# EDGAR Filing Document

**Accession Number:** 0001320615
**File Stem:** 0001193125-25-295690
**Filing Date:** 2025-11
**Character Count:** 941889
**Document Hash:** 3aa3ef0581983c240a90674cc67dfb43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-295690.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-295690

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251125

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21732
- **FILM NUMBER:** 251516659

**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 US Small/Mid Cap Equity Fund (Series ID: S000010038)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027778 | Class I      | MSCQX           |
| C000027780 | Class Y-3    | MSCGX           |

### Mercer Non-US Core Equity Fund (Series ID: S000010040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027786 | Class I      | MNCSX           |
| C000027788 | Class Y-3    | MNCEX           |

### Mercer Core Fixed Income Fund (Series ID: S000010041)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027790 | Class I      | MCFQX           |
| C000027792 | Class Y-3    | MCFIX           |

### Mercer Emerging Markets Equity Fund (Series ID: S000034610)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000106516 | Class I      | MEMSX           |
| C000106518 | Class Y-3    | MEMQX           |

### Mercer Opportunistic Fixed Income Fund (Series ID: S000041478)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000128966 | Class I      | MOFTX           |
| C000128968 | Class Y-3    | MOFIX           |

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

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

?xml version='1.0' encoding='ASCII'? Mercer Funds

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;OMB APPROVAL | &nbsp;&nbsp;&nbsp;OMB APPROVAL | &nbsp;&nbsp;&nbsp;OMB APPROVAL |
| &nbsp;&nbsp;&nbsp;OMB Number: | &nbsp;&nbsp;&nbsp;OMB Number: | 3235-0570 |
| &nbsp;&nbsp;&nbsp;Expires: | September 30, 2026 | September 30, 2026 |
| &nbsp;&nbsp;&nbsp;Estimated average burden | &nbsp;&nbsp;&nbsp;Estimated average burden | &nbsp;&nbsp;&nbsp;Estimated average burden |
| &nbsp;&nbsp;&nbsp;hours per response……. | &nbsp;&nbsp;&nbsp;hours per response……. | 7.78 |

---

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number

811-21732

Mercer Fund

<u>(Exact name of registrant as specified in charter)</u> 

99 High Street

Boston, MA 02110

<u>(Address of principal executive offices) (Zip code)</u> 

Caroline Hulme, Esq.

Mercer Investments LLC

99 High Street

Boston, MA 02110

(Name and Address of Agent for Service)

Registrant's Telephone Number, including Area Code:

(617) 747-9500

Date of Fiscal Year End: March 31, 2026

Date of Reporting Period: September 30, 2025

------

#### Item 1. Reports to Stockholders.
&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith (Tailored Shareholder Report)

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

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

#### Class I /

#### MSCQX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer US Small/Mid Cap Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-us-small-mid-cap. You can also request this information by contacting us at 1-888-887-0619.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer US Small/Mid Cap Equity Fund (Class I / MSCQX) | $37 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1620771491 |
| Total number of portfolio holdings | 454 |
| Portfolio turnover rate as of the end of the reporting period | 24% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 1.6% |
| BJ's Wholesale Club Holdings, Inc. | 1.3% |
| Insmed, Inc. | 0.8% |
| Jabil, Inc. | 0.8% |
| Ascendis Pharma AS | 0.8% |
| Jazz Pharmaceuticals PLC | 0.8% |
| RBC Bearings, Inc. | 0.7% |
| ITT, Inc. | 0.7% |
| Gates Industrial Corp. PLC | 0.7% |
| Natera, Inc. | 0.7% |
| Total | 8.9% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Industrial | 21.6% |
| Consumer, Non-cyclical | 21.4% |
| Financial | 19.2% |
| Consumer, Cyclical | 15.5% |
| Technology | 9.8% |
| Energy | 3.7% |
| Communications | 3.4% |
| Utilities | 2.4% |
| Basic Materials | 2.3% |
| Government | 0.2% |
| Cash Equivalents | 0.5% |
| Total | 100.0% |

---

Mercer Mutual Funds

continued>>

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

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

#### Class Y-3 /

#### MSCGX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer US Small/Mid Cap Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-us-small-mid-cap. You can also request this information by contacting us at 1-888-887-0619.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer US Small/Mid Cap Equity Fund (Class Y-3 / MSCGX) | $24 | 0.46%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1620771491 |
| Total number of portfolio holdings | 454 |
| Portfolio turnover rate as of the end of the reporting period | 24% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 1.6% |
| BJ's Wholesale Club Holdings, Inc. | 1.3% |
| Insmed, Inc. | 0.8% |
| Jabil, Inc. | 0.8% |
| Ascendis Pharma AS | 0.8% |
| Jazz Pharmaceuticals PLC | 0.8% |
| RBC Bearings, Inc. | 0.7% |
| ITT, Inc. | 0.7% |
| Gates Industrial Corp. PLC | 0.7% |
| Natera, Inc. | 0.7% |
| Total | 8.9% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Industrial | 21.6% |
| Consumer, Non-cyclical | 21.4% |
| Financial | 19.2% |
| Consumer, Cyclical | 15.5% |
| Technology | 9.8% |
| Energy | 3.7% |
| Communications | 3.4% |
| Utilities | 2.4% |
| Basic Materials | 2.3% |
| Government | 0.2% |
| Cash Equivalents | 0.5% |
| Total | 100.0% |

---

Mercer Mutual Funds

continued>>

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

#### Mercer Non-US Core Equity Fund

#### Class I /

#### MNCSX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer Non-US Core Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-non-us-core. You can also request this information by contacting us at 1-888-887-0619.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Non-US Core Equity Fund (Class I / MNCSX) | $35 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $3909122921 |
| Total number of portfolio holdings | 1027 |
| Portfolio turnover rate as of the end of the reporting period | 27% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| SAP SE | 1.3% |
| Legrand SA | 1.2% |
| UniCredit SpA | 1.2% |
| Barrick Mining Corp. | 1.1% |
| Barclays PLC | 1.1% |
| Leonardo SpA | 1.0% |
| Banco Santander SA | 1.0% |
| Franco-Nevada Corp. | 0.9% |
| NatWest Group PLC | 0.9% |
| Hong Kong Exchanges & Clearing Ltd. | 0.9% |
| Total | 10.6% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Financial | 27.4% |
| Industrial | 15.4% |
| Consumer, Non-cyclical | 14.7% |
| Consumer, Cyclical | 11.4% |
| Basic Materials | 8.8% |
| Technology | 8.8% |
| Communications | 5.4% |
| Energy | 3.6% |
| Utilities | 1.6% |
| Investment Companies (ETF) | 0.4% |
| Diversified | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 2.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| *Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Less than 0.1%* |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 19.8% |
| United Kingdom | 9.8% |
| United States | 8.7% |
| France | 8.4% |
| Canada | 7.6% |
| Germany | 6.8% |
| Italy | 5.2% |
| Spain | 4.0% |
| Switzerland | 3.9% |
| Netherlands | 3.2% |
| China | 3.0% |
| Australia | 2.9% |
| Hong Kong | 2.5% |
| Sweden | 1.7% |
| Ireland | 1.2% |
| Taiwan | 1.0% |
| Total Countries each less than 1.0% | 7.8% |
| Cash Equivalents | 2.5% |
| Total | 100.0% |

---

Mercer Mutual Funds

continued>>

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

#### Mercer Non-US Core Equity Fund

#### Class Y-3 /

#### MNCEX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer Non-US Core Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-non-us-core. You can also request this information by contacting us at 1-888-887-0619.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Non-US Core Equity Fund (Class Y-3 / MNCEX) | $21 | 0.38%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $3909122921 |
| Total number of portfolio holdings | 1027 |
| Portfolio turnover rate as of the end of the reporting period | 27% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| SAP SE | 1.3% |
| Legrand SA | 1.2% |
| UniCredit SpA | 1.2% |
| Barrick Mining Corp. | 1.1% |
| Barclays PLC | 1.1% |
| Leonardo SpA | 1.0% |
| Banco Santander SA | 1.0% |
| Franco-Nevada Corp. | 0.9% |
| NatWest Group PLC | 0.9% |
| Hong Kong Exchanges & Clearing Ltd. | 0.9% |
| Total | 10.6% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Financial | 27.4% |
| Industrial | 15.4% |
| Consumer, Non-cyclical | 14.7% |
| Consumer, Cyclical | 11.4% |
| Basic Materials | 8.8% |
| Technology | 8.8% |
| Communications | 5.4% |
| Energy | 3.6% |
| Utilities | 1.6% |
| Investment Companies (ETF) | 0.4% |
| Diversified | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 2.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| *Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Less than 0.1%* |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 19.8% |
| United Kingdom | 9.8% |
| United States | 8.7% |
| France | 8.4% |
| Canada | 7.6% |
| Germany | 6.8% |
| Italy | 5.2% |
| Spain | 4.0% |
| Switzerland | 3.9% |
| Netherlands | 3.2% |
| China | 3.0% |
| Australia | 2.9% |
| Hong Kong | 2.5% |
| Sweden | 1.7% |
| Ireland | 1.2% |
| Taiwan | 1.0% |
| Total Countries each less than 1.0% | 7.8% |
| Cash Equivalents | 2.5% |
| Total | 100.0% |

---

Mercer Mutual Funds

continued>>

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

#### Mercer Core Fixed Income Fund

#### Class I /

#### MCFQX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer Core Fixed Income Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-core-fixed. You can also request this information by contacting us at 1-888-887-0619.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Core Fixed Income Fund (Class I / MCFQX) | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1450320320 |
| Total number of portfolio holdings | 1799 |
| Portfolio turnover rate as of the end of the reporting period | 61% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Maturity

---

| | |
|:---|:---|
| Less than 1 Year | 1.6% |
| 1 to 3 Years | 7.0% |
| 3 to 5 Years | 11.9% |
| 5 to 10 Years | 20.0% |
| 10 to 30 Years | 54.7% |
| Greater than 30 Years | 4.8% |
| Total | 100.0% |

---

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 33.0% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 28.6% |
| U.S. Government and Agency Obligations | 18.4% |
| Asset Backed Securities | 10.5% |
| Mortgage Backed Securities - Private Issuers | 7.1% |
| Municipal Obligations | 0.7% |
| Sovereign Debt Obligations | 0.5% |
| Common Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Less than 0.1%* |

---

Mercer Mutual Funds

continued>>

#### Material and Other Fund Changes
This is a summary of certain changes of the Fund since March 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2026 at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ or upon request at 1-888-887-0619.

The Board of Trustees of Mercer Funds has approved a change to the policy regarding the frequency of dividends and distributions of income for the Fund. The Fund historically declared and distributed all of its net investment income, if any, on an annual basis. Effective as of August 1, 2025, the Fund started declaring net investment income dividends daily and distributing such dividends, if any, on a monthly basis.

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

#### Mercer Core Fixed Income Fund

#### Class Y-3 /

#### MCFIX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer Core Fixed Income Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-core-fixed. You can also request this information by contacting us at 1-888-887-0619.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Core Fixed Income Fund (Class Y-3 / MCFIX) | $8 | 0.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1450320320 |
| Total number of portfolio holdings | 1799 |
| Portfolio turnover rate as of the end of the reporting period | 61% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Maturity

---

| | |
|:---|:---|
| Less than 1 Year | 1.6% |
| 1 to 3 Years | 7.0% |
| 3 to 5 Years | 11.9% |
| 5 to 10 Years | 20.0% |
| 10 to 30 Years | 54.7% |
| Greater than 30 Years | 4.8% |
| Total | 100.0% |

---

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 33.0% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 28.6% |
| U.S. Government and Agency Obligations | 18.4% |
| Asset Backed Securities | 10.5% |
| Mortgage Backed Securities - Private Issuers | 7.1% |
| Municipal Obligations | 0.7% |
| Sovereign Debt Obligations | 0.5% |
| Common Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 1.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Less than 0.1%* |

---

Mercer Mutual Funds

continued>>

#### Material and Other Fund Changes
This is a summary of certain changes of the Fund since March 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2026 at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ or upon request at 1-888-887-0619.

The Board of Trustees of Mercer Funds has approved a change to the policy regarding the frequency of dividends and distributions of income for the Fund. The Fund historically declared and distributed all of its net investment income, if any, on an annual basis. Effective as of August 1, 2025, the Fund started declaring net investment income dividends daily and distributing such dividends, if any, on a monthly basis.

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

#### Mercer Emerging Markets Equity Fund

#### Class I /

#### MEMSX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer Emerging Markets Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-emerging-markets. You can also request this information by contacting us at 1-888-887-0619.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Emerging Markets Equity Fund (Class I / MEMSX) | $34 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1110626091 |
| Total number of portfolio holdings | 629 |
| Portfolio turnover rate as of the end of the reporting period | 21% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.0% |
| Tencent Holdings Ltd. | 5.3% |
| Samsung Electronics Co. Ltd. | 3.5% |
| Alibaba Group Holding Ltd. | 3.0% |
| HDFC Bank Ltd. | 1.8% |
| SK Hynix, Inc. | 1.2% |
| Xiaomi Corp., Class B | 0.9% |
| Reliance Industries Ltd. | 0.8% |
| Ping An Insurance Group Co. of China Ltd., Class H | 0.8% |
| Hon Hai Precision Industry Co. Ltd. | 0.7% |
| Total | 28.0% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Financial | 22.9% |
| Technology | 21.4% |
| Communications | 17.1% |
| Consumer, Cyclical | 10.8% |
| Consumer, Non-cyclical | 10.1% |
| Industrial | 7.2% |
| Basic Materials | 5.4% |
| Energy | 2.7% |
| Utilities | 1.7% |
| Diversified | 0.2% |
| Cash Equivalents | 0.5% |
| Total | 100.0% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| China | 28.9% |
| Taiwan | 16.5% |
| India | 13.9% |
| South Korea | 10.0% |
| Brazil | 7.5% |
| Mexico | 3.1% |
| South Africa | 2.7% |
| Saudi Arabia | 2.2% |
| Thailand | 1.4% |
| Indonesia | 1.2% |
| Total Countries each less than 1.0% | 12.1% |
| Cash Equivalents | 0.5% |
| Total | 100.0% |

---

Mercer Mutual Funds

continued>>

#### Material and Other Fund Changes
This is a summary of certain changes of the Fund since March 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2026 at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ or upon request at 1-888-887-0619.

Effective May 20, 2025, Barrow, Hanley, Mewhinney & Strauss, LLC was terminated as a sub-adviser to the Fund.

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

#### Mercer Emerging Markets Equity Fund

#### Class Y-3 /

#### MEMQX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer Emerging Markets Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-emerging-markets. You can also request this information by contacting us at 1-888-887-0619.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Emerging Markets Equity Fund (Class Y-3 / MEMQX) | $20 | 0.36%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1110626091 |
| Total number of portfolio holdings | 629 |
| Portfolio turnover rate as of the end of the reporting period | 21% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.0% |
| Tencent Holdings Ltd. | 5.3% |
| Samsung Electronics Co. Ltd. | 3.5% |
| Alibaba Group Holding Ltd. | 3.0% |
| HDFC Bank Ltd. | 1.8% |
| SK Hynix, Inc. | 1.2% |
| Xiaomi Corp., Class B | 0.9% |
| Reliance Industries Ltd. | 0.8% |
| Ping An Insurance Group Co. of China Ltd., Class H | 0.8% |
| Hon Hai Precision Industry Co. Ltd. | 0.7% |
| Total | 28.0% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Financial | 22.9% |
| Technology | 21.4% |
| Communications | 17.1% |
| Consumer, Cyclical | 10.8% |
| Consumer, Non-cyclical | 10.1% |
| Industrial | 7.2% |
| Basic Materials | 5.4% |
| Energy | 2.7% |
| Utilities | 1.7% |
| Diversified | 0.2% |
| Cash Equivalents | 0.5% |
| Total | 100.0% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| China | 28.9% |
| Taiwan | 16.5% |
| India | 13.9% |
| South Korea | 10.0% |
| Brazil | 7.5% |
| Mexico | 3.1% |
| South Africa | 2.7% |
| Saudi Arabia | 2.2% |
| Thailand | 1.4% |
| Indonesia | 1.2% |
| Total Countries each less than 1.0% | 12.1% |
| Cash Equivalents | 0.5% |
| Total | 100.0% |

---

Mercer Mutual Funds

continued>>

#### Material and Other Fund Changes
This is a summary of certain changes of the Fund since March 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2026 at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ or upon request at 1-888-887-0619.

Effective May 20, 2025, Barrow, Hanley, Mewhinney & Strauss, LLC was terminated as a sub-adviser to the Fund.

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

#### Mercer Opportunistic Fixed Income Fund

#### Class I /

#### MOFTX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer Opportunistic Fixed Income Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-opportunistic-fixed. You can also request this information by contacting us at 1-888-887-0619.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Opportunistic Fixed Income Fund (Class I / MOFTX) | $35 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1765570649 |
| Total number of portfolio holdings | 1804 |
| Portfolio turnover rate as of the end of the reporting period | 166% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 35.1% |
| Bank Loans | 16.4% |
| Sovereign Debt Obligations | 14.4% |
| Asset Backed Securities | 8.6% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 6.8% |
| Mortgage Backed Securities - Private Issuers | 4.8% |
| U.S. Government and Agency Obligations | 4.5% |
| Convertible Debt | 1.0% |
| Investment Companies | 0.8% |
| Common Stocks | 0.5% |
| Preferred Stocks | 0.2% |
| Municipal Obligations | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 6.9% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Less than 0.1%* |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| United States | 60.8% |
| Cayman Islands | 3.4% |
| Total Countries each less than 2.0% | 28.9% |
| Cash Equivalents | 6.9% |
| Total | 100.0% |

---

Mercer Mutual Funds

continued>>

#### Material and Other Fund Changes
This is a summary of certain changes of the Fund since March 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2026 at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ or upon request at 1-888-887-0619.

On March 11, 2025, BlackRock International Limited, Colchester Global Investors Limited, Loomis, Sayles & Company, L.P. and Western Asset Management Company, LLC were terminated as sub-advisers to the Fund, and the Board of Trustees of the Fund approved the hiring of Crescent Capital Group LP, Polen Capital Credit, LLC, Ares Capital Management II LLC, Wellington Management Company LLP and Pacific Investment Management Company LLC as new sub-advisers to the Fund. The terminations and hirings of these sub-advisers to the Fund were all completed effective April 2025.

Effective May 1, 2025, the Fund has selected a secondary index that is a blended benchmark consisting of 33.3% Bloomberg Barclays US High Yield (USD), 33.3% Morningstar LSTA US Leveraged Loan Index, and 33.3% JP Morgan EMBI Global Diversified (USD), replacing the prior secondary blended benchmark of 35% Bloomberg Global Aggregate Corporate Total Return Index Hedged, 17.5% Bloomberg Global High Yield Index, 10.5% JP Morgan CEMBI Diversified Index, 7% S&P/LSTA Leveraged Loan Index, and 30% JP Morgan GBI-EM Diversified Index. The new secondary index is unmanaged and cannot be invested in directly.

The Board of Trustees of Mercer Funds has approved a change to the policy regarding the frequency of dividends and distributions of income for the Fund. The Fund historically declared and distributed all of its net investment income, if any, on an annual basis. Effective as of August 1, 2025, the Fund started declaring net investment income dividends daily and distributing such dividends, if any, on a monthly basis.

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

#### Mercer Opportunistic Fixed Income Fund

#### Class Y-3 /

#### MOFIX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer Opportunistic Fixed Income Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-opportunistic-fixed. You can also request this information by contacting us at 1-888-887-0619.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Opportunistic Fixed Income Fund (Class Y-3 / MOFIX) | $22 | 0.42%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $1765570649 |
| Total number of portfolio holdings | 1804 |
| Portfolio turnover rate as of the end of the reporting period | 166% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 35.1% |
| Bank Loans | 16.4% |
| Sovereign Debt Obligations | 14.4% |
| Asset Backed Securities | 8.6% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 6.8% |
| Mortgage Backed Securities - Private Issuers | 4.8% |
| U.S. Government and Agency Obligations | 4.5% |
| Convertible Debt | 1.0% |
| Investment Companies | 0.8% |
| Common Stocks | 0.5% |
| Preferred Stocks | 0.2% |
| Municipal Obligations | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 6.9% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Less than 0.1%* |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| United States | 60.8% |
| Cayman Islands | 3.4% |
| Total Countries each less than 2.0% | 28.9% |
| Cash Equivalents | 6.9% |
| Total | 100.0% |

---

Mercer Mutual Funds

continued>>

#### Material and Other Fund Changes
This is a summary of certain changes of the Fund since March 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2026 at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ or upon request at 1-888-887-0619.

On March 11, 2025, BlackRock International Limited, Colchester Global Investors Limited, Loomis, Sayles & Company, L.P. and Western Asset Management Company, LLC were terminated as sub-advisers to the Fund, and the Board of Trustees of the Fund approved the hiring of Crescent Capital Group LP, Polen Capital Credit, LLC, Ares Capital Management II LLC, Wellington Management Company LLP and Pacific Investment Management Company LLC as new sub-advisers to the Fund. The terminations and hirings of these sub-advisers to the Fund were all completed effective April 2025.

Effective May 1, 2025, the Fund has selected a secondary index that is a blended benchmark consisting of 33.3% Bloomberg Barclays US High Yield (USD), 33.3% Morningstar LSTA US Leveraged Loan Index, and 33.3% JP Morgan EMBI Global Diversified (USD), replacing the prior secondary blended benchmark of 35% Bloomberg Global Aggregate Corporate Total Return Index Hedged, 17.5% Bloomberg Global High Yield Index, 10.5% JP Morgan CEMBI Diversified Index, 7% S&P/LSTA Leveraged Loan Index, and 30% JP Morgan GBI-EM Diversified Index. The new secondary index is unmanaged and cannot be invested in directly.

The Board of Trustees of Mercer Funds has approved a change to the policy regarding the frequency of dividends and distributions of income for the Fund. The Fund historically declared and distributed all of its net investment income, if any, on an annual basis. Effective as of August 1, 2025, the Fund started declaring net investment income dividends daily and distributing such dividends, if any, on a monthly basis.

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

![Image](g58978g79l48.jpg)

![Image](g58978g58c90.jpg)

#### Mercer Short Duration Fixed Income Fund

#### Class Y-3 /

#### MSDYX

#### Semi-Annual Shareholder Report - September 30, 2025
This semi-annual shareholder report contains important information about Mercer Short Duration Fixed Income Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-short-duration. You can also request this information by contacting us at 1-888-887-0619.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Short Duration Fixed Income Fund (Class Y-3 / MSDYX) | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Annualized.* |

---

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets | $75462314 |
| Total number of portfolio holdings | 613 |
| Portfolio turnover rate as of the end of the reporting period | 92% |

---

#### Graphical Representation of Holdings
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Maturity

---

| | |
|:---|:---|
| Less than 1 Year | 5.6% |
| 1 to 3 Years | 41.0% |
| 3 to 5 Years | 30.4% |
| 5 to 10 Years | 8.3% |
| 10 to 30 Years | 11.6% |
| Greater than 30 Years | 3.1% |
| Total | 100.0% |

---

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 42.3% |
| Asset Backed Securities | 21.5% |
| U.S. Government and Agency Obligations | 17.0% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 10.2% |
| Mortgage Backed Securities - Private Issuers | 5.6% |
| Bank Loans | 2.5% |
| Cash Equivalents | 0.9% |
| Total | 100.0% |

---

Mercer Mutual Funds

continued>>

#### Availability of Additional Information
You can find additional information about the Fund such as the Prospectus, Statement of Additional Information, Detailed Financials, holdings and voting information at www.mercer.com/mercer-funds-delegated-solutions. You can also request this information by contacting us at 1-888-887-0619.

For additional information please scan the code for hosted material at

www.mercer.com/mercer-funds-delegated-solutions.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g58978g01x66.jpg)

Mercer Mutual Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**Item 2. Code of Ethics** - Not applicable for semi-annual

**Item 3. Audit Committee Financial Expert** – Not applicable for semi-annual

**Item 4. Principal Accountant Fees and Services** – Not applicable for semi-annual

**Item 5. Audit Committee of Listed Registrants -** Not applicable

#### Item 6. Investments.
(a) The Schedule of Investments are filed under item 7 of this Form

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Statements (Financial Highlights) are attached herewith.

------

![](g58978img43c0b2811.gif)

**Mercer Funds**<sup>TM</sup>

**Semi-Annual Financial Statements and Other**

**Information**

**September 30, 2025** 

---

| |
|:---|
| Mercer US Small/Mid Cap Equity Fund |
| Mercer Emerging Markets Equity Fund |
| Mercer Non-US Core Equity Fund |
| Mercer Core Fixed Income Fund |
| Mercer Opportunistic Fixed Income Fund |
| Mercer Short Duration Fixed Income Fund |

---

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

------

**MERCER FUNDS**

**TABLE OF CONTENTS**

------

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

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments (N-CSR Item 6)](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_SOI-Continued_1) | 1 |
| [Statements of Assets and Liabilities (N-CSR Item 7(a))](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_FS-Continued_1) | 178 |
| [Statements of Operations (N-CSR Item 7(a))](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_SOH-Continued_1) | 183 |
| [Statements of Changes in Net Assets (N-CSR Item 7(a))](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_SCH-Continued_1) | 186 |
| [Financial Highlights (N-CSR Item 7(b))](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_FIHI-Continued_1) | 189 |
| [Notes to Financial Statements](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_NTF-Continued-297_1) | 200 |
| [Additional Information](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_ADI-Continued_1) | 235 |
| *[N-CSR Item 8](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_ADI-Continued_1)* |  |
| *[N-CSR Item 9](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_ADI-Continued_1)* |  |
| *[N-CSR Item 10](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_ADI-Continued_1)* |  |
| *[N-CSR Item 11](#xx_e5fd5896-cc57-4013-9f29-f512c4721c9b_ADI-Continued_1)* |  |

---

------

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

**Schedule of Investments**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** |
|  | **Basic Materials — 2.3%** | **Basic Materials — 2.3%** |
| 40200 | Cabot Corp. | 3057210 |
| 22000 | CF Industries Holdings, Inc. | 1973400 |
| 34800 | Eastman Chemical Co. | 2194140 |
| 245652 | Element Solutions, Inc. | 6183061 |
| 61540 | International Paper Co. | 2855456 |
| 58700 | Koppers Holdings, Inc. | 1643600 |
| 21717 | Magnera Corp.\* | 254523 |
| 88500 | Mosaic Co. | 3069180 |
| 5000 | NewMarket Corp. | 4141050 |
| 27293 | Quaker Chemical Corp.<sup>(a)</sup> <br>| 3595853 |
| 49163 | RPM International, Inc. | 5795334 |
| 14800 | Steel Dynamics, Inc. | 2063564 |
|  |  | 36826371 |
|  | **Communications — 3.3%** | **Communications — 3.3%** |
| 47900 | AMC Networks, Inc. Class A\*<sup>(a)</sup> <br>| 394696 |
| 48000 | Cargurus, Inc.\* | 1787040 |
| 31657 | Ciena Corp.\* | 4611475 |
| 19200 | Credo Technology Group Holding Ltd.\* | 2795712 |
| 73925 | ePlus, Inc. | 5249414 |
| 19500 | Expedia Group, Inc. | 4168125 |
| 87200 | Fox Corp. Class A | 5498832 |
| 101984 | GCI Liberty, Inc.\*<sup>(b)(c)</sup> <br>|  |
| 129400 | Gen Digital, Inc. | 3673666 |
| 6932 | InterDigital, Inc.<sup>(a)</sup> <br>| 2393134 |
| 67800 | Match Group, Inc. | 2394696 |
| 20100 | Nexstar Media Group, Inc. | 3974574 |
| 82450 | Pinterest, Inc. Class A\* | 2652417 |
| 44300 | Roku, Inc.\* | 4435759 |
| 60300 | Sirius XM Holdings, Inc. | 1403483 |
| 92100 | TEGNA, Inc. | 1872393 |
| 180571 | TripAdvisor, Inc.\*<sup>(a)</sup> <br>| 2936084 |
| 88979 | Yelp, Inc.\* | 2776145 |
| 29700 | Ziff Davis, Inc.\* | 1131570 |
|  |  | 54149215 |
|  | **Consumer, Cyclical — 15.1%** | **Consumer, Cyclical — 15.1%** |
| 46700 | Allison Transmission Holdings, Inc. | 3963896 |
| 32200 | Autoliv, Inc. | 3976700 |
| 7900 | AutoNation, Inc.\* | 1728283 |
| 215114 | BJ's Wholesale Club Holdings, Inc.\* | 20059380 |
| 89400 | Bloomin' Brands, Inc. | 640998 |
| 61100 | BorgWarner, Inc. | 2685956 |
| 22481 | Burlington Stores, Inc.\* | 5721415 |
| 15900 | Carter's, Inc. | 448698 |
| 6134 | Casey's General Stores, Inc. | 3467673 |
| 15669 | Cavco Industries, Inc.\* | 9099458 |
| 44849 | Churchill Downs, Inc. | 4350801 |

---

See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| 25900 | Crocs, Inc.\*<sup>(a)</sup> <br>| 2163945 |
| 7200 | Dick's Sporting Goods, Inc. | 1599984 |
| 53183 | Dorman Products, Inc.\* | 8290166 |
| 23904 | Freshpet, Inc.\* | 1317349 |
| 106600 | Gap, Inc. | 2280174 |
| 89035 | Gentherm, Inc.\* | 3032532 |
| 102000 | Goodyear Tire & Rubber Co.\* | 762960 |
| 22853 | Group 1 Automotive, Inc. | 9998416 |
| 61689 | Guess?, Inc. | 1030823 |
| 79000 | Harley-Davidson, Inc. | 2204100 |
| 41100 | Haverty Furniture Cos., Inc. | 901323 |
| 14500 | Jack in the Box, Inc.<sup>(a)</sup> <br>| 286665 |
| 61300 | La-Z-Boy, Inc. | 2103816 |
| 168073 | Levi Strauss & Co. Class A | 3916101 |
| 49400 | LGI Homes, Inc.\*<sup>(a)</sup> <br>| 2554474 |
| 102098 | Life Time Group Holdings, Inc.\* | 2817905 |
| 25895 | Lithia Motors, Inc. | 8182820 |
| 141474 | LKQ Corp. | 4320616 |
| 94700 | Macy's, Inc. | 1697971 |
| 138500 | Mattel, Inc.\* | 2330955 |
| 47200 | MGM Resorts International\* | 1635952 |
| 110700 | MillerKnoll, Inc. | 1963818 |
| 21301 | Murphy USA, Inc. | 8270326 |
| 39500 | ODP Corp.\* | 1100075 |
| 21763 | Ollie's Bargain Outlet Holdings, Inc.\* | 2794369 |
| 52132 | OPENLANE, Inc.\* | 1500359 |
| 29300 | Phinia, Inc. | 1684164 |
| 24612 | Planet Fitness, Inc. Class A\* | 2554726 |
| 12600 | Pool Corp. | 3906882 |
| 29279 | PriceSmart, Inc.<sup>(a)</sup> <br>| 3548322 |
| 38100 | PulteGroup, Inc. | 5034153 |
| 70570 | Pursuit Attractions & Hospitality, Inc.\*<sup>(a)</sup> <br>| 2553223 |
| 25100 | PVH Corp. | 2102627 |
| 47113 | Red Rock Resorts, Inc. Class A | 2876720 |
| 6760 | RH\* | 1373362 |
| 81900 | Sally Beauty Holdings, Inc.\* | 1333332 |
| 36400 | ScanSource, Inc.\* | 1601236 |
| 49161 | SharkNinja, Inc.\* | 5070957 |
| 12260 | Signet Jewelers Ltd. | 1175979 |
| 53316 | SiteOne Landscape Supply, Inc.\* | 6867101 |
| 84100 | Tapestry, Inc. | 9521802 |
| 59854 | Texas Roadhouse, Inc. | 9944742 |
| 39100 | Toll Brothers, Inc. | 5401274 |
| 44000 | Travel & Leisure Co. | 2617560 |
| 194300 | Tri Pointe Homes, Inc.\* | 6600371 |
| 43443 | UniFirst Corp. | 7263235 |
| 33800 | United Airlines Holdings, Inc.\* | 3261700 |
| 109465 | United Parks & Resorts, Inc.\*<sup>(a)</sup> <br>| 5659341 |
| 28341 | Vail Resorts, Inc.<sup>(a)</sup> <br>| 4238963 |

---

2See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| 10615 | VSE Corp.<sup>(a)</sup> <br>| 1764638 |
| 38310 | WESCO International, Inc. | 8102565 |
| 6100 | Whirlpool Corp. | 479460 |
| 23370 | Wynn Resorts Ltd. | 2997670 |
|  |  | 244737357 |
|  | **Consumer, Non-cyclical — 20.9%** | **Consumer, Non-cyclical — 20.9%** |
| 59400 | ABM Industries, Inc. | 2739528 |
| 157500 | ACCO Brands Corp. | 628425 |
| 63480 | ADMA Biologics, Inc.\* | 930617 |
| 338400 | ADT, Inc. | 2947464 |
| 28600 | Affirm Holdings, Inc.\* | 2090088 |
| 256500 | Albertsons Cos., Inc. Class A | 4491315 |
| 484243 | Alight, Inc. Class A | 1578632 |
| 68171 | Alkermes PLC\* | 2045130 |
| 264806 | API Group Corp.\* | 9101382 |
| 63099 | Ascendis Pharma AS, ADR\* | 12544712 |
| 53605 | Azenta, Inc.\* | 1539536 |
| 65000 | Baxter International, Inc. | 1480050 |
| 25970 | Bicycle Therapeutics PLC, ADR\* | 201008 |
| 17006 | Bio-Rad Laboratories, Inc. Class A\* | 4768312 |
| 49826 | Bright Horizons Family Solutions, Inc.\* | 5409609 |
| 14800 | Brink's Co. | 1729528 |
| 21900 | Bunge Global SA | 1779375 |
| 13323 | Colliers International Group, Inc.<sup>(a)</sup> <br>| 2081186 |
| 52900 | Conagra Brands, Inc. | 968599 |
| 69699 | Cooper Cos., Inc.\* | 4778563 |
| 436925 | CoreCivic, Inc.\* | 8891424 |
| 13600 | DaVita, Inc.\* | 1807032 |
| 60000 | Deluxe Corp. | 1161600 |
| 159901 | Dole PLC | 2149069 |
| 156208 | Embecta Corp. | 2204095 |
| 61371 | Enovis Corp.\* | 1861996 |
| 15764 | Euronet Worldwide, Inc.\* | 1384237 |
| 92464 | EVERTEC, Inc. | 3123434 |
| 126500 | Exelixis, Inc.\* | 5224450 |
| 79500 | Fresh Del Monte Produce, Inc. | 2760240 |
| 38207 | Glaukos Corp.\* | 3115781 |
| 102287 | Globus Medical, Inc. Class A\* | 5857976 |
| 23813 | Grand Canyon Education, Inc.\* | 5227430 |
| 115042 | GXO Logistics, Inc.\* | 6084571 |
| 44200 | H&R Block, Inc. | 2235194 |
| 75868 | Haemonetics Corp.\* | 3697806 |
| 93877 | Halozyme Therapeutics, Inc.\* | 6884939 |
| 41400 | Harmony Biosciences Holdings, Inc.\* | 1140984 |
| 63321 | HealthEquity, Inc.\* | 6000931 |
| 65700 | Herbalife Ltd.\* | 554508 |
| 73270 | Hologic, Inc.\* | 4944992 |
| 23612 | ICON PLC\* | 4132100 |

---

See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| 33664 | ICU Medical, Inc.\* | 4038333 |
| 56200 | Incyte Corp.\* | 4766322 |
| 41004 | Ingles Markets, Inc. Class A<sup>(a)</sup> <br>| 2852238 |
| 35900 | Ingredion, Inc. | 4383749 |
| 89300 | Insmed, Inc.\* | 12860093 |
| 38411 | Insperity, Inc. | 1889821 |
| 57742 | Integer Holdings Corp.\* | 5966481 |
| 94336 | Jazz Pharmaceuticals PLC\* | 12433485 |
| 100846 | Laureate Education, Inc.\* | 3180683 |
| 50882 | Legence Corp. Class A\* | 1567674 |
| 51216 | Legend Biotech Corp., ADR\*<sup>(a)</sup> <br>| 1670154 |
| 201997 | LifeStance Health Group, Inc.\* | 1110984 |
| 33000 | ManpowerGroup, Inc. | 1250700 |
| 25007 | Marzetti Co. | 4320960 |
| 20160 | Masimo Corp.\* | 2974608 |
| 10324 | Medpace Holdings, Inc.\* | 5308188 |
| 22067 | Merit Medical Systems, Inc.\* | 1836636 |
| 44510 | Merus NV\* | 4190617 |
| 111991 | Molson Coors Beverage Co. Class B | 5067593 |
| 64035 | Natera, Inc.\* | 10307714 |
| 66736 | Neurocrine Biosciences, Inc.\* | 9368400 |
| 203766 | Nomad Foods Ltd. | 2679523 |
| 51523 | Option Care Health, Inc.\* | 1430278 |
| 113900 | Organon & Co. | 1216452 |
| 38426 | Paylocity Holding Corp.\* | 6120109 |
| 9965 | Penumbra, Inc.\* | 2524334 |
| 78472 | Perdoceo Education Corp. | 2955256 |
| 88530 | Performance Food Group Co.\* | 9210661 |
| 115579 | Privia Health Group, Inc.\* | 2877917 |
| 73678 | PROCEPT BioRobotics Corp.\*<sup>(a)</sup> <br>| 2629568 |
| 51800 | PROG Holdings, Inc. | 1676248 |
| 212037 | Rentokil Initial PLC, ADR<sup>(a)</sup> <br>| 5353934 |
| 17118 | Repligen Corp.\* | 2288163 |
| 53570 | Revolution Medicines, Inc.\* | 2501719 |
| 22338 | Rhythm Pharmaceuticals, Inc.\* | 2255915 |
| 140638 | Smith & Nephew PLC, ADR<sup>(a)</sup> <br>| 5103753 |
| 16440 | Soleno Therapeutics, Inc.\* | 1111344 |
| 78109 | Stevanato Group SpA<sup>(a)</sup> <br>| 2011307 |
| 181693 | Tandem Diabetes Care, Inc.\* | 2205753 |
| 14000 | Tenet Healthcare Corp.\* | 2842560 |
| 40790 | Toast, Inc. Class A\* | 1489243 |
| 47452 | TransUnion | 3975529 |
| 8800 | United Therapeutics Corp.\* | 3689048 |
| 14100 | Universal Health Services, Inc. Class B | 2882604 |
| 60579 | Universal Technical Institute, Inc.\* | 1971846 |
| 61200 | Upbound Group, Inc. | 1446156 |
| 98900 | Varex Imaging Corp.\* | 1226360 |
| 69480 | Vaxcyte, Inc.\* | 2502670 |
| 87552 | Vericel Corp.\* | 2755261 |

---

4See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| 168200 | Viatris, Inc. | 1665180 |
| 45378 | WEX, Inc.\* | 7148396 |
| 128040 | WillScot Holdings Corp. | 2702924 |
| 25530 | Xenon Pharmaceuticals, Inc.\* | 1025030 |
|  |  | 339098322 |
|  | **Energy — 3.6%** | **Energy — 3.6%** |
| 110600 | Antero Resources Corp.\* | 3711736 |
| 127000 | APA Corp. | 3083560 |
| 9600 | Chord Energy Corp. | 953952 |
| 26800 | CNX Resources Corp.\*<sup>(a)</sup> <br>| 860816 |
| 152188 | Delek U.S. Holdings, Inc. | 4911107 |
| 62955 | Flowco Holdings, Inc. Class A | 934882 |
| 63200 | Helmerich & Payne, Inc. | 1396088 |
| 105455 | HF Sinclair Corp. | 5519514 |
| 243885 | Magnolia Oil & Gas Corp. Class A | 5821535 |
| 137131 | Matador Resources Co. | 6161296 |
| 60100 | Murphy Oil Corp.<sup>(a)</sup> <br>| 1707441 |
| 130932 | Ovintiv, Inc. | 5287034 |
| 713949 | Permian Resources Corp. | 9138547 |
| 123137 | SM Energy Co. | 3074731 |
| 134852 | SunCoke Energy, Inc. | 1100392 |
| 61220 | TechnipFMC PLC | 2415129 |
| 44195 | Warrior Met Coal, Inc. | 2812570 |
|  |  | 58890330 |
|  | **Financial — 18.8%** | **Financial — 18.8%** |
| 58834 | Agree Realty Corp., REIT | 4179567 |
| 40400 | Ally Financial, Inc. | 1583680 |
| 81800 | American Assets Trust, Inc., REIT | 1662176 |
| 44750 | Annaly Capital Management, Inc., REIT | 904398 |
| 107000 | Apple Hospitality REIT, Inc., REIT | 1285070 |
| 60900 | ARES Capital Corp. | 1242969 |
| 84400 | Associated Banc-Corp. | 2169924 |
| 28044 | Assurant, Inc. | 6074330 |
| 86522 | Assured Guaranty Ltd. | 7324087 |
| 158416 | Atlantic Union Bankshares Corp. | 5590501 |
| 80737 | Axis Capital Holdings Ltd. | 7734605 |
| 35844 | Axos Financial, Inc.\* | 3034195 |
| 27428 | Bancorp, Inc.\* | 2054083 |
| 51800 | Bank of NT Butterfield & Son Ltd. | 2223256 |
| 61000 | Blue Owl Capital Corp. | 778970 |
| 155663 | Blue Owl Capital, Inc. | 2635375 |
| 177700 | Brandywine Realty Trust, REIT | 741009 |
| 80900 | Brixmor Property Group, Inc., REIT | 2239312 |
| 14700 | Burke & Herbert Financial Services Corp. | 906843 |
| 6897 | C&F Financial Corp. | 463478 |
| 210017 | Cannae Holdings, Inc.<sup>(a)</sup> <br>| 3845411 |
| 31000 | Cathay General Bancorp | 1488310 |

---

See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| 59900 | Chimera Investment Corp., REIT | 791878 |
| 67300 | Citizens Financial Group, Inc. | 3577668 |
| 65915 | CNA Financial Corp.<sup>(a)</sup> <br>| 3062411 |
| 129300 | CNO Financial Group, Inc. | 5113815 |
| 36200 | Comerica, Inc. | 2480424 |
| 24453 | Community Trust Bancorp, Inc. | 1368145 |
| 81140 | Core Scientific, Inc.\* | 1455652 |
| 39800 | Corebridge Financial, Inc. | 1275590 |
| 39918 | Cullen/Frost Bankers, Inc. | 5060405 |
| 23612 | EastGroup Properties, Inc., REIT | 3996567 |
| 39300 | Employers Holdings, Inc. | 1669464 |
| 18875 | Enova International, Inc.\* | 2172324 |
| 59300 | EPR Properties, REIT | 3439993 |
| 29500 | Equitable Holdings, Inc. | 1498010 |
| 24300 | Essent Group Ltd. | 1544508 |
| 65600 | Federated Hermes, Inc. | 3406608 |
| 61200 | Fidelis Insurance Holdings Ltd.<sup>(a)</sup> <br>| 1110780 |
| 19700 | Fidelity National Financial, Inc. | 1191653 |
| 90100 | First BanCorp | 1986705 |
| 62100 | First Busey Corp. | 1437615 |
| 63800 | First Commonwealth Financial Corp. | 1087790 |
| 247400 | First Horizon Corp. | 5593714 |
| 96000 | FNB Corp. | 1546560 |
| 848357 | Genworth Financial, Inc.\* | 7550377 |
| 72817 | Glacier Bancorp, Inc. | 3544003 |
| 30110 | Globe Life, Inc. | 4304827 |
| 16247 | Hamilton Lane, Inc. Class A | 2189933 |
| 28700 | Hancock Whitney Corp. | 1796907 |
| 106812 | Hanmi Financial Corp. | 2637188 |
| 166069 | Healthpeak Properties, Inc., REIT | 3180221 |
| 75500 | Highwoods Properties, Inc., REIT | 2402410 |
| 83300 | Hope Bancorp, Inc. | 897141 |
| 86500 | Horizon Bancorp, Inc. | 1384865 |
| 197400 | Host Hotels & Resorts, Inc., REIT | 3359748 |
| 30114 | Howard Hughes Holdings, Inc.\* | 2474467 |
| 73800 | Independent Bank Corp. | 2285955 |
| 64000 | Industrial Logistics Properties Trust, REIT | 373120 |
| 72400 | International Money Express, Inc.\* | 1011428 |
| 13000 | Jackson Financial, Inc. Class A | 1315990 |
| 40942 | Jefferies Financial Group, Inc. | 2678426 |
| 170054 | KeyCorp | 3178309 |
| 44400 | Kilroy Realty Corp., REIT<sup>(a)</sup> <br>| 1875900 |
| 19551 | Kinsale Capital Group, Inc. | 8314258 |
| 56600 | Kite Realty Group Trust, REIT | 1262180 |
| 48480 | Lincoln National Corp. | 1955198 |
| 13723 | LPL Financial Holdings, Inc. | 4565505 |
| 80203 | McGrath RentCorp | 9407812 |
| 135300 | MGIC Investment Corp. | 3838461 |
| 139500 | Navient Corp. | 1834425 |

---

6See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| 199800 | New Mountain Finance Corp. | 1926072 |
| 81808 | OceanFirst Financial Corp. | 1437367 |
| 54000 | OFG Bancorp | 2348460 |
| 70700 | Old Republic International Corp. | 3002629 |
| 16400 | OneMain Holdings, Inc. | 925944 |
| 122700 | Outfront Media, Inc., REIT | 2247864 |
| 240380 | P10, Inc. Class A<sup>(a)</sup> <br>| 2615334 |
| 195700 | Piedmont Realty Trust, Inc., REIT | 1761300 |
| 35074 | Pinnacle Financial Partners, Inc. | 3289591 |
| 29595 | Piper Sandler Cos. | 10269169 |
| 25500 | Popular, Inc. | 3238755 |
| 114747 | Radian Group, Inc. | 4156136 |
| 72100 | Regions Financial Corp. | 1901277 |
| 14798 | Reinsurance Group of America, Inc. | 2843140 |
| 52230 | Ryan Specialty Holdings, Inc. | 2943683 |
| 78700 | Sabra Health Care REIT, Inc., REIT | 1466968 |
| 104400 | Service Properties Trust, REIT | 282924 |
| 44699 | StepStone Group, Inc. Class A | 2919292 |
| 55206 | Stifel Financial Corp. | 6264225 |
| 14881 | StoneX Group, Inc.\* | 1501791 |
| 35574 | Sun Communities, Inc., REIT | 4589046 |
| 56200 | Synchrony Financial | 3993010 |
| 43758 | UMB Financial Corp. | 5178759 |
| 20100 | Universal Insurance Holdings, Inc. | 528630 |
| 72000 | Unum Group | 5600160 |
| 127700 | Valley National Bancorp | 1353620 |
| 48700 | Victory Capital Holdings, Inc. Class A | 3153812 |
| 96924 | Voya Financial, Inc. | 7249915 |
| 129900 | Western Union Co.<sup>(a)</sup> <br>| 1037901 |
| 5418 | White Mountains Insurance Group Ltd. | 9056295 |
| 49141 | Wintrust Financial Corp. | 6508234 |
| 54300 | Zions Bancorp NA | 3072294 |
|  |  | 304312479 |
|  | **Government — 0.2%** | **Government — 0.2%** |
| 58816 | Banco Latinoamericano de Comercio Exterior SA | 2703772 |
|  | **Industrial — 21.2%** | **Industrial — 21.2%** |
| 58341 | Advanced Energy Industries, Inc. | 9926138 |
| 32400 | AGCO Corp. | 3469068 |
| 22900 | Allegion PLC | 4061315 |
| 42100 | Apogee Enterprises, Inc. | 1834297 |
| 15280 | Applied Industrial Technologies, Inc. | 3988844 |
| 22057 | AptarGroup, Inc. | 2948139 |
| 11500 | ArcBest Corp. | 803505 |
| 15528 | Armstrong World Industries, Inc. | 3043643 |
| 31100 | Arrow Electronics, Inc.\* | 3763100 |
| 34760 | ATI, Inc.\* | 2827378 |
| 24600 | Atkore, Inc. | 1543404 |

---

See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — continued** | **Industrial — continued** |
| 4990 | Axon Enterprise, Inc.\* | 3581024 |
| 19380 | Bloom Energy Corp. Class A\*<sup>(a)</sup> <br>| 1638967 |
| 21600 | Boise Cascade Co. | 1670112 |
| 29660 | Builders FirstSource, Inc.\* | 3596275 |
| 24379 | BWX Technologies, Inc. | 4494756 |
| 45848 | Casella Waste Systems, Inc. Class A\* | 4350058 |
| 22280 | CH Robinson Worldwide, Inc. | 2949872 |
| 9954 | Clean Harbors, Inc.\* | 2311518 |
| 573116 | CNH Industrial NV | 6218309 |
| 127725 | Cognex Corp. | 5785942 |
| 27740 | Coherent Corp.\* | 2988153 |
| 30788 | Comfort Systems USA, Inc. | 25405642 |
| 19000 | Covenant Logistics Group, Inc. | 411540 |
| 27685 | Eagle Materials, Inc. | 6451712 |
| 64100 | Energizer Holdings, Inc. | 1595449 |
| 19230 | Esab Corp. | 2148760 |
| 32449 | Exponent, Inc. | 2254556 |
| 77449 | Federal Signal Corp. | 9215656 |
| 103300 | Flex Ltd.\* | 5988301 |
| 40476 | Flowserve Corp. | 2150895 |
| 38320 | FTAI Aviation Ltd. | 6394075 |
| 424400 | Gates Industrial Corp. PLC\* | 10533608 |
| 15914 | Generac Holdings, Inc.\* | 2664004 |
| 28200 | Greenbrier Cos., Inc. | 1301994 |
| 21300 | Greif, Inc. Class A | 1272888 |
| 22500 | Griffon Corp. | 1713375 |
| 15890 | HEICO Corp. Class A | 4037490 |
| 31261 | Hexcel Corp. | 1960065 |
| 83145 | Hub Group, Inc. Class A | 2863514 |
| 20606 | Huntington Ingalls Industries, Inc. | 5932673 |
| 16290 | IDEX Corp. | 2651360 |
| 61705 | ITT, Inc. | 11030386 |
| 59105 | Jabil, Inc. | 12835833 |
| 224801 | Janus International Group, Inc.\* | 2218786 |
| 44925 | Karman Holdings, Inc.\* | 3243585 |
| 20657 | Knife River Corp.\*<sup>(a)</sup> <br>| 1587904 |
| 17820 | Kratos Defense & Security Solutions, Inc.\* | 1628213 |
| 46140 | Leonardo DRS, Inc. | 2094756 |
| 32813 | Lincoln Electric Holdings, Inc. | 7738290 |
| 24379 | Loar Holdings, Inc.\*<sup>(a)</sup> <br>| 1950320 |
| 97293 | Mirion Technologies, Inc.\*<sup>(a)</sup> <br>| 2263035 |
| 14700 | Mohawk Industries, Inc.\* | 1895124 |
| 23689 | Moog, Inc. Class A | 4919495 |
| 64600 | Mueller Industries, Inc. | 6531706 |
| 31003 | Nordson Corp. | 7036131 |
| 64000 | O-I Glass, Inc.\* | 830080 |
| 36000 | Oshkosh Corp. | 4669200 |
| 46801 | Owens Corning | 6620469 |
| 21974 | Powell Industries, Inc.<sup>(a)</sup> <br>| 6697895 |

---

8See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — continued** | **Industrial — continued** |
| 33710 | Primoris Services Corp. | 4629394 |
| 29035 | RBC Bearings, Inc.\* | 11332070 |
| 20840 | Regal Rexnord Corp. | 2989290 |
| 60950 | Rocket Lab Corp.\*<sup>(a)</sup> <br>| 2920114 |
| 32200 | Ryder System, Inc. | 6074208 |
| 54900 | Ryerson Holding Corp.<sup>(a)</sup> <br>| 1255014 |
| 13500 | Sanmina Corp.\* | 1553985 |
| 121142 | Schneider National, Inc. Class B | 2563365 |
| 41700 | Scorpio Tankers, Inc. | 2337285 |
| 23102 | Simpson Manufacturing Co., Inc. | 3868661 |
| 50100 | Sonoco Products Co. | 2158809 |
| 22111 | SPX Technologies, Inc.\* | 4129893 |
| 69887 | StandardAero, Inc.\* | 1907216 |
| 47433 | TD SYNNEX Corp. | 7767154 |
| 74600 | Textron, Inc. | 6302954 |
| 40226 | Trimble, Inc.\* | 3284453 |
| 37946 | UFP Industries, Inc. | 3547572 |
| 104060 | Uniti Group, Inc. | 636847 |
| 193473 | Vontier Corp. | 8120062 |
| 75700 | World Kinect Corp. | 1964415 |
| 23200 | XPO, Inc.\* | 2999064 |
|  |  | 342874407 |
|  | **Technology — 9.6%** | **Technology — 9.6%** |
| 22400 | ACM Research, Inc. Class A\* | 876512 |
| 86779 | Alkami Technology, Inc.\*<sup>(a)</sup> <br>| 2155590 |
| 81743 | Allegro MicroSystems, Inc.\*<sup>(a)</sup> <br>| 2386896 |
| 44000 | Amdocs Ltd. | 3610200 |
| 45900 | Amkor Technology, Inc. | 1303560 |
| 7770 | Astera Labs, Inc.\* | 1521366 |
| 16632 | CACI International, Inc. Class A\* | 8295709 |
| 553674 | CCC Intelligent Solutions Holdings, Inc.\*<sup>(a)</sup> <br>| 5043970 |
| 47325 | Chime Financial, Inc. Class A\* | 954545 |
| 44700 | Cirrus Logic, Inc.\* | 5600463 |
| 16531 | Commvault Systems, Inc.\* | 3120722 |
| 29500 | CSG Systems International, Inc. | 1899210 |
| 10756 | CyberArk Software Ltd.\* | 5196761 |
| 27010 | Descartes Systems Group, Inc.\* | 2545152 |
| 41159 | Doximity, Inc. Class A\* | 3010781 |
| 145200 | Dropbox, Inc. Class A\* | 4386492 |
| 2516 | Duolingo, Inc.\* | 809749 |
| 60650 | Dynatrace, Inc.\* | 2938493 |
| 79936 | Entegris, Inc.<sup>(a)</sup> <br>| 7390883 |
| 51541 | ExlService Holdings, Inc.\* | 2269350 |
| 224909 | Genius Sports Ltd.\* | 2784373 |
| 57100 | Genpact Ltd. | 2391919 |
| 14681 | Guidewire Software, Inc.\* | 3374575 |
| 33827 | Hinge Health, Inc. Class A\* | 1660229 |
| 74089 | MACOM Technology Solutions Holdings, Inc.\* | 9223340 |

---

See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Technology — continued** | **Technology — continued** |
| 16172 | Manhattan Associates, Inc.\* | 3314937 |
| 34771 | MKS, Inc.<sup>(a)</sup> <br>| 4303607 |
| 11870 | Monday.com Ltd.\* | 2299100 |
| 54619 | nCino, Inc.\*<sup>(a)</sup> <br>| 1480721 |
| 21700 | NCR Atleos Corp.\* | 853027 |
| 137211 | NCR Voyix Corp.\*<sup>(a)</sup> <br>| 1721998 |
| 8940 | Nova Ltd.\*<sup>(a)</sup> <br>| 2857760 |
| 72800 | Photronics, Inc.\* | 1670760 |
| 103500 | Pitney Bowes, Inc. | 1180935 |
| 208500 | Playtika Holding Corp. | 811065 |
| 28045 | Power Integrations, Inc. | 1127689 |
| 85294 | Procore Technologies, Inc.\* | 6219638 |
| 42281 | Pure Storage, Inc. Class A\* | 3543571 |
| 26928 | Rambus, Inc.\* | 2805898 |
| 43700 | RingCentral, Inc. Class A\* | 1238458 |
| 281752 | SailPoint, Inc.\* | 6221084 |
| 73710 | Samsara, Inc. Class A\* | 2745698 |
| 46113 | Science Applications International Corp. | 4582249 |
| 41326 | Semtech Corp.\* | 2952743 |
| 25700 | ServiceTitan, Inc. Class A\* | 2591331 |
| 29025 | Silicon Laboratories, Inc.\* | 3806048 |
| 25400 | Skyworks Solutions, Inc. | 1955292 |
| 23510 | Twilio, Inc. Class A\* | 2353116 |
| 3323 | Tyler Technologies, Inc.\* | 1738461 |
| 18880 | Workiva, Inc.\* | 1625190 |
| 107700 | Xerox Holdings Corp.<sup>(a)</sup> <br>| 404952 |
| 15175 | Zebra Technologies Corp. Class A\* | 4509403 |
|  |  | 155665571 |
|  | **Utilities — 2.3%** | **Utilities — 2.3%** |
| 42022 | IDACORP, Inc. | 5553207 |
| 282470 | MDU Resources Group, Inc. | 5030791 |
| 24700 | National Fuel Gas Co. | 2281539 |
| 92443 | Northwestern Energy Group, Inc. | 5418084 |
| 87364 | Portland General Electric Co. | 3844016 |
| 57393 | Southwest Gas Holdings, Inc. | 4496168 |
| 12117 | Talen Energy Corp.\* | 5154329 |
| 67162 | TXNM Energy, Inc. | 3798011 |
| 73700 | UGI Corp. | 2451262 |
|  |  | 38027407 |
|  | TOTAL COMMON STOCKS (COST $1,319,457,641) | 1577285231 |

---

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

10See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value ($)**  | **Description** | **Value ($)** |
|  | **Short-Term Investment — 0.5%** | **Short-Term Investment — 0.5%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.5%** | **Mutual Fund - Securities Lending Collateral — 0.5%** |
| 7953600 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.18%<sup>(d)(e)</sup> <br>| 7953600 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $7,953,600) | 7953600 |
|  | **TOTAL INVESTMENTS — 97.8**% <br>(Cost $1,327,411,241)<br>| 1585238831 |
|  | Other Assets and Liabilities (net) — 2.2% | 35532660 |
|  | **NET ASSETS — 100.0%** | **$1620771491** |

---

&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 September 30, 2025 was $0.<br>|
| (d) | The rate disclosed is the 7-day net yield as of September 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 |  |  |  |  |
| 92 | Russell 2000 E-mini Index | Dec 2025 | &nbsp;&nbsp; $11295300 | &nbsp;&nbsp; $148603 |
| 41 | S&P Mid 400 E-mini Index | Dec 2025 | &nbsp;&nbsp; 13473420 | &nbsp;&nbsp; 59146 |
|  |  |  |  | &nbsp;&nbsp; $207749 |

---

&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 Financial Statements.

------

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

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Common Stocks | 97.3 |
| Futures Contracts | 0.0\* |
| Short-Term Investment | 0.5 |
| Other Assets and Liabilities (net) | 2.2 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

12See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 95.0%** | **COMMON STOCKS — 95.0%** |
|  | **Brazil — 5.5%** | **Brazil — 5.5%** |
| 1428300 | Ambev SA | 3242510 |
| 1828300 | B3 SA - Brasil Bolsa Balcao | 4600317 |
| 523216 | Banco Bradesco SA | 1496292 |
| 456100 | Banco do Brasil SA | 1891870 |
| 94900 | Centrais Eletricas Brasileiras SA | 935893 |
| 31900 | CPFL Energia SA | 236006 |
| 762636 | Dexco SA | 830579 |
| 585100 | EcoRodovias Infraestrutura e Logistica SA | 860255 |
| 36800 | Embraer SA | 554811 |
| 322031 | Itau Unibanco Holding SA, ADR | 2363707 |
| 277120 | Lojas Renner SA | 787304 |
| 38300 | MBRF Global Foods Co. SA | 139664 |
| 3086 | MercadoLibre, Inc.\* | 7211797 |
| 1462200 | Natura Cosmeticos SA\* | 2567166 |
| 404000 | Neoenergia SA | 2177202 |
| 141148 | NU Holdings Ltd. Class A \* | 2259779 |
| 11890 | Pagseguro Digital Ltd. Class A  | 118900 |
| 279896 | Petroleo Brasileiro SA, ADR | 3543483 |
| 256077 | Petroleo Brasileiro SA, Preferred ADR | 3026830 |
| 130500 | Porto Seguro SA | 1221795 |
| 63400 | PRIO SA\* | 453933 |
| 1279800 | Raia Drogasil SA | 4426569 |
| 32500 | Rede D'Or Sao Luiz SA 144A | 256800 |
| 865800 | Sendas Distribuidora SA | 1546086 |
| 45925 | StoneCo Ltd. Class A \* | 868442 |
| 136276 | Telefonica Brasil SA, ADR<sup>(a)</sup> <br>| 1737519 |
| 21705 | TIM SA, ADR<sup>(a)</sup> <br>| 484456 |
| 204200 | TOTVS SA | 1761115 |
| 204400 | Vale SA | 2209979 |
| 384245 | Vale SA, ADR | 4172901 |
| 446000 | WEG SA | 3064311 |
|  |  | 61048271 |
|  | **Canada — 0.4%** | **Canada — 0.4%** |
| 22280 | Franco-Nevada Corp. | 4966435 |
|  | **Chile — 0.6%** | **Chile — 0.6%** |
| 10185 | Banco de Credito e Inversiones SA | 450174 |
| 5385 | Banco Santander Chile, ADR | 142703 |
| 206401 | Cencosud SA | 587083 |
| 5854517 | Enel Americas SA | 590600 |
| 3900941 | Enel Chile SA | 301837 |
| 256796 | Falabella SA | 1522276 |
| 6246 | Latam Airlines Group SA, ADR | 282632 |
| 58981 | Sociedad Quimica y Minera de Chile SA, ADR\*<sup>(a)</sup> <br>| 2535003 |
|  |  | 6412308 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — 28.2%** | **China — 28.2%** |
| 100500 | AAC Technologies Holdings, Inc. | 590827 |
| 399600 | Agricultural Bank of China Ltd. Class A  | 374426 |
| 3281800 | Agricultural Bank of China Ltd. Class H  | 2214468 |
| 104000 | Airtac International Group | 2569460 |
| 1429591 | Alibaba Group Holding Ltd. | 32522442 |
| 130000 | Aluminum Corp. of China Ltd. Class H  | 134839 |
| 71594 | Amlogic Shanghai Co. Ltd. Class A \* | 1118196 |
| 33624 | Autohome, Inc., ADR | 959965 |
| 635000 | AviChina Industry & Technology Co. Ltd. Class H  | 355843 |
| 229100 | Baidu, Inc. Class A \* | 3922179 |
| 119400 | Bank of Beijing Co. Ltd. Class A  | 92421 |
| 167900 | Bank of China Ltd. Class A  | 122179 |
| 6219000 | Bank of China Ltd. Class H  | 3405087 |
| 187600 | Bank of Communications Co. Ltd. Class A  | 177099 |
| 684000 | Bank of Communications Co. Ltd. Class H  | 574073 |
| 79200 | Bank of Jiangsu Co. Ltd. Class A  | 111594 |
| 240500 | Bank of Ningbo Co. Ltd. Class A  | 892949 |
| 867800 | Bank of Shanghai Co. Ltd. Class A  | 1092301 |
| 1548500 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A  | 2680010 |
| 421600 | Beijing Yanjing Brewery Co. Ltd. Class A  | 718416 |
| 68500 | BeOne Medicines Ltd. Class H \* | 1806617 |
| 5964 | Bestechnic Shanghai Co. Ltd. Class A  | 249252 |
| 63200 | Bilibili, Inc. Class Z \*<sup>(a)</sup> <br>| 1824420 |
| 150700 | BYD Co. Ltd. Class A  | 2312013 |
| 246000 | BYD Co. Ltd. Class H  | 3484294 |
| 544 | Cambricon Technologies Corp. Ltd. Class A \* | 101258 |
| 720000 | China CITIC Bank Corp. Ltd. Class H  | 619094 |
| 384000 | China Communications Services Corp. Ltd. Class H  | 227032 |
| 94700 | China Construction Bank Corp. Class A  | 114543 |
| 8099600 | China Construction Bank Corp. Class H  | 7786876 |
| 222500 | China Everbright Bank Co. Ltd. Class A  | 105023 |
| 2817000 | China Everbright Bank Co. Ltd. Class H  | 1173086 |
| 1355000 | China Feihe Ltd. 144A | 696622 |
| 264000 | China Galaxy Securities Co. Ltd. Class H  | 401748 |
| 869000 | China Lesso Group Holdings Ltd. | 545052 |
| 302000 | China Life Insurance Co. Ltd. Class H  | 857822 |
| 379000 | China Mengniu Dairy Co. Ltd. | 730682 |
| 98500 | China Merchants Bank Co. Ltd. Class A  | 559165 |
| 645000 | China Merchants Bank Co. Ltd. Class H  | 3876433 |
| 196000 | China Merchants Port Holdings Co. Ltd. | 367040 |
| 36400 | China Merchants Securities Co. Ltd. Class A  | 87492 |
| 163200 | China Minsheng Banking Corp. Ltd. Class A  | 91247 |
| 531000 | China Minsheng Banking Corp. Ltd. Class H  | 280501 |
| 228000 | China National Building Material Co. Ltd. Class H  | 161760 |
| 100000 | China Oilfield Services Ltd. Class H  | 85857 |
| 2125000 | China Overseas Land & Investment Ltd. | 3922035 |
| 32500 | China Pacific Insurance Group Co. Ltd. Class A  | 160344 |
| 129600 | China Pacific Insurance Group Co. Ltd. Class H  | 516041 |
| 137700 | China Petroleum & Chemical Corp. Class A  | 102330 |

---

14See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| 734000 | China Railway Signal & Communication Corp. Ltd. Class H 144A | 329245 |
| 3077000 | China Reinsurance Group Corp. Class H  | 612996 |
| 28500 | China Resources Land Ltd. | 111283 |
| 878500 | China Resources Pharmaceutical Group Ltd.<sup>(a)</sup> 144A | 543106 |
| 28000 | China Shenhua Energy Co. Ltd. Class A  | 151437 |
| 9200 | China Tourism Group Duty Free Corp. Ltd. Class A  | 92498 |
| 125000 | Chongqing Rural Commercial Bank Co. Ltd. Class H  | 96557 |
| 121200 | Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> <br>| 242388 |
| 1196000 | CITIC Ltd. | 1755478 |
| 61700 | CITIC Securities Co. Ltd. Class A  | 259162 |
| 77900 | CMOC Group Ltd. Class A  | 171811 |
| 1101000 | CMOC Group Ltd. Class H  | 2220283 |
| 32979 | Contemporary Amperex Technology Co. Ltd. Class A  | 1862422 |
| 61800 | COSCO SHIPPING Holdings Co. Ltd. Class A  | 124495 |
| 700500 | COSCO SHIPPING Holdings Co. Ltd. Class H <sup>(a)</sup> <br>| 1090311 |
| 115300 | CRRC Corp. Ltd. Class A  | 120994 |
| 336234 | DiDi Global, Inc., ADR\* | 2091376 |
| 38200 | Dong-E-E-Jiao Co. Ltd. Class A  | 254364 |
| 32487 | Eastroc Beverage Group Co. Ltd. Class A  | 1386475 |
| 396000 | Fosun International Ltd. | 280443 |
| 11700 | G-bits Network Technology Xiamen Co. Ltd. Class A  | 933574 |
| 1010000 | Geely Automobile Holdings Ltd. | 2537852 |
| 42500 | Great Wall Motor Co. Ltd. Class H  | 91769 |
| 203900 | Gree Electric Appliances, Inc. of Zhuhai Class A  | 1137735 |
| 68600 | Guosen Securities Co. Ltd. Class A  | 130388 |
| 35500 | Guotai Haitong Securities Co. Ltd. | 94105 |
| 30000 | Haier Smart Home Co. Ltd. Class A  | 106751 |
| 1623800 | Haier Smart Home Co. Ltd. Class H  | 5288557 |
| 649671 | Hangzhou Robam Appliances Co. Ltd. Class A  | 1741351 |
| 380000 | Hansoh Pharmaceutical Group Co. Ltd.<sup>(a)</sup> 144A | 1761195 |
| 407291 | Hongfa Technology Co. Ltd. Class A  | 1508220 |
| 28600 | Huadong Medicine Co. Ltd. Class A  | 166937 |
| 34500 | Huatai Securities Co. Ltd. Class A  | 105510 |
| 567200 | Huatai Securities Co. Ltd. Class H 144A | 1500305 |
| 1121890 | Huaxia Bank Co. Ltd. Class A  | 1037029 |
| 469600 | Huayu Automotive Systems Co. Ltd. Class A  | 1352373 |
| 301200 | Industrial & Commercial Bank of China Ltd. Class A  | 308882 |
| 6358000 | Industrial & Commercial Bank of China Ltd. Class H  | 4690623 |
| 97700 | Industrial Bank Co. Ltd. Class A  | 272439 |
| 140800 | Inner Mongolia Yili Industrial Group Co. Ltd. Class A  | 539587 |
| 127000 | Innovent Biologics, Inc.\* 144A | 1573544 |
| 199050 | JD Health International, Inc.\* 144A | 1701304 |
| 891000 | JD Logistics, Inc.\* 144A | 1500193 |
| 369000 | JD.com, Inc. Class A  | 6568621 |
| 30200 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A  | 303551 |
| 75000 | Jiangxi Copper Co. Ltd. Class H  | 294008 |
| 40729 | Kanzhun Ltd., ADR\* | 951429 |
| 150000 | Kingdee International Software Group Co. Ltd.\* | 337772 |
| 323400 | Kingsoft Corp. Ltd. | 1439014 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| 485300 | Kuaishou Technology<sup>(a)</sup> 144A | 5276898 |
| 85300 | Legend Holdings Corp. Class H \* 144A | 125531 |
| 1208000 | Lenovo Group Ltd. | 1793275 |
| 118600 | Li Auto, Inc. Class A \*<sup>(a)</sup> <br>| 1545684 |
| 659000 | Li Ning Co. Ltd. | 1494108 |
| 1454000 | Lonking Holdings Ltd. | 556902 |
| 61668 | Luckin Coffee, Inc., ADR\* | 2344001 |
| 410050 | Meituan Class B \* 144A | 5507458 |
| 490205 | Midea Group Co. Ltd. Class A  | 5003659 |
| 21900 | Midea Group Co. Ltd. Class H  | 231514 |
| 468000 | MMG Ltd.\* | 406020 |
| 65501 | Montage Technology Co. Ltd. Class A  | 1424405 |
| 172300 | NetEase, Inc. | 5244029 |
| 142500 | New China Life Insurance Co. Ltd. Class H  | 845432 |
| 55195 | PDD Holdings, Inc., ADR\* | 7295123 |
| 2228000 | People's Insurance Co. Group of China Ltd. Class H  | 1950116 |
| 91700 | PetroChina Co. Ltd. Class A  | 103829 |
| 334000 | PICC Property & Casualty Co. Ltd. Class H  | 753822 |
| 51732 | Ping An Insurance Group Co. of China Ltd. Class A  | 400502 |
| 1219500 | Ping An Insurance Group Co. of China Ltd. Class H <sup>(a)</sup> <br>| 8315058 |
| 56800 | Pop Mart International Group Ltd. 144A | 1947746 |
| 138300 | Postal Savings Bank of China Co. Ltd. Class A  | 111713 |
| 9806 | Qfin Holdings, Inc., ADR | 282217 |
| 39800 | Sany Heavy Industry Co. Ltd. Class A  | 129937 |
| 327600 | Shandong Weigao Group Medical Polymer Co. Ltd. Class H  | 244635 |
| 634000 | Shanghai Construction Group Co. Ltd. Class A  | 262740 |
| 793908 | Shanghai Pudong Development Bank Co. Ltd. Class A  | 1327186 |
| 246600 | Shanghai Tunnel Engineering Co. Ltd. Class A  | 221711 |
| 99900 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A  | 3448002 |
| 93200 | Sichuan Road & Bridge Group Co. Ltd. Class A  | 105920 |
| 164000 | Silergy Corp. | 1388280 |
| 454200 | Sinolink Securities Co. Ltd. Class A  | 652736 |
| 212000 | Sinoma International Engineering Co. Class A  | 265951 |
| 272000 | Sinotruk Hong Kong Ltd. | 802673 |
| 101000 | SooChow Securities Co. Ltd. Class A  | 139047 |
| 39800 | Sunny Optical Technology Group Co. Ltd. | 462690 |
| 677400 | Tencent Holdings Ltd. | 57724050 |
| 47271 | Tencent Music Entertainment Group, ADR | 1103305 |
| 682400 | Tian Di Science & Technology Co. Ltd. Class A  | 568471 |
| 321900 | Tianshan Aluminum Group Co. Ltd. Class A  | 524106 |
| 196000 | Tingyi Cayman Islands Holding Corp. | 262496 |
| 566000 | Tongcheng Travel Holdings Ltd. | 1673179 |
| 445000 | TravelSky Technology Ltd. Class H  | 607411 |
| 53250 | Trip.com Group Ltd. | 4079096 |
| 1359000 | Uni-President China Holdings Ltd. | 1435785 |
| 68138 | Vipshop Holdings Ltd., ADR | 1338230 |
| 1695000 | Weichai Power Co. Ltd. Class H  | 3039079 |
| 113700 | Western Mining Co. Ltd. Class A  | 351397 |
| 1334900 | Wilmar International Ltd. | 2951028 |

---

16See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| 11600 | WuXi AppTec Co. Ltd. Class A  | 182561 |
| 47000 | WuXi AppTec Co. Ltd. Class H 144A | 717045 |
| 253000 | Wuxi Biologics Cayman, Inc.\* 144A | 1332572 |
| 50200 | XD, Inc. | 524234 |
| 625200 | Xiamen C & D, Inc. Class A  | 901116 |
| 1402000 | Xiaomi Corp. Class B \* 144A | 9730605 |
| 165500 | XPeng, Inc. Class A \* | 1981431 |
| 1392149 | Yifeng Pharmacy Chain Co. Ltd. Class A  | 4820779 |
| 479601 | Yunnan Aluminium Co. Ltd. Class A  | 1387912 |
| 68900 | Yunnan Baiyao Group Co. Ltd. Class A  | 549287 |
| 163500 | Yunnan Yuntianhua Co. Ltd. Class A  | 615555 |
| 378000 | Zhejiang Expressway Co. Ltd. Class H  | 349316 |
| 137600 | Zhejiang Huayou Cobalt Co. Ltd. Class A  | 1273850 |
| 198600 | Zhejiang Leapmotor Technology Co. Ltd. Class H \* 144A | 1693629 |
| 1046700 | Zhejiang Longsheng Group Co. Ltd. Class A  | 1465993 |
| 71400 | Zhejiang NHU Co. Ltd. Class A  | 239021 |
| 1180500 | Zhongsheng Group Holdings Ltd. | 2212186 |
| 99100 | Zijin Mining Group Co. Ltd. Class A  | 409851 |
| 18500 | ZTE Corp. Class A  | 118613 |
| 118850 | ZTO Express Cayman, Inc.<sup>(a)</sup> <br>| 2253146 |
| 60716 | ZTO Express Cayman, Inc., ADR<sup>(a)</sup> <br>| 1165747 |
|  |  | 313638827 |
|  | **Colombia — 0.1%** | **Colombia — 0.1%** |
| 20438 | Grupo Cibest SA | 315754 |
| 8613 | Grupo Cibest SA, ADR | 447359 |
| 33752 | Interconexion Electrica SA ESP | 201339 |
|  |  | 964452 |
|  | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| 10002 | CEZ AS | 621710 |
| 5901 | Komercni Banka AS | 296117 |
| 20057 | Moneta Money Bank AS 144A | 160223 |
|  |  | 1078050 |
|  | **Greece — 0.9%** | **Greece — 0.9%** |
| 532873 | Eurobank Ergasias Services & Holdings SA | 2054944 |
| 97120 | Jumbo SA | 3334469 |
| 106354 | National Bank of Greece SA | 1545203 |
| 36979 | OPAP SA | 863358 |
| 245703 | Piraeus Financial Holdings SA | 2082689 |
|  |  | 9880663 |
|  | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| 14000 | Orient Overseas International Ltd. | 227263 |
| 1924000 | Sino Biopharmaceutical Ltd. | 2012925 |
| 3155500 | WH Group Ltd. 144A | 3418959 |
| 16000 | Zijin Gold International Co. Ltd.\* | 248008 |
|  |  | 5907155 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Hungary — 0.6%** | **Hungary — 0.6%** |
| 32435 | MOL Hungarian Oil & Gas PLC | 263956 |
| 47981 | OTP Bank Nyrt | 4152164 |
| 76045 | Richter Gedeon Nyrt | 2318977 |
|  |  | 6735097 |
|  | **India — 13.6%** | **India — 13.6%** |
| 22209 | Ajanta Pharma Ltd. | 600519 |
| 3754 | Alkem Laboratories Ltd. | 229370 |
| 7354 | APL Apollo Tubes Ltd. | 139280 |
| 3101 | Apollo Hospitals Enterprise Ltd. | 259672 |
| 1106789 | Ashok Leyland Ltd. | 1780062 |
| 30682 | Aurobindo Pharma Ltd. | 374935 |
| 128738 | Axis Bank Ltd. | 1639878 |
| 15416 | Bajaj Finance Ltd. | 173452 |
| 30693 | Bajaj Finserv Ltd. | 691717 |
| 530910 | Bank of Baroda | 1545814 |
| 421712 | Bharat Electronics Ltd. | 1917893 |
| 465118 | Bharat Petroleum Corp. Ltd. | 1775582 |
| 185896 | Bharti Airtel Ltd. | 3942416 |
| 435 | Bosch Ltd. | 187617 |
| 23268 | Britannia Industries Ltd. | 1573672 |
| 56331 | BSE Ltd. | 1297427 |
| 1206277 | Canara Bank | 1684518 |
| 458972 | Cipla Ltd. | 7779734 |
| 14444 | Coromandel International Ltd. | 366026 |
| 25984 | Cummins India Ltd. | 1149528 |
| 136344 | Dr. Reddy's Laboratories Ltd., ADR<sup>(a)</sup> <br>| 1906089 |
| 12421 | Eicher Motors Ltd. | 980656 |
| 39622 | Emami Ltd. | 239614 |
| 16583 | Fortis Healthcare Ltd. | 181129 |
| 652823 | GAIL India Ltd. | 1296106 |
| 21100 | Glenmark Pharmaceuticals Ltd. | 463403 |
| 20767 | Grasim Industries Ltd. | 647648 |
| 94546 | Great Eastern Shipping Co. Ltd. | 1057282 |
| 137469 | HCL Technologies Ltd. | 2145748 |
| 9433 | HDFC Asset Management Co. Ltd. 144A | 586875 |
| 1823388 | HDFC Bank Ltd. | 19560778 |
| 3548 | HDFC Bank Ltd., ADR | 121200 |
| 69850 | HDFC Life Insurance Co. Ltd. 144A | 594194 |
| 29638 | Hero MotoCorp Ltd. | 1827074 |
| 260047 | Hindalco Industries Ltd. | 2237625 |
| 36654 | Hindustan Aeronautics Ltd. | 1959627 |
| 342366 | Hindustan Petroleum Corp. Ltd. | 1702985 |
| 74168 | Hindustan Unilever Ltd. | 2101943 |
| 25731 | Hyundai Motor India Ltd. | 749134 |
| 124002 | ICICI Bank Ltd. | 1883868 |
| 143009 | ICICI Bank Ltd., ADR | 4323162 |
| 87904 | ICICI Prudential Life Insurance Co. Ltd. 144A | 589071 |
| 47534 | Indian Hotels Co. Ltd. | 385834 |

---

18See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** | **India — continued** |
| 928713 | Indian Oil Corp. Ltd. | 1565624 |
| 763624 | Indraprastha Gas Ltd. | 1790358 |
| 129406 | Indus Towers Ltd.\* | 501876 |
| 182793 | Infosys Ltd. | 2969939 |
| 308480 | Infosys Ltd., ADR<sup>(a)</sup> <br>| 5018970 |
| 19127 | InterGlobe Aviation Ltd. 144A | 1204421 |
| 13137 | Jindal Stainless Ltd. | 109933 |
| 74457 | Kfin Technologies Ltd. | 887224 |
| 147545 | Kotak Mahindra Bank Ltd. | 3316860 |
| 2248 | Larsen & Toubro Ltd. | 92800 |
| 19897 | Laurus Labs Ltd. 144A | 188239 |
| 44811 | LIC Housing Finance Ltd. | 285151 |
| 77817 | Lupin Ltd. | 1678361 |
| 98553 | Mahindra & Mahindra Ltd. | 3812753 |
| 192954 | Marico Ltd. | 1514707 |
| 1657 | Maruti Suzuki India Ltd. | 299250 |
| 29489 | Mphasis Ltd. | 879667 |
| 61 | MRF Ltd. | 100309 |
| 1256 | Multi Commodity Exchange of India Ltd. | 110423 |
| 47444 | Muthoot Finance Ltd. | 1645789 |
| 272959 | National Aluminium Co. Ltd. | 659273 |
| 1742604 | NMDC Ltd. | 1502990 |
| 34260 | Oil & Natural Gas Corp. Ltd. | 92433 |
| 8305 | Oracle Financial Services Software Ltd. | 785754 |
| 994 | Page Industries Ltd. | 456201 |
| 59417 | PB Fintech Ltd.\* | 1138368 |
| 8178 | Persistent Systems Ltd. | 443860 |
| 372269 | Petronet LNG Ltd. | 1169567 |
| 14310 | PI Industries Ltd. | 565703 |
| 32502 | Pidilite Industries Ltd. | 536534 |
| 14096 | Polycab India Ltd. | 1156717 |
| 114502 | Power Finance Corp. Ltd. | 530155 |
| 505295 | Power Grid Corp. of India Ltd. | 1595751 |
| 1256711 | Punjab National Bank | 1600811 |
| 3342 | Radico Khaitan Ltd. | 108670 |
| 202173 | REC Ltd. | 846821 |
| 550391 | Reliance Industries Ltd. | 8455275 |
| 286 | Shree Cement Ltd. | 94830 |
| 164381 | Shriram Finance Ltd. | 1143870 |
| 6345 | Solar Industries India Ltd. | 954014 |
| 15786 | SRF Ltd. | 502016 |
| 126689 | Sun Pharmaceutical Industries Ltd. | 2280120 |
| 37482 | Sun TV Network Ltd. | 222472 |
| 143871 | Syngene International Ltd. 144A | 1007792 |
| 113446 | Tata Consultancy Services Ltd. | 3693851 |
| 281529 | Tata Motors Ltd. | 2164211 |
| 239809 | Tata Steel Ltd. | 456586 |
| 91398 | Tech Mahindra Ltd. | 1438054 |
| 15915 | Torrent Pharmaceuticals Ltd. | 644388 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** | **India — continued** |
| 37968 | TVS Motor Co. Ltd. | 1473584 |
| 847762 | Union Bank of India Ltd. | 1325273 |
| 20645 | United Spirits Ltd. | 310458 |
| 461694 | UPL Ltd. | 3421544 |
| 640620 | Wipro Ltd. | 1724698 |
| 132104 | Zydus Lifesciences Ltd. | 1462553 |
|  |  | 150588008 |
|  | **Indonesia — 1.2%** | **Indonesia — 1.2%** |
| 1419300 | Aneka Tambang Tbk. PT | 269126 |
| 3748500 | Astra International Tbk. PT | 1298985 |
| 8915500 | Bank Central Asia Tbk. PT | 4079249 |
| 2910200 | Bank Mandiri Persero Tbk. PT | 768369 |
| 411100 | Bank Negara Indonesia Persero Tbk. PT | 101141 |
| 18052899 | Bank Rakyat Indonesia Persero Tbk. PT | 4224801 |
| 71718700 | GoTo Gojek Tokopedia Tbk. PT\* | 232392 |
| 179600 | Indofood CBP Sukses Makmur Tbk. PT | 102113 |
| 3976500 | Kalbe Farma Tbk. PT | 269634 |
| 7054900 | Perusahaan Gas Negara Tbk. PT | 715438 |
| 847800 | United Tractors Tbk. PT | 1362127 |
|  |  | 13423375 |
|  | **Italy — 0.2%** | **Italy — 0.2%** |
| 46542 | Coca-Cola HBC AG | 2195507 |
|  | **Japan — 0.2%** | **Japan — 0.2%** |
| 104800 | Nexon Co. Ltd. | 2304131 |
|  | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
| 36760 | Kaspi.KZ JSC, ADR | 3002557 |
|  | **Kuwait — 0.5%** | **Kuwait — 0.5%** |
| 983505 | Kuwait Finance House KSCP | 2558948 |
| 714078 | National Bank of Kuwait SAKP | 2479583 |
|  |  | 5038531 |
|  | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |
| 3636 | Reinet Investments SCA | 106430 |
|  | **Macau — 0.4%** | **Macau — 0.4%** |
| 738000 | Galaxy Entertainment Group Ltd. | 4067328 |
|  | **Malaysia — 0.9%** | **Malaysia — 0.9%** |
| 1134500 | AMMB Holdings Bhd. | 1523090 |
| 320300 | Axiata Group Bhd. | 203969 |
| 139400 | Hong Leong Bank Bhd. | 679693 |
| 274600 | Malayan Banking Bhd. | 646617 |
| 273700 | MISC Bhd. | 474756 |
| 83300 | Petronas Dagangan Bhd. | 454058 |

---

20See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Malaysia — continued** | **Malaysia — continued** |
| 60400 | PPB Group Bhd. | 146389 |
| 936400 | RHB Bank Bhd. | 1468514 |
| 515300 | SD Guthrie Bhd. | 639151 |
| 1023400 | Sime Darby Bhd. | 554438 |
| 723100 | Telekom Malaysia Bhd. | 1216478 |
| 593200 | Tenaga Nasional Bhd. | 1863396 |
| 312960 | YTL Corp. Bhd. | 206731 |
|  |  | 10077280 |
|  | **Mexico — 3.0%** | **Mexico — 3.0%** |
| 266000 | Alfa SAB de CV Class A  | 213148 |
| 73845 | America Movil SAB de CV, ADR<sup>(a)</sup> <br>| 1550745 |
| 379280 | Arca Continental SAB de CV<sup>(a)</sup> <br>| 3979518 |
| 135341 | Cemex SAB de CV, ADR | 1216716 |
| 40891 | Coca-Cola Femsa SAB de CV, ADR | 3398042 |
| 309671 | Credito Real SAB de CV SOFOM ER\*<sup>(b)(c)</sup> <br>|  |
| 72215 | Fomento Economico Mexicano SAB de CV, ADR | 7122565 |
| 5315 | Gruma SAB de CV Class B <sup>(a)</sup> <br>| 98861 |
| 35900 | Grupo Aeroportuario del Centro Norte SAB de CV<sup>(a)</sup> <br>| 462876 |
| 519945 | Grupo Financiero Banorte SAB de CV Class O  | 5216609 |
| 263900 | Grupo Mexico SAB de CV<sup>(a)</sup> <br>| 2294019 |
| 26800 | Industrias Penoles SAB de CV\*<sup>(a)</sup> <br>| 1196158 |
| 217900 | Kimberly-Clark de Mexico SAB de CV Class A <sup>(a)</sup> <br>| 458324 |
| 57765 | Promotora y Operadora de Infraestructura SAB de CV<sup>(a)</sup> <br>| 789883 |
| 6329 | Southern Copper Corp. | 768087 |
| 162906 | Unifin Financiera SAB de CV\*<sup>(b)(c)</sup> <br>|  |
| 1555486 | Wal-Mart de Mexico SAB de CV | 4800731 |
|  |  | 33566282 |
|  | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| 53827 | Heineken Holding NV | 3690446 |
|  | **Panama — 0.2%** | **Panama — 0.2%** |
| 18676 | Copa Holdings SA Class A  | 2219082 |
|  | **Peru — 0.7%** | **Peru — 0.7%** |
| 13393 | Cia de Minas Buenaventura SAA, ADR | 325852 |
| 28859 | Credicorp Ltd. | 7684574 |
|  |  | 8010426 |
|  | **Philippines — 0.2%** | **Philippines — 0.2%** |
| 19640 | Ayala Corp. | 162924 |
| 136270 | Bank of the Philippine Islands | 269262 |
| 24223 | BDO Unibank, Inc. | 55313 |
| 29090 | GT Capital Holdings, Inc. | 287651 |
| 81310 | International Container Terminal Services, Inc. | 658863 |
| 57130 | Metropolitan Bank & Trust Co. | 66750 |
| 542920 | Universal Robina Corp. | 661392 |
|  |  | 2162155 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Poland — 0.6%** | **Poland — 0.6%** |
| 32802 | Alior Bank SA | 927681 |
| 231094 | Allegro.eu SA\* 144A | 2267401 |
| 9265 | Asseco Poland SA | 511793 |
| 2594 | Bank Polska Kasa Opieki SA | 124915 |
| 1826 | CD Projekt SA | 136150 |
| 38461 | PGE Polska Grupa Energetyczna SA\* | 113861 |
| 54000 | Powszechna Kasa Oszczednosci Bank Polski SA | 1049084 |
| 104535 | Powszechny Zaklad Ubezpieczen SA | 1566361 |
| 44907 | Tauron Polska Energia SA\* | 112594 |
| 9262 | XTB SA 144A | 183307 |
| 23237 | Zabka Group SA\*<sup>(a)</sup> <br>| 150201 |
|  |  | 7143348 |
|  | **Portugal — 0.3%** | **Portugal — 0.3%** |
| 143753 | Jeronimo Martins SGPS SA | 3496432 |
|  | **Qatar — 0.4%** | **Qatar — 0.4%** |
| 258117 | Al Rayan Bank | 168723 |
| 295427 | Barwa Real Estate Co. | 216560 |
| 160227 | Ooredoo QPSC | 601566 |
| 233868 | Qatar Islamic Bank QPSC | 1535140 |
| 354418 | Qatar National Bank QPSC | 1808593 |
|  |  | 4330582 |
|  | **Russia — 0.0%** | **Russia — 0.0%** |
| 214920 | Evraz PLC\*<sup>(b)(c)(d)</sup> <br>|  |
| 7610 | Gazprom Neft PJSC<sup>(b)(c)(d)</sup> <br>|  |
| 1043282 | Gazprom PJSC\*<sup>(b)(c)(d)</sup> <br>|  |
| 99121 | Globaltrans Investment PLC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 1645900 | GMK Norilskiy Nickel PAO\*<sup>(b)(c)(d)</sup> <br>|  |
| 5000 | HeadHunter Group PLC, ADR\*<sup>(b)(c)(d)</sup> <br>|  |
| 44258 | LSR Group PJSC\*<sup>(b)(c)(d)</sup> <br>|  |
| 136755 | LUKOIL PJSC\*<sup>(b)(c)(d)</sup> <br>|  |
| 8543 | Magnit PJSC\*<sup>(b)(c)(d)</sup> <br>|  |
| 984659 | Magnitogorsk Iron & Steel Works PJSC<sup>(b)(c)(d)</sup> <br>|  |
| 9 | MMC Norilsk Nickel PJSC, ADR\*<sup>(b)(c)(d)</sup> <br>|  |
| 126700 | Mobile TeleSystems PJSC, ADR\*<sup>(b)(c)(d)</sup> <br>|  |
| 154250 | Novatek PJSC<sup>(b)(c)(d)</sup> <br>|  |
| 1715500 | Novolipetsk Steel PJSC\*<sup>(b)(c)(d)</sup> <br>|  |
| 5323 | PhosAgro PJSC<sup>(b)(c)(d)(f)</sup> <br>|  |
| 103 | PhosAgro PJSC\*<sup>(b)(c)(d)(e)(f)</sup> <br>|  |
| 2 | PhosAgro PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 250620 | Polyus PJSC\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 1 | Polyus PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 4954 | Ros Agro PLC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 5496180 | Sberbank of Russia PJSC\*<sup>(b)(c)(d)</sup> <br>|  |
| 105511 | Severstal PAO, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 25625090 | Surgutneftegas PAO\*<sup>(b)(c)(d)</sup> <br>|  |
| 598704 | Tatneft PJSC<sup>(b)(c)(d)</sup> <br>|  |

---

22See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Russia — continued** | **Russia — continued** |
| 8773 | TCS Group Holding PLC, GDR\*<sup>(b)(c)(d)(e)(f)</sup> <br>|  |
| 16391 | TCS Group Holding PLC, GDR\*<sup>(b)(c)(d)(e)(f)</sup> <br>|  |
| 47122 | X5 Retail Group NV, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
|  |  | 0 |
|  | **Saudi Arabia — 2.2%** | **Saudi Arabia — 2.2%** |
| 83133 | Al Rajhi Bank | 2376369 |
| 274566 | Arab National Bank | 1809110 |
| 4736 | Astra Industrial Group Co. | 175538 |
| 343537 | Banque Saudi Fransi | 1635149 |
| 13875 | Co. for Cooperative Insurance | 503173 |
| 106423 | Etihad Etisalat Co. | 1916931 |
| 46524 | Jarir Marketing Co. | 173060 |
| 74676 | Mobile Telecommunications Co. Saudi Arabia | 222224 |
| 7747 | Mouwasat Medical Services Co. | 152143 |
| 9901 | Nahdi Medical Co. | 314175 |
| 271765 | Riyad Bank | 1971097 |
| 57601 | SABIC Agri-Nutrients Co. | 1830846 |
| 31043 | Saudi Arabian Mining Co.\* | 529772 |
| 435073 | Saudi Arabian Oil Co. 144A | 2856247 |
| 205892 | Saudi Awwal Bank | 1761244 |
| 211564 | Saudi Investment Bank | 804464 |
| 232474 | Saudi National Bank | 2428759 |
| 175198 | Saudi Telecom Co. | 2059284 |
| 58483 | Yanbu National Petrochemical Co. | 544877 |
|  |  | 24064462 |
|  | **Singapore — 0.3%** | **Singapore — 0.3%** |
| 17751 | Sea Ltd., ADR\* | 3172636 |
|  | **South Africa — 2.6%** | **South Africa — 2.6%** |
| 40245 | Absa Group Ltd. | 422430 |
| 19983 | AVI Ltd. | 114576 |
| 143357 | Bid Corp. Ltd.<sup>(a)</sup> <br>| 3591715 |
| 2649 | Capitec Bank Holdings Ltd. | 533408 |
| 111508 | Clicks Group Ltd. | 2277924 |
| 28656 | Discovery Ltd. | 327212 |
| 4529 | Exxaro Resources Ltd. | 47300 |
| 96231 | Gold Fields Ltd., ADR | 4037853 |
| 247664 | Growthpoint Properties Ltd., REIT | 211453 |
| 25106 | Harmony Gold Mining Co. Ltd. | 458187 |
| 27655 | Impala Platinum Holdings Ltd. | 353532 |
| 150231 | Investec Ltd. | 1115641 |
| 65496 | Kumba Iron Ore Ltd.<sup>(a)</sup> <br>| 1233234 |
| 688077 | Momentum Group Ltd. | 1307755 |
| 111050 | MTN Group Ltd. | 933329 |
| 11065 | Naspers Ltd. Class N  | 4011479 |
| 924778 | Old Mutual Ltd. | 715594 |
| 126864 | OUTsurance Group Ltd. | 527237 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Africa — continued** | **South Africa — continued** |
| 152878 | Pepkor Holdings Ltd. 144A | 215416 |
| 1105725 | Redefine Properties Ltd., REIT | 318531 |
| 400384 | Sanlam Ltd. | 1939898 |
| 44428 | Sasol Ltd.\* | 276727 |
| 54660 | Sibanye Stillwater Ltd.\* | 156162 |
| 224016 | Standard Bank Group Ltd. | 3069418 |
| 85456 | Vodacom Group Ltd. | 660219 |
|  |  | 28856230 |
|  | **South Korea — 9.5%** | **South Korea — 9.5%** |
| 1875 | Alteogen, Inc.\* | 612059 |
| 28051 | Coupang, Inc.\* | 903242 |
| 13272 | Coway Co. Ltd. | 931750 |
| 10937 | DB HiTek Co. Ltd. | 442765 |
| 20282 | DB Insurance Co. Ltd. | 2002108 |
| 15182 | Doosan Bobcat, Inc. | 600550 |
| 3717 | Ecopro BM Co. Ltd.\* | 299363 |
| 39843 | Hana Financial Group, Inc. | 2476255 |
| 1821 | Hanjin Kal Corp. | 130438 |
| 94254 | Hankook Tire & Technology Co. Ltd. | 2576274 |
| 2380 | Hanwha Aerospace Co. Ltd. | 1877809 |
| 8386 | Hanwha Ocean Co. Ltd.\* | 659261 |
| 5628 | Hanwha Systems Co. Ltd. | 238670 |
| 3355 | HD Hyundai Co. Ltd. | 371595 |
| 2850 | HD Hyundai Heavy Industries Co. Ltd. | 1046114 |
| 3232 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 946760 |
| 4319 | HL Mando Co. Ltd. | 103431 |
| 513 | Hyosung Heavy Industries Corp. | 489947 |
| 21174 | Hyundai Glovis Co. Ltd. | 2496119 |
| 27089 | Hyundai Mobis Co. Ltd. | 5763206 |
| 14513 | Hyundai Rotem Co. Ltd. | 2265313 |
| 9374 | Hyundai Steel Co. | 226825 |
| 7886 | Industrial Bank of Korea | 109377 |
| 11312 | Kakao Corp. | 480521 |
| 67167 | KB Financial Group, Inc. | 5529232 |
| 33599 | Kia Corp. | 2411475 |
| 15385 | Korea Investment Holdings Co. Ltd. | 1589983 |
| 22174 | Korean Air Lines Co. Ltd. | 359544 |
| 1472 | Krafton, Inc.\* | 306874 |
| 62283 | KT Corp., ADR | 1214519 |
| 7103 | LEENO Industrial, Inc. | 260721 |
| 3764 | LG Chem Ltd. | 745798 |
| 7481 | LG Corp. | 383901 |
| 23797 | LG Display Co. Ltd.\* | 244407 |
| 3123 | LG Electronics, Inc. | 168275 |
| 111564 | LG Uplus Corp. | 1220561 |
| 8743 | NAVER Corp. | 1673137 |
| 18284 | Netmarble Corp. 144A | 804050 |
| 6903 | NH Investment & Securities Co. Ltd. | 95546 |

---

24See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — continued** | **South Korea — continued** |
| 2131 | PharmaResearch Co. Ltd. | 912819 |
| 3992 | Samsung C&T Corp. | 525229 |
| 626144 | Samsung Electronics Co. Ltd. | 37442345 |
| 50752 | Samsung Heavy Industries Co. Ltd.\* | 792180 |
| 55300 | Shinhan Financial Group Co. Ltd. | 2790521 |
| 5415 | SK Biopharmaceuticals Co. Ltd.\* | 391348 |
| 54065 | SK Hynix, Inc. | 13390533 |
| 5102 | SK Innovation Co. Ltd. | 365455 |
| 7106 | SK Square Co. Ltd.\* | 1020533 |
| 2790 | SK, Inc. | 417590 |
| 120714 | Woori Financial Group, Inc. | 2232656 |
|  |  | 105338984 |
|  | **Taiwan — 16.1%** | **Taiwan — 16.1%** |
| 49000 | Accton Technology Corp. | 1680064 |
| 339792 | Advantech Co. Ltd. | 3556455 |
| 715000 | Asia Cement Corp. | 894982 |
| 52000 | Asia Vital Components Co. Ltd. | 1673732 |
| 2000 | ASPEED Technology, Inc. | 331387 |
| 116000 | Asustek Computer, Inc. | 2553842 |
| 1781000 | AUO Corp. | 797646 |
| 10059 | Bizlink Holding, Inc. | 339943 |
| 54000 | Catcher Technology Co. Ltd. | 323348 |
| 1203000 | Cathay Financial Holding Co. Ltd. | 2589304 |
| 1399000 | China Airlines Ltd. | 957056 |
| 112000 | Chroma ATE, Inc. | 2127699 |
| 3035000 | Compal Electronics, Inc. | 3226393 |
| 62000 | Compeq Manufacturing Co. Ltd. | 149314 |
| 1193000 | CTBC Financial Holding Co. Ltd. | 1679234 |
| 195000 | Delta Electronics, Inc. | 5463941 |
| 920123 | E.Sun Financial Holding Co. Ltd. | 1006828 |
| 134000 | Elan Microelectronics Corp. | 571560 |
| 22000 | Elite Material Co. Ltd. | 884244 |
| 1035000 | Eva Airways Corp. | 1293835 |
| 234000 | Evergreen Marine Corp. Taiwan Ltd. | 1374303 |
| 376000 | Far Eastern New Century Corp. | 342962 |
| 88000 | Foxconn Technology Co. Ltd. | 202979 |
| 147600 | Fubon Financial Holding Co. Ltd. | 427623 |
| 12000 | Genius Electronic Optical Co. Ltd. | 168515 |
| 28000 | Gigabyte Technology Co. Ltd. | 274690 |
| 1128000 | Hon Hai Precision Industry Co. Ltd. | 7994225 |
| 2000 | International Games System Co. Ltd. | 51644 |
| 1239270 | KGI Financial Holding Co. Ltd. | 607884 |
| 9000 | King Slide Works Co. Ltd. | 971520 |
| 3000 | Largan Precision Co. Ltd. | 231314 |
| 81000 | Lite-On Technology Corp. | 458445 |
| 176000 | MediaTek, Inc. | 7593674 |
| 12000 | Novatek Microelectronics Corp. | 167924 |
| 461000 | Pegatron Corp. | 1070897 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Taiwan — continued** | **Taiwan — continued** |
| 21084 | PharmaEssentia Corp. | 356265 |
| 14000 | Phison Electronics Corp. | 324299 |
| 1355000 | Pou Chen Corp. | 1282622 |
| 291998 | President Chain Store Corp. | 2375993 |
| 461000 | Primax Electronics Ltd. | 1188877 |
| 10000 | Quanta Computer, Inc. | 95151 |
| 199000 | Radiant Opto-Electronics Corp. | 936955 |
| 107000 | Realtek Semiconductor Corp. | 1930901 |
| 17000 | Simplo Technology Co. Ltd. | 206378 |
| 131000 | Sitronix Technology Corp. | 932706 |
| 564980 | Taiwan Business Bank | 291963 |
| 2534924 | Taiwan Semiconductor Manufacturing Co. Ltd. | 108539793 |
| 1574000 | TS Financial Holding Co. Ltd. | 929589 |
| 39000 | Voltronic Power Technology Corp. | 1186200 |
| 159000 | Wan Hai Lines Ltd. | 387614 |
| 663000 | Winbond Electronics Corp.\* | 740703 |
| 5000 | Wiwynn Corp. | 543835 |
| 164000 | WNC Corp. | 626878 |
| 374000 | Yang Ming Marine Transport Corp. | 650371 |
| 538550 | Yuanta Financial Holding Co. Ltd. | 615804 |
| 192000 | Zhen Ding Technology Holding Ltd. | 1045738 |
|  |  | 179228041 |
|  | **Thailand — 1.3%** | **Thailand — 1.3%** |
| 166200 | Advanced Info Service PCL, NVDR | 1492492 |
| 615900 | Bangkok Bank PCL, NVDR | 2831943 |
| 106900 | Bumrungrad Hospital PCL, NVDR | 578952 |
| 2180800 | Charoen Pokphand Foods PCL, NVDR | 1500751 |
| 160800 | CP Axtra PCL, NVDR | 111649 |
| 87300 | Delta Electronics Thailand PCL, NVDR | 427003 |
| 340700 | Gulf Development PCL, NVDR\* | 457351 |
| 2056000 | Indorama Ventures PCL, NVDR | 1421213 |
| 42600 | Kasikornbank PCL Class F  | 219540 |
| 1890400 | Krung Thai Bank PCL, NVDR | 1446750 |
| 59500 | SCB X PCL, NVDR | 235943 |
| 610000 | SCB X PCL Class F  | 2400093 |
| 389100 | Thai Union Group PCL, NVDR | 153695 |
| 248700 | Thanachart Capital PCL, NVDR | 385656 |
| 16963200 | TMBThanachart Bank PCL, NVDR | 994602 |
|  |  | 14657633 |
|  | **Turkey — 0.5%** | **Turkey — 0.5%** |
| 739244 | Akbank TAS | 1114719 |
| 359903 | Aselsan Elektronik Sanayi Ve Ticaret AS | 1860948 |
| 83386 | Haci Omer Sabanci Holding AS | 174070 |
| 196416 | Turk Hava Yollari AO | 1487982 |
| 54168 | Turkcell Iletisim Hizmetleri AS | 127472 |
| 3091915 | Turkiye Is Bankasi AS Class C  | 1052190 |
|  |  | 5817381 |

