&nbsp;&nbsp;&nbsp; 253331 |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(118191)<br>|

---

**Centrally Cleared Credit Default Swaps**

**Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable on Default | Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Value |
| 37034000 | USD | 06/20/30 | (1.00%) | Quarterly | CDX.NA.IG.S44\*\* | $(69565)<br>| $(744679)<br>| $(814244)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (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.NA.IG — Markit North America Investment Grade CDS Index. Represents an index of one hundred twenty five (125) of the most liquid North American entities with investment grade credit ratings that trade in the CDS market. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** | **Currency Abbreviations** |
| EUR |  | Euro |
| USD |  | U.S. Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| CLO |  | Collateralized Loan Obligation |
| CMT |  | Constant Maturity Treasury Index |
| EURIBOR |  | Euro Interbank Offered Rate |
| ICE |  | Intercontinental Exchange |
| RFUCC |  | Refinitiv USD IBOR Consumer Cash Fallbacks |
| SOFR |  | Secured Overnight Financing Rate |
| STACR |  | Structured Agency Credit Risk |
| STRIPS |  | Separate Trading of Registered Interest and Principal of Securities |
| TBA |  | To Be Announced |

---

94See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Debt Obligations | &nbsp;&nbsp; 98.2 |
| Futures Contracts | &nbsp;&nbsp;&nbsp; 0.0\* |
| Equities | &nbsp;&nbsp;&nbsp; 0.0\* |
| Written Options | &nbsp;&nbsp; (0.0)\* |
| Swaps | &nbsp;&nbsp; (0.0)\* |
| TBA Sale Commitments | &nbsp;&nbsp; (0.7) |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; (1.8) |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.7 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 3.6 |
|  | 100.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *Amount rounds to zero.*

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 98.1%** | **DEBT OBLIGATIONS — 98.1%** |
|  | **Asset Backed Securities — 7.4%** | **Asset Backed Securities — 7.4%** |
| &nbsp;&nbsp; 485930 | &nbsp;&nbsp;&nbsp; Aegis Asset-Backed Securities Trust, Series 2005-5, Class M1, 5.08% (1 mo. USD Term <br> SOFR + 0.76%), due 12/25/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 457063 |
| 1650000 | Affirm Asset Securitization Trust, Series 2024-A, Class E, 9.17%, due 02/15/29 144A | 1668203 |
| 1900000 | Affirm Asset Securitization Trust, Series 2024-B, Class E, 7.35%, due 09/15/29 144A | 1898491 |
| 1800000 | Affirm Master Trust, Series 2025-2A, Class A, 4.67%, due 07/15/33 144A | 1806674 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; AGL CLO 24 Ltd., Series 2023-24A, Class ER, 11.17% (3 mo. USD Term SOFR + <br> 6.84%), due 03/31/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 505249 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; AGL CLO 25 Ltd., Series 2023-25A, Class D1R, 7.22% (3 mo. USD Term SOFR + <br> 2.90%), due 07/21/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 301125 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; AIMCO CLO 15 Ltd., Series 2021-15A, Class ER, 8.88% (3 mo. USD Term SOFR + <br> 4.60%), due 04/17/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 249017 |
| 1575000 | &nbsp;&nbsp;&nbsp; AIMCO CLO 24 Ltd., Series 2025-24A, Class E, 10.40% (3 mo. USD Term SOFR + <br> 6.10%), due 04/19/38<sup>(b)</sup> 144A<br>| 1585822 |
| 1620000 | AIMCO CLO 24 Ltd., Series 2025-24A, Class SUB, due 04/19/38<sup>(c)</sup> 144A | 1321188 |
| &nbsp;&nbsp; 340000 | AMSR Trust, Series 2025-SFR1, Class F2, 3.66%, due 06/17/42 144A | &nbsp;&nbsp; 283296 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables XV LLC, Series 2025-1A, Class E, 8.35%, due <br> 01/20/34 144A<br>| &nbsp;&nbsp; 516474 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 15 Ltd., Series 2020-15A, Class ER2, 10.26% (3 mo. USD <br> Term SOFR + 6.05%), due 07/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 251250 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 26 Ltd., Series 2023-26A, Class ER, 10.54% (3 mo. USD Term <br> SOFR + 6.25%), due 03/19/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 250926 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 32 Ltd., Series 2025-32A, Class E, 11.28% (3 mo. USD Term <br> SOFR + 7.00%), due 07/15/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 250847 |
| 1870000 | &nbsp;&nbsp;&nbsp; Apidos CLO XLV Ltd., Series 2023-45A, Class ER (3 mo. USD Term SOFR + 5.15%), <br> due 07/26/38<sup>(b)(d)</sup> 144A<br>| 1879350 |
| &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE5, Class M1, <br> 2.91% (1 mo. USD Term SOFR + 0.53%), due 07/25/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 699282 |
| &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class D, 7.31%, due <br> 06/20/29 144A<br>| &nbsp;&nbsp; 860603 |
| &nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2023-6A, Class D, 7.37%, due <br> 12/20/29 144A<br>| &nbsp;&nbsp; 911344 |
| 2160000 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2023-8A, Class D, 7.52%, due <br> 02/20/30 144A<br>| 2182999 |
| 1500000 | &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1R (3 mo. USD Term SOFR + <br> 1.15%), due 04/22/35<sup>(b)(d)</sup> 144A<br>| 1501125 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., Series 2022-1A, Class ER, 10.90% (3 mo. USD Term <br> SOFR + 6.63%), due 04/20/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 505396 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., Series 2023-1A, Class D1RR (3 mo. USD Term SOFR <br> + 2.90%), due 04/20/36<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 301125 |
| 2020000 | &nbsp;&nbsp;&nbsp; Ballyrock CLO 29 Ltd., Series 2025-29A, Class D (3 mo. USD Term SOFR + 5.15%), <br> due 07/25/38<sup>(b)(d)</sup> 144A<br>| 2027575 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2023-1A, Class ER, 11.03% (3 mo. USD Term SOFR + <br> 6.70%), due 04/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 254204 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; BCC Middle Market CLO LLC, Series 2025-1A, Class D1 (3 mo. USD Term SOFR + <br> 3.50%), due 07/17/37<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 301125 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class E (3 mo. USD Term SOFR <br> + 4.90%), due 07/25/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 251250 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XL Ltd., Series 2025-40A, Class E (3 mo. USD Term <br> SOFR + 5.25%), due 07/25/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 251595 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Brant Point CLO Ltd., Series 2025-7A, Class D1 (3 mo. USD Term SOFR + 3.20%), <br> due 07/25/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 451688 |

---

96See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1700000 | &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class C, 5.17%, due <br> 03/17/31<br>| 1717780 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Brightwood Capital MM CLO Ltd., Series 2019-1A, Class DR, 9.05% (3 mo. USD Term <br> SOFR + 4.79%), due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 501328 |
| 2000000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2017-2A, Class ER2, 11.83% (3 mo. USD Term SOFR + <br> 7.56%), due 07/20/37<sup>(b)</sup> 144A<br>| 2034276 |
| 1475000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2019-4A, Class A2R, 6.01% (3 mo. USD Term SOFR + <br> 1.75%), due 04/15/35<sup>(b)</sup> 144A<br>| 1476209 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2021-8A, Class B, 6.17% (3 mo. USD Term SOFR + <br> 1.91%), due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 510629 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2023-1A, Class D1R (3 mo. USD Term SOFR + 2.85%), <br> due 07/20/37<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 702625 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2023-1A, Class E, 12.73% (3 mo. USD Term SOFR + <br> 8.46%), due 07/20/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 250013 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2023-1A, Class ER (3 mo. USD Term SOFR + 5.75%), <br> due 07/20/37<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 251250 |
| 1000000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2025-2A, Class E, 11.05% (3 mo. USD Term SOFR + <br> 6.75%), due 07/25/38<sup>(b)</sup> 144A<br>| 1006805 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2025-3A, Class E, 9.51% (3 mo. USD Term SOFR + <br> 5.25%), due 07/25/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 251595 |
| 1025000 | Chase Auto Credit Linked Notes, Series 2025-1, Class E, 6.02%, due 02/25/33 144A | 1028415 |
| &nbsp;&nbsp; 795000 | Chase Auto Credit Linked Notes, Series 2025-1, Class F, 7.00%, due 02/25/33 144A | &nbsp;&nbsp; 799270 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2018-4A, Class ER, 9.12% (3 mo. USD Term SOFR + <br> 4.85%), due 01/17/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 248568 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2019-4A, Class C1R2 (3 mo. USD Term SOFR + 2.85%), <br> due 07/15/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 250625 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2019-4A, Class DR2 (3 mo. USD Term SOFR + 5.25%), due <br> 07/15/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 250938 |
| &nbsp;&nbsp; 300000 | CIFC Funding Ltd., Series 2025-3A, Class SUB, due 07/21/38<sup>(c)</sup> 144A | &nbsp;&nbsp; 261061 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust, Series 2025-B, Class B, 4.79%, due 11/15/29 <br> 144A<br>| &nbsp;&nbsp; 501155 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust, Series 2025-B, Class C, 5.12%, due 07/15/31 <br> 144A<br>| &nbsp;&nbsp; 503910 |
| 1000000 | &nbsp;&nbsp;&nbsp; CTM CLO Ltd., Series 2025-1A, Class E (3 mo. USD Term SOFR + 6.75%), due <br> 07/15/38<sup>(b)(d)</sup> 144A<br>| 1005000 |
| &nbsp;&nbsp; 250000 | Diameter Capital CLO 3 Ltd., Series 2022-3A, Class SUB, due 04/15/22<sup>(c)(e)</sup> 144A | &nbsp;&nbsp; 212622 |
| 5650000 | Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.73%, due 09/15/32 | 5676098 |
| &nbsp;&nbsp; 800000 | Elmwood CLO 15 Ltd., 0.01%, due 06/22/35 | &nbsp;&nbsp; 800000 |
| &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 42 Ltd., Series 2025-5A, Class D, 7.53% (3 mo. USD Term SOFR + <br> 3.25%), due 03/31/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 756502 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 42 Ltd., Series 2025-5A, Class E, 10.78% (3 mo. USD Term SOFR + <br> 6.50%), due 03/31/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 257336 |
| &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 43 Ltd., Series 2025-6A, Class E (3 mo. USD Term SOFR + 5.00%), <br> due 07/20/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 432150 |
| &nbsp;&nbsp; 266000 | Elmwood CLO XI Ltd., Series 2021-4A, Class SUB, due 10/20/34<sup>(c)</sup> 144A | &nbsp;&nbsp; 233989 |
| 1000000 | &nbsp;&nbsp;&nbsp; Elmwood CLO XII Ltd., Series 2021-5A, Class D1R, 7.36% (3 mo. USD Term SOFR + <br> 3.10%), due 10/15/37<sup>(b)</sup> 144A<br>| 1007953 |
| 5000000 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3, 4.78%, due 07/16/29 | 5026785 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Flatiron CLO 23 LLC, Series 2023-1A, Class ER, 9.26% (3 mo. USD Term SOFR + <br> 4.95%), due 04/17/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 251249 |
| 1250000 | &nbsp;&nbsp;&nbsp; Fortress Credit Opportunities XXIX CLO Ltd., Series 2025-29A, Class D, 7.82% (3 mo. <br> USD Term SOFR + 3.50%), due 04/20/33<sup>(b)</sup> 144A<br>| 1248182 |
| &nbsp;&nbsp; 500000 | Foundation Finance Trust, Series 2025-2A, Class A, 4.67%, due 04/15/52<sup>(d)</sup> 144A | &nbsp;&nbsp; 499898 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Garnet CLO Ltd., Series 2025-1A, Class E (3 mo. USD Term SOFR + 6.25%), due <br> 07/20/37<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 327073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Generate CLO 17 Ltd., Series 2024-17A, Class E, 10.42% (3 mo. USD Term SOFR + <br> 6.15%), due 10/22/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 252199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Generate CLO 21 Ltd., Series 2025-21A, Class D1 (3 mo. USD Term SOFR + 3.10%), <br> due 07/25/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 803000 |
| &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2025-2A, Class A2, 4.75%, due 03/15/28 <br> 144A<br>| 4804357 |
| &nbsp;&nbsp; 2100000 | GLS Auto Receivables Issuer Trust, Series 2025-2A, Class E, 7.73%, due 06/15/32 144A | 2164746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; GLS Auto Select Receivables Trust, Series 2025-3A, Class A2, 4.46%, due 10/15/30<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 499995 |
| &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, Series 2025-FL4, Class A, 5.79% (1 mo. USD Term SOFR <br> + 1.48%), due 01/15/43<sup>(b)</sup> 144A<br>| 6007705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29952 | &nbsp;&nbsp;&nbsp; GSAA Home Equity Trust, Series 2007-7, Class A4, 4.97% (1 mo. USD Term SOFR + <br> 0.65%), due 07/25/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28868 |
| &nbsp;&nbsp; 2640000 | Hertz Vehicle Financing III LLC, Series 2025-3A, Class D, 8.55%, due 12/26/29 144A | 2658121 |
| &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp; KKR CLO 57 Ltd., Series 2025-57A, Class E (3 mo. USD Term SOFR + 5.75%), due <br> 07/15/38<sup>(b)(d)</sup> 144A<br>| 1328420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 668280 | &nbsp;&nbsp;&nbsp; KREF Ltd., Series 2022-FL3, Class A, 5.77% (1 mo. USD Term SOFR + 1.45%), due <br> 02/17/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 669515 |
| &nbsp;&nbsp; 1340649 | Lendbuzz Securitization Trust, Series 2023-2A, Class A2, 7.09%, due 10/16/28 144A | 1363334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 775000 | Lendmark Funding Trust, Series 2025-1A, Class E, 8.91%, due 09/20/34 144A | &nbsp;&nbsp; 802841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 121277 | &nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, Series 2005-1, Class M4, 5.71% (1 mo. USD Term <br> SOFR + 1.39%), due 02/25/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 119332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Madison Park Funding LXIII Ltd., Series 2023-63A, Class ER, 10.32% (3 mo. USD <br> Term SOFR + 6.00%), due 07/21/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 251158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Madison Park Funding LXV Ltd., Series 2025-65A, Class D1 (3 mo. USD Term SOFR <br> + 2.80%), due 07/16/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 501875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Madison Park Funding LXV Ltd., Series 2025-65A, Class E (3 mo. USD Term SOFR + <br> 5.00%), due 07/16/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 251250 |
| &nbsp;&nbsp; 2030000 | &nbsp;&nbsp;&nbsp; Madison Park Funding LXXII Ltd., Series 2025-72A, Class SUB, due 07/23/38<sup>(c)(d)</sup> <br> 144A<br>| 2030000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Madison Park Funding XLVI Ltd., Series 2020-46A, Class ERR, 9.51% (3 mo. USD <br> Term SOFR + 5.25%), due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 246940 |
| 11453250 | &nbsp;&nbsp;&nbsp; Madison Park Funding XVII Ltd., Series 2015-17A, Class SUB, 12.90%, due 07/21/45<sup>(c)</sup> <br> 144A<br>| 1768210 |
| &nbsp;&nbsp; 1190000 | Madison Park Funding XVII Ltd., Series 2015-17X, Class SUB, due 07/21/30<sup>(c)(f)</sup> <br>| &nbsp;&nbsp; 183718 |
| &nbsp;&nbsp; 1690000 | Madison Park Funding XXII Ltd., Series 2016-22A, Class SUB, due 01/15/33<sup>(c)</sup> 144A | &nbsp;&nbsp; 898292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Madison Park Funding XXXI Ltd., Series 2018-31A, Class ER, 10.68% (3 mo. USD <br> Term SOFR + 6.40%), due 07/23/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 249842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; Magnetite 50 Ltd., Series 2025-50A, Class E (3 mo. USD Term SOFR + 4.80%), due <br> 07/25/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 542700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Magnetite XLIII Ltd., Series 2025-43A, Class D2, 7.50% (3 mo. USD Term SOFR + <br> 3.20%), due 07/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 501000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Magnetite XLIII Ltd., Series 2025-43A, Class E, 10.80% (3 mo. USD Term SOFR + <br> 6.50%), due 07/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 250856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 280500 | Magnetite XXVIII Ltd., Series 2020-28A, Class SUB, due 01/20/35<sup>(c)</sup> 144A | &nbsp;&nbsp; 225066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Magnetite XXXVI Ltd., Series 2023-36A, Class ER, 9.32% (3 mo. USD Term SOFR + <br> 5.00%), due 07/25/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 251247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; MF1 LLC, Series 2025-FL19, Class C, 7.16% (1 mo. USD Term SOFR + 2.84%), due <br> 05/18/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 434976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337578 | Mill City Solar Loan Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A | &nbsp;&nbsp; 309675 |

---

98See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 452820 | &nbsp;&nbsp;&nbsp; National Collegiate Student Loan Trust, Series 2007-2, Class A4, 4.72% (1 mo. USD <br> Term SOFR + 0.40%), due 01/25/33<sup>(b)</sup> <br>| &nbsp;&nbsp; 440562 |
| &nbsp;&nbsp; 900000 | Navient Education Loan Trust, Series 2025-A, Class A, 5.02%, due 07/15/55 144A | &nbsp;&nbsp; 906013 |
| 1200000 | Navient Education Loan Trust, Series 2025-A, Class B, 5.32%, due 07/15/55 144A | 1208130 |
| &nbsp;&nbsp; 287386 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due <br> 06/16/42 144A<br>| &nbsp;&nbsp; 283481 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 61 Ltd., Series 2025-61A, Class E (3 mo. USD <br> Term SOFR + 4.90%), due 07/17/39<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 251250 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., Series 2023-1A, Class ER, 11.79% (3 mo. USD Term SOFR + <br> 7.50%), due 04/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 259015 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., Series 2025-32A, Class E (3 mo. USD Term SOFR + 5.35%), due <br> 07/15/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 251250 |
| 3360000 | OCP CLO Ltd., Series 2021-21A, Class SUB, due 01/20/38<sup>(c)</sup> 144A | 2199651 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2022-24A, Class ER, 10.52% (3 mo. USD Term SOFR + 6.25%), <br> due 10/20/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 252412 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2024-35A, Class D1, 7.38% (3 mo. USD Term SOFR + 3.10%), <br> due 10/25/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 453739 |
| &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2025-43A, Class D1, 7.53% (3 mo. USD Term SOFR + 3.25%), <br> due 07/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 667734 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2025-43A, Class E, 10.78% (3 mo. USD Term SOFR + 6.50%), <br> due 07/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 255478 |
| 2800000 | &nbsp;&nbsp;&nbsp; Octagon 64 Ltd., Series 2022-1A, Class A1R, 5.58% (3 mo. USD Term SOFR + 1.26%), <br> due 07/21/35<sup>(b)</sup> 144A<br>| 2793311 |
| &nbsp;&nbsp; 330000 | Octagon 67 Ltd., Series 2023-1A, Class FR, 12.00%, due 07/25/38 144A | &nbsp;&nbsp; 329292 |
| &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; OHA Credit Funding 22 Ltd., Series 2025-22A, Class E, 9.83% (3 mo. USD Term <br> SOFR + 5.55%), due 07/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 730129 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; OHA Credit Funding 7 Ltd., Series 2020-7A, Class AR, 5.57% (3 mo. USD Term SOFR <br> + 1.30%), due 02/24/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 500025 |
| &nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp; OHA Credit Funding 7 Ltd., Series 2020-7A, Class D1R2 (3 mo. USD Term SOFR + <br> 2.70%), due 07/19/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 457710 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; OHA Credit Funding 7 Ltd., Series 2020-7A, Class ER2 (3 mo. USD Term SOFR + <br> 4.90%), due 07/19/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp; 381900 |
| &nbsp;&nbsp; 620000 | OHA Credit Funding 8 Ltd., Series 2021-8A, Class SUB, due 01/20/38<sup>(c)</sup> 144A | &nbsp;&nbsp; 559019 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; OHA Credit Partners Ltd., Series 2023-15RA, Class E, 9.16% (3 mo. USD Term SOFR <br> + 4.85%), due 07/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 252479 |
| &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; OHA Credit Partners VII Ltd., Series 2012-7A, Class ER4, 8.82% (3 mo. USD Term <br> SOFR + 4.50%), due 02/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 336747 |
| 1000000 | OHA Credit Partners VII Ltd., Series 2012-7A, Class SUB, due 02/20/38<sup>(c)</sup> 144A | &nbsp;&nbsp; 614124 |
| &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust, Series 2005-3, Class M4, 5.36% (1 mo. USD Term <br> SOFR + 1.04%), due 08/25/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 731416 |
| &nbsp;&nbsp; 760000 | Pagaya AI Debt Trust, Series 2025-4, Class A1, 4.86%, due 06/15/26 144A | &nbsp;&nbsp; 759955 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2021-4A, Class B, 6.17% (3 mo. USD Term SOFR + <br> 1.91%), due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 300015 |
| 1835000 | &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2021-4A, Class ER (3 mo. USD Term SOFR + 5.75%), <br> due 07/15/38<sup>(b)(d)</sup> 144A<br>| 1844175 |
| 1000000 | &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2025-2A, Class E, 10.07% (3 mo. USD Term SOFR + <br> 5.75%), due 07/20/38<sup>(b)</sup> 144A<br>| 1010252 |
| &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd., Series 2021-2A, Class D, 7.92% (3 mo. <br> USD Term SOFR + 3.66%), due 07/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 526312 |
| &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; Peace Park CLO Ltd., Series 2021-1A, Class E, 10.53% (3 mo. USD Term SOFR + <br> 6.26%), due 10/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 794287 |
| 1600000 | Pk Alift Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, due 11/15/42 144A | 1607432 |
| &nbsp;&nbsp; 680000 | Point Securitization Trust, Series 2025-1, Class A2, 7.50%, due 06/25/55 144A | &nbsp;&nbsp; 679347 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1630000 | PRET LLC, Series 2024-NPL5, Class A2, 8.84%, due 09/25/54<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1630871 |
| 1305000 | PRET LLC, Series 2025-NPL3, Class A2, 8.84%, due 04/25/55<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1321242 |
| 1000000 | PRET LLC, Series 2025-NPL6, Class A1, 5.74%, due 06/25/55<sup>(d)(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp; 590000 | PRET LLC, Series 2025-NPL6, Class A2, 8.72%, due 06/25/55<sup>(d)(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594460 |
| 1000000 | &nbsp;&nbsp;&nbsp; Regatta 33 Funding Ltd., Series 2025-2A, Class E, 10.95% (3 mo. USD Term SOFR + <br> 6.65%), due 07/25/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1006988 |
| &nbsp;&nbsp; 762770 | Renew, Series 2024-2A, Class M, 6.83%, due 11/20/60 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702426 |
| 1160000 | &nbsp;&nbsp;&nbsp; Residential Asset Securities Corporation Trust, Series 2006-KS2, Class M3, 5.05% (1 <br> mo. USD Term SOFR + 0.73%), due 03/25/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1136298 |
| &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; RR 23 Ltd., Series 2022-23A, Class DR2 (3 mo. USD Term SOFR + 5.00%), due <br> 07/15/37<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260975 |
| &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; RR 40 Ltd., Series 2025-40A, Class D, 10.05% (3 mo. USD Term SOFR + 5.75%), due <br> 07/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552820 |
| 2024915 | &nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class F, 10.17%, due <br> 06/15/32 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2058846 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Sculptor CLO XXX Ltd., Series 30A, Class D1R, 7.87% (3 mo. USD Term SOFR + <br> 3.60%), due 07/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451688 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; Sixth Street CLO 29 Ltd., Series 2025-29A, Class E (3 mo. USD Term SOFR + 5.00%), <br> due 07/17/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381900 |
| &nbsp;&nbsp; 940000 | Sixth Street CLO 29 Ltd., Series 2025-29A, Class SUB, due 07/17/38<sup>(c)(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847880 |
| &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 7.43% (3 mo. USD Term <br> SOFR + 3.16%), due 04/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516844 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Sixth Street CLO XX Ltd., Series 2021-20A, Class ER (3 mo. USD Term SOFR + <br> 5.50%), due 07/17/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251250 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Sixth Street CLO XXVI Ltd., Series 2024-26X, Class E, 9.92% (3 mo. USD Term <br> SOFR + 5.65%), due 10/18/37<sup>(b)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251879 |
| 2700000 | SLAM Ltd., Series 2025-1A, Class A, 5.81%, due 05/15/50 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2752237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 7.31%, due <br> 06/15/32<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 7.92%, due 03/15/33<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50070 |
| &nbsp;&nbsp; 230359 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, due 01/15/53 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209266 |
| 1500000 | SMB Private Education Loan Trust, Series 2023-B, Class B, 5.77%, due 10/16/56 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1521869 |
| 1250000 | SMB Private Education Loan Trust, Series 2024-D, Class D, 7.51%, due 07/15/53 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1289683 |
| 5200000 | SoFi Consumer Loan Program Trust, Series 2025-2, Class A, 4.82%, due 06/25/34 144A | &nbsp;&nbsp;&nbsp;&nbsp; 5209739 |
| &nbsp;&nbsp; 313180 | Stonepeak ABS, Series 2021-1A, Class A, 2.68%, due 02/28/33 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299639 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Texas Debt Capital CLO Ltd., Series 2023-1A, Class D1R, 7.02% (3 mo. USD Term <br> SOFR + 2.75%), due 07/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501875 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Texas Debt Capital CLO Ltd., Series 2023-1A, Class ER, 9.22% (3 mo. USD Term <br> SOFR + 4.95%), due 07/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251250 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Trimaran CAVU Ltd., Series 2025-1A, Class E, 9.39% (3 mo. USD Term SOFR + <br> 5.25%), due 04/25/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250790 |
| &nbsp;&nbsp; 600000 | Upstart Securitization Trust, Series 2025-2, Class A1, 4.84%, due 06/20/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600076 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2025-1A, Class E, 8.87% (3 mo. USD Term SOFR + 4.60%), <br> due 04/20/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248450 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2025-3A, Class E (3 mo. USD Term SOFR + 5.40%), due <br> 07/20/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251250 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Wonder Lake Park CLO Ltd., Series 2025-1A, Class E (3 mo. USD Term SOFR + <br> 4.90%), due 07/24/38<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251250 |
| 2500000 | Zayo Issuer LLC, Series 2025-2A, Class C, 9.49%, due 06/20/55 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2650885 |
|  |  | 136395631 |

---

100See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — 16.2%** |
| &nbsp;&nbsp; 249370 | &nbsp;&nbsp;&nbsp; 1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 6.08% (1 mo. USD Term <br> SOFR + 1.75%), due 09/20/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 248461 |
| &nbsp;&nbsp; 915000 | Access CIG LLC, 2023 Term Loan TBD, due 08/18/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 919718 |
| 1700727 | &nbsp;&nbsp;&nbsp; Acrisure LLC, 2024 1st Lien Term Loan B6, 7.33% (1 mo. USD Term SOFR + 3.00%), <br> due 11/06/30<sup>(b)</sup> <br>| 1696829 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Acrisure LLC, 2025 Term Loan B, 7.58% (1 mo. USD Term SOFR + 3.25%), due <br> 06/04/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 499896 |
| &nbsp;&nbsp; 905000 | Acrisure LLC, 2025 Term Loan B TBD, due 06/04/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 904812 |
| 1047280 | &nbsp;&nbsp;&nbsp; ADMI Corp., 2021 Incremental Term Loan B3, 8.19% (1 mo. USD Term SOFR + <br> 3.75%), due 12/23/27<sup>(b)</sup> <br>| 1003425 |
| 1496241 | Ahead DB Holdings LLC, 2024 Term Loan B3 TBD, due 02/03/31<sup>(h)</sup> <br>| 1498111 |
| 1893625 | &nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 7.32% (1 mo. USD Term SOFR <br> + 3.00%), due 07/31/28<sup>(b)</sup> <br>| 1892949 |
| &nbsp;&nbsp; 748120 | &nbsp;&nbsp;&nbsp; AIT Worldwide Logistics, Inc., 2025 Repriced Term Loan, 8.26% (3 mo. USD Term <br> SOFR + 4.00%), due 04/08/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 750645 |
| &nbsp;&nbsp; 750000 | AIT Worldwide Logistics, Inc., 2025 Repriced Term Loan TBD, due 04/08/30<sup>(h)</sup> <br>| &nbsp;&nbsp; 752531 |
| 1000000 | EUR<br> Albion Financing 3 SARL, 2025 EUR Term Loan TBD, due 05/30/31<sup>(h)</sup> <br>| 1172676 |
| &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; Alera Group, Inc., 2025 Term Loan, 7.55% (3 mo. USD Term SOFR + 3.25%), due <br> 05/31/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 286120 |
| 1506067 | &nbsp;&nbsp;&nbsp; AlixPartners LLP, 2021 USD Term Loan B, 6.94% (1 mo. USD Term SOFR + 2.50%), <br> due 02/04/28<sup>(b)</sup> <br>| 1513284 |
| &nbsp;&nbsp; 648367 | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2024 Term Loan B6, 7.07% (1 mo. USD Term <br> SOFR + 2.75%), due 09/19/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 649067 |
| &nbsp;&nbsp; 498705 | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 8.18% (1 mo. USD <br> Term SOFR + 3.75%), due 05/12/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 501463 |
| 1097150 | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B TBD, due <br> 05/12/28<sup>(h)</sup> <br>| 1103219 |
| 1590000 | Altar Bidco, Inc., 2021 2nd Lien Term Loan TBD, due 02/01/30<sup>(h)</sup> <br>| 1542300 |
| 1041186 | &nbsp;&nbsp;&nbsp; Amentum Government Services Holdings LLC, 2024 Term Loan B, 6.58% (1 mo. USD <br> Term SOFR + 2.25%), due 09/29/31<sup>(b)</sup> <br>| 1040861 |
| 1250000 | &nbsp;&nbsp;&nbsp; American Airlines, Inc., 2023 1st Lien Term Loan, 6.51% (6 mo. USD Term SOFR + <br> 2.25%), due 06/04/29<sup>(b)</sup> <br>| 1238281 |
| &nbsp;&nbsp; 250000 | American Airlines, Inc., 2023 1st Lien Term Loan TBD, due 06/04/29<sup>(h)</sup> <br>| &nbsp;&nbsp; 247656 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; American Airlines, Inc., 2025 Term Loan B, 7.55% (3 mo. USD Term SOFR + 3.25%), <br> due 05/28/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 352669 |
| 2107000 | &nbsp;&nbsp;&nbsp; American Auto Auction Group LLC, 2025 Term Loan, 8.83% (3 mo. USD Term SOFR <br> + 4.50%), due 05/28/32<sup>(b)</sup> <br>| 2120607 |
| &nbsp;&nbsp; 187733 | American Auto Auction Group LLC, 2025 Term Loan TBD, due 05/28/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 188945 |
| &nbsp;&nbsp; 199495 | &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc., 2024 Term Loan B TBD, due <br> 01/31/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 200243 |
| &nbsp;&nbsp; 798000 | Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B TBD, due 12/29/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 798200 |
| 1493000 | &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., 2025 Term Loan B, 7.69% (1 mo. USD <br> Term SOFR + 3.25%), due 06/13/30<sup>(b)</sup> <br>| 1498599 |
| 1012456 | &nbsp;&nbsp;&nbsp; Applied Systems, Inc., 2024 1st Lien Term Loan, 6.80% (3 mo. USD Term SOFR + <br> 2.50%), due 02/24/31<sup>(b)</sup> <br>| 1018297 |
| 1246859 | &nbsp;&nbsp;&nbsp; Apro LLC, 2024 Term Loan B, 8.06% (1 mo. USD Term SOFR + 3.75%), due <br> 07/09/31<sup>(b)</sup> <br>| 1246859 |
| &nbsp;&nbsp; 613369 | &nbsp;&nbsp;&nbsp; AqGen Island Holdings, Inc., 2024 Term Loan B, 7.33% (1 mo. USD Term SOFR + <br> 3.00%), due 08/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 615030 |
| 1521018 | &nbsp;&nbsp;&nbsp; Arches Buyer, Inc., 2021 Term Loan B, 7.68% (1 mo. USD Term SOFR + 3.25%), due <br> 12/06/27<sup>(b)</sup> <br>| 1504381 |
| 1268285 | &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd., 2nd Lien PIK Term Loan, 10.00% (10.00% Fixed or <br> PIK), due 12/31/27<sup>(b)(i)</sup> <br>| 1230110 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| &nbsp;&nbsp; 225000<br> Artera Services LLC, 2024 Term Loan TBD, due 02/15/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 189506 |
| 2550000<br> &nbsp;&nbsp;&nbsp; Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, 12.18% (1 mo. USD Term <br> SOFR + 7.75%), due 11/24/28<sup>(b)</sup> <br>| 2409750 |
| &nbsp;&nbsp; 209456<br> &nbsp;&nbsp;&nbsp; Aruba Investments Holdings LLC, 2020 USD Term Loan, 8.43% (1 mo. USD Term <br> SOFR + 4.00%), due 11/24/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 202649 |
| &nbsp;&nbsp; 209234<br> Aspire Bakeries Holdings LLC, 2025 Term Loan B TBD, due 12/23/30<sup>(h)</sup> <br>| &nbsp;&nbsp; 210019 |
| &nbsp;&nbsp; 209234<br> Aspire Bakeries Holdings LLC, Term Loan TBD, due 12/23/30<sup>(h)</sup> <br>| &nbsp;&nbsp; 210411 |
| 2211583<br> &nbsp;&nbsp;&nbsp; AssuredPartners, Inc., 2024 Incremental Term Loan B5, 7.83% (1 mo. USD Term SOFR <br> + 3.50%), due 02/14/31<sup>(b)</sup> <br>| 2219679 |
| 3650000<br> &nbsp;&nbsp;&nbsp; Asurion LLC, 2021 Second Lien Term Loan B4, 9.69% (1 mo. USD Term SOFR + <br> 5.25%), due 01/20/29<sup>(b)</sup> <br>| 3399062 |
| 1246811<br> &nbsp;&nbsp;&nbsp; Asurion LLC, 2023 Term Loan B11, 8.68% (1 mo. USD Term SOFR + 4.25%), due <br> 08/19/28<sup>(b)</sup> <br>| 1235434 |
| 1147704<br> Asurion LLC, 2023 Term Loan B11 TBD, due 08/19/28<sup>(h)</sup> <br>| 1137231 |
| 1045000<br> &nbsp;&nbsp;&nbsp; Asurion LLC, 2025 Term Loan B13, 8.58% (1 mo. USD Term SOFR + 4.25%), due <br> 09/19/30<sup>(b)</sup> <br>| 1016916 |
| &nbsp;&nbsp; 399000<br> &nbsp;&nbsp;&nbsp; Athenahealth Group, Inc., 2022 Term Loan B, 7.08% (1 mo. USD Term SOFR + <br> 2.75%), due 02/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 398451 |
| 1094507<br> Athenahealth Group, Inc., 2022 Term Loan B TBD, due 02/15/29<sup>(h)</sup> <br>| 1093002 |
| &nbsp;&nbsp; 503820<br> &nbsp;&nbsp;&nbsp; Avaya, Inc., 2023 Exit Term Loan, 11.83% (1 mo. USD Term SOFR + 7.50%), due <br> 08/01/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 398018 |
| 1980000<br> &nbsp;&nbsp;&nbsp; Aveanna Healthcare LLC, 2021 2nd Lien Term Loan, 11.48% (3 mo. USD Term SOFR <br> + 7.00%), due 12/10/29<sup>(b)</sup> <br>| 1950300 |
| 1156996<br> &nbsp;&nbsp;&nbsp; Aveanna Healthcare LLC, 2021 Term Loan B, 8.18% (3 mo. USD Term SOFR + <br> 3.75%), due 07/17/28<sup>(b)</sup> <br>| 1135062 |
| &nbsp;&nbsp; 430758<br> BANGL LLC, Term Loan B, 8.79% (3 mo. USD Term SOFR + 4.50%), due 02/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 432912 |
| &nbsp;&nbsp; 498750<br> Barnes Group, Inc., 2025 Term Loan B TBD, due 01/27/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 500101 |
| &nbsp;&nbsp; 726787<br> &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., 2025 Term Loan B, 8.57% (1 mo. USD Term SOFR + 4.25%), <br> due 12/18/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 728204 |
| &nbsp;&nbsp; 765018<br> Bausch & Lomb Corp., Term Loan TBD, due 05/10/27<sup>(h)</sup> <br>| &nbsp;&nbsp; 764922 |
| &nbsp;&nbsp; 320000<br> Bausch & Lomb Corporation, 2025 Term Loan B TBD, due 12/17/30<sup>(h)</sup> <br>| &nbsp;&nbsp; 321200 |
| &nbsp;&nbsp; 687325<br> &nbsp;&nbsp;&nbsp; BCP Renaissance Parent LLC, 2024 Term Loan B3, 7.30% (3 mo. USD Term SOFR + <br> 3.00%), due 10/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 689760 |
| 1097243<br> BCPE Empire Holdings, Inc., 2025 Term Loan B TBD, due 12/11/30<sup>(h)</sup> <br>| 1092214 |
| 1810000<br> Beach Acquisition Bidco LLC, USD Term Loan B TBD, due 06/25/32<sup>(h)</sup> <br>| 1819805 |
| &nbsp;&nbsp; 546133<br> &nbsp;&nbsp;&nbsp; Belfor Holdings, Inc., 2025 USD Term Loan B3, 7.33% (1 mo. USD Term SOFR + <br> 3.00%), due 11/01/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 547498 |
| 1526156<br> &nbsp;&nbsp;&nbsp; Belron Finance LLC, 2024 USD Term Loan B, 7.05% (3 mo. USD Term SOFR + <br> 2.75%), due 10/16/31<sup>(b)</sup> <br>| 1534740 |
| &nbsp;&nbsp; 504107<br> &nbsp;&nbsp;&nbsp; Bending Spoons U.S., Inc., Term Loan B, 9.56% (1 mo. USD Term SOFR + 5.25%), <br> due 03/07/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 508518 |
| &nbsp;&nbsp; 341855<br> Bending Spoons U.S., Inc., Term Loan B TBD, due 03/07/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 344846 |
| &nbsp;&nbsp; 997487<br> &nbsp;&nbsp;&nbsp; BEP Intermediate Holdco LLC, Replacement Term Loan, 7.58% (1 mo. USD Term <br> SOFR + 3.25%), due 04/25/31<sup>(b)</sup> <br>| 1002475 |
| &nbsp;&nbsp; 492701<br> &nbsp;&nbsp;&nbsp; Berlin Packaging LLC, 2024 Term Loan B7, 7.82% (1 mo. USD Term SOFR + 3.50%), <br> due 06/07/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 494895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55921<br> &nbsp;&nbsp;&nbsp; Berlin Packaging LLC, 2024 Term Loan B7, 7.80% (3 mo. USD Term SOFR + 3.50%), <br> due 06/07/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 56170 |
| &nbsp;&nbsp; 250000<br> Berlin Packaging LLC, 2024 Term Loan B7 TBD, due 06/07/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 251113 |
| &nbsp;&nbsp; 498747<br> Blackhawk Network Holdings, Inc., 2025 Term Loan B TBD, due 03/12/29<sup>(h)</sup> <br>| &nbsp;&nbsp; 502086 |
| 1197000<br> &nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., 2025 USD Term Loan B, 7.33% (3 mo. USD Term SOFR + <br> 3.00%), due 07/30/31<sup>(b)</sup> <br>| 1190267 |

---

102See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 1311696<br> &nbsp;&nbsp;&nbsp; Bracket Intermediate Holding Corp., 2024 Term Loan, 8.55% (3 mo. USD Term SOFR + <br> 4.25%), due 05/08/28<sup>(b)</sup> <br>| 1317639 |
| 1094721<br> BroadStreet Partners, Inc., 2024 Term Loan B4 TBD, due 06/13/31<sup>(h)</sup> <br>| 1097321 |
| &nbsp;&nbsp; 218650<br> &nbsp;&nbsp;&nbsp; Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.78% (3 mo. USD Term <br> SOFR + 2.50%), due 07/01/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 219114 |
| &nbsp;&nbsp; 135401<br> &nbsp;&nbsp;&nbsp; Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.83% (1 mo. USD Term <br> SOFR + 2.50%), due 07/01/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 135689 |
| &nbsp;&nbsp; 104461<br> &nbsp;&nbsp;&nbsp; Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.83% (3 mo. USD Term <br> SOFR + 2.50%), due 07/01/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 104683 |
| &nbsp;&nbsp; 648018<br> &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., Term Loan B, 6.58% (1 mo. USD Term SOFR + 2.25%), <br> due 02/06/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 648524 |
| 1000000<br> Camelot U.S. Acquisition LLC, 2024 Term Loan B TBD, due 01/31/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 990833 |
| 1428000<br> Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B TBD, due 01/31/31<sup>(h)</sup> <br>| 1425025 |
| 1396382<br> &nbsp;&nbsp;&nbsp; Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 8.08% (1 mo. USD Term <br> SOFR + 3.75%), due 12/29/28<sup>(b)</sup> <br>| 1322781 |
| &nbsp;&nbsp; 544084<br> &nbsp;&nbsp;&nbsp; Central Parent, Inc., 2024 Term Loan B, 7.55% (3 mo. USD Term SOFR + 3.25%), due <br> 07/06/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 456039 |
| &nbsp;&nbsp; 535000<br> CFC Bidco Ltd., Term Loan B TBD, due 05/30/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 533663 |
| &nbsp;&nbsp; 150100<br> Champ Acquisition Corp., 2024 Term Loan B TBD, due 11/25/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 151413 |
| &nbsp;&nbsp; 151050<br> Champ Acquisition Corp., 2025 Term Loan B TBD, due 11/25/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 152466 |
| 1095363<br> &nbsp;&nbsp;&nbsp; Charlotte Buyer, Inc., 2025 Repriced Term Loan B, 8.56% (1 mo. USD Term SOFR + <br> 4.25%), due 02/11/28<sup>(b)</sup> <br>| 1096391 |
| &nbsp;&nbsp; 750000<br> Charlotte Buyer, Inc., 2025 Repriced Term Loan B TBD, due 02/11/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 750704 |
| 1097243<br> Chobani LLC, 2025 Repriced Term Loan B TBD, due 10/25/27<sup>(h)</sup> <br>| 1102729 |
| &nbsp;&nbsp; 600000<br> Cinemark USA, Inc., 2025 Term Loan B TBD, due 05/24/30<sup>(h)</sup> <br>| &nbsp;&nbsp; 603000 |
| 1695739<br> &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., 2024 1st Lien Term Loan B, 7.80% (3 mo. USD Term <br> SOFR + 3.50%), due 03/29/29<sup>(b)</sup> <br>| 1698787 |
| &nbsp;&nbsp; 515000<br> Cloud Software Group, Inc., 2024 USD Term Loan TBD, due 03/21/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 516247 |
| 1570000<br> &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Fixed Term Loan B, 7.75% (7.75% Fixed or PIK), due <br> 12/09/31<sup>(b)</sup> <br>| 1587662 |
| &nbsp;&nbsp; 380000<br> &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Term Loan B, 8.31% (3 mo. USD Term SOFR + 4.00%), due <br> 12/09/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 381069 |
| &nbsp;&nbsp; 776736<br> &nbsp;&nbsp;&nbsp; ClubCorp Holdings, Inc., 2023 Term Loan B2, 9.56% (3 mo. USD Term SOFR + <br> 5.00%), due 09/18/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 778354 |
| &nbsp;&nbsp; 550000<br> &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Term Loan B, 7.50% (1 mo. USD Term SOFR + <br> 3.18%), due 04/13/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 549613 |
| 1800000<br> Clydesdale Acquisition Holdings, Inc., Term Loan B TBD, due 04/13/29<sup>(h)</sup> <br>| 1798735 |
| &nbsp;&nbsp; 613463<br> &nbsp;&nbsp;&nbsp; CNT Holdings I Corp., 2025 Term Loan, 6.78% (3 mo. USD Term SOFR + 2.50%), due <br> 11/08/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 615572 |
| 1246875<br> &nbsp;&nbsp;&nbsp; Cogentrix Finance Holdco I LLC, Term Loan B, 7.08% (1 mo. USD Term SOFR + <br> 2.75%), due 02/26/32<sup>(b)</sup> <br>| 1250252 |
| &nbsp;&nbsp; 850000<br> Colossus Acquireco LLC, Term Loan B TBD, due 06/11/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 845431 |
| &nbsp;&nbsp; 503695<br> ConnectWise LLC, 2021 Term Loan B TBD, due 09/29/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 506843 |
| &nbsp;&nbsp; 508722<br> &nbsp;&nbsp;&nbsp; Conservice Midco LLC, 2025 Term Loan B, 7.33% (1 mo. USD Term SOFR + 3.00%), <br> due 05/13/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 509835 |
| 1500000<br> Coral-U.S. Co-Borrower LLC, 2021 Term Loan B6 TBD, due 10/15/29<sup>(h)</sup> <br>| 1495446 |
| 1496114<br> CoreLogic, Inc., Term Loan, 7.94% (1 mo. USD Term SOFR + 3.50%), due 06/02/28<sup>(b)</sup> <br>| 1477646 |
| &nbsp;&nbsp; 250000<br> Cornerstone Building Brands, Inc., 2024 Term Loan B TBD, due 05/15/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 212813 |
| 1097236<br> &nbsp;&nbsp;&nbsp; Cotiviti Corp., 2024 Term Loan, 7.07% (1 mo. USD Term SOFR + 2.75%), due <br> 05/01/31<sup>(b)</sup> <br>| 1093122 |
| 3940000<br> Covetrus, Inc., Term Loan TBD, due 10/13/29<sup>(h)</sup> <br>| 3557819 |
| &nbsp;&nbsp; 279296<br> CPI Holdco B LLC, 2024 Term Loan TBD, due 05/19/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 278540 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 1097237<br> CPPIB Capital, Inc., Term Loan B TBD, due 08/20/31<sup>(h)</sup> <br>| 1095866 |
| 1610000<br> &nbsp;&nbsp;&nbsp; CRC Insurance Group LLC, 2024 Term Loan B, 7.05% (3 mo. USD Term SOFR + <br> 2.75%), due 05/06/31<sup>(b)</sup> <br>| 1613019 |
| 1000000<br> &nbsp;&nbsp;&nbsp; Creation Technologies, Inc., 2021 Term Loan, 10.05% (3 mo. USD Term SOFR + <br> 5.50%), due 10/05/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 987500 |
| &nbsp;&nbsp; 779500<br> &nbsp;&nbsp;&nbsp; Creative Artists Agency LLC, 2024 1st Lien Term Loan B, 7.08% (1 mo. USD Term <br> SOFR + 2.75%), due 10/01/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 782520 |
| &nbsp;&nbsp; 176358<br> Creative Artists Agency LLC, 2024 1st Lien Term Loan B TBD, due 10/01/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 177042 |
| 1496241<br> &nbsp;&nbsp;&nbsp; Crisis Prevention Institute, Inc., 2024 Term Loan B, 8.30% (3 mo. USD Term SOFR + <br> 4.00%), due 04/09/31<sup>(b)</sup> <br>| 1499981 |
| &nbsp;&nbsp; 250000<br> Crisis Prevention Institute, Inc., 2024 Term Loan B TBD, due 04/09/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 250625 |
| &nbsp;&nbsp; 598500<br> &nbsp;&nbsp;&nbsp; Cube Industrials Buyer, Inc., 2024 Term Loan, 7.52% (3 mo. USD Term SOFR + <br> 3.25%), due 10/17/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 602241 |
| 1500000<br> &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 2025 Term Loan B1, 7.08% (1 mo. USD <br> Term SOFR + 2.75%), due 01/31/30<sup>(b)</sup> <br>| 1500000 |
| &nbsp;&nbsp; 460000<br> &nbsp;&nbsp;&nbsp; Darktrace PLC, 2nd Lien Term Loan, 9.46% (3 mo. USD Term SOFR + 5.25%), due <br> 10/09/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 456838 |
| &nbsp;&nbsp; 406667<br> Delta 2 Lux SARL, 2024 Term Loan B1 TBD, due 09/30/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 407747 |
| &nbsp;&nbsp; 203333<br> Delta 2 Lux SARL, 2024 Term Loan B2 TBD, due 09/30/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 203873 |
| &nbsp;&nbsp; 700000<br> &nbsp;&nbsp;&nbsp; Delta TopCo, Inc., 2025 Term Loan B, 7.07% (3 mo. USD Term SOFR + 2.75%), due <br> 11/30/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 695625 |
| &nbsp;&nbsp; 160000<br> &nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc., 2021 2nd Lien Term Loan TBD, due <br> 03/30/29<sup>(h)</sup> <br>| &nbsp;&nbsp; 159400 |
| &nbsp;&nbsp; 854999<br> &nbsp;&nbsp;&nbsp; Digital Room Holdings, Inc., 2021 Term Loan, 9.68% (1 mo. USD Term SOFR + <br> 5.25%), due 12/21/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 848586 |
| 1550515<br> &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, 2025 Term Loan B, 9.83% (1 mo. USD Term SOFR + 5.50%), <br> due 02/17/31<sup>(b)</sup> <br>| 1488495 |
| 1745603<br> &nbsp;&nbsp;&nbsp; Drake Software LLC, 2024 Term Loan B, 8.55% (3 mo. USD Term SOFR + 4.25%), <br> due 06/26/31<sup>(b)</sup> <br>| 1733602 |
| &nbsp;&nbsp; 527661<br> &nbsp;&nbsp;&nbsp; E2open LLC, 2020 Term Loan B, 7.94% (1 mo. USD Term SOFR + 3.50%), due <br> 02/04/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 530101 |
| &nbsp;&nbsp; 715000<br> E2open LLC, 2020 Term Loan B TBD, due 02/04/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 718307 |
| &nbsp;&nbsp; 748066<br> &nbsp;&nbsp;&nbsp; Eagle Parent Corp., 2022 Term Loan B, 8.55% (3 mo. USD Term SOFR + 4.25%), due <br> 04/02/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 740399 |
| &nbsp;&nbsp; 515000<br> &nbsp;&nbsp;&nbsp; Edelman Financial Center LLC, 2024 2nd Lien Term Loan, 9.58% (1 mo. USD Term <br> SOFR + 5.25%), due 10/06/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 517360 |
| 1012463<br> &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 7.33% (1 mo. USD Term SOFR + <br> 3.00%), due 10/09/29<sup>(b)</sup> <br>| 1016787 |
| &nbsp;&nbsp; 234440<br> &nbsp;&nbsp;&nbsp; Embecta Corp., Term Loan B, 7.33% (1 mo. USD Term SOFR + 3.00%), due <br> 03/30/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 233517 |
| &nbsp;&nbsp; 651590<br> &nbsp;&nbsp;&nbsp; Emerald X, Inc., 2025 Term Loan B, 8.08% (1 mo. USD Term SOFR + 3.75%), due <br> 01/30/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 656070 |
| &nbsp;&nbsp; 349121<br> &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 2024 Term Loan B, 6.83% (1 mo. USD Term SOFR + 2.50%), <br> due 08/04/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 348757 |
| &nbsp;&nbsp; 997487<br> &nbsp;&nbsp;&nbsp; Endo Luxembourg Finance Co. I SARL, 2024 1st Lien Term Loan, 8.33% (1 mo. USD <br> Term SOFR + 4.00%), due 04/23/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 997955 |
| &nbsp;&nbsp; 500000<br> Endo Luxembourg Finance Co. I SARL, 2024 1st Lien Term Loan TBD, due 04/23/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 500234 |
| &nbsp;&nbsp; 249289<br> &nbsp;&nbsp;&nbsp; EnergySolutions LLC, 2023 Term Loan B, 7.58% (1 mo. USD Term SOFR + 3.25%), <br> due 09/20/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 251158 |
| 1250000<br> EnergySolutions LLC, 2023 Term Loan B TBD, due 09/20/30<sup>(h)</sup> <br>| 1259375 |
| 3310000<br> &nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., 2021 USD 2nd Lien Term Loan, 10.56% (3 mo. <br> USD Term SOFR + 6.00%), due 05/21/29<sup>(b)</sup> <br>| 3252075 |