---

26See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Arab Emirates — 0.9%** | **United Arab Emirates — 0.9%** |
| 414431 | Abu Dhabi Commercial Bank PJSC | 1645087 |
| 215276 | Abu Dhabi Islamic Bank PJSC | 1276535 |
| 334749 | Aldar Properties PJSC | 863986 |
| 89020 | Dubai Islamic Bank PJSC | 232184 |
| 77457 | Emaar Development PJSC | 283636 |
| 771468 | Emaar Properties PJSC | 2740990 |
| 146062 | Emirates NBD Bank PJSC | 966324 |
| 38612 | Emirates Telecommunications Group Co. PJSC | 198053 |
| 308584 | First Abu Dhabi Bank PJSC | 1313981 |
|  |  | 9520776 |
|  | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |
| 19628 | Anglogold Ashanti PLC | 1380621 |
| 33458 | Unilever PLC | 1981885 |
|  |  | 3362506 |
|  | **United States — 0.4%** | **United States — 0.4%** |
| 47065 | Cognizant Technology Solutions Corp. Class A  | 3156650 |
| 13772 | Globant SA\* | 790237 |
| 35432 | JBS NV, BDR\* | 529529 |
|  |  | 4476416 |
|  | **Vietnam — 0.6%** | **Vietnam — 0.6%** |
| 522000 | Mobile World Investment Corp. | 1534771 |
| 1455630 | Vietnam Dairy Products JSC | 3304870 |
| 1215800 | Vietnam Prosperity JSC Bank | 1430786 |
|  |  | 6270427 |
|  | **Zambia — 0.4%** | **Zambia — 0.4%** |
| 203100 | First Quantum Minerals Ltd.\* | 4595075 |
|  | TOTAL COMMON STOCKS (COST $960,527,571) | 1055413725 |
|  | **PREFERRED STOCKS — 2.1%** | **PREFERRED STOCKS — 2.1%** |
|  | **Brazil — 1.8%** | **Brazil — 1.8%** |
| 556700 | Banco Bradesco SA, 8.71% | 1849203 |
| 8200 | Centrais Eletricas Brasileiras SA, 6.97% | 85410 |
| 2310500 | Cia Energetica de Minas Gerais, 13.13% | 4837449 |
| 359500 | Gerdau SA, 3.85% | 1121254 |
| 667480 | Itau Unibanco Holding SA, 6.71% | 4896854 |
| 2302837 | Itausa SA, 8.88% | 4959777 |
| 354900 | Petroleo Brasileiro SA, 9.59% | 2096526 |
|  |  | 19846473 |
|  | **India — 0.0%** | **India — 0.0%** |
| 151872 | TVS Motor Co. Ltd., 6.00%\*<sup>(c)</sup> <br>| 17105 |
|  | **South Korea — 0.3%** | **South Korea — 0.3%** |
| 2869 | Hyundai Motor Co., 7.87%, Second-Preferred Stock | 340464 |
| 1854 | Hyundai Motor Co., 8.00% | 215522 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — continued** | **South Korea — continued** |
| 57801 | Samsung Electronics Co. Ltd., 2.19% | 2735459 |
|  |  | 3291445 |
|  | TOTAL PREFERRED STOCKS (COST $20,186,448) | 23155023 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.5%** | **SHORT-TERM INVESTMENT — 0.5%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.5%** | **Mutual Fund - Securities Lending Collateral — 0.5%** |
| 5249372 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.18%<sup>(g)(h)</sup> <br>| 5249372 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $5,249,372) | 5249372 |
|  | **TOTAL INVESTMENTS — 97.6**% <br>(Cost $985,963,391)<br>| 1083818120 |
|  | Other Assets and Liabilities (net) — 2.4% | 26807971 |
|  | **NET ASSETS — 100.0%** | **$1110626091** |

---

&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 $17,105 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at September 30, 2025 was $85,883,964.<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 September 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 September 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 $50,269,993 which represents 4.5% of net <br> assets.<br>|

---

28See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 463 | MSCI Emerging Markets E-mini Index | Dec 2025 | &nbsp;&nbsp; $31477055 | &nbsp;&nbsp; $448849 |

---

&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 Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
| Financial | 22.4 |
| Technology | 20.9 |
| Communications | 16.7 |
| Consumer, Cyclical | 10.5 |
| Consumer, Non-cyclical | 9.8 |
| Industrial | 7.1 |
| Basic Materials | 5.3 |
| Energy | 2.6 |
| Utilities | 1.6 |
| Diversified | 0.2 |
| Short-Term Investment | 0.5 |
| Other Assets and Liabilities (net) | 2.4 |
|  | 100.0% |

---

30See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 93.3%** | **COMMON STOCKS — 93.3%** |
|  | **Australia — 2.8%** | **Australia — 2.8%** |
| 620761 | AGL Energy Ltd.<sup>(a)</sup> <br>| 3640972 |
| 13757 | Ampol Ltd. | 272703 |
| 32330 | Aristocrat Leisure Ltd. | 1499441 |
| 1234995 | Aurizon Holdings Ltd. | 2610992 |
| 21367 | Austal Ltd.\* | 109606 |
| 681000 | Bank of Queensland Ltd. | 3272161 |
| 58726 | BHP Group Ltd. Class DI <sup>(a)</sup> <br>| 1623099 |
| 33754 | BlueScope Steel Ltd. | 507586 |
| 77550 | Brambles Ltd. | 1274627 |
| 26892 | Capricorn Metals Ltd.\* | 235794 |
| 6513 | Codan Ltd. | 127423 |
| 29724 | Computershare Ltd. | 714898 |
| 41228 | Downer EDI Ltd. | 201377 |
| 111792 | Evolution Mining Ltd. | 802396 |
| 59296 | Genesis Minerals Ltd.\* | 231468 |
| 2134545 | Glencore PLC\* | 9816325 |
| 105055 | GPT Group, REIT | 373887 |
| 317600 | Harvey Norman Holdings Ltd. | 1553411 |
| 1256900 | Helia Group Ltd. | 4814799 |
| 6017 | Megaport Ltd.\* | 62887 |
| 475600 | Metcash Ltd. | 1197774 |
| 7413 | Netwealth Group Ltd. | 144392 |
| 539561 | Northern Star Resources Ltd. | 8485704 |
| 352271 | OceanaGold Corp. | 7521900 |
| 1206200 | Perenti Ltd. | 2246339 |
| 1457559 | Perseus Mining Ltd. | 4733385 |
| 3193 | Pro Medicus Ltd. | 652391 |
| 771765 | Qantas Airways Ltd. | 5585439 |
| 406700 | QBE Insurance Group Ltd. | 5549836 |
| 101704 | Ramelius Resources Ltd. | 261529 |
| 2968 | REA Group Ltd.<sup>(a)</sup> <br>| 454505 |
| 24966 | Regis Resources Ltd. | 99443 |
| 84200 | Rio Tinto Ltd. | 6809705 |
| 174138 | Rio Tinto PLC, ADR | 11494849 |
| 20707 | SEEK Ltd. | 391259 |
| 499627 | Super Retail Group Ltd.<sup>(a)</sup> <br>| 5384136 |
| 16240 | Technology One Ltd. | 413947 |
| 334054 | Telstra Group Ltd. | 1067120 |
| 171752 | Transurban Group | 1570835 |
| 384666 | Vault Minerals Ltd.\* | 168259 |
| 51401 | Ventia Services Group Pty. Ltd. | 174077 |
| 63609 | Wesfarmers Ltd. | 3879274 |
| 34296 | West African Resources Ltd.\*<sup>(b)</sup> <br>| 69098 |
| 43777 | Westgold Resources Ltd. | 129979 |
| 48429 | Whitehaven Coal Ltd.<sup>(a)</sup> <br>| 211515 |
| 11171 | WiseTech Global Ltd. | 668173 |
| 287430 | Woodside Energy Group Ltd.<sup>(a)</sup> <br>| 4387081 |
| 70200 | Woolworths Group Ltd. | 1242218 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Australia — continued** | **Australia — continued** |
| 29210 | Worley Ltd. | 271993 |
|  |  | 109012007 |
|  | **Austria — 0.5%** | **Austria — 0.5%** |
| 50522 | ANDRITZ AG | 3555864 |
| 5427 | BAWAG Group AG 144A | 714193 |
| 131551 | Erste Group Bank AG<sup>(c)</sup> <br>| 12860423 |
| 2891 | Erste Group Bank AG<sup>(c)</sup> <br>| 282885 |
| 2170 | EVN AG | 59664 |
| 45338 | OMV AG | 2419621 |
| 9905 | Raiffeisen Bank International AG | 341470 |
| 4906 | UNIQA Insurance Group AG | 72864 |
| 1416 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 77949 |
| 6280 | voestalpine AG | 224174 |
|  |  | 20609107 |
|  | **Belgium — 0.2%** | **Belgium — 0.2%** |
| 31200 | Ageas SA | 2159273 |
| 1225 | D'ieteren Group | 229148 |
| 4396 | Groupe Bruxelles Lambert NV | 392821 |
| 12314 | KBC Group NV | 1467875 |
| 21907 | Proximus SADP | 191511 |
| 62000 | Solvay SA | 1968407 |
| 6816 | Umicore SA | 121013 |
|  |  | 6530048 |
|  | **Brazil — 0.8%** | **Brazil — 0.8%** |
| 177983 | Petroleo Brasileiro SA, Preferred ADR | 2103759 |
| 224600 | Vale SA | 2428382 |
| 72497 | Wheaton Precious Metals Corp.<sup>(c)</sup> <br>| 8108064 |
| 153519 | Wheaton Precious Metals Corp.<sup>(c)</sup> <br>| 17183448 |
| 31200 | Yara International ASA | 1140083 |
|  |  | 30963736 |
|  | **Burkina Faso — 0.0%** | **Burkina Faso — 0.0%** |
| 35221 | IAMGOLD Corp.\* | 455134 |
|  | **Cambodia — 0.0%** | **Cambodia — 0.0%** |
| 1014000 | NagaCorp Ltd. | 763719 |
|  | **Canada — 7.3%** | **Canada — 7.3%** |
| 107260 | Agnico Eagle Mines Ltd.<sup>(c)</sup> <br>| 18069386 |
| 86290 | Agnico Eagle Mines Ltd.<sup>(c)</sup> <br>| 14545042 |
| 9431 | Air Canada\*<sup>(a)</sup> <br>| 119023 |
| 25065 | Alamos Gold, Inc. Class A  | 873870 |
| 10859 | Allied Gold Corp.\* | 189802 |
| 4731 | Aritzia, Inc.\* | 286227 |
| 10931 | Atco Ltd. Class I  | 395791 |
| 27595 | Athabasca Oil Corp.\* | 132085 |
| 74661 | B2Gold Corp. | 369572 |

---

32See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** | **Canada — continued** |
| 1246848 | Barrick Mining Corp.<sup>(c)</sup> <br>| 40859209 |
| 146600 | Barrick Mining Corp.<sup>(c)</sup> <br>| 4816074 |
| 9723 | BCE, Inc. | 227421 |
| 10107 | Brookfield Renewable Corp. | 347883 |
| 15826 | Canadian Apartment Properties REIT, REIT | 462928 |
| 77900 | Canadian Imperial Bank of Commerce<sup>(a)</sup> <br>| 6226289 |
| 32470 | Canadian National Railway Co. | 3061921 |
| 41389 | Canadian Tire Corp. Ltd. Class A <sup>(a)</sup> <br>| 4928069 |
| 7900 | Canadian Utilities Ltd. Class A  | 221034 |
| 8994 | CCL Industries, Inc. Class B  | 507036 |
| 6786 | Celestica, Inc.\*<sup>(c)</sup> <br>| 1671935 |
| 8963 | Celestica, Inc.\*<sup>(c)</sup> <br>| 2206094 |
| 402652 | Centerra Gold, Inc. | 4314749 |
| 13140 | CGI, Inc. | 1170644 |
| 2223 | Constellation Software, Inc. | 6035971 |
| 10169 | Descartes Systems Group, Inc.\* | 958225 |
| 4132 | Docebo, Inc.\* | 112928 |
| 16434 | Dollarama, Inc. | 2167814 |
| 10090 | DPM Metals, Inc.<sup>(a)</sup> <br>| 223715 |
| 18250 | Emera, Inc. | 875774 |
| 174175 | Empire Co. Ltd. Class A  | 6252725 |
| 143300 | Finning International, Inc. | 6658290 |
| 21767 | First Majestic Silver Corp.<sup>(a)</sup> <br>| 267355 |
| 2312 | FirstService Corp. | 440413 |
| 15799 | Fortuna Mining Corp.\*<sup>(c)</sup> <br>| 141559 |
| 12790 | Fortuna Mining Corp.\*<sup>(a)(c)</sup> <br>| 114535 |
| 43110 | Franco-Nevada Corp.<sup>(c)</sup> <br>| 9609650 |
| 148596 | Franco-Nevada Corp.<sup>(c)</sup> <br>| 33082207 |
| 23573 | Hudbay Minerals, Inc. | 357136 |
| 40600 | iA Financial Corp., Inc. | 4617032 |
| 34700 | Imperial Oil Ltd. | 3147041 |
| 31700 | Intact Financial Corp. | 6168901 |
| 14230 | K92 Mining, Inc.\* | 172020 |
| 1584 | Kinaxis, Inc.\* | 204517 |
| 657102 | Kinross Gold Corp. | 16328985 |
| 2314 | Linamar Corp. | 124132 |
| 4363 | Lundin Gold, Inc.<sup>(c)</sup> <br>| 282745 |
| 1571 | Lundin Gold, Inc.<sup>(c)</sup> <br>| 102143 |
| 8744 | Magna International, Inc.<sup>(c)</sup> <br>| 414388 |
| 166421 | Magna International, Inc.<sup>(c)</sup> <br>| 7885027 |
| 173000 | Manulife Financial Corp. | 5391174 |
| 95700 | Maple Leaf Foods, Inc. | 2476755 |
| 67325 | New Gold, Inc.\*<sup>(c)</sup> <br>| 482414 |
| 469695 | New Gold, Inc.\*<sup>(c)</sup> <br>| 3372410 |
| 2811 | North West Co., Inc.<sup>(a)</sup> <br>| 96609 |
| 90256 | Nutrien Ltd.<sup>(a)(c)</sup> <br>| 5301583 |
| 29385 | Nutrien Ltd.<sup>(c)</sup> <br>| 1725193 |
| 3549 | Onex Corp.<sup>(a)</sup> <br>| 314982 |
| 241900 | Open Text Corp.<sup>(a)(c)</sup> <br>| 9043868 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** | **Canada — continued** |
| 14973 | Open Text Corp.<sup>(c)</sup> <br>| 559691 |
| 9558 | OR Royalties, Inc.<sup>(c)</sup> <br>| 383085 |
| 3116 | OR Royalties, Inc.<sup>(a)(c)</sup> <br>| 124918 |
| 14837 | Pan American Silver Corp. | 574637 |
| 122700 | Power Corp. of Canada<sup>(a)</sup> <br>| 5310474 |
| 4127 | Precision Drilling Corp.\*<sup>(a)</sup> <br>| 232481 |
| 8758 | Quebecor, Inc. Class B  | 275820 |
| 7847 | RioCan Real Estate Investment Trust, REIT | 106871 |
| 44892 | Rogers Communications, Inc. Class B  | 1547427 |
| 117200 | Russel Metals, Inc.<sup>(a)</sup> <br>| 3510778 |
| 39532 | Sandstorm Gold Ltd.<sup>(c)</sup> <br>| 494931 |
| 53432 | Sandstorm Gold Ltd.<sup>(c)</sup> <br>| 668969 |
| 15151 | Saputo, Inc.<sup>(a)</sup> <br>| 368049 |
| 74669 | Shopify, Inc. Class A \*<sup>(c)</sup> <br>| 11096560 |
| 680 | Shopify, Inc. Class A \*<sup>(c)</sup> <br>| 101047 |
| 1462 | Sprott, Inc. | 121624 |
| 11382 | SSR Mining, Inc.\*<sup>(a)</sup> <br>| 277965 |
| 7539 | Stantec, Inc. | 812704 |
| 99600 | Suncor Energy, Inc.<sup>(c)</sup> <br>| 4168969 |
| 75328 | Suncor Energy, Inc.<sup>(c)</sup> <br>| 3149464 |
| 205870 | TC Energy Corp.<sup>(a)</sup> <br>| 11196049 |
| 13815 | TELUS Corp.<sup>(c)</sup> <br>| 217640 |
| 16489 | TELUS Corp.<sup>(c)</sup> <br>| 260032 |
| 4851 | Torex Gold Resources, Inc.\* | 201654 |
| 4947 | Triple Flag Precious Metals Corp. | 144749 |
| 7065 | Wesdome Gold Mines Ltd.\* | 110083 |
|  |  | 286968971 |
|  | **Chile — 0.0%** | **Chile — 0.0%** |
| 22146 | Antofagasta PLC | 820185 |
|  | **China — 2.9%** | **China — 2.9%** |
| 277500 | 3SBio, Inc. 144A | 1069996 |
| 6252000 | Agricultural Bank of China Ltd. Class H  | 4218678 |
| 200700 | Alibaba Group Holding Ltd. | 4565819 |
| 47150 | Alibaba Group Holding Ltd., ADR | 8427120 |
| 5301000 | Bank of China Ltd. Class H  | 2902455 |
| 947000 | BOC Hong Kong Holdings Ltd. | 4447507 |
| 984500 | Budweiser Brewing Co. APAC Ltd. 144A | 1047717 |
| 488000 | China CITIC Bank Corp. Ltd. Class H  | 419608 |
| 3187000 | China Galaxy Securities Co. Ltd. Class H  | 4849890 |
| 1323600 | China International Capital Corp. Ltd. Class H 144A | 3640563 |
| 1125000 | China Life Insurance Co. Ltd. Class H  | 3195530 |
| 824000 | China Medical System Holdings Ltd. | 1481641 |
| 1158000 | China National Building Material Co. Ltd. Class H  | 821572 |
| 864000 | China Oilfield Services Ltd. Class H  | 741803 |
| 29500 | China Resources Land Ltd. | 115188 |
| 224800 | China Resources Mixc Lifestyle Services Ltd. 144A | 1194441 |
| 349600 | China Taiping Insurance Holdings Co. Ltd. | 683887 |

---

34See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| 584000 | COSCO SHIPPING Ports Ltd. | 427094 |
| 771600 | Dongfang Electric Corp. Ltd. Class H  | 1647252 |
| 140000 | Fuyao Glass Industry Group Co. Ltd. Class H 144A | 1408925 |
| 172000 | Haier Smart Home Co. Ltd. Class H  | 560187 |
| 212000 | Hansoh Pharmaceutical Group Co. Ltd. 144A | 982561 |
| 119900 | Huaxin Cement Co. Ltd. Class H  | 241791 |
| 10135000 | Industrial & Commercial Bank of China Ltd. Class H  | 7477109 |
| 139900 | JD Health International, Inc.\* 144A | 1195742 |
| 1450500 | JD Logistics, Inc.\* 144A | 2442233 |
| 89018 | Kanzhun Ltd., ADR\* | 2079461 |
| 370500 | Kingboard Holdings Ltd. | 1316207 |
| 97000 | Li Ning Co. Ltd. | 219922 |
| 100 | NetEase Cloud Music, Inc.\* 144A | 3339 |
| 149800 | NetEase, Inc. | 4559231 |
| 22800 | Pharmaron Beijing Co. Ltd. Class H 144A | 83342 |
| 1028500 | Ping An Insurance Group Co. of China Ltd. Class H  | 7012740 |
| 172000 | Pop Mart International Group Ltd. 144A | 5898103 |
| 164590 | Prosus NV | 11591989 |
| 717600 | Sinopharm Group Co. Ltd. Class H  | 1691531 |
| 83000 | SITC International Holdings Co. Ltd. | 319608 |
| 978000 | Sunshine Insurance Group Co. Ltd. Class H  | 482690 |
| 136200 | Tanwan, Inc.\* | 255931 |
| 349000 | Weichai Power Co. Ltd. Class H  | 625745 |
| 83600 | WuXi AppTec Co. Ltd. Class H 144A | 1275425 |
| 759500 | Wuxi Biologics Cayman, Inc.\* 144A | 4000348 |
| 102000 | Xinyi Glass Holdings Ltd. | 118251 |
| 16346 | Xunlei Ltd., ADR\* | 156431 |
| 2395700 | Yangzijiang Shipbuilding Holdings Ltd. | 6262418 |
| 328000 | Yuexiu Property Co. Ltd. | 219639 |
| 492100 | Zhejiang Leapmotor Technology Co. Ltd. Class H \* 144A | 4196550 |
|  |  | 112575210 |
|  | **Colombia — 0.0%** | **Colombia — 0.0%** |
| 12521 | Aris Mining Corp.\* | 122706 |
|  | **Denmark — 0.9%** | **Denmark — 0.9%** |
| 181 | AP Moller - Maersk AS Class A  | 354148 |
| 253 | AP Moller - Maersk AS Class B  | 496418 |
| 26249 | Carlsberg AS Class B  | 3052632 |
| 64900 | D/S Norden AS | 2357845 |
| 223676 | Danske Bank AS | 9538129 |
| 71900 | Dfds AS\* | 1095001 |
| 3847 | Genmab AS\* | 1167216 |
| 179676 | Genmab AS, ADR\* | 5510663 |
| 4043 | GN Store Nord AS\* | 68351 |
| 8545 | ISS AS | 270629 |
| 33297 | Jyske Bank AS | 3710848 |
| 2926 | NKT AS\* | 284181 |
| 53094 | Novonesis Novozymes B Class B  | 3251932 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Denmark — continued** | **Denmark — continued** |
| 6640 | Pandora AS | 865851 |
| 731 | Per Aarsleff Holding AS | 78936 |
| 1595 | Ringkjoebing Landbobank AS | 370078 |
| 5510 | Rockwool AS Class B  | 204778 |
| 602 | Royal Unibrew AS | 45959 |
| 3466 | Sydbank AS | 278522 |
| 15461 | Tryg AS | 392561 |
| 53240 | Vestas Wind Systems AS | 1003991 |
|  |  | 34398669 |
|  | **Finland — 0.6%** | **Finland — 0.6%** |
| 7808 | Elisa OYJ | 409729 |
| 19312 | Kone OYJ Class B  | 1316112 |
| 26400 | Konecranes OYJ | 2177604 |
| 990642 | Nokia OYJ | 4747973 |
| 526374 | Nordea Bank Abp<sup>(c)</sup> <br>| 8635688 |
| 93935 | Nordea Bank Abp<sup>(c)</sup> <br>| 1542471 |
| 4824 | Orion OYJ Class B  | 369283 |
| 52200 | TietoEVRY OYJ<sup>(a)</sup> <br>| 944559 |
| 70800 | Valmet OYJ<sup>(a)</sup> <br>| 2352613 |
| 28649 | Wartsila OYJ Abp | 856712 |
|  |  | 23352744 |
|  | **France — 8.1%** | **France — 8.1%** |
| 19296 | Air France-KLM\* | 259037 |
| 67900 | Air Liquide SA | 14110330 |
| 81581 | Airbus SE<sup>(c)</sup> <br>| 18922301 |
| 4602 | Airbus SE<sup>(c)</sup> <br>| 1067194 |
| 169380 | AXA SA | 8088232 |
| 298501 | BNP Paribas SA<sup>(a)</sup> <br>| 27122616 |
| 70155 | Bollore SE | 396993 |
| 73076 | Bouygues SA | 3290319 |
| 57634 | Capgemini SE | 8366798 |
| 359600 | Carrefour SA | 5448523 |
| 115105 | Cie de Saint-Gobain SA | 12396864 |
| 77000 | Cie Generale des Etablissements Michelin SCA | 2763106 |
| 9810 | Covivio SA, REIT | 659330 |
| 193651 | Credit Agricole SA | 3804467 |
| 12521 | Dassault Aviation SA | 4187084 |
| 372460 | Dassault Systemes SE | 12477128 |
| 30277 | Edenred SE | 718625 |
| 21700 | Eiffage SA | 2771578 |
| 120717 | Engie SA | 2589334 |
| 64347 | EssilorLuxottica SA | 20867728 |
| 42955 | Gecina SA, REIT | 4305271 |
| 11425 | Getlink SE | 210226 |
| 21000 | Ipsen SA | 2803079 |
| 48500 | IPSOS SA | 2157546 |
| 156756 | Klepierre SA, REIT | 6107683 |

---

36See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **France — continued** | **France — continued** |
| 275981 | Legrand SA | 45593432 |
| 23120 | L'Oreal SA | 10010669 |
| 4416 | LVMH Moet Hennessy Louis Vuitton SE | 2700770 |
| 125400 | Metropole Television SA<sup>(a)</sup> <br>| 1880122 |
| 1843 | Nexans SA | 272856 |
| 134500 | Orange SA | 2182497 |
| 82666 | Pernod Ricard SA | 8114452 |
| 35500 | Quadient SA | 546434 |
| 81300 | Rubis SCA | 3035863 |
| 36122 | Safran SA | 12737247 |
| 9505 | SCOR SE | 335051 |
| 34444 | Societe BIC SA | 2149047 |
| 307041 | Societe Generale SA | 20333172 |
| 15100 | Sopra Steria Group | 2870736 |
| 219200 | Television Francaise 1 SA<sup>(a)</sup> <br>| 2229181 |
| 5837 | Thales SA | 1828469 |
| 526762 | TotalEnergies SE | 32018037 |
| 2946 | Vinci SA | 408290 |
| 26812 | Vivendi SE | 94449 |
| 360 | VusionGroup | 107865 |
|  |  | 315340031 |
|  | **Georgia — 0.1%** | **Georgia — 0.1%** |
| 45361 | Lion Finance Group PLC | 4671645 |
| 4128 | TBC Bank Group PLC | 252580 |
|  |  | 4924225 |
|  | **Germany — 6.4%** | **Germany — 6.4%** |
| 27273 | adidas AG | 5749011 |
| 25019 | Allianz SE | 10506602 |
| 3020 | Aumovio SE\* | 124623 |
| 5717 | Auto1 Group SE\* | 194807 |
| 77000 | Bayer AG | 2554109 |
| 53100 | Bayerische Motoren Werke AG | 5330814 |
| 50853 | Beiersdorf AG | 5317951 |
| 34299 | Bilfinger SE | 3776233 |
| 189830 | Commerzbank AG | 7157681 |
| 6040 | Continental AG | 398284 |
| 3716 | CTS Eventim AG & Co. KGaA | 364149 |
| 186900 | Daimler Truck Holding AG | 7690653 |
| 219400 | Deutsche Bank AG | 7720959 |
| 71847 | Deutsche Boerse AG | 19256249 |
| 37334 | Deutsche Lufthansa AG | 316197 |
| 118200 | Deutsche Pfandbriefbank AG 144A | 695119 |
| 135000 | Deutsche Post AG | 6018231 |
| 185110 | Deutsche Telekom AG | 6309797 |
| 482190 | E.ON SE | 9073669 |
| 35900 | Fresenius SE & Co. KGaA | 1999450 |
| 16997 | GEA Group AG | 1255207 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Germany — continued** | **Germany — continued** |
| 45100 | HUGO BOSS AG | 2143016 |
| 257830 | Infineon Technologies AG | 10057946 |
| 1621 | IONOS Group SE\* | 75711 |
| 9857 | K&S AG | 133656 |
| 59393 | Knorr-Bremse AG | 5572473 |
| 13078 | Krones AG | 1905464 |
| 85400 | Mercedes-Benz Group AG | 5365446 |
| 10995 | MTU Aero Engines AG | 5050085 |
| 26320 | Nemetschek SE | 3426600 |
| 7562 | Nordex SE\* | 193701 |
| 80987 | Puma SE | 2013579 |
| 215 | Rational AG | 163954 |
| 3154 | RENK Group AG | 324678 |
| 5805 | Rheinmetall AG | 13536024 |
| 179635 | SAP SE | 48103100 |
| 414900 | Schaeffler AG | 2766605 |
| 4235 | Scout24 SE 144A | 530455 |
| 31600 | Siemens AG | 8510194 |
| 140881 | Siemens Energy AG\* | 16457504 |
| 2122 | Stroeer SE & Co. KGaA | 94498 |
| 63675 | Symrise AG | 5539533 |
| 25000 | Talanx AG | 3325249 |
| 54162 | TeamViewer SE\* 144A | 551444 |
| 30280 | thyssenkrupp AG | 415385 |
| 27628 | TUI AG\* | 251328 |
| 57700 | United Internet AG | 1821040 |
| 1288 | Volkswagen AG | 141881 |
| 274460 | Zalando SE\* 144A | 8387976 |
|  |  | 248668320 |
|  | **Greece — 0.1%** | **Greece — 0.1%** |
| 313753 | National Bank of Greece SA | 4558477 |
|  | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| 5639 | Millicom International Cellular SA | 273717 |
|  | **Guernsey — 0.0%** | **Guernsey — 0.0%** |
| 134265 | Super Group SGHC Ltd. | 1772298 |
|  | **Hong Kong — 2.4%** | **Hong Kong — 2.4%** |
| 1181200 | AIA Group Ltd. | 11333168 |
| 15600 | ASMPT Ltd. | 164513 |
| 439500 | CK Asset Holdings Ltd. | 2130731 |
| 100500 | CLP Holdings Ltd. | 832505 |
| 454000 | Cowell e Holdings, Inc.\* | 2275718 |
| 19012 | Futu Holdings Ltd., ADR | 3306377 |
| 163000 | Guotai Junan International Holdings Ltd. | 94066 |
| 105000 | Hang Lung Properties Ltd. | 117815 |
| 47200 | Hang Seng Bank Ltd. | 718883 |

---

38See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Hong Kong — continued** | **Hong Kong — continued** |
| 63000 | Henderson Land Development Co. Ltd. | 222189 |
| 233000 | HKT Trust & HKT Ltd. | 344990 |
| 576900 | Hong Kong Exchanges & Clearing Ltd. | 32773354 |
| 333900 | Hongkong Land Holdings Ltd. | 2113587 |
| 239000 | Hysan Development Co. Ltd. | 488420 |
| 7600 | Jardine Matheson Holdings Ltd. | 478800 |
| 6500 | Johnson Electric Holdings Ltd. | 34002 |
| 316000 | Kerry Properties Ltd. | 846414 |
| 635500 | Link REIT, REIT | 3267184 |
| 34000 | Luk Fook Holdings International Ltd. | 108812 |
| 11340 | Melco Resorts & Entertainment Ltd., ADR\* | 103988 |
| 85500 | MTR Corp. Ltd. | 289894 |
| 255000 | PCCW Ltd. | 174689 |
| 120000 | Power Assets Holdings Ltd. | 760064 |
| 121119 | Prudential PLC | 1697418 |
| 2564000 | Sino Biopharmaceutical Ltd. | 2682505 |
| 410000 | Sun Hung Kai Properties Ltd. | 4911316 |
| 26000 | Swire Pacific Ltd. Class A  | 220387 |
| 496500 | Techtronic Industries Co. Ltd. | 6352704 |
| 2732000 | United Laboratories International Holdings Ltd. | 5274104 |
| 2847000 | Value Partners Group Ltd. | 966027 |
| 59100 | VTech Holdings Ltd. | 476270 |
| 7335500 | WH Group Ltd. 144A | 7947955 |
| 87000 | Wharf Real Estate Investment Co. Ltd. | 257185 |
| 379500 | Yue Yuen Industrial Holdings Ltd. | 646287 |
|  |  | 94412321 |
|  | **Hungary — 0.1%** | **Hungary — 0.1%** |
| 223400 | MOL Hungarian Oil & Gas PLC | 1818025 |
| 68200 | Richter Gedeon Nyrt | 2079745 |
|  |  | 3897770 |
|  | **India — 0.3%** | **India — 0.3%** |
| 66740 | MakeMyTrip Ltd.\* | 6246864 |
| 3195400 | NMDC Ltd. | 2756022 |
| 768300 | Redington Ltd. | 2446238 |
|  |  | 11449124 |
|  | **Indonesia — 0.0%** | **Indonesia — 0.0%** |
| 98000 | First Pacific Co. Ltd. | 82250 |
|  | **Ireland — 1.1%** | **Ireland — 1.1%** |
| 2629624 | AIB Group PLC | 23837865 |
| 1189228 | Bank of Ireland Group PLC | 19583757 |
|  |  | 43421622 |
|  | **Israel — 0.6%** | **Israel — 0.6%** |
| 209233 | Bank Hapoalim BM | 4263831 |
| 316972 | Bank Leumi Le-Israel BM | 6264599 |
| 126656 | Bezeq The Israeli Telecommunication Corp. Ltd. | 243344 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Israel — continued** | **Israel — continued** |
| 2848 | Clal Insurance Enterprises Holdings Ltd. | 146301 |
| 426 | Delek Group Ltd. | 103253 |
| 1110 | Elbit Systems Ltd.<sup>(c)</sup> <br>| 563484 |
| 666 | Elbit Systems Ltd.<sup>(c)</sup> <br>| 339527 |
| 3858 | First International Bank of Israel Ltd. | 276898 |
| 5479 | Harel Insurance Investments & Financial Services Ltd. | 185093 |
| 10400 | ICL Group Ltd.<sup>(c)</sup> <br>| 64688 |
| 31673 | ICL Group Ltd.<sup>(c)</sup> <br>| 198466 |
| 233 | Israel Corp. Ltd. | 72950 |
| 249942 | Israel Discount Bank Ltd. Class A  | 2477100 |
| 1253 | Menora Mivtachim Holdings Ltd. | 123271 |
| 47047 | Mizrahi Tefahot Bank Ltd. | 3103236 |
| 3162 | Nice Ltd.\* | 467097 |
| 1390 | Oddity Tech Ltd. Class A \* | 86597 |
| 10974 | Phoenix Financial Ltd. | 411919 |
| 4002 | Plus500 Ltd. | 173484 |
| 11682 | Shufersal Ltd. | 137949 |
| 5313 | Tel Aviv Stock Exchange Ltd. | 122858 |
| 119700 | Teva Pharmaceutical Industries Ltd.\* | 2333489 |
| 2928 | Wix.com Ltd.\* | 520101 |
|  |  | 22679535 |
|  | **Italy — 5.0%** | **Italy — 5.0%** |
| 1334600 | A2A SpA | 3492280 |
| 3634 | Banca Generali SpA | 202481 |
| 12495 | Banca Mediolanum SpA | 250322 |
| 90944 | Banca Monte dei Paschi di Siena SpA<sup>(a)</sup> <br>| 805718 |
| 65570 | Banco BPM SpA | 980394 |
| 11333 | BFF Bank SpA\* 144A | 145414 |
| 528314 | BPER Banca SpA | 5857575 |
| 49614 | Coca-Cola HBC AG | 2340422 |
| 134600 | Eni SpA | 2351132 |
| 26900 | Ferrari NV | 13009644 |
| 5574 | Fincantieri SpA\* | 146315 |
| 37346 | FinecoBank Banca Fineco SpA | 807640 |
| 304740 | Generali | 11963100 |
| 156564 | Infrastrutture Wireless Italiane SpA<sup>(a)</sup> 144A | 1841466 |
| 7260 | Interpump Group SpA | 332519 |
| 4545801 | Intesa Sanpaolo SpA | 29986143 |
| 262035 | Iveco Group NV | 5651340 |
| 615606 | Leonardo SpA | 39074660 |
| 7619 | Lottomatica Group SpA | 205187 |
| 8021 | Maire SpA | 118751 |
| 173500 | Mediobanca Banca di Credito Finanziario SpA<sup>(a)</sup> <br>| 3513569 |
| 673960 | MFE-MediaForEurope NV Class A  | 2516667 |
| 20606 | Nexi SpA<sup>(a)</sup> 144A | 116605 |
| 501000 | Pirelli & C SpA 144A | 3410782 |
| 262370 | Poste Italiane SpA 144A | 6224268 |
| 16278 | Prysmian SpA | 1610081 |

---

40See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Italy — continued** | **Italy — continued** |
| 171314 | Ryanair Holdings PLC, ADR | 10316529 |
| 590445 | Telecom Italia SpA\*<sup>(a)</sup> <br>| 308937 |
| 598839 | UniCredit SpA | 45363393 |
| 167357 | Unipol Assicurazioni SpA | 3590727 |
| 31466 | Webuild SpA<sup>(a)</sup> <br>| 130735 |
|  |  | 196664796 |
|  | **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |
| 33800 | Endeavour Mining PLC | 1420115 |
|  | **Japan — 19.0%** | **Japan — 19.0%** |
| 4400 | ABC-Mart, Inc. | 87398 |
| 129400 | Advantest Corp. | 12836172 |
| 2300 | AEON REIT Investment Corp., REIT | 2019907 |
| 184100 | AGC, Inc. | 6014710 |
| 14200 | Aichi Steel Corp. | 259030 |
| 28200 | Aisin Corp. | 488824 |
| 39300 | Ajinomoto Co., Inc. | 1129890 |
| 11400 | Alfresa Holdings Corp. | 163375 |
| 9500 | Alps Alpine Co. Ltd.<sup>(a)</sup> <br>| 120708 |
| 14300 | ALSOK Co. Ltd. | 108060 |
| 32500 | Amada Co. Ltd.<sup>(a)</sup> <br>| 400625 |
| 37100 | Amano Corp. | 1054832 |
| 25900 | ANA Holdings, Inc. | 501743 |
| 65100 | Artience Co. Ltd. | 1379714 |
| 11000 | Asahi Intecc Co. Ltd. | 178871 |
| 63900 | Asahi Kasei Corp. | 503853 |
| 55800 | Asics Corp. | 1462962 |
| 134500 | Astellas Pharma, Inc.<sup>(a)</sup> <br>| 1457611 |
| 122100 | Bandai Namco Holdings, Inc. | 4071791 |
| 151300 | BayCurrent, Inc. | 8912957 |
| 60900 | Bic Camera, Inc. | 674628 |
| 16900 | BIPROGY, Inc. | 690945 |
| 238000 | Brother Industries Ltd. | 3994197 |
| 7700 | Canon Marketing Japan, Inc. | 312254 |
| 123200 | Canon, Inc. | 3617960 |
| 158800 | Capcom Co. Ltd. | 4325777 |
| 162500 | Central Japan Railway Co. | 4668636 |
| 775294 | Chiba Bank Ltd. | 8160575 |
| 105100 | Chubu Electric Power Co., Inc. | 1464931 |
| 2800 | Chudenko Corp. | 74700 |
| 15400 | Chugoku Electric Power Co., Inc.<sup>(a)</sup> <br>| 87936 |
| 336000 | Citizen Watch Co. Ltd.<sup>(a)</sup> <br>| 2281938 |
| 114200 | Coca-Cola Bottlers Japan Holdings, Inc. | 2037560 |
| 7000 | COMSYS Holdings Corp. | 174947 |
| 11000 | Cosmo Energy Holdings Co. Ltd.<sup>(a)</sup> <br>| 266723 |
| 1800 | Cosmos Pharmaceutical Corp. | 105305 |
| 211200 | Credit Saison Co. Ltd. | 5648779 |
| 114200 | CyberAgent, Inc. | 1373323 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 447500 | Daicel Corp.<sup>(a)</sup> <br>| 4089117 |
| 21200 | Daifuku Co. Ltd. | 680852 |
| 194900 | Dai-ichi Life Holdings, Inc. | 1538771 |
| 111200 | Daiichi Sankyo Co. Ltd. | 2496042 |
| 21500 | Daikin Industries Ltd.<sup>(a)</sup> <br>| 2486508 |
| 58900 | Daiwa House Industry Co. Ltd.<sup>(a)</sup> <br>| 2121732 |
| 174200 | Daiwa Securities Group, Inc.<sup>(a)</sup> <br>| 1418394 |
| 100 | DeNA Co. Ltd.<sup>(a)</sup> <br>| 1571 |
| 11600 | Dentsu Group, Inc. | 254331 |
| 58600 | East Japan Railway Co. | 1436381 |
| 13700 | Eisai Co. Ltd.<sup>(a)</sup> <br>| 461506 |
| 99200 | Electric Power Development Co. Ltd.<sup>(a)</sup> <br>| 1863631 |
| 224300 | ENEOS Holdings, Inc. | 1427495 |
| 11400 | EXEO Group, Inc. | 165344 |
| 93200 | Ezaki Glico Co. Ltd. | 3195122 |
| 54100 | FANUC Corp. | 1561257 |
| 27400 | Fast Retailing Co. Ltd. | 8356272 |
| 121000 | Food & Life Cos. Ltd. | 6339012 |
| 5900 | Fuji Corp.<sup>(a)</sup> <br>| 107865 |
| 14900 | Fujikura Ltd. | 1458371 |
| 41600 | Fukuoka Financial Group, Inc. | 1250099 |
| 28700 | Futaba Industrial Co. Ltd. | 186948 |
| 2300 | GMO internet group, Inc.<sup>(a)</sup> <br>| 56377 |
| 6600 | GungHo Online Entertainment, Inc. | 120930 |
| 12500 | Hakuhodo DY Holdings, Inc. | 100594 |
| 17300 | Hamamatsu Photonics KK | 188012 |
| 49800 | Hankyu Hanshin Holdings, Inc. | 1471559 |
| 36100 | Hirose Electric Co. Ltd. | 4505014 |
| 3900 | Hisamitsu Pharmaceutical Co., Inc. | 108746 |
| 57000 | Hokkaido Electric Power Co., Inc.<sup>(a)</sup> <br>| 418377 |
| 751400 | Honda Motor Co. Ltd.<sup>(a)</sup> <br>| 7789507 |
| 34200 | Horiba Ltd. | 2903937 |
| 8000 | Hoshizaki Corp. | 300965 |
| 21400 | Hoya Corp. | 2966889 |
| 23300 | Ichinen Holdings Co. Ltd. | 317587 |
| 64000 | Idemitsu Kosan Co. Ltd.<sup>(a)</sup> <br>| 440288 |
| 9500 | Iida Group Holdings Co. Ltd.<sup>(a)</sup> <br>| 151906 |
| 477000 | Inpex Corp. | 8633382 |
| 24200 | Internet Initiative Japan, Inc. | 429073 |
| 256000 | Isuzu Motors Ltd. | 3240627 |
| 26100 | Iwatani Corp. | 285768 |
| 14900 | J Front Retailing Co. Ltd. | 249199 |
| 28700 | JAC Recruitment Co. Ltd. | 210462 |
| 8400 | Japan Airlines Co. Ltd. | 169667 |
| 3900 | Japan Airport Terminal Co. Ltd.<sup>(a)</sup> <br>| 124723 |
| 171600 | Japan Exchange Group, Inc. | 1920093 |
| 533000 | Japan Petroleum Exploration Co. Ltd.<sup>(a)</sup> <br>| 4673697 |
| 261000 | Japan Post Bank Co. Ltd. | 3206720 |
| 1056400 | Japan Post Holdings Co. Ltd. | 10515002 |

---

42See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 265000 | Japan Post Insurance Co. Ltd. | 7523750 |
| 21700 | Japan Securities Finance Co. Ltd. | 273739 |
| 13400 | JTEKT Corp. | 133424 |
| 34000 | JX Advanced Metals Corp.<sup>(a)</sup> <br>| 451346 |
| 166200 | Kakaku.com, Inc. | 2857310 |
| 120400 | Kamigumi Co. Ltd.<sup>(a)</sup> <br>| 3662097 |
| 64900 | Kanadevia Corp. | 449556 |
| 89700 | Kaneka Corp.<sup>(a)</sup> <br>| 2555829 |
| 239700 | Kanematsu Corp.<sup>(a)</sup> <br>| 5057421 |
| 45200 | Kansai Electric Power Co., Inc. | 648381 |
| 8400 | Kansai Paint Co. Ltd.<sup>(a)</sup> <br>| 137161 |
| 92200 | Kao Corp. | 4027370 |
| 15900 | Kato Sangyo Co. Ltd. | 627667 |
| 333200 | KDDI Corp. | 5325650 |
| 6300 | Keio Corp.<sup>(a)</sup> <br>| 163168 |
| 31600 | Keisei Electric Railway Co. Ltd.<sup>(a)</sup> <br>| 293458 |
| 34400 | Keyence Corp. | 12852978 |
| 44100 | Kikkoman Corp.<sup>(a)</sup> <br>| 374754 |
| 31900 | Kintetsu Group Holdings Co. Ltd.<sup>(a)</sup> <br>| 665929 |
| 29200 | Kioxia Holdings Corp.\* | 963876 |
| 145200 | Kirin Holdings Co. Ltd. | 2131029 |
| 92500 | Kitz Corp. | 1058503 |
| 76200 | Kohnan Shoji Co. Ltd. | 2174784 |
| 10800 | Koito Manufacturing Co. Ltd.<sup>(a)</sup> <br>| 163954 |
| 86300 | Komatsu Ltd. | 3015255 |
| 10300 | Konami Group Corp. | 1489014 |
| 17286 | Kose Corp. | 693968 |
| 88600 | Kubota Corp. | 1117661 |
| 61300 | Kuraray Co. Ltd. | 707076 |
| 5200 | Kurita Water Industries Ltd. | 177776 |
| 56100 | Kushikatsu Tanaka Holdings Co. | 879382 |
| 53000 | Kyocera Corp. | 713976 |
| 25500 | Kyowa Kirin Co. Ltd. | 396870 |
| 25200 | Kyushu Electric Power Co., Inc.<sup>(a)</sup> <br>| 252452 |
| 8500 | Kyushu Railway Co. | 225558 |
| 211800 | Lasertec Corp. | 29120080 |
| 7600 | Life Corp. | 130042 |
| 21200 | Lintec Corp. | 522518 |
| 82000 | Lion Corp. | 857562 |
| 219500 | Lixil Corp.<sup>(a)</sup> <br>| 2705014 |
| 925800 | LY Corp. | 2984551 |
| 460800 | M3, Inc.<sup>(a)</sup> <br>| 7444688 |
| 34600 | Mabuchi Motor Co. Ltd. | 606791 |
| 133600 | Macnica Holdings, Inc. | 1857201 |
| 600 | Makino Milling Machine Co. Ltd. | 46559 |
| 13600 | Makita Corp. | 442574 |
| 197600 | Marubeni Corp. | 4947861 |
| 31900 | Maruha Nichiro Corp. | 741097 |
| 135800 | Mazda Motor Corp.<sup>(a)</sup> <br>| 994006 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 5800 | McDonald's Holdings Co. Japan Ltd. | 243884 |
| 870300 | Mebuki Financial Group, Inc. | 5575907 |
| 11700 | Medipal Holdings Corp. | 201899 |
| 44400 | MEIJI Holdings Co. Ltd. | 921762 |
| 16900 | MISUMI Group, Inc. | 263939 |
| 559000 | Mitsubishi Chemical Group Corp.<sup>(a)</sup> <br>| 3222241 |
| 740300 | Mitsubishi Electric Corp. | 19063283 |
| 73500 | Mitsubishi Gas Chemical Co., Inc. | 1315122 |
| 280300 | Mitsubishi HC Capital, Inc. | 2320254 |
| 35600 | Mitsubishi Motors Corp.<sup>(a)</sup> <br>| 96904 |
| 75300 | Mitsui Fudosan Co. Ltd. | 822419 |
| 900 | Mitsui Mining & Smelting Co. Ltd. | 70112 |
| 5100 | Miura Co. Ltd. | 100474 |
| 77100 | MIXI, Inc. | 1660142 |
| 74700 | Mizuho Financial Group, Inc. | 2522962 |
| 456000 | Mizuho Leasing Co. Ltd. | 4023212 |
| 3100 | Modec, Inc. | 173592 |
| 210600 | MonotaRO Co. Ltd. | 3074473 |
| 74600 | MS&AD Insurance Group Holdings, Inc.<sup>(a)</sup> <br>| 1695213 |
| 100600 | Nabtesco Corp. | 2281270 |
| 11500 | Nagoya Railroad Co. Ltd.<sup>(a)</sup> <br>| 137632 |
| 6100 | Nankai Electric Railway Co. Ltd. | 115239 |
| 562400 | NEC Corp. | 18046610 |
| 245600 | Nexon Co. Ltd. | 5399758 |
| 337600 | NGK Insulators Ltd. | 5668004 |
| 67600 | NH Foods Ltd. | 2684134 |
| 13400 | Nichirei Corp. | 157514 |
| 46000 | NIDEC Corp. | 820266 |
| 5500 | Nifco, Inc.<sup>(a)</sup> <br>| 166469 |
| 28700 | Nikon Corp.<sup>(a)</sup> <br>| 335224 |
| 66800 | Nintendo Co. Ltd. | 5791881 |
| 27000 | Nippon Electric Glass Co. Ltd. | 887781 |
| 219000 | Nippon Express Holdings, Inc. | 4983979 |
| 6800 | Nippon Gas Co. Ltd. | 127450 |
| 140500 | Nippon Shinyaku Co. Ltd. | 3170847 |
| 128100 | Nippon Soda Co. Ltd.<sup>(a)</sup> <br>| 2992484 |
| 56400 | Nippon Yusen KK<sup>(a)</sup> <br>| 1928946 |
| 7400 | Nishi-Nippon Financial Holdings, Inc. | 125768 |
| 49700 | Nishi-Nippon Railroad Co. Ltd.<sup>(a)</sup> <br>| 786632 |
| 8700 | Nissan Chemical Corp. | 316342 |
| 12200 | Nisshin Seifun Group, Inc. | 150017 |
| 54600 | Nisshinbo Holdings, Inc. | 420910 |
| 43800 | Nissin Foods Holdings Co. Ltd.<sup>(a)</sup> <br>| 826264 |
| 27000 | Nitori Holdings Co. Ltd.<sup>(a)</sup> <br>| 521681 |
| 388800 | Nitto Denko Corp. | 9258961 |
| 5900 | Nojima Corp. | 161997 |
| 874100 | Nomura Holdings, Inc. | 6424725 |
| 145800 | Nomura Research Institute Ltd. | 5600592 |
| 3700 | NS Solutions Corp.<sup>(a)</sup> <br>| 90392 |

---

44See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 21800 | NSK Ltd.<sup>(a)</sup> <br>| 112834 |
| 10214200 | NTT, Inc. | 10699372 |
| 36700 | OBIC Business Consultants Co. Ltd. | 2261367 |
| 129000 | Obic Co. Ltd. | 4501920 |
| 28200 | Odakyu Electric Railway Co. Ltd. | 317831 |
| 10700 | Okinawa Electric Power Co., Inc. | 73393 |
| 288400 | Olympus Corp. | 3653698 |
| 10600 | Omron Corp.<sup>(a)</sup> <br>| 292122 |
| 203500 | Ono Pharmaceutical Co. Ltd.<sup>(a)</sup> <br>| 2346619 |
| 132900 | Oriental Land Co. Ltd. | 3209901 |
| 390000 | ORIX Corp. | 10251413 |
| 190100 | Osaka Gas Co. Ltd. | 5520797 |
| 23000 | OSG Corp. | 330318 |
| 10400 | Otsuka Corp. | 217457 |
| 69200 | Otsuka Holdings Co. Ltd. | 3682451 |
| 7800 | PAL GROUP Holdings Co. Ltd. | 132566 |
| 112000 | Pan Pacific International Holdings Corp. | 739412 |
| 531500 | Panasonic Holdings Corp. | 5794190 |
| 7000 | Park24 Co. Ltd. | 89583 |
| 16400 | Penta-Ocean Construction Co. Ltd. | 129481 |
| 1340900 | Persol Holdings Co. Ltd. | 2448730 |
| 20100 | Raito Kogyo Co. Ltd. | 438924 |
| 185100 | Rakuten Bank Ltd.\* | 10363895 |
| 90100 | Rakuten Group, Inc.\* | 585618 |
| 74900 | Recruit Holdings Co. Ltd. | 4038519 |
| 492400 | Rengo Co. Ltd.<sup>(a)</sup> <br>| 3117072 |
| 2186000 | Resona Holdings, Inc. | 22358080 |
| 12000 | Resorttrust, Inc. | 152595 |
| 29400 | Ricoh Co. Ltd.<sup>(a)</sup> <br>| 260088 |
| 16400 | Rinnai Corp. | 389331 |
| 393400 | Rohto Pharmaceutical Co. Ltd. | 6623483 |
| 28100 | Round One Corp. | 248683 |
| 566200 | Ryohin Keikaku Co. Ltd. | 11290646 |
| 29500 | San-In Godo Bank Ltd.<sup>(a)</sup> <br>| 275055 |
| 331500 | Sankyo Co. Ltd. | 5772098 |
| 45500 | Sankyu, Inc. | 2495514 |
| 44600 | Sanrio Co. Ltd.<sup>(a)</sup> <br>| 2099161 |
| 295600 | Santen Pharmaceutical Co. Ltd. | 3281553 |
| 18200 | Sanwa Holdings Corp. | 522025 |
| 29600 | Sanyo Chemical Industries Ltd. | 825758 |
| 55700 | SCREEN Holdings Co. Ltd.<sup>(a)</sup> <br>| 5076494 |
| 13800 | SCSK Corp. | 413855 |
| 21100 | Sega Sammy Holdings, Inc. | 445188 |
| 12200 | Seibu Holdings, Inc. | 442202 |
| 255900 | Seiko Epson Corp. | 3288744 |
| 148200 | Sekisui Chemical Co. Ltd. | 2764607 |
| 8000 | SHIFT, Inc.\* | 67712 |
| 261500 | Shimadzu Corp. | 6613417 |
| 4300 | Shimano, Inc. | 483326 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 88900 | Shin-Etsu Chemical Co. Ltd. | 2921297 |
| 270200 | Shionogi & Co. Ltd. | 4741330 |
| 18300 | Shiseido Co. Ltd. | 313127 |
| 17000 | Skylark Holdings Co. Ltd.<sup>(a)</sup> <br>| 352121 |
| 3300 | SMC Corp. | 1015127 |
| 10500 | Socionext, Inc. | 198361 |
| 693300 | SoftBank Corp. | 1021982 |
| 227500 | Sojitz Corp.<sup>(a)</sup> <br>| 6032366 |
| 253200 | Sompo Holdings, Inc. | 7843654 |
| 474900 | Square Enix Holdings Co. Ltd. | 10232128 |
| 249500 | Subaru Corp. | 5118902 |
| 88600 | Sugi Holdings Co. Ltd. | 2139334 |
| 4000 | Sumitomo Bakelite Co. Ltd. | 134421 |
| 80200 | Sumitomo Chemical Co. Ltd. | 253115 |
| 231200 | Sumitomo Corp. | 6712839 |
| 81000 | Sumitomo Mitsui Financial Group, Inc. | 2290388 |
| 77000 | Sumitomo Mitsui Trust Group, Inc. | 2241412 |
| 20900 | Sumitomo Osaka Cement Co. Ltd.<sup>(a)</sup> <br>| 550503 |
| 36500 | Sumitomo Pharma Co. Ltd.\* | 422870 |
| 17900 | Sumitomo Realty & Development Co. Ltd. | 791704 |
| 330400 | Sumitomo Rubber Industries Ltd. | 4023593 |
| 5300 | Sumitomo Warehouse Co. Ltd.<sup>(a)</sup> <br>| 111789 |
| 2200 | Sundrug Co. Ltd. | 64606 |
| 55300 | Suntory Beverage & Food Ltd. | 1731811 |
| 4200 | Suzuken Co. Ltd. | 165429 |
| 380500 | Suzuki Motor Corp. | 5566376 |
| 20600 | Sysmex Corp. | 254492 |
| 29800 | T&D Holdings, Inc. | 730850 |
| 6500 | Taiheiyo Cement Corp. | 169228 |
| 106000 | Taisei Corp. | 7299455 |
| 93700 | Takeda Pharmaceutical Co. Ltd. | 2737688 |
| 706900 | Terumo Corp. | 11693515 |
| 6600 | THK Co. Ltd. | 182870 |
| 80600 | TIS, Inc. | 2665473 |
| 50400 | Tobu Railway Co. Ltd. | 901286 |
| 70600 | Toho Co. Ltd. | 4541423 |
| 4600 | Toho Gas Co. Ltd.<sup>(a)</sup> <br>| 141970 |
| 29900 | Tohoku Electric Power Co., Inc.<sup>(a)</sup> <br>| 217845 |
| 37100 | TOKAI Holdings Corp.<sup>(a)</sup> <br>| 261510 |
| 13000 | Token Corp. | 1310695 |
| 178300 | Tokuyama Corp.<sup>(a)</sup> <br>| 4436825 |
| 818900 | Tokyo Electric Power Co. Holdings, Inc.\* | 3849276 |
| 38600 | Tokyo Electron Ltd. | 6889637 |
| 19900 | Tokyo Gas Co. Ltd. | 709304 |
| 17400 | Tokyo Metro Co. Ltd.<sup>(a)</sup> <br>| 199643 |
| 43100 | Tokyo Ohka Kogyo Co. Ltd. | 1414827 |
| 31900 | Tokyu Corp.<sup>(a)</sup> <br>| 389664 |
| 14800 | Tomy Co. Ltd.<sup>(a)</sup> <br>| 320683 |
| 74500 | Toray Industries, Inc. | 476859 |

---

46See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 2900 | Toridoll Holdings Corp.<sup>(a)</sup> <br>| 94294 |
| 84400 | TOTO Ltd. | 2225369 |
| 177400 | Toyo Suisan Kaisha Ltd. | 12702746 |
| 111300 | Toyota Motor Corp. | 2147472 |
| 35400 | Toyota Tsusho Corp. | 983247 |
| 32300 | Trend Micro, Inc. | 1771541 |
| 210600 | TS Tech Co. Ltd.<sup>(a)</sup> <br>| 2653088 |
| 45500 | Tsubakimoto Chain Co. | 662081 |
| 10500 | Tsuruha Holdings, Inc.<sup>(a)</sup> <br>| 168323 |
| 48400 | Ulvac, Inc. | 2113496 |
| 466500 | Unicharm Corp. | 3030505 |
| 173 | United Urban Investment Corp., REIT | 210151 |
| 25700 | Valor Holdings Co. Ltd. | 506047 |
| 6000 | Visional, Inc.\* | 459491 |
| 23900 | Warabeya Nichiyo Holdings Co. Ltd. | 477887 |
| 5600 | Welcia Holdings Co. Ltd. | 102380 |
| 14200 | West Japan Railway Co. | 311816 |
| 114900 | Yakult Honsha Co. Ltd.<sup>(a)</sup> <br>| 1876164 |
| 44400 | Yamada Holdings Co. Ltd. | 145931 |
| 11700 | Yamaguchi Financial Group, Inc. | 142799 |
| 83700 | Yamaha Corp.<sup>(a)</sup> <br>| 557736 |
| 271300 | Yamaha Motor Co. Ltd. | 2039090 |
| 47000 | Yamato Kogyo Co. Ltd.<sup>(a)</sup> <br>| 2894119 |
| 7700 | Yamazaki Baking Co. Ltd. | 171638 |
| 10600 | Yaskawa Electric Corp.<sup>(a)</sup> <br>| 226592 |
| 13400 | Yokogawa Electric Corp. | 386072 |
| 186300 | Yokohama Rubber Co. Ltd. | 6919156 |
| 2000 | Yonex Co. Ltd. | 51325 |
| 19800 | Zensho Holdings Co. Ltd.<sup>(a)</sup> <br>| 1296717 |
|  |  | 744552072 |
|  | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| 147395 | ArcelorMittal SA | 5296122 |
| 6840 | Eurofins Scientific SE | 496526 |
|  |  | 5792648 |
|  | **Macau — 0.3%** | **Macau — 0.3%** |
| 1953000 | Galaxy Entertainment Group Ltd. | 10763539 |
| 72400 | MGM China Holdings Ltd. | 154749 |
| 797200 | Sands China Ltd. | 2223439 |
|  |  | 13141727 |
|  | **Netherlands — 3.1%** | **Netherlands — 3.1%** |
| 232812 | ABN AMRO Bank NV, GDR 144A | 7454348 |
| 6628 | Adyen NV\*<sup>(a)</sup> 144A | 10630481 |
| 465426 | Aegon Ltd. | 3736253 |
| 4515 | Arcadis NV | 227590 |
| 2648 | ASM International NV | 1589303 |
| 14535 | ASML Holding NV | 14142806 |
| 4197 | ASML Holding NV, ADR NYRS | 4063074 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Netherlands — continued** | **Netherlands — continued** |
| 41211 | ASR Nederland NV | 2797876 |
| 84369 | Euronext NV 144A | 12629615 |
| 31960 | EXOR NV | 3124409 |
| 6410 | Heineken Holding NV | 439477 |
| 899451 | ING Groep NV | 23330068 |
| 131935 | ING Groep NV, ADR | 3440865 |
| 337 | JDE Peet's NV | 12354 |
| 209400 | Koninklijke Ahold Delhaize NV | 8476249 |
| 1139 | Koninklijke Heijmans NV | 79229 |
| 222725 | NN Group NV | 15675939 |
| 38547 | Universal Music Group NV | 1112389 |
| 57503 | Wolters Kluwer NV | 7847792 |
|  |  | 120810117 |
|  | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| 25293 | Xero Ltd.\* | 2640162 |
|  | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| 66241 | Airtel Africa PLC 144A | 217592 |
|  | **Norway — 0.7%** | **Norway — 0.7%** |
| 297308 | Aker BP ASA | 7541608 |
| 100400 | Austevoll Seafood ASA | 955922 |
| 221545 | DNB Bank ASA | 6028330 |
| 45073 | Equinor ASA | 1099518 |
| 100715 | Kongsberg Gruppen ASA | 3219452 |
| 118600 | Mowi ASA | 2505650 |
| 5967 | Nordic Semiconductor ASA\* | 91378 |
| 75000 | Orkla ASA | 783239 |
| 3174 | Protector Forsikring ASA | 156190 |
| 27309 | Storebrand ASA | 416568 |
| 160135 | Telenor ASA | 2654526 |
| 5541 | Vend Marketplaces ASA Class B  | 186259 |
|  |  | 25638640 |
|  | **Portugal — 0.4%** | **Portugal — 0.4%** |
| 536228 | Banco Comercial Portugues SA Class R  | 474567 |
| 23068 | CTT-Correios de Portugal SA | 196510 |
| 217656 | Galp Energia SGPS SA | 4117507 |
| 376439 | Jeronimo Martins SGPS SA | 9155936 |
| 1703426 | Sonae SGPS SA | 2678041 |
|  |  | 16622561 |
|  | **Russia — 0.0%** | **Russia — 0.0%** |
| 3792080 | Gazprom PJSC\*<sup>(b)(d)(e)</sup> <br>|  |
| 843000 | GMK Norilskiy Nickel PAO\*<sup>(b)(d)(e)</sup> <br>|  |
| 113778 | LUKOIL PJSC\*<sup>(b)(d)(e)</sup> <br>|  |
| 18119 | Novatek PJSC<sup>(b)(d)(e)</sup> <br>|  |
| 169349 | Rosneft Oil Co. PJSC\*<sup>(b)(d)(e)</sup> <br>|  |
| 1092670 | Sberbank of Russia PJSC\*<sup>(b)(d)(e)</sup> <br>|  |

---

48See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Russia — continued** | **Russia — continued** |
| 296674 | Tatneft PJSC<sup>(b)(d)(e)</sup> <br>|  |
|  |  | 0 |
|  | **Singapore — 0.8%** | **Singapore — 0.8%** |
| 126600 | ComfortDelGro Corp. Ltd. | 142391 |
| 4781600 | Genting Singapore Ltd. | 2726091 |
| 16364 | Hafnia Ltd. | 98599 |
| 120400 | iFAST Corp. Ltd. | 828380 |
| 500000 | IGG, Inc. | 289188 |
| 122300 | Jardine Cycle & Carriage Ltd.<sup>(a)</sup> <br>| 2720729 |
| 72600 | Keppel Ltd. | 502321 |
| 159200 | Netlink NBN Trust<sup>(f)</sup> <br>| 117313 |
| 51400 | SATS Ltd. | 135158 |
| 45927 | Sea Ltd., ADR\* | 8208533 |
| 84300 | Singapore Airlines Ltd.<sup>(a)</sup> <br>| 426339 |
| 330900 | Singapore Exchange Ltd. | 4242768 |
| 111400 | Singapore Technologies Engineering Ltd. | 743992 |
| 1904400 | Singapore Telecommunications Ltd. | 6100816 |
| 16776 | STMicroelectronics NV<sup>(c)</sup> <br>| 470126 |
| 21131 | STMicroelectronics NV<sup>(c)</sup> <br>| 592046 |
| 116500 | United Overseas Bank Ltd. | 3124860 |
| 23500 | UOL Group Ltd. | 142364 |
| 15500 | Venture Corp. Ltd. | 167600 |
| 99900 | Yangzijiang Financial Holding Ltd. | 92988 |
|  |  | 31872602 |
|  | **South Africa — 0.1%** | **South Africa — 0.1%** |
| 87200 | Gold Fields Ltd. | 3685069 |
| 1003000 | Old Mutual Ltd.<sup>(a)</sup> <br>| 764263 |
|  |  | 4449332 |
|  | **South Korea — 0.6%** | **South Korea — 0.6%** |
| 84300 | Doosan Bobcat, Inc. | 3334628 |
| 1496 | Hyundai Mobis Co. Ltd. | 318275 |
| 107837 | Kia Corp. | 7739700 |
| 128582 | Samsung Electronics Co. Ltd. | 7688985 |
| 10196 | Samsung Fire & Marine Insurance Co. Ltd. | 3281062 |
|  |  | 22362650 |
|  | **Spain — 3.8%** | **Spain — 3.8%** |
| 13727 | ACS Actividades de Construccion y Servicios SA | 1096787 |
| 41851 | Aena SME SA 144A | 1144300 |
| 149369 | Amadeus IT Group SA | 11846826 |
| 384863 | Banco Bilbao Vizcaya Argentaria SA | 7389176 |
| 48347 | Banco Bilbao Vizcaya Argentaria SA, ADR | 930680 |
| 336312 | Banco de Sabadell SA | 1304050 |
| 3736291 | Banco Santander SA | 38958112 |
| 102501 | Banco Santander SA, ADR | 1074210 |
| 868467 | Bankinter SA | 13679112 |
| 2556008 | CaixaBank SA | 26867600 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Spain — continued** | **Spain — continued** |
| 98952 | Cellnex Telecom SA 144A | 3428760 |
| 14934 | Grifols SA | 216272 |
| 741240 | Iberdrola SA | 14026760 |
| 7958 | Indra Sistemas SA<sup>(a)</sup> <br>| 356260 |
| 60876 | Industria de Diseno Textil SA | 3359731 |
| 1222320 | Mapfre SA | 5787990 |
| 932828 | Repsol SA | 16512335 |
| 294256 | Unicaja Banco SA 144A | 805599 |
|  |  | 148784560 |
|  | **Sweden — 1.7%** | **Sweden — 1.7%** |
| 17313 | Alfa Laval AB | 788603 |
| 293617 | Assa Abloy AB Class B  | 10196097 |
| 208714 | Betsson AB Class B  | 3446352 |
| 1942 | Camurus AB\* | 140615 |
| 154133 | Epiroc AB Class A  | 3251426 |
| 8936 | Evolution AB 144A | 734825 |
| 107429 | H & M Hennes & Mauritz AB Class B <sup>(a)</sup> <br>| 2001779 |
| 5864 | Hemnet Group AB | 147643 |
| 15338 | Husqvarna AB Class B  | 81769 |
| 6460 | Industrivarden AB Class A  | 256337 |
| 27854 | Industrivarden AB Class C <sup>(a)</sup> <br>| 1104375 |
| 97771 | Investor AB Class B  | 3056806 |
| 4447 | L E Lundbergforetagen AB Class B  | 230929 |
| 29594 | Loomis AB | 1263671 |
| 7953 | Sectra AB Class B  | 263998 |
| 185400 | Securitas AB Class B  | 2791320 |
| 168700 | SKF AB Class B  | 4182926 |
| 287311 | Svenska Cellulosa AB SCA Class B  | 3798697 |
| 78189 | Svenska Handelsbanken AB Class A  | 1017568 |
| 242800 | Swedbank AB Class A  | 7311029 |
| 32256 | Tele2 AB Class B  | 550627 |
| 250056 | Telefonaktiebolaget LM Ericsson, ADR | 2067963 |
| 782061 | Telefonaktiebolaget LM Ericsson Class B <sup>(a)</sup> <br>| 6472619 |
| 168335 | Telia Co. AB | 642369 |
| 12034 | Trelleborg AB Class B  | 448471 |
| 15609 | Truecaller AB Class B  | 68842 |
| 284900 | Volvo AB Class B  | 8163714 |
|  |  | 64481370 |
|  | **Switzerland — 3.8%** | **Switzerland — 3.8%** |
| 296490 | ABB Ltd.<sup>(c)</sup> <br>| 21359652 |
| 20306 | ABB Ltd.<sup>(c)</sup> <br>| 1462103 |
| 6656 | Accelleron Industries AG | 560069 |
| 31000 | Adecco Group AG | 868849 |
| 112082 | Avolta AG | 6065796 |
| 570 | Belimo Holding AG | 595683 |
| 4757 | Cembra Money Bank AG | 546757 |
| 207 | Chocoladefabriken Lindt & Spruengli AG | 3163602 |

---

50See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Switzerland — continued** | **Switzerland — continued** |
| 24179 | Cie Financiere Richemont SA Class A  | 4606971 |
| 1143 | dormakaba Holding AG | 1048690 |
| 1230 | Flughafen Zurich AG | 375037 |
| 59979 | Galderma Group AG | 10425558 |
| 15080 | Huber & Suhner AG | 2585197 |
| 123185 | Julius Baer Group Ltd. | 8509078 |
| 1261 | Kardex Holding AG | 489724 |
| 11959 | Landis & Gyr Group AG | 964957 |
| 5017 | Logitech International SA<sup>(c)</sup> <br>| 547194 |
| 5844 | Logitech International SA<sup>(c)</sup> <br>| 640970 |
| 23276 | Lonza Group AG | 15422745 |
| 102250 | On Holding AG Class A \* | 4330287 |
| 223144 | Sandoz Group AG | 13229061 |
| 15549 | Schindler Holding AG | 5886205 |
| 15374 | Sika AG | 3422026 |
| 15786 | Sonova Holding AG | 4297427 |
| 132193 | Sportradar Group AG Class A \* | 3555992 |
| 4989 | Sunrise Communications AG Class A  | 294832 |
| 16497 | Swatch Group AG Bearer Shares <sup>(a)</sup> <br>| 3098695 |
| 664 | Swissquote Group Holding SA | 463586 |
| 5418 | Temenos AG | 437172 |
| 500926 | UBS Group AG<sup>(c)</sup> <br>| 20467673 |
| 59066 | UBS Group AG\*<sup>(c)</sup> <br>| 2421706 |
| 7669 | Zurich Insurance Group AG | 5461265 |
|  |  | 147604559 |
|  | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| 971000 | Chipbond Technology Corp. | 1764991 |
| 413000 | Hon Hai Precision Industry Co. Ltd. | 2926963 |
| 284000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 12160247 |
| 67676 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 18901230 |
| 1296000 | United Microelectronics Corp. | 1936899 |
|  |  | 37690330 |
|  | **Turkey — 0.1%** | **Turkey — 0.1%** |
| 1439800 | Coca-Cola Icecek AS | 1592833 |
| 12214 | Eldorado Gold Corp.\* | 352863 |
|  |  | 1945696 |
|  | **United Kingdom — 9.4%** | **United Kingdom — 9.4%** |
| 110100 | 3i Group PLC | 6060803 |
| 13543 | Admiral Group PLC | 611146 |
| 19594 | AJ Bell PLC | 142839 |
| 64748 | Allfunds Group PLC | 482721 |
| 162841 | Associated British Foods PLC | 4496299 |
| 78080 | AstraZeneca PLC | 11753983 |
| 52604 | Auto Trader Group PLC 144A | 558189 |
| 758803 | Aviva PLC | 7005712 |
| 403600 | B&M European Value Retail SA | 1421938 |
| 15031 | Babcock International Group PLC | 269132 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| 515877 | Balfour Beatty PLC | 4493412 |
| 7798413 | Barclays PLC | 39852741 |
| 414537 | Barclays PLC, ADR | 8568480 |
| 9364 | Bodycote PLC | 81184 |
| 81301 | British American Tobacco PLC<sup>(c)</sup> <br>| 4320050 |
| 22650 | British American Tobacco PLC<sup>(a)(c)</sup> <br>| 1197558 |
| 1801577 | BT Group PLC | 4636101 |
| 1899300 | Centrica PLC | 4259850 |
| 18927 | Chemring Group PLC | 150080 |
| 533500 | CK Hutchison Holdings Ltd. | 3514199 |
| 360685 | Compass Group PLC | 12280122 |
| 50474 | Croda International PLC | 1837385 |
| 387567 | Diageo PLC | 9263887 |
| 456268 | Drax Group PLC | 4296685 |
| 34193 | Firstgroup PLC | 103849 |
| 303200 | Hiscox Ltd. | 5588026 |
| 556400 | HSBC Holdings PLC | 7827610 |
| 96534 | IG Group Holdings PLC | 1399657 |
| 380983 | IMI PLC | 11724858 |
| 229500 | Imperial Brands PLC | 9757096 |
| 76071 | Informa PLC | 939720 |
| 9293 | InterContinental Hotels Group PLC | 1122710 |
| 591830 | International Consolidated Airlines Group SA<sup>(c)</sup> <br>| 3076257 |
| 28915 | International Consolidated Airlines Group SA<sup>(c)</sup> <br>| 150578 |
| 48605 | Intertek Group PLC | 3089817 |
| 523700 | J Sainsbury PLC | 2354804 |
| 6214 | JET2 PLC | 118290 |
| 1751120 | Kingfisher PLC | 7277434 |
| 19121 | Lancashire Holdings Ltd. | 173756 |
| 320213 | Legal & General Group PLC | 1025987 |
| 20211410 | Lloyds Banking Group PLC | 22807098 |
| 592819 | Lloyds Banking Group PLC, ADR | 2691398 |
| 169913 | London Stock Exchange Group PLC | 19479958 |
| 607951 | Man Group PLC | 1460122 |
| 422100 | Marks & Spencer Group PLC | 2071279 |
| 38700 | Metlen Energy & Metals PLC\* | 2153122 |
| 393300 | Mitchells & Butlers PLC\* | 1307816 |
| 32159 | MONY Group PLC | 85809 |
| 4678471 | NatWest Group PLC | 32852414 |
| 21024 | OSB Group PLC | 160623 |
| 421633 | Paragon Banking Group PLC | 4924134 |
| 416300 | QinetiQ Group PLC | 3079639 |
| 45155 | Quilter PLC 144A | 101033 |
| 105452 | Reckitt Benckiser Group PLC | 8117546 |
| 448736 | RELX PLC<sup>(c)</sup> <br>| 21488225 |
| 31420 | RELX PLC<sup>(c)</sup> <br>| 1505536 |
| 39924 | Rightmove PLC | 380856 |
| 469411 | Rolls-Royce Holdings PLC | 7520141 |
| 287132 | Sage Group PLC | 4252067 |

---

52See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| 60966 | Serco Group PLC | 194355 |
| 571976 | Smith & Nephew PLC | 10299055 |
| 38845 | Spirax Group PLC | 3563910 |
| 88784 | Standard Chartered PLC | 1715788 |
| 1391600 | Tesco PLC | 8346183 |
| 50139 | TP ICAP Group PLC | 185962 |
| 8111 | Vesuvius PLC | 40839 |
| 5764678 | Vodafone Group PLC | 6686618 |
| 1209680 | Vodafone Group PLC, ADR | 14032288 |
|  |  | 368788759 |
|  | **United States — 8.0%** | **United States — 8.0%** |
| 26388 | Adobe, Inc.\* | 9308367 |
| 56711 | Agilent Technologies, Inc. | 7278857 |
| 69885 | Alcon AG | 5205034 |
| 10484 | American Tower Corp., REIT | 2016283 |
| 836623 | BP PLC | 4795239 |
| 46195 | Bristol-Myers Squibb Co. | 2083395 |
| 1964 | BRP, Inc. | 119372 |
| 8275 | Cadence Design Systems, Inc.\* | 2906677 |
| 50850 | CarMax, Inc.\* | 2281640 |
| 5906 | Carnival PLC, ADR\* | 156155 |
| 16002 | Charles River Laboratories International, Inc.\* | 2503673 |
| 921 | Charter Communications, Inc. Class A \* | 253372 |
| 611594 | Comcast Corp. Class A  | 19216283 |
| 165427 | CRH PLC | 19834697 |
| 2562 | CyberArk Software Ltd.\* | 1237830 |
| 28552 | Danaher Corp. | 5660720 |
| 18028 | Dollar General Corp. | 1863194 |
| 545916 | Experian PLC | 27354448 |
| 24128 | Ferrovial SE | 1382932 |
| 209730 | GFL Environmental, Inc. | 9937007 |
| 491304 | GSK PLC | 10414028 |
| 3335228 | Haleon PLC | 14924930 |
| 314919 | Kenvue, Inc. | 5111135 |
| 35381 | Lennar Corp. Class A  | 4459421 |
| 33004 | Lowe's Cos., Inc. | 8294235 |
| 6577 | MDA Space Ltd.\* | 163834 |
| 90004 | Merck & Co., Inc. | 7554036 |
| 157600 | Novartis AG | 19831474 |
| 99114 | Pfizer, Inc. | 2525425 |
| 36904 | Polaris, Inc. | 2145230 |
| 45590 | Reliance Worldwide Corp. Ltd. | 123578 |
| 85594 | Roche Holding AG | 27959380 |
| 28400 | Sanofi SA | 2621213 |
| 86462 | Schneider Electric SE | 24138456 |
| 311200 | Shell PLC | 11087592 |
| 161524 | Signify NV 144A | 4232332 |
| 32025 | Sinch AB\* 144A | 103071 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
| 21651 | Spotify Technology SA\* | 15112398 |
| 56700 | Swiss Re AG | 10479149 |
| 247518 | Tenaris SA | 4417762 |
| 12461 | TJX Cos., Inc. | 1801113 |
| 21324 | Tyson Foods, Inc. Class A  | 1157893 |
| 28738 | United Parcel Service, Inc. Class B  | 2400485 |
| 47651 | Verizon Communications, Inc. | 2094261 |
| 14684 | Waters Corp.\* | 4402410 |
|  |  | 312950016 |
|  | **Zambia — 0.0%** | **Zambia — 0.0%** |
| 41123 | First Quantum Minerals Ltd.\* | 930395 |
|  | TOTAL COMMON STOCKS (COST $2,777,912,119) | 3647412625 |
|  | **INVESTMENT COMPANIES — 0.4%** | **INVESTMENT COMPANIES — 0.4%** |
|  | **United States — 0.4%** | **United States — 0.4%** |
| 56274 | iShares Core MSCI EAFE ETF | 4913283 |
| 69130 | iShares MSCI EAFE ETF | 6454668 |
| 75363 | Vanguard FTSE Developed Markets ETF | 4515751 |
|  | TOTAL INVESTMENT COMPANIES (COST $13,958,478) | 15883702 |

---

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

---

| | | |
|:---|:---|:---|
|  | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** |
|  | **Germany — 0.2%** | **Germany — 0.2%** |
| 2606 | Jungheinrich AG, 2.72% | 90514 |
| 8471 | Porsche Automobil Holding SE, 5.72% | 332942 |
| 70242 | Volkswagen AG, 6.91% | 7589858 |
|  |  | 8013314 |
|  | TOTAL PREFERRED STOCKS (COST $14,103,734) | 8013314 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 2.4%** | **SHORT-TERM INVESTMENT — 2.4%** |
|  | **Mutual Fund - Securities Lending Collateral — 2.4%** | **Mutual Fund - Securities Lending Collateral — 2.4%** |
| 95077298 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.18%<sup>(g)(h)</sup> <br>| 95077298 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $95,077,298) | 95077298 |
|  | **TOTAL INVESTMENTS — 96.3**% <br>(Cost $2,901,051,629)<br>| 3766386939 |
|  | Other Assets and Liabilities (net) — 3.7% | 142735982 |
|  | **NET ASSETS — 100.0%** | **$3909122921** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |

---

54See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| (a) | All or a portion of this security is out on loan. |
| (b) | 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 $69,098 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at September 30, 2025 was $29,628,396.<br>|
| (c) | Securities are traded on separate exchanges for the same entity.  |
| (d) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<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 September 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 September 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 $101,045,107 which represents 2.6% 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 |  |  |  |  |
| 1262 | MSCI EAFE Index | Dec 2025 | &nbsp;&nbsp; $175752430 | &nbsp;&nbsp; $1092185 |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ADR |  | American Depository Receipt |
| ETF |  | Exchange-traded fund |
| GDR |  | Global Depository Receipt |
| NYRS |  | New York Registry Shares |
| REIT |  | Real Estate Investment Trust |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
| Financial | 26.3 |
| Industrial | 14.8 |
| Consumer, Non-cyclical | 14.2 |
| Consumer, Cyclical | 11.0 |
| Basic Materials | 8.5 |
| Technology | 8.5 |
| Communications | 5.2 |
| Energy | 3.5 |
| Utilities | 1.5 |
| Investment Companies | 0.4 |
| Diversified | 0.0\* |
| Short-Term Investment | 2.4 |
| Other Assets and Liabilities (net) | 3.7 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

56See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>|  | **Description** | **Value ($)** |
|  |  | **DEBT OBLIGATIONS — 99.2%** | **DEBT OBLIGATIONS — 99.2%** |
|  |  | **Asset Backed Securities — 10.5%** | **Asset Backed Securities — 10.5%** |
| 155301 |  | ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, 3.20%, due 12/29/30 <br> 144A<br>| 152702 |
| 1800000 |  | Affirm Master Trust, Series 2025-1A, Class A, 4.99%, due 02/15/33 144A | 1815394 |
| 148000 |  | Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, due 08/15/46 144A | 144493 |
| 221000 |  | Aligned Data Centers Issuer LLC, Series 2023-2A, Class A2, 6.50%, due 11/16/48 144A | 225207 |
| 104846 |  | AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, due 01/19/27 | 104332 |
| 326025 |  | AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, due 08/18/27 | 322477 |
| 700000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C, 5.80%, due 12/18/28 | 713487 |
| 800000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-2, Class C, 6.00%, due 07/18/29 | 824007 |
| 1528648 |  | AMSR Trust, Series 2021-SFR2, Class A, 1.53%, due 08/17/38 144A | 1490768 |
| 2742000 |  | AMSR Trust, Series 2022-SFR3, Class A, 4.00%, due 10/17/39 144A | 2720818 |
| 181000 |  | AMSR Trust, Series 2025-SFR1, Class A, 3.66%, due 06/17/42 144A | 174176 |
| 4000000 | EUR | Anchorage Capital Europe CLO 6 DAC, Series 6A, Class AR, 3.75% (3 mo. EURIBOR <br> + 1.75%), due 01/22/38<sup>(b)</sup> 144A<br>| 4700001 |
| 83283 |  | Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 07/17/46 144A | 77267 |
| 498750 |  | Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A | 482103 |
| 1466000 |  | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class A, 5.23%, due <br> 12/20/30 144A<br>| 1514225 |
| 2500000 | EUR | Barings Euro CLO DAC, Series 2015-1A, Class ARR, 2.92% (3 mo. EURIBOR + <br> 0.98%), due 07/25/35<sup>(b)</sup> 144A<br>| 2936324 |
| 1247677 | EUR | BNPP AM Euro CLO DAC, Series 2018-1A, Class AR, 2.63% (3 mo. EURIBOR + <br> 0.60%), due 04/15/31<sup>(b)</sup> 144A<br>| 1459366 |
| 1036952 |  | BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, due <br> 04/25/54<sup>(c)</sup> 144A<br>| 1052871 |
| 554351 | EUR | Carlyle Global Market Strategies Euro CLO Ltd., Series 2014-2A, Class AR1, 2.79% (3 <br> mo. EURIBOR + 0.75%), due 11/15/31<sup>(b)</sup> 144A<br>| 651056 |
| 310000 |  | CarMax Auto Owner Trust, Series 2021-3, Class C, 1.25%, due 05/17/27 | 309585 |
| 300000 |  | CarMax Auto Owner Trust, Series 2021-4, Class C, 1.38%, due 07/15/27 | 297957 |
| 400000 |  | CarMax Auto Owner Trust, Series 2022-1, Class C, 2.20%, due 11/15/27 | 395703 |
| 200000 |  | CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, due 07/17/28 | 197903 |
| 405567 |  | CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A | 350578 |
| 392121 |  | CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.53%, due 03/15/61 144A | 328384 |
| 3650000 |  | CIFC Funding Ltd., Series 2023-1A, Class A1R (3 mo. USD Term SOFR + 1.24%), due <br> 10/15/38<sup>(b)(d)</sup> 144A<br>| 3654336 |
| 296273 |  | CLI Funding IX LLC, Series 2025-1A, Class A, 5.35%, due 06/20/50 144A | 301131 |
| 365548 |  | CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A | 342544 |
| 272484 |  | CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64%, due 02/18/46 144A | 252121 |
| 275065 |  | CLI Funding VIII LLC, Series 2022-1A, Class A, 2.72%, due 01/18/47 144A | 254800 |
| 2152000 |  | CNH Equipment Trust, Series 2025-B, Class A3, 4.30%, due 10/15/30 | 2171785 |
| 295000 |  | Compass Datacenters Issuer II LLC, Series 2024-1A, Class A1, 5.25%, due 02/25/49 <br> 144A<br>| 297296 |
| 328000 |  | Compass Datacenters Issuer II LLC, Series 2025-1A, Class A1, 5.32%, due 05/25/50 <br> 144A<br>| 332554 |
| 199000 |  | Compass Datacenters Issuer III LLC, Series 2025-2A, Class A2, 5.84%, due 02/25/50 <br> 144A<br>| 204824 |
| 1003000 |  | Compass Datacenters Issuer III LLC, Series 2025-3A, Class A2, 5.29%, due 07/25/50 <br> 144A<br>| 1015660 |
| 221000 |  | Concord Music Royalties LLC, Series 2025-2A, Class A, 5.79%, due 07/20/75 144A | 224366 |
| 235000 |  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, <br> Class A2, 6.00%, due 05/20/55 144A<br>| 241166 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1331111 | EUR | CVC Cordatus Loan Fund VII DAC, Series 7A, Class ARR, 2.64% (3 mo. EURIBOR + <br> 0.63%), due 09/15/31<sup>(b)</sup> 144A<br>| 1560839 |
| 457000 |  | CyrusOne Data Centers Issuer I LLC, Series 2023-1A, Class A2, 4.30%, due 04/20/48 <br> 144A<br>| 449061 |
| 449000 |  | CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, 4.50%, due 05/20/49 <br> 144A<br>| 441986 |
| 278000 |  | DataBank Issuer LLC, Series 2021-1A, Class A2, 2.06%, due 02/27/51 144A | 274668 |
| 258075 |  | DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A | 255415 |
| 152000 |  | Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, due 04/15/49 <br> 144A<br>| 146248 |
| 389972 |  | Domino's Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, due 04/25/51 <br> 144A<br>| 369271 |
| 177000 |  | Domino's Pizza Master Issuer LLC, Series 2025-1A, Class A2I, 4.93%, due 07/25/55 <br> 144A<br>| 178453 |
| 2702000 |  | Domino's Pizza Master Issuer LLC, Series 2025-1A, Class A2II, 5.22%, due 07/25/55 <br> 144A<br>| 2732222 |
| 337302 |  | Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A | 326295 |
| 400992 |  | Driven Brands Funding LLC, Series 2021-1A, Class A2, 2.79%, due 10/20/51 144A | 378567 |
| 226000 |  | Driven Brands Funding LLC, Series 2025-1A, Class A2, 5.30%, due 10/20/55<sup>(d)</sup> 144A | 224820 |
| 531000 |  | FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, due 08/17/38 144A | 518116 |
| 300000 |  | Ford Credit Auto Owner Trust, Series 2022-A, Class C, 2.14%, due 07/15/29 | 298622 |
| 242000 |  | Frontier Issuer LLC, Series 2024-1, Class C, 11.16%, due 06/20/54 144A | 271922 |
| 500000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class B, 5.72%, <br> due 01/16/29<br>| 510974 |
| 700000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class B, 6.16%, <br> due 04/16/29<br>| 722034 |
| 500000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class C, 6.41%, <br> due 05/16/29<br>| 516916 |
| 160000 |  | GM Financial Revolving Receivables Trust, Series 2024-1, Class A, 4.98%, due 12/11/36 <br> 144A<br>| 164379 |
| 2973000 |  | GMF Floorplan Owner Revolving Trust, Series 2023-2, Class A, 5.34%, due 06/15/30 <br> 144A<br>| 3073227 |
| 180307 |  | Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, 3.21%, due <br> 01/22/29 144A<br>| 180042 |
| 368974 |  | Golub Capital Partners ABS Funding Ltd., Series 2021-1A, Class A2, 2.77%, due <br> 04/20/29 144A<br>| 367499 |
| 5000000 | EUR | Harvest CLO XXXII DAC, Series 32A, Class A, 3.39% (3 mo. EURIBOR + 1.45%), <br> due 07/25/37<sup>(b)</sup> 144A<br>| 5886926 |
| 402000 |  | HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, due 02/01/62 144A | 396257 |
| 167000 |  | Hotwire Funding LLC, Series 2024-1A, Class A2, 5.89%, due 06/20/54 144A | 169982 |
| 3750000 | EUR | ICG Euro CLO DAC, Series 2023-1A, Class AR, 3.27% (3 mo. EURIBOR + 1.25%), <br> due 10/19/38<sup>(b)</sup> 144A<br>| 4404048 |
| 1408520 | EUR | Invesco Euro CLO I DAC, Series 1A, Class A1R, 2.68% (3 mo. EURIBOR + 0.65%), <br> due 07/15/31<sup>(b)</sup> 144A<br>| 1650529 |
| 431261 |  | Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, due 09/17/41 144A | 423933 |
| 309000 |  | Jersey Mike's Funding, Series 2025-1A, Class A2, 5.61%, due 08/16/55 144A | 316508 |
| 262680 |  | Jersey Mike's Funding LLC, Series 2024-1A, Class A2, 5.64%, due 02/15/55 144A | 268128 |
| 1109825 |  | JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.59% (SOFR 30-day average + <br> 1.20%), due 02/25/55<sup>(b)</sup> 144A<br>| 1110652 |
| 208000 |  | Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, due 09/20/65 144A | 210590 |
| 2000000 |  | Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, 5.70% (3 mo. USD <br> Term SOFR + 1.38%), due 07/17/34<sup>(b)</sup> 144A<br>| 2000100 |

---

58See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 290000 | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class A2, 5.40%, due 08/20/55 <br> 144A<br>| 294776 |
| 58576 | Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A | 51323 |
| 615672 | Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, due 04/30/51 144A | 584096 |
| 197825 | Neighborly Issuer LLC, Series 2022-1A, Class A2, 3.70%, due 01/30/52 144A | 185550 |
| 114998 | New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.28% (1 mo. USD <br> Term SOFR + 0.83%), due 10/25/33<sup>(b)</sup> 144A<br>| 116870 |
| 506000 | New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, due <br> 10/20/61 144A<br>| 423749 |
| 474000 | New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, due <br> 10/20/61 144A<br>| 321916 |
| 4750000 | NGC Ltd., Series 2024-1A, Class A1, 5.93% (3 mo. USD Term SOFR + 1.60%), due <br> 07/20/37<sup>(b)</sup> 144A<br>| 4763300 |
| 49885 | NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A, 3.10%, due <br> 07/25/26 144A<br>| 49108 |
| 3650000 | Octagon 55 Ltd., Series 2021-1A, Class A1R, 5.25% (3 mo. USD Term SOFR + 1.26%), <br> due 03/20/38<sup>(b)</sup> 144A<br>| 3654333 |
| 1994000 | PFS Financing Corp., Series 2024-B, Class A, 4.95%, due 02/15/29 144A | 2018790 |
| 2486000 | PFS Financing Corp., Series 2025-F, Class A, 4.40%, due 08/15/30 144A | 2502168 |
| 1505790 | Planet Fitness Master Issuer LLC, Series 2024-1A, Class A2I, 5.77%, due 06/05/54 <br> 144A<br>| 1536803 |
| 1000000 | Polen Capital CLO Ltd., Series 2025-1A, Class A1, 5.58% (3 mo. USD Term SOFR + <br> 1.32%), due 03/06/38<sup>(b)</sup> 144A<br>| 1004162 |
| 1543163 | Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, due 04/17/27 144A | 1509656 |
| 3108941 | Progress Residential Trust, Series 2024-SFR3, Class A, 3.00%, due 06/17/41 144A | 2962924 |
| 223724 | Progress Residential Trust, Series 2025-SFR1, Class A, 3.40%, due 02/17/42 144A | 213901 |
| 297363 | Progress Residential Trust, Series 2025-SFR2, Class A, 3.31%, due 04/17/42 144A | 282382 |
| 250000 | Progress Residential Trust, Series 2025-SFR5, Class A, 3.85%, due 10/17/42 144A | 241425 |
| 679689 | RCKT Mortgage Trust, Series 2024-CES3, Class A1A, 6.59%, due 05/25/44<sup>(e)</sup> 144A | 691324 |
| 778874 | RCKT Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, due 01/25/45<sup>(c)</sup> 144A | 788593 |
| 3800000 | 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>| 3802470 |
| 2000000 | Regatta XII Funding Ltd., Series 2019-1A, Class ARR, 5.71% (3 mo. USD Term SOFR <br> + 1.39%), due 10/15/37<sup>(b)</sup> 144A<br>| 2006508 |
| 686 | Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 5.43%, due 08/25/35<sup>(c)</sup> <br>| 686 |
| 433000 | Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, due <br> 09/15/48 144A<br>| 433829 |
| 1384000 | Retained Vantage Data Centers Issuer LLC, Series 2024-1A, Class A2, 4.99%, due <br> 09/15/49 144A<br>| 1388081 |
| 302000 | RIN II Ltd., Series 2019-1A, Class AR, 5.80% (3 mo. USD Term SOFR + 1.48%), due <br> 01/15/38<sup>(b)</sup> 144A<br>| 302702 |
| 331000 | RIN XII LLC, Series 2025-1A, Class A1, 5.62% (3 mo. USD Term SOFR + 1.30%), <br> due 04/15/38<sup>(b)</sup> 144A<br>| 330807 |
| 200000 | Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.09%, due 05/15/30 | 201492 |
| 600000 | Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77%, due 11/15/30 | 611408 |
| 900000 | Santander Drive Auto Receivables Trust, Series 2023-4, Class C, 6.04%, due 12/15/31 | 925033 |
| 400000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class B, 5.98%, due 04/16/29 | 406677 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class C, 6.40%, due 03/17/31 | 103443 |
| 500000 | Santander Drive Auto Receivables Trust, Series 2024-1, Class C, 5.45%, due 03/15/30 | 506967 |
| 500000 | Santander Drive Auto Receivables Trust, Series 2024-2, Class C, 5.84%, due 06/17/30 | 511825 |
| 1000000 | Santander Drive Auto Receivables Trust, Series 2024-3, Class C, 5.64%, due 08/15/30 | 1022206 |
| 1000000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, due 01/15/31 | 1006520 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 2100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class C, 5.04%, due 03/17/31 | 2133664 |
| 2700000 | Santander Drive Auto Receivables Trust, Series 2025-2, Class C, 5.06%, due 05/15/31 | 2738574 |
| 3113232 | SBA Small Business Investment Cos., Series 2024-10A, Class 1, 5.04%, due 03/10/34 | 3163912 |
| 240000 | Scalelogix ABS U.S. Issuer LLC, Series 2025-1A, Class A2, 5.67%, due 07/25/55 144A | 240548 |
| 131005 | Servpro Master Issuer LLC, Series 2024-1A, Class A2, 6.17%, due 01/25/54 144A | 135575 |
| 270000 | Sesac Finance LLC, Series 2025-1, Class A2, 5.50%, due 07/25/55 144A | 269573 |
| 37385 | SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07%, due 01/15/53 <br> 144A<br>| 34107 |
| 385360 | SMB Private Education Loan Trust, Series 2024-A, Class A1A, 5.24%, due 03/15/56 <br> 144A<br>| 394195 |
| 438003 | SMB Private Education Loan Trust, Series 2024-E, Class A1A, 5.09%, due 10/16/56 <br> 144A<br>| 444106 |
| 362582 | Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A | 357589 |
| 362880 | Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, due 08/20/51 144A | 335931 |
| 2178000 | Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, due 03/26/46 144A | 2147720 |
| 2277000 | STORE Master Funding LLC, Series 2025-1A, Class A2, 4.98%, due 10/20/55 144A | 2282642 |
| 129025 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 07/30/54 144A | 130933 |
| 2323442 | Subway Funding LLC, Series 2024-1A, Class A2II, 6.27%, due 07/30/54 144A | 2386663 |
| 440670 | Subway Funding LLC, Series 2024-3A, Class A23, 5.91%, due 07/30/54 144A | 440565 |
| 131063 | Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A | 128874 |
| 200000 | Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.44%, due 06/25/54 144A | 201138 |
| 386000 | Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, due 03/25/55 144A | 383025 |
| 2784000 | Taco Bell Funding LLC, Series 2025-1A, Class A2I, 4.82%, due 08/25/55 144A | 2796722 |
| 263000 | Taco Bell Funding LLC, Series 2025-1A, Class A2II, 5.05%, due 08/25/55 144A | 264496 |
| 241853 | TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, due 02/20/46 144A | 220982 |
| 4000000 | Tikehau U.S. CLO IV Ltd., Series 2023-1A, Class A1, 6.52% (3 mo. USD Term SOFR <br> + 2.20%), due 07/15/34<sup>(b)</sup> 144A<br>| 4008480 |
| 815187 | Towd Point Mortgage Trust, Series 2024-CES3, Class A1, 6.29%, due 05/25/64<sup>(e)</sup> 144A | 826104 |
| 838149 | Towd Point Mortgage Trust, Series 2024-CES4, Class A1, 5.12%, due 09/25/64<sup>(c)</sup> 144A | 839555 |
| 789016 | Towd Point Mortgage Trust, Series 2025-CRM1, Class A1, 5.80%, due 01/25/65<sup>(c)</sup> 144A | 798636 |
| 4007346 | Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10%, due 07/17/40 144A | 4043974 |
| 1392801 | Tricon Residential Trust, Series 2025-SFR1, Class A, 5.25% (1 mo. USD Term SOFR + <br> 1.10%), due 03/17/42<sup>(b)</sup> 144A<br>| 1395943 |
| 377200 | Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 <br> 144A<br>| 353864 |
| 206245 | Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, due 03/20/46 <br> 144A<br>| 190738 |
| 786765 | U.S. Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33 | 756162 |
| 591088 | U.S. Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33 | 571222 |
| 687483 | U.S. Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34 | 657331 |
| 281581 | U.S. Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34 | 271841 |
| 217239 | U.S. Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34 | 206511 |
| 695920 | U.S. Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45 | 587063 |
| 2314876 | U.S. Small Business Administration, Series 2022-25G, Class 1, 3.93%, due 07/01/47 | 2204482 |
| 2063860 | U.S. Small Business Administration, Series 2022-25J, Class 1, 5.04%, due 10/01/47 | 2094631 |
| 1659529 | U.S. Small Business Administration, Series 2023-25D, Class 1, 4.48%, due 04/01/48 | 1639241 |
| 1274387 | U.S. Small Business Administration, Series 2023-25L, Class 1, 5.28%, due 12/01/48 | 1312292 |
| 1791119 | U.S. Small Business Administration, Series 2024-25D, Class 1, 5.38%, due 04/01/49 | 1849741 |
| 249000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 04/20/55 144A | 255385 |
| 335000 | Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A | 317491 |