---

104See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 1416414<br> &nbsp;&nbsp;&nbsp; Ensemble RCM LLC, 2024 Term Loan B, 7.28% (3 mo. USD Term SOFR + 3.00%), <br> due 08/01/29<sup>(b)</sup> <br>| 1423496 |
| 2229835<br> Ensono LP, 2021 Term Loan, 8.44% (1 mo. USD Term SOFR + 4.00%), due 05/26/28<sup>(b)</sup> <br>| 2234248 |
| &nbsp;&nbsp; 205000<br> Ensono LP, 2025 Add-on Term Loan B TBD, due 05/26/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 203463 |
| &nbsp;&nbsp; 598624<br> Enviva Partners LP, 2024 Backstop Term Loan TBD, due 08/30/29<sup>(h)</sup> <br>| &nbsp;&nbsp; 605736 |
| &nbsp;&nbsp; 698196<br> &nbsp;&nbsp;&nbsp; EP Purchaser LLC, 2021 Term Loan B, 8.06% (3 mo. USD Term SOFR + 3.50%), due <br> 11/06/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 687432 |
| &nbsp;&nbsp; 600000<br> EPIC Crude Services LP, 2024 Term Loan B TBD, due 10/15/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 602750 |
| 1012450<br> &nbsp;&nbsp;&nbsp; Epicor Software Corp., 2024 Term Loan E, 7.08% (1 mo. USD Term SOFR + 2.75%), <br> due 05/30/31<sup>(b)</sup> <br>| 1015895 |
| 1750000<br> Evergreen Acqco 1 LP, 2021 USD Term Loan TBD, due 04/26/28<sup>(h)</sup> <br>| 1751641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99750<br> &nbsp;&nbsp;&nbsp; EW Scripps Co., 2025 Term Loan B2, 10.18% (1 mo. USD Term SOFR + 5.75%), due <br> 06/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 96758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99750<br> &nbsp;&nbsp;&nbsp; EW Scripps Co., 2025 Term Loan B3, 7.78% (1 mo. USD Term SOFR + 3.35%), due <br> 11/30/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92019 |
| 1200000<br> Fertitta Entertainment LLC, 2022 Term Loan B TBD, due 01/27/29<sup>(h)</sup> <br>| 1200137 |
| 1336765<br> &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 2024 1st Lien Term Loan B, 6.80% (3 mo. USD Term SOFR <br> + 2.50%), due 07/21/28<sup>(b)</sup> <br>| 1338994 |
| &nbsp;&nbsp; 689388<br> First Student Bidco, Inc., 2024 1st Lien Term Loan B TBD, due 07/21/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 690537 |
| &nbsp;&nbsp; 409884<br> &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 2024 Term Loan C, 6.80% (3 mo. USD Term SOFR + 2.50%), <br> due 07/21/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 410568 |
| &nbsp;&nbsp; 210612<br> First Student Bidco, Inc., 2024 Term Loan C TBD, due 07/21/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 210963 |
| &nbsp;&nbsp; 797922<br> Fluid-Flow Products, Inc., 2025 Term Loan B TBD, due 03/31/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 799418 |
| &nbsp;&nbsp; 175000<br> &nbsp;&nbsp;&nbsp; Flutter Financing BV, 2025 Term Loan B, 6.30% (3 mo. USD Term SOFR + 2.00%), <br> due 06/04/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 175438 |
| &nbsp;&nbsp; 850000<br> &nbsp;&nbsp;&nbsp; Forest City Enterprises LP, 2019 Term Loan B, 7.94% (1 mo. USD Term SOFR + <br> 3.50%), due 12/08/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 826200 |
| 1240000<br> &nbsp;&nbsp;&nbsp; Formulations Parent Corp., 2025 Term Loan B, 8.21% (3 mo. USD Term SOFR + <br> 4.00%), due 04/09/32<sup>(b)</sup> <br>| 1246200 |
| &nbsp;&nbsp; 600000<br> &nbsp;&nbsp;&nbsp; Fortis 333, Inc., USD Term Loan B, 7.80% (3 mo. USD Term SOFR + 3.50%), due <br> 03/29/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 600563 |
| &nbsp;&nbsp; 848116<br> Fortress Intermediate 3, Inc., 2025 Term Loan B TBD, due 06/27/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 851296 |
| 1869000<br> &nbsp;&nbsp;&nbsp; Foundation Building Materials Holding Co. LLC, 2025 Term Loan, 9.55% (3 mo. USD <br> Term SOFR + 5.25%), due 01/29/31<sup>(b)</sup> <br>| 1842133 |
| &nbsp;&nbsp; 765215<br> &nbsp;&nbsp;&nbsp; Freeport LNG Investments LLLP, Term Loan A, 7.53% (3 mo. USD Term SOFR + <br> 3.00%), due 11/16/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 764737 |
| &nbsp;&nbsp; 251935<br> Freeport LNG Investments LLLP, Term Loan A TBD, due 11/16/26<sup>(h)</sup> <br>| &nbsp;&nbsp; 251777 |
| 1246875<br> &nbsp;&nbsp;&nbsp; Fugue Finance BV, 2025 Term Loan B, 7.58% (3 mo. USD Term SOFR + 3.25%), due <br> 01/09/32<sup>(b)</sup> <br>| 1255253 |
| &nbsp;&nbsp; 360000<br> Fugue Finance LLC, 2025 Add-on Term Loan TBD, due 01/09/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 362588 |
| 2259086<br> &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, 8.40% (3 mo. USD Term SOFR + 4.00%), <br> due 10/01/27<sup>(b)</sup> <br>| 2174370 |
| &nbsp;&nbsp; 555208<br> GC Ferry Acquisition I, Inc., Term Loan TBD, due 06/04/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 546794 |
| &nbsp;&nbsp; 368000<br> GEO Group, Inc., 2024 Term Loan B TBD, due 04/13/29<sup>(h)</sup> <br>| &nbsp;&nbsp; 370185 |
| 1100000<br> &nbsp;&nbsp;&nbsp; GFL Environmental, Inc., 2025 Term Loan B, 6.82% (3 mo. USD Term SOFR + <br> 2.50%), due 03/03/32<sup>(b)</sup> <br>| 1102062 |
| 2322053<br> Global Medical Response, Inc., 2024 PIK Term Loan TBD, due 10/31/28<sup>(h)</sup> <br>| 2328274 |
| 1246867<br> &nbsp;&nbsp;&nbsp; GoodRx, Inc., 2024 USD Term Loan B, 8.08% (1 mo. USD Term SOFR + 3.75%), due <br> 07/10/29<sup>(b)</sup> <br>| 1251543 |
| &nbsp;&nbsp; 250000<br> GoodRx, Inc., 2024 USD Term Loan B TBD, due 07/10/29<sup>(h)</sup> <br>| &nbsp;&nbsp; 250937 |
| &nbsp;&nbsp; 349123<br> &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, 2025 Term Loan B, 7.58% (1 mo. USD Term SOFR + <br> 3.25%), due 01/23/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 348163 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 1060000<br> Gryphon Debt Merger Sub, Inc., Term Loan B TBD, due 06/18/32<sup>(h)</sup> <br>| 1061108 |
| 1000000<br> Hamilton Projects Acquiror LLC, 2024 Term Loan B TBD, due 05/31/31<sup>(h)</sup> <br>| 1003333 |
| &nbsp;&nbsp; 349125<br> Hanesbrands, Inc., 2025 Term Loan B TBD, due 03/07/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 350216 |
| 2663258<br> &nbsp;&nbsp;&nbsp; Heartland Dental LLC, 2024 Term Loan, 8.83% (1 mo. USD Term SOFR + 4.50%), due <br> 04/28/28<sup>(b)</sup> <br>| 2668728 |
| 1022431<br> &nbsp;&nbsp;&nbsp; Help At Home, Inc., 2024 Term Loan B, 9.33% (1 mo. USD Term SOFR + 5.00%), due <br> 09/24/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 996551 |
| &nbsp;&nbsp; 500000<br> Help At Home, Inc., 2024 Term Loan B TBD, due 09/24/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 487344 |
| &nbsp;&nbsp; 100000<br> &nbsp;&nbsp;&nbsp; Herschend Entertainment Co. LLC, 2025 Term Loan B, 7.57% (1 mo. USD Term SOFR <br> + 3.25%), due 05/27/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 100844 |
| &nbsp;&nbsp; 600000<br> &nbsp;&nbsp;&nbsp; Hightower Holding LLC, 2025 Term Loan B, 7.26% (3 mo. USD Term SOFR + 3.00%), <br> due 02/03/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 597750 |
| 1378513<br> &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Term Loan B, 6.77% (3 mo. USD Term SOFR + 2.50%), <br> due 06/20/30<sup>(b)</sup> <br>| 1383682 |
| &nbsp;&nbsp; 317450<br> &nbsp;&nbsp;&nbsp; II-VI, Inc., 2024 1st Lien Term Loan B, 6.33% (1 mo. USD Term SOFR + 2.00%), due <br> 07/02/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 317847 |
| 1496212<br> &nbsp;&nbsp;&nbsp; Imagine Learning LLC, Term Loan, 7.83% (1 mo. USD Term SOFR + 3.50%), due <br> 12/21/29<sup>(b)</sup> <br>| 1461612 |
| &nbsp;&nbsp; 100000<br> Imagine Learning LLC, Term Loan TBD, due 12/21/29<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 97687 |
| 1489000<br> &nbsp;&nbsp;&nbsp; IMC Global Holdings LLC, Term Loan B, 7.81% (1 mo. USD Term SOFR + 3.50%), <br> due 06/02/32<sup>(b)</sup> <br>| 1500167 |
| 1000000<br> Imperative Worldwide LLC, 2021 Term Loan TBD, due 12/29/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 985000 |
| 1645780<br> &nbsp;&nbsp;&nbsp; Infinite Bidco LLC, 1st Lien Term Loan, 8.29% (3 mo. USD Term SOFR + 3.75%), due <br> 03/02/28<sup>(b)</sup> <br>| 1563491 |
| 1339469<br> &nbsp;&nbsp;&nbsp; Infinite Bidco LLC, 2023 Incremental Term Loan, 10.57% (3 mo. USD Term SOFR + <br> 6.25%), due 03/02/28<sup>(b)</sup> <br>| 1305982 |
| &nbsp;&nbsp; 598454<br> &nbsp;&nbsp;&nbsp; Informatica LLC, 2024 Term Loan B, 6.58% (1 mo. USD Term SOFR + 2.25%), due <br> 10/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 601259 |
| &nbsp;&nbsp; 259981<br> &nbsp;&nbsp;&nbsp; Instructure Holdings, Inc., 2024 2nd Lien Term Loan, 9.21% (6 mo. USD Term SOFR + <br> 5.00%), due 11/12/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 262987 |
| 1880000<br> International Entertainment JJCO 3 Ltd., USD Term Loan B TBD, due 04/29/32<sup>(h)</sup> <br>| 1889400 |
| 1496241<br> &nbsp;&nbsp;&nbsp; IRB Holding Corp., 2024 1st Lien Term Loan B, 6.83% (1 mo. USD Term SOFR + <br> 2.50%), due 12/15/27<sup>(b)</sup> <br>| 1497903 |
| 1282500<br> &nbsp;&nbsp;&nbsp; Janney Montgomery Scott LLC, Term Loan, 7.47% (6 mo. USD Term SOFR + 3.25%), <br> due 11/28/31<sup>(b)</sup> <br>| 1289113 |
| 1246867<br> &nbsp;&nbsp;&nbsp; Jefferies Finance LLC, 2024 Term Loan, 7.32% (1 mo. USD Term SOFR + 3.00%), due <br> 10/21/31<sup>(b)</sup> <br>| 1250764 |
| &nbsp;&nbsp; 498747<br> Jefferies Finance LLC, 2024 Term Loan TBD, due 10/21/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 500305 |
| &nbsp;&nbsp; 598492<br> &nbsp;&nbsp;&nbsp; JetBlue Airways Corporation, 2024 Term Loan B, 9.07% (3 mo. USD Term SOFR + <br> 4.75%), due 08/27/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 562957 |
| 1501237<br> &nbsp;&nbsp;&nbsp; Jump Financial LLC, 2025 Term Loan B, 8.55% (3 mo. USD Term SOFR + 4.25%), <br> due 02/26/32<sup>(b)</sup> <br>| 1506867 |
| &nbsp;&nbsp; 598500<br> &nbsp;&nbsp;&nbsp; Kaseya, Inc., 2025 1st Lien Term Loan B, 7.58% (1 mo. USD Term SOFR + 3.25%), <br> due 03/20/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 601679 |
| 1530000<br> &nbsp;&nbsp;&nbsp; Kaseya, Inc., 2025 2nd Lien Term Loan B, 9.33% (1 mo. USD Term SOFR + 5.00%), <br> due 03/18/33<sup>(b)</sup> <br>| 1534781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000<br> Kaseya, Inc., 2025 2nd Lien Term Loan B TBD, due 03/18/33<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 70219 |
| &nbsp;&nbsp; 790000<br> &nbsp;&nbsp;&nbsp; Kohler Energy Co. LLC, USD Term Loan B, 8.05% (3 mo. USD Term SOFR + 3.75%), <br> due 05/01/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 790494 |
| 1000000<br> Kohler Energy Co. LLC, USD Term Loan B TBD, due 05/01/31<sup>(h)</sup> <br>| 1000625 |
| &nbsp;&nbsp; 354083<br> &nbsp;&nbsp;&nbsp; LABL, Inc., 2021 USD 1st Lien Term Loan, 9.43% (1 mo. USD Term SOFR + 5.00%), <br> due 10/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 320755 |

---

106See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1246770 | &nbsp;&nbsp;&nbsp; Lakeshore Intermediate LLC, Term Loan, 7.94% (1 mo. USD Term SOFR + 3.50%), <br> due 09/29/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 991182 |
| &nbsp;&nbsp; 349118 | &nbsp;&nbsp;&nbsp; LBM Acquisition LLC, 2024 Incremental Term Loan B, 8.16% (1 mo. USD Term SOFR <br> + 3.75%), due 06/06/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 327473 |
| 1196985 | &nbsp;&nbsp;&nbsp; LC AHAB U.S. Bidco LLC, Term Loan B, 7.33% (1 mo. USD Term SOFR + 3.00%), <br> due 05/01/31<sup>(b)</sup> <br>| 1195489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79216 | Lereta LLC, Term Loan B TBD, due 07/30/28<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 70370 |
| 1496241 | &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024 Incremental Term Loan B1, 7.82% (3 mo. USD Term SOFR <br> + 3.50%), due 05/19/31<sup>(b)</sup> <br>| 1477630 |
| &nbsp;&nbsp; 250000 | LifePoint Health, Inc., 2024 Incremental Term Loan B1 TBD, due 05/19/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 246891 |
| &nbsp;&nbsp; 498747 | &nbsp;&nbsp;&nbsp; Liquid Tech Solutions LLC, 2024 Repriced Term Loan B, 8.08% (1 mo. USD Term <br> SOFR + 3.75%), due 03/19/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 499994 |
| 1000000 | Liquid Tech Solutions LLC, 2024 Repriced Term Loan B TBD, due 03/19/28<sup>(h)</sup> <br>| 1002500 |
| 1550000 | Lonza Group AG, USD Term Loan B TBD, due 07/03/28<sup>(h)</sup> <br>| 1424062 |
| 1521187 | &nbsp;&nbsp;&nbsp; LSCS Holdings, Inc., 2025 Term Loan, 8.80% (3 mo. USD Term SOFR + 4.50%), due <br> 03/04/32<sup>(b)</sup> <br>| 1495517 |
| &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, 8.57% (1 mo. USD Term <br> SOFR + 4.25%), due 12/02/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 729757 |
| 2200000 | &nbsp;&nbsp;&nbsp; M6 ETX Holdings II Midco LLC, 2025 Term Loan B, 7.33% (1 mo. USD Term SOFR <br> + 3.00%), due 04/01/32<sup>(b)</sup> <br>| 2210175 |
| 1143940 | &nbsp;&nbsp;&nbsp; Madison IAQ, LLC, Term Loan, 6.76% (6 mo. USD Term SOFR + 2.50%), due <br> 06/21/28<sup>(b)</sup> <br>| 1146514 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, Term Loan B, 8.56% (3 mo. USD Term SOFR + 4.00%), <br> due 06/01/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 501202 |
| 1218675 | MajorDrive Holdings IV LLC, Term Loan B TBD, due 06/01/28<sup>(h)</sup> <br>| 1197653 |
| &nbsp;&nbsp; 284587 | &nbsp;&nbsp;&nbsp; Maravai Intermediate Holdings, LLC, 2022 Term Loan B, 7.27% (3 mo. USD Term <br> SOFR + 3.00%), due 10/19/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 271425 |
| 2100000 | &nbsp;&nbsp;&nbsp; McAfee, LLC, 2024 USD 1st Lien Term Loan B, 7.32% (1 mo. USD Term SOFR + <br> 3.00%), due 03/01/29<sup>(b)</sup> <br>| 2037876 |
| &nbsp;&nbsp; 894737 | McAfee, LLC, 2024 USD 1st Lien Term Loan B TBD, due 03/01/29<sup>(h)</sup> <br>| &nbsp;&nbsp; 868268 |
| 1021483 | &nbsp;&nbsp;&nbsp; MDVIP, Inc., 2024 Repriced Term Loan B, 7.08% (1 mo. USD Term SOFR + 2.75%), <br> due 10/16/28<sup>(b)</sup> <br>| 1022279 |
| 1416432 | &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2024 USD Add-on Term Loan B, 6.58% (1 mo. USD Term SOFR <br> + 2.25%), due 10/23/28<sup>(b)</sup> <br>| 1418092 |
| &nbsp;&nbsp; 315789 | EUR<br> Mermaid Bidco, Inc., 2024 EUR Term Loan B TBD, due 07/03/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 372079 |
| 2180000 | &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2021 2nd Lien Term Loan, 10.58% (1 mo. USD Term SOFR + 6.25%), <br> due 02/23/29<sup>(b)</sup> <br>| 1927255 |
| 1100000 | MH Sub I LLC, 2023 Term Loan TBD, due 05/03/28<sup>(h)</sup> <br>| 1031388 |
| &nbsp;&nbsp; 723183 | &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2024 Term Loan B4, 8.58% (1 mo. USD Term SOFR + 4.25%), due <br> 12/31/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 630525 |
| &nbsp;&nbsp; 324154 | &nbsp;&nbsp;&nbsp; Midwest Physician Administrative Services LLC, 2021 Term Loan, 7.56% (3 mo. USD <br> Term SOFR + 3.00%), due 03/12/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 303286 |
| 1250000 | Midwest Physician Administrative Services LLC, 2021 Term Loan TBD, due 03/12/28<sup>(h)</sup> <br>| 1169531 |
| &nbsp;&nbsp; 525928 | &nbsp;&nbsp;&nbsp; MKS, Inc., 2025 USD Repriced Term Loan, 6.32% (1 mo. USD Term SOFR + 2.00%), <br> due 08/17/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 527681 |
| &nbsp;&nbsp; 160965 | &nbsp;&nbsp;&nbsp; National Mentor Holdings, Inc., 2021 Term Loan, 8.15% (3 mo. USD Term SOFR + <br> 3.75%), due 03/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 155868 |
| &nbsp;&nbsp; 711352 | &nbsp;&nbsp;&nbsp; National Mentor Holdings, Inc., 2021 Term Loan, 8.18% (1 mo. USD Term SOFR + <br> 3.75%), due 03/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 688826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25405 | &nbsp;&nbsp;&nbsp; National Mentor Holdings, Inc., 2021 Term Loan C, 8.15% (3 mo. USD Term SOFR + <br> 3.75%), due 03/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24601 |
| &nbsp;&nbsp; 340439 | &nbsp;&nbsp;&nbsp; NEP Group, Inc., 2023 Incremental Term Loan B, 8.60% (3 mo. USD Term SOFR + <br> 4.00%, 1.50% PIK), due 08/19/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 311502 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| &nbsp;&nbsp; 749999 | &nbsp;&nbsp;&nbsp; NEP Group, Inc., 2023 Term Loan B, 7.84% (3 mo. USD Term SOFR + 3.25%, 1.50% <br> PIK), due 08/19/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 688124 |
| &nbsp;&nbsp; 250000 | NEP Group, Inc., 2023 Term Loan B TBD, due 08/19/26<sup>(h)</sup> <br>| &nbsp;&nbsp; 229375 |
| &nbsp;&nbsp; 548625 | &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, 2025 Term Loan B, 7.83% (1 mo. USD Term SOFR + 0.04%), due <br> 07/31/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 550568 |
| 1496250 | Nexus Buyer LLC, 2025 Term Loan B TBD, due 07/31/31<sup>(h)</sup> <br>| 1501550 |
| &nbsp;&nbsp; 748106 | &nbsp;&nbsp;&nbsp; NGL Energy Partners LP, 2024 Term Loan B, 8.08% (1 mo. USD Term SOFR + <br> 3.75%), due 02/03/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 742846 |
| &nbsp;&nbsp; 350000 | NGL Energy Partners LP, 2024 Term Loan B TBD, due 02/03/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 347539 |
| 1416667 | EUR<br> Nidda Healthcare Holding AG, 2024 EUR Term Loan B2 TBD, due 02/21/30<sup>(h)</sup> <br>| 1668150 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; OID-OL Intermediate I LLC, Term Loan 1, 10.33% (3 mo. USD Term SOFR + 6.00%), <br> due 02/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 411250 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; OID-OL Intermediate I LLC, Term Loan 2, 8.73% (3 mo. USD Term SOFR + 4.25%), <br> due 02/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 419583 |
| &nbsp;&nbsp; 525000 | Opal Bidco SAS, USD Term Loan B TBD, due 04/28/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 527494 |
| 1645865 | &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, 6.57% (1 mo. USD <br> Term SOFR + 2.25%), due 10/05/28<sup>(b)</sup> <br>| 1647335 |
| &nbsp;&nbsp; 633405 | &nbsp;&nbsp;&nbsp; Outcomes Group Holdings, Inc., 2024 Term Loan B, 8.08% (1 mo. USD Term SOFR + <br> 3.75%), due 05/06/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 637918 |
| 1250000 | Owens & Minor, Inc., 2025 Term Loan B TBD, due 04/02/30<sup>(h)</sup> <br>| 1248437 |
| &nbsp;&nbsp; 548586 | &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., 2022 Term Loan B, 6.83% (1 mo. USD Term SOFR + 2.50%), <br> due 05/03/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 549786 |
| &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; Performance Health & Wellness, 2025 Term Loan B, 7.95% (3 mo. USD Term SOFR + <br> 3.75%), due 03/19/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 741000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Performance Health & Wellness, 2025 Term Loan B TBD, due 03/19/32<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19500 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; PHRG Intermediate LLC, 2025 Term Loan B, 8.33% (3 mo. USD Term SOFR + <br> 4.00%), due 02/20/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 792500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | PHRG Intermediate LLC, 2025 Term Loan B TBD, due 02/20/32<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 49531 |
| &nbsp;&nbsp; 748125 | &nbsp;&nbsp;&nbsp; Plano HoldCo, Inc., Term Loan B, 7.80% (3 mo. USD Term SOFR + 3.50%), due <br> 10/02/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 749995 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Pluto Acquisition I, Inc., 2024 First Out Superpriority Term Loan, 9.82% (3 mo. USD <br> Term SOFR + 5.50%), due 06/20/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 456750 |
| &nbsp;&nbsp; 643383 | &nbsp;&nbsp;&nbsp; PointClickCare Technologies, Inc., 2024 USD Term Loan B, 7.42% (6 mo. USD Term <br> SOFR + 3.25%), due 11/03/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 647405 |
| 1994819 | &nbsp;&nbsp;&nbsp; Polaris Newco LLC, USD Term Loan B, 8.29% (3 mo. USD Term SOFR + 3.75%), due <br> 06/02/28<sup>(b)</sup> <br>| 1947799 |
| &nbsp;&nbsp; 408970 | &nbsp;&nbsp;&nbsp; Prairie ECI Acquiror LP, 2024 Term Loan B, 8.58% (1 mo. USD Term SOFR + 4.25%), <br> due 08/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 412037 |
| &nbsp;&nbsp; 703015 | &nbsp;&nbsp;&nbsp; Pregis TopCo Corp., 2025 Refinancing Term Loan, 8.33% (1 mo. USD Term SOFR + <br> 4.00%), due 02/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 705915 |
| 1496241 | &nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc., 2021 Term Loan, 7.58% (1 mo. USD Term SOFR + <br> 3.25%), due 12/15/28<sup>(b)</sup> <br>| 1490443 |
| 1415000 | Primary Products Finance LLC, 2024 1st Lien Term Loan B TBD, due 04/01/29<sup>(h)</sup> <br>| 1410578 |
| 1000000 | Project Castle, Inc., Term Loan B TBD, due 06/01/29<sup>(h)</sup> <br>| &nbsp;&nbsp; 795000 |
| 1146573 | &nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp., 2024 Term Loan B, 7.44% (1 mo. USD Term <br> SOFR + 3.00%), due 03/10/28<sup>(b)</sup> <br>| 1149201 |
| &nbsp;&nbsp; 201681 | Project Ruby Ultimate Parent Corp., 2024 Term Loan B TBD, due 03/10/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 202143 |
| 1211000 | Prometric Holdings, Inc., 2025 Term Loan B TBD, due 06/18/32<sup>(h)</sup> <br>| 1214216 |
| &nbsp;&nbsp; 907702 | &nbsp;&nbsp;&nbsp; Proofpoint, Inc., 2024 Term Loan, 7.33% (1 mo. USD Term SOFR + 3.00%), due <br> 08/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 909830 |
| 1100000 | Proofpoint, Inc., 2024 Term Loan TBD, due 08/31/28<sup>(h)</sup> <br>| 1102578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70171 | Proofpoint, Inc., 2025 Fungible Term Loan TBD, due 08/31/28<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 70297 |

---

108See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1496241 | &nbsp;&nbsp;&nbsp; PushPay USA, Inc., 2025 Term Loan, 8.30% (3 mo. USD Term SOFR + 4.00%), due <br> 08/15/31<sup>(b)</sup> <br>| 1495305 |
| 1745625 | &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 2025 Term Loan B, 6.58% (1 mo. USD Term SOFR + 2.25%), <br> due 02/10/32<sup>(b)</sup> <br>| 1745313 |
| 1000000 | EUR<br> Quimper AB, 2024 EUR Term Loan B TBD, due 03/29/30<sup>(h)</sup> <br>| 1173535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp; Radnet Management, Inc., 2024 1st Lien Term Loan B, 6.58% (3 mo. USD Term SOFR <br> + 2.25%), due 04/18/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757 |
| &nbsp;&nbsp; 897668 | &nbsp;&nbsp;&nbsp; RealPage, Inc, 1st Lien Term Loan, 7.56% (3 mo. USD Term SOFR + 3.00%), due <br> 04/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 892806 |
| 1097150 | RealPage, Inc, 1st Lien Term Loan TBD, due 04/24/28<sup>(h)</sup> <br>| 1091207 |
| &nbsp;&nbsp; 408932 | &nbsp;&nbsp;&nbsp; RealTruck Group, Inc., 2021 Term Loan B, 8.19% (1 mo. USD Term SOFR + 3.75%), <br> due 01/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 367698 |
| 1496231 | &nbsp;&nbsp;&nbsp; Resonetics LLC, 2024 Term Loan B, 7.57% (3 mo. USD Term SOFR + 3.25%), due <br> 06/18/31<sup>(b)</sup> <br>| 1499037 |
| 1246787 | &nbsp;&nbsp;&nbsp; Rinchem Co., Inc., Term Loan, 8.65% (3 mo. USD Term SOFR + 4.25%), due <br> 03/02/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 824958 |
| &nbsp;&nbsp; 548618 | Rocket Software, Inc., 2023 USD Term Loan B TBD, due 11/28/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 550504 |
| 1496241 | Rockpoint Gas Storage Partners LP, 2025 Term Loan B TBD, due 09/18/31<sup>(h)</sup> <br>| 1503411 |
| &nbsp;&nbsp; 237500 | Sandisk Corp., Term Loan B, 7.32% (3 mo. USD Term SOFR + 3.00%), due 02/20/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 236238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32871 | &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, 7.32% (3 mo. USD Term <br> SOFR + 3.00%), due 01/31/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32922 |
| &nbsp;&nbsp; 161806 | &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, 7.28% (3 mo. USD Term <br> SOFR + 3.00%), due 01/31/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 162059 |
| 1217333 | Secretariat Advisors LLC, 2025 Term Loan B TBD, due 02/28/32<sup>(h)</sup> <br>| 1220377 |
| &nbsp;&nbsp; 710000 | Sedgwick Claims Management Services, Inc., 2023 Term Loan B TBD, due 07/31/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 713254 |
| 1012456 | &nbsp;&nbsp;&nbsp; Service Logic Acquisition, Inc., 2025 Repriced Term Loan B, 7.28% (3 mo. USD Term <br> SOFR + 3.00%), due 10/29/27<sup>(b)</sup> <br>| 1014987 |
| 3271759 | &nbsp;&nbsp;&nbsp; Sharp Services LLC, 2024 Term Loan B, 7.55% (3 mo. USD Term SOFR + 3.25%), due <br> 12/31/28<sup>(b)</sup> <br>| 3286073 |
| &nbsp;&nbsp; 165000 | Shift4 Payments LLC, 2025 Term Loan TBD, due 05/07/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 166469 |
| &nbsp;&nbsp; 748111 | Six Flags Entertainment Corp., 2024 Term Loan B TBD, due 05/01/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 749864 |
| &nbsp;&nbsp; 997500 | &nbsp;&nbsp;&nbsp; SMX Group LLC, Term Loan, 8.80% (3 mo. USD Term SOFR + 4.50%), due <br> 02/06/32<sup>(b)</sup> <br>| 1000617 |
| &nbsp;&nbsp; 750000 | SMX Group LLC, Term Loan TBD, due 02/06/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 752344 |
| &nbsp;&nbsp; 314213 | Somnigroup International, Inc., Term Loan B TBD, due 10/24/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 315293 |
| &nbsp;&nbsp; 847809 | &nbsp;&nbsp;&nbsp; Specialty Building Products Holdings LLC, 2021 Term Loan B, 8.18% (1 mo. USD <br> Term SOFR + 3.75%), due 10/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 813897 |
| 2044823 | &nbsp;&nbsp;&nbsp; Star Parent Inc., Term Loan B, 8.30% (3 mo. USD Term SOFR + 4.00%), due <br> 09/27/30<sup>(b)</sup> <br>| 2026420 |
| &nbsp;&nbsp; 597222 | Star Parent Inc., Term Loan B TBD, due 09/27/30<sup>(h)</sup> <br>| &nbsp;&nbsp; 591847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93333 | Student Transportation of America Holdings, Inc., Term Loan B TBD, due 06/10/32<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 93606 |
| &nbsp;&nbsp; 750000 | Teneo Holdings LLC, 2024 Term Loan B TBD, due 03/13/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 757734 |
| 1496222 | &nbsp;&nbsp;&nbsp; Thermostat Purchaser III, Inc., 2024 Term Loan B, 8.55% (3 mo. USD Term SOFR + <br> 4.25%), due 08/31/28<sup>(b)</sup> <br>| 1499962 |
| &nbsp;&nbsp; 545455 | EUR<br> Thyme Holdco SARL, 2025 EUR Term Loan B TBD, due 06/27/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 643083 |
| 1246875 | &nbsp;&nbsp;&nbsp; Tidal Waste & Recycling Holdings LLC, Term Loan B, 7.30% (3 mo. USD Term SOFR <br> + 3.00%), due 10/24/31<sup>(b)</sup> <br>| 1254668 |
| 1343633 | &nbsp;&nbsp;&nbsp; TKC Holdings, Inc., 2024 Term Loan, 9.32% (1 mo. USD Term SOFR + 5.00%), due <br> 05/15/28<sup>(b)</sup> <br>| 1346152 |
| 1450875 | &nbsp;&nbsp;&nbsp; Townsquare Media, Inc., 2025 Term Loan, 9.32% (3 mo. USD Term SOFR + 5.00%), <br> due 02/19/30<sup>(b)</sup> <br>| 1313042 |
| &nbsp;&nbsp; 190000 | Townsquare Media, Inc., 2025 Term Loan TBD, due 02/19/30<sup>(h)</sup> <br>| &nbsp;&nbsp; 171950 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| &nbsp;&nbsp; 648363 | &nbsp;&nbsp;&nbsp; TransDigm, Inc., 2023 Term Loan J, 6.80% (3 mo. USD Term SOFR + 2.50%), due <br> 02/28/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 649984 |
| 2300000 | TransDigm, Inc., 2024 Term Loan K TBD, due 03/22/30<sup>(h)</sup> <br>| 2310679 |
| &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp; Traverse Midstream Partners LLC, 2017 Term Loan, 7.28% (3 mo. USD Term SOFR + <br> 3.00%), due 02/16/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 717681 |
| 1231905 | &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 2024 Term Loan B7, 8.05% (3 mo. USD Term SOFR + <br> 3.75%), due 09/15/28<sup>(b)</sup> <br>| 1212194 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Trucordia Insurance Holdings LLC, Term Loan B, 7.56% (1 mo. USD Term SOFR + <br> 3.25%), due 06/14/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 100313 |
| &nbsp;&nbsp; 997389 | &nbsp;&nbsp;&nbsp; TruGreen LP, 2020 Term Loan, 8.43% (1 mo. USD Term SOFR + 4.00%), due <br> 11/02/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 944610 |
| 2200000 | Twitter, Inc., 2025 Fixed Term Loan TBD, due 10/26/29<sup>(h)</sup> <br>| 2141700 |
| 2792875 | &nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 2023 Superpriority Term Loan, 9.44% (1 mo. USD Term SOFR + <br> 5.00%), due 06/20/28<sup>(b)</sup> <br>| 2648576 |
| &nbsp;&nbsp; 548622 | &nbsp;&nbsp;&nbsp; UFC Holdings, LLC, 2024 Term Loan B, 6.57% (3 mo. USD Term SOFR + 0.02%), due <br> 11/21/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 551262 |
| &nbsp;&nbsp; 505000 | UFC Holdings, LLC, 2024 Term Loan B TBD, due 11/21/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 507431 |
| 1498992 | UKG, Inc., 2024 Term Loan B TBD, due 02/10/31<sup>(h)</sup> <br>| 1505862 |
| &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; United Talent Agency LLC, 2025 Term Loan B, 7.81% (1 mo. USD Term SOFR + <br> 3.50%), due 06/10/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 902250 |
| &nbsp;&nbsp; 920000 | United Talent Agency LLC, 2025 Term Loan B TBD, due 06/10/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 922300 |
| 1246851 | &nbsp;&nbsp;&nbsp; Univision Communications Inc., 2024 Term Loan B, 7.94% (1 mo. USD Term SOFR + <br> 3.50%), due 01/31/29<sup>(b)</sup> <br>| 1226979 |
| &nbsp;&nbsp; 249357 | &nbsp;&nbsp;&nbsp; Univision Communications, Inc., 2022 First Lien Term Loan B, 8.55% (3 mo. USD <br> Term SOFR + 4.25%), due 06/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 250292 |
| 1130348 | &nbsp;&nbsp;&nbsp; USALCO LLC, 2024 Term Loan B, 8.33% (1 mo. USD Term SOFR + 4.00%), due <br> 09/30/31<sup>(b)</sup> <br>| 1137413 |
| &nbsp;&nbsp; 226595 | USALCO LLC, 2024 Term Loan B TBD, due 09/30/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 228012 |
| 1100000 | USI, Inc., 2024 Term Loan C TBD, due 09/29/30<sup>(h)</sup> <br>| 1098568 |
| &nbsp;&nbsp; 797990 | &nbsp;&nbsp;&nbsp; USI, Inc., 2024 Term Loan D, 6.55% (3 mo. USD Term SOFR + 2.25%), due <br> 11/21/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 797408 |
| &nbsp;&nbsp; 325000 | Valvoline, Inc., Term Loan B TBD, due 03/19/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 326422 |
| &nbsp;&nbsp; 492530 | Van Pool Transportation LLC, 2025 Term Loan TBD, due 06/17/30<sup>(h)</sup> <br>| &nbsp;&nbsp; 492736 |
| &nbsp;&nbsp; 500000 | Verifone Systems, Inc., 2025 Term Loan TBD, due 08/18/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 469479 |
| 1246867 | &nbsp;&nbsp;&nbsp; Viant Medical Holdings, Inc., 2024 Term Loan B, 8.33% (1 mo. USD Term SOFR + <br> 4.00%), due 10/29/31<sup>(b)</sup> <br>| 1236542 |
| &nbsp;&nbsp; 500000 | Viant Medical Holdings, Inc., 2024 Term Loan B TBD, due 10/29/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 495859 |
| &nbsp;&nbsp; 748067 | &nbsp;&nbsp;&nbsp; Victory Buyer LLC, Term Loan, 8.19% (1 mo. USD Term SOFR + 3.75%), due <br> 11/19/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 740586 |
| 1400000 | Virgin Media Bristol LLC, 2020 USD Term Loan Q TBD, due 01/31/29<sup>(h)</sup> <br>| 1389609 |
| 1000000 | EUR<br> Vita Bidco Ltd., EUR Term Loan B TBD, due 09/29/31<sup>(h)</sup> <br>| 1178251 |
| 1750000 | Voyager Parent LLC, Term Loan B TBD, due 05/09/32<sup>(h)</sup> <br>| 1733907 |
| &nbsp;&nbsp; 498705 | &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 6.83% (1 mo. USD Term SOFR + <br> 2.50%), due 01/30/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 496679 |
| &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; Wasserman Media Group LLC, Term Loan B, 7.32% (1 mo. USD Term SOFR + <br> 3.00%), due 06/11/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 671675 |
| &nbsp;&nbsp; 145000 | Wasserman Media Group LLC, Term Loan B TBD, due 06/11/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 145363 |
| &nbsp;&nbsp; 700000 | WCG Intermediate Corp., 2025 Term Loan B TBD, due 02/25/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 693948 |
| 1745603 | &nbsp;&nbsp;&nbsp; WeddingWire, Inc., 2024 Term Loan B, 8.08% (1 mo. USD Term SOFR + 3.75%), due <br> 01/31/28<sup>(b)</sup> <br>| 1743421 |
| &nbsp;&nbsp; 398995 | &nbsp;&nbsp;&nbsp; WEX, Inc., 2024 Term Loan B2, 6.08% (1 mo. USD Term SOFR + 1.75%), due <br> 03/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 399369 |

---

110See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Bank Loans — continued** | **Bank Loans — continued** |
| 1097243 |  | &nbsp;&nbsp;&nbsp; Whatabrands LLC, 2024 1st Lien Term Loan B, 6.83% (1 mo. USD Term SOFR + <br> 2.50%), due 08/03/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1098683 |
| 1400000 |  | &nbsp;&nbsp;&nbsp; White Cap Buyer LLC, 2024 Term Loan B, 7.58% (1 mo. USD Term SOFR + 3.25%), <br> due 10/19/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1392805 |
| &nbsp;&nbsp; 200000 |  | &nbsp;&nbsp;&nbsp; WhiteWater Matterhorn Holdings LLC, 2025 Term Loan B, 6.57% (3 mo. USD Term <br> SOFR + 2.25%), due 06/16/32<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200156 |
| &nbsp;&nbsp; 693254 |  | &nbsp;&nbsp;&nbsp; WideOpenWest Finance LLC, 2024 Super Priority 1st Out New Money Term Loan, <br> 11.50% (3 mo. USD Term SOFR + 7.00%), due 12/11/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712318 |
| &nbsp;&nbsp; 320000 |  | Wilsonart LLC, 2024 Term Loan B TBD, due 08/05/31<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314857 |
| 1246843 |  | &nbsp;&nbsp;&nbsp; Wrench Group LLC, 2019 Term Loan B, 8.56% (3 mo. USD Term SOFR + 4.00%), due <br> 10/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1244115 |
| &nbsp;&nbsp; 250000 |  | Wrench Group LLC, 2019 Term Loan B TBD, due 10/30/28<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249453 |
| &nbsp;&nbsp; 555000 |  | Zayo Group Holdings, Inc., USD Term Loan TBD, due 03/09/27<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529747 |
| 1000000 |  | Zest Acquisition Corp., 2023 Term Loan TBD, due 02/08/28<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
|  |  |  | 299914780 |
|  |  | **Convertible Debt — 0.8%** | **Convertible Debt — 0.8%** |
| &nbsp;&nbsp; 900000 |  | Alarm.com Holdings, Inc., 2.25%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875298 |
| &nbsp;&nbsp; 658000 |  | Carnival Corp., 5.75%, due 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1448916 |
| &nbsp;&nbsp; 165000 |  | Cloudflare, Inc., due 08/15/26<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195500 |
| &nbsp;&nbsp; 841000 |  | Cloudflare, Inc., due 06/15/30<sup>(j)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909541 |
| &nbsp;&nbsp; 316000 |  | Coinbase Global, Inc., 0.25%, due 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414118 |
| &nbsp;&nbsp; 300000 |  | CyberArk Software Ltd., due 06/15/30<sup>(j)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309000 |
| &nbsp;&nbsp; 128000 |  | DraftKings Holdings, Inc., 4.38%, due 03/15/28<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115136 |
| &nbsp;&nbsp; 555000 |  | Duke Energy Corp., 4.13%, due 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587884 |
| &nbsp;&nbsp; 225000 |  | Enphase Energy, Inc., 6.22%, due 03/01/28<sup>(k)(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183038 |
| &nbsp;&nbsp; 700000 |  | Federal Realty OP LP, 3.25%, due 01/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697200 |
| &nbsp;&nbsp; 670000 |  | Fluor Corp., 1.13%, due 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879877 |
| &nbsp;&nbsp; 665000 |  | Guidewire Software, Inc., 1.25%, due 11/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785698 |
| &nbsp;&nbsp; 300000 |  | JD.com, Inc., 0.25%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82000 |  | MakeMyTrip Ltd., due 07/01/30<sup>(j)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87596 |
| 1000000 | EUR | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Investor Services & Banking Luxembourg SA, Series PRX, 6.54%, (3 <br> mo. EURIBOR + 4.50%), due 12/15/50<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690269 |
| &nbsp;&nbsp; 475000 |  | NextEra Energy Capital Holdings, Inc., 3.00%, due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541263 |
| &nbsp;&nbsp; 600000 |  | Qiagen NV, 2.50%, due 09/10/31<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638723 |
| &nbsp;&nbsp; 500000 |  | Rexford Industrial Realty LP, 4.13%, due 03/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489750 |
| &nbsp;&nbsp; 387000 |  | Seagate HDD Cayman, 3.50%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696745 |
| &nbsp;&nbsp; 475000 |  | Spotify USA, Inc., due 03/15/26<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 |  | Tyler Technologies, Inc., 0.25%, due 03/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67870 |
| &nbsp;&nbsp; 825000 |  | Uber Technologies, Inc., Series 2028, 0.88%, due 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1180987 |
| &nbsp;&nbsp; 320000 |  | WEC Energy Group, Inc., 3.38%, due 06/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320880 |
| &nbsp;&nbsp; 400000 |  | WEC Energy Group, Inc., 4.38%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462600 |
| &nbsp;&nbsp; 525000 |  | Welltower OP LLC, 2.75%, due 05/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856013 |
|  |  |  | &nbsp;&nbsp; 14468317 |
|  |  | **Corporate Debt — 37.6%** | **Corporate Debt — 37.6%** |
| 1200000 |  | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1169980 |
| 1900000 |  | 1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1772545 |
| 1012000 |  | 1011778 BC ULC/New Red Finance, Inc., 5.63%, due 09/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1027557 |
| &nbsp;&nbsp; 780000 |  | 1261229 BC Ltd., 10.00%, due 04/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787402 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 300000 | EUR | &nbsp;&nbsp;&nbsp; Abanca Corp. Bancaria SA, 4.63% (5 yr. EURIBOR ICE Swap + 2.45%), due <br> 12/11/36<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 359461 |
| &nbsp;&nbsp; 170000 |  | Acadia Healthcare Co., Inc., 5.00%, due 04/15/29 144A | &nbsp;&nbsp; 165022 |
| 3900000 |  | Acadia Healthcare Co., Inc., 7.38%, due 03/15/33<sup>(l)</sup> 144A | 4022780 |
| &nbsp;&nbsp; 240000 |  | ACCO Brands Corp., 4.25%, due 03/15/29 144A | &nbsp;&nbsp; 212525 |
| &nbsp;&nbsp; 500000 |  | Acrisure LLC/Acrisure Finance, Inc., 4.25%, due 02/15/29 144A | &nbsp;&nbsp; 480221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 |  | Acrisure LLC/Acrisure Finance, Inc., 6.75%, due 07/01/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 45677 |
| &nbsp;&nbsp; 500000 |  | Acrisure LLC/Acrisure Finance, Inc., 7.50%, due 11/06/30 144A | &nbsp;&nbsp; 516842 |
| &nbsp;&nbsp; 285000 |  | Acrisure LLC/Acrisure Finance, Inc., 8.25%, due 02/01/29 144A | &nbsp;&nbsp; 295145 |
| 1045000 |  | Acrisure LLC/Acrisure Finance, Inc., 8.50%, due 06/15/29 144A | 1090520 |
| &nbsp;&nbsp; 765000 |  | Adani Electricity Mumbai Ltd., 3.87%, due 07/22/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 656669 |
| &nbsp;&nbsp; 200000 |  | Adani Ports & Special Economic Zone Ltd., 4.00%, due 07/30/27<sup>(f)</sup> <br>| &nbsp;&nbsp; 193757 |
| &nbsp;&nbsp; 285000 |  | Adtalem Global Education, Inc., 5.50%, due 03/01/28 144A | &nbsp;&nbsp; 282871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 |  | Advanced Drainage Systems, Inc., 5.00%, due 09/30/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9928 |
| &nbsp;&nbsp; 625000 |  | Aegea Finance SARL, 6.75%, due 05/20/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 625393 |
| &nbsp;&nbsp; 730000 |  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/30/32 | &nbsp;&nbsp; 661782 |
| 1415961 |  | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30<sup>(f)</sup> <br>| 1297431 |
| 2405000 |  | Africell Holding Ltd., 10.50%, due 10/23/29<sup>(l)</sup> 144A | 2346869 |
| 1155000 |  | Africell Holding Ltd., 10.50%, due 10/23/29<sup>(f)</sup> <br>| 1127449 |
| &nbsp;&nbsp; 846000 |  | Ahead DB Holdings LLC, 6.63%, due 05/01/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 849159 |
| &nbsp;&nbsp; 800000 |  | Ahli Bank QSC, 4.00% (5 yr. CMT + 3.45%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 784830 |
| &nbsp;&nbsp; 600000 |  | Ahlstrom Holding 3 OYJ, 4.88%, due 02/04/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 573058 |
| &nbsp;&nbsp; 210000 |  | AIB Group PLC, 5.32% (SOFR + 1.65%), due 05/15/31<sup>(b)</sup> 144A | &nbsp;&nbsp; 213754 |
| &nbsp;&nbsp; 173000 |  | Aircastle Ltd., 5.25% (5 yr. CMT + 4.41%)<sup>(b)(m)</sup> 144A | &nbsp;&nbsp; 171668 |
| 1760000 |  | AL Candelaria - spain- SA, 5.75%, due 06/15/33<sup>(f)</sup> <br>| 1494856 |
| &nbsp;&nbsp; 900000 | EUR | Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.38%, due 05/21/30<sup>(l)</sup> 144A | 1081719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87000 |  | Alibaba Group Holding Ltd., 0.50%, due 06/01/31 | &nbsp;&nbsp; 111258 |
| &nbsp;&nbsp; 750000 |  | Allegiant Travel Co., 7.25%, due 08/15/27<sup>(l)</sup> 144A | &nbsp;&nbsp; 750814 |
| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, due 10/15/27 <br> 144A<br>| &nbsp;&nbsp; 736700 |
| 1600000 |  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, due 01/15/31 <br> 144A<br>| 1656264 |
| 1835000 |  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.38%, due 10/01/32<sup>(l)</sup> <br> 144A<br>| 1893837 |
| &nbsp;&nbsp; 400000 |  | Allianz SE, 5.60% (5 yr. CMT + 2.77%), due 09/03/54<sup>(b)</sup> 144A | &nbsp;&nbsp; 399726 |
| &nbsp;&nbsp; 900000 |  | Ally Financial, Inc., 5.74% (SOFR + 1.96%), due 05/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 916214 |
| &nbsp;&nbsp; 475000 |  | Alnylam Pharmaceuticals, Inc., 1.00%, due 09/15/27 | &nbsp;&nbsp; 618212 |
| &nbsp;&nbsp; 500000 |  | Alpha Generation LLC, 6.75%, due 10/15/32 144A | &nbsp;&nbsp; 515755 |
| &nbsp;&nbsp; 288000 |  | AltaGas Ltd., 7.20% (5 yr. CMT + 3.57%), due 10/15/54<sup>(b)</sup> 144A | &nbsp;&nbsp; 288784 |
| 1820000 |  | Altice France Holding SA, 10.50%, due 05/15/27<sup>(n)</sup> 144A | &nbsp;&nbsp; 633879 |
| &nbsp;&nbsp; 800000 | EUR | Altice France SA, 4.13%, due 01/15/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 792433 |
| &nbsp;&nbsp; 860000 |  | Altice France SA, 5.13%, due 07/15/29 144A | &nbsp;&nbsp; 711650 |
| &nbsp;&nbsp; 911000 |  | Altice France SA, 5.50%, due 01/15/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 767517 |
| &nbsp;&nbsp; 300000 |  | Altice France SA, 5.50%, due 10/15/29 144A | &nbsp;&nbsp; 249000 |
| &nbsp;&nbsp; 875000 |  | Ambipar Lux SARL, 9.88%, due 02/06/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 827603 |
| &nbsp;&nbsp; 550000 |  | Ambipar Lux SARL, 10.88%, due 02/05/33 144A | &nbsp;&nbsp; 521162 |
| &nbsp;&nbsp; 475000 |  | AMC Networks, Inc., 4.25%, due 02/15/29<sup>(l)</sup> <br>| &nbsp;&nbsp; 380981 |
| &nbsp;&nbsp; 385000 |  | Amentum Holdings, Inc., 7.25%, due 08/01/32 144A | &nbsp;&nbsp; 396495 |
| &nbsp;&nbsp; 740000 |  | Amer Sports Co., 6.75%, due 02/16/31 144A | &nbsp;&nbsp; 771026 |
| 1800000 |  | American Builders & Contractors Supply Co., Inc., 4.00%, due 01/15/28 144A | 1761779 |

---

112See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 205000 |  | AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, due 06/01/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 211525 |
| &nbsp;&nbsp; 1490000 |  | AmeriTex HoldCo Intermediate LLC, 10.25%, due 10/15/28 144A | 1582443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 |  | ams-OSRAM AG, 12.25%, due 03/30/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 854297 |
| &nbsp;&nbsp; 1500000 |  | AmWINS Group, Inc., 4.88%, due 06/30/29<sup>(l)</sup> 144A | 1458659 |
| &nbsp;&nbsp; 1000000 |  | Anglo American Capital PLC, 5.75%, due 04/05/34 144A | 1033162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260000 |  | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.75%, due 01/15/29 144A | &nbsp;&nbsp; 228331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 225000 |  | APi Group DE, Inc., 4.13%, due 07/15/29 144A | &nbsp;&nbsp; 214689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 610000 |  | Aragvi Finance International DAC, 11.13%, due 11/20/29 144A | &nbsp;&nbsp; 616714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 |  | Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, due 04/01/28 144A | &nbsp;&nbsp; 501968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 |  | Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 09/01/32 144A | &nbsp;&nbsp; 509751 |
| &nbsp;&nbsp; 1740770 |  | ARD Finance SA, 6.50% (6.5% CASH / 7.25% PIK), due 06/30/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 82687 |
| &nbsp;&nbsp; 1650000 |  | &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> 3.25%, due 09/01/28 144A<br>| 1560402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | EUR | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 2.13%, due 08/15/26<sup>(f)</sup> <br>| &nbsp;&nbsp; 562265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700000 |  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.13%, due 08/15/26<sup>(l)</sup> <br> 144A<br>| &nbsp;&nbsp; 657790 |
| &nbsp;&nbsp; 1044000 |  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, due 08/15/27<sup>(l)</sup> <br> 144A<br>| &nbsp;&nbsp; 466391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 |  | Ardonagh Group Finance Ltd., 8.88%, due 02/15/32 144A | &nbsp;&nbsp; 210620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | ARES Strategic Income Fund, 5.45%, due 09/09/28 144A | &nbsp;&nbsp; 600428 |
| &nbsp;&nbsp; 1110000 |  | Arsenal AIC Parent LLC, 8.00%, due 10/01/30 144A | 1185968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 |  | AS Mileage Plan IP Ltd., 5.31%, due 10/20/31 144A | &nbsp;&nbsp; 885987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750000 |  | Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A | &nbsp;&nbsp; 724689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 |  | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 501162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 |  | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 10/15/32 144A | &nbsp;&nbsp; 509214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 |  | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 07/15/33 144A | &nbsp;&nbsp; 812126 |
| 37500000 | MXN | Asian Infrastructure Investment Bank, 9.88%, due 02/08/38<sup>(f)(k)</sup> <br>| &nbsp;&nbsp; 641938 |
| &nbsp;&nbsp; 1196728 |  | &nbsp;&nbsp;&nbsp; ASP Unifrax Holdings, Inc., 7.10% (7.10% Cash, or 5.85% Cash or 1.25% PIK), due <br> 09/30/29 144A<br>| &nbsp;&nbsp; 550495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210000 |  | Assurant, Inc., 7.00% (3 mo. USD LIBOR + 4.14%), due 03/27/48<sup>(b)(l)</sup> <br>| &nbsp;&nbsp; 214215 |
| &nbsp;&nbsp; 5200000 |  | AthenaHealth Group, Inc., 6.50%, due 02/15/30 144A | 5123121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 143000 |  | Athene Holding Ltd., 6.88% (5 yr. CMT + 2.58%), due 06/28/55<sup>(b)(l)</sup> <br>| &nbsp;&nbsp; 142657 |
| &nbsp;&nbsp; 1260000 |  | ATI, Inc., 5.13%, due 10/01/31 | 1232552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310000 |  | Atkore, Inc., 4.25%, due 06/01/31 144A | &nbsp;&nbsp; 287094 |
| &nbsp;&nbsp; 1000000 |  | Avient Corp., 6.25%, due 11/01/31 144A | 1009973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258000 |  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.38%, due 06/15/32 144A | &nbsp;&nbsp; 270100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 |  | Avolon Holdings Funding Ltd., 2.53%, due 11/18/27 144A | &nbsp;&nbsp; 855899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 |  | Axalta Coating Systems LLC, 3.38%, due 02/15/29 144A | &nbsp;&nbsp; 284379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, due <br> 06/15/27 144A<br>| &nbsp;&nbsp; 596731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 660000 |  | Axon Enterprise, Inc., 6.13%, due 03/15/30 144A | &nbsp;&nbsp; 680368 |
| &nbsp;&nbsp; 1080000 |  | Axon Enterprise, Inc., 6.25%, due 03/15/33 144A | 1114735 |
| &nbsp;&nbsp; 1805000 |  | Azule Energy Finance PLC, 8.13%, due 01/23/30 144A | 1789657 |
| &nbsp;&nbsp; 1095000 |  | Azule Energy Finance PLC, 8.13%, due 01/23/30<sup>(f)</sup> <br>| 1085827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7156 |  | Azure Power Energy Ltd., 3.58%, due 08/19/26<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | B&G Foods, Inc., 8.00%, due 09/15/28 144A | &nbsp;&nbsp; 578422 |
| &nbsp;&nbsp; 5500000 |  | Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, due 07/15/26 144A | 5099231 |
| &nbsp;&nbsp; 1900000 |  | Ball Corp., 2.88%, due 08/15/30 | 1714351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 225000 |  | Banc of California, 3.25% (3 mo. USD Term SOFR + 2.52%), due 05/01/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 200365 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 675000 | EUR | &nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA, 7.71% (5 yr. EURIBOR ICE Swap + 5.01%), <br> due 01/18/28<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 869125 |
| &nbsp;&nbsp; 135000 | EUR | Banca Transilvania SA, 5.13% (1 yr. EURIBOR ICE Swap + 2.95%), due 09/30/30<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 160863 |
| &nbsp;&nbsp; 970000 | EUR | Banca Transilvania SA, 8.88% (1 yr. EURIBOR ICE Swap + 5.58%), due 04/27/27<sup>(b)(f)</sup> <br>| 1185768 |
| &nbsp;&nbsp; 400000 | EUR | Banco de Sabadell SA, 5.00% (5 yr. EUR Swap annual + 5.17%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 471007 |
| 2160000 |  | Banco Mercantil del Norte SA, 6.63% (10 yr. CMT + 5.03%)<sup>(b)(f)(m)</sup> <br>| 2006818 |
| 1490000 |  | Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)<sup>(b)(m)</sup> 144A | 1475901 |
| 1275000 |  | Bank Negara Indonesia Persero Tbk. PT, 4.30% (5 yr. CMT + 3.47%)<sup>(b)(f)(m)</sup> <br>| 1218714 |
| &nbsp;&nbsp; 475000 | EUR | Bank of Cyprus Holdings PLC, 11.88% (5 yr. EURIBOR ICE Swap + 9.13%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 667980 |
| &nbsp;&nbsp; 325000 | GBP | Barclays PLC, 8.88% (5 yr. U.K. Government Bond + 6.96%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 469876 |
| &nbsp;&nbsp; 750000 |  | Bath & Body Works, Inc., 6.88%, due 11/01/35 | &nbsp;&nbsp; 778891 |
| &nbsp;&nbsp; 210000 |  | Bath & Body Works, Inc., 6.95%, due 03/01/33<sup>(l)</sup> <br>| &nbsp;&nbsp; 216472 |
| &nbsp;&nbsp; 400000 | EUR | BAWAG Group AG, 7.25% (5 yr. EURIBOR ICE Swap + 5.05%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 489904 |
| 1040000 |  | &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, <br> 7.63% (5 yr. CMT + 3.38%), due 02/11/35<sup>(b)</sup> 144A<br>| 1070472 |
| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, <br> 8.45% (5 yr. CMT + 4.66%), due 06/29/38<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 793731 |
| &nbsp;&nbsp; 670000 |  | Beach Acquisition Bidco LLC, 10.00% (10% Cash / 10.75% PIK), due 07/15/33<sup>(d)</sup> 144A | &nbsp;&nbsp; 696140 |
| &nbsp;&nbsp; 500000 |  | Beacon Mobility Corp., 7.25%, due 08/01/30<sup>(d)</sup> 144A | &nbsp;&nbsp; 510911 |
| &nbsp;&nbsp; 220000 | EUR | Bellis Acquisition Co. PLC, 8.00%, due 07/01/31<sup>(d)</sup> 144A | &nbsp;&nbsp; 259742 |
| &nbsp;&nbsp; 270000 |  | BellRing Brands, Inc., 7.00%, due 03/15/30 144A | &nbsp;&nbsp; 281442 |
| &nbsp;&nbsp; 450000 |  | Bill Holdings, Inc., 3.23%, due 04/01/30<sup>(k)</sup> 144A | &nbsp;&nbsp; 380813 |
| &nbsp;&nbsp; 750000 |  | Blackstone Mortgage Trust, Inc., 7.75%, due 12/01/29 144A | &nbsp;&nbsp; 798355 |
| 2300000 |  | Block, Inc., 2.75%, due 06/01/26 | 2253328 |
| &nbsp;&nbsp; 900000 |  | Blue Owl Finance LLC, 6.25%, due 04/18/34 | &nbsp;&nbsp; 926558 |
| &nbsp;&nbsp; 500000 |  | BNP Paribas SA, 7.38% (5 yr. CMT + 3.54%)<sup>(b)(m)</sup> 144A | &nbsp;&nbsp; 509029 |
| &nbsp;&nbsp; 361000 |  | BNP Paribas SA, 7.45% (5 yr. CMT + 3.13%)<sup>(b)(m)</sup> 144A | &nbsp;&nbsp; 364069 |
| &nbsp;&nbsp; 340000 |  | BNP Paribas SA, 7.75% (5 yr. CMT + 4.90%)<sup>(b)(m)</sup> 144A | &nbsp;&nbsp; 358454 |
| &nbsp;&nbsp; 200000 |  | BNP Paribas SA, 8.50% (5 yr. CMT + 4.35%)<sup>(b)(l)(m)</sup> 144A | &nbsp;&nbsp; 211994 |
| &nbsp;&nbsp; 450000 | EUR | BOI Finance BV, 7.50%, due 02/16/27<sup>(f)</sup> <br>| &nbsp;&nbsp; 539167 |
| &nbsp;&nbsp; 920000 |  | Boost Newco Borrower LLC, 7.50%, due 01/15/31 144A | &nbsp;&nbsp; 977247 |
| 1650000 |  | Boyd Gaming Corp., 4.75%, due 06/15/31 144A | 1582467 |
| &nbsp;&nbsp; 800000 | EUR | BPCE SA, 1.50% (5 yr. EUR Swap annual + 1.75%), due 01/13/42<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 915789 |
| 1755000 |  | Braskem Netherlands Finance BV, 4.50%, due 01/31/30<sup>(f)</sup> <br>| 1361458 |
| 2512000 |  | Bread Financial Holdings, Inc., 8.38% (5 yr. CMT + 4.30%), due 06/15/35<sup>(b)(l)</sup> 144A | 2531300 |
| &nbsp;&nbsp; 575000 |  | BRF SA, 5.75%, due 09/21/50<sup>(f)</sup> <br>| &nbsp;&nbsp; 467511 |
| &nbsp;&nbsp; 195000 |  | Brinker International, Inc., 8.25%, due 07/15/30 144A | &nbsp;&nbsp; 207957 |
| &nbsp;&nbsp; 960000 |  | &nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, due 04/01/27 144A<br>| &nbsp;&nbsp; 934706 |
| &nbsp;&nbsp; 270000 |  | &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due <br> 06/15/29<sup>(l)</sup> 144A<br>| &nbsp;&nbsp; 245952 |
| 1665000 |  | Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, due 02/01/32 144A | 1651507 |
| 1100000 |  | &nbsp;&nbsp;&nbsp; Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, 7.88%, <br> due 02/15/39<sup>(f)</sup> <br>| 1134151 |
| &nbsp;&nbsp; 900000 |  | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | &nbsp;&nbsp; 834448 |
| &nbsp;&nbsp; 550000 |  | Builders FirstSource, Inc., 6.75%, due 05/15/35 144A | &nbsp;&nbsp; 566976 |
| 1040000 | EUR | Bulgarian Energy Holding EAD, 2.45%, due 07/22/28<sup>(f)</sup> <br>| 1180114 |
| &nbsp;&nbsp; 800000 |  | Burford Capital Global Finance LLC, 6.25%, due 04/15/28 144A | &nbsp;&nbsp; 793196 |
| &nbsp;&nbsp; 630000 |  | Burford Capital Global Finance LLC, 9.25%, due 07/01/31 144A | &nbsp;&nbsp; 663837 |
| 1000000 |  | BWX Technologies, Inc., 4.13%, due 04/15/29 144A | &nbsp;&nbsp; 964824 |

---

114See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1423000 |  | C&W Senior Finance Ltd., 9.00%, due 01/15/33<sup>(f)</sup> <br>| 1456849 |
| &nbsp;&nbsp; 600000 |  | CACI International, Inc., 6.38%, due 06/15/33 144A | &nbsp;&nbsp; 619919 |
| &nbsp;&nbsp; 398000 |  | Caesars Entertainment, Inc., 8.13%, due 07/01/27 144A | &nbsp;&nbsp; 398368 |
| &nbsp;&nbsp; 380000 |  | CaixaBank SA, 5.58% (SOFR + 1.79%), due 07/03/36<sup>(b)(d)</sup> 144A | &nbsp;&nbsp; 384044 |
| &nbsp;&nbsp; 500000 |  | CaixaBank SA, 6.84% (SOFR + 2.77%), due 09/13/34<sup>(b)</sup> 144A | &nbsp;&nbsp; 549457 |
| &nbsp;&nbsp; 600000 | EUR | CaixaBank SA, 7.50% (5 yr. EURIBOR ICE Swap + 5.30%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 774300 |
| &nbsp;&nbsp; 215000 |  | California Resources Corp., 8.25%, due 06/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 220858 |
| 1500000 |  | Calpine Corp., 3.75%, due 03/01/31<sup>(l)</sup> 144A | 1424067 |
| 1250000 |  | Camelot Return Merger Sub, Inc., 8.75%, due 08/01/28 144A | 1153725 |
| &nbsp;&nbsp; 200000 | GBP | Canary Wharf Group Investment Holdings PLC, 3.38%, due 04/23/28<sup>(f)(l)</sup> <br>| &nbsp;&nbsp; 249185 |
| &nbsp;&nbsp; 675000 |  | Carnival Corp., 5.88%, due 06/15/31 144A | &nbsp;&nbsp; 688078 |
| 1000000 |  | Carnival Corp., 6.00%, due 05/01/29 144A | 1011067 |
| 1300000 |  | Carvana Co., 9.00% (RESEARCH:), due 06/01/31 144A | 1541334 |
| &nbsp;&nbsp; 400000 | EUR | CCF Holding SAS, 9.25% (5 yr. EUR Swap annual + 6.63%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 507723 |
| 4530000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A | 4234660 |
| 1370000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 01/15/34 144A | 1220412 |
| &nbsp;&nbsp; 750000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 08/15/30 144A | &nbsp;&nbsp; 715503 |
| 1300000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 | 1211428 |
| 2130000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 06/01/33 144A | 1948216 |
| &nbsp;&nbsp; 390000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A | &nbsp;&nbsp; 378123 |
| &nbsp;&nbsp; 500000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28 144A | &nbsp;&nbsp; 495735 |
| &nbsp;&nbsp; 957000 |  | Celanese U.S. Holdings LLC, 6.75%, due 04/15/33<sup>(l)</sup> <br>| &nbsp;&nbsp; 967715 |
| 1360000 |  | Cemex SAB de CV, 7.20% (5 yr. CMT + 3.52%)<sup>(b)(m)</sup> 144A | 1375640 |
| 1400000 |  | Centene Corp., 2.50%, due 03/01/31 | 1206313 |
| &nbsp;&nbsp; 700000 |  | &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, due 06/15/29 <br> 144A<br>| &nbsp;&nbsp; 579496 |
| &nbsp;&nbsp; 750000 |  | Central Parent, Inc./CDK Global, Inc., 7.25%, due 06/15/29 144A | &nbsp;&nbsp; 612308 |
| &nbsp;&nbsp; 800000 |  | Cerdia Finanz GmbH, 9.38%, due 10/03/31 144A | &nbsp;&nbsp; 831176 |
| &nbsp;&nbsp; 900000 |  | CF Industries, Inc., 5.15%, due 03/15/34 | &nbsp;&nbsp; 896930 |
| 1705000 |  | Champ Acquisition Corp., 8.38%, due 12/01/31 144A | 1816042 |
| 1220000 |  | Chart Industries, Inc., 7.50%, due 01/01/30 144A | 1278775 |
| 1420000 |  | Chart Industries, Inc., 9.50%, due 01/01/31 144A | 1516872 |
| &nbsp;&nbsp; 500000 |  | Chemours Co., 4.63%, due 11/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 435692 |
| &nbsp;&nbsp; 600000 |  | Cheplapharm Arzneimittel GmbH, 5.50%, due 01/15/28 144A | &nbsp;&nbsp; 580387 |
| &nbsp;&nbsp; 900000 |  | Choice Hotels International, Inc., 3.70%, due 12/01/29 | &nbsp;&nbsp; 850782 |
| &nbsp;&nbsp; 840000 |  | Chord Energy Corp., 6.75%, due 03/15/33 144A | &nbsp;&nbsp; 858688 |
| &nbsp;&nbsp; 865000 |  | CHS/Community Health Systems, Inc., 4.75%, due 02/15/31 144A | &nbsp;&nbsp; 740204 |
| &nbsp;&nbsp; 500000 |  | CHS/Community Health Systems, Inc., 5.25%, due 05/15/30 144A | &nbsp;&nbsp; 443849 |
| 1599000 |  | CHS/Community Health Systems, Inc., 5.63%, due 03/15/27 144A | 1575983 |
| &nbsp;&nbsp; 250000 |  | CHS/Community Health Systems, Inc., 10.88%, due 01/15/32 144A | &nbsp;&nbsp; 265279 |
| 1600000 |  | Churchill Downs, Inc., 4.75%, due 01/15/28 144A | 1580375 |
| 1000000 |  | Citadel Finance LLC, 5.90%, due 02/10/30 144A | 1009915 |
| &nbsp;&nbsp; 265000 |  | Citadel Securities Global Holdings LLC, 6.20%, due 06/18/35 144A | &nbsp;&nbsp; 272013 |
| 1000000 |  | CITGO Petroleum Corp., 6.38%, due 06/15/26 144A | 1000318 |
| &nbsp;&nbsp; 140000 |  | Citigroup, Inc., 7.00% (10 yr. CMT + 2.76%)<sup>(b)(l)(m)</sup> <br>| &nbsp;&nbsp; 147513 |
| &nbsp;&nbsp; 270000 |  | Citigroup, Inc., 7.63% (5 yr. CMT + 3.21%)<sup>(b)(m)</sup> <br>| &nbsp;&nbsp; 284821 |
| &nbsp;&nbsp; 750000 |  | Clarios Global LP/Clarios U.S. Finance Co., 6.75%, due 02/15/30 144A | &nbsp;&nbsp; 780440 |
| &nbsp;&nbsp; 700000 |  | Clarivate Science Holdings Corp., 4.88%, due 07/01/29 144A | &nbsp;&nbsp; 659811 |
| &nbsp;&nbsp; 200000 |  | Clear Channel Outdoor Holdings, Inc., 7.75%, due 04/15/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 189155 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 250000 |  | Clear Channel Outdoor Holdings, Inc., 7.88%, due 04/01/30 144A | &nbsp;&nbsp; 258289 |
| &nbsp;&nbsp; 225000 |  | Clearwater Paper Corp., 4.75%, due 08/15/28 144A | &nbsp;&nbsp; 213862 |
| &nbsp;&nbsp; 600000 |  | Clearway Energy Operating LLC, 4.75%, due 03/15/28 144A | &nbsp;&nbsp; 593236 |
| 1000000 |  | Cloud Software Group, Inc., 8.25%, due 06/30/32 144A | 1065159 |
| &nbsp;&nbsp; 325000 |  | Cloud Software Group, Inc., 9.00%, due 09/30/29 144A | &nbsp;&nbsp; 337173 |
| 1500000 |  | Clydesdale Acquisition Holdings, Inc., 6.75%, due 04/15/32 144A | 1540341 |
| &nbsp;&nbsp; 300000 | EUR | CMA CGM SA, 5.00%, due 01/15/31 144A | &nbsp;&nbsp; 352356 |
| &nbsp;&nbsp; 118000 |  | CMS Energy Corp., 4.75% (5 yr. CMT + 4.12%), due 06/01/50<sup>(b)</sup> <br>| &nbsp;&nbsp; 114848 |
| &nbsp;&nbsp; 600000 |  | Cogent Communications Group LLC/Cogent Finance, Inc., 6.50%, due 07/01/32 144A | &nbsp;&nbsp; 591576 |
| 1100000 |  | Coherent Corp., 5.00%, due 12/15/29<sup>(l)</sup> 144A | 1081489 |
| &nbsp;&nbsp; 750000 |  | CommScope LLC, 4.75%, due 09/01/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 733150 |
| &nbsp;&nbsp; 200000 |  | Compass Group Diversified Holdings LLC, 5.25%, due 04/15/29 144A | &nbsp;&nbsp; 179689 |
| &nbsp;&nbsp; 500000 |  | Compass Minerals International, Inc., 6.75%, due 12/01/27<sup>(l)</sup> 144A | &nbsp;&nbsp; 504486 |
| 1090000 |  | Compass Minerals International, Inc., 8.00%, due 07/01/30 144A | 1126978 |
| &nbsp;&nbsp; 750000 |  | Concentra Health Services, Inc., 6.88%, due 07/15/32 144A | &nbsp;&nbsp; 777460 |
| &nbsp;&nbsp; 230000 |  | &nbsp;&nbsp;&nbsp; Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, due <br> 11/01/29 144A<br>| &nbsp;&nbsp; 219828 |
| 1150000 |  | Constellium SE, 6.38%, due 08/15/32 144A | 1169906 |
| 1000000 |  | ContourGlobal Power Holdings SA, 6.75%, due 02/28/30 144A | 1031610 |
| 1250000 |  | Corp. Nacional del Cobre de Chile, 5.95%, due 01/08/34<sup>(f)</sup> <br>| 1276819 |
| 1000000 |  | CoStar Group, Inc., 2.80%, due 07/15/30 144A | &nbsp;&nbsp; 905066 |
| &nbsp;&nbsp; 670000 |  | Cougar JV Subsidiary LLC, 8.00%, due 05/15/32 144A | &nbsp;&nbsp; 714834 |
| &nbsp;&nbsp; 936000 |  | CP Atlas Buyer, Inc., 7.00%, due 12/01/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 867108 |
| 3212000 | PEN | Credicorp Capital Sociedad Titulizadora SA, 10.10%, due 12/15/43<sup>(f)</sup> <br>| &nbsp;&nbsp; 961744 |
| &nbsp;&nbsp; 200000 | EUR | Credit Agricole SA, 5.88% (5 yr. EURIBOR ICE Swap + 3.64%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 233158 |
| &nbsp;&nbsp; 300000 | EUR | Credit Agricole SA, 6.50% (5 yr. EURIBOR ICE Swap + 4.21%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 371144 |
| &nbsp;&nbsp; 560000 |  | Crescent Energy Finance LLC, 7.38%, due 01/15/33 144A | &nbsp;&nbsp; 535800 |
| &nbsp;&nbsp; 320000 |  | Crocs, Inc., 4.13%, due 08/15/31<sup>(l)</sup> 144A | &nbsp;&nbsp; 288504 |
| 1500000 |  | Crowdstrike Holdings, Inc., 3.00%, due 02/15/29 | 1420112 |
| 1000000 |  | Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, due 09/30/26 | &nbsp;&nbsp; 995022 |
| &nbsp;&nbsp; 750000 |  | CSC Holdings LLC, 4.13%, due 12/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 529787 |
| &nbsp;&nbsp; 240000 |  | CSC Holdings LLC, 4.50%, due 11/15/31 144A | &nbsp;&nbsp; 169090 |
| &nbsp;&nbsp; 250000 |  | CSC Holdings LLC, 5.75%, due 01/15/30 144A | &nbsp;&nbsp; 123903 |
| &nbsp;&nbsp; 270000 |  | CSC Holdings LLC, 11.75%, due 01/31/29 144A | &nbsp;&nbsp; 256981 |
| &nbsp;&nbsp; 900000 |  | CSN Inova Ventures, 6.75%, due 01/28/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 851978 |
| 1100000 |  | CSN Resources SA, 5.88%, due 04/08/32<sup>(f)</sup> <br>| &nbsp;&nbsp; 905563 |
| &nbsp;&nbsp; 110000 |  | CVS Health Corp., 6.75% (5 yr. CMT + 2.52%), due 12/10/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 110515 |
| &nbsp;&nbsp; 415000 |  | CVS Health Corp., 7.00% (5 yr. CMT + 2.89%), due 03/10/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 429073 |
| &nbsp;&nbsp; 430000 |  | Cytokinetics, Inc., 3.50%, due 07/01/27 | &nbsp;&nbsp; 458595 |
| &nbsp;&nbsp; 155000 | EUR | Czechoslovak Group AS, 5.25%, due 01/10/31<sup>(d)</sup> 144A | &nbsp;&nbsp; 185554 |
| &nbsp;&nbsp; 445000 |  | Czechoslovak Group AS, 6.50%, due 01/10/31<sup>(d)</sup> 144A | &nbsp;&nbsp; 449425 |
| &nbsp;&nbsp; 600000 |  | DAE Funding LLC, 3.38%, due 03/20/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 577701 |
| 1367000 |  | Datadog, Inc., 1.83%, due 12/01/29<sup>(k)(l)</sup> 144A | 1313003 |
| &nbsp;&nbsp; 320000 |  | DaVita, Inc., 3.75%, due 02/15/31 144A | &nbsp;&nbsp; 291266 |
| &nbsp;&nbsp; 750000 |  | DaVita, Inc., 4.63%, due 06/01/30 144A | &nbsp;&nbsp; 719097 |
| &nbsp;&nbsp; 600000 |  | Dcli Bidco LLC, 7.75%, due 11/15/29 144A | &nbsp;&nbsp; 608282 |
| &nbsp;&nbsp; 625000 |  | Deluxe Corp., 8.13%, due 09/15/29 144A | &nbsp;&nbsp; 645824 |
| &nbsp;&nbsp; 200000 | EUR | Deutsche Bank AG, 7.38% (5 yr. EURIBOR ICE Swap + 5.11%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 244708 |
| &nbsp;&nbsp; 200000 | EUR | Deutsche Bank AG, 10.00% (5 yr. EURIBOR ICE Swap + 6.94%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 262213 |

---

116See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1200000 |  | Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, due 10/01/30 144A | 1250432 |
| &nbsp;&nbsp; 900000 |  | Diamondback Energy, Inc., 5.55%, due 04/01/35 | &nbsp;&nbsp; 910177 |
| &nbsp;&nbsp; 660000 |  | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, due 02/15/31 144A | &nbsp;&nbsp; 641202 |
| &nbsp;&nbsp; 190000 | CAD | Doman Building Materials Group Ltd., 5.25%, due 05/15/26<sup>(f)</sup> <br>| &nbsp;&nbsp; 139331 |
| &nbsp;&nbsp; 195000 | CAD | Doman Building Materials Group Ltd., 7.50%, due 09/17/29 | &nbsp;&nbsp; 143385 |
| &nbsp;&nbsp; 108000 |  | Dominion Energy, Inc., 6.88% (5 yr. CMT + 2.39%), due 02/01/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 113671 |
| &nbsp;&nbsp; 105000 |  | Dominion Energy, Inc., 7.00% (5 yr. CMT + 2.51%), due 06/01/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 112920 |
| 1095000 |  | Dornoch Debt Merger Sub, Inc., 6.63%, due 10/15/29 144A | &nbsp;&nbsp; 849321 |
| &nbsp;&nbsp; 600000 |  | DT Midstream, Inc., 4.38%, due 06/15/31 144A | &nbsp;&nbsp; 574947 |
| 1575000 |  | Dua Capital Ltd., 2.78%, due 05/11/31<sup>(f)</sup> <br>| 1439042 |
| &nbsp;&nbsp; 300000 |  | Dycom Industries, Inc., 4.50%, due 04/15/29 144A | &nbsp;&nbsp; 292222 |
| 2050000 | EUR | Eastern European Electric Co. BV, 6.50%, due 05/15/30 144A | 2484505 |
| &nbsp;&nbsp; 191000 |  | EchoStar Corp., 6.75%, due 11/30/30 | &nbsp;&nbsp; 174453 |
| 1500000 |  | EchoStar Corp., 10.75%, due 11/30/29 | 1546275 |
| &nbsp;&nbsp; 250000 |  | Ecopetrol SA, 8.38%, due 01/19/36 | &nbsp;&nbsp; 241378 |
| 1335000 |  | Edison International, 8.13% (5 yr. CMT + 3.86%), due 06/15/53<sup>(b)(l)</sup> <br>| 1292807 |
| &nbsp;&nbsp; 900000 |  | Elanco Animal Health, Inc., 6.65%, due 08/28/28 | &nbsp;&nbsp; 938446 |
| 1045000 |  | Elastic NV, 4.13%, due 07/15/29 144A | &nbsp;&nbsp; 999418 |
| 1150000 |  | Ellucian Holdings, Inc., 6.50%, due 12/01/29 144A | 1178973 |
| &nbsp;&nbsp; 300000 | EUR | ELO SACA, 3.25%, due 07/23/27<sup>(f)</sup> <br>| &nbsp;&nbsp; 340129 |
| &nbsp;&nbsp; 500000 | EUR | ELO SACA, 4.88%, due 12/08/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 533256 |
| 1500000 |  | Embecta Corp., 5.00%, due 02/15/30 144A | 1356825 |
| &nbsp;&nbsp; 383000 |  | Emera, Inc., 6.75% (3 mo. USD LIBOR + 5.44%), due 06/15/76<sup>(b)</sup> <br>| &nbsp;&nbsp; 386360 |
| &nbsp;&nbsp; 130000 |  | Emergent BioSolutions, Inc., 3.88%, due 08/15/28 144A | &nbsp;&nbsp; 104108 |
| 1510000 |  | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, due 12/15/30 144A | 1545367 |
| &nbsp;&nbsp; 374000 |  | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(b)(l)</sup> <br>| &nbsp;&nbsp; 373355 |
| &nbsp;&nbsp; 102000 |  | Enbridge, Inc., 8.50% (5 yr. CMT + 4.43%), due 01/15/84<sup>(b)</sup> <br>| &nbsp;&nbsp; 113819 |
| &nbsp;&nbsp; 145000 |  | Encompass Health Corp., 4.75%, due 02/01/30<sup>(l)</sup> <br>| &nbsp;&nbsp; 143273 |
| 1600000 |  | Encore Capital Group, Inc., 8.50%, due 05/15/30<sup>(l)</sup> 144A | 1717472 |
| &nbsp;&nbsp; 600000 |  | Energean Israel Finance Ltd., 5.38%, due 03/30/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 572812 |
| 2800000 |  | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(f)</sup> <br>| 2587900 |
| 2927000 | EUR | Energo-Pro AS, 8.00%, due 05/27/30<sup>(l)</sup> 144A | 3553894 |
| &nbsp;&nbsp; 960000 |  | Energy Transfer LP, 6.25%, due 04/15/49 | &nbsp;&nbsp; 947980 |
| &nbsp;&nbsp; 105000 |  | Energy Transfer LP, 8.00% (5 yr. CMT + 4.02%), due 05/15/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 111781 |
| &nbsp;&nbsp; 270000 |  | EnerSys, 6.63%, due 01/15/32 144A | &nbsp;&nbsp; 276420 |
| &nbsp;&nbsp; 600000 |  | Eni SpA, 5.75%, due 05/19/35 144A | &nbsp;&nbsp; 613984 |
| &nbsp;&nbsp; 255000 |  | Enova International, Inc., 11.25%, due 12/15/28 144A | &nbsp;&nbsp; 274126 |
| &nbsp;&nbsp; 215000 |  | EnQuest PLC, 11.63%, due 11/01/27<sup>(l)</sup> 144A | &nbsp;&nbsp; 217911 |
| &nbsp;&nbsp; 139000 |  | Enstar Group Ltd., 7.50% (5 yr. CMT + 3.19%), due 04/01/45<sup>(b)</sup> 144A | &nbsp;&nbsp; 143330 |
| &nbsp;&nbsp; 750000 |  | Entegris, Inc., 4.75%, due 04/15/29 144A | &nbsp;&nbsp; 742373 |
| 1270000 | EUR | Eolo SpA, 4.88%, due 10/21/28<sup>(f)</sup> <br>| 1402813 |
| &nbsp;&nbsp; 800000 | EUR | Equinix Europe 2 Financing Corp. LLC, 3.25%, due 05/19/29 | &nbsp;&nbsp; 945376 |
| &nbsp;&nbsp; 690000 |  | Esab Corp., 6.25%, due 04/15/29 144A | &nbsp;&nbsp; 707327 |
| 6000000 | ZAR | Eskom Holdings SOC Ltd., 7.50%, due 09/15/33 | &nbsp;&nbsp; 281707 |
| &nbsp;&nbsp; 500000 | EUR | Eurobank SA, 4.00% (1 yr. EURIBOR ICE Swap + 1.70%), due 02/07/36<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 576874 |
| &nbsp;&nbsp; 218000 |  | EUSHI Finance, Inc., 7.63% (5 yr. CMT + 3.14%), due 12/15/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 226221 |
| &nbsp;&nbsp; 525000 |  | Exact Sciences Corp., 2.00%, due 03/01/30 144A | &nbsp;&nbsp; 532875 |
| 1400000 |  | Expand Energy Corp., 4.75%, due 02/01/32 | 1362278 |
| &nbsp;&nbsp; 480000 |  | EZCORP, Inc., 7.38%, due 04/01/32 144A | &nbsp;&nbsp; 506452 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 290000 |  | Fair Isaac Corp., 4.00%, due 06/15/28 144A | &nbsp;&nbsp; 282493 |
| 1950000 |  | &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, due 01/15/29 <br> 144A<br>| 1868961 |
| 1540000 |  | &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, due 01/15/30 <br> 144A<br>| 1422354 |
| &nbsp;&nbsp; 200000 |  | Fidelis Insurance Holdings Ltd., 7.75% (5 yr. CMT + 4.28%), due 06/15/55<sup>(b)(l)</sup> <br>| &nbsp;&nbsp; 206843 |
| &nbsp;&nbsp; 795400 |  | &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, due <br> 01/31/41<sup>(f)</sup> <br>| &nbsp;&nbsp; 808047 |
| 2160000 |  | Fiesta Purchaser, Inc., 7.88%, due 03/01/31 144A | 2294557 |
| 1100000 |  | Fiesta Purchaser, Inc., 9.63%, due 09/15/32 144A | 1163435 |
| &nbsp;&nbsp; 280000 |  | FirstCash, Inc., 5.63%, due 01/01/30 144A | &nbsp;&nbsp; 279649 |
| 1100000 |  | Flutter Treasury DAC, 6.38%, due 04/29/29 144A | 1133740 |
| &nbsp;&nbsp; 113000 |  | FMC Corp., 8.45% (5 yr. CMT + 4.37%), due 11/01/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 115924 |
| 1325000 |  | FMG Resources August 2006 Pty. Ltd., 4.38%, due 04/01/31 144A | 1239036 |
| 4130000 |  | Focus Financial Partners LLC, 6.75%, due 09/15/31 144A | 4218543 |
| &nbsp;&nbsp; 245000 | EUR | Food Service Project SA, 5.50%, due 01/21/27<sup>(f)(l)</sup> <br>| &nbsp;&nbsp; 288801 |
| 1665000 |  | Ford Motor Credit Co. LLC, 3.63%, due 06/17/31 | 1466273 |
| &nbsp;&nbsp; 676000 |  | Fortrea Holdings, Inc., 7.50%, due 07/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 612744 |
| &nbsp;&nbsp; 600000 |  | Fortress Intermediate 3, Inc., 7.50%, due 06/01/31 144A | &nbsp;&nbsp; 629320 |
| 2300000 |  | Fortress Transportation & Infrastructure Investors LLC, 5.50%, due 05/01/28 144A | 2289059 |
| 2605000 | EUR | Fortune Star BVI Ltd., 3.95%, due 10/02/26<sup>(f)</sup> <br>| 2966072 |
| &nbsp;&nbsp; 400000 | EUR | Forvia SE, 3.75%, due 06/15/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 462929 |
| &nbsp;&nbsp; 400000 | EUR | Forvia SE, 5.50%, due 06/15/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 464018 |
| &nbsp;&nbsp; 200000 |  | Foundry JV Holdco LLC, 6.40%, due 01/25/38 144A | &nbsp;&nbsp; 210876 |
| 1100000 |  | Freedom Mortgage Corp., 6.63%, due 01/15/27 144A | 1102732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 |  | Freedom Mortgage Corp., 12.00%, due 10/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 53803 |
| &nbsp;&nbsp; 170000 |  | Freedom Mortgage Corp., 12.25%, due 10/01/30 144A | &nbsp;&nbsp; 188647 |
| 2045000 |  | Freedom Mortgage Holdings LLC, 8.38%, due 04/01/32<sup>(l)</sup> 144A | 2068665 |
| 1920000 |  | Freedom Mortgage Holdings LLC, 9.25%, due 02/01/29 144A | 1995696 |
| &nbsp;&nbsp; 800000 |  | Frontier Communications Holdings LLC, 6.75%, due 05/01/29 144A | &nbsp;&nbsp; 811021 |
| &nbsp;&nbsp; 615000 |  | FS Luxembourg SARL, 8.63%, due 06/25/33 144A | &nbsp;&nbsp; 607620 |
| &nbsp;&nbsp; 438000 |  | FS Luxembourg SARL, 8.88%, due 02/12/31 144A | &nbsp;&nbsp; 449643 |
| &nbsp;&nbsp; 464000 |  | FS Luxembourg SARL, 8.88%, due 02/12/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 476334 |
| 1020000 |  | Gap, Inc., 3.63%, due 10/01/29 144A | &nbsp;&nbsp; 948600 |
| &nbsp;&nbsp; 295000 |  | Gartner, Inc., 3.63%, due 06/15/29 144A | &nbsp;&nbsp; 280695 |
| 1300000 |  | Gartner, Inc., 3.75%, due 10/01/30 144A | 1217324 |
| &nbsp;&nbsp; 270000 |  | Gates Corp., 6.88%, due 07/01/29 144A | &nbsp;&nbsp; 280697 |
| 1150000 | GBP | Gatwick Airport Finance PLC, 4.38%, due 04/07/26<sup>(f)</sup> <br>| 1567355 |
| 2735000 |  | GDZ Elektrik Dagitim AS, 9.00%, due 10/15/29 144A | 2647845 |
| 1165000 |  | GDZ Elektrik Dagitim AS, 9.00%, due 10/15/29<sup>(f)</sup> <br>| 1127327 |
| &nbsp;&nbsp; 500000 |  | Gen Digital, Inc., 6.25%, due 04/01/33 144A | &nbsp;&nbsp; 514671 |
| &nbsp;&nbsp; 235000 |  | General Motors Financial Co., Inc., 5.70% (5 yr. CMT + 5.00%)<sup>(b)(l)(m)</sup> <br>| &nbsp;&nbsp; 233660 |
| &nbsp;&nbsp; 600000 |  | Genesee & Wyoming, Inc., 6.25%, due 04/15/32 144A | &nbsp;&nbsp; 612974 |
| &nbsp;&nbsp; 600000 |  | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 05/15/33<sup>(l)</sup> <br>| &nbsp;&nbsp; 627817 |
| &nbsp;&nbsp; 145000 |  | Genworth Holdings, Inc., 6.50%, due 06/15/34 | &nbsp;&nbsp; 144248 |
| &nbsp;&nbsp; 600000 |  | GFL Environmental, Inc., 4.38%, due 08/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 583112 |
| &nbsp;&nbsp; 532000 |  | Global Atlantic Fin Co., 4.70% (5 yr. CMT + 3.80%), due 10/15/51<sup>(b)</sup> 144A | &nbsp;&nbsp; 522398 |
| &nbsp;&nbsp; 138000 |  | Global Atlantic Fin Co., 7.95% (5 yr. CMT + 3.61%), due 10/15/54<sup>(b)</sup> 144A | &nbsp;&nbsp; 144014 |
| &nbsp;&nbsp; 900000 |  | GLP Capital LP/GLP Financing II, Inc., 5.75%, due 06/01/28 | &nbsp;&nbsp; 922807 |
| &nbsp;&nbsp; 685000 |  | GLP China Holdings Ltd., 2.95%, due 03/29/26<sup>(f)</sup> <br>| &nbsp;&nbsp; 647018 |

---

118See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1300000 |  | Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, due 03/01/29 144A | 1229592 |
| 1520000 |  | Goat Holdco LLC, 6.75%, due 02/01/32 144A | 1546562 |
| &nbsp;&nbsp; 350000 |  | goeasy Ltd., 7.38%, due 10/01/30 144A | &nbsp;&nbsp; 357925 |
| 1300000 |  | goeasy Ltd., 9.25%, due 12/01/28 144A | 1376287 |
| &nbsp;&nbsp; 250000 | EUR | Goldstory SAS, 6.75%, due 02/01/30<sup>(f)</sup> <br>| &nbsp;&nbsp; 305837 |
| &nbsp;&nbsp; 605000 |  | Golomt Bank, 11.00%, due 05/20/27<sup>(f)</sup> <br>| &nbsp;&nbsp; 616354 |
| 1000000 |  | Gray Media, Inc., 4.75%, due 10/15/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 757500 |
| &nbsp;&nbsp; 115000 |  | Gray Media, Inc., 5.38%, due 11/15/31<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 86330 |
| &nbsp;&nbsp; 380000 |  | Great Canadian Gaming Corp./Raptor LLC, 8.75%, due 11/15/29 144A | &nbsp;&nbsp; 372219 |
| &nbsp;&nbsp; 574200 |  | Greenko Power II Ltd., 4.30%, due 12/13/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 540745 |
| &nbsp;&nbsp; 600000 |  | Griffon Corp., 5.75%, due 03/01/28 | &nbsp;&nbsp; 600309 |
| &nbsp;&nbsp; 300000 | EUR | Grifols SA, 3.88%, due 10/15/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 337742 |
| 1000000 |  | Grifols SA, 4.75%, due 10/15/28 144A | &nbsp;&nbsp; 961952 |
| &nbsp;&nbsp; 450000 | EUR | Grifols SA, 7.50%, due 05/01/30<sup>(f)</sup> <br>| &nbsp;&nbsp; 553908 |
| &nbsp;&nbsp; 240000 |  | GrubHub Holdings, Inc., 5.50%, due 07/01/27 144A | &nbsp;&nbsp; 233172 |
| &nbsp;&nbsp; 864276 |  | Guara Norte SARL, 5.20%, due 06/15/34<sup>(f)</sup> <br>| &nbsp;&nbsp; 819668 |
| &nbsp;&nbsp; 600000 |  | GYP Holdings III Corp., 4.63%, due 05/01/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 601822 |
| &nbsp;&nbsp; 227000 |  | Hanwha Life Insurance Co. Ltd., 6.30% (5 yr. CMT + 2.29%), due 06/24/55<sup>(b)</sup> 144A | &nbsp;&nbsp; 234064 |
| 1880000 |  | Harvest Midstream I LP, 7.50%, due 09/01/28 144A | 1913362 |
| &nbsp;&nbsp; 750000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, due 06/15/26 144A | &nbsp;&nbsp; 734574 |
| &nbsp;&nbsp; 780000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, due 08/15/28 144A | &nbsp;&nbsp; 904020 |
| 1300000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, due 09/15/30<sup>(l)</sup> 144A | 1193818 |
| &nbsp;&nbsp; 550000 |  | HCA, Inc., 7.50%, due 11/06/33 | &nbsp;&nbsp; 628735 |
| &nbsp;&nbsp; 225000 |  | HealthEquity, Inc., 4.50%, due 10/01/29 144A | &nbsp;&nbsp; 219045 |
| &nbsp;&nbsp; 545000 | GBP | Heathrow Funding Ltd., 6.75%, due 12/03/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 768136 |
| &nbsp;&nbsp; 205000 |  | Helix Energy Solutions Group, Inc., 9.75%, due 03/01/29 144A | &nbsp;&nbsp; 217021 |
| &nbsp;&nbsp; 700000 |  | Hightower Holding LLC, 6.75%, due 04/15/29 144A | &nbsp;&nbsp; 698219 |
| &nbsp;&nbsp; 100000 |  | Hightower Holding LLC, 9.13%, due 01/31/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 106554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000 |  | Hilton Domestic Operating Co., Inc., 3.63%, due 02/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 63454 |
| 1300000 |  | Hilton Domestic Operating Co., Inc., 3.75%, due 05/01/29 144A | 1247017 |
| 2200000 |  | Hilton Domestic Operating Co., Inc., 4.00%, due 05/01/31 144A | 2069869 |
| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.63%, <br> due 01/15/32 144A<br>| &nbsp;&nbsp; 508076 |
| &nbsp;&nbsp; 270000 |  | HLF Financing SARL LLC/Herbalife International, Inc., 4.88%, due 06/01/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 228379 |
| 1800000 |  | Hologic, Inc., 3.25%, due 02/15/29 144A | 1716645 |
| &nbsp;&nbsp; 650000 | EUR | House of HR Group BV, 9.00%, due 11/03/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 760868 |
| &nbsp;&nbsp; 560000 |  | Howard Midstream Energy Partners LLC, 8.88%, due 07/15/28 144A | &nbsp;&nbsp; 588314 |
| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 7.25%, due 02/15/31 144A<br>| &nbsp;&nbsp; 777234 |
| &nbsp;&nbsp; 650000 |  | &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 8.13%, due 02/15/32<sup>(l)</sup> 144A<br>| &nbsp;&nbsp; 679253 |
| &nbsp;&nbsp; 400000 |  | HSBC Holdings PLC, 4.60% (5 yr. CMT + 3.65%)<sup>(b)(m)</sup> <br>| &nbsp;&nbsp; 365421 |
| &nbsp;&nbsp; 585000 |  | HSBC Holdings PLC, 5.24% (SOFR + 1.57%), due 05/13/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 595779 |
| 1528000 |  | HSBC Holdings PLC, 7.05% (5 yr. CMT + 2.99%)<sup>(b)(m)</sup> <br>| 1549478 |
| &nbsp;&nbsp; 140000 |  | HUB International Ltd., 5.63%, due 12/01/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 140130 |
| 3935000 |  | HUB International Ltd., 7.38%, due 01/31/32<sup>(l)</sup> 144A | 4119762 |
| &nbsp;&nbsp; 120000 |  | Hudson Pacific Properties LP, 3.95%, due 11/01/27 | &nbsp;&nbsp; 115150 |
| 2360000 |  | Hudson Pacific Properties LP, 4.65%, due 04/01/29<sup>(l)</sup> <br>| 2122474 |
| &nbsp;&nbsp; 620000 |  | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 7.75%, due 11/05/38 144A | &nbsp;&nbsp; 655427 |
| &nbsp;&nbsp; 500000 | EUR | Ibercaja Banco SA, 4.13% (5 yr. EURIBOR ICE Swap + 1.90%), due 08/18/36<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 583575 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | EUR | Ibercaja Banco SA, 9.13% (5 yr. EUR Swap annual + 6.83%)<sup>(b)(f)(m)</sup> <br>| 1036355 |
| &nbsp;&nbsp; 1300000 |  | IHS Holding Ltd., 6.25%, due 11/29/28<sup>(f)</sup> <br>| 1268195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 630000 |  | IHS Holding Ltd., 7.88%, due 05/29/30<sup>(f)</sup> <br>| &nbsp;&nbsp; 633581 |
| &nbsp;&nbsp; 1145000 |  | IIFL Finance Ltd., 8.75%, due 07/24/28<sup>(l)</sup> 144A | 1152781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 645000 |  | IIFL Finance Ltd., 8.75%, due 07/24/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 649383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | EUR | Iliad Holding SASU, 5.38%, due 04/15/30<sup>(f)</sup> <br>| &nbsp;&nbsp; 241693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | EUR | Iliad Holding SASU, 6.88%, due 04/15/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 376375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335000 |  | Iliad Holding SASU, 7.00%, due 10/15/28 144A | &nbsp;&nbsp; 341383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265000 | EUR | IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28 144A | &nbsp;&nbsp; 309349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 475000 |  | Immunocore Holdings PLC, 2.50%, due 02/01/30 | &nbsp;&nbsp; 411981 |
| &nbsp;&nbsp; 1550000 |  | Indofood CBP Sukses Makmur Tbk. PT, 4.75%, due 06/09/51<sup>(f)</sup> <br>| 1255814 |
| &nbsp;&nbsp; 1710000 |  | Ingevity Corp., 3.88%, due 11/01/28<sup>(l)</sup> 144A | 1632013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 805000 |  | Insulet Corp., 6.50%, due 04/01/33 144A | &nbsp;&nbsp; 839849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 |  | Integer Holdings Corp., 1.88%, due 03/15/30 144A | &nbsp;&nbsp; 522000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99000 |  | Intel Corp., 5.60%, due 02/21/54<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 625000 |  | Intelsat Jackson Holdings SA, 6.50%, due 03/15/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 638873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285000 |  | Interface, Inc., 5.50%, due 12/01/28 144A | &nbsp;&nbsp; 281103 |
| &nbsp;&nbsp; 2613676 |  | International Airport Finance SA, 12.00%, due 03/15/33<sup>(f)</sup> <br>| 2802837 |
| 38600000 | INR | International Bank for Reconstruction & Development, 6.75%, due 07/13/29 | &nbsp;&nbsp; 454966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 220000 | EUR | International Personal Finance PLC, 10.75%, due 12/14/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 286176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 525000 |  | Intesa Sanpaolo SpA, 3.88%, due 01/12/28 144A | &nbsp;&nbsp; 515149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 785000 |  | Intesa Sanpaolo SpA, 4.20% (1 yr. CMT + 2.60%), due 06/01/32<sup>(b)</sup> 144A | &nbsp;&nbsp; 722514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 350000 |  | Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A | &nbsp;&nbsp; 350816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 |  | Intesa Sanpaolo SpA, 6.63%, due 06/20/33 144A | &nbsp;&nbsp; 217244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 |  | Intesa Sanpaolo SpA, 7.80%, due 11/28/53 144A | &nbsp;&nbsp; 351101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 275000 | EUR | Intesa Sanpaolo SpA, 9.13% (5 yr. EURIBOR ICE Swap + 6.26%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 374704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 |  | Ionis Pharmaceuticals, Inc., 1.75%, due 06/15/28 | &nbsp;&nbsp; 842500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 255000 | EUR | IQVIA, Inc., 2.25%, due 01/15/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 291913 |
| &nbsp;&nbsp; 1400000 |  | IQVIA, Inc., 6.25%, due 06/01/32 144A | 1438455 |
| &nbsp;&nbsp; 1290000 |  | Iron Mountain, Inc., 4.88%, due 09/15/29 144A | 1268300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 |  | Iron Mountain, Inc., 5.25%, due 03/15/28 144A | &nbsp;&nbsp; 398515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 280000 |  | Ithaca Energy North Sea PLC, 8.13%, due 10/15/29 144A | &nbsp;&nbsp; 289059 |
| &nbsp;&nbsp; 1250000 |  | ITT Holdings LLC, 6.50%, due 08/01/29 144A | 1189751 |
| &nbsp;&nbsp; 1130000 |  | Ivanhoe Mines Ltd., 7.88%, due 01/23/30<sup>(l)</sup> 144A | 1128829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 745000 |  | Ivanhoe Mines Ltd., 7.88%, due 01/23/30<sup>(f)</sup> <br>| &nbsp;&nbsp; 744228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 220000 |  | Jaguar Land Rover Automotive PLC, 4.50%, due 10/01/27<sup>(l)</sup> 144A | &nbsp;&nbsp; 216191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 880000 |  | Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32 144A | &nbsp;&nbsp; 888951 |
| &nbsp;&nbsp; 1200000 |  | Jane Street Group/JSG Finance, Inc., 6.75%, due 05/01/33 144A | 1234597 |
| &nbsp;&nbsp; 1730000 |  | Jane Street Group/JSG Finance, Inc., 7.13%, due 04/30/31 144A | 1821486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 575000 |  | Jazz Investments I Ltd., 3.13%, due 09/15/30 144A | &nbsp;&nbsp; 612375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 475000 |  | JBT Marel Corp., 0.25%, due 05/15/26 | &nbsp;&nbsp; 473622 |
| &nbsp;&nbsp; 1225000 |  | JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, due 09/20/31 144A | 1192545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |  | JH North America Holdings, Inc., 5.88%, due 01/31/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 55515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265000 |  | K Hovnanian Enterprises, Inc., 11.75%, due 09/30/29 144A | &nbsp;&nbsp; 287607 |
| &nbsp;&nbsp; 2110000 |  | KazMunayGas National Co. JSC, 6.38%, due 10/24/48<sup>(f)</sup> <br>| 1954503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 295000 |  | KBR, Inc., 4.75%, due 09/30/28 144A | &nbsp;&nbsp; 283998 |
| &nbsp;&nbsp; 1375000 |  | Khazanah Global Sukuk Bhd., 4.69%, due 06/01/28<sup>(f)</sup> <br>| 1385016 |
| &nbsp;&nbsp; 1285000 |  | Korn Ferry, 4.63%, due 12/15/27 144A | 1279988 |

---

120See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 200000 | GBP | &nbsp;&nbsp;&nbsp; La Banque Postale SA, 5.63% (1 yr. U.K. Government Bond + 2.60%), due <br> 09/21/28<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 277792 |
| &nbsp;&nbsp; 115000 |  | LABL, Inc., 5.88%, due 11/01/28 144A | &nbsp;&nbsp; 100779 |
| &nbsp;&nbsp; 829000 |  | LABL, Inc., 8.63%, due 10/01/31<sup>(l)</sup> 144A | &nbsp;&nbsp; 709710 |
| &nbsp;&nbsp; 800000 |  | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, due <br> 02/01/27 144A<br>| &nbsp;&nbsp; 789224 |
| 1590000 |  | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, due <br> 07/15/31 144A<br>| 1663689 |
| &nbsp;&nbsp; 500000 |  | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | &nbsp;&nbsp; 477333 |
| &nbsp;&nbsp; 510000 |  | Lantheus Holdings, Inc., 2.63%, due 12/15/27 | &nbsp;&nbsp; 649102 |
| &nbsp;&nbsp; 680000 |  | Las Vegas Sands Corp., 3.50%, due 08/18/26 | &nbsp;&nbsp; 671224 |
| 1300000 |  | Latam Airlines Group SA, 7.88%, due 04/15/30<sup>(f)</sup> <br>| 1327625 |
| &nbsp;&nbsp; 952000 |  | LBM Acquisition LLC, 6.25%, due 01/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 826674 |
| &nbsp;&nbsp; 750000 |  | LCM Investments Holdings II LLC, 4.88%, due 05/01/29 144A | &nbsp;&nbsp; 729957 |
| &nbsp;&nbsp; 225000 |  | LCPR Senior Secured Financing DAC, 5.13%, due 07/15/29 144A | &nbsp;&nbsp; 132757 |
| &nbsp;&nbsp; 275000 |  | Level 3 Financing, Inc., 3.75%, due 07/15/29 144A | &nbsp;&nbsp; 232719 |
| &nbsp;&nbsp; 290000 |  | Level 3 Financing, Inc., 4.50%, due 04/01/30 144A | &nbsp;&nbsp; 263900 |
| 1300000 |  | Level 3 Financing, Inc., 4.88%, due 06/15/29 144A | 1220375 |
| &nbsp;&nbsp; 525000 |  | Level 3 Financing, Inc., 6.88%, due 06/30/33 144A | &nbsp;&nbsp; 534578 |
| &nbsp;&nbsp; 100000 |  | Level 3 Financing, Inc., 10.00%, due 10/15/32 144A | &nbsp;&nbsp; 101168 |
| 1251943 |  | Level 3 Financing, Inc., 11.00%, due 11/15/29 144A | 1437655 |
| &nbsp;&nbsp; 240000 |  | Levi Strauss & Co., 3.50%, due 03/01/31 144A | &nbsp;&nbsp; 219851 |
| &nbsp;&nbsp; 455000 |  | LFS Topco LLC, 5.88%, due 10/15/26<sup>(l)</sup> 144A | &nbsp;&nbsp; 455255 |
| 2561000 |  | LFS Topco LLC, 8.75%, due 07/15/30<sup>(d)</sup> 144A | 2521263 |
| &nbsp;&nbsp; 105000 |  | Liberty Interactive LLC, 8.25%, due 02/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 12600 |
| 2200000 |  | LifePoint Health, Inc., 8.38%, due 02/15/32 144A | 2345990 |
| 2840000 |  | Limak Yenilenebilir Enerji AS, 9.63%, due 08/12/30 144A | 2806559 |
| &nbsp;&nbsp; 418000 |  | Lincoln National Corp., 9.25% (5 yr. CMT + 5.32%)<sup>(b)(l)(m)</sup> <br>| &nbsp;&nbsp; 456405 |
| &nbsp;&nbsp; 150000 | EUR | Lion/Polaris Lux 4 SA, 5.56% (3 mo. EURIBOR + 3.63%), due 07/01/29<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 177248 |
| &nbsp;&nbsp; 275000 |  | Live Nation Entertainment, Inc., 3.13%, due 01/15/29<sup>(l)</sup> <br>| &nbsp;&nbsp; 423087 |
| 2150000 |  | Live Nation Entertainment, Inc., 4.75%, due 10/15/27<sup>(l)</sup> 144A | 2128282 |
| &nbsp;&nbsp; 250000 |  | Lloyds Banking Group PLC, 6.75% (5 yr. CMT + 3.15%)<sup>(b)(l)(m)</sup> <br>| &nbsp;&nbsp; 245245 |
| &nbsp;&nbsp; 375000 | GBP | Lloyds Banking Group PLC, 8.50% (5 yr. U.K. Government Bond + 5.14%)<sup>(b)(m)</sup> <br>| &nbsp;&nbsp; 541682 |
| &nbsp;&nbsp; 835000 | EUR | Lorca Telecom Bondco SA, 4.00%, due 09/18/27 144A | &nbsp;&nbsp; 980863 |
| &nbsp;&nbsp; 150000 |  | Lumen Technologies, Inc., 4.13%, due 04/15/29 144A | &nbsp;&nbsp; 146438 |
| &nbsp;&nbsp; 105000 |  | Lumen Technologies, Inc., 4.50%, due 01/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 94600 |
| &nbsp;&nbsp; 350000 |  | Lumentum Holdings, Inc., 1.50%, due 12/15/29<sup>(l)</sup> <br>| &nbsp;&nbsp; 537600 |
| &nbsp;&nbsp; 200000 | EUR | Luminor Holding AS, 7.38% (5 yr. EURIBOR ICE Swap + 5.26%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 242160 |
| &nbsp;&nbsp; 310000 |  | M/I Homes, Inc., 3.95%, due 02/15/30 | &nbsp;&nbsp; 291254 |
| &nbsp;&nbsp; 175000 |  | Macy's Retail Holdings LLC, 5.13%, due 01/15/42 | &nbsp;&nbsp; 121455 |
| 4070000 |  | Madison IAQ LLC, 5.88%, due 06/30/29 144A | 4006504 |
| &nbsp;&nbsp; 210000 |  | &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, due <br> 12/01/32<sup>(l)</sup> 144A<br>| &nbsp;&nbsp; 211677 |
| &nbsp;&nbsp; 600000 |  | Marex Group PLC, 5.83%, due 05/08/28 | &nbsp;&nbsp; 607885 |
| &nbsp;&nbsp; 500000 |  | Marvell Technology, Inc., 4.75%, due 07/15/30 | &nbsp;&nbsp; 502363 |
| &nbsp;&nbsp; 600000 |  | Matador Resources Co., 6.25%, due 04/15/33 144A | &nbsp;&nbsp; 597064 |
| &nbsp;&nbsp; 600000 |  | Mauser Packaging Solutions Holding Co., 7.88%, due 04/15/27 144A | &nbsp;&nbsp; 610585 |
| &nbsp;&nbsp; 410000 |  | Mavis Tire Express Services Topco Corp., 6.50%, due 05/15/29 144A | &nbsp;&nbsp; 403059 |
| &nbsp;&nbsp; 750000 |  | McAfee Corp., 7.38%, due 02/15/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 709023 |
| &nbsp;&nbsp; 750000 |  | McGraw-Hill Education, Inc., 7.38%, due 09/01/31 144A | &nbsp;&nbsp; 782926 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 2370000 |  | McGraw-Hill Education, Inc., 8.00%, due 08/01/29 144A | 2414727 |
| &nbsp;&nbsp; 160000 |  | Medline Borrower LP, 3.88%, due 04/01/29 144A | &nbsp;&nbsp; 153590 |
| 1100000 |  | Medline Borrower LP, 5.25%, due 10/01/29 144A | 1092228 |
| 1040000 |  | Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, due 04/01/29 144A | 1069675 |
| &nbsp;&nbsp; 600000 |  | MEG Energy Corp., 5.88%, due 02/01/29 144A | &nbsp;&nbsp; 599763 |
| 1090000 |  | Mercer International, Inc., 12.88%, due 10/01/28 144A | 1106910 |
| &nbsp;&nbsp; 900000 |  | Meritage Homes Corp., 1.75%, due 05/15/28<sup>(l)</sup> <br>| &nbsp;&nbsp; 875903 |
| &nbsp;&nbsp; 600000 |  | Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, due 02/15/31 144A | &nbsp;&nbsp; 536547 |
| &nbsp;&nbsp; 400000 | GBP | &nbsp;&nbsp;&nbsp; Metro Bank Holdings PLC, 12.00% (1 yr. U.K. Government Bond + 7.81%), due <br> 04/30/29<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 618007 |
| &nbsp;&nbsp; 780000 |  | MHP Lux SA, 6.25%, due 09/19/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 636044 |
| &nbsp;&nbsp; 300000 |  | MicroStrategy, Inc., due 03/01/30<sup>(j)(l)</sup> 144A | &nbsp;&nbsp; 352910 |
| 1500000 |  | Midcap Financial Issuer Trust, 5.63%, due 01/15/30 144A | 1389375 |
| 2000000 |  | Midcap Financial Issuer Trust, 6.50%, due 05/01/28 144A | 1982837 |
| &nbsp;&nbsp; 900000 |  | &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 <br> 144A<br>| &nbsp;&nbsp; 867502 |
| &nbsp;&nbsp; 290000 |  | Minerals Technologies, Inc., 5.00%, due 07/01/28 144A | &nbsp;&nbsp; 285448 |
| &nbsp;&nbsp; 700000 |  | Molina Healthcare, Inc., 3.88%, due 11/15/30 144A | &nbsp;&nbsp; 651532 |
| &nbsp;&nbsp; 750000 |  | Molina Healthcare, Inc., 4.38%, due 06/15/28 144A | &nbsp;&nbsp; 733594 |
| 1000000 |  | Moss Creek Resources Holdings, Inc., 8.25%, due 09/01/31 144A | &nbsp;&nbsp; 973440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75238 |  | MPH Acquisition Holdings LLC, 5.75%, due 12/31/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 62041 |
| &nbsp;&nbsp; 250000 |  | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, due 10/15/27<sup>(l)</sup> <br>| &nbsp;&nbsp; 231132 |
| &nbsp;&nbsp; 500000 |  | MPT Operating Partnership LP/MPT Finance Corp., 8.50%, due 02/15/32 144A | &nbsp;&nbsp; 523680 |
| &nbsp;&nbsp; 485000 |  | Muthoot Finance Ltd., 6.38%, due 04/23/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 484178 |
| &nbsp;&nbsp; 625000 |  | MVM Energetika Zrt, 7.50%, due 06/09/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 658765 |
| &nbsp;&nbsp; 432000 |  | Nabors Industries, Inc., 8.88%, due 08/15/31<sup>(l)</sup> 144A | &nbsp;&nbsp; 321234 |
| &nbsp;&nbsp; 480000 |  | Nabors Industries, Inc., 9.13%, due 01/31/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 459981 |
| &nbsp;&nbsp; 700000 |  | Navient Corp., 5.00%, due 03/15/27 | &nbsp;&nbsp; 697657 |
| 1950000 |  | NBK Tier 1 Ltd., 3.63% (6 yr. CMT + 2.88%)<sup>(b)(f)(m)</sup> <br>| 1887779 |
| &nbsp;&nbsp; 481000 |  | NCL Corp. Ltd., 0.88%, due 04/15/30 144A | &nbsp;&nbsp; 516774 |
| &nbsp;&nbsp; 775000 |  | NCL Corp. Ltd., 2.50%, due 02/15/27 | &nbsp;&nbsp; 775775 |
| &nbsp;&nbsp; 600000 |  | NCR Voyix Corp., 5.13%, due 04/15/29 144A | &nbsp;&nbsp; 591478 |
| &nbsp;&nbsp; 800000 |  | Nemak SAB de CV, 3.63%, due 06/28/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 663701 |
| &nbsp;&nbsp; 475000 |  | Neptune Bidco U.S., Inc., 9.29%, due 04/15/29 144A | &nbsp;&nbsp; 462887 |
| &nbsp;&nbsp; 200000 |  | Newmark Group, Inc., 7.50%, due 01/12/29 | &nbsp;&nbsp; 211725 |
| &nbsp;&nbsp; 250000 |  | NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, due 02/15/32 144A | &nbsp;&nbsp; 250956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 |  | Nine Energy Service, Inc., 13.00%, due 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 46050 |
| &nbsp;&nbsp; 550000 |  | Nippon Life Insurance Co., 6.50% (5 yr. CMT + 3.19%), due 04/30/55<sup>(b)</sup> 144A | &nbsp;&nbsp; 569765 |
| 1220000 |  | Noble Finance II LLC, 8.00%, due 04/15/30 144A | 1243275 |
| &nbsp;&nbsp; 200000 |  | Nomura Holdings, Inc., 7.00% (5 yr. CMT + 3.08%)<sup>(b)(d)(m)</sup> <br>| &nbsp;&nbsp; 202800 |
| &nbsp;&nbsp; 500000 |  | Northern Oil & Gas, Inc., 8.13%, due 03/01/28 144A | &nbsp;&nbsp; 504803 |
| &nbsp;&nbsp; 600000 |  | Northriver Midstream Finance LP, 6.75%, due 07/15/32 144A | &nbsp;&nbsp; 621824 |
| &nbsp;&nbsp; 400000 |  | Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22<sup>(n)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 500000 | EUR | &nbsp;&nbsp;&nbsp; Nova Ljubljanska Banka DD, 6.88% (5 yr. EURIBOR ICE Swap + 4.23%), due <br> 01/24/34<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 629796 |
| 1700000 |  | Novelis Corp., 3.88%, due 08/15/31<sup>(l)</sup> 144A | 1528895 |
| &nbsp;&nbsp; 500000 |  | Novelis Corp., 4.75%, due 01/30/30 144A | &nbsp;&nbsp; 479411 |
| 2000000 |  | NRG Energy, Inc., 3.63%, due 02/15/31 144A | 1842009 |
| &nbsp;&nbsp; 500000 |  | NRG Energy, Inc., 6.25%, due 11/01/34 144A | &nbsp;&nbsp; 509737 |
| &nbsp;&nbsp; 700000 |  | Nutanix, Inc., 0.50%, due 12/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 794986 |