---

60See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 510892 | Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A | 508082 |
| 1807339 | Wendy's Funding LLC, Series 2021-1A, Class A2I, 2.37%, due 06/15/51 144A | 1681545 |
| 1339312 | Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, due 09/19/39 <br> 144A<br>| 1353061 |
| 134198 | Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A | 129098 |
| 247849 | Willis Engine Structured Trust VIII, Series 2025-A, Class A, 5.58%, due 06/15/50 144A | 251494 |
| 277000 | Wingstop Funding LLC, Series 2024-1A, Class A2, 5.86%, due 12/05/54 144A | 287242 |
| 65773 | World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, due 11/15/27 | 65667 |
| 248640 | Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.24%, due 07/30/51 144A | 234863 |
| 254000 | Zayo Issuer LLC, Series 2025-1A, Class A2, 5.65%, due 03/20/55 144A | 259082 |
|  |  | 152873154 |
|  | **Corporate Debt — 33.2%** | **Corporate Debt — 33.2%** |
| 225000 | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | 219923 |
| 65000 | AbbVie, Inc., 4.05%, due 11/21/39 | 58203 |
| 130000 | AbbVie, Inc., 4.70%, due 05/14/45 | 119324 |
| 445000 | AbbVie, Inc., 4.75%, due 03/15/45 | 412895 |
| 155000 | AbbVie, Inc., 5.05%, due 03/15/34 | 159552 |
| 500000 | AbbVie, Inc., 5.40%, due 03/15/54 | 497525 |
| 1340000 | Advocate Health & Hospitals Corp., 2.21%, due 06/15/30 | 1229713 |
| 400000 | AEP Texas, Inc., 3.80%, due 10/01/47 | 301420 |
| 315000 | AEP Transmission Co. LLC, 3.80%, due 06/15/49 | 243908 |
| 2250000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, due 10/29/28 | 2168990 |
| 1184000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/30/32 | 1091001 |
| 211000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50% (5 yr. CMT + <br> 2.44%), due 01/31/56<sup>(b)</sup> <br>| 217881 |
| 281000 | Aeropuertos Dominicanos Siglo XXI SA, 7.00%, due 06/30/34 144A | 295226 |
| 247440 | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A | 234016 |
| 370000 | Aetna, Inc., 4.75%, due 03/15/44 | 321689 |
| 196000 | Air Canada Pass-Through Trust, 10.50%, due 07/15/26 144A | 204431 |
| 200000 | Aker BP ASA, 3.10%, due 07/15/31 144A | 182972 |
| 150000 | Aker BP ASA, 3.75%, due 01/15/30 144A | 144913 |
| 2127000 | Aker BP ASA, 4.00%, due 01/15/31 144A | 2050863 |
| 195000 | Aker BP ASA, 5.80%, due 10/01/54 144A | 180930 |
| 85000 | Alcoa Nederland Holding BV, 7.13%, due 03/15/31 144A | 89421 |
| 655000 | Alexandria Real Estate Equities, Inc., 2.00%, due 05/18/32 | 553975 |
| 870000 | Alexandria Real Estate Equities, Inc., 5.50%, due 10/01/35 | 893828 |
| 423328 | Alfa Desarrollo SpA, 4.55%, due 09/27/51 144A | 339139 |
| 565000 | Allied Universal Holdco LLC, 7.88%, due 02/15/31 144A | 592894 |
| 220000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.88%, due 06/15/30 <br> 144A<br>| 226311 |
| 439000 | Ally Financial, Inc., 5.55% (SOFR + 1.78%), due 07/31/33<sup>(b)</sup> <br>| 441001 |
| 186000 | Ally Financial, Inc., 5.74% (SOFR + 1.96%), due 05/15/29<sup>(b)</sup> <br>| 190433 |
| 255000 | Ally Financial, Inc., 6.18% (SOFR + 2.29%), due 07/26/35<sup>(b)</sup> <br>| 263165 |
| 345000 | Ally Financial, Inc., 8.00%, due 11/01/31 | 393456 |
| 143000 | AltaGas Ltd., 7.20% (5 yr. CMT + 3.57%), due 10/15/54<sup>(b)</sup> 144A | 148158 |
| 1798000 | Amazon.com, Inc., 4.10%, due 04/13/62 | 1448336 |
| 260000 | Ambipar Lux SARL, 10.88%, due 02/05/33 144A | 43709 |
| 1780000 | Ameren Illinois Co., 4.95%, due 06/01/33<sup>(f)</sup> <br>| 1828466 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 668787 | American Airlines Pass-Through Trust, 2.88%, due 01/11/36 | 607248 |
| 317810 | American Airlines Pass-Through Trust, 3.15%, due 08/15/33 | 298282 |
| 63377 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | 60147 |
| 380250 | American Airlines Pass-Through Trust, 3.50%, due 08/15/33 | 348472 |
| 170814 | American Airlines Pass-Through Trust, 3.60%, due 04/15/31 | 162509 |
| 270201 | American Airlines Pass-Through Trust, 3.65%, due 08/15/30 | 262924 |
| 90216 | American Airlines Pass-Through Trust, 3.85%, due 08/15/29 | 87917 |
| 295650 | American Airlines Pass-Through Trust, 3.95%, due 01/11/32 | 282851 |
| 242412 | American Airlines Pass-Through Trust, 4.00%, due 08/15/30 | 233874 |
| 357389 | American Airlines Pass-Through Trust, 4.10%, due 07/15/29 | 348785 |
| 250000 | American Airlines, Inc., 7.25%, due 02/15/28<sup>(f)</sup> 144A | 256323 |
| 184000 | American Electric Power Co., Inc., 5.63%, due 03/01/33<sup>(f)</sup> <br>| 193517 |
| 101000 | American Electric Power Co., Inc., 6.05% (5 yr. CMT + 1.94%), due 03/15/56<sup>(b)</sup> <br>| 101395 |
| 2763000 | American Express Co., 4.92% (SOFR + 1.22%), due 07/20/33<sup>(b)</sup> <br>| 2811907 |
| 1409000 | American Honda Finance Corp., 5.15%, due 07/09/32 | 1444180 |
| 281000 | American Tower Corp., 5.55%, due 07/15/33 | 294330 |
| 281000 | American Tower Corp., 5.65%, due 03/15/33 | 296720 |
| 2305000 | American Tower Trust #1, 5.49%, due 03/15/53 144A | 2348213 |
| 1337000 | Amgen, Inc., 5.25%, due 03/02/33 | 1385331 |
| 554000 | Amgen, Inc., 5.65%, due 03/02/53 | 552966 |
| 686000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46 | 643147 |
| 265000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, due 06/15/29 <br> 144A<br>| 264223 |
| 287000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, due 10/15/33 <br> 144A<br>| 285907 |
| 384000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 02/01/32 <br> 144A<br>| 395826 |
| 331000 | Apollo Debt Solutions BDC, 6.70%, due 07/29/31<sup>(f)</sup> <br>| 350956 |
| 583000 | Apollo Debt Solutions BDC, 6.90%, due 04/13/29 | 613128 |
| 1000000 | Apple, Inc., 3.85%, due 08/04/46 | 828203 |
| 1526000 | AppLovin Corp., 5.13%, due 12/01/29 | 1561490 |
| 980000 | AptarGroup, Inc., 3.60%, due 03/15/32 | 911090 |
| 875000 | Aptiv Swiss Holdings Ltd., 5.15%, due 09/13/34 | 870419 |
| 453000 | ARES Strategic Income Fund, 5.15%, due 01/15/31 144A | 447777 |
| 196000 | ARES Strategic Income Fund, 5.45%, due 09/09/28 144A | 197581 |
| 306000 | ARES Strategic Income Fund, 5.60%, due 02/15/30<sup>(f)</sup> <br>| 309113 |
| 68000 | ARES Strategic Income Fund, 5.70%, due 03/15/28 | 68968 |
| 399000 | ARES Strategic Income Fund, 5.80%, due 09/09/30 144A | 405681 |
| 314000 | ARES Strategic Income Fund, 6.20%, due 03/21/32 | 324579 |
| 159000 | ARES Strategic Income Fund, 6.35%, due 08/15/29 | 164771 |
| 252000 | Aris Mining Corp., 8.00%, due 10/31/29 144A | 262197 |
| 1780000 | Arizona Public Service Co., 5.70%, due 08/15/34 | 1866417 |
| 94000 | Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A | 91303 |
| 250000 | Asbury Automotive Group, Inc., 4.75%, due 03/01/30 | 243689 |
| 710000 | Ascension Health, 2.53%, due 11/15/29 | 668043 |
| 150000 | Ascension Health, 3.11%, due 11/15/39 | 118443 |
| 326000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29 144A | 325582 |
| 120000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 10/15/32 144A | 122549 |
| 139000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 07/15/33 144A | 141432 |
| 2050000 | Ashtead Capital, Inc., 2.45%, due 08/12/31 144A | 1819280 |

---

62See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 200000 | Ashtead Capital, Inc., 5.50%, due 08/11/32 144A | 207121 |
| 565000 | Ashtead Capital, Inc., 5.55%, due 05/30/33 144A | 583129 |
| 2200000 | AT&T, Inc., 2.25%, due 02/01/32 | 1926654 |
| 960000 | AT&T, Inc., 2.30%, due 06/01/27 | 932126 |
| 828000 | AT&T, Inc., 2.75%, due 06/01/31 | 759140 |
| 814000 | AT&T, Inc., 3.50%, due 06/01/41 | 651064 |
| 818000 | AT&T, Inc., 3.55%, due 09/15/55 | 564143 |
| 1014000 | AT&T, Inc., 3.65%, due 09/15/59 | 693839 |
| 554000 | AT&T, Inc., 4.50%, due 05/15/35 | 535498 |
| 234000 | Athene Global Funding, 4.72%, due 10/08/29 144A | 236040 |
| 248000 | Athene Global Funding, 5.32%, due 11/13/31 144A | 253954 |
| 241000 | Athene Holding Ltd., 3.50%, due 01/15/31 | 229039 |
| 238000 | Athene Holding Ltd., 6.63% (5 yr. CMT + 2.61%), due 10/15/54<sup>(b)</sup> <br>| 240500 |
| 250000 | Atlas Warehouse Lending Co. LP, 6.25%, due 01/15/30 144A | 257163 |
| 396000 | AutoNation, Inc., 4.75%, due 06/01/30 | 398325 |
| 1939000 | Aviation Capital Group LLC, 6.38%, due 07/15/30 144A | 2075029 |
| 250000 | B&G Foods, Inc., 8.00%, due 09/15/28<sup>(f)</sup> 144A | 242540 |
| 175000 | Ball Corp., 3.13%, due 09/15/31<sup>(f)</sup> <br>| 159001 |
| 220000 | Ball Corp., 5.50%, due 09/15/33 | 222502 |
| 400000 | Banco Santander SA, 5.54% (1 yr. CMT + 1.45%), due 03/14/30<sup>(b)</sup> <br>| 414456 |
| 568000 | Banco Santander SA, 9.63% (5 yr. CMT + 5.30%)<sup>(b)(f)(g)</sup> <br>| 685873 |
| 2330000 | Bank of America Corp., 2.50% (3 mo. USD Term SOFR + 1.25%), due 02/13/31<sup>(b)</sup> <br>| 2157054 |
| 637000 | Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31<sup>(b)</sup> <br>| 590485 |
| 3993000 | Bank of America Corp., 2.69% (SOFR + 1.32%), due 04/22/32<sup>(b)</sup> <br>| 3638465 |
| 230000 | Bank of America Corp., 2.88% (3 mo. USD Term SOFR + 1.45%), due 10/22/30<sup>(b)</sup> <br>| 218368 |
| 1145000 | Bank of America Corp., 3.59% (3 mo. USD Term SOFR + 1.63%), due 07/21/28<sup>(b)</sup> <br>| 1134755 |
| 5389000 | Bank of America Corp., 4.57% (SOFR + 1.83%), due 04/27/33<sup>(b)</sup> <br>| 5389841 |
| 1575000 | Bank of America Corp., 4.95% (SOFR + 2.04%), due 07/22/28<sup>(b)</sup> <br>| 1597924 |
| 992000 | Bank of America Corp., 5.43% (SOFR + 1.91%), due 08/15/35<sup>(b)</sup> <br>| 1012304 |
| 122000 | Bank of America Corp., 5.52% (SOFR + 1.74%), due 10/25/35<sup>(b)</sup> <br>| 125013 |
| 677000 | Bank of America Corp., 6.63% (5 yr. CMT + 2.68%)<sup>(b)(g)</sup> <br>| 705173 |
| 548000 | Bank of Montreal, 7.70% (5 yr. CMT + 3.45%), due 05/26/84<sup>(b)</sup> <br>| 582997 |
| 242000 | Bank of New York Mellon Corp., 4.94% (SOFR + 0.89%), due 02/11/31<sup>(b)</sup> <br>| 248647 |
| 400000 | Barclays PLC, 4.84% (SOFR + 1.34%), due 09/10/28<sup>(b)</sup> <br>| 404180 |
| 1475000 | Barclays PLC, 4.94% (SOFR + 1.56%), due 09/10/30<sup>(b)</sup> <br>| 1497329 |
| 426000 | Barclays PLC, 5.37% (SOFR + 1.23%), due 02/25/31<sup>(b)</sup> <br>| 439377 |
| 1994000 | Barclays PLC, 6.49% (SOFR + 2.22%), due 09/13/29<sup>(b)</sup> <br>| 2112299 |
| 200000 | Barclays PLC, 7.63% (5 yr. USD SOFR ICE Swap + 3.69%)<sup>(b)(f)(g)</sup> <br>| 212153 |
| 623000 | Barclays PLC, 8.00% (5 yr. CMT + 5.43%)<sup>(b)(g)</sup> <br>| 660306 |
| 156000 | BAT Capital Corp., 3.56%, due 08/15/27 | 154440 |
| 1970000 | BAT Capital Corp., 4.39%, due 08/15/37 | 1807333 |
| 605000 | Berkshire Hathaway Energy Co., 1.65%, due 05/15/31 | 524826 |
| 85000 | Berkshire Hathaway Energy Co., 5.95%, due 05/15/37 | 91842 |
| 1015000 | Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A | 635676 |
| 542000 | Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A | 532690 |
| 376000 | Blackstone Private Credit Fund, 5.05%, due 09/10/30 | 371736 |
| 336000 | Blackstone Private Credit Fund, 5.25%, due 04/01/30 | 337387 |
| 243000 | Blackstone Private Credit Fund, 5.95%, due 07/16/29 | 250098 |
| 142000 | Blackstone Private Credit Fund, 6.00%, due 01/29/32<sup>(f)</sup> <br>| 146586 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 238000 | Blackstone Private Credit Fund, 7.30%, due 11/27/28 | 254304 |
| 124000 | Block, Inc., 5.63%, due 08/15/30 144A | 125725 |
| 161000 | Block, Inc., 6.00%, due 08/15/33 144A | 164980 |
| 60000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, due 07/15/29 144A | 62262 |
| 380000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, due 07/15/32 144A | 399917 |
| 290000 | BlueLinx Holdings, Inc., 6.00%, due 11/15/29 144A | 286439 |
| 1060000 | BMW U.S. Capital LLC, 4.50%, due 08/11/30 144A | 1061907 |
| 260000 | BNP Paribas SA, 2.16% (SOFR + 1.22%), due 09/15/29<sup>(b)</sup> 144A | 243895 |
| 313000 | BNP Paribas SA, 5.50% (SOFR + 1.59%), due 05/20/30<sup>(b)</sup> 144A | 323810 |
| 180000 | BNP Paribas SA, 9.25% (5 yr. CMT + 4.97%)<sup>(b)(g)</sup> 144A | 193960 |
| 2775000 | Boeing Co., 2.20%, due 02/04/26 | 2754333 |
| 325000 | Boeing Co., 3.95%, due 08/01/59 | 233765 |
| 1795000 | Boeing Co., 5.71%, due 05/01/40 | 1832664 |
| 1140000 | Boeing Co., 6.53%, due 05/01/34 | 1261137 |
| 310000 | BPCE SA, 5.72% (SOFR + 1.96%), due 01/18/30<sup>(b)</sup> 144A | 320703 |
| 52585 | British Airways Pass-Through Trust, 4.13%, due 03/20/33 144A | 50738 |
| 132824 | British Airways Pass-Through Trust, 4.25%, due 05/15/34 144A | 129779 |
| 57429 | British Airways Pass-Through Trust, 8.38%, due 11/15/28 144A | 60578 |
| 1055000 | Brixmor Operating Partnership LP, 2.50%, due 08/16/31<sup>(f)</sup> <br>| 937915 |
| 1036000 | Broadcom, Inc., 3.42%, due 04/15/33 144A | 959173 |
| 151000 | Broadcom, Inc., 4.55%, due 02/15/32 | 152126 |
| 1747000 | Broadcom, Inc., 4.80%, due 02/15/36 | 1742375 |
| 651000 | Broadcom, Inc., 4.90%, due 07/15/32 | 666152 |
| 421000 | Broadcom, Inc., 4.90%, due 02/15/38 | 418937 |
| 1404000 | Broadcom, Inc., 5.20%, due 07/15/35 | 1447506 |
| 2131000 | Broadridge Financial Solutions, Inc., 2.60%, due 05/01/31 | 1927279 |
| 1847000 | Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.34%, due 01/30/32 | 1614291 |
| 441000 | Brookfield Finance, Inc., 6.30% (5 yr. CMT + 2.08%), due 01/15/55<sup>(b)</sup> <br>| 437917 |
| 150000 | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due <br> 06/15/29 144A<br>| 143083 |
| 1732000 | Brown & Brown, Inc., 5.25%, due 06/23/32 | 1777289 |
| 321000 | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | 302148 |
| 311000 | Builders FirstSource, Inc., 6.38%, due 03/01/34 144A | 320752 |
| 100000 | Builders FirstSource, Inc., 6.75%, due 05/15/35 144A | 104538 |
| 1640000 | Bunge Ltd. Finance Corp., 2.75%, due 05/14/31 | 1504234 |
| 1215000 | Bunge Ltd. Finance Corp., 5.15%, due 08/04/35 | 1229812 |
| 221000 | Cable One, Inc., 4.00%, due 11/15/30<sup>(f)</sup> 144A | 187459 |
| 426000 | Caesars Entertainment, Inc., 6.00%, due 10/15/32<sup>(f)</sup> 144A | 419859 |
| 250000 | Calpine Corp., 3.75%, due 03/01/31<sup>(f)</sup> 144A | 238285 |
| 630000 | Canadian Natural Resources Ltd., 5.00%, due 12/15/29 144A | 644311 |
| 509000 | Canadian Pacific Railway Co., 6.13%, due 09/15/15<sup>(h)</sup> <br>| 525805 |
| 845000 | Capital One Financial Corp., 5.88% (SOFR + 1.99%), due 07/26/35<sup>(b)</sup> <br>| 886641 |
| 165000 | Capital Power U.S. Holdings, Inc., 5.26%, due 06/01/28 144A | 168197 |
| 271000 | Capital Power U.S. Holdings, Inc., 6.19%, due 06/01/35 144A | 284583 |
| 73000 | Capstone Copper Corp., 6.75%, due 03/31/33 144A | 75255 |
| 326000 | Carnival Corp., 5.13%, due 05/01/29<sup>(d)</sup> 144A | 326000 |
| 916000 | Carnival Corp., 5.75%, due 08/01/32 144A | 933338 |
| 345000 | Carnival Corp., 5.88%, due 06/15/31 144A | 353757 |
| 707000 | CBRE Services, Inc., 4.80%, due 06/15/30 | 718550 |

---

64See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 172000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 | 156639 |
| 210000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A | 208758 |
| 700000 | CDW LLC/CDW Finance Corp., 5.10%, due 03/01/30 | 712612 |
| 163000 | CDW LLC/CDW Finance Corp., 5.55%, due 08/22/34<sup>(f)</sup> <br>| 167230 |
| 338000 | Cemex SAB de CV, 3.88%, due 07/11/31<sup>(f)</sup> 144A | 320990 |
| 145000 | Cenovus Energy, Inc., 3.75%, due 02/15/52 | 103131 |
| 215000 | Cenovus Energy, Inc., 5.40%, due 06/15/47 | 198310 |
| 311000 | Centene Corp., 3.00%, due 10/15/30 | 278084 |
| 205000 | Centene Corp., 3.38%, due 02/15/30 | 188715 |
| 252000 | CenterPoint Energy, Inc., 5.95% (5 yr. CMT + 2.22%), due 04/01/56<sup>(b)(d)</sup> <br>| 252630 |
| 110000 | CenterPoint Energy, Inc., 6.85% (5 yr. CMT + 2.95%), due 02/15/55<sup>(b)(f)</sup> <br>| 116956 |
| 511000 | CenterPoint Energy, Inc., 7.00% (5 yr. CMT + 3.25%), due 02/15/55<sup>(b)</sup> <br>| 533387 |
| 204000 | Century Communities, Inc., 3.88%, due 08/15/29 144A | 192097 |
| 68000 | Century Communities, Inc., 6.63%, due 09/15/33 144A | 68646 |
| 185000 | Champion Iron Canada, Inc., 7.88%, due 07/15/32 144A | 193559 |
| 244000 | Charles Schwab Corp., 5.85% (SOFR + 2.50%), due 05/19/34<sup>(b)</sup> <br>| 261236 |
| 165000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 2.30%, due 02/01/32<sup>(f)</sup> <br>| 141220 |
| 456000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 2.80%, due 04/01/31<br>| 411530 |
| 140000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 3.50%, due 03/01/42<br>| 100892 |
| 700000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 5.38%, due 05/01/47<br>| 605395 |
| 3048000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 6.38%, due 10/23/35<br>| 3194363 |
| 192000 | Cheniere Energy Partners LP, 5.55%, due 10/30/35 144A | 196277 |
| 402000 | Cheniere Energy Partners LP, 5.95%, due 06/30/33 | 425739 |
| 134000 | Cheniere Energy, Inc., 5.65%, due 04/15/34 | 138195 |
| 185000 | CIMIC Finance USA Pty. Ltd., 7.00%, due 03/25/34 144A | 201728 |
| 285000 | Cimpress PLC, 7.38%, due 09/15/32 144A | 284363 |
| 250000 | Citadel Finance LLC, 5.90%, due 02/10/30 144A | 253733 |
| 525000 | Citigroup, Inc., 2.56% (SOFR + 1.17%), due 05/01/32<sup>(b)</sup> <br>| 473305 |
| 625000 | Citigroup, Inc., 3.52% (3 mo. USD Term SOFR + 1.41%), due 10/27/28<sup>(b)</sup> <br>| 616749 |
| 340000 | Citigroup, Inc., 3.67% (3 mo. USD Term SOFR + 1.65%), due 07/24/28<sup>(b)</sup> <br>| 337063 |
| 1840000 | Citigroup, Inc., 3.89% (3 mo. USD Term SOFR + 1.82%), due 01/10/28<sup>(b)</sup> <br>| 1832867 |
| 440000 | Citigroup, Inc., 4.41% (SOFR + 3.91%), due 03/31/31<sup>(b)</sup> <br>| 439365 |
| 1959000 | Citigroup, Inc., 4.95% (SOFR + 1.46%), due 05/07/31<sup>(b)</sup> <br>| 1996812 |
| 1350000 | Citigroup, Inc., 6.02% (SOFR + 1.83%), due 01/24/36<sup>(b)</sup> <br>| 1414890 |
| 545000 | Citigroup, Inc., 6.17% (SOFR + 2.66%), due 05/25/34<sup>(b)</sup> <br>| 580084 |
| 98000 | Citizens Financial Group, Inc., 3.25%, due 04/30/30 | 92806 |
| 290000 | Citizens Financial Group, Inc., 5.25% (SOFR + 1.26%), due 03/05/31<sup>(b)</sup> <br>| 297299 |
| 712000 | Citizens Financial Group, Inc., 5.72% (SOFR + 1.91%), due 07/23/32<sup>(b)</sup> <br>| 743661 |
| 180000 | Civitas Resources, Inc., 8.63%, due 11/01/30 144A | 186556 |
| 155000 | Clean Harbors, Inc., 5.75%, due 10/15/33<sup>(d)</sup> 144A | 156477 |
| 127000 | Cloud Software Group, Inc., 6.63%, due 08/15/33 144A | 129412 |
| 120000 | Cloud Software Group, Inc., 8.25%, due 06/30/32 144A | 127423 |
| 200000 | Clue Opco LLC, 9.50%, due 10/15/31 144A | 214076 |
| 234000 | Clydesdale Acquisition Holdings, Inc., 6.88%, due 01/15/30 144A | 240332 |
| 478000 | CNO Financial Group, Inc., 5.25%, due 05/30/29 | 486507 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 205000 | CNO Financial Group, Inc., 6.45%, due 06/15/34 | 217708 |
| 561000 | Columbia Pipelines Holding Co. LLC, 5.68%, due 01/15/34 144A | 578970 |
| 2777000 | Columbia Pipelines Operating Co. LLC, 5.44%, due 02/15/35 144A | 2833209 |
| 348000 | Columbia Pipelines Operating Co. LLC, 6.04%, due 11/15/33 144A | 371458 |
| 18000 | Comcast Corp., 2.89%, due 11/01/51 | 11097 |
| 5000 | Comcast Corp., 3.97%, due 11/01/47 | 3910 |
| 228000 | Comerica, Inc., 5.98% (SOFR + 2.16%), due 01/30/30<sup>(b)</sup> <br>| 237314 |
| 200000 | Comision Federal de Electricidad, 4.69%, due 05/15/29 144A | 197205 |
| 1670000 | CommonSpirit Health, 5.32%, due 12/01/34 | 1698205 |
| 350000 | Commonwealth Edison Co., 4.00%, due 03/01/48 | 281978 |
| 738000 | ConocoPhillips Co., 5.50%, due 01/15/55<sup>(f)</sup> <br>| 723545 |
| 463000 | ConocoPhillips Co., 5.55%, due 03/15/54 | 456573 |
| 198000 | Consensus Cloud Solutions, Inc., 6.50%, due 10/15/28 144A | 199048 |
| 95000 | Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56 | 77238 |
| 350000 | Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45 | 307288 |
| 385000 | Constellation Brands, Inc., 2.25%, due 08/01/31 | 339522 |
| 183000 | Constellation Energy Generation LLC, 6.50%, due 10/01/53 | 204154 |
| 1155000 | Constellation Software, Inc., 5.16%, due 02/16/29 144A | 1179782 |
| 279000 | Continental Resources, Inc., 2.88%, due 04/01/32 144A | 243288 |
| 285000 | Continental Resources, Inc., 4.90%, due 06/01/44 | 233099 |
| 487000 | Continental Resources, Inc., 5.75%, due 01/15/31 144A | 502434 |
| 1006000 | COPT Defense Properties LP, 4.50%, due 10/15/30<sup>(d)</sup> <br>| 999854 |
| 1085000 | Corebridge Global Funding, 4.85%, due 06/06/30<sup>(f)</sup> 144A | 1104486 |
| 894000 | Corebridge Global Funding, 4.90%, due 08/21/32 144A | 898680 |
| 264000 | CoreWeave, Inc., 9.00%, due 02/01/31 144A | 270898 |
| 275000 | CoreWeave, Inc., 9.25%, due 06/01/30 144A | 284351 |
| 525000 | Corp. Andina de Fomento, 5.00%, due 01/24/29 | 540537 |
| 483000 | CoStar Group, Inc., 2.80%, due 07/15/30 144A | 442356 |
| 970000 | Cox Communications, Inc., 2.60%, due 06/15/31 144A | 864694 |
| 712000 | Credit Agricole SA, 3.25%, due 01/14/30 144A | 671952 |
| 411000 | Credit Agricole SA, 5.86% (SOFR + 1.74%), due 01/09/36<sup>(b)</sup> 144A | 432308 |
| 435000 | Credit Agricole SA, 6.32% (SOFR + 1.86%), due 10/03/29<sup>(b)</sup> 144A | 458735 |
| 457000 | CSN Resources SA, 4.63%, due 06/10/31 144A | 371758 |
| 635000 | CVS Health Corp., 4.78%, due 03/25/38 | 595419 |
| 425000 | CVS Health Corp., 5.00%, due 09/15/32 | 430369 |
| 130000 | CVS Health Corp., 5.13%, due 07/20/45 | 118080 |
| 813524 | CVS Pass-Through Trust, 5.77%, due 01/10/33 144A | 833795 |
| 371316 | CVS Pass-Through Trust, 6.94%, due 01/10/30 | 388077 |
| 1172847 | CVS Pass-Through Trust, 7.51%, due 01/10/32 144A | 1250190 |
| 376000 | Danske Bank AS, 5.02% (1 yr. CMT + 0.93%), due 03/04/31<sup>(b)</sup> 144A | 383583 |
| 214000 | DaVita, Inc., 4.63%, due 06/01/30 144A | 205269 |
| 115000 | Dcli Bidco LLC, 7.75%, due 11/15/29 144A | 119683 |
| 233000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A | 230643 |
| 522000 | Dell International LLC/EMC Corp., 4.50%, due 02/15/31<sup>(d)</sup> <br>| 520929 |
| 429000 | Dell International LLC/EMC Corp., 4.75%, due 10/06/32<sup>(d)</sup> <br>| 427208 |
| 429000 | Dell International LLC/EMC Corp., 5.10%, due 02/15/36<sup>(d)</sup> <br>| 426777 |
| 443000 | Dell International LLC/EMC Corp., 5.30%, due 04/01/32 | 457497 |
| 682000 | Dell International LLC/EMC Corp., 5.40%, due 04/15/34 | 704411 |
| 1015092 | Delta Air Lines Pass-Through Trust, 2.00%, due 12/10/29 | 972540 |

---

66See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 286000 | Delta Air Lines, Inc., 4.38%, due 04/19/28 | 286181 |
| 1140000 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, due 10/20/28 144A | 1146885 |
| 582000 | Deutsche Bank AG, 3.74% (SOFR + 2.26%), due 01/07/33<sup>(b)</sup> <br>| 536221 |
| 279000 | Deutsche Bank AG, 5.30% (SOFR + 1.72%), due 05/09/31<sup>(b)</sup> <br>| 285855 |
| 460000 | Deutsche Bank AG, 5.37% (SOFR + 1.21%), due 01/10/29<sup>(b)</sup> <br>| 469963 |
| 292000 | Deutsche Bank AG, 6.82% (SOFR + 2.51%), due 11/20/29<sup>(b)</sup> <br>| 312398 |
| 174000 | Devon Energy Corp., 5.20%, due 09/15/34<sup>(f)</sup> <br>| 173321 |
| 1900000 | Diamondback Energy, Inc., 6.25%, due 03/15/33 | 2047769 |
| 338000 | Dominion Energy, Inc., 6.00% (5 yr. CMT + 2.26%), due 02/15/56<sup>(b)</sup> <br>| 340792 |
| 416000 | Dominion Energy, Inc., 6.20% (5 yr. CMT + 2.01%), due 02/15/56<sup>(b)</sup> <br>| 419107 |
| 280000 | Dominion Energy, Inc., 6.88% (5 yr. CMT + 2.39%), due 02/01/55<sup>(b)</sup> <br>| 293223 |
| 149000 | Dominion Energy, Inc., 7.00% (5 yr. CMT + 2.51%), due 06/01/54<sup>(b)</sup> <br>| 161788 |
| 881000 | DT Midstream, Inc., 4.38%, due 06/15/31 144A | 851793 |
| 166000 | DT Midstream, Inc., 5.80%, due 12/15/34 144A | 171262 |
| 623494 | DTE Electric Securitization Funding I LLC, 2.64%, due 12/01/27 | 615810 |
| 2038000 | DTE Energy Co., 5.85%, due 06/01/34 | 2166619 |
| 411000 | Duke Energy Carolinas LLC, 3.95%, due 03/15/48 | 331227 |
| 416000 | Duke Energy Corp., 5.75%, due 09/15/33 | 442403 |
| 435000 | Duke Energy Florida LLC, 3.40%, due 10/01/46 | 323575 |
| 1525000 | Duke Energy Indiana LLC, 5.25%, due 03/01/34 | 1575736 |
| 1210000 | DuPont de Nemours, Inc., 4.73%, due 11/15/28 | 1219714 |
| 120000 | DuPont de Nemours, Inc., 5.42%, due 11/15/48 | 118741 |
| 428000 | Ecopetrol SA, 6.88%, due 04/29/30 | 438955 |
| 790000 | Ecopetrol SA, 8.63%, due 01/19/29 | 858497 |
| 575000 | Edison International, 5.25%, due 11/15/28 | 579743 |
| 261000 | Efesto Bidco SpA Efesto U.S. LLC, 7.50%, due 02/15/32 144A | 265809 |
| 487000 | Electricite de France SA, 5.65%, due 04/22/29 144A | 508165 |
| 408000 | Electricite de France SA, 9.13% (5 yr. CMT + 5.41%)<sup>(b)(g)</sup> 144A | 473371 |
| 15000 | Elevance Health, Inc., 5.10%, due 01/15/44 | 14237 |
| 389000 | Embraer Netherlands Finance BV, 7.00%, due 07/28/30 144A | 425869 |
| 394000 | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, due 12/15/30 144A | 405504 |
| 469000 | Enact Holdings, Inc., 6.25%, due 05/28/29 | 490681 |
| 359000 | Enbridge, Inc., 5.50% (3 mo. USD Term SOFR + 3.68%), due 07/15/77<sup>(b)</sup> <br>| 357650 |
| 496000 | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(b)(f)</sup> <br>| 501619 |
| 347000 | Enbridge, Inc., 6.25% (3 mo. USD Term SOFR + 3.90%), due 03/01/78<sup>(b)</sup> <br>| 351008 |
| 217000 | Enbridge, Inc., 8.50% (5 yr. CMT + 4.43%), due 01/15/84<sup>(b)</sup> <br>| 248716 |
| 189000 | Endo Finance Holdings, Inc., 8.50%, due 04/15/31<sup>(f)</sup> 144A | 203008 |
| 115000 | Energean Israel Finance Ltd., 5.38%, due 03/30/28<sup>(i)</sup> <br>| 113126 |
| 172000 | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(i)</sup> <br>| 165344 |
| 150000 | Energy Transfer LP, 5.30%, due 04/01/44 | 137512 |
| 590000 | Energy Transfer LP, 5.30%, due 04/15/47 | 533312 |
| 617000 | Energy Transfer LP, 5.40%, due 10/01/47 | 565207 |
| 1958000 | Energy Transfer LP, 5.60%, due 09/01/34 | 2010491 |
| 120000 | Energy Transfer LP, 6.40%, due 12/01/30 | 130103 |
| 228000 | Energy Transfer LP, 6.50% (5 yr. CMT + 2.68%), due 02/15/56<sup>(b)</sup> <br>| 227155 |
| 710000 | Energy Transfer LP, 6.50% (5 yr. CMT + 5.69%)<sup>(b)(g)</sup> <br>| 715190 |
| 65000 | Energy Transfer LP, 6.55%, due 12/01/33 | 71126 |
| 395000 | Energy Transfer LP, 6.75% (5 yr. CMT + 2.48%), due 02/15/56<sup>(b)</sup> <br>| 394689 |
| 1408000 | Energy Transfer LP, 7.13% (5 yr. CMT + 5.31%)<sup>(b)(g)</sup> <br>| 1457579 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 2445000 | Entergy Louisiana LLC, 4.00%, due 03/15/33 | 2348598 |
| 1450000 | Enterprise Products Operating LLC, 4.90%, due 05/15/46 | 1333513 |
| 697000 | Enterprise Products Operating LLC, 5.25% (3 mo. USD Term SOFR + 3.29%), due <br> 08/16/77<sup>(b)</sup> <br>| 697199 |
| 184000 | EQT Corp., 6.38%, due 04/01/29 | 190849 |
| 25000 | EQT Corp., 7.50%, due 06/01/27 | 25487 |
| 114000 | EQT Corp., 7.50%, due 06/01/30 | 125806 |
| 205000 | Eskom Holdings, 6.35%, due 08/10/28 144A | 211227 |
| 2050000 | Eversource Energy, 2.90%, due 03/01/27 | 2014091 |
| 1416000 | Exelon Corp., 3.35%, due 03/15/32 | 1323867 |
| 1478000 | Exelon Corp., 5.10%, due 06/15/45 | 1379385 |
| 245000 | Exelon Corp., 5.13%, due 03/15/31 | 252761 |
| 92000 | Exelon Corp., 6.50% (5 yr. CMT + 1.98%), due 03/15/55<sup>(b)</sup> <br>| 96226 |
| 419000 | Expand Energy Corp., 4.75%, due 02/01/32 | 411962 |
| 116000 | F&G Annuities & Life, Inc., 6.25%, due 10/04/34 | 118387 |
| 174000 | F&G Annuities & Life, Inc., 6.50%, due 06/04/29 | 181513 |
| 1000000 | Fairfax Financial Holdings Ltd., 5.63%, due 08/16/32 | 1040052 |
| 675000 | Fairfax Financial Holdings Ltd., 6.00%, due 12/07/33 | 719299 |
| 2378000 | Ferguson Finance PLC, 3.25%, due 06/02/30 144A | 2258363 |
| 1130000 | Ferguson Finance PLC, 4.50%, due 10/24/28<sup>(f)</sup> 144A | 1136295 |
| 181000 | Fifth Third Bancorp, 4.77% (SOFR + 2.13%), due 07/28/30<sup>(b)</sup> <br>| 183080 |
| 283000 | Fifth Third Bancorp, 5.63% (SOFR + 1.84%), due 01/29/32<sup>(b)</sup> <br>| 296772 |
| 264000 | Fifth Third Bancorp, 7.30% (3 mo. USD Term SOFR + 3.29%)<sup>(b)(g)</sup> <br>| 263546 |
| 435000 | First Citizens BancShares, Inc., 5.23% (SOFR + 1.41%), due 03/12/31<sup>(b)</sup> <br>| 441907 |
| 393000 | First Citizens BancShares, Inc., 5.60% (5 yr. CMT + 1.85%), due 09/05/35<sup>(b)</sup> <br>| 392097 |
| 246000 | First Horizon Corp., 5.51% (SOFR + 1.77%), due 03/07/31<sup>(b)</sup> <br>| 253469 |
| 200000 | First Quantum Minerals Ltd., 7.25%, due 02/15/34 144A | 206924 |
| 200000 | First Quantum Minerals Ltd., 8.00%, due 03/01/33 144A | 211421 |
| 200000 | First Quantum Minerals Ltd., 8.63%, due 06/01/31 144A | 210403 |
| 235000 | FirstEnergy Corp., 2.65%, due 03/01/30 | 218161 |
| 2365000 | Florida Power & Light Co., 2.45%, due 02/03/32<sup>(f)</sup> <br>| 2125505 |
| 221000 | Flowserve Corp., 3.50%, due 10/01/30 | 210745 |
| 200000 | Flutter Treasury DAC, 5.88%, due 06/04/31 144A | 203137 |
| 200000 | Flutter Treasury DAC, 6.38%, due 04/29/29 144A | 206657 |
| 1560000 | Ford Motor Credit Co. LLC, 2.90%, due 02/10/29 | 1445746 |
| 350000 | Ford Motor Credit Co. LLC, 3.63%, due 06/17/31 | 318420 |
| 1249000 | Ford Motor Credit Co. LLC, 4.00%, due 11/13/30 | 1165456 |
| 1034000 | Ford Motor Credit Co. LLC, 5.11%, due 05/03/29 | 1026597 |
| 502000 | Ford Motor Credit Co. LLC, 5.80%, due 03/08/29 | 509558 |
| 463000 | Ford Motor Credit Co. LLC, 6.05%, due 11/05/31 | 473389 |
| 960000 | Ford Motor Credit Co. LLC, 6.13%, due 03/08/34 | 965146 |
| 317000 | Ford Motor Credit Co. LLC, 7.12%, due 11/07/33 | 338991 |
| 1075000 | Foundry JV Holdco LLC, 5.90%, due 01/25/33 144A | 1134564 |
| 415000 | Foundry JV Holdco LLC, 6.10%, due 01/25/36 144A | 441397 |
| 596000 | Foundry JV Holdco LLC, 6.25%, due 01/25/35 144A | 638634 |
| 159000 | Freedom Mortgage Holdings LLC, 7.88%, due 04/01/33 144A | 163936 |
| 258000 | Freeport-McMoRan, Inc., 5.40%, due 11/14/34 | 264576 |
| 706000 | Fresenius Medical Care U.S. Finance III, Inc., 2.38%, due 02/16/31 144A | 623607 |
| 306000 | Full House Resorts, Inc., 8.25%, due 02/15/28<sup>(f)</sup> 144A | 284277 |

---

68See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 473000 | GA Global Funding Trust, 4.50%, due 09/18/30 144A | 469499 |
| 237000 | GA Global Funding Trust, 5.20%, due 12/09/31 144A | 241466 |
| 165000 | Gap, Inc., 3.63%, due 10/01/29 144A | 154590 |
| 81000 | Gartner, Inc., 3.63%, due 06/15/29 144A | 77628 |
| 194000 | Gartner, Inc., 3.75%, due 10/01/30 144A | 183264 |
| 313000 | GCI LLC, 4.75%, due 10/15/28 144A | 304448 |
| 3277000 | General Electric Co., 4.90%, due 01/29/36 | 3323970 |
| 570000 | General Motors Co., 5.00%, due 04/01/35 | 555557 |
| 3111000 | General Motors Financial Co., Inc., 2.40%, due 10/15/28 | 2946029 |
| 495000 | General Motors Financial Co., Inc., 3.10%, due 01/12/32 | 446087 |
| 1107000 | General Motors Financial Co., Inc., 3.60%, due 06/21/30 | 1055665 |
| 1118000 | General Motors Financial Co., Inc., 5.95%, due 04/04/34 | 1161545 |
| 878000 | General Motors Financial Co., Inc., 6.00%, due 01/09/28 | 909558 |
| 243000 | Genesis Energy LP/Genesis Energy Finance Corp., 7.88%, due 05/15/32 | 253632 |
| 198000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 05/15/33 | 207252 |
| 1831000 | Genpact Luxembourg SARL/Genpact USA, Inc., 6.00%, due 06/04/29 | 1905909 |
| 205000 | Georgia Power Co., 4.95%, due 05/17/33 | 209201 |
| 99000 | Gildan Activewear, Inc., 4.70%, due 10/07/30<sup>(d)</sup> 144A | 98891 |
| 2471000 | Global Atlantic Fin Co., 3.13%, due 06/15/31 144A | 2232518 |
| 1497000 | Global Atlantic Fin Co., 4.40%, due 10/15/29 144A | 1475274 |
| 268000 | Global Atlantic Fin Co., 4.70% (5 yr. CMT + 3.80%), due 10/15/51<sup>(b)</sup> 144A | 264050 |
| 142000 | Global Atlantic Fin Co., 7.95% (5 yr. CMT + 3.61%), due 10/15/54<sup>(b)</sup> 144A | 150484 |
| 536000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, due 01/15/32<sup>(f)</sup> 144A | 521673 |
| 234000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, due 08/15/29<sup>(f)</sup> 144A | 247071 |
| 141000 | Global Infrastructure Solutions, Inc., 5.63%, due 06/01/29 144A | 138667 |
| 67000 | Global Partners LP/GLP Finance Corp., 7.13%, due 07/01/33 144A | 68726 |
| 187000 | Global Partners LP/GLP Finance Corp., 8.25%, due 01/15/32 144A | 197371 |
| 298000 | GLP Capital LP/GLP Financing II, Inc., 3.25%, due 01/15/32 | 268347 |
| 156000 | GLP Capital LP/GLP Financing II, Inc., 4.00%, due 01/15/30 | 151208 |
| 1259000 | GLP Capital LP/GLP Financing II, Inc., 4.00%, due 01/15/31 | 1206088 |
| 1100000 | Goldman Sachs Group, Inc., 1.54% (SOFR + 0.82%), due 09/10/27<sup>(b)</sup> <br>| 1072938 |
| 2199000 | Goldman Sachs Group, Inc., 2.62% (SOFR + 1.28%), due 04/22/32<sup>(b)</sup> <br>| 1995593 |
| 474000 | Goldman Sachs Group, Inc., 2.65% (SOFR + 1.26%), due 10/21/32<sup>(b)</sup> <br>| 426417 |
| 2331000 | Goldman Sachs Group, Inc., 3.80%, due 03/15/30 | 2294809 |
| 1065000 | Goldman Sachs Group, Inc., 3.81% (3 mo. USD Term SOFR + 1.42%), due 04/23/29<sup>(b)</sup> <br>| 1056055 |
| 476000 | Golub Capital BDC, Inc., 7.05%, due 12/05/28 | 503384 |
| 248000 | Graphic Packaging International LLC, 3.50%, due 03/01/29 144A | 235313 |
| 363000 | Gray Media, Inc., 10.50%, due 07/15/29 144A | 392795 |
| 103000 | Group 1 Automotive, Inc., 4.00%, due 08/15/28 144A | 100182 |
| 159000 | Gulfstream Natural Gas System LLC, 5.60%, due 07/23/35 144A | 163001 |
| 631000 | Harbour Energy PLC, 6.33%, due 04/01/35 144A | 648302 |
| 410000 | HCA, Inc., 4.38%, due 03/15/42 | 351083 |
| 325000 | HCA, Inc., 5.45%, due 04/01/31 | 337909 |
| 275000 | HCA, Inc., 7.75%, due 07/15/36 | 318766 |
| 3040000 | Healthpeak OP LLC, 1.35%, due 02/01/27 | 2927313 |
| 63000 | Hess Midstream Operations LP, 6.50%, due 06/01/29 144A | 65014 |
| 1390000 | Hewlett Packard Enterprise Co., 4.45%, due 09/25/26 | 1395786 |
| 290000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, due 04/15/30 144A | 286070 |
| 205000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A | 196808 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 360000 | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.63%, <br> due 01/15/32 144A<br>| 365886 |
| 428000 | Horizon Mutual Holdings, Inc., 6.20%, due 11/15/34 144A | 418751 |
| 168000 | Howard Midstream Energy Partners LLC, 6.63%, due 01/15/34 144A | 171394 |
| 45000 | Howard Midstream Energy Partners LLC, 7.38%, due 07/15/32 144A | 46746 |
| 324000 | HPS Corporate Lending Fund, 5.95%, due 04/14/32<sup>(f)</sup> <br>| 329532 |
| 1704000 | HSBC Holdings PLC, 5.13% (SOFR + 1.29%), due 03/03/31<sup>(b)</sup> <br>| 1745481 |
| 241000 | Huntington Bancshares, Inc., 5.27% (SOFR + 1.28%), due 01/15/31<sup>(b)</sup> <br>| 248448 |
| 128000 | Huntington Bancshares, Inc., 6.14% (5 yr. CMT + 1.70%), due 11/18/39<sup>(b)</sup> <br>| 133256 |
| 164000 | Huntington Bancshares, Inc., 6.21% (SOFR + 2.02%), due 08/21/29<sup>(b)</sup> <br>| 172629 |
| 189000 | Huntington Bancshares, Inc., 6.25% (5 yr. CMT + 2.65%)<sup>(b)(g)</sup> <br>| 188701 |
| 200000 | Icon Investments Six DAC, 5.85%, due 05/08/29 | 208822 |
| 216000 | IHS Holding Ltd., 7.88%, due 05/29/30<sup>(f)</sup> 144A | 223658 |
| 377000 | IHS Holding Ltd., 8.25%, due 11/29/31<sup>(f)</sup> 144A | 397445 |
| 2000000 | Imperial Brands Finance PLC, 5.50%, due 02/01/30 144A | 2075686 |
| 242000 | ING Groep NV, 5.34% (SOFR + 1.44%), due 03/19/30<sup>(b)</sup> <br>| 249808 |
| 200000 | ING Groep NV, 6.11% (SOFR + 2.09%), due 09/11/34<sup>(b)</sup> <br>| 216408 |
| 1230000 | Invitation Homes Operating Partnership LP, 4.95%, due 01/15/33 | 1236608 |
| 278000 | ION Platform Finance U.S., Inc., 7.88%, due 09/30/32<sup>(d)</sup> 144A | 276174 |
| 170000 | IPALCO Enterprises, Inc., 4.25%, due 05/01/30 | 166593 |
| 172000 | IQVIA, Inc., 6.25%, due 02/01/29 | 181209 |
| 76000 | Iron Mountain Information Management Services, Inc., 5.00%, due 07/15/32 144A | 73296 |
| 161000 | Iron Mountain, Inc., 5.25%, due 07/15/30 144A | 159327 |
| 289000 | JB Poindexter & Co., Inc., 8.75%, due 12/15/31 144A | 303046 |
| 1050000 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.00%, due <br> 02/02/29<br>| 1007145 |
| 403000 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.63%, due <br> 01/15/32<br>| 376141 |
| 335000 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.75%, due <br> 04/01/33<br>| 350060 |
| 93000 | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, due 04/20/35 <br> 144A<br>| 97790 |
| 980000 | Jefferies Financial Group, Inc., 5.88%, due 07/21/28 | 1020564 |
| 333000 | Jefferies Financial Group, Inc., 6.20%, due 04/14/34 | 354178 |
| 222441 | JetBlue Pass-Through Trust, 2.75%, due 11/15/33 | 197537 |
| 91000 | JH North America Holdings, Inc., 5.88%, due 01/31/31 144A | 92475 |
| 291000 | JH North America Holdings, Inc., 6.13%, due 07/31/32 144A | 298317 |
| 2000000 | JPMorgan Chase & Co., 2.07% (SOFR + 1.02%), due 06/01/29<sup>(b)</sup> <br>| 1898143 |
| 273000 | JPMorgan Chase & Co., 2.52% (SOFR + 2.04%), due 04/22/31<sup>(b)</sup> <br>| 253295 |
| 760000 | JPMorgan Chase & Co., 2.58% (3 mo. USD Term SOFR + 1.25%), due 04/22/32<sup>(b)</sup> <br>| 690958 |
| 1817000 | JPMorgan Chase & Co., 3.78% (3 mo. USD Term SOFR + 1.60%), due 02/01/28<sup>(b)</sup> <br>| 1809321 |
| 965000 | JPMorgan Chase & Co., 4.01% (3 mo. USD Term SOFR + 1.38%), due 04/23/29<sup>(b)</sup> <br>| 962823 |
| 2124000 | JPMorgan Chase & Co., 4.20% (3 mo. USD Term SOFR + 1.52%), due 07/23/29<sup>(b)</sup> <br>| 2128533 |
| 492000 | JPMorgan Chase & Co., 4.60% (SOFR + 1.04%), due 10/22/30<sup>(b)</sup> <br>| 497893 |
| 455000 | JPMorgan Chase & Co., 5.00% (SOFR + 1.13%), due 07/22/30<sup>(b)</sup> <br>| 466829 |
| 446000 | JPMorgan Chase & Co., 5.01% (SOFR + 1.31%), due 01/23/30<sup>(b)</sup> <br>| 456978 |
| 673000 | JPMorgan Chase & Co., 5.29% (SOFR + 1.46%), due 07/22/35<sup>(b)</sup> <br>| 695369 |
| 2965000 | JPMorgan Chase & Co., 5.34% (SOFR + 1.62%), due 01/23/35<sup>(b)</sup> <br>| 3082781 |
| 389000 | JPMorgan Chase & Co., 5.50% (SOFR + 1.32%), due 01/24/36<sup>(b)</sup> <br>| 407180 |
| 269000 | JPMorgan Chase & Co., 5.58% (SOFR + 1.16%), due 04/22/30<sup>(b)</sup> <br>| 281051 |

---

70See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1067000 | JPMorgan Chase & Co., 5.58% (SOFR + 1.64%), due 07/23/36<sup>(b)</sup> <br>| 1106913 |
| 780000 | Kaiser Foundation Hospitals, 2.81%, due 06/01/41 | 578160 |
| 206000 | KB Home, 4.00%, due 06/15/31 | 193611 |
| 409000 | KeyCorp, 5.12% (SOFR + 1.23%), due 04/04/31<sup>(b)(f)</sup> <br>| 420077 |
| 154000 | KeyCorp, 6.40% (SOFR + 2.42%), due 03/06/35<sup>(b)</sup> <br>| 167178 |
| 608000 | Kinder Morgan, Inc., 5.85%, due 06/01/35 | 640763 |
| 575000 | Kioxia Holdings Corp., 6.63%, due 07/24/33 144A | 591764 |
| 1291000 | KKR Group Finance Co. II LLC, 5.50%, due 02/01/43<sup>(f)</sup> 144A | 1278438 |
| 257000 | KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A | 188810 |
| 283000 | KKR Group Finance Co. X LLC, 3.25%, due 12/15/51 144A | 190909 |
| 1910000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | 1911027 |
| 145000 | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | 139398 |
| 260000 | Lamb Weston Holdings, Inc., 4.38%, due 01/31/32 144A | 245946 |
| 421000 | Lazard Group LLC, 4.38%, due 03/11/29 | 420087 |
| 555000 | Level 3 Financing, Inc., 6.88%, due 06/30/33 144A | 566108 |
| 69000 | Level 3 Financing, Inc., 7.00%, due 03/31/34 144A | 70247 |
| 539000 | Leviathan Bond Ltd., 6.50%, due 06/30/27<sup>(i)</sup> <br>| 541757 |
| 79000 | Leviathan Bond Ltd., 6.75%, due 06/30/30<sup>(i)</sup> <br>| 79395 |
| 244000 | Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51<sup>(b)</sup> 144A | 239706 |
| 110000 | Lithia Motors, Inc., 3.88%, due 06/01/29 144A | 105152 |
| 246000 | Lithia Motors, Inc., 4.38%, due 01/15/31 144A | 233793 |
| 235000 | Lithia Motors, Inc., 5.50%, due 10/01/30 144A | 234881 |
| 1800000 | Lloyds Banking Group PLC, 5.09% (1 yr. CMT + 0.85%), due 11/26/28<sup>(b)</sup> <br>| 1832281 |
| 1360000 | Lloyds Banking Group PLC, 5.68% (1 yr. CMT + 1.75%), due 01/05/35<sup>(b)</sup> <br>| 1426212 |
| 247000 | Lloyds Banking Group PLC, 6.07% (1 yr. CMT + 1.60%), due 06/13/36<sup>(b)</sup> <br>| 259402 |
| 200000 | Lloyds Banking Group PLC, 6.75% (5 yr. CMT + 3.15%)<sup>(b)(f)(g)</sup> <br>| 205061 |
| 248000 | Long Ridge Energy LLC, 8.75%, due 02/15/32 144A | 255095 |
| 167000 | M&T Bank Corp., 5.13% (3 mo. USD Term SOFR + 3.78%)<sup>(b)(f)(g)</sup> <br>| 167247 |
| 272000 | M&T Bank Corp., 5.18% (SOFR + 1.40%), due 07/08/31<sup>(b)</sup> <br>| 278631 |
| 347000 | M&T Bank Corp., 5.39% (SOFR + 1.61%), due 01/16/36<sup>(b)</sup> <br>| 351919 |
| 360000 | M&T Bank Corp., 5.40% (5 yr. CMT + 1.43%), due 07/30/35<sup>(b)</sup> <br>| 362853 |
| 97000 | Macquarie Airfinance Holdings Ltd., 5.15%, due 03/17/30 144A | 98395 |
| 236000 | Macquarie Bank Ltd., 3.62%, due 06/03/30 144A | 225012 |
| 2000000 | Macquarie Group Ltd., 6.26% (SOFR + 2.30%), due 12/07/34<sup>(b)(f)</sup> 144A | 2190198 |
| 149000 | Macy's Retail Holdings LLC, 5.88%, due 03/15/30 144A | 149078 |
| 186000 | Macy's Retail Holdings LLC, 6.13%, due 03/15/32<sup>(f)</sup> 144A | 186454 |
| 266000 | Macy's Retail Holdings LLC, 7.38%, due 08/01/33 144A | 277697 |
| 555000 | Magnera Corp., 7.25%, due 11/15/31 144A | 522666 |
| 606000 | MARB BondCo PLC, 3.95%, due 01/29/31 144A | 555623 |
| 286000 | Marriott Ownership Resorts, Inc., 6.50%, due 10/01/33 144A | 284896 |
| 237000 | Mars, Inc., 5.00%, due 03/01/32 144A | 242568 |
| 1465000 | Mars, Inc., 5.20%, due 03/01/35 144A | 1498190 |
| 233000 | Mars, Inc., 5.70%, due 05/01/55 144A | 236184 |
| 193000 | Marvell Technology, Inc., 5.95%, due 09/15/33 | 207171 |
| 460000 | Massachusetts Institute of Technology, 4.68%, due 07/01/14<sup>(h)</sup> <br>| 393392 |
| 1615000 | Massachusetts Mutual Life Insurance Co., 5.67%, due 12/01/52 144A | 1612350 |
| 322000 | MassMutual Global Funding II, 4.35%, due 09/17/31 144A | 320438 |
| 182000 | MasTec, Inc., 5.90%, due 06/15/29 | 190641 |
| 163000 | Matador Resources Co., 6.25%, due 04/15/33 144A | 164173 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 98000 | Match Group Holdings II LLC, 3.63%, due 10/01/31 144A | 88896 |
| 322000 | Match Group Holdings II LLC, 4.13%, due 08/01/30 144A | 304415 |
| 300000 | Maya SAS/Paris France, 7.00%, due 04/15/32 144A | 306316 |
| 200000 | Maya SAS/Paris France, 8.50%, due 04/15/31 144A | 214665 |
| 305590 | MC Brazil Downstream Trading SARL, 7.25%, due 06/30/31 144A | 262370 |
| 422000 | MetLife, Inc., 6.40%, due 12/15/66 | 444581 |
| 2827000 | Metropolitan Life Global Funding I, 3.30%, due 03/21/29 144A | 2751619 |
| 601000 | Mexico City Airport Trust, 4.25%, due 10/31/26 144A | 599290 |
| 1005000 | Mexico City Airport Trust, 5.50%, due 07/31/47 144A | 873370 |
| 505000 | MGM Resorts International, 4.75%, due 10/15/28 | 501413 |
| 272000 | Michaels Cos., Inc., 5.25%, due 05/01/28 144A | 251711 |
| 178000 | Michaels Cos., Inc., 7.88%, due 05/01/29 144A | 149520 |
| 362000 | Micron Technology, Inc., 2.70%, due 04/15/32 | 322271 |
| 308000 | Micron Technology, Inc., 5.30%, due 01/15/31 | 318819 |
| 383000 | Micron Technology, Inc., 5.65%, due 11/01/32 | 402151 |
| 265000 | Micron Technology, Inc., 5.80%, due 01/15/35 | 278916 |
| 121000 | Midcontinent Communications, 8.00%, due 08/15/32 144A | 124818 |
| 373000 | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 <br> 144A<br>| 362843 |
| 241200 | Millicom International Cellular SA, 6.25%, due 03/25/29 144A | 243602 |
| 200000 | Millicom International Cellular SA, 7.38%, due 04/02/32 144A | 209187 |
| 376000 | Millrose Properties, Inc., 6.38%, due 08/01/30 144A | 382678 |
| 75000 | Mineral Resources Ltd., 7.00%, due 04/01/31<sup>(d)</sup> 144A | 76017 |
| 1250000 | Moody's Corp., 3.25%, due 05/20/50 | 866202 |
| 715000 | Morgan Stanley, 1.93% (SOFR + 1.02%), due 04/28/32<sup>(b)</sup> <br>| 624204 |
| 2321000 | Morgan Stanley, 2.24% (SOFR + 1.18%), due 07/21/32<sup>(b)</sup> <br>| 2050440 |
| 673000 | Morgan Stanley, 2.48% (SOFR + 1.36%), due 09/16/36<sup>(b)</sup> <br>| 584755 |
| 1755000 | Morgan Stanley, 2.70% (SOFR + 1.14%), due 01/22/31<sup>(b)</sup> <br>| 1640260 |
| 2423000 | Morgan Stanley, 2.94% (SOFR + 1.29%), due 01/21/33<sup>(b)</sup> <br>| 2203501 |
| 2461000 | Morgan Stanley, 3.62% (SOFR + 3.12%), due 04/01/31<sup>(b)</sup> <br>| 2388562 |
| 910000 | Morgan Stanley, 3.77% (3 mo. USD Term SOFR + 1.40%), due 01/24/29<sup>(b)(f)</sup> <br>| 902211 |
| 1247000 | Morgan Stanley, 4.21% (SOFR + 1.61%), due 04/20/28<sup>(b)</sup> <br>| 1248563 |
| 701000 | Morgan Stanley, 5.17% (SOFR + 1.45%), due 01/16/30<sup>(b)</sup> <br>| 720616 |
| 565000 | Morgan Stanley, 5.32% (SOFR + 1.56%), due 07/19/35<sup>(b)</sup> <br>| 583199 |
| 600000 | Motorola Solutions, Inc., 2.30%, due 11/15/30 | 542548 |
| 461000 | Motorola Solutions, Inc., 2.75%, due 05/24/31 | 420993 |
| 370000 | MPLX LP, 4.50%, due 04/15/38 | 334854 |
| 530000 | MPLX LP, 4.70%, due 04/15/48 | 444237 |
| 655000 | MPLX LP, 4.80%, due 02/15/31 | 659205 |
| 208000 | MPLX LP, 4.95%, due 09/01/32 | 208758 |
| 213000 | MPLX LP, 5.00%, due 03/01/33 | 213143 |
| 105000 | MPLX LP, 5.20%, due 03/01/47 | 94562 |
| 685000 | MPLX LP, 5.50%, due 06/01/34 | 698496 |
| 255000 | MPT Operating Partnership LP/MPT Finance Corp., 3.50%, due 03/15/31<sup>(f)</sup> <br>| 187768 |
| 210000 | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, due 10/15/27<sup>(f)</sup> <br>| 203639 |
| 499000 | MSCI, Inc., 3.63%, due 11/01/31 144A | 468920 |
| 1494000 | MSCI, Inc., 5.25%, due 09/01/35 | 1506935 |
| 695000 | Mylan, Inc., 5.40%, due 11/29/43 | 604568 |
| 365000 | National Fuel Gas Co., 5.50%, due 03/15/30 | 377494 |

---

72See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 2436000 | National Securities Clearing Corp., 5.00%, due 05/30/28 144A | 2497407 |
| 565000 | NatWest Group PLC, 7.30% (5 yr. CMT + 2.94%)<sup>(b)(g)</sup> <br>| 596632 |
| 320000 | NatWest Group PLC, 8.13% (5 yr. CMT + 3.75%)<sup>(b)(g)</sup> <br>| 360754 |
| 313000 | NBM U.S. Holdings, Inc., 6.63%, due 08/06/29<sup>(f)</sup> 144A | 317527 |
| 242000 | NCL Corp. Ltd., 6.75%, due 02/01/32 144A | 249032 |
| 191000 | NCL Corp. Ltd., 5.88%, due 01/15/31 144A | 191130 |
| 176000 | NCL Corp. Ltd., Class C, 6.25%, due 09/15/33 144A | 177021 |
| 336000 | Newell Brands, Inc., 6.38%, due 05/15/30<sup>(f)</sup> <br>| 333747 |
| 50000 | Newell Brands, Inc., 6.63%, due 05/15/32<sup>(f)</sup> <br>| 49470 |
| 227000 | Newell Brands, Inc., 8.50%, due 06/01/28 144A | 240674 |
| 150000 | Newmont Corp., 5.45%, due 06/09/44 | 150962 |
| 265000 | News Corp., 3.88%, due 05/15/29 144A | 256007 |
| 164000 | News Corp., 5.13%, due 02/15/32 144A | 163135 |
| 900000 | NextEra Energy Capital Holdings, Inc., 1.90%, due 06/15/28<sup>(f)</sup> <br>| 850994 |
| 162000 | NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30 | 147984 |
| 228000 | NextEra Energy Capital Holdings, Inc., 6.38% (5 yr. CMT + 2.05%), due 08/15/55<sup>(b)</sup> <br>| 236950 |
| 68000 | NextEra Energy Capital Holdings, Inc., 6.50% (5 yr. CMT + 1.98%), due 08/15/55<sup>(b)</sup> <br>| 72099 |
| 182000 | NextEra Energy Capital Holdings, Inc., 6.70% (5 yr. CMT + 2.36%), due 09/01/54<sup>(b)</sup> <br>| 188551 |
| 1900000 | Niagara Mohawk Power Corp., 5.66%, due 01/17/54 144A | 1891737 |
| 190000 | NiSource, Inc., 3.60%, due 05/01/30 | 184089 |
| 174000 | NMI Holdings, Inc., 6.00%, due 08/15/29<sup>(f)</sup> <br>| 180053 |
| 200000 | Nomura Holdings, Inc., 2.61%, due 07/14/31 | 179742 |
| 2285000 | Northwest Pipeline LLC, 4.00%, due 04/01/27 | 2280612 |
| 367000 | Novelis Corp., 4.75%, due 01/30/30 144A | 354336 |
| 218000 | NRG Energy, Inc., 3.63%, due 02/15/31 144A | 201728 |
| 788000 | NRG Energy, Inc., 3.88%, due 02/15/32 144A | 726745 |
| 261000 | NRG Energy, Inc., 4.45%, due 06/15/29<sup>(f)</sup> 144A | 258920 |
| 217000 | NRG Energy, Inc., 6.00%, due 02/01/33 144A | 220543 |
| 170000 | NRG Energy, Inc., 6.25%, due 11/01/34 144A | 174372 |
| 428000 | NRG Energy, Inc., 7.00%, due 03/15/33<sup>(f)</sup> 144A | 473506 |
| 235000 | NRG Energy, Inc., 10.25% (5 yr. CMT + 5.92%)<sup>(b)(g)</sup> 144A | 256895 |
| 250000 | NSTAR Electric Co., 3.10%, due 06/01/51 | 172353 |
| 400000 | NSTAR Electric Co., 5.40%, due 06/01/34 | 416698 |
| 255000 | NTT Finance Corp., 5.17%, due 07/16/32 144A | 261236 |
| 2792000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 2.50%, due 05/11/31 | 2507083 |
| 3517000 | Occidental Petroleum Corp., 4.46%, due 10/10/36<sup>(j)</sup> <br>| 2070811 |
| 153000 | Occidental Petroleum Corp., 5.38%, due 01/01/32 | 155719 |
| 391000 | Occidental Petroleum Corp., 6.05%, due 10/01/54 | 381859 |
| 500000 | Occidental Petroleum Corp., 6.45%, due 09/15/36 | 531736 |
| 159000 | Occidental Petroleum Corp., 6.60%, due 03/15/46 | 166364 |
| 517000 | Occidental Petroleum Corp., 6.63%, due 09/01/30 | 554319 |
| 412000 | OCP SA, 6.75%, due 05/02/34 144A | 448351 |
| 133000 | OneMain Finance Corp., 3.88%, due 09/15/28 | 127934 |
| 421000 | OneMain Finance Corp., 6.13%, due 05/15/30 | 426660 |
| 62000 | OneMain Finance Corp., 6.63%, due 01/15/28 | 63540 |
| 655000 | ONEOK, Inc., 3.10%, due 03/15/30 | 618792 |
| 75000 | ONEOK, Inc., 4.25%, due 09/15/46 | 58996 |
| 370000 | ONEOK, Inc., 5.38%, due 06/01/29 | 381188 |
| 370000 | ONEOK, Inc., 5.70%, due 11/01/54<sup>(f)</sup> <br>| 349545 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1818000 | ONEOK, Inc., 6.05%, due 09/01/33 | 1928461 |
| 441000 | ONEOK, Inc., 6.63%, due 09/01/53 | 469436 |
| 1456000 | Oracle Corp., 3.95%, due 03/25/51 | 1083328 |
| 2205000 | Oracle Corp., 4.80%, due 09/26/32 | 2208398 |
| 290000 | Oracle Corp., 5.20%, due 09/26/35 | 291707 |
| 268000 | Oracle Corp., 5.25%, due 02/03/32 | 276390 |
| 684000 | Oracle Corp., 5.55%, due 02/06/53 | 647658 |
| 177000 | Ovintiv, Inc., 6.25%, due 07/15/33 | 186788 |
| 59000 | Ovintiv, Inc., 7.20%, due 11/01/31 | 65181 |
| 180000 | Owens Corning, 3.88%, due 06/01/30<sup>(f)</sup> <br>| 175965 |
| 870000 | Pacific Gas & Electric Co., 3.95%, due 12/01/47 | 651077 |
| 694000 | Pacific Gas & Electric Co., 4.95%, due 07/01/50 | 596182 |
| 385000 | Pacific Gas & Electric Co., 5.80%, due 05/15/34 | 399142 |
| 265000 | PacifiCorp, 2.70%, due 09/15/30 | 244689 |
| 297000 | PacifiCorp, 7.38% (5 yr. CMT + 3.32%), due 09/15/55<sup>(b)</sup> <br>| 313132 |
| 323000 | Pagaya U.S. Holdings Co. LLC, 8.88%, due 08/01/30 144A | 301565 |
| 485000 | Panther Escrow Issuer LLC, 7.13%, due 06/01/31 144A | 504797 |
| 109000 | Paramount Global, 4.20%, due 05/19/32 | 101584 |
| 242000 | Paramount Global, 4.38%, due 03/15/43 | 186898 |
| 544000 | Paramount Global, 4.95%, due 05/19/50 | 432768 |
| 233000 | Parkland Corp., 4.50%, due 10/01/29 144A | 227087 |
| 242000 | Parkland Corp., 4.63%, due 05/01/30 144A | 235439 |
| 121000 | Parkland Corp., 6.63%, due 08/15/32 144A | 124414 |
| 415000 | PECO Energy Co., 3.05%, due 03/15/51 | 274230 |
| 205000 | PECO Energy Co., 3.70%, due 09/15/47 | 160351 |
| 3790000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.25%, due 07/01/29 144A | 3899391 |
| 255000 | Petroleos Mexicanos, 6.50%, due 06/02/41<sup>(f)</sup> <br>| 223518 |
| 582000 | PG&E Corp., 7.38% (5 yr. CMT + 3.88%), due 03/15/55<sup>(b)</sup> <br>| 598954 |
| 1558047 | PG&E Wildfire Recovery Funding LLC, 3.59%, due 06/01/32 | 1538299 |
| 827000 | PG&E Wildfire Recovery Funding LLC, 4.26%, due 06/01/38 | 790977 |
| 2169000 | PG&E Wildfire Recovery Funding LLC, 4.72%, due 06/01/39 | 2147136 |
| 145000 | Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29 | 141519 |
| 486000 | Pilgrim's Pride Corp., 6.25%, due 07/01/33 | 519383 |
| 150000 | Plains All American Pipeline LP/PAA Finance Corp., 4.70%, due 01/15/31<sup>(f)</sup> <br>| 150379 |
| 113000 | Plains All American Pipeline LP/PAA Finance Corp., 5.60%, due 01/15/36 | 114478 |
| 452000 | PNC Financial Services Group, Inc., 4.81% (SOFR + 1.26%), due 10/21/32<sup>(b)</sup> <br>| 458418 |
| 1444000 | PNC Financial Services Group, Inc., 5.40% (SOFR + 1.60%), due 07/23/35<sup>(b)</sup> <br>| 1495265 |
| 238000 | PNC Financial Services Group, Inc., 5.58% (SOFR + 1.39%), due 01/29/36<sup>(b)</sup> <br>| 248420 |
| 260000 | PNC Financial Services Group, Inc., 5.94% (SOFR + 1.95%), due 08/18/34<sup>(b)</sup> <br>| 279131 |
| 307000 | PNC Financial Services Group, Inc., 6.25% (7 yr. CMT + 2.81%)<sup>(b)(g)</sup> <br>| 315513 |
| 353000 | Popular, Inc., 7.25%, due 03/13/28 | 369062 |
| 130000 | Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26 | 127961 |
| 1580000 | Public Service Co. of Colorado, 5.35%, due 05/15/34 | 1632716 |
| 30000 | Qnity Electronics, Inc., 5.75%, due 08/15/32 144A | 30266 |
| 20000 | Qnity Electronics, Inc., 6.25%, due 08/15/33 144A | 20449 |
| 319000 | Qorvo, Inc., 3.38%, due 04/01/31 144A | 293375 |
| 209000 | Qorvo, Inc., 4.38%, due 10/15/29 | 205118 |
| 630000 | Quanta Services, Inc., 4.50%, due 01/15/31 | 629922 |
| 180000 | Quanta Services, Inc., 5.25%, due 08/09/34 | 184665 |

---

74See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 236000 | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | 244643 |
| 174000 | Radian Group, Inc., 6.20%, due 05/15/29<sup>(f)</sup> <br>| 181829 |
| 315000 | Rakuten Group, Inc., 9.75%, due 04/15/29 144A | 354490 |
| 536000 | Regeneron Pharmaceuticals, Inc., 1.75%, due 09/15/30 | 472900 |
| 626000 | Regions Financial Corp., 5.50% (SOFR + 2.06%), due 09/06/35<sup>(b)(f)</sup> <br>| 643829 |
| 197000 | Regions Financial Corp., 5.72% (SOFR + 1.49%), due 06/06/30<sup>(b)</sup> <br>| 205380 |
| 369000 | Reinsurance Group of America, Inc., 6.65% (5 yr. CMT + 2.39%), due 09/15/55<sup>(b)</sup> <br>| 387659 |
| 1582000 | Rentokil Terminix Funding LLC, 5.00%, due 04/28/30 144A | 1612632 |
| 200000 | Repsol E&P Capital Markets U.S. LLC, 5.20%, due 09/16/30 144A | 201538 |
| 200000 | Repsol E&P Capital Markets U.S. LLC, 5.98%, due 09/16/35<sup>(f)</sup> 144A | 203856 |
| 367000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29 144A | 332502 |
| 200000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/06/31 144A | 171572 |
| 245000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 8.45%, due 07/27/30 144A | 249361 |
| 206000 | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, due 02/01/33 <br> 144A<br>| 208890 |
| 82000 | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, due 10/15/30<sup>(d)</sup> <br> 144A<br>| 82782 |
| 567000 | ROBLOX Corp., 3.88%, due 05/01/30 144A | 541335 |
| 77000 | Rocket Cos., Inc., 6.13%, due 08/01/30 144A | 79083 |
| 101000 | Rocket Cos., Inc., 6.38%, due 08/01/33 144A | 104370 |
| 616000 | Royal Bank of Canada, 6.50% (5 yr. CMT + 2.46%), due 11/24/85<sup>(b)</sup> <br>| 610569 |
| 154000 | Royal Caribbean Cruises Ltd., 5.38%, due 01/15/36<sup>(d)</sup> <br>| 154958 |
| 195000 | Royalty Pharma PLC, 5.15%, due 09/02/29 | 200144 |
| 529000 | Ryder System, Inc., 4.90%, due 12/01/29 | 541354 |
| 341000 | S&S Holdings LLC, 8.38%, due 10/01/31 144A | 334604 |
| 631000 | Sabine Pass Liquefaction LLC, 4.50%, due 05/15/30 | 633477 |
| 262000 | Sabre GLBL, Inc., 11.13%, due 07/15/30 144A | 254061 |
| 59500 | Saks Global Enterprises LLC, 11.00%, due 12/15/29 144A | 21718 |
| 217000 | Saks Global Enterprises LLC, 11.00%, due 12/15/29 144A | 112840 |
| 200000 | Sands China Ltd., 5.40%, due 08/08/28 | 204745 |
| 225000 | Santander U.K. Group Holdings PLC, 4.32% (SOFR + 1.07%), due 09/22/29<sup>(b)</sup> <br>| 224453 |
| 400000 | Sasol Financing USA LLC, 6.50%, due 09/27/28<sup>(f)</sup> <br>| 397648 |
| 240000 | Saudi Arabian Oil Co., 5.25%, due 07/17/34 144A | 247222 |
| 4523000 | SBA Tower Trust, 4.83%, due 10/15/29 144A | 4556393 |
| 328000 | Sempra, 5.50%, due 08/01/33<sup>(f)</sup> <br>| 342103 |
| 370000 | Sempra, 6.40% (5 yr. CMT + 2.63%), due 10/01/54<sup>(b)</sup> <br>| 378586 |
| 290000 | Sempra, 6.88% (5 yr. CMT + 2.79%), due 10/01/54<sup>(b)</sup> <br>| 300885 |
| 185000 | Sensata Technologies, Inc., 3.75%, due 02/15/31 144A | 170900 |
| 140063 | SGUS LLC, 11.00%, due 12/15/29 144A | 133435 |
| 850000 | Simon Property Group LP, 6.75%, due 02/01/40 | 980060 |
| 228000 | Sirius XM Radio LLC, 4.00%, due 07/15/28 144A | 220499 |
| 193000 | Sixth Street Lending Partners, 5.75%, due 01/15/30<sup>(f)</sup> <br>| 196265 |
| 186000 | Sixth Street Lending Partners, 6.13%, due 07/15/30<sup>(f)</sup> 144A | 192385 |
| 1365000 | Societe Generale SA, 2.80% (1 yr. CMT + 1.30%), due 01/19/28<sup>(b)</sup> 144A | 1336467 |
| 371000 | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)<sup>(b)(g)</sup> 144A | 350507 |
| 1130000 | Societe Generale SA, 5.52% (1 yr. CMT + 1.50%), due 01/19/28<sup>(b)</sup> 144A | 1145357 |
| 583000 | Solventum Corp., 5.45%, due 03/13/31 | 608219 |
| 196000 | Solventum Corp., 5.60%, due 03/23/34 | 204165 |
| 1131000 | Sonoco Products Co., 5.00%, due 09/01/34<sup>(f)</sup> <br>| 1119388 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 570000 | Southern California Edison Co., 3.45%, due 02/01/52 | 379642 |
| 335000 | Southern California Edison Co., 4.00%, due 04/01/47 | 253822 |
| 134000 | Southern Co., 5.20%, due 06/15/33 | 137990 |
| 343000 | Southern Co., 5.70%, due 03/15/34 | 362449 |
| 356000 | Southern Co., 6.38% (5 yr. CMT + 2.07%), due 03/15/55<sup>(b)</sup> <br>| 379612 |
| 2180000 | Southern Co. Gas Capital Corp., 4.95%, due 09/15/34 | 2188043 |
| 271000 | Standard Building Solutions, Inc., 6.25%, due 08/01/33 144A | 274877 |
| 205000 | Standard Industries, Inc., 4.38%, due 07/15/30 144A | 196683 |
| 25000 | Standard Industries, Inc., 4.75%, due 01/15/28 144A | 24806 |
| 175000 | Starwood Property Trust, Inc., 3.63%, due 07/15/26 144A | 173143 |
| 25000 | Starwood Property Trust, Inc., 5.25%, due 10/15/28<sup>(d)</sup> 144A | 25023 |
| 229000 | Starwood Property Trust, Inc., 6.00%, due 04/15/30 144A | 232666 |
| 1550000 | Sun Communities Operating LP, 2.30%, due 11/01/28 | 1466005 |
| 1900000 | Sun Communities Operating LP, 2.70%, due 07/15/31 | 1719977 |
| 151000 | Sunoco LP, 5.63%, due 03/15/31 144A | 149980 |
| 265000 | Sunoco LP, 5.88%, due 03/15/34 144A | 262871 |
| 150000 | Sunoco LP, 6.25%, due 07/01/33 144A | 152785 |
| 152000 | Sunoco LP, 7.00%, due 05/01/29 144A | 157493 |
| 245000 | Sunoco LP, 7.25%, due 05/01/32 144A | 257304 |
| 454000 | Sunoco LP, 7.88% (5 yr. CMT + 4.23%)<sup>(b)(g)</sup> 144A | 461425 |
| 459000 | Sunoco LP/Sunoco Finance Corp., 4.50%, due 04/30/30 | 442296 |
| 275000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | 271774 |
| 453000 | Targa Resources Corp., 5.50%, due 02/15/35 | 461234 |
| 1190000 | Targa Resources Corp., 6.15%, due 03/01/29 | 1254323 |
| 373000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, due <br> 01/15/32<br>| 353877 |
| 210000 | Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A | 212726 |
| 485000 | Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A | 403013 |
| 38000 | Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A | 43655 |
| 70000 | Tenet Healthcare Corp., 4.38%, due 01/15/30 | 68137 |
| 175000 | Tenneco, Inc., 8.00%, due 11/17/28 144A | 175445 |
| 68000 | Teva Pharmaceutical Finance Co. LLC, 6.15%, due 02/01/36 | 71260 |
| 478000 | Teva Pharmaceutical Finance Netherlands III BV, 4.10%, due 10/01/46 | 357152 |
| 318000 | Teva Pharmaceutical Finance Netherlands IV BV, 5.75%, due 12/01/30 | 327818 |
| 1290000 | T-Mobile USA, Inc., 3.88%, due 04/15/30 | 1265331 |
| 1604000 | T-Mobile USA, Inc., 5.88%, due 11/15/55 | 1639585 |
| 296000 | TopBuild Corp., 5.63%, due 01/31/34 144A | 295133 |
| 280000 | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due <br> 05/15/30 144A<br>| 274548 |
| 140000 | Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50 | 109838 |
| 141000 | Travel & Leisure Co., 4.63%, due 03/01/30 144A | 136006 |
| 336000 | Travel & Leisure Co., 6.13%, due 09/01/33 144A | 335283 |
| 203000 | TrueNoord Capital DAC, 8.75%, due 03/01/30 144A | 215886 |
| 387000 | Truist Financial Corp., 5.15% (SOFR + 1.57%), due 08/05/32<sup>(b)</sup> <br>| 398391 |
| 2600000 | Truist Financial Corp., 5.71% (SOFR + 1.92%), due 01/24/35<sup>(b)</sup> <br>| 2729267 |
| 895000 | Truist Financial Corp., 5.87% (SOFR + 2.36%), due 06/08/34<sup>(b)</sup> <br>| 948569 |
| 275000 | Truist Financial Corp., 6.12% (SOFR + 2.30%), due 10/28/33<sup>(b)</sup> <br>| 296387 |
| 426000 | Trust Fibra Uno, 7.38%, due 02/13/34 144A | 459579 |
| 552000 | U.S. Bancorp, 4.84% (SOFR + 1.60%), due 02/01/34<sup>(b)</sup> <br>| 554587 |

---

76See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 288000 | U.S. Bancorp, 5.08% (SOFR + 1.30%), due 05/15/31<sup>(b)</sup> <br>| 296238 |
| 304000 | U.S. Bancorp, 5.38% (SOFR + 1.56%), due 01/23/30<sup>(b)</sup> <br>| 314375 |
| 511000 | U.S. Bancorp, 5.84% (SOFR + 2.26%), due 06/12/34<sup>(b)</sup> <br>| 544685 |
| 323000 | UBS Group AG, 5.43% (1 yr. CMT + 1.52%), due 02/08/30<sup>(b)</sup> 144A | 333780 |
| 259000 | UBS Group AG, 6.30% (1 yr. CMT + 2.00%), due 09/22/34<sup>(b)</sup> 144A | 282885 |
| 337000 | UBS Group AG, 7.00% (5 yr. USD SOFR ICE Swap + 3.08%)<sup>(b)(g)</sup> 144A | 346330 |
| 297000 | UBS Group AG, 7.13% (5 yr. USD SOFR ICE Swap + 3.18%)<sup>(b)(g)</sup> 144A | 305910 |
| 367000 | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(b)(g)</sup> 144A | 437579 |
| 87000 | Under Armour, Inc., 7.25%, due 07/15/30 144A | 87110 |
| 399726 | United Airlines Pass-Through Trust, 5.45%, due 08/15/38 | 412586 |
| 304139 | United Airlines Pass-Through Trust, 5.88%, due 08/15/38 | 311302 |
| 292405 | United Airlines Pass-Through Trust, 3.45%, due 01/07/30 | 281003 |
| 1616781 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | 1613792 |
| 277161 | United Airlines Pass-Through Trust, 4.55%, due 02/25/33 | 266864 |
| 470217 | United Airlines Pass-Through Trust, 5.80%, due 01/15/36 | 487990 |
| 453965 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | 466971 |
| 580000 | United Airlines, Inc., 4.38%, due 04/15/26 144A | 579608 |
| 238000 | United Airlines, Inc., 4.63%, due 04/15/29 144A | 234536 |
| 265000 | United Rentals North America, Inc., 5.25%, due 01/15/30 | 266556 |
| 885000 | UnitedHealth Group, Inc., 3.05%, due 05/15/41 | 673607 |
| 155000 | UnitedHealth Group, Inc., 3.25%, due 05/15/51 | 105791 |
| 535000 | UnitedHealth Group, Inc., 4.75%, due 05/15/52 | 471993 |
| 70000 | UnitedHealth Group, Inc., 5.30%, due 06/15/35 | 72390 |
| 499000 | UnitedHealth Group, Inc., 5.75%, due 07/15/64 | 497192 |
| 137000 | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, due <br> 02/15/29<sup>(f)</sup> 144A<br>| 128783 |
| 456000 | Universal Health Services, Inc., 2.65%, due 10/15/30 | 411796 |
| 120000 | University of Chicago, 2.76%, due 04/01/45 | 95005 |
| 350000 | University of Southern California, 2.95%, due 10/01/51 | 233233 |
| 238000 | Valvoline, Inc., 3.63%, due 06/15/31 144A | 218414 |
| 405000 | Var Energi ASA, 5.88%, due 05/22/30 144A | 421522 |
| 1160000 | Var Energi ASA, 7.50%, due 01/15/28 144A | 1232159 |
| 877000 | Var Energi ASA, 8.00%, due 11/15/32 144A | 1019021 |
| 65000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 62347 |
| 195000 | Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31 144A | 184182 |
| 215000 | Venture Global LNG, Inc., 7.00%, due 01/15/30<sup>(f)</sup> 144A | 222630 |
| 765000 | Venture Global LNG, Inc., 9.00% (5 yr. CMT + 5.44%)<sup>(b)(g)</sup> 144A | 758711 |
| 399000 | Venture Global LNG, Inc., 9.50%, due 02/01/29 144A | 439957 |
| 617000 | Verisk Analytics, Inc., 3.63%, due 05/15/50 | 461081 |
| 1544000 | Verisk Analytics, Inc., 5.13%, due 02/15/36<sup>(f)</sup> <br>| 1559195 |
| 496000 | Verizon Communications, Inc., 2.55%, due 03/21/31 | 451081 |
| 578000 | Verizon Communications, Inc., 2.88%, due 11/20/50 | 369207 |
| 1624000 | Verizon Communications, Inc., 3.55%, due 03/22/51 | 1191609 |
| 515000 | Viatris, Inc., 3.85%, due 06/22/40 | 392936 |
| 185000 | Viatris, Inc., 4.00%, due 06/22/50 | 126301 |
| 555000 | VICI Properties LP, 5.13%, due 11/15/31 | 563436 |
| 415000 | VICI Properties LP, 5.13%, due 05/15/32 | 419256 |
| 205000 | VICI Properties LP/VICI Note Co., Inc., 3.88%, due 02/15/29 144A | 200276 |
| 1203000 | VICI Properties LP/VICI Note Co., Inc., 5.75%, due 02/01/27 144A | 1218405 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 348000 | Viking Cruises Ltd., 5.88%, due 10/15/33<sup>(d)</sup> 144A | 348679 |
| 293000 | Viper Energy Partners LLC, 4.90%, due 08/01/30 | 295416 |
| 3016000 | Virginia Power Fuel Securitization LLC, 4.88%, due 05/01/33 | 3087939 |
| 91000 | Virtusa Corp., 7.13%, due 12/15/28 144A | 89236 |
| 107000 | Vistra Corp., 8.00% (5 yr. CMT + 6.93%)<sup>(b)(g)</sup> 144A | 109527 |
| 665000 | Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A | 660156 |
| 195000 | Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A | 194501 |
| 179000 | Vistra Operations Co. LLC, 6.88%, due 04/15/32 144A | 187343 |
| 458000 | Vistra Operations Co. LLC, 6.95%, due 10/15/33 144A | 511174 |
| 310000 | Vodafone Group PLC, 7.00% (5 yr. USD Swap + 4.87%), due 04/04/79<sup>(b)</sup> <br>| 327927 |
| 340000 | WakeMed, 3.29%, due 10/01/52<sup>(f)</sup> <br>| 234819 |
| 228000 | Warnermedia Holdings, Inc., 4.28%, due 03/15/32<sup>(f)</sup> <br>| 209190 |
| 457000 | Warnermedia Holdings, Inc., 5.05%, due 03/15/42 | 365118 |
| 151000 | Webster Financial Corp., 5.78% (5 yr. CMT + 2.13%), due 09/11/35<sup>(b)</sup> <br>| 151178 |
| 200000 | Weir Group, Inc., 5.35%, due 05/06/30 144A | 205806 |
| 1871000 | Wells Fargo & Co., 2.57% (3 mo. USD Term SOFR + 1.26%), due 02/11/31<sup>(b)</sup> <br>| 1739129 |
| 1359000 | Wells Fargo & Co., 3.35% (SOFR + 1.50%), due 03/02/33<sup>(b)</sup> <br>| 1265418 |
| 1905000 | Wells Fargo & Co., 4.81% (SOFR + 1.98%), due 07/25/28<sup>(b)</sup> <br>| 1927912 |
| 2694000 | Wells Fargo & Co., 5.15% (SOFR + 1.50%), due 04/23/31<sup>(b)</sup> <br>| 2779100 |
| 308000 | Wells Fargo & Co., 5.21% (SOFR + 1.38%), due 12/03/35<sup>(b)</sup> <br>| 314821 |
| 207000 | Wells Fargo & Co., 5.24% (SOFR + 1.11%), due 01/24/31<sup>(b)</sup> <br>| 214216 |
| 1720000 | Wells Fargo & Co., 5.39% (SOFR + 2.02%), due 04/24/34<sup>(b)</sup> <br>| 1787738 |
| 640000 | Wells Fargo & Co., 6.49% (SOFR + 2.06%), due 10/23/34<sup>(b)</sup> <br>| 711325 |
| 467000 | Western Midstream Operating LP, 4.05%, due 02/01/30 | 455994 |
| 219000 | Western Midstream Operating LP, 5.45%, due 11/15/34 | 219433 |
| 153000 | Whistler Pipeline LLC, 5.40%, due 09/30/29 144A | 157421 |
| 165000 | Whistler Pipeline LLC, 5.70%, due 09/30/31 144A | 171643 |
| 201000 | Williams Scotsman, Inc., 6.63%, due 06/15/29 144A | 205779 |
| 186000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/01/31 <br> 144A<br>| 192817 |
| 272000 | WMG Acquisition Corp., 3.88%, due 07/15/30 144A | 258192 |
| 300000 | Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A | 274902 |
| 157000 | XHR LP, 6.63%, due 05/15/30 144A | 161510 |
| 610000 | Yale University, 2.40%, due 04/15/50<sup>(f)</sup> <br>| 372465 |
| 1070000 | Yamana Gold, Inc., 2.63%, due 08/15/31 | 953729 |
| 1220000 | Yara International ASA, 4.75%, due 06/01/28 144A | 1230870 |
| 560000 | Yara International ASA, 7.38%, due 11/14/32 144A | 635122 |
|  |  | 481753439 |
|  | **Mortgage Backed Securities - Private Issuers — 7.1%** | **Mortgage Backed Securities - Private Issuers — 7.1%** |
| 323000 | 1301 Trust 2025-AOA, Series 2025-1301, Class A, 5.23%, due 08/11/42<sup>(e)</sup> 144A | 327544 |
| 69693 | Angel Oak Mortgage Trust, Series 2020-R1, Class A1, 0.99%, due 04/25/53<sup>(e)</sup> 144A | 66328 |
| 186186 | Angel Oak Mortgage Trust, Series 2021-4, Class A1, 1.04%, due 01/20/65<sup>(e)</sup> 144A | 157551 |
| 317221 | Angel Oak Mortgage Trust, Series 2021-5, Class A1, 0.95%, due 07/25/66<sup>(e)</sup> 144A | 277787 |
| 212057 | Angel Oak Mortgage Trust, Series 2024-3, Class A1, 4.80%, due 11/26/68<sup>(c)</sup> 144A | 211080 |
| 1000000 | Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A4, 2.25%, due <br> 06/15/54 144A<br>| 893381 |
| 160711 | Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.18%, due 10/25/48<sup>(e)</sup> 144A | 145680 |
| 813761 | ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, due 04/25/64<sup>(c)</sup> 144A | 790403 |

---

78See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 421000 | BAHA Trust, Series 2024-MAR, Class A, 6.17%, due 12/10/41<sup>(e)</sup> 144A | 435925 |
| 217000 | BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.84%, <br> due 11/05/32<sup>(e)</sup> 144A<br>| 183475 |
| 971351 | Bank, Series 2019-BN20, Class A2, 2.76%, due 09/15/62 | 916407 |
| 2038993 | Bank, Series 2019-BN23, Class A2, 2.67%, due 12/15/52 | 1912268 |
| 1438152 | Bank, Series 2020-BN26, Class A2, 2.04%, due 03/15/63 | 1362516 |
| 1800000 | Bank, Series 2020-BN26, Class A3, 2.16%, due 03/15/63 | 1640028 |
| 2300000 | Bank, Series 2021-BN34, Class A4, 2.16%, due 06/15/63 | 2050326 |
| 2224000 | Bank, Series 2021-BN36, Class A5, 2.47%, due 09/15/64 | 1985754 |
| 2408000 | Bank5, Series 2025-5YR16, Class A3, 5.28%, due 08/15/63 | 2489381 |
| 22990 | BBCMS Mortgage Trust, Series 2019-C5, Class A2, 3.04%, due 11/15/52 | 22514 |
| 42908 | BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53 | 40450 |
| 2000000 | BBCMS Mortgage Trust, Series 2022-C14, Class A4, 2.69%, due 02/15/55 | 1800890 |
| 1233599 | BBCMS Mortgage Trust, Series 2023-C21, Class A2, 6.51%, due 09/15/56<sup>(e)</sup> <br>| 1296639 |
| 162000 | BBCMS Mortgage Trust, Series 2024-5C29, Class A3, 5.21%, due 09/15/57 | 166426 |
| 171000 | BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, due 12/15/57 | 178535 |
| 2052000 | BBCMS Mortgage Trust, Series 2025-C32, Class A5, 5.72%, due 02/15/62 | 2190486 |
| 88843 | Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52 | 87666 |
| 79556 | Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57 | 75334 |
| 1350000 | Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72 | 1255713 |
| 1100000 | Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53 | 1000516 |
| 135717 | Benchmark Mortgage Trust, Series 2020-B20, Class A2, 1.75%, due 10/15/53 | 135427 |
| 620706 | Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A | 610224 |
| 2977645 | Benchmark Mortgage Trust, Series 2021-B23, Class A2, 1.62%, due 02/15/54 | 2804692 |
| 1700000 | Benchmark Mortgage Trust, Series 2021-B23, Class A4A1, 1.82%, due 02/15/54 | 1484490 |
| 900000 | Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, due 03/15/54 | 835988 |
| 1750000 | Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, due 03/15/54 | 1587479 |
| 3000000 | Benchmark Mortgage Trust, Series 2023-B39, Class A2, 6.79%, due 07/15/56<sup>(e)</sup> <br>| 3123064 |
| 1147407 | Benchmark Mortgage Trust, Series 2023-B40, Class A2, 6.93%, due 12/15/56 | 1215042 |
| 402000 | Benchmark Mortgage Trust, Series 2024-V12, Class A3, 5.74%, due 12/15/57 | 421458 |
| 2218000 | Benchmark Mortgage Trust, Series 2025-V14, Class A4, 5.66%, due 04/15/57 | 2324328 |
| 2580000 | Benchmark Mortgage Trust, Series 2025-V17, Class A3, 5.07%, due 09/15/58 | 2645452 |
| 1620000 | BMO Mortgage Trust, Series 2024-5C6, Class A3, 5.32%, due 09/15/57 | 1669944 |
| 177000 | BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, due 12/15/57<sup>(e)</sup> <br>| 184602 |
| 2027000 | BMO Mortgage Trust, Series 2025-5C10, Class A3, 5.58%, due 05/15/58 | 2115048 |
| 135496 | BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, due <br> 02/25/49<sup>(e)</sup> 144A<br>| 127364 |
| 1108578 | BRAVO Residential Funding Trust, Series 2023-RPL1, Class A1, 5.00%, due 05/25/63<sup>(e)</sup> <br> 144A<br>| 1106268 |
| 1468743 | BX Commercial Mortgage Trust, Series 2021-VOLT, Class A, 4.96% (1 mo. USD Term <br> SOFR + 0.81%), due 09/15/36<sup>(b)</sup> 144A<br>| 1464567 |
| 260000 | BX Trust, Series 2019-OC11, Class A, 3.20%, due 12/09/41 144A | 245930 |
| 1657000 | BX Trust, Series 2022-CLS, Class A, 5.76%, due 10/13/27 144A | 1670515 |
| 201000 | CENT 2025-CITY, Series 2025-CITY, Class A, 5.09%, due 07/10/40<sup>(e)</sup> 144A | 203490 |
| 956471 | CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/52<sup>(e)</sup> 144A | 923785 |
| 65003 | CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58 | 64824 |
| 2281182 | CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49 | 2258864 |
| 454220 | Chase Home Lending Mortgage Trust, Series 2024-RPL3, Class A1A, 3.25%, due <br> 09/25/64<sup>(e)</sup> 144A<br>| 408214 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1447351 | Chase Home Lending Mortgage Trust, Series 2025-9, Class A4A, 5.50%, due 06/25/56<sup>(e)</sup> <br> 144A<br>| 1457282 |
| 1227991 | CIM Trust, Series 2024-R1, Class A1, 4.75%, due 06/25/64<sup>(e)</sup> 144A | 1220494 |
| 2441565 | Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class XB, 0.08%, due <br> 05/10/47<sup>(e)</sup> <br>| 24 |
| 277659 | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72 | 262805 |
| 380000 | Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.01%, due <br> 10/12/40<sup>(e)</sup> 144A<br>| 391918 |
| 255640 | COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.92%, due 08/25/66<sup>(e)</sup> 144A | 217197 |
| 201276 | COLT Mortgage Loan Trust, Series 2021-3, Class A1, 0.96%, due 09/27/66<sup>(e)</sup> 144A | 169448 |
| 114633 | COLT Mortgage Loan Trust, Series 2021-HX1, Class A1, 1.11%, due 10/25/66<sup>(e)</sup> 144A | 99504 |
| 174226 | COLT Mortgage Loan Trust, Series 2025-6, Class A1, 5.53%, due 08/25/70<sup>(c)</sup> 144A | 175921 |
| 388205 | COLT Trust, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65<sup>(e)</sup> 144A | 337884 |
| 1335000 | CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50 | 1305845 |
| 1050000 | CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52 | 983572 |
| 1762151 | CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, due 03/15/54 | 1623737 |
| 168203 | CSMC Trust, Series 2018-RPL9, Class A, 3.85%, due 09/25/57<sup>(e)</sup> 144A | 162710 |
| 201668 | CSMC Trust, Series 2021-NQM2, Class A1, 1.18%, due 02/25/66<sup>(e)</sup> 144A | 181345 |
| 180776 | CSMC Trust, Series 2021-NQM3, Class A1, 1.02%, due 04/25/66<sup>(e)</sup> 144A | 156727 |
| 264317 | CSMC Trust, Series 2021-NQM6, Class A1, 1.17%, due 07/25/66<sup>(e)</sup> 144A | 227189 |
| 155000 | EFMT, Series 2025-INV4, Class A1, 5.10%, due 10/25/70<sup>(c)</sup> 144A | 155309 |
| 53975 | Ellington Financial Mortgage Trust, Series 2021-1, Class A1, 0.80%, due 02/25/66<sup>(e)</sup> <br> 144A<br>| 47340 |
| 118396 | Ellington Financial Mortgage Trust, Series 2021-2, Class A1, 0.93%, due 06/25/66<sup>(e)</sup> <br> 144A<br>| 99799 |
| 729721 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-2, <br> Class MA, 3.50%, due 11/25/57<br>| 713191 |
| 509441 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-4, <br> Class MA, 3.50%, due 03/25/58<br>| 489132 |
| 472821 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, <br> Class MA, 3.50%, due 07/25/58<br>| 459230 |
| 380000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA3, <br> Class M1B, 7.26% (SOFR 30-day average + 2.90%), due 04/25/42<sup>(b)</sup> 144A<br>| 391149 |
| 369763 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2023-R02, Class 1M1, 6.66% (SOFR 30-day average + 2.30%), due 01/25/43<sup>(b)</sup> 144A<br>| 376651 |
| 215610 | Flagstar Mortgage Trust, Series 2020-2, Class A2, 3.00%, due 08/25/50<sup>(e)</sup> 144A | 187019 |
| 536652 | Flagstar Mortgage Trust, Series 2021-1, Class A2, 2.50%, due 02/01/51<sup>(e)</sup> 144A | 445338 |
| 173690 | GCAT Trust, Series 2021-NQM1, Class A1, 0.87%, due 01/25/66<sup>(e)</sup> 144A | 155691 |
| 159675 | GCAT Trust, Series 2021-NQM2, Class A1, 1.04%, due 05/25/66<sup>(e)</sup> 144A | 137857 |
| 239471 | GCAT Trust, Series 2021-NQM3, Class A1, 1.09%, due 05/25/66<sup>(e)</sup> 144A | 208452 |
| 204000 | GCAT Trust, Series 2025-NQM5, Class A1, 4.98%, due 08/25/70<sup>(e)</sup> 144A | 203922 |
| 2015000 | GS Mortgage Securities Trust, Series 2019-GC40, Class A3, 2.90%, due 07/10/52 | 1919719 |
| 1600000 | GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53 | 1457388 |
| 1015239 | GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53 | 967187 |
| 103604 | GS Mortgage-Backed Securities Corp. Trust, Series 2021-NQM1, Class A1, 1.02%, due <br> 07/25/61<sup>(e)</sup> 144A<br>| 93845 |
| 33337 | GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, due <br> 09/27/60<sup>(e)</sup> 144A<br>| 31666 |
| 324000 | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.65%, due 01/13/40<sup>(e)</sup> 144A | 335133 |
| 152259 | Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A1, 1.07%, due 06/25/56<sup>(e)</sup> <br> 144A<br>| 133854 |