---

122See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 225000 | GBP | Oaknorth Bank PLC, 10.00% (5 yr. U.K. Government Bond + 6.20%), due 01/09/35<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 323124 |
| &nbsp;&nbsp; 650000 |  | Occidental Petroleum Corp., 5.20%, due 08/01/29 | &nbsp;&nbsp; 652568 |
| &nbsp;&nbsp; 220000 |  | Oceaneering International, Inc., 6.00%, due 02/01/28 | &nbsp;&nbsp; 221959 |
| &nbsp;&nbsp; 710000 |  | OCP SA, 3.75%, due 06/23/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 637540 |
| &nbsp;&nbsp; 515000 |  | OCP SA, 6.70%, due 03/01/36 144A | &nbsp;&nbsp; 518440 |
| &nbsp;&nbsp; 755000 |  | OCP SA, 6.70%, due 03/01/36<sup>(f)</sup> <br>| &nbsp;&nbsp; 760120 |
| &nbsp;&nbsp; 450000 | EUR | Odido Holding BV, 3.75%, due 01/15/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 523940 |
| &nbsp;&nbsp; 440000 | EUR | Olympus Water U.S. Holding Corp., 9.63%, due 11/15/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 543690 |
| 1100000 |  | Olympus Water U.S. Holding Corp., 9.75%, due 11/15/28 144A | 1159708 |
| &nbsp;&nbsp; 600000 |  | ON Semiconductor Corp., 3.88%, due 09/01/28 144A | &nbsp;&nbsp; 580931 |
| &nbsp;&nbsp; 425000 | EUR | Oncor Electric Delivery Co. LLC, 3.63%, due 06/15/34 144A | &nbsp;&nbsp; 498420 |
| 1250000 |  | OneMain Finance Corp., 3.50%, due 01/15/27 | 1224567 |
| 2800000 |  | OneMain Finance Corp., 6.63%, due 05/15/29 | 2879243 |
| &nbsp;&nbsp; 750000 |  | ONEOK, Inc., 5.45%, due 06/01/47 | &nbsp;&nbsp; 666341 |
| 1600000 |  | Open Text Holdings, Inc., 4.13%, due 02/15/30 144A | 1513664 |
| 1810000 |  | Option Care Health, Inc., 4.38%, due 10/31/29 144A | 1743414 |
| 1500000 |  | Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, due 04/30/28 144A | 1443595 |
| &nbsp;&nbsp; 920000 |  | Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, due 04/30/31 144A | &nbsp;&nbsp; 799191 |
| 3720000 |  | Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, due 04/15/30 144A | 3032049 |
| &nbsp;&nbsp; 165000 |  | Owens & Minor, Inc., 6.63%, due 04/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 155145 |
| 1200000 |  | Pacific Gas & Electric Co., 5.70%, due 03/01/35 | 1189885 |
| 2100000 |  | Pacific Gas & Electric Co., 6.00%, due 08/15/35 | 2124458 |
| &nbsp;&nbsp; 700000 |  | Pampa Energia SA, 7.95%, due 09/10/31 144A | &nbsp;&nbsp; 712746 |
| &nbsp;&nbsp; 755000 |  | Parsons Corp., 2.63%, due 03/01/29 | &nbsp;&nbsp; 806340 |
| &nbsp;&nbsp; 790000 |  | Patrick Industries, Inc., 6.38%, due 11/01/32 144A | &nbsp;&nbsp; 792727 |
| 1000000 |  | &nbsp;&nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28 <br> 144A<br>| &nbsp;&nbsp; 969486 |
| &nbsp;&nbsp; 487000 | EUR | Peach Property Finance GmbH, 4.38%, due 11/15/25<sup>(f)</sup> <br>| &nbsp;&nbsp; 559652 |
| &nbsp;&nbsp; 500000 |  | Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, due 10/15/29 144A | &nbsp;&nbsp; 503029 |
| &nbsp;&nbsp; 202000 |  | PennyMac Financial Services, Inc., 6.88%, due 05/15/32 144A | &nbsp;&nbsp; 206665 |
| &nbsp;&nbsp; 950000 |  | Performance Food Group, Inc., 4.25%, due 08/01/29 144A | &nbsp;&nbsp; 916977 |
| &nbsp;&nbsp; 876000 |  | Performance Food Group, Inc., 6.13%, due 09/15/32<sup>(l)</sup> 144A | &nbsp;&nbsp; 897185 |
| &nbsp;&nbsp; 200000 | EUR | Permanent TSB Group Holdings PLC, 7.88% (5 yr. EUR Swap annual + 8.47%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 238757 |
| 1050000 |  | Permian Resources Operating LLC, 6.25%, due 02/01/33 144A | 1060421 |
| 2880000 |  | Petroleos Mexicanos, 5.95%, due 01/28/31<sup>(l)</sup> <br>| 2606329 |
| 2500000 |  | Petroleos Mexicanos, 6.38%, due 01/23/45<sup>(l)</sup> <br>| 1772497 |
| &nbsp;&nbsp; 565000 |  | Petroleos Mexicanos, 6.70%, due 02/16/32 | &nbsp;&nbsp; 525435 |
| &nbsp;&nbsp; 630000 |  | Petroleos Mexicanos, 6.75%, due 09/21/47 | &nbsp;&nbsp; 456697 |
| 1020000 |  | Petroleos Mexicanos, 7.69%, due 01/23/50 | &nbsp;&nbsp; 802954 |
| 3059000 |  | Petronas Capital Ltd., 3.40%, due 04/28/61<sup>(f)</sup> <br>| 1997776 |
| 1770000 |  | Petronas Capital Ltd., 4.80%, due 04/21/60<sup>(f)</sup> <br>| 1526859 |
| 1000000 |  | PG&E Corp., 4.25%, due 12/01/27 | &nbsp;&nbsp; 994800 |
| 1045000 |  | PG&E Corp., 7.38% (5 yr. CMT + 3.88%), due 03/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 992249 |
| &nbsp;&nbsp; 250000 | EUR | Picard Groupe SAS, 6.38%, due 07/01/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 306706 |
| 4850000 |  | Pingan Real Estate Capital Ltd., 3.45%, due 07/29/26<sup>(f)</sup> <br>| 4696337 |
| &nbsp;&nbsp; 200000 | EUR | &nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA, 5.38% (5 yr. EURIBOR ICE Swap + 3.15%), due <br> 09/18/35<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 244495 |
| 1350000 | EUR | Piraeus Financial Holdings SA, 8.75% (5 yr. EUR Swap annual + 9.20%)<sup>(b)(f)(m)</sup> <br>| 1646387 |
| &nbsp;&nbsp; 140000 |  | Pitney Bowes, Inc., 7.25%, due 03/15/29 144A | &nbsp;&nbsp; 142845 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1615000 |  | Planet Financial Group LLC, 10.50%, due 12/15/29 144A | 1617859 |
| &nbsp;&nbsp; 365000 |  | Planet Financial Group LLC, 10.50%, due 12/15/29 144A | &nbsp;&nbsp; 366825 |
| &nbsp;&nbsp; 160000 |  | Playtika Holding Corp., 4.25%, due 03/15/29 144A | &nbsp;&nbsp; 145348 |
| 2100000 |  | Post Holdings, Inc., 4.50%, due 09/15/31 144A | 1951098 |
| &nbsp;&nbsp; 375000 |  | Post Holdings, Inc., 4.63%, due 04/15/30 144A | &nbsp;&nbsp; 360849 |
| 1660000 |  | Post Holdings, Inc., 6.25%, due 10/15/34 144A | 1673577 |
| &nbsp;&nbsp; 295000 |  | Precision Drilling Corp., 6.88%, due 01/15/29 144A | &nbsp;&nbsp; 291660 |
| &nbsp;&nbsp; 310000 |  | Prestige Brands, Inc., 3.75%, due 04/01/31 144A | &nbsp;&nbsp; 285871 |
| &nbsp;&nbsp; 300000 |  | Prime Healthcare Services, Inc., 9.38%, due 09/01/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 297963 |
| 1500000 |  | Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A | 1454196 |
| 1365000 |  | Primo Water Holdings, Inc./Triton Water Holdings, Inc., 6.25%, due 04/01/29 144A | 1375648 |
| &nbsp;&nbsp; 225000 |  | PROG Holdings, Inc., 6.00%, due 11/15/29 144A | &nbsp;&nbsp; 216258 |
| 3210000 |  | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | 3302913 |
| 1490000 |  | Quikrete Holdings, Inc., 6.75%, due 03/01/33 144A | 1538352 |
| &nbsp;&nbsp; 600000 |  | QXO Building Products, Inc., 6.75%, due 04/30/32 144A | &nbsp;&nbsp; 619621 |
| &nbsp;&nbsp; 110000 |  | Rackspace Finance LLC, 3.50%, due 05/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 45319 |
| &nbsp;&nbsp; 575000 |  | Radiology Partners, Inc., 8.50%, due 07/15/32 144A | &nbsp;&nbsp; 577058 |
| 1500000 |  | Railworks Holdings LP/Railworks Rally, Inc., 8.25%, due 11/15/28 144A | 1534897 |
| &nbsp;&nbsp; 710000 |  | Raising Cane's Restaurants LLC, 9.38%, due 05/01/29 144A | &nbsp;&nbsp; 750163 |
| &nbsp;&nbsp; 625000 |  | Raizen Fuels Finance SA, 6.25%, due 07/08/32<sup>(d)</sup> 144A | &nbsp;&nbsp; 621094 |
| 1285000 |  | Raizen Fuels Finance SA, 6.70%, due 02/25/37<sup>(f)</sup> <br>| 1262512 |
| &nbsp;&nbsp; 265000 |  | Rakuten Group, Inc., 9.75%, due 04/15/29 144A | &nbsp;&nbsp; 291016 |
| 2400000 |  | Rand Parent LLC, 8.50%, due 02/15/30<sup>(l)</sup> 144A | 2411988 |
| &nbsp;&nbsp; 900000 |  | Raven Acquisition Holdings LLC, 6.88%, due 11/15/31 144A | &nbsp;&nbsp; 902288 |
| 3030000 |  | Real Hero Merger Sub 2, Inc., 6.25%, due 02/01/29 144A | 2194910 |
| 1600000 |  | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29<sup>(f)</sup> <br>| 1418349 |
| &nbsp;&nbsp; 365000 |  | Reworld Holding Corp., 4.88%, due 12/01/29 144A | &nbsp;&nbsp; 347529 |
| &nbsp;&nbsp; 500000 |  | Rexford Industrial Realty LP, 4.38%, due 03/15/27 144A | &nbsp;&nbsp; 496250 |
| 1145000 |  | Rfna LP, 7.88%, due 02/15/30<sup>(l)</sup> 144A | 1172646 |
| &nbsp;&nbsp; 600000 |  | RHP Hotel Properties LP/RHP Finance Corp., 4.50%, due 02/15/29 144A | &nbsp;&nbsp; 586874 |
| &nbsp;&nbsp; 280000 |  | Rithm Capital Corp., 8.00%, due 04/01/29 144A | &nbsp;&nbsp; 283099 |
| &nbsp;&nbsp; 525000 |  | Rivian Automotive, Inc., 3.63%, due 10/15/30 | &nbsp;&nbsp; 472303 |
| &nbsp;&nbsp; 300000 |  | Rivian Automotive, Inc., 4.63%, due 03/15/29 | &nbsp;&nbsp; 305813 |
| &nbsp;&nbsp; 650000 |  | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, due 01/15/31 144A | &nbsp;&nbsp; 639046 |
| &nbsp;&nbsp; 948000 |  | RLJ Lodging Trust LP, 3.75%, due 07/01/26 144A | &nbsp;&nbsp; 939086 |
| &nbsp;&nbsp; 600000 |  | RLJ Lodging Trust LP, 4.00%, due 09/15/29 144A | &nbsp;&nbsp; 560314 |
| 1700000 |  | Rocket Cos., Inc., 6.13%, due 08/01/30 144A | 1733413 |
| &nbsp;&nbsp; 185000 |  | Rocket Cos., Inc., 6.38%, due 08/01/33 144A | &nbsp;&nbsp; 189523 |
| &nbsp;&nbsp; 170000 |  | Rocket Software, Inc., 6.50%, due 02/15/29 144A | &nbsp;&nbsp; 165116 |
| &nbsp;&nbsp; 100000 |  | Rocket Software, Inc., 9.00%, due 11/28/28 144A | &nbsp;&nbsp; 103169 |
| 1920000 | EUR | Rolls-Royce PLC, 4.63%, due 02/16/26<sup>(f)</sup> <br>| 2273914 |
| &nbsp;&nbsp; 300000 |  | Royal Bank of Canada, 6.75% (5 yr. CMT + 2.82%), due 08/24/85<sup>(b)</sup> <br>| &nbsp;&nbsp; 300972 |
| &nbsp;&nbsp; 890000 |  | Royal Caribbean Cruises Ltd., 4.25%, due 07/01/26 144A | &nbsp;&nbsp; 886079 |
| 1700000 |  | Royal Caribbean Cruises Ltd., 5.50%, due 04/01/28 144A | 1722216 |
| &nbsp;&nbsp; 750000 |  | Ryan Specialty LLC, 5.88%, due 08/01/32 144A | &nbsp;&nbsp; 756379 |
| &nbsp;&nbsp; 230000 |  | S&S Holdings LLC, 8.38%, due 10/01/31 144A | &nbsp;&nbsp; 224966 |
| &nbsp;&nbsp; 800000 |  | Sammons Financial Group, Inc., 6.88%, due 04/15/34 144A | &nbsp;&nbsp; 858490 |
| 1185000 |  | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA, 3.75%, due 08/02/28<sup>(f)</sup> <br>| 1113881 |
| &nbsp;&nbsp; 640000 |  | Sands China Ltd., 5.40%, due 08/08/28 | &nbsp;&nbsp; 645172 |

---

124See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 550000 |  | Santander Holdings USA, Inc., 5.47% (SOFR + 1.61%), due 03/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 559341 |
| 1800000 |  | Sasol Financing USA LLC, 4.50%, due 11/08/27<sup>(f)</sup> <br>| 1658250 |
| 1215000 |  | Science Applications International Corp., 4.88%, due 04/01/28 144A | 1196922 |
| 3560000 |  | &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due 03/01/30 <br> 144A<br>| 3433543 |
| &nbsp;&nbsp; 750000 |  | SCIH Salt Holdings, Inc., 4.88%, due 05/01/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 731185 |
| 4650000 |  | SCIH Salt Holdings, Inc., 6.63%, due 05/01/29<sup>(l)</sup> 144A | 4550205 |
| &nbsp;&nbsp; 400000 | EUR | SCOR SE, 6.00% (5 yr. EURIBOR ICE Swap + 3.86%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 477051 |
| 1578000 |  | Scripps Escrow II, Inc., 3.88%, due 01/15/29<sup>(l)</sup> 144A | 1375132 |
| &nbsp;&nbsp; 120000 |  | Scripps Escrow II, Inc., 5.38%, due 01/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 83197 |
| &nbsp;&nbsp; 600000 |  | Seadrill Finance Ltd., 8.38%, due 08/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 611540 |
| 1600000 |  | Seagate HDD Cayman, 5.75%, due 12/01/34 | 1584854 |
| &nbsp;&nbsp; 500000 |  | Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, due 02/01/28 144A | &nbsp;&nbsp; 507643 |
| &nbsp;&nbsp; 770000 |  | Select Medical Corp., 6.25%, due 12/01/32 144A | &nbsp;&nbsp; 775106 |
| &nbsp;&nbsp; 500000 |  | Sensata Technologies BV, 4.00%, due 04/15/29 144A | &nbsp;&nbsp; 475975 |
| 1400000 |  | Service Corp. International, 5.75%, due 10/15/32 | 1416027 |
| &nbsp;&nbsp; 140000 | EUR | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 5.50%, due 05/15/33 144A | &nbsp;&nbsp; 170412 |
| 1435000 |  | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, due 08/15/32 144A | 1491243 |
| 2430000 |  | &nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons <br> Feed, 4.63%, due 03/01/29 144A<br>| 2296407 |
| 1011000 |  | Sirius XM Radio LLC, 3.13%, due 09/01/26 144A | &nbsp;&nbsp; 992695 |
| &nbsp;&nbsp; 740000 |  | Six Flags Entertainment Corp., 7.25%, due 05/15/31 144A | &nbsp;&nbsp; 760950 |
| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./Canada's Wonderland Co., <br> 6.63%, due 05/01/32 144A<br>| &nbsp;&nbsp; 774045 |
| 1700000 |  | SLM Corp., 6.50%, due 01/31/30 | 1785680 |
| &nbsp;&nbsp; 951000 |  | SM Energy Co., 6.75%, due 08/01/29 144A | &nbsp;&nbsp; 948331 |
| &nbsp;&nbsp; 980000 |  | Snap, Inc., 6.88%, due 03/01/33 144A | 1006216 |
| &nbsp;&nbsp; 211000 |  | Snowflake, Inc., due 10/01/29<sup>(j)</sup> 144A | &nbsp;&nbsp; 328712 |
| &nbsp;&nbsp; 425000 |  | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 389843 |
| &nbsp;&nbsp; 425000 |  | Societe Generale SA, 5.51% (SOFR + 1.65%), due 05/22/31<sup>(b)</sup> 144A | &nbsp;&nbsp; 433569 |
| &nbsp;&nbsp; 450000 |  | Societe Generale SA, 10.00% (5 yr. CMT + 5.45%)<sup>(b)(m)</sup> 144A | &nbsp;&nbsp; 492230 |
| &nbsp;&nbsp; 750000 |  | Sotheby's, 7.38%, due 10/15/27 144A | &nbsp;&nbsp; 745116 |
| &nbsp;&nbsp; 111000 |  | &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd., 7.63% (5 yr. CMT + 3.95%), due <br> 03/01/55<sup>(b)(l)</sup> 144A<br>| &nbsp;&nbsp; 115699 |
| 1200000 |  | Southern California Edison Co., 5.63%, due 02/01/36 | 1168478 |
| &nbsp;&nbsp; 358000 |  | Southern Co., 3.25%, due 06/15/28 144A | &nbsp;&nbsp; 360685 |
| &nbsp;&nbsp; 625000 |  | Southern Co., 3.88%, due 12/15/25 | &nbsp;&nbsp; 692531 |
| &nbsp;&nbsp; 300000 |  | &nbsp;&nbsp;&nbsp; Specialty Building Products Holdings LLC/SBP Finance Corp., 7.75%, due 10/15/29 <br> 144A<br>| &nbsp;&nbsp; 295089 |
| &nbsp;&nbsp; 600000 |  | Spirit AeroSystems, Inc., 9.75%, due 11/15/30 144A | &nbsp;&nbsp; 662461 |
| 1432162 |  | &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 11.00% (RESEARCH:), due 03/12/30 <br> 144A<br>| 1027576 |
| &nbsp;&nbsp; 280000 |  | SS&C Technologies, Inc., 5.50%, due 09/30/27 144A | &nbsp;&nbsp; 280440 |
| 1000000 |  | SS&C Technologies, Inc., 6.50%, due 06/01/32 144A | 1039026 |
| &nbsp;&nbsp; 600000 |  | Stagwell Global LLC, 5.63%, due 08/15/29 144A | &nbsp;&nbsp; 574539 |
| &nbsp;&nbsp; 500000 |  | Standard Building Solutions, Inc., 6.50%, due 08/15/32 144A | &nbsp;&nbsp; 512642 |
| 1725000 |  | Standard Industries, Inc., 4.38%, due 07/15/30 144A | 1634380 |
| &nbsp;&nbsp; 480000 |  | Staples, Inc., 10.75%, due 09/01/29 144A | &nbsp;&nbsp; 456684 |
| 1000000 |  | Star Leasing Co. LLC, 7.63%, due 02/15/30 144A | &nbsp;&nbsp; 992472 |
| &nbsp;&nbsp; 435000 |  | Star Parent, Inc., 9.00%, due 10/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 458085 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 620000 |  | Starwood Property Trust, Inc., 7.25%, due 04/01/29 144A | &nbsp;&nbsp; 652904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 |  | Starz Capital Holdings LLC, 5.50%, due 04/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 50046 |
| &nbsp;&nbsp; 500000 |  | Station Casinos LLC, 4.50%, due 02/15/28 144A | &nbsp;&nbsp; 490614 |
| 1300000 |  | Station Casinos LLC, 4.63%, due 12/01/31<sup>(l)</sup> 144A | 1218566 |
| &nbsp;&nbsp; 500000 |  | Station Casinos LLC, 6.63%, due 03/15/32 144A | &nbsp;&nbsp; 511569 |
| &nbsp;&nbsp; 220000 |  | Steelcase, Inc., 5.13%, due 01/18/29 | &nbsp;&nbsp; 219457 |
| &nbsp;&nbsp; 925000 |  | Stillwater Mining Co., 4.50%, due 11/16/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 827994 |
| 1400000 |  | Stonepeak Nile Parent LLC, 7.25%, due 03/15/32<sup>(l)</sup> 144A | 1484988 |
| &nbsp;&nbsp; 195000 |  | Stonex Escrow Issuer LLC, 6.88%, due 07/15/32<sup>(d)</sup> 144A | &nbsp;&nbsp; 197118 |
| 2715000 |  | Studio City Finance Ltd., 5.00%, due 01/15/29<sup>(f)</sup> <br>| 2493160 |
| &nbsp;&nbsp; 525000 |  | Suci Second Investment Co., 6.00%, due 10/25/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 546705 |
| &nbsp;&nbsp; 280000 |  | Summit Midstream Holdings LLC, 8.63%, due 10/31/29 144A | &nbsp;&nbsp; 286677 |
| &nbsp;&nbsp; 300000 |  | SunCoke Energy, Inc., 4.88%, due 06/30/29 144A | &nbsp;&nbsp; 279461 |
| &nbsp;&nbsp; 597000 |  | Sunoco LP, 6.25%, due 07/01/33 144A | &nbsp;&nbsp; 607342 |
| 5030000 |  | Surgery Center Holdings, Inc., 7.25%, due 04/15/32 144A | 5131918 |
| &nbsp;&nbsp; 750000 |  | Synaptics, Inc., 4.00%, due 06/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 712769 |
| &nbsp;&nbsp; 170000 |  | Synchrony Financial, 7.25%, due 02/02/33<sup>(l)</sup> <br>| &nbsp;&nbsp; 177959 |
| 1000000 |  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | &nbsp;&nbsp; 982141 |
| &nbsp;&nbsp; 185000 |  | Talos Production, Inc., 9.38%, due 02/01/31 144A | &nbsp;&nbsp; 189026 |
| &nbsp;&nbsp; 140000 |  | Taylor Morrison Communities, Inc., 5.75%, due 01/15/28 144A | &nbsp;&nbsp; 142199 |
| &nbsp;&nbsp; 725000 |  | TC Ziraat Bankasi AS, 8.00%, due 01/16/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 747330 |
| &nbsp;&nbsp; 725000 |  | TC Ziraat Bankasi AS, 8.99% (5 yr. CMT + 4.33%), due 08/02/34<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 753271 |
| &nbsp;&nbsp; 250000 | EUR | TeamSystem SpA, 5.78% (3 mo. EURIBOR + 3.50%), due 07/31/31<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 294352 |
| &nbsp;&nbsp; 150000 | EUR | TeamSystem SpA, 6.03% (3 mo. EURIBOR + 3.75%), due 02/15/28<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 176077 |
| &nbsp;&nbsp; 750000 |  | TEGNA, Inc., 4.63%, due 03/15/28 | &nbsp;&nbsp; 731692 |
| &nbsp;&nbsp; 700000 |  | TEGNA, Inc., 5.00%, due 09/15/29 | &nbsp;&nbsp; 669140 |
| 2320000 |  | Teine Energy Ltd., 6.88%, due 04/15/29 144A | 2317839 |
| 1108000 |  | Telecom Argentina SA, 9.25%, due 05/28/33 144A | 1129462 |
| &nbsp;&nbsp; 800000 |  | Telenet Finance Luxembourg Notes SARL, 5.50%, due 03/01/28 144A | &nbsp;&nbsp; 795434 |
| 1000000 |  | Telesat Canada/Telesat LLC, 5.63%, due 12/06/26 144A | &nbsp;&nbsp; 605000 |
| &nbsp;&nbsp; 286000 |  | TELUS Corp., 7.00% (5 yr. CMT + 2.71%), due 10/15/55<sup>(b)(l)</sup> <br>| &nbsp;&nbsp; 288629 |
| 1200000 |  | Tenet Healthcare Corp., 4.38%, due 01/15/30 | 1162542 |
| 1510000 |  | Tenet Healthcare Corp., 6.13%, due 10/01/28 | 1513059 |
| &nbsp;&nbsp; 750000 |  | Tenneco, Inc., 8.00%, due 11/17/28 144A | &nbsp;&nbsp; 742476 |
| &nbsp;&nbsp; 635000 |  | Termocandelaria Power SA, 7.75%, due 09/17/31 144A | &nbsp;&nbsp; 651986 |
| 1000000 |  | TerraForm Power Operating LLC, 5.00%, due 01/31/28 144A | &nbsp;&nbsp; 990495 |
| &nbsp;&nbsp; 285000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 1.88%, due 03/31/27<sup>(f)</sup> <br>| &nbsp;&nbsp; 326271 |
| &nbsp;&nbsp; 368000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 7.38%, due 09/15/29 | &nbsp;&nbsp; 491013 |
| &nbsp;&nbsp; 220000 |  | Texas Capital Bancshares, Inc., 4.00% (5 yr. CMT + 3.15%), due 05/06/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 213573 |
| 1000000 |  | TGNR Intermediate Holdings LLC, 5.50%, due 10/15/29 144A | &nbsp;&nbsp; 969775 |
| &nbsp;&nbsp; 600000 |  | TGS ASA, 8.50%, due 01/15/30 144A | &nbsp;&nbsp; 621643 |
| &nbsp;&nbsp; 315000 |  | Thor Industries, Inc., 4.00%, due 10/15/29 144A | &nbsp;&nbsp; 295585 |
| &nbsp;&nbsp; 500000 |  | Tidewater, Inc., 9.13%, due 07/15/30<sup>(d)</sup> 144A | &nbsp;&nbsp; 514802 |
| &nbsp;&nbsp; 690000 | GBP | Time Warner Cable LLC, 5.25%, due 07/15/42 | &nbsp;&nbsp; 802132 |
| &nbsp;&nbsp; 700000 |  | TK Elevator U.S. Newco, Inc., 5.25%, due 07/15/27 144A | &nbsp;&nbsp; 699975 |
| &nbsp;&nbsp; 760000 |  | T-Mobile USA, Inc., 3.50%, due 04/15/31 | &nbsp;&nbsp; 714054 |
| &nbsp;&nbsp; 970000 |  | TopBuild Corp., 4.13%, due 02/15/32<sup>(l)</sup> 144A | &nbsp;&nbsp; 900153 |
| 3630000 |  | &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due <br> 05/15/30 144A<br>| 3713772 |

---

126See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 2030000 |  | Trade & Development Bank of Mongolia LLC, 8.50%, due 12/23/27<sup>(f)</sup> <br>| 1951957 |
| &nbsp;&nbsp; 170000 |  | TransCanada PipeLines Ltd., 7.00% (5 yr. CMT + 2.61%), due 06/01/65<sup>(b)</sup> <br>| &nbsp;&nbsp; 170273 |
| &nbsp;&nbsp; 424000 |  | Transcanada Trust, 5.60% (5 yr. CMT + 3.99%), due 03/07/82<sup>(b)</sup> <br>| &nbsp;&nbsp; 412386 |
| &nbsp;&nbsp; 113000 |  | Transcanada Trust, 5.88% (3 mo. USD LIBOR + 4.64%), due 08/15/76<sup>(b)</sup> <br>| &nbsp;&nbsp; 113461 |
| &nbsp;&nbsp; 740000 |  | TransDigm, Inc., 6.88%, due 12/15/30 144A | &nbsp;&nbsp; 768344 |
| &nbsp;&nbsp; 750000 |  | TransMontaigne Partners LLC, 8.50%, due 06/15/30 144A | &nbsp;&nbsp; 780836 |
| 1128000 |  | Transocean, Inc., 6.80%, due 03/15/38<sup>(l)</sup> <br>| &nbsp;&nbsp; 794165 |
| &nbsp;&nbsp; 585000 |  | Transocean, Inc., 8.50%, due 05/15/31 144A | &nbsp;&nbsp; 522679 |
| &nbsp;&nbsp; 850000 |  | Trident Energy Finance PLC, 12.50%, due 11/30/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 853277 |
| &nbsp;&nbsp; 750000 |  | Trident TPI Holdings, Inc., 12.75%, due 12/31/28 144A | &nbsp;&nbsp; 796523 |
| 1074000 |  | Trivium Packaging Finance BV, 8.25%, due 07/15/30 144A | 1136563 |
| &nbsp;&nbsp; 500000 |  | Tronox, Inc., 4.63%, due 03/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 431884 |
| &nbsp;&nbsp; 515000 |  | TrueNoord Capital DAC, 8.75%, due 03/01/30 144A | &nbsp;&nbsp; 535190 |
| 1000000 |  | Trust Fibra Uno, 6.39%, due 01/15/50<sup>(f)</sup> <br>| &nbsp;&nbsp; 836207 |
| 1035000 |  | Trust Fibra Uno, 7.38%, due 02/13/34<sup>(f)</sup> <br>| 1054763 |
| &nbsp;&nbsp; 750000 |  | Turkiye Is Bankasi AS, 9.13% (5 yr. CMT + 4.63%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 770009 |
| &nbsp;&nbsp; 725000 |  | Turkiye Vakiflar Bankasi TAO, 9.00%, due 10/12/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 769426 |
| &nbsp;&nbsp; 135000 |  | Turning Point Brands, Inc., 7.63%, due 03/15/32 144A | &nbsp;&nbsp; 141678 |
| &nbsp;&nbsp; 260000 |  | Tutor Perini Corp., 11.88%, due 04/30/29 144A | &nbsp;&nbsp; 292887 |
| &nbsp;&nbsp; 300000 |  | Twilio, Inc., 3.63%, due 03/15/29 | &nbsp;&nbsp; 285880 |
| &nbsp;&nbsp; 600000 |  | Twilio, Inc., 3.88%, due 03/15/31<sup>(l)</sup> <br>| &nbsp;&nbsp; 561712 |
| 1500000 |  | U.S. Acute Care Solutions LLC, 9.75%, due 05/15/29 144A | 1549032 |
| 3500000 |  | U.S. Foods, Inc., 4.63%, due 06/01/30 144A | 3411455 |
| &nbsp;&nbsp; 720000 |  | U.S. Foods, Inc., 7.25%, due 01/15/32 144A | &nbsp;&nbsp; 759092 |
| &nbsp;&nbsp; 171500 |  | U.S. Renal Care, Inc., 10.63%, due 06/28/28 144A | &nbsp;&nbsp; 146847 |
| &nbsp;&nbsp; 275000 |  | UBS Group AG, 6.88% (5 yr. USD Swap + 4.59%)<sup>(b)(f)(m)</sup> <br>| &nbsp;&nbsp; 275426 |
| &nbsp;&nbsp; 590000 |  | UBS Group AG, 7.00% (5 yr. USD SOFR ICE Swap Rate + 3.08%)<sup>(b)(m)</sup> 144A | &nbsp;&nbsp; 588396 |
| &nbsp;&nbsp; 300000 |  | UBS Group AG, 9.02% (SOFR + 5.02%), due 11/15/33<sup>(b)</sup> 144A | &nbsp;&nbsp; 371032 |
| &nbsp;&nbsp; 680000 |  | UBS Group AG, 9.25% (5 yr. CMT + 4.75%)<sup>(b)(m)</sup> 144A | &nbsp;&nbsp; 743902 |
| &nbsp;&nbsp; 916000 |  | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(b)(m)</sup> 144A | 1061562 |
| &nbsp;&nbsp; 730000 |  | UKG, Inc., 6.88%, due 02/01/31 144A | &nbsp;&nbsp; 757886 |
| &nbsp;&nbsp; 200000 |  | Under Armour, Inc., 7.25%, due 07/15/30 144A | &nbsp;&nbsp; 203041 |
| &nbsp;&nbsp; 285000 |  | UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35<sup>(b)</sup> 144A | &nbsp;&nbsp; 283479 |
| &nbsp;&nbsp; 600000 | EUR | United Group BV, 6.75%, due 02/15/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 723451 |
| 1550000 |  | &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, due 04/15/28 <br> 144A<br>| 1520303 |
| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, due <br> 02/15/29<sup>(l)</sup> 144A<br>| &nbsp;&nbsp; 483747 |
| &nbsp;&nbsp; 278000 |  | &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.63%, due 06/15/32 <br> 144A<br>| &nbsp;&nbsp; 281060 |
| &nbsp;&nbsp; 204000 |  | &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, due 02/15/28 <br> 144A<br>| &nbsp;&nbsp; 216402 |
| 1225000 |  | Unity Software, Inc., 0.81%, due 03/15/30<sup>(k)</sup> 144A | 1255012 |
| 2300000 |  | Univision Communications, Inc., 4.50%, due 05/01/29<sup>(l)</sup> 144A | 2093406 |
| &nbsp;&nbsp; 295000 |  | Upbound Group, Inc., 6.38%, due 02/15/29 144A | &nbsp;&nbsp; 292184 |
| &nbsp;&nbsp; 110000 |  | Urban One, Inc., 7.38%, due 02/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 62038 |
| 1800000 |  | Valaris Ltd., 8.38%, due 04/30/30 144A | 1848175 |
| &nbsp;&nbsp; 305000 |  | Valley National Bancorp, 3.00% (3 mo. USD Term SOFR + 2.36%), due 06/15/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 270074 |
| &nbsp;&nbsp; 295000 |  | Varex Imaging Corp., 7.88%, due 10/15/27 144A | &nbsp;&nbsp; 299062 |
| 1145000 |  | Vedanta Resources Finance II PLC, 9.48%, due 07/24/30 144A | 1136088 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1430000 |  | Vedanta Resources Finance II PLC, 9.85%, due 04/24/33<sup>(l)</sup> 144A | 1435552 |
| 1850000 |  | Vedanta Resources Finance II PLC, 9.85%, due 04/24/33 144A | 1876374 |
| &nbsp;&nbsp; 146000 |  | Velocity Vehicle Group LLC, 8.00%, due 06/01/29 144A | &nbsp;&nbsp; 146001 |
| 1060000 |  | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 1000115 |
| 1500000 |  | Venture Global Calcasieu Pass LLC, 6.25%, due 01/15/30 144A | 1548172 |
| &nbsp;&nbsp; 157000 |  | Venture Global LNG, Inc., 8.38%, due 06/01/31 144A | &nbsp;&nbsp; 163178 |
| 1600000 |  | Venture Global LNG, Inc., 9.50%, due 02/01/29 144A | 1744005 |
| 1310000 |  | Venture Global LNG, Inc., 9.88%, due 02/01/32 144A | 1415570 |
| &nbsp;&nbsp; 785000 |  | Venture Global Plaquemines LNG LLC, 6.75%, due 01/15/36 | &nbsp;&nbsp; 785000 |
| 1250000 |  | Venture Global Plaquemines LNG LLC, 7.50%, due 05/01/33 144A | 1339397 |
| &nbsp;&nbsp; 330000 |  | Venture Global Plaquemines LNG LLC, 7.75%, due 05/01/35 144A | &nbsp;&nbsp; 357486 |
| 1195000 |  | VEON Holdings BV, 3.38%, due 11/25/27<sup>(f)</sup> <br>| 1104422 |
| &nbsp;&nbsp; 500000 | EUR | Verisure Midholding AB, 5.25%, due 02/15/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 590604 |
| &nbsp;&nbsp; 145000 |  | Vermilion Energy, Inc., 7.25%, due 02/15/33 144A | &nbsp;&nbsp; 136201 |
| &nbsp;&nbsp; 690000 |  | Vertiv Group Corp., 4.13%, due 11/15/28 144A | &nbsp;&nbsp; 673371 |
| &nbsp;&nbsp; 245000 |  | VF Corp., 6.00%, due 10/15/33 | &nbsp;&nbsp; 226427 |
| &nbsp;&nbsp; 295589 |  | VF Ukraine PAT via VFU Funding PLC, 9.63%, due 02/11/27<sup>(f)</sup> <br>| &nbsp;&nbsp; 283479 |
| 1100000 |  | VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, due 06/15/31 144A | 1155153 |
| 1200000 |  | VICI Properties LP/VICI Note Co., Inc., 3.88%, due 02/15/29 144A | 1161573 |
| &nbsp;&nbsp; 750000 |  | VICI Properties LP/VICI Note Co., Inc., 4.13%, due 08/15/30 144A | &nbsp;&nbsp; 720183 |
| 1084000 |  | Victoria's Secret & Co., 4.63%, due 07/15/29<sup>(l)</sup> 144A | 1012869 |
| 1140000 |  | Victra Holdings LLC/Victra Finance Corp., 8.75%, due 09/15/29<sup>(l)</sup> 144A | 1195723 |
| &nbsp;&nbsp; 750000 |  | Viking Baked Goods Acquisition Corp., 8.63%, due 11/01/31 144A | &nbsp;&nbsp; 736702 |
| &nbsp;&nbsp; 500000 |  | Viking Cruises Ltd., 5.88%, due 09/15/27 144A | &nbsp;&nbsp; 500592 |
| 1100000 |  | Viking Cruises Ltd., 9.13%, due 07/15/31 144A | 1185389 |
| 1000000 |  | Virgin Media Vendor Financing Notes IV DAC, 5.00%, due 07/15/28 144A | &nbsp;&nbsp; 979651 |
| 1378000 |  | &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.38%, due 02/01/30<sup>(l)</sup> <br> 144A<br>| 1293260 |
| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc., 9.50%, due 06/01/28<sup>(l)</sup> <br> 144A<br>| &nbsp;&nbsp; 514286 |
| 1250000 |  | Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A | 1249295 |
| &nbsp;&nbsp; 900000 |  | Vistra Operations Co. LLC, 6.88%, due 04/15/32 144A | &nbsp;&nbsp; 941519 |
| 2535000 |  | Vital Energy, Inc., 7.88%, due 04/15/32<sup>(l)</sup> 144A | 2169442 |
| 1285000 |  | Vivo Energy Investments BV, 5.13%, due 09/24/27<sup>(f)</sup> <br>| 1261810 |
| 2900000 |  | Vmed O2 U.K. Financing I PLC, 4.75%, due 07/15/31 144A | 2684389 |
| &nbsp;&nbsp; 420000 |  | VOC Escrow Ltd., 5.00%, due 02/15/28 144A | &nbsp;&nbsp; 418141 |
| &nbsp;&nbsp; 405000 |  | VTR Comunicaciones SpA, 5.13%, due 01/15/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 383634 |
| 2200000 |  | VZ Secured Financing BV, 5.00%, due 01/15/32 144A | 1958986 |
| &nbsp;&nbsp; 840000 |  | Wabash National Corp., 4.50%, due 10/15/28 144A | &nbsp;&nbsp; 760947 |
| &nbsp;&nbsp; 220000 | GBP | Waga Bondco Ltd., 8.50%, due 06/15/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 296295 |
| &nbsp;&nbsp; 900000 |  | Walgreens Boots Alliance, Inc., 8.13%, due 08/15/29 | &nbsp;&nbsp; 955090 |
| 2920000 |  | Wand NewCo 3, Inc., 7.63%, due 01/30/32 144A | 3071341 |
| &nbsp;&nbsp; 250000 |  | Warnermedia Holdings, Inc., 4.28%, due 03/15/32 | &nbsp;&nbsp; 211563 |
| &nbsp;&nbsp; 450000 |  | Warnermedia Holdings, Inc., 5.05%, due 03/15/42 | &nbsp;&nbsp; 305438 |
| &nbsp;&nbsp; 625000 |  | Wayfair LLC, 7.75%, due 09/15/30 144A | &nbsp;&nbsp; 630441 |
| 4185000 |  | WE Soda Investments Holding PLC, 9.50%, due 10/06/28<sup>(f)</sup> <br>| 4374152 |
| &nbsp;&nbsp; 275000 |  | Weatherford International Ltd., 8.63%, due 04/30/30 144A | &nbsp;&nbsp; 283631 |
| &nbsp;&nbsp; 750000 |  | WESCO Distribution, Inc., 6.38%, due 03/15/33<sup>(l)</sup> 144A | &nbsp;&nbsp; 775719 |
| &nbsp;&nbsp; 305000 |  | Western Alliance Bancorp, 3.00% (3 mo. USD Term SOFR + 2.25%), due 06/15/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 284220 |

---

128See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 540000 | WEX, Inc., 6.50%, due 03/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545145 |
| &nbsp;&nbsp; 881000 | Wilsonart LLC, 11.00%, due 08/15/32<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801213 |
| &nbsp;&nbsp; 500000 | Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448983 |
| &nbsp;&nbsp; 145000 | World Acceptance Corp., 7.00%, due 11/01/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145402 |
| 1163000 | WR Grace Holdings LLC, 5.63%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1053825 |
| &nbsp;&nbsp; 600000 | Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587334 |
| &nbsp;&nbsp; 600000 | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, due 05/15/27<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600857 |
| 1610000 | Wynn Macau Ltd., 4.50%, due 03/07/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1603560 |
| &nbsp;&nbsp; 700000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, due 02/15/31<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746960 |
| &nbsp;&nbsp; 155000 | Xerox Holdings Corp., 8.88%, due 11/30/29<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117186 |
| &nbsp;&nbsp; 725000 | Yapi ve Kredi Bankasi AS, 9.25% (5 yr. CMT + 5.28%), due 01/17/34<sup>(b)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756591 |
| 1200000 | Yinson Bergenia Production BV, 8.50%, due 01/31/45<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1217795 |
| 1125000 | YPF SA, 6.95%, due 07/21/27<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1116808 |
| 2750000 | YPF SA, 7.00%, due 09/30/33<sup>(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2647076 |
| 1270000 | Yum! Brands, Inc., 3.63%, due 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1173679 |
| 1000000 | Zayo Group Holdings, Inc., 4.00%, due 03/01/27<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938716 |
| 1050000 | ZF North America Capital, Inc., 6.88%, due 04/23/32 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971282 |
| &nbsp;&nbsp; 500000 | ZF North America Capital, Inc., 7.13%, due 04/14/30<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489450 |
| &nbsp;&nbsp; 645000 | Zhongsheng Group Holdings Ltd., 5.98%, due 01/30/28<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638927 |
| &nbsp;&nbsp; 320000 | Ziff Davis, Inc., 4.63%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298972 |
| 1700000 | Zorlu Enerji Elektrik Uretim AS, 11.00%, due 04/23/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1571029 |
|  |  | 696565312 |
|  | **Mortgage Backed Securities - Private Issuers — 4.8%** | **Mortgage Backed Securities - Private Issuers — 4.8%** |
| &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; ALA Trust, Series 2025-OANA, Class D, 7.39% (1 mo. USD Term SOFR + 3.09%), due <br> 06/15/40<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317314 |
| 1280000 | Bank, Series 2022-BNK42, Class A5, 4.49%, due 06/15/55<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1246862 |
| 1020000 | Bank, Series 2024-BNK48, Class A5, 5.05%, due 10/15/57 | &nbsp;&nbsp;&nbsp;&nbsp; 1026581 |
| 1544900 | Barclays Mortgage Trust, Series 2022-RPL1, Class B, 4.25%, due 02/25/28<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1518449 |
| &nbsp;&nbsp; 280000 | BBCMS Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263362 |
| &nbsp;&nbsp; 345000 | BBCMS Mortgage Trust, Series 2020-C6, Class AS, 2.84%, due 02/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311296 |
| &nbsp;&nbsp; 250000 | Benchmark Mortgage Trust, Series 2020-B16, Class AM, 2.94%, due 02/15/53<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225386 |
| &nbsp;&nbsp; 443301 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-21M, Class A, 5.16% (1 mo. USD Term <br> SOFR + 0.84%), due 10/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443286 |
| &nbsp;&nbsp; 762996 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 5.28% (1 mo. USD Term <br> SOFR + 0.96%), due 11/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763007 |
| 1260000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2022-AHP, Class A, 5.30% (1 mo. USD Term <br> SOFR + 0.99%), due 01/17/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1259693 |
| 2000000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2021-ARIA, Class G, 7.57% (1 mo. USD Term SOFR + 3.26%), due <br> 10/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1986073 |
| 1110000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2025-GW, Class E, 7.95% (1 mo. USD Term SOFR + 3.65%), due <br> 07/15/42<sup>(b)(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1116129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77629 | &nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.08%, due 12/15/47<sup>(c)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp; 270000 | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.47%, due 10/12/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264021 |
| &nbsp;&nbsp; 290249 | COMM Mortgage Trust, Series 2012-CR3, Class B, 3.92%, due 10/15/45 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272577 |
| 1968000 | COMM Mortgage Trust, Series 2015-LC19, Class D, 2.87%, due 02/10/48 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1790754 |
| 2075000 | COMM Mortgage Trust, Series 2024-CBM, Class E, 8.19%, due 12/10/41<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2062219 |
| 1000000 | CSMC Trust, Series 2018-RPL9, Class A2, 3.96%, due 09/25/57<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943775 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1994217 | &nbsp;&nbsp;&nbsp; Extended Stay America Trust, Series 2021-ESH, Class F, 8.13% (1 mo. USD Term <br> SOFR + 3.81%), due 07/15/38<sup>(b)</sup> 144A<br>| 1997640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62299 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2017-2, <br> Class M1, 4.00%, due 08/25/56<sup>(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62019 |
| &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-3, <br> Class M, 4.75%, due 08/25/57<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 402515 |
| &nbsp;&nbsp; 235337 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, <br> Class M, 4.75%, due 07/25/58<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 228416 |
| &nbsp;&nbsp; 642468 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-3, <br> Class M, 4.75%, due 10/25/58<sup>(c)</sup> <br>| &nbsp;&nbsp; 626815 |
| &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-4, <br> Class M, 4.50%, due 02/25/59<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 533658 |
| &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-1, <br> Class M, 4.25%, due 08/25/59<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 354952 |
| &nbsp;&nbsp; 587829 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-2, <br> Class M, 4.25%, due 11/25/59<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 566581 |
| &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-3, <br> Class M, 4.25%, due 05/25/60<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 564694 |
| &nbsp;&nbsp; 456873 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2021-1, <br> Class M, 4.25%, due 09/25/60 144A<br>| &nbsp;&nbsp; 439271 |
| 1850000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2020-HQA2, <br> Class B2, 12.02% (SOFR 30-day average + 7.71%), due 03/25/50<sup>(b)</sup> 144A<br>| 2246042 |
| 1600000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA7, <br> Class B2, 12.11% (SOFR 30-day average + 7.80%), due 11/25/41<sup>(b)</sup> 144A<br>| 1713039 |
| 3095000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA1, <br> Class B2, 11.41% (SOFR 30-day average + 7.10%), due 01/25/42<sup>(b)</sup> 144A<br>| 3303280 |
| 4100000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2019-HRP1, Class B1, 13.67% (SOFR 30-day average + 9.36%), due 11/25/39<sup>(b)</sup> <br> 144A<br>| 4425940 |
| 1905000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2021-R03, Class 1B2, 9.81% (SOFR 30-day average + 5.50%), due 12/25/41<sup>(b)</sup> 144A<br>| 1986777 |
| 1895000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R01, Class 1B2, 10.31% (SOFR 30-day average + 6.00%), due 12/25/41<sup>(b)</sup> 144A<br>| 1990920 |
| 1840000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R02, Class 2B2, 11.96% (SOFR 30-day average + 7.65%), due 01/25/42<sup>(b)</sup> 144A<br>| 1980902 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R03, Class 1B2, 14.16% (SOFR 30-day average + 9.85%), due 03/25/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 896354 |
| 2300000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R04, Class 1B2, 13.81% (SOFR 30-day average + 9.50%), due 03/25/42<sup>(b)</sup> 144A<br>| 2563688 |
| 3155000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R05, Class 2B2, 11.31% (SOFR 30-day average + 7.00%), due 04/25/42<sup>(b)</sup> 144A<br>| 3417043 |
| 1921214 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R07, Class 1B2, 16.31% (SOFR 30-day average + 12.00%), due 06/25/42<sup>(b)</sup> <br> 144A<br>| 2250837 |
| &nbsp;&nbsp; 280000 | GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.73%, due 06/10/47<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 85596 |
| 2500000 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1, 5.65%, due <br> 06/25/65<sup>(c)</sup> 144A<br>| 2509922 |
| 1400000 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, 4.10%, due <br> 07/25/65<sup>(g)</sup> 144A<br>| 1357888 |
| &nbsp;&nbsp; 119964 | &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1C, 5.33% (1 mo. USD Term <br> SOFR + 1.01%), due 06/20/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 112966 |
| 1175000 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class E, <br> 3.69%, due 12/15/47<sup>(c)</sup> 144A<br>| 1073399 |

---

130See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1100000 | &nbsp;&nbsp;&nbsp; JP Morgan Seasoned Mortgage Trust, Series 2025-1, Class A4, 3.70%, due 01/25/63<sup>(c)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1031470 |
| 1715000 | &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class B, 4.66%, due <br> 09/15/47<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1641868 |
| &nbsp;&nbsp; 109820 | &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 5.23% (1 mo. USD <br> Term SOFR + 0.92%), due 04/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109864 |
| 1502448 | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class E, 3.93%, <br> due 05/15/46<sup>(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1359398 |
| &nbsp;&nbsp; 298837 | &nbsp;&nbsp;&nbsp; MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.28%, <br> due 10/15/30 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284637 |
| &nbsp;&nbsp; 490000 | MSWF Commercial Mortgage Trust, Series 2023-1, Class A4, 5.47%, due 05/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504861 |
| &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Multifamily Housing Mortgage Loan Trust, Series Q034, Class APT2, 2.86%, due <br> 07/25/54<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868572 |
| 1470000 | NCMF Trust, Series 2025-MFS, Class E, 7.53%, due 06/10/33<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1486822 |
| &nbsp;&nbsp; 273451 | &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2017-5A, Class B4, 6.08%, due <br> 06/25/57<sup>(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268424 |
| 2400000 | &nbsp;&nbsp;&nbsp; Oceanview Mortgage Trust, Series 2025-3, Class AF1, 5.26% (SOFR 30-day average + <br> 0.95%), due 05/25/55<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2418000 |
| 1885019 | PRET LLC, Series 2025-NPL5, Class A1, 6.24%, due 05/25/55<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1893669 |
| &nbsp;&nbsp; 690000 | PRET LLC, Series 2025-NPL5, Class A2, 8.72%, due 05/25/55<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694605 |
| &nbsp;&nbsp; 992501 | PRET Trust, Series 2025-RPL3, Class A1, 4.15%, due 04/25/65<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955542 |
| 2630000 | PRET Trust, Series 2025-RPL3, Class M1, 4.15%, due 04/25/65<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2337574 |
| &nbsp;&nbsp; 992565 | PRPM LLC, Series 2025-3, Class A1, 6.26%, due 05/25/30<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998843 |
| 1000000 | PRPM LLC, Series 2025-4, Class A1, 6.18%, due 06/25/30<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1013535 |
| 1000000 | PRPM LLC, Series 2025-RCF3, Class A1, 5.25%, due 07/25/55<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999219 |
| &nbsp;&nbsp; 820000 | PRPM LLC, Series 2025-RPL4, Class M1A, 3.00%, due 05/25/55<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706347 |
| 2200000 | RCKT Mortgage Trust, Series 2025-CES6, Class A1A, 5.47%, due 06/25/55<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2229036 |
| &nbsp;&nbsp; 150000 | RCO VIII Mortgage LLC, Series 2025-3, Class A2, 8.84%, due 05/25/30<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141163 |
| 1680000 | ROCK Trust, Series 2024-CNTR, Class E, 8.82%, due 11/13/41 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1773130 |
| &nbsp;&nbsp; 973831 | &nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class A1, 5.73%, due <br> 02/25/65<sup>(g)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981683 |
| &nbsp;&nbsp; 236766 | &nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 4.99% (1 <br> mo. USD Term SOFR + 0.67%), due 05/25/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177331 |
| 1300000 | Targa Resources Corp., 4.70%, due 07/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1294399 |
| &nbsp;&nbsp; 590000 | Towd Point Mortgage Trust, Series 2019-4, Class B1B, 3.50%, due 10/25/59<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457417 |
| &nbsp;&nbsp; 196915 | UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, due 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191936 |
| &nbsp;&nbsp; 257155 | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR16, Class 2A2, 4.47%, <br> due 12/25/36<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228959 |
| 1155000 | &nbsp;&nbsp;&nbsp; WBHT Commercial Mortgage Trust, Series 2025-WBM, Class E, 8.50% (1 mo. USD <br> Term SOFR + 4.19%), due 06/15/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1170701 |
| 3860000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class D, 3.31%, due <br> 12/15/49<sup>(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3511827 |
| &nbsp;&nbsp; 154083 | &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, 6.68%, due <br> 04/25/36<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153282 |
| &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust, Series 2025-DC, Class E, 7.72%, due 07/15/40<sup>(c)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488278 |
| 1900000 | Worldwide Plaza Trust, Series 2017-WWP, Class A, 3.53%, due 11/10/36 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1350690 |
| 2270000 | &nbsp;&nbsp;&nbsp; X-Caliber Funding LLC, Series 2025-VFN1, Class A, 7.12% (1 mo. USD Term SOFR + <br> 2.68%), due 07/01/27<sup>(b)(i)(o)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2270000 |
|  |  | 89570020 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 4.9%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7744926 |  | Federal Home Loan Mortgage Corp., Pool # SD8448, 6.50%, due 07/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 8004801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390036 |  | Federal Home Loan Mortgage Corp., Pool # SD8455, 6.50%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1436678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |  | Federal Home Loan Mortgage Corp., Pool # SD8471, 6.50%, due 10/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1033555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179898 |  | Federal National Mortgage Association, Pool # DD4408, 6.50%, due 03/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165402 |  | Federal National Mortgage Association, Pool # FS5059, 3.50%, due 11/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3334701 |  | Federal National Mortgage Association, Pool # MA5422, 6.50%, due 07/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 3446594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |  | Government National Mortgage Association, Pool # 787993, 7.00%, due 06/20/55 | &nbsp;&nbsp;&nbsp;&nbsp; 1032549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |  | Government National Mortgage Association, Pool # DJ9049, 7.00%, due 06/20/55 | &nbsp;&nbsp;&nbsp;&nbsp; 1032550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450000 |  | Uniform Mortgage-Backed Security, TBA, 4.50%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 4255032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4475000 |  | Uniform Mortgage-Backed Security, TBA, 5.00%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 4383305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63370000 |  | Uniform Mortgage-Backed Security, TBA, 6.00%, due 07/01/54 | &nbsp;&nbsp; 64401607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |  | Uniform Mortgage-Backed Security, TBA, 6.50%, due 08/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1546664 |
|  |  |  | 90912640 |
|  |  | **Municipal Obligation — 0.0%** | **Municipal Obligation — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810000 |  | Maricopa County Industrial Development Authority, 7.38%, due 10/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839330 |
|  |  | **Sovereign Debt Obligations — 16.7%** | **Sovereign Debt Obligations — 16.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |  | Abu Dhabi Government International Bonds, 3.13%, due 09/30/49<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1367109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625000 |  | Abu Dhabi Government International Bonds, 4.13%, due 10/11/47<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1341616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1735000 | EUR | Albania Government International Bonds, 4.75%, due 02/14/35<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2038367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055000 |  | Angola Government International Bonds, 8.00%, due 11/26/29<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590000 |  | Angola Government International Bonds, 8.00%, due 11/26/29<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |  | Angola Government International Bonds, 8.75%, due 04/14/32<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1061338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1493000 |  | Angola Government International Bonds, 8.75%, due 04/14/32<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1321428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 |  | Angola Government International Bonds, 9.13%, due 11/26/49<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4144800 |  | Argentina Republic Government International Bonds, 0.75%, due 07/09/30<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3315840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4955 |  | Argentina Republic Government International Bonds, 1.00%, due 07/09/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3105000 |  | Argentina Republic Government International Bonds, 1.00%, due 07/09/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2606647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1890000 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/35<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1276163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300000 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/46<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2833714 |
| 2242685000 | ARS | Argentina Treasury Bonds BONTE, 29.50%, due 05/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1989891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419000 |  | Bahamas Government International Bonds, 8.25%, due 06/24/36 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1443123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325000 |  | Benin Government International Bonds, 7.96%, due 02/13/38<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1261005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350000 |  | Bermuda Government International Bonds, 2.38%, due 08/20/30<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3881505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800000 |  | Bermuda Government International Bonds, 5.00%, due 07/15/32<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3760100 |
| &nbsp;&nbsp; 575000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 10/01/28<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618619 |
| &nbsp;&nbsp; 120000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 04/01/33<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2360000 |  | Brazil Government International Bonds, 4.75%, due 01/14/50 | &nbsp;&nbsp;&nbsp;&nbsp; 1669575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2208000 | BRL | Brazil Notas do Tesouro Nacional, Series F, 10.00%, due 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12663000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1929170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10500000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1547218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 | CNY | China Government Bonds, 2.71%, due 06/16/33<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1205645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6230000 | CNY | China Government Bonds, 3.00%, due 10/15/53 | &nbsp;&nbsp;&nbsp;&nbsp; 1081284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4070000 | CNY | China Government Bonds, 3.53%, due 10/18/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 |  | City of Ulaanbaatar Mongolia, 7.75%, due 08/21/27<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275000 |  | Colombia Government International Bonds, 5.00%, due 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp; 1540183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 |  | Colombia Government International Bonds, 7.38%, due 09/18/37 | &nbsp;&nbsp;&nbsp;&nbsp; 1244113 |

---

132See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |  | Colombia Government International Bonds, 7.75%, due 11/07/36 | &nbsp;&nbsp; 832532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |  | Colombia Government International Bonds, 8.38%, due 11/07/54 | &nbsp;&nbsp; 857520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 |  | Colombia Government International Bonds, 8.75%, due 11/14/53 | &nbsp;&nbsp; 297855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 |  | Colombia Government International Bonds, 8.75%, due 11/14/53 | &nbsp;&nbsp; 819101 |
| 3665200000 | COP | Colombia TES, Series B, 7.25%, due 10/18/34 | &nbsp;&nbsp; 656949 |
| 2035500000 | COP | Colombia TES, Series B, 7.75%, due 09/18/30 | &nbsp;&nbsp; 431186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841000 |  | Costa Rica Government International Bonds, 6.55%, due 04/03/34<sup>(f)</sup> <br>| &nbsp;&nbsp; 879606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | Costa Rica Government International Bonds, 7.16%, due 03/12/45<sup>(f)</sup> <br>| &nbsp;&nbsp; 621072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650000 |  | Costa Rica Government International Bonds, 7.16%, due 03/12/45<sup>(f)</sup> <br>| 1707948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23500000 | CZK | Czech Republic Government Bonds, 6.20%, due 06/16/31 | 1255368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52180000 | CZK | Czech Republic Government Bonds, Series 150, 5.00%, due 09/30/30 | 2618087 |
| &nbsp;&nbsp; 139580000 | CZK | Czech Republic Government Bonds, Series 153, 5.75%, due 03/29/29 | 7120605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14080000 | CZK | Czech Republic Government Bonds, Series 95, 1.00%, due 06/26/26<sup>(f)</sup> <br>| &nbsp;&nbsp; 653561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 |  | Dominican Republic International Bonds, 4.50%, due 01/30/30<sup>(f)</sup> <br>| &nbsp;&nbsp; 257027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800000 |  | Dominican Republic International Bonds, 4.88%, due 09/23/32<sup>(f)</sup> <br>| 1666530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 |  | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | &nbsp;&nbsp; 349335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400000 |  | Dominican Republic International Bonds, 5.88%, due 01/30/60<sup>(f)</sup> <br>| 1178590 |
| &nbsp;&nbsp; 138150000 | DOP | Dominican Republic International Bonds, 10.75%, due 06/01/36 144A | 2347295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31700000 | DOP | Dominican Republic International Bonds, 13.63%, due 02/03/33<sup>(f)</sup> <br>| &nbsp;&nbsp; 623137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625000 |  | Ecuador Government International Bonds, 5.00%, due 07/31/40<sup>(f)(g)</sup> <br>| 1026918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6353000 |  | Ecuador Government International Bonds, 5.50%, due 07/31/35<sup>(f)(g)</sup> <br>| 4626508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2538000 |  | Ecuador Government International Bonds, 6.90%, due 07/31/30<sup>(f)(g)</sup> <br>| 2211232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57137000 | EGP | Egypt Government Bonds, 25.32%, due 08/13/27 | 1178927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800000 |  | Egypt Government International Bonds, 5.88%, due 02/16/31<sup>(f)</sup> <br>| 1595755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |  | Egypt Government International Bonds, 6.59%, due 02/21/28<sup>(f)</sup> <br>| 1202561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 |  | Egypt Government International Bonds, 7.05%, due 01/15/32<sup>(f)</sup> <br>| &nbsp;&nbsp; 403620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900000 |  | Egypt Government International Bonds, 7.63%, due 05/29/32<sup>(f)</sup> <br>| 1763488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125000 |  | Egypt Government International Bonds, 8.50%, due 01/31/47<sup>(f)</sup> <br>| &nbsp;&nbsp; 914713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400000 |  | Egypt Government International Bonds, 8.63%, due 02/04/30<sup>(f)</sup> <br>| 2430960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1775000 |  | Egypt Government International Bonds, 9.45%, due 02/04/33 144A | 1799337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 |  | El Salvador Government International Bonds, 7.12%, due 01/20/50<sup>(f)</sup> <br>| &nbsp;&nbsp; 668000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 |  | El Salvador Government International Bonds, 9.25%, due 04/17/30 144A | &nbsp;&nbsp; 360825 |
| 6232400000 | IDR | European Bank for Reconstruction & Development, 4.60%, due 12/09/25 | &nbsp;&nbsp; 381487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1660000 |  | Export-Import Bank of India, 5.50%, due 01/13/35<sup>(f)</sup> <br>| 1706207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 |  | Farm Credit Bank of Texas, 7.75%, (5 yr. CMT + 3.29%)<sup>(b)(m)</sup> <br>| &nbsp;&nbsp; 260625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150000 | EUR | Finance Department Government of Sharjah, 4.63%, due 01/17/31<sup>(f)</sup> <br>| 1361487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2715000 |  | Gabon Government International Bonds, 6.63%, due 02/06/31<sup>(f)</sup> <br>| 2169412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2132137 |  | Ghana Government International Bonds, 5.00%, due 07/03/29<sup>(f)(g)</sup> <br>| 2007346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5025000 |  | Ghana Government International Bonds, 5.00%, due 07/03/35<sup>(f)(g)</sup> <br>| 3930335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |  | Guatemala Government Bonds, 4.65%, due 10/07/41<sup>(f)(l)</sup> <br>| &nbsp;&nbsp; 717188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 |  | Guatemala Government Bonds, 6.05%, due 08/06/31<sup>(f)</sup> <br>| 1119668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125000 |  | Guatemala Government Bonds, 6.55%, due 02/06/37<sup>(f)</sup> <br>| 1137600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 |  | Guatemala Government Bonds, 6.60%, due 06/13/36<sup>(f)</sup> <br>| 1118425 |
| &nbsp;&nbsp; 130920000 | HUF | Hungary Government Bonds, Series 30/A, 3.00%, due 08/21/30 | &nbsp;&nbsp; 328921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2325000 |  | Hungary Government International Bonds, 2.13%, due 09/22/31<sup>(f)</sup> <br>| 1937114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350000 |  | Hungary Government International Bonds, 5.25%, due 06/16/29<sup>(f)</sup> <br>| 1362385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | Hungary Government International Bonds, 5.38%, due 09/26/30 144A | &nbsp;&nbsp; 606223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2550000 |  | Hungary Government International Bonds, 5.50%, due 03/26/36<sup>(f)</sup> <br>| 2462619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 |  | Hungary Government International Bonds, 7.63%, due 03/29/41 | 1920663 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47270000 | INR | India Government Bonds, 6.64%, due 06/16/35 | &nbsp;&nbsp; 561111 |
| 132038000000 | IDR | Indonesia Treasury Bonds, 6.75%, due 07/15/35 | 8207136 |
| &nbsp;&nbsp; 13400000000 | IDR | Indonesia Treasury Bonds, 7.00%, due 09/15/30 | &nbsp;&nbsp; 849338 |
| &nbsp;&nbsp;&nbsp; 6402000000 | IDR | Indonesia Treasury Bonds, Series FR78, 8.25%, due 05/15/29 | &nbsp;&nbsp; 421223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 |  | Istanbul Metropolitan Municipality, 10.50%, due 12/06/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 731341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2560000 | EUR | Ivory Coast Government International Bonds, 4.88%, due 01/30/32<sup>(f)</sup> <br>| 2697868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425000 |  | Ivory Coast Government International Bonds, 6.38%, due 03/03/28<sup>(f)</sup> <br>| 1430786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1790000 |  | Ivory Coast Government International Bonds, 7.63%, due 01/30/33 144A | 1769779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |  | Ivory Coast Government International Bonds, 7.63%, due 01/30/33<sup>(f)</sup> <br>| 1484413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1525000 |  | Ivory Coast Government International Bonds, 8.08%, due 04/01/36 144A | 1475237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550000 |  | Ivory Coast Government International Bonds, 8.25%, due 01/30/37<sup>(f)</sup> <br>| 1496561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108000000 | JMD | Jamaica Government International Bonds, 9.63%, due 11/03/30 | &nbsp;&nbsp; 699975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820000 |  | Jordan Government International Bonds, 7.75%, due 01/15/28 144A | &nbsp;&nbsp; 849259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |  | Lebanon Government International Bonds, 7.00%, due 03/23/32<sup>(f)(n)</sup> <br>| &nbsp;&nbsp; 161500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |  | Lebanon Government International Bonds, 7.25%, due 03/23/37<sup>(f)(n)</sup> <br>| &nbsp;&nbsp; 159700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |  | Lebanon Government International Bonds, 8.25%, due 04/12/21<sup>(f)(n)</sup> <br>| &nbsp;&nbsp; 159954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3854000 | MYR | Malaysia Government Bonds, 3.96%, due 09/15/25 | &nbsp;&nbsp; 917004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4668000 | MYR | Malaysia Government Bonds, Series 0122, 3.58%, due 07/15/32 | 1121702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | MYR | Malaysia Government Bonds, Series 0123, 4.46%, due 03/31/53 | &nbsp;&nbsp; 280796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6137000 | MYR | Malaysia Government Bonds, Series 0219, 3.89%, due 08/15/29 | 1491661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | MYR | Malaysia Government Bonds, Series 0222, 4.70%, due 10/15/42 | &nbsp;&nbsp; 205298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1832000 | MYR | Malaysia Government Bonds, Series 0317, 4.76%, due 04/07/37 | &nbsp;&nbsp; 482467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621000 | MYR | Malaysia Government Bonds, Series 0417, 3.90%, due 11/16/27 | &nbsp;&nbsp; 150086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2990000 | MYR | Malaysia Government Bonds, Series 0419, 3.83%, due 07/05/34 | &nbsp;&nbsp; 727305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13779000 | MXN | Mexico Bonos, Series M, 7.75%, due 11/23/34 | &nbsp;&nbsp; 665743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48140300 | MXN | Mexico Bonos, Series M, 7.75%, due 11/13/42 | 2113496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |  | Mexico Government International Bonds, 2.66%, due 05/24/31 | &nbsp;&nbsp; 867500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 |  | Mexico Government International Bonds, 5.85%, due 07/02/32<sup>(d)</sup> <br>| &nbsp;&nbsp; 405300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1930000 |  | Mexico Government International Bonds, 6.00%, due 05/07/36 | 1909542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2586000 |  | Mexico Government International Bonds, 6.40%, due 05/07/54 | 2386878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 |  | Mexico Government International Bonds, 6.88%, due 05/13/37 | &nbsp;&nbsp; 810204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 |  | Mexico Government International Bonds, 7.38%, due 05/13/55 | &nbsp;&nbsp; 801923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42504235 | MXN | Mexico Udibonos, 2.75%, due 11/27/31 | 1992462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300000 |  | Mongolia Government International Bonds, 4.45%, due 07/07/31<sup>(f)</sup> <br>| 2008680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850000 |  | Mongolia Government International Bonds, 7.88%, due 06/05/29<sup>(f)</sup> <br>| 1930679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 |  | Morocco Government International Bonds, 3.00%, due 12/15/32<sup>(f)</sup> <br>| &nbsp;&nbsp; 593381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |  | Nigeria Government International Bonds, 6.13%, due 09/28/28<sup>(f)</sup> <br>| 1916419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1990000 |  | Nigeria Government International Bonds, 7.14%, due 02/23/30<sup>(f)</sup> <br>| 1900684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |  | Oman Government International Bonds, 6.50%, due 03/08/47<sup>(f)</sup> <br>| 1217905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |  | Pakistan Global Sukuk Programme Co. Ltd., 7.95%, due 01/31/29<sup>(f)</sup> <br>| &nbsp;&nbsp; 873000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7043000 |  | Pakistan Government International Bonds, 7.38%, due 04/08/31<sup>(f)</sup> <br>| 6292225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 |  | Panama Government International Bonds, 6.88%, due 01/31/36 | 3488639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1275000 |  | Paraguay Government International Bonds, 3.85%, due 06/28/33<sup>(f)</sup> <br>| 1159765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125000 |  | Paraguay Government International Bonds, 5.85%, due 08/21/33<sup>(f)</sup> <br>| 1152000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1925000 |  | Paraguay Government International Bonds, 6.00%, due 02/09/36<sup>(f)</sup> <br>| 1961671 |
| &nbsp;&nbsp;&nbsp; 4416000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31 144A | &nbsp;&nbsp; 535387 |
| &nbsp;&nbsp;&nbsp; 4270000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 516734 |
| &nbsp;&nbsp; 15088000000 | PYG | Paraguay Government International Bonds, 8.50%, due 03/04/35 144A | 1838732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666000 | PEN | Peru Government Bonds, 5.40%, due 08/12/34 | &nbsp;&nbsp; 177089 |

---

134See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1130000 | PEN | Peru Government Bonds, 6.85%, due 08/12/35<sup>(f)</sup> <br>| &nbsp;&nbsp; 327944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349000 | PEN | Peru Government Bonds, 6.95%, due 08/12/31 | &nbsp;&nbsp; 412720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100000 | PEN | Peru Government Bonds, 7.30%, due 08/12/33<sup>(f)</sup> <br>| 1872258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9803000 | PEN | Peru Government Bonds, 7.60%, due 08/12/39<sup>(f)</sup> <br>| 2940069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3550000 |  | Peru Government International Bonds, 2.78%, due 01/23/31 | 3188432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3825000 |  | Peru Government International Bonds, 3.00%, due 01/15/34 | 3235835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3600000 |  | Peru Government International Bonds, 3.30%, due 03/11/41 | 2680200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2450000 | PEN | Peru Government International Bonds, 6.35%, due 08/12/28<sup>(f)</sup> <br>| &nbsp;&nbsp; 735650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14444000 | PEN | Peru Government International Bonds, 6.90%, due 08/12/37<sup>(f)</sup> <br>| 4138549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10917000 | PEN | Peru Government International Bonds, 7.30%, due 08/12/33<sup>(f)</sup> <br>| 3350728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26980000 | PHP | Philippines Government Bonds, 6.25%, due 03/22/28 | &nbsp;&nbsp; 484319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12200000 | PHP | Philippines Government Bonds, Series 1069, 6.75%, due 09/15/32 | &nbsp;&nbsp; 225048 |
| &nbsp;&nbsp; 132750000 | PHP | Philippines Government Bonds, Series 1072, 6.25%, due 01/25/34 | 2364367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 |  | Provincia de Cordoba, 9.75%, due 07/02/32<sup>(d)</sup> 144A | &nbsp;&nbsp; 642720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |  | Republic of Cameroon International Bonds, 9.50%, due 07/31/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 934750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036231 | GHS | Republic of Ghana Government Bonds, Series G10Y, 9.25%, (Unsecured), due 02/08/33 | &nbsp;&nbsp; 113296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820740 | GHS | Republic of Ghana Government Bonds, Series G15Y, 10.00%, (Unsecured), due 02/02/38 | &nbsp;&nbsp;&nbsp;&nbsp; 41617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4368811 | GHS | Republic of Ghana Government Bonds, Series G7Y, 8.80%, (Unsecured), due 02/12/30 | &nbsp;&nbsp; 280592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 |  | Republic of Kenya Government International Bonds, 6.30%, due 01/23/34<sup>(f)</sup> <br>| &nbsp;&nbsp; 284324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 |  | Republic of Kenya Government International Bonds, 6.30%, due 01/23/34<sup>(f)</sup> <br>| &nbsp;&nbsp; 893589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 |  | Republic of Kenya Government International Bonds, 9.50%, due 03/05/36<sup>(f)</sup> <br>| &nbsp;&nbsp; 921431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1380000 |  | Republic of Kenya Government International Bonds, 9.75%, due 02/16/31 144A | 1402994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 |  | Republic of Kenya Government International Bonds, 9.75%, due 02/16/31<sup>(f)</sup> <br>| &nbsp;&nbsp; 890076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8986000 | PLN | Republic of Poland Government Bonds, 4.75%, due 07/25/29 | 2486567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9772000 | PLN | Republic of Poland Government Bonds, 5.00%, due 01/25/30 | 2721819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1445000 | PLN | Republic of Poland Government Bonds, Series 0428, 2.75%, due 04/25/28 | &nbsp;&nbsp; 381218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8328000 | PLN | Republic of Poland Government Bonds, Series 0728, 7.50%, due 07/25/28 | 2490185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350000 | PLN | Republic of Poland Government Bonds, Series 1034, 5.00%, due 10/25/34 | &nbsp;&nbsp; 630850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1925000 |  | Republic of Poland Government International Bonds, 4.88%, due 02/12/30 | 1964825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |  | Republic of Poland Government International Bonds, 5.13%, due 09/18/34 | 2013186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |  | Republic of Poland Government International Bonds, 5.50%, due 03/18/54 | &nbsp;&nbsp; 930359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | ZAR | Republic of South Africa Government Bonds, 10.00%, due 03/31/33 | &nbsp;&nbsp; 636969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | ZAR | Republic of South Africa Government Bonds, 10.88%, due 03/31/38 | &nbsp;&nbsp; 575704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28200000 | ZAR | Republic of South Africa Government Bonds, Series 2030, 8.00%, due 01/31/30 | 1562131 |
| &nbsp;&nbsp; 124405557 | ZAR | Republic of South Africa Government Bonds, Series 2035, 8.88%, due 02/28/35 | 6553883 |
| &nbsp;&nbsp; 115481977 | ZAR | Republic of South Africa Government Bonds, Series 2037, 8.50%, due 01/31/37 | 5664919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43220000 | ZAR | Republic of South Africa Government Bonds, Series 2040, 9.00%, due 01/31/40 | 2105890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30989958 | ZAR | Republic of South Africa Government Bonds, Series 2044, 8.75%, due 01/31/44 | 1418682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |  | Republic of South Africa Government International Bonds, 5.88%, due 04/20/32 | 1470266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6375000 |  | Republic of South Africa Government International Bonds, 5.88%, due 04/20/32 | 6250812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |  | Republic of South Africa Government International Bonds, 7.10%, due 11/19/36<sup>(f)</sup> <br>| &nbsp;&nbsp; 198716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 |  | Republic of South Africa Government International Bonds, 7.30%, due 04/20/52 | 1173223 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 14.25%, due 06/22/34 | 1395817 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 15.00%, due 06/18/43 | 1358078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1029000 |  | Republic of Uzbekistan International Bonds, 3.70%, due 11/25/30<sup>(f)</sup> <br>| &nbsp;&nbsp; 920027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460000 | RON | Romania Government Bonds, Series 10Y, 5.00%, due 02/12/29 | &nbsp;&nbsp; 528175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | RON | Romania Government Bonds, Series 15Y, 4.75%, due 10/11/34 | &nbsp;&nbsp; 238554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | EUR | Romania Government International Bonds, 2.75%, due 04/14/41<sup>(f)</sup> <br>| &nbsp;&nbsp; 539501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430000 | EUR | Romania Government International Bonds, 3.75%, due 02/07/34<sup>(f)</sup> <br>| 1436336 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp; 2000000 | EUR | Romania Government International Bonds, 5.38%, due 03/22/31<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2358000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | EUR | Romania Government International Bonds, 5.38%, due 03/22/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 716000 |  | Romania Government International Bonds, 5.75%, due 03/24/35 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 830000 |  | Romania Government International Bonds, 5.88%, due 01/30/29<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 576000 |  | Romania Government International Bonds, 6.38%, due 01/30/34<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565492 |
| &nbsp;&nbsp; 1250000 | EUR | Romania Government International Bonds, 6.75%, due 07/11/39 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1482368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 |  | Romania Government International Bonds, 7.13%, due 01/17/33<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 720000 |  | Romania Government International Bonds, 7.50%, due 02/10/37 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 532000 |  | Romania Government International Bonds, 7.50%, due 02/10/37 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553332 |
| &nbsp;&nbsp; 1800000 |  | Saudi Government International Bonds, 3.75%, due 01/21/55<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1230111 |
| &nbsp;&nbsp; 1700000 | EUR | Senegal Government International Bonds, 4.75%, due 03/13/28<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1579851 |
| &nbsp;&nbsp; 2100000 | EUR | Senegal Government International Bonds, 5.38%, due 06/08/37<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1526291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 350000 |  | Senegal Government International Bonds, 6.25%, due 05/23/33<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231289 |
| &nbsp;&nbsp; 2275000 |  | Senegal Government International Bonds, 6.25%, due 05/23/33<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1503381 |
| &nbsp;&nbsp; 2650000 |  | Senegal Government International Bonds, 6.75%, due 03/13/48<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1607703 |
| &nbsp;&nbsp; 1500000 |  | Senegal Government International Bonds, 7.75%, due 06/10/31<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1101935 |
| &nbsp;&nbsp; 2000000 |  | Serbia International Bonds, 6.00%, due 06/12/34<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2021821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37292 |  | Sri Lanka Government International Bonds, 3.10%, due 01/15/30<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73148 |  | Sri Lanka Government International Bonds, 3.35%, due 03/15/33<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34279 |  | Sri Lanka Government International Bonds, 3.60%, due 05/15/36<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27980 |
| &nbsp;&nbsp; 3294335 |  | Sri Lanka Government International Bonds, 3.60%, due 02/15/38<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2682826 |
| &nbsp;&nbsp; 1100000 |  | Sri Lanka Government International Bonds, 3.60%, due 02/15/38<sup>(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34849 |  | Sri Lanka Government International Bonds, 4.00%, due 04/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32802 |
| &nbsp;&nbsp; 6202000 | THB | Thailand Government Bonds, 1.60%, due 06/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190401 |
| 49800000 | THB | Thailand Government Bonds, 2.80%, due 06/17/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1684714 |
| &nbsp;&nbsp; 5100000 | THB | Thailand Government Bonds, 2.98%, due 06/17/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179151 |
| 22347000 | THB | Thailand Government Bonds, 3.35%, due 06/17/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778331 |
| 19531000 | THB | Thailand Government Bonds, 3.45%, due 06/17/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726100 |
| 11810000 | THB | Thailand Government Bonds, 3.78%, due 06/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417860 |
| 47754447 | THB | Thailand Government Bonds, Series ILB, 1.25%, due 03/12/28<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1442496 |
| 22010000 | TRY | Turkiye Government Bonds, 27.70%, due 09/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527121 |
| &nbsp;&nbsp; 2900000 |  | Turkiye Government International Bonds, 6.63%, due 02/17/45<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2469661 |
| &nbsp;&nbsp; 1037000 |  | Turkiye Government International Bonds, 7.13%, due 02/12/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1039906 |
| &nbsp;&nbsp; 2095000 |  | Turkiye Government International Bonds, 7.25%, due 05/29/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2105519 |
| &nbsp;&nbsp; 1550000 |  | Ukraine Government International Bonds, 1.75%, due 02/01/29<sup>(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956687 |
| &nbsp;&nbsp; 4040696 |  | Ukraine Government International Bonds, 1.75%, due 02/01/35<sup>(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2046510 |
| &nbsp;&nbsp; 2600000 |  | Ukraine Government International Bonds, 3.00%, due 02/01/34<sup>(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996981 |
| &nbsp;&nbsp; 1900000 |  | Ukraine Government International Bonds, 3.00%, due 02/01/35<sup>(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887349 |
| &nbsp;&nbsp; 1925000 |  | Ukraine Government International Bonds, 3.00%, due 02/01/36<sup>(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 423543 | UYU | Uruguay Government International Bonds, 3.40%, due 05/16/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 |  | Uruguay Government International Bonds, 4.98%, due 04/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800073 |
| 12835000 | UYU | Uruguay Government International Bonds, 9.75%, due 07/20/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 808000 |  | Uzbekneftegaz JSC, 8.75%, due 05/07/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832910 |
| &nbsp;&nbsp; 8035000 | ZMW | Zambia Government Bonds, 13.00%, due 01/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291444 |
| &nbsp;&nbsp; 4520000 | ZMW | Zambia Government Bonds, 26.75%, due 09/02/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238554 |
| &nbsp;&nbsp; 5250000 |  | Zambia Government International Bonds, 0.50%, due 12/31/53<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3617493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 989884 |  | Zambia Government International Bonds, 5.75%, due 06/30/33<sup>(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911118 |
|  |  |  | 309936392 |

---

136See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — 9.7%** | **U.S. Government and Agency Obligations — 9.7%** |
| &nbsp;&nbsp; 8300000 | U.S. Treasury Bonds, 3.00%, due 11/15/44<sup>(p)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6393918 |
| &nbsp;&nbsp; 6000000 | U.S. Treasury Bonds, 4.63%, due 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5842500 |
| 13905000 | U.S. Treasury Bonds, 4.75%, due 02/15/45<sup>(q)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13835475 |
| 14045000 | U.S. Treasury Bonds, 4.75%, due 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13968191 |
| &nbsp;&nbsp; 8933102 | U.S. Treasury Inflation-Indexed Bonds, 0.25%, due 02/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5194122 |
| &nbsp;&nbsp; 8609571 | U.S. Treasury Inflation-Indexed Bonds, 0.75%, due 02/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6691382 |
| &nbsp;&nbsp; 7262760 | U.S. Treasury Inflation-Indexed Notes, 1.75%, due 01/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7203155 |
| 26295000 | U.S. Treasury Notes, 3.75%, due 05/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26241075 |
| 22025000 | U.S. Treasury Notes, 4.25%, due 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22104152 |
| 35550000 | U.S. Treasury Notes, 4.25%, due 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35608324 |
| 35520000 | U.S. Treasury Notes, 4.63%, due 02/15/35<sup>(r)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36657750 |
|  |  | &nbsp;&nbsp; 179740044 |
|  | TOTAL DEBT OBLIGATIONS (COST $1,780,170,758) | 1818342466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 0.6%** | **COMMON STOCKS — 0.6%** |
|  | **Basic Materials — 0.0%** | **Basic Materials — 0.0%** |
| &nbsp;&nbsp;&nbsp; 1282 | Arctic Canadian Diamond Co. Ltd.<sup>(i)(o)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32572 |
|  | **Consumer, Cyclical — 0.0%** | **Consumer, Cyclical — 0.0%** |
| &nbsp;&nbsp; 24811 | Spirit Aviation Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123807 |
|  | **Financial — 0.6%** | **Financial — 0.6%** |
| &nbsp;&nbsp; 59745 | ARES Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1312000 |
| 132455 | Barings BDC, Inc.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1210639 |
| &nbsp;&nbsp; 30000 | Blackstone Secured Lending Fund<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922500 |
| &nbsp;&nbsp; 88000 | Blue Owl Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1261920 |
| &nbsp;&nbsp; 39542 | Crescent Capital BDC, Inc.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557542 |
| &nbsp;&nbsp; 50600 | FS KKR Capital Corp.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1049950 |
| &nbsp;&nbsp; 58000 | Goldman Sachs BDC, Inc.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652500 |
| &nbsp;&nbsp; 87000 | Golub Capital BDC, Inc.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1274550 |
| &nbsp;&nbsp; 42000 | MidCap Financial Investment Corp.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530040 |
| &nbsp;&nbsp; 14657 | MSC Income Fund, Inc.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240814 |
| &nbsp;&nbsp; 30185 | New Mountain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318452 |
| &nbsp;&nbsp; 43000 | Oaktree Specialty Lending Corp.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587380 |
| &nbsp;&nbsp; 54000 | Runway Growth Finance Corp.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579420 |
| &nbsp;&nbsp; 30000 | Sixth Street Specialty Lending, Inc.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714300 |
| &nbsp;&nbsp;&nbsp; 7283 | SLR Investment Corp.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117548 |
|  |  | &nbsp;&nbsp; 11329555 |
|  | **Technology — 0.0%** | **Technology — 0.0%** |
| &nbsp;&nbsp; 30000 | Avaya Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231570 |
|  | TOTAL COMMON STOCKS (COST $11,359,144) | 11717504 |
|  | **INVESTMENT COMPANIES — 1.7%** | **INVESTMENT COMPANIES — 1.7%** |
| 300000 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6276000 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Investment Companies — continued** | **Investment Companies — continued** |
| &nbsp;&nbsp; 73550 | iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7405750 |
| 224800 | SPDR Blackstone Senior Loan ETF<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9349432 |
| &nbsp;&nbsp; 80725 | SPDR Bloomberg 1-3 Month T-Bills ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7404904 |
|  | TOTAL INVESTMENT COMPANIES (COST $30,180,374) | 30436086 |
|  | **PREFERRED STOCKS — 0.2%** |  |
|  | **Communications — 0.0%** | **Communications — 0.0%** |
| &nbsp;&nbsp;&nbsp; 3350 | U.S. Cellular Corp., 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79160 |
| &nbsp;&nbsp; 12825 | U.S. Cellular Corp., 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342329 |
|  | **Financial — 0.1%** | **Financial — 0.1%** |
| &nbsp;&nbsp;&nbsp; 6500 | ARES Management Corp., 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 | Bank of America Corp., 7.25%<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350557 |
| &nbsp;&nbsp;&nbsp; 6725 | Bank of New York Mellon Corp., 6.15%<sup>(b)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172429 |
| &nbsp;&nbsp;&nbsp; 4725 | Corebridge Financial, Inc., 6.38%<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108675 |
| &nbsp;&nbsp;&nbsp; 6600 | Enstar Group Ltd., 7.00%<sup>(b)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132726 |
| &nbsp;&nbsp;&nbsp; 2197 | KKR & Co., Inc., 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117759 |
| &nbsp;&nbsp;&nbsp; 4325 | Morgan Stanley, 4.25%<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74477 |
| &nbsp;&nbsp;&nbsp; 8950 | Morgan Stanley, 6.63%<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231357 |
| &nbsp;&nbsp;&nbsp; 1025 | OCP CLO 2018-15 Ltd., 4.85%\*<sup>(b)(i)(o)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534916 |
| &nbsp;&nbsp;&nbsp; 8925 | Synchrony Financial, 8.25%<sup>(b)(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2289093 |
|  | **Industrial — 0.1%** | **Industrial — 0.1%** |
| &nbsp;&nbsp;&nbsp; 9500 | Boeing Co., 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646000 |
|  | **Utilities — 0.0%** | **Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; 1625 | Sempra, 5.75%<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33394 |
| &nbsp;&nbsp; 13225 | Southern Co., 6.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373012 |
|  | TOTAL PREFERRED STOCKS (COST $3,573,241) | &nbsp;&nbsp; 3650434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENTS — 9.2%** | **SHORT-TERM INVESTMENTS — 9.2%** |
|  | **Mutual Fund - Securities Lending Collateral — 4.0%** | **Mutual Fund - Securities Lending Collateral — 4.0%** |
| 73956859 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.35%<sup>(s)(t)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73956859 |
|  | **Commercial Paper — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Air Lease Corp., 4.80%, due 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299324 |
| &nbsp;&nbsp; 1300000 | Air Lease Corp., 4.82%, due 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1299826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700000 | Air Lease Corp., 4.85%, due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698612 |
| &nbsp;&nbsp; 1100000 | Air Lease Corp., 4.85%, due 07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097369 |
| &nbsp;&nbsp; 1300000 | Alimentation Couche-Tard, Inc., 4.61%, due 07/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Alimentation Couche-Tard, Inc., 4.63%, due 07/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499547 |
| &nbsp;&nbsp; 1300000 | Alimentation Couche-Tard, Inc., 4.63%, due 07/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298485 |

---

138See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Commercial Paper — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Alimentation Couche-Tard, Inc., 4.64%, due 07/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Alimentation Couche-Tard, Inc., 4.64%, due 07/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796877 |
| &nbsp;&nbsp; 1300000 | Amrize Finance U.S. LLC, 4.64%, due 07/08/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Amrize Finance U.S. LLC, 4.67%, due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299425 |
| &nbsp;&nbsp; 1000000 | Amrize Finance U.S. LLC, 4.67%, due 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Canadian Natural Resources Ltd., 4.83%, due 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Canadian Natural Resources Ltd., 4.87%, due 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797403 |
| &nbsp;&nbsp; 1300000 | Canadian Natural Resources Ltd., 4.90%, due 08/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1293651 |
| &nbsp;&nbsp; 1300000 | CBRE Services, Inc., 4.64%, due 07/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295821 |
| &nbsp;&nbsp; 1000000 | CBRE Services, Inc., 4.69%, due 07/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | CBRE Services, Inc., 4.71%, due 07/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798945 |
| &nbsp;&nbsp; 1300000 | Crown Castle, Inc., 5.03%, due 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1296026 |
| &nbsp;&nbsp; 1300000 | Crown Castle, Inc., 5.03%, due 07/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295662 |
| &nbsp;&nbsp; 1000000 | CVS Health Corp., 4.92%, due 07/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | CVS Health Corp., 4.92%, due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Dominion Energy, Inc., 4.60%, due 07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Dominion Energy, Inc., 4.60%, due 07/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Dominion Energy, Inc., 4.60%, due 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Enbridge U.S., Inc., 4.60%, due 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798878 |
| &nbsp;&nbsp; 1300000 | Enbridge U.S., Inc., 4.60%, due 07/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1296494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Equifax, Inc., 4.62%, due 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Intercontinental Exchange, Inc., 4.60%, due 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Jones Lang LaSalle Finance BV, 4.65%, due 07/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Jones Lang LaSalle Finance BV, 4.65%, due 07/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Jones Lang LaSalle Finance BV, 4.72%, due 07/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799287 |
| &nbsp;&nbsp; 1300000 | Jones Lang LaSalle Finance BV, 4.72%, due 07/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | Jones Lang LaSalle Finance BV, 4.72%, due 07/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 898388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Jones Lang LaSalle Finance BV, 4.72%, due 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798360 |
| &nbsp;&nbsp; 1300000 | Mondelez International, Inc., 4.57%, due 08/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1293116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | NextEra Energy Capital Holdings, Inc., 4.60%, due 07/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897345 |
| &nbsp;&nbsp; 2000000 | NextEra Energy Capital Holdings, Inc., 4.60%, due 07/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | NextEra Energy Capital Holdings, Inc., 4.60%, due 07/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | NextEra Energy Capital Holdings, Inc., 4.60%, due 08/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298085 |
| &nbsp;&nbsp; 1300000 | NextEra Energy Capital Holdings, Inc., 4.61%, due 08/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 4.60%, due 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 4.60%, due 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299923 |
| &nbsp;&nbsp; 1300000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 4.64%, due 09/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1287944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | ONEOK, Inc., 4.60%, due 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | ONEOK, Inc., 4.60%, due 07/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | RELX, Inc., 4.60%, due 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499811 |
| &nbsp;&nbsp; 1000000 | RTX Corp., 4.62%, due 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997937 |
| &nbsp;&nbsp; 1300000 | RTX Corp., 4.63%, due 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297318 |
| &nbsp;&nbsp; 1300000 | Virginia Electric & Power Co., 4.60%, due 07/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295487 |
| &nbsp;&nbsp; 1300000 | Volkswagen Group of America Finance LLC, 4.67%, due 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1299676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43784087 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Repurchase Agreement — 1.5%** |  |
| 27400000 | &nbsp;&nbsp;&nbsp; Bank of America Repurchase Agreement, dated 06/30/25, maturing on 07/01/25 with a <br> maturity value of $27,403,379 and an effective yield of 4.44%, collateralized by <br> U.S. Treasury Bond with maturity date 02/15/44 and a market value of $27,587,337<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27400000 |
|  | **U.S. Government and Agency Obligations — 1.4%** |  |
| &nbsp;&nbsp; 1800000 | U.S. Treasury Bills, 3.73%, due 07/08/25<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1798551 |
| 18092000 | U.S. Treasury Bills, 4.30%, due 08/14/25<sup>(k)(p)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17996944 |
| &nbsp;&nbsp; 5698000 | U.S. Treasury Bills, 4.15%, due 07/29/25<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5679630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25475125 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $170,622,535) | &nbsp;&nbsp;&nbsp;&nbsp; 170616071 |
|  | **TOTAL INVESTMENTS — 109.8%** <br>(Cost $1,995,906,052)<br>| &nbsp;&nbsp; 2034762561 |
|  | Other Assets and Liabilities (net)<sup>(u)</sup> — (9.8)% | &nbsp;&nbsp;&nbsp; (180790529) |
|  | **NET ASSETS — 100.0%** | **$1853972032** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **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, 2025. |
| (c) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as <br> of period end.<br>|
| (d) | When-issued security. |
| (e) | Year of maturity is greater than 2100. |
| (f) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|
| (g) | Step coupon security that pays an initial coupon rate for the first period and then a lower/higher <br> coupon rate for the following periods. Rate shown is current coupon rate.<br>|
| (h) | This position represents an unsettled loan commitment at period end. Certain details associated with <br> this purchase are not known prior to the settlement date, including coupon rate, which will be <br> adjusted on settlement date.<br>|
| (i) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<br>|
| (j) | Represents a zero coupon bond; no yield to maturity is available. |
| (k) | Interest rate presented is yield to maturity. |
| (l) | All or a portion of this security is out on loan. |
| (m) | Security is perpetual and has no stated maturity date. |
| (n) | Security is currently in default. |
| (o) | Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total <br> market value of the securities at period end is $30,237,488 which represents 1.6% of net assets. The <br> aggregate tax cost of these securities held at June 30, 2025 was $30,185,062.<br>|

---

140See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (p) | All or a portion of this security is pledged for forward foreign currency contracts, OTC swaps, <br> and/or OTC options collateral.<br>|
| (q) | All or a portion of this security is pledged for open futures collateral. |
| (r) | All or a portion of this security is pledged for open centrally cleared swaps collateral. |
| (s) | The rate disclosed is the 7-day net yield as of June 30, 2025. |
| (t) | Represents an investment of securities lending cash collateral. |
| (u) | As of June 30, 2025, the value of unfunded loan commitments was $670,834 for the Fund. See <br> Notes to the Schedule of Investments.<br>|
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $753,444,106 which represents 40.6% of <br> net assets.<br>|

---

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement <br>Date<br>| Counterparty | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| AUD | 4032727 | &nbsp;&nbsp; USD | 2441127 | 07/16/25 | Citibank N.A. | &nbsp;&nbsp; $202324 |
| AUD | 2223000 | &nbsp;&nbsp; USD | 1448313 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 8530 |
| AUD | 149000 | &nbsp;&nbsp; USD | 97656 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (8)<br>|
| BRL | 488014 | &nbsp;&nbsp; USD | 86000 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; 3415 |
| BRL | 8308009 | &nbsp;&nbsp; USD | 1522422 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (209)<br>|
| BRL | 8863273 | &nbsp;&nbsp; USD | 1599277 | 08/04/25 | Barclays Bank PLC | &nbsp;&nbsp; 12183 |
| BRL | 6170000 | &nbsp;&nbsp; USD | 1065888 | 09/03/25 | Barclays Bank PLC | &nbsp;&nbsp; 47576 |
| BRL | 1398138 | &nbsp;&nbsp; USD | 240867 | 09/03/25 | Citibank N.A. | &nbsp;&nbsp; 11447 |
| BRL | 21438845 | &nbsp;&nbsp; USD | 3816099 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 111976 |
| BRL | 13052000 | &nbsp;&nbsp; USD | 2293446 | 09/17/25 | State Street Bank and Trust | &nbsp;&nbsp; 53002 |
| CAD | 80000 | &nbsp;&nbsp; USD | 58051 | 07/16/25 | Goldman Sachs & Co. | &nbsp;&nbsp; 619 |
| CAD | 336497 | &nbsp;&nbsp; USD | 244958 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1651 |
| CAD | 2871000 | &nbsp;&nbsp; USD | 2096573 | 07/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 7494 |
| CHF | 3883767 | &nbsp;&nbsp; USD | 4749344 | 07/16/25 | Goldman Sachs & Co. | &nbsp;&nbsp; 138325 |
| CHF | 246000 | &nbsp;&nbsp; USD | 300233 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 8813 |
| CLP | 3940437408 | &nbsp;&nbsp; USD | 4205270 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; 15850 |
| CNH | 41730000 | &nbsp;&nbsp; USD | 5760599 | 07/16/25 | Bank of America, N.A. | &nbsp;&nbsp; 71407 |
| CNH | 246000 | &nbsp;&nbsp; USD | 34507 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; 38 |
| COP | 2371300000 | &nbsp;&nbsp; USD | 558755 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; 15618 |
| CZK | 56300000 | &nbsp;&nbsp; USD | 2640837 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 39098 |
| CZK | 56770000 | &nbsp;&nbsp; USD | 2627876 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; 74431 |
| EGP | 24050000 | &nbsp;&nbsp; USD | 429234 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; 41895 |
| EGP | 91780000 | &nbsp;&nbsp; USD | 1639514 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; 158419 |
| EGP | 75280000 | &nbsp;&nbsp; USD | 1343326 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 131379 |
| EUR | 208928 | &nbsp;&nbsp; GBP | 179000 | 07/31/25 | UBS AG | &nbsp;&nbsp; 397 |
| EUR | 6060942 | &nbsp;&nbsp; USD | 6930168 | 07/16/25 | Bank of America, N.A. | &nbsp;&nbsp; 191036 |
| EUR | 1115000 | &nbsp;&nbsp; USD | 1289811 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 25692 |
| EUR | 385000 | &nbsp;&nbsp; USD | 443723 | 09/17/25 | BNP Paribas S.A. | &nbsp;&nbsp; 10509 |
| EUR | 4748971 | &nbsp;&nbsp; USD | 5509281 | 07/02/25 | Deutsche Bank AG | &nbsp;&nbsp; 65296 |
| EUR | 329000 | &nbsp;&nbsp; USD | 378241 | 07/31/25 | Goldman Sachs International | &nbsp;&nbsp; 8696 |
| EUR | 1160000 | &nbsp;&nbsp; USD | 1348838 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; 19757 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| EUR | 2267000 | &nbsp;&nbsp; USD | 2630576 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; $30541 |
| EUR | 1024971 | &nbsp;&nbsp; USD | 1204282 | 08/04/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1505 |
| EUR | 230000 | &nbsp;&nbsp; USD | 266418 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 4941 |
| EUR | 5185000 | &nbsp;&nbsp; USD | 6057158 | 09/17/25 | State Street Bank and Trust | &nbsp;&nbsp; 60226 |
| GBP | 9365247 | &nbsp;&nbsp; USD | 12544909 | 07/16/25 | Bank of America, N.A. | &nbsp;&nbsp; 289545 |
| GBP | 1427000 | &nbsp;&nbsp; USD | 1941590 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; 13898 |
| GBP | 6000 | &nbsp;&nbsp; USD | 8054 | 07/31/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 169 |
| GHS | 8280000 | &nbsp;&nbsp; USD | 489579 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 277811 |
| HUF | 554408908 | &nbsp;&nbsp; USD | 1611091 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; 10554 |
| HUF | 1235211092 | &nbsp;&nbsp; USD | 3549065 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; 63925 |
| HUF | 209400000 | &nbsp;&nbsp; USD | 592739 | 09/17/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 19756 |
| HUF | 318420000 | &nbsp;&nbsp; USD | 907860 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 23518 |
| IDR | 1305400000 | &nbsp;&nbsp; USD | 80000 | 07/07/25 | Barclays Bank PLC | &nbsp;&nbsp; 392 |
| IDR | 31319204857 | &nbsp;&nbsp; USD | 1917355 | 07/16/25 | Barclays Bank PLC | &nbsp;&nbsp; 10774 |
| IDR | 1901000000 | &nbsp;&nbsp; USD | 116330 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; 434 |
| INR | 50691715 | &nbsp;&nbsp; USD | 584831 | 07/16/25 | Citibank N.A. | &nbsp;&nbsp; 5893 |
| INR | 317447081 | &nbsp;&nbsp; USD | 3693762 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; (4468)<br>|
| INR | 42378800 | &nbsp;&nbsp; USD | 493204 | 08/20/25 | Deutsche Bank AG | &nbsp;&nbsp; (58)<br>|
| INR | 52314577 | &nbsp;&nbsp; USD | 600964 | 08/20/25 | Deutsche Bank AG | &nbsp;&nbsp; 7800 |
| INR | 49580000 | &nbsp;&nbsp; USD | 576399 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (192)<br>|
| INR | 105692919 | &nbsp;&nbsp; USD | 1229989 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; (1651)<br>|
| INR | 34100000 | &nbsp;&nbsp; USD | 394618 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; 1684 |
| INR | 173237207 | &nbsp;&nbsp; USD | 2005365 | 08/20/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 10528 |
| INR | 2661350 | &nbsp;&nbsp; USD | 31000 | 08/20/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (31)<br>|
| INR | 5030000 | &nbsp;&nbsp; USD | 57967 | 09/17/25 | State Street Bank and Trust | &nbsp;&nbsp; 490 |
| JPY | 155868990 | &nbsp;&nbsp; USD | 1083767 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (4678)<br>|
| JPY | 93529009 | &nbsp;&nbsp; USD | 650781 | 08/04/25 | Barclays Bank PLC | &nbsp;&nbsp; (879)<br>|
| JPY | 474517021 | &nbsp;&nbsp; USD | 3241768 | 07/16/25 | Goldman Sachs & Co. | &nbsp;&nbsp; 48466 |
| JPY | 457600000 | &nbsp;&nbsp; USD | 3143103 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 24885 |
| JPY | 124360245 | &nbsp;&nbsp; USD | 860839 | 07/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 113 |
| JPY | 363476957 | &nbsp;&nbsp; USD | 2527324 | 08/04/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (1646)<br>|
| KRW | 41469837 | &nbsp;&nbsp; USD | 30424 | 07/07/25 | Barclays Bank PLC | &nbsp;&nbsp; 313 |
| KRW | 55930560 | &nbsp;&nbsp; USD | 41000 | 07/16/25 | Barclays Bank PLC | &nbsp;&nbsp; 479 |
| KRW | 3057621800 | &nbsp;&nbsp; USD | 2260000 | 07/11/25 | Deutsche Bank AG | &nbsp;&nbsp; 6853 |
| KRW | 3511745000 | &nbsp;&nbsp; USD | 2605616 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; 8894 |
| KZT | 413797500 | &nbsp;&nbsp; USD | 784759 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; (6928)<br>|
| KZT | 137932500 | &nbsp;&nbsp; USD | 260373 | 09/17/25 | Merrill Lynch International | &nbsp;&nbsp; (1096)<br>|
| MXN | 23630000 | &nbsp;&nbsp; USD | 1225666 | 09/17/25 | Bank of America, N.A. | &nbsp;&nbsp; 15050 |
| MXN | 201709228 | &nbsp;&nbsp; USD | 9643227 | 07/16/25 | Goldman Sachs & Co. | &nbsp;&nbsp; 1018282 |
| MXN | 27650000 | &nbsp;&nbsp; USD | 1430589 | 12/17/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 6384 |
| MXN | 2920000 | &nbsp;&nbsp; USD | 150315 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 3003 |
| MYR | 296000 | &nbsp;&nbsp; USD | 69790 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; 711 |
| MYR | 2970550 | &nbsp;&nbsp; USD | 703497 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 4030 |

---

142See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| NGN | 2894960000 | &nbsp;&nbsp; USD | 1563991 | 08/12/25 | Citibank N.A. | &nbsp;&nbsp; $277880 |
| NGN | 231136000 | &nbsp;&nbsp; USD | 143296 | 08/12/25 | Merrill Lynch International | &nbsp;&nbsp; 3761 |
| NOK | 566318 | &nbsp;&nbsp; USD | 56143 | 07/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (181)<br>|
| PEN | 636000 | &nbsp;&nbsp; USD | 176431 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; 2424 |
| PHP | 13510000 | &nbsp;&nbsp; USD | 241604 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (2131)<br>|
| PLN | 1982009 | &nbsp;&nbsp; USD | 529016 | 07/10/25 | Barclays Bank PLC | &nbsp;&nbsp; 19342 |
| PLN | 1545000 | &nbsp;&nbsp; USD | 412275 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 14484 |
| PLN | 2451762 | &nbsp;&nbsp; USD | 652803 | 07/10/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 25521 |
| RON | 1590000 | &nbsp;&nbsp; USD | 357842 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; 7749 |
| RON | 1228000 | &nbsp;&nbsp; USD | 279647 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; 2708 |
| SGD | 4411000 | &nbsp;&nbsp; USD | 3432623 | 07/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 30651 |
| THB | 49856014 | &nbsp;&nbsp; USD | 1529000 | 07/16/25 | Barclays Bank PLC | &nbsp;&nbsp; 6180 |
| TRY | 12190000 | &nbsp;&nbsp; USD | 300521 | 07/16/25 | Barclays Bank PLC | &nbsp;&nbsp; 2289 |
| TRY | 53979610 | &nbsp;&nbsp; USD | 1324393 | 07/18/25 | Barclays Bank PLC | &nbsp;&nbsp; 14341 |
| TRY | 20400000 | &nbsp;&nbsp; USD | 479256 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (378)<br>|
| TRY | 83371080 | &nbsp;&nbsp; USD | 1954957 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 2130 |
| TRY | 13025000 | &nbsp;&nbsp; USD | 300274 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; 5480 |
| TWD | 81699750 | &nbsp;&nbsp; USD | 2750000 | 07/11/25 | Barclays Bank PLC | &nbsp;&nbsp; 48824 |
| TWD | 45551202 | &nbsp;&nbsp; USD | 1546835 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 22057 |
| TWD | 2677050 | &nbsp;&nbsp; USD | 90000 | 07/07/25 | Deutsche Bank AG | &nbsp;&nbsp; 1680 |
| TWD | 46930000 | &nbsp;&nbsp; USD | 1578540 | 07/14/25 | HSBC Bank PLC | &nbsp;&nbsp; 29538 |
| TWD | 2659100 | &nbsp;&nbsp; USD | 91579 | 07/16/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (450)<br>|
| TWD | 9850176 | &nbsp;&nbsp; USD | 336000 | 08/20/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2512 |
| USD | 1528647 | &nbsp;&nbsp; AUD | 2372000 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (25843)<br>|
| USD | 2592154 | &nbsp;&nbsp; AUD | 4032727 | 07/16/25 | Citibank N.A. | &nbsp;&nbsp; (51297)<br>|
| USD | 97717 | &nbsp;&nbsp; AUD | 149000 | 08/05/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 8 |
| USD | 2659109 | &nbsp;&nbsp; AUD | 4090000 | 07/08/25 | UBS AG | &nbsp;&nbsp; (21472)<br>|
| USD | 1599277 | &nbsp;&nbsp; BRL | 8796024 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (12351)<br>|
| USD | 2333000 | &nbsp;&nbsp; BRL | 13099970 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (67207)<br>|
| USD | 1528078 | &nbsp;&nbsp; BRL | 8338875 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 210 |
| USD | 2253615 | &nbsp;&nbsp; BRL | 12858000 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (57956)<br>|
| USD | 212185 | &nbsp;&nbsp; BRL | 1188000 | 09/03/25 | State Street Bank and Trust | &nbsp;&nbsp; (2207)<br>|
| USD | 34067 | &nbsp;&nbsp; BRL | 194000 | 09/17/25 | State Street Bank and Trust | &nbsp;&nbsp; (810)<br>|
| USD | 284993 | &nbsp;&nbsp; CAD | 390000 | 07/31/25 | Barclays Bank PLC | &nbsp;&nbsp; (1240)<br>|
| USD | 56531 | &nbsp;&nbsp; CAD | 80000 | 07/16/25 | Goldman Sachs & Co. | &nbsp;&nbsp; (2139)<br>|
| USD | 2346555 | &nbsp;&nbsp; CAD | 3231154 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (21459)<br>|
| USD | 1071237 | &nbsp;&nbsp; CAD | 1465000 | 07/08/25 | UBS AG | &nbsp;&nbsp; (2746)<br>|
| USD | 305995 | &nbsp;&nbsp; CHF | 249000 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (6819)<br>|
| USD | 4576336 | &nbsp;&nbsp; CHF | 3883767 | 07/16/25 | Goldman Sachs & Co. | &nbsp;&nbsp; (311334)<br>|
| USD | 934559 | &nbsp;&nbsp; CHF | 760000 | 07/08/25 | UBS AG | &nbsp;&nbsp; (20930)<br>|
| USD | 26942 | &nbsp;&nbsp; CLP | 25200000 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (54)<br>|
| USD | 420212 | &nbsp;&nbsp; CLP | 395400000 | 09/17/25 | State Street Bank and Trust | &nbsp;&nbsp; (3353)<br>|
| USD | 5701988 | &nbsp;&nbsp; CNH | 41730000 | 07/16/25 | Bank of America, N.A. | &nbsp;&nbsp; (130017)<br>|