---

80See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 482460 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, <br> 2.56%, due 08/15/49<br>| 479061 |
| 357000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, <br> 2.81%, due 01/16/37 144A<br>| 321389 |
| 1412666 | JP Morgan Mortgage Trust, Series 2023-4, Class 1A4A, 5.50%, due 11/25/53<sup>(e)</sup> 144A | 1419431 |
| 1782654 | JP Morgan Mortgage Trust, Series 2025-2, Class A4A, 5.50%, due 07/25/55<sup>(e)</sup> 144A | 1794137 |
| 779049 | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due <br> 07/15/50<br>| 765309 |
| 277360 | JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%, <br> due 06/13/52<br>| 272435 |
| 677282 | JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due <br> 06/15/49<br>| 672032 |
| 960482 | JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due <br> 03/15/50<br>| 947469 |
| 519200 | Kinbane 2 DAC, Series 2024-RPL2A, Class A, 2.99% (1 mo. EURIBOR + 1.10%), due <br> 01/24/63<sup>(b)</sup> 144A<br>| 611159 |
| 61320 | Legacy Mortgage Asset Trust, Series 2021-GS1, Class A1, 5.89%, due 10/25/66<sup>(c)</sup> 144A | 61370 |
| 85749 | MFA Trust, Series 2021-NQM1, Class A1, 1.15%, due 04/25/65<sup>(e)</sup> 144A | 80924 |
| 382828 | Mill City Mortgage Trust, Series 2015-1, Class M3, 3.79%, due 06/25/56<sup>(e)</sup> 144A | 379856 |
| 254876 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, <br> 3.31%, due 04/15/48<br>| 251167 |
| 1280000 | Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35, Series 2025-C35, <br> Class A5, 5.63%, due 08/15/58<br>| 1360926 |
| 1562383 | Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49 | 1540849 |
| 3110000 | Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52 | 3007628 |
| 980000 | Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53 | 879087 |
| 195000 | Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.46%, due <br> 01/15/43<sup>(e)</sup> 144A<br>| 181602 |
| 92527 | New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 5.02% (1 mo. USD <br> Term SOFR + 0.86%), due 01/25/48<sup>(b)</sup> 144A<br>| 90979 |
| 176000 | NXPT Commercial Mortgage Trust, Series 2024-STOR, Class A, 4.46%, due 11/05/41<sup>(e)</sup> <br> 144A<br>| 174268 |
| 143709 | NYMT Loan Trust, Series 2022-CP1, Class A1, 2.04%, due 07/25/61 144A | 135863 |
| 99921 | OBX Trust, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60<sup>(e)</sup> 144A | 83839 |
| 154024 | OBX Trust, Series 2021-NQM2, Class A1, 1.10%, due 05/25/61<sup>(e)</sup> 144A | 128146 |
| 207388 | OBX Trust, Series 2021-NQM3, Class A1, 1.05%, due 07/25/61<sup>(e)</sup> 144A | 171215 |
| 130000 | OBX Trust, Series 2025-NQM18, Class A1, 5.06%, due 09/25/65<sup>(e)</sup> 144A | 130324 |
| 339059 | Provident Funding Mortgage Trust, Series 2020-F1, Class A2, 2.00%, due 01/25/36<sup>(e)</sup> <br> 144A<br>| 303567 |
| 205924 | PRPM LLC, Series 2024-RPL2, Class A1, 3.50%, due 05/25/54<sup>(c)</sup> 144A | 200620 |
| 626100 | PRPM LLC, Series 2025-RCF1, Class A1, 4.50%, due 02/25/55<sup>(c)</sup> 144A | 622150 |
| 326000 | ROCK Trust, Series 2024-CNTR, Class A, 5.39%, due 11/13/41 144A | 336161 |
| 375000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/41 144A | 391939 |
| 1200000 | SCG Trust, Series 2025-SNIP, Class A, 5.75% (1 mo. USD Term SOFR + 1.50%), due <br> 09/15/30<sup>(b)</sup> 144A<br>| 1202704 |
| 97350 | Sequoia Mortgage Trust, Series 2020-3, Class A4, 3.00%, due 04/25/50<sup>(e)</sup> 144A | 96076 |
| 1108670 | Sequoia Mortgage Trust, Series 2024-5, Class A5, 6.00%, due 06/25/54<sup>(e)</sup> 144A | 1121422 |
| 1484212 | Sequoia Mortgage Trust, Series 2024-6, Class A5, 6.00%, due 07/27/54<sup>(e)</sup> 144A | 1503336 |
| 1422000 | Sequoia Mortgage Trust, Series 2025-8, Class A4, 5.50%, due 09/25/55<sup>(e)</sup> 144A | 1432720 |
| 289000 | SLG Office Trust, Series 2021-OVA, Class D, 2.85%, due 07/15/41 144A | 250715 |
| 306885 | Starwood Mortgage Residential Trust, Series 2022-1, Class A1, 2.45%, due 12/25/66<sup>(e)</sup> <br> 144A<br>| 277686 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 208079 | Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58<sup>(e)</sup> 144A | 198093 |
| 201266 | Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58<sup>(e)</sup> 144A | 196282 |
| 157841 | Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, due 10/25/59<sup>(e)</sup> 144A | 151880 |
| 56746 | Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 5.27% (1 mo. USD Term <br> SOFR + 1.11%), due 10/25/59<sup>(b)</sup> 144A<br>| 56834 |
| 247599 | Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75%, due 10/25/60 144A | 226033 |
| 500000 | Towd Point Mortgage Trust, Series 2021-SJ2, Class A1B, 2.25%, due 12/25/61<sup>(e)</sup> 144A | 467764 |
| 464075 | Towd Point Mortgage Trust, Series 2024-4, Class A1A, 4.54%, due 10/27/64<sup>(e)</sup> 144A | 465259 |
| 721532 | Towd Point Mortgage Trust, Series 2025-CES1, Class A1, 5.71%, due 02/25/55<sup>(c)</sup> 144A | 728917 |
| 234000 | VDCM Commercial Mortgage Trust, Series 2025-AZ, Class A, 5.23%, due 07/13/44<sup>(e)</sup> <br> 144A<br>| 236650 |
| 108565 | Verus Securitization Trust, Series 2021-3, Class A1, 1.05%, due 06/25/66<sup>(e)</sup> 144A | 95693 |
| 162126 | Verus Securitization Trust, Series 2021-4, Class A1, 0.94%, due 07/25/66<sup>(e)</sup> 144A | 138130 |
| 184803 | Verus Securitization Trust, Series 2021-5, Class A1, 1.01%, due 09/25/66<sup>(e)</sup> 144A | 161276 |
| 55485 | Verus Securitization Trust, Series 2021-R1, Class A1, 0.82%, due 10/25/63<sup>(e)</sup> 144A | 53470 |
| 5064 | WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR9, Class 1A7, 5.68%, <br> due 09/25/33<sup>(e)</sup> <br>| 5032 |
| 842346 | Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due <br> 07/15/50<br>| 830146 |
| 1590090 | Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due <br> 03/15/50<br>| 1558565 |
| 1900000 | Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A3, 1.96%, due <br> 04/15/54<br>| 1728676 |
| 189000 | Wells Fargo Commercial Mortgage Trust, Series 2025-5C4, Class A3, 5.67%, due <br> 05/15/58<br>| 198217 |
| 286000 | Wells Fargo Commercial Mortgage Trust, Series 2025-5C6, Class A3, 5.19%, due <br> 10/15/58<sup>(d)</sup> <br>| 294517 |
| 193000 | WHARF Commercial Mortgage Trust, Series 2025-DC, Class A, 5.53%, due 07/15/40<sup>(e)</sup> <br> 144A<br>| 198161 |
|  |  | 103243692 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 28.8%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 28.8%** |
| 143872 | Federal Home Loan Mortgage Corp., Pool # A89870, 4.50%, due 11/01/39 | 144870 |
| 102154 | Federal Home Loan Mortgage Corp., Pool # A96970, 4.00%, due 02/01/41 | 99147 |
| 183786 | Federal Home Loan Mortgage Corp., Pool # C91908, 3.00%, due 01/01/37 | 174432 |
| 144892 | Federal Home Loan Mortgage Corp., Pool # G06231, 4.00%, due 12/01/40 | 141528 |
| 90218 | Federal Home Loan Mortgage Corp., Pool # G06409, 6.00%, due 11/01/39 | 95211 |
| 44575 | Federal Home Loan Mortgage Corp., Pool # G06875, 5.50%, due 12/01/38 | 46457 |
| 166238 | Federal Home Loan Mortgage Corp., Pool # G07021, 5.00%, due 09/01/39 | 170740 |
| 310499 | Federal Home Loan Mortgage Corp., Pool # G07816, 4.50%, due 09/01/42 | 311120 |
| 231232 | Federal Home Loan Mortgage Corp., Pool # G08537, 3.00%, due 07/01/43 | 212907 |
| 139006 | Federal Home Loan Mortgage Corp., Pool # G08672, 4.00%, due 10/01/45 | 133984 |
| 472676 | Federal Home Loan Mortgage Corp., Pool # G08721, 3.00%, due 09/01/46 | 427978 |
| 219120 | Federal Home Loan Mortgage Corp., Pool # G08726, 3.00%, due 10/01/46 | 198399 |
| 37635 | Federal Home Loan Mortgage Corp., Pool # G08735, 4.50%, due 10/01/46 | 37342 |
| 18483 | Federal Home Loan Mortgage Corp., Pool # G08748, 3.50%, due 02/01/47 | 17254 |
| 265748 | Federal Home Loan Mortgage Corp., Pool # G08749, 4.00%, due 02/01/47 | 255953 |
| 138696 | Federal Home Loan Mortgage Corp., Pool # G08771, 4.00%, due 07/01/47 | 133583 |
| 121673 | Federal Home Loan Mortgage Corp., Pool # G08786, 4.50%, due 10/01/47 | 120375 |
| 56133 | Federal Home Loan Mortgage Corp., Pool # G16177, 2.00%, due 01/01/32 | 53534 |

---

82See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 38734 | Federal Home Loan Mortgage Corp., Pool # G60359, 3.00%, due 12/01/45 | 35307 |
| 187254 | Federal Home Loan Mortgage Corp., Pool # G60581, 3.50%, due 05/01/46 | 176048 |
| 741254 | Federal Home Loan Mortgage Corp., Pool # G60722, 3.00%, due 10/01/46 | 671467 |
| 272787 | Federal Home Loan Mortgage Corp., Pool # G60767, 3.50%, due 10/01/46 | 254804 |
| 116920 | Federal Home Loan Mortgage Corp., Pool # G60788, 3.50%, due 12/01/46 | 109826 |
| 419515 | Federal Home Loan Mortgage Corp., Pool # G60804, 4.50%, due 05/01/42 | 423315 |
| 618144 | Federal Home Loan Mortgage Corp., Pool # G60934, 3.50%, due 06/01/45 | 584363 |
| 772653 | Federal Home Loan Mortgage Corp., Pool # G60985, 3.00%, due 05/01/47 | 701977 |
| 83293 | Federal Home Loan Mortgage Corp., Pool # G60989, 3.00%, due 12/01/46 | 75433 |
| 56835 | Federal Home Loan Mortgage Corp., Pool # G61022, 3.00%, due 04/01/45 | 52290 |
| 66875 | Federal Home Loan Mortgage Corp., Pool # G61581, 4.00%, due 08/01/48 | 64375 |
| 416505 | Federal Home Loan Mortgage Corp., Pool # G61748, 3.50%, due 11/01/48 | 390090 |
| 50998 | Federal Home Loan Mortgage Corp., Pool # G67700, 3.50%, due 08/01/46 | 47812 |
| 222894 | Federal Home Loan Mortgage Corp., Pool # G67701, 3.00%, due 10/01/46 | 204232 |
| 137914 | Federal Home Loan Mortgage Corp., Pool # G67703, 3.50%, due 04/01/47 | 129458 |
| 20208 | Federal Home Loan Mortgage Corp., Pool # G67708, 3.50%, due 03/01/48 | 18894 |
| 57366 | Federal Home Loan Mortgage Corp., Pool # J24414, 2.50%, due 06/01/28 | 56425 |
| 417908 | Federal Home Loan Mortgage Corp., Pool # Q09224, 4.00%, due 07/01/42 | 407168 |
| 62410 | Federal Home Loan Mortgage Corp., Pool # Q11218, 3.50%, due 09/01/42 | 59052 |
| 135081 | Federal Home Loan Mortgage Corp., Pool # Q12052, 3.50%, due 10/01/42 | 127728 |
| 368354 | Federal Home Loan Mortgage Corp., Pool # Q12862, 3.50%, due 11/01/42 | 351957 |
| 141151 | Federal Home Loan Mortgage Corp., Pool # Q17792, 3.50%, due 05/01/43 | 133394 |
| 360830 | Federal Home Loan Mortgage Corp., Pool # Q36815, 4.00%, due 10/01/45 | 346793 |
| 38250 | Federal Home Loan Mortgage Corp., Pool # Q37986, 3.50%, due 12/01/45 | 36024 |
| 271051 | Federal Home Loan Mortgage Corp., Pool # Q41918, 3.50%, due 07/01/46 | 255166 |
| 48188 | Federal Home Loan Mortgage Corp., Pool # Q44399, 3.50%, due 11/01/46 | 45110 |
| 143448 | Federal Home Loan Mortgage Corp., Pool # Q44963, 3.50%, due 12/01/46 | 134360 |
| 458623 | Federal Home Loan Mortgage Corp., Pool # Q45741, 3.50%, due 01/01/47 | 430296 |
| 23143 | Federal Home Loan Mortgage Corp., Pool # Q46015, 3.50%, due 02/01/47 | 21693 |
| 10482 | Federal Home Loan Mortgage Corp., Pool # Q47384, 4.00%, due 04/01/47 | 10067 |
| 43003 | Federal Home Loan Mortgage Corp., Pool # Q48463, 4.00%, due 06/01/47 | 41321 |
| 39489 | Federal Home Loan Mortgage Corp., Pool # Q49494, 4.50%, due 07/01/47 | 39068 |
| 149791 | Federal Home Loan Mortgage Corp., Pool # Q52312, 4.00%, due 11/01/47 | 143992 |
| 116178 | Federal Home Loan Mortgage Corp., Pool # Q54957, 4.00%, due 03/01/48 | 111847 |
| 1042439 | Federal Home Loan Mortgage Corp., Pool # QA6367, 3.00%, due 01/01/50 | 933556 |
| 667695 | Federal Home Loan Mortgage Corp., Pool # QA7234, 3.00%, due 02/01/50 | 593948 |
| 453475 | Federal Home Loan Mortgage Corp., Pool # QA8518, 3.00%, due 04/01/50 | 405306 |
| 178441 | Federal Home Loan Mortgage Corp., Pool # QB0220, 3.00%, due 06/01/50 | 158713 |
| 1190484 | Federal Home Loan Mortgage Corp., Pool # QB3535, 2.00%, due 09/01/50 | 968350 |
| 234600 | Federal Home Loan Mortgage Corp., Pool # QC0039, 2.50%, due 03/01/51 | 200091 |
| 1241197 | Federal Home Loan Mortgage Corp., Pool # QC4339, 2.00%, due 07/01/51 | 1020931 |
| 734057 | Federal Home Loan Mortgage Corp., Pool # QC5189, 2.50%, due 08/01/51 | 623465 |
| 368154 | Federal Home Loan Mortgage Corp., Pool # QC6357, 2.50%, due 09/01/51 | 313446 |
| 411528 | Federal Home Loan Mortgage Corp., Pool # QD6056, 3.00%, due 02/01/52 | 366532 |
| 1026289 | Federal Home Loan Mortgage Corp., Pool # QD6057, 3.00%, due 02/01/52 | 912708 |
| 671986 | Federal Home Loan Mortgage Corp., Pool # QE0375, 4.00%, due 04/01/52 | 642405 |
| 59979 | Federal Home Loan Mortgage Corp., Pool # QE1497, 4.00%, due 05/01/52 | 57528 |
| 642676 | Federal Home Loan Mortgage Corp., Pool # QF2436, 5.00%, due 10/01/52 | 644700 |
| 209353 | Federal Home Loan Mortgage Corp., Pool # RA1343, 3.00%, due 09/01/49 | 187378 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 1363751 | Federal Home Loan Mortgage Corp., Pool # RA1776, 3.00%, due 12/01/49 | 1222248 |
| 782661 | Federal Home Loan Mortgage Corp., Pool # RA1860, 3.00%, due 12/01/49 | 696223 |
| 1361901 | Federal Home Loan Mortgage Corp., Pool # RA6944, 3.50%, due 03/01/52 | 1254347 |
| 603444 | Federal Home Loan Mortgage Corp., Pool # RA6950, 3.50%, due 03/01/52 | 555229 |
| 511665 | Federal Home Loan Mortgage Corp., Pool # RA6951, 3.50%, due 03/01/52 | 472328 |
| 2674624 | Federal Home Loan Mortgage Corp., Pool # RA7135, 2.50%, due 04/01/52 | 2272625 |
| 1727003 | Federal Home Loan Mortgage Corp., Pool # RA7407, 4.00%, due 05/01/52 | 1636376 |
| 1751638 | Federal Home Loan Mortgage Corp., Pool # RA7545, 4.00%, due 06/01/52 | 1655917 |
| 2335400 | Federal Home Loan Mortgage Corp., Pool # RA7787, 5.00%, due 08/01/52 | 2340616 |
| 1942243 | Federal Home Loan Mortgage Corp., Pool # RA8516, 4.50%, due 02/01/53 | 1906527 |
| 1129562 | Federal Home Loan Mortgage Corp., Pool # RA9258, 5.00%, due 06/01/53 | 1125698 |
| 1545256 | Federal Home Loan Mortgage Corp., Pool # RB5111, 2.00%, due 05/01/41 | 1339372 |
| 1042447 | Federal Home Loan Mortgage Corp., Pool # RC1916, 2.00%, due 06/01/36 | 966474 |
| 1819876 | Federal Home Loan Mortgage Corp., Pool # RJ3009, 5.00%, due 12/01/54 | 1822121 |
| 1313353 | Federal Home Loan Mortgage Corp., Pool # RJ3472, 5.50%, due 02/01/55 | 1341214 |
| 3365519 | Federal Home Loan Mortgage Corp., Pool # SB0307, 2.50%, due 02/01/35 | 3200582 |
| 1892183 | Federal Home Loan Mortgage Corp., Pool # SB0385, 3.00%, due 07/01/35 | 1834699 |
| 320503 | Federal Home Loan Mortgage Corp., Pool # SB8166, 3.50%, due 06/01/37 | 310792 |
| 190180 | Federal Home Loan Mortgage Corp., Pool # SB8178, 4.00%, due 09/01/37 | 187384 |
| 239995 | Federal Home Loan Mortgage Corp., Pool # SB8199, 4.50%, due 12/01/37 | 239846 |
| 1214227 | Federal Home Loan Mortgage Corp., Pool # SB8205, 4.50%, due 01/01/38 | 1214924 |
| 317605 | Federal Home Loan Mortgage Corp., Pool # SB8212, 4.50%, due 02/01/38 | 317787 |
| 867333 | Federal Home Loan Mortgage Corp., Pool # SB8504, 2.50%, due 10/01/35 | 824816 |
| 2417411 | Federal Home Loan Mortgage Corp., Pool # SD0291, 5.00%, due 03/01/50 | 2441299 |
| 882097 | Federal Home Loan Mortgage Corp., Pool # SD0742, 2.50%, due 11/01/51 | 756993 |
| 364334 | Federal Home Loan Mortgage Corp., Pool # SD0815, 3.00%, due 01/01/52 | 324779 |
| 378239 | Federal Home Loan Mortgage Corp., Pool # SD0905, 3.00%, due 03/01/52 | 336685 |
| 1649764 | Federal Home Loan Mortgage Corp., Pool # SD0965, 3.50%, due 04/01/52 | 1523160 |
| 1213723 | Federal Home Loan Mortgage Corp., Pool # SD1040, 4.00%, due 06/01/52 | 1150390 |
| 509539 | Federal Home Loan Mortgage Corp., Pool # SD1050, 4.50%, due 07/01/52 | 498512 |
| 2586519 | Federal Home Loan Mortgage Corp., Pool # SD1265, 4.50%, due 06/01/52 | 2536153 |
| 1853391 | Federal Home Loan Mortgage Corp., Pool # SD1295, 5.00%, due 07/01/52 | 1860690 |
| 1437005 | Federal Home Loan Mortgage Corp., Pool # SD1325, 4.00%, due 08/01/52 | 1365451 |
| 1209108 | Federal Home Loan Mortgage Corp., Pool # SD1446, 4.50%, due 08/01/52 | 1179883 |
| 1500577 | Federal Home Loan Mortgage Corp., Pool # SD1475, 4.50%, due 08/01/52 | 1471357 |
| 2311157 | Federal Home Loan Mortgage Corp., Pool # SD1483, 4.00%, due 08/01/52 | 2217744 |
| 1127754 | Federal Home Loan Mortgage Corp., Pool # SD1513, 5.00%, due 08/01/52 | 1124668 |
| 861357 | Federal Home Loan Mortgage Corp., Pool # SD1517, 4.50%, due 09/01/52 | 845518 |
| 799309 | Federal Home Loan Mortgage Corp., Pool # SD1606, 4.50%, due 09/01/52 | 782011 |
| 842515 | Federal Home Loan Mortgage Corp., Pool # SD1695, 5.00%, due 10/01/52 | 840340 |
| 448189 | Federal Home Loan Mortgage Corp., Pool # SD1807, 4.50%, due 07/01/52 | 438490 |
| 630363 | Federal Home Loan Mortgage Corp., Pool # SD1922, 5.00%, due 11/01/52 | 630458 |
| 662710 | Federal Home Loan Mortgage Corp., Pool # SD1999, 5.00%, due 12/01/52 | 660863 |
| 2833155 | Federal Home Loan Mortgage Corp., Pool # SD2172, 5.50%, due 02/01/53 | 2892743 |
| 419001 | Federal Home Loan Mortgage Corp., Pool # SD2273, 4.50%, due 12/01/52 | 409934 |
| 1483578 | Federal Home Loan Mortgage Corp., Pool # SD2318, 5.00%, due 02/01/53 | 1483265 |
| 1430367 | Federal Home Loan Mortgage Corp., Pool # SD2526, 4.00%, due 08/01/49 | 1361836 |
| 395434 | Federal Home Loan Mortgage Corp., Pool # SD2683, 4.50%, due 04/01/53 | 388163 |
| 3214268 | Federal Home Loan Mortgage Corp., Pool # SD2922, 5.00%, due 05/01/53 | 3213574 |

---

84See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 1504840 | Federal Home Loan Mortgage Corp., Pool # SD2954, 4.50%, due 04/01/53 | 1475536 |
| 332302 | Federal Home Loan Mortgage Corp., Pool # SD3338, 5.50%, due 06/01/53 | 339170 |
| 733638 | Federal Home Loan Mortgage Corp., Pool # SD3372, 5.00%, due 07/01/53 | 736761 |
| 373202 | Federal Home Loan Mortgage Corp., Pool # SD3425, 5.50%, due 07/01/53 | 379680 |
| 915237 | Federal Home Loan Mortgage Corp., Pool # SD3435, 5.00%, due 07/01/53 | 915653 |
| 458315 | Federal Home Loan Mortgage Corp., Pool # SD3507, 4.00%, due 04/01/53 | 436690 |
| 1335801 | Federal Home Loan Mortgage Corp., Pool # SD3562, 4.50%, due 08/01/53 | 1311378 |
| 1704177 | Federal Home Loan Mortgage Corp., Pool # SD3563, 4.50%, due 08/01/53 | 1670653 |
| 1159337 | Federal Home Loan Mortgage Corp., Pool # SD3566, 5.00%, due 08/01/53 | 1162315 |
| 775105 | Federal Home Loan Mortgage Corp., Pool # SD3780, 4.00%, due 08/01/52 | 733111 |
| 900504 | Federal Home Loan Mortgage Corp., Pool # SD4253, 3.50%, due 07/01/52 | 830220 |
| 1007784 | Federal Home Loan Mortgage Corp., Pool # SD4624, 3.50%, due 08/01/47 | 936837 |
| 453859 | Federal Home Loan Mortgage Corp., Pool # SD4660, 4.00%, due 08/01/52 | 429057 |
| 475174 | Federal Home Loan Mortgage Corp., Pool # SD4904, 3.50%, due 07/01/52 | 437645 |
| 504781 | Federal Home Loan Mortgage Corp., Pool # SD4934, 4.00%, due 04/01/53 | 479698 |
| 1179818 | Federal Home Loan Mortgage Corp., Pool # SD5082, 3.50%, due 07/01/52 | 1084063 |
| 869077 | Federal Home Loan Mortgage Corp., Pool # SD5100, 4.00%, due 10/01/52 | 822128 |
| 355912 | Federal Home Loan Mortgage Corp., Pool # SD5147, 3.00%, due 11/01/50 | 316620 |
| 768530 | Federal Home Loan Mortgage Corp., Pool # SD5367, 5.50%, due 04/01/54 | 782350 |
| 1328849 | Federal Home Loan Mortgage Corp., Pool # SD5470, 5.00%, due 03/01/53 | 1330210 |
| 601743 | Federal Home Loan Mortgage Corp., Pool # SD5730, 3.50%, due 12/01/49 | 553111 |
| 1192266 | Federal Home Loan Mortgage Corp., Pool # SD6755, 3.50%, due 11/01/52 | 1105536 |
| 837856 | Federal Home Loan Mortgage Corp., Pool # SD7170, 5.00%, due 12/01/54 | 839252 |
| 1067931 | Federal Home Loan Mortgage Corp., Pool # SD7334, 5.50%, due 01/01/55 | 1081966 |
| 1235207 | Federal Home Loan Mortgage Corp., Pool # SD7408, 5.50%, due 01/01/55 | 1266776 |
| 4149714 | Federal Home Loan Mortgage Corp., Pool # SD7521, 2.50%, due 07/01/50 | 3570368 |
| 998049 | Federal Home Loan Mortgage Corp., Pool # SD7543, 2.50%, due 08/01/51 | 857700 |
| 2122237 | Federal Home Loan Mortgage Corp., Pool # SD7548, 2.50%, due 11/01/51 | 1827999 |
| 1456485 | Federal Home Loan Mortgage Corp., Pool # SD7551, 3.00%, due 01/01/52 | 1300071 |
| 4321604 | Federal Home Loan Mortgage Corp., Pool # SD7552, 2.50%, due 01/01/52 | 3709846 |
| 3470512 | Federal Home Loan Mortgage Corp., Pool # SD7563, 4.50%, due 05/01/53 | 3432247 |
| 3167216 | Federal Home Loan Mortgage Corp., Pool # SD7565, 5.50%, due 09/01/53 | 3245067 |
| 2240 | Federal Home Loan Mortgage Corp., Pool # SD8025, 3.50%, due 11/01/49 | 2071 |
| 3732855 | Federal Home Loan Mortgage Corp., Pool # SD8090, 2.00%, due 09/01/50 | 3042670 |
| 697190 | Federal Home Loan Mortgage Corp., Pool # SD8104, 1.50%, due 11/01/50 | 536835 |
| 336893 | Federal Home Loan Mortgage Corp., Pool # SD8113, 2.00%, due 12/01/50 | 274252 |
| 485548 | Federal Home Loan Mortgage Corp., Pool # SD8121, 2.00%, due 01/01/51 | 395470 |
| 2339403 | Federal Home Loan Mortgage Corp., Pool # SD8128, 2.00%, due 02/01/51 | 1903939 |
| 998058 | Federal Home Loan Mortgage Corp., Pool # SD8134, 2.00%, due 03/01/51 | 811652 |
| 29982 | Federal Home Loan Mortgage Corp., Pool # SD8140, 2.00%, due 04/01/51 | 24380 |
| 2993931 | Federal Home Loan Mortgage Corp., Pool # SD8141, 2.50%, due 04/01/51 | 2546088 |
| 4770942 | Federal Home Loan Mortgage Corp., Pool # SD8146, 2.00%, due 05/01/51 | 3878369 |
| 2750063 | Federal Home Loan Mortgage Corp., Pool # SD8147, 2.50%, due 05/01/51 | 2335567 |
| 867439 | Federal Home Loan Mortgage Corp., Pool # SD8151, 2.50%, due 06/01/51 | 737291 |
| 1494890 | Federal Home Loan Mortgage Corp., Pool # SD8167, 2.50%, due 09/01/51 | 1263949 |
| 1215178 | Federal Home Loan Mortgage Corp., Pool # SD8193, 2.00%, due 02/01/52 | 984852 |
| 911313 | Federal Home Loan Mortgage Corp., Pool # SD8229, 4.50%, due 05/01/52 | 887912 |
| 373371 | Federal Home Loan Mortgage Corp., Pool # SD8278, 6.00%, due 12/01/52 | 383561 |
| 3435255 | Federal Home Loan Mortgage Corp., Pool # SD8288, 5.00%, due 01/01/53 | 3425146 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 1234967 | Federal Home Loan Mortgage Corp., Pool # SD8289, 5.50%, due 01/01/53 | 1251626 |
| 3376942 | Federal Home Loan Mortgage Corp., Pool # SD8408, 5.50%, due 03/01/54 | 3411882 |
| 1232104 | Federal Home Loan Mortgage Corp., Pool # SD8475, 5.50%, due 11/01/54 | 1243795 |
| 2472939 | Federal Home Loan Mortgage Corp., Pool # SD8491, 5.00%, due 12/01/54 | 2455089 |
| 494778 | Federal Home Loan Mortgage Corp., Pool # SD8492, 5.00%, due 01/01/55 | 491207 |
| 1038597 | Federal Home Loan Mortgage Corp., Pool # SL0331, 5.50%, due 02/01/55 | 1056910 |
| 741094 | Federal Home Loan Mortgage Corp., Pool # SL0765, 4.50%, due 02/01/54 | 725057 |
| 682462 | Federal Home Loan Mortgage Corp., Pool # SL1031, 4.00%, due 01/01/54 | 645274 |
| 1378122 | Federal Home Loan Mortgage Corp., Pool # SL1810, 5.50%, due 05/01/55 | 1404622 |
| 54220 | Federal Home Loan Mortgage Corp., Pool # V60565, 3.00%, due 06/01/29 | 53435 |
| 169010 | Federal Home Loan Mortgage Corp., Pool # V60599, 3.00%, due 09/01/29 | 166405 |
| 349679 | Federal Home Loan Mortgage Corp., Pool # V82292, 4.00%, due 04/01/46 | 337009 |
| 197666 | Federal Home Loan Mortgage Corp., Pool # V82848, 3.00%, due 12/01/46 | 179953 |
| 27418 | Federal Home Loan Mortgage Corp., Pool # V82980, 3.50%, due 02/01/47 | 25669 |
| 600122 | Federal Home Loan Mortgage Corp., Pool # ZM1609, 3.50%, due 09/01/46 | 560556 |
| 189418 | Federal Home Loan Mortgage Corp., Pool # ZS4727, 4.00%, due 07/01/47 | 182214 |
| 119113 | Federal Home Loan Mortgage Corp., Pool # ZS4760, 4.00%, due 03/01/48 | 114527 |
| 882517 | Federal Home Loan Mortgage Corp., Pool # ZT0536, 3.50%, due 03/01/48 | 824132 |
| 297387 | Federal Home Loan Mortgage Corp., Pool # ZT0657, 6.00%, due 07/01/40 | 315669 |
| 303642 | Federal Home Loan Mortgage Corp., Pool # ZT2100, 3.00%, due 04/01/47 | 273479 |
| 11176175 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, <br> Series K106, Class X1, 1.44%, due 01/25/30<sup>(e)</sup> <br>| 548130 |
| 26546 | Federal Home Loan Mortgage Corp. Reference REMICS, Series R007, Class ZA, <br> 6.00%, due 05/15/36<br>| 27870 |
| 137128 | Federal National Mortgage Association, Pool # 745148, 5.00%, due 01/01/36 | 140528 |
| 136861 | Federal National Mortgage Association, Pool # 932807, 4.00%, due 09/01/40 | 134200 |
| 69529 | Federal National Mortgage Association, Pool # 983471, 5.50%, due 05/01/38 | 71857 |
| 141430 | Federal National Mortgage Association, Pool # 985184, 5.50%, due 08/01/38 | 146547 |
| 115222 | Federal National Mortgage Association, Pool # 995245, 5.00%, due 01/01/39 | 117693 |
| 8078 | Federal National Mortgage Association, Pool # AB5369, 3.50%, due 06/01/42 | 7664 |
| 257540 | Federal National Mortgage Association, Pool # AB6212, 3.00%, due 09/01/42 | 237195 |
| 414315 | Federal National Mortgage Association, Pool # AB6802, 3.50%, due 11/01/42 | 392317 |
| 107808 | Federal National Mortgage Association, Pool # AB7059, 2.50%, due 11/01/42 | 97233 |
| 199279 | Federal National Mortgage Association, Pool # AB8703, 3.00%, due 03/01/38 | 188053 |
| 85903 | Federal National Mortgage Association, Pool # AB9383, 4.00%, due 05/01/43 | 83594 |
| 671952 | Federal National Mortgage Association, Pool # AB9659, 3.00%, due 06/01/43 | 618028 |
| 1290378 | Federal National Mortgage Association, Pool # AC3668, 4.50%, due 10/01/39 | 1297380 |
| 129532 | Federal National Mortgage Association, Pool # AD9153, 4.50%, due 08/01/40 | 130115 |
| 99617 | Federal National Mortgage Association, Pool # AE0469, 6.00%, due 12/01/39 | 105029 |
| 284124 | Federal National Mortgage Association, Pool # AH4404, 4.00%, due 01/01/41 | 276902 |
| 54267 | Federal National Mortgage Association, Pool # AI1892, 5.00%, due 05/01/41 | 55606 |
| 274154 | Federal National Mortgage Association, Pool # AI4815, 4.50%, due 06/01/41 | 274458 |
| 232103 | Federal National Mortgage Association, Pool # AJ9278, 3.50%, due 12/01/41 | 220977 |
| 116647 | Federal National Mortgage Association, Pool # AJ9317, 4.00%, due 01/01/42 | 113549 |
| 239082 | Federal National Mortgage Association, Pool # AL0215, 4.50%, due 04/01/41 | 239397 |
| 456170 | Federal National Mortgage Association, Pool # AL1895, 3.50%, due 06/01/42 | 432796 |
| 277279 | Federal National Mortgage Association, Pool # AL2466, 4.00%, due 09/01/42 | 269829 |
| 306470 | Federal National Mortgage Association, Pool # AL3000, 3.50%, due 12/01/42 | 289309 |
| 355561 | Federal National Mortgage Association, Pool # AL3316, 3.50%, due 03/01/43 | 335690 |

---

86See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 20917 | Federal National Mortgage Association, Pool # AL5939, 3.50%, due 09/01/43 | 19857 |
| 405215 | Federal National Mortgage Association, Pool # AL6663, 4.00%, due 03/01/39 | 402344 |
| 467747 | Federal National Mortgage Association, Pool # AL7594, 3.50%, due 08/01/45 | 439991 |
| 371707 | Federal National Mortgage Association, Pool # AL8191, 4.00%, due 12/01/45 | 357990 |
| 32671 | Federal National Mortgage Association, Pool # AL8673, 3.50%, due 06/01/46 | 30638 |
| 36527 | Federal National Mortgage Association, Pool # AL9515, 3.50%, due 07/01/46 | 34174 |
| 94630 | Federal National Mortgage Association, Pool # AL9657, 3.50%, due 01/01/47 | 88677 |
| 53368 | Federal National Mortgage Association, Pool # AO4109, 4.00%, due 06/01/42 | 51934 |
| 38654 | Federal National Mortgage Association, Pool # AQ3381, 3.00%, due 11/01/42 | 35580 |
| 136649 | Federal National Mortgage Association, Pool # AQ7923, 3.00%, due 12/01/42 | 125811 |
| 23940 | Federal National Mortgage Association, Pool # AR8749, 3.00%, due 03/01/43 | 22042 |
| 252277 | Federal National Mortgage Association, Pool # AS5133, 3.50%, due 06/01/45 | 237308 |
| 28853 | Federal National Mortgage Association, Pool # AS5593, 3.50%, due 08/01/45 | 27140 |
| 7947 | Federal National Mortgage Association, Pool # AS6187, 3.50%, due 11/01/45 | 7475 |
| 104629 | Federal National Mortgage Association, Pool # AS6188, 3.50%, due 11/01/45 | 98420 |
| 57933 | Federal National Mortgage Association, Pool # AS6286, 4.00%, due 12/01/45 | 55755 |
| 84944 | Federal National Mortgage Association, Pool # AS6304, 4.00%, due 12/01/45 | 81776 |
| 129550 | Federal National Mortgage Association, Pool # AS6452, 3.50%, due 01/01/46 | 121648 |
| 55959 | Federal National Mortgage Association, Pool # AS7010, 3.50%, due 04/01/46 | 52263 |
| 69202 | Federal National Mortgage Association, Pool # AS7693, 2.00%, due 08/01/31 | 66084 |
| 154853 | Federal National Mortgage Association, Pool # AS8073, 2.50%, due 10/01/46 | 133758 |
| 1340762 | Federal National Mortgage Association, Pool # AS8483, 3.00%, due 12/01/46 | 1208766 |
| 28556 | Federal National Mortgage Association, Pool # AS8647, 3.00%, due 01/01/47 | 25913 |
| 91200 | Federal National Mortgage Association, Pool # AZ3743, 3.50%, due 11/01/45 | 85168 |
| 62552 | Federal National Mortgage Association, Pool # BC1489, 3.00%, due 08/01/46 | 56762 |
| 25464 | Federal National Mortgage Association, Pool # BC9078, 4.00%, due 12/01/46 | 24495 |
| 156567 | Federal National Mortgage Association, Pool # BC9468, 3.00%, due 06/01/46 | 141784 |
| 331234 | Federal National Mortgage Association, Pool # BD7043, 4.00%, due 03/01/47 | 318638 |
| 60239 | Federal National Mortgage Association, Pool # BD7118, 3.50%, due 04/01/47 | 56340 |
| 24807 | Federal National Mortgage Association, Pool # BE2974, 4.00%, due 01/01/47 | 23990 |
| 202970 | Federal National Mortgage Association, Pool # BE7192, 4.00%, due 03/01/47 | 195439 |
| 345602 | Federal National Mortgage Association, Pool # BK1023, 4.50%, due 02/01/48 | 338576 |
| 165565 | Federal National Mortgage Association, Pool # BK7611, 4.50%, due 09/01/48 | 163566 |
| 100188 | Federal National Mortgage Association, Pool # BM1013, 3.50%, due 03/01/47 | 93908 |
| 88368 | Federal National Mortgage Association, Pool # BM1277, 4.00%, due 05/01/47 | 85008 |
| 533813 | Federal National Mortgage Association, Pool # BM1573, 3.50%, due 07/01/47 | 500352 |
| 575928 | Federal National Mortgage Association, Pool # BM1972, 3.50%, due 10/01/37 | 556913 |
| 421698 | Federal National Mortgage Association, Pool # BM3033, 3.00%, due 10/01/47 | 381483 |
| 37933 | Federal National Mortgage Association, Pool # BM3077, 3.00%, due 11/01/47 | 34316 |
| 146003 | Federal National Mortgage Association, Pool # BM3258, 3.00%, due 02/01/47 | 132757 |
| 290660 | Federal National Mortgage Association, Pool # BM3332, 3.50%, due 01/01/48 | 271023 |
| 215355 | Federal National Mortgage Association, Pool # BM3491, 4.50%, due 01/01/38 | 218500 |
| 112924 | Federal National Mortgage Association, Pool # BM3628, 3.50%, due 03/01/48 | 105858 |
| 582745 | Federal National Mortgage Association, Pool # BM3641, 4.00%, due 04/01/48 | 560370 |
| 353638 | Federal National Mortgage Association, Pool # BM4377, 6.85%, (1 yr. USD RFUCC + <br> 1.87%), due 04/01/38<sup>(b)</sup> <br>| 367190 |
| 7648 | Federal National Mortgage Association, Pool # BM4426, 3.50%, due 06/01/48 | 7126 |
| 398536 | Federal National Mortgage Association, Pool # BM4896, 3.00%, due 02/01/47 | 366567 |
| 1643761 | Federal National Mortgage Association, Pool # BM5019, 4.00%, due 12/01/47 | 1591314 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 503907 | Federal National Mortgage Association, Pool # BM5213, 3.00%, due 07/01/45 | 461341 |
| 119730 | Federal National Mortgage Association, Pool # BM5293, 3.50%, due 02/01/49 | 111003 |
| 38745 | Federal National Mortgage Association, Pool # BM5682, 3.50%, due 03/01/49 | 36181 |
| 218720 | Federal National Mortgage Association, Pool # BM5694, 4.00%, due 06/01/48 | 210360 |
| 82642 | Federal National Mortgage Association, Pool # BM5874, 4.00%, due 01/01/48 | 79544 |
| 189086 | Federal National Mortgage Association, Pool # BM5950, 3.00%, due 11/01/48 | 170929 |
| 7097 | Federal National Mortgage Association, Pool # BM5971, 3.50%, due 06/01/49 | 6585 |
| 347324 | Federal National Mortgage Association, Pool # BM6482, 6.45%, (1 yr. USD RFUCC + <br> 1.58%), due 04/01/47<sup>(b)</sup> <br>| 359523 |
| 163914 | Federal National Mortgage Association, Pool # BO1420, 3.50%, due 09/01/49 | 151565 |
| 7262 | Federal National Mortgage Association, Pool # BO1439, 3.00%, due 10/01/49 | 6456 |
| 323594 | Federal National Mortgage Association, Pool # BO5387, 3.50%, due 12/01/49 | 301426 |
| 239668 | Federal National Mortgage Association, Pool # BP5568, 3.00%, due 06/01/50 | 212947 |
| 1167570 | Federal National Mortgage Association, Pool # BP6618, 2.50%, due 08/01/50 | 994604 |
| 404421 | Federal National Mortgage Association, Pool # BQ3138, 2.50%, due 10/01/50 | 347370 |
| 1067880 | Federal National Mortgage Association, Pool # BV8474, 3.00%, due 05/01/52 | 953011 |
| 633155 | Federal National Mortgage Association, Pool # CA0623, 4.50%, due 10/01/47 | 627207 |
| 398577 | Federal National Mortgage Association, Pool # CA0655, 3.50%, due 11/01/47 | 372452 |
| 250568 | Federal National Mortgage Association, Pool # CA0855, 3.50%, due 12/01/47 | 233471 |
| 10931 | Federal National Mortgage Association, Pool # CA1545, 4.00%, due 04/01/48 | 10511 |
| 211799 | Federal National Mortgage Association, Pool # CA3828, 4.00%, due 07/01/49 | 203221 |
| 565931 | Federal National Mortgage Association, Pool # CA3986, 5.00%, due 08/01/49 | 571484 |
| 372072 | Federal National Mortgage Association, Pool # CA4149, 3.00%, due 09/01/49 | 327840 |
| 26773 | Federal National Mortgage Association, Pool # CA4546, 3.00%, due 11/01/49 | 23938 |
| 452465 | Federal National Mortgage Association, Pool # CA5556, 3.50%, due 04/01/50 | 418090 |
| 947024 | Federal National Mortgage Association, Pool # CA6738, 3.00%, due 08/01/50 | 840676 |
| 2300351 | Federal National Mortgage Association, Pool # CA6840, 2.00%, due 09/01/35 | 2128598 |
| 657095 | Federal National Mortgage Association, Pool # CA6909, 2.50%, due 09/01/50 | 565099 |
| 791941 | Federal National Mortgage Association, Pool # CA9171, 2.00%, due 02/01/51 | 643946 |
| 224693 | Federal National Mortgage Association, Pool # CA9303, 3.00%, due 02/01/51 | 199269 |
| 4869105 | Federal National Mortgage Association, Pool # CB0671, 2.50%, due 06/01/51 | 4203622 |
| 1172640 | Federal National Mortgage Association, Pool # CB1273, 2.00%, due 08/01/51 | 955257 |
| 1374296 | Federal National Mortgage Association, Pool # CB2243, 2.50%, due 11/01/36 | 1301714 |
| 446056 | Federal National Mortgage Association, Pool # CB2287, 2.50%, due 12/01/51 | 381994 |
| 4646314 | Federal National Mortgage Association, Pool # CB2857, 2.50%, due 02/01/52 | 3983137 |
| 387112 | Federal National Mortgage Association, Pool # CB2858, 2.50%, due 02/01/52 | 331091 |
| 1022084 | Federal National Mortgage Association, Pool # CB2889, 3.00%, due 02/01/52 | 900613 |
| 377308 | Federal National Mortgage Association, Pool # CB3126, 3.50%, due 03/01/52 | 349333 |
| 697428 | Federal National Mortgage Association, Pool # CB3158, 2.50%, due 03/01/52 | 595269 |
| 1816673 | Federal National Mortgage Association, Pool # CB3512, 4.00%, due 05/01/52 | 1726126 |
| 620524 | Federal National Mortgage Association, Pool # CB3601, 3.50%, due 05/01/52 | 570976 |
| 1454962 | Federal National Mortgage Association, Pool # CB3606, 3.50%, due 05/01/52 | 1330593 |
| 884492 | Federal National Mortgage Association, Pool # CB3618, 4.00%, due 05/01/52 | 836437 |
| 899244 | Federal National Mortgage Association, Pool # CB3865, 4.50%, due 06/01/52 | 881734 |
| 651181 | Federal National Mortgage Association, Pool # CB3910, 4.00%, due 06/01/52 | 615596 |
| 373097 | Federal National Mortgage Association, Pool # CB4028, 4.50%, due 07/01/52 | 365024 |
| 704233 | Federal National Mortgage Association, Pool # CB4040, 5.00%, due 07/01/52 | 703540 |
| 702577 | Federal National Mortgage Association, Pool # CB4090, 4.00%, due 07/01/52 | 667594 |
| 1353364 | Federal National Mortgage Association, Pool # CB4101, 4.50%, due 07/01/52 | 1320306 |

---

88See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 893005 | Federal National Mortgage Association, Pool # CB4300, 4.50%, due 08/01/52 | 874029 |
| 1089243 | Federal National Mortgage Association, Pool # CB4304, 4.50%, due 08/01/52 | 1066766 |
| 1799720 | Federal National Mortgage Association, Pool # CB4337, 4.50%, due 08/01/52 | 1787107 |
| 4234040 | Federal National Mortgage Association, Pool # CB4352, 5.00%, due 08/01/52 | 4265273 |
| 3280132 | Federal National Mortgage Association, Pool # CB4354, 5.00%, due 08/01/52 | 3297043 |
| 881545 | Federal National Mortgage Association, Pool # CB4384, 4.50%, due 08/01/52 | 864216 |
| 1279689 | Federal National Mortgage Association, Pool # CB4387, 4.50%, due 08/01/52 | 1247306 |
| 1715858 | Federal National Mortgage Association, Pool # CB4395, 4.50%, due 08/01/52 | 1679336 |
| 708851 | Federal National Mortgage Association, Pool # CB4562, 5.00%, due 09/01/52 | 707971 |
| 438323 | Federal National Mortgage Association, Pool # CB4675, 4.50%, due 09/01/52 | 427949 |
| 1344345 | Federal National Mortgage Association, Pool # CB4808, 4.00%, due 10/01/52 | 1270882 |
| 328499 | Federal National Mortgage Association, Pool # CB4838, 5.00%, due 10/01/52 | 328498 |
| 1594458 | Federal National Mortgage Association, Pool # CB5434, 5.00%, due 01/01/53 | 1601245 |
| 1277495 | Federal National Mortgage Association, Pool # CB6059, 5.00%, due 04/01/53 | 1279804 |
| 1333059 | Federal National Mortgage Association, Pool # CB9429, 5.00%, due 11/01/54 | 1326455 |
| 464620 | Federal National Mortgage Association, Pool # CB9485, 5.50%, due 11/01/54 | 473363 |
| 1836443 | Federal National Mortgage Association, Pool # CB9649, 5.00%, due 12/01/54 | 1831891 |
| 1152585 | Federal National Mortgage Association, Pool # CC0525, 5.50%, due 06/01/55 | 1169865 |
| 962300 | Federal National Mortgage Association, Pool # DE3615, 5.50%, due 07/01/55 | 972580 |
| 2525092 | Federal National Mortgage Association, Pool # FA0018, 2.50%, due 04/01/52 | 2155239 |
| 884964 | Federal National Mortgage Association, Pool # FA0243, 5.50%, due 12/01/54 | 899927 |
| 694419 | Federal National Mortgage Association, Pool # FA1034, 3.50%, due 08/01/53 | 642291 |
| 410167 | Federal National Mortgage Association, Pool # FA1626, 4.00%, due 09/01/52 | 387882 |
| 1066413 | Federal National Mortgage Association, Pool # FA1655, 3.50%, due 12/01/52 | 985408 |
| 593531 | Federal National Mortgage Association, Pool # FM0030, 3.00%, due 02/01/49 | 536420 |
| 155791 | Federal National Mortgage Association, Pool # FM1001, 3.50%, due 11/01/48 | 145376 |
| 116309 | Federal National Mortgage Association, Pool # FM1347, 3.00%, due 12/01/48 | 105186 |
| 456442 | Federal National Mortgage Association, Pool # FM1467, 3.00%, due 12/01/47 | 413931 |
| 458964 | Federal National Mortgage Association, Pool # FM1588, 3.00%, due 10/01/49 | 413273 |
| 250146 | Federal National Mortgage Association, Pool # FM1715, 3.00%, due 12/01/45 | 227211 |
| 350293 | Federal National Mortgage Association, Pool # FM1790, 3.00%, due 11/01/49 | 308649 |
| 244218 | Federal National Mortgage Association, Pool # FM1864, 3.00%, due 11/01/49 | 218432 |
| 1514729 | Federal National Mortgage Association, Pool # FM2226, 3.00%, due 09/01/46 | 1393075 |
| 647916 | Federal National Mortgage Association, Pool # FM2274, 4.00%, due 08/01/49 | 622476 |
| 295714 | Federal National Mortgage Association, Pool # FM2336, 4.00%, due 01/01/50 | 283461 |
| 324871 | Federal National Mortgage Association, Pool # FM2461, 3.50%, due 03/01/50 | 299009 |
| 433090 | Federal National Mortgage Association, Pool # FM2570, 4.50%, due 04/01/48 | 434503 |
| 762194 | Federal National Mortgage Association, Pool # FM2664, 3.50%, due 03/01/50 | 698944 |
| 983114 | Federal National Mortgage Association, Pool # FM2725, 3.00%, due 02/01/50 | 866224 |
| 1055667 | Federal National Mortgage Association, Pool # FM3250, 3.50%, due 05/01/50 | 976672 |
| 582661 | Federal National Mortgage Association, Pool # FM4330, 2.50%, due 10/01/50 | 502008 |
| 2399826 | Federal National Mortgage Association, Pool # FM4765, 2.00%, due 11/01/50 | 1971849 |
| 23937 | Federal National Mortgage Association, Pool # FM5035, 4.00%, due 07/01/50 | 22997 |
| 692874 | Federal National Mortgage Association, Pool # FM6039, 3.50%, due 06/01/50 | 640675 |
| 1685190 | Federal National Mortgage Association, Pool # FM6497, 2.00%, due 03/01/51 | 1386384 |
| 635213 | Federal National Mortgage Association, Pool # FM6585, 3.50%, due 11/01/40 | 605315 |
| 624853 | Federal National Mortgage Association, Pool # FM7341, 4.00%, due 03/01/48 | 601114 |
| 235267 | Federal National Mortgage Association, Pool # FM7441, 3.00%, due 05/01/51 | 206947 |
| 958224 | Federal National Mortgage Association, Pool # FM7785, 4.00%, due 05/01/49 | 921266 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 1540720 | Federal National Mortgage Association, Pool # FM7794, 4.00%, due 01/01/50 | 1477667 |
| 1504588 | Federal National Mortgage Association, Pool # FM8216, 4.00%, due 11/01/48 | 1442686 |
| 911187 | Federal National Mortgage Association, Pool # FM8325, 2.50%, due 07/01/35 | 874847 |
| 748636 | Federal National Mortgage Association, Pool # FM8451, 2.50%, due 08/01/51 | 641825 |
| 1246327 | Federal National Mortgage Association, Pool # FM8603, 4.00%, due 09/01/49 | 1198517 |
| 4059795 | Federal National Mortgage Association, Pool # FM8779, 2.50%, due 09/01/51 | 3494530 |
| 2746505 | Federal National Mortgage Association, Pool # FM9000, 2.00%, due 06/01/51 | 2255261 |
| 1185114 | Federal National Mortgage Association, Pool # FM9461, 3.50%, due 11/01/51 | 1089472 |
| 829413 | Federal National Mortgage Association, Pool # FM9726, 2.50%, due 11/01/51 | 713689 |
| 476603 | Federal National Mortgage Association, Pool # FM9977, 4.00%, due 02/01/50 | 456599 |
| 1168493 | Federal National Mortgage Association, Pool # FP0077, 3.50%, due 03/01/51 | 1078020 |
| 883215 | Federal National Mortgage Association, Pool # FS0027, 2.50%, due 11/01/51 | 759468 |
| 962472 | Federal National Mortgage Association, Pool # FS0194, 2.50%, due 01/01/52 | 821502 |
| 2000626 | Federal National Mortgage Association, Pool # FS0644, 3.00%, due 02/01/52 | 1778576 |
| 108147 | Federal National Mortgage Association, Pool # FS0703, 4.00%, due 01/01/49 | 103949 |
| 1809584 | Federal National Mortgage Association, Pool # FS0715, 3.00%, due 01/01/52 | 1610414 |
| 330876 | Federal National Mortgage Association, Pool # FS0717, 3.00%, due 02/01/52 | 293598 |
| 398948 | Federal National Mortgage Association, Pool # FS1201, 3.00%, due 01/01/50 | 351471 |
| 1131403 | Federal National Mortgage Association, Pool # FS1228, 3.00%, due 03/01/52 | 1006174 |
| 464779 | Federal National Mortgage Association, Pool # FS1285, 3.50%, due 02/01/52 | 429600 |
| 352169 | Federal National Mortgage Association, Pool # FS1427, 3.00%, due 02/01/50 | 314946 |
| 280516 | Federal National Mortgage Association, Pool # FS1602, 4.00%, due 07/01/49 | 269755 |
| 194981 | Federal National Mortgage Association, Pool # FS1637, 4.00%, due 04/01/52 | 184806 |
| 2466879 | Federal National Mortgage Association, Pool # FS1938, 2.50%, due 02/01/52 | 2106006 |
| 1141485 | Federal National Mortgage Association, Pool # FS1976, 4.00%, due 08/01/51 | 1097754 |
| 361920 | Federal National Mortgage Association, Pool # FS2060, 4.00%, due 06/01/52 | 344844 |
| 1951681 | Federal National Mortgage Association, Pool # FS2065, 4.00%, due 06/01/52 | 1858029 |
| 935164 | Federal National Mortgage Association, Pool # FS2187, 4.00%, due 06/01/52 | 896949 |
| 59278 | Federal National Mortgage Association, Pool # FS2354, 4.00%, due 06/01/52 | 56668 |
| 1405204 | Federal National Mortgage Association, Pool # FS2896, 4.50%, due 09/01/52 | 1384695 |
| 851594 | Federal National Mortgage Association, Pool # FS2920, 3.00%, due 07/01/36 | 820477 |
| 414621 | Federal National Mortgage Association, Pool # FS2969, 4.50%, due 10/01/52 | 408570 |
| 1853734 | Federal National Mortgage Association, Pool # FS3040, 3.00%, due 12/01/51 | 1634243 |
| 546941 | Federal National Mortgage Association, Pool # FS3067, 4.00%, due 07/01/52 | 519620 |
| 546526 | Federal National Mortgage Association, Pool # FS3139, 4.50%, due 10/01/52 | 534699 |
| 584476 | Federal National Mortgage Association, Pool # FS3158, 4.50%, due 11/01/52 | 573095 |
| 413804 | Federal National Mortgage Association, Pool # FS3276, 4.50%, due 12/01/37 | 413546 |
| 262070 | Federal National Mortgage Association, Pool # FS3310, 4.50%, due 11/01/37 | 262221 |
| 876493 | Federal National Mortgage Association, Pool # FS3332, 5.50%, due 12/01/52 | 894575 |
| 819889 | Federal National Mortgage Association, Pool # FS3417, 5.00%, due 12/01/52 | 821604 |
| 1600994 | Federal National Mortgage Association, Pool # FS3560, 4.50%, due 04/01/53 | 1569820 |
| 1825577 | Federal National Mortgage Association, Pool # FS4223, 4.50%, due 05/01/47 | 1822404 |
| 1040098 | Federal National Mortgage Association, Pool # FS4312, 4.50%, due 03/01/53 | 1017590 |
| 1086216 | Federal National Mortgage Association, Pool # FS4758, 2.50%, due 01/01/36 | 1032986 |
| 806112 | Federal National Mortgage Association, Pool # FS5171, 3.00%, due 12/01/51 | 716958 |
| 340750 | Federal National Mortgage Association, Pool # FS5263, 4.50%, due 05/01/53 | 334485 |
| 831569 | Federal National Mortgage Association, Pool # FS5656, 5.50%, due 08/01/53 | 848073 |
| 1388359 | Federal National Mortgage Association, Pool # FS5871, 2.00%, due 07/01/51 | 1131080 |
| 1552484 | Federal National Mortgage Association, Pool # FS5912, 4.00%, due 05/01/52 | 1468854 |

---

90See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 405845 | Federal National Mortgage Association, Pool # FS6158, 4.00%, due 07/01/52 | 383856 |
| 1365346 | Federal National Mortgage Association, Pool # FS6255, 3.50%, due 08/01/52 | 1258036 |
| 650115 | Federal National Mortgage Association, Pool # FS6431, 3.50%, due 09/01/52 | 599408 |
| 385788 | Federal National Mortgage Association, Pool # FS6645, 3.00%, due 05/01/52 | 345052 |
| 671107 | Federal National Mortgage Association, Pool # FS7206, 5.50%, due 02/01/54 | 685509 |
| 598936 | Federal National Mortgage Association, Pool # FS7249, 4.50%, due 10/01/52 | 587923 |
| 878090 | Federal National Mortgage Association, Pool # FS7381, 3.50%, due 09/01/52 | 808739 |
| 1845364 | Federal National Mortgage Association, Pool # FS7404, 3.50%, due 01/01/48 | 1727170 |
| 2710161 | Federal National Mortgage Association, Pool # FS7948, 2.50%, due 04/01/52 | 2330134 |
| 944021 | Federal National Mortgage Association, Pool # FS8125, 5.50%, due 05/01/54 | 959597 |
| 1119257 | Federal National Mortgage Association, Pool # FS8422, 4.00%, due 09/01/53 | 1060854 |
| 581965 | Federal National Mortgage Association, Pool # FS9784, 5.50%, due 11/01/54 | 592441 |
| 58156 | Federal National Mortgage Association, Pool # MA2516, 3.00%, due 01/01/46 | 52663 |
| 89530 | Federal National Mortgage Association, Pool # MA2781, 2.50%, due 10/01/46 | 77769 |
| 14211 | Federal National Mortgage Association, Pool # MA2835, 4.00%, due 12/01/46 | 13670 |
| 2147462 | Federal National Mortgage Association, Pool # MA2863, 3.00%, due 01/01/47 | 1942020 |
| 260159 | Federal National Mortgage Association, Pool # MA3058, 4.00%, due 07/01/47 | 248013 |
| 247285 | Federal National Mortgage Association, Pool # MA3076, 2.50%, due 07/01/32 | 237959 |
| 72697 | Federal National Mortgage Association, Pool # MA3087, 3.50%, due 08/01/47 | 67565 |
| 279700 | Federal National Mortgage Association, Pool # MA3114, 2.50%, due 08/01/32 | 269630 |
| 266898 | Federal National Mortgage Association, Pool # MA3124, 2.50%, due 09/01/32 | 257288 |
| 53711 | Federal National Mortgage Association, Pool # MA3155, 3.00%, due 10/01/32 | 52329 |
| 2774814 | Federal National Mortgage Association, Pool # MA3182, 3.50%, due 11/01/47 | 2589209 |
| 5879906 | Federal National Mortgage Association, Pool # MA3210, 3.50%, due 12/01/47 | 5478710 |
| 116759 | Federal National Mortgage Association, Pool # MA3211, 4.00%, due 12/01/47 | 112558 |
| 84376 | Federal National Mortgage Association, Pool # MA3238, 3.50%, due 01/01/48 | 78636 |
| 212074 | Federal National Mortgage Association, Pool # MA3332, 3.50%, due 04/01/48 | 197035 |
| 55199 | Federal National Mortgage Association, Pool # MA3364, 3.50%, due 05/01/33 | 54490 |
| 44906 | Federal National Mortgage Association, Pool # MA3385, 4.50%, due 06/01/48 | 44354 |
| 64689 | Federal National Mortgage Association, Pool # MA3442, 3.50%, due 08/01/48 | 59927 |
| 50786 | Federal National Mortgage Association, Pool # MA3521, 4.00%, due 11/01/48 | 48791 |
| 523993 | Federal National Mortgage Association, Pool # MA3871, 3.00%, due 12/01/49 | 466206 |
| 3397703 | Federal National Mortgage Association, Pool # MA3937, 3.00%, due 02/01/50 | 3022600 |
| 108296 | Federal National Mortgage Association, Pool # MA3960, 3.00%, due 03/01/50 | 96094 |
| 258272 | Federal National Mortgage Association, Pool # MA4014, 3.00%, due 05/01/35 | 248836 |
| 624474 | Federal National Mortgage Association, Pool # MA4018, 2.00%, due 05/01/50 | 509401 |
| 389972 | Federal National Mortgage Association, Pool # MA4048, 3.00%, due 06/01/50 | 346857 |
| 108296 | Federal National Mortgage Association, Pool # MA4120, 2.50%, due 09/01/50 | 92148 |
| 1390462 | Federal National Mortgage Association, Pool # MA4158, 2.00%, due 10/01/50 | 1132797 |
| 901449 | Federal National Mortgage Association, Pool # MA4159, 2.50%, due 10/01/50 | 764046 |
| 365297 | Federal National Mortgage Association, Pool # MA4181, 1.50%, due 11/01/50 | 281282 |
| 276548 | Federal National Mortgage Association, Pool # MA4204, 2.00%, due 12/01/40 | 240069 |
| 660342 | Federal National Mortgage Association, Pool # MA4208, 2.00%, due 12/01/50 | 537975 |
| 3120910 | Federal National Mortgage Association, Pool # MA4209, 1.50%, due 12/01/50 | 2401071 |
| 422957 | Federal National Mortgage Association, Pool # MA4232, 2.00%, due 01/01/41 | 366892 |
| 440181 | Federal National Mortgage Association, Pool # MA4236, 1.50%, due 01/01/51 | 338773 |
| 1566422 | Federal National Mortgage Association, Pool # MA4237, 2.00%, due 01/01/51 | 1275496 |
| 761837 | Federal National Mortgage Association, Pool # MA4238, 2.50%, due 01/01/51 | 647681 |
| 874313 | Federal National Mortgage Association, Pool # MA4254, 1.50%, due 02/01/51 | 672663 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 1765005 | Federal National Mortgage Association, Pool # MA4255, 2.00%, due 02/01/51 | 1434261 |
| 431882 | Federal National Mortgage Association, Pool # MA4268, 2.00%, due 02/01/41 | 374317 |
| 89409 | Federal National Mortgage Association, Pool # MA4281, 2.00%, due 03/01/51 | 72710 |
| 197146 | Federal National Mortgage Association, Pool # MA4305, 2.00%, due 04/01/51 | 159776 |
| 4592339 | Federal National Mortgage Association, Pool # MA4325, 2.00%, due 05/01/51 | 3733203 |
| 1313495 | Federal National Mortgage Association, Pool # MA4326, 2.50%, due 05/01/51 | 1113842 |
| 241354 | Federal National Mortgage Association, Pool # MA4333, 2.00%, due 05/01/41 | 210269 |
| 281445 | Federal National Mortgage Association, Pool # MA4356, 2.50%, due 06/01/51 | 239218 |
| 347941 | Federal National Mortgage Association, Pool # MA4380, 3.00%, due 07/01/51 | 308029 |
| 390497 | Federal National Mortgage Association, Pool # MA4399, 2.50%, due 08/01/51 | 331473 |
| 832536 | Federal National Mortgage Association, Pool # MA4549, 3.00%, due 02/01/52 | 733895 |
| 297891 | Federal National Mortgage Association, Pool # MA4600, 3.50%, due 05/01/52 | 272810 |
| 1245117 | Federal National Mortgage Association, Pool # MA4618, 4.00%, due 04/01/52 | 1175346 |
| 1074620 | Federal National Mortgage Association, Pool # MA4644, 4.00%, due 05/01/52 | 1016066 |
| 2219401 | Federal National Mortgage Association, Pool # MA4656, 4.50%, due 07/01/52 | 2164386 |
| 744499 | Federal National Mortgage Association, Pool # MA4686, 5.00%, due 06/01/52 | 742424 |
| 2838658 | Federal National Mortgage Association, Pool # MA4733, 4.50%, due 09/01/52 | 2767998 |
| 911538 | Federal National Mortgage Association, Pool # MA4761, 5.00%, due 09/01/52 | 908996 |
| 1742793 | Federal National Mortgage Association, Pool # MA4806, 5.00%, due 11/01/52 | 1740898 |
| 1499771 | Federal National Mortgage Association, Pool # MA4894, 6.00%, due 01/01/53 | 1537550 |
| 990761 | Federal National Mortgage Association, Pool # MA4941, 5.50%, due 03/01/53 | 1003727 |
| 518780 | Federal National Mortgage Association, Pool # MA4978, 5.00%, due 04/01/53 | 517173 |
| 3877418 | Federal National Mortgage Association, Pool # MA4979, 5.50%, due 04/01/53 | 3928513 |
| 826580 | Federal National Mortgage Association, Pool # MA5010, 5.50%, due 05/01/53 | 837281 |
| 1054192 | Federal National Mortgage Association, Pool # MA5038, 5.00%, due 06/01/53 | 1050655 |
| 397212 | Federal National Mortgage Association, Pool # MA5139, 6.00%, due 09/01/53 | 407165 |
| 1788693 | Federal National Mortgage Association, Pool # MA5711, 5.00%, due 05/01/40 | 1807916 |
| 349587 | Federal National Mortgage Association REMICS, Series 2011-59, Class NZ, 5.50%, due <br> 07/25/41<br>| 362485 |
| 949 | Federal National Mortgage Association REMICS, Series 2012-28, Class B, 6.50%, due <br> 06/25/39<br>| 974 |
| 96143 | Government National Mortgage Association, Pool # 004636, 4.50%, due 02/20/40 | 96765 |
| 18201 | Government National Mortgage Association, Pool # 004678, 4.50%, due 04/20/40 | 18318 |
| 107998 | Government National Mortgage Association, Pool # 004833, 4.00%, due 10/20/40 | 104591 |
| 102034 | Government National Mortgage Association, Pool # 004977, 4.00%, due 03/20/41 | 98814 |
| 256154 | Government National Mortgage Association, Pool # 004978, 4.50%, due 03/20/41 | 257811 |
| 396812 | Government National Mortgage Association, Pool # 005055, 4.50%, due 05/20/41 | 399379 |
| 207446 | Government National Mortgage Association, Pool # 734152, 4.00%, due 01/15/41 | 200251 |
| 15713 | Government National Mortgage Association, Pool # 783637, 3.00%, due 06/20/42 | 14498 |
| 1344001 | Government National Mortgage Association, Pool # 784369, 4.00%, due 08/15/45 | 1290390 |
| 141793 | Government National Mortgage Association, Pool # 784605, 4.50%, due 01/15/42 | 141321 |
| 2462548 | Government National Mortgage Association, Pool # 785283, 2.50%, due 01/20/51 | 2113498 |
| 347914 | Government National Mortgage Association, Pool # 796468, 4.00%, due 09/20/42 | 334997 |
| 79503 | Government National Mortgage Association, Pool # AL8626, 3.00%, due 08/15/45 | 71598 |
| 556046 | Government National Mortgage Association, Pool # AV9421, 3.50%, due 11/20/46 | 514425 |
| 305233 | Government National Mortgage Association, Pool # AY7555, 3.50%, due 04/20/47 | 282379 |
| 151682 | Government National Mortgage Association, Pool # MA0462, 3.50%, due 10/20/42 | 144081 |
| 22730 | Government National Mortgage Association, Pool # MA0624, 3.00%, due 12/20/42 | 20944 |
| 101355 | Government National Mortgage Association, Pool # MA0625, 3.50%, due 12/20/42 | 96213 |

---

92See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 57528 | Government National Mortgage Association, Pool # MA0698, 3.00%, due 01/20/43 | 53008 |
| 195737 | Government National Mortgage Association, Pool # MA0851, 3.00%, due 03/20/43 | 180195 |
| 157262 | Government National Mortgage Association, Pool # MA0852, 3.50%, due 03/20/43 | 148776 |
| 32919 | Government National Mortgage Association, Pool # MA1156, 3.00%, due 07/20/43 | 30224 |
| 106930 | Government National Mortgage Association, Pool # MA1376, 4.00%, due 10/20/43 | 103332 |
| 48712 | Government National Mortgage Association, Pool # MA1599, 3.00%, due 01/20/44 | 44744 |
| 98454 | Government National Mortgage Association, Pool # MA2371, 3.50%, due 11/20/44 | 92301 |
| 79715 | Government National Mortgage Association, Pool # MA2372, 4.00%, due 11/20/44 | 76705 |
| 71711 | Government National Mortgage Association, Pool # MA2825, 3.00%, due 05/20/45 | 65179 |
| 166802 | Government National Mortgage Association, Pool # MA3310, 3.50%, due 12/20/45 | 155251 |
| 67161 | Government National Mortgage Association, Pool # MA3377, 4.00%, due 01/20/46 | 64480 |
| 100783 | Government National Mortgage Association, Pool # MA3455, 4.00%, due 02/20/46 | 96823 |
| 189354 | Government National Mortgage Association, Pool # MA3456, 4.50%, due 02/20/46 | 187776 |
| 164125 | Government National Mortgage Association, Pool # MA3596, 3.00%, due 04/20/46 | 149037 |
| 313313 | Government National Mortgage Association, Pool # MA3803, 3.50%, due 07/20/46 | 289764 |
| 232773 | Government National Mortgage Association, Pool # MA3873, 3.00%, due 08/20/46 | 211221 |
| 109382 | Government National Mortgage Association, Pool # MA4004, 3.50%, due 10/20/46 | 101758 |
| 63717 | Government National Mortgage Association, Pool # MA4071, 4.50%, due 11/20/46 | 63278 |
| 56614 | Government National Mortgage Association, Pool # MA4125, 2.50%, due 12/20/46 | 49993 |
| 89075 | Government National Mortgage Association, Pool # MA4263, 4.00%, due 02/20/47 | 85184 |
| 139634 | Government National Mortgage Association, Pool # MA4585, 3.00%, due 07/20/47 | 126694 |
| 131847 | Government National Mortgage Association, Pool # MA4586, 3.50%, due 07/20/47 | 122463 |
| 336944 | Government National Mortgage Association, Pool # MA4720, 4.00%, due 09/20/47 | 322551 |
| 95010 | Government National Mortgage Association, Pool # MA4838, 4.00%, due 11/20/47 | 90951 |
| 385180 | Government National Mortgage Association, Pool # MA5019, 3.50%, due 02/20/48 | 357765 |
| 45159 | Government National Mortgage Association, Pool # MA5021, 4.50%, due 02/20/48 | 44838 |
| 15631 | Government National Mortgage Association, Pool # MA5079, 4.50%, due 03/20/48 | 15520 |
| 186007 | Government National Mortgage Association, Pool # MA5264, 4.00%, due 06/20/48 | 177943 |
| 106311 | Government National Mortgage Association, Pool # MA5397, 3.50%, due 08/20/48 | 98744 |
| 108588 | Government National Mortgage Association, Pool # MA5466, 4.00%, due 09/20/48 | 103947 |
| 88282 | Government National Mortgage Association, Pool # MA5467, 4.50%, due 09/20/48 | 87327 |
| 37770 | Government National Mortgage Association, Pool # MA5530, 5.00%, due 10/20/48 | 38353 |
| 64994 | Government National Mortgage Association, Pool # MA5762, 3.50%, due 02/20/49 | 60188 |
| 3588810 | Government National Mortgage Association, Pool # MA5764, 4.50%, due 02/20/49 | 3556475 |
| 60503 | Government National Mortgage Association, Pool # MA5817, 4.00%, due 03/20/49 | 57781 |
| 218768 | Government National Mortgage Association, Pool # MA5874, 3.00%, due 04/20/49 | 198494 |
| 835414 | Government National Mortgage Association, Pool # MA5876, 4.00%, due 04/20/49 | 803070 |
| 422250 | Government National Mortgage Association, Pool # MA6038, 3.00%, due 07/20/49 | 379614 |
| 3506125 | Government National Mortgage Association, Pool # MA6090, 3.50%, due 08/20/49 | 3222878 |
| 152765 | Government National Mortgage Association, Pool # MA6338, 3.00%, due 12/20/49 | 137195 |
| 354635 | Government National Mortgage Association, Pool # MA6409, 3.00%, due 01/20/50 | 318033 |
| 69278 | Government National Mortgage Association, Pool # MA6476, 4.00%, due 02/20/50 | 66120 |
| 1922679 | Government National Mortgage Association, Pool # MA6540, 2.50%, due 03/20/50 | 1659649 |
| 45414 | Government National Mortgage Association, Pool # MA6865, 2.50%, due 09/20/50 | 39159 |
| 5000528 | Government National Mortgage Association, Pool # MA6930, 2.00%, due 10/20/50 | 4139253 |
| 207566 | Government National Mortgage Association, Pool # MA6931, 2.50%, due 10/20/50 | 179393 |
| 158384 | Government National Mortgage Association, Pool # MA6995, 2.50%, due 11/20/50 | 136813 |
| 2853241 | Government National Mortgage Association, Pool # MA7589, 2.50%, due 09/20/51 | 2459348 |
| 3888965 | Government National Mortgage Association, Pool # MA7880, 2.00%, due 02/20/52 | 3217774 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 1588735 | Government National Mortgage Association, Pool # MA7938, 3.50%, due 03/20/52 | 1463489 |
| 827873 | Government National Mortgage Association, Pool # MA7939, 4.00%, due 03/20/52 | 785691 |
| 2656400 | Government National Mortgage Association, Pool # MA8044, 3.50%, due 05/20/52 | 2445053 |
| 1568604 | Government National Mortgage Association, Pool # MA8150, 4.00%, due 07/20/52 | 1489241 |
| 2400421 | Government National Mortgage Association, Pool # MA8267, 4.00%, due 09/20/52 | 2275506 |
| 1432111 | Government National Mortgage Association, Pool # MA8429, 5.50%, due 11/20/52 | 1447379 |
| 2668218 | Government National Mortgage Association, Pool # MA8642, 2.50%, due 02/20/53 | 2322165 |
| 878500 | Government National Mortgage Association, Pool # MA8725, 5.00%, due 03/20/53 | 879201 |
| 1705788 | Government National Mortgage Association, Pool # MA9782, 7.00%, due 07/20/54 | 1756556 |
| 499951 | Government National Mortgage Association, Pool # MB0150, 7.00%, due 01/20/55 | 514186 |
| 500000 | Uniform Mortgage-Backed Security, TBA, 2.50%, due 10/01/55 | 421326 |
| 1000000 | Uniform Mortgage-Backed Security, TBA, 5.00%, due 10/01/55 | 991892 |
|  |  | 416999529 |
|  | **Municipal Obligations — 0.7%** | **Municipal Obligations — 0.7%** |
| 60000 | Alabama Economic Settlement Authority, 4.26%, due 09/15/32 | 59823 |
| 355000 | Bay Area Toll Authority, 6.26%, due 04/01/49 | 375619 |
| 1525000 | California Health Facilities Financing Authority, 4.19%, due 06/01/37 | 1441705 |
| 90000 | District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14<sup>(h)</sup> <br>| 78997 |
| 1055000 | Empire State Development Corp., 5.77%, due 03/15/39 | 1091552 |
| 257000 | Golden State Tobacco Securitization Corp., 4.21%, due 06/01/50 | 190738 |
| 555129 | Louisiana Local Government Environmental Facilities & Community Development <br> Authority, 3.62%, due 02/01/29<br>| 552613 |
| 280000 | Maryland Economic Development Corp., 5.43%, due 05/31/56 | 271647 |
| 338000 | Municipal Electric Authority of Georgia, 6.64%, due 04/01/57 | 370845 |
| 885000 | State of California, 7.50%, due 04/01/34 | 1039242 |
| 655000 | State of California, 7.55%, due 04/01/39 | 800041 |
| 935000 | State of Connecticut, 3.98%, due 06/15/29 | 940327 |
| 1690000 | University of Michigan, 4.45%, due 04/01/22<sup>(h)</sup> <br>| 1364864 |
| 940000 | University of Virginia, 2.26%, due 09/01/50 | 555657 |
| 595000 | University of Virginia, 2.58%, due 11/01/51 | 372190 |
| 185000 | University of Virginia, 4.18%, due 09/01/17<sup>(h)</sup> <br>| 141328 |
|  |  | 9647188 |
|  | **Sovereign Debt Obligations — 0.5%** | **Sovereign Debt Obligations — 0.5%** |
| 200000 | Bermuda Government International Bonds, 2.38%, due 08/20/30 144A | 183200 |
| 200000 | Cassa Depositi e Prestiti SpA, 4.38%, due 10/01/30<sup>(d)</sup> 144A | 201203 |
| 200000 | Cassa Depositi e Prestiti SpA, 5.88%, due 04/30/29 144A | 211195 |
| 560000 | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | 572740 |
| 535000 | Hungary Government International Bonds, 5.38%, due 09/26/30 144A | 550938 |
| 999000 | Israel Government International Bonds, 5.38%, due 02/19/30 | 1031686 |
| 695000 | Mexico Government International Bonds, 6.88%, due 05/13/37 | 751295 |
| 300000 | Mexico Government International Bonds, 6.75%, due 09/27/34 | 327825 |
| 320000 | Province of Alberta, 1.30%, due 07/22/30 | 284199 |
| 175000 | Province of Alberta, 3.30%, due 03/15/28 | 173149 |
| 100000 | Province of Manitoba, 2.13%, due 06/22/26 | 98697 |
| 220000 | Province of Quebec, 2.75%, due 04/12/27 | 216766 |
| 1590000 | Romania Government International Bonds, 5.75%, due 09/16/30 144A | 1623088 |

---

94See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 400000 | Serbia International Bonds, 6.25%, due 05/26/28<sup>(i)</sup> <br>| 417527 |
|  |  | 6643508 |
|  | **U.S. Government and Agency Obligations — 18.4%** | **U.S. Government and Agency Obligations — 18.4%** |
| 75000 | Federal National Mortgage Association, 0.88%, due 08/05/30 | 65594 |
| 310000 | Federal National Mortgage Association, 4.42%, due 03/17/31<sup>(j)</sup> <br>| 248694 |
| 545000 | Federal National Mortgage Association, 6.63%, due 11/15/30 | 616264 |
| 150000 | Tennessee Valley Authority, 1.50%, due 09/15/31 | 130587 |
| 910000 | Tennessee Valley Authority, 5.25%, due 02/01/55 | 909114 |
| 60000 | Tennessee Valley Authority, 7.13%, due 05/01/30 | 68426 |
| 75000 | Tennessee Valley Authority Generic STRIPS, 4.78%, due 07/15/34<sup>(j)</sup> <br>| 51373 |
| 10753000 | U.S. Treasury Bonds, 1.38%, due 08/15/50 | 5409893 |
| 5891000 | U.S. Treasury Bonds, 1.63%, due 11/15/50 | 3162501 |
| 7639000 | U.S. Treasury Bonds, 2.00%, due 02/15/50 | 4569823 |
| 2240000 | U.S. Treasury Bonds, 2.38%, due 11/15/49 | 1466238 |
| 18915000 | U.S. Treasury Bonds, 2.38%, due 05/15/51<sup>(k)</sup> <br>| 12173576 |
| 17310000 | U.S. Treasury Bonds, 3.00%, due 02/15/49<sup>(l)</sup> <br>| 12964581 |
| 5700000 | U.S. Treasury Bonds, 3.25%, due 05/15/42 | 4790672 |
| 2726000 | U.S. Treasury Bonds, 3.38%, due 11/15/48 | 2190597 |
| 9905000 | U.S. Treasury Bonds, 3.63%, due 08/15/43 | 8645208 |
| 3214000 | U.S. Treasury Bonds, 4.00%, due 11/15/42 | 2972573 |
| 930000 | U.S. Treasury Bonds, 4.00%, due 11/15/52 | 823195 |
| 13341000 | U.S. Treasury Bonds, 4.25%, due 02/15/54 | 12318016 |
| 6893000 | U.S. Treasury Bonds, 4.25%, due 08/15/54 | 6365255 |
| 600000 | U.S. Treasury Bonds, 4.38%, due 08/15/43 | 579246 |
| 17088000 | U.S. Treasury Bonds, 4.50%, due 02/15/44 | 16717537 |
| 10462000 | U.S. Treasury Bonds, 4.63%, due 05/15/44 | 10388030 |
| 12095000 | U.S. Treasury Bonds, 4.63%, due 11/15/44 | 11985862 |
| 8594000 | U.S. Treasury Bonds, 4.63%, due 02/15/55 | 8450319 |
| 6221000 | U.S. Treasury Bonds, 4.75%, due 11/15/43 | 6289042 |
| 1805000 | U.S. Treasury Bonds, 4.75%, due 11/15/53 | 1808596 |
| 10882000 | U.S. Treasury Bonds, 4.75%, due 05/15/55 | 10919407 |
| 2942000 | U.S. Treasury Bonds, 4.75%, due 08/15/55 | 2952573 |
| 209000 | U.S. Treasury Bonds, 4.88%, due 08/15/45 | 213686 |
| 6192000 | U.S. Treasury Bonds, 5.00%, due 05/15/45 | 6431456 |
| 2925431 | U.S. Treasury Inflation-Indexed Notes, 0.13%, due 01/15/30 | 2793846 |
| 2155000 | U.S. Treasury Notes, 0.50%, due 04/30/27 | 2052006 |
| 2960000 | U.S. Treasury Notes, 2.75%, due 07/31/27 | 2914039 |
| 2300000 | U.S. Treasury Notes, 3.25%, due 06/30/27 | 2285266 |
| 3365000 | U.S. Treasury Notes, 3.38%, due 09/15/28 | 3342260 |
| 5218000 | U.S. Treasury Notes, 3.63%, due 08/15/28 | 5218612 |
| 35000 | U.S. Treasury Notes, 3.63%, due 08/31/30 | 34825 |
| 14535000 | U.S. Treasury Notes, 3.63%, due 09/30/30 | 14461757 |
| 1955000 | U.S. Treasury Notes, 3.75%, due 04/30/27 | 1957940 |
| 8370000 | U.S. Treasury Notes, 3.75%, due 05/15/28 | 8397954 |
| 8480000 | U.S. Treasury Notes, 3.88%, due 05/31/27 | 8510144 |
| 3593000 | U.S. Treasury Notes, 3.88%, due 03/15/28 | 3616158 |
| 673000 | U.S. Treasury Notes, 3.88%, due 07/15/28 | 677443 |
| 915000 | U.S. Treasury Notes, 3.88%, due 07/31/30 | 920647 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** | **U.S. Government and Agency Obligations — continued** |
| 3155000 | U.S. Treasury Notes, 3.88%, due 09/30/32 | 3144894 |
| 12746000 | U.S. Treasury Notes, 4.00%, due 05/31/30 | 12897359 |
| 5087000 | U.S. Treasury Notes, 4.00%, due 07/31/32 | 5111640 |
| 8125000 | U.S. Treasury Notes, 4.13%, due 02/28/27 | 8174670 |
| 2855000 | U.S. Treasury Notes, 4.25%, due 05/15/35 | 2881766 |
| 6664000 | U.S. Treasury Notes, 4.25%, due 08/15/35 | 6718666 |
| 7250000 | U.S. Treasury Notes, 4.63%, due 06/15/27 | 7366255 |
| 2395000 | U.S. Treasury STRIPS Coupon, 2.66%, due 08/15/44<sup>(j)(k)</sup> <br>| 948302 |
| 3500000 | U.S. Treasury STRIPS Coupon, 2.67%, due 02/15/43<sup>(j)</sup> <br>| 1506067 |
| 7055000 | U.S. Treasury STRIPS Coupon, 3.37%, due 11/15/41<sup>(j)</sup> <br>| 3267326 |
| 345000 | U.S. Treasury STRIPS Coupon, 4.37%, due 08/15/43<sup>(j)</sup> <br>| 144355 |
| 100000 | U.S. Treasury STRIPS Coupon, 4.72%, due 02/15/40<sup>(j)</sup> <br>| 51143 |
| 2690000 | U.S. Treasury STRIPS Coupon, 4.84%, due 02/15/42<sup>(j)</sup> <br>| 1228066 |
|  |  | 267301340 |
|  | TOTAL DEBT OBLIGATIONS (COST $1,451,045,782) | 1438461850 |

---

&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 — 1.2%** | **SHORT-TERM INVESTMENT — 1.2%** |
|  | **Mutual Fund - Securities Lending Collateral — 1.2%** | **Mutual Fund - Securities Lending Collateral — 1.2%** |
| 17513785 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.18%<sup>(m)(n)</sup> <br>| 17513785 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $17,513,785) | 17513785 |
|  | **TOTAL INVESTMENTS BEFORE TBA SALE** <br> **COMMITMENTS — 100.4%** <br>(Cost $1,468,793,879)<br>| 1456000121 |
|  | **TBA SALE COMMITMENTS — (0.7)%** | **TBA SALE COMMITMENTS — (0.7)%** |
| (1000000) | Government National Mortgage Association, TBA, 3.50%, due 10/20/55 | (911929) |
| (8000000) | Uniform Mortgage-Backed Security, TBA, 2.00%, due 10/01/55 | (6449865) |
| (2000000) | Uniform Mortgage-Backed Security, TBA, 2.50%, due 10/01/55 | (1685304) |

---

96See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
| (1500000) | Uniform Mortgage-Backed Security, TBA, 5.50%, due 10/01/54 | (1512591) |
|  | TOTAL TBA SALE COMMITMENTS (PROCEEDS $10,402,773) | (10559689) |
|  | **TOTAL INVESTMENTS NET OF TBA SALE** <br> **COMMITMENTS — 99.7%** <br>(Cost $1,458,391,106)<br>| 1445440432 |
|  | Other Assets and Liabilities (net) — 0.3% | 4879888 |
|  | **NET ASSETS — 100.0%** | **$1450320320** |

---

&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 September 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) | When-issued security. |
| (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) | All or a portion of this security is out on loan. |
| (g) | Security is perpetual and has no stated maturity date. |
| (h) | Year of maturity is greater than 2100. |
| (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 centrally cleared swaps collateral. |
| (m) | The rate disclosed is the 7-day net yield as of September 30, 2025. |
| (n) | 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 $297,169,559 which represents 20.5% 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 | 20446264 | &nbsp;&nbsp; USD | 24120894 | 10/02/25 | Barclays Bank PLC | &nbsp;&nbsp; $(96538)<br>|
| EUR | 267802 | &nbsp;&nbsp; USD | 315146 | 11/05/25 | Barclays Bank PLC | &nbsp;&nbsp; 167 |
| USD | 24170304 | &nbsp;&nbsp; EUR | 20446264 | 11/05/25 | Barclays Bank PLC | &nbsp;&nbsp; 96651 |
| USD | 23986828 | &nbsp;&nbsp; EUR | 20446264 | 10/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (37528)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(37248)<br>|

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 193 | U.S. Treasury Note 10-Year | Dec 2025 | &nbsp;&nbsp; $21712500 | &nbsp;&nbsp; $90230 |
| 14 | U.S. Treasury Note 2-Year | Dec 2025 | &nbsp;&nbsp; 2917578 | &nbsp;&nbsp; (5595)<br>|
| 337 | U.S. Treasury Note 5-Year | Dec 2025 | &nbsp;&nbsp; 36798820 | &nbsp;&nbsp; 36101 |
| 95 | U.S. Ultra 10-Year | Dec 2025 | &nbsp;&nbsp; 10932422 | &nbsp;&nbsp; 89090 |
|  |  |  |  | &nbsp;&nbsp; $209826 |
| Sales |  |  |  |  |
| 34 | U.S. Long Bond | Dec 2025 | &nbsp;&nbsp; $3964187 | &nbsp;&nbsp; $(2462)<br>|
| 18 | U.S. Ultra Bond | Dec 2025 | &nbsp;&nbsp; 2161125 | &nbsp;&nbsp; (62287)<br>|
|  |  |  |  | &nbsp;&nbsp; $(64749)<br>|

---

**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 | 4.70% | Annual | 09/25/26 | &nbsp;&nbsp;&nbsp; $154 | USD | &nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; $(8443)<br>| &nbsp;&nbsp;&nbsp; $(8597)<br>|
| SOFR | Annual | 4.67% | Annual | 05/17/26 | &nbsp;&nbsp;&nbsp; — | USD | &nbsp;&nbsp;&nbsp; 10955000 | &nbsp;&nbsp;&nbsp; (56175)<br>| &nbsp;&nbsp;&nbsp; (56175)<br>|
| SOFR | Annual | 4.25% | Annual | 05/13/29 | &nbsp;&nbsp;&nbsp; (9825)<br>| USD | &nbsp;&nbsp;&nbsp; 9240000 | &nbsp;&nbsp;&nbsp; (285327)<br>| &nbsp;&nbsp;&nbsp; (275502)<br>|
| SOFR | Annual | 1.35% | Annual | 05/11/54 | &nbsp;&nbsp;&nbsp; 515808 | USD | &nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp; 504789 | &nbsp;&nbsp;&nbsp; (11019)<br>|
| 4.50% | Annual | SOFR | Annual | 05/13/27 | &nbsp;&nbsp;&nbsp; 5534 | USD | &nbsp;&nbsp;&nbsp; 14850000 | &nbsp;&nbsp;&nbsp; 239966 | &nbsp;&nbsp;&nbsp; 234432 |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(116861)<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 |
| 7676000 | USD | 12/20/30 | (1.00%) | Quarterly | CDX.NA.IG.S45\*\* | $2519 | $(175933)<br>| $(173414)<br>|

---

&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 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;

98See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **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 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Debt Obligations | 99.2 |
| Swaps | 0.0\* |
| Futures Contracts | 0.0\* |
| Equities | 0.0\* |
| TBA Sale Commitments | (0.7) |
| Forward Foreign Currency Contracts | (1.6) |
| Short-Term Investment | 1.2 |
| Other Assets and Liabilities (net) | 1.9 |
|  | 100.0 |

---

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

\* *Amount rounds to zero.*

100See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 101.4%** | **DEBT OBLIGATIONS — 101.4%** |
|  | **Asset Backed Securities — 9.5%** | **Asset Backed Securities — 9.5%** |
| 3200000 | ACRES LLC, Series 2025-FL3, Class A, 5.75% (1 mo. USD Term SOFR + 1.62%), due <br> 08/18/40<sup>(b)</sup> 144A<br>| 3204866 |
| 466235 | Aegis Asset-Backed Securities Trust, Series 2005-5, Class M1, 4.92% (1 mo. USD Term <br> SOFR + 0.76%), due 12/25/35<sup>(b)</sup> <br>| 440391 |
| 1650000 | Affirm Asset Securitization Trust, Series 2024-A, Class E, 9.17%, due 02/15/29 144A | 1663633 |
| 1900000 | Affirm Asset Securitization Trust, Series 2024-B, Class E, 7.35%, due 09/15/29 144A | 1914208 |
| 1800000 | Affirm Master Trust, Series 2025-2A, Class A, 4.67%, due 07/15/33 144A | 1811440 |
| 500000 | AGL CLO 24 Ltd., Series 2023-24A, Class ER, 11.16% (3 mo. USD Term SOFR + <br> 6.84%), due 03/31/38<sup>(b)</sup> 144A<br>| 512227 |
| 300000 | 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>| 303799 |
| 250000 | AIMCO CLO 15 Ltd., Series 2021-15A, Class ER, 8.92% (3 mo. USD Term SOFR + <br> 4.60%), due 04/17/38<sup>(b)</sup> 144A<br>| 252039 |
| 1575000 | 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>| 1611858 |
| 1620000 | AIMCO CLO 24 Ltd., Series 2025-24A, Class SUB, due 04/19/38<sup>(c)</sup> 144A | 1241495 |
| 1486985 | Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class A2, 4.45%, due 06/15/33 <br> 144A<br>| 1490956 |
| 340000 | AMSR Trust, Series 2025-SFR1, Class F2, 3.66%, due 06/17/42 144A | 302228 |
| 510000 | Amur Equipment Finance Receivables XV LLC, Series 2025-1A, Class E, 8.35%, due <br> 01/20/34 144A<br>| 518509 |
| 250000 | 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>| 253183 |
| 250000 | 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>| 254662 |
| 250000 | 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>| 251177 |
| 600000 | Anchorage Credit Funding 18 Ltd., Series 2025-18A, Class B, 5.70%, due 10/22/40 <br> 144A<br>| 600889 |
| 1870000 | Apidos CLO XLV Ltd., Series 2023-45A, Class ER, 9.40% (3 mo. USD Term SOFR + <br> 5.15%), due 07/26/38<sup>(b)</sup> 144A<br>| 1890804 |
| 1032128 | Aqua Finance Issuer Trust, Series 2025-B, Class A, 4.79%, due 05/17/51 144A | 1038954 |
| 2000000 | ARES XLIV CLO Ltd., Series 2017-44A, Class A1RR, 5.42% (3 mo. USD Term SOFR <br> + 1.13%), due 04/15/34<sup>(b)</sup> 144A<br>| 2000974 |
| 810000 | Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE5, Class M1, <br> 2.69% (1 mo. USD Term SOFR + 0.53%), due 07/25/36<sup>(b)</sup> <br>| 710058 |
| 1710169 | Avid Automobile Receivables Trust, 7.80%, due 07/15/32 | 1710169 |
| 855000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class D, 7.31%, due <br> 06/20/29 144A<br>| 876688 |
| 905000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-6A, Class D, 7.37%, due <br> 12/20/29 144A<br>| 933005 |
| 2160000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-8A, Class D, 7.52%, due <br> 02/20/30 144A<br>| 2227636 |
| 1500000 | Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1R, 5.48% (3 mo. USD Term <br> SOFR + 1.15%), due 04/22/35<sup>(b)</sup> 144A<br>| 1502596 |
| 500000 | Balboa Bay Loan Funding Ltd., Series 2022-1A, Class ER, 10.96% (3 mo. USD Term <br> SOFR + 6.63%), due 04/20/37<sup>(b)</sup> 144A<br>| 504442 |
| 300000 | Balboa Bay Loan Funding Ltd., Series 2023-1A, Class D1RR, 7.23% (3 mo. USD Term <br> SOFR + 2.90%), due 04/20/36<sup>(b)</sup> 144A<br>| 300583 |
| 700000 | Balboa Bay Loan Funding Ltd., Series 2025-1A, Class E, 10.03% (3 mo. USD Term <br> SOFR + 5.75%), due 07/20/38<sup>(b)</sup> 144A<br>| 706314 |
| 1220000 | Ballyrock CLO 29 Ltd., Series 2025-29A, Class SUB, due 07/25/38<sup>(c)</sup> 144A | 1090931 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 250000 | 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>| 257804 |
| 300000 | BCC Middle Market CLO LLC, Series 2025-1A, Class D1, 7.61% (3 mo. USD Term <br> SOFR + 3.50%), due 07/17/37<sup>(b)</sup> 144A<br>| 300611 |
| 250000 | Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class E, 9.22% (3 mo. USD <br> Term SOFR + 4.90%), due 07/25/38<sup>(b)</sup> 144A<br>| 250703 |
| 250000 | Benefit Street Partners CLO XL Ltd., Series 2025-40A, Class E, 9.50% (3 mo. USD <br> Term SOFR + 5.25%), due 07/25/38<sup>(b)</sup> 144A<br>| 253744 |
| 1200000 | BHG Securitization Trust, Series 2025-2CON, Class B, 5.17%, due 09/17/36 144A | 1211633 |
| 450000 | Brant Point CLO Ltd., Series 2025-7A, Class D1, 7.53% (3 mo. USD Term SOFR + <br> 3.20%), due 07/25/38<sup>(b)</sup> 144A<br>| 454266 |
| 1700000 | Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class C, 5.17%, due <br> 03/17/31<br>| 1719413 |
| 500000 | Brightwood Capital MM CLO Ltd., Series 2019-1A, Class DR, 9.11% (3 mo. USD Term <br> SOFR + 4.79%), due 10/15/34<sup>(b)</sup> 144A<br>| 501058 |
| 2000000 | Carlyle U.S. CLO Ltd., Series 2017-2A, Class ER2, 11.89% (3 mo. USD Term SOFR + <br> 7.56%), due 07/20/37<sup>(b)</sup> 144A<br>| 2033972 |
| 700000 | Carlyle U.S. CLO Ltd., Series 2023-1A, Class D1R, 7.18% (3 mo. USD Term SOFR + <br> 2.85%), due 07/20/37<sup>(b)</sup> 144A<br>| 705015 |
| 250000 | Carlyle U.S. CLO Ltd., Series 2023-1A, Class ER, 10.08% (3 mo. USD Term SOFR + <br> 5.75%), due 07/20/37<sup>(b)</sup> 144A<br>| 253373 |
| 1000000 | 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>| 1028655 |
| 250000 | 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)</sup> 144A<br>| 252726 |
| 936463 | Chase Auto Credit Linked Notes, Series 2025-1, Class E, 6.02%, due 02/25/33 144A | 940511 |
| 726330 | Chase Auto Credit Linked Notes, Series 2025-1, Class F, 7.00%, due 02/25/33 144A | 729494 |
| 250000 | CIFC Funding Ltd., Series 2018-4A, Class ER, 9.17% (3 mo. USD Term SOFR + <br> 4.85%), due 01/17/38<sup>(b)</sup> 144A<br>| 251482 |
| 250000 | CIFC Funding Ltd., Series 2019-4A, Class C1R2, 7.20% (3 mo. USD Term SOFR + <br> 2.85%), due 07/15/38<sup>(b)</sup> 144A<br>| 253792 |
| 250000 | CIFC Funding Ltd., Series 2019-4A, Class DR2, 9.60% (3 mo. USD Term SOFR + <br> 5.25%), due 07/15/38<sup>(b)</sup> 144A<br>| 253124 |
| 300000 | CIFC Funding Ltd., Series 2025-3A, Class SUB, due 07/21/38<sup>(c)</sup> 144A | 275047 |
| 500000 | Consumer Portfolio Services Auto Trust, Series 2025-B, Class B, 4.79%, due 11/15/29 <br> 144A<br>| 503255 |
| 500000 | Consumer Portfolio Services Auto Trust, Series 2025-B, Class C, 5.12%, due 07/15/31 <br> 144A<br>| 504682 |
| 500000 | CPS Auto Receivables Trust, Series 2025-C, Class B, 4.71%, due 12/17/29 144A | 503416 |
| 1200000 | CPS Auto Receivables Trust, Series 2025-C, Class C, 4.91%, due 10/15/31 144A | 1203575 |
| 1000000 | CTM CLO Ltd., Series 2025-1A, Class E, 11.08% (3 mo. USD Term SOFR + 6.75%), <br> due 07/15/38<sup>(b)</sup> 144A<br>| 1017594 |
| 250000 | Diameter Capital CLO 3 Ltd., Series 2022-3A, Class SUB, due 04/15/22<sup>(c)(d)</sup> 144A | 209120 |
| 800000 | Elmwood CLO 15 Ltd., Series 2022-2A, Class A1R, 5.41% (3 mo. USD Term SOFR + <br> 1.15%), due 04/22/35<sup>(b)</sup> 144A<br>| 800730 |
| 755000 | 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>| 763438 |
| 250000 | 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>| 258533 |
| 430000 | Elmwood CLO 43 Ltd., Series 2025-6A, Class E, 9.32% (3 mo. USD Term SOFR + <br> 5.00%), due 07/20/38<sup>(b)</sup> 144A<br>| 433172 |
| 266000 | Elmwood CLO XI Ltd., Series 2021-4A, Class SUB, due 10/20/34<sup>(c)</sup> 144A | 213026 |