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 1995304 | &nbsp;&nbsp; CNH | 14229110 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; $(2834)<br>|
| USD | 301413 | &nbsp;&nbsp; CNH | 2154000 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (1065)<br>|
| USD | 301551 | &nbsp;&nbsp; COP | 1243836000 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 271 |
| USD | 628938 | &nbsp;&nbsp; CZK | 13600000 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (18436)<br>|
| USD | 10998715 | &nbsp;&nbsp; CZK | 237659028 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (314085)<br>|
| USD | 428775 | &nbsp;&nbsp; EGP | 24050000 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; (42355)<br>|
| USD | 1623604 | &nbsp;&nbsp; EGP | 91780000 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; (174328)<br>|
| USD | 1335088 | &nbsp;&nbsp; EGP | 75280000 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (139616)<br>|
| USD | 6671030 | &nbsp;&nbsp; EUR | 6060942 | 07/16/25 | Bank of America, N.A. | &nbsp;&nbsp; (450174)<br>|
| USD | 3363237 | &nbsp;&nbsp; EUR | 2955000 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (105488)<br>|
| USD | 409385 | &nbsp;&nbsp; EUR | 352000 | 09/17/25 | BNP Paribas S.A. | &nbsp;&nbsp; (5913)<br>|
| USD | 501509 | &nbsp;&nbsp; EUR | 430000 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; (5815)<br>|
| USD | 13344235 | &nbsp;&nbsp; EUR | 11554000 | 07/31/25 | Deutsche Bank AG | &nbsp;&nbsp; (244416)<br>|
| USD | 5509281 | &nbsp;&nbsp; EUR | 4738561 | 08/04/25 | Deutsche Bank AG | &nbsp;&nbsp; (65211)<br>|
| USD | 23678775 | &nbsp;&nbsp; EUR | 20594000 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (618506)<br>|
| USD | 2643082 | &nbsp;&nbsp; EUR | 2288000 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (56354)<br>|
| USD | 17210184 | &nbsp;&nbsp; EUR | 14906127 | 07/31/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (320900)<br>|
| USD | 1495319 | &nbsp;&nbsp; EUR | 1300000 | 09/17/25 | Merrill Lynch International | &nbsp;&nbsp; (38451)<br>|
| USD | 2744798 | &nbsp;&nbsp; EUR | 2367000 | 07/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (33704)<br>|
| USD | 766297 | &nbsp;&nbsp; EUR | 669000 | 07/02/25 | Natwest Markets PLC | &nbsp;&nbsp; (19008)<br>|
| USD | 164416 | &nbsp;&nbsp; EUR | 141000 | 09/17/25 | Natwest Markets PLC | &nbsp;&nbsp; (1939)<br>|
| USD | 36858253 | &nbsp;&nbsp; EUR | 32030000 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (931488)<br>|
| USD | 116000 | &nbsp;&nbsp; EUR | 98631 | 07/31/25 | State Street Bank and Trust | &nbsp;&nbsp; 1 |
| USD | 1937999 | &nbsp;&nbsp; EUR | 1691000 | 07/08/25 | UBS AG | &nbsp;&nbsp; (47764)<br>|
| USD | 11959514 | &nbsp;&nbsp; GBP | 9365247 | 07/16/25 | Bank of America, N.A. | &nbsp;&nbsp; (874941)<br>|
| USD | 144990 | &nbsp;&nbsp; GBP | 107000 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (1637)<br>|
| USD | 1941854 | &nbsp;&nbsp; GBP | 1427000 | 08/04/25 | Barclays Bank PLC | &nbsp;&nbsp; (13918)<br>|
| USD | 828516 | &nbsp;&nbsp; GBP | 615000 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (14249)<br>|
| USD | 2467517 | &nbsp;&nbsp; GBP | 1835000 | 07/31/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (47395)<br>|
| USD | 950773 | &nbsp;&nbsp; GBP | 705000 | 07/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (15323)<br>|
| USD | 8223 | &nbsp;&nbsp; GBP | 6000 | 07/31/25 | State Street Bank and Trust | &nbsp;&nbsp; 0 |
| USD | 2644621 | &nbsp;&nbsp; GBP | 1951000 | 07/08/25 | UBS AG | &nbsp;&nbsp; (29002)<br>|
| USD | 246914 | &nbsp;&nbsp; GHS | 4000000 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; (123806)<br>|
| USD | 118330 | &nbsp;&nbsp; HUF | 41580000 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (3291)<br>|
| USD | 79821 | &nbsp;&nbsp; IDR | 1300850171 | 07/07/25 | Barclays Bank PLC | &nbsp;&nbsp; (291)<br>|
| USD | 194175 | &nbsp;&nbsp; IDR | 3153286957 | 07/16/25 | Barclays Bank PLC | &nbsp;&nbsp; 47 |
| USD | 1730000 | &nbsp;&nbsp; IDR | 28205920000 | 07/11/25 | Deutsche Bank AG | &nbsp;&nbsp; (6793)<br>|
| USD | 5491052 | &nbsp;&nbsp; IDR | 89619455206 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (13575)<br>|
| USD | 3150000 | &nbsp;&nbsp; INR | 270188415 | 07/11/25 | Barclays Bank PLC | &nbsp;&nbsp; 824 |
| USD | 591502 | &nbsp;&nbsp; INR | 50691715 | 07/16/25 | Citibank N.A. | &nbsp;&nbsp; 778 |
| USD | 3349876 | &nbsp;&nbsp; JPY | 474517021 | 07/16/25 | Goldman Sachs & Co. | &nbsp;&nbsp; 59642 |
| USD | 4467668 | &nbsp;&nbsp; JPY | 644019219 | 07/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 9091 |
| USD | 2361017 | &nbsp;&nbsp; JPY | 335500000 | 07/08/25 | UBS AG | &nbsp;&nbsp; 36789 |

---

144See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 8549 | &nbsp;&nbsp; KRW | 11671950 | 07/08/25 | Barclays Bank PLC | &nbsp;&nbsp; $(103)<br>|
| USD | 30424 | &nbsp;&nbsp; KRW | 41448541 | 07/16/25 | Barclays Bank PLC | &nbsp;&nbsp; (315)<br>|
| USD | 30000 | &nbsp;&nbsp; KRW | 41280300 | 07/07/25 | Deutsche Bank AG | &nbsp;&nbsp; (597)<br>|
| USD | 2235394 | &nbsp;&nbsp; KRW | 3062452321 | 07/16/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (35756)<br>|
| USD | 286011 | &nbsp;&nbsp; MXN | 5507000 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (3139)<br>|
| USD | 1578387 | &nbsp;&nbsp; MXN | 30430679 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (19405)<br>|
| USD | 10192975 | &nbsp;&nbsp; MXN | 201709228 | 07/16/25 | Goldman Sachs & Co. | &nbsp;&nbsp; (468534)<br>|
| USD | 11466 | &nbsp;&nbsp; MXN | 220000 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; (85)<br>|
| USD | 268217 | &nbsp;&nbsp; MXN | 5133000 | 09/17/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (1296)<br>|
| USD | 2441763 | &nbsp;&nbsp; MXN | 47010000 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (26543)<br>|
| USD | 1147028 | &nbsp;&nbsp; MYR | 4840000 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (5765)<br>|
| USD | 61385 | &nbsp;&nbsp; NOK | 625267 | 07/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (402)<br>|
| USD | 56143 | &nbsp;&nbsp; NOK | 566214 | 08/04/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 181 |
| USD | 2666504 | &nbsp;&nbsp; NOK | 26880000 | 07/08/25 | UBS AG | &nbsp;&nbsp; 10209 |
| USD | 1867385 | &nbsp;&nbsp; PEN | 6817585 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (49848)<br>|
| USD | 11563283 | &nbsp;&nbsp; PEN | 42060784 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; (265001)<br>|
| USD | 764099 | &nbsp;&nbsp; PEN | 2782000 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (18252)<br>|
| USD | 576469 | &nbsp;&nbsp; PHP | 32250000 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; 4818 |
| USD | 1020645 | &nbsp;&nbsp; PHP | 58545000 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (17102)<br>|
| USD | 1017431 | &nbsp;&nbsp; PHP | 58545000 | 09/17/25 | Merrill Lynch International | &nbsp;&nbsp; (20316)<br>|
| USD | 718394 | &nbsp;&nbsp; PHP | 40970000 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (7825)<br>|
| USD | 232468 | &nbsp;&nbsp; PLN | 864000 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (6185)<br>|
| USD | 384976 | &nbsp;&nbsp; PLN | 1396527 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; (772)<br>|
| USD | 3308006 | &nbsp;&nbsp; PLN | 12153473 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; (49020)<br>|
| USD | 2261700 | &nbsp;&nbsp; PLN | 8460000 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (75117)<br>|
| USD | 1200581 | &nbsp;&nbsp; PLN | 4437577 | 07/18/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (26906)<br>|
| USD | 3487 | &nbsp;&nbsp; PLN | 12858 | 07/18/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (70)<br>|
| USD | 283131 | &nbsp;&nbsp; RON | 1245000 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; (3134)<br>|
| USD | 931133 | &nbsp;&nbsp; SEK | 8860000 | 07/08/25 | UBS AG | &nbsp;&nbsp; 1121 |
| USD | 86466 | &nbsp;&nbsp; SGD | 111389 | 07/02/25 | Deutsche Bank AG | &nbsp;&nbsp; (990)<br>|
| USD | 3342485 | &nbsp;&nbsp; SGD | 4293472 | 07/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (28513)<br>|
| USD | 1430000 | &nbsp;&nbsp; THB | 47577540 | 07/16/25 | Barclays Bank PLC | &nbsp;&nbsp; (35020)<br>|
| USD | 70000 | &nbsp;&nbsp; THB | 2270100 | 07/16/25 | Barclays Bank PLC | &nbsp;&nbsp; 98 |
| USD | 608476 | &nbsp;&nbsp; THB | 19770000 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (3196)<br>|
| USD | 4707262 | &nbsp;&nbsp; THB | 153001357 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (26507)<br>|
| USD | 1569311 | &nbsp;&nbsp; TRY | 71600000 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (111456)<br>|
| USD | 91579 | &nbsp;&nbsp; TWD | 2667892 | 07/07/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 213 |
| USD | 3113456 | &nbsp;&nbsp; TWD | 92684465 | 07/16/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (62918)<br>|
| USD | 29923 | &nbsp;&nbsp; TWD | 883008 | 08/20/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (422)<br>|
| USD | 2711344 | &nbsp;&nbsp; UGX | 10023834129 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (41698)<br>|
| USD | 50476 | &nbsp;&nbsp; UYU | 2120000 | 09/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (2155)<br>|
| USD | 2119322 | &nbsp;&nbsp; ZAR | 38308782 | 07/23/25 | Barclays Bank PLC | &nbsp;&nbsp; (32934)<br>|
| USD | 1265619 | &nbsp;&nbsp; ZAR | 22570000 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; 2665 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 821747 | &nbsp;&nbsp; ZAR | 14630000 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; $3094 |
| USD | 6548301 | &nbsp;&nbsp; ZAR | 117420304 | 09/17/25 | Goldman Sachs International | &nbsp;&nbsp; (22211)<br>|
| USD | 1640355 | &nbsp;&nbsp; ZAR | 29560000 | 09/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (13740)<br>|
| USD | 607801 | &nbsp;&nbsp; ZAR | 10862121 | 07/23/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (2453)<br>|
| USD | 60587 | &nbsp;&nbsp; ZAR | 1080000 | 09/17/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 153 |
| USD | 1345715 | &nbsp;&nbsp; ZAR | 24180000 | 09/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (7330)<br>|
| USD | 97824 | &nbsp;&nbsp; ZMW | 2333100 | 08/13/25 | Citibank N.A. | &nbsp;&nbsp; 1078 |
| USD | 96765 | &nbsp;&nbsp; ZMW | 2369763 | 11/13/25 | Citibank N.A. | &nbsp;&nbsp; 570 |
| UYU | 40235804 | &nbsp;&nbsp; USD | 953003 | 08/14/25 | Citibank N.A. | &nbsp;&nbsp; 52138 |
| UYU | 45354196 | &nbsp;&nbsp; USD | 1069590 | 09/17/25 | Citibank N.A. | &nbsp;&nbsp; 56382 |
| ZAR | 17790000 | &nbsp;&nbsp; USD | 998868 | 09/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (3389)<br>|
| ZAR | 25761000 | &nbsp;&nbsp; USD | 1449807 | 07/23/25 | Natwest Markets PLC | &nbsp;&nbsp; (2507)<br>|
| ZAR | 767000 | &nbsp;&nbsp; USD | 42453 | 09/17/25 | State Street Bank and Trust | &nbsp;&nbsp; 466 |
| ZMW | 7000000 | &nbsp;&nbsp; USD | 257827 | 08/13/25 | Standard Chartered Bank | &nbsp;&nbsp; 32440 |
| ZMW | 7110000 | &nbsp;&nbsp; USD | 256796 | 11/13/25 | Standard Chartered Bank | &nbsp;&nbsp; 31817 |
|  |  |  |  |  |  | &nbsp;&nbsp; $(2771841)<br>|

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 186 | 10-Year Australian Bond Futures | Sep 2025 | &nbsp;&nbsp; $13971528 | &nbsp;&nbsp; $112698 |
| 269 | 10-Year Canadian Bond Futures | Sep 2025 | &nbsp;&nbsp; 24051301 | &nbsp;&nbsp; 149142 |
| 15 | EURO BTP | Sep 2025 | &nbsp;&nbsp; 2130537 | &nbsp;&nbsp; (1670)<br>|
| 93 | U.S. Treasury Note 10-Year | Sep 2025 | &nbsp;&nbsp; 10427625 | &nbsp;&nbsp; 154707 |
| 205 | U.S. Treasury Note 2-Year | Sep 2025 | &nbsp;&nbsp; 42644805 | &nbsp;&nbsp; 67259 |
| 812 | U.S. Treasury Note 5-Year | Sep 2025 | &nbsp;&nbsp; 88508000 | &nbsp;&nbsp; 979472 |
| 39 | U.S. Ultra Bond | Sep 2025 | &nbsp;&nbsp; 4645875 | &nbsp;&nbsp; 91095 |
|  |  |  |  | &nbsp;&nbsp; $1552703 |
| Sales |  |  |  |  |
| 12 | 30 - Year Euro BUXL Bond | Sep 2025 | &nbsp;&nbsp; $1672595 | &nbsp;&nbsp; $33795 |
| 32 | EURO BOBL | Sep 2025 | &nbsp;&nbsp; 4420435 | &nbsp;&nbsp; 15601 |
| 68 | EURO BTP | Sep 2025 | &nbsp;&nbsp; 9658433 | &nbsp;&nbsp; (14965)<br>|
| 19 | Euro BUND | Sep 2025 | &nbsp;&nbsp; 2902754 | &nbsp;&nbsp; 13090 |
| 106 | EURO OAT | Sep 2025 | &nbsp;&nbsp; 15409169 | &nbsp;&nbsp; 109519 |
| 132 | U.S. Long Bond | Sep 2025 | &nbsp;&nbsp; 15241875 | &nbsp;&nbsp; (543666)<br>|
| 31 | U.S. Treasury Note 10-Year | Sep 2025 | &nbsp;&nbsp; 3475875 | &nbsp;&nbsp; (5857)<br>|
| 50 | U.S. Treasury Note 2-Year | Sep 2025 | &nbsp;&nbsp; 10401172 | &nbsp;&nbsp; (24198)<br>|
| 65 | U.S. Ultra 10-Year | Sep 2025 | &nbsp;&nbsp; 7427266 | &nbsp;&nbsp; (143514)<br>|
|  |  |  |  | &nbsp;&nbsp; $(560195)<br>|

---

146See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

**Written Options**

**Written Exchange-Traded Options** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Type of Contract | Number of <br>Contracts<br>| Notional <br>Value<br>| Premiums <br>Received<br>| Value at <br>June 30, 2025<br>|
| &nbsp;&nbsp;&nbsp; CALL - U.S. 10-Year Futures Option <br>Strike @ $112.50 <br>Expires 07/25/2025<br>| 12 | $13446  | $(4860) | $(6375) |
| &nbsp;&nbsp;&nbsp; PUT - U.S. 10-Year Futures Option <br>Strike @ $109.00 <br>Expires 07/25/2025<br>| 12 | 13446  | (4672) | (375) |
| Total Written Exchange-Traded Options |  |  | $(9532) | $(6750) |

---

**Written Interest Rate Swaptions** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive <br>Floating Rate<br>| Exercise <br>Rate<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Premiums <br>(Received)<br>| Market <br>Value<br>|
| Bank of America, N.A. | Call – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.64% | 07/18/2025 | (1000000)<br>| $(3163)<br>| $(4604)<br>|
| Bank of America, N.A. | Put – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 4.04 | 07/18/2025 | (1000000)<br>| (3163)<br>| (291)<br>|
| Bank of America, N.A. | Call – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.70 | 07/21/2025 | (1000000)<br>| (3175)<br>| (7545)<br>|
| Bank of America, N.A. | Put – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 4.05 | 07/21/2025 | (1000000)<br>| (3175)<br>| (378)<br>|
| Bank of America, N.A. | Call – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.56 | 07/24/2025 | (1100000)<br>| (3492)<br>| (3655)<br>|
| Bank of America, N.A. | Put – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.91 | 07/24/2025 | (1100000)<br>| (3492)<br>| (1918)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank <br> N.A.<br>| Call – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.77 | 07/10/2025 | (1200000)<br>| (3930)<br>| (10895)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank <br> N.A.<br>| Put – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 4.12 | 07/10/2025 | (1200000)<br>| (3930)<br>| (11)<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Call – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.72 | 07/02/2025 | (1300000)<br>| (4654)<br>| (4384)<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Put – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 4.07 | 07/02/2025 | (1300000)<br>| (4654)<br>| 0 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Call – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.73 | 07/03/2025 | (1200000)<br>| (4515)<br>| (5262)<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Put – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 4.08 | 07/03/2025 | (1200000)<br>| (4515)<br>| 0 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Call – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.67 | 07/07/2025 | (1200000)<br>| (4506)<br>| (3899)<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Put – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 4.02 | 07/07/2025 | (1200000)<br>| (4506)<br>| (16)<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Call – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.66 | 07/14/2025 | (1100000)<br>| (3273)<br>| (5238)<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Put – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 4.06 | 07/14/2025 | (1100000)<br>| (3272)<br>| (108)<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Call – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 3.70 | 07/16/2025 | (1100000)<br>| (3176)<br>| (7139)<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| Put – 10-Year Interest Rate Swap | 1-day USD SOFR | Pay Float | 4.10 | 07/16/2025 | (1100000)<br>| (3176)<br>| (110)<br>|
| &nbsp;&nbsp;&nbsp; Total Written Interest Rate <br> Swaptions<br>|  |  |  |  |  |  | (67767)<br>| (55453)<br>|
| **Total Written Options** |  |  |  |  |  |  | **$(77299)**<br>| **$(62203)**<br>|

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

**OTC — Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments <br>Received <br>by Fund<br>| Payment <br>Frequency<br>| Payments <br>Made by <br>Fund<br>| Maturity <br>Date<br>| Counterparty | Upfront <br>Premiums <br>Paid <br>(Received)<br>| Notional <br>Value | Notional <br>Value | Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| 13.43% | At Maturity | BRL-CDI | 01/02/29 | Citibank N.A. | $— | BRL | (13295061) | $35161 | $35161 |
| 13.44% | At Maturity | BRL-CDI | 01/02/29 | Citibank N.A. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | BRL | (13294007) | &nbsp;&nbsp; 35648 | &nbsp;&nbsp; 35648 |
|  |  |  |  |  | $— |  |  | $70809 | $70809 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments <br>Received <br>by Fund<br>| Payment <br>Frequency<br>| Payments <br>Made <br>by Fund<br>| Payment <br>Frequency<br>| Maturity <br>Date<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Notional <br>Value | Notional <br>Value | Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/30 | &nbsp;&nbsp;&nbsp; $226712 | USD | &nbsp;&nbsp;&nbsp; 32500000 | &nbsp;&nbsp;&nbsp; $262024 | &nbsp;&nbsp;&nbsp; $35312 |
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/35 | &nbsp;&nbsp;&nbsp; 642083 | USD | &nbsp;&nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; 660916 | &nbsp;&nbsp;&nbsp; 18833 |
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/55 | &nbsp;&nbsp;&nbsp; 1193659 | USD | &nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp; 1281664 | &nbsp;&nbsp;&nbsp; 88005 |
| 3.50% | Annual | 12-Month SONIA | Annual | 03/19/30 | &nbsp;&nbsp;&nbsp; (96505)<br>| GBP | &nbsp;&nbsp;&nbsp; 13700000 | &nbsp;&nbsp;&nbsp; (118075)<br>| &nbsp;&nbsp;&nbsp; (21570)<br>|
| 3-Month KSDA | Quarterly | 2.69% | Quarterly | 09/17/35 | &nbsp;&nbsp;&nbsp; (946)<br>| KRW | &nbsp;&nbsp;&nbsp; 6793660000 | &nbsp;&nbsp;&nbsp; (29946)<br>| &nbsp;&nbsp;&nbsp; (29000)<br>|
| 3-Month KSDA | Quarterly | 2.43% | Quarterly | 09/17/35 | &nbsp;&nbsp;&nbsp; — | KRW | &nbsp;&nbsp;&nbsp; 3240190000 | &nbsp;&nbsp;&nbsp; 43214 | &nbsp;&nbsp;&nbsp; 43214 |
| 2.48% | Quarterly | 3-Month KSDA | Quarterly | 09/17/28 | &nbsp;&nbsp;&nbsp; (556)<br>| KRW | &nbsp;&nbsp;&nbsp; 29945930000 | &nbsp;&nbsp;&nbsp; 50242 | &nbsp;&nbsp;&nbsp; 50798 |
| 4.00% | Semi-Annual | 6-Month BBSW | Semi-Annual | 06/18/30 | &nbsp;&nbsp;&nbsp; 99254 | AUD | &nbsp;&nbsp;&nbsp; 13900000 | &nbsp;&nbsp;&nbsp; 159573 | &nbsp;&nbsp;&nbsp; 60319 |
| 4.68% | Semi-Annual | 6-Month CLICP | Semi-Annual | 09/17/30 | &nbsp;&nbsp;&nbsp; — | CLP | &nbsp;&nbsp;&nbsp; 3246700000 | &nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp; 1240 |
| 5.51% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 09/17/27 | &nbsp;&nbsp;&nbsp; 856 | INR | &nbsp;&nbsp;&nbsp; 987140000 | &nbsp;&nbsp;&nbsp; (3262)<br>| &nbsp;&nbsp;&nbsp; (4118)<br>|
| 5.75% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 09/17/30 | &nbsp;&nbsp;&nbsp; 1630 | INR | &nbsp;&nbsp;&nbsp; 505590000 | &nbsp;&nbsp;&nbsp; 5950 | &nbsp;&nbsp;&nbsp; 4320 |
| 6-Month WIBOR | Semi-Annual | 4.21% | Annual | 09/17/27 | &nbsp;&nbsp;&nbsp; — | PLN | &nbsp;&nbsp;&nbsp; 28331000 | &nbsp;&nbsp;&nbsp; (6019)<br>| &nbsp;&nbsp;&nbsp; (6019)<br>|
| 1.45% | Quarterly | 7-Day CNRR | Quarterly | 09/17/30 | &nbsp;&nbsp;&nbsp; (938)<br>| CNY | &nbsp;&nbsp;&nbsp; 80660000 | &nbsp;&nbsp;&nbsp; (14011)<br>| &nbsp;&nbsp;&nbsp; (13073)<br>|
| 13.29% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | &nbsp;&nbsp;&nbsp; — | BRL | &nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp; 13647 | &nbsp;&nbsp;&nbsp; 13647 |
| 13.32% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | &nbsp;&nbsp;&nbsp; — | BRL | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1888 | &nbsp;&nbsp;&nbsp; 1888 |
| 13.93% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | &nbsp;&nbsp;&nbsp; — | BRL | &nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; (1364)<br>| &nbsp;&nbsp;&nbsp; (1364)<br>|
| 13.93% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | &nbsp;&nbsp;&nbsp; — | BRL | &nbsp;&nbsp;&nbsp; 22700000 | &nbsp;&nbsp;&nbsp; (10511)<br>| &nbsp;&nbsp;&nbsp; (10511)<br>|
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $231921 |

---

**Centrally Cleared Credit Default Swaps**

**Sell Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable on Default | Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Value |
| 21700000 | USD | 06/20/30 | 1.00% | Quarterly | CDX.EM.S43\*\* | $336559 | $(880790)<br>| $(544231)<br>|
| 61890000 | USD | 06/20/30 | 5.00% | Quarterly | CDX.NA.HY.S44\*\*\* | 1788286 | 2803876 | 4592162 |
| 43725000 | USD | 06/20/30 | 5.00% | Quarterly | CDX.NA.HY.S44\*\*\* | 1012908 | 2231433 | 3244341 |
| 33700000 | USD | 06/20/30 | 1.00% | Quarterly | CDX.NA.IG.S44\*\*\*\* | 186863 | 554079 | 740942 |
| Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | $3324616 |  |  |

---

148See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

**OTC — Total Return Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Pays | Fund Receives | Counterparty | Expiration <br>Date<br>| Payment <br>Frequency<br>| Premiums Paid <br>(Received)<br>| Notional <br>Value<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| 12-Month SOFR | IBXXLLTR | JPMorgan <br> Chase Bank <br> N.A.<br>| 09/22/25 | Quarterly | $— | $(19900000)<br>| $449420 | $449420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap <br> contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of <br> the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts <br> entered into by the Fund for the same referenced debt obligation.<br>|
| \*\* | CDX.EM — Markit CDX Emerging Markets Index. Represents an index composed of fifteen (15) sovereign reference entities that <br> trade in the credit default swaps (CDS) market.<br>|
| \*\*\* | CDX.NA.HY — Markit North America High Yield CDS Index. Represents an index of single name credit default swaps (CDS). All <br> of the companies underlying the single name CDS within the index are rated BB and B.<br>|
| \*\*\*\* | CDX.NA.IG — Markit North America Investment Grade CDS Index. Represents an index of one hundred twenty five (125) of the <br> most liquid North American entities with investment grade credit ratings that trade in the CDS market.<br>|

---

U.S. Treasury securities in the amount of $136,197 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** | **Currency Abbreviations** |
| ARS |  | Argentina Peso |
| 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 |
| GBP |  | United Kingdom Pound |
| GHS |  | New Ghanaian Cedi |
| HUF |  | Hungarian Forint |
| IDR |  | Indonesian Rupiah |
| INR |  | Indian Rupee |
| JMD |  | Jamaica Dollar |
| JPY |  | Japanese Yen |
| KRW |  | South Korean Won |
| KZT |  | Kazakhstani Tenge |
| MXN |  | Mexican Peso |
| MYR |  | Malaysian Ringgit |
| NGN |  | Nigeria Naira |
| NOK |  | Norwegian Krona |
| PEN |  | Peruvian Nuevo Sol |
| PHP |  | Philippines Peso |
| PLN |  | Polish Zloty |
| PYG |  | Paraguay Guarani |
| RON |  | Romanian New Leu |
| SEK |  | Sweden Krona |
| SGD |  | Singapore Dollar |
| THB |  | Thai Baht |
| TRY |  | Turkish New Lira |
| TWD |  | Taiwan Dollar |
| UGX |  | Ugandan Shilling |
| USD |  | U.S. Dollar |
| UYU |  | Uruguayan Peso |
| ZAR |  | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| CDI |  | CREST Depository Interest |
| CLICP |  | Chilean Average Chamber Index |
| CLO |  | Collateralized Loan Obligation |
| CMS |  | Constant Maturity Swap |
| CMT |  | Constant Maturity Treasury Index |
| CNRR |  | China Fixing Repo Rates |
| ETF |  | Exchange-traded fund |
| EURIBOR |  | Euro Interbank Offered Rate |
| ICE |  | Intercontinental Exchange |
| KSDA |  | South Korea Three Month Interbank Rate |
| LIBOR |  | London Interbank Offered Rate |
| MIBOR |  | Mumbai Interbank Offered Rate |
| PIK |  | Payment In Kind |
| REIT |  | Real Estate Investment Trust |
| SOFR |  | Secured Overnight Financing Rate |
| SONIA |  | Sterling Overnight Index Average |
| STACR |  | Structured Agency Credit Risk |
| TBA |  | To Be Announced |
| TBD |  | To Be Determined |
| WIBOR |  | Warsaw Interbank Offer Rate |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Corporate Debt | &nbsp;&nbsp; 37.6 |
| Sovereign Debt Obligations | &nbsp;&nbsp; 16.7 |
| Bank Loans | &nbsp;&nbsp; 16.2 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp; 9.7 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp; 7.4 |
| Mortgage Backed Securities - U.S. Government Agency Obligations | &nbsp;&nbsp;&nbsp; 4.9 |
| Mortgage Backed Securities - Private Issuers | &nbsp;&nbsp;&nbsp; 4.8 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 1.7 |
| Convertible Debt | &nbsp;&nbsp;&nbsp; 0.8 |
| Common Stocks | &nbsp;&nbsp;&nbsp; 0.6 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp; 0.2 |
| Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; 0.2 |
| Futures Contracts | &nbsp;&nbsp;&nbsp; 0.1 |
| Municipal Obligation | &nbsp;&nbsp;&nbsp; 0.0\* |
| OTC Total Return Swap | &nbsp;&nbsp;&nbsp; 0.0\* |
| Centrally Cleared Interest Rate Swaps | &nbsp;&nbsp;&nbsp; 0.0\* |
| OTC Interest Rate Swaps | &nbsp;&nbsp;&nbsp; 0.0\* |
| Written Exchange-Traded Options | &nbsp;&nbsp;&nbsp; 0.0\* |
| Written Interest Rate Swaptions | &nbsp;&nbsp;&nbsp; 0.0\* |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; (0.1) |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; 9.2 |
| Other Assets and Liabilities (net) | (10.0) |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *Amount rounds to zero.*

152See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 95.2%** | **DEBT OBLIGATIONS — 95.2%** |
|  | **Asset Backed Securities — 23.3%** | **Asset Backed Securities — 23.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 50197 | Ally Auto Receivables Trust, Series 2024-2, Class A2, 4.46%, due 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50193 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2023-4, Class A, 5.15%, due <br> 09/15/30<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258449 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2024-3, Class A, 4.65%, due <br> 07/15/29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151856 |
| &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2025-2, Class A, 4.28%, due <br> 04/15/30<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53869 | &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2A, 5.75%, due <br> 02/18/28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53993 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; AREIT Ltd., Series 2025-CRE10, Class A, 5.70% (1 mo. USD Term SOFR + 1.39%), <br> due 12/17/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99842 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Bain Capital CLO Ltd., Series 2024-1A, Class A1, 5.81% (3 mo. USD Term SOFR + <br> 1.55%), due 04/16/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250725 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2024-1A, Class A, 5.90% (3 mo. USD Term SOFR + 1.63%), <br> due 01/20/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250766 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class A1R, 5.69% (3 mo. USD <br> Term SOFR + 1.43%), due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250372 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIX Ltd., Series 2022-29A, Class AR, 5.46% (3 mo. USD <br> Term SOFR + 1.18%), due 01/25/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249999 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class A1R, 5.26% (3 mo. <br> USD Term SOFR + 1.00%), due 01/15/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | BMW Vehicle Owner Trust, Series 2024-A, Class A4, 5.04%, due 04/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61410 |
| &nbsp;&nbsp; 180000 | Capital One Multi-Asset Execution Trust, Series 2024-A1, Class A, 3.92%, due 09/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179574 |
| &nbsp;&nbsp; 100000 | Chase Issuance Trust, Series 2024-A2, Class A, 4.63%, due 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101898 |
| &nbsp;&nbsp; 100000 | CNH Equipment Trust, Series 2022-B, Class A4, 3.91%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99512 |
| &nbsp;&nbsp; 111232 | CNH Equipment Trust, Series 2024-C, Class A2A, 4.30%, due 02/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111108 |
| &nbsp;&nbsp; 100000 | Dell Equipment Finance Trust, Series 2024-2, Class A3, 4.59%, due 08/22/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100680 |
| &nbsp;&nbsp; 160000 | DLLAA LLC, Series 2025-1A, Class A3, 4.95%, due 09/20/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162971 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Dryden 53 CLO Ltd., Series 2017-53A, Class AR (3 mo. USD Term SOFR + 1.00%), <br> due 01/15/31<sup>(b)(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250188 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 15 Ltd., Series 2022-2A, Class A1R (3 mo. USD Term SOFR + 1.15%), <br> due 04/22/35<sup>(b)(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250188 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Empower CLO Ltd., Series 2022-1A, Class A1R, 5.66% (3 mo. USD Term SOFR + <br> 1.39%), due 10/20/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97603 | Enterprise Fleet Financing LLC, Series 2022-4, Class A2, 5.76%, due 10/22/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98007 |
| &nbsp;&nbsp; 218741 | FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, due 10/19/37 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215981 |
| &nbsp;&nbsp; 132576 | Ford Credit Auto Lease Trust, Series 2023-A, Class C, 5.54%, due 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132630 |
| &nbsp;&nbsp; 100000 | Ford Credit Auto Lease Trust, Series 2024-A, Class A4, 5.05%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100714 |
| &nbsp;&nbsp; 250000 | Ford Credit Auto Owner Trust, Series 2023-A, Class B, 5.07%, due 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7319 | Ford Credit Auto Owner Trust, Series 2023-C, Class A2A, 5.68%, due 09/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3, 4.07%, due 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74936 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Fort Greene Park CLO LLC, Series 2025-2A, Class AR, 5.22% (3 mo. USD Term SOFR <br> + 0.95%), due 04/22/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248556 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.70% (1 mo. USD Term SOFR + <br> 1.39%), due 08/19/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | GM Financial Automobile Leasing Trust, Series 2024-2, Class A3, 5.39%, due 07/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75619 |
| &nbsp;&nbsp; 100000 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3, 4.21%, due 10/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100011 |
| &nbsp;&nbsp; 115000 | GM Financial Automobile Leasing Trust, Series 2025-1, Class A3, 4.66%, due 02/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115822 |
| &nbsp;&nbsp; 153572 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2021-3, Class A4, 0.73%, <br> due 08/16/27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152923 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class C, 5.21%, <br> due 12/18/28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277690 |
| &nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A3, 5.78%, <br> due 08/16/28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174024 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class B, 5.16%, <br> due 08/16/29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101679 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2024-2, Class A3, 5.10%, <br> due 03/16/29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121108 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 1 Ltd., Series 2017-1A, Class A1R3, 5.24% (3 <br> mo. USD Term SOFR + 0.97%), due 04/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66895 | Hilton Grand Vacations Trust, Series 2024-2A, Class A, 5.50%, due 03/25/38 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78050 | Hilton Grand Vacations Trust, Series 2024-3A, Class A, 4.98%, due 08/27/40 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78940 |
| &nbsp;&nbsp; 166641 | Honda Auto Receivables Owner Trust, Series 2024-4, Class A2, 4.56%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166640 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3, 5.41%, due 05/17/27 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | Hyundai Auto Receivables Trust, Series 2024-C, Class A3, 4.41%, due 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95528 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Invesco U.S. CLO Ltd., Series 2023-1A, Class AR, 5.84% (3 mo. USD Term SOFR + <br> 1.57%), due 04/22/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300961 |
| &nbsp;&nbsp; 350000 | John Deere Owner Trust, Series 2023-C, Class A4, 5.39%, due 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | John Deere Owner Trust, Series 2024-A, Class A3, 4.96%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45437 |
| &nbsp;&nbsp; 100000 | John Deere Owner Trust, Series 2024-B, Class A3, 5.20%, due 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101654 |
| &nbsp;&nbsp; 105000 | John Deere Owner Trust, Series 2024-C, Class A3, 4.06%, due 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105037 |
| &nbsp;&nbsp; 100000 | John Deere Owner Trust, Series 2025-A, Class A4, 4.42%, due 02/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58368 | Kubota Credit Owner Trust, Series 2022-2A, Class A3, 4.09%, due 12/15/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50183 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.70% (1 mo. USD Term SOFR + <br> 1.39%), due 08/17/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87863 | &nbsp;&nbsp;&nbsp; Magnetite XII Ltd., Series 2015-12A, Class AR4, 5.41% (3 mo. USD Term SOFR + <br> 1.15%), due 10/15/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87885 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Magnetite XXVI Ltd., Series 2020-26A, Class AR2, 5.42% (3 mo. USD Term SOFR + <br> 1.15%), due 01/25/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Mercedes-Benz Auto Lease Trust, Series 2024-A, Class A3, 5.32%, due 01/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60755 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; MF1 LLC, Series 2025-FL17, Class A, 5.63% (1 mo. USD Term SOFR + 1.32%), due <br> 02/18/40<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99872 |
| &nbsp;&nbsp; 102304 | MVW LLC, Series 2024-1A, Class A, 5.32%, due 02/20/43 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104323 |
| &nbsp;&nbsp; 206443 | MVW LLC, Series 2024-2A, Class A, 4.43%, due 03/20/42 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206274 |
| &nbsp;&nbsp; 195810 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2020-EA, Class A, 1.69%, due <br> 05/15/69 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182079 |
| &nbsp;&nbsp; 338366 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.17%, due <br> 09/16/69 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84247 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, due <br> 01/15/69 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74455 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2024-A, Class A, 5.66%, due <br> 10/15/72 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75502 |
| &nbsp;&nbsp; 130990 | Navient Student Loan Trust, Series 2019-BA, Class A2A, 3.39%, due 12/15/59 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128148 |
| &nbsp;&nbsp; 217319 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class AR, 5.52% (3 <br> mo. USD Term SOFR + 1.25%), due 01/20/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217447 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 42 Ltd., Series 2021-42A, Class AR, 5.21% (3 <br> mo. USD Term SOFR + 0.95%), due 07/16/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249375 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 43Ltd., Series 2021-43A, Class BR, 5.73% (3 <br> mo. USD Term SOFR + 1.45%), due 07/17/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250045 |
| &nbsp;&nbsp; 100000 | Nissan Auto Lease Trust, Series 2024-A, Class A4, 4.97%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100594 |

---

154See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 102420 | &nbsp;&nbsp;&nbsp; Octagon Loan Funding Ltd., Series 2014-1A, Class ARR, 5.77% (3 mo. USD Term <br> SOFR + 1.44%), due 11/18/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102523 |
| &nbsp;&nbsp; 227228 | &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., Series 2024-2A, Class A1N, 5.26% (3 mo. USD <br> Term SOFR + 1.00%), due 01/15/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227320 |
| &nbsp;&nbsp; 220000 | PFS Financing Corp., Series 2023-C, Class A, 5.52%, due 10/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223358 |
| &nbsp;&nbsp; 189035 | &nbsp;&nbsp;&nbsp; Porsche Financial Auto Securitization Trust, Series 2023-2A, Class A3, 5.79%, due <br> 01/22/29 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83276 | Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25%, due 04/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22028 | Santander Drive Auto Receivables Trust, Series 2024-3, Class A2, 5.91%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47900 | Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88%, due 09/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47917 |
| &nbsp;&nbsp; 100000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, due 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.74%, due 01/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50211 |
| &nbsp;&nbsp; 100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class B, 4.88%, due 03/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2, 4.71%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80040 |
| &nbsp;&nbsp; 119887 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2022-B, Class A1A, 3.94%, due 02/16/55 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98727 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13%, due 04/15/54 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99974 |
| &nbsp;&nbsp; 100000 | SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, due 02/27/34 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101072 |
| &nbsp;&nbsp; 250000 | Synchrony Card Funding LLC, Series 2023-A2, Class A, 5.74%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67643 | Tesla Electric Vehicle Trust, Series 2023-1, Class A2A, 5.54%, due 12/21/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67749 |
| &nbsp;&nbsp; 250000 | Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, due 06/20/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252177 |
| &nbsp;&nbsp; 100000 | Toyota Auto Receivables Owner Trust, Series 2024-A, Class A3, 4.83%, due 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90171 | Toyota Auto Receivables Owner Trust, Series 2024-D, Class A2A, 4.55%, due 08/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90186 |
| &nbsp;&nbsp; 190000 | Verizon Master Trust, Series 2024-4, Class A1A, 5.21%, due 06/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Verizon Master Trust, Series 2024-8, Class B, 4.82%, due 11/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75747 |
| &nbsp;&nbsp; 135000 | Verizon Master Trust, Series 2025-3, Class A1A, 4.51%, due 03/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Volvo Financial Equipment LLC, Series 2024-1A, Class A3, 4.29%, due 10/16/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60142 |
| &nbsp;&nbsp; 100000 | Volvo Financial Equipment LLC, Series 2025-1A, Class A3, 4.46%, due 05/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100743 |
| &nbsp;&nbsp; 155000 | WF Card Issuance Trust, Series 2025-A1, Class A, 4.34%, due 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156352 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A3, 4.42%, <br> due 04/17/28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100279 |
|  |  | &nbsp;&nbsp; 13438531 |
|  | **Bank Loans — 2.4%** | **Bank Loans — 2.4%** |
| &nbsp;&nbsp; 196429 | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 8.18% (1 mo. USD <br> Term SOFR + 3.75%), due 05/12/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197515 |
| &nbsp;&nbsp; 124063 | &nbsp;&nbsp;&nbsp; Belron Finance LLC, 2024 USD Term Loan B, 7.05% (3 mo. USD Term SOFR + <br> 2.75%), due 10/16/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77365 | &nbsp;&nbsp;&nbsp; Carnival Corp., 2025 Term Loan (2028), 6.31% (1 mo. USD Term SOFR + 2.00%), due <br> 10/18/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48322 | &nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 8.05% (3 mo. USD Term <br> SOFR + 3.75%), due 04/09/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59614 | &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., Term Loan B, 6.17% (1 mo. USD Term SOFR + 1.75%), <br> due 08/01/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80105 | &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 7.33% (1 mo. USD Term SOFR + <br> 3.00%), due 10/09/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98214 | &nbsp;&nbsp;&nbsp; Polaris Newco LLC, USD Term Loan B, 8.29% (3 mo. USD Term SOFR + 3.75%), due <br> 06/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59912 | &nbsp;&nbsp;&nbsp; Proampac PG Borrower LLC, 2024 Term Loan, 8.26% (3 mo. USD Term SOFR + <br> 4.00%), due 09/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60200 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Bank Loans — continued** | **Bank Loans — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 38591 | &nbsp;&nbsp;&nbsp; Proampac PG Borrower LLC, 2024 Term Loan, 8.32% (3 mo. USD Term SOFR + <br> 4.00%), due 09/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98507 | &nbsp;&nbsp;&nbsp; Roper Industrial Products Investment Co. LLC, 2024 USD 1st Lien Term Loan B, 7.05% <br> (3 mo. USD Term SOFR + 2.75%), due 11/22/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65476 | &nbsp;&nbsp;&nbsp; Titan Acquisition Ltd., 2024 Term Loan B, 8.80% (3 mo. USD Term SOFR + 4.50%), <br> due 02/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65476 | &nbsp;&nbsp;&nbsp; Titan Acquisition Ltd., 2024 Term Loan B, 8.67% (6 mo. USD Term SOFR + 4.50%), <br> due 02/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65722 |
| &nbsp;&nbsp; 197503 | &nbsp;&nbsp;&nbsp; TransDigm, Inc., 2023 Term Loan J, 6.80% (3 mo. USD Term SOFR + 2.50%), due <br> 02/28/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197996 |
| &nbsp;&nbsp; 197496 | &nbsp;&nbsp;&nbsp; UKG, Inc., 2024 Term Loan B, 7.31% (1 mo. USD Term SOFR + 3.00%), due <br> 02/10/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198401 |
|  |  | &nbsp;&nbsp;&nbsp; 1407978 |
|  | **Corporate Debt — 42.0%** | **Corporate Debt — 42.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | 3M Co., 4.80%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | AbbVie, Inc., 3.20%, due 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | AbbVie, Inc., 4.80%, due 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | Accenture Capital, Inc., 3.90%, due 10/04/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Accenture Capital, Inc., 4.05%, due 10/04/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24845 |
| &nbsp;&nbsp; 145000 | Adobe, Inc., 4.75%, due 01/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | Advanced Micro Devices, Inc., 4.32%, due 03/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | AES Corp., 5.45%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | AGCO Corp., 5.45%, due 03/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57000 | Air Products & Chemicals, Inc., 4.30%, due 06/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | Alabama Power Co., 3.75%, due 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51000 | Albemarle Corp., 4.65%, due 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Alphabet, Inc., 1.10%, due 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Amcor Flexibles North America, Inc., 4.80%, due 03/17/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | Ameren Corp., 5.70%, due 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46000 | Ameren Illinois Co., 3.80%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45665 |
| &nbsp;&nbsp; 119658 | American Airlines Pass-Through Trust, 3.00%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113357 |
| &nbsp;&nbsp; 121400 | American Airlines Pass-Through Trust, 3.20%, due 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89684 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | American Electric Power Co., Inc., 5.20%, due 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37959 |
| &nbsp;&nbsp; 100000 | American Express Co., 4.73% (SOFR + 1.26%), due 04/25/29<sup>(b)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | American Express Co., 5.10% (SOFR + 1.00%), due 02/16/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | American Express Co., 5.28% (SOFR + 1.28%), due 07/27/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47000 | American Express Co., 5.39% (SOFR + 0.97%), due 07/28/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | American Express Co., 5.65% (SOFR + 0.75%), due 04/23/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | American Honda Finance Corp., 1.30%, due 09/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | American Honda Finance Corp., 4.40%, due 10/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | American Honda Finance Corp., 4.45%, due 10/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15049 |
| &nbsp;&nbsp; 200000 | American Tower Corp., 2.75%, due 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52000 | American Tower Corp., 3.65%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | American Tower Corp., 5.25%, due 07/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9230 |
| &nbsp;&nbsp; 138000 | Amgen, Inc., 5.15%, due 03/02/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52000 | Amphenol Corp., 4.38%, due 06/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Amrize Finance U.S. LLC, 4.70%, due 04/07/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79000 | Analog Devices, Inc., 4.25%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79379 |

---

156See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | Aon North America, Inc., 5.13%, due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Arthur J Gallagher & Co., 4.60%, due 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | Arthur J Gallagher & Co., 4.85%, due 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Aspen Insurance Holdings Ltd., 5.75%, due 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50850 |
| &nbsp;&nbsp; 120000 | Astrazeneca Finance LLC, 4.80%, due 02/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | AT&T, Inc., 1.70%, due 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37244 |
| &nbsp;&nbsp; 250000 | Atlas Warehouse Lending Co. LP, 6.05%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253215 |
| &nbsp;&nbsp; 100000 | Aviation Capital Group LLC, 4.75%, due 04/14/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54000 | Avnet, Inc., 6.25%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41000 | Avolon Holdings Funding Ltd., 2.13%, due 02/21/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | Avolon Holdings Funding Ltd., 2.53%, due 11/18/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, due 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24229 |
| &nbsp;&nbsp; 136000 | Baltimore Gas & Electric Co., 2.40%, due 08/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | Bank of America Corp., 1.20% (SOFR + 1.01%), due 10/24/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | Bank of America Corp., 1.73% (SOFR + 0.96%), due 07/22/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Bank of America Corp., 2.09% (SOFR + 1.06%), due 06/14/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Bank of America Corp., 2.55% (SOFR + 1.05%), due 02/04/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Bank of America Corp., 3.19% (3 mo. USD Term SOFR + 1.44%), due 07/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51000 | Bank of America Corp., 3.42% (3 mo. USD Term SOFR + 1.30%), due 12/20/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | Bank of America Corp., 3.71% (3 mo. USD Term SOFR + 1.77%), due 04/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | Bank of America Corp., 4.38% (SOFR + 1.58%), due 04/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7001 |
| &nbsp;&nbsp; 200000 | Bank of America Corp., 4.62% (SOFR + 1.11%), due 05/09/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201296 |
| &nbsp;&nbsp; 150000 | Bank of America Corp., 4.98% (SOFR + 0.83%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152177 |
| &nbsp;&nbsp; 300000 | Bank of America Corp., 5.93% (SOFR + 1.34%), due 09/15/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305307 |
| &nbsp;&nbsp; 250000 | Bank of New York Mellon, 4.73% (SOFR + 1.14%), due 04/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | Bank of New York Mellon Corp., 4.41% (SOFR + 1.35%), due 07/24/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | Bank of New York Mellon Corp., 4.44% (SOFR + 0.68%), due 06/09/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63000 | Bank of New York Mellon Corp., 4.95% (SOFR + 1.03%), due 04/26/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63303 |
| &nbsp;&nbsp; 130000 | Bank of Nova Scotia, 4.40% (SOFR + 1.00%), due 09/08/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | Becton Dickinson & Co., 4.69%, due 02/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | BHP Billiton Finance USA Ltd., 5.25%, due 09/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30356 |
| &nbsp;&nbsp; 145000 | BlackRock Funding, Inc., 4.60%, due 07/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | BMW U.S. Capital LLC, 1.25%, due 08/12/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27080 |
| &nbsp;&nbsp; 200000 | BNP Paribas SA, 4.79% (SOFR + 1.45%), due 05/09/29<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Boeing Co., 6.26%, due 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51461 |
| &nbsp;&nbsp; 200000 | Booz Allen Hamilton, Inc., 3.88%, due 09/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | BorgWarner, Inc., 4.95%, due 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17256 |
| &nbsp;&nbsp; 150000 | Boston Properties LP, 2.75%, due 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49261 | British Airways Pass-Through Trust, 3.35%, due 12/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | Broadcom, Inc., 3.46%, due 09/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31710 |
| &nbsp;&nbsp; 111000 | Broadcom, Inc., 4.15%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78000 | Broadcom, Inc., 4.80%, due 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79146 |
| &nbsp;&nbsp; 150000 | Broadcom, Inc., 5.05%, due 07/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153660 |
| &nbsp;&nbsp; 150000 | Brooklyn Union Gas Co., 4.63%, due 08/05/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150539 |
| &nbsp;&nbsp; 175000 | Brown & Brown, Inc., 4.70%, due 06/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Bunge Ltd. Finance Corp., 1.63%, due 08/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62000 | Cadence Design Systems, Inc., 4.20%, due 09/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62104 |
| &nbsp;&nbsp; 200000 | CaixaBank SA, 4.63% (SOFR + 1.14%), due 07/03/29<sup>(b)(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | Canadian Imperial Bank of Commerce, 4.86% (SOFR + 1.03%), due 03/30/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13142 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 180000 | Canadian Imperial Bank of Commerce, 5.00%, due 04/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Canadian Natural Resources Ltd., 2.05%, due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Capital One Financial Corp., 1.88% (SOFR + 0.86%), due 11/02/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | Capital One Financial Corp., 5.47% (SOFR + 2.08%), due 02/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Capital One Financial Corp., 5.70% (SOFR + 1.91%), due 02/01/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | Capital Power U.S. Holdings, Inc., 5.26%, due 06/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | Cardinal Health, Inc., 4.70%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | Cardinal Health, Inc., 5.00%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41000 | Cardinal Health, Inc., 5.13%, due 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Cargill, Inc., 3.63%, due 04/22/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | Caterpillar Financial Services Corp., 4.40%, due 03/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Caterpillar Financial Services Corp., 4.80%, due 01/08/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15369 |
| &nbsp;&nbsp; 100000 | CDW LLC/CDW Finance Corp., 5.10%, due 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | CenterPoint Energy Houston Electric LLC, 4.80%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | Charles Schwab Corp., 5.88%, due 08/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Chevron USA, Inc., 4.69%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | Cigna Group, 5.00%, due 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | Cisco Systems, Inc., 4.55%, due 02/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31000 | Cisco Systems, Inc., 4.75%, due 02/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31703 |
| &nbsp;&nbsp; 210000 | Citigroup, Inc., 3.52% (3 mo. USD Term SOFR + 1.41%), due 10/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205687 |
| &nbsp;&nbsp; 150000 | Citigroup, Inc., 4.64% (SOFR + 1.14%), due 05/07/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Citigroup, Inc., 4.79% (SOFR + 0.87%), due 03/04/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | CME Group, Inc., 4.40%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Coca-Cola Consolidated, Inc., 5.25%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31000 | Comcast Corp., 4.55%, due 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Connecticut Light & Power Co., 4.65%, due 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | Consumers Energy Co., 4.50%, due 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | Consumers Energy Co., 4.90%, due 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23494 |
| &nbsp;&nbsp; 150670 | Consumers Securitization Funding LLC, 5.55%, due 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42000 | Corebridge Financial, Inc., 3.65%, due 04/05/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41461 |
| &nbsp;&nbsp; 250000 | Credit Agricole SA, 5.23% (SOFR + 1.13%), due 01/09/29<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Crown Castle, Inc., 5.60%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | CSL Finance PLC, 3.85%, due 04/27/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3973 |
| &nbsp;&nbsp; 175000 | CVS Health Corp., 1.30%, due 08/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | CVS Health Corp., 5.40%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36029 |
| &nbsp;&nbsp; 100000 | Darden Restaurants, Inc., 4.35%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Dell International LLC/EMC Corp., 5.00%, due 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, due 10/20/25 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Diamondback Energy, Inc., 5.15%, due 01/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44000 | Diamondback Energy, Inc., 5.20%, due 04/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44621 |
| &nbsp;&nbsp; 165000 | Dominion Energy, Inc., 4.60%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166133 |
| &nbsp;&nbsp; 100000 | DTE Energy Co., 4.95%, due 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | DTE Energy Co., 5.10%, due 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18361 |
| &nbsp;&nbsp; 125000 | Duke Energy Corp., 2.65%, due 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122693 |
| &nbsp;&nbsp; 104303 | Duke Energy Florida Project Finance LLC, 2.54%, due 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | Eastman Chemical Co., 5.00%, due 08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37535 |
| &nbsp;&nbsp; 179000 | Ecolab, Inc., 4.30%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91000 | Edison International, 5.45%, due 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90044 |
| &nbsp;&nbsp; 104000 | Element Fleet Management Corp., 5.64%, due 03/13/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105657 |

---

158See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 135000 | Eli Lilly & Co., 4.55%, due 02/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136812 |
| &nbsp;&nbsp; 117000 | Enbridge, Inc., 4.60%, due 06/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117907 |
| &nbsp;&nbsp; 150000 | Energy Transfer LP, 5.55%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71000 | Enterprise Products Operating LLC, 4.30%, due 06/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Equinix, Inc., 1.25%, due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | ERAC USA Finance LLC, 5.00%, due 02/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20481 |
| &nbsp;&nbsp; 100000 | Essential Utilities, Inc., 4.80%, due 08/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101089 |
| &nbsp;&nbsp; 190000 | Essex Portfolio LP, 3.63%, due 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43000 | Eversource Energy, 2.90%, due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | Exelon Corp., 5.15%, due 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22000 | FedEx Corp., 3.25%, due 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | Fiserv, Inc., 5.15%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Fiserv, Inc., 5.45%, due 03/02/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30839 |
| &nbsp;&nbsp; 100000 | Flex Ltd., 6.00%, due 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103200 |
| &nbsp;&nbsp; 200000 | Ford Motor Credit Co. LLC, 3.38%, due 11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43000 | GATX Corp., 5.40%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43611 |
| &nbsp;&nbsp; 100000 | GE HealthCare Technologies, Inc., 5.60%, due 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | General Motors Financial Co., Inc., 4.35%, due 01/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | General Motors Financial Co., Inc., 5.05%, due 04/04/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | General Motors Financial Co., Inc., 5.25%, due 03/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19000 | General Motors Financial Co., Inc., 5.40%, due 04/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | General Motors Financial Co., Inc., 5.55%, due 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19000 | Georgia Power Co., 5.00%, due 02/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | Gilead Sciences, Inc., 4.80%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | GlaxoSmithKline Capital, Inc., 4.50%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | Goldman Sachs Bank USA, 5.41% (SOFR + 0.75%), due 05/21/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79000 | Goldman Sachs Group, Inc., 1.43% (SOFR + 0.80%), due 03/09/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77305 |
| &nbsp;&nbsp; 218000 | Goldman Sachs Group, Inc., 2.64% (SOFR + 1.11%), due 02/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | Goldman Sachs Group, Inc., 5.05% (SOFR + 1.21%), due 07/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17286 |
| &nbsp;&nbsp; 250000 | Goldman Sachs Group, Inc., 5.80% (SOFR + 1.08%), due 08/10/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Goldman Sachs Group, Inc., 6.48% (SOFR + 1.77%), due 10/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | Hanover Insurance Group, Inc., 4.50%, due 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16955 |
| &nbsp;&nbsp; 120000 | HCA, Inc., 5.00%, due 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | HCA, Inc., 5.88%, due 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35294 |
| &nbsp;&nbsp; 116000 | HEICO Corp., 5.25%, due 08/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Hershey Co., 4.75%, due 02/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83000 | Hewlett Packard Enterprise Co., 4.55%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | Home Depot, Inc., 4.88%, due 06/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Honda Motor Co. Ltd., 2.53%, due 03/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | Honda Motor Co. Ltd., 4.44%, due 07/08/28<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Humana, Inc., 5.75%, due 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66000 | Hyatt Hotels Corp., 5.05%, due 03/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66734 |
| &nbsp;&nbsp; 100000 | Hyundai Capital America, 4.88%, due 11/01/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | Hyundai Capital America, 5.95%, due 09/21/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | IDEX Corp., 4.95%, due 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50837 |
| &nbsp;&nbsp; 100000 | Infor LLC, 1.75%, due 07/15/25 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Ingersoll Rand, Inc., 5.20%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | JB Hunt Transport Services, Inc., 4.90%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21320 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.13%, due <br> 02/01/28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66000 | John Deere Capital Corp., 4.25%, due 06/05/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24000 | Johnson & Johnson, 4.55%, due 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24412 |
| &nbsp;&nbsp; 234000 | JPMorgan Chase & Co., 1.47% (SOFR + 0.77%), due 09/22/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | JPMorgan Chase & Co., 1.58% (SOFR + 0.89%), due 04/22/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43000 | JPMorgan Chase & Co., 2.07% (SOFR + 1.02%), due 06/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | JPMorgan Chase & Co., 2.95% (SOFR + 1.17%), due 02/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | JPMorgan Chase & Co., 3.51% (3 mo. USD Term SOFR + 1.21%), due 01/23/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58781 |
| &nbsp;&nbsp; 100000 | JPMorgan Chase & Co., 4.32% (SOFR + 1.56%), due 04/26/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 | JPMorgan Chase & Co., 4.51% (SOFR + 0.86%), due 10/22/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59188 |
| &nbsp;&nbsp; 100000 | JPMorgan Chase & Co., 4.92% (SOFR + 0.80%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101367 |
| &nbsp;&nbsp; 150000 | JPMorgan Chase & Co., 4.98% (SOFR + 0.93%), due 07/22/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | JPMorgan Chase & Co., 5.01% (SOFR + 1.31%), due 01/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | JPMorgan Chase & Co., 5.04% (SOFR + 1.19%), due 01/23/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | JPMorgan Chase & Co., 5.57% (SOFR + 0.93%), due 04/22/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | JPMorgan Chase & Co., 5.58% (SOFR + 1.16%), due 04/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16617 |
| &nbsp;&nbsp; 266000 | JPMorgan Chase & Co., 6.07% (SOFR + 1.33%), due 10/22/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271852 |
| &nbsp;&nbsp; 100000 | Keurig Dr. Pepper, Inc., 4.35%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49000 | Kinder Morgan, Inc., 1.75%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47342 |
| &nbsp;&nbsp; 100000 | Kite Realty Group Trust, 4.75%, due 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Kyndryl Holdings, Inc., 2.05%, due 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | L3Harris Technologies, Inc., 4.40%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Las Vegas Sands Corp., 5.90%, due 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51109 |
| &nbsp;&nbsp; 100000 | Lennox International, Inc., 5.50%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | Liberty Utilities Co., 5.58%, due 01/31/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14409 |
| &nbsp;&nbsp; 200000 | Lloyds Banking Group PLC, 5.46% (1 yr. CMT + 1.38%), due 01/05/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202764 |
| &nbsp;&nbsp; 200000 | Lloyds Banking Group PLC, 5.99% (1 yr. CMT + 1.48%), due 08/07/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67000 | Lowe's Cos., Inc., 3.35%, due 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66031 |
| &nbsp;&nbsp; 100000 | LPL Holdings, Inc., 4.90%, due 04/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100780 |
| &nbsp;&nbsp; 100000 | LPL Holdings, Inc., 5.70%, due 05/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Marriott International, Inc., 5.55%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51886 |
| &nbsp;&nbsp; 197000 | Mars, Inc., 4.60%, due 03/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Mars, Inc., 4.80%, due 03/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Meta Platforms, Inc., 4.30%, due 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25233 |
| &nbsp;&nbsp; 150000 | Microchip Technology, Inc., 4.90%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151683 |
| &nbsp;&nbsp; 100000 | Molex Electronic Technologies LLC, 4.75%, due 04/30/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | Morgan Stanley, 0.99% (SOFR + 0.72%), due 12/10/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11810 |
| &nbsp;&nbsp; 259000 | Morgan Stanley, 1.51% (SOFR + 0.86%), due 07/20/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48000 | Morgan Stanley, 1.59% (SOFR + 0.88%), due 05/04/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26000 | Morgan Stanley, 2.48% (SOFR + 1.00%), due 01/21/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Morgan Stanley, 3.13%, due 07/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17780 |
| &nbsp;&nbsp; 100000 | Morgan Stanley, 4.68% (SOFR + 1.67%), due 07/17/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | Morgan Stanley, 4.99% (SOFR + 1.38%), due 04/12/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Morgan Stanley, 5.04% (SOFR + 1.22%), due 07/19/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Morgan Stanley, 5.16% (SOFR + 1.59%), due 04/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Morgan Stanley, 5.19% (SOFR + 1.51%), due 04/17/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | Morgan Stanley, 5.23% (SOFR + 1.11%), due 01/15/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27647 |