---

102See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1000000 | Elmwood CLO XII Ltd., Series 2021-5A, Class D1R, 7.42% (3 mo. USD Term SOFR + <br> 3.10%), due 10/15/37<sup>(b)</sup> 144A<br>| 1006572 |
| 1000000 | Exeter Automobile Receivables Trust, Series 2025-4A, Class B, 4.40%, due 05/15/30 | 1004487 |
| 1875000 | Exeter Automobile Receivables Trust, Series 2025-4A, Class E, 6.99%, due 04/15/33 <br> 144A<br>| 1876905 |
| 595000 | Exeter Select Automobile Receivables Trust, Series 2025-2, Class E, 6.87%, due <br> 02/15/33 144A<br>| 598183 |
| 250000 | Flatiron CLO 23 LLC, Series 2023-1A, Class ER, 9.27% (3 mo. USD Term SOFR + <br> 4.95%), due 04/17/36<sup>(b)</sup> 144A<br>| 250718 |
| 1250000 | Fortress Credit Opportunities XXIX CLO Ltd., Series 2025-29A, Class D, 7.83% (3 mo. <br> USD Term SOFR + 3.50%), due 04/20/33<sup>(b)</sup> 144A<br>| 1254076 |
| 464219 | Foundation Finance Trust, Series 2025-2A, Class A, 4.67%, due 04/15/52 144A | 466620 |
| 250000 | Garnet CLO 2 Ltd., Series 2025-2A, Class E, 9.33% (3 mo. USD Term SOFR + 5.25%), <br> due 10/20/38<sup>(b)</sup> 144A<br>| 250905 |
| 325000 | Garnet CLO Ltd., Series 2025-1A, Class E, 10.52% (3 mo. USD Term SOFR + 6.25%), <br> due 07/20/37<sup>(b)</sup> 144A<br>| 332803 |
| 250000 | Generate CLO 17 Ltd., Series 2024-17A, Class E, 10.48% (3 mo. USD Term SOFR + <br> 6.15%), due 10/22/37<sup>(b)</sup> 144A<br>| 252881 |
| 800000 | Generate CLO 21 Ltd., Series 2025-21A, Class D1, 7.41% (3 mo. USD Term SOFR + <br> 3.10%), due 07/25/38<sup>(b)</sup> 144A<br>| 806537 |
| 2100000 | GLS Auto Receivables Issuer Trust, Series 2025-2A, Class E, 7.73%, due 06/15/32 144A | 2183136 |
| 2000000 | GLS Auto Receivables Issuer Trust, Series 2025-3A, Class B, 4.57%, due 01/15/30 144A | 2008594 |
| 700000 | Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 5.44% (3 mo. <br> USD Term SOFR + 1.11%), due 04/20/35<sup>(b)</sup> 144A<br>| 700344 |
| 400000 | Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class AJR2, 5.73% (3 mo. <br> USD Term SOFR + 1.40%), due 04/20/35<sup>(b)</sup> 144A<br>| 400196 |
| 1400000 | Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class BR2, 5.83% (3 mo. <br> USD Term SOFR + 1.50%), due 04/20/35<sup>(b)</sup> 144A<br>| 1401387 |
| 498878 | GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A2, 4.93%, due <br> 06/25/60 144A<br>| 500906 |
| 500000 | GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A3, 5.02%, due <br> 06/25/60 144A<br>| 507424 |
| 499327 | GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A4, 4.89%, due <br> 06/25/60 144A<br>| 502789 |
| 6000000 | Greystone CRE Notes LLC, Series 2025-FL4, Class A, 5.63% (1 mo. USD Term SOFR <br> + 1.48%), due 01/15/43<sup>(b)</sup> 144A<br>| 6015706 |
| 23866 | GSAA Home Equity Trust, Series 2007-7, Class A4, 4.81% (1 mo. USD Term SOFR + <br> 0.65%), due 07/25/37<sup>(b)</sup> <br>| 23154 |
| 1515000 | Hertz Vehicle Financing III LLC, Series 2025-3A, Class D, 8.55%, due 12/26/29 144A | 1537179 |
| 484602 | Huntington Bank Auto Credit-Linked Notes, Series 2025-2, Class D, 7.64% (SOFR <br> 30-day average + 3.25%), due 09/20/33<sup>(b)</sup> 144A<br>| 485517 |
| 2200000 | Invesco CLO Ltd., Series 2022-2A, Class A1R, 5.44% (3 mo. USD Term SOFR + <br> 1.15%), due 07/20/35<sup>(b)</sup> 144A<br>| 2202904 |
| 485363 | KREF Ltd., Series 2022-FL3, Class A, 5.58% (1 mo. USD Term SOFR + 1.45%), due <br> 02/17/39<sup>(b)</sup> 144A<br>| 486286 |
| 1101132 | Lendbuzz Securitization Trust, Series 2023-2A, Class A2, 7.09%, due 10/16/28 144A | 1119332 |
| 775000 | Lendmark Funding Trust, Series 2025-1A, Class E, 8.91%, due 09/20/34 144A | 812915 |
| 113621 | Long Beach Mortgage Loan Trust, Series 2005-1, Class M4, 5.55% (1 mo. USD Term <br> SOFR + 1.39%), due 02/25/35<sup>(b)</sup> <br>| 111904 |
| 250000 | Madison Park Funding LXIII Ltd., Series 2023-63A, Class ER, 10.33% (3 mo. USD <br> Term SOFR + 6.00%), due 07/21/38<sup>(b)</sup> 144A<br>| 253717 |
| 500000 | Madison Park Funding LXV Ltd., Series 2025-65A, Class D1, 7.12% (3 mo. USD Term <br> SOFR + 2.80%), due 07/16/38<sup>(b)</sup> 144A<br>| 506999 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 250000 | Madison Park Funding LXV Ltd., Series 2025-65A, Class E, 9.32% (3 mo. USD Term <br> SOFR + 5.00%), due 07/16/38<sup>(b)</sup> 144A<br>| 250910 |
| 2030000 | Madison Park Funding LXXII Ltd., Series 2025-72A, Class SUB, due 07/23/38<sup>(c)</sup> 144A | 2040392 |
| 250000 | Madison Park Funding XLVI Ltd., Series 2020-46A, Class ERR, 9.57% (3 mo. USD <br> Term SOFR + 5.25%), due 10/15/34<sup>(b)</sup> 144A<br>| 246993 |
| 11453250 | Madison Park Funding XVII Ltd., Series 2015-17A, Class SUB, due 07/21/45<sup>(c)</sup> 144A | 1615309 |
| 1190000 | Madison Park Funding XVII Ltd., Series 2015-17X, Class SUB, due 07/21/30<sup>(c)(e)</sup> <br>| 167832 |
| 1690000 | Madison Park Funding XXII Ltd., Series 2016-22A, Class SUB, due 01/15/33<sup>(c)</sup> 144A | 806138 |
| 250000 | Madison Park Funding XXXI Ltd., Series 2018-31A, Class ER, 10.72% (3 mo. USD <br> Term SOFR + 6.40%), due 07/23/37<sup>(b)</sup> 144A<br>| 251527 |
| 540000 | Magnetite 50 Ltd., Series 2025-50A, Class E, 9.11% (3 mo. USD Term SOFR + 4.80%), <br> due 07/25/38<sup>(b)</sup> 144A<br>| 546243 |
| 500000 | 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>| 503646 |
| 250000 | 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>| 258316 |
| 280500 | Magnetite XXVIII Ltd., Series 2020-28A, Class SUB, due 01/20/35<sup>(c)</sup> 144A | 203821 |
| 250000 | 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>| 253133 |
| 435000 | MF1 LLC, Series 2025-FL19, Class C, 6.98% (1 mo. USD Term SOFR + 2.84%), due <br> 05/18/42<sup>(b)</sup> 144A<br>| 436259 |
| 325367 | Mill City Solar Loan Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A | 303253 |
| 409415 | National Collegiate Student Loan Trust, Series 2007-2, Class A4, 4.56% (1 mo. USD <br> Term SOFR + 0.40%), due 01/25/33<sup>(b)</sup> <br>| 404522 |
| 857006 | Navient Education Loan Trust, Series 2025-A, Class A, 5.02%, due 07/15/55 144A | 866412 |
| 1200000 | Navient Education Loan Trust, Series 2025-A, Class B, 5.32%, due 07/15/55 144A | 1211694 |
| 268148 | Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due <br> 06/16/42 144A<br>| 265395 |
| 1300000 | Nelnet Student Loan Trust, Series 2025-BA, Class A1A, 4.84%, due 05/17/55 144A | 1311060 |
| 1200000 | Nelnet Student Loan Trust, Series 2025-BA, Class A1B, 5.69% (SOFR 30-day average + <br> 1.35%), due 05/17/55<sup>(b)</sup> 144A<br>| 1208891 |
| 250000 | Neuberger Berman Loan Advisers CLO 61 Ltd., Series 2025-61A, Class E, 9.22% (3 <br> mo. USD Term SOFR + 4.90%), due 07/17/39<sup>(b)</sup> 144A<br>| 251423 |
| 500000 | NMEF Funding LLC, Series 2025-B, Class E, 7.66%, due 01/18/33 144A | 505167 |
| 250000 | Oaktree CLO Ltd., Series 2023-1A, Class ER, 11.82% (3 mo. USD Term SOFR + <br> 7.50%), due 04/15/38<sup>(b)</sup> 144A<br>| 258064 |
| 250000 | Oaktree CLO Ltd., Series 2025-32A, Class E, 9.68% (3 mo. USD Term SOFR + 5.35%), <br> due 07/15/38<sup>(b)</sup> 144A<br>| 250994 |
| 1240625 | OCP CLO Ltd., Series 2018-15A, Class SUB, due 07/20/31<sup>(c)</sup> 144A | 548422 |
| 3360000 | OCP CLO Ltd., Series 2021-21A, Class SUB, due 01/20/38<sup>(c)</sup> 144A | 2040961 |
| 250000 | OCP CLO Ltd., Series 2022-24A, Class ER, 10.58% (3 mo. USD Term SOFR + 6.25%), <br> due 10/20/37<sup>(b)</sup> 144A<br>| 253220 |
| 450000 | OCP CLO Ltd., Series 2024-35A, Class D1, 7.42% (3 mo. USD Term SOFR + 3.10%), <br> due 10/25/37<sup>(b)</sup> 144A<br>| 453620 |
| 665000 | 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>| 671383 |
| 250000 | 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>| 257077 |
| 2800000 | Octagon 64 Ltd., Series 2022-1A, Class A1R, 5.59% (3 mo. USD Term SOFR + 1.26%), <br> due 07/21/35<sup>(b)</sup> 144A<br>| 2809260 |
| 316635 | Octagon 67 Ltd., Series 2023-1A, Class FR, 12.00%, due 07/25/38 144A | 318369 |
| 725000 | 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>| 736923 |

---

104See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 456000 | OHA Credit Funding 7 Ltd., Series 2020-7A, Class D1R2, 6.96% (3 mo. USD Term <br> SOFR + 2.70%), due 07/19/38<sup>(b)</sup> 144A<br>| 460343 |
| 380000 | OHA Credit Funding 7 Ltd., Series 2020-7A, Class ER2, 9.16% (3 mo. USD Term <br> SOFR + 4.90%), due 07/19/38<sup>(b)</sup> 144A<br>| 382815 |
| 620000 | OHA Credit Funding 8 Ltd., Series 2021-8A, Class SUB, due 01/20/38<sup>(c)</sup> 144A | 534025 |
| 250000 | 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>| 252932 |
| 340000 | OHA Credit Partners VII Ltd., Series 2012-7A, Class ER4, 8.70% (3 mo. USD Term <br> SOFR + 4.50%), due 02/20/38<sup>(b)</sup> 144A<br>| 339614 |
| 1000000 | OHA Credit Partners VII Ltd., Series 2012-7A, Class SUB, due 02/20/38<sup>(c)</sup> 144A | 542665 |
| 850000 | Option One Mortgage Loan Trust, Series 2005-3, Class M4, 5.20% (1 mo. USD Term <br> SOFR + 1.04%), due 08/25/35<sup>(b)</sup> <br>| 741872 |
| 2500000 | Pagaya AI Debt Grantor Trust, Series 2025-5, Class B, 5.44%, due 03/15/33 144A | 2521539 |
| 1700000 | Pagaya AI Debt Grantor Trust, Series 2025-6, Class B, 4.88%, due 04/15/33 144A | 1699854 |
| 840297 | Pagaya AI Debt Grantor Trust, Series 2025-R2, Class A, 4.87%, due 10/15/32 144A | 843168 |
| 565704 | Pagaya AI Debt Trust, Series 2025-4, Class A1, 4.86%, due 06/15/26 144A | 566079 |
| 285000 | Palmer Square CLO Ltd., Series 2018-1A, Class DR, 11.27% (3 mo. USD Term SOFR <br> + 6.94%), due 04/18/37<sup>(b)</sup> 144A<br>| 287105 |
| 1000000 | 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>| 1020144 |
| 525000 | Park Avenue Institutional Advisers CLO Ltd., Series 2021-2A, Class D, 7.98% (3 mo. <br> USD Term SOFR + 3.66%), due 07/15/34<sup>(b)</sup> 144A<br>| 525790 |
| 790000 | Peace Park CLO Ltd., Series 2021-1A, Class ER, 9.06% (3 mo. USD Term SOFR + <br> 4.90%), due 10/20/38<sup>(b)</sup> 144A<br>| 794353 |
| 1546486 | PK Alift Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, due 11/15/42 144A | 1558379 |
| 1300000 | PK Alift Loan Funding 7 LP, Series 2025-2, Class A, 4.75%, due 03/15/43<sup>(f)</sup> 144A | 1303425 |
| 680000 | Point Securitization Trust, Series 2025-1, Class A2, 7.50%, due 06/25/55 144A | 682358 |
| 1630000 | PRET LLC, Series 2024-NPL5, Class A2, 8.84%, due 09/25/54<sup>(g)</sup> 144A | 1632725 |
| 430000 | PRET LLC, Series 2025-NPL10, Class A2, 7.26%, due 10/25/55<sup>(f)(g)</sup> 144A | 431130 |
| 1305000 | PRET LLC, Series 2025-NPL3, Class A2, 8.84%, due 04/25/55<sup>(g)</sup> 144A | 1194588 |
| 1847203 | PRET LLC, Series 2025-NPL5, Class A1, 6.24%, due 05/25/55<sup>(g)</sup> 144A | 1862565 |
| 1335000 | PRET LLC, Series 2025-NPL5, Class A2, 8.72%, due 05/25/55<sup>(g)</sup> 144A | 1347142 |
| 960766 | PRET LLC, Series 2025-NPL6, Class A1, 5.74%, due 06/25/55<sup>(g)</sup> 144A | 966235 |
| 590000 | PRET LLC, Series 2025-NPL6, Class A2, 8.72%, due 06/25/55<sup>(g)</sup> 144A | 596148 |
| 1173725 | PRET LLC, Series 2025-NPL7, Class A1, 5.66%, due 07/25/55<sup>(g)</sup> 144A | 1178091 |
| 725000 | PRET LLC, Series 2025-NPL7, Class A2, 8.35%, due 07/25/55<sup>(g)</sup> 144A | 729138 |
| 475000 | PRET LLC, Series 2025-NPL8, Class A2, 7.99%, due 08/25/55<sup>(g)</sup> 144A | 477332 |
| 988030 | PRET LLC, Series 2025-NPL9, Class A1, 5.39%, due 08/25/55<sup>(g)</sup> 144A | 989518 |
| 755000 | PRET LLC, Series 2025-NPL9, Class A2, 7.51%, due 08/25/55<sup>(g)</sup> 144A | 755679 |
| 1875000 | Rad CLO 12 Ltd., Series 2021-12A, Class DR, 10.96% (3 mo. USD Term SOFR + <br> 6.65%), due 07/30/40<sup>(b)</sup> 144A<br>| 1896064 |
| 2107567 | RCKT Mortgage Trust, Series 2025-CES6, Class A1A, 5.47%, due 06/25/55<sup>(g)</sup> 144A | 2130245 |
| 447884 | Reach ABS Trust, Series 2025-2A, Class A, 4.93%, due 08/18/32 144A | 449785 |
| 1600000 | Reach ABS Trust, Series 2025-2A, Class B, 5.12%, due 08/18/32 144A | 1613970 |
| 1000000 | 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>| 1031661 |
| 739899 | Renew, Series 2024-2A, Class M, 6.83%, due 11/20/60 144A | 726600 |
| 500000 | Research-Driven Pagaya Motor Asset Trust, Series 2025-4A, Class A1, 4.73%, due <br> 07/27/26 144A<br>| 500424 |
| 700000 | Research-Driven Pagaya Motor Asset Trust, Series 2025-4A, Class A2, 5.12%, due <br> 04/25/34 144A<br>| 703562 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1160000 | Residential Asset Securities Corporation Trust, Series 2006-KS2, Class M3, 4.89% (1 <br> mo. USD Term SOFR + 0.73%), due 03/25/36<sup>(b)</sup> <br>| 1141752 |
| 1900000 | Rockford Tower CLO Ltd., Series 2022-1A, Class A1R, 5.48% (3 mo. USD Term SOFR <br> + 1.20%), due 07/20/35<sup>(b)</sup> 144A<br>| 1900840 |
| 2600000 | Romark Credit Funding Ltd., Series 2025-4A, Class A, 5.42%, due 07/29/43 144A | 2601711 |
| 260000 | RR 23 Ltd., Series 2022-23A, Class DR2, 9.32% (3 mo. USD Term SOFR + 5.00%), <br> due 07/15/37<sup>(b)</sup> 144A<br>| 261070 |
| 550000 | 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>| 559260 |
| 1775958 | Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class F, 10.17%, due <br> 06/15/32 144A<br>| 1814108 |
| 450000 | 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>| 456204 |
| 380000 | Sixth Street CLO 29 Ltd., Series 2025-29A, Class E, 9.32% (3 mo. USD Term SOFR + <br> 5.00%), due 07/17/38<sup>(b)</sup> 144A<br>| 384594 |
| 940000 | Sixth Street CLO 29 Ltd., Series 2025-29A, Class SUB, due 07/17/38<sup>(c)</sup> 144A | 863063 |
| 250000 | Sixth Street CLO XX Ltd., Series 2021-20A, Class ER, 9.76% (3 mo. USD Term SOFR <br> + 5.50%), due 07/17/38<sup>(b)</sup> 144A<br>| 251229 |
| 250000 | Sixth Street CLO XXVI Ltd., Series 2024-26X, Class E, 9.98% (3 mo. USD Term <br> SOFR + 5.65%), due 10/18/37<sup>(b)(e)</sup> <br>| 252457 |
| 2645802 | Slam Ltd., Series 2025-1A, Class A, 5.81%, due 05/15/50 144A | 2720025 |
| 50000 | SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 7.03%, due <br> 06/15/32<sup>(c)</sup> <br>| 49327 |
| 50000 | SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 7.92%, due 03/15/33<sup>(c)</sup> <br>| 49717 |
| 230359 | SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, due 01/15/53 <br> 144A<br>| 210469 |
| 1483305 | SMB Private Education Loan Trust, Series 2023-B, Class B, 5.77%, due 10/16/56 144A | 1506918 |
| 1065888 | SMB Private Education Loan Trust, Series 2024-A, Class A1B, 5.82% (SOFR 30-day <br> average + 1.45%), due 03/15/56<sup>(b)</sup> 144A<br>| 1079169 |
| 1250000 | SMB Private Education Loan Trust, Series 2024-D, Class D, 7.51%, due 07/15/53 144A | 1332875 |
| 2154383 | SMB Private Education Loan Trust, Series 2025-B, Class A1A, 5.02%, due 03/17/53 <br> 144A<br>| 2180963 |
| 1805000 | Southwick Park CLO LLC, Series 2019-4A, Class ERR, 10.58% (3 mo. USD Term <br> SOFR + 6.25%), due 07/20/32<sup>(b)</sup> 144A<br>| 1809554 |
| 299746 | Stonepeak ABS, Series 2021-1A, Class A, 2.68%, due 02/28/33 144A | 289418 |
| 800000 | Sunbit Asset Securitization Trust , Series 2025-1, Class A, 5.36%, due 07/15/30 144A | 803897 |
| 250000 | Texas Debt Capital CLO Ltd., Series 2023-1A, Class D1R, 7.07% (3 mo. USD Term <br> SOFR + 2.75%), due 07/20/38<sup>(b)</sup> 144A<br>| 251983 |
| 250000 | Texas Debt Capital CLO Ltd., Series 2023-1A, Class ER, 9.27% (3 mo. USD Term <br> SOFR + 4.95%), due 07/20/38<sup>(b)</sup> 144A<br>| 253886 |
| 1583459 | Towd Point Mortgage Trust, Series 2025-CES3, Class A1A, 5.28%, due 08/25/65<sup>(g)</sup> <br> 144A<br>| 1593621 |
| 1000000 | TPG CLO Ltd., Series 2025-1A, Class E, 10.30% (3 mo. USD Term SOFR + 6.15%), <br> due 07/15/38<sup>(b)</sup> 144A<br>| 1004310 |
| 250000 | 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>| 252182 |
| 213855 | Upstart Securitization Trust, Series 2025-2, Class A1, 4.84%, due 06/20/26 144A | 213926 |
| 250000 | Voya CLO Ltd., Series 2025-1A, Class E, 8.89% (3 mo. USD Term SOFR + 4.60%), <br> due 04/20/38<sup>(b)</sup> 144A<br>| 248187 |
| 250000 | Voya CLO Ltd., Series 2025-3A, Class E, 9.73% (3 mo. USD Term SOFR + 5.40%), <br> due 07/20/38<sup>(b)</sup> 144A<br>| 252015 |
| 250000 | Wonder Lake Park CLO Ltd., Series 2025-1A, Class E, 9.22% (3 mo. USD Term SOFR <br> + 4.90%), due 07/24/38<sup>(b)</sup> 144A<br>| 253247 |

---

106See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 2500000 |  | Zayo Issuer LLC, Series 2025-2A, Class C, 9.49%, due 06/20/55 144A | 2663965 |
|  |  |  | 168600387 |
|  |  | **Bank Loans — 18.1%** | **Bank Loans — 18.1%** |
| 248741 |  | 1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 5.91% (1 mo. USD Term <br> SOFR + 1.75%), due 09/20/30<sup>(b)</sup> <br>| 248336 |
| 134661 |  | AAL Delaware Holdco, Inc., 2025 Term Loan, 6.91% (1 mo. USD Term SOFR + <br> 2.75%), due 07/30/31<sup>(b)</sup> <br>| 135250 |
| 912678 |  | Access CIG LLC, 2025 Term Loan TBD, due 08/18/32<sup>(h)</sup> <br>| 915530 |
| 787000 |  | ACP Tara Holdings, Inc., 2025 Term Loan B TBD, due 09/17/32<sup>(h)</sup> <br>| 788967 |
| 1492481 |  | Acrisure LLC, 2024 1st Lien Term Loan B6, 7.16% (1 mo. USD Term SOFR + 3.00%), <br> due 11/06/30<sup>(b)</sup> <br>| 1492171 |
| 997500 |  | Acrisure LLC, 2025 Term Loan B, 7.41% (1 mo. USD Term SOFR + 3.25%), due <br> 06/21/32<sup>(b)</sup> <br>| 998747 |
| 1293910 |  | ADMI Corp., 2021 Incremental Term Loan B3, 8.03% (1 mo. USD Term SOFR + <br> 3.75%), due 12/23/27<sup>(b)</sup> <br>| 1226519 |
| 285000 |  | Advisor Group, Inc., 2025 Term Loan, 7.16% (1 mo. USD Term SOFR + 3.00%), due <br> 07/30/32<sup>(b)</sup> <br>| 285204 |
| 182612 |  | Agiliti Health, Inc., 2023 Term Loan, 7.29% (3 mo. USD Term SOFR + 3.00%), due <br> 05/01/30<sup>(b)</sup> <br>| 176221 |
| 346039 |  | Agiliti Health, Inc., 2023 Term Loan, 7.22% (6 mo. USD Term SOFR + 3.00%), due <br> 05/01/30<sup>(b)</sup> <br>| 333928 |
| 53221 |  | Agiliti Health, Inc., 2023 Term Loan TBD, due 05/01/30<sup>(h)</sup> <br>| 51359 |
| 2220625 |  | AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 7.28% (1 mo. USD Term SOFR <br> + 3.00%), due 07/31/28<sup>(b)</sup> <br>| 2227962 |
| 1741853 |  | AIT Worldwide Logistics, Inc., 2025 Repriced Term Loan, 8.25% (3 mo. USD Term <br> SOFR + 4.00%), due 04/08/30<sup>(b)</sup> <br>| 1748023 |
| 1000000 | EUR | Albion Financing 3 SARL, 2025 EUR Term Loan, 5.02% (3 mo. EURIBOR + 3.00%), <br> due 05/21/31<sup>(b)</sup> <br>| 1183298 |
| 285000 |  | Alera Group, Inc., 2025 Term Loan, 7.41% (1 mo. USD Term SOFR + 3.25%), due <br> 05/31/32<sup>(b)</sup> <br>| 286326 |
| 1480724 |  | AlixPartners LLP, 2025 USD Term Loan, 6.16% (1 mo. USD Term SOFR + 2.00%), due <br> 08/12/32<sup>(b)</sup> <br>| 1472395 |
| 646746 |  | Alliant Holdings Intermediate LLC, 2025 Term Loan B, 6.67% (1 mo. USD Term SOFR <br> + 2.50%), due 09/19/31<sup>(b)</sup> <br>| 645699 |
| 1660000 |  | Allied Universal Holdco LLC, 2025 USD Term Loan B, 7.51% (1 mo. USD Term SOFR <br> + 3.25%), due 08/20/32<sup>(b)</sup> <br>| 1667639 |
| 1590000 |  | Altar Bidco, Inc., 2021 2nd Lien Term Loan, 9.58% (3 mo. USD Term SOFR + 5.60%), <br> due 02/01/30<sup>(b)</sup> <br>| 1533356 |
| 882205 |  | Amentum Government Services Holdings LLC, 2024 Term Loan B, 6.41% (1 mo. USD <br> Term SOFR + 2.25%), due 09/29/31<sup>(b)</sup> <br>| 882205 |
| 349125 |  | American Airlines, Inc., 2025 Term Loan B, 7.58% (3 mo. USD Term SOFR + 3.25%), <br> due 05/28/32<sup>(b)</sup> <br>| 351307 |
| 2210211 |  | American Auto Auction Group LLC, 2025 Term Loan, 8.50% (3 mo. USD Term SOFR <br> + 4.50%), due 05/28/32<sup>(b)</sup> <br>| 2231624 |
| 78486 |  | American Auto Auction Group LLC, 2025 Term Loan TBD, due 05/28/32<sup>(h)</sup> <br>| 79246 |
| 600000 |  | American Axle & Manufacturing, Inc., 2025 Incremental Term Loan C TBD, due <br> 02/24/32<sup>(h)</sup> <br>| 597750 |
| 198990 |  | American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, 5.91% (1 mo. <br> USD Term SOFR + 1.75%), due 01/31/31<sup>(b)</sup> <br>| 199637 |
| 1724000 |  | Amneal Pharmaceuticals LLC, 2025 Term Loan B, 7.66% (1 mo. USD Term SOFR + <br> 3.50%), due 08/01/32<sup>(b)</sup> <br>| 1724000 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1489267 | Apollo Commercial Real Estate Finance, Inc., 2025 Term Loan B, 7.40% (1 mo. USD <br> Term SOFR + 3.25%), due 06/13/30<sup>(b)</sup> <br>| 1502299 |
| 511175 | Applied Systems, Inc., 2024 1st Lien Term Loan, 6.25% (3 mo. USD Term SOFR + <br> 2.25%), due 02/24/31<sup>(b)</sup> <br>| 512225 |
| 1243719 | Apro LLC, 2024 Term Loan B, 7.94% (1 mo. USD Term SOFR + 3.75%), due <br> 07/09/31<sup>(b)</sup> <br>| 1243719 |
| 1000000 | Aramark Services, Inc., 2025 Repriced Term Loan, 5.91% (1 mo. USD Term SOFR + <br> 1.75%), due 04/06/28<sup>(b)</sup> <br>| 1002500 |
| 1517037 | Arches Buyer, Inc., 2021 Term Loan B, 7.51% (1 mo. USD Term SOFR + 3.25%), due <br> 12/06/27<sup>(b)</sup> <br>| 1520829 |
| 1268285 | 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)(j)</sup> <br>| 1238861 |
| 1000000 | EUR<br> Armorica Lux SARL, EUR Term Loan, 6.95% (3 mo. EURIBOR + 4.93%), due <br> 07/28/28<sup>(b)</sup> <br>| 1139750 |
| 2550000 | Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, 12.01% (1 mo. USD Term <br> SOFR + 7.75%), due 11/24/28<sup>(b)</sup> <br>| 2333250 |
| 208912 | Aruba Investments Holdings LLC, 2020 USD Term Loan, 8.26% (1 mo. USD Term <br> SOFR + 4.00%), due 11/24/27<sup>(b)</sup> <br>| 204298 |
| 90909 | Aruba Investments Holdings LLC, 2020 USD Term Loan TBD, due 11/24/27<sup>(h)</sup> <br>| 88902 |
| 266305 | Aruba Investments Holdings LLC, 2022 USD Incremental Term Loan, 8.91% (1 mo. <br> USD Term SOFR + 4.75%), due 11/24/27<sup>(b)</sup> <br>| 257650 |
| 208711 | Aspire Bakeries Holdings LLC, 2025 Term Loan B, 7.66% (1 mo. USD Term SOFR + <br> 3.50%), due 12/23/30<sup>(b)</sup> <br>| 209885 |
| 1042000 | Astro Acquisition LLC, 2025 Term Loan B, 7.12% (6 mo. USD Term SOFR + 3.25%), <br> due 08/30/32<sup>(b)</sup> <br>| 1047861 |
| 3780000 | Asurion LLC, 2021 Second Lien Term Loan B4, 9.53% (1 mo. USD Term SOFR + <br> 5.25%), due 01/20/29<sup>(b)</sup> <br>| 3627114 |
| 2886476 | Asurion LLC, 2023 Term Loan B11, 8.51% (1 mo. USD Term SOFR + 4.25%), due <br> 08/19/28<sup>(b)</sup> <br>| 2898022 |
| 435000 | Asurion LLC, 2025 Term Loan B13, 8.41% (1 mo. USD Term SOFR + 4.25%), due <br> 09/19/30<sup>(b)</sup> <br>| 432825 |
| 497663 | Asurion LLC, 2025 Term Loan B13 TBD, due 09/19/30<sup>(h)</sup> <br>| 495174 |
| 1492500 | Athenahealth Group, Inc., 2022 Term Loan B, 6.91% (1 mo. USD Term SOFR + <br> 2.75%), due 02/15/29<sup>(b)</sup> <br>| 1490634 |
| 502640 | Avaya, Inc., 2023 Exit Term Loan, 11.66% (1 mo. USD Term SOFR + 7.50%), due <br> 08/01/28<sup>(b)</sup> <br>| 444837 |
| 497500 | Barnes Group, Inc., 2025 Term Loan B, 6.91% (1 mo. USD Term SOFR + 2.75%), due <br> 01/27/32<sup>(b)</sup> <br>| 498666 |
| 724970 | Bausch & Lomb Corp., 2025 Term Loan B, 8.41% (1 mo. USD Term SOFR + 4.25%), <br> due 01/15/31<sup>(b)</sup> <br>| 726782 |
| 1094486 | BCPE Empire Holdings, Inc., 2025 Term Loan B, 7.41% (1 mo. USD Term SOFR + <br> 3.25%), due 12/11/30<sup>(b)</sup> <br>| 1092844 |
| 1810000 | Beach Acquisition Bidco LLC, USD Term Loan B, 7.31% (3 mo. USD Term SOFR + <br> 3.25%), due 09/12/32<sup>(b)</sup> <br>| 1821312 |
| 522873 | Belron Finance LLC, 2025 Repriced Term Loan B, 6.74% (3 mo. USD Term SOFR + <br> 2.50%), due 10/16/31<sup>(b)</sup> <br>| 526141 |
| 856163 | Bending Spoons U.S., Inc., USD Term Loan B, 9.47% (1 mo. USD Term SOFR + <br> 5.25%), due 03/07/31<sup>(b)</sup> <br>| 856163 |
| 994994 | BEP Intermediate Holdco LLC, 2025 Term Loan B, 6.91% (1 mo. USD Term SOFR + <br> 2.75%), due 07/25/31<sup>(b)</sup> <br>| 998725 |
| 928487 | Berlin Packaging LLC, 2025 Term Loan B7, 7.53% (1 mo. USD Term SOFR + 3.25%), <br> due 06/07/31<sup>(b)</sup> <br>| 932420 |
| 14975 | Berlin Packaging LLC, 2025 Term Loan B7, 7.24% (3 mo. USD Term SOFR + 3.25%), <br> due 06/07/31<sup>(b)</sup> <br>| 15038 |

---

108See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Bank Loans — continued** | **Bank Loans — continued** |
| 116061 | Berlin Packaging LLC, 2025 Term Loan B7, 7.25% (3 mo. USD Term SOFR + 3.25%), <br> due 06/07/31<sup>(b)</sup> <br>| 116552 |
| 138473 | Berlin Packaging LLC, 2025 Term Loan B7, 7.55% (3 mo. USD Term SOFR + 3.25%), <br> due 06/07/31<sup>(b)</sup> <br>| 139059 |
| 498747 | Blackhawk Network Holdings, Inc., 2025 Term Loan B TBD, due 03/12/29<sup>(h)</sup> <br>| 501285 |
| 1194000 | Boxer Parent Co., Inc., 2025 USD Term Loan B, 7.20% (3 mo. USD Term SOFR + <br> 3.00%), due 07/30/31<sup>(b)</sup> <br>| 1193814 |
| 1308392 | Bracket Intermediate Holding Corp., 2024 Term Loan, 8.41% (1 mo. USD Term SOFR + <br> 4.25%), due 05/08/28<sup>(b)</sup> <br>| 1317387 |
| 1618602 | BroadStreet Partners, Inc., 2024 Term Loan B4, 6.91% (1 mo. USD Term SOFR + <br> 2.75%), due 06/13/31<sup>(b)</sup> <br>| 1621862 |
| 102821 | Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.91% (12 mo. USD <br> Term SOFR + 2.75%), due 07/01/31<sup>(b)</sup> <br>| 103163 |
| 139178 | Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.95% (3 mo. USD Term <br> SOFR + 2.75%), due 07/01/31<sup>(b)</sup> <br>| 139641 |
| 215690 | Brown Group Holding LLC, 2022 Incremental Term Loan B2, 7.06% (3 mo. USD Term <br> SOFR + 2.75%), due 07/01/31<sup>(b)</sup> <br>| 216408 |
| 646037 | Caesars Entertainment, Inc., Term Loan B, 6.41% (1 mo. USD Term SOFR + 2.25%), <br> due 02/06/30<sup>(b)</sup> <br>| 645498 |
| 1000000 | Camelot U.S. Acquisition LLC, 2024 Term Loan B, 6.91% (1 mo. USD Term SOFR + <br> 2.75%), due 01/31/31<sup>(b)</sup> <br>| 995208 |
| 1428000 | Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B, 7.41% (1 mo. USD <br> Term SOFR + 3.25%), due 01/31/31<sup>(b)</sup> <br>| 1428297 |
| 1392763 | Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 7.91% (1 mo. USD Term <br> SOFR + 3.75%), due 12/29/28<sup>(b)</sup> <br>| 1263715 |
| 585477 | Cast & Crew Payroll LLC, 2021 Incremental Term Loan TBD, due 12/29/28<sup>(h)</sup> <br>| 531229 |
| 542713 | Central Parent, Inc., 2024 Term Loan B, 7.25% (3 mo. USD Term SOFR + 3.25%), due <br> 07/06/29<sup>(b)</sup> <br>| 470238 |
| 535000 | CFC Bidco Ltd., Term Loan B, 8.04% (3 mo. USD Term SOFR + 3.75%), due <br> 07/01/32<sup>(b)</sup> <br>| 523631 |
| 1331662 | Chamberlain Group, Inc., 2025 Term Loan B, 7.16% (1 mo. USD Term SOFR + 3.00%), <br> due 09/08/32<sup>(b)</sup> <br>| 1333836 |
| 149150 | Champ Acquisition Corp., 2024 Term Loan B, 8.17% (6 mo. USD Term SOFR + <br> 4.00%), due 11/25/31<sup>(b)</sup> <br>| 150688 |
| 1840727 | Charlotte Buyer, Inc., 2025 Repriced Term Loan B, 8.43% (1 mo. USD Term SOFR + <br> 4.25%), due 02/11/28<sup>(b)</sup> <br>| 1840152 |
| 1094486 | Chobani LLC, 2025 Repriced Term Loan B, 6.66% (1 mo. USD Term SOFR + 2.50%), <br> due 10/25/27<sup>(b)</sup> <br>| 1098591 |
| 423731 | Cinemark USA, Inc., 2025 Term Loan B, 6.41% (1 mo. USD Term SOFR + 2.25%), due <br> 05/24/30<sup>(b)</sup> <br>| 424526 |
| 173192 | Cinemark USA, Inc., 2025 Term Loan B, 6.25% (4 mo. USD Term SOFR + 2.25%), due <br> 05/24/30<sup>(b)</sup> <br>| 173517 |
| 77 | Cinemark USA, Inc., 2025 Term Loan B TBD, due 05/24/30<sup>(h)</sup> <br>| 77 |
| 513709 | Cloud Software Group, Inc., 2025 Term Loan B (2031), 7.25% (3 mo. USD Term SOFR <br> + 3.25%), due 03/21/31<sup>(b)</sup> <br>| 515980 |
| 1000000 | Cloud Software Group, Inc., 2025 Term Loan B (2032), 7.48% (3 mo. USD Term SOFR <br> + 3.25%), due 08/13/32<sup>(b)</sup> <br>| 1003958 |
| 1566075 | Clover Holdings 2 LLC, Fixed Term Loan B, 7.75% (7.75% Fixed or PIK), due <br> 12/09/31<br>| 1582229 |
| 379050 | Clover Holdings 2 LLC, Term Loan B, 7.94% (1 mo. USD Term SOFR + 3.75%), due <br> 12/09/31<sup>(b)</sup> <br>| 379682 |
| 2350000 | Clydesdale Acquisition Holdings, Inc., Term Loan B, 7.34% (1 mo. USD Term SOFR + <br> 3.18%), due 04/13/29<sup>(b)</sup> <br>| 2348677 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 1181250<br> Cogentrix Finance Holdco I LLC, Repriced Term Loan B, 6.41% (1 mo. USD Term <br> SOFR + 2.25%), due 02/26/32<sup>(b)</sup> <br>| 1184203 |
| 163077<br> Coherent Corp., 2025 Term Loan B2, 5.91% (1 mo. USD Term SOFR + 1.75%), due <br> 07/02/29<sup>(b)</sup> <br>| 163128 |
| 850000<br> Colossus Acquireco LLC, Term Loan B, 5.87% (3 mo. USD Term SOFR + 1.75%), due <br> 07/30/32<sup>(b)</sup> <br>| 846069 |
| 502390<br> ConnectWise LLC, 2021 Term Loan B, 7.76% (3 mo. USD Term SOFR + 3.50%), due <br> 09/29/28<sup>(b)</sup> <br>| 503835 |
| 539722<br> Conservice Midco LLC, 2025 Term Loan TBD, due 05/13/30<sup>(h)</sup> <br>| 541577 |
| 483067<br> Coolsys, Inc., 2021 Term Loan, 9.21% (3 mo. USD Term SOFR + 4.75%), due <br> 08/11/28<sup>(b)</sup> <br>| 434760 |
| 514342<br> Coolsys, Inc., 2021 Term Loan, 9.05% (6 mo. USD Term SOFR + 4.75%), due <br> 08/11/28<sup>(b)</sup> <br>| 462908 |
| 1500000<br> Coral-U.S. Co-Borrower LLC, 2021 Term Loan B6, 7.26% (1 mo. USD Term SOFR + <br> 3.00%), due 10/15/29<sup>(b)</sup> <br>| 1494375 |
| 500000<br> Corel Corp., 2019 Term Loan TBD, due 07/02/26<sup>(b)(h)</sup> <br>| 479375 |
| 1492228<br> CoreLogic, Inc., Term Loan, 7.78% (1 mo. USD Term SOFR + 3.50%), due 06/02/28<sup>(b)</sup> <br>| 1494093 |
| 249372<br> Cornerstone Building Brands, Inc., 2024 Term Loan B TBD, due 05/15/31<sup>(h)</sup> <br>| 228487 |
| 1094472<br> Cotiviti Corp., 2024 Term Loan, 7.03% (1 mo. USD Term SOFR + 2.75%), due <br> 05/01/31<sup>(b)</sup> <br>| 1085237 |
| 3919898<br> Covetrus, Inc., Term Loan, 9.00% (3 mo. USD Term SOFR + 5.00%), due 10/13/29<sup>(b)</sup> <br>| 3514431 |
| 1020000<br> CP Atlas Buyer, Inc., 2025 Term Loan, 9.41% (1 mo. USD Term SOFR + 5.25%), due <br> 07/08/30<sup>(b)</sup> <br>| 990675 |
| 279295<br> CPI Holdco B LLC, 2024 Term Loan, 6.16% (1 mo. USD Term SOFR + 2.00%), due <br> 05/19/31<sup>(b)</sup> <br>| 279273 |
| 1097237<br> CPPIB OVM Member US LLC, Term Loan B, 6.50% (3 mo. USD Term SOFR + <br> 2.50%), due 08/20/31<sup>(b)</sup> <br>| 1101094 |
| 288503<br> CPPIB OVM Member US LLC, Term Loan B TBD, due 08/20/31<sup>(b)</sup> <br>| 289517 |
| 1610000<br> CRC Insurance Group LLC, 2024 Term Loan B, 6.75% (3 mo. USD Term SOFR + <br> 2.75%), due 05/06/31<sup>(b)</sup> <br>| 1612515 |
| 750000<br> CRC Insurance Group LLC, 2024 Term Loan B TBD, due 05/06/31<sup>(h)</sup> <br>| 751171 |
| 1497423<br> Creation Technologies, Inc., 2021 Term Loan, 10.05% (3 mo. USD Term SOFR + <br> 5.50%), due 10/05/28<sup>(b)</sup> <br>| 1488064 |
| 1741853<br> Crisis Prevention Institute, Inc., 2024 Term Loan B, 8.00% (3 mo. USD Term SOFR + <br> 4.00%), due 04/09/31<sup>(b)</sup> <br>| 1737498 |
| 772732<br> Cushman & Wakefield U.S. Borrower LLC, 2025 Term Loan B1, 6.91% (1 mo. USD <br> Term SOFR + 2.75%), due 01/31/30<sup>(b)</sup> <br>| 776595 |
| 2681000<br> Cyberswift US Finco, LLC, Term Loan B TBD, due 09/23/32<sup>(h)</sup> <br>| 2682676 |
| 460000<br> Darktrace PLC, 2nd Lien Term Loan, 9.57% (3 mo. USD Term SOFR + 5.25%), due <br> 10/09/32<sup>(b)</sup> <br>| 461246 |
| 406667<br> Delta 2 Lux SARL, 2024 Term Loan B1, 6.00% (3 mo. USD Term SOFR + 2.00%), due <br> 09/30/31<sup>(b)</sup> <br>| 407493 |
| 203333<br> Delta 2 Lux SARL, 2024 Term Loan B2, 6.00% (3 mo. USD Term SOFR + 2.00%), due <br> 09/30/31<sup>(b)</sup> <br>| 203683 |
| 970000<br> DG Investment Intermediate Holdings 2, Inc., 2025 2nd Lien Term Loan, 9.66% (1 mo. <br> USD Term SOFR + 5.50%), due 07/31/33<sup>(b)</sup> <br>| 966362 |
| 1570929<br> Digital Room Holdings, Inc., 2021 Term Loan, 9.51% (1 mo. USD Term SOFR + <br> 5.25%), due 12/21/28<sup>(b)</sup> <br>| 1549329 |
| 1501031<br> DirecTV Financing LLC, 2025 Term Loan B, 9.81% (3 mo. USD Term SOFR + 5.50%), <br> due 02/17/31<sup>(b)</sup> <br>| 1471636 |
| 612000<br> Disco Parent, Inc., 2025 Term Loan B, 7.48% (3 mo. USD Term SOFR + 3.25%), due <br> 08/06/32<sup>(b)</sup> <br>| 615060 |

---

110See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1715586 | Drake Software LLC, 2024 Term Loan B, 8.41% (1 mo. USD Term SOFR + 4.25%), <br> due 06/26/31<sup>(b)</sup> <br>| 1717731 |
| 596521 | Eagle Parent Corp., 2022 Term Loan B, 8.25% (3 mo. USD Term SOFR + 4.25%), due <br> 04/02/29<sup>(b)</sup> <br>| 596745 |
| 515000 | Edelman Financial Center LLC, 2024 2nd Lien Term Loan, 9.41% (1 mo. USD Term <br> SOFR + 5.25%), due 10/06/28<sup>(b)</sup> <br>| 516931 |
| 903193 | Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 6.91% (1 mo. USD Term SOFR + <br> 2.75%), due 10/09/29<sup>(b)</sup> <br>| 904209 |
| 212938 | Embecta Corp., Term Loan B, 7.16% (1 mo. USD Term SOFR + 3.00%), due <br> 03/30/29<sup>(b)</sup> <br>| 213071 |
| 649961 | Emerald X, Inc., 2025 Term Loan B1, 7.41% (1 mo. USD Term SOFR + 3.25%), due <br> 01/30/32<sup>(b)</sup> <br>| 654563 |
| 348248 | EMRLD Borrower LP, 2024 Term Loan B, 6.12% (6 mo. USD Term SOFR + 2.25%), <br> due 08/04/31<sup>(b)</sup> <br>| 347323 |
| 1741833 | Endo Luxembourg Finance Co. I SARL, 2024 1st Lien Term Loan, 8.16% (1 mo. USD <br> Term SOFR + 4.00%), due 04/23/31<sup>(b)</sup> <br>| 1746731 |
| 1491466 | EnergySolutions LLC, 2023 Term Loan B, 7.41% (1 mo. USD Term SOFR + 3.25%), <br> due 09/20/30<sup>(b)</sup> <br>| 1503584 |
| 3310000 | Engineered Machinery Holdings, Inc., 2021 USD 2nd Lien Term Loan, 10.26% (3 mo. <br> USD Term SOFR + 6.00%), due 05/21/29<sup>(b)</sup> <br>| 3326550 |
| 1412828 | Ensemble RCM LLC, 2024 Term Loan B, 7.31% (3 mo. USD Term SOFR + 3.00%), <br> due 08/01/29<sup>(b)</sup> <br>| 1417748 |
| 2678143 | Ensono LP, 2021 Term Loan, 8.28% (1 mo. USD Term SOFR + 4.00%), due 05/26/28<sup>(b)</sup> <br>| 2685396 |
| 617280 | Enviva Partners LP, 2024 Backstop Term Loan, 12.63% (3 mo. USD Term SOFR + <br> 8.50%), due 12/06/29<sup>(b)</sup> <br>| 633740 |
| 696392 | EP Purchaser LLC, 2021 Term Loan B, 7.78% (1 mo. USD Term SOFR + 3.50%), due <br> 11/06/28<sup>(b)</sup> <br>| 660266 |
| 559900 | Epic Crude Services LP, 2025 Term Loan B TBD, due 10/15/31<sup>(h)</sup> <br>| 560950 |
| 760529 | Epicor Software Corp., 2024 Term Loan E, 6.66% (1 mo. USD Term SOFR + 2.50%), <br> due 05/30/31<sup>(b)</sup> <br>| 762133 |
| 2645329 | Evergreen Acqco 1 LP, 2025 Term Loan B, 7.03% (3 mo. USD Term SOFR + 3.00%), <br> due 09/12/32<sup>(b)</sup> <br>| 2650289 |
| 91779 | EW Scripps Co., 2025 Term Loan B2, 10.01% (1 mo. USD Term SOFR + 5.75%), due <br> 06/30/28<sup>(b)</sup> <br>| 93080 |
| 99500 | EW Scripps Co., 2025 Term Loan B3, 7.61% (1 mo. USD Term SOFR + 3.35%), due <br> 11/30/29<sup>(b)</sup> <br>| 95396 |
| 1196899 | Fertitta Entertainment LLC, 2022 Term Loan B TBD, due 01/27/29<sup>(b)(h)</sup> <br>| 1196375 |
| 500000 | Finastra USA, Inc., 2025 1st Lien Term Loan TBD, due 07/30/32<sup>(h)</sup> <br>| 498500 |
| 476000 | EUR<br> Finastra USA, Inc., 2025 EUR Term Loan, 6.51% (3 mo. EURIBOR + 4.50%), due <br> 07/30/32<sup>(b)</sup> <br>| 564018 |
| 2123187 | First Student Bidco, Inc., 2025 Term Loan B, 6.71% (3 mo. USD Term SOFR + 2.50%), <br> due 08/15/30<sup>(b)</sup> <br>| 2127168 |
| 638567 | First Student Bidco, Inc., 2025 Term Loan C, 6.71% (3 mo. USD Term SOFR + 2.50%), <br> due 08/15/30<sup>(b)</sup> <br>| 639764 |
| 795845 | Fluid-Flow Products, Inc., 2025 Term Loan B, 7.41% (1 mo. USD Term SOFR + <br> 3.25%), due 03/31/28<sup>(b)</sup> <br>| 798581 |
| 433913 | Flutter Financing BV, 2025 Term Loan B, 6.00% (3 mo. USD Term SOFR + 2.00%), <br> due 06/04/32<sup>(b)</sup> <br>| 433777 |
| 698246 | Flynn Restaurant Group LP, 2025 Incremental Term Loan, 7.91% (1 mo. USD Term <br> SOFR + 3.75%), due 01/28/32<sup>(b)</sup> <br>| 700428 |
| 850000 | Forest City Enterprises LP, 2019 Term Loan B, 7.78% (1 mo. USD Term SOFR + <br> 3.50%), due 12/08/25<sup>(b)</sup> <br>| 848274 |
| 1240000 | Formulations Parent Corp., 2025 Term Loan B, 8.33% (3 mo. USD Term SOFR + <br> 4.00%), due 04/09/32<sup>(b)</sup> <br>| 1249300 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 406000 | Formulations Parent Corp., 2025 Term Loan B TBD, due 04/09/32<sup>(h)</sup> <br>| 409045 |
| 848116 | Fortress Intermediate 3, Inc., 2025 Term Loan B, 7.25% (1 mo. USD Term SOFR + <br> 3.00%), due 06/27/31<sup>(b)</sup> <br>| 853416 |
| 1056352 | Foundation Building Materials Holding Co. LLC, 2025 Term Loan, 9.25% (3 mo. USD <br> Term SOFR + 5.25%), due 01/29/31<sup>(b)</sup> <br>| 1061634 |
| 911688 | Freeport LNG Investments LLLP, Term Loan A, 7.59% (3 mo. USD Term SOFR + <br> 3.00%), due 11/16/26<sup>(b)</sup> <br>| 913397 |
| 1000000 | EUR<br> Froneri Lux Finco SARL, 2025 EUR Term Loan TBD, due 08/02/32<sup>(h)</sup> <br>| 1178672 |
| 1435000 | Froneri Lux Finco SARL, 2025 USD Term Loan TBD, due 08/02/32<sup>(h)</sup> <br>| 1434389 |
| 460924 | Fugue Finance BV, 2025 Repriced Term Loan, 6.95% (3 mo. USD Term SOFR + <br> 2.75%), due 01/09/32<sup>(b)</sup> <br>| 461932 |
| 1492167 | Gainwell Acquisition Corp., Term Loan B, 8.10% (3 mo. USD Term SOFR + 4.00%), <br> due 10/01/27<sup>(b)</sup> <br>| 1472582 |
| 761005 | Gainwell Acquisition Corp., Term Loan B, 8.10% (3 mo. USD Term SOFR + 4.00%), <br> due 10/01/27<sup>(b)</sup> <br>| 751017 |
| 555208 | GC Ferry Acquisition I, Inc., Term Loan, 7.71% (3 mo. USD Term SOFR + 3.50%), due <br> 08/16/32<sup>(b)</sup> <br>| 550281 |
| 1100000 | GFL Environmental, Inc., 2025 Term Loan B, 6.67% (3 mo. USD Term SOFR + <br> 2.50%), due 03/03/32<sup>(b)</sup> <br>| 1101604 |
| 1585804 | Global Medical Response, Inc., 2025 Repriced Term Loan B TBD, due 10/01/32<sup>(h)</sup> <br>| 1588072 |
| 1500000 | Gloves Buyer, Inc., 2025 Term Loan, 8.16% (1 mo. USD Term SOFR + 4.00%), due <br> 05/21/32<sup>(b)</sup> <br>| 1460625 |
| 1492481 | GoodRx, Inc., 2024 USD Term Loan B, 7.91% (1 mo. USD Term SOFR + 3.75%), due <br> 07/10/29<sup>(b)</sup> <br>| 1505075 |
| 500000 | Graham Packaging Co., Inc., 2024 Term Loan B TBD, due 08/04/27<sup>(h)</sup> <br>| 500500 |
| 348246 | Great Outdoors Group LLC, 2025 Term Loan B, 7.41% (1 mo. USD Term SOFR + <br> 3.25%), due 01/23/32<sup>(b)</sup> <br>| 349171 |
| 700000 | Green Infrastructure Partners, Inc., USD Term Loan B TBD, due 09/24/32<sup>(h)</sup> <br>| 701533 |
| 1060000 | Gryphon Acquire Newco, LLC, Term Loan B, 6.88% (6 mo. USD Term SOFR + <br> 3.00%), due 09/13/32<sup>(b)</sup> <br>| 1063312 |
| 970894 | Hamilton Projects Acquiror LLC, 2025 Repriced Term Loan B, 6.66% (1 mo. USD Term <br> SOFR + 2.50%), due 05/30/31<sup>(b)</sup> <br>| 975243 |
| 348250 | Hanesbrands, Inc., 2025 Term Loan B, 6.91% (1 mo. USD Term SOFR + 2.75%), due <br> 03/07/32<sup>(b)</sup> <br>| 350427 |
| 2656599 | Heartland Dental LLC, 2025 Term Loan, 7.91% (1 mo. USD Term SOFR + 3.75%), due <br> 08/25/32<sup>(b)</sup> <br>| 2655561 |
| 99750 | Herschend Entertainment Co. LLC, 2025 Term Loan B, 7.41% (1 mo. USD Term SOFR <br> + 3.25%), due 05/27/32<sup>(b)</sup> <br>| 100332 |
| 598500 | Hightower Holdings LLC, 2025 1st Lien Term Loan B, 7.07% (3 mo. USD Term SOFR <br> + 2.75%), due 02/03/32<sup>(b)</sup> <br>| 598500 |
| 851062 | HUB International Ltd., 2025 Term Loan B, 6.83% (3 mo. USD Term SOFR + 2.50%), <br> due 06/20/30<sup>(b)</sup> <br>| 853268 |
| 1000000 | EUR<br> Idemia Identity & Security France SAS, 2024 EUR Term Loan B TBD, due <br> 09/29/28<sup>(b)(h)</sup> <br>| 1180049 |
| 1485277 | IMC Financing LLC, Term Loan B, 7.64% (1 mo. USD Term SOFR + 3.50%), due <br> 06/18/32<sup>(b)</sup> <br>| 1501987 |
| 1250000 | Imperative Worldwide LLC, 2021 Term Loan, 9.65% (3 mo. USD Term SOFR + <br> 5.50%), due 12/29/28<sup>(b)</sup> <br>| 1234375 |
| 1821099 | Infinite Bidco LLC, 1st Lien Term Loan, 8.32% (3 mo. USD Term SOFR + 3.75%), due <br> 03/02/28<sup>(b)</sup> <br>| 1777847 |
| 1036804 | Infinite Bidco LLC, 2023 Incremental Term Loan, 10.45% (3 mo. USD Term SOFR + <br> 6.25%), due 03/02/28<sup>(c)</sup> <br>| 1010883 |

---

112See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 596907 | Informatica LLC, 2024 Term Loan B, 6.41% (1 mo. USD Term SOFR + 2.25%), due <br> 10/27/28<sup>(b)</sup> <br>| 598959 |
| 259981 | 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>| 263718 |
| 1127175 | International Entertainment JJCO 3 Ltd., USD Term Loan B, 8.06% (3 mo. USD Term <br> SOFR + 3.75%), due 04/29/32<sup>(b)</sup> <br>| 1134220 |
| 750000 | International Entertainment JJCO 3 Ltd., USD Term Loan B TBD, due 04/29/32<sup>(h)</sup> <br>| 754687 |
| 1200000 | Ion Platform Finance U.S., Inc., USD Term Loan TBD, due 09/30/32<sup>(b)(h)</sup> <br>| 1192500 |
| 1492481 | IRB Holding Corp., 2024 1st Lien Term Loan B, 6.66% (1 mo. USD Term SOFR + <br> 2.50%), due 12/15/27<sup>(b)</sup> <br>| 1494450 |
| 1741228 | Jefferies Finance LLC, 2024 Term Loan, 6.92% (1 mo. USD Term SOFR + 2.75%), due <br> 10/21/31<sup>(b)</sup> <br>| 1741228 |
| 596985 | JetBlue Airways Corporation, 2024 Term Loan B, 8.75% (3 mo. USD Term SOFR + <br> 4.75%), due 08/27/29<sup>(b)</sup> <br>| 574598 |
| 1501237 | Jump Financial LLC, 2025 1st Lien Term Loan B, 7.50% (3 mo. USD Term SOFR + <br> 3.50%), due 02/26/32<sup>(b)</sup> <br>| 1512497 |
| 1279286 | June Purchaser LLC, Term Loan, 7.00% (3 mo. USD Term SOFR + 3.00%), due <br> 11/28/31<sup>(b)</sup> <br>| 1284283 |
| 597000 | Kaseya, Inc., 2025 1st Lien Term Loan B, 7.41% (1 mo. USD Term SOFR + 3.25%), <br> due 03/20/32<sup>(b)</sup> <br>| 598599 |
| 1600000 | Kaseya, Inc., 2025 2nd Lien Term Loan B, 9.16% (1 mo. USD Term SOFR + 5.00%), <br> due 03/18/33<sup>(b)</sup> <br>| 1603501 |
| 1790000 | Kohler Energy Co. LLC, USD Term Loan B, 7.75% (3 mo. USD Term SOFR + 3.75%), <br> due 05/01/31<sup>(b)</sup> <br>| 1795033 |
| 353165 | LABL, Inc., 2021 USD 1st Lien Term Loan, 9.26% (1 mo. USD Term SOFR + 5.00%), <br> due 10/30/28<sup>(b)</sup> <br>| 291273 |
| 894447 | Lakeshore Intermediate LLC, Term Loan, 7.78% (1 mo. USD Term SOFR + 3.50%), <br> due 09/29/28<sup>(b)</sup> <br>| 749844 |
| 882000 | Laseraway Intermediate Holdings II LLC, Term Loan TBD, due 10/14/27<sup>(b)(h)</sup> <br>| 873339 |
| 515464 | EUR<br> Lavender Dutch BorrowerCo BV, EUR Term Loan TBD, due 09/27/32<sup>(h)</sup> <br>| 607752 |
| 348237 | LBM Acquisition LLC, 2024 Incremental Term Loan B, 7.99% (1 mo. USD Term SOFR <br> + 3.75%), due 06/06/31<sup>(b)</sup> <br>| 340425 |
| 1193970 | LC AHAB U.S. Bidco LLC, Term Loan B, 7.16% (1 mo. USD Term SOFR + 3.00%), <br> due 05/01/31<sup>(b)</sup> <br>| 1195090 |
| 932000 | LendingTree, Inc., 2025 Term Loan, 8.66% (1 mo. USD Term SOFR + 4.50%), due <br> 08/21/30<sup>(b)</sup> <br>| 929670 |
| 391517 | Lereta LLC, Term Loan B, 9.53% (1 mo. USD Term SOFR + 5.25%), due 07/30/28<sup>(b)</sup> <br>| 351060 |
| 523329 | Lereta LLC, Term Loan B TBD, due 07/30/28<sup>(h)</sup> <br>| 469252 |
| 1741232 | LifePoint Health, Inc., 2024 Incremental Term Loan B1, 7.66% (3 mo. USD Term SOFR <br> + 3.50%), due 05/19/31<sup>(b)</sup> <br>| 1735324 |
| 1043510 | Lonza Group AG, USD Term Loan B, 8.03% (3 mo. USD Term SOFR + 3.93%), due <br> 07/03/28<sup>(b)</sup> <br>| 943333 |
| 1666999 | LSCS Holdings, Inc., 2025 Term Loan, 8.50% (3 mo. USD Term SOFR + 4.50%), due <br> 03/04/32<sup>(b)</sup> <br>| 1643036 |
| 723188 | LSF12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan B, 7.78% (1 mo. USD <br> Term SOFR + 3.50%), due 12/02/31<sup>(b)</sup> <br>| 725223 |
| 400000 | LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, 7.78% (1 mo. USD Term <br> SOFR + 3.50%), due 12/02/31<sup>(b)</sup> <br>| 401126 |
| 698250 | M6 ETX Holdings II Midco LLC, 2025 Term Loan B, 9.25% (3 mo. USD Term SOFR <br> + 2.00%), due 04/01/32<sup>(b)</sup> <br>| 699472 |
| 1140969 | Madison IAQ, LLC, Term Loan, 6.70% (6 mo. USD Term SOFR + 2.50%), due <br> 06/21/28<sup>(b)</sup> <br>| 1143466 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1402883 | MajorDrive Holdings IV LLC, Term Loan B, 8.26% (3 mo. USD Term SOFR + 4.00%), <br> due 06/01/28<sup>(b)</sup> <br>| 1370266 |
| 1597584 | MajorDrive Holdings IV LLC, Term Loan B TBD, due 06/01/28<sup>(h)</sup> <br>| 1560440 |
| 283283 | Maravai Intermediate Holdings, LLC, 2022 Term Loan B, 7.33% (3 mo. USD Term <br> SOFR + 3.00%), due 10/19/27<sup>(b)</sup> <br>| 276201 |
| 498721 | Mauser Packaging Solutions Holding Co., 2024 Term Loan B TBD, due 04/15/27<sup>(h)</sup> <br>| 499523 |
| 2984962 | McAfee LLC, 2024 USD 1st Lien Term Loan B, 7.22% (1 mo. USD Term SOFR + <br> 3.00%), due 03/01/29<sup>(b)</sup> <br>| 2860588 |
| 1053879 | MDVIP, Inc., 2025 Term Loan B, 6.89% (1 mo. USD Term SOFR + 2.75%), due <br> 10/14/31<sup>(b)</sup> <br>| 1058051 |
| 35038 | MDVIP, Inc., Term Loan B TBD, due 10/14/31<sup>(h)</sup> <br>| 35177 |
| 666646 | Medline Borrower LP, 2025 Incremental Term Loan B, 6.16% (1 mo. USD Term SOFR <br> + 2.00%), due 10/23/30<sup>(b)</sup> <br>| 666958 |
| 727133 | Medline Borrower LP, 2025 Term Loan B, 6.16% (1 mo. USD Term SOFR + 2.00%), <br> due 10/23/28<sup>(b)</sup> <br>| 727917 |
| 315789 | EUR<br> Mermaid Bidco, Inc., 2024 EUR Term Loan B, 5.74% (3 mo. EURIBOR + 3.75%), due <br> 07/03/31<sup>(b)</sup> <br>| 373526 |
| 2180000 | MH Sub I LLC, 2021 2nd Lien Term Loan, 10.41% (1 mo. USD Term SOFR + 6.25%), <br> due 02/23/29<sup>(b)</sup> <br>| 1918740 |
| 1094402 | MH Sub I LLC, 2023 Term Loan, 8.25% (3 mo. USD Term SOFR + 4.25%), due <br> 05/03/28<sup>(b)</sup> <br>| 1057125 |
| 586705 | MH Sub I LLC, 2024 Term Loan B4, 8.41% (1 mo. USD Term SOFR + 4.25%), due <br> 12/31/31<sup>(b)</sup> <br>| 540991 |
| 1566797 | Midwest Physician Administrative Services LLC, 2021 Term Loan, 7.26% (3 mo. USD <br> Term SOFR + 3.00%), due 03/12/28<sup>(b)</sup> <br>| 1458426 |
| 501856 | MKS Instruments, Inc., 2025 USD Repriced Term Loan, 6.17% (1 mo. USD Term <br> SOFR + 2.00%), due 08/17/29<sup>(b)</sup> <br>| 502875 |
| 1436638 | Modena Buyer LLC, Term Loan, 8.81% (3 mo. USD Term SOFR + 4.50%), due <br> 07/01/31<sup>(b)</sup> <br>| 1420028 |
| 60849 | Modena Buyer LLC, Term Loan TBD, due 07/01/31<sup>(h)</sup> <br>| 60146 |
| 1000000 | EUR<br> Mosel Bidco SE, 2025 EUR Term Loan B, 5.75% (3 mo. EURIBOR + 3.75%), due <br> 09/16/30<sup>(b)</sup> <br>| 1182618 |
| 711352 | National Mentor Holdings, Inc., 2021 Term Loan, 8.01% (1 mo. USD Term SOFR + <br> 3.75%), due 03/02/28<sup>(b)</sup> <br>| 709795 |
| 158687 | National Mentor Holdings, Inc., 2021 Term Loan, 7.85% (3 mo. USD Term SOFR + <br> 3.75%), due 03/02/28<sup>(b)</sup> <br>| 158340 |
| 25405 | National Mentor Holdings, Inc., 2021 Term Loan C, 7.85% (3 mo. USD Term SOFR + <br> 3.75%), due 03/02/28<sup>(b)</sup> <br>| 25350 |
| 341686 | NEP Group, Inc., 2023 Incremental Term Loan B, 1.50% (3 mo. USD Term SOFR + <br> 4.00%, 1.50% PIK), due 08/19/26<sup>(b)</sup> <br>| 341046 |
| 1001072 | NEP Group, Inc., 2023 Term Loan B, 7.71% (3 mo. USD Term SOFR + 3.25%, 1.50% <br> PIK), due 08/19/26<sup>(b)</sup> <br>| 995754 |
| 342000 | Nexus Buyer LLC, 2025 Incremental Term Loan, 8.16% (1 mo. USD Term SOFR + <br> 4.00%), due 07/31/31<sup>(b)</sup> <br>| 342053 |
| 2039750 | Nexus Buyer LLC, 2025 Term Loan B, 7.66% (1 mo. USD Term SOFR + 3.50%), due <br> 07/31/31<sup>(b)</sup> <br>| 2036945 |
| 866667 | EUR<br> Nidda Healthcare Holding AG, 2025 EUR Term Loan B, 5.53% (3 mo. EURIBOR + <br> 3.50%), due 02/21/30<sup>(b)</sup> <br>| 1023226 |
| 1000000 | EUR<br> Nuuday AS, EUR Term Loan B, 8.53% (3 mo. EURIBOR + 6.50%), due 02/03/28<sup>(b)</sup> <br>| 1179112 |
| 400000 | OID-OL Intermediate I LLC, Term Loan 1, 10.31% (3 mo. USD Term SOFR + 6.00%), <br> due 02/01/29<sup>(b)</sup> <br>| 414167 |
| 498750 | OID-OL Intermediate I LLC, Term Loan 2, 8.71% (3 mo. USD Term SOFR + 4.25%), <br> due 02/01/29<sup>(b)</sup> <br>| 420095 |

---

114See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 195000<br> Olympus Water U.S. Holding Corp., 2025 USD Term Loan B TBD, due 07/23/32<sup>(h)</sup> <br>| 193720 |
| 1749000<br> Onex TSG Intermediate Corp., 2025 Term Loan B, 7.98% (3 mo. USD Term SOFR + <br> 3.75%), due 08/06/32<sup>(b)</sup> <br>| 1760561 |
| 525000<br> Opal Bidco SAS, USD Term Loan B, 7.25% (3 mo. USD Term SOFR + 3.25%), due <br> 04/28/32<sup>(b)</sup> <br>| 527297 |
| 1641730<br> Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, 6.42% (1 mo. USD <br> Term SOFR + 2.25%), due 10/05/28<sup>(b)</sup> <br>| 1644808 |
| 249351<br> Osmose Utilities Services, Inc., Term Loan, 7.53% (1 mo. USD Term SOFR + 3.25%), <br> due 06/23/28<sup>(b)</sup> <br>| 236571 |
| 1000000<br> Osmose Utilities Services, Inc., Term Loan TBD, due 06/23/28<sup>(h)</sup> <br>| 948750 |
| 631821<br> Outcomes Group Holdings, Inc., 2025 Term Loan B, 7.16% (1 mo. USD Term SOFR + <br> 3.00%), due 05/06/31<sup>(b)</sup> <br>| 636296 |
| 265000<br> Owens-Illinois Inc., 2025 Term Loan B TBD, due 09/24/32<sup>(h)</sup> <br>| 264834 |
| 500000<br> Paradigm Parent LLC, 1st Lien Term Loan, 8.82% (3 mo. USD Term SOFR + 4.50%), <br> due 04/16/32<sup>(b)</sup> <br>| 450078 |
| 547172<br> Penn Entertainment, Inc., 2022 Term Loan B, 6.66% (1 mo. USD Term SOFR + 2.50%), <br> due 05/03/29<sup>(b)</sup> <br>| 547661 |
| 1695463<br> Peraton Corp., Term Loan B, 8.01% (1 mo. USD Term SOFR + 3.75%), due 02/01/28<sup>(b)</sup> <br>| 1432879 |
| 778050<br> Performance Health & Wellness, 2025 Term Loan B TBD, due 03/19/32<sup>(h)</sup> <br>| 768324 |
| 1496104<br> PetSmart, Inc., 2021 Term Loan B TBD, due 02/11/28<sup>(h)</sup> <br>| 1492835 |
| 857450<br> PHRG Intermediate LLC, 2025 Term Loan B, 8.16% (1 mo. USD Term SOFR + <br> 4.00%), due 02/20/32<sup>(b)</sup> <br>| 856378 |
| 943548<br> Pinnacle Buyer LLC, Term Loan TBD, due 09/10/32<sup>(h)</sup> <br>| 945711 |
| 995623<br> Plano HoldCo, Inc., Term Loan B, 7.50% (3 mo. USD Term SOFR + 3.50%), due <br> 10/02/31<sup>(b)</sup> <br>| 965755 |
| 450000<br> Pluto Acquisition I, Inc., 2024 First Out Superpriority Term Loan, 9.50% (3 mo. USD <br> Term SOFR + 5.50%), due 06/20/28<sup>(b)</sup> <br>| 452250 |
| 1989637<br> Polaris Newco LLC, USD Term Loan B, 8.32% (3 mo. USD Term SOFR + 3.75%), due <br> 06/02/28<sup>(b)</sup> <br>| 1921954 |
| 407947<br> Prairie ECI Acquiror LP, 2025 Repriced Term Loan B, 7.91% (1 mo. USD Term SOFR <br> + 3.75%), due 08/01/29<sup>(b)</sup> <br>| 411262 |
| 451880<br> Pregis TopCo Corp., 2025 Refinancing Term Loan, 8.16% (1 mo. USD Term SOFR + <br> 4.00%), due 02/01/29<sup>(b)</sup> <br>| 455363 |
| 1691979<br> Pre-Paid Legal Services, Inc., 2021 Term Loan, 7.41% (1 mo. USD Term SOFR + <br> 3.25%), due 12/15/28<sup>(b)</sup> <br>| 1603150 |
| 583538<br> Project Boost Purchaser LLC, 2025 Refinancing Term Loan, 7.07% (3 mo. USD Term <br> SOFR + 2.75%), due 07/16/31<sup>(b)</sup> <br>| 582586 |
| 994872<br> Project Castle, Inc., Term Loan B, 9.72% (6 mo. USD Term SOFR + 5.50%), due <br> 06/01/29<sup>(b)</sup> <br>| 829059 |
| 1196573<br> Project Ruby Ultimate Parent Corp., 2025 Term Loan B, 7.03% (1 mo. USD Term <br> SOFR + 2.75%), due 03/10/28<sup>(b)</sup> <br>| 1198568 |
| 201175<br> Project Ruby Ultimate Parent Corp., 2025 Term Loan B TBD, due 03/10/28<sup>(h)</sup> <br>| 201511 |
| 1461000<br> Prometric Holdings, Inc., 2025 Term Loan B, 7.91% (1 mo. USD Term SOFR + 3.75%), <br> due 06/25/32<sup>(b)</sup> <br>| 1469949 |
| 1999848<br> Proofpoint, Inc., 2024 Term Loan, 7.16% (1 mo. USD Term SOFR + 3.00%), due <br> 08/31/28<sup>(b)</sup> <br>| 2008130 |
| 70171<br> Proofpoint, Inc., 2025 Fungible Term Loan TBD, due 08/31/28<sup>(h)</sup> <br>| 70534 |
| 1741853<br> PushPay USA, Inc., 2025 Repriced Term Loan, 7.75% (3 mo. USD Term SOFR + <br> 3.75%), due 08/15/31<sup>(b)</sup> <br>| 1756006 |
| 1020000<br> Qnity Electronics, Inc., Term Loan B TBD, due 08/12/32<sup>(h)</sup> <br>| 1021275 |
| 750000<br> QuidelOrtho Corp., Term Loan, 8.00% (3 mo. USD Term SOFR + 4.00%), due <br> 08/20/32<sup>(b)</sup> <br>| 747070 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1741250 | Quikrete Holdings, Inc., 2025 Term Loan B, 6.41% (1 mo. USD Term SOFR + 2.25%), <br> due 02/10/32<sup>(b)</sup> <br>| 1742556 |
| 407865 | RealTruck Group, Inc., 2021 Term Loan B, 8.03% (1 mo. USD Term SOFR + 3.75%), <br> due 01/31/28<sup>(b)</sup> <br>| 371157 |
| 495506 | Rinchem Co., Inc., Term Loan, 8.34% (3 mo. USD Term SOFR + 4.25%), due <br> 03/02/29<sup>(b)</sup> <br>| 267573 |
| 646997 | Rocket Software, Inc., 2023 USD Term Loan B, 7.91% (1 mo. USD Term SOFR + <br> 3.75%), due 11/28/28<sup>(b)</sup> <br>| 648492 |
| 187500 | Sandisk Corp., Term Loan B, 7.14% (1 mo. USD Term SOFR + 3.00%), due 02/20/32<sup>(b)</sup> <br>| 187734 |
| 540000 | Sanmina Corp., Term Loan B TBD, due 08/06/32<sup>(h)</sup> <br>| 540000 |
| 194188 | SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, 7.20% (6 mo. USD Term <br> SOFR + 3.00%), due 01/31/29<sup>(b)</sup> <br>| 194619 |
| 16129 | Secretariat Advisors LLC, 2025 Delayed Draw Term Loan TBD, due 02/28/32<sup>(h)</sup> <br>| 16149 |
| 1211247 | Secretariat Advisors LLC, 2025 Term Loan B, 8.00% (3 mo. USD Term SOFR + <br> 4.00%), due 02/28/32<sup>(b)</sup> <br>| 1212761 |
| 133871 | Secretariat Advisors LLC, 2025 Term Loan B TBD, due 02/28/32<sup>(h)</sup> <br>| 134038 |
| 816027 | Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 6.66% (1 mo. USD <br> Term SOFR + 2.50%), due 07/31/31<sup>(b)</sup> <br>| 815823 |
| 1009912 | Service Logic Acquisition, Inc., 2025 Repriced Term Loan B, 7.31% (3 mo. USD Term <br> SOFR + 3.00%), due 10/29/27<sup>(b)</sup> <br>| 1012437 |
| 2257000 | Sgh2 LLC, 2025 USD Term Loan B, 8.51% (3 mo. USD Term SOFR + 4.50%), due <br> 08/18/32<sup>(b)</sup> <br>| 2262642 |
| 1007462 | Sharp Services LLC, 2025 Term Loan B, 6.99% (3 mo. USD Term SOFR + 3.00%), due <br> 09/12/32<sup>(b)</sup> <br>| 1008722 |
| 165000 | Shift4 Payments LLC, 2025 Term Loan, 6.75% (3 mo. USD Term SOFR + 2.75%), due <br> 06/30/32<sup>(b)</sup> <br>| 166547 |
| 196154 | EUR<br> Siaci Saint Honore, 2025 EUR Delayed Draw Term Loan TBD, due 07/16/32<sup>(h)</sup> <br>| 231909 |
| 823846 | EUR<br> Siaci Saint Honore, 2025 EUR Unitranche Term Loan, 5.50% (3 mo. EURIBOR + <br> 3.50%), due 07/26/32<sup>(b)</sup> <br>| 973994 |
| 746222 | Six Flags Entertainment Corp., 2024 Term Loan B, 6.16% (1 mo. USD Term SOFR + <br> 2.00%), due 05/01/31<sup>(b)</sup> <br>| 742542 |
| 1741250 | SMX Group LLC, Term Loan, 8.66% (1 mo. USD Term SOFR + 4.50%), due <br> 02/06/32<sup>(b)</sup> <br>| 1753221 |
| 292369 | Somnigroup International, Inc., 2025 Term Loan B, 6.37% (3 mo. USD Term SOFR + <br> 2.25%), due 10/24/31<sup>(b)</sup> <br>| 294699 |
| 845619 | Specialty Building Products Holdings LLC, 2021 Term Loan B, 8.01% (1 mo. USD <br> Term SOFR + 3.75%), due 10/15/28<sup>(b)</sup> <br>| 816233 |
| 498708 | Specialty Building Products Holdings LLC, 2021 Term Loan B TBD, due 10/15/28<sup>(h)</sup> <br>| 481378 |
| 541667 | EUR<br> Spectris PLC, EUR Term Loan TBD, due 09/24/32<sup>(h)</sup> <br>| 639044 |
| 1194443 | Star Parent Inc., Term Loan B, 8.00% (3 mo. USD Term SOFR + 4.00%), due <br> 09/27/30<sup>(b)</sup> <br>| 1195529 |
| 1641667 | Star Parent Inc., Term Loan B, 8.00% (3 mo. USD Term SOFR + 4.00%), due <br> 09/27/30<sup>(b)</sup> <br>| 1643159 |
| 1000000 | EUR<br> Stepstone Group MidCo 2 GmbH, EUR Term Loan B TBD, due 04/26/32<sup>(h)</sup> <br>| 1157926 |
| 1000000 | Stonepeak Bayou Holdings LP, Term Loan B TBD, due 09/24/32<sup>(h)</sup> <br>| 1000000 |
| 2133 | Student Transportation of America Holdings, Inc., Delayed Draw Term Loan, 7.56% (3 <br> mo. USD Term SOFR + 3.25%), due 06/24/32<sup>(b)</sup> <br>| 2142 |
| 4533 | Student Transportation of America Holdings, Inc., Delayed Draw Term Loan, 7.57% (3 <br> mo. USD Term SOFR + 3.25%), due 06/24/32<sup>(b)</sup> <br>| 4551 |
| 93100 | Student Transportation of America Holdings, Inc., Term Loan B, 7.25% (3 mo. USD <br> Term SOFR + 3.25%), due 06/24/32<sup>(b)</sup> <br>| 93468 |
| 1000000 | EUR<br> Synlab Bondco PLC, 2024 EUR Term Loan, 5.69% (3 mo. EURIBOR + 3.75%), due <br> 04/16/31<sup>(b)</sup> <br>| 1179406 |

---

116See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1696747 | Team Health Holdings, Inc., Description 1, 8.80% (3 mo. USD Term SOFR + 4.50%), <br> due 06/30/28<sup>(b)</sup> <br>| 1696747 |
| 1492443 | Thermostat Purchaser III, Inc., 2024 Term Loan B, 8.25% (3 mo. USD Term SOFR + <br> 4.25%), due 08/31/28<sup>(b)</sup> <br>| 1498506 |
| 545455 | EUR<br> Thyme Holdco SARL, 2025 EUR Term Loan B TBD, due 07/19/32<sup>(h)</sup> <br>| 644114 |
| 1243750 | Tidal Waste & Recycling Holdings LLC, Term Loan B, 7.00% (3 mo. USD Term SOFR <br> + 3.00%), due 10/24/31<sup>(b)</sup> <br>| 1252562 |
| 1337266 | TKC Holdings, Inc., 2024 Term Loan, 9.17% (1 mo. USD Term SOFR + 5.00%), due <br> 05/15/28<sup>(b)</sup> <br>| 1348967 |
| 547250 | TKO Worldwide Holdings LLC, 2025 Term Loan, 6.04% (3 mo. USD Term SOFR + <br> 2.00%), due 11/21/31<sup>(b)</sup> <br>| 548671 |
| 503300 | TKO Worldwide Holdings LLC, 2025 Term Loan B TBD, due 11/21/31<sup>(h)</sup> <br>| 504629 |
| 1629246 | Townsquare Media, Inc., 2025 Term Loan, 9.19% (3 mo. USD Term SOFR + 5.00%), <br> due 02/19/30<sup>(b)</sup> <br>| 1445956 |
| 646725 | TransDigm, Inc., 2023 Term Loan J, 6.50% (3 mo. USD Term SOFR + 2.50%), due <br> 02/28/31<sup>(b)</sup> <br>| 646914 |
| 2294192 | TransDigm, Inc., 2025 Term Loan K TBD, due 03/22/30<sup>(h)</sup> <br>| 2293655 |
| 1100000 | TransDigm, Inc., 2025 Term Loan M, 6.50% (1 mo. USD Term SOFR + 2.34%), due <br> 08/19/32<sup>(b)</sup> <br>| 1100257 |
| 325000 | TransDigm, Inc., 2025 Term Loan M TBD, due 08/19/32<sup>(b)</sup> <br>| 325076 |
| 715000 | Traverse Midstream Partners LLC, 2017 Term Loan, 6.81% (3 mo. USD Term SOFR + <br> 2.50%), due 02/16/28<sup>(b)</sup> <br>| 717460 |
| 1228810 | Trident TPI Holdings, Inc., 2024 Term Loan B7, 7.75% (3 mo. USD Term SOFR + <br> 3.75%), due 09/15/28<sup>(b)</sup> <br>| 1207497 |
| 1000000 | EUR<br> Trivium Packaging BV, EUR Term Loan B, 6.41% (1 mo. EURIBOR + 4.50%), due <br> 05/28/30<sup>(b)</sup> <br>| 1183322 |
| 100000 | Trucordia Insurance Holdings LLC, Term Loan B, 7.41% (1 mo. USD Term SOFR + <br> 3.25%), due 06/17/32<sup>(b)</sup> <br>| 100375 |
| 994778 | TruGreen Limited Partnership, 2020 Term Loan, 8.26% (1 mo. USD Term SOFR + <br> 4.00%), due 11/02/27<sup>(b)</sup> <br>| 974468 |
| 250000 | TruGreen Limited Partnership, 2020 Term Loan TBD, due 11/02/27<sup>(h)</sup> <br>| 244896 |
| 1000000 | EUR<br> TSM II Lux Co. 21 SARL, EUR Term Loan B, 5.78% (3 mo. EURIBOR + 3.75%), due <br> 09/11/31<sup>(b)</sup> <br>| 1184411 |
| 2785751 | U.S. Renal Care, Inc., 2023 Superpriority Term Loan, 9.28% (1 mo. USD Term SOFR + <br> 5.00%), due 06/28/28<sup>(b)</sup> <br>| 2661261 |
| 1496222 | UKG, Inc., 2024 Term Loan B, 6.81% (3 mo. USD Term SOFR + 2.50%), due <br> 02/10/31<sup>(b)</sup> <br>| 1497040 |
| 1820000 | United Talent Agency LLC, 2025 Term Loan B, 7.65% (1 mo. USD Term SOFR + <br> 3.50%), due 06/10/32<sup>(b)</sup> <br>| 1831375 |
| 1742440 | Univision Communications Inc., 2024 Term Loan B, 7.78% (1 mo. USD Term SOFR + <br> 3.50%), due 01/31/29<sup>(b)</sup> <br>| 1739173 |
| 248715 | Univision Communications, Inc., 2022 First Lien Term Loan B, 8.25% (3 mo. USD <br> Term SOFR + 4.25%), due 06/24/29<sup>(b)</sup> <br>| 249336 |
| 1352985 | USALCO LLC, 2025 Term Loan, 7.66% (1 mo. USD Term SOFR + 3.50%), due <br> 09/30/31<sup>(b)</sup> <br>| 1352775 |
| 1094472 | USI, Inc., 2024 Term Loan C, 6.25% (3 mo. USD Term SOFR + 2.25%), due <br> 09/29/30<sup>(b)</sup> <br>| 1094062 |
| 795980 | USI, Inc., 2024 Term Loan D, 6.25% (3 mo. USD Term SOFR + 2.25%), due <br> 11/21/29<sup>(b)</sup> <br>| 795681 |
| 498741 | USI, Inc., 2024 Term Loan D TBD, due 11/21/29<sup>(h)</sup> <br>| 498554 |
| 325000 | Valvoline, Inc., Term Loan B TBD, due 03/19/32<sup>(h)</sup> <br>| 326341 |
| 41157 | Van Pool Transportation LLC, 2025 Delayed Draw Term Loan (3 mo. USD Term SOFR <br> + 3.25%), due 08/06/30<sup>(b)</sup> <br>| 41387 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Bank Loans — continued** | **Bank Loans — continued** |
| 492530 | Van Pool Transportation LLC, 2025 Term Loan, 7.25% (3 mo. USD Term SOFR + <br> 3.25%), due 08/06/30<sup>(b)</sup> <br>| 495301 |
| 398750 | Verifone Systems, Inc., 2025 Term Loan, 10.07% (3 mo. USD Term SOFR + 5.50%), <br> due 08/18/28<sup>(b)</sup> <br>| 386588 |
| 1741228 | Viant Medical Holdings, Inc., 2024 Term Loan B, 8.16% (1 mo. USD Term SOFR + <br> 4.00%), due 10/29/31<sup>(b)</sup> <br>| 1744493 |
| 746134 | Victory Buyer LLC, Term Loan, 8.03% (1 mo. USD Term SOFR + 3.75%), due <br> 11/19/28<sup>(b)</sup> <br>| 748155 |
| 300000 | Virgin Media Bristol LLC, 2020 USD Term Loan Q, 7.51% (1 mo. USD Term SOFR + <br> 3.25%), due 01/31/29<sup>(b)</sup> <br>| 300222 |
| 1400000 | Virgin Media Bristol LLC, 2020 USD Term Loan Q TBD, due 01/31/29<sup>(h)</sup> <br>| 1401035 |
| 915750 | Vista Management Holding, Inc., 2025 Term Loan B TBD, due 04/01/31<sup>(h)</sup> <br>| 921855 |
| 1750000 | Voyager Parent LLC, Term Loan B, 8.75% (3 mo. USD Term SOFR + 4.75%), due <br> 07/01/32<sup>(b)</sup> <br>| 1755773 |
| 492656 | Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 6.66% (1 mo. USD Term SOFR + <br> 2.50%), due 01/30/31<sup>(b)</sup> <br>| 491386 |
| 145000 | Wasserman Media Group LLC, Term Loan B, 7.16% (1 mo. USD Term SOFR + <br> 3.00%), due 06/23/32<sup>(b)</sup> <br>| 145453 |
| 479930 | Waystar Technologies, Inc., 2025 Add-on Term Loan B TBD, due 10/22/29<sup>(h)</sup> <br>| 480830 |
| 160290 | Waystar Technologies, Inc., 2025 Term Loan B, 6.16% (1 mo. USD Term SOFR + <br> 2.00%), due 10/22/29<sup>(b)</sup> <br>| 160590 |
| 698250 | WCG Intermediate Corp., 2025 Term Loan B, 7.16% (1 mo. USD Term SOFR + <br> 3.00%), due 02/25/32<sup>(b)</sup> <br>| 695021 |
| 1741206 | WeddingWire, Inc., 2024 Term Loan B, 7.91% (1 mo. USD Term SOFR + 3.75%), due <br> 01/31/28<sup>(b)</sup> <br>| 1745559 |
| 397990 | WEX, Inc., 2024 Term Loan B2, 5.91% (1 mo. USD Term SOFR + 1.75%), due <br> 03/31/28<sup>(b)</sup> <br>| 397949 |
| 1094486 | Whatabrands LLC, 2024 1st Lien Term Loan B, 6.66% (1 mo. USD Term SOFR + <br> 2.50%), due 08/03/28<sup>(b)</sup> <br>| 1096626 |
| 1396482 | White Cap Buyer LLC, 2024 Term Loan B, 7.41% (1 mo. USD Term SOFR + 3.25%), <br> due 10/19/29<sup>(b)</sup> <br>| 1398387 |
| 200000 | WhiteWater Matterhorn Holdings LLC, 2025 Term Loan B, 6.25% (3 mo. USD Term <br> SOFR + 2.25%), due 06/16/32<sup>(b)</sup> <br>| 200312 |
| 691508 | WideOpenWest Finance LLC, 2024 Super Priority 1st Out New Money Term Loan, <br> 11.58% (3 mo. USD Term SOFR + 7.00%), due 12/11/28<sup>(b)</sup> <br>| 707066 |
| 318392 | Wilsonart LLC, 2024 Term Loan B, 8.25% (3 mo. USD Term SOFR + 4.25%), due <br> 08/05/31<sup>(b)</sup> <br>| 308329 |
| 2700000 | X Corp., 2025 Fixed Term Loan, 9.50% , due 10/26/29<sup>(b)</sup> <br>| 2715187 |
| 650000 | X Corp., 2025 Fixed Term Loan TBD, due 10/26/29<sup>(h)</sup> <br>| 653656 |
| 406203 | Zayo Group Holdings, Inc., USD Term Loan, 7.28% (1 mo. USD Term SOFR + 3.00%), <br> due 03/09/27<sup>(b)</sup> <br>| 400745 |
| 1493603 | Zest Acquisition Corp., 2023 Term Loan, 9.56% (3 mo. USD Term SOFR + 5.25%), due <br> 02/08/28<sup>(b)</sup> <br>| 1502938 |
|  |  | 320166977 |
|  | **Convertible Debt — 1.1%** | **Convertible Debt — 1.1%** |
| 900000 | Alarm.com Holdings, Inc., 2.25%, due 06/01/29 | 865350 |
| 335000 | Alnylam Pharmaceuticals, Inc., 0.00%, due 09/15/28<sup>(k)</sup> 144A | 333116 |
| 192000 | Boston Properties LP, 2.00%, due 10/01/30 144A | 192192 |
| 475000 | Carnival Corp., 5.75%, due 12/01/27<sup>(l)</sup> <br>| 1062069 |
| 165000 | Cloudflare, Inc., 0.00%, due 08/15/26<sup>(k)(m)</sup> <br>| 205953 |
| 811000 | Cloudflare, Inc., 0.00%, due 06/15/30<sup>(k)(m)</sup> 144A | 922918 |

---

118See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Convertible Debt — continued** | **Convertible Debt — continued** |
| 472000 |  | Coinbase Global, Inc., 0.00%, due 10/01/32<sup>(k)(l)</sup> 144A | 522504 |
| 316000 |  | Coinbase Global, Inc., 0.25%, due 04/01/30<sup>(l)</sup> <br>| 397923 |
| 400000 |  | CyberArk Software Ltd., 0.00%, due 06/15/30<sup>(k)(m)</sup> 144A | 445159 |
| 263000 |  | Cytokinetics, Inc., 1.75%, due 10/01/31 144A | 301627 |
| 556000 |  | DoorDash, Inc., 0.00%, due 05/15/30<sup>(k)</sup> 144A | 633284 |
| 555000 |  | Duke Energy Corp., 4.13%, due 04/15/26 | 596486 |
| 225000 |  | Enphase Energy, Inc., 6.22%, due 03/01/28<sup>(l)(n)</sup> <br>| 195433 |
| 700000 |  | Federal Realty OP LP, 3.25%, due 01/15/29 144A | 712600 |
| 700000 |  | Fluor Corp., 1.13%, due 08/15/29 | 832300 |
| 660000 |  | Guardant Health, Inc., 1.25%, due 02/15/31 | 860980 |
| 665000 |  | Guidewire Software, Inc., 1.25%, due 11/01/29 144A | 775073 |
| 575000 |  | Jazz Investments I Ltd., 3.13%, due 09/15/30<sup>(l)</sup> <br>| 683675 |
| 500000 |  | JBT Marel Corp., 0.38%, due 09/15/30 144A | 487000 |
| 300000 |  | JD.com, Inc., 0.25%, due 06/01/29 | 323100 |
| 430000 |  | Merit Medical Systems, Inc., 3.00%, due 02/01/29 144A | 500735 |
| 600000 | EUR | Mitsubishi UFJ Investor Services & Banking Luxembourg SA, Series PRX, 6.52%, (3 <br> mo. EURIBOR + 4.50%), due 12/15/50<sup>(b)</sup> <br>| 448693 |
| 464000 |  | NCL Corp. Ltd., 0.75%, due 09/15/30 144A | 470380 |
| 475000 |  | NextEra Energy Capital Holdings, Inc., 3.00%, due 03/01/27 | 562163 |
| 600000 |  | Qiagen NV, 2.50%, due 09/10/31<sup>(e)</sup> <br>| 621203 |
| 500000 |  | Rexford Industrial Realty LP, 4.13%, due 03/15/29<sup>(l)</sup> 144A | 504750 |
| 173000 |  | Seagate HDD Cayman, 3.50%, due 06/01/28<sup>(l)</sup> <br>| 498564 |
| 108000 |  | Snowflake, Inc., 0.00%, due 10/01/29<sup>(k)</sup> <br>| 169277 |
| 114000 |  | Spotify USA, Inc., 0.00%, due 03/15/26<sup>(k)(m)</sup> <br>| 156066 |
| 393000 |  | Super Micro Computer, Inc., 0.00%, due 06/15/30<sup>(k)</sup> 144A | 434658 |
| 55000 |  | Tyler Technologies, Inc., 0.25%, due 03/15/26 | 60500 |
| 709000 |  | Uber Technologies, Inc., Series 2028, 0.88%, due 12/01/28 | 1044002 |
| 320000 |  | WEC Energy Group, Inc., 3.38%, due 06/01/28 144A | 330960 |
| 400000 |  | WEC Energy Group, Inc., 4.38%, due 06/01/29 | 491600 |
| 525000 |  | Welltower OP LLC, 2.75%, due 05/15/28 144A | 983588 |
| 114000 |  | Wix.com Ltd., 0.00%, due 09/15/30<sup>(k)</sup> 144A | 124773 |
|  |  |  | 18750654 |
|  |  | **Corporate Debt — 38.9%** | **Corporate Debt — 38.9%** |
| 1475000 |  | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | 1441715 |
| 1900000 |  | 1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 144A | 1792590 |
| 780000 |  | 1261229 BC Ltd., 10.00%, due 04/15/32 144A | 800157 |
| 3730000 |  | Acadia Healthcare Co., Inc., 7.38%, due 03/15/33 144A | 3877107 |
| 240000 |  | ACCO Brands Corp., 4.25%, due 03/15/29<sup>(l)</sup> 144A | 216993 |
| 38000 |  | Acrisure LLC/Acrisure Finance, Inc., 6.75%, due 07/01/32 144A | 39159 |
| 500000 |  | Acrisure LLC/Acrisure Finance, Inc., 7.50%, due 11/06/30 144A | 521265 |
| 237000 |  | Acrisure LLC/Acrisure Finance, Inc., 8.25%, due 02/01/29 144A | 247546 |
| 1031000 |  | Acrisure LLC/Acrisure Finance, Inc., 8.50%, due 06/15/29 144A | 1083245 |
| 285000 |  | Adtalem Global Education, Inc., 5.50%, due 03/01/28 144A | 284297 |
| 1075000 |  | Advance Auto Parts, Inc., 7.00%, due 08/01/30 144A | 1106828 |
| 10000 |  | Advanced Drainage Systems, Inc., 5.00%, due 09/30/27 144A | 9984 |
| 425000 |  | Aegea Finance SARL, 6.75%, due 05/20/29<sup>(e)</sup> <br>| 433761 |
| 1355000 |  | Aegea Finance SARL, 7.63%, due 01/20/36<sup>(f)</sup> 144A | 1350799 |
| 2405000 |  | Africell Holding Ltd., 10.50%, due 10/23/29<sup>(l)</sup> 144A | 2394033 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 710000 |  | Africell Holding Ltd., 10.50%, due 10/23/29<sup>(e)</sup> <br>| 706833 |
| 410000 |  | Ahead DB Holdings LLC, 6.63%, due 05/01/28 144A | 410573 |
| 800000 |  | Ahli Bank QSC, 4.00% (5 yr. CMT + 3.45%)<sup>(b)(e)(o)</sup> <br>| 792569 |
| 600000 |  | Ahlstrom Holding 3 OYJ, 4.88%, due 02/04/28 144A | 582346 |
| 325000 | EUR | AIB Group PLC, 6.00% (5 yr. EURIBOR ICE Swap + 3.71%)<sup>(b)(e)(o)</sup> <br>| 390688 |
| 59000 |  | Aircastle Ltd., 5.25% (5 yr. CMT + 4.41%)<sup>(b)(o)</sup> 144A | 58749 |
| 1375000 |  | AL Candelaria Spain SA, 5.75%, due 06/15/33<sup>(e)</sup> <br>| 1250659 |
| 550000 |  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.88%, due <br> 02/15/30 144A<br>| 541041 |
| 900000 | EUR | Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.38%, due 05/21/30 144A | 1098074 |
| 550000 | EUR | Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.38%, due 05/21/30<sup>(e)</sup> <br>| 671045 |
| 885000 | EUR | Alexandrite Lake Lux Holdings SARL, 6.75%, due 07/30/30<sup>(l)</sup> 144A | 1064998 |
| 53000 |  | Alibaba Group Holding Ltd., 0.50%, due 06/01/31 | 97494 |
| 750000 |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, due 10/15/27 <br> 144A<br>| 738155 |
| 370000 |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.50%, due 10/01/31 <br> 144A<br>| 378763 |
| 525000 |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 04/15/28 <br> 144A<br>| 534723 |
| 1600000 |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, due 01/15/31 <br> 144A<br>| 1654429 |
| 268000 |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.38%, due 10/01/32<sup>(l)</sup> <br> 144A<br>| 276491 |
| 400000 | EUR | Allwyn Entertainment Financing U.K. PLC, 4.13%, due 02/15/31<sup>(e)</sup> <br>| 457095 |
| 55000 |  | Alnylam Pharmaceuticals, Inc., 1.00%, due 09/15/27<sup>(l)</sup> <br>| 90530 |
| 500000 |  | Alpha Generation LLC, 6.75%, due 10/15/32 144A | 516500 |
| 288000 |  | AltaGas Ltd., 7.20% (5 yr. CMT + 3.57%), due 10/15/54<sup>(b)</sup> 144A | 298389 |
| 1820000 |  | Altice France Holding SA, 10.50%, due 05/15/27<sup>(p)</sup> 144A | 660073 |
| 800000 | EUR | Altice France SA, 4.13%, due 01/15/29<sup>(e)</sup> <br>| 813391 |
| 860000 |  | Altice France SA, 5.13%, due 07/15/29 144A | 738783 |
| 938000 |  | Altice France SA, 5.50%, due 01/15/28 144A | 830130 |
| 300000 |  | Altice France SA, 5.50%, due 10/15/29 144A | 260981 |
| 300000 |  | Ambipar Lux SARL, 10.88%, due 02/05/33 144A | 50433 |
| 385000 |  | Amentum Holdings, Inc., 7.25%, due 08/01/32 144A | 400077 |
| 1800000 |  | American Builders & Contractors Supply Co., Inc., 4.00%, due 01/15/28 144A | 1765471 |
| 184000 |  | American Electric Power Co., Inc., 5.80% (5 yr. CMT + 2.13%), due 03/15/56<sup>(b)</sup> <br>| 183815 |
| 347000 |  | American National Group, Inc., 7.00% (5 yr. CMT + 3.18%), due 12/01/55<sup>(b)</sup> <br>| 358008 |
| 205000 |  | AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, due 06/01/28 144A | 210764 |
| 950000 |  | AmeriTex HoldCo Intermediate LLC, 7.63%, due 08/15/33 144A | 989647 |
| 440000 |  | AMN Healthcare, Inc., 6.50%, due 01/15/31<sup>(f)</sup> 144A | 441635 |
| 800000 |  | ams-OSRAM AG, 12.25%, due 03/30/29<sup>(l)</sup> 144A | 861666 |
| 1500000 |  | AmWINS Group, Inc., 4.88%, due 06/30/29 144A | 1458826 |
| 1000000 |  | Anglo American Capital PLC, 5.75%, due 04/05/34 144A | 1050077 |
| 250000 |  | Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 02/01/32 <br> 144A<br>| 257699 |
| 225000 |  | APi Group DE, Inc., 4.13%, due 07/15/29 144A | 217697 |
| 500000 |  | Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 09/01/32<sup>(l)</sup> 144A | 513263 |
| 500000 | EUR | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 2.13%, due 08/15/26<sup>(e)</sup> <br>| 577883 |
| 370000 |  | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.13%, due 08/15/26<sup>(l)</sup> <br> 144A<br>| 357032 |
| 236000 |  | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, due 08/15/27 144A | 91011 |