---

160See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 200000 | Morgan Stanley, 5.66% (SOFR + 1.26%), due 04/18/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | Morgan Stanley, 5.66% (SOFR + 1.76%), due 04/17/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7256 |
| &nbsp;&nbsp; 250000 | Morgan Stanley Bank NA, 5.02% (SOFR + 0.91%), due 01/12/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | National Rural Utilities Cooperative Finance Corp., 4.12%, due 09/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | National Rural Utilities Cooperative Finance Corp., 5.15%, due 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | National Rural Utilities Cooperative Finance Corp., 5.60%, due 11/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | NextEra Energy Capital Holdings, Inc., 1.88%, due 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22000 | NextEra Energy Capital Holdings, Inc., 1.90%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47000 | NextEra Energy Capital Holdings, Inc., 4.63%, due 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | NextEra Energy Capital Holdings, Inc., 4.90%, due 02/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | NextEra Energy Capital Holdings, Inc., 5.05%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | NiSource, Inc., 0.95%, due 08/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20904 |
| &nbsp;&nbsp; 150000 | NiSource, Inc., 5.20%, due 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154056 |
| &nbsp;&nbsp; 125000 | Nordson Corp., 4.50%, due 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | Northrop Grumman Corp., 4.65%, due 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Novartis Capital Corp., 3.80%, due 09/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | Nucor Corp., 4.65%, due 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71000 | Nutrien Ltd., 5.20%, due 06/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72121 |
| &nbsp;&nbsp; 150000 | OGE Energy Corp., 5.45%, due 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36000 | ONE Gas, Inc., 5.10%, due 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Oracle Corp., 1.65%, due 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | Oracle Corp., 2.65%, due 07/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | Oracle Corp., 4.80%, due 08/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | Ovintiv, Inc., 5.38%, due 01/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26000 | PACCAR Financial Corp., 4.00%, due 09/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25875 |
| &nbsp;&nbsp; 150000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40%, due 07/01/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.35%, due 03/30/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 6.05%, due 08/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31265 |
| &nbsp;&nbsp; 135000 | Pepsico Singapore Financing I Pte. Ltd., 4.94% (SOFR + 0.56%), due 02/16/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135334 |
| &nbsp;&nbsp; 125000 | Petroleos Mexicanos, 6.50%, due 03/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124210 |
| &nbsp;&nbsp; 200000 | Pfizer Investment Enterprises Pte. Ltd., 4.45%, due 05/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | Philip Morris International, Inc., 4.13%, due 04/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | Philip Morris International, Inc., 4.88%, due 02/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Pinnacle West Capital Corp., 4.90%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Pinnacle West Capital Corp., 5.15%, due 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Pioneer Natural Resources Co., 1.13%, due 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32431 |
| &nbsp;&nbsp; 100000 | PNC Financial Services Group, Inc., 5.30% (SOFR + 1.34%), due 01/21/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101537 |
| &nbsp;&nbsp; 180000 | PNC Financial Services Group, Inc., 6.62% (SOFR + 1.73%), due 10/20/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185091 |
| &nbsp;&nbsp; 221000 | Private Export Funding Corp., 4.50%, due 02/07/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | Prologis LP, 4.88%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16329 |
| &nbsp;&nbsp; 235000 | Prudential Insurance Co. of America, 8.30%, due 07/01/25 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | Public Service Enterprise Group, Inc., 0.80%, due 08/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66000 | Public Service Enterprise Group, Inc., 5.85%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68333 |
| &nbsp;&nbsp; 100000 | Public Service Enterprise Group, Inc., 5.88%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48000 | Quest Diagnostics, Inc., 4.60%, due 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48449 |
| &nbsp;&nbsp; 150000 | Regal Rexnord Corp., 6.05%, due 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | RELX Capital, Inc., 4.75%, due 03/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66000 | Rio Tinto Finance USA PLC, 4.50%, due 03/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36000 | Rogers Communications, Inc., 5.00%, due 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36518 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 69000 | Royal Bank of Canada, 4.52% (SOFR + 0.81%), due 10/18/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | Royal Bank of Canada, 4.72% (SOFR + 0.81%), due 03/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Royal Bank of Canada, 4.95%, due 02/01/29<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35814 |
| &nbsp;&nbsp; 100000 | Royal Bank of Canada, 4.97% (SOFR + 0.83%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | Royal Bank of Canada, 4.97% (SOFR + 1.10%), due 08/02/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | RTX Corp., 3.50%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Ryder System, Inc., 4.95%, due 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49000 | Ryder System, Inc., 5.25%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26000 | S&P Global, Inc., 2.70%, due 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | Sempra, 5.40%, due 08/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Smith & Nephew PLC, 5.15%, due 03/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Solventum Corp., 5.45%, due 02/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Southern California Edison Co., 3.65%, due 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82669 |
| &nbsp;&nbsp; 250000 | Southern California Gas Co., 2.95%, due 04/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | Southern Co., 5.50%, due 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30201 |
| &nbsp;&nbsp; 200000 | Spectra Energy Partners LP, 3.38%, due 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69000 | Sprint Capital Corp., 6.88%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74091 |
| &nbsp;&nbsp; 115500 | &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, <br> 5.15%, due 09/20/29 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | Stanley Black & Decker, Inc., 6.00%, due 03/06/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Starbucks Corp., 4.50%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31000 | State Street Corp., 3.03% (SOFR + 1.49%), due 11/01/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42000 | State Street Corp., 4.53% (SOFR + 1.02%), due 02/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | State Street Corp., 4.54%, due 02/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Stryker Corp., 3.65%, due 03/07/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58000 | Stryker Corp., 4.70%, due 02/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | Synopsys, Inc., 4.65%, due 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27280 |
| &nbsp;&nbsp; 100000 | Targa Resources Corp., 6.15%, due 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39000 | T-Mobile USA, Inc., 2.05%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | T-Mobile USA, Inc., 3.38%, due 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | T-Mobile USA, Inc., 4.95%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49000 | Toll Brothers Finance Corp., 4.35%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48000 | Toronto-Dominion Bank, 4.98%, due 04/05/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | Toronto-Dominion Bank, 5.53%, due 07/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34427 |
| &nbsp;&nbsp; 205000 | Toyota Motor Credit Corp., 4.35%, due 10/08/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Toyota Motor Credit Corp., 5.00%, due 03/19/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Toyota Motor Credit Corp., 5.40%, due 11/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Truist Financial Corp., 1.27% (SOFR + 0.61%), due 03/02/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46000 | Truist Financial Corp., 1.89% (SOFR + 0.86%), due 06/07/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | Truist Financial Corp., 4.26% (SOFR + 1.46%), due 07/28/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | Truist Financial Corp., 5.44% (SOFR + 1.62%), due 01/24/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Truist Financial Corp., 7.16% (SOFR + 2.45%), due 10/30/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37866 |
| &nbsp;&nbsp; 220000 | U.S. Bancorp, 2.22% (SOFR + 0.73%), due 01/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | U.S. Bancorp, 5.05% (SOFR + 1.06%), due 02/12/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Uber Technologies, Inc., 4.30%, due 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14944 |
| &nbsp;&nbsp; 245000 | UBS Group AG, 4.70% (1 yr. CMT + 2.05%), due 08/05/27<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90638 | United Airlines Pass-Through Trust, 3.10%, due 01/07/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86727 |
| &nbsp;&nbsp; 136591 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3180 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3248 |

---

162See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 53000 | UnitedHealth Group, Inc., 2.95%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | UnitedHealth Group, Inc., 4.80%, due 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14220 |
| &nbsp;&nbsp; 150000 | USAA Capital Corp., 4.38%, due 06/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151056 |
| &nbsp;&nbsp; 100000 | Ventas Realty LP, 3.85%, due 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47175 |
| &nbsp;&nbsp; 182000 | Veralto Corp., 5.50%, due 09/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184217 |
| &nbsp;&nbsp; 100000 | VICI Properties LP, 4.75%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | VICI Properties LP, 4.75%, due 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50421 |
| &nbsp;&nbsp; 100000 | Vistra Operations Co. LLC, 5.05%, due 12/30/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | VMware LLC, 1.40%, due 08/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | VMware LLC, 3.90%, due 08/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Walmart, Inc., 4.35%, due 04/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | Warnermedia Holdings, Inc., 3.76%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48000 | Waste Management, Inc., 4.95%, due 07/03/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | WEC Energy Group, Inc., 2.20%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | WEC Energy Group, Inc., 4.75%, due 01/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14005 |
| &nbsp;&nbsp; 105000 | WEC Energy Group, Inc., 5.60%, due 09/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Wells Fargo & Co., 2.88% (3 mo. USD Term SOFR + 1.43%), due 10/30/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23364 |
| &nbsp;&nbsp; 225000 | Wells Fargo & Co., 3.53% (SOFR + 1.51%), due 03/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Wells Fargo & Co., 3.58% (3 mo. USD Term SOFR + 1.57%), due 05/22/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29550 |
| &nbsp;&nbsp; 150000 | Wells Fargo & Co., 4.97% (SOFR + 1.37%), due 04/23/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53000 | Wells Fargo & Co., 5.57% (SOFR + 1.74%), due 07/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Workday, Inc., 3.50%, due 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | Xcel Energy, Inc., 4.75%, due 03/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70700 |
| &nbsp;&nbsp; 125000 | XPLR Infrastructure Operating Partners LP, 7.25%, due 01/15/29<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52000 | Zimmer Biomet Holdings, Inc., 4.70%, due 02/19/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | Zoetis, Inc., 5.40%, due 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21046 |
|  |  | &nbsp;&nbsp; 24266167 |
|  | **Mortgage Backed Securities - Private Issuers — 5.7%** | **Mortgage Backed Securities - Private Issuers — 5.7%** |
| &nbsp;&nbsp; 100000 | Angel Oak Mortgage Trust, Series 2025-7, Class A1, 5.51%, due 06/25/70<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100655 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; BMP Trust, Series 2024-MF23, Class A, 5.68% (1 mo. USD Term SOFR + 1.37%), due <br> 06/15/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100245 |
| &nbsp;&nbsp; 146061 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.50%, due <br> 02/25/65<sup>(f)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146606 |
| &nbsp;&nbsp; 171460 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 5.28% (1 mo. USD Term <br> SOFR + 0.96%), due 11/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59498 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-XL2, Class A, 5.12% (1 mo. USD Term <br> SOFR + 0.80%), due 10/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59507 |
| &nbsp;&nbsp; 167856 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2024-AIR2, Class A, 5.80% (1 mo. USD Term <br> SOFR + 1.49%), due 10/15/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97072 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 6.00% (1 mo. USD Term <br> SOFR + 1.69%), due 08/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76042 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2024-MDHS, Class A, 5.95% (1 mo. USD Term <br> SOFR + 1.64%), due 05/15/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76243 |
| &nbsp;&nbsp; 169066 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2021-RISE, Class A, 5.17% (1 mo. USD Term SOFR + 0.86%), due <br> 11/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169012 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2022-LBA6, Class A, 5.31% (1 mo. USD Term SOFR + 1.00%), due <br> 01/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199997 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2022-VAMF, Class A, 5.16% (1 mo. USD Term SOFR + 0.85%), due <br> 01/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199942 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 92027 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2024-FNX, Class A, 5.75% (1 mo. USD Term SOFR + 1.44%), due <br> 11/15/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86538 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2024-PALM, Class A, 5.85% (1 mo. USD Term SOFR + 1.54%), due <br> 06/15/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86657 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2025-DIME, Class A, 5.46% (1 mo. USD Term SOFR + 1.15%), due <br> 02/15/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99789 |
| &nbsp;&nbsp; 173189 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class A, <br> 5.48% (1 mo. USD Term SOFR + 1.16%), due 04/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49139 | JP Morgan Mortgage Trust, Series 2025-NQM2, Class A1, 5.57%, due 09/25/65<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13844 | &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A5, 3.67%, due <br> 11/15/47<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13562 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; JW Trust, Series 2024-BERY, Class A, 5.90% (1 mo. USD Term SOFR + 1.59%), due <br> 11/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100216 |
| &nbsp;&nbsp; 198344 | &nbsp;&nbsp;&nbsp; KIND Trust, Series 2021-KIND, Class A, 5.38% (1 mo. USD Term SOFR + 1.06%), <br> due 08/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196223 |
| &nbsp;&nbsp; 101475 | &nbsp;&nbsp;&nbsp; MHP Trust, Series 2022-MHIL, Class A, 5.13% (1 mo. USD Term SOFR + 0.81%), due <br> 01/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99417 | OBX Trust, Series 2025-NQM10, Class A1, 5.45%, due 05/25/65<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99931 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; ORL Trust, Series 2024-GLKS, Class A, 5.80% (1 mo. USD Term SOFR + 1.49%), due <br> 12/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100118 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; SMRT Commercial Mortgage Trust, Series 2022-MINI, Class A, 5.31% (1 mo. USD <br> Term SOFR + 1.00%), due 01/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199342 |
| &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, 5.75% (1 mo. USD <br> Term SOFR + 1.44%), due 02/15/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88366 | THPT Mortgage Trust, Series 2023-THL, Class A, 7.23%, due 12/10/34<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89939 |
| &nbsp;&nbsp; 153809 | &nbsp;&nbsp;&nbsp; TTAN, Series 2021-MHC, Class A, 5.28% (1 mo. USD Term SOFR + 0.96%), due <br> 03/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153925 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class A, 5.27%, due <br> 03/15/38<sup>(e)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100469 |
|  |  | &nbsp;&nbsp;&nbsp; 3270419 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 10.3%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 10.3%** |
| &nbsp;&nbsp; 296003 | Federal Home Loan Mortgage Corp., Pool # G18575, 3.00%, due 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95312 | Federal Home Loan Mortgage Corp., Pool # RC2071, 2.00%, due 06/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99814 | Federal Home Loan Mortgage Corp., Pool # SB0935, 3.00%, due 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97119 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, <br> Series KIR1, Class A2, 2.85%, due 03/25/26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98645 |
| &nbsp;&nbsp; 233945 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, Series 5502, Class FH, 5.71%, (SOFR <br> 30-day average + 1.40%), due 02/25/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235043 |
| &nbsp;&nbsp; 330721 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, Series 5410, Class DF, 5.76%, (SOFR <br> 30-day average + 1.45%), due 05/25/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332105 |
| &nbsp;&nbsp; 450026 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, Series 5486, Class FA, 5.76%, (SOFR <br> 30-day average + 1.45%), due 12/25/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67903 | Federal National Mortgage Association, Pool # AL8943, 2.75%, due 10/01/25<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67596 |
| &nbsp;&nbsp; 128047 | Federal National Mortgage Association, Pool # AM9939, 2.85%, due 11/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127090 |
| &nbsp;&nbsp; 189616 | Federal National Mortgage Association, Pool # AN0293, 2.81%, due 11/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188119 |
| &nbsp;&nbsp; 128781 | Federal National Mortgage Association, Pool # AN0558, 2.94%, due 01/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93187 | Federal National Mortgage Association, Pool # AN3359, 2.65%, due 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91030 |
| &nbsp;&nbsp; 113011 | Federal National Mortgage Association, Pool # AN4048, 3.01%, due 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111007 |
| &nbsp;&nbsp; 142217 | Federal National Mortgage Association, Pool # AN5377, 3.02%, due 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139551 |
| &nbsp;&nbsp; 192776 | Federal National Mortgage Association, Pool # AN7475, 3.06%, due 11/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Federal National Mortgage Association, Pool # BL0240, 3.54%, due 11/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74564 |

---

164See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 190208 | Federal National Mortgage Association, Pool # BL0677, 3.50%, due 11/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189062 |
| &nbsp;&nbsp; 170000 | Federal National Mortgage Association, Pool # BL1942, 3.15%, due 03/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168232 |
| &nbsp;&nbsp; 165000 | Federal National Mortgage Association, Pool # BL2331, 2.91%, due 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162700 |
| &nbsp;&nbsp; 275000 | Federal National Mortgage Association, Pool # BL6406, 1.63%, due 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262970 |
| &nbsp;&nbsp; 320353 | Federal National Mortgage Association, Pool # BM3919, 3.00%, due 02/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85970 | Federal National Mortgage Association, Pool # BM7189, 3.05%, due 10/01/25<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85689 |
| &nbsp;&nbsp; 230000 | Federal National Mortgage Association, Pool # BS3066, 1.39%, due 11/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210764 |
| &nbsp;&nbsp; 100000 | Federal National Mortgage Association, Pool # BS5008, 2.22%, due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96896 |
| &nbsp;&nbsp; 119276 | Federal National Mortgage Association, Pool # MA3097, 3.50%, due 08/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118262 |
| &nbsp;&nbsp; 169766 | Federal National Mortgage Association, Pool # MA4053, 2.50%, due 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158979 |
| &nbsp;&nbsp; 267158 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2006-83, Class FG, 4.92%, <br> (SOFR 30-day average + 0.61%), due 09/25/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265483 |
| &nbsp;&nbsp; 311602 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2024-103, Class FH, 5.56%, <br> (SOFR 30-day average + 1.25%), due 01/25/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311303 |
| &nbsp;&nbsp; 252374 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2024-15, Class FD, 5.66%, <br> (SOFR 30-day average + 1.35%), due 04/25/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253049 |
| &nbsp;&nbsp; 141436 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association-ACES, Series 2016-M6, Class A2, 2.49%, due <br> 05/25/26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138987 |
| &nbsp;&nbsp; 144569 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association-ACES, Series 2017-M1, Class A2, 2.50%, due <br> 10/25/26<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141109 |
| &nbsp;&nbsp; 166552 | &nbsp;&nbsp;&nbsp; Government National Mortgage Association REMICS, Series 2020-H13, Class FC, <br> 4.90%, (1 mo. USD Term SOFR + 0.56%), due 07/20/70<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164475 |
| &nbsp;&nbsp; 165711 | &nbsp;&nbsp;&nbsp; Government National Mortgage Association REMICS, Series 2016-H16, Class FE, <br> 6.30%, (1 yr. USD Term SOFR + 1.10%), due 06/20/66<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167214 |
|  |  | &nbsp;&nbsp;&nbsp; 5914997 |
|  | **U.S. Government and Agency Obligations — 11.5%** | **U.S. Government and Agency Obligations — 11.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 89400 | U.S. Treasury Notes, 3.75%, due 06/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89459 |
| &nbsp;&nbsp; 425000 | U.S. Treasury Notes, 3.88%, due 11/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426693 |
| 1528400 | U.S. Treasury Notes, 3.88%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1536579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | U.S. Treasury Notes, 3.88%, due 06/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18070 |
| &nbsp;&nbsp; 300000 | U.S. Treasury Notes, 4.00%, due 02/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302988 |
| 2350000 | U.S. Treasury Notes, 4.00%, due 03/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2372399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85500 | U.S. Treasury Notes, 4.00%, due 06/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85574 |
| &nbsp;&nbsp; 647000 | U.S. Treasury Notes, 4.13%, due 06/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647856 |
| &nbsp;&nbsp; 400000 | U.S. Treasury Notes, 4.13%, due 03/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405500 |
| &nbsp;&nbsp; 750000 | U.S. Treasury Notes, 4.38%, due 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765791 |
|  |  | &nbsp;&nbsp;&nbsp; 6650909 |
|  | TOTAL DEBT OBLIGATIONS (COST $54,348,367) | &nbsp;&nbsp; 54949001 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.5%** | **SHORT-TERM INVESTMENT — 0.5%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.5%** | **Mutual Fund - Securities Lending Collateral — 0.5%** |
| &nbsp;&nbsp; 276500 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.35%<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276500 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $276,500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276500 |
|  | **TOTAL INVESTMENTS — 95.7%** <br>(Cost $54,624,867)<br>| &nbsp;&nbsp; 55225501 |
|  | Other Assets and Liabilities (net) — 4.3% | &nbsp;&nbsp;&nbsp; 2488879 |
|  | **NET ASSETS — 100.0%** | **$57714380** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| (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, 2025. |
| (c) | When-issued security. |
| (d) | All or a portion of this security is out on loan. |
| (e) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as <br> of period end.<br>|
| (f) | Step coupon security that pays an initial coupon rate for the first period and then a lower/higher <br> coupon rate for the following periods. Rate shown is current coupon rate.<br>|
| (g) | The rate disclosed is the 7-day net yield as of June 30, 2025. |
| (h) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $14,898,515 which represents 25.8% of net <br> assets.<br>|

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 42 | U.S. Treasury Note 2-Year | Sep 2025 | &nbsp;&nbsp; $8736984 | &nbsp;&nbsp; $26020 |
| Sales |  |  |  |  |
| 1 | U.S. Long Bond | Sep 2025 | &nbsp;&nbsp; $115469 | &nbsp;&nbsp; $(4149)<br>|
| 15 | U.S. Treasury Note 5-Year | Sep 2025 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp; (18076)<br>|
| 2 | U.S. Ultra 10-Year | Sep 2025 | &nbsp;&nbsp; 228531 | &nbsp;&nbsp; (5066)<br>|
|  |  |  |  | &nbsp;&nbsp; $(27291)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** | **Currency Abbreviations** |
| USD |  | U.S. Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ACES |  | Alternative Credit Enhancement Securities |
| CLO |  | Collateralized Loan Obligation |
| CMT |  | Constant Maturity Treasury Index |
| SOFR |  | Secured Overnight Financing Rate |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Corporate Debt | &nbsp;&nbsp; 42.0 |
| Asset Backed Securities | &nbsp;&nbsp; 23.3 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp; 11.5 |
| Mortgage Backed Securities - U.S. Government Agency Obligations | &nbsp;&nbsp; 10.3 |
| Mortgage Backed Securities - Private Issuers | &nbsp;&nbsp;&nbsp; 5.7 |
| Bank Loans | &nbsp;&nbsp;&nbsp; 2.4 |
| Futures Contracts | &nbsp;&nbsp;&nbsp; 0.0\* |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.5 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 4.3 |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *Amount rounds to zero.*

168See accompanying Notes to the Schedule of Investments

------

**Mercer Funds**

**Notes to Financial Statements**

**June 30, 2025 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **Organization**

Mercer Funds (the "Trust") consists of the following six series: Mercer US Small/Mid Cap Equity Fund ("Small/Mid Cap"), Mercer Emerging Markets Equity Fund ("Emerging Markets"), Mercer Non-US Core Equity Fund ("Non-US Core Equity"), Mercer Core Fixed Income Fund ("Core Fixed"), Mercer Opportunistic Fixed Income Fund ("Opportunistic Fixed") and Mercer Short Duration Fixed Income Fund ("Short Duration Fixed") (each a "Fund," and collectively referred to as the "Funds"). The Trust is a Delaware statutory trust established on March 11, 2005. The Trust is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Mercer Investments LLC, a Delaware limited liability company (the "Adviser"), serves as the investment adviser to the Funds. The Adviser manages each Fund using a "manager of managers" approach by selecting one or more sub-advisers (each a "Sub-adviser," and collectively referred to as the "Sub-advisers") to manage each Fund's assets. The Funds are open-end investment companies and accordingly follow the open-end investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946: Financial Services — Investment Companies.

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

Investment Objectives:

The investment objective for Small/Mid Cap is to provide long-term total return, comprised primarily of capital appreciation. The investment objective for Core Fixed Fund and Short Duration Fixed is to provide total return, consisting of both current income and capital appreciation. The investment objective for the remaining Funds, Non-US Core Equity, Opportunistic Fixed and Emerging Markets is to provide long-term total return, which includes capital appreciation and income.

Each Fund has registered and is authorized to offer interests in four classes of shares: Adviser Class, Class I, Class Y-2 and Class Y-3. The principal difference among the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. As of June 30, 2025, Class Y-3 shares were outstanding in each of the Funds and Class I shares were outstanding in each of the Funds except Short Duration Fixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Security Valuation**

Each Fund's investments are valued as of the close of regular trading on the New York Stock Exchange ("NYSE") on each day when the NYSE is open. Portfolio securities and exchange-traded funds listed on an exchange normally are valued at the last sale or official closing price on the day on which the securities are valued. In cases where securities are traded on more than one exchange, the securities are generally valued on the exchange considered by the Adviser or the applicable Sub-adviser as the primary market for such securities.

The Funds may invest in securities that are traded in foreign markets. Foreign securities will be converted into U.S. dollar equivalents based on the exchange rate in effect at a uniform time on each business day. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the NYSE. When valuing foreign equity securities that meet certain criteria that the Adviser, which has been designated as the Funds' Valuation Designee under Rule 2a-5 of the 1940 Act by the Board of Trustees of the Trust (the "Board"), has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments in open-end investment companies are valued at their net asset value ("NAV") per share.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

Fixed income securities are valued using at a mean price upon market close by an independent pricing service. The Fund may value short-term investments that will mature within sixty (60) days or less by using pricing service quotations or at amortized cost, provided that such amortized cost approximates market value.

It should be recognized that judgment often plays a greater role in valuing thinly traded securities, as well as bonds and other securities with few dealer quotations, than is the case with respect to securities for which a broader range of dealer quotations and last-sale information is available. Each such determination is based on consideration of relevant factors, and judgment is made by or at the direction of the Valuation Designee.

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

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

The Board has designated the Adviser as the Valuation Designee responsible for valuing portfolio securities, subject to continuing Board oversight. The Adviser has appointed a Valuation Committee that is responsible for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Adviser or the applicable Sub-adviser) do not otherwise accurately reflect the fair values of the securities, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board. Depending on market movements throughout the quarter ended June 30, 2025, substantially all foreign equity securities held by Non-US Core Equity and Emerging Markets may be fair valued using valuations provided by an independent valuation service consistent with the valuation procedures approved by the Board.

The application of fair value pricing represents a good faith determination based on specific procedures performed under the supervision of the Board. Due to the subjective nature of fair value pricing, there can be no assurance that the Fund could realize the fair value assigned to the security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV per share. The Fund's value for a particular security may be different from the last quoted market price.

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

broad Levels listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices unadjusted in active markets for identical investments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

The following is a summary of the portfolio securities by level based on inputs used as of June 30, 2025 in valuing the assets and liabilities of the Funds for which fair valuation was used:

**Small/Mid Cap**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic Materials | &nbsp;&nbsp; $36541445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36541445 |
| &nbsp;&nbsp;&nbsp; Communications | &nbsp;&nbsp; 45567198 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45567198 |
| &nbsp;&nbsp;&nbsp; Consumer, Cyclical | &nbsp;&nbsp; 254217270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 254217270 |
| &nbsp;&nbsp;&nbsp; Consumer, Non-cyclical | &nbsp;&nbsp; 370031405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 370031405 |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; 56303464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56303464 |
| &nbsp;&nbsp;&nbsp; Financial | &nbsp;&nbsp; 298080809 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 298080809 |
| &nbsp;&nbsp;&nbsp; Government | &nbsp;&nbsp; 2370285 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2370285 |
| &nbsp;&nbsp;&nbsp; Industrial | &nbsp;&nbsp; 301029386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 301029386 |
| &nbsp;&nbsp;&nbsp; Technology | &nbsp;&nbsp; 158878582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158878582 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp; 33419667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33419667 |
| Total Common Stocks | &nbsp;&nbsp; 1556439511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1556439511 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 9544800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9544800 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buys | &nbsp;&nbsp; 670325 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 670325 |
| Total | &nbsp;&nbsp; $1566654636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1566654636 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | *Represents one or more Level 3 securities at $0 value as of June 30, 2025.* |
| <sup>†</sup> <br>| *Futures contracts are valued at unrealized appreciation (depreciation).* |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

**Emerging Markets**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; $59184712 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59184712 |
| &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 4438954 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4438954 |
| &nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; 7554347 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7554347 |
| &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 13742918 | &nbsp;&nbsp; 261293015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 275035933 |
| &nbsp;&nbsp;&nbsp; Colombia | &nbsp;&nbsp; 397835 | &nbsp;&nbsp; 418987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 816822 |
| &nbsp;&nbsp;&nbsp; Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 1173870 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1173870 |
| &nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 9788429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9788429 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 4426018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4426018 |
| &nbsp;&nbsp;&nbsp; Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 6477079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6477079 |
| &nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; 12442161 | &nbsp;&nbsp; 154266141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 166708302 |
| &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 14027849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14027849 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 2908043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2908043 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 2668552 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2668552 |
| &nbsp;&nbsp;&nbsp; Kazakhstan | &nbsp;&nbsp; 3174546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 3174546 |
| &nbsp;&nbsp;&nbsp; Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp; 5086710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5086710 |
| &nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 3283870 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3283870 |
| &nbsp;&nbsp;&nbsp; Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 9093443 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9093443 |
| &nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 33413792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10348 | &nbsp;&nbsp; 33424140 |
| &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 3870881 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3870881 |
| &nbsp;&nbsp;&nbsp; Panama | &nbsp;&nbsp; 2125170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2125170 |
| &nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp; 6974688 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6974688 |
| &nbsp;&nbsp;&nbsp; Philippines | &nbsp;&nbsp; 194600 | &nbsp;&nbsp; 3073424 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3268024 |
| &nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 7910133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7910133 |
| &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 3958514 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3958514 |
| &nbsp;&nbsp;&nbsp; Qatar | &nbsp;&nbsp; — | &nbsp;&nbsp; 3666686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3666686 |
| &nbsp;&nbsp;&nbsp; Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; — | &nbsp;&nbsp; 23685853 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23685853 |
| &nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 3320834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3320834 |
| &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp; 2548857 | &nbsp;&nbsp; 23926707 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26475564 |
| &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; 3141983 | &nbsp;&nbsp; 93838646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96980629 |
| &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 162338337 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162338337 |
| &nbsp;&nbsp;&nbsp; Thailand | &nbsp;&nbsp; 3325127 | &nbsp;&nbsp; 10850542 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14175669 |
| &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp; 6827177 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6827177 |
| &nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; 9365664 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9365664 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 4574085 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4574085 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 6300626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6300626 |
| &nbsp;&nbsp;&nbsp; Vietnam | &nbsp;&nbsp; — | &nbsp;&nbsp; 4543677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4543677 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| &nbsp;&nbsp;&nbsp; Zambia | &nbsp;&nbsp; $3801704 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3801704 |
| Total Common Stocks | &nbsp;&nbsp; 166082854 | &nbsp;&nbsp; 837342332 | &nbsp;&nbsp; 10348 | &nbsp;&nbsp; 1003435534 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 18043010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18043010 |
| &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 2871220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2871220 |
| Total Preferred Stocks | &nbsp;&nbsp; 18043010 | &nbsp;&nbsp; 2871220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20914230 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35276 | &nbsp;&nbsp; 35276 |
| Warrant | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10173 | &nbsp;&nbsp; 10173 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 1889154 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889154 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buys | &nbsp;&nbsp; 1094515 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1094515 |
| Total | &nbsp;&nbsp; $187109533 | &nbsp;&nbsp; $840213552 | &nbsp;&nbsp; $55797 | &nbsp;&nbsp; $1027378882 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *\** | *Represents one or more Level 3 securities at $0 value as of June 30, 2025.* |
| <sup>†</sup> <br>| *Futures contracts are valued at unrealized appreciation (depreciation).* |

---

**Non-US Core Equity**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; $4962009 | &nbsp;&nbsp; $74124339 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79086348 |
| &nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 11821810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11821810 |
| &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 10742132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10742132 |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 23958916 | &nbsp;&nbsp; 1147928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25106844 |
| &nbsp;&nbsp;&nbsp; Burkina Faso | &nbsp;&nbsp; 305208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 305208 |
| &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 276355905 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 276355905 |
| &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 7789341 | &nbsp;&nbsp; 81184974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88974315 |
| &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; 3712106 | &nbsp;&nbsp; 32751311 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36463417 |
| &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 23942682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23942682 |
| &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp; 288456000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 288456000 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| &nbsp;&nbsp;&nbsp; Georgia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4664766 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4664766 |
| &nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 276647704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 276647704 |
| &nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 5953177 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5953177 |
| &nbsp;&nbsp;&nbsp; Guatemala | &nbsp;&nbsp; 211293 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 211293 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; 2349693 | &nbsp;&nbsp; 80585122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82934815 |
| &nbsp;&nbsp;&nbsp; Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 4751451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4751451 |
| &nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; 7242698 | &nbsp;&nbsp; 3052029 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10294727 |
| &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 52439399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52439399 |
| &nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; 4601197 | &nbsp;&nbsp; 20233996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24835193 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; 9536599 | &nbsp;&nbsp; 190494769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 200031368 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 652387928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 652387928 |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 485721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 485721 |
| &nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 10353724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10353724 |
| &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 3707730 | &nbsp;&nbsp; 119737933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 123445663 |
| &nbsp;&nbsp;&nbsp; New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 2980744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2980744 |
| &nbsp;&nbsp;&nbsp; Nigeria | &nbsp;&nbsp; — | &nbsp;&nbsp; 163781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163781 |
| &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 28254651 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28254651 |
| &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 16680669 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16680669 |
| &nbsp;&nbsp;&nbsp; Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 7345564 | &nbsp;&nbsp; 18512274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25857838 |
| &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 679179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 679179 |
| &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 25496768 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25496768 |
| &nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; 1593851 | &nbsp;&nbsp; 125549841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127143692 |
| &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; 2120475 | &nbsp;&nbsp; 77451050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79571525 |
| &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; 16184628 | &nbsp;&nbsp; 146048740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162233368 |
| &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; 15327937 | &nbsp;&nbsp; 19469134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34797071 |
| &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp; 248433 | &nbsp;&nbsp; 1790107 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2038540 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 29062910 | &nbsp;&nbsp; 346401449 | &nbsp;&nbsp; — | &nbsp;&nbsp; 375464359 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 133536505 | &nbsp;&nbsp; 203320714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 336857219 |
| &nbsp;&nbsp;&nbsp; Zambia | &nbsp;&nbsp; 729033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 729033 |
| Total Common Stocks | &nbsp;&nbsp; 550882031 | &nbsp;&nbsp; 2958757996 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 3509640027 |
| Investment Companies | &nbsp;&nbsp; 14551290 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14551290 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 10155831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10155831 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 54655973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54655973 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buys<sup>†</sup> <br>| &nbsp;&nbsp; $842499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $842499 |
| Total | &nbsp;&nbsp; $620931793 | &nbsp;&nbsp; $2968913827 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $3589845620 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *\** | *Represents one or more Level 3 securities at $0 value as of June 30, 2025.* |
| <sup>†</sup> <br>| *Futures contracts are valued at unrealized appreciation (depreciation).* |

---

**Core Fixed**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1319846386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1319846386 |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 24486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24486 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 9879095 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9879095 |
| Forward Foreign Currency Contracts<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 373999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 373999 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buys | &nbsp;&nbsp; 673460 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 673460 |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swap<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 253331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253331 |
| Total | &nbsp;&nbsp; $10552555 | &nbsp;&nbsp; $1320498202 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1331050757 |

---

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| TBA Sale Commitments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9681884)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9681884)<br>|
| Forward Foreign Currency Contracts<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1279361)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1279361)<br>|
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp; (139590)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (139590)<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Exchange-Traded Options | &nbsp;&nbsp; $(34650)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(34650)<br>|
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (371522)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (371522)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default <br> Swap<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (69565)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (69565)<br>|
| Total Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (441087)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (441087)<br>|
| Total | &nbsp;&nbsp; $(174240)<br>| &nbsp;&nbsp; $(11402332)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11576572)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> *Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation* *(depreciation).*

**Opportunistic Fixed**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Debt Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $136395631 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $136395631 |
| &nbsp;&nbsp;&nbsp; Bank Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 298684670 | &nbsp;&nbsp; 1230110 | &nbsp;&nbsp; 299914780 |
| &nbsp;&nbsp;&nbsp; Convertible Debt | &nbsp;&nbsp; — | &nbsp;&nbsp; 14468317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14468317 |
| &nbsp;&nbsp;&nbsp; Corporate Debt | &nbsp;&nbsp; — | &nbsp;&nbsp; 696565312 | &nbsp;&nbsp; — | &nbsp;&nbsp; 696565312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities - Private <br> Issuers<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 87300020 | &nbsp;&nbsp; 2270000 | &nbsp;&nbsp; 89570020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities - <br> U.S. Government Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 90912640 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90912640 |
| &nbsp;&nbsp;&nbsp; Municipal Obligation | &nbsp;&nbsp; — | &nbsp;&nbsp; 839330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 839330 |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 309936392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 309936392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 179740044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 179740044 |
| Total Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1814842356 | &nbsp;&nbsp; 3500110 | &nbsp;&nbsp; 1818342466 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32572 | &nbsp;&nbsp; 32572 |
| &nbsp;&nbsp;&nbsp; Consumer, Cyclical | &nbsp;&nbsp; 123807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123807 |
| &nbsp;&nbsp;&nbsp; Financial | &nbsp;&nbsp; 11329555 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11329555 |
| &nbsp;&nbsp;&nbsp; Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; 231570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 231570 |
| Total Common Stocks | &nbsp;&nbsp; 11453362 | &nbsp;&nbsp; 231570 | &nbsp;&nbsp; 32572 | &nbsp;&nbsp; 11717504 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Investment Companies | &nbsp;&nbsp; $30436086 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30436086 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communications | &nbsp;&nbsp; 342329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 342329 |
| &nbsp;&nbsp;&nbsp; Financial | &nbsp;&nbsp; 1754177 | &nbsp;&nbsp; — | &nbsp;&nbsp; 534916 | &nbsp;&nbsp; 2289093 |
| &nbsp;&nbsp;&nbsp; Industrial | &nbsp;&nbsp; 646000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 646000 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp; 373012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 373012 |
| Total Preferred Stocks | &nbsp;&nbsp; 3115518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 534916 | &nbsp;&nbsp; 3650434 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 73956859 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73956859 |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 43784087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43784087 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | &nbsp;&nbsp; — | &nbsp;&nbsp; 27400000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 25475125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25475125 |
| Total Short-Term Investments | &nbsp;&nbsp; 73956859 | &nbsp;&nbsp; 96659212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 170616071 |
| Forward Foreign Currency Contracts<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4273375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4273375 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buys | &nbsp;&nbsp; 1554373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1554373 |
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp; 172005 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 172005 |
| Total Futures Contracts | &nbsp;&nbsp; 1726378 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1726378 |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 70809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 317576 | &nbsp;&nbsp; — | &nbsp;&nbsp; 317576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3324616 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3324616 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swap | &nbsp;&nbsp; — | &nbsp;&nbsp; 449420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 449420 |
| Total Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 4162421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4162421 |
| Total | &nbsp;&nbsp; $120688203 | &nbsp;&nbsp; $1920168934 | &nbsp;&nbsp; $4067598 | &nbsp;&nbsp; $2044924735 |

---

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Forward Foreign Currency Contracts<sup>†</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7045216)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7045216)<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buys | &nbsp;&nbsp; $(1670)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1670)<br>|
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp; (732200)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (732200)<br>|
| Total Futures Contracts | &nbsp;&nbsp; (733870)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (733870)<br>|
| Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Exchange-Traded Options | &nbsp;&nbsp; (6750)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6750)<br>|
| &nbsp;&nbsp;&nbsp; Written Interest Rate Swaptions | &nbsp;&nbsp; — | &nbsp;&nbsp; (55453)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (55453)<br>|
| Total Written Options | &nbsp;&nbsp; (6750)<br>| &nbsp;&nbsp; (55453)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (62203)<br>|
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (85655)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (85655)<br>|
| Total | &nbsp;&nbsp; $(740620)<br>| &nbsp;&nbsp; $(7186324)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7926944)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> *Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation* *(depreciation).*

**Short Duration Fixed**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54949001 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54949001 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 276500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 276500 |
| Futures Contract<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buys | &nbsp;&nbsp; 26020 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26020 |
| Total | &nbsp;&nbsp; $302520 | &nbsp;&nbsp; $54949001 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $55251521 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**June 30, 2025 (Unaudited)**

------

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp; $(27291)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27291)<br>|
| Total | &nbsp;&nbsp; $(27291)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27291)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> *Futures contracts are valued at unrealized appreciation (depreciation).*

**2.** **Bank loans**

Core Fixed, Opportunistic Fixed and Short Duration Fixed may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ''Lender'') that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Each Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When investing in a loan participation, each Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. Each Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, each Fund may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. At June 30, 2025, Opportunistic Fixed had the following unfunded loan commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Par | Cost | Value | Unrealized <br>Gain (Loss)<br>|
| GC Ferry Acquisition I, Inc. | &nbsp;&nbsp; $94792 | &nbsp;&nbsp; $93370 | &nbsp;&nbsp; $93133 | &nbsp;&nbsp; $(237)<br>|
| Janney Montgomery Scott LLC | &nbsp;&nbsp; 214286 | &nbsp;&nbsp; 215343 | &nbsp;&nbsp; 215391 | &nbsp;&nbsp; 48 |
| Secretariat Advisors LLC | &nbsp;&nbsp; 146666 | &nbsp;&nbsp; 146197 | &nbsp;&nbsp; 147033 | &nbsp;&nbsp; 836 |
| Student Transportation of America Holdings, Inc. | &nbsp;&nbsp; 6667 | &nbsp;&nbsp; 6633 | &nbsp;&nbsp; 6686 | &nbsp;&nbsp; 53 |
| USALCO LLC | &nbsp;&nbsp; 140216 | &nbsp;&nbsp; 140278 | &nbsp;&nbsp; 141093 | &nbsp;&nbsp; 815 |
| Van Pool Transportation LLC | &nbsp;&nbsp; 67470 | &nbsp;&nbsp; 66964 | &nbsp;&nbsp; 67498 | &nbsp;&nbsp; 534 |
|  | &nbsp;&nbsp; $670097 | &nbsp;&nbsp; $668785 | &nbsp;&nbsp; $670834 | &nbsp;&nbsp; $2049 |

---

For information regarding the Funds' other significant accounting policies, please refer to the Funds' most recent Annual or Semi-Annual Report. Additional investments related disclosures are hereby incorporated by reference to the Annual and Semi-Annual reports previously filed with the SEC on Form N-CSR.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Mercer Funds

- **b. Investment Company Act file number:** 811-21732

- **c. CIK number of Registrant:** 0001320615

- **d. LEI of Registrant:** 549300J7JB6PJ2JIIB11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 99 HIGH STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-747-9500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Mercer Short Duration Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000082908

- **c. LEI of Series:** 254900MCC2KVQRKXZ863

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $57352287.77

**Total Liabilities:** $1618913.26

**Net Assets:** $55733374.51

**Delayed Delivery Securities:** $728000.00

**Cash Not Reported:** $1290684.49

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -189.92000000 | **1-Year:** -4648.61000000 | **5-Year:** -4919.91000000 | **10-Year:** -337.87000000 | **30-Year:** -62.76000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -11.23000000 | **1-Year:** -199.41000000 | **5-Year:** -439.70000000 | **10-Year:** -188.89000000 | **30-Year:** -1.28000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246249 | 0.68%                | 0.09%                | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $25853.64                | $103268.27                                 |
| Month 2  | $70609.56                | $-226470.13                                |
| Month 3  | $9697.13                 | $181776.45                                 |

### Schedule of Portfolio Investments

| Name                                               | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 31418CNP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    119276 | PA      | $118262.47    | 0.21%             | 2027-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                            | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7001.13      | 0.01%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 16-3 A PTT                            | American Airlines 2016-3 Class A Pass Through Trust                             | CUSIP: 023771S25<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     89684 | PA      | $84176.17     | 0.15%             | 2028-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $302988.28    | 0.54%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust            | Capital One Multi-Asset Execution Trust                                         | CUSIP: 14041NGE5<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $179574.25    | 0.32%             | 2029-09-15      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Pool                                                                | CUSIP: 3132CXBC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     99814 | PA      | $97118.91     | 0.17%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37125.50     | 0.07%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                           | BHP Billiton Finance USA Ltd                                                    | CUSIP: 055451BB3<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     30000 | PA      | $30355.73     | 0.05%             | 2026-09-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30294.12     | 0.05%             | 2028-01-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                    | Cigna Group/The                                                                 | CUSIP: 125523CT5<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27616.83     | 0.05%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust 2024-1                       | CUSIP: 36268GAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101678.78    | 0.18%             | 2029-08-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                               | Bank of America Corp                                                            | CUSIP: 06051GGL7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31631.36     | 0.06%             | 2028-04-24      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                        | Ally Auto Receivables Trust 2024-2                                              | CUSIP: 02007NAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50197 | PA      | $50193.31     | 0.09%             | 2027-07-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                               | Verizon Master Trust                                                            | CUSIP: 92348KDP5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |     75000 | PA      | $75747.00     | 0.14%             | 2030-11-20      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37689.62     | 0.07%             | 2030-01-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                                  | CUSIP: 61761J3R8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17779.65     | 0.03%             | 2026-07-27      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP TRUST                            | Kite Realty Group Trust                                                         | CUSIP: 76131VAB9<br>LEI: 549300OVTYLM7DH6CM14 | Long             | DBT              |  | US        |    100000 | PA      | $99877.31     | 0.18%             | 2030-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                           | Caterpillar Financial Services Corp                                             | CUSIP: 14913UAX8<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15369.31     | 0.03%             | 2030-01-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                         | AbbVie Inc                                                                      | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23456.63     | 0.04%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                       | Alphabet Inc                                                                    | CUSIP: 02079KAD9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17282.39     | 0.03%             | 2030-08-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | Wells Fargo & Co                                                                | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29549.75     | 0.05%             | 2028-05-22      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                         | Navient Private Education Refi Loan Trust 2020-G                                | CUSIP: 63941UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    338366 | PA      | $315273.99    | 0.57%             | 2069-09-16      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | Citigroup Inc                                                                   | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40292.44     | 0.07%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17286.24     | 0.03%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                        | Oracle Corp                                                                     | CUSIP: 68389XCY9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14233.74     | 0.03%             | 2028-08-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                  | Magnetite XXVI Ltd                                                              | CUSIP: 55954YAW5<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250835.50    | 0.45%             | 2038-01-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                         | Navient Student Loan Trust 2019-B                                               | CUSIP: 63941LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130990 | PA      | $128148.36    | 0.23%             | 2059-12-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58781.38     | 0.11%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | Wells Fargo & Co                                                                | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    225000 | PA      | $221907.52    | 0.40%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                               | CUSIP: 3136BUQL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    311602 | PA      | $311303.27    | 0.56%             | 2055-01-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| ADOBE INC                                          | Adobe Inc                                                                       | CUSIP: 00724PAH2<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147611.24    | 0.26%             | 2028-01-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                      | DTE Energy Co                                                                   | CUSIP: 233331BK2<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18361.17     | 0.03%             | 2029-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust       | American Express Credit Account Master Trust                                    | CUSIP: 02589BAE0<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151856.43    | 0.27%             | 2029-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                 | Analog Devices Inc                                                              | CUSIP: 032654BD6<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     79000 | PA      | $79379.05     | 0.14%             | 2028-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                  | Cisco Systems Inc                                                               | CUSIP: 17275RBX9<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31702.94     | 0.06%             | 2030-02-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                  | L3Harris Technologies Inc                                                       | CUSIP: 502431AM1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27077.19     | 0.05%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                     | Eli Lilly & Co                                                                  | CUSIP: 532457CU0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136812.17    | 0.25%             | 2028-02-12      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                | Southern California Edison Co                                                   | CUSIP: 842400GJ6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82669.37     | 0.15%             | 2028-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                     | Fannie Mae-Aces                                                                 | CUSIP: 3136AUG21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    144569 | PA      | $141108.58    | 0.25%             | 2026-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                             | Goldman Sachs Bank USA/New York NY                                              | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3025.27      | 0.01%             | 2027-05-21      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                             | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128224.01    | 0.23%             | 2029-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                        | Freddie Mac Pool                                                                | CUSIP: 3133L8JQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     95312 | PA      | $88033.07     | 0.16%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26523.11     | 0.05%             | 2029-10-24      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust              | GM Financial Automobile Leasing Trust 2024-3                                    | CUSIP: 38012QAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100011.42    | 0.18%             | 2027-10-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3138LBBH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    128047 | PA      | $127089.55    | 0.23%             | 2025-11-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                           | Microchip Technology Inc                                                        | CUSIP: 595017BK9<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151682.77    | 0.27%             | 2028-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                  | Magnetite XII Ltd                                                               | CUSIP: 55953HBD4<br>LEI: 549300Z6VW568TT64K70 | Long             | ABS-CBDO         | CORP              | KY        |     87863 | PA      | $87885.34     | 0.16%             | 2031-10-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| HERSHEY COMPANY                                    | Hershey Co/The                                                                  | CUSIP: 427866BL1<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18366.47     | 0.03%             | 2030-02-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC                            | Essential Utilities Inc                                                         | CUSIP: 29670GAJ1<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101088.58    | 0.18%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                             | General Motors Financial Co Inc                                                 | CUSIP: 37045XBG0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28053.66     | 0.05%             | 2026-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                       | NiSource Inc                                                                    | CUSIP: 65473PAK1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20903.50     | 0.04%             | 2025-08-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                       | Synopsys Inc                                                                    | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27280.30     | 0.05%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | Neuberger Berman Loan Advisers Clo 43 Ltd                                       | CUSIP: 64134AAL6<br>LEI: 549300N83MM16HCONB28 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250044.75    | 0.45%             | 2036-07-17      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                  | State Street Corp                                                               | CUSIP: 857477BF9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     31000 | PA      | $28647.53     | 0.05%             | 2034-11-01      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                 | VICI Properties LP                                                              | CUSIP: 925650AJ2<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     50000 | PA      | $50420.50     | 0.09%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20344.04     | 0.04%             | 2030-07-19      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust 2025-1                                   | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100933.38    | 0.18%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                       | NiSource Inc                                                                    | CUSIP: 65473PAS4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154055.78    | 0.28%             | 2029-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                             | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAD5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100217.87    | 0.18%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                         | Fiserv Inc                                                                      | CUSIP: 337738BJ6<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29391.68     | 0.05%             | 2027-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17249.59     | 0.03%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3140HRXF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    190208 | PA      | $189062.31    | 0.34%             | 2025-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| USAA CAPITAL CORP                                  | USAA Capital Corp                                                               | CUSIP: 90327QDA4<br>LEI: 5493007XLF4LU3U2W757 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151055.67    | 0.27%             | 2028-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                           | JP Morgan Mortgage Trust Series 2025-NQM2                                       | CUSIP: 46590SAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49139 | PA      | $49352.84     | 0.09%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust 2021-RISE                                                              | CUSIP: 12434EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    169066 | PA      | $169011.99    | 0.30%             | 2036-11-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| ATLAS WAREHOUSE LEND                               | Atlas Warehouse Lending Co LP                                                   | CUSIP: 049463AD4<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253215.30    | 0.45%             | 2028-01-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CONSUMERS 23 SECURE FUND                           | Consumers 2023 Securitization Funding LLC                                       | CUSIP: 21071BAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150670 | PA      | $151783.60    | 0.27%             | 2028-03-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                              | Amrize Finance US LLC                                                           | CUSIP: 43475RAB2<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50467.70     | 0.09%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                              | Aon North America Inc                                                           | CUSIP: 03740MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     28000 | PA      | $28342.87     | 0.05%             | 2027-03-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     48000 | PA      | $46848.16     | 0.08%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| AGCO CORP                                          | AGCO Corp                                                                       | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27343.59     | 0.05%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                           | RTX Corp                                                                        | CUSIP: 75513ECH2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29651.51     | 0.05%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                              | Truist Financial Corp                                                           | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37865.80     | 0.07%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| HCA INC                                            | HCA Inc                                                                         | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121818.45    | 0.22%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVNET INC                                          | Avnet Inc                                                                       | CUSIP: 053807AW3<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |     54000 | PA      | $56143.41     | 0.10%             | 2028-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                            | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50394.27     | 0.09%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                 | VICI Properties LP                                                              | CUSIP: 925650AB9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |    100000 | PA      | $100590.38    | 0.18%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust 2024-FNX                                                               | CUSIP: 05593TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92027 | PA      | $92241.08     | 0.17%             | 2041-11-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                               | Royal Bank of Canada                                                            | CUSIP: 78017FZS5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     69000 | PA      | $69305.17     | 0.12%             | 2028-10-18      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac REMICS                                                              | CUSIP: 3137HCTZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    330721 | PA      | $332104.91    | 0.60%             | 2054-05-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                         | US Bancorp                                                                      | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    220000 | PA      | $212678.58    | 0.38%             | 2028-01-27      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                               | Boston Properties LP                                                            | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |    150000 | PA      | $146730.37    | 0.26%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                             | General Motors Financial Co Inc                                                 | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19089.76     | 0.03%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                | Gilead Sciences Inc                                                             | CUSIP: 375558CB7<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16337.10     | 0.03%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                   | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBT5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     83000 | PA      | $82604.09     | 0.15%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                        | CUSIP: 38376RWQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    165711 | PA      | $167214.27    | 0.30%             | 2066-06-20      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                          | Kubota Credit Owner Trust 2022-2                                                | CUSIP: 50117JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58368 | PA      | $58288.20     | 0.10%             | 2026-12-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                           | Public Service Enterprise Group Inc                                             | CUSIP: 744573AW6<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104703.94    | 0.19%             | 2028-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100780.00    | 0.18%             | 2030-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                        | Equinix Inc                                                                     | CUSIP: 29444UBF2<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |     33000 | PA      | $32957.68     | 0.06%             | 2025-07-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                              | Truist Financial Corp                                                           | CUSIP: 89788MAH5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16993.42     | 0.03%             | 2026-07-28      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                             | American Honda Finance Corp                                                     | CUSIP: 02665WFP1<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10011.88     | 0.02%             | 2026-10-05      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                                         | FedEx Corp                                                                      | CUSIP: 31428XBF2<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21791.72     | 0.04%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust 2022-LBA6                                                              | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $199997.26    | 0.36%             | 2039-01-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                           | Capital One Financial Corp                                                      | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38648.19     | 0.07%             | 2027-11-02      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS                             | Zimmer Biomet Holdings Inc                                                      | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52302.77     | 0.09%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                | Consumers Energy Co                                                             | CUSIP: 210518DV5<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23493.95     | 0.04%             | 2029-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                               | WEC Energy Group Inc                                                            | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106411.96    | 0.19%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                       | State Street Navigator Securities Lending Government Money Market Portfolio     | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |    276500 | NS      | $276500.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                           | Public Service Enterprise Group Inc                                             | CUSIP: 744573AP1<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9950.75      | 0.02%             | 2025-08-15      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                   | SMB Private Education Loan Trust 2025-A                                         | CUSIP: 83207EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98727 | PA      | $99973.73     | 0.18%             | 2054-04-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                           | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     50000 | PA      | $49885.78     | 0.09%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                             | American Honda Finance Corp                                                     | CUSIP: 02665WFT3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15048.89     | 0.03%             | 2027-10-22      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                            | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAL3<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21321.21     | 0.04%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                           | AT&T Inc                                                                        | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37244.45     | 0.07%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Card issuance Trust                    | WF Card Issuance Trust                                                          | CUSIP: 92970QAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155000 | PA      | $156352.19    | 0.28%             | 2030-05-15      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 31418DQF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    169766 | PA      | $158979.11    | 0.29%             | 2035-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2016-1 AA PTT                           | United Airlines 2016-1 Class AA Pass Through Trust                              | CUSIP: 90931LAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90638 | PA      | $86726.55     | 0.16%             | 2028-07-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust              | GM Financial Automobile Leasing Trust 2025-1                                    | CUSIP: 36271VAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115000 | PA      | $115822.16    | 0.21%             | 2028-02-21      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                             | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KCM0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12166.92     | 0.02%             | 2028-02-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                    | CVS Health Corp                                                                 | CUSIP: 126650DM9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    175000 | PA      | $164104.75    | 0.29%             | 2027-08-21      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                              | Toronto-Dominion Bank/The                                                       | CUSIP: 89115A2W1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     48000 | PA      | $48612.56     | 0.09%             | 2027-04-05      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US LONG BOND(CBT) SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -1 | NC      | $-4149.17     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                                       | Stryker Corp                                                                    | CUSIP: 863667BK6<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |     58000 | PA      | $58801.36     | 0.11%             | 2028-02-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health Incorporated                  | Elanco Animal Health Inc Term Loan B                                            | CUSIP: 28414BAF3<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |     59892 | PA      | $59919.35     | 0.11%             | 2027-08-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                       | Broadcom Inc                                                                    | CUSIP: 11135FAN1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31710.06     | 0.06%             | 2026-09-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust 2022-VAMF                                                              | CUSIP: 05609TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $199942.50    | 0.36%             | 2039-01-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    125000 | PA      | $124209.70    | 0.22%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust 2023-C                                             | CUSIP: 344940AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7320 | PA      | $7323.78      | 0.01%             | 2026-09-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                           | Lloyds Banking Group PLC                                                        | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203074.36    | 0.36%             | 2027-08-07      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3140LFR63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $96895.96     | 0.17%             | 2027-03-01      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                      | DTE Energy Co                                                                   | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101196.60    | 0.18%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CNH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1508400 | PA      | $1516472.29   | 2.72%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 16-2 AA PTT                           | American Airlines 2016-2 Class AA Pass Through Trust                            | CUSIP: 023765AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    121400 | PA      | $116527.20    | 0.21%             | 2028-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                | Cardinal Health Inc                                                             | CUSIP: 14149YBR8<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10196.69     | 0.02%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                | American Express Co                                                             | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20188.88     | 0.04%             | 2027-04-23      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Trust 2025-DIME                                                              | CUSIP: 05613UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99789.43     | 0.18%             | 2035-02-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                   | T-Mobile USA Inc                                                                | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     39000 | PA      | $36869.85     | 0.07%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                     | S&P Global Inc                                                                  | CUSIP: 78409VBJ2<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     26000 | PA      | $24650.01     | 0.04%             | 2029-03-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| World Omni Automobile Lease Securitization Trust   | World Omni Automobile Lease Securitization Trust 2025-A                         | CUSIP: 98164PAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100278.79    | 0.18%             | 2028-04-17      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| MARS INC                                           | Mars Inc                                                                        | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11149.20     | 0.02%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                             | Canadian Imperial Bank of Commerce                                              | CUSIP: 13607PH98<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     13000 | PA      | $13142.34     | 0.02%             | 2029-03-30      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                            | Hyundai Capital America                                                         | CUSIP: 44891ADK0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100482.40    | 0.18%             | 2027-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                           | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47175.23     | 0.08%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Invesco CLO LTD                                    | Invesco US CLO 2023-1 Ltd                                                       | CUSIP: 46146GAQ5<br>LEI: 54930008KXQ75MGXPQ71 | Long             | ABS-CBDO         | CORP              | JE        |    300000 | PA      | $300960.60    | 0.54%             | 2037-04-22      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3140HYDL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    275000 | PA      | $262970.02    | 0.47%             | 2027-05-01      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                             | John Deere Owner Trust 2024                                                     | CUSIP: 47800RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45000 | PA      | $45437.39     | 0.08%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust 2024-2                       | CUSIP: 379931AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120000 | PA      | $121107.84    | 0.22%             | 2029-03-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust         | JPMBB Commercial Mortgage Securities Trust 2014-C25                             | CUSIP: 46643PBE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13844 | PA      | $13561.55     | 0.02%             | 2047-11-15      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| TTAN                                               | TTAN 2021-MHC                                                                   | CUSIP: 87303TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    153809 | PA      | $153924.73    | 0.28%             | 2038-03-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP                             | Toll Brothers Finance Corp                                                      | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $48757.88     | 0.09%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                           | Flex Ltd                                                                        | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $103199.94    | 0.19%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STANLEY BLACK & DECKER I                           | Stanley Black & Decker Inc                                                      | CUSIP: 854502AT8<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |     27000 | PA      | $28120.23     | 0.05%             | 2028-03-06      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3138LCTQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    128781 | PA      | $127499.62    | 0.23%             | 2026-01-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                       | AES Corp/The                                                                    | CUSIP: 00130HCH6<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65417.68     | 0.12%             | 2028-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NOVARTIS CAPITAL CORP                              | Novartis Capital Corp                                                           | CUSIP: 66989HAT5<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14876.47     | 0.03%             | 2029-09-18      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust 2023-4                       | CUSIP: 379930AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    172000 | PA      | $174023.94    | 0.31%             | 2028-08-16      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Owner Trust                            | BMW Vehicle Owner Trust 2024-A                                                  | CUSIP: 096919AE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $61409.44     | 0.11%             | 2031-04-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Commercial Mortgage Trust 2021-XL2                                           | CUSIP: 05609KAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59498 | PA      | $59506.59     | 0.11%             | 2038-10-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                               | Verizon Master Trust Series 2024-4                                              | CUSIP: 92348KCU5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $191726.74    | 0.34%             | 2029-06-20      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                              | Truist Financial Corp                                                           | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38116.53     | 0.07%             | 2030-01-24      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                               | Royal Bank of Canada                                                            | CUSIP: 78017DAF5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     34000 | PA      | $34218.89     | 0.06%             | 2028-03-27      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101367.32    | 0.18%             | 2029-01-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                                       | Veralto Corp                                                                    | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    182000 | PA      | $184217.14    | 0.33%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                      | Boeing Co/The                                                                   | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51461.35     | 0.09%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                  | Polaris Newco LLC USD Term Loan B                                               | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |     98214 | PA      | $95899.29     | 0.17%             | 2028-06-02      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| CAPITAL POWER US HOLDING                           | Capital Power US Holdings Inc                                                   | CUSIP: 14041TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $23316.20     | 0.04%             | 2028-06-01      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                           | Capital One Financial Corp                                                      | CUSIP: 14040HDE2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36212.23     | 0.06%             | 2030-02-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                         | Humana Inc                                                                      | CUSIP: 444859BU5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30972.30     | 0.06%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3138LH6P4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    142217 | PA      | $139550.99    | 0.25%             | 2027-05-01      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON                            | Bank of New York Mellon/The                                                     | CUSIP: 06405LAH4<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253569.21    | 0.45%             | 2029-04-20      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                            | American Electric Power Co Inc                                                  | CUSIP: 025537AY7<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37958.58     | 0.07%             | 2029-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Stryker Corp                                       | Stryker Corp                                                                    | CUSIP: 863667AQ4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32581.04     | 0.06%             | 2028-03-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp                                | Sprint Capital Corp                                                             | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     69000 | PA      | $74091.25     | 0.13%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRUST                   | SoFi Consumer Loan Program 2025-1 Trust                                         | CUSIP: 83406YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101071.82    | 0.18%             | 2034-02-27      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                   | LPL Holdings Inc                                                                | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101932.16    | 0.18%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                             | John Deere Owner Trust 2025                                                     | CUSIP: 47800DAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100546.94    | 0.18%             | 2032-02-17      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                              | Accenture Capital Inc                                                           | CUSIP: 00440KAA1<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9972.31      | 0.02%             | 2027-10-04      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                           | CenterPoint Energy Houston Electric LLC                                         | CUSIP: 15189XBG2<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27491.84     | 0.05%             | 2030-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                           | Baltimore Gas and Electric Co                                                   | CUSIP: 059165EG1<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |    136000 | PA      | $133387.24    | 0.24%             | 2026-08-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                 | Credit Agricole SA                                                              | CUSIP: 22535WAP2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $254161.24    | 0.46%             | 2029-01-09      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust 2024-5                                   | CUSIP: 802920AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100474.00    | 0.18%             | 2031-01-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                                        | Nutrien Ltd                                                                     | CUSIP: 67077MBC1<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |     71000 | PA      | $72121.35     | 0.13%             | 2027-06-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 2YR NOTE (CBT) SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        38 | NC      | $25996.45     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PIONEER NATURAL RESOURCE                           | Pioneer Natural Resources Co                                                    | CUSIP: 723787AT4<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32430.74     | 0.06%             | 2026-01-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                           | Angel Oak Mortgage Trust 2025-7                                                 | CUSIP: 03466TAA5<br>LEI: 254900QTRHHMG5RQ9X60 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100654.77    | 0.18%             | 2070-06-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30700 | PA      | $30818.72     | 0.06%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OGE ENERGY CORP                                    | OGE Energy Corp                                                                 | CUSIP: 670837AD5<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155456.63    | 0.28%             | 2029-05-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX 2024-PALM                                                                    | CUSIP: 05612UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86538 | PA      | $86657.31     | 0.16%             | 2037-06-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust 2024-3                                   | CUSIP: 80287LAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22028 | PA      | $22040.83     | 0.04%             | 2027-06-15      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.   | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BP4K2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $98644.76     | 0.18%             | 2026-03-25      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                          | BMP 2024-MF23                                                                   | CUSIP: 05593JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100244.80    | 0.18%             | 2041-06-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                        | BNP Paribas SA                                                                  | CUSIP: 09659W3C6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $201060.06    | 0.36%             | 2029-05-09      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                              | Northrop Grumman Corp                                                           | CUSIP: 666807CN0<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8072.62      | 0.01%             | 2030-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3140LDMQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    230000 | PA      | $210764.23    | 0.38%             | 2028-11-01      | Fixed         | 1.39%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                           | Amcor Flexibles North America Inc                                               | CUSIP: 02344AAC2<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50371.99     | 0.09%             | 2028-03-17      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                 | Essex Portfolio LP                                                              | CUSIP: 29717PAR8<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              |  | US        |    190000 | PA      | $187856.65    | 0.34%             | 2027-05-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                            | Laboratory Corp of America Holdings                                             | CUSIP: 50540RAZ5<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9935.78      | 0.02%             | 2030-04-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                        | Ovintiv Inc                                                                     | CUSIP: 651290AR9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21020.09     | 0.04%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust 2022-B                                                      | CUSIP: 12663JAD3<br>LEI: 549300BIZ8MA1TOD5D46 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99511.93     | 0.18%             | 2028-03-15      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                            | CUSIP: 06051GJK6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12865.26     | 0.02%             | 2026-10-24      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                    | AREIT 2025-CRE10 Ltd                                                            | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99842.38     | 0.18%             | 2029-12-17      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                           | Caterpillar Financial Services Corp                                             | CUSIP: 14913UAY6<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38289.64     | 0.07%             | 2028-03-03      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                       | UBS Group AG                                                                    | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    245000 | PA      | $245536.86    | 0.44%             | 2027-08-05      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                           | Vistra Operations Co LLC                                                        | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100551.40    | 0.18%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                               | Royal Bank of Canada                                                            | CUSIP: 78017DAA6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101476.26    | 0.18%             | 2029-01-24      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                        | Ameren Corp                                                                     | CUSIP: 023608AP7<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23375.47     | 0.04%             | 2026-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Merit                                              | MHP 2022-MHIL                                                                   | CUSIP: 55293DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    101475 | PA      | $101444.83    | 0.18%             | 2039-01-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                      | Amphenol Corp                                                                   | CUSIP: 032095AT8<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52370.13     | 0.09%             | 2028-06-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27647.03     | 0.05%             | 2031-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| GLAXOSMITHKLINE CAPITAL                            | GLAXOSMITHKLINE CAPITAL                                                         | CUSIP: 377372AP2<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13106.59     | 0.02%             | 2030-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                               | Edison International                                                            | CUSIP: 281020BA4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     91000 | PA      | $90044.15     | 0.16%             | 2029-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                           | Element Fleet Management Corp                                                   | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    104000 | PA      | $105657.07    | 0.19%             | 2027-03-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust 2021-3                       | CUSIP: 380140AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    153572 | PA      | $152923.02    | 0.27%             | 2027-08-16      | Fixed         | 0.73%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                            | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    200000 | PA      | $200260.18    | 0.36%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Tesla Electric Vehicle Trust                       | Tesla Electric Vehicle Trust 2023-1                                             | CUSIP: 881943AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67643 | PA      | $67749.04     | 0.12%             | 2026-12-21      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                              | Becton Dickinson & Co                                                           | CUSIP: 075887CQ0<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64643.23     | 0.12%             | 2028-02-13      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| ERAC USA FINANCE LLC                               | ERAC USA Finance LLC                                                            | CUSIP: 26884TAY8<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20481.17     | 0.04%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                               | Royal Bank of Canada                                                            | CUSIP: 78016HZZ6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     37000 | PA      | $37526.04     | 0.07%             | 2030-08-02      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7256.45      | 0.01%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                           | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 63743HFS6<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13386.57     | 0.02%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust              | Wells Fargo Commercial Mortgage Trust 2025-VTT                                  | CUSIP: 94990GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100469.08    | 0.18%             | 2038-03-15      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                  | State Street Corp                                                               | CUSIP: 857477CN1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42350.25     | 0.08%             | 2029-02-20      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Porsche Financial Auto Securitization Trust        | Porsche Financial Auto Securitization Trust 2023-2                              | CUSIP: 732916AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    189035 | PA      | $190512.04    | 0.34%             | 2029-01-22      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                               | Waste Management Inc                                                            | CUSIP: 94106LBX6<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48836.29     | 0.09%             | 2027-07-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FL PROJ FIN                            | Duke Energy Florida Project Finance LLC                                         | CUSIP: 26444GAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    104303 | PA      | $100267.64    | 0.18%             | 2029-09-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Commercial Mortgage Trust 2021-ACNT                                          | CUSIP: 05609QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171460 | PA      | $171462.27    | 0.31%             | 2038-11-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                   | Alabama Power Co                                                                | CUSIP: 010392FY9<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37831.14     | 0.07%             | 2027-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                            | HCA Inc                                                                         | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     39000 | PA      | $40159.61     | 0.07%             | 2028-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                | American Express Co                                                             | CUSIP: 025816DP1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7081.99      | 0.01%             | 2028-02-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                               | CUSIP: 31396KD33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    267158 | PA      | $265482.93    | 0.48%             | 2036-09-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3138LCKF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    189616 | PA      | $188119.47    | 0.34%             | 2025-11-01      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| HANOVER INSURANCE GROUP                            | Hanover Insurance Group Inc/The                                                 | CUSIP: 410867AF2<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16954.61     | 0.03%             | 2026-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                       | Comcast Corp                                                                    | CUSIP: 20030NED9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31350.62     | 0.06%             | 2029-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                 | Meta Platforms Inc                                                              | CUSIP: 30303M8S4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25233.45     | 0.05%             | 2029-08-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                            | Hyundai Capital America                                                         | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12190.93     | 0.02%             | 2026-09-21      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                     | Solventum Corp                                                                  | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61003.76     | 0.11%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                             | Canadian Imperial Bank of Commerce                                              | CUSIP: 13607LNG4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    180000 | PA      | $183658.25    | 0.33%             | 2028-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DLLAA LLC                                          | DLLAA 2025-1 LLC                                                                | CUSIP: 233249AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $162970.93    | 0.29%             | 2029-09-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                            | Nissan Auto Lease Trust 2024-A                                                  | CUSIP: 65481CAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100594.34    | 0.18%             | 2028-09-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                              | Quest Diagnostics Inc                                                           | CUSIP: 74834LBE9<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48449.04     | 0.09%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3138ET5D4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67903 | PA      | $67595.75     | 0.12%             | 2025-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3138LLJV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    192775 | PA      | $188430.57    | 0.34%             | 2027-11-01      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PDW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    266000 | PA      | $271851.97    | 0.49%             | 2027-10-22      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding LLC                       | Deerfield Dakota Holding LLC 2020 USD Term Loan B                               | CUSIP: 24440EAB3<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |     48322 | PA      | $47071.23     | 0.08%             | 2027-04-09      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust        | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99871.99     | 0.18%             | 2040-02-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                               | FirstKey Homes 2020-SFR2 Trust                                                  | CUSIP: 33767JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    218741 | PA      | $215980.54    | 0.39%             | 2037-10-19      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                            | Dryden 53 CLO Ltd                                                               | CUSIP: 26243EAP6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250187.50    | 0.45%             | 2031-01-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                           | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $149829.96    | 0.27%             | 2027-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                         | Fiserv Inc                                                                      | CUSIP: 337738BD9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30838.67     | 0.06%             | 2028-03-02      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                             | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    180000 | PA      | $185091.15    | 0.33%             | 2027-10-20      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | Wells Fargo & Co                                                                | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54733.30     | 0.10%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                               | Bank of America Corp                                                            | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     51000 | PA      | $49861.52     | 0.09%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18456.73     | 0.03%             | 2031-04-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                | PFS Financing Corp                                                              | CUSIP: 69335PEY7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $223357.93    | 0.40%             | 2028-10-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                      | TransDigm Inc 2023 Term Loan J                                                  | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    197503 | PA      | $197996.29    | 0.36%             | 2031-02-28      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                       | Broadcom Inc                                                                    | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    111000 | PA      | $110697.97    | 0.20%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD                           | Aspen Insurance Holdings Ltd                                                    | CUSIP: 04530DAE2<br>LEI: 549300YX6HECG9XQCQ75 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $50849.69     | 0.09%             | 2030-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RELX CAPITAL INC                                   | RELX Capital Inc                                                                | CUSIP: 74949LAF9<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17231.19     | 0.03%             | 2030-03-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Limited                          | Titan Acquisition Limited 2024 Term Loan B                                      | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |    130952 | PA      | $131443.44    | 0.24%             | 2029-02-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                                     | Albemarle Corp                                                                  | CUSIP: 012653AD3<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |     51000 | PA      | $50842.46     | 0.09%             | 2027-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99942.81     | 0.18%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group Inc/The                                                     | CUSIP: 38145GAM2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250353.54    | 0.45%             | 2026-08-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Octagon Loan Funding Ltd                           | Octagon Loan Funding Ltd                                                        | CUSIP: 67590RAY1<br>LEI: 549300HJJWTCMWFILG24 | Long             | ABS-CBDO         | CORP              | KY        |    102420 | PA      | $102523.43    | 0.18%             | 2031-11-18      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Volvo Financial Equipment LLC                      | Volvo Financial Equipment LLC Series 2025-1                                     | CUSIP: 92887TAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100742.94    | 0.18%             | 2029-05-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25245.04     | 0.05%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                     | Fannie Mae-Aces                                                                 | CUSIP: 3136ASVZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    141436 | PA      | $138987.51    | 0.25%             | 2026-05-25      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                   | Bain Capital CLO 2024-1 Ltd                                                     | CUSIP: 056920AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250725.00    | 0.45%             | 2037-04-16      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                                 | Honda Motor Co Ltd                                                              | CUSIP: 438127AD4<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     28000 | PA      | $28038.65     | 0.05%             | 2028-07-08      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                     | SWCH Commercial Mortgage Trust 2025-DATA                                        | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $124281.69    | 0.22%             | 2042-02-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                | Cardinal Health Inc                                                             | CUSIP: 14149YBN7<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     41000 | PA      | $42058.40     | 0.08%             | 2029-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SMRT                                               | SMRT 2022-MINI                                                                  | CUSIP: 78457JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $199341.98    | 0.36%             | 2039-01-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                        | Walmart Inc                                                                     | CUSIP: 931142FN8<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11129.14     | 0.02%             | 2030-04-28      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                  | State Street Corp                                                               | CUSIP: 857477CU5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32368.61     | 0.06%             | 2028-02-28      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| LENNOX INTERNATIONAL INC                           | Lennox International Inc                                                        | CUSIP: 526107AG2<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103155.32    | 0.19%             | 2028-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA FINANCE LLC                            | Astrazeneca Finance LLC                                                         | CUSIP: 04636NAK9<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121368.85    | 0.22%             | 2027-02-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                           | Toyota Motor Credit Corp                                                        | CUSIP: 89236TLY9<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25378.62     | 0.05%             | 2027-03-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORPORATION                               | Carnival Corporation 2025 Term Loan (2028)                                      | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |     77365 | PA      | $77413.11     | 0.14%             | 2028-10-18      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                            | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201296.18    | 0.36%             | 2029-05-09      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DARDEN RESTAURANTS INC                             | Darden Restaurants Inc                                                          | CUSIP: 237194AP0<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100225.48    | 0.18%             | 2027-10-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust           | AmeriCredit Automobile Receivables Trust 2024-1                                 | CUSIP: 023947AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53869 | PA      | $53993.15     | 0.10%             | 2028-02-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                   | Crown Castle Inc                                                                | CUSIP: 22822VBD2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     40000 | PA      | $41303.22     | 0.07%             | 2029-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                            | UKG Inc 2024 Term Loan B                                                        | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    197496 | PA      | $198401.29    | 0.36%             | 2031-02-10      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| EASTMAN CHEMICAL CO                                | Eastman Chemical Co                                                             | CUSIP: 277432AZ3<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37535.23     | 0.07%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                | Cardinal Health Inc                                                             | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12066.50     | 0.02%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $765791.02    | 1.37%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO             | JW Trust 2024-BERY                                                              | CUSIP: 46676AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100216.27    | 0.18%             | 2039-11-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20395.54     | 0.04%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                | Bank of Nova Scotia/The                                                         | CUSIP: 06418GAL1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    130000 | PA      | $130255.33    | 0.23%             | 2028-09-08      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                | Charles Schwab Corp/The                                                         | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23391.60     | 0.04%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CNF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     43200 | PA      | $43574.63     | 0.08%             | 2032-05-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                   | Ventas Realty LP                                                                | CUSIP: 92277GAL1<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              |  | US        |    100000 | PA      | $99082.53     | 0.18%             | 2027-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59187.83     | 0.11%             | 2028-10-22      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Tesla Electric Vehicle Trust                       | Tesla Electric Vehicle Trust 2023-1                                             | CUSIP: 881943AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252177.20    | 0.45%             | 2028-06-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                           | Ford Motor Credit Co LLC                                                        | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198687.06    | 0.36%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                    | CVS Health Corp                                                                 | CUSIP: 126650EB2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36028.48     | 0.06%             | 2029-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust 2024-C                                                      | CUSIP: 18978GAB0<br>LEI: 549300BIZ8MA1TOD5D46 | Long             | ABS-O            | CORP              | US        |    111232 | PA      | $111107.74    | 0.20%             | 2028-02-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 5YR NOTE (CBT) SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -15 | NC      | $-18075.67    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                            | CUSIP: 06051GMK2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152177.19    | 0.27%             | 2029-01-24      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                                     | Starbucks Corp                                                                  | CUSIP: 855244BN8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50261.28     | 0.09%             | 2028-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                           | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     41000 | PA      | $40249.15     | 0.07%             | 2026-02-21      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| 3M COMPANY                                         | 3M Co                                                                           | CUSIP: 88579YBQ3<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18305.04     | 0.03%             | 2030-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                           | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 63743HFT4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33981.96     | 0.06%             | 2027-09-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                    | Benefit Street Partners CLO XXI Ltd                                             | CUSIP: 08186RAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250372.25    | 0.45%             | 2034-10-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                            | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32082.82     | 0.06%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                  | Eversource Energy                                                               | CUSIP: 30040WAQ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |     43000 | PA      | $41967.21     | 0.08%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I                           | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115500 | PA      | $116334.12    | 0.21%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                            | CUSIP: 06051GHV4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17137.24     | 0.03%             | 2030-07-23      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | Wells Fargo & Co                                                                | CUSIP: 95000U3T8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152118.73    | 0.27%             | 2029-04-23      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                              | Toronto-Dominion Bank/The                                                       | CUSIP: 89115A2S0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     34000 | PA      | $34427.39     | 0.06%             | 2026-07-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                           | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     38000 | PA      | $36137.98     | 0.06%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                                         | Zoetis Inc                                                                      | CUSIP: 98978VAU7<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21046.16     | 0.04%             | 2025-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                           | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 63743HFK3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10174.18     | 0.02%             | 2026-11-13      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                         | VMware LLC                                                                      | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27088.41     | 0.05%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                     | Mercedes-Benz Auto Lease Trust 2024-A                                           | CUSIP: 58770JAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $60754.80     | 0.11%             | 2028-01-18      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                 | Energy Transfer LP                                                              | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154384.88    | 0.28%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                               | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100191.00    | 0.18%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| SPECTRA ENERGY PARTNERS                            | Spectra Energy Partners LP                                                      | CUSIP: 84756NAH2<br>LEI: 2HKVXE7U4NF5B6UGSU72 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197261.52    | 0.35%             | 2026-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                           | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25196.69     | 0.05%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                | American Tower Corp                                                             | CUSIP: 03027XCC2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      9000 | PA      | $9229.84      | 0.02%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust       | American Express Credit Account Master Trust                                    | CUSIP: 02589BAC4<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $258449.20    | 0.46%             | 2030-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                              | Uber Technologies Inc                                                           | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14943.50     | 0.03%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust 2025-2                                   | CUSIP: 80287NAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80000 | PA      | $80039.47     | 0.14%             | 2028-06-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CONSOLIDATED                             | Coca-Cola Consolidated Inc                                                      | CUSIP: 191098AM4<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51544.83     | 0.09%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                         | Navient Private Education Refi Loan Trust 2020-E                                | CUSIP: 63941TAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195810 | PA      | $182079.41    | 0.33%             | 2069-05-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                         | Navient Private Education Refi Loan Trust 2020-H                                | CUSIP: 63935BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     84247 | PA      | $79214.20     | 0.14%             | 2069-01-15      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables 2024-D Owner Trust                                      | CUSIP: 89239TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90171 | PA      | $90185.60     | 0.16%             | 2027-08-16      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Commercial Mortgage Trust 2024-AIRC                                          | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97072 | PA      | $97579.11     | 0.18%             | 2039-08-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                              | Southern California Gas Co                                                      | CUSIP: 842434CW0<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245019.90    | 0.44%             | 2027-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP                             | Bunge Ltd Finance Corp                                                          | CUSIP: 120568BB5<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39836.19     | 0.07%             | 2025-08-17      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                   | Ryder System Inc                                                                | CUSIP: 78355HKW8<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     49000 | PA      | $50295.87     | 0.09%             | 2028-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                        | Southern Co/The                                                                 | CUSIP: 842587DS3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     29000 | PA      | $30201.04     | 0.05%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                                 | BMW US Capital LLC                                                              | CUSIP: 05565EBW4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27079.84     | 0.05%             | 2026-08-12      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                            | Connecticut Light and Power Co/The                                              | CUSIP: 207597ER2<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15191.44     | 0.03%             | 2029-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| PEPSICO SINGAPORE FIN                              | Pepsico Singapore Financing I Pte Ltd                                           | CUSIP: 713466AE0<br>LEI: 254900DOMTCMUFROFJ76 | Long             | DBT              | CORP              | SG        |    135000 | PA      | $135334.33    | 0.24%             | 2027-02-16      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                           | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     35000 | PA      | $35794.85     | 0.06%             | 2028-02-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                         | AbbVie Inc                                                                      | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9568.07      | 0.02%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                               | WEC Energy Group Inc                                                            | CUSIP: 92939UAK2<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14005.03     | 0.03%             | 2026-01-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AIR PRODUCTS & CHEMICALS                           | Air Products and Chemicals Inc                                                  | CUSIP: 009158BN5<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57305.12     | 0.10%             | 2028-06-11      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                             | John Deere Owner Trust 2023-C                                                   | CUSIP: 47787CAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $357486.99    | 0.64%             | 2030-08-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| NUCOR CORP                                         | Nucor Corp                                                                      | CUSIP: 670346AZ8<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28232.39     | 0.05%             | 2030-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3140J8K93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    320353 | PA      | $311647.37    | 0.56%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INFOR INC                                          | Infor LLC                                                                       | CUSIP: 45674CAA1<br>LEI: 549300Q3IIYBYI4RHD64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99862.83     | 0.18%             | 2025-07-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                   | T-Mobile USA Inc                                                                | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8665.99      | 0.02%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                   | Ryder System Inc                                                                | CUSIP: 78355HLC1<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11198.80     | 0.02%             | 2029-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                            | John Deere Capital Corp                                                         | CUSIP: 24422EYD5<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     66000 | PA      | $66404.92     | 0.12%             | 2028-06-05      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                       | Hilton Grand Vacations Trust 2024-2                                             | CUSIP: 43283JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     66896 | PA      | $68236.59     | 0.12%             | 2038-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                  | Hyatt Hotels Corp                                                               | CUSIP: 448579AU6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     66000 | PA      | $66733.99     | 0.12%             | 2028-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 A PTT                            | United Airlines 2020-1 Class A Pass Through Trust                               | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3180 | PA      | $3247.65      | 0.01%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                  | Cisco Systems Inc                                                               | CUSIP: 17275RBW1<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37499.59     | 0.07%             | 2028-02-24      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HEICO CORP                                         | HEICO Corp                                                                      | CUSIP: 422806AA7<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | DBT              | CORP              | US        |    116000 | PA      | $119047.31    | 0.21%             | 2028-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                     | Home Depot Inc/The                                                              | CUSIP: 437076DB5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17276.57     | 0.03%             | 2027-06-25      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ameren Illinois Co                                 | Ameren Illinois Co                                                              | CUSIP: 02361DAS9<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45665.26     | 0.08%             | 2028-05-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207780.67    | 0.37%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | Neuberger Berman Loan Advisers CLO 32 Ltd                                       | CUSIP: 64132DAJ7<br>LEI: 5493007YBEOXQIHH3C54 | Long             | ABS-CBDO         | CORP              | KY        |    217319 | PA      | $217446.47    | 0.39%             | 2032-01-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust 2024-5                                   | CUSIP: 802920AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47900 | PA      | $47917.19     | 0.09%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust       | American Express Credit Account Master Trust                                    | CUSIP: 02582JKP4<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $135942.39    | 0.24%             | 2030-04-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                   | Georgia Power Co                                                                | CUSIP: 373334KV2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19276.36     | 0.03%             | 2027-02-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                           | Capital One Financial Corp                                                      | CUSIP: 14040HCX1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37895.79     | 0.07%             | 2029-02-01      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust 2023-2                       | CUSIP: 362583AG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275000 | PA      | $277689.61    | 0.50%             | 2028-12-18      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                        | Oracle Corp                                                                     | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32330.46     | 0.06%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD             | Goldentree Loan Management US CLO 1 Ltd                                         | CUSIP: 38136FBU6<br>LEI: 549300BE2068MP2P8N06 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249829.50    | 0.45%             | 2034-04-20      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                             | John Deere Owner Trust 2024-C                                                   | CUSIP: 477911AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $105036.77    | 0.19%             | 2029-06-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust      | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC                   | CUSIP: 466330AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    173189 | PA      | $173275.27    | 0.31%             | 2038-04-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                         | VMware LLC                                                                      | CUSIP: 928563AC9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69411.60     | 0.12%             | 2027-08-21      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                              | Wells Fargo & Co                                                                | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23363.98     | 0.04%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                                    | Chevron USA Inc                                                                 | CUSIP: 166756BD7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18365.27     | 0.03%             | 2030-04-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                            | CUSIP: 06051GJZ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10312.34     | 0.02%             | 2029-06-14      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                              | LoanCore 2025 2025-CRE8 Issuer LLC                                              | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99746.87     | 0.18%             | 2042-08-17      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Chase Issuance Trust                               | Chase Issuance Trust                                                            | CUSIP: 161571HW7<br>LEI: 5493008SHVCX2Y068L12 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101897.92    | 0.18%             | 2031-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEVICES                             | Advanced Micro Devices Inc                                                      | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27203.37     | 0.05%             | 2028-03-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                             | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KBY5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20259.47     | 0.04%             | 2027-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11809.95     | 0.02%             | 2026-12-10      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                                 | Smith & Nephew PLC                                                              | CUSIP: 83192PAC2<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $60741.32     | 0.11%             | 2027-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                     | Enterprise Fleet Financing 2022-4 LLC                                           | CUSIP: 29374GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97603 | PA      | $98006.76     | 0.18%             | 2029-10-22      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Volvo Financial Equipment LLC                      | Volvo Financial Equipment LLC Series 2024-1                                     | CUSIP: 92887QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60000 | PA      | $60142.37     | 0.11%             | 2028-10-16      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3140JB7B6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     85970 | PA      | $85688.71     | 0.15%             | 2025-10-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3140HRHS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75000 | PA      | $74563.58     | 0.13%             | 2025-11-01      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| PRIVATE EXPORT FUNDING                             | Private Export Funding Corp                                                     | CUSIP: 74274TAL4<br>LEI: CYQE6SAYPFKNQJ6FMH60 | Long             | DBT              | CORP              | US        |    221000 | PA      | $222344.23    | 0.40%             | 2027-02-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BAKER HUGHES LLC/CO-OBL                            | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                         | CUSIP: 05724BAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24229.10     | 0.04%             | 2026-12-15      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                               | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48469.29     | 0.09%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                 | Ingersoll Rand Inc                                                              | CUSIP: 45687VAC0<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     33000 | PA      | $33557.79     | 0.06%             | 2027-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PCW4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29324.24     | 0.05%             | 2028-02-24      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                | Dominion Energy Inc                                                             | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    165000 | PA      | $166133.35    | 0.30%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3140HTEQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    170000 | PA      | $168232.19    | 0.30%             | 2026-03-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust 2024-1                                   | CUSIP: 80288AAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83276 | PA      | $83419.99     | 0.15%             | 2028-04-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    234000 | PA      | $225815.45    | 0.41%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 19-1 A PTT                             | British Airways 2019-1 Class A Pass Through Trust                               | CUSIP: 11043XAB9<br>LEI: 635400GSHSFIWYIDXC76 | Long             | DBT              | CORP              | US        |     49261 | PA      | $47160.61     | 0.08%             | 2029-06-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                             | UnitedHealth Group Inc                                                          | CUSIP: 91324PDE9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     53000 | PA      | $51574.71     | 0.09%             | 2027-10-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                | American Tower Corp                                                             | CUSIP: 03027XAX8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    200000 | PA      | $195314.94    | 0.35%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac REMICS                                                              | CUSIP: 3137HHMV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    450026 | PA      | $452957.06    | 0.81%             | 2054-12-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                             | Diamondback Energy Inc                                                          | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     44000 | PA      | $44621.05     | 0.08%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                            | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305307.10    | 0.55%             | 2027-09-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                           | Toyota Motor Credit Corp                                                        | CUSIP: 89236TMS1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    205000 | PA      | $205914.07    | 0.37%             | 2027-10-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                        | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B                    | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    196429 | PA      | $197515.05    | 0.35%             | 2028-05-12      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                             | General Motors Financial Co Inc                                                 | CUSIP: 37045XBT2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31870.26     | 0.06%             | 2027-01-17      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust 2023-A                                             | CUSIP: 344928AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252327.40    | 0.45%             | 2029-01-15      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                               | Las Vegas Sands Corp                                                            | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51108.92     | 0.09%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables 2024-A Owner Trust                                      | CUSIP: 89238DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100623.32    | 0.18%             | 2028-10-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| CADENCE DESIGN SYS INC                             | Cadence Design Systems Inc                                                      | CUSIP: 127387AM0<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |     62000 | PA      | $62103.66     | 0.11%             | 2027-09-10      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                       | Ford Credit Auto Lease Trust 2023-A                                             | CUSIP: 345287AG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132576 | PA      | $132630.18    | 0.24%             | 2026-12-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                   | THPT 2023-THL Mortgage Trust                                                    | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88366 | PA      | $89938.79     | 0.16%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                 | Regal Rexnord Corp                                                              | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150889.17    | 0.27%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust              | GM Financial Automobile Leasing Trust 2024-2                                    | CUSIP: 36269WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75000 | PA      | $75619.14     | 0.14%             | 2027-07-20      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| GATX CORP                                          | GATX Corp                                                                       | CUSIP: 361448BP7<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43611.32     | 0.08%             | 2027-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                   | LPL Holdings Inc                                                                | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100779.84    | 0.18%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                             | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37877.29     | 0.07%             | 2030-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                         | US Bancorp                                                                      | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20771.21     | 0.04%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16616.77     | 0.03%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust 2024-2                                             | CUSIP: 24704EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100680.36    | 0.18%             | 2030-08-22      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                           | Lloyds Banking Group PLC                                                        | CUSIP: 53944YAZ6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202764.14    | 0.36%             | 2028-01-05      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae REMICS                                                               | CUSIP: 3136BRMG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    252374 | PA      | $253049.11    | 0.45%             | 2054-04-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                             | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RCH8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29164.06     | 0.05%             | 2028-06-09      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | Neuberger Berman Loan Advisers Clo 42 Ltd                                       | CUSIP: 64133WAL9<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249375.00    | 0.45%             | 2035-07-16      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                             | Sempra                                                                          | CUSIP: 816851BQ1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7069.63      | 0.01%             | 2026-08-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                              | Truist Financial Corp                                                           | CUSIP: 89788MAD4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     18000 | PA      | $17600.81     | 0.03%             | 2027-03-02      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                             | John Deere Owner Trust 2024-B                                                   | CUSIP: 47786WAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101653.86    | 0.18%             | 2029-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PACCAR FINANCIAL CORP                              | PACCAR Financial Corp                                                           | CUSIP: 69371RT48<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25874.67     | 0.05%             | 2029-09-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                        | Exelon Corp                                                                     | CUSIP: 30161NBM2<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16422.14     | 0.03%             | 2029-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 16-3 AA PTT                           | American Airlines 2016-3 Class AA Pass Through Trust                            | CUSIP: 023771R91<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    119658 | PA      | $113357.03    | 0.20%             | 2028-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                             | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBJ5<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13994.11     | 0.03%             | 2026-07-24      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    259000 | PA      | $251300.15    | 0.45%             | 2027-07-20      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                  | Brown & Brown Inc                                                               | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176529.09    | 0.32%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Ellucian Holdings, Inc.                            | Ellucian Holdings Inc 2024 1st Lien Term Loan B                                 | CUSIP: 28917XAB6<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |     80105 | PA      | $80446.65     | 0.14%             | 2029-10-09      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust 2025-1                                   | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $50211.08     | 0.09%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3138LFWV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     93187 | PA      | $91030.42     | 0.16%             | 2026-12-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40836.59     | 0.07%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                                        | Workday Inc                                                                     | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14812.88     | 0.03%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                             | Morgan Stanley Bank NA                                                          | CUSIP: 61690DK72<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253941.87    | 0.46%             | 2029-01-12      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                      | Citigroup Inc                                                                   | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150417.47    | 0.27%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                              | Pinnacle West Capital Corp                                                      | CUSIP: 723484AM3<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76072.35     | 0.14%             | 2028-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                       | Ford Credit Auto Lease Trust 2024-A                                             | CUSIP: 345290AE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100714.14    | 0.18%             | 2027-06-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NORDSON CORP                                       | Nordson Corp                                                                    | CUSIP: 655663AC6<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125131.57    | 0.22%             | 2029-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                           | Mars Inc                                                                        | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    197000 | PA      | $198642.39    | 0.36%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                           | Toyota Motor Credit Corp                                                        | CUSIP: 89236TLD5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30491.57     | 0.05%             | 2026-11-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ECOLAB INC                                         | Ecolab Inc                                                                      | CUSIP: 278865BQ2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    179000 | PA      | $180294.64    | 0.32%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                          | Amgen Inc                                                                       | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    138000 | PA      | $141045.52    | 0.25%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                     | Barings CLO Ltd 2024-I                                                          | CUSIP: 06763VAA3<br>LEI: 2549005VRCK51O5LRS39 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250765.75    | 0.45%             | 2037-01-20      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Fort Greene Park CLO                               | Fort Greene Park CLO LLC                                                        | CUSIP: 18914KAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248555.75    | 0.45%             | 2034-04-22      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                     | Morgan Stanley                                                                  | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99985.43     | 0.18%             | 2026-07-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                           | OBX 2025-NQM10 Trust                                                            | CUSIP: 67121LAA4<br>LEI: 254900NDJVO62R77II89 | Long             | ABS-MBS          | CORP              | US        |     99417 | PA      | $99930.62     | 0.18%             | 2065-05-25      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                             | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBQ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     63000 | PA      | $63303.38     | 0.11%             | 2027-04-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                            | Belron Finance 2019 LLC 2024 USD Term Loan B                                    | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    124062 | PA      | $124760.35    | 0.22%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     42500 | PA      | $42536.52     | 0.08%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                           | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BW3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $31265.31     | 0.06%             | 2028-08-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                  | Johnson & Johnson                                                               | CUSIP: 478160DH4<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24412.00     | 0.04%             | 2028-03-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                             | American Honda Finance Corp                                                     | CUSIP: 02665WDZ1<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12543.29     | 0.02%             | 2026-09-09      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                        | Oracle Corp                                                                     | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31430.79     | 0.06%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Roper Industrial Products Investment Company LLC   | Roper Industrial Products Investment Company LLC 2024 USD 1st Lien Term Loan B  | CUSIP: 77669LAK9<br>LEI: 254900RXO1EICEHOLG29 | Long             | LON              | CORP              | US        |     98507 | PA      | $98415.08     | 0.18%             | 2029-11-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                    | Xcel Energy Inc                                                                 | CUSIP: 98389BBD1<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70699.74     | 0.13%             | 2028-03-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                             | General Motors Financial Co Inc                                                 | CUSIP: 37045XFE1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21164.37     | 0.04%             | 2028-04-04      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2350000 | PA      | $2372398.44   | 4.26%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                              | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AV6<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150538.87    | 0.27%             | 2027-08-05      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                             | Aviation Capital Group LLC                                                      | CUSIP: 05369AAR2<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100139.85    | 0.18%             | 2027-04-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                                        | Cargill Inc                                                                     | CUSIP: 141781BV5<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14887.30     | 0.03%             | 2027-04-22      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 15 Ltd                                 | Elmwood CLO 15 Ltd                                                              | CUSIP: 29003JAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250187.50    | 0.45%             | 2035-04-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                       | Hilton Grand Vacations Trust 2024-3                                             | CUSIP: 43283NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78050 | PA      | $78940.36     | 0.14%             | 2040-08-27      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                             | Philip Morris International Inc                                                 | CUSIP: 718172DR7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27951.42     | 0.05%             | 2028-04-28      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                         | Navient Private Education Refi Loan Trust 2024-A                                | CUSIP: 63943CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74455 | PA      | $75502.00     | 0.14%             | 2072-10-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| BLACKROCK FUNDING INC                              | BlackRock Funding Inc                                                           | CUSIP: 09290DAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $146843.38    | 0.26%             | 2027-07-26      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                           | Corebridge Financial Inc                                                        | CUSIP: 21871XAD1<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41460.91     | 0.07%             | 2027-04-05      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                        | Prologis LP                                                                     | CUSIP: 74340XCG4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |     16000 | PA      | $16328.85     | 0.03%             | 2028-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Commercial Mortgage Trust 2024-MDHS                                          | CUSIP: 12433BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     76042 | PA      | $76243.27     | 0.14%             | 2041-05-15      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                               | Verizon Master Trust                                                            | CUSIP: 92348KDY6<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $135702.89    | 0.24%             | 2030-03-20      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association                                        | CUSIP: 38380QGU0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    166552 | PA      | $164474.55    | 0.30%             | 2070-07-20      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     89400 | PA      | $89459.37     | 0.16%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                | Consumers Energy Co                                                             | CUSIP: 210518DY9<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13055.30     | 0.02%             | 2031-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables 2024-4 Owner Trust                                       | CUSIP: 43816DAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    166641 | PA      | $166639.97    | 0.30%             | 2027-03-15      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $405500.00    | 0.73%             | 2029-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                             | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     22000 | PA      | $20563.68     | 0.04%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                             | Philip Morris International Inc                                                 | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29521.42     | 0.05%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CHH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    647000 | PA      | $647856.32    | 1.16%             | 2026-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                       | CaixaBank SA                                                                    | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $200542.42    | 0.36%             | 2029-07-03      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                             | U.S. Treasury Notes                                                             | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    425000 | PA      | $426693.36    | 0.77%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                   | T-Mobile USA Inc                                                                | CUSIP: 87264ACZ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16273.50     | 0.03%             | 2028-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                  | Kinder Morgan Inc                                                               | CUSIP: 49456BAU5<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     49000 | PA      | $47341.52     | 0.08%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                             | Diamondback Energy Inc                                                          | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15347.45     | 0.03%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                      | Lendbuzz Securitization Trust 2025-1                                            | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $50183.42     | 0.09%             | 2030-10-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                | American Tower Corp                                                             | CUSIP: 03027XBV1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     52000 | PA      | $51382.30     | 0.09%             | 2027-03-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                             | Molex Electronic Technologies LLC                                               | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100646.05    | 0.18%             | 2028-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                       | Enbridge Inc                                                                    | CUSIP: 29250NCH6<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    117000 | PA      | $117907.29    | 0.21%             | 2028-06-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                              | Truist Financial Corp                                                           | CUSIP: 89788MAE2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     46000 | PA      | $42813.95     | 0.08%             | 2029-06-07      | Fixed         | 1.89%                 | No            |                  2 | On Loan: No      |
| Synchrony Card Issuance Trust                      | Synchrony Card Funding LLC                                                      | CUSIP: 87166PAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $254641.38    | 0.46%             | 2029-10-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                               | KIND Trust 2021-KIND                                                            | CUSIP: 482606AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    198344 | PA      | $196222.85    | 0.35%             | 2038-08-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                              | Accenture Capital Inc                                                           | CUSIP: 00440KAB9<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24844.94     | 0.04%             | 2029-10-04      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                    | Benefit Street Partners CLO XXIX                                                | CUSIP: 08186EAL2<br>LEI: 549300DICNUWMUKL3816 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249998.50    | 0.45%             | 2038-01-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| CSL FINANCE PLC                                    | CSL Finance PLC                                                                 | CUSIP: 12661PAA7<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |      4000 | PA      | $3973.08      | 0.01%             | 2027-04-27      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     79000 | PA      | $77304.93     | 0.14%             | 2027-03-09      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2014-1 A PTT                            | United Airlines 2014-1 Class A Pass Through Trust                               | CUSIP: 90932PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136591 | PA      | $135445.02    | 0.24%             | 2026-04-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                             | UnitedHealth Group Inc                                                          | CUSIP: 91324PFG2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14219.59     | 0.03%             | 2030-01-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                               | FS Rialto 2025-FL10 Issuer LLC                                                  | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99743.76     | 0.18%             | 2042-08-19      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                      | Citigroup Inc                                                                   | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    210000 | PA      | $205686.86    | 0.37%             | 2028-10-27      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| BX Trust                                           | BX Commercial Mortgage Trust 2024-AIR2                                          | CUSIP: 05613QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    167857 | PA      | $168404.00    | 0.30%             | 2041-10-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| BORGWARNER INC                                     | BorgWarner Inc                                                                  | CUSIP: 099724AP1<br>LEI: 549300DSFX2IE88NSX47 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17256.14     | 0.03%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                            | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194068.14    | 0.35%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ORL TRUST                                          | ORL Trust 2024-GLKS                                                             | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100117.68    | 0.18%             | 2039-12-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                | American Express Co                                                             | CUSIP: 025816DH9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46278.41     | 0.08%             | 2029-07-27      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Proampac PG Borrower LLC                           | Proampac PG Borrower LLC 2024 Term Loan                                         | CUSIP: 74274NAL7<br>LEI: 549300ZI6LTXYFEY1578 | Long             | LON              | CORP              | US        |     98503 | PA      | $98975.13     | 0.18%             | 2028-09-15      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| CME GROUP INC                                      | CME Group Inc                                                                   | CUSIP: 12572QAL9<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15109.78     | 0.03%             | 2030-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                            | Canadian Natural Resources Ltd                                                  | CUSIP: 136385AZ4<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $39954.17     | 0.07%             | 2025-07-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust 2024-B                                  | CUSIP: 44934FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100819.56    | 0.18%             | 2027-05-17      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                    | BRAVO Residential Funding Trust 2025-NQM5                                       | CUSIP: 10569RAC6<br>LEI: 254900HGOJX787MBR512 | Long             | ABS-MBS          | CORP              | US        |    146061 | PA      | $146606.50    | 0.26%             | 2065-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                             | Marriott International Inc/MD                                                   | CUSIP: 571903BN2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51886.47     | 0.09%             | 2028-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                    | MVW 2024-2 LLC                                                                  | CUSIP: 55389QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206443 | PA      | $206273.95    | 0.37%             | 2042-03-20      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                           | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     29000 | PA      | $29750.52     | 0.05%             | 2029-03-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                             | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KCH1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47312.75     | 0.08%             | 2027-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| JB HUNT TRANSPRT SVCS                              | JB Hunt Transport Services Inc                                                  | CUSIP: 445658CG0<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21320.27     | 0.04%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                             | General Motors Financial Co Inc                                                 | CUSIP: 37045XEU6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10218.89     | 0.02%             | 2029-07-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust 2024-C                                             | CUSIP: 34532UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75000 | PA      | $74935.85     | 0.13%             | 2029-07-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                             | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BV6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101536.77    | 0.18%             | 2028-01-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                | American Express Co                                                             | CUSIP: 025816ED7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101156.75    | 0.18%             | 2029-04-25      | Fixed         | 4.73%                 | No            |                  2 | On Loan: —       |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust 2024-C                                           | CUSIP: 448976AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95000 | PA      | $95527.99     | 0.17%             | 2029-05-15      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PCJ3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     43000 | PA      | $40338.79     | 0.07%             | 2029-06-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                           | Public Service Enterprise Group Inc                                             | CUSIP: 744573AV8<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     66000 | PA      | $68333.31     | 0.12%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                              | RIO TINTO FIN USA PLC                                                           | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |     66000 | PA      | $66537.41     | 0.12%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES CO                               | Liberty Utilities Co                                                            | CUSIP: 531542AA6<br>LEI: 549300UN1FEYPC5BKW09 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14409.20     | 0.03%             | 2029-01-31      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Empower CLO Ltd.                                   | Empower CLO 2022-1 Ltd                                                          | CUSIP: 29246AAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250510.00    | 0.45%             | 2037-10-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                   | SMB Private Education Loan Trust 2022-B                                         | CUSIP: 83206NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119887 | PA      | $116790.40    | 0.21%             | 2055-02-16      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| IDEX CORP                                          | IDEX Corp                                                                       | CUSIP: 45167RAJ3<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50837.04     | 0.09%             | 2029-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac REMICS                                                              | CUSIP: 3137HJSZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    233945 | PA      | $235042.56    | 0.42%             | 2055-02-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                       | Broadcom Inc                                                                    | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     78000 | PA      | $79146.28     | 0.14%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                       | Broadcom Inc                                                                    | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153660.14    | 0.28%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                | American Express Co                                                             | CUSIP: 025816DG1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47477.19     | 0.09%             | 2027-07-28      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3140HTSV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    165000 | PA      | $162699.94    | 0.29%             | 2026-04-01      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL INSURANCE CO                            | Prudential Insurance Co of America/The                                          | CUSIP: 743917AH9<br>LEI: X574KRZ6V5A7UBU45C31 | Long             | DBT              | CORP              | US        |    235000 | PA      | $235000.00    | 0.42%             | 2025-07-01      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                         | Fannie Mae Pool                                                                 | CUSIP: 3138LGQA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    113011 | PA      | $111007.16    | 0.20%             | 2026-12-01      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                            | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    218000 | PA      | $211793.17    | 0.38%             | 2028-02-24      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 10YR ULTRA FUT SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -2 | NC      | $-5066.64     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MVW Owner Trust                                    | MVW 2024-1 LLC                                                                  | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102304 | PA      | $104323.30    | 0.19%             | 2043-02-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                              | Pinnacle West Capital Corp                                                      | CUSIP: 723484AN1<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11264.90     | 0.02%             | 2030-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                     | Palmer Square Loan Funding 2024-2 Ltd                                           | CUSIP: 69703RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    227229 | PA      | $227320.31    | 0.41%             | 2033-01-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                               | Royal Bank of Canada                                                            | CUSIP: 78016HZV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $35813.79     | 0.06%             | 2029-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: —       |
| JPMORGAN CHASE & CO                                | JPMorgan Chase & Co                                                             | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151955.33    | 0.27%             | 2028-07-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                     | Lowe's Cos Inc                                                                  | CUSIP: 548661EG8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     67000 | PA      | $66031.44     | 0.12%             | 2027-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                   | Duke Energy Corp                                                                | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122692.87    | 0.22%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                               | WEC Energy Group Inc                                                            | CUSIP: 92939UAG1<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     21000 | PA      | $19538.52     | 0.04%             | 2028-12-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ONE GAS INC                                        | ONE Gas Inc                                                                     | CUSIP: 68235PAN8<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36888.62     | 0.07%             | 2029-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                               | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     64000 | PA      | $62219.79     | 0.11%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                        | Freddie Mac Gold Pool                                                           | CUSIP: 3128MMT94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    296003 | PA      | $289385.64    | 0.52%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                                 | Honda Motor Co Ltd                                                              | CUSIP: 438127AB8<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     35000 | PA      | $33970.85     | 0.06%             | 2027-03-10      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                            | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAM8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11179.69     | 0.02%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                           | Enterprise Products Operating LLC                                               | CUSIP: 29379VCJ0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71336.29     | 0.13%             | 2028-06-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                           | Rogers Communications Inc                                                       | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     36000 | PA      | $36518.39     | 0.07%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                               | Targa Resources Corp                                                            | CUSIP: 87612GAE1<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105195.89    | 0.19%             | 2029-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                    | Benefit Street Partners CLO XXV Ltd                                             | CUSIP: 08186YAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249647.25    | 0.45%             | 2035-01-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

**Name of Applicant:** Mercer Funds

**Signature:** Barry Vallan

**Name of Signer:** Barry Vallan

**Title:** Vice President, Treasurer, Chief Financial Officer