---

120See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1502000 |  | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, due 08/15/27<sup>(l)</sup> <br> 144A<br>| 579231 |
| 77000 |  | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, due 08/15/27<sup>(e)</sup> <br>| 29694 |
| 200000 |  | Ardonagh Group Finance Ltd., 8.88%, due 02/15/32 144A | 210417 |
| 600000 |  | ARES Strategic Income Fund, 5.45%, due 09/09/28 144A | 604839 |
| 1110000 |  | Arsenal AIC Parent LLC, 8.00%, due 10/01/30 144A | 1176652 |
| 400000 |  | AS Mileage Plan IP Ltd., 5.31%, due 10/20/31 144A | 398376 |
| 37500000 | MXN | Asian Infrastructure Investment Bank, 9.88%, due 02/08/38<sup>(e)(n)</sup> <br>| 675399 |
| 1653147 |  | ASP Unifrax Holdings, Inc., 7.10% (7.10% Cash, or 5.85% Cash or 1.25% PIK), due <br> 09/30/29 144A<br>| 659587 |
| 143000 | EUR | Assemblin Caverion Group AB, 6.25%, due 07/01/30<sup>(e)</sup> <br>| 176108 |
| 3640000 |  | AthenaHealth Group, Inc., 6.50%, due 02/15/30 144A | 3613330 |
| 1260000 |  | ATI, Inc., 5.13%, due 10/01/31 | 1240973 |
| 310000 |  | Atkore, Inc., 4.25%, due 06/01/31 144A | 289134 |
| 160000 |  | Atlanticus Holdings Corp., 9.75%, due 09/01/30 144A | 159120 |
| 450000 |  | Avianca Midco 2 PLC, 9.00%, due 12/01/28 144A | 451125 |
| 1000000 |  | Avient Corp., 6.25%, due 11/01/31 144A | 1016273 |
| 214000 |  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.38%, due 06/15/32<sup>(l)</sup> 144A | 224012 |
| 396000 |  | Avolon Holdings Funding Ltd., 2.53%, due 11/18/27<sup>(l)</sup> 144A | 380819 |
| 300000 |  | Axalta Coating Systems LLC, 3.38%, due 02/15/29 144A | 284482 |
| 660000 |  | Axon Enterprise, Inc., 6.13%, due 03/15/30 144A | 679488 |
| 330000 |  | Axon Enterprise, Inc., 6.25%, due 03/15/33 144A | 340493 |
| 1605000 |  | Azule Energy Finance PLC, 8.13%, due 01/23/30 144A | 1620331 |
| 1095000 |  | Azule Energy Finance PLC, 8.13%, due 01/23/30<sup>(e)</sup> <br>| 1105968 |
| 835000 |  | B&G Foods, Inc., 8.00%, due 09/15/28<sup>(l)</sup> 144A | 810085 |
| 5500000 |  | Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, due 07/15/26 144A | 5106204 |
| 1900000 |  | Ball Corp., 2.88%, due 08/15/30 | 1727361 |
| 225000 |  | Banc of California, 3.25% (3 mo. USD Term SOFR + 2.52%), due 05/01/31<sup>(b)</sup> <br>| 209672 |
| 1055000 | EUR | Banca Transilvania SA, 5.13% (1 yr. EURIBOR ICE Swap + 2.95%), due 09/30/30<sup>(b)(e)</sup> <br>| 1272237 |
| 870000 | EUR | Banca Transilvania SA, 8.88% (1 yr. EURIBOR ICE Swap + 5.58%), due 04/27/27<sup>(b)(e)</sup> <br>| 1054714 |
| 2160000 |  | Banco Mercantil del Norte SA, 6.63% (10 yr. CMT + 5.03%)<sup>(b)(e)(o)</sup> <br>| 2112100 |
| 740000 |  | Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)<sup>(b)(o)</sup> 144A | 757006 |
| 200000 | EUR | Banco Santander SA, 6.00% (5 yr. EURIBOR ICE Swap + 3.82%)<sup>(b)(e)(o)</sup> <br>| 241519 |
| 1075000 |  | Bank Negara Indonesia Persero Tbk. PT, 4.30% (5 yr. CMT + 3.47%)<sup>(b)(e)(o)</sup> <br>| 1044216 |
| 250000 | EUR | Bank of Cyprus Holdings PLC, 11.88% (5 yr. EURIBOR ICE Swap + 9.13%)<sup>(b)(e)(o)</sup> <br>| 357407 |
| 275000 | GBP | Barclays PLC, 8.38% (5 yr. GBP SONIA Linked ICE Swap + 4.69%)<sup>(b)(e)(o)</sup> <br>| 390373 |
| 325000 | GBP | Barclays PLC, 8.88% (5 yr. U.K. Government Bond + 6.96%)<sup>(b)(e)(o)</sup> <br>| 461270 |
| 750000 |  | Bath & Body Works, Inc., 6.88%, due 11/01/35 | 781276 |
| 210000 |  | Bath & Body Works, Inc., 6.95%, due 03/01/33 | 219799 |
| 700000 | EUR | Bausch & Lomb Netherlands BV & Bausch & Lomb, Inc., 5.87% (3 mo. EURIBOR + <br> 3.88%), due 01/15/31<sup>(b)(e)</sup> <br>| 835081 |
| 400000 | EUR | BAWAG Group AG, 7.25% (5 yr. EURIBOR ICE Swap + 5.05%)<sup>(b)(e)(o)</sup> <br>| 501936 |
| 1040000 |  | 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>| 1096680 |
| 750000 |  | 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)(e)</sup> <br>| 833192 |
| 500000 | EUR | BCP V Modular Services Finance II PLC, 4.75%, due 11/30/28<sup>(e)</sup> <br>| 564345 |
| 3620000 |  | Beach Acquisition Bidco LLC, 10.00% (10.00% Cash or 10.75% PIK), due 07/15/33 <br> 144A<br>| 3913806 |
| 500000 |  | Beacon Mobility Corp., 7.25%, due 08/01/30 144A | 520202 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 145000 |  | Bell Telephone Co. of Canada or Bell Canada, 7.00% (5 yr. CMT + 2.36%), due <br> 09/15/55<sup>(b)</sup> <br>| 151690 |
| 470000 | EUR | Bellis Acquisition Co. PLC, 8.00%, due 07/01/31 144A | 561155 |
| 270000 |  | BellRing Brands, Inc., 7.00%, due 03/15/30 144A | 279128 |
| 200000 | EUR | Bertrand Franchise Finance SAS, 5.77% (3 mo. EURIBOR + 3.75%), due 07/18/30<sup>(b)(e)</sup> <br>| 225751 |
| 305000 | EUR | Bertrand Franchise Finance SAS, 6.50%, due 07/18/30<sup>(e)(l)</sup> <br>| 351922 |
| 450000 |  | Bill Holdings, Inc., 3.23%, due 04/01/30<sup>(n)</sup> 144A | 401625 |
| 550000 |  | BKV Upstream Midstream LLC, 7.50%, due 10/15/30 144A | 550022 |
| 2300000 |  | Block, Inc., 2.75%, due 06/01/26 | 2271624 |
| 900000 |  | Blue Owl Finance LLC, 6.25%, due 04/18/34 | 944468 |
| 340000 |  | BNP Paribas SA, 7.75% (5 yr. CMT + 4.90%)<sup>(b)(o)</sup> 144A | 360996 |
| 200000 |  | BNP Paribas SA, 8.50% (5 yr. CMT + 4.35%)<sup>(b)(l)(o)</sup> 144A | 213940 |
| 450000 | EUR | BOI Finance BV, 7.50%, due 02/16/27<sup>(e)</sup> <br>| 544128 |
| 920000 |  | Boost Newco Borrower LLC, 7.50%, due 01/15/31 144A | 976708 |
| 715000 | EUR | Boots Group Finco LP, 5.38%, due 08/31/32<sup>(e)</sup> <br>| 865123 |
| 590000 |  | Boyd Gaming Corp., 4.75%, due 06/15/31 144A | 569253 |
| 1000000 |  | Braskem Netherlands Finance BV, 4.50%, due 01/31/30<sup>(e)</sup> <br>| 377610 |
| 2469000 |  | Bread Financial Holdings, Inc., 8.38% (5 yr. CMT + 4.30%), due 06/15/35<sup>(b)</sup> 144A | 2537327 |
| 1375000 |  | BRF SA, 5.75%, due 09/21/50<sup>(e)</sup> <br>| 1181538 |
| 195000 |  | Brinker International, Inc., 8.25%, due 07/15/30 144A | 206419 |
| 800000 |  | Broadcom, Inc., 5.20%, due 07/15/35 | 824790 |
| 960000 |  | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, due 04/01/27 144A<br>| 943653 |
| 270000 |  | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due <br> 06/15/29 144A<br>| 257550 |
| 800000 |  | Brown & Brown, Inc., 5.55%, due 06/23/35 | 823577 |
| 1985000 |  | Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, due 02/01/32 144A | 2007244 |
| 402939 |  | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, 7.88%, <br> due 02/15/39<sup>(e)</sup> <br>| 436074 |
| 900000 |  | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | 847145 |
| 550000 |  | Builders FirstSource, Inc., 6.75%, due 05/15/35 144A | 574960 |
| 1040000 | EUR | Bulgarian Energy Holding EAD, 2.45%, due 07/22/28<sup>(e)</sup> <br>| 1182239 |
| 100000 | EUR | Bulgarian Energy Holding EAD, 4.25%, due 06/19/30<sup>(e)</sup> <br>| 117642 |
| 800000 |  | Burford Capital Global Finance LLC, 6.25%, due 04/15/28 144A | 802075 |
| 630000 |  | Burford Capital Global Finance LLC, 9.25%, due 07/01/31 144A | 670204 |
| 1000000 |  | BWX Technologies, Inc., 4.13%, due 04/15/29 144A | 969020 |
| 1108000 |  | C&W Senior Finance Ltd., 9.00%, due 01/15/33<sup>(e)</sup> <br>| 1160039 |
| 600000 | EUR | CAB SELAS, 3.38%, due 02/01/28<sup>(e)(l)</sup> <br>| 662979 |
| 1370000 |  | Caesars Entertainment, Inc., 6.00%, due 10/15/32 144A | 1350251 |
| 600000 | EUR | CaixaBank SA, 7.50% (5 yr. EURIBOR ICE Swap + 5.30%)<sup>(b)(e)(o)</sup> <br>| 785681 |
| 215000 |  | California Resources Corp., 8.25%, due 06/15/29 144A | 224382 |
| 1250000 |  | Camelot Return Merger Sub, Inc., 8.75%, due 08/01/28 144A | 1210556 |
| 557000 | GBP | Canary Wharf Group Investment Holdings PLC, 3.38%, due 04/23/28<sup>(e)</sup> <br>| 703498 |
| 1270000 |  | Carnival Corp., 5.13%, due 05/01/29<sup>(f)</sup> 144A | 1270000 |
| 525000 |  | Carnival Corp., 5.75%, due 08/01/32 144A | 534937 |
| 675000 |  | Carnival Corp., 5.88%, due 06/15/31 144A | 692134 |
| 1391000 |  | Carvana Co., 9.00% ((14% PIK until 08/15/25; then 9% Cash until Maturity)), due <br> 06/01/31 144A<br>| 1575958 |
| 200000 | EUR | CCF Holding SAS, 9.25% (5 yr. EUR swap annual + 6.63%)<sup>(b)(e)(o)</sup> <br>| 258612 |
| 4530000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A | 4176009 |

---

122See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1370000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 01/15/34 144A | 1185307 |
| 750000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 08/15/30 144A | 708821 |
| 1300000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 | 1183899 |
| 1600000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 06/01/33 144A | 1423497 |
| 390000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A | 374535 |
| 500000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28 144A | 495598 |
| 520000 | GBP | CD&R Firefly Bidco PLC, 8.63%, due 04/30/29<sup>(e)</sup> <br>| 738191 |
| 957000 |  | Celanese U.S. Holdings LLC, 6.75%, due 04/15/33<sup>(l)</sup> <br>| 953560 |
| 1665000 |  | Cemex SAB de CV, 7.20% (5 yr. CMT + 3.52%)<sup>(b)(o)</sup> 144A | 1742839 |
| 1400000 |  | Centene Corp., 2.50%, due 03/01/31 | 1206855 |
| 700000 |  | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, due <br> 06/15/29<sup>(l)</sup> 144A<br>| 617754 |
| 750000 |  | Central Parent, Inc./CDK Global, Inc., 7.25%, due 06/15/29 144A | 648604 |
| 700000 |  | Century Aluminum Co., 6.88%, due 08/01/32 144A | 726355 |
| 800000 |  | Cerdia Finanz GmbH, 9.38%, due 10/03/31 144A | 849000 |
| 1641000 |  | Champ Acquisition Corp., 8.38%, due 12/01/31 144A | 1748707 |
| 1025000 |  | Champion MTN Ltd., 2.95%, due 06/15/30<sup>(e)</sup> <br>| 889017 |
| 265000 |  | Cheplapharm Arzneimittel GmbH, 5.50%, due 01/15/28 144A | 259031 |
| 500000 | EUR | Cheplapharm Arzneimittel GmbH, 7.50%, due 05/15/30<sup>(e)</sup> <br>| 609283 |
| 900000 |  | Choice Hotels International, Inc., 3.70%, due 12/01/29 | 859871 |
| 200000 |  | Chord Energy Corp., 6.00%, due 10/01/30 144A | 198732 |
| 840000 |  | Chord Energy Corp., 6.75%, due 03/15/33 144A | 851604 |
| 792000 |  | CHS/Community Health Systems, Inc., 4.75%, due 02/15/31 144A | 685443 |
| 500000 |  | CHS/Community Health Systems, Inc., 5.25%, due 05/15/30 144A | 452775 |
| 1542000 |  | CHS/Community Health Systems, Inc., 6.88%, due 04/15/29<sup>(l)</sup> 144A | 1227309 |
| 1235000 |  | CHS/Community Health Systems, Inc., 9.75%, due 01/15/34 144A | 1266801 |
| 250000 |  | CHS/Community Health Systems, Inc., 10.88%, due 01/15/32 144A | 265087 |
| 775000 |  | Churchill Downs, Inc., 6.75%, due 05/01/31<sup>(l)</sup> 144A | 795232 |
| 1000000 |  | Citadel Finance LLC, 5.90%, due 02/10/30 144A | 1014934 |
| 265000 |  | Citadel Securities Global Holdings LLC, 6.20%, due 06/18/35 144A | 278577 |
| 117000 |  | Citigroup, Inc., 6.88% (5 yr. CMT + 2.89%)<sup>(b)(o)</sup> <br>| 120703 |
| 114000 |  | Citigroup, Inc., 7.63% (5 yr. CMT + 3.21%)<sup>(b)(o)</sup> <br>| 119844 |
| 550000 | EUR | Clarios Global LP/Clarios U.S. Finance Co., 4.75%, due 06/15/31<sup>(e)</sup> <br>| 659945 |
| 122000 |  | Clarios Global LP/Clarios U.S. Finance Co., 6.75%, due 09/15/32 144A | 124780 |
| 520000 |  | Clear Channel Outdoor Holdings, Inc., 7.50%, due 03/15/33 144A | 544068 |
| 161000 |  | Clear Channel Outdoor Holdings, Inc., 7.75%, due 04/15/28<sup>(l)</sup> 144A | 160851 |
| 225000 |  | Clearwater Paper Corp., 4.75%, due 08/15/28 144A | 211868 |
| 1450000 |  | Cleveland-Cliffs, Inc., 7.00%, due 03/15/32 144A | 1466262 |
| 1440000 |  | Cleveland-Cliffs, Inc., 7.38%, due 05/01/33 144A | 1471205 |
| 1000000 |  | Cloud Software Group, Inc., 8.25%, due 06/30/32 144A | 1061858 |
| 283000 |  | Cloud Software Group, Inc., 9.00%, due 09/30/29 144A | 293851 |
| 1500000 |  | Clydesdale Acquisition Holdings, Inc., 6.75%, due 04/15/32 144A | 1539892 |
| 1050000 |  | Clydesdale Acquisition Holdings, Inc., 8.75%, due 04/15/30<sup>(l)</sup> 144A | 1079603 |
| 300000 | EUR | CMA CGM SA, 5.00%, due 01/15/31 144A | 358991 |
| 118000 |  | CMS Energy Corp., 4.75% (5 yr. CMT + 4.12%), due 06/01/50<sup>(b)</sup> <br>| 115280 |
| 875000 |  | Cogent Communications Group LLC/Cogent Finance, Inc., 6.50%, due 07/01/32<sup>(l)</sup> 144A | 851144 |
| 1100000 |  | Coherent Corp., 5.00%, due 12/15/29 144A | 1086117 |
| 250000 |  | Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, due 01/24/33 144A | 261725 |
| 150000 |  | Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, due 01/24/33<sup>(e)</sup> <br>| 157035 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 203500 |  | Compass Group Diversified Holdings LLC, 5.25%, due 04/15/29 144A | 188165 |
| 1360000 |  | Compass Minerals International, Inc., 8.00%, due 07/01/30 144A | 1422597 |
| 750000 |  | Concentra Health Services, Inc., 6.88%, due 07/15/32 144A | 779724 |
| 230000 |  | Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, due <br> 11/01/29<sup>(l)</sup> 144A<br>| 222534 |
| 1150000 |  | Constellium SE, 6.38%, due 08/15/32 144A | 1176443 |
| 3470000 |  | CoreWeave, Inc., 9.00%, due 02/01/31 144A | 3560668 |
| 1250000 |  | Corp. Nacional del Cobre de Chile, 5.95%, due 01/08/34<sup>(e)</sup> <br>| 1315574 |
| 1000000 |  | CoStar Group, Inc., 2.80%, due 07/15/30 144A | 915851 |
| 500000 |  | Cougar JV Subsidiary LLC, 8.00%, due 05/15/32 144A | 532319 |
| 227000 |  | CP Atlas Buyer, Inc., 9.75%, due 07/15/30<sup>(l)</sup> 144A | 237954 |
| 755000 |  | CP Atlas Buyer, Inc., 12.75%, due 01/15/31 144A | 754678 |
| 540000 | EUR | CPI Property Group SA, 4.75%, due 07/22/30<sup>(e)</sup> <br>| 620576 |
| 375000 | EUR | CPI Property Group SA, 7.50% (5 yr. EURIBOR ICE Swap + 5.23%)<sup>(b)(e)(o)</sup> <br>| 426783 |
| 200000 | EUR | CrediaBank SA, 9.38% (5 yr. EURIBOR ICE Swap + 7.28%)<sup>(b)(e)(o)</sup> <br>| 254849 |
| 3212000 | PEN | Credicorp Capital Sociedad Titulizadora SA, 10.10%, due 12/15/43<sup>(e)</sup> <br>| 998609 |
| 200000 | EUR | Credit Agricole SA, 5.88% (5 yr. EURIBOR ICE Swap + 3.64%)<sup>(b)(e)(o)</sup> <br>| 239085 |
| 275000 |  | Credit Agricole SA, 7.13% (5 yr. USD SOFR ICE Swap + 3.58%)<sup>(b)(o)</sup> 144A | 281085 |
| 560000 |  | Crescent Energy Finance LLC, 7.38%, due 01/15/33 144A | 545700 |
| 320000 |  | Crocs, Inc., 4.13%, due 08/15/31<sup>(l)</sup> 144A | 293617 |
| 1415000 |  | CrossCountry Intermediate HoldCo LLC, 6.50%, due 10/01/30<sup>(l)</sup> 144A | 1421976 |
| 1500000 |  | Crowdstrike Holdings, Inc., 3.00%, due 02/15/29 | 1431081 |
| 1000000 |  | Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, due 09/30/26 | 995797 |
| 750000 |  | CSC Holdings LLC, 4.13%, due 12/01/30<sup>(l)</sup> 144A | 491749 |
| 240000 |  | CSC Holdings LLC, 4.50%, due 11/15/31<sup>(l)</sup> 144A | 156274 |
| 270000 |  | CSC Holdings LLC, 11.75%, due 01/31/29 144A | 227224 |
| 900000 |  | CSN Inova Ventures, 6.75%, due 01/28/28<sup>(e)</sup> <br>| 875975 |
| 900000 |  | CSN Resources SA, 5.88%, due 04/08/32<sup>(e)</sup> <br>| 765861 |
| 110000 |  | CVS Health Corp., 6.75% (5 yr. CMT + 2.52%), due 12/10/54<sup>(b)</sup> <br>| 113723 |
| 172000 |  | CVS Health Corp., 7.00% (5 yr. CMT + 2.89%), due 03/10/55<sup>(b)</sup> <br>| 180848 |
| 430000 |  | Cytokinetics, Inc., 3.50%, due 07/01/27 | 558677 |
| 600000 |  | DAE Funding LLC, 3.38%, due 03/20/28<sup>(e)</sup> <br>| 581332 |
| 1180000 |  | Datadog, Inc., 1.82%, due 12/01/29<sup>(n)</sup> 144A | 1171150 |
| 320000 |  | DaVita, Inc., 3.75%, due 02/15/31<sup>(l)</sup> 144A | 293315 |
| 600000 |  | Dcli Bidco LLC, 7.75%, due 11/15/29 144A | 624433 |
| 1250000 |  | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, due 06/30/33 144A | 1272070 |
| 485000 |  | Deluxe Corp., 8.13%, due 09/15/29 144A | 507051 |
| 130000 |  | Dentsply Sirona, Inc., 8.38% (5 yr. CMT + 4.38%), due 09/12/55<sup>(b)</sup> <br>| 134160 |
| 400000 | GBP | Deuce Finco PLC, 5.50%, due 06/15/27<sup>(e)</sup> <br>| 538572 |
| 1200000 |  | Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, due 10/01/30 144A | 1272523 |
| 900000 |  | Diamondback Energy, Inc., 5.55%, due 04/01/35 | 924372 |
| 660000 |  | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, due 02/15/31 144A | 659526 |
| 200000 |  | Diversified Healthcare Trust, 7.25%, due 10/15/30 144A | 203516 |
| 190000 | CAD | Doman Building Materials Group Ltd., 5.25%, due 05/15/26<sup>(e)</sup> <br>| 136894 |
| 195000 | CAD | Doman Building Materials Group Ltd., 7.50%, due 09/17/29 | 144585 |
| 108000 |  | Dominion Energy, Inc., 6.88% (5 yr. CMT + 2.39%), due 02/01/55<sup>(b)</sup> <br>| 113100 |
| 105000 |  | Dominion Energy, Inc., 7.00% (5 yr. CMT + 2.51%), due 06/01/54<sup>(b)</sup> <br>| 114012 |
| 2890000 |  | Dornoch Debt Merger Sub, Inc., 6.63%, due 10/15/29 144A | 2489129 |
| 600000 |  | DT Midstream, Inc., 4.38%, due 06/15/31 144A | 580108 |

---

124See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1375000 |  | Dua Capital Ltd., 2.78%, due 05/11/31<sup>(e)</sup> <br>| 1264845 |
| 300000 |  | Dycom Industries, Inc., 4.50%, due 04/15/29 144A | 293265 |
| 500000 | EUR | Dynamo Newco II GmbH, 6.25%, due 10/15/31<sup>(e)</sup> <br>| 611684 |
| 1715000 | EUR | Eastern European Electric Co. BV, 6.50%, due 05/15/30 144A | 2112476 |
| 159000 |  | EchoStar Corp., 6.75%, due 11/30/30 | 164044 |
| 1500000 |  | EchoStar Corp., 10.75%, due 11/30/29 | 1651425 |
| 3490000 |  | Ecopetrol SA, 8.38%, due 01/19/36 | 3606594 |
| 600000 |  | Ecopetrol SA, 8.88%, due 01/13/33 | 650765 |
| 1144000 |  | Edison International, 5.00% (5 yr. CMT + 3.90%)<sup>(b)(o)</sup> <br>| 1086786 |
| 643000 |  | Edison International, 7.88% (5 yr. CMT + 3.66%), due 06/15/54<sup>(b)(l)</sup> <br>| 656113 |
| 1498000 |  | Edison International, 8.13% (5 yr. CMT + 3.86%), due 06/15/53<sup>(b)(l)</sup> <br>| 1533201 |
| 625000 |  | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman <br> Non-MTM, 7.38%, due 09/30/30<sup>(f)</sup> 144A<br>| 625000 |
| 500000 | EUR | eircom Finance DAC, 5.00%, due 04/30/31<sup>(e)</sup> <br>| 602935 |
| 1045000 |  | Elastic NV, 4.13%, due 07/15/29 144A | 1004337 |
| 1150000 |  | Ellucian Holdings, Inc., 6.50%, due 12/01/29 144A | 1171181 |
| 1500000 |  | Embecta Corp., 5.00%, due 02/15/30 144A | 1421879 |
| 383000 |  | Emera, Inc., 6.75% (3 mo. USD LIBOR + 5.44%), due 06/15/76<sup>(b)</sup> <br>| 385465 |
| 130000 |  | Emergent BioSolutions, Inc., 3.88%, due 08/15/28 144A | 108088 |
| 374000 |  | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(b)(l)</sup> <br>| 378237 |
| 102000 |  | Enbridge, Inc., 8.50% (5 yr. CMT + 4.43%), due 01/15/84<sup>(b)(l)</sup> <br>| 116908 |
| 145000 |  | Encompass Health Corp., 4.75%, due 02/01/30<sup>(l)</sup> <br>| 143438 |
| 1600000 |  | Encore Capital Group, Inc., 8.50%, due 05/15/30<sup>(l)</sup> 144A | 1700474 |
| 600000 |  | Energean Israel Finance Ltd., 5.38%, due 03/30/28<sup>(e)</sup> <br>| 590220 |
| 2010000 |  | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(e)</sup> <br>| 1932221 |
| 500000 | EUR | Energizer Gamma Acquisition BV, 3.50%, due 06/30/29<sup>(e)</sup> <br>| 579900 |
| 2527000 | EUR | Energo - Pro as, 8.00%, due 05/27/30 144A | 3150753 |
| 1000000 |  | Energuate Trust 2 0, 6.35%, due 09/15/35<sup>(l)</sup> 144A | 1007511 |
| 960000 |  | Energy Transfer LP, 6.25%, due 04/15/49 | 969624 |
| 247000 |  | Energy Transfer LP, 6.50% (5 yr. CMT + 2.68%), due 02/15/56<sup>(b)</sup> <br>| 246084 |
| 105000 |  | Energy Transfer LP, 8.00% (5 yr. CMT + 4.02%), due 05/15/54<sup>(b)(l)</sup> <br>| 112282 |
| 270000 |  | EnerSys, 6.63%, due 01/15/32 144A | 278188 |
| 400000 |  | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU, 8.50%, due <br> 06/30/32 144A<br>| 421276 |
| 1125000 |  | Eni SpA, 5.75%, due 05/19/35 144A | 1172412 |
| 255000 |  | Enova International, Inc., 11.25%, due 12/15/28 144A | 271395 |
| 215000 |  | EnQuest PLC, 11.63%, due 11/01/27<sup>(l)</sup> 144A | 222003 |
| 139000 |  | Enstar Group Ltd., 7.50% (5 yr. CMT + 3.19%), due 04/01/45<sup>(b)</sup> 144A | 145595 |
| 750000 |  | Entegris, Inc., 4.75%, due 04/15/29 144A | 744370 |
| 1270000 | EUR | Eolo SpA, 4.88%, due 10/21/28<sup>(e)</sup> <br>| 1402819 |
| 800000 | EUR | Equinix Europe 2 Financing Corp. LLC, 3.25%, due 05/19/29 | 948821 |
| 200000 | EUR | Erste Group Bank AG, 6.38% (5 yr. EURIBOR ICE Swap + 4.01%)<sup>(b)(e)(o)</sup> <br>| 244621 |
| 6000000 | ZAR | Eskom Holdings, 7.50%, due 09/15/33 | 306887 |
| 1200000 |  | Essential Properties LP, 2.95%, due 07/15/31 | 1082151 |
| 500000 | EUR | Eurobank SA, 4.00% (1 yr. EURIBOR ICE Swap + 1.70%), due 02/07/36<sup>(b)(e)</sup> <br>| 591553 |
| 306000 |  | EUSHI Finance, Inc., 6.25% (5 yr. CMT + 2.51%), due 04/01/56<sup>(b)(f)</sup> <br>| 304937 |
| 218000 |  | EUSHI Finance, Inc., 7.63% (5 yr. CMT + 3.14%), due 12/15/54<sup>(b)</sup> <br>| 228955 |
| 625000 |  | Exact Sciences Corp., 2.00%, due 03/01/30 144A | 651328 |
| 125000 |  | Excelerate Energy LP, 8.00%, due 05/15/30 144A | 133156 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1400000 |  | Expand Energy Corp., 4.75%, due 02/01/32 | 1376483 |
| 414000 |  | EZCORP, Inc., 7.38%, due 04/01/32 144A | 442145 |
| 290000 |  | Fair Isaac Corp., 4.00%, due 06/15/28 144A | 282380 |
| 1950000 |  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, due 01/15/29 <br> 144A<br>| 1857479 |
| 1540000 |  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, due 01/15/30 <br> 144A<br>| 1446226 |
| 200000 |  | Fidelis Insurance Holdings Ltd., 7.75% (5 yr. CMT + 4.28%), due 06/15/55<sup>(b)(l)</sup> <br>| 214525 |
| 792406 |  | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, due <br> 01/31/41<sup>(e)</sup> <br>| 847399 |
| 1670000 |  | Fiesta Purchaser, Inc., 7.88%, due 03/01/31 144A | 1764569 |
| 1100000 |  | Fiesta Purchaser, Inc., 9.63%, due 09/15/32 144A | 1190301 |
| 600000 |  | First Quantum Minerals Ltd., 7.25%, due 02/15/34 144A | 620771 |
| 280000 |  | FirstCash, Inc., 5.63%, due 01/01/30 144A | 279826 |
| 45000 |  | Five Point Operating Co. LP, 8.00%, due 10/01/30 144A | 45693 |
| 1100000 |  | Flutter Treasury DAC, 6.38%, due 04/29/29 144A | 1136612 |
| 113000 |  | FMC Corp., 8.45% (5 yr. CMT + 4.37%), due 11/01/55<sup>(b)</sup> <br>| 119415 |
| 2750000 |  | Focus Financial Partners LLC, 6.75%, due 09/15/31 144A | 2818346 |
| 245000 | EUR | Food Service Project SA, 5.50%, due 01/21/27<sup>(e)</sup> <br>| 289608 |
| 1325000 |  | Fortescue Treasury Pty. Ltd., 4.38%, due 04/01/31 144A | 1265948 |
| 426000 |  | Fortrea Holdings, Inc., 7.50%, due 07/01/30<sup>(l)</sup> 144A | 403929 |
| 1145000 | EUR | Fortune Star BVI Ltd., 3.95%, due 10/02/26<sup>(e)</sup> <br>| 1341974 |
| 250000 | EUR | Forvia SE, 3.75%, due 06/15/28<sup>(e)</sup> <br>| 293682 |
| 400000 | EUR | Forvia SE, 5.50%, due 06/15/31<sup>(e)(l)</sup> <br>| 485236 |
| 200000 |  | Foundry JV Holdco LLC, 6.40%, due 01/25/38 144A | 216861 |
| 1100000 |  | Freedom Mortgage Corp., 6.63%, due 01/15/27 144A | 1098486 |
| 50000 |  | Freedom Mortgage Corp., 12.00%, due 10/01/28 144A | 53000 |
| 170000 |  | Freedom Mortgage Corp., 12.25%, due 10/01/30 144A | 189786 |
| 2405000 |  | Freedom Mortgage Holdings LLC, 8.38%, due 04/01/32 144A | 2522797 |
| 1798000 |  | Freedom Mortgage Holdings LLC, 9.25%, due 02/01/29 144A | 1893178 |
| 800000 |  | Frontier Communications Holdings LLC, 6.75%, due 05/01/29 144A | 808652 |
| 400000 |  | FS KKR Capital Corp., 3.13%, due 10/12/28 | 370893 |
| 700000 |  | FS KKR Capital Corp., 6.13%, due 01/15/31 | 693862 |
| 615000 |  | FS Luxembourg SARL, 8.63%, due 06/25/33 144A | 638216 |
| 400000 |  | FS Luxembourg SARL, 8.63%, due 06/25/33<sup>(e)</sup> <br>| 415100 |
| 438000 |  | FS Luxembourg SARL, 8.88%, due 02/12/31 144A | 459012 |
| 264000 |  | FS Luxembourg SARL, 8.88%, due 02/12/31<sup>(e)</sup> <br>| 276665 |
| 2300000 |  | FTAI Aviation Investors LLC, 5.50%, due 05/01/28 144A | 2302390 |
| 1020000 |  | Gap, Inc., 3.63%, due 10/01/29 144A | 955650 |
| 295000 |  | Gartner, Inc., 3.63%, due 06/15/29 144A | 282720 |
| 1875000 |  | Gartner, Inc., 3.75%, due 10/01/30 144A | 1771234 |
| 270000 |  | Gates Corp., 6.88%, due 07/01/29 144A | 280503 |
| 1150000 | GBP | Gatwick Airport Finance PLC, 4.38%, due 04/07/26<sup>(e)</sup> <br>| 1543300 |
| 450000 |  | GC Treasury Center Co. Ltd., 6.50% (5 yr. CMT + 2.82%)<sup>(b)(o)</sup> 144A | 456664 |
| 480000 |  | GC Treasury Center Co. Ltd., 7.13% (5 yr. CMT + 3.16%)<sup>(b)(l)(o)</sup> 144A | 496645 |
| 2485000 |  | GDZ Elektrik Dagitim AS, 9.00%, due 10/15/29 144A | 2433359 |
| 965000 |  | GDZ Elektrik Dagitim AS, 9.00%, due 10/15/29<sup>(e)</sup> <br>| 945043 |
| 500000 |  | Gen Digital, Inc., 6.25%, due 04/01/33 144A | 511690 |
| 235000 |  | General Motors Financial Co., Inc., 5.70% (5 yr. CMT + 5.00%)<sup>(b)(l)(o)</sup> <br>| 234303 |
| 600000 |  | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 05/15/33 | 628037 |

---

126See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 145000 |  | Genworth Holdings, Inc., 6.50%, due 06/15/34 | 150567 |
| 532000 |  | Global Atlantic Fin Co., 4.70% (5 yr. CMT + 3.80%), due 10/15/51<sup>(b)</sup> 144A | 524159 |
| 173000 |  | Global Atlantic Fin Co., 7.95% (5 yr. CMT + 3.61%), due 10/15/54<sup>(b)</sup> 144A | 183337 |
| 1835000 |  | Global Medical Response, Inc., 7.38%, due 10/01/32 144A | 1889931 |
| 525000 |  | GLP Capital LP/GLP Financing II, Inc., 5.63%, due 09/15/34 | 531806 |
| 900000 |  | GLP Capital LP/GLP Financing II, Inc., 5.75%, due 06/01/28 | 925654 |
| 1350000 |  | GLP China Holdings Ltd., 2.95%, due 03/29/26<sup>(e)</sup> <br>| 1330299 |
| 1055000 |  | GLP Pte. Ltd., 4.50% (5 yr. CMT + 3.74%)<sup>(b)(e)(o)</sup> <br>| 730475 |
| 970000 |  | GLP Pte. Ltd., 4.60% (5 yr. CMT + 3.73%)<sup>(b)(e)(o)</sup> <br>| 640921 |
| 915000 |  | GLP Pte. Ltd., 9.75%, due 05/20/28<sup>(e)</sup> <br>| 956041 |
| 1300000 |  | Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, due 03/01/29 144A | 1233416 |
| 1520000 |  | Goat Holdco LLC, 6.75%, due 02/01/32 144A | 1559360 |
| 1455000 |  | goeasy Ltd., 6.88%, due 02/15/31<sup>(l)</sup> 144A | 1410592 |
| 350000 |  | goeasy Ltd., 7.38%, due 10/01/30 144A | 352026 |
| 1300000 |  | goeasy Ltd., 9.25%, due 12/01/28 144A | 1357700 |
| 605000 |  | Golomt Bank, 11.00%, due 05/20/27<sup>(e)</sup> <br>| 626766 |
| 1027000 |  | Gray Media, Inc., 4.75%, due 10/15/30<sup>(l)</sup> 144A | 789506 |
| 115000 |  | Gray Media, Inc., 5.38%, due 11/15/31<sup>(l)</sup> 144A | 86466 |
| 643000 |  | Gray Media, Inc., 9.63%, due 07/15/32<sup>(l)</sup> 144A | 657476 |
| 155000 |  | Great Canadian Gaming Corp./Raptor LLC, 8.75%, due 11/15/29 144A | 153386 |
| 600000 |  | Griffon Corp., 5.75%, due 03/01/28 | 600706 |
| 800000 | EUR | Grifols SA, 3.88%, due 10/15/28<sup>(e)</sup> <br>| 923229 |
| 550000 | EUR | Grifols SA, 7.50%, due 05/01/30<sup>(e)</sup> <br>| 682781 |
| 864326 |  | Guara Norte SARL, 5.20%, due 06/15/34<sup>(e)</sup> <br>| 846290 |
| 1675000 |  | HAH Group Holding Co. LLC, 9.75%, due 10/01/31 144A | 1592663 |
| 1880000 |  | Harvest Midstream I LP, 7.50%, due 09/01/28 144A | 1901678 |
| 161000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, due 06/15/26 144A | 159463 |
| 780000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, due 08/15/28 144A | 976560 |
| 1300000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, due 09/15/30<sup>(l)</sup> 144A | 1199707 |
| 550000 |  | HCA, Inc., 7.50%, due 11/06/33 | 631254 |
| 225000 |  | HealthEquity, Inc., 4.50%, due 10/01/29 144A | 218447 |
| 545000 | GBP | Heathrow Funding Ltd., 6.75%, due 12/03/28<sup>(e)</sup> <br>| 751077 |
| 205000 |  | Helix Energy Solutions Group, Inc., 9.75%, due 03/01/29 144A | 216772 |
| 450000 |  | Hightower Holding LLC, 6.75%, due 04/15/29 144A | 444347 |
| 90000 |  | Hightower Holding LLC, 9.13%, due 01/31/30 144A | 95906 |
| 70000 |  | Hilton Domestic Operating Co., Inc., 3.63%, due 02/15/32 144A | 64131 |
| 800000 |  | Hilton Domestic Operating Co., Inc., 3.75%, due 05/01/29<sup>(l)</sup> 144A | 770164 |
| 2200000 |  | Hilton Domestic Operating Co., Inc., 4.00%, due 05/01/31 144A | 2083611 |
| 270000 |  | HLF Financing SARL LLC/Herbalife International, Inc., 4.88%, due 06/01/29<sup>(l)</sup> 144A | 238745 |
| 1800000 |  | Hologic, Inc., 3.25%, due 02/15/29 144A | 1739694 |
| 525000 |  | Howard Midstream Energy Partners LLC, 6.63%, due 01/15/34 144A | 535605 |
| 750000 |  | 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>| 772763 |
| 650000 |  | 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>| 674959 |
| 400000 |  | HSBC Holdings PLC, 4.60% (5 yr. CMT + 3.65%)<sup>(b)(o)</sup> <br>| 379677 |
| 200000 |  | HSBC Holdings PLC, 7.05% (5 yr. CMT + 2.99%)<sup>(b)(o)</sup> <br>| 208446 |
| 117000 |  | HUB International Ltd., 5.63%, due 12/01/29<sup>(l)</sup> 144A | 116978 |
| 2422000 |  | HUB International Ltd., 7.38%, due 01/31/32<sup>(l)</sup> 144A | 2523637 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 120000 |  | Hudson Pacific Properties LP, 3.95%, due 11/01/27 | 115552 |
| 2960000 |  | Hudson Pacific Properties LP, 4.65%, due 04/01/29<sup>(l)</sup> <br>| 2757208 |
| 500000 | GBP | Iceland Bondco PLC, 4.38%, due 05/15/28<sup>(e)</sup> <br>| 658184 |
| 1100000 |  | IHS Holding Ltd., 6.25%, due 11/29/28<sup>(e)</sup> <br>| 1103584 |
| 265000 | EUR | IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28 144A | 311001 |
| 475000 |  | Immunocore Holdings PLC, 2.50%, due 02/01/30<sup>(l)</sup> <br>| 430493 |
| 1350000 |  | Indofood CBP Sukses Makmur Tbk. PT, 4.75%, due 06/09/51<sup>(e)</sup> <br>| 1166571 |
| 900000 |  | Ingevity Corp., 3.88%, due 11/01/28 144A | 865578 |
| 805000 |  | Insulet Corp., 6.50%, due 04/01/33 144A | 837628 |
| 675000 |  | Integer Holdings Corp., 1.88%, due 03/15/30 144A | 657450 |
| 99000 |  | Intel Corp., 5.60%, due 02/21/54<sup>(l)</sup> <br>| 95123 |
| 285000 |  | Interface, Inc., 5.50%, due 12/01/28 144A | 284777 |
| 2515137 |  | International Airport Finance SA, 12.00%, due 03/15/33<sup>(e)</sup> <br>| 2682205 |
| 38600000 | INR | International Bank for Reconstruction & Development, 6.75%, due 07/13/29 | 436106 |
| 220000 | EUR | International Personal Finance PLC, 10.75%, due 12/14/29<sup>(e)</sup> <br>| 281459 |
| 310000 |  | Intesa Sanpaolo SpA, 4.20% (1 yr. CMT + 2.60%), due 06/01/32<sup>(b)</sup> 144A | 293226 |
| 350000 |  | Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A | 350788 |
| 250000 | EUR | Intesa Sanpaolo SpA, 6.38% (5 yr. EURIBOR ICE Swap + 4.04%)<sup>(b)(e)(o)</sup> <br>| 307449 |
| 300000 |  | Intesa Sanpaolo SpA, 7.80%, due 11/28/53 144A | 370939 |
| 800000 |  | Ionis Pharmaceuticals, Inc., 1.75%, due 06/15/28 | 1108500 |
| 255000 | EUR | IQVIA, Inc., 2.25%, due 01/15/28<sup>(e)</sup> <br>| 293473 |
| 1925000 |  | IQVIA, Inc., 6.25%, due 06/01/32 144A | 1981578 |
| 550000 |  | Iron Mountain, Inc., 4.50%, due 02/15/31 144A | 525520 |
| 500000 | EUR | Iron Mountain, Inc., 4.75%, due 01/15/34 144A | 589591 |
| 290000 |  | Iron Mountain, Inc., 4.88%, due 09/15/29 144A | 285723 |
| 400000 |  | Iron Mountain, Inc., 5.25%, due 03/15/28 144A | 399625 |
| 280000 |  | Ithaca Energy North Sea PLC, 8.13%, due 10/15/29 144A | 293234 |
| 750000 |  | ITT Holdings LLC, 6.50%, due 08/01/29 144A | 737887 |
| 1130000 |  | Ivanhoe Mines Ltd., 7.88%, due 01/23/30<sup>(l)</sup> 144A | 1168058 |
| 345000 |  | Ivanhoe Mines Ltd., 7.88%, due 01/23/30<sup>(e)</sup> <br>| 356065 |
| 220000 |  | Jaguar Land Rover Automotive PLC, 4.50%, due 10/01/27 144A | 217179 |
| 880000 |  | Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32 144A | 892592 |
| 1730000 |  | Jane Street Group/JSG Finance, Inc., 7.13%, due 04/30/31 144A | 1815942 |
| 1095000 |  | JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, due 09/20/31<sup>(l)</sup> 144A | 1111564 |
| 55000 |  | JH North America Holdings, Inc., 5.88%, due 01/31/31 144A | 55891 |
| 1280000 |  | Jones Deslauriers Insurance Management, Inc., 6.88%, due 10/01/33 144A | 1274090 |
| 400000 | GBP | Just Group PLC, 5.00% (5 yr. U.K. Government Bond + 4.27%)<sup>(b)(e)(o)</sup> <br>| 488016 |
| 750000 | GBP | Kane Bidco Ltd., 7.75%, due 07/15/31 144A | 1027734 |
| 700000 | EUR | Kapla Holding SAS, 5.00%, due 04/30/31<sup>(e)</sup> <br>| 833293 |
| 2110000 |  | KazMunayGas National Co. JSC, 6.38%, due 10/24/48<sup>(e)</sup> <br>| 2101446 |
| 200000 | EUR | KBC Group NV, 6.00% (5 yr. EURIBOR ICE Swap + 3.81%)<sup>(b)(e)(o)</sup> <br>| 241992 |
| 295000 |  | KBR, Inc., 4.75%, due 09/30/28 144A | 292010 |
| 150000 |  | Kennedy-Wilson, Inc., 5.00%, due 03/01/31<sup>(l)</sup> <br>| 139647 |
| 1175000 |  | Khazanah Global Sukuk Bhd., 4.69%, due 06/01/28<sup>(e)</sup> <br>| 1192262 |
| 935000 |  | Kodiak Gas Services LLC, 6.50%, due 10/01/33 144A | 952579 |
| 335000 |  | Kodiak Gas Services LLC, 6.75%, due 10/01/35 144A | 344173 |
| 1285000 |  | Korn Ferry, 4.63%, due 12/15/27 144A | 1277311 |
| 800000 |  | Kraken Oil & Gas Partners LLC, 7.63%, due 08/15/29 144A | 793597 |
| 65000 |  | LABL, Inc., 5.88%, due 11/01/28<sup>(l)</sup> 144A | 50484 |

---

128See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 962000 |  | LABL, Inc., 8.63%, due 10/01/31<sup>(l)</sup> 144A | 707468 |
| 1590000 |  | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, due <br> 07/15/31 144A<br>| 1668172 |
| 500000 |  | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | 480684 |
| 510000 |  | Lantheus Holdings, Inc., 2.63%, due 12/15/27 | 537667 |
| 680000 |  | Las Vegas Sands Corp., 3.50%, due 08/18/26 | 674776 |
| 1300000 |  | Latam Airlines Group SA, 7.88%, due 04/15/30<sup>(e)</sup> <br>| 1354210 |
| 347000 |  | LBM Acquisition LLC, 6.25%, due 01/15/29<sup>(l)</sup> 144A | 321525 |
| 750000 |  | LCM Investments Holdings II LLC, 4.88%, due 05/01/29 144A | 735377 |
| 225000 |  | LCPR Senior Secured Financing DAC, 5.13%, due 07/15/29<sup>(l)</sup> 144A | 125075 |
| 275000 |  | Level 3 Financing, Inc., 3.75%, due 07/15/29 144A | 235793 |
| 248000 |  | Level 3 Financing, Inc., 4.50%, due 04/01/30 144A | 227850 |
| 800000 |  | Level 3 Financing, Inc., 4.88%, due 06/15/29 144A | 756080 |
| 525000 |  | Level 3 Financing, Inc., 6.88%, due 06/30/33 144A | 535508 |
| 700000 |  | Level 3 Financing, Inc., 7.00%, due 03/31/34 144A | 712655 |
| 100000 | EUR | Levi Strauss & Co., 4.00%, due 08/15/30 144A | 119377 |
| 2524000 |  | LFS Topco LLC, 8.75%, due 07/15/30 144A | 2537631 |
| 105000 |  | Liberty Interactive LLC, 8.25%, due 02/01/30 | 14700 |
| 2200000 |  | LifePoint Health, Inc., 8.38%, due 02/15/32 144A | 2346604 |
| 395000 |  | Light & Wonder International, Inc., 6.25%, due 10/01/33 144A | 395936 |
| 2535000 |  | Limak Yenilenebilir Enerji AS, 9.63%, due 08/12/30 144A | 2525706 |
| 317000 |  | Lincoln National Corp., 9.25% (5 yr. CMT + 5.32%)<sup>(b)(l)(o)</sup> <br>| 341355 |
| 150000 | EUR | Lion/Polaris Lux 4 SA, 5.56% (3 mo. EURIBOR + 3.63%), due 07/01/29<sup>(b)(e)</sup> <br>| 178755 |
| 300000 |  | Lithia Motors, Inc., 5.50%, due 10/01/30<sup>(l)</sup> 144A | 299849 |
| 275000 |  | Live Nation Entertainment, Inc., 3.13%, due 01/15/29 | 444293 |
| 1150000 |  | Live Nation Entertainment, Inc., 4.75%, due 10/15/27 144A | 1143190 |
| 250000 |  | Lloyds Banking Group PLC, 6.75% (5 yr. CMT + 3.15%)<sup>(b)(l)(o)</sup> <br>| 256327 |
| 375000 | GBP | Lloyds Banking Group PLC, 8.50% (5 yr. U.K. Government Bond + 5.14%)<sup>(b)(o)</sup> <br>| 535463 |
| 535000 | EUR | Lorca Telecom Bondco SA, 4.00%, due 09/18/27 144A | 629384 |
| 220000 |  | Lumen Technologies, Inc., 4.50%, due 01/15/29 144A | 200838 |
| 253000 |  | Lumentum Holdings, Inc., 1.50%, due 12/15/29<sup>(l)</sup> <br>| 611248 |
| 200000 | EUR | Luminor Holding AS, 7.38% (5 yr. EURIBOR ICE Swap + 5.26%)<sup>(b)(e)(o)</sup> <br>| 245469 |
| 310000 |  | M/I Homes, Inc., 3.95%, due 02/15/30 | 296810 |
| 164000 |  | Macy's Retail Holdings LLC, 5.13%, due 01/15/42 | 129732 |
| 2170000 |  | Madison IAQ LLC, 5.88%, due 06/30/29 144A | 2145631 |
| 210000 |  | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, due <br> 12/01/32 144A<br>| 215664 |
| 600000 |  | Marex Group PLC, 5.83%, due 05/08/28 | 608883 |
| 500000 |  | Marvell Technology, Inc., 4.75%, due 07/15/30 | 506685 |
| 600000 |  | Matador Resources Co., 6.25%, due 04/15/33 144A | 604319 |
| 260000 |  | Match Group Holdings II LLC, 6.13%, due 09/15/33 144A | 262488 |
| 600000 |  | Mauser Packaging Solutions Holding Co., 7.88%, due 04/15/27 144A | 606632 |
| 1100000 |  | Mavis Tire Express Services Topco Corp., 6.50%, due 05/15/29 144A | 1095636 |
| 200000 | EUR | Maya SAS/Paris France, 5.38%, due 04/15/30<sup>(e)</sup> <br>| 240489 |
| 300000 | EUR | Maya SAS/Paris France, 6.88%, due 04/15/31<sup>(e)</sup> <br>| 375684 |
| 653000 |  | McAfee Corp., 7.38%, due 02/15/30<sup>(l)</sup> 144A | 606478 |
| 750000 |  | McGraw-Hill Education, Inc., 7.38%, due 09/01/31 144A | 779860 |
| 1760000 |  | McGraw-Hill Education, Inc., 8.00%, due 08/01/29 144A | 1793931 |
| 160000 |  | Medline Borrower LP, 3.88%, due 04/01/29 144A | 154429 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1100000 |  | Medline Borrower LP, 5.25%, due 10/01/29 144A | 1091303 |
| 1040000 |  | Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, due 04/01/29 144A | 1067721 |
| 600000 |  | MEG Energy Corp., 5.88%, due 02/01/29 144A | 600423 |
| 700000 | EUR | Mehilainen Yhtiot OYJ, 5.13%, due 06/30/32<sup>(e)</sup> <br>| 840768 |
| 1090000 |  | Mercer International, Inc., 12.88%, due 10/01/28 144A | 993324 |
| 1047000 |  | Meritage Homes Corp., 1.75%, due 05/15/28<sup>(l)</sup> <br>| 1076800 |
| 600000 |  | Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, due 02/15/31 144A | 517555 |
| 400000 | GBP | Metro Bank Holdings PLC, 12.00% (1 yr. U.K. Government Bond + 7.81%), due <br> 04/30/29<sup>(b)(e)</sup> <br>| 617107 |
| 825000 | GBP | Metro Bank Holdings PLC, 13.88% (5 yr. U.K. Government Bond + 9.57%)<sup>(b)(e)(o)</sup> <br>| 1303396 |
| 780000 |  | MHP Lux SA, 6.25%, due 09/19/29<sup>(e)</sup> <br>| 631789 |
| 138000 |  | Michaels Cos., Inc., 5.25%, due 05/01/28 144A | 127706 |
| 1200000 |  | Midcap Financial Issuer Trust, 6.50%, due 05/01/28 144A | 1192711 |
| 900000 |  | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 <br> 144A<br>| 875493 |
| 675000 |  | Millicom International Cellular SA, 4.50%, due 04/27/31<sup>(e)</sup> <br>| 639332 |
| 600000 |  | Mineral Resources Ltd., 7.00%, due 04/01/31<sup>(f)</sup> 144A | 608140 |
| 290000 |  | Minerals Technologies, Inc., 5.00%, due 07/01/28 144A | 284438 |
| 700000 |  | Molina Healthcare, Inc., 3.88%, due 11/15/30 144A | 648288 |
| 330000 |  | Molina Healthcare, Inc., 3.88%, due 05/15/32 144A | 299685 |
| 750000 |  | Molina Healthcare, Inc., 4.38%, due 06/15/28 144A | 732119 |
| 150000 |  | Molina Healthcare, Inc., 6.25%, due 01/15/33 144A | 151803 |
| 987000 |  | Moss Creek Resources Holdings, Inc., 8.25%, due 09/01/31 144A | 967890 |
| 500000 |  | MPT Operating Partnership LP/MPT Finance Corp., 8.50%, due 02/15/32 144A | 531663 |
| 1255000 |  | Muangthai Capital PCL, 7.55%, due 07/21/30 144A | 1303438 |
| 485000 |  | Muthoot Finance Ltd., 6.38%, due 04/23/29<sup>(e)</sup> <br>| 492067 |
| 660000 |  | Muthoot Finance Ltd., 6.38%, due 03/02/30 144A | 671232 |
| 625000 |  | MVM Energetika Zrt, 7.50%, due 06/09/28<sup>(e)</sup> <br>| 665027 |
| 567000 |  | Nabors Industries, Inc., 9.13%, due 01/31/30 144A | 590111 |
| 700000 |  | Navient Corp., 5.00%, due 03/15/27 | 697406 |
| 1750000 |  | NBK Tier 1 Ltd., 3.63% (6 yr. CMT + 2.88%)<sup>(b)(e)(o)</sup> <br>| 1716908 |
| 862000 |  | NBK Tier 1 Ltd., 6.38% (6 yr. CMT + 2.40%)<sup>(b)(o)</sup> 144A | 885793 |
| 413000 |  | NCL Corp. Ltd., 0.88%, due 04/15/30<sup>(l)</sup> 144A | 488114 |
| 500000 |  | NCL Corp. Ltd., 5.88%, due 01/15/31 144A | 500341 |
| 600000 |  | NCR Voyix Corp., 5.13%, due 04/15/29 144A | 591066 |
| 800000 |  | Nemak SAB de CV, 3.63%, due 06/28/31<sup>(e)</sup> <br>| 698915 |
| 475000 |  | Neptune Bidco U.S., Inc., 9.29%, due 04/15/29 144A | 466735 |
| 300000 | EUR | New Immo Holding SA, 3.25%, due 07/23/27<sup>(e)</sup> <br>| 347780 |
| 500000 | EUR | New Immo Holding SA, 4.88%, due 12/08/28<sup>(e)</sup> <br>| 595230 |
| 200000 |  | Newmark Group, Inc., 7.50%, due 01/12/29 | 214698 |
| 1850000 |  | NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, due 02/15/32 144A | 1897279 |
| 500000 | EUR | Nidda Healthcare Holding GmbH, 5.38%, due 10/23/30<sup>(e)</sup> <br>| 598766 |
| 90000 |  | Nine Energy Service, Inc., 13.00%, due 02/01/28 | 45384 |
| 2200000 |  | Nissan Motor Acceptance Co. LLC, 5.63%, due 09/29/28 144A | 2202793 |
| 363000 |  | Nissan Motor Co. Ltd., 8.13%, due 07/17/35 144A | 389906 |
| 1220000 |  | Noble Finance II LLC, 8.00%, due 04/15/30 144A | 1263681 |
| 225000 |  | Northern Oil & Gas, Inc., 7.88%, due 10/15/33<sup>(f)</sup> 144A | 224250 |
| 500000 |  | Northern Oil & Gas, Inc., 8.13%, due 03/01/28 144A | 508784 |
| 600000 |  | Northriver Midstream Finance LP, 6.75%, due 07/15/32 144A | 613965 |

---

130See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 500000 | EUR | Nova Ljubljanska Banka DD, 6.88% (5 yr. EURIBOR ICE Swap + 4.23%), due <br> 01/24/34<sup>(b)(e)</sup> <br>| 637697 |
| 1700000 |  | Novelis Corp., 3.88%, due 08/15/31 144A | 1551281 |
| 500000 |  | Novelis Corp., 4.75%, due 01/30/30 144A | 482747 |
| 578000 |  | Novelis Corp., 6.38%, due 08/15/33 144A | 584399 |
| 1500000 |  | NRG Energy, Inc., 3.63%, due 02/15/31 144A | 1388039 |
| 200000 |  | NRG Energy, Inc., 6.00%, due 01/15/36<sup>(f)</sup> 144A | 200154 |
| 500000 |  | NRG Energy, Inc., 6.25%, due 11/01/34 144A | 512858 |
| 880000 |  | Nutanix, Inc., 0.50%, due 12/15/29<sup>(l)</sup> 144A | 992818 |
| 650000 |  | Occidental Petroleum Corp., 5.20%, due 08/01/29 | 660035 |
| 220000 |  | Oceaneering International, Inc., 6.00%, due 02/01/28 | 223555 |
| 408000 |  | OCP SA, 3.75%, due 06/23/31<sup>(e)</sup> <br>| 383578 |
| 515000 |  | OCP SA, 6.70%, due 03/01/36 144A | 552075 |
| 640000 |  | OCP SA, 6.70%, due 03/01/36<sup>(e)</sup> <br>| 685751 |
| 680000 | EUR | Odido Group Holding BV, 5.50%, due 01/15/30<sup>(e)</sup> <br>| 805784 |
| 450000 | EUR | Odido Holding BV, 3.75%, due 01/15/29<sup>(e)</sup> <br>| 525232 |
| 1600000 | EUR | Olympus Water U.S. Holding Corp., 6.13%, due 02/15/33<sup>(f)</sup> 144A | 1886532 |
| 260000 |  | Olympus Water U.S. Holding Corp., 7.25%, due 06/15/31 144A | 263747 |
| 1200000 |  | Olympus Water U.S. Holding Corp., 7.25%, due 02/15/33<sup>(f)</sup> 144A | 1202000 |
| 440000 | EUR | Olympus Water U.S. Holding Corp., 9.63%, due 11/15/28<sup>(e)</sup> <br>| 542498 |
| 1100000 |  | Olympus Water U.S. Holding Corp., 9.75%, due 11/15/28 144A | 1155137 |
| 600000 |  | ON Semiconductor Corp., 3.88%, due 09/01/28 144A | 583057 |
| 425000 | EUR | Oncor Electric Delivery Co. LLC, 3.63%, due 06/15/34 144A | 503060 |
| 750000 |  | OneMain Finance Corp., 3.50%, due 01/15/27 | 733472 |
| 2800000 |  | OneMain Finance Corp., 6.63%, due 05/15/29 | 2881539 |
| 750000 |  | ONEOK, Inc., 5.45%, due 06/01/47 | 692639 |
| 84000 |  | Ontario Gaming GTA LP/OTG Co-Issuer, Inc., 8.00%, due 08/01/30 144A | 83531 |
| 500000 | EUR | Opal Bidco SAS, 5.50%, due 03/31/32<sup>(e)</sup> <br>| 608642 |
| 1600000 |  | Open Text Holdings, Inc., 4.13%, due 02/15/30 144A | 1517675 |
| 1810000 |  | Option Care Health, Inc., 4.38%, due 10/31/29 144A | 1747239 |
| 1230000 |  | Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, due 04/30/31 144A | 1078518 |
| 3720000 |  | Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, due 04/15/30 144A | 3049471 |
| 165000 |  | Owens & Minor, Inc., 6.63%, due 04/01/30<sup>(l)</sup> 144A | 136280 |
| 1200000 |  | Pacific Gas & Electric Co., 5.70%, due 03/01/35 | 1230111 |
| 2100000 |  | Pacific Gas & Electric Co., 6.00%, due 08/15/35 | 2199469 |
| 755000 |  | Parsons Corp., 2.63%, due 03/01/29 | 862587 |
| 1000000 |  | Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28 <br> 144A<br>| 975403 |
| 339459 | EUR | Peach Property Finance GmbH, 4.38%, due 11/15/25<sup>(e)</sup> <br>| 397312 |
| 500000 |  | Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, due 10/15/29 144A | 507872 |
| 250000 |  | Pediatrix Medical Group, Inc., 5.38%, due 02/15/30 144A | 248532 |
| 600000 |  | PennyMac Financial Services, Inc., 6.75%, due 02/15/34 144A | 612541 |
| 675000 |  | PennyMac Financial Services, Inc., 6.88%, due 05/15/32 144A | 699963 |
| 700000 |  | Performance Food Group, Inc., 4.25%, due 08/01/29 144A | 680730 |
| 876000 |  | Performance Food Group, Inc., 6.13%, due 09/15/32 144A | 898391 |
| 200000 | EUR | Permanent TSB Group Holdings PLC, 7.88% (5 yr. EUR swap annual + 8.47%)<sup>(b)(e)(o)</sup> <br>| 237192 |
| 1050000 |  | Permian Resources Operating LLC, 6.25%, due 02/01/33 144A | 1070338 |
| 2025000 |  | Petroleos Mexicanos, 5.95%, due 01/28/31 | 1962700 |
| 3200000 |  | Petroleos Mexicanos, 6.38%, due 01/23/45 | 2602992 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1150000 |  | Petroleos Mexicanos, 6.63%, due 06/15/35 | 1097304 |
| 630000 |  | Petroleos Mexicanos, 6.75%, due 09/21/47 | 520336 |
| 745000 |  | Petroleos Mexicanos, 7.69%, due 01/23/50 | 677832 |
| 940000 |  | Petroleos Mexicanos, 10.00%, due 02/07/33 | 1091457 |
| 2809000 |  | Petronas Capital Ltd., 3.40%, due 04/28/61<sup>(e)</sup> <br>| 1941828 |
| 1570000 |  | Petronas Capital Ltd., 4.80%, due 04/21/60<sup>(e)</sup> <br>| 1431016 |
| 1000000 |  | PG&E Corp., 4.25%, due 12/01/27 | 1013800 |
| 140000 |  | PG&E Corp., 7.38% (5 yr. CMT + 3.88%), due 03/15/55<sup>(b)(l)</sup> <br>| 144078 |
| 155000 |  | Phillips 66 Co., 5.88% (5 yr. CMT + 2.28%), due 03/15/56<sup>(b)</sup> <br>| 153911 |
| 250000 |  | Phillips 66 Co., 6.20% (5 yr. CMT + 2.17%), due 03/15/56<sup>(b)</sup> <br>| 250905 |
| 700000 | EUR | Picard Groupe SAS, 6.38%, due 07/01/29<sup>(e)</sup> <br>| 862949 |
| 2520000 |  | Pingan Real Estate Capital Ltd., 3.45%, due 07/29/26<sup>(e)</sup> <br>| 2465433 |
| 200000 | EUR | Piraeus Financial Holdings SA, 6.75% (5 yr. EURIBOR ICE Swap + 4.60%)<sup>(b)(e)(o)</sup> <br>| 246368 |
| 1350000 | EUR | Piraeus Financial Holdings SA, 8.75% (5 yr. EUR swap annual + 9.20%)<sup>(b)(e)(o)</sup> <br>| 1643398 |
| 140000 |  | Pitney Bowes, Inc., 7.25%, due 03/15/29 144A | 142380 |
| 1853000 |  | Planet Financial Group LLC, 10.50%, due 12/15/29 144A | 1949936 |
| 160000 |  | Playtika Holding Corp., 4.25%, due 03/15/29 144A | 147046 |
| 2100000 |  | Post Holdings, Inc., 4.50%, due 09/15/31 144A | 1964023 |
| 375000 |  | Post Holdings, Inc., 4.63%, due 04/15/30 144A | 361938 |
| 1850000 |  | Post Holdings, Inc., 6.25%, due 10/15/34 144A | 1870023 |
| 295000 |  | Precision Drilling Corp., 6.88%, due 01/15/29 144A | 296805 |
| 310000 |  | Prestige Brands, Inc., 3.75%, due 04/01/31 144A | 285766 |
| 1050000 |  | Prime Healthcare Services, Inc., 9.38%, due 09/01/29 144A | 1093081 |
| 1500000 |  | Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A | 1460194 |
| 1365000 |  | Primo Water Holdings, Inc./Triton Water Holdings, Inc., 6.25%, due 04/01/29 144A | 1365858 |
| 225000 |  | PROG Holdings, Inc., 6.00%, due 11/15/29 144A | 221156 |
| 160000 |  | Qnity Electronics, Inc., 5.75%, due 08/15/32 144A | 161420 |
| 226000 |  | Qnity Electronics, Inc., 6.25%, due 08/15/33 144A | 231071 |
| 500000 | EUR | Q-Park Holding I BV, 4.25%, due 09/01/30<sup>(e)</sup> <br>| 597050 |
| 3210000 |  | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | 3327563 |
| 1490000 |  | Quikrete Holdings, Inc., 6.75%, due 03/01/33 144A | 1550269 |
| 600000 |  | QXO Building Products, Inc., 6.75%, due 04/30/32 144A | 622738 |
| 110000 |  | Rackspace Finance LLC, 3.50%, due 05/15/28 144A | 46633 |
| 1525000 |  | Radiology Partners, Inc., 8.50%, due 07/15/32 144A | 1580032 |
| 1500000 |  | Railworks Holdings LP/Railworks Rally, Inc., 8.25%, due 11/15/28 144A | 1518795 |
| 625000 |  | Raizen Fuels Finance SA, 6.25%, due 07/08/32 144A | 610781 |
| 1055000 |  | Raizen Fuels Finance SA, 6.70%, due 02/25/37<sup>(e)(l)</sup> <br>| 1025987 |
| 265000 |  | Rakuten Group, Inc., 9.75%, due 04/15/29<sup>(l)</sup> 144A | 298222 |
| 2400000 |  | Rand Parent LLC, 8.50%, due 02/15/30<sup>(l)</sup> 144A | 2495928 |
| 750000 | EUR | RAY Financing LLC, 6.50%, due 07/15/31<sup>(e)</sup> <br>| 900838 |
| 3030000 |  | Real Hero Merger Sub 2, Inc., 6.25%, due 02/01/29 144A | 2064556 |
| 1400000 |  | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29<sup>(e)</sup> <br>| 1272004 |
| 144000 |  | Reworld Holding Corp., 4.88%, due 12/01/29 144A | 135558 |
| 500000 |  | Rexford Industrial Realty LP, 4.38%, due 03/15/27 144A | 500750 |
| 720000 |  | Rfna LP, 7.88%, due 02/15/30<sup>(l)</sup> 144A | 734216 |
| 280000 |  | Rithm Capital Corp., 8.00%, due 04/01/29 144A | 286814 |
| 525000 |  | Rivian Automotive, Inc., 3.63%, due 10/15/30 | 484237 |
| 300000 |  | Rivian Automotive, Inc., 4.63%, due 03/15/29 | 311588 |
| 300000 |  | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, due 01/15/31 144A | 279509 |

---

132See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 575000 |  | RLGH Finance Bermuda Ltd., 6.75%, due 07/02/35<sup>(e)</sup> <br>| 614074 |
| 1042000 |  | RLJ Lodging Trust LP, 3.75%, due 07/01/26 144A | 1032332 |
| 161000 |  | Rocket Cos., Inc., 6.38%, due 08/01/33 144A | 166372 |
| 143000 |  | Rocket Software, Inc., 6.50%, due 02/15/29 144A | 139436 |
| 96000 |  | Rocket Software, Inc., 9.00%, due 11/28/28 144A | 99103 |
| 1920000 | EUR | Rolls-Royce PLC, 4.63%, due 02/16/26<sup>(e)</sup> <br>| 2264604 |
| 1700000 |  | Royal Caribbean Cruises Ltd., 5.50%, due 04/01/28 144A | 1733429 |
| 750000 |  | Ryan Specialty LLC, 5.88%, due 08/01/32 144A | 758956 |
| 1655000 | EUR | Samhallsbyggnadsbolaget I Norden Holding AB, 1.13%, due 09/26/29<sup>(e)</sup> <br>| 1498107 |
| 800000 |  | Sammons Financial Group, Inc., 6.88%, due 04/15/34 144A | 881645 |
| 985000 |  | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA, 3.75%, due 08/02/28<sup>(e)</sup> <br>| 942630 |
| 1400000 |  | Santander U.K. Group Holdings PLC, 4.32% (SOFR + 1.07%), due 09/22/29<sup>(b)</sup> <br>| 1396594 |
| 1600000 |  | Sasol Financing USA LLC, 4.50%, due 11/08/27<sup>(e)</sup> <br>| 1533600 |
| 1215000 |  | Science Applications International Corp., 4.88%, due 04/01/28 144A | 1203753 |
| 3560000 |  | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due 03/01/30 <br> 144A<br>| 3312306 |
| 750000 |  | SCIH Salt Holdings, Inc., 4.88%, due 05/01/28 144A | 733506 |
| 4150000 |  | SCIH Salt Holdings, Inc., 6.63%, due 05/01/29<sup>(l)</sup> 144A | 4072352 |
| 100000 | EUR | SCOR SE, 6.00% (5 yr. EURIBOR ICE Swap + 3.86%)<sup>(b)(e)(o)</sup> <br>| 121507 |
| 1016000 |  | Scripps Escrow II, Inc., 3.88%, due 01/15/29<sup>(l)</sup> 144A | 896019 |
| 245000 |  | Scripps Escrow II, Inc., 5.38%, due 01/15/31<sup>(l)</sup> 144A | 172653 |
| 600000 |  | Seadrill Finance Ltd., 8.38%, due 08/01/30 144A | 623408 |
| 1600000 |  | Seagate Data Storage Technology Pte. Ltd., 5.75%, due 12/01/34<sup>(l)</sup> 144A | 1598848 |
| 500000 |  | Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, due 02/01/28 144A | 507298 |
| 360000 |  | Select Medical Corp., 6.25%, due 12/01/32 144A | 360486 |
| 190000 |  | Sempra, 6.38% (5 yr. CMT + 2.63%), due 04/01/56<sup>(b)</sup> <br>| 195102 |
| 700000 |  | Service Properties Trust, 7.63%, due 09/30/28<sup>(k)</sup> 144A | 617946 |
| 205000 |  | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, due 08/15/32 144A | 212094 |
| 500000 | EUR | Sigma Holdco BV, 8.63%, due 04/15/31 | 536977 |
| 1070000 |  | Silk Road Group Holding LLC, 7.50%, due 09/15/30 144A | 1085438 |
| 2980000 |  | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons <br> Feed, 4.63%, due 03/01/29 144A<br>| 2861361 |
| 1011000 |  | Sirius XM Radio LLC, 3.13%, due 09/01/26 144A | 998035 |
| 900000 |  | Sirius XM Radio LLC, 3.88%, due 09/01/31<sup>(l)</sup> 144A | 816217 |
| 740000 |  | Six Flags Entertainment Corp., 7.25%, due 05/15/31 144A | 740778 |
| 750000 |  | Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., <br> 6.63%, due 05/01/32 144A<br>| 764601 |
| 1700000 |  | SLM Corp., 6.50%, due 01/31/30 | 1772883 |
| 700000 |  | SM Energy Co., 6.75%, due 08/01/29 144A | 703901 |
| 980000 |  | Snap, Inc., 6.88%, due 03/01/33 144A | 1002740 |
| 225000 |  | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)<sup>(b)(e)(l)(o)</sup> <br>| 212571 |
| 200000 |  | Societe Generale SA, 5.44% (SOFR + 1.73%), due 10/03/36<sup>(b)(f)</sup> 144A | 199677 |
| 250000 |  | Societe Generale SA, 10.00% (5 yr. CMT + 5.45%)<sup>(b)(o)</sup> 144A | 277311 |
| 1000000 |  | Sotheby's, 7.38%, due 10/15/27 144A | 1002182 |
| 111000 |  | South Bow Canadian Infrastructure Holdings Ltd., 7.63% (5 yr. CMT + 3.95%), due <br> 03/01/55<sup>(b)</sup> <br>| 116058 |
| 1200000 |  | Southern California Edison Co., 5.63%, due 02/01/36 | 1212289 |
| 358000 |  | Southern Co., 3.25%, due 06/15/28 144A | 363191 |
| 625000 |  | Southern Co., 3.88%, due 12/15/25 | 704219 |
| 600000 |  | Spirit AeroSystems, Inc., 9.75%, due 11/15/30 144A | 660626 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 2518484 |  | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 11.00%, due 03/12/30<sup>(l)(p)</sup> 144A | 1071917 |
| 280000 |  | SS&C Technologies, Inc., 5.50%, due 09/30/27 144A | 279810 |
| 1000000 |  | SS&C Technologies, Inc., 6.50%, due 06/01/32 144A | 1034977 |
| 875000 |  | Stagwell Global LLC, 5.63%, due 08/15/29 144A | 850722 |
| 500000 |  | Standard Building Solutions, Inc., 6.50%, due 08/15/32 144A | 513523 |
| 1225000 |  | Standard Industries, Inc., 4.38%, due 07/15/30 144A | 1175301 |
| 404000 |  | Staples, Inc., 10.75%, due 09/01/29 144A | 401483 |
| 750000 |  | Star Leasing Co. LLC, 7.63%, due 02/15/30 144A | 729526 |
| 859000 |  | Star Parent, Inc., 9.00%, due 10/01/30<sup>(l)</sup> 144A | 909203 |
| 500000 |  | Starwood Property Trust, Inc., 5.75%, due 01/15/31<sup>(f)</sup> 144A | 500314 |
| 620000 |  | Starwood Property Trust, Inc., 7.25%, due 04/01/29 144A | 651803 |
| 1300000 |  | Station Casinos LLC, 4.63%, due 12/01/31 144A | 1227453 |
| 500000 |  | Station Casinos LLC, 6.63%, due 03/15/32<sup>(l)</sup> 144A | 513979 |
| 925000 |  | Stillwater Mining Co., 4.50%, due 11/16/29<sup>(e)</sup> <br>| 862300 |
| 800000 |  | Stonepeak Nile Parent LLC, 7.25%, due 03/15/32 144A | 843086 |
| 195000 |  | Stonex Escrow Issuer LLC, 6.88%, due 07/15/32 144A | 200873 |
| 300000 |  | Strategy, Inc., 0.00%, due 03/01/30<sup>(k)(m)</sup> 144A | 316500 |
| 2480000 |  | Studio City Finance Ltd., 5.00%, due 01/15/29<sup>(e)</sup> <br>| 2391403 |
| 525000 |  | Suci Second Investment Co., 6.00%, due 10/25/28<sup>(e)</sup> <br>| 551218 |
| 280000 |  | Summit Midstream Holdings LLC, 8.63%, due 10/31/29 144A | 281599 |
| 300000 |  | SunCoke Energy, Inc., 4.88%, due 06/30/29 144A | 280671 |
| 1200000 |  | Sunoco LP, 5.63%, due 03/15/31 144A | 1191898 |
| 597000 |  | Sunoco LP, 6.25%, due 07/01/33 144A | 608085 |
| 2450000 |  | Surgery Center Holdings, Inc., 7.25%, due 04/15/32 144A | 2519815 |
| 170000 |  | Synchrony Financial, 7.25%, due 02/02/33 | 181493 |
| 1000000 |  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | 988269 |
| 154000 |  | Talos Production, Inc., 9.38%, due 02/01/31 144A | 160517 |
| 140000 |  | Taylor Morrison Communities, Inc., 5.75%, due 01/15/28 144A | 142073 |
| 725000 |  | TC Ziraat Bankasi AS, 8.00%, due 01/16/29<sup>(e)</sup> <br>| 760704 |
| 725000 |  | TC Ziraat Bankasi AS, 8.99% (5 yr. CMT + 4.33%), due 08/02/34<sup>(b)(e)</sup> <br>| 769400 |
| 350000 | EUR | TeamSystem SpA, 5.53% (3 mo. EURIBOR + 3.50%), due 07/31/31<sup>(b)(e)</sup> <br>| 413421 |
| 600000 | EUR | Techem Verwaltungsgesellschaft 675 GmbH, 4.63%, due 07/15/32<sup>(e)</sup> <br>| 707402 |
| 2320000 |  | Teine Energy Ltd., 6.88%, due 04/15/29 144A | 2291113 |
| 1108000 |  | Telecom Argentina SA, 9.25%, due 05/28/33 144A | 1090434 |
| 40000 |  | Telecom Italia Capital SA, 7.20%, due 07/18/36 | 43238 |
| 120000 |  | Telecom Italia Capital SA, 7.72%, due 06/04/38 | 133138 |
| 588000 |  | Telesat Canada/Telesat LLC, 5.63%, due 12/06/26 144A | 473340 |
| 220000 |  | Telesat Canada/Telesat LLC, 6.50%, due 10/15/27 144A | 109450 |
| 286000 |  | TELUS Corp., 7.00% (5 yr. CMT + 2.71%), due 10/15/55<sup>(b)</sup> <br>| 301891 |
| 1200000 |  | Tenet Healthcare Corp., 4.38%, due 01/15/30 | 1168057 |
| 1510000 |  | Tenet Healthcare Corp., 6.13%, due 10/01/28 | 1512158 |
| 750000 |  | Tenneco, Inc., 8.00%, due 11/17/28 144A | 751909 |
| 635000 |  | Termocandelaria Power SA, 7.75%, due 09/17/31 144A | 667009 |
| 1000000 |  | TerraForm Power Operating LLC, 5.00%, due 01/31/28 144A | 993528 |
| 185000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 1.88%, due 03/31/27<sup>(e)</sup> <br>| 214266 |
| 368000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 7.38%, due 09/15/29 | 488916 |
| 220000 |  | Texas Capital Bancshares, Inc., 4.00% (5 yr. CMT + 3.15%), due 05/06/31<sup>(b)</sup> <br>| 216866 |
| 600000 |  | TGS ASA, 8.50%, due 01/15/30 144A | 618587 |
| 315000 |  | Thor Industries, Inc., 4.00%, due 10/15/29 144A | 298898 |

---

134See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 500000 |  | Tidewater, Inc., 9.13%, due 07/15/30 144A | 536565 |
| 690000 | GBP | Time Warner Cable LLC, 5.25%, due 07/15/42 | 780313 |
| 700000 |  | TK Elevator U.S. Newco, Inc., 5.25%, due 07/15/27 144A | 698061 |
| 760000 |  | T-Mobile USA, Inc., 3.50%, due 04/15/31 | 723124 |
| 100000 |  | TopBuild Corp., 3.63%, due 03/15/29 144A | 95960 |
| 1070000 |  | TopBuild Corp., 4.13%, due 02/15/32 144A | 1003880 |
| 3630000 |  | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due <br> 05/15/30 144A<br>| 3559324 |
| 2030000 |  | Trade & Development Bank of Mongolia LLC, 8.50%, due 12/23/27<sup>(e)</sup> <br>| 2004011 |
| 424000 |  | Transcanada Trust, 5.60% (5 yr. CMT + 3.99%), due 03/07/82<sup>(b)</sup> <br>| 420786 |
| 113000 |  | Transcanada Trust, 5.88% (3 mo. USD LIBOR + 4.64%), due 08/15/76<sup>(b)</sup> <br>| 113490 |
| 710000 |  | TransDigm, Inc., 6.38%, due 05/31/33 144A | 719757 |
| 1200000 |  | TransDigm, Inc., 6.75%, due 01/31/34 144A | 1241609 |
| 687000 |  | TransMontaigne Partners LLC, 8.50%, due 06/15/30 144A | 716421 |
| 1128000 |  | Transocean International Ltd., 6.80%, due 03/15/38<sup>(l)</sup> <br>| 956176 |
| 725000 |  | Transocean International Ltd., 7.88%, due 10/15/32<sup>(f)</sup> 144A | 725000 |
| 850000 |  | Trident Energy Finance PLC, 12.50%, due 11/30/29<sup>(e)</sup> <br>| 888785 |
| 750000 |  | Trident TPI Holdings, Inc., 12.75%, due 12/31/28 144A | 800624 |
| 1074000 |  | Trivium Packaging Finance BV, 8.25%, due 07/15/30<sup>(l)</sup> 144A | 1146601 |
| 4402000 |  | Tronox, Inc., 4.63%, due 03/15/29<sup>(l)</sup> 144A | 2875702 |
| 306000 |  | Tronox, Inc., 9.13%, due 09/30/30<sup>(l)</sup> 144A | 299987 |
| 389000 |  | TrueNoord Capital DAC, 8.75%, due 03/01/30 144A | 413693 |
| 600000 |  | Trust Fibra Uno, 6.39%, due 01/15/50<sup>(e)</sup> <br>| 554147 |
| 575000 |  | Trust Fibra Uno, 7.38%, due 02/13/34<sup>(e)</sup> <br>| 620323 |
| 750000 |  | Turkiye Is Bankasi AS, 9.13% (5 yr. CMT + 4.63%)<sup>(b)(e)(o)</sup> <br>| 790433 |
| 725000 |  | Turkiye Vakiflar Bankasi TAO, 9.00%, due 10/12/28<sup>(e)</sup> <br>| 783041 |
| 135000 |  | Turning Point Brands, Inc., 7.63%, due 03/15/32 144A | 143195 |
| 260000 |  | Tutor Perini Corp., 11.88%, due 04/30/29 144A | 291429 |
| 300000 |  | Twilio, Inc., 3.63%, due 03/15/29<sup>(l)</sup> <br>| 286218 |
| 600000 |  | Twilio, Inc., 3.88%, due 03/15/31 | 564580 |
| 1500000 |  | U.S. Acute Care Solutions LLC, 9.75%, due 05/15/29 144A | 1537848 |
| 1890000 |  | U.S. Foods, Inc., 4.63%, due 06/01/30 144A | 1849226 |
| 171500 |  | U.S. Renal Care, Inc., 10.63%, due 06/28/28 144A | 150063 |
| 590000 |  | UBS Group AG, 7.00% (5 yr. USD SOFR ICE Swap + 3.08%)<sup>(b)(o)</sup> 144A | 606334 |
| 680000 |  | UBS Group AG, 9.25% (5 yr. CMT + 4.75%)<sup>(b)(o)</sup> 144A | 751872 |
| 716000 |  | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(b)(o)</sup> 144A | 853695 |
| 164000 |  | Under Armour, Inc., 7.25%, due 07/15/30 144A | 164207 |
| 285000 |  | UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35<sup>(b)</sup> 144A | 287454 |
| 125000 |  | Unisys Corp., 10.63%, due 01/15/31<sup>(l)</sup> 144A | 133285 |
| 500000 | EUR | United Group BV, 6.50%, due 10/31/31<sup>(e)</sup> <br>| 596835 |
| 600000 | EUR | United Group BV, 6.75%, due 02/15/31<sup>(e)</sup> <br>| 724580 |
| 575000 |  | United Rentals North America, Inc., 3.75%, due 01/15/32<sup>(l)</sup> <br>| 533095 |
| 1550000 |  | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, due 04/15/28 <br> 144A<br>| 1519162 |
| 278000 |  | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.63%, due <br> 06/15/32<sup>(l)</sup> 144A<br>| 265762 |
| 204000 |  | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, due 02/15/28 <br> 144A<br>| 214980 |
| 850000 |  | Unity Software, Inc., 0.37%, due 03/15/30<sup>(l)(m)(n)</sup> 144A | 1150156 |
| 2300000 |  | Univision Communications, Inc., 4.50%, due 05/01/29<sup>(l)</sup> 144A | 2171343 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1485000 |  | Univision Communications, Inc., 9.38%, due 08/01/32 144A | 1583763 |
| 295000 |  | Upbound Group, Inc., 6.38%, due 02/15/29<sup>(l)</sup> 144A | 291553 |
| 125000 |  | Urban One, Inc., 7.38%, due 02/01/28 144A | 65839 |
| 500000 |  | UWM Holdings LLC, 6.25%, due 03/15/31 144A | 497931 |
| 1800000 |  | Valaris Ltd., 8.38%, due 04/30/30<sup>(l)</sup> 144A | 1869389 |
| 305000 |  | Valley National Bancorp, 3.00% (3 mo. USD Term SOFR + 2.36%), due 06/15/31<sup>(b)</sup> <br>| 284124 |
| 1145000 |  | Vedanta Resources Finance II PLC, 9.48%, due 07/24/30 144A | 1156908 |
| 1536000 |  | Vedanta Resources Finance II PLC, 9.85%, due 04/24/33 144A | 1563687 |
| 246000 |  | Velocity Vehicle Group LLC, 8.00%, due 06/01/29 144A | 246876 |
| 1060000 |  | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 1016731 |
| 1500000 |  | Venture Global Calcasieu Pass LLC, 6.25%, due 01/15/30 144A | 1565355 |
| 157000 |  | Venture Global LNG, Inc., 8.38%, due 06/01/31 144A | 164956 |
| 1600000 |  | Venture Global LNG, Inc., 9.50%, due 02/01/29<sup>(l)</sup> 144A | 1764240 |
| 1810000 |  | Venture Global LNG, Inc., 9.88%, due 02/01/32<sup>(l)</sup> 144A | 1971720 |
| 200000 |  | Venture Global Plaquemines LNG LLC, 6.50%, due 01/15/34 144A | 210656 |
| 600000 |  | Venture Global Plaquemines LNG LLC, 6.75%, due 01/15/36 144A | 637681 |
| 750000 |  | Venture Global Plaquemines LNG LLC, 7.50%, due 05/01/33 144A | 829226 |
| 330000 |  | Venture Global Plaquemines LNG LLC, 7.75%, due 05/01/35 144A | 372680 |
| 1195000 |  | Veon Midco BV, 3.38%, due 11/25/27<sup>(e)</sup> <br>| 1123419 |
| 690000 |  | Veon Midco BV, 9.00%, due 07/15/29 144A | 719462 |
| 500000 | EUR | Verisure Midholding AB, 5.25%, due 02/15/29<sup>(e)</sup> <br>| 592635 |
| 690000 |  | Vertiv Group Corp., 4.13%, due 11/15/28 144A | 674616 |
| 245000 |  | VF Corp., 6.00%, due 10/15/33 | 236176 |
| 295589 |  | VF Ukraine PAT via VFU Funding PLC, 9.63%, due 02/11/27<sup>(e)</sup> <br>| 282340 |
| 1100000 |  | VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, due 06/15/31 144A | 1138405 |
| 1200000 |  | VICI Properties LP/VICI Note Co., Inc., 3.88%, due 02/15/29 144A | 1172349 |
| 750000 |  | VICI Properties LP/VICI Note Co., Inc., 4.13%, due 08/15/30 144A | 725097 |
| 834000 |  | Victoria's Secret & Co., 4.63%, due 07/15/29<sup>(l)</sup> 144A | 797298 |
| 1140000 |  | Victra Holdings LLC/Victra Finance Corp., 8.75%, due 09/15/29<sup>(l)</sup> 144A | 1196861 |
| 1500000 |  | Viking Baked Goods Acquisition Corp., 8.63%, due 11/01/31 144A | 1504074 |
| 270000 |  | Viking Cruises Ltd., 5.88%, due 10/15/33<sup>(f)</sup> 144A | 270527 |
| 1100000 |  | Viking Cruises Ltd., 9.13%, due 07/15/31 144A | 1181460 |
| 300000 | GBP | Virgin Media Vendor Financing Notes III DAC, 4.88%, due 07/15/28<sup>(e)</sup> <br>| 394953 |
| 1000000 |  | Virgin Media Vendor Financing Notes IV DAC, 5.00%, due 07/15/28 144A | 980415 |
| 1351000 |  | VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.38%, due 02/01/30<sup>(l)</sup> <br> 144A<br>| 1317946 |
| 458000 |  | VistaJet Malta Finance PLC/Vista Management Holding, Inc., 9.50%, due 06/01/28<sup>(l)</sup> <br> 144A<br>| 477222 |
| 1285000 |  | Vivo Energy Investments BV, 5.13%, due 09/24/27<sup>(e)</sup> <br>| 1283496 |
| 900000 |  | Vmed O2 U.K. Financing I PLC, 4.25%, due 01/31/31 144A | 835084 |
| 2900000 |  | Vmed O2 U.K. Financing I PLC, 4.75%, due 07/15/31 144A | 2731427 |
| 300000 | EUR | Vmed O2 U.K. Financing I PLC, 5.63%, due 04/15/32 144A | 362700 |
| 420000 |  | VOC Escrow Ltd., 5.00%, due 02/15/28<sup>(l)</sup> 144A | 419166 |
| 405000 |  | VTR Comunicaciones SpA, 5.13%, due 01/15/28<sup>(e)</sup> <br>| 391625 |
| 2200000 |  | VZ Secured Financing BV, 5.00%, due 01/15/32 144A | 1991909 |
|  |  | Waga Bondco Ltd., 8.50%, due 06/15/30<sup>(l)</sup> 144A |  |
| 1910000 |  | Wand NewCo 3, Inc., 7.63%, due 01/30/32 144A | 2013904 |
| 1625000 |  | Warnermedia Holdings, Inc., 4.28%, due 03/15/32<sup>(l)</sup> <br>| 1490937 |
| 1220000 |  | Warnermedia Holdings, Inc., 5.05%, due 03/15/42 | 974713 |

---

136See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 625000 |  | Wayfair LLC, 7.75%, due 09/15/30<sup>(l)</sup> 144A | 657028 |
| 650000 |  | WBI Operating LLC, 6.25%, due 10/15/30<sup>(f)</sup> 144A | 650000 |
| 1130000 |  | WE Soda Investments Holding PLC, 9.38%, due 02/14/31<sup>(e)</sup> <br>| 1090247 |
| 1698000 |  | WE Soda Investments Holding PLC, 9.50%, due 10/06/28<sup>(e)</sup> <br>| 1649273 |
| 725000 |  | Weatherford International Ltd., 6.75%, due 10/15/33<sup>(f)</sup> 144A | 725957 |
| 750000 |  | WESCO Distribution, Inc., 6.38%, due 03/15/33 144A | 778004 |
| 305000 |  | Western Alliance Bancorp, 3.00% (3 mo. USD Term SOFR + 2.25%), due 06/15/31<sup>(b)</sup> <br>| 296582 |
| 540000 |  | WEX, Inc., 6.50%, due 03/15/33 144A | 551928 |
| 881000 |  | Wilsonart LLC, 11.00%, due 08/15/32<sup>(l)</sup> 144A | 858287 |
| 600000 |  | Windstream Services LLC, 7.50%, due 10/15/33<sup>(f)</sup> 144A | 600213 |
| 500000 |  | Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A | 458170 |
| 525000 |  | Woodside Finance Ltd., 6.00%, due 05/19/35 | 548293 |
| 615000 |  | WR Grace Holdings LLC, 5.63%, due 08/15/29<sup>(l)</sup> 144A | 572127 |
| 600000 |  | Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28 144A | 586138 |
| 600000 |  | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, due 05/15/27 144A | 599771 |
| 1610000 |  | Wynn Macau Ltd., 4.50%, due 03/07/29 144A | 1734496 |
| 700000 |  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, due 02/15/31<sup>(l)</sup> 144A | 754020 |
| 155000 |  | Xerox Holdings Corp., 8.88%, due 11/30/29<sup>(l)</sup> 144A | 84514 |
| 725000 |  | Yapi ve Kredi Bankasi AS, 9.25% (5 yr. CMT + 5.28%), due 01/17/34<sup>(b)(e)</sup> <br>| 771958 |
| 850000 |  | Yinson Bergenia Production BV, 8.50%, due 01/31/45 144A | 913322 |
| 1125000 |  | YPF SA, 6.95%, due 07/21/27<sup>(e)</sup> <br>| 1118781 |
| 2435000 |  | YPF SA, 7.00%, due 09/30/33<sup>(e)(g)</sup> <br>| 2293526 |
| 1270000 |  | Yum! Brands, Inc., 3.63%, due 03/15/31 | 1187516 |
| 1000000 |  | Zayo Group Holdings, Inc., 4.00%, due 03/01/27 144A | 973497 |
| 300000 | EUR | ZF Europe Finance BV, 7.00%, due 06/12/30<sup>(e)</sup> <br>| 367133 |
| 1050000 |  | ZF North America Capital, Inc., 6.88%, due 04/23/32 144A | 1006002 |
| 500000 |  | ZF North America Capital, Inc., 7.13%, due 04/14/30 144A | 495486 |
| 464000 |  | ZF North America Capital, Inc., 7.50%, due 03/24/31 144A | 461131 |
| 320000 |  | Ziff Davis, Inc., 4.63%, due 10/15/30 144A | 301895 |
| 1330000 |  | Zorlu Enerji Elektrik Uretim AS, 11.00%, due 04/23/30 144A | 1225627 |
|  |  |  | 686292711 |
|  |  | **Mortgage Backed Securities - Private Issuers — 5.3%** | **Mortgage Backed Securities - Private Issuers — 5.3%** |
| 315000 |  | ALA Trust, Series 2025-OANA, Class D, 7.24% (1 mo. USD Term SOFR + 3.09%), due <br> 06/15/40<sup>(b)</sup> 144A<br>| 319011 |
| 2774421 |  | Angel Oak Mortgage Trust, Series 2025-8, Class A1, 5.41%, due 07/25/70<sup>(g)</sup> 144A | 2796443 |
| 1882425 |  | Angel Oak Mortgage Trust, Series 2025-R1, Class A1, 4.85%, due 07/25/62<sup>(g)</sup> 144A | 1878993 |
| 900000 |  | ARZ Trust, Series 2024-BILT, Class F, 8.27%, due 06/11/39 144A | 931566 |
| 1280000 |  | Bank, Series 2022-BNK42, Class A5, 4.49%, due 06/15/55<sup>(c)</sup> <br>| 1257655 |
| 1020000 |  | Bank, Series 2024-BNK48, Class A5, 5.05%, due 10/15/57 | 1039600 |
| 1544900 |  | Barclays Mortgage Trust, Series 2022-RPL1, Class B, 4.25%, due 02/25/28<sup>(g)</sup> 144A | 1531478 |
| 280000 |  | BBCMS Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52 | 266332 |
| 345000 |  | BBCMS Mortgage Trust, Series 2020-C6, Class AS, 2.84%, due 02/15/53 | 315183 |
| 1300000 |  | Beignet, 6.85%, due 06/01/49 | 1300000 |
| 250000 |  | Benchmark Mortgage Trust, Series 2020-B16, Class AM, 2.94%, due 02/15/53<sup>(c)</sup> <br>| 227506 |
| 443301 |  | BX Commercial Mortgage Trust, Series 2021-21M, Class A, 4.99% (1 mo. USD Term <br> SOFR + 0.84%), due 10/15/36<sup>(b)</sup> 144A<br>| 442992 |
| 694343 |  | BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 5.11% (1 mo. USD Term <br> SOFR + 0.96%), due 11/15/38<sup>(b)</sup> 144A<br>| 694102 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1260000 | BX Commercial Mortgage Trust, Series 2022-AHP, Class A, 5.14% (1 mo. USD Term <br> SOFR + 0.99%), due 01/17/39<sup>(b)</sup> 144A<br>| 1259620 |
| 2000000 | BX Trust, Series 2021-ARIA, Class G, 7.41% (1 mo. USD Term SOFR + 3.26%), due <br> 10/15/36<sup>(b)</sup> 144A<br>| 1991781 |
| 1110000 | BX Trust, Series 2025-GW, Class E, 7.80% (1 mo. USD Term SOFR + 3.65%), due <br> 07/15/42<sup>(b)</sup> 144A<br>| 1117343 |
| 77629 | CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.08%, due 12/15/47<sup>(c)</sup> <br> 144A<br>| 75037 |
| 981775 | Chase Home Lending Mortgage Trust, Series 2025-RPL1, Class A1A, 3.38%, due <br> 04/25/65<sup>(c)</sup> 144A<br>| 891614 |
| 270000 | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.47%, due 10/12/50 | 265593 |
| 288435 | COMM Mortgage Trust, Series 2012-CR3, Class B, 3.92%, due 10/15/45 144A | 277907 |
| 1968000 | COMM Mortgage Trust, Series 2015-LC19, Class D, 2.87%, due 02/10/48 144A | 1777675 |
| 2075000 | COMM Mortgage Trust, Series 2024-CBM, Class E, 8.19%, due 12/10/41<sup>(c)</sup> 144A | 2067351 |
| 690945 | Cross Mortgage Trust, Series 2025-H6, Class A1, 5.18%, due 07/25/70<sup>(c)</sup> 144A | 693256 |
| 1000000 | CSMC Trust, Series 2018-RPL9, Class A2, 3.95%, due 09/25/57<sup>(c)</sup> 144A | 950903 |
| 1960617 | Extended Stay America Trust, Series 2021-ESH, Class F, 7.96% (1 mo. USD Term <br> SOFR + 3.81%), due 07/15/38<sup>(b)</sup> 144A<br>| 1965117 |
| 100000 | Extended Stay America Trust, Series 2025-ESH, Class F, 8.25% (1 mo. USD Term <br> SOFR + 4.10%), due 10/15/42<sup>(b)(f)</sup> 144A<br>| 100852 |
| 31488 | 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>| 31378 |
| 401299 | 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>| 389193 |
| 224956 | 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>| 220381 |
| 603859 | 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>| 593966 |
| 560000 | 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>| 533480 |
| 370000 | 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>| 356557 |
| 564842 | 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>| 546057 |
| 590000 | 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>| 567495 |
| 436699 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2021-1, <br> Class M, 4.25%, due 09/25/60 144A<br>| 421667 |
| 1850000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2020-HQA2, <br> Class B2, 12.07% (SOFR 30-day average + 7.71%), due 03/25/50<sup>(b)</sup> 144A<br>| 2225604 |
| 2900000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA7, <br> Class B2, 12.16% (SOFR 30-day average + 7.80%), due 11/25/41<sup>(b)</sup> 144A<br>| 3075372 |
| 3140000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA1, <br> Class B2, 11.46% (SOFR 30-day average + 7.10%), due 01/25/42<sup>(b)</sup> 144A<br>| 3332630 |
| 1905000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2021-R03, Class 1B2, 9.86% (SOFR 30-day average + 5.50%), due 12/25/41<sup>(b)</sup> 144A<br>| 1973857 |
| 1895000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R01, Class 1B2, 10.36% (SOFR 30-day average + 6.00%), due 12/25/41<sup>(b)</sup> 144A<br>| 1980742 |
| 1840000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R02, Class 2B2, 12.01% (SOFR 30-day average + 7.65%), due 01/25/42<sup>(b)</sup> 144A<br>| 1948666 |
| 800000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R03, Class 1B2, 14.21% (SOFR 30-day average + 9.85%), due 03/25/42<sup>(b)</sup> 144A<br>| 886737 |

---

138See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 2420000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R04, Class 1B2, 13.86% (SOFR 30-day average + 9.50%), due 03/25/42<sup>(b)</sup> 144A<br>| 2667545 |
| 1695000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R05, Class 2B2, 11.36% (SOFR 30-day average + 7.00%), due 04/25/42<sup>(b)</sup> 144A<br>| 1821606 |
| 1921214 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R07, Class 1B2, 16.36% (SOFR 30-day average + 12.00%), due 06/25/42<sup>(b)</sup> <br> 144A<br>| 2223847 |
| 280000 | GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.73%, due 06/10/47<sup>(c)</sup> 144A | 55571 |
| 2297280 | GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1, 5.65%, due <br> 06/25/65<sup>(c)</sup> 144A<br>| 2317330 |
| 1373573 | GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, 4.10%, due <br> 07/25/65<sup>(g)</sup> 144A<br>| 1338735 |
| 117765 | HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1C, 5.15% (1 mo. USD Term <br> SOFR + 1.01%), due 06/20/35<sup>(b)</sup> <br>| 111789 |
| 1600000 | HTL Commercial Mortgage Trust, Series 2024-T53, Class E, 10.60%, due 05/10/39<sup>(c)</sup> <br> 144A<br>| 1658199 |
| 1175000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class E, <br> 3.69%, due 12/15/47<sup>(c)</sup> 144A<br>| 1075129 |
| 1059077 | JP Morgan Seasoned Mortgage Trust, Series 2025-1, Class A4, 3.69%, due 01/25/63<sup>(c)</sup> <br> 144A<br>| 997624 |
| 1715000 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class B, 4.66%, due <br> 09/15/47<sup>(c)</sup> <br>| 1673304 |
| 810000 | MAD Commercial Mortgage Trust, Series 2025-11MD, Class D, 6.36%, due 10/15/42<sup>(c)</sup> <br> 144A<br>| 811857 |
| 109820 | MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 5.07% (1 mo. USD <br> Term SOFR + 0.92%), due 04/15/38<sup>(b)</sup> 144A<br>| 109858 |
| 1502448 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class E, 3.92%, <br> due 05/15/46<sup>(c)</sup> 144A<br>| 1347986 |
| 1986285 | Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A1, 5.44%, <br> due 07/25/70<sup>(g)</sup> 144A<br>| 2002123 |
| 0 | MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.28%, <br> due 10/15/30 144A<br>| 0 |
| 490000 | MSWF Commercial Mortgage Trust, Series 2023-1, Class A4, 5.47%, due 05/15/56 | 510711 |
| 890503 | Multifamily Housing Mortgage Loan Trust, Series Q034, Class APT2, 2.87%, due <br> 07/25/54<sup>(c)</sup> <br>| 881831 |
| 1470000 | NCMF Trust, Series 2025-MFS, Class E, 7.78%, due 06/10/33<sup>(c)</sup> 144A | 1494399 |
| 261034 | New Residential Mortgage Loan Trust, Series 2017-5A, Class B4, 5.98%, due <br> 06/25/57<sup>(c)</sup> 144A<br>| 256566 |
| 2092926 | Oceanview Mortgage Trust, Series 2025-3, Class AF1, 5.30% (SOFR 30-day average + <br> 0.95%), due 05/25/55<sup>(b)</sup> 144A<br>| 2103385 |
| 970065 | PRET Trust, Series 2025-RPL3, Class A1, 4.15%, due 04/25/65<sup>(g)</sup> 144A | 941815 |
| 2630000 | PRET Trust, Series 2025-RPL3, Class M1, 4.15%, due 04/25/65<sup>(g)</sup> 144A | 2390023 |
| 931673 | PRPM LLC, Series 2025-3, Class A1, 6.26%, due 05/25/30<sup>(g)</sup> 144A | 934481 |
| 970657 | PRPM LLC, Series 2025-4, Class A1, 6.18%, due 06/25/30<sup>(g)</sup> 144A | 973666 |
| 984541 | PRPM LLC, Series 2025-5, Class A1, 5.73%, due 07/25/30<sup>(g)</sup> 144A | 986203 |
| 130000 | PRPM LLC, Series 2025-5, Class A2, 8.57%, due 07/25/30<sup>(g)</sup> 144A | 130141 |
| 952466 | PRPM LLC, Series 2025-6, Class A1, 5.77%, due 08/25/28<sup>(g)</sup> 144A | 954170 |
| 996457 | PRPM LLC, Series 2025-7, Class A1, 5.50%, due 08/25/30<sup>(g)</sup> 144A | 998651 |
| 245000 | PRPM LLC, Series 2025-7, Class A2, 7.45%, due 08/25/30<sup>(g)</sup> 144A | 245186 |
| 931385 | PRPM LLC, Series 2025-RCF3, Class A1, 5.25%, due 07/25/55<sup>(g)</sup> 144A | 938502 |
| 487288 | PRPM LLC, Series 2025-RCF4, Class A1, 4.50%, due 08/25/55<sup>(g)</sup> 144A | 482737 |
| 820000 | PRPM LLC, Series 2025-RPL4, Class M1A, 3.00%, due 05/25/55<sup>(g)</sup> 144A | 722745 |
| 150000 | RCO VIII Mortgage LLC, Series 2025-3, Class A2, 8.84%, due 05/25/30<sup>(g)</sup> 144A | 151115 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1680000 | ROCK Trust, Series 2024-CNTR, Class E, 8.82%, due 11/13/41 144A | 1763823 |
| 948643 | Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class A1, 5.73%, due <br> 02/25/65<sup>(g)</sup> 144A<br>| 958674 |
| 234354 | Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 4.83% (1 <br> mo. USD Term SOFR + 0.67%), due 05/25/45<sup>(b)</sup> <br>| 177204 |
| 590000 | Towd Point Mortgage Trust, Series 2019-4, Class B1B, 3.50%, due 10/25/59<sup>(c)</sup> 144A | 458223 |
| 196914 | UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, due 12/15/50 | 194201 |
| 963119 | Verus Securitization Trust, Series 2025-R1, Class A1, 5.40%, due 05/25/65<sup>(g)</sup> 144A | 971960 |
| 241656 | WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR16, Class 2A2, 4.47%, <br> due 12/25/36<sup>(c)</sup> <br>| 215773 |
| 1155000 | WBHT Commercial Mortgage Trust, Series 2025-WBM, Class E, 8.34% (1 mo. USD <br> Term SOFR + 4.19%), due 06/15/42<sup>(b)</sup> 144A<br>| 1150124 |
| 1950000 | Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class D, 3.31%, due <br> 12/15/49<sup>(c)</sup> 144A<br>| 1743040 |
| 150800 | Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, 6.68%, due <br> 04/25/36<sup>(c)</sup> <br>| 149847 |
| 475000 | WHARF Commercial Mortgage Trust, Series 2025-DC, Class E, 7.98%, due 07/15/40<sup>(c)</sup> <br> 144A<br>| 484654 |
| 1900000 | Worldwide Plaza Trust, Series 2017-WWP, Class A, 3.53%, due 11/10/36 144A | 1284570 |
| 2280000 | X-Caliber Funding LLC, Series 2025-VFN1, Class A, 7.11% (1 mo. USD Term SOFR + <br> 2.83%), due 06/17/30<sup>(b)</sup> 144A<br>| 2290176 |
|  |  | 93669791 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 7.5%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 7.5%** |
| 150000 | Uniform Mortgage-Backed Security, TBA, 3.50%, due 11/01/55 | 137022 |
| 5850000 | Uniform Mortgage-Backed Security, TBA, 4.50%, due 10/01/55 | 5675040 |
| 5000000 | Uniform Mortgage-Backed Security, TBA, 4.50%, due 11/01/55 | 4847922 |
| 4975000 | Uniform Mortgage-Backed Security, TBA, 5.00%, due 10/01/55 | 4934660 |
| 7000000 | Uniform Mortgage-Backed Security, TBA, 5.00%, due 11/01/55 | 6938319 |
| 25010000 | Uniform Mortgage-Backed Security, TBA, 5.50%, due 10/01/54 | 25219939 |
| 13350000 | Uniform Mortgage-Backed Security, TBA, 5.50%, due 11/01/54 | 13452155 |
| 6565000 | Uniform Mortgage-Backed Security, TBA, 6.00%, due 10/01/54 | 6707749 |
| 32785000 | Uniform Mortgage-Backed Security, TBA, 6.00%, due 11/01/54 | 33488910 |
| 5700000 | Uniform Mortgage-Backed Security, TBA, 6.50%, due 10/01/54 | 5891178 |
| 23660000 | Uniform Mortgage-Backed Security, TBA, 6.50%, due 11/01/54 | 24467418 |
|  |  | 131760312 |
|  | **Municipal Obligation — 0.0%** | **Municipal Obligation — 0.0%** |
| 810000 | Maricopa County Industrial Development Authority, 7.38%, due 10/01/29 144A | 850124 |
|  | **Sovereign Debt Obligations — 16.0%** | **Sovereign Debt Obligations — 16.0%** |
| 2000000 | Abu Dhabi Government International Bonds, 3.13%, due 09/30/49<sup>(e)</sup> <br>| 1453056 |
| 1625000 | Abu Dhabi Government International Bonds, 4.13%, due 10/11/47<sup>(e)</sup> <br>| 1406512 |
| 1195000 | Africa Finance Corp., 7.50%, (5 yr. CMT + 3.02%)<sup>(b)(e)(o)</sup> <br>| 1189965 |
| 1055000 | Angola Government International Bonds, 8.00%, due 11/26/29<sup>(e)</sup> <br>| 1030628 |
| 590000 | Angola Government International Bonds, 8.00%, due 11/26/29<sup>(e)</sup> <br>| 576370 |
| 1200000 | Angola Government International Bonds, 8.75%, due 04/14/32 144A | 1149306 |
| 1183000 | Angola Government International Bonds, 8.75%, due 04/14/32<sup>(e)</sup> <br>| 1132624 |
| 390000 | Angola Government International Bonds, 9.13%, due 11/26/49<sup>(e)</sup> <br>| 327526 |
| 1240000 | Argentina Republic Government International Bonds, 0.75%, due 07/09/30<sup>(g)</sup> <br>| 838860 |

---

140See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 3802426 |  | Argentina Republic Government International Bonds, 0.75%, due 07/09/30<sup>(g)</sup> <br>| 2605612 |
| 4404 |  | Argentina Republic Government International Bonds, 1.00%, due 07/09/29 | 3212 |
| 3309737 |  | Argentina Republic Government International Bonds, 3.50%, due 07/09/41<sup>(g)</sup> <br>| 1605388 |
| 2955000 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/35<sup>(g)</sup> <br>| 1549897 |
| 595428 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/35<sup>(g)</sup> <br>| 315339 |
| 4200000 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/46<sup>(g)</sup> <br>| 2204790 |
| 2242685000 | ARS | Argentina Treasury Bonds BONTE, 29.50%, due 05/30/30 | 1280868 |
| 1219000 |  | Bahamas Government International Bonds, 8.25%, due 06/24/36 144A | 1318422 |
| 250000 |  | Bahamas Government International Bonds, 8.25%, due 06/24/36<sup>(e)</sup> <br>| 270390 |
| 215000 |  | Bahamas Government International Bonds, 8.95%, due 10/15/32<sup>(e)</sup> <br>| 239198 |
| 2338000 |  | Baiterek National Managing Holding JSC, 4.65%, due 10/01/30<sup>(f)</sup> 144A | 2312036 |
| 957000 |  | Bank Gospodarstwa Krajowego, 6.25%, due 07/09/54 144A | 999591 |
| 1325000 |  | Benin Government International Bonds, 7.96%, due 02/13/38<sup>(e)</sup> <br>| 1358292 |
| 4030000 |  | Bermuda Government International Bonds, 2.38%, due 08/20/30<sup>(e)</sup> <br>| 3691480 |
| 3510000 |  | Bermuda Government International Bonds, 5.00%, due 07/15/32<sup>(e)</sup> <br>| 3607157 |
| 495000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 10/01/28<sup>(e)</sup> <br>| 524111 |
| 120000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 04/01/33<sup>(e)</sup> <br>| 125644 |
| 1400000 |  | Brazil Government International Bonds, 7.25%, due 01/12/56 | 1417640 |
| 1416000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/29 | 240511 |
| 11215000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/31 | 1845291 |
| 10500000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/33 | 1664810 |
| 9900000 | CNY | China Government Bonds, 2.15%, due 08/25/55 | 1364457 |
| 6600000 | CNY | China Government Bonds, 2.27%, due 05/25/34 | 958962 |
| 2275000 |  | Colombia Government International Bonds, 5.00%, due 06/15/45 | 1713075 |
| 1575000 |  | Colombia Government International Bonds, 7.38%, due 09/18/37 | 1624612 |
| 650000 |  | Colombia Government International Bonds, 7.75%, due 11/07/36 | 682175 |
| 700000 |  | Colombia Government International Bonds, 8.38%, due 11/07/54 | 742525 |
| 300000 |  | Colombia Government International Bonds, 8.75%, due 11/14/53 | 329745 |
| 825000 |  | Colombia Government International Bonds, 8.75%, due 11/14/53 | 907335 |
| 161200000 | COP | Colombia TES, 6.25%, due 07/09/36 | 28511 |
| 2952300000 | COP | Colombia TES, Series B, 7.25%, due 10/18/34 | 583848 |
| 2035500000 | COP | Colombia TES, Series B, 7.75%, due 09/18/30 | 460422 |
| 641000 |  | Costa Rica Government International Bonds, 6.55%, due 04/03/34<sup>(e)</sup> <br>| 688293 |
| 600000 |  | Costa Rica Government International Bonds, 7.16%, due 03/12/45<sup>(e)</sup> <br>| 646083 |
| 1449000 |  | Costa Rica Government International Bonds, 7.16%, due 03/12/45<sup>(e)</sup> <br>| 1560012 |
| 23500000 | CZK | Czech Republic Government Bonds, 6.20%, due 06/16/31 | 1255631 |
| 15380000 | CZK | Czech Republic Government Bonds, Series 150, 5.00%, due 09/30/30 | 774228 |
| 14080000 | CZK | Czech Republic Government Bonds, Series 95, 1.00%, due 06/26/26<sup>(e)</sup> <br>| 668969 |
| 270000 |  | Dominican Republic International Bonds, 4.50%, due 01/30/30<sup>(e)</sup> <br>| 265167 |
| 2075000 |  | Dominican Republic International Bonds, 4.88%, due 09/23/32<sup>(e)</sup> <br>| 1987435 |
| 350000 |  | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | 357963 |
| 1075000 |  | Dominican Republic International Bonds, 5.88%, due 01/30/60<sup>(e)</sup> <br>| 956159 |
| 111300000 | DOP | Dominican Republic International Bonds, 10.75%, due 06/01/36 144A | 1924151 |
| 31700000 | DOP | Dominican Republic International Bonds, 13.63%, due 02/03/33<sup>(e)</sup> <br>| 614635 |
| 2747000 |  | Eagle Funding Luxco SARL, 5.50%, due 08/17/30 144A | 2790430 |
| 1625000 |  | Ecuador Government International Bonds, 5.00%, due 07/31/40<sup>(e)(g)</sup> <br>| 1084769 |
| 3938000 |  | Ecuador Government International Bonds, 6.90%, due 07/31/30<sup>(e)(g)</sup> <br>| 3568812 |
| 3563507 |  | Ecuador Government International Bonds, 6.90%, due 07/31/35<sup>(e)(g)</sup> <br>| 2699891 |
| 57137000 | EGP | Egypt Government Bonds, 25.32%, due 08/13/27 | 1222829 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 1200000 |  | Egypt Government International Bonds, 6.59%, due 02/21/28<sup>(e)(l)</sup> <br>| 1215425 |
| 2005000 |  | Egypt Government International Bonds, 7.90%, due 02/21/48<sup>(e)</sup> <br>| 1667119 |
| 3972000 |  | Egypt Government International Bonds, 8.50%, due 01/31/47<sup>(e)</sup> <br>| 3512691 |
| 925000 |  | Egypt Government International Bonds, 8.50%, due 01/31/47<sup>(e)</sup> <br>| 817636 |
| 1270000 |  | Egypt Government International Bonds, 8.88%, due 05/29/50<sup>(e)</sup> <br>| 1148793 |
| 800000 |  | El Salvador Government International Bonds, 7.12%, due 01/20/50<sup>(e)</sup> <br>| 692000 |
| 340000 |  | El Salvador Government International Bonds, 9.25%, due 04/17/30 144A | 371875 |
| 6232400000 | IDR | European Bank for Reconstruction & Development, 4.60%, due 12/09/25 | 373084 |
| 3110000 |  | Gabon Government International Bonds, 6.63%, due 02/06/31<sup>(e)</sup> <br>| 2512985 |
| 1300000 |  | Ghana Government International Bonds, 5.00%, due 07/03/29<sup>(e)(g)</sup> <br>| 1268971 |
| 1000000 |  | Ghana Government International Bonds, 5.00%, due 07/03/35<sup>(e)(g)</sup> <br>| 845370 |
| 900000 |  | Guatemala Government Bonds, 4.65%, due 10/07/41<sup>(e)</sup> <br>| 775238 |
| 900000 |  | Guatemala Government Bonds, 6.05%, due 08/06/31<sup>(e)</sup> <br>| 936358 |
| 1125000 |  | Guatemala Government Bonds, 6.55%, due 02/06/37<sup>(e)</sup> <br>| 1189729 |
| 700000 |  | Guatemala Government Bonds, 6.60%, due 06/13/36<sup>(e)</sup> <br>| 740828 |
| 1157000 |  | Guatemala Government Bonds, 6.88%, due 08/15/55 144A | 1216296 |
| 99380000 | HUF | Hungary Government Bonds, Series 30/A, 3.00%, due 08/21/30 | 258402 |
| 1363000 |  | Hungary Government International Bonds, 2.13%, due 09/22/31<sup>(e)</sup> <br>| 1172795 |
| 600000 |  | Hungary Government International Bonds, 5.38%, due 09/26/30 144A | 617874 |
| 250000 |  | Hungary Government International Bonds, 5.38%, due 09/26/30<sup>(e)</sup> <br>| 257482 |
| 2350000 |  | Hungary Government International Bonds, 5.50%, due 03/26/36<sup>(e)</sup> <br>| 2373728 |
| 1700000 |  | Hungary Government International Bonds, 7.63%, due 03/29/41 | 2018835 |
| 36760000 | INR | India Government Bonds, 6.64%, due 06/16/35 | 413420 |
| 19630000 | INR | India Government Bonds, 6.79%, due 12/02/34 | 224135 |
| 69527000000 | IDR | Indonesia Treasury Bonds, 6.50%, due 07/15/30 | 4350392 |
| 117538000000 | IDR | Indonesia Treasury Bonds, 6.75%, due 07/15/35 | 7253466 |
| 12073000000 | IDR | Indonesia Treasury Bonds, 7.00%, due 09/15/30 | 769477 |
| 4614000000 | IDR | Indonesia Treasury Bonds, Series FR78, 8.25%, due 05/15/29 | 303212 |
| 680000 |  | Istanbul Metropolitan Municipality, 10.50%, due 12/06/28<sup>(e)</sup> <br>| 746611 |
| 2240000 | EUR | Ivory Coast Government International Bonds, 4.88%, due 01/30/32<sup>(e)</sup> <br>| 2517124 |
| 1225000 |  | Ivory Coast Government International Bonds, 6.38%, due 03/03/28<sup>(e)</sup> <br>| 1247817 |
| 1790000 |  | Ivory Coast Government International Bonds, 7.63%, due 01/30/33 144A | 1863660 |
| 1575000 |  | Ivory Coast Government International Bonds, 7.63%, due 01/30/33<sup>(e)</sup> <br>| 1638990 |
| 1245000 |  | Ivory Coast Government International Bonds, 8.08%, due 04/01/36 144A | 1291010 |
| 1550000 |  | Ivory Coast Government International Bonds, 8.25%, due 01/30/37<sup>(e)</sup> <br>| 1619639 |
| 108000000 | JMD | Jamaica Government International Bonds, 9.63%, due 11/03/30 | 704355 |
| 820000 |  | Jordan Government International Bonds, 7.75%, due 01/15/28 144A | 858282 |
| 850000 |  | Lebanon Government International Bonds, 7.00%, due 03/23/32<sup>(e)(p)</sup> <br>| 193861 |
| 850000 |  | Lebanon Government International Bonds, 7.25%, due 03/23/37<sup>(e)(p)</sup> <br>| 192806 |
| 850000 |  | Lebanon Government International Bonds, 8.25%, due 04/12/21<sup>(e)(p)</sup> <br>| 191588 |
| 9467000 | MYR | Malaysia Government Bonds, 3.48%, due 07/02/35 | 2255614 |
| 3533000 | MYR | Malaysia Government Bonds, Series 0122, 3.58%, due 07/15/32 | 848271 |
| 1100000 | MYR | Malaysia Government Bonds, Series 0123, 4.46%, due 03/31/53 | 282003 |
| 6137000 | MYR | Malaysia Government Bonds, Series 0219, 3.89%, due 08/15/29 | 1493960 |
| 775000 | MYR | Malaysia Government Bonds, Series 0222, 4.70%, due 10/15/42 | 205428 |
| 1832000 | MYR | Malaysia Government Bonds, Series 0317, 4.76%, due 04/07/37 | 482122 |
| 621000 | MYR | Malaysia Government Bonds, Series 0417, 3.90%, due 11/16/27 | 150084 |
| 2193000 | MYR | Malaysia Government Bonds, Series 0419, 3.83%, due 07/05/34 | 535502 |
| 12143600 | MXN | Mexico Bonos, Series M, 7.75%, due 11/23/34 | 627378 |

---

142See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 56739600 | MXN | Mexico Bonos, Series M, 7.75%, due 11/13/42 | 2695640 |
| 1751930 | MXN | Mexico Cetes, 7.71%, due 09/02/27 | 8253 |
| 1000000 |  | Mexico Government International Bonds, 2.66%, due 05/24/31 | 890900 |
| 800000 | EUR | Mexico Government International Bonds, 3.50%, due 09/19/29 | 948846 |
| 500000 |  | Mexico Government International Bonds, 5.38%, due 03/22/33 | 500250 |
| 400000 |  | Mexico Government International Bonds, 5.85%, due 07/02/32 | 413460 |
| 1930000 |  | Mexico Government International Bonds, 6.00%, due 05/07/36 | 1977478 |
| 2130000 |  | Mexico Government International Bonds, 6.40%, due 05/07/54 | 2086356 |
| 775000 |  | Mexico Government International Bonds, 6.88%, due 05/13/37 | 837775 |
| 775000 |  | Mexico Government International Bonds, 7.38%, due 05/13/55 | 852895 |
| 28371971 | MXN | Mexico Udibonos, 2.75%, due 11/27/31 | 1400299 |
| 2272000 |  | Mongolia Government International Bond, 4.45%, due 07/07/31<sup>(e)</sup> <br>| 2061991 |
| 2300000 |  | Mongolia Government International Bonds, 4.45%, due 07/07/31<sup>(e)</sup> <br>| 2087490 |
| 1850000 |  | Mongolia Government International Bonds, 7.88%, due 06/05/29<sup>(e)</sup> <br>| 1972071 |
| 1102000 |  | Morocco Government International Bonds, 3.00%, due 12/15/32<sup>(e)</sup> <br>| 976210 |
| 2265000 |  | Nigeria Government International Bonds, 7.14%, due 02/23/30<sup>(e)</sup> <br>| 2242462 |
| 1200000 |  | Oman Government International Bonds, 6.50%, due 03/08/47<sup>(e)</sup> <br>| 1296725 |
| 900000 |  | Pakistan Global Sukuk Programme Co. Ltd., 7.95%, due 01/31/29<sup>(e)</sup> <br>| 915844 |
| 1515000 |  | Pakistan Government International Bonds, 7.88%, due 03/31/36<sup>(e)</sup> <br>| 1441165 |
| 1448000 |  | Pakistan Government International Bonds, 7.88%, due 03/31/36<sup>(e)</sup> <br>| 1377804 |
| 3475000 |  | Panama Government International Bonds, 6.88%, due 01/31/36<sup>(l)</sup> <br>| 3700962 |
| 1275000 |  | Paraguay Government International Bonds, 3.85%, due 06/28/33<sup>(e)</sup> <br>| 1195440 |
| 810000 |  | Paraguay Government International Bonds, 5.85%, due 08/21/33<sup>(e)</sup> <br>| 853619 |
| 2175000 |  | Paraguay Government International Bonds, 6.00%, due 02/09/36<sup>(e)</sup> <br>| 2312351 |
| 3915000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31 144A | 534328 |
| 3785000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31<sup>(e)</sup> <br>| 514277 |
| 3289000000 | PYG | Paraguay Government International Bonds, 8.50%, due 03/04/35 144A | 447644 |
| 666000 | PEN | Peru Government Bonds, 5.40%, due 08/12/34 | 186173 |
| 845000 | PEN | Peru Government Bonds, 6.85%, due 08/12/35<sup>(e)</sup> <br>| 257594 |
| 1349000 | PEN | Peru Government Bonds, 6.95%, due 08/12/31 | 431731 |
| 6100000 | PEN | Peru Government Bonds, 7.30%, due 08/12/33<sup>(e)</sup> <br>| 1964079 |
| 1975000 | PEN | Peru Government Bonds, 7.60%, due 08/12/39<sup>(e)</sup> <br>| 623756 |
| 3515000 |  | Peru Government International Bonds, 3.00%, due 01/15/34 | 3056292 |
| 3600000 |  | Peru Government International Bonds, 3.30%, due 03/11/41 | 2804400 |
| 2450000 | PEN | Peru Government International Bonds, 6.35%, due 08/12/28<sup>(e)</sup> <br>| 747739 |
| 11719000 | PEN | Peru Government International Bonds, 6.90%, due 08/12/37<sup>(e)</sup> <br>| 3534356 |
| 9617000 | PEN | Peru Government International Bonds, 7.30%, due 08/12/33<sup>(e)</sup> <br>| 3096483 |
| 2937000 |  | Peruvian Government International Bond, 5.50%, due 03/30/36 | 2996474 |
| 25865000 | PHP | Philippines Government Bonds, 6.00%, due 08/20/30 | 448162 |
| 22400000 | PHP | Philippines Government Bonds, 6.25%, due 03/22/28 | 390354 |
| 124360000 | PHP | Philippines Government Bonds, 6.38%, due 07/27/30 | 2182483 |
| 12200000 | PHP | Philippines Government Bonds, Series 1069, 6.75%, due 09/15/32 | 219781 |
| 132750000 | PHP | Philippines Government Bonds, Series 1072, 6.25%, due 01/25/34 | 2321776 |
| 640000 |  | Provincia de Cordoba, 9.75%, due 07/02/32 144A | 612320 |
| 1000000 |  | Republic of Cameroon International Bonds, 9.50%, due 07/31/31<sup>(e)</sup> <br>| 963165 |
| 2036231 | GHS | Republic of Ghana Government Bonds, Series G10Y, 9.25%, (Unsecured), due 02/08/33 | 117669 |
| 820740 | GHS | Republic of Ghana Government Bonds, Series G15Y, 10.00%, (Unsecured), due 02/02/38 | 45215 |
| 4368811 | GHS | Republic of Ghana Government Bonds, Series G7Y, 8.80%, (Unsecured), due 02/12/30 | 275627 |
| 350000 |  | Republic of Kenya Government International Bonds, 6.30%, due 01/23/34<sup>(e)(q)</sup> <br>| 308879 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 1380000 |  | Republic of Kenya Government International Bonds, 9.75%, due 02/16/31 144A | 1476608 |
| 4422000 | PLN | Republic of Poland Government Bonds, 5.00%, due 01/25/30 | 1230934 |
| 1038000 | PLN | Republic of Poland Government Bonds, Series 0428, 2.75%, due 04/25/28 | 275782 |
| 2100000 | PLN | Republic of Poland Government Bonds, Series 1034, 5.00%, due 10/25/34 | 564208 |
| 1650000 |  | Republic of Poland Government International Bonds, 4.88%, due 02/12/30 | 1699501 |
| 1720000 |  | Republic of Poland Government International Bonds, 5.13%, due 09/18/34 | 1761261 |
| 1000000 |  | Republic of Poland Government International Bonds, 5.50%, due 03/18/54 | 970415 |
| 40700000 | ZAR | Republic of South Africa Government Bonds, 8.25%, due 03/31/32 | 2329553 |
| 10000000 | ZAR | Republic of South Africa Government Bonds, 10.88%, due 03/31/38 | 626882 |
| 22400000 | ZAR | Republic of South Africa Government Bonds, Series 2030, 8.00%, due 01/31/30 | 1304147 |
| 74641000 | ZAR | Republic of South Africa Government Bonds, Series 2035, 8.88%, due 02/28/35 | 4250125 |
| 88081977 | ZAR | Republic of South Africa Government Bonds, Series 2037, 8.50%, due 01/31/37 | 4704693 |
| 66570000 | ZAR | Republic of South Africa Government Bonds, Series 2040, 9.00%, due 01/31/40 | 3535820 |
| 27889958 | ZAR | Republic of South Africa Government Bonds, Series 2044, 8.75%, due 01/31/44 | 1407962 |
| 1500000 |  | Republic of South Africa Government International Bonds, 5.88%, due 04/20/32 | 1519617 |
| 5535000 |  | Republic of South Africa Government International Bonds, 5.88%, due 04/20/32 | 5607886 |
| 200000 |  | Republic of South Africa Government International Bonds, 7.10%, due 11/19/36<sup>(e)</sup> <br>| 208814 |
| 650000 |  | Republic of South Africa Government International Bonds, 7.30%, due 04/20/52 | 625462 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 14.25%, due 06/22/34 | 1442580 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 15.00%, due 06/18/43 | 1388985 |
| 1029000 |  | Republic of Uzbekistan International Bonds, 3.70%, due 11/25/30<sup>(e)</sup> <br>| 952079 |
| 1830000 | RON | Romania Government Bonds, Series 10Y, 5.00%, due 02/12/29 | 394659 |
| 1185000 | RON | Romania Government Bonds, Series 15Y, 4.75%, due 10/11/34 | 229917 |
| 735000 | EUR | Romania Government International Bonds, 2.75%, due 04/14/41<sup>(e)</sup> <br>| 560172 |
| 1430000 | EUR | Romania Government International Bonds, 3.75%, due 02/07/34<sup>(e)</sup> <br>| 1470668 |
| 2675000 | EUR | Romania Government International Bonds, 5.38%, due 03/22/31<sup>(e)</sup> <br>| 3203456 |
| 290000 | EUR | Romania Government International Bonds, 5.38%, due 03/22/31 144A | 347291 |
| 716000 |  | Romania Government International Bonds, 5.75%, due 03/24/35 144A | 691117 |
| 594000 |  | Romania Government International Bonds, 5.88%, due 01/30/29<sup>(e)</sup> <br>| 611140 |
| 576000 |  | Romania Government International Bonds, 6.38%, due 01/30/34<sup>(e)</sup> <br>| 584456 |
| 1250000 | EUR | Romania Government International Bonds, 6.75%, due 07/11/39 144A | 1506570 |
| 690000 |  | Romania Government International Bonds, 7.13%, due 01/17/33<sup>(e)</sup> <br>| 737289 |
| 720000 |  | Romania Government International Bonds, 7.50%, due 02/10/37 144A | 774262 |
| 532000 |  | Romania Government International Bonds, 7.50%, due 02/10/37 144A | 572067 |
| 1800000 |  | Saudi Government International Bonds, 3.75%, due 01/21/55<sup>(e)</sup> <br>| 1301468 |
| 1305000 | EUR | Senegal Government International Bonds, 4.75%, due 03/13/28<sup>(e)</sup> <br>| 1336336 |
| 1855000 | EUR | Senegal Government International Bonds, 5.38%, due 06/08/37<sup>(e)</sup> <br>| 1438438 |
| 350000 |  | Senegal Government International Bonds, 6.25%, due 05/23/33<sup>(e)</sup> <br>| 254423 |
| 2075000 |  | Senegal Government International Bonds, 6.25%, due 05/23/33<sup>(e)</sup> <br>| 1508362 |
| 2450000 |  | Senegal Government International Bonds, 6.75%, due 03/13/48<sup>(e)</sup> <br>| 1535246 |
| 1500000 |  | Senegal Government International Bonds, 7.75%, due 06/10/31<sup>(e)</sup> <br>| 1214794 |
| 1375000 |  | Serbia International Bonds, 6.00%, due 06/12/34<sup>(e)</sup> <br>| 1435287 |
| 37292 |  | Sri Lanka Government International Bonds, 3.10%, due 01/15/30<sup>(g)</sup> 144A | 35008 |
| 73148 |  | Sri Lanka Government International Bonds, 3.35%, due 03/15/33<sup>(g)</sup> 144A | 62758 |
| 34279 |  | Sri Lanka Government International Bonds, 3.60%, due 05/15/36<sup>(g)(l)</sup> 144A | 30380 |
| 2889335 |  | Sri Lanka Government International Bonds, 3.60%, due 02/15/38<sup>(g)</sup> 144A | 2578876 |
| 1100000 |  | Sri Lanka Government International Bonds, 3.60%, due 02/15/38<sup>(e)(g)</sup> <br>| 981805 |
| 34849 |  | Sri Lanka Government International Bonds, 4.00%, due 04/15/28 144A | 33429 |
| 6202000 | THB | Thailand Government Bonds, 1.60%, due 06/17/35 | 194673 |

---

144See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 49800000 | THB | Thailand Government Bonds, 2.80%, due 06/17/34 | 1708682 |
| 32733000 | THB | Thailand Government Bonds, 2.98%, due 06/17/45 | 1170645 |
| 22347000 | THB | Thailand Government Bonds, 3.35%, due 06/17/33 | 790222 |
| 8523000 | THB | Thailand Government Bonds, 3.45%, due 06/17/43 | 323165 |
| 11810000 | THB | Thailand Government Bonds, 3.78%, due 06/25/32 | 421863 |
| 47759947 | THB | Thailand Government Bonds, Series ILB, 1.25%, due 03/12/28<sup>(e)</sup> <br>| 1453921 |
| 22010000 | TRY | Turkiye Government Bonds, 27.70%, due 09/27/34 | 505790 |
| 1037000 |  | Turkiye Government International Bonds, 7.13%, due 02/12/32 | 1073664 |
| 4565000 |  | Turkiye Government International Bonds, 7.25%, due 05/29/32 | 4757851 |
| 2180000 |  | Ukraine Government International Bonds, 0.00%, due 02/01/34<sup>(e)(g)</sup> <br>| 912013 |
| 466578 |  | Ukraine Government International Bonds, 0.00%, due 02/01/36<sup>(e)(g)</sup> <br>| 228206 |
| 1015000 |  | Ukraine Government International Bonds, 3.00%, due 02/01/35<sup>(e)(g)</sup> <br>| 496427 |
| 2550000 |  | Ukraine Government International Bonds, 4.50%, due 02/01/29<sup>(e)(g)</sup> <br>| 1760820 |
| 5490696 |  | Ukraine Government International Bonds, 4.50%, due 02/01/35<sup>(e)(g)</sup> <br>| 3040079 |
| 423350 | UYU | Uruguay Government International Bonds, 3.40%, due 05/16/45 | 10634 |
| 900000 |  | Uruguay Government International Bonds, 4.98%, due 04/20/55 | 821925 |
| 7346000 | UYU | Uruguay Government International Bonds, 9.75%, due 07/20/33 | 202699 |
| 808000 |  | Uzbekneftegaz JSC, 8.75%, due 05/07/30 144A | 865071 |
| 5239997 |  | Zambia Government International Bonds, 0.50%, due 12/31/53<sup>(e)</sup> <br>| 3545776 |
|  |  |  | 281713528 |
|  |  | **U.S. Government and Agency Obligations — 5.0%** | **U.S. Government and Agency Obligations — 5.0%** |
| 250000 |  | Farm Credit Bank of Texas, Series 6, 7.00%, (5 yr. CMT + 3.01%)<sup>(b)(o)</sup> <br>| 263037 |
| 250000 |  | Farm Credit Bank of Texas, 7.75%, (5 yr. CMT + 3.29%)<sup>(b)(o)</sup> <br>| 262641 |
| 34000 |  | U.S. Treasury Bonds, 3.00%, due 11/15/44 | 26612 |
| 6000000 |  | U.S. Treasury Bonds, 4.63%, due 02/15/55 | 5899687 |
| 8380000 |  | U.S. Treasury Bonds, 4.75%, due 02/15/45<sup>(r)</sup> <br>| 8434339 |
| 13802100 |  | U.S. Treasury Bonds, 4.75%, due 05/15/55 | 13849545 |
| 2400000 |  | U.S. Treasury Bonds, 4.88%, due 08/15/45 | 2453813 |
| 7975000 |  | U.S. Treasury Bonds, 6.25%, due 05/15/30 | 8822032 |
| 8996325 |  | U.S. Treasury Inflation-Indexed Bonds, 0.25%, due 02/15/50 | 5328079 |
| 8670463 |  | U.S. Treasury Inflation-Indexed Bonds, 0.75%, due 02/15/42 | 6882549 |
| 7314125 |  | U.S. Treasury Inflation-Indexed Notes, 1.75%, due 01/15/34 | 7351323 |
| 6865000 |  | U.S. Treasury Notes, 4.00%, due 07/31/32 | 6898252 |
| 5000000 |  | U.S. Treasury Notes, 4.25%, due 08/15/35 | 5041016 |
| 16140000 |  | U.S. Treasury Notes, 4.63%, due 02/15/35<sup>(s)</sup> <br>| 16776773 |
|  |  |  | 88289698 |
|  |  | TOTAL DEBT OBLIGATIONS (COST $1,749,019,360) | 1790094182 |

---

&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%** |
| 1282 | Arctic Canadian Diamond Co. Ltd.<sup>(i)(j)</sup> <br>| 18666 |
|  | **Consumer, Cyclical — 0.0%** | **Consumer, Cyclical — 0.0%** |
| 24811 | Spirit Aviation Holdings, Inc.\* | 9428 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — 0.6%** | **Financial — 0.6%** |
| 62502 | ARES Capital Corp. | 1275666 |
| 132455 | Barings BDC, Inc. | 1160306 |
| 30000 | Blackstone Secured Lending Fund<sup>(l)</sup> <br>| 782100 |
| 88000 | Blue Owl Capital Corp. | 1123760 |
| 17617 | Blue Owl Technology Finance Corp.<sup>(l)</sup> <br>| 243467 |
| 39542 | Crescent Capital BDC, Inc.<sup>(l)</sup> <br>| 563869 |
| 49380 | FS KKR Capital Corp.<sup>(l)</sup> <br>| 737243 |
| 58000 | Goldman Sachs BDC, Inc.<sup>(l)</sup> <br>| 589860 |
| 87000 | Golub Capital BDC, Inc.<sup>(l)</sup> <br>| 1191030 |
| 42000 | MidCap Financial Investment Corp.<sup>(l)</sup> <br>| 503580 |
| 14657 | MSC Income Fund, Inc.<sup>(l)</sup> <br>| 192447 |
| 30185 | New Mountain Finance Corp.<sup>(l)</sup> <br>| 290983 |
| 43000 | Oaktree Specialty Lending Corp. | 561150 |
| 26450 | Runway Growth Finance Corp. | 268732 |
| 30000 | Sixth Street Specialty Lending, Inc.<sup>(l)</sup> <br>| 685800 |
|  |  | 10169993 |
|  | **Technology — 0.0%** | **Technology — 0.0%** |
| 30000 | Avaya Holdings Corp.\* | 331260 |
|  | TOTAL COMMON STOCKS (COST $11,294,393) | 10529347 |
|  | **INVESTMENT COMPANIES — 0.9%** | **INVESTMENT COMPANIES — 0.9%** |
| 300000 | Invesco Senior Loan ETF<sup>(l)</sup> <br>| 6279000 |
| 224800 | SPDR Blackstone Senior Loan ETF<sup>(l)</sup> <br>| 9347184 |
|  | TOTAL INVESTMENT COMPANIES (COST $15,384,340) | 15626184 |
|  | **PREFERRED STOCKS — 0.2%** |  |
|  | **Communications — 0.0%** | **Communications — 0.0%** |
| 725 | Array Digital Infrastructure, Inc., 5.50% | 13616 |
| 3350 | T-Mobile USA, Inc., 6.25% | 83080 |
| 12825 | T-Mobile USA, Inc., 5.50% | 293051 |
|  |  | 389747 |
|  | **Financial — 0.1%** | **Financial — 0.1%** |
| 6500 | ARES Management Corp., Series B, 6.75% | 322985 |
| 193 | Bank of America Corp., Series L, 7.25%<sup>(o)</sup> <br>| 247040 |
| 7100 | Citizens Financial Group, Inc., Series I, 6.50%\*<sup>(b)(l)(o)</sup> <br>| 179275 |
| 4725 | Corebridge Financial, Inc., 6.38% | 115999 |
| 9525 | Enstar Group Ltd., Series D, 7.00%<sup>(b)(l)(o)</sup> <br>| 226695 |
| 1677 | KKR & Co., Inc., Series D, 6.25% | 87791 |
| 8950 | Morgan Stanley, Series Q, 6.63%<sup>(l)(o)</sup> <br>| 231894 |
| 11425 | Synchrony Financial, Series B, 8.25%<sup>(b)(o)</sup> <br>| 295679 |
|  |  | 1707358 |
|  | **Government — 0.0%** | **Government — 0.0%** |
| 1975 | Federal Home Loan Mortgage Corp., Series Z, 8.38%\*<sup>(c)(l)(o)</sup> <br>| 30889 |
| 1975 | Federal National Mortgage Association, Series S, 8.25%\*<sup>(c)(o)</sup> <br>| 32785 |
|  |  | 63674 |

---

146See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — 0.0%** | **Industrial — 0.0%** |
| 9916 | Boeing Co., 6.00% | 689856 |
|  | **Utilities — 0.1%** | **Utilities — 0.1%** |
| 14775 | DTE Energy Co., Series H, 6.25%\*<sup>(l)</sup> <br>| 375137 |
| 2327 | PG&E Corp., Series A, 6.00% | 91637 |
| 1625 | Sempra, 5.75%<sup>(l)</sup> <br>| 37148 |
| 13225 | Southern Co., 6.50% | 341073 |
|  |  | 844995 |
|  | TOTAL PREFERRED STOCKS (COST $3,552,773) | 3695630 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>|  | **Description** | **Value ($)** |
|  |  | **SHORT-TERM INVESTMENTS — 7.6%** | **SHORT-TERM INVESTMENTS — 7.6%** |
|  |  | **Mutual Fund - Securities Lending Collateral — 5.2%** | **Mutual Fund - Securities Lending Collateral — 5.2%** |
| 91389232 |  | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.18%<sup>(t)(u)</sup> <br>| 91389232 |
|  |  | **Commercial Paper — 0.0%** |  |
| 600000 |  | Penske Truck Leasing Co. LP, 4.60%, due 10/02/25 | 599857 |
|  |  | **Sovereign Debt Obligations — 0.0%** |  |
| 11575000 | EGP | Egypt Treasury Bills, 28.15%, due 01/20/26 | 224052 |
| 11550000 | EGP | Egypt Treasury Bills, 28.39%, due 12/16/25 | 228972 |
| 11000000 | EGP | Egypt Treasury Bills, 29.14%, due 10/21/25 | 227030 |
|  |  |  | 680054 |
|  |  | **Repurchase Agreements — 2.2%** |  |
| 1000000 |  | Bank of America Repurchase Agreement, dated 09/30/25, maturing on 10/01/25 with a <br> maturity value of $1,000,117 and an effective yield of 4.22%, collateralized by <br> U.S. Treasury Note with maturity date 09/30/29 and a market value of $1,019,919<br>| 1000000 |
| 100000 |  | Deutsche Bank Repurchase Agreement, dated 09/30/25, maturing on 10/02/25 with a <br> maturity value of $100,024 and an effective yield of 4.27%, collateralized by <br> U.S. Treasury Bond with maturity date 05/15/41 and a market value of $100,357<br>| 100000 |
| 37700000 |  | Deutsche Bank Repurchase Agreement, dated 09/30/25, maturing on 10/02/25 with a <br> maturity value of $37,709,006 and an effective yield of 4.30%, collateralized by <br> U.S. Treasury Inflation Protected Bond with maturity date 07/15/26 and a market <br> value of $38,467,189<br>| 37700000 |
|  |  |  | 38800000 |
|  |  | **U.S. Government and Agency Obligations — 0.2%** |  |
| 2878500 |  | U.S. Treasury Bills, 4.03%, due 10/30/25 | 2869124 |
| 1000 |  | U.S. Treasury Bills, 2.21%, due 10/02/25 | 1000 |
| 67900 |  | U.S. Treasury Bills, 3.69%, due 10/09/25 | 67839 |
| 20000 |  | U.S. Treasury Bills, 4.02%, due 12/04/25 | 19861 |
| 41000 |  | U.S. Treasury Bills, 4.04%, due 11/06/25 | 40835 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** |  |
| 320000 | U.S. Treasury Bills, 3.95%, due 01/20/26 | 316236 |
|  |  | 3314895 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $134,767,158) | 134784038 |
|  | **TOTAL INVESTMENTS — 110.7%** <br>(Cost $1,914,018,024)<br>| 1954729381 |
|  | Other Assets and Liabilities (net) — (10.7)% | (189158732) |
|  | **NET ASSETS — 100.0%** | **$1765570649** |

---

&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 September 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) | Year of maturity is greater than 2100. |
| (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) | When-issued security. |
| (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) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these securities <br> may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. <br> As of period end, the market value of restricted securities was $1,257,527, which is 0.0% of net <br> assets. See details shown in the Restricted Securities table that follows.<br>|
| (k) | Interest rate presented is yield to maturity. |
| (l) | All or a portion of this security is out on loan. |
| (m) | Represents a zero coupon bond; no yield to maturity is available. |
| (n) | Interest rate presented is yield to maturity. |
| (o) | Security is perpetual and has no stated maturity date. |
| (p) | Security is currently in default. |
| (q) | All or a portion of this security has been pledged to cover collateral requirements on reverse <br> repurchase agreements.<br>|

---

148See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| (r) | All or a portion of this security is pledged for open futures collateral. |
| (s) | All or a portion of this security is pledged for centrally cleared swaps collateral. |
| (t) | The rate disclosed is the 7-day net yield as of September 30, 2025. |
| (u) | 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 $745,146,631 which represents 42.2% of <br> net assets.<br>|

---

At September 30, 2025, the Fund held the following restricted securities:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Restricted Securities | Acquisition <br>Date<br>| Principal/Share <br>Amount | Principal/Share <br>Amount | Cost | Value |
| Arctic Canadian Diamond Co. Ltd. | 07/31/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1282 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $18666 |
| Arctic Canadian Diamond Co. Ltd., 2nd Lien PIK <br> Term Loan, 10.00%, (10.00% Fixed or PIK), <br> due 12/31/27<br>| 02/02/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1268285 | &nbsp;&nbsp; 1268285 | &nbsp;&nbsp; 1238861 |
|  |  |  |  |  | &nbsp;&nbsp; $1257527 |

---

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement <br>Date<br>| Counterparty | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| BRL | 5841000 | &nbsp;&nbsp; USD | 1047018 | 12/02/25 | Bank of America, N.A. | &nbsp;&nbsp; $34188 |
| BRL | 1970000 | &nbsp;&nbsp; USD | 368839 | 10/02/25 | Deutsche Bank AG | &nbsp;&nbsp; 1076 |
| BRL | 2205259 | &nbsp;&nbsp; USD | 408210 | 12/02/25 | HSBC Bank PLC | &nbsp;&nbsp; (2)<br>|
| BRL | 9021080 | &nbsp;&nbsp; USD | 1649313 | 10/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 44612 |
| BRL | 1993006 | &nbsp;&nbsp; USD | 374724 | 10/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (489)<br>|
| BRL | 11098921 | &nbsp;&nbsp; USD | 2054100 | 11/04/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 13294 |
| BRL | 1765000 | &nbsp;&nbsp; USD | 325188 | 12/02/25 | State Street Bank and Trust | &nbsp;&nbsp; 1525 |
| CLP | 3694758082 | &nbsp;&nbsp; USD | 3824089 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; 18214 |
| CNH | 11344880 | &nbsp;&nbsp; USD | 1603447 | 12/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (4152)<br>|
| CNH | 2758000 | &nbsp;&nbsp; USD | 388186 | 10/16/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (1049)<br>|
| COP | 9750000000 | &nbsp;&nbsp; USD | 2444022 | 12/17/25 | BNP Paribas S.A. | &nbsp;&nbsp; 20267 |
| COP | 702764000 | &nbsp;&nbsp; USD | 176663 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 959 |
| CZK | 82693522 | &nbsp;&nbsp; USD | 4017281 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; (16162)<br>|
| EGP | 9560264 | &nbsp;&nbsp; USD | 188491 | 12/02/25 | Deutsche Bank AG | &nbsp;&nbsp; 5547 |
| EGP | 3255833 | &nbsp;&nbsp; USD | 64281 | 12/08/25 | Deutsche Bank AG | &nbsp;&nbsp; 1623 |
| EUR | 13728 | &nbsp;&nbsp; GBP | 12000 | 10/30/25 | Citibank N.A. | &nbsp;&nbsp; 0 |
| EUR | 591200 | &nbsp;&nbsp; GBP | 517000 | 10/30/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (279)<br>|
| EUR | 1981230 | &nbsp;&nbsp; USD | 2330000 | 10/30/25 | Australia and New Zealand Banking Group | &nbsp;&nbsp; 1902 |
| EUR | 453000 | &nbsp;&nbsp; USD | 533871 | 10/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (1596)<br>|
| EUR | 4708590 | &nbsp;&nbsp; USD | 5519880 | 10/02/25 | Barclays Bank PLC | &nbsp;&nbsp; 12712 |
| EUR | 848471 | &nbsp;&nbsp; USD | 1002274 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; (957)<br>|
| EUR | 536000 | &nbsp;&nbsp; USD | 632103 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; 454 |
| EUR | 429727 | &nbsp;&nbsp; USD | 507845 | 12/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (706)<br>|
| EUR | 385359 | &nbsp;&nbsp; USD | 453854 | 12/17/25 | Merrill Lynch International | &nbsp;&nbsp; 925 |
| EUR | 2024352 | &nbsp;&nbsp; USD | 2380996 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 8028 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 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 | 2800000 | &nbsp;&nbsp; USD | 3335312 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; $(30912)<br>|
| EUR | 281000 | &nbsp;&nbsp; USD | 329910 | 10/31/25 | UBS AG | &nbsp;&nbsp; 846 |
| EUR | 1238000 | &nbsp;&nbsp; USD | 1475776 | 12/17/25 | Wells Fargo Bank N.A. | &nbsp;&nbsp; (14759)<br>|
| GHS | 4280000 | &nbsp;&nbsp; USD | 345859 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (35208)<br>|
| HUF | 159520000 | &nbsp;&nbsp; USD | 470311 | 12/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 8645 |
| HUF | 533570000 | &nbsp;&nbsp; USD | 1612492 | 12/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (10458)<br>|
| HUF | 791750536 | &nbsp;&nbsp; USD | 2349890 | 12/17/25 | HSBC Bank PLC | &nbsp;&nbsp; 27327 |
| IDR | 2124441075 | &nbsp;&nbsp; USD | 128715 | 10/10/25 | Bank of America, N.A. | &nbsp;&nbsp; (1243)<br>|
| IDR | 1601000000 | &nbsp;&nbsp; USD | 96848 | 12/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (850)<br>|
| INR | 1350000 | &nbsp;&nbsp; USD | 15135 | 12/17/25 | Bank of America, N.A. | &nbsp;&nbsp; 4 |
| INR | 416669146 | &nbsp;&nbsp; USD | 4702961 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (30236)<br>|
| INR | 44300000 | &nbsp;&nbsp; USD | 500282 | 12/17/25 | State Street Bank and Trust | &nbsp;&nbsp; (3481)<br>|
| JPY | 347386720 | &nbsp;&nbsp; USD | 2362708 | 10/02/25 | Bank of America, N.A. | &nbsp;&nbsp; (10494)<br>|
| JPY | 134710204 | &nbsp;&nbsp; USD | 902512 | 11/04/25 | Bank of America, N.A. | &nbsp;&nbsp; 12807 |
| JPY | 136756720 | &nbsp;&nbsp; USD | 931554 | 10/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (5552)<br>|
| JPY | 18086 | &nbsp;&nbsp; USD | 123 | 11/04/25 | Barclays Bank PLC | &nbsp;&nbsp; 0 |
| JPY | 124857173 | &nbsp;&nbsp; USD | 846152 | 10/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (723)<br>|
| JPY | 472007270 | &nbsp;&nbsp; USD | 3190012 | 11/04/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 17148 |
| KRW | 534346067 | &nbsp;&nbsp; USD | 386144 | 10/10/25 | Bank of America, N.A. | &nbsp;&nbsp; (5170)<br>|
| KRW | 534346067 | &nbsp;&nbsp; USD | 383172 | 10/22/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (1970)<br>|
| KRW | 3223961380 | &nbsp;&nbsp; USD | 2334664 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (28112)<br>|
| KZT | 551730000 | &nbsp;&nbsp; USD | 970843 | 02/27/26 | Citibank N.A. | &nbsp;&nbsp; (10687)<br>|
| KZT | 36016401 | &nbsp;&nbsp; USD | 64615 | 11/18/25 | Deutsche Bank AG | &nbsp;&nbsp; 36 |
| KZT | 68492042 | &nbsp;&nbsp; USD | 123710 | 12/11/25 | Deutsche Bank AG | &nbsp;&nbsp; (1637)<br>|
| KZT | 52903626 | &nbsp;&nbsp; USD | 95382 | 12/12/25 | Deutsche Bank AG | &nbsp;&nbsp; (1118)<br>|
| KZT | 4199208 | &nbsp;&nbsp; USD | 7512 | 12/26/25 | Deutsche Bank AG | &nbsp;&nbsp; (58)<br>|
| KZT | 35257920 | &nbsp;&nbsp; USD | 61856 | 03/11/26 | Deutsche Bank AG | &nbsp;&nbsp; (731)<br>|
| KZT | 41574236 | &nbsp;&nbsp; USD | 71963 | 03/26/26 | Deutsche Bank AG | &nbsp;&nbsp; (228)<br>|
| MXN | 8397000 | &nbsp;&nbsp; USD | 452798 | 12/17/25 | Bank of America, N.A. | &nbsp;&nbsp; 1522 |
| MXN | 65280582 | &nbsp;&nbsp; USD | 3527189 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; 4814 |
| MXN | 29943769 | &nbsp;&nbsp; USD | 1553725 | 12/17/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 66382 |
| MXN | 14877000 | &nbsp;&nbsp; USD | 791848 | 12/17/25 | Wells Fargo Bank N.A. | &nbsp;&nbsp; 13071 |
| MYR | 2170550 | &nbsp;&nbsp; USD | 516995 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 140 |
| NGN | 859450814 | &nbsp;&nbsp; USD | 511274 | 09/16/26 | Citibank N.A. | &nbsp;&nbsp; (6868)<br>|
| NGN | 1563048000 | &nbsp;&nbsp; USD | 926251 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 56132 |
| NGN | 1563048000 | &nbsp;&nbsp; USD | 889993 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; 58771 |
| NGN | 813776946 | &nbsp;&nbsp; USD | 482954 | 09/16/26 | Standard Chartered Bank | &nbsp;&nbsp; (5353)<br>|
| NOK | 45139 | &nbsp;&nbsp; USD | 4522 | 10/02/25 | Barclays Bank PLC | &nbsp;&nbsp; 1 |
| NOK | 523504 | &nbsp;&nbsp; USD | 52450 | 10/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 17 |
| PEN | 2199629 | &nbsp;&nbsp; USD | 628681 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; 4736 |
| PEN | 4674212 | &nbsp;&nbsp; USD | 1333584 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; 12427 |
| PLN | 2497197 | &nbsp;&nbsp; USD | 689922 | 10/15/25 | Bank of America, N.A. | &nbsp;&nbsp; (1705)<br>|
| PLN | 65000 | &nbsp;&nbsp; USD | 17771 | 12/17/25 | Bank of America, N.A. | &nbsp;&nbsp; 123 |

---

150See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 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>|
| PLN | 19145935 | &nbsp;&nbsp; USD | 5273200 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; $(2373)<br>|
| PLN | 853846 | &nbsp;&nbsp; USD | 235867 | 10/22/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (573)<br>|
| PLN | 681000 | &nbsp;&nbsp; USD | 186563 | 12/17/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 914 |
| RON | 1428000 | &nbsp;&nbsp; USD | 327275 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; 1623 |
| TRY | 59205064 | &nbsp;&nbsp; USD | 1369442 | 10/30/25 | Barclays Bank PLC | &nbsp;&nbsp; 22181 |
| TRY | 18357866 | &nbsp;&nbsp; USD | 421245 | 11/25/25 | Barclays Bank PLC | &nbsp;&nbsp; 1464 |
| TRY | 4293652 | &nbsp;&nbsp; USD | 95797 | 12/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 1290 |
| TRY | 28935213 | &nbsp;&nbsp; USD | 648886 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; 5389 |
| TRY | 18395213 | &nbsp;&nbsp; USD | 386113 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 1002 |
| TWD | 3894916 | &nbsp;&nbsp; USD | 128715 | 10/14/25 | Bank of America, N.A. | &nbsp;&nbsp; (797)<br>|
| TWD | 507282 | &nbsp;&nbsp; USD | 16712 | 10/20/25 | Bank of America, N.A. | &nbsp;&nbsp; (44)<br>|
| TWD | 54447598 | &nbsp;&nbsp; USD | 1819773 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; (23329)<br>|
| USD | 816067 | &nbsp;&nbsp; ARS | 1253470216 | 11/12/25 | Goldman Sachs International | &nbsp;&nbsp; (27671)<br>|
| USD | 782137 | &nbsp;&nbsp; ARS | 1240997877 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; (10604)<br>|
| USD | 2272601 | &nbsp;&nbsp; AUD | 3470000 | 10/07/25 | Bank of America, N.A. | &nbsp;&nbsp; (27314)<br>|
| USD | 203133 | &nbsp;&nbsp; AUD | 311000 | 10/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (2983)<br>|
| USD | 205586 | &nbsp;&nbsp; AUD | 311000 | 11/04/25 | Barclays Bank PLC | &nbsp;&nbsp; (626)<br>|
| USD | 170875 | &nbsp;&nbsp; BRL | 945000 | 12/02/25 | Bank of America, N.A. | &nbsp;&nbsp; (4051)<br>|
| USD | 370398 | &nbsp;&nbsp; BRL | 1970000 | 10/02/25 | Deutsche Bank AG | &nbsp;&nbsp; 483 |
| USD | 145315 | &nbsp;&nbsp; BRL | 804124 | 12/02/25 | Goldman Sachs International | &nbsp;&nbsp; (3534)<br>|
| USD | 2054100 | &nbsp;&nbsp; BRL | 11014086 | 10/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (14059)<br>|
| USD | 289762 | &nbsp;&nbsp; CAD | 400000 | 10/31/25 | Citibank N.A. | &nbsp;&nbsp; 1868 |
| USD | 1343142 | &nbsp;&nbsp; CAD | 1850000 | 10/07/25 | State Street Bank and Trust | &nbsp;&nbsp; 13160 |
| USD | 825719 | &nbsp;&nbsp; CHF | 660000 | 10/07/25 | Bank of America, N.A. | &nbsp;&nbsp; (4294)<br>|
| USD | 399049 | &nbsp;&nbsp; CLP | 384500000 | 12/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (805)<br>|
| USD | 44263 | &nbsp;&nbsp; CNH | 313000 | 12/17/25 | HSBC Bank PLC | &nbsp;&nbsp; 139 |
| USD | 44263 | &nbsp;&nbsp; CNH | 313000 | 12/17/25 | UBS AG | &nbsp;&nbsp; 140 |
| USD | 88528 | &nbsp;&nbsp; CNH | 626000 | 12/17/25 | Wells Fargo Bank N.A. | &nbsp;&nbsp; 280 |
| USD | 41425 | &nbsp;&nbsp; COP | 163000000 | 12/17/25 | State Street Bank and Trust | &nbsp;&nbsp; 227 |
| USD | 672212 | &nbsp;&nbsp; CZK | 13960000 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; (3241)<br>|
| USD | 1357617 | &nbsp;&nbsp; CZK | 28069547 | 12/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (526)<br>|
| USD | 1497378 | &nbsp;&nbsp; CZK | 31238294 | 12/17/25 | Merrill Lynch International | &nbsp;&nbsp; (14085)<br>|
| USD | 932072 | &nbsp;&nbsp; EUR | 787000 | 10/02/25 | Barclays Bank PLC | &nbsp;&nbsp; 7347 |
| USD | 5531006 | &nbsp;&nbsp; EUR | 4708590 | 11/04/25 | Barclays Bank PLC | &nbsp;&nbsp; (12635)<br>|
| USD | 97378 | &nbsp;&nbsp; EUR | 81830 | 12/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 807 |
| USD | 1160251 | &nbsp;&nbsp; EUR | 981918 | 12/17/25 | BNP Paribas S.A. | &nbsp;&nbsp; 1447 |
| USD | 104000 | &nbsp;&nbsp; EUR | 88359 | 10/30/25 | Citibank N.A. | &nbsp;&nbsp; 2 |
| USD | 35076568 | &nbsp;&nbsp; EUR | 29696053 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; 30980 |
| USD | 184761 | &nbsp;&nbsp; EUR | 157000 | 12/17/25 | Credit Agricole CIB | &nbsp;&nbsp; (522)<br>|
| USD | 8421071 | &nbsp;&nbsp; EUR | 7122000 | 10/31/25 | Deutsche Bank AG | &nbsp;&nbsp; 37991 |
| USD | 19575121 | &nbsp;&nbsp; EUR | 16619000 | 12/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (37674)<br>|
| USD | 30293270 | &nbsp;&nbsp; EUR | 25682837 | 12/15/25 | Goldman Sachs & Co. | &nbsp;&nbsp; (12766)<br>|
| USD | 1184080 | &nbsp;&nbsp; EUR | 1000000 | 12/15/25 | Goldman Sachs & Co. | &nbsp;&nbsp; 4069 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 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 | 427020 | &nbsp;&nbsp; EUR | 363942 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; $(2483)<br>|
| USD | 5116237 | &nbsp;&nbsp; EUR | 4374590 | 10/02/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (23905)<br>|
| USD | 17350200 | &nbsp;&nbsp; EUR | 14683762 | 10/30/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 67457 |
| USD | 1118244 | &nbsp;&nbsp; EUR | 939423 | 12/17/25 | Merrill Lynch International | &nbsp;&nbsp; 9590 |
| USD | 2282069 | &nbsp;&nbsp; EUR | 1947000 | 10/07/25 | Natwest Markets PLC | &nbsp;&nbsp; (6356)<br>|
| USD | 351000 | &nbsp;&nbsp; EUR | 298787 | 10/30/25 | Standard Chartered Bank | &nbsp;&nbsp; (671)<br>|
| USD | 90380 | &nbsp;&nbsp; EUR | 77000 | 10/31/25 | Standard Chartered Bank | &nbsp;&nbsp; (254)<br>|
| USD | 225303 | &nbsp;&nbsp; EUR | 192000 | 12/17/25 | State Street Bank and Trust | &nbsp;&nbsp; (1285)<br>|
| USD | 1918703 | &nbsp;&nbsp; GBP | 1427000 | 10/02/25 | Barclays Bank PLC | &nbsp;&nbsp; (2396)<br>|
| USD | 4099258 | &nbsp;&nbsp; GBP | 3018822 | 12/15/25 | Goldman Sachs & Co. | &nbsp;&nbsp; 34750 |
| USD | 994071 | &nbsp;&nbsp; GBP | 735000 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; 4484 |
| USD | 1919362 | &nbsp;&nbsp; GBP | 1427000 | 11/04/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (2075)<br>|
| USD | 1691295 | &nbsp;&nbsp; GBP | 1254000 | 10/07/25 | Standard Chartered Bank | &nbsp;&nbsp; 3046 |
| USD | 2762865 | &nbsp;&nbsp; GBP | 2041000 | 10/31/25 | Westpac Banking Corp. | &nbsp;&nbsp; 14727 |
| USD | 61975 | &nbsp;&nbsp; HUF | 20900000 | 12/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (777)<br>|
| USD | 56507 | &nbsp;&nbsp; IDR | 953000000 | 12/17/25 | Bank of America, N.A. | &nbsp;&nbsp; (636)<br>|
| USD | 6561939 | &nbsp;&nbsp; IDR | 108354674992 | 12/17/25 | BNP Paribas S.A. | &nbsp;&nbsp; 64838 |
| USD | 2698006 | &nbsp;&nbsp; IDR | 44531942199 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; 27807 |
| USD | 473604 | &nbsp;&nbsp; IDR | 7836727854 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; 3703 |
| USD | 1326174 | &nbsp;&nbsp; INR | 117325777 | 12/17/25 | BNP Paribas S.A. | &nbsp;&nbsp; 10427 |
| USD | 902512 | &nbsp;&nbsp; JPY | 135178247 | 10/02/25 | Bank of America, N.A. | &nbsp;&nbsp; (12803)<br>|
| USD | 1228153 | &nbsp;&nbsp; JPY | 183350961 | 10/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (13347)<br>|
| USD | 1385206 | &nbsp;&nbsp; JPY | 204400000 | 10/07/25 | Standard Chartered Bank | &nbsp;&nbsp; 446 |
| USD | 382953 | &nbsp;&nbsp; KRW | 534346067 | 10/10/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1979 |
| USD | 2282665 | &nbsp;&nbsp; MXN | 42487722 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; (16131)<br>|
| USD | 85673 | &nbsp;&nbsp; MXN | 1584507 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; (57)<br>|
| USD | 2084889 | &nbsp;&nbsp; MXN | 39238132 | 12/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (38088)<br>|
| USD | 923670 | &nbsp;&nbsp; MYR | 3882000 | 12/17/25 | BNP Paribas S.A. | &nbsp;&nbsp; (1218)<br>|
| USD | 1947500 | &nbsp;&nbsp; MYR | 8169142 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 1199 |
| USD | 1343809 | &nbsp;&nbsp; MYR | 5644972 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (1107)<br>|
| USD | 1828948 | &nbsp;&nbsp; NOK | 18360000 | 10/07/25 | Barclays Bank PLC | &nbsp;&nbsp; (11209)<br>|
| USD | 4522 | &nbsp;&nbsp; NOK | 45129 | 11/04/25 | Barclays Bank PLC | &nbsp;&nbsp; (1)<br>|
| USD | 56372 | &nbsp;&nbsp; NOK | 567134 | 10/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (468)<br>|
| USD | 52450 | &nbsp;&nbsp; NOK | 523390 | 11/04/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (17)<br>|
| USD | 2252506 | &nbsp;&nbsp; PEN | 7967281 | 12/17/25 | Bank of America, N.A. | &nbsp;&nbsp; (41794)<br>|
| USD | 8317404 | &nbsp;&nbsp; PEN | 29115202 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; (66764)<br>|
| USD | 145047 | &nbsp;&nbsp; PEN | 510000 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (1815)<br>|
| USD | 10273 | &nbsp;&nbsp; PHP | 600000 | 12/17/25 | Bank of America, N.A. | &nbsp;&nbsp; (13)<br>|
| USD | 982322 | &nbsp;&nbsp; PHP | 56222230 | 12/17/25 | BNP Paribas S.A. | &nbsp;&nbsp; 18444 |
| USD | 1378586 | &nbsp;&nbsp; PHP | 80302632 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; 1872 |
| USD | 397311 | &nbsp;&nbsp; PHP | 22725000 | 12/17/25 | Deutsche Bank AG | &nbsp;&nbsp; 7712 |
| USD | 1787450 | &nbsp;&nbsp; PHP | 102024061 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; 38342 |
| USD | 1153811 | &nbsp;&nbsp; PHP | 66145666 | 12/17/25 | HSBC Bank PLC | &nbsp;&nbsp; 19805 |

---

152See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 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 | 555124 | &nbsp;&nbsp; PLN | 2029764 | 10/15/25 | Barclays Bank PLC | &nbsp;&nbsp; $(4270)<br>|
| USD | 21852 | &nbsp;&nbsp; PLN | 79166 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; 58 |
| USD | 365822 | &nbsp;&nbsp; PLN | 1344328 | 10/15/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (4669)<br>|
| USD | 18335 | &nbsp;&nbsp; RON | 80000 | 12/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (91)<br>|
| USD | 941917 | &nbsp;&nbsp; SEK | 8840000 | 10/07/25 | Natwest Markets PLC | &nbsp;&nbsp; 1682 |
| USD | 2571664 | &nbsp;&nbsp; SGD | 3286561 | 10/02/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 22361 |
| USD | 508097 | &nbsp;&nbsp; THB | 16033000 | 12/17/25 | Barclays Bank PLC | &nbsp;&nbsp; 10296 |
| USD | 213353 | &nbsp;&nbsp; THB | 6730000 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; 4396 |
| USD | 5495251 | &nbsp;&nbsp; THB | 172889456 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; 127292 |
| USD | 2811735 | &nbsp;&nbsp; UGX | 10023834129 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (33704)<br>|
| USD | 626200 | &nbsp;&nbsp; UYU | 25348556 | 11/07/25 | Citibank N.A. | &nbsp;&nbsp; (6881)<br>|
| USD | 1119857 | &nbsp;&nbsp; UYU | 45354197 | 11/12/25 | Citibank N.A. | &nbsp;&nbsp; (12300)<br>|
| USD | 723089 | &nbsp;&nbsp; UYU | 29350200 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; (6652)<br>|
| USD | 76007 | &nbsp;&nbsp; UYU | 3075000 | 12/17/25 | Deutsche Bank AG | &nbsp;&nbsp; (448)<br>|
| USD | 368041 | &nbsp;&nbsp; UYU | 14887247 | 11/07/25 | HSBC Bank PLC | &nbsp;&nbsp; (3769)<br>|
| USD | 273008 | &nbsp;&nbsp; ZAR | 4770000 | 11/20/25 | Bank of America, N.A. | &nbsp;&nbsp; (2527)<br>|
| USD | 222329 | &nbsp;&nbsp; ZAR | 3914682 | 11/20/25 | Barclays Bank PLC | &nbsp;&nbsp; (3799)<br>|
| USD | 227171 | &nbsp;&nbsp; ZAR | 3993000 | 12/17/25 | Barclays Bank PLC | &nbsp;&nbsp; (3020)<br>|
| USD | 358486 | &nbsp;&nbsp; ZAR | 6279985 | 11/20/25 | Deutsche Bank AG | &nbsp;&nbsp; (4271)<br>|
| USD | 573625 | &nbsp;&nbsp; ZAR | 10000000 | 12/17/25 | Goldman Sachs International | &nbsp;&nbsp; (2862)<br>|
| USD | 2295016 | &nbsp;&nbsp; ZAR | 40001335 | 12/17/25 | HSBC Bank PLC | &nbsp;&nbsp; (11009)<br>|
| USD | 319966 | &nbsp;&nbsp; ZAR | 5613802 | 11/20/25 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (4310)<br>|
| USD | 8451853 | &nbsp;&nbsp; ZAR | 148653260 | 12/17/25 | Standard Chartered Bank | &nbsp;&nbsp; (117812)<br>|
| USD | 290375 | &nbsp;&nbsp; ZMW | 7110000 | 11/13/25 | Citibank N.A. | &nbsp;&nbsp; (2555)<br>|
| UYU | 25348556 | &nbsp;&nbsp; USD | 628139 | 11/07/25 | Citibank N.A. | &nbsp;&nbsp; 4942 |
| UYU | 45354196 | &nbsp;&nbsp; USD | 1126393 | 11/12/25 | Citibank N.A. | &nbsp;&nbsp; 5764 |
| UYU | 29350200 | &nbsp;&nbsp; USD | 722555 | 12/17/25 | Citibank N.A. | &nbsp;&nbsp; 7186 |
| UYU | 14887247 | &nbsp;&nbsp; USD | 368606 | 11/07/25 | HSBC Bank PLC | &nbsp;&nbsp; 3204 |
| ZAR | 3238000 | &nbsp;&nbsp; USD | 186538 | 11/20/25 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 502 |
| ZMW | 7110000 | &nbsp;&nbsp; USD | 256796 | 11/13/25 | Standard Chartered Bank | &nbsp;&nbsp; 36135 |
|  |  |  |  |  |  | &nbsp;&nbsp; $229454 |

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 234 | 10-Year Australian Bond Futures | Dec 2025 | &nbsp;&nbsp; $17578966 | &nbsp;&nbsp; $(27227)<br>|
| 217 | 10-Year Canadian Bond Futures | Dec 2025 | &nbsp;&nbsp; 19098620 | &nbsp;&nbsp; 423770 |
| 50 | Euro BTP | Dec 2025 | &nbsp;&nbsp; 7040599 | &nbsp;&nbsp; 4567 |
| 57 | Long Gilt Futures | Dec 2025 | &nbsp;&nbsp; 6970722 | &nbsp;&nbsp; 10045 |
| 72 | U.S. Treasury Note 10-Year | Dec 2025 | &nbsp;&nbsp; 8100000 | &nbsp;&nbsp; (36844)<br>|

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 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>|
| 63 | U.S. Treasury Note 2-Year | Dec 2025 | &nbsp;&nbsp; $13129102 | &nbsp;&nbsp; $(1787)<br>|
| 240 | U.S. Treasury Note 5-Year | Dec 2025 | &nbsp;&nbsp; 26206875 | &nbsp;&nbsp; 80331 |
| 538 | U.S. Ultra 10-Year | Dec 2025 | &nbsp;&nbsp; 61912031 | &nbsp;&nbsp; 428839 |
| 107 | U.S. Ultra Bond | Dec 2025 | &nbsp;&nbsp; 12846688 | &nbsp;&nbsp; 288431 |
|  |  |  |  | &nbsp;&nbsp; $1170125 |
| Sales |  |  |  |  |
| 34 | 30 - Year Euro BUXL Bond | Dec 2025 | &nbsp;&nbsp; $4573475 | &nbsp;&nbsp; $(103408)<br>|
| 30 | Euro BOBL | Dec 2025 | &nbsp;&nbsp; 4152802 | &nbsp;&nbsp; (1290)<br>|
| 119 | Euro BTP | Dec 2025 | &nbsp;&nbsp; 16756625 | &nbsp;&nbsp; (93733)<br>|
| 44 | Euro BUND | Dec 2025 | &nbsp;&nbsp; 6647068 | &nbsp;&nbsp; (35770)<br>|
| 106 | Euro OAT | Dec 2025 | &nbsp;&nbsp; 15114139 | &nbsp;&nbsp; (96848)<br>|
| 117 | Euro SCHATZ | Dec 2025 | &nbsp;&nbsp; 14707073 | &nbsp;&nbsp; 11566 |
| 37 | U.S. Long Bond | Dec 2025 | &nbsp;&nbsp; 4313969 | &nbsp;&nbsp; (20368)<br>|
| 242 | U.S. Treasury Note 2-Year | Dec 2025 | &nbsp;&nbsp; 50432422 | &nbsp;&nbsp; 30858 |
| 204 | U.S. Treasury Note 5-Year | Dec 2025 | &nbsp;&nbsp; 22275844 | &nbsp;&nbsp; 9909 |
|  |  |  |  | &nbsp;&nbsp; $(299084)<br>|

---

**Reverse Repurchase Agreements \*** 

---

| | | |
|:---|:---|:---|
| **Face Value** | **Description** | **Value ($)** |
| (313201) | Barclays Reverse Repurchase Agreement, 3.90%, dated 09/18/25, (Collateral: Republic of Kenya Government International Bonds, Reg S, <br> 6.30%, due 01/23/34, valued at $308,879), to be repurchased on demand at face value plus accrued interest.\*\*<br>| (313201)<br>|

---

\* Reverse repurchase agreements have an open maturity date and can be closed by either party on demand.

\*\* Average balance outstanding is $(313,250). Average interest rate (net) is (4.00)%. Average balance outstanding was calculated based on daily face value balances outstanding during the period that the Fund had entered into reverse repurchase agreements. Average interest rate was calculated based on interest received and/or paid during the period that the Fund had entered into the reverse repurchase agreements.

**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) | $10452 | $10452 |
| 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;— | BRL | (13294007) | 10981 | 10981 |
|  |  |  |  |  | $— |  |  | $21433 | $21433 |

---

154See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

**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; $226712 | USD | &nbsp;&nbsp; 32500000 | &nbsp;&nbsp; $169803 | &nbsp;&nbsp; $(56909)<br>|
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/35 | &nbsp;&nbsp; 834788 | USD | &nbsp;&nbsp; 22600000 | &nbsp;&nbsp; 724986 | &nbsp;&nbsp; (109801)<br>|
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/55 | &nbsp;&nbsp; 497512 | USD | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp; 506272 | &nbsp;&nbsp; 8760 |
| 3.75% | Annual | 12-Month SONIA | Annual | 09/17/30 | &nbsp;&nbsp; (70447)<br>| GBP | &nbsp;&nbsp; 13600000 | &nbsp;&nbsp; (73195)<br>| &nbsp;&nbsp; (2748)<br>|
| 7.27% | Monthly | 1-Month TIIE | Monthly | 12/11/30 | &nbsp;&nbsp; — | MXN | &nbsp;&nbsp; 37547259 | &nbsp;&nbsp; (4604)<br>| &nbsp;&nbsp; (4604)<br>|
| 3-Month KSDA | Quarterly | 2.63% | Quarterly | 12/17/35 | &nbsp;&nbsp; 599 | KRW | &nbsp;&nbsp; 9752000000 | &nbsp;&nbsp; 95139 | &nbsp;&nbsp; 94540 |
| 2.39% | Quarterly | 3-Month KSDA | Quarterly | 12/17/28 | &nbsp;&nbsp; (595)<br>| KRW | &nbsp;&nbsp; 27449100000 | &nbsp;&nbsp; (85548)<br>| &nbsp;&nbsp; (84953)<br>|
| 4.00% | Semi-Annual | 6-Month BBSW | Semi-Annual | 06/18/30 | &nbsp;&nbsp; 118201 | AUD | &nbsp;&nbsp; 15900000 | &nbsp;&nbsp; 53980 | &nbsp;&nbsp; (64221)<br>|
| 4.80% | Semi-Annual | 6-Month CLICP | Semi-Annual | 12/17/30 | &nbsp;&nbsp; — | CLP | &nbsp;&nbsp; 3229800000 | &nbsp;&nbsp; (6611)<br>| &nbsp;&nbsp; (6611)<br>|
| 5.45% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 12/17/27 | &nbsp;&nbsp; 360 | INR | &nbsp;&nbsp; 987420000 | &nbsp;&nbsp; (4333)<br>| &nbsp;&nbsp; (4693)<br>|
| 5.72% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 12/17/30 | &nbsp;&nbsp; 464 | INR | &nbsp;&nbsp; 438070000 | &nbsp;&nbsp; (7729)<br>| &nbsp;&nbsp; (8192)<br>|
| 3.84% | Annual | 6-Month PRIBOR | Semi-Annual | 12/17/30 | &nbsp;&nbsp; — | CZK | &nbsp;&nbsp; 58000000 | &nbsp;&nbsp; (13981)<br>| &nbsp;&nbsp; (13981)<br>|
| 3.87% | Annual | 6-Month PRIBOR | Semi-Annual | 12/17/30 | &nbsp;&nbsp; 135 | CZK | &nbsp;&nbsp; 75270000 | &nbsp;&nbsp; (13490)<br>| &nbsp;&nbsp; (13625)<br>|
| 6-Month WIBOR | Semi-Annual | 3.96% | Annual | 12/17/27 | &nbsp;&nbsp; (462)<br>| PLN | &nbsp;&nbsp; 16730000 | &nbsp;&nbsp; 2827 | &nbsp;&nbsp; 3289 |
| 1.64% | Quarterly | 7-Day CNRR | Quarterly | 12/17/30 | &nbsp;&nbsp; 2309 | CNY | &nbsp;&nbsp; 79430000 | &nbsp;&nbsp; (13369)<br>| &nbsp;&nbsp; (15679)<br>|
| 1.68% | Quarterly | 7-Day CNRR | Quarterly | 12/17/30 | &nbsp;&nbsp; — | CNY | &nbsp;&nbsp; 19085378 | &nbsp;&nbsp; 1989 | &nbsp;&nbsp; 1989 |
| 4.25% | Semi-Annual | BRL-CDI | Semi-Annual | 03/18/36 | &nbsp;&nbsp; 8975 | AUD | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp; (16406)<br>| &nbsp;&nbsp; (25381)<br>|
| 13.29% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | &nbsp;&nbsp; — | BRL | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; (1438)<br>| &nbsp;&nbsp; (1438)<br>|
| 13.32% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | &nbsp;&nbsp; — | BRL | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1084 | &nbsp;&nbsp; 1084 |
| 13.93% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | &nbsp;&nbsp; — | BRL | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; (1952)<br>| &nbsp;&nbsp; (1952)<br>|
| 13.93% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | &nbsp;&nbsp; — | BRL | &nbsp;&nbsp; 22700000 | &nbsp;&nbsp; (15100)<br>| &nbsp;&nbsp; (15100)<br>|
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(320226)<br>|

---

**OTC— Credit Default Swaps**

**Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Counterparty | Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable <br>on Default<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid/ <br>(Received)<br>| Value |
| 5100000 | USD | 12/20/30 | Barclays Bank PLC | 1.00% | Quarterly | Republic of Turkiye, <br> 7.25%, 05/29/32 <br> (Moody's <br> rating: Ba3)<br>| $4591 | $(360333)<br>| $(355742)<br>|
| Total OTC Credit Default Swap | Total OTC Credit Default Swap | Total OTC Credit Default Swap | Total OTC Credit Default Swap | Total OTC Credit Default Swap | Total OTC Credit Default Swap | Total OTC Credit Default Swap | $4591 | $(360333)<br>| $(355742)<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 |
| 1070526 | EUR | 06/20/30 | (5.00%) | Quarterly | iTraxx Europe Crossover S43 | $(19894)<br>| $(115567)<br>| $(135461)<br>|

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

**Centrally Cleared Credit Default Swaps—continued**

**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 |
| 900000 | USD | 06/20/30 | 1.00% | Quarterly | CDX.EM.S43\*\* | $4540 | $(18450)<br>| $(13910)<br>|
| 11000000 | USD | 12/20/30 | 1.00% | Quarterly | CDX.EM.S44\*\* | 1248 | (242295)<br>| (241047)<br>|
| 265000 | USD | 06/20/30 | 5.00% | Quarterly | CDX.NA.HY.S44\*\*\* | 4498 | 16308 | 20807 |
| 21425000 | USD | 06/20/30 | 5.00% | Quarterly | CDX.NA.HY.S44\*\*\* | 305218 | 1379337 | 1684555 |
| 15300000 | USD | 12/20/30 | 5.00% | Quarterly | CDX.NA.HY.S45\*\*\* | (3699)<br>| 1164653 | 1160954 |
| 8100000 | USD | 12/20/30 | 1.00% | Quarterly | CDX.NA.IG.S45\*\*\*\* | 2500 | 180493 | 182993 |
| 15950000 | EUR | 12/20/30 | 5.00% | Quarterly | iTraxx Europe Crossover S43 | 15354 | 1978615 | 1993969 |
| Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | $329660 |  |  |
| Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | $309766 |  |  |

---

**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 | $(1)<br>| $(3400000)<br>| $133166 | $133167 |

---

&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 $403,544 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

156See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 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;

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 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 |
| MTN |  | Medium Term Note |
| PIK |  | Payment In Kind |
| PRIBOR |  | Prague Interbank Offered Rate |
| 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 |
| TIIE |  | Mexican Interbank Equilibrium Interest Rate |
| WIBOR |  | Warsaw Interbank Offer Rate |

---

158See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Corporate Debt | 38.9 |
| Bank Loans | 18.1 |
| Sovereign Debt Obligations | 16.0 |
| Asset Backed Securities | 9.5 |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 7.5 |
| Mortgage Backed Securities - Private Issuers | 5.3 |
| U.S. Government and Agency Obligations | 5.0 |
| Convertible Debt | 1.1 |
| Investment Companies | 0.9 |
| Common Stocks | 0.6 |
| Preferred Stocks | 0.2 |
| Futures Contracts | 0.0\* |
| Municipal Obligation | 0.0\* |
| Centrally Cleared Credit Default Swaps | 0.0\* |
| Forward Foreign Currency Contracts | 0.0\* |
| OTC Total Return Swap | 0.0 |
| OTC Interest Rate Swaps | 0.0\* |
| Reverse Repurchase Agreement | 0.0\* |
| Centrally Cleared Interest Rate Swaps | 0.0\* |
| OTC Credit Default Swap | 0.0\* |
| Short-Term Investments | 7.6 |
| Other Assets and Liabilities (net) | (10.7) |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 98.2%** | **DEBT OBLIGATIONS — 98.2%** |
|  | **Asset Backed Securities — 21.3%** | **Asset Backed Securities — 21.3%** |
| 23008 | Ally Auto Receivables Trust, Series 2024-2, Class A2, 4.46%, due 07/15/27 | 23012 |
| 250000 | American Express Credit Account Master Trust, Series 2023-4, Class A, 5.15%, due <br> 09/16/30<br>| 258757 |
| 150000 | American Express Credit Account Master Trust, Series 2024-3, Class A, 4.65%, due <br> 07/15/29<br>| 152176 |
| 135000 | American Express Credit Account Master Trust, Series 2025-2, Class A, 4.28%, due <br> 04/15/30<br>| 136395 |
| 100000 | American Express Credit Account Master Trust, Series 2025-4, Class A, 4.30%, due <br> 07/15/30<br>| 101159 |
| 25686 | AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2A, 5.75%, due <br> 02/18/28<br>| 25721 |
| 200000 | Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, 5.49% (1 <br> mo. USD Term SOFR + 1.35%), due 01/20/43<sup>(b)</sup> 144A<br>| 200316 |
| 100000 | AREIT Ltd., Series 2025-CRE10, Class A, 5.53% (1 mo. USD Term SOFR + 1.39%), <br> due 12/17/29<sup>(b)</sup> 144A<br>| 100060 |
| 250000 | Bain Capital Credit CLO Ltd., Series 2020-5A, Class ARR, 5.34% (3 mo. USD Term <br> SOFR + 1.15%), due 04/20/34<sup>(b)</sup> 144A<br>| 250121 |
| 250000 | Bain Capital Credit CLO Ltd., Series 2024-1A, Class A1, 5.87% (3 mo. USD Term <br> SOFR + 1.55%), due 04/16/37<sup>(b)</sup> 144A<br>| 250959 |
| 250000 | Barings CLO Ltd., Series 2024-1A, Class A, 5.96% (3 mo. USD Term SOFR + 1.63%), <br> due 01/20/37<sup>(b)</sup> 144A<br>| 250631 |
| 250000 | Basswood Park CLO Ltd., Series 2021-1A, Class AR, 5.05% (3 mo. USD Term SOFR + <br> 1.03%), due 04/20/34<sup>(b)</sup> 144A<br>| 250239 |
| 250000 | Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class A1R, 5.75% (3 mo. USD <br> Term SOFR + 1.43%), due 10/15/34<sup>(b)</sup> 144A<br>| 250402 |
| 250000 | Benefit Street Partners CLO XXIX Ltd., Series 2022-29A, Class AR, 5.50% (3 mo. USD <br> Term SOFR + 1.18%), due 01/25/38<sup>(b)</sup> 144A<br>| 250003 |
| 250000 | Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class A1R, 5.32% (3 mo. <br> USD Term SOFR + 1.00%), due 01/15/35<sup>(b)</sup> 144A<br>| 250065 |
| 60000 | BMW Vehicle Owner Trust, Series 2024-A, Class A4, 5.04%, due 04/25/31 | 61417 |
| 180000 | Capital One Multi-Asset Execution Trust, Series 2024-A1, Class A, 3.92%, due 09/15/29 | 180313 |
| 100000 | Chase Issuance Trust, Series 2024-A2, Class A, 4.63%, due 01/15/31 | 102309 |
| 250000 | CIFC Funding Ltd., Series 2022-4A, Class AR, 5.37% (3 mo. USD Term SOFR + <br> 1.09%), due 07/16/35<sup>(b)</sup> 144A<br>| 250066 |
| 100000 | CNH Equipment Trust, Series 2022-B, Class A4, 3.91%, due 03/15/28 | 99906 |
| 61376 | CNH Equipment Trust, Series 2024-C, Class A2A, 4.30%, due 02/18/28 | 61403 |
| 100000 | Dell Equipment Finance Trust, Series 2024-2, Class A3, 4.59%, due 08/22/30 144A | 100789 |
| 160000 | DLLAA LLC, Series 2025-1A, Class A3, 4.95%, due 09/20/29 144A | 163184 |
| 232188 | Dryden 53 CLO Ltd., Series 2017-53A, Class AR, 5.30% (3 mo. USD Term SOFR + <br> 1.00%), due 01/15/31<sup>(b)</sup> 144A<br>| 232365 |
| 250000 | Elmwood CLO 15 Ltd., Series 2022-2A, Class A1R, 5.41% (3 mo. USD Term SOFR + <br> 1.15%), due 04/22/35<sup>(b)</sup> 144A<br>| 250228 |
| 250000 | Empower CLO Ltd., Series 2022-1A, Class A1R, 5.72% (3 mo. USD Term SOFR + <br> 1.39%), due 10/20/37<sup>(b)</sup> 144A<br>| 251044 |
| 58856 | Enterprise Fleet Financing LLC, Series 2022-4, Class A2, 5.76%, due 10/22/29 144A | 59143 |
| 150000 | Enterprise Fleet Financing LLC, Series 2024-3, Class A3, 4.98%, due 08/21/28 144A | 152366 |
| 100000 | Exeter Automobile Receivables Trust, Series 2025-4A, Class A2, 4.53%, due 03/15/28 | 100127 |
| 100000 | Exeter Automobile Receivables Trust, Series 2025-4A, Class A3, 4.39%, due 09/17/29 | 100436 |
| 209443 | FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, due 10/19/37 144A | 208469 |
| 100000 | Ford Credit Auto Lease Trust, Series 2024-A, Class A4, 5.05%, due 06/15/27 | 100676 |
| 250000 | Ford Credit Auto Owner Trust, Series 2023-A, Class B, 5.07%, due 01/15/29 | 253061 |

---

160See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 75000 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3, 4.07%, due 07/15/29 | 75217 |
| 250000 | Fort Greene Park CLO LLC, Series 2025-2A, Class AR, 5.28% (3 mo. USD Term SOFR <br> + 0.95%), due 04/22/34<sup>(b)</sup> 144A<br>| 250064 |
| 100000 | FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.52% (1 mo. USD Term SOFR + <br> 1.39%), due 08/19/42<sup>(b)</sup> 144A<br>| 100029 |
| 75000 | GM Financial Automobile Leasing Trust, Series 2024-2, Class A3, 5.39%, due 07/20/27 | 75528 |
| 100000 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3, 4.21%, due 10/20/27 | 100206 |
| 115000 | GM Financial Automobile Leasing Trust, Series 2025-1, Class A3, 4.66%, due 02/21/28 | 116077 |
| 275000 | GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class C, 5.21%, <br> due 12/18/28<br>| 278043 |
| 150366 | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A3, 5.78%, <br> due 08/16/28<br>| 152125 |
| 100000 | GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class B, 5.16%, <br> due 08/16/29<br>| 101981 |
| 120000 | GM Financial Consumer Automobile Receivables Trust, Series 2024-2, Class A3, 5.10%, <br> due 03/16/29<br>| 121139 |
| 250000 | GoldenTree Loan Management U.S. CLO 1 Ltd., Series 2017-1A, Class A1R3, 5.30% (3 <br> mo. USD Term SOFR + 0.97%), due 04/20/34<sup>(b)</sup> 144A<br>| 249855 |
| 60293 | Hilton Grand Vacations Trust, Series 2024-2A, Class A, 5.50%, due 03/25/38 144A | 61574 |
| 68714 | Hilton Grand Vacations Trust, Series 2024-3A, Class A, 4.98%, due 08/27/40 144A | 69492 |
| 100000 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3, 5.41%, due 05/17/27 <br> 144A<br>| 100729 |
| 215000 | Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3, 4.62%, due 04/17/28 <br> 144A<br>| 216494 |
| 95000 | Hyundai Auto Receivables Trust, Series 2024-C, Class A3, 4.41%, due 05/15/29 | 95765 |
| 300000 | Invesco U.S. CLO Ltd., Series 2023-1A, Class AR, 5.90% (3 mo. USD Term SOFR + <br> 1.57%), due 04/22/37<sup>(b)</sup> 144A<br>| 300788 |
| 350000 | John Deere Owner Trust, Series 2023-C, Class A4, 5.39%, due 08/15/30 | 357739 |
| 45000 | John Deere Owner Trust, Series 2024-A, Class A3, 4.96%, due 11/15/28 | 45504 |
| 100000 | John Deere Owner Trust, Series 2024-B, Class A3, 5.20%, due 03/15/29 | 101706 |
| 105000 | John Deere Owner Trust, Series 2024-C, Class A3, 4.06%, due 06/15/29 | 105267 |
| 100000 | John Deere Owner Trust, Series 2025-A, Class A4, 4.42%, due 02/17/32 | 101227 |
| 31980 | Kubota Credit Owner Trust, Series 2022-2A, Class A3, 4.09%, due 12/15/26 144A | 31972 |
| 265000 | Kubota Credit Owner Trust, Series 2025-2A, Class A3, 4.42%, due 09/17/29 144A | 267907 |
| 45435 | Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, due 10/15/30 144A | 45502 |
| 100000 | LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.53% (1 mo. USD Term SOFR + <br> 1.39%), due 08/17/42<sup>(b)</sup> 144A<br>| 100248 |
| 60000 | Mercedes-Benz Auto Lease Trust, Series 2024-A, Class A3, 5.32%, due 01/18/28 | 60781 |
| 100000 | MF1 LLC, Series 2025-FL17, Class A, 5.46% (1 mo. USD Term SOFR + 1.32%), due <br> 02/18/40<sup>(b)</sup> 144A<br>| 100127 |
| 90752 | MVW LLC, Series 2024-1A, Class A, 5.32%, due 02/20/43 144A | 92776 |
| 191011 | MVW LLC, Series 2024-2A, Class A, 4.43%, due 03/20/42 144A | 191258 |
| 295421 | Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, due <br> 05/15/69 144A<br>| 281042 |
| 182031 | Navient Private Education Refi Loan Trust, Series 2020-EA, Class A, 1.69%, due <br> 05/15/69 144A<br>| 171231 |
| 313690 | Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.17%, due <br> 09/16/69 144A<br>| 294647 |
| 77723 | Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, due <br> 01/15/69 144A<br>| 73600 |
| 69287 | Navient Private Education Refi Loan Trust, Series 2024-A, Class A, 5.66%, due <br> 10/15/72 144A<br>| 71223 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 119436 | Navient Student Loan Trust, Series 2019-BA, Class A2A, 3.39%, due 12/15/59 144A | 117453 |
| 400000 | Neuberger Berman Loan Advisers CLO 41 Ltd., Series 2021-41A, Class AR, 5.35% (3 <br> mo. USD Term SOFR + 1.05%), due 04/15/34<sup>(b)</sup> 144A<br>| 400194 |
| 250000 | Neuberger Berman Loan Advisers CLO 42 Ltd., Series 2021-42A, Class AR, 5.27% (3 <br> mo. USD Term SOFR + 0.95%), due 07/16/36<sup>(b)</sup> 144A<br>| 250065 |
| 250000 | Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class BR, 5.77% (3 <br> mo. USD Term SOFR + 1.45%), due 07/17/36<sup>(b)</sup> 144A<br>| 250050 |
| 100000 | Nissan Auto Lease Trust, Series 2024-A, Class A4, 4.97%, due 09/15/28 | 100732 |
| 250000 | OZLM XV Ltd., Series 2016-15A, Class A1R3, 5.33% (3 mo. USD Term SOFR + <br> 1.05%), due 04/20/33<sup>(b)</sup> 144A<br>| 250309 |
| 208318 | Palmer Square Loan Funding Ltd., Series 2024-2A, Class A1N, 5.32% (3 mo. USD <br> Term SOFR + 1.00%), due 01/15/33<sup>(b)</sup> 144A<br>| 208482 |
| 220000 | PFS Financing Corp., Series 2023-C, Class A, 5.52%, due 10/15/28 144A | 223307 |
| 143559 | Porsche Financial Auto Securitization Trust, Series 2023-2A, Class A3, 5.79%, due <br> 01/22/29 144A<br>| 144891 |
| 47319 | Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25%, due 04/17/28 | 47394 |
| 21867 | Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88%, due 09/15/27 | 21876 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, due 01/15/31 | 100652 |
| 50000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.74%, due 01/16/29 | 50233 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class B, 4.88%, due 03/17/31 | 100990 |
| 61254 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2, 4.71%, due 06/15/28 | 61374 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2025-3, Class A2, 4.63%, due 10/16/28 | 100331 |
| 50000 | Santander Drive Auto Receivables Trust, Series 2025-3, Class B, 4.49%, due 09/15/31 | 50333 |
| 190547 | SMB Private Education Loan Trust, Series 2022-B, Class A1A, 3.94%, due 02/16/55 <br> 144A<br>| 186497 |
| 96095 | SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13%, due 04/15/54 <br> 144A<br>| 97948 |
| 100000 | SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, due 02/27/34 144A | 101212 |
| 46622 | SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.14%, due 02/15/47 <br> 144A<br>| 40953 |
| 250000 | Southwick Park CLO LLC, Series 2019-4A, Class A1RR, 5.33% (3 mo. USD Term <br> SOFR + 1.00%), due 07/20/32<sup>(b)</sup> 144A<br>| 250123 |
| 100000 | STAR Trust, Series 2025-SFR6, Class A, 5.55% (1 mo. USD Term SOFR + 1.40%), due <br> 08/17/42<sup>(b)</sup> 144A<br>| 100266 |
| 250000 | Synchrony Card Funding LLC, Series 2023-A2, Class A, 5.74%, due 10/15/29 | 254702 |
| 245000 | Synchrony Card Funding LLC, Series 2024-A2, Class A, 4.93%, due 07/15/30 | 249166 |
| 24594 | Tesla Electric Vehicle Trust, Series 2023-1, Class A2A, 5.54%, due 12/21/26 144A | 24618 |
| 250000 | Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, due 06/20/28 144A | 252448 |
| 100000 | Toyota Auto Receivables Owner Trust, Series 2024-A, Class A3, 4.83%, due 10/16/28 | 100685 |
| 150000 | Toyota Lease Owner Trust, Series 2025-B, Class A3, 3.96%, due 11/20/28 144A | 150232 |
| 170000 | Verizon Master Trust, Series 2023-4, Class B, 4.57%, due 06/20/29 | 170334 |
| 190000 | Verizon Master Trust, Series 2024-4, Class A1A, 5.21%, due 06/20/29 | 191666 |
| 75000 | Verizon Master Trust, Series 2024-8, Class B, 4.82%, due 11/20/30 | 75834 |
| 135000 | Verizon Master Trust, Series 2025-3, Class A1A, 4.51%, due 03/20/30 | 136201 |
| 250000 | Volvo Financial Equipment LLC, Series 2024-1A, Class A3, 4.29%, due 10/16/28 144A | 251198 |
| 100000 | Volvo Financial Equipment LLC, Series 2025-1A, Class A3, 4.46%, due 05/15/29 144A | 100810 |
| 100000 | Volvo Financial Equipment LLC, Series 2025-2A, Class A3, 3.99%, due 12/17/29 144A | 99518 |
| 155000 | WF Card Issuance Trust, Series 2025-A1, Class A, 4.34%, due 05/15/30 | 156781 |
| 100000 | World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A3, 4.42%, <br> due 04/17/28<br>| 100785 |

---

162See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 100000 | World Omni Select Auto Trust, Series 2025-A, Class A3, 4.08%, due 08/15/31 | 99894 |
|  |  | 16106718 |
|  | **Bank Loans — 2.4%** | **Bank Loans — 2.4%** |
| 200000 | Allied Universal Holdco LLC, 2025 USD Term Loan B, 7.51% (1 mo. USD Term SOFR <br> + 3.25%), due 08/20/32<sup>(b)</sup> <br>| 200920 |
| 50000 | APi Group DE, Inc., 2025 Term Loan, 5.91% (1 mo. USD Term SOFR + 1.75%), due <br> 01/03/29<sup>(b)</sup> <br>| 50020 |
| 99749 | Avolon TLB Borrower 1 U.S. LLC, 2023 Term Loan B6, 5.89% (1 mo. USD Term <br> SOFR + 1.75%), due 06/24/30<sup>(b)</sup> <br>| 99924 |
| 100000 | Chart Industries, Inc., 2024 Term Loan B TBD, due 03/15/30<sup>(c)</sup> <br>| 100687 |
| 100000 | CommScope, Inc., 2024 Term Loan TBD, due 12/17/29<sup>(c)</sup> <br>| 101300 |
| 146660 | Elanco Animal Health, Inc., Term Loan B, 6.13% (1 mo. USD Term SOFR + 1.75%), <br> due 08/01/27<sup>(b)</sup> <br>| 146660 |
| 79904 | Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 6.91% (1 mo. USD Term SOFR + <br> 2.75%), due 10/09/29<sup>(b)</sup> <br>| 79994 |
| 99748 | IMA Financial Group, Inc., Term Loan, 7.16% (1 mo. USD Term SOFR + 3.00%), due <br> 11/01/28<sup>(b)</sup> <br>| 99888 |
| 99750 | Medline Borrower LP, 2025 Term Loan B, 6.16% (1 mo. USD Term SOFR + 2.00%), <br> due 10/23/28<sup>(b)</sup> <br>| 99857 |
| 97959 | Polaris Newco LLC, USD Term Loan B, 8.32% (3 mo. USD Term SOFR + 3.75%), due <br> 06/02/28<sup>(b)</sup> <br>| 94627 |
| 49874 | Primo Brands Corp., 2025 Term Loan B, 6.25% (3 mo. USD Term SOFR + 2.25%), due <br> 03/31/28<sup>(b)</sup> <br>| 49923 |
| 43248 | Proampac PG Borrower LLC, 2024 Term Loan, 8.19% (3 mo. USD Term SOFR + <br> 4.00%), due 09/15/28<sup>(b)</sup> <br>| 43446 |
| 55006 | Proampac PG Borrower LLC, 2024 Term Loan, 8.32% (1 mo. USD Term SOFR + <br> 4.00%), due 09/15/28<sup>(b)</sup> <br>| 55258 |
| 98260 | Roper Industrial Products Investment Co. LLC, 2024 USD 1st Lien Term Loan B, 6.75% <br> (3 mo. USD Term SOFR + 2.75%), due 11/22/29<sup>(b)</sup> <br>| 98516 |
| 199498 | Tempo Acquisition LLC, 2025 Repriced Term Loan B, 5.91% (1 mo. USD Term SOFR <br> + 1.75%), due 08/31/28<sup>(b)</sup> <br>| 195570 |
| 65476 | Titan Acquisition Ltd., 2024 Term Loan B, 7.59% (6 mo. USD Term SOFR + 3.75%), <br> due 02/15/29<sup>(b)</sup> <br>| 65681 |
| 65146 | Titan Acquisition Ltd., 2024 Term Loan B, 7.92% (1 mo. USD Term SOFR + 3.75%), <br> due 02/15/29<sup>(b)</sup> <br>| 65349 |
| 97256 | TransDigm, Inc., 2023 Term Loan J, 6.50% (3 mo. USD Term SOFR + 2.50%), due <br> 02/28/31<sup>(b)</sup> <br>| 97285 |
| 97496 | UKG, Inc., 2024 Term Loan B, 6.81% (3 mo. USD Term SOFR + 2.50%), due <br> 02/10/31<sup>(b)</sup> <br>| 97550 |
|  |  | 1842455 |
|  | **Corporate Debt — 42.0%** | **Corporate Debt — 42.0%** |
| 18000 | 3M Co., 4.80%, due 03/15/30 | 18413 |
| 10000 | AbbVie, Inc., 3.20%, due 11/21/29 | 9650 |
| 23000 | AbbVie, Inc., 4.80%, due 03/15/29 | 23526 |
| 72000 | Advanced Micro Devices, Inc., 4.32%, due 03/24/28 | 72642 |
| 150000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, due 04/01/28 | 152354 |
| 64000 | AES Corp., 5.45%, due 06/01/28<sup>(d)</sup> <br>| 65565 |
| 27000 | AGCO Corp., 5.45%, due 03/21/27 | 27403 |
| 73000 | Air Products & Chemicals, Inc., 4.30%, due 06/11/28 | 73687 |
| 73000 | Alabama Power Co., 3.75%, due 09/01/27 | 72890 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 86000 | Albemarle Corp., 4.65%, due 06/01/27 | 86128 |
| 70000 | Alimentation Couche-Tard, Inc., 4.15%, due 09/29/28 144A | 70025 |
| 20000 | Alphabet, Inc., 1.10%, due 08/15/30 | 17523 |
| 50000 | Amcor Flexibles North America, Inc., 4.80%, due 03/17/28 | 50577 |
| 60000 | Ameren Corp., 5.70%, due 12/01/26 | 60960 |
| 74000 | Ameren Illinois Co., 3.80%, due 05/15/28 | 73759 |
| 119658 | American Airlines Pass-Through Trust, 3.00%, due 04/15/30 | 115195 |
| 121400 | American Airlines Pass-Through Trust, 3.20%, due 12/15/29 | 117694 |
| 89684 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | 85114 |
| 37000 | American Electric Power Co., Inc., 5.20%, due 01/15/29 | 38165 |
| 80000 | American Express Co., 4.35% (SOFR + 0.81%), due 07/20/29<sup>(b)</sup> <br>| 80484 |
| 100000 | American Express Co., 4.73% (SOFR + 1.26%), due 04/25/29<sup>(b)</sup> <br>| 101612 |
| 59000 | American Express Co., 5.10% (SOFR + 1.00%), due 02/16/28<sup>(b)</sup> <br>| 59799 |
| 15000 | American Express Co., 5.28% (SOFR + 1.28%), due 07/27/29<sup>(b)</sup> <br>| 15474 |
| 47000 | American Express Co., 5.39% (SOFR + 0.97%), due 07/28/27<sup>(b)</sup> <br>| 47459 |
| 20000 | American Express Co., 5.65% (SOFR + 0.75%), due 04/23/27<sup>(b)</sup> <br>| 20158 |
| 55000 | American Homes 4 Rent LP, 4.25%, due 02/15/28 | 54879 |
| 38000 | American Honda Finance Corp., 1.30%, due 09/09/26 | 37071 |
| 10000 | American Honda Finance Corp., 4.40%, due 10/05/26 | 10033 |
| 29000 | American Honda Finance Corp., 4.45%, due 10/22/27 | 29259 |
| 200000 | American Tower Corp., 2.75%, due 01/15/27 | 196538 |
| 79000 | American Tower Corp., 3.65%, due 03/15/27 | 78444 |
| 5000 | American Tower Corp., 5.25%, due 07/15/28 | 5144 |
| 5000 | American Tower Corp., 5.50%, due 03/15/28 | 5155 |
| 153000 | Amgen, Inc., 5.15%, due 03/02/28 | 156595 |
| 73000 | Amphenol Corp., 4.38%, due 06/12/28 | 73672 |
| 79000 | Analog Devices, Inc., 4.25%, due 06/15/28 | 79571 |
| 28000 | Aon North America, Inc., 5.13%, due 03/01/27 | 28401 |
| 75000 | Arthur J Gallagher & Co., 4.60%, due 12/15/27 | 75767 |
| 21000 | Arthur J Gallagher & Co., 4.85%, due 12/15/29 | 21446 |
| 100000 | Aspen Insurance Holdings Ltd., 5.75%, due 07/01/30 | 104752 |
| 75000 | Astrazeneca Finance LLC, 4.80%, due 02/26/27 | 75877 |
| 38000 | AT&T, Inc., 1.70%, due 03/25/26 | 37559 |
| 250000 | Atlas Warehouse Lending Co. LP, 6.05%, due 01/15/28 144A | 255787 |
| 100000 | Aviation Capital Group LLC, 4.75%, due 04/14/27 144A | 100497 |
| 17000 | Avolon Holdings Funding Ltd., 2.53%, due 11/18/27 144A | 16348 |
| 50000 | Avolon Holdings Funding Ltd., 2.75%, due 02/21/28 144A | 48031 |
| 200000 | BAE Systems PLC, 5.13%, due 03/26/29 144A | 206036 |
| 63000 | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, due 12/15/26 | 61520 |
| 136000 | Baltimore Gas & Electric Co., 2.40%, due 08/15/26 | 134243 |
| 13000 | Bank of America Corp., 1.20% (SOFR + 1.01%), due 10/24/26<sup>(b)</sup> <br>| 12975 |
| 64000 | Bank of America Corp., 1.73% (SOFR + 0.96%), due 07/22/27<sup>(b)</sup> <br>| 62729 |
| 241000 | Bank of America Corp., 2.09% (SOFR + 1.06%), due 06/14/29<sup>(b)</sup> <br>| 228324 |
| 65000 | Bank of America Corp., 2.55% (SOFR + 1.05%), due 02/04/28<sup>(b)</sup> <br>| 63670 |
| 18000 | Bank of America Corp., 3.19% (3 mo. USD Term SOFR + 1.44%), due 07/23/30<sup>(b)</sup> <br>| 17343 |
| 75000 | Bank of America Corp., 3.42% (3 mo. USD Term SOFR + 1.30%), due 12/20/28<sup>(b)</sup> <br>| 73869 |
| 54000 | Bank of America Corp., 3.71% (3 mo. USD Term SOFR + 1.77%), due 04/24/28<sup>(b)</sup> <br>| 53659 |
| 45000 | Bank of America Corp., 3.97% (3 mo. USD Term SOFR + 1.33%), due 03/05/29<sup>(b)</sup> <br>| 44788 |
| 36000 | Bank of America Corp., 4.38% (SOFR + 1.58%), due 04/27/28<sup>(b)</sup> <br>| 36136 |

---

164See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 250000 | Bank of America Corp., 4.98% (SOFR + 0.83%), due 01/24/29<sup>(b)</sup> <br>| 254666 |
| 300000 | Bank of America Corp., 5.93% (SOFR + 1.34%), due 09/15/27<sup>(b)</sup> <br>| 305026 |
| 55000 | Bank of Montreal, 4.06% (SOFR + 0.75%), due 09/22/28<sup>(b)(d)</sup> <br>| 54942 |
| 250000 | Bank of New York Mellon, 4.73% (SOFR + 1.14%), due 04/20/29<sup>(b)</sup> <br>| 254158 |
| 63000 | Bank of New York Mellon Corp., 4.95% (SOFR + 1.03%), due 04/26/27<sup>(b)</sup> <br>| 63314 |
| 15000 | Bank of Nova Scotia, 4.04% (SOFR + 0.76%), due 09/15/28<sup>(b)</sup> <br>| 14973 |
| 185000 | Bank of Nova Scotia, 4.40% (SOFR + 1.00%), due 09/08/28<sup>(b)</sup> <br>| 186039 |
| 200000 | Barclays PLC, 4.48% (SOFR + 1.08%), due 11/11/29<sup>(b)</sup> <br>| 200389 |
| 64000 | Becton Dickinson & Co., 4.69%, due 02/13/28 | 64819 |
| 36000 | BHP Billiton Finance USA Ltd., 5.25%, due 09/08/26 | 36447 |
| 145000 | BlackRock Funding, Inc., 4.60%, due 07/26/27 | 146990 |
| 28000 | BMW U.S. Capital LLC, 1.25%, due 08/12/26 144A | 27355 |
| 22000 | BMW U.S. Capital LLC, 4.15%, due 08/11/27 144A | 22032 |
| 14000 | BMW U.S. Capital LLC, 4.50%, due 08/11/30 144A | 14025 |
| 250000 | BNP Paribas SA, 4.79% (SOFR + 1.45%), due 05/09/29<sup>(b)</sup> 144A | 252396 |
| 50000 | Boeing Co., 6.26%, due 05/01/27 | 51466 |
| 200000 | Booz Allen Hamilton, Inc., 3.88%, due 09/01/28 144A | 196276 |
| 17000 | BorgWarner, Inc., 4.95%, due 08/15/29 | 17365 |
| 150000 | Boston Properties LP, 2.75%, due 10/01/26 | 147651 |
| 46182 | British Airways Pass-Through Trust, 3.35%, due 12/15/30 144A | 44543 |
| 100000 | Brixmor Operating Partnership LP, 4.13%, due 05/15/29 | 99178 |
| 32000 | Broadcom, Inc., 3.46%, due 09/15/26 | 31866 |
| 111000 | Broadcom, Inc., 4.15%, due 02/15/28 | 111312 |
| 78000 | Broadcom, Inc., 4.80%, due 04/15/28 | 79450 |
| 200000 | Broadcom, Inc., 5.05%, due 07/12/29 | 206062 |
| 200000 | Brooklyn Union Gas Co., 4.63%, due 08/05/27 144A | 201503 |
| 193000 | Brown & Brown, Inc., 4.70%, due 06/23/28 | 194947 |
| 62000 | Cadence Design Systems, Inc., 4.20%, due 09/10/27 | 62282 |
| 200000 | CaixaBank SA, 4.63% (SOFR + 1.14%), due 07/03/29<sup>(b)</sup> 144A | 201448 |
| 13000 | Canadian Imperial Bank of Commerce, 4.86% (SOFR + 1.03%), due 03/30/29<sup>(b)</sup> <br>| 13205 |
| 180000 | Canadian Imperial Bank of Commerce, 5.00%, due 04/28/28 | 184172 |
| 81000 | Capital One Financial Corp., 1.88% (SOFR + 0.86%), due 11/02/27<sup>(b)</sup> <br>| 78933 |
| 59000 | Capital One Financial Corp., 5.47% (SOFR + 2.08%), due 02/01/29<sup>(b)(d)</sup> <br>| 60514 |
| 35000 | Capital One Financial Corp., 5.70% (SOFR + 1.91%), due 02/01/30<sup>(b)</sup> <br>| 36346 |
| 23000 | Capital Power U.S. Holdings, Inc., 5.26%, due 06/01/28 144A | 23446 |
| 61000 | Cardinal Health, Inc., 4.70%, due 11/15/26 | 61444 |
| 10000 | Cardinal Health, Inc., 5.00%, due 11/15/29 | 10258 |
| 41000 | Cardinal Health, Inc., 5.13%, due 02/15/29 | 42187 |
| 15000 | Cargill, Inc., 3.63%, due 04/22/27 144A | 14937 |
| 60000 | Caterpillar Financial Services Corp., 4.40%, due 03/03/28 | 60653 |
| 15000 | Caterpillar Financial Services Corp., 4.80%, due 01/08/30 | 15473 |
| 100000 | CDW LLC/CDW Finance Corp., 5.10%, due 03/01/30 | 101802 |
| 27000 | CenterPoint Energy Houston Electric LLC, 4.80%, due 03/15/30 | 27641 |
| 23000 | Charles Schwab Corp., 5.88%, due 08/24/26 | 23344 |
| 30000 | Chevron USA, Inc., 4.05%, due 08/13/28 | 30159 |
| 14000 | Chevron USA, Inc., 4.30%, due 10/15/30 | 14083 |
| 18000 | Chevron USA, Inc., 4.69%, due 04/15/30<sup>(d)</sup> <br>| 18430 |
| 20000 | Cigna Group, 2.38%, due 03/15/31 | 17999 |
| 65000 | Cigna Group, 4.50%, due 09/15/30 | 65214 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 76000 | Cisco Systems, Inc., 4.55%, due 02/24/28 | 77188 |
| 31000 | Cisco Systems, Inc., 4.75%, due 02/24/30 | 31821 |
| 30000 | Citigroup, Inc., 2.57% (SOFR + 2.11%), due 06/03/31<sup>(b)</sup> <br>| 27609 |
| 250000 | Citigroup, Inc., 3.52% (3 mo. USD Term SOFR + 1.41%), due 10/27/28<sup>(b)</sup> <br>| 246700 |
| 150000 | Citigroup, Inc., 4.64% (SOFR + 1.14%), due 05/07/28<sup>(b)</sup> <br>| 151061 |
| 5000 | Citigroup, Inc., 4.79% (SOFR + 0.87%), due 03/04/29<sup>(b)</sup> <br>| 5065 |
| 15000 | CME Group, Inc., 4.40%, due 03/15/30 | 15177 |
| 15000 | CNO Global Funding, 4.38%, due 09/08/28 144A | 15015 |
| 31000 | Comcast Corp., 4.55%, due 01/15/29 | 31411 |
| 100000 | Concentrix Corp., 6.65%, due 08/02/26 | 101507 |
| 15000 | Connecticut Light & Power Co., 4.65%, due 01/01/29 | 15281 |
| 13000 | Consumers Energy Co., 4.50%, due 01/15/31 | 13142 |
| 23000 | Consumers Energy Co., 4.90%, due 02/15/29 | 23591 |
| 250000 | Cooperatieve Rabobank UA, 4.66% (1 yr. CMT + 1.75%), due 08/22/28<sup>(b)</sup> 144A | 252188 |
| 61000 | Corebridge Financial, Inc., 3.65%, due 04/05/27 | 60501 |
| 20000 | Corebridge Global Funding, 4.25%, due 08/21/28 144A | 20020 |
| 250000 | Credit Agricole SA, 5.23% (SOFR + 1.13%), due 01/09/29<sup>(b)</sup> 144A | 254845 |
| 40000 | Crown Castle, Inc., 5.60%, due 06/01/29 | 41581 |
| 4000 | CSL Finance PLC, 3.85%, due 04/27/27 144A | 3990 |
| 175000 | CVS Health Corp., 1.30%, due 08/21/27 | 165835 |
| 35000 | CVS Health Corp., 5.40%, due 06/01/29 | 36201 |
| 140000 | Dell International LLC/EMC Corp., 4.15%, due 02/15/29<sup>(e)</sup> <br>| 139696 |
| 5000 | Dell International LLC/EMC Corp., 4.50%, due 02/15/31<sup>(e)</sup> <br>| 4990 |
| 72000 | Dell International LLC/EMC Corp., 4.75%, due 04/01/28 | 73074 |
| 6000 | Dell International LLC/EMC Corp., 5.00%, due 04/01/30 | 6148 |
| 25000 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, due 10/20/25 144A | 24970 |
| 15000 | Diamondback Energy, Inc., 5.15%, due 01/30/30 | 15455 |
| 72000 | Diamondback Energy, Inc., 5.20%, due 04/18/27 | 73064 |
| 115000 | Dominion Energy, Inc., 4.60%, due 05/15/28 | 116198 |
| 185000 | DTE Energy Co., 4.88%, due 06/01/28 | 188254 |
| 118000 | DTE Energy Co., 5.10%, due 03/01/29 | 120956 |
| 125000 | Duke Energy Corp., 2.65%, due 09/01/26 | 123517 |
| 93826 | Duke Energy Florida Project Finance LLC, 2.54%, due 09/01/31 | 90328 |
| 37000 | Eastman Chemical Co., 5.00%, due 08/01/29 | 37697 |
| 203000 | Ecolab, Inc., 4.30%, due 06/15/28 | 204689 |
| 4000 | Element Fleet Management Corp., 5.64%, due 03/13/27 144A | 4077 |
| 55000 | Eli Lilly & Co., 4.00%, due 10/15/28 | 55108 |
| 169000 | Eli Lilly & Co., 4.55%, due 02/12/28 | 171555 |
| 142000 | Enbridge, Inc., 4.60%, due 06/20/28 | 143712 |
| 175000 | Energy Transfer LP, 5.55%, due 02/15/28 | 180173 |
| 71000 | Enterprise Products Operating LLC, 4.30%, due 06/20/28 | 71566 |
| 20000 | ERAC USA Finance LLC, 5.00%, due 02/15/29 144A | 20520 |
| 125000 | Essential Utilities, Inc., 4.80%, due 08/15/27 | 126455 |
| 190000 | Essex Portfolio LP, 3.63%, due 05/01/27 | 188755 |
| 80000 | Eversource Energy, 2.90%, due 03/01/27 | 78599 |
| 16000 | Exelon Corp., 5.15%, due 03/15/29 | 16466 |
| 200000 | Federation des Caisses Desjardins du Quebec, 4.57%, due 08/26/30 144A | 201183 |
| 22000 | FedEx Corp., 3.25%, due 04/01/26 | 21894 |
| 62000 | Fiserv, Inc., 5.15%, due 03/15/27 | 62838 |

---

166See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 59000 | Fiserv, Inc., 5.45%, due 03/02/28 | 60670 |
| 200000 | Ford Motor Credit Co. LLC, 3.38%, due 11/13/25 | 199640 |
| 71000 | GATX Corp., 5.40%, due 03/15/27 | 72060 |
| 100000 | GE HealthCare Technologies, Inc., 5.60%, due 11/15/25 | 100046 |
| 250000 | General Mills, Inc., 4.70%, due 01/30/27 | 252034 |
| 64000 | General Motors Financial Co., Inc., 4.35%, due 01/17/27 | 64089 |
| 60000 | General Motors Financial Co., Inc., 5.05%, due 04/04/28 | 60981 |
| 28000 | General Motors Financial Co., Inc., 5.25%, due 03/01/26<sup>(d)</sup> <br>| 28047 |
| 19000 | General Motors Financial Co., Inc., 5.40%, due 04/06/26 | 19108 |
| 10000 | General Motors Financial Co., Inc., 5.55%, due 07/15/29 | 10330 |
| 20000 | Georgia Power Co., 4.00%, due 10/01/28 | 20005 |
| 19000 | Georgia Power Co., 5.00%, due 02/23/27 | 19276 |
| 50000 | Gildan Activewear, Inc., 4.70%, due 10/07/30<sup>(e)</sup> 144A | 49945 |
| 16000 | Gilead Sciences, Inc., 4.80%, due 11/15/29 | 16426 |
| 13000 | GlaxoSmithKline Capital, Inc., 4.50%, due 04/15/30 | 13162 |
| 100000 | GLP Capital LP/GLP Financing II, Inc., 5.75%, due 06/01/28 | 102851 |
| 3000 | Goldman Sachs Bank USA, 5.41% (SOFR + 0.75%), due 05/21/27<sup>(b)</sup> <br>| 3024 |
| 79000 | Goldman Sachs Group, Inc., 1.43% (SOFR + 0.80%), due 03/09/27<sup>(b)</sup> <br>| 77993 |
| 305000 | Goldman Sachs Group, Inc., 2.64% (SOFR + 1.11%), due 02/24/28<sup>(b)</sup> <br>| 298641 |
| 250000 | Goldman Sachs Group, Inc., 3.81% (3 mo. USD Term SOFR + 1.42%), due 04/23/29<sup>(b)</sup> <br>| 247900 |
| 37000 | Goldman Sachs Group, Inc., 5.05% (SOFR + 1.21%), due 07/23/30<sup>(b)</sup> <br>| 37934 |
| 17000 | Hanover Insurance Group, Inc., 4.50%, due 04/15/26 | 17013 |
| 34000 | HCA, Inc., 5.88%, due 02/01/29 | 35406 |
| 116000 | HEICO Corp., 5.25%, due 08/01/28 | 119142 |
| 18000 | Hershey Co., 4.75%, due 02/24/30 | 18441 |
| 20000 | Hewlett Packard Enterprise Co., 4.15%, due 09/15/28 | 19982 |
| 98000 | Hewlett Packard Enterprise Co., 4.55%, due 10/15/29 | 98559 |
| 30000 | Home Depot, Inc., 3.75%, due 09/15/28 | 29899 |
| 43000 | Home Depot, Inc., 4.88%, due 06/25/27 | 43727 |
| 63000 | Honda Motor Co. Ltd., 2.53%, due 03/10/27 | 61660 |
| 28000 | Honda Motor Co. Ltd., 4.44%, due 07/08/28 | 28170 |
| 200000 | HSBC Holdings PLC, 4.58% (3 mo. USD Term SOFR + 1.80%), due 06/19/29<sup>(b)</sup> <br>| 201440 |
| 200000 | HSBC Holdings PLC, 5.13% (SOFR + 1.04%), due 11/19/28<sup>(b)</sup> <br>| 203711 |
| 47000 | Humana, Inc., 5.75%, due 03/01/28 | 48492 |
| 110000 | Hyatt Hotels Corp., 5.05%, due 03/30/28 | 111817 |
| 35000 | Hyundai Capital America, 4.25%, due 09/18/28 144A | 34933 |
| 100000 | Hyundai Capital America, 4.88%, due 11/01/27 144A | 101140 |
| 12000 | Hyundai Capital America, 5.95%, due 09/21/26 144A | 12193 |
| 75000 | IDEX Corp., 4.95%, due 09/01/29 | 76662 |
| 60000 | Ingersoll Rand, Inc., 5.20%, due 06/15/27 | 61036 |
| 100000 | Ingersoll Rand, Inc., 5.40%, due 08/14/28 | 103469 |
| 100000 | Jabil, Inc., 5.45%, due 02/01/29 | 103222 |
| 15000 | Jackson National Life Global Funding, 4.55%, due 09/09/30 144A | 15027 |
| 21000 | JB Hunt Transport Services, Inc., 4.90%, due 03/15/30 | 21444 |
| 30000 | Jersey Central Power & Light Co., 4.15%, due 01/15/29 144A | 29974 |
| 66000 | John Deere Capital Corp., 4.25%, due 06/05/28 | 66566 |
| 59000 | Johnson & Johnson, 4.55%, due 03/01/28 | 60182 |
| 279000 | JPMorgan Chase & Co., 1.47% (SOFR + 0.77%), due 09/22/27<sup>(b)</sup> <br>| 271993 |
| 38000 | JPMorgan Chase & Co., 1.58% (SOFR + 0.89%), due 04/22/27<sup>(b)</sup> <br>| 37460 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 65000 | JPMorgan Chase & Co., 2.07% (SOFR + 1.02%), due 06/01/29<sup>(b)</sup> <br>| 61690 |
| 74000 | JPMorgan Chase & Co., 2.95% (SOFR + 1.17%), due 02/24/28<sup>(b)</sup> <br>| 72855 |
| 75000 | JPMorgan Chase & Co., 3.51% (3 mo. USD Term SOFR + 1.21%), due 01/23/29<sup>(b)</sup> <br>| 74020 |
| 150000 | JPMorgan Chase & Co., 4.32% (SOFR + 1.56%), due 04/26/28<sup>(b)</sup> <br>| 150407 |
| 73000 | JPMorgan Chase & Co., 4.51% (SOFR + 0.86%), due 10/22/28<sup>(b)</sup> <br>| 73644 |
| 150000 | JPMorgan Chase & Co., 4.92% (SOFR + 0.80%), due 01/24/29<sup>(b)</sup> <br>| 152727 |
| 150000 | JPMorgan Chase & Co., 4.98% (SOFR + 0.93%), due 07/22/28<sup>(b)</sup> <br>| 152319 |
| 37000 | JPMorgan Chase & Co., 5.01% (SOFR + 1.31%), due 01/23/30<sup>(b)(d)</sup> <br>| 37911 |
| 61000 | JPMorgan Chase & Co., 5.04% (SOFR + 1.19%), due 01/23/28<sup>(b)</sup> <br>| 61702 |
| 81000 | JPMorgan Chase & Co., 5.57% (SOFR + 0.93%), due 04/22/28<sup>(b)</sup> <br>| 82791 |
| 16000 | JPMorgan Chase & Co., 5.58% (SOFR + 1.16%), due 04/22/30<sup>(b)</sup> <br>| 16717 |
| 295000 | JPMorgan Chase & Co., 6.07% (SOFR + 1.33%), due 10/22/27<sup>(b)</sup> <br>| 300919 |
| 50000 | Keurig Dr. Pepper, Inc., 4.35%, due 05/15/28 | 49994 |
| 49000 | Kinder Morgan, Inc., 1.75%, due 11/15/26 | 47740 |
| 100000 | Kite Realty Group Trust, 4.75%, due 09/15/30 | 100324 |
| 49000 | L3Harris Technologies, Inc., 4.40%, due 06/15/28 | 49333 |
| 10000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | 10005 |
| 65000 | Las Vegas Sands Corp., 5.90%, due 06/01/27 | 66345 |
| 125000 | Lennox International, Inc., 5.50%, due 09/15/28 | 129310 |
| 14000 | Liberty Utilities Co., 5.58%, due 01/31/29 144A | 14449 |
| 200000 | Lloyds Banking Group PLC, 5.46% (1 yr. CMT + 1.38%), due 01/05/28<sup>(b)</sup> <br>| 203029 |
| 305000 | Lloyds Banking Group PLC, 5.99% (1 yr. CMT + 1.48%), due 08/07/27<sup>(b)</sup> <br>| 309408 |
| 10000 | Lockheed Martin Corp., 4.15%, due 08/15/28 | 10065 |
| 20000 | Lockheed Martin Corp., 4.40%, due 08/15/30 | 20168 |
| 67000 | Lowe's Cos., Inc., 3.35%, due 04/01/27 | 66375 |
| 50000 | Lowe's Cos., Inc., 4.00%, due 10/15/28 | 49901 |
| 150000 | LPL Holdings, Inc., 4.90%, due 04/03/28 | 151658 |
| 100000 | LPL Holdings, Inc., 5.70%, due 05/20/27 | 101937 |
| 25000 | Marriott International, Inc., 4.20%, due 07/15/27 | 25087 |
| 50000 | Marriott International, Inc., 5.55%, due 10/15/28 | 51941 |
| 222000 | Mars, Inc., 4.60%, due 03/01/28 144A | 224762 |
| 11000 | Mars, Inc., 4.80%, due 03/01/30 144A | 11211 |
| 25000 | McDonald's Corp., 4.40%, due 02/12/31 | 25081 |
| 25000 | Meta Platforms, Inc., 4.30%, due 08/15/29 | 25327 |
| 175000 | Microchip Technology, Inc., 4.90%, due 03/15/28 | 177606 |
| 255000 | Mitsubishi UFJ Financial Group, Inc., 2.34% (1 yr. CMT + 0.83%), due 01/19/28<sup>(b)</sup> <br>| 249140 |
| 200000 | Mitsubishi UFJ Financial Group, Inc., 5.42% (1 yr. CMT + 1.38%), due 02/22/29<sup>(b)</sup> <br>| 205770 |
| 125000 | Molex Electronic Technologies LLC, 4.75%, due 04/30/28 144A | 126282 |
| 12000 | Morgan Stanley, 0.99% (SOFR + 0.72%), due 12/10/26<sup>(b)</sup> <br>| 11922 |
| 259000 | Morgan Stanley, 1.51% (SOFR + 0.86%), due 07/20/27<sup>(b)</sup> <br>| 253482 |
| 42000 | Morgan Stanley, 1.59% (SOFR + 0.88%), due 05/04/27<sup>(b)</sup> <br>| 41344 |
| 76000 | Morgan Stanley, 2.48% (SOFR + 1.00%), due 01/21/28<sup>(b)</sup> <br>| 74391 |
| 18000 | Morgan Stanley, 3.13%, due 07/27/26 | 17872 |
| 40000 | Morgan Stanley, 3.77% (3 mo. USD Term SOFR + 1.40%), due 01/24/29<sup>(b)</sup> <br>| 39658 |
| 43000 | Morgan Stanley, 4.99% (SOFR + 1.38%), due 04/12/29<sup>(b)</sup> <br>| 43864 |
| 20000 | Morgan Stanley, 5.04% (SOFR + 1.22%), due 07/19/30<sup>(b)(d)</sup> <br>| 20502 |
| 48000 | Morgan Stanley, 5.16% (SOFR + 1.59%), due 04/20/29<sup>(b)</sup> <br>| 49140 |
| 18000 | Morgan Stanley, 5.19% (SOFR + 1.51%), due 04/17/31<sup>(b)</sup> <br>| 18593 |
| 27000 | Morgan Stanley, 5.23% (SOFR + 1.11%), due 01/15/31<sup>(b)</sup> <br>| 27873 |

---

168See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 200000 | Morgan Stanley, 5.66% (SOFR + 1.26%), due 04/18/30<sup>(b)</sup> <br>| 208893 |
| 5000 | Morgan Stanley, 5.66% (SOFR + 1.76%), due 04/17/36<sup>(b)</sup> <br>| 5278 |
| 350000 | Morgan Stanley Bank NA, 5.02% (SOFR + 0.91%), due 01/12/29<sup>(b)</sup> <br>| 356347 |
| 61000 | National Rural Utilities Cooperative Finance Corp., 4.12%, due 09/16/27<sup>(d)</sup> <br>| 61255 |
| 15000 | National Rural Utilities Cooperative Finance Corp., 4.15%, due 08/25/28 | 15046 |
| 13000 | National Rural Utilities Cooperative Finance Corp., 5.15%, due 06/15/29 | 13473 |
| 10000 | National Rural Utilities Cooperative Finance Corp., 5.60%, due 11/13/26 | 10166 |
| 64000 | NextEra Energy Capital Holdings, Inc., 1.88%, due 01/15/27 | 62260 |
| 52000 | NextEra Energy Capital Holdings, Inc., 1.90%, due 06/15/28<sup>(d)</sup> <br>| 49169 |
| 85000 | NextEra Energy Capital Holdings, Inc., 4.63%, due 07/15/27 | 85867 |
| 71000 | NextEra Energy Capital Holdings, Inc., 4.90%, due 02/28/28 | 72258 |
| 37000 | NextEra Energy Capital Holdings, Inc., 5.05%, due 03/15/30 | 38116 |
| 175000 | NiSource, Inc., 5.20%, due 07/01/29 | 180579 |
| 155000 | Nordson Corp., 4.50%, due 12/15/29 | 155943 |
| 8000 | Northrop Grumman Corp., 4.65%, due 07/15/30 | 8141 |
| 15000 | Novartis Capital Corp., 3.80%, due 09/18/29 | 14939 |
| 250000 | NTT Finance Corp., 4.62%, due 07/16/28 144A | 252512 |
| 28000 | Nucor Corp., 4.65%, due 06/01/30 | 28452 |
| 71000 | Nutrien Ltd., 5.20%, due 06/21/27 | 72166 |
| 50000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, due 08/19/28 | 50083 |
| 200000 | OGE Energy Corp., 5.45%, due 05/15/29 | 207864 |
| 36000 | ONE Gas, Inc., 5.10%, due 04/01/29 | 37136 |
| 33000 | Oracle Corp., 1.65%, due 03/25/26 | 32615 |
| 32000 | Oracle Corp., 2.65%, due 07/15/26 | 31632 |
| 100000 | Oracle Corp., 4.45%, due 09/26/30 | 99974 |
| 14000 | Oracle Corp., 4.80%, due 08/03/28 | 14238 |
| 21000 | Ovintiv, Inc., 5.38%, due 01/01/26 | 21004 |
| 21000 | PACCAR Financial Corp., 4.00%, due 08/08/28 | 21064 |
| 26000 | PACCAR Financial Corp., 4.00%, due 09/26/29 | 25999 |
| 150000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40%, due 07/01/27 144A | 150426 |
| 29000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.35%, due 03/30/29 144A | 29841 |
| 30000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 6.05%, due 08/01/28 144A | 31333 |
| 135000 | Pepsico Singapore Financing I Pte. Ltd., 4.82% (SOFR + 0.56%), due 02/16/27<sup>(b)</sup> <br>| 135666 |
| 33000 | PepsiCo, Inc., 4.10%, due 01/15/29 | 33131 |
| 30000 | PepsiCo, Inc., 4.30%, due 07/23/30 | 30199 |
| 85000 | Pfizer Investment Enterprises Pte. Ltd., 4.45%, due 05/19/26 | 85181 |
| 73000 | Philip Morris International, Inc., 4.13%, due 04/28/28 | 73152 |
| 29000 | Philip Morris International, Inc., 4.88%, due 02/13/29 | 29634 |
| 95000 | Pinnacle West Capital Corp., 4.90%, due 05/15/28 | 96561 |
| 11000 | Pinnacle West Capital Corp., 5.15%, due 05/15/30 | 11318 |
| 33000 | Pioneer Natural Resources Co., 1.13%, due 01/15/26 | 32702 |
| 100000 | PNC Financial Services Group, Inc., 5.30% (SOFR + 1.34%), due 01/21/28<sup>(b)</sup> <br>| 101500 |
| 240000 | PNC Financial Services Group, Inc., 6.62% (SOFR + 1.73%), due 10/20/27<sup>(b)</sup> <br>| 245898 |
| 221000 | Private Export Funding Corp., 4.50%, due 02/07/27 144A | 222475 |
| 53000 | Prologis LP, 4.88%, due 06/15/28 | 54228 |
| 66000 | Public Service Enterprise Group, Inc., 5.85%, due 11/15/27 | 68351 |
| 125000 | Public Service Enterprise Group, Inc., 5.88%, due 10/15/28 | 131044 |
| 121000 | Quanta Services, Inc., 4.30%, due 08/09/28 | 121616 |
| 85000 | Quest Diagnostics, Inc., 4.60%, due 12/15/27 | 86073 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 175000 | Regal Rexnord Corp., 6.05%, due 02/15/26 | 175871 |
| 17000 | RELX Capital, Inc., 4.75%, due 03/27/30 | 17358 |
| 45000 | RGA Global Funding, 4.35%, due 08/25/28 144A | 45073 |
| 53000 | Rio Tinto Finance USA PLC, 4.50%, due 03/14/28 | 53599 |
| 36000 | Rogers Communications, Inc., 5.00%, due 02/15/29 | 36696 |
| 171000 | Roper Technologies, Inc., 4.25%, due 09/15/28 | 171842 |
| 8000 | Royal Bank of Canada, 4.50% (SOFR + 0.89%), due 08/06/29<sup>(b)</sup> <br>| 8064 |
| 69000 | Royal Bank of Canada, 4.52% (SOFR + 0.86%), due 10/18/28<sup>(b)</sup> <br>| 69590 |
| 34000 | Royal Bank of Canada, 4.72% (SOFR + 0.81%), due 03/27/28<sup>(b)</sup> <br>| 34343 |
| 35000 | Royal Bank of Canada, 4.95%, due 02/01/29 | 35984 |
| 150000 | Royal Bank of Canada, 4.97% (SOFR + 0.83%), due 01/24/29<sup>(b)</sup> <br>| 152603 |
| 37000 | Royal Bank of Canada, 4.97% (SOFR + 1.10%), due 08/02/30<sup>(b)</sup> <br>| 37877 |
| 30000 | RTX Corp., 3.50%, due 03/15/27 | 29772 |
| 11000 | Ryder System, Inc., 4.95%, due 09/01/29 | 11269 |
| 71000 | Ryder System, Inc., 5.25%, due 06/01/28 | 72959 |
| 21000 | S&P Global, Inc., 2.70%, due 03/01/29 | 20069 |
| 7000 | Sempra, 5.40%, due 08/01/26 | 7063 |
| 36000 | Sherwin-Williams Co., 4.30%, due 08/15/28 | 36191 |
| 23000 | Sherwin-Williams Co., 4.50%, due 08/15/30 | 23162 |
| 83000 | Smith & Nephew PLC, 5.15%, due 03/20/27 | 84160 |
| 11000 | Solventum Corp., 5.40%, due 03/01/29 | 11354 |
| 100000 | Sonoco Products Co., 4.60%, due 09/01/29 | 100643 |
| 85000 | Southern California Edison Co., 3.65%, due 03/01/28 | 83552 |
| 250000 | Southern California Gas Co., 2.95%, due 04/15/27 | 246358 |
| 29000 | Southern Co., 5.50%, due 03/15/29 | 30167 |
| 50000 | Southern Co. Gas Capital Corp., 4.05%, due 09/15/28 | 49964 |
| 65000 | Southern Power Co., 4.25%, due 10/01/30 | 64640 |
| 200000 | Spectra Energy Partners LP, 3.38%, due 10/15/26<sup>(d)</sup> <br>| 198554 |
| 69000 | Sprint Capital Corp., 6.88%, due 11/15/28 | 74233 |
| 250000 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, <br> 5.15%, due 09/20/29 144A<br>| 250994 |
| 46000 | Stanley Black & Decker, Inc., 6.00%, due 03/06/28 | 47818 |
| 65000 | Starbucks Corp., 4.50%, due 05/15/28 | 65659 |
| 17000 | State Street Corp., 3.03% (SOFR + 1.49%), due 11/01/34<sup>(b)</sup> <br>| 15965 |
| 67000 | State Street Corp., 4.53% (SOFR + 1.02%), due 02/20/29<sup>(b)</sup> <br>| 67733 |
| 60000 | State Street Corp., 4.54%, due 02/28/28 | 60783 |
| 61000 | Stryker Corp., 3.65%, due 03/07/28 | 60469 |
| 76000 | Stryker Corp., 4.70%, due 02/10/28 | 77125 |
| 60000 | Synopsys, Inc., 4.65%, due 04/01/28 | 60682 |
| 125000 | Targa Resources Corp., 6.15%, due 03/01/29 | 131757 |
| 82000 | T-Mobile USA, Inc., 2.05%, due 02/15/28 | 78191 |
| 9000 | T-Mobile USA, Inc., 3.38%, due 04/15/29 | 8740 |
| 36000 | T-Mobile USA, Inc., 4.95%, due 03/15/28 | 36697 |
| 73000 | Toll Brothers Finance Corp., 4.35%, due 02/15/28 | 73234 |
| 48000 | Toronto-Dominion Bank, 4.98%, due 04/05/27 | 48707 |
| 34000 | Toronto-Dominion Bank, 5.53%, due 07/17/26 | 34384 |
| 234000 | Toyota Motor Credit Corp., 4.35%, due 10/08/27 | 236028 |
| 25000 | Toyota Motor Credit Corp., 5.00%, due 03/19/27 | 25405 |
| 30000 | Toyota Motor Credit Corp., 5.40%, due 11/20/26 | 30488 |

---

170See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 18000 | Truist Financial Corp., 1.27% (SOFR + 0.61%), due 03/02/27<sup>(b)</sup> <br>| 17778 |
| 66000 | Truist Financial Corp., 1.89% (SOFR + 0.86%), due 06/07/29<sup>(b)(d)</sup> <br>| 62208 |
| 37000 | Truist Financial Corp., 5.44% (SOFR + 1.62%), due 01/24/30<sup>(b)</sup> <br>| 38292 |
| 35000 | Truist Financial Corp., 7.16% (SOFR + 2.45%), due 10/30/29<sup>(b)</sup> <br>| 37917 |
| 220000 | U.S. Bancorp, 2.22% (SOFR + 0.73%), due 01/27/28<sup>(b)</sup> <br>| 214353 |
| 13000 | U.S. Bancorp, 5.05% (SOFR + 1.06%), due 02/12/31<sup>(b)</sup> <br>| 13337 |
| 15000 | Uber Technologies, Inc., 4.30%, due 01/15/30 | 15055 |
| 200000 | UBS Group AG, 1.49% (1 yr. CMT + 0.85%), due 08/10/27<sup>(b)</sup> 144A | 195314 |
| 200000 | UBS Group AG, 4.15% (SOFR + 0.84%), due 12/23/29<sup>(b)</sup> 144A | 199576 |
| 245000 | UBS Group AG, 4.70% (1 yr. CMT + 2.05%), due 08/05/27<sup>(b)</sup> 144A | 245842 |
| 86681 | United Airlines Pass-Through Trust, 3.10%, due 01/07/30 | 83850 |
| 111329 | United Airlines Pass-Through Trust, 3.75%, due 03/03/28 | 110421 |
| 136591 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | 136338 |
| 2950 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | 3035 |
| 75000 | UnitedHealth Group, Inc., 2.95%, due 10/15/27 | 73541 |
| 14000 | UnitedHealth Group, Inc., 4.80%, due 01/15/30 | 14306 |
| 150000 | USAA Capital Corp., 4.38%, due 06/01/28 144A | 151494 |
| 100000 | Ventas Realty LP, 3.85%, due 04/01/27 | 99653 |
| 300000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 287754 |
| 60000 | Veralto Corp., 5.50%, due 09/18/26 | 60747 |
| 125000 | VICI Properties LP, 4.75%, due 02/15/28 | 126076 |
| 50000 | VICI Properties LP, 4.75%, due 04/01/28 | 50548 |
| 125000 | Vistra Operations Co. LLC, 5.05%, due 12/30/26 144A | 125812 |
| 28000 | VMware LLC, 1.40%, due 08/15/26 | 27384 |
| 70000 | VMware LLC, 3.90%, due 08/21/27 | 69758 |
| 9000 | Warnermedia Holdings, Inc., 3.76%, due 03/15/27 | 8884 |
| 48000 | Waste Management, Inc., 4.95%, due 07/03/27 | 48852 |
| 21000 | WEC Energy Group, Inc., 2.20%, due 12/15/28 | 19809 |
| 14000 | WEC Energy Group, Inc., 4.75%, due 01/09/26 | 14016 |
| 105000 | WEC Energy Group, Inc., 5.60%, due 09/12/26 | 106418 |
| 25000 | Wells Fargo & Co., 2.88% (3 mo. USD Term SOFR + 1.43%), due 10/30/30<sup>(b)</sup> <br>| 23676 |
| 299000 | Wells Fargo & Co., 3.53% (SOFR + 1.51%), due 03/24/28<sup>(b)</sup> <br>| 296370 |
| 79000 | Wells Fargo & Co., 3.58% (3 mo. USD Term SOFR + 1.57%), due 05/22/28<sup>(b)</sup> <br>| 78302 |
| 45000 | Wells Fargo & Co., 4.08% (SOFR + 0.88%), due 09/15/29<sup>(b)</sup> <br>| 44866 |
| 200000 | Wells Fargo & Co., 4.97% (SOFR + 1.37%), due 04/23/29<sup>(b)</sup> <br>| 203837 |
| 53000 | Wells Fargo & Co., 5.57% (SOFR + 1.74%), due 07/25/29<sup>(b)</sup> <br>| 54938 |
| 25000 | Welltower OP LLC, 4.50%, due 07/01/30 | 25246 |
| 54000 | Workday, Inc., 3.50%, due 04/01/27 | 53543 |
| 85000 | Xcel Energy, Inc., 4.75%, due 03/21/28 | 86079 |
| 20000 | Zimmer Biomet Holdings, Inc., 5.05%, due 02/19/30 | 20574 |
| 16000 | Zoetis, Inc., 4.15%, due 08/17/28 | 16057 |
|  |  | 31721236 |
|  | **Mortgage Backed Securities - Private Issuers — 5.6%** | **Mortgage Backed Securities - Private Issuers — 5.6%** |
| 150000 | A&D Mortgage Trust, Series 2025-NQM4, Class A1, 5.23%, due 10/25/70<sup>(f)</sup> 144A | 150387 |
| 96741 | Angel Oak Mortgage Trust, Series 2025-7, Class A1, 5.51%, due 06/25/70<sup>(g)</sup> 144A | 97643 |
| 100000 | BMP Trust, Series 2024-MF23, Class A, 5.52% (1 mo. USD Term SOFR + 1.37%), due <br> 06/15/41<sup>(b)</sup> 144A<br>| 100238 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 137722 | BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.50%, due <br> 02/25/65<sup>(g)</sup> 144A<br>| 138907 |
| 97997 | BRAVO Residential Funding Trust, Series 2025-NQM8, Class A1, 5.08%, due <br> 06/25/65<sup>(f)</sup> 144A<br>| 98190 |
| 200000 | BRAVO Residential Funding Trust, Series 2025-NQM9, Class A1, 5.04%, due <br> 09/25/65<sup>(f)</sup> 144A<br>| 200488 |
| 156032 | BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 5.11% (1 mo. USD Term <br> SOFR + 0.96%), due 11/15/38<sup>(b)</sup> 144A<br>| 155978 |
| 53316 | BX Commercial Mortgage Trust, Series 2021-XL2, Class A, 4.95% (1 mo. USD Term <br> SOFR + 0.80%), due 10/15/38<sup>(b)</sup> 144A<br>| 53305 |
| 167857 | BX Commercial Mortgage Trust, Series 2024-AIR2, Class A, 5.64% (1 mo. USD Term <br> SOFR + 1.49%), due 10/15/41<sup>(b)</sup> 144A<br>| 168341 |
| 93620 | BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 5.84% (1 mo. USD Term <br> SOFR + 1.69%), due 08/15/39<sup>(b)</sup> 144A<br>| 93929 |
| 76042 | BX Commercial Mortgage Trust, Series 2024-MDHS, Class A, 5.79% (1 mo. USD Term <br> SOFR + 1.64%), due 05/15/41<sup>(b)</sup> 144A<br>| 76237 |
| 95828 | BX Commercial Mortgage Trust, Series 2025-BCAT, Class A, 5.53% (1 mo. USD Term <br> SOFR + 1.38%), due 08/15/42<sup>(b)</sup> 144A<br>| 96056 |
| 169066 | BX Trust, Series 2021-RISE, Class A, 5.01% (1 mo. USD Term SOFR + 0.86%), due <br> 11/15/36<sup>(b)</sup> 144A<br>| 168899 |
| 200000 | BX Trust, Series 2022-LBA6, Class A, 5.15% (1 mo. USD Term SOFR + 1.00%), due <br> 01/15/39<sup>(b)</sup> 144A<br>| 199986 |
| 200000 | BX Trust, Series 2022-VAMF, Class A, 5.00% (1 mo. USD Term SOFR + 0.85%), due <br> 01/15/39<sup>(b)</sup> 144A<br>| 199871 |
| 92027 | BX Trust, Series 2024-FNX, Class A, 5.59% (1 mo. USD Term SOFR + 1.44%), due <br> 11/15/41<sup>(b)</sup> 144A<br>| 92263 |
| 86538 | BX Trust, Series 2024-PALM, Class A, 5.69% (1 mo. USD Term SOFR + 1.54%), due <br> 06/15/37<sup>(b)</sup> 144A<br>| 86783 |
| 100000 | BX Trust, Series 2025-DIME, Class A, 5.30% (1 mo. USD Term SOFR + 1.15%), due <br> 02/15/35<sup>(b)</sup> 144A<br>| 99900 |
| 125000 | DK Trust, Series 2025-LXP, Class A, 5.74% (1 mo. USD Term SOFR + 1.59%), due <br> 08/15/37<sup>(b)</sup> 144A<br>| 125214 |
| 200000 | Extended Stay America Trust, Series 2025-ESH, Class A, 5.45% (1 mo. USD Term <br> SOFR + 1.30%), due 10/15/42<sup>(b)(e)</sup> 144A<br>| 200034 |
| 173189 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class A, <br> 5.32% (1 mo. USD Term SOFR + 1.16%), due 04/15/38<sup>(b)</sup> 144A<br>| 173211 |
| 48184 | JP Morgan Mortgage Trust, Series 2025-NQM2, Class A1, 5.57%, due 09/25/65<sup>(g)</sup> 144A | 48627 |
| 13004 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A5, 3.67%, due <br> 11/15/47<br>| 12894 |
| 100000 | JW Trust, Series 2024-BERY, Class A, 5.74% (1 mo. USD Term SOFR + 1.59%), due <br> 11/15/39<sup>(b)</sup> 144A<br>| 100300 |
| 99172 | KIND Trust, Series 2021-KIND, Class A, 5.22% (1 mo. USD Term SOFR + 1.06%), <br> due 08/15/38<sup>(b)</sup> 144A<br>| 98838 |
| 200000 | MHP Commercial Mortgage Trust, Series 2025-MHIL2, Class B, 5.95% (1 mo. USD <br> Term SOFR + 1.80%), due 09/15/40<sup>(b)</sup> 144A<br>| 200346 |
| 10103 | MHP Trust, Series 2022-MHIL, Class A, 4.96% (1 mo. USD Term SOFR + 0.81%), due <br> 01/15/39<sup>(b)</sup> 144A<br>| 10106 |
| 96902 | OBX Trust, Series 2025-NQM10, Class A1, 5.45%, due 05/25/65<sup>(f)</sup> 144A | 97953 |
| 98860 | OBX Trust, Series 2025-NQM15, Class A1, 5.14%, due 07/27/65<sup>(f)</sup> 144A | 99321 |
| 100000 | ORL Trust, Series 2024-GLKS, Class A, 5.64% (1 mo. USD Term SOFR + 1.49%), due <br> 12/15/39<sup>(b)</sup> 144A<br>| 100171 |
| 125000 | PRM5 Trust, Series 2025-PRM5, Class A, 4.62%, due 03/10/33<sup>(g)</sup> 144A | 124733 |
| 200000 | SMRT Commercial Mortgage Trust, Series 2022-MINI, Class A, 5.15% (1 mo. USD <br> Term SOFR + 1.00%), due 01/15/39<sup>(b)</sup> 144A<br>| 199818 |

---

172See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 125000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, 5.59% (1 mo. USD <br> Term SOFR + 1.44%), due 02/15/42<sup>(b)</sup> 144A<br>| 124528 |
| 88366 | THPT Mortgage Trust, Series 2023-THL, Class A, 7.23%, due 12/10/34<sup>(g)</sup> 144A | 89773 |
| 100000 | Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class A, 5.27%, due <br> 03/15/38<sup>(g)</sup> 144A<br>| 100456 |
|  |  | 4183724 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 10.1%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 10.1%** |
| 275535 | Federal Home Loan Mortgage Corp., Pool # G18575, 3.00%, due 11/01/30 | 270045 |
| 91347 | Federal Home Loan Mortgage Corp., Pool # RC2071, 2.00%, due 06/01/36 | 84859 |
| 93150 | Federal Home Loan Mortgage Corp., Pool # SB0935, 3.00%, due 07/01/33 | 90875 |
| 100000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, <br> Series KIR1, Class A2, 2.85%, due 03/25/26<br>| 99223 |
| 100000 | Federal Home Loan Mortgage Corp. REMICS, Series 5583, Class FA, 5.60%, (SOFR <br> 30-day average + 1.25%), due 10/25/55<sup>(b)</sup> <br>| 100122 |
| 159941 | Federal Home Loan Mortgage Corp. REMICS, Series 5483, Class FD, 5.66%, (SOFR <br> 30-day average + 1.30%), due 12/25/54<sup>(b)</sup> <br>| 160784 |
| 224336 | Federal Home Loan Mortgage Corp. REMICS, Series 5502, Class FH, 5.76%, (SOFR <br> 30-day average + 1.40%), due 02/25/55<sup>(b)</sup> <br>| 226156 |
| 313045 | Federal Home Loan Mortgage Corp. REMICS, Series 5410, Class DF, 5.81%, (SOFR <br> 30-day average + 1.45%), due 05/25/54<sup>(b)</sup> <br>| 314900 |
| 420223 | Federal Home Loan Mortgage Corp. REMICS, Series 5486, Class FA, 5.81%, (SOFR <br> 30-day average + 1.45%), due 12/25/54<sup>(b)</sup> <br>| 422048 |
| 127310 | Federal National Mortgage Association, Pool # AM9939, 2.85%, due 11/01/25 | 126832 |
| 188750 | Federal National Mortgage Association, Pool # AN0293, 2.81%, due 11/01/25 | 188015 |
| 128059 | Federal National Mortgage Association, Pool # AN0558, 2.94%, due 01/01/26 | 127392 |
| 220000 | Federal National Mortgage Association, Pool # AN2417, 2.12%, due 09/01/26 | 216225 |
| 160000 | Federal National Mortgage Association, Pool # AN2855, 2.22%, due 09/01/26 | 157385 |
| 92666 | Federal National Mortgage Association, Pool # AN3359, 2.65%, due 12/01/26 | 91074 |
| 112244 | Federal National Mortgage Association, Pool # AN4048, 3.01%, due 12/01/26 | 110984 |
| 141549 | Federal National Mortgage Association, Pool # AN5377, 3.02%, due 05/01/27 | 139513 |
| 170345 | Federal National Mortgage Association, Pool # AN5688, 3.12%, due 06/01/27 | 167652 |
| 191754 | Federal National Mortgage Association, Pool # AN7475, 3.06%, due 11/01/27 | 188453 |
| 75000 | Federal National Mortgage Association, Pool # BL0240, 3.54%, due 11/01/25 | 74762 |
| 189436 | Federal National Mortgage Association, Pool # BL0677, 3.50%, due 11/01/25 | 188817 |
| 170000 | Federal National Mortgage Association, Pool # BL1942, 3.15%, due 03/01/26 | 169035 |
| 165000 | Federal National Mortgage Association, Pool # BL2331, 2.91%, due 04/01/26 | 163691 |
| 275000 | Federal National Mortgage Association, Pool # BL6406, 1.63%, due 05/01/27 | 265229 |
| 302361 | Federal National Mortgage Association, Pool # BM3919, 3.00%, due 02/01/33 | 294864 |
| 319434 | Federal National Mortgage Association, Pool # BM4163, 3.23%, due 03/01/27<sup>(g)</sup> <br>| 316782 |
| 6691 | Federal National Mortgage Association, Pool # BM7189, 3.03%, due 10/01/25<sup>(g)</sup> <br>| 6671 |
| 230000 | Federal National Mortgage Association, Pool # BS3066, 1.39%, due 11/01/28 | 212883 |
| 100000 | Federal National Mortgage Association, Pool # BS5008, 2.22%, due 03/01/27 | 97643 |
| 99710 | Federal National Mortgage Association, Pool # MA3097, 3.50%, due 08/01/27 | 99157 |
| 162773 | Federal National Mortgage Association, Pool # MA4053, 2.50%, due 06/01/35 | 153790 |
| 250573 | Federal National Mortgage Association REMICS, Series 2006-83, Class FG, 4.97%, <br> (SOFR 30-day average + 0.61%), due 09/25/36<sup>(b)</sup> <br>| 249527 |
| 292341 | Federal National Mortgage Association REMICS, Series 2024-103, Class FH, 5.61%, <br> (SOFR 30-day average + 1.25%), due 01/25/55<sup>(b)</sup> <br>| 293444 |
| 353049 | Federal National Mortgage Association REMICS, Series 2024-88, Class DF, 5.61%, <br> (SOFR 30-day average + 1.25%), due 12/25/54<sup>(b)</sup> <br>| 354398 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 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** |
| 239271 | Federal National Mortgage Association REMICS, Series 2024-15, Class FD, 5.71%, <br> (SOFR 30-day average + 1.35%), due 04/25/54<sup>(b)</sup> <br>| 240707 |
| 122931 | Federal National Mortgage Association-ACES, Series 2016-M6, Class A2, 2.49%, due <br> 05/25/26<br>| 121527 |
| 140724 | Federal National Mortgage Association-ACES, Series 2017-M1, Class A2, 2.50%, due <br> 10/25/26<sup>(g)</sup> <br>| 138309 |
| 66490 | Federal National Mortgage Association-ACES, Series 2017-M13, Class A2, 3.03%, due <br> 09/25/27<sup>(g)</sup> <br>| 65282 |
| 89648 | Federal National Mortgage Association-ACES, Series 2017-M15, Class ATS2, 3.21%, <br> due 11/25/27<sup>(g)</sup> <br>| 88372 |
| 204493 | Federal National Mortgage Association-ACES, Series 2017-M8, Class A2, 3.06%, due <br> 05/25/27<sup>(g)</sup> <br>| 201561 |
| 245000 | Federal National Mortgage Association-ACES, Series 2025-M3, Class A2, 2.46%, due <br> 12/25/26<sup>(g)</sup> <br>| 241113 |
| 160811 | Government National Mortgage Association REMICS, Series 2020-H13, Class FC, <br> 4.92%, (1 mo. USD Term SOFR + 0.56%), due 07/20/70<sup>(b)</sup> <br>| 158899 |
| 133551 | Government National Mortgage Association REMICS, Series 2016-H16, Class FE, <br> 5.16%, (1 yr. USD Term SOFR + 1.10%), due 06/20/66<sup>(b)</sup> <br>| 134781 |
|  |  | 7613781 |
|  | **U.S. Government and Agency Obligations — 16.8%** | **U.S. Government and Agency Obligations — 16.8%** |
| 1024800 | U.S. Treasury Notes, 3.38%, due 09/15/28 | 1017875 |
| 2708600 | U.S. Treasury Notes, 3.50%, due 09/30/27 | 2702887 |
| 250000 | U.S. Treasury Notes, 3.63%, due 08/31/29 | 249438 |
| 18400 | U.S. Treasury Notes, 3.63%, due 09/30/30 | 18307 |
| 960000 | U.S. Treasury Notes, 3.75%, due 06/30/27 | 961800 |
| 500000 | U.S. Treasury Notes, 3.88%, due 06/15/28 | 503340 |
| 1615000 | U.S. Treasury Notes, 3.88%, due 07/15/28 | 1625662 |
| 1000 | U.S. Treasury Notes, 3.88%, due 06/30/30 | 1006 |
| 500000 | U.S. Treasury Notes, 3.88%, due 07/31/30 | 503086 |
| 83400 | U.S. Treasury Notes, 3.88%, due 09/30/32 | 83133 |
| 300000 | U.S. Treasury Notes, 4.00%, due 02/28/30 | 303527 |
| 2350000 | U.S. Treasury Notes, 4.00%, due 03/31/30 | 2377264 |
| 196000 | U.S. Treasury Notes, 4.13%, due 06/15/26 | 196468 |
| 500000 | U.S. Treasury Notes, 4.13%, due 03/31/29 | 507705 |
| 2000 | U.S. Treasury Notes, 4.25%, due 08/15/35 | 2016 |
| 750000 | U.S. Treasury Notes, 4.38%, due 11/30/28 | 766348 |
| 845000 | U.S. Treasury Notes, 4.38%, due 12/31/29 | 867033 |
|  |  | 12686895 |
|  | TOTAL DEBT OBLIGATIONS (COST $73,441,765) | 74154809 |
|  | **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.9%** | **Mutual Fund - Securities Lending Collateral — 0.9%** |
| 676925 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 4.18%<sup>(h)(i)</sup> <br>| 676925 |

---

174See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligation — 0.1%** |  |
| 65000 | U.S. Treasury Bill, 3.91%, due 07/09/26<sup>(j)</sup> <br>| 63192 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $740,029) | 740117 |
|  | **TOTAL INVESTMENTS — 99.2%** <br>(Cost $74,181,794)<br>| 74894926 |
|  | Other Assets and Liabilities (net) — 0.8% | 567388 |
|  | **NET ASSETS — 100.0%** | **$75462314** |

---

&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 September 30, 2025. |
| (c) | 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>|
| (d) | All or a portion of this security is out on loan. |
| (e) | When-issued security. |
| (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) | 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>|
| (h) | The rate disclosed is the 7-day net yield as of September 30, 2025. |
| (i) | Represents an investment of securities lending cash collateral. |
| (j) | Interest rate presented is yield to maturity. |
| 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 $19,762,267 which represents 26.2% 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 |  |  |  |  |
| 36 | U.S. Treasury Note 2-Year | Dec 2025 | &nbsp;&nbsp; $7502344 | &nbsp;&nbsp; $(629)<br>|
| Sales |  |  |  |  |
| 5 | U.S. Treasury Note 5-Year | Dec 2025 | &nbsp;&nbsp; $545977 | &nbsp;&nbsp; $(132)<br>|
| 3 | U.S. Ultra 10-Year | Dec 2025 | &nbsp;&nbsp; 345234 | &nbsp;&nbsp; (53)<br>|
|  |  |  |  | &nbsp;&nbsp; $(185)<br>|

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

**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 |
| 750000 | USD | 12/20/30 | 1.00% | Quarterly | CDX.NA.IG.S45\*\* | $(346)<br>| $17290 | $16944 |

---

&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 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** |
| USD |  | U.S. Dollar |

---

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

---

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

---

176See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**September 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Corporate Debt | 42.0 |
| Asset Backed Securities | 21.3 |
| U.S. Government and Agency Obligations | 16.8 |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 10.1 |
| Mortgage Backed Securities - Private Issuers | 5.6 |
| Bank Loans | 2.4 |
| Centrally Cleared Credit Default Swap | 0.0\* |
| Futures Contracts | 0.0\* |
| Short-Term Investments | 1.0 |
| Other Assets and Liabilities (net) | 0.8 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Assets and Liabilities**

**September 30, 2025 (Unaudited)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer US** <br>**Small/Mid Cap** <br>**Equity Fund**<br>| **Mercer Emerging** <br>**Markets Equity Fund**<br>| **Mercer Non-US** <br>**Core Equity Fund**<br>|
| **Assets** |  |  |  |
| Investments in securities, at value<sup>(a)(b)</sup> <br>| 1585238831 | 1083818120 | 3766386939 |
| Foreign currency, at value<sup>(c)</sup> <br>|  | 911076 | 13421925 |
| Cash and cash equivalents | 50535838 | 37818084 | 185250628 |
| Receivable for investments sold | 2279975 | 1414163 | 20541928 |
| Receivable for Fund shares sold | 1564 |  | 3317312 |
| Dividend and interest receivable | 885367 | 3110078 | 9082270 |
| Cash collateral held at broker on open futures contracts | 2017000 | 1118906 | 6093000 |
| Receivable for variation margin on open futures contracts | 40336 | 257193 | 678358 |
| Foreign tax reclaims receivable |  | 34796 | 13303377 |
| Securities lending income receivable | 12091 | 29891 | 53083 |
| Prepaid expenses | 31515 | 21560 | 71836 |
| Receivable from affiliate for advisory fee waived | 1963219 | 1537317 | 3554301 |
| Total assets | 1643005736 | 1130071184 | 4021754957 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | 976811 | 4208128 | 9605260 |
| Obligation to return securities lending collateral | 7953600 | 5249372 | 95077298 |
| Payable for Fund shares repurchased | 9510727 | 4850441 | 460161 |
| Payable for foreign capital gains tax |  | 2609984 | 190361 |
| Payable to affiliates for: |  |  |  |
| Accrued advisory fees | 3577672 | 2194619 | 6587078 |
| Trustees fees | 37576 | 23712 | 85195 |
| Administrative service fees - Class I | 4432 | 307 | 183387 |
| Accrued expenses | 173427 | 308530 | 443296 |
| Total liabilities | 22234245 | 19445093 | 112632036 |
| **Net assets** | **$1620771491** | **$1110626091** | **$3909122921** |

---

178See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Assets and Liabilities (Continued)**

**September 30, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer US**<br> **Small/Mid Cap**<br> **Equity Fund**<br>| **Mercer Emerging**<br> **Markets Equity Fund**<br>| **Mercer Non-US**<br> **Core Equity Fund**<br>|
| **Net assets consist of:** |  |  |  |
| Paid-in capital | 1270102568 | $1206491682 | $2617661388 |
| Distributable earnings (Accumulated loss) | 350668923 | (95865591)<br>| 1291461533 |
| **Net assets** | **$1620771491** | **$1110626091** | **$3909122921** |
| **Net assets attributable to:** |  |  |  |
| Class Y-3 | $1611156134 | $1110190449 | $3350359352 |
| Class I | $9615357 | $435642 | $558763569 |
| **Shares outstanding:** |  |  |  |
| Class Y-3 | 137329179 | 117889875 | 250977940 |
| Class I | 821860 | 46352 | 42038531 |
| **Net asset value per unit:** |  |  |  |
| Class Y-3 | $11.73 | $9.42 | $13.35 |
| Class I | $11.70 | $9.40 | $13.29 |
| (a) Investments in securities, at cost | $1327411241 | $985963391 | $2901051629 |
| (b) Securities loaned, at value | $77920408 | $34392237 | $172745754 |
| (c) Foreign currency, at cost | $— | $910419 | $13431964 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Assets and Liabilities (Continued)**

**September 30, 2025 (Unaudited)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core** <br>**Fixed Income Fund**<br>| **Mercer Opportunistic** <br>**Fixed Income Fund**<br>| **Mercer Short** <br> **Duration** <br>**Fixed Income Fund**<br>|
| **Assets** |  |  |  |
| Investments in securities, at value<sup>(a)(b)</sup> <br>| 1456000121 | 1915929381 | 74894926 |
| Repurchase Agreements, at value<sup>(c)</sup> <br>|  | 38800000 |  |
| Total investments, at value | 1456000121 | 1954729381 | 74894926 |
| Foreign currency, at value<sup>(d)</sup> <br>| 13684 | 8679340 |  |
| Cash and cash equivalents | 11657960 | 42436732 | 905404 |
| Receivable for investments sold | 1430126 | 21875697 | 745450 |
| Receivable for TBA and/or when-issued securities sold | 14004817 | 51197109 |  |
| Receivable for Fund shares sold | 364585 | 223976 | 8682 |
| Dividend and interest receivable | 10910580 | 19998786 | 489447 |
| Cash collateral held at broker on open centrally cleared swap <br> contracts<br>|  | 6750814 | 300000 |
| Cash collateral held at broker on open futures contracts | 780000 | 1479209 | 25200 |
| Cash collateral held at broker on open OTC financial derivative <br> instruments<br>|  | 229832 |  |
| Unrealized appreciation on open forward foreign currency contracts | 96818 | 1137524 |  |
| Receivable for variation margin on open futures contracts | 19906 |  | 2434 |
| Receivable for expenses reimbursed from affiliate |  |  | 45561 |
| OTC — Swap contracts, at value (up-front net premiums paid of <br> $—, $1 and $—, respectively)<br>|  | 154599 |  |
| Foreign tax reclaims receivable | 465 | 24921 | 430 |
| Receivable for swap contract premiums |  | 71513 |  |
| Securities lending income receivable | 5782 | 34714 | 42 |
| Prepaid expenses | 26885 | 35691 | 1079 |
| Receivable from affiliate for advisory fee waived | 865444 | 1898636 | 33062 |
| Unrealized gain on unfunded loan commitments |  | 204 |  |
| Total assets | 1496177173 | 2110958678 | 77451717 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | 2289590 | 48526906 | 738760 |
| Payable for TBA and/or when-issued securities purchased | 13537497 | 198863610 | 394938 |
| Obligation to return securities lending collateral | 17513785 | 91389232 | 676925 |
| Payable for Fund shares repurchased | 351584 | 70515 |  |
| Unrealized depreciation on open forward foreign currency contracts | 134066 | 908070 |  |
| OTC — Swap contracts, at value (up-front net premiums received <br> of $—, $360,333 and $—, respectively)<br>|  | 355742 |  |
| Payable for variation margin on open centrally cleared swap <br> contracts<br>| 915 | 3138 | 22 |
| Cash collateral due to broker on open OTC financial derivative <br> instruments<br>|  | 510000 |  |
| Payable for foreign capital gains tax |  | 40747 |  |
| TBA Sale Commitments, at value<sup>(e)</sup> <br>| 10559689 |  |  |
| Income distribution payable | 78244 | 34515 |  |
| Payable for reverse repurchase agreements |  | 313201 |  |
| Interest payable for reverse repurchase agreements |  | 407 |  |
| Payable to affiliates for: |  |  |  |
| Accrued advisory fees | 1148783 | 3468723 | 52202 |
| Trustees fees | 34011 | 39332 | 1389 |
| Administrative service fees - Class I | 7730 | 1462 |  |
| Payable for variation margin on open futures contracts |  | 286629 |  |

---

180See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Assets and Liabilities (Continued)**

**September 30, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core**<br> **Fixed Income Fund**<br>| **Mercer Opportunistic**<br> **Fixed Income Fund**<br>| **Mercer Short** <br> **Duration**<br> **Fixed Income Fund**<br>|
| Cash collateral on TBA due to broker  |  | 300000 |  |
| Interest payable on TBA securities  | 12410 |  |  |
| Accrued expenses | 188549 | 275800 | 125167 |
| Total liabilities | 45856853 | 345388029 | 1989403 |
| **Net assets** | **$1450320320** | **$1765570649** | **$75462314** |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Assets and Liabilities (Continued)**

**September 30, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core**<br> **Fixed Income Fund**<br>| **Mercer Opportunistic**<br> **Fixed Income Fund**<br>| **Mercer Short** <br> **Duration**<br> **Fixed Income Fund**<br>|
| **Net assets consist of:** |  |  |  |
| Paid-in capital | $1598123626 | $1840985788 | $74447133 |
| Distributable earnings (Accumulated loss) | (147803306)<br>| (75415139)<br>| 1015181 |
| **Net assets** | **$1450320320** | **$1765570649** | **$75462314** |
| **Net assets attributable to:** |  |  |  |
| Class Y-3 | $1431152481 | $1763004177 | $75462314 |
| Class I | $19167839 | $2566472 | $— |
| **Shares outstanding:** |  |  |  |
| Class Y-3 | 154828085 | 203649397 | 7438991 |
| Class I | 2074243 | 297085 |  |
| **Net asset value per unit:** |  |  |  |
| Class Y-3 | $9.24 | $8.66 | $10.14 |
| Class I | $9.24 | $8.64 | $— |
| (a) Investments in securities, at cost | $1468793879 | $1875218024 | $74181794 |
| (b) Securities loaned, at value | $25263394 | $91920022 | $663596 |
| (c) Repurchase agreements, at cost | $— | $38800000 | $— |
| (d) Foreign currency, at cost | $13676 | $8855577 | $— |
| (e) Proceeds for TBA Sale Commitments | $10402773 | $— | $— |

---

182See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Operations**

**Six Months Ended September 30, 2025 (Unaudited)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer US** <br>**Small/Mid Cap** <br>**Equity Fund**<br>| **Mercer Emerging** <br>**Markets Equity Fund**<br>| **Mercer Non-US** <br>**Core Equity Fund**<br>|
| **Investment Income:** |  |  |  |
| Dividends | $10643397 | $21993002 | $72196912 |
| Interest | 838588 | 813288 | 2414006 |
| Withholding taxes | (10435)<br>| (2341328)<br>| (7474053)<br>|
| Securities lending income | 71852 | 79449 | 360983 |
| Other income | 5 |  | 12718 |
| Total investment income | 11543407 | 20544411 | 67510566 |
| **Expenses:** |  |  |  |
| Advisory fees | 6967951 | 4239296 | 13125894 |
| Custodian and fund accounting fees | 141185 | 232617 | 402133 |
| Audit and tax fees | 29291 | 34619 | 36828 |
| Transfer agent fees | 24174 | 25475 | 28848 |
| Legal fees | 174287 | 110721 | 393584 |
| Trustees fees | 78788 | 50647 | 179647 |
| Registration fees | 22601 | 20673 | 28521 |
| Administration service fees: |  |  |  |
| Class I | 10123 | 764 | 321426 |
| Shareholder service fees: |  |  |  |
| Class I | 6749 | 509 | 214284 |
| Miscellaneous | 69326 | 58223 | 169204 |
| Total expenses | 7524475 | 4773544 | 14900369 |
| Advisory fee waiver | (3847420)<br>| (2821613)<br>| (7216675)<br>|
| Net expenses | 3677055 | 1951931 | 7683694 |
| Net investment income | 7866352 | 18592480 | 59826872 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments in securities | 50187634 | 4926083 <br><sup>(a)</sup><br>| 236983815 <br><sup>(a)</sup><br>|
| Closed futures contracts | 5991989 | 9318625 | 13530922 |
| Foreign currency related transactions |  | (190813)<br>| 366444 |
| Net realized gain (loss) | 56179623 | 14053895 | 250881181 |
| Change in net unrealized appreciation (depreciation) on: |  |  |  |
| Investments in securities | 112523560 | 166181403 <br><sup>(b)</sup><br>| 398101792 <br><sup>(b)</sup><br>|
| Open futures contracts | (195981)<br>| 746335 | 1397074 |
| Foreign currency related translations |  | 10326 | 1154201 |
| Change in net unrealized appreciation (depreciation) | 112327579 | 166938064 | 400653067 |
| Net realized and unrealized gain | 168507202 | 180991959 | 651534248 |
| **Net increase in net assets resulting from operations** | **$176373554** | **$199584439** | **$711361120** |
| (a) Net of foreign capital gains tax | $— | $10463 | $10435 |
| (b) Including net increase (decrease) in accrued foreign capital gains taxes | $— | $(2554423)<br>| $(52707)<br>|

---

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

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Operations (Continued)**

**Six Months Ended September 30, 2025 (Unaudited)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core** <br>**Fixed Income Fund**<br>| **Mercer Opportunistic** <br>**Fixed Income Fund**<br>| **Mercer Short** <br> **Duration** <br>**Fixed Income Fund**<br>|
| **Investment Income:** |  |  |  |
| Dividends | $— | $1467531 | $— |
| Interest | 36661076 | 60457427 | 1528712 |
| Withholding taxes |  | (34638)<br>|  |
| Securities lending income | 36781 | 176141 | 916 |
| Other income | 6044 | 938 | 84 |
| Total investment income | 36703901 | 62067399 | 1529712 |
| **Expenses:** |  |  |  |
| Advisory fees | 2559881 | 7049641 | 95804 |
| Initial offering fee |  |  | 14939 |
| Custodian and fund accounting fees | 157532 | 330820 | 36879 |
| Audit and tax fees | 41652 | 46740 | 39395 |
| Transfer agent fees | 27930 | 27355 | 12697 |
| Legal fees | 178499 | 198374 | 6473 |
| Trustees fees | 80896 | 88504 | 2919 |
| Registration fees | 23227 | 20277 | 17607 |
| Administration service fees: |  |  |  |
| Class I | 16184 | 3480 |  |
| Shareholder service fees: |  |  |  |
| Class I | 10789 | 2320 |  |
| Dividends on securities sold short |  | 2617 |  |
| Miscellaneous | 67397 | 65786 | 6486 |
| Total expenses | 3163987 | 7835914 | 233199 |
| Advisory fee waiver | (1899847)<br>| (3913883)<br>| (59601)<br>|
| Expense reimbursement |  |  | (109240)<br>|
| Net expenses | 1264140 | 3922031 | 64358 |
| Net investment income | 35439761 | 58145368 | 1465354 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments in securities | (16644845)<br>| (17811543 )<sup>(a)</sup><br>| 197604 |
| Purchased option contracts |  | (5089)<br>|  |
| Swap contracts | (99436)<br>| 6690822 | 2455 |
| Closed futures contracts | (107319)<br>| (3476362)<br>| 29669 |
| Written option contracts | 32550 | 171665 |  |
| Forward foreign currency contracts | (2773793)<br>| (6904751)<br>|  |
| Foreign currency related transactions | 54945 | 1348730 |  |
| Net realized gain (loss) | (19537898)<br>| (19986528)<br>| 229728 |
| Change in net unrealized appreciation (depreciation) on: |  |  |  |
| Investments in securities | 33929031 | 68031038 <br><sup>(b)</sup><br>| 174838 |
| Unfunded loan commitments |  | 204 |  |
| TBA sale commitments | (157540)<br>|  |  |
| Swap contracts | (77080)<br>| 3587899 | (346)<br>|
| Open futures contracts | (495212)<br>| 986390 | (26615)<br>|
| Written option contracts | 419 |  |  |
| Forward foreign currency contracts | 739957 | 1003717 |  |

---

184See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Operations (Continued)**

**Six Months Ended September 30, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core**<br> **Fixed Income Fund**<br>| **Mercer Opportunistic**<br> **Fixed Income Fund**<br>| **Mercer Short** <br> **Duration**<br> **Fixed Income Fund**<br>|
| Foreign currency related translations | (347)<br>| 115516 |  |
| Change in net unrealized appreciation (depreciation) | 33939228 | 73724764 | 147877 |
| Net realized and unrealized gain | 14401330 | 53738236 | 377605 |
| **Net increase in net assets resulting from operations** | **$49841091** | **$111883604** | **$1842959** |
| (a) Net of foreign capital gains tax | $— | $51474 | $— |
| (b) Including net increase (decrease) in accrued foreign capital gains <br> taxes<br>| $— | $(23428)<br>| $— |

---

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

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Changes in Net Assets**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mercer US** <br>**Small/Mid Cap** <br>**Equity Fund** | **Mercer US** <br>**Small/Mid Cap** <br>**Equity Fund** | **Mercer Emerging** <br>**Markets Equity Fund** | **Mercer Emerging** <br>**Markets Equity Fund** |
|  | **Six Months Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Six Months Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>|
| **Increase (decrease) in Net Assets:** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | $7866352 | $15456391 | $18592480 | $23611277 |
| Net realized gain | 56179623 | 144729588 | 14053895 | 62617877 |
| Change in net unrealized appreciation (depreciation) | 112327579 | (218449006)<br>| 166938064 | (17968466)<br>|
| Net increase (decrease) in net assets resulting from <br> operations <br>| 176373554 | (58263027)<br>| 199584439 | 68260688 |
| Distributions to shareholders (See Note 2): |  |  |  |  |
| Class Y-3 |  | (160530536)<br>|  | (15825614)<br>|
| Class I |  | (1580704)<br>|  | (14554)<br>|
| Total distributions |  | (162111240)<br>|  | (15840168)<br>|
| Net share transactions (See Note 7): |  |  |  |  |
| Class Y-3 | (191483726)<br>| 64685892 | (82439968)<br>| (347513187)<br>|
| Class I | (7836853)<br>| 5502395 | (950810)<br>| (70155)<br>|
| Increase (decrease) in net assets resulting from net <br> shares transactions<br>| (199320579)<br>| 70188287 | (83390778)<br>| (347583342)<br>|
| Net increase (decrease) in net assets | (22947025)<br>| (150185980)<br>| 116193661 | (295162822)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | 1643718516 | 1793904496 | 994432430 | 1289595252 |
| End of period | $1620771491 | $1643718516 | $1110626091 | $994432430 |

---

186See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mercer Non-US** <br>**Core Equity Fund** | **Mercer Non-US** <br>**Core Equity Fund** | **Mercer Core** <br>**Fixed Income Fund** | **Mercer Core** <br>**Fixed Income Fund** |
|  | **Six Months Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Six Months Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>|
| **Increase (decrease) in Net Assets:** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | $59826872 | $104644690 | $35439761 | $92228264 |
| Net realized gain (loss) | 250881181 | 280880373 | (19537898)<br>| (20566540)<br>|
| Change in net unrealized appreciation (depreciation) | 400653067 | (87374006)<br>| 33939228 | 44158648 |
| Net increase in net assets resulting from operations  | 711361120 | 298151057 | 49841091 | 115820372 |
| Distributions to shareholders (See Note 2): |  |  |  |  |
| Class Y-3 |  | (273386414)<br>| (10152446)<br>| (86206607)<br>|
| Class I |  | (24006676)<br>| (133822)<br>| (1249065)<br>|
| Total distributions |  | (297393090)<br>| (10286268)<br>| (87455672)<br>|
| Net share transactions (See Note 7): |  |  |  |  |
| Class Y-3 | (670619034)<br>| (244111628)<br>| (530165162)<br>| 86796027 |
| Class I | 147204105 | 128717067 | (4451358)<br>| (27902645)<br>|
| Increase (decrease) in net assets resulting from net <br> shares transactions<br>| (523414929)<br>| (115394561)<br>| (534616520)<br>| 58893382 |
| Net increase (decrease) in net assets | 187946191 | (114636594)<br>| (495061697)<br>| 87258082 |
| **Net assets:** |  |  |  |  |
| Beginning of period | 3721176730 | 3835813324 | 1945382017 | 1858123935 |
| End of period | $3909122921 | $3721176730 | $1450320320 | $1945382017 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mercer Opportunistic** <br>**Fixed Income Fund** | **Mercer Opportunistic** <br>**Fixed Income Fund** | **Mercer Short Duration** <br>**Fixed Income Fund** | **Mercer Short Duration** <br>**Fixed Income Fund** |
|  | **Six Months Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Six Months Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>|
| **Increase (decrease) in Net Assets:** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | $58145368 | $128690471 | $1465354 | $2854149 |
| Net realized gain (loss) | (19986528)<br>| (28747866)<br>| 229728 | 179225 |
| Change in net unrealized appreciation (depreciation) | 73724764 | (20678015)<br>| 147877 | 340223 |
| Net increase in net assets resulting from operations  | 111883604 | 79264590 | 1842959 | 3373597 |
| Distributions to shareholders (See Note 2): |  |  |  |  |
| Class Y-3 | (20253967)<br>| (117610188)<br>| (1420649)<br>| (3159886)<br>|
| Class I | (37416)<br>| (338641)<br>|  |  |
| Total distributions | (20291383)<br>| (117948829)<br>| (1420649)<br>| (3159886)<br>|
| Net share transactions (See Note 7): |  |  |  |  |
| Class Y-3 | (180616861)<br>| 114810842 | 11466510 | 3255405 |
| Class I | (3140421)<br>| 403000 |  |  |
| Increase (decrease) in net assets resulting from net <br> shares transactions<br>| (183757282)<br>| 115213842 | 11466510 | 3255405 |
| Net increase (decrease) in net assets | (92165061)<br>| 76529603 | 11888820 | 3469116 |
| **Net assets:** |  |  |  |  |
| Beginning of period | 1857735710 | 1781206107 | 63573494 | 60104378 |
| End of period | $1765570649 | $1857735710 | $75462314 | $63573494 |

---

188See accompanying Notes to the Financial Statements.

------

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

**Financial Highlights**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31,** <br>**2025**<br>| **Year Ended** <br>**March 31,** <br>**2024**<br>| **Year Ended** <br>**March 31,** <br>**2023**<br>| **Year Ended** <br>**March 31,** <br>**2022**<br>| **Year Ended** <br>**March 31,** <br>**2021**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Period:**<br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | **$10.47** | **$11.90** | **$10.16** | **$11.80** | **$13.83** | **$7.71** |
| Net investment income<sup>†</sup> <br>| 0.05 | 0.11 | 0.10 | 0.11 | 0.09 | 0.07 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 1.21 | (0.34)<br>| 2.05 | (0.93)<br>| 0.49 | 6.38 |
| Total from investment operations | 1.26 | (0.23)<br>| 2.15 | (0.82)<br>| 0.58 | 6.45 |
| Less dividends and distributions: |  |  |  |  |  |  |
| From net investment income |  | (0.11)<br>| (0.11)<br>| (0.10)<br>| (0.09)<br>| (0.07)<br>|
| From net realized capital gains on investments |  | (1.09)<br>| (0.30)<br>| (0.72)<br>| (2.52)<br>| (0.26)<br>|
| Total dividends and distributions |  | (1.20)<br>| (0.41)<br>| (0.82)<br>| (2.61)<br>| (0.33)<br>|
| **Net asset value, end of period** | **$11.73** | **$10.47** | **$11.90** | **$10.16** | **$11.80** | **$13.83** |
| **Total investment return**<sup>(a)</sup> <br>| **12.03**<br> **%\***<br>| **(3.02)%**<br>| **21.61%**<br>| **(6.69)%**<br>| **3.45%**<br>| **84.20%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net investment income to average net assets | 0.99<br> %\*\*<br>| 0.90<br> %<br>| 0.92<br> %<br>| 1.05<br> %<br>| 0.66<br> %<br>| 0.68<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily net <br> assets<br>| 0.94<br> %\*\*<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.46<br> %\*\*<br>| 0.45<br> %<br>| 0.47<br> %<br>| 0.45<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>|
| Portfolio turnover rate | 24<br> %\*<br>| 46<br> %<br>| 44<br> %<br>| 42<br> %<br>| 36<br> %<br>| 59<br> %<br>|
| Net assets at end of period (in 000's) | $1611156 | $1627828 | $1781436 | $1658831 | $1774299 | $1867168 |

---

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

---

| | |
|:---|:---|
| (a) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (b) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

See accompanying Notes to the Financial Statements.

------

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

**Financial Highlights (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Period Ended** <br>**March 31, 2024**<br>|
| **For a Class I Share Outstanding Throughout Each Period:** |  |  |  |
| **Net asset value, beginning of period** | **$10.45** | **$11.89** | **$10.32** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.04 | 0.08 | 0.05 |
| Net realized and unrealized gain (loss) on investments | 1.21 | (0.34)<br>| 1.92 |
| Total from investment operations | 1.25 | (0.26)<br>| 1.97 |
| Less dividends and distributions: |  |  |  |
| From net investment income |  | (0.09)<br>| (0.10)<br>|
| From net realized capital gains on investments |  | (1.09)<br>| (0.30)<br>|
| Total dividends and distributions |  | (1.18)<br>| (0.40)<br>|
| **Net asset value, end of period** | **$11.70** | **$10.45** | **$11.89** |
| **Total investment return**<sup>(b)</sup> <br>| **11.96**<br> **%\***<br>| **(3.29)%**<br>| **19.50**<br> **%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net investment income to average net assets | 0.72<br> %\*\*<br>| 0.66<br> %<br>| 0.63<br> %\*\*<br>|
| Total expenses (before reductions and reimbursements/waivers) to average <br> daily net assets<br>| 1.18<br> %\*\*<br>| 1.17<br> %<br>| 1.19<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.70<br> %\*\*<br>| 0.70<br> %<br>| 0.72<br> %\*\*<br>|
| Portfolio turnover rate | 24<br> %\*<br>| 46<br> %<br>| 44<br> %<br>|
| Net assets at end of period (in 000's) | $9615 | $15890 | $12468 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on June 27, 2023. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (c) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

190See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31,** <br>**2025**<br>| **Year Ended** <br>**March 31,** <br>**2024**<br>| **Year Ended** <br>**March 31,** <br>**2023**<br>| **Year Ended** <br>**March 31,** <br>**2022**<br>| **Year Ended** <br>**March 31,** <br>**2021**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Period:**<br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | **$7.84** | **$7.50** | **$7.56** | **$8.57** | **$11.47** | **$7.19** |
| Net investment income<sup>†</sup> <br>| 0.15 | 0.17 | 0.17 | 0.23 | 0.19 | 0.14 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 1.43 | 0.29 | (0.05)<br>| (1.06)<br>| (1.82)<br>| 4.29 |
| Total from investment operations | 1.58 | 0.46 | 0.12 | (0.83)<br>| (1.63)<br>| 4.43 |
| Less dividends and distributions: |  |  |  |  |  |  |
| From net investment income |  | (0.12)<br>| (0.18)<br>| (0.18)<br>| (0.32)<br>| (0.15)<br>|
| From net realized capital gains on investments |  |  |  |  | (0.95)<br>|  |
| Total dividends and distributions |  | (0.12)<br>| (0.18)<br>| (0.18)<br>| (1.27)<br>| (0.15)<br>|
| **Net asset value, end of period** | **$9.42** | **$7.84** | **$7.50** | **$7.56** | **$8.57** | **$11.47** |
| **Total investment return**<sup>(a)</sup> <br>| **20.15**<br> **%\***<br>| **6.20%**<br>| **1.60%**<br>| **(9.51)%**<br>| **(15.35)%**<br>| **61.78%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net investment income to average net assets | 3.47<br> %\*\*<br>| 2.23<br> %<br>| 2.30<br> %<br>| 3.04<br> %<br>| 1.75<br> %<br>| 1.47<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily net <br> assets<br>| 0.89<br> %\*\*<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.36<br> %\*\*<br>| 0.40<br> %<br>| 0.47<br> %<br>| 0.49<br> %<br>| 0.47<br> %<br>| 0.48<br> %<br>|
| Portfolio turnover rate | 21<br> %\*<br>| 91<br> %<br>| 57<br> %<br>| 95<br> %<br>| 51<br> %<br>| 106<br> %<br>|
| Net assets at end of period (in 000's) | $1110190 | $993231 | $1288384 | $1581752 | $1636594 | $1518654 |

---

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

---

| | |
|:---|:---|
| (a) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (b) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Period Ended** <br>**March 31, 2024**<br>|
| **For a Class I Share Outstanding Throughout Each Period:** |  |  |  |
| **Net asset value, beginning of period** | **$7.83** | **$7.50** | **$7.59** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.15 | 0.15 | 0.08 |
| Net realized and unrealized gain (loss) on investments | 1.42 | 0.28 | — <br><sup>(b)</sup><br>|
| Total from investment operations | 1.57 | 0.43 | 0.08 |
| Less dividends and distributions: |  |  |  |
| From net investment income |  | (0.10)<br>| (0.17)<br>|
| Total dividends and distributions |  | (0.10)<br>| (0.17)<br>|
| **Net asset value, end of period** | **$9.40** | **$7.83** | **$7.50** |
| **Total investment return**<sup>(c)</sup> <br>| **20.05**<br> **%\***<br>| **5.79%**<br>| **1.10**<br> **%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net investment income to average net assets | 3.45<br> %\*\*<br>| 1.97<br> %<br>| 1.38<br> %\*\*<br>|
| Total expenses (before reductions and reimbursements/waivers) to average <br> daily net assets<br>| 1.14<br> %\*\*<br>| 1.14<br> %<br>| 1.13<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(d)</sup> <br>| 0.61<br> %\*\*<br>| 0.64<br> %<br>| 0.73<br> %\*\*<br>|
| Portfolio turnover rate | 21<br> %\*<br>| 91<br> %<br>| 57<br> %<br>|
| Net assets at end of period (in 000's) | $436 | $1201 | $1211 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on June 27, 2023. |
| (b) | Amount rounds to less than ($0.01) per share. |
| (c) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (d) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

192See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31,** <br>**2025**<br>| **Year Ended** <br>**March 31,** <br>**2024**<br>| **Year Ended** <br>**March 31,** <br>**2023**<br>| **Year Ended** <br>**March 31,** <br>**2022**<br>| **Year Ended** <br>**March 31,** <br>**2021**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Period:**<br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | **$11.08** | **$11.16** | **$9.78** | **$10.31** | **$12.36** | **$8.46** |
| Net investment income<sup>†</sup> <br>| 0.20 | 0.31 | 0.31 | 0.32 | 0.30 | 0.19 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.07 | 0.52 | 1.44 | (0.57)<br>| (0.30)<br>| 4.14 |
| Total from investment operations | 2.27 | 0.83 | 1.75 | (0.25)<br>|  | 4.33 |
| Less dividends and distributions: |  |  |  |  |  |  |
| From net investment income |  | (0.57)<br>| (0.37)<br>| (0.05)<br>| (0.35)<br>| (0.18)<br>|
| From net realized capital gains on investments |  | (0.34)<br>|  | (0.23)<br>| (1.70)<br>| (0.25)<br>|
| Total dividends and distributions |  | (0.91)<br>| (0.37)<br>| (0.28)<br>| (2.05)<br>| (0.43)<br>|
| **Net asset value, end of period** | **$13.35** | **$11.08** | **$11.16** | **$9.78** | **$10.31** | **$12.36** |
| **Total investment return**<sup>(a)</sup> <br>| **20.49**<br> **%\***<br>| **7.93%**<br>| **18.29%**<br>| **(2.17)%**<br>| **(1.07)%**<br>| **51.42%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net investment income to average net assets | 3.23<br> %\*\*<br>| 2.76<br> %<br>| 3.04<br> %<br>| 3.51<br> %<br>| 2.42<br> %<br>| 1.78<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily net <br> assets<br>| 0.76<br> %\*\*<br>| 0.75<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.38<br> %\*\*<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Portfolio turnover rate | 27<br> %\*<br>| 57<br> %<br>| 43<br> %<br>| 48<br> %<br>| 57<br> %<br>| 81<br> %<br>|
| Net assets at end of period (in 000's) | $3350359 | $3386551 | $3627146 | $3550299 | $3689849 | $3828810 |

---

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

---

| | |
|:---|:---|
| (a) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (b) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Year Ended** <br>**March 31, 2023**<br>| **Period Ended** <br>**March 31, 2022**<br>|
| **For a Class I Share Outstanding** <br> **Throughout Each Period:**<br>|  |  |  |  |  |
| **Net asset value, beginning of period** | **$11.05** | **$11.14** | **$9.76** | **$10.31** | **$12.99** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.17 | 0.27 | 0.28 | 0.23 | 0.17 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.07 | 0.53 | 1.45 | (0.51)<br>| (0.82)<br>|
| Total from investment operations | 2.24 | 0.80 | 1.73 | (0.28)<br>| (0.65)<br>|
| Less dividends and distributions: |  |  |  |  |  |
| From net investment income |  | (0.55)<br>| (0.35)<br>| (0.04)<br>| (0.33)<br>|
| From net realized capital gains on <br> investments<br>|  | (0.34)<br>|  | (0.23)<br>| (1.70)<br>|
| Total dividends and distributions |  | (0.89)<br>| (0.35)<br>| (0.27)<br>| (2.03)<br>|
| **Net asset value, end of period** | **$13.29** | **$11.05** | **$11.14** | **$9.76** | **$10.31** |
| **Total investment return**<sup>(b)</sup> <br>| **20.27**<br> **%\***<br>| **7.64%**<br>| **18.08%**<br>| **(2.47)%**<br>| **(5.97**<br> **)%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net investment income to average net <br> assets<br>| 2.81<br> %\*\*<br>| 2.41<br> %<br>| 2.73<br> %<br>| 2.54<br> %<br>| 2.00<br> %\*\*<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average <br> daily net assets<br>| 1.02<br> %\*\*<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>| 1.01<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.63<br> %\*\*<br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %\*\*<br>|
| Portfolio turnover rate | 27<br> %\*<br>| 57<br> %<br>| 43<br> %<br>| 48<br> %<br>| 57<br> %<br>|
| Net assets at end of period (in 000's) | $558764 | $334626 | $208667 | $141733 | $2971 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on July 22, 2021. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (c) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

194See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31,** <br>**2025**<br>| **Year Ended** <br>**March 31,** <br>**2024**<br>| **Year Ended** <br>**March 31,** <br>**2023**<br>| **Year Ended** <br>**March 31,** <br>**2022**<br>| **Year Ended** <br>**March 31,** <br>**2021**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Period:**<br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | **$8.98** | **$8.92** | **$9.00** | **$9.80** | **$10.46** | **$10.48** |
| Net investment income<sup>†</sup> <br>| 0.20 | 0.39 | 0.37 | 0.28 | 0.22 | 0.25 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.13 | 0.07 | (0.12)<br>| (0.79)<br>| (0.62)<br>| 0.20 |
| Total from investment operations | 0.33 | 0.46 | 0.25 | (0.51)<br>| (0.40)<br>| 0.45 |
| Less dividends and distributions: |  |  |  |  |  |  |
| From net investment income | (0.07)<br>| (0.40)<br>| (0.33)<br>| (0.29)<br>| (0.22)<br>| (0.25)<br>|
| From net realized capital gains on investments |  |  |  |  | (0.04)<br>| (0.22)<br>|
| Total dividends and distributions | (0.07)<br>| (0.40)<br>| (0.33)<br>| (0.29)<br>| (0.26)<br>| (0.47)<br>|
| **Net asset value, end of period** | **$9.24** | **$8.98** | **$8.92** | **$9.00** | **$9.80** | **$10.46** |
| **Total investment return**<sup>(a)</sup> <br>| **3.64**<br> **%\***<br>| **5.19%**<br>| **2.77%**<br>| **(5.20)%**<br>| **(4.01)%**<br>| **4.23%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net investment income to average net assets | 4.44<br> %\*\*<br>| 4.38<br> %<br>| 4.13<br> %<br>| 3.08<br> %<br>| 2.09<br> %<br>| 2.33<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily net <br> assets<br>| 0.39<br> %\*\*<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.40<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.16<br> %\*\*<br>| 0.14<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.16<br> %<br>| 0.15<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 61<br> %\*<br>| 123<br> %<br>| 128 %<sup>(d)</sup><br>| 203<br> %<br>| 131<br> %<br>| 127<br> %<br>|
| Net assets at end of period (in 000's) | $1431152 | $1922339 | $1807860 | $1242702 | $1371901 | $1255952 |

---

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

---

| | |
|:---|:---|
| (a) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (b) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| (c) | Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 54%, 107%, 95%, 125%, 96%, and <br> 100% for the period ended September 30, 2025 and years ended March 31, 2025, March 31, 2024, March 31, 2023, March 31, 2022 <br> and March 31, 2021, respectively.<br>|
| (d) | Portfolio turnover calculation does not include $192,237,977 of securities transferred into the Fund as part of in-kind contributions. |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Year Ended** <br>**March 31, 2023**<br>| **Period Ended** <br>**March 31, 2022**<br>|
| **For a Class I Share Outstanding** <br> **Throughout Each Period:**<br>|  |  |  |  |  |
| **Net asset value, beginning of period** | **$8.99** | **$8.92** | **$9.00** | **$9.79** | **$10.43** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.19 | 0.37 | 0.34 | 0.25 | 0.03 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.12 | 0.06 | (0.12)<br>| (0.78)<br>| (0.67)<br>|
| Total from investment operations | 0.31 | 0.43 | 0.22 | (0.53)<br>| (0.64)<br>|
| Less dividends and distributions: |  |  |  |  |  |
| From net investment income | (0.06)<br>| (0.36)<br>| (0.30)<br>| (0.26)<br>|  |
| Total dividends and distributions | (0.06)<br>| (0.36)<br>| (0.30)<br>| (0.26)<br>|  |
| **Net asset value, end of period** | **$9.24** | **$8.99** | **$8.92** | **$9.00** | **$9.79** |
| **Total investment return**<sup>(b)</sup> <br>| **3.48**<br> **%\***<br>| **4.93%**<br>| **2.50%**<br>| **(5.42)%**<br>| **(6.14**<br> **)%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net investment income to average net <br> assets<br>| 4.20<br> %\*\*<br>| 4.10<br> %<br>| 3.86<br> %<br>| 2.77<br> %<br>| 0.98<br> %\*\*<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average <br> daily net assets<br>| 0.65<br> %\*\*<br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.64<br> %<br>| 0.66<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.41<br> %\*\*<br>| 0.39<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.42<br> %\*\*<br>|
| Portfolio turnover rate<sup>(d)</sup> <br>| 61<br> %\*<br>| 123<br> %<br>| 128 %<sup>(e)</sup><br>| 203<br> %<br>| 131<br> %<br>|
| Net assets at end of period (in 000's) | $19168 | $23043 | $50264 | $49690 | $94756 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on December 27, 2021. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (c) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| (d) | Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 54%, 107%, 95%, 125% and 96% <br> for the period ended September 30, 2025 and years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022, <br> respectively.<br>|
| (e) | Portfolio turnover calculation does not include $192,237,977 of securities transferred into the Fund as part of in-kind contributions. |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

196See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31,** <br>**2025**<br>| **Year Ended** <br>**March 31,** <br>**2024**<br>| **Year Ended** <br>**March 31,** <br>**2023**<br>| **Year Ended** <br>**March 31,** <br>**2022**<br>| **Year Ended** <br>**March 31,** <br>**2021**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Period:**<br>|  |  |  |  |  |  |
| **Net asset value, beginning of period** | **$8.24** | **$8.43** | **$8.35** | **$8.93** | **$9.58** | **$8.45** |
| Net investment income<sup>†</sup> <br>| 0.27 | 0.60 | 0.60 | 0.50 | 0.42 | 0.46 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.25 | (0.23)<br>| 0.02 | (0.78)<br>| (0.74)<br>| 1.00 |
| Total from investment operations | 0.52 | 0.37 | 0.62 | (0.28)<br>| (0.32)<br>| 1.46 |
| Less dividends and distributions: |  |  |  |  |  |  |
| From net investment income | (0.10)<br>| (0.56)<br>| (0.54)<br>| (0.30)<br>| (0.30)<br>| (0.33)<br>|
| From net realized capital gains on investments |  |  |  |  | (0.03)<br>|  |
| Total dividends and distributions | (0.10)<br>| (0.56)<br>| (0.54)<br>| (0.30)<br>| (0.33)<br>| (0.33)<br>|
| **Net asset value, end of period** | **$8.66** | **$8.24** | **$8.43** | **$8.35** | **$8.93** | **$9.58** |
| **Total investment return**<sup>(a)</sup> <br>| **6.30**<br> **%\***<br>| **4.40%**<br>| **7.54%**<br>| **(2.96)%**<br>| **(3.44)%**<br>| **17.12%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net investment income to average net assets | 6.28<br> %\*\*<br>| 7.04<br> %<br>| 7.12<br> %<br>| 6.05<br> %<br>| 4.35<br> %<br>| 4.83<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily net <br> assets<br>| 0.85<br> %\*\*<br>| 0.84<br> %<br>| 0.86<br> %<br>| 0.88<br> %<br>| 0.90<br> %<br>| 0.87<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.42<br> %\*\*<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 166<br> %\*<br>| 77<br> %<br>| 63<br> %<br>| 66<br> %<br>| 77<br> %<br>| 117 %<sup>(d)</sup><br>|
| Net assets at end of period (in 000's) | $1763004 | $1852266 | $1776018 | $1332779 | $1106335 | $854159 |

---

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

---

| | |
|:---|:---|
| (a) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (b) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| (c) | Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 145% for the period ended <br> September 30, 2025.<br>|
| (d) | Portfolio turnover calculation does not include $400,305,493 of securities transferred out of the Fund as part of in-kind redemptions. |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Period Ended** <br>**March 31, 2024**<br>|
| **For a Class I Share Outstanding Throughout Each Period:** |  |  |  |
| **Net asset value, beginning of period** | **$8.23** | **$8.42** | **$8.49** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.25 | 0.57 | 0.44 |
| Net realized and unrealized gain (loss) on investments | 0.25 | (0.22)<br>| 0.02 |
| Total from investment operations | 0.50 | 0.35 | 0.46 |
| Less dividends and distributions: |  |  |  |
| From net investment income | (0.09)<br>| (0.54)<br>| (0.53)<br>|
| Total dividends and distributions | (0.09)<br>| (0.54)<br>| (0.53)<br>|
| **Net asset value, end of period** | **$8.64** | **$8.23** | **$8.42** |
| **Total investment return**<sup>(b)</sup> <br>| **6.14**<br> **%\***<br>| **4.14%**<br>| **5.53**<br> **%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net investment income to average net assets | 5.93<br> %\*\*<br>| 6.79<br> %<br>| 6.97<br> %\*\*<br>|
| Total expenses (before reductions and reimbursements/waivers) to average <br> daily net assets<br>| 1.09<br> %\*\*<br>| 1.09<br> %<br>| 1.11<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.68<br> %\*\*<br>| 0.68<br> %<br>| 0.69<br> %\*\*<br>|
| Portfolio turnover rate<sup>(d)</sup> <br>| 166<br> %\*<br>| 77<br> %<br>| 63<br> %<br>|
| Net assets at end of period (in 000's) | $2566 | $5470 | $5188 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on June 27, 2023. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (c) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| (d) | Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 145% for the period ended <br> September 30, 2025.<br>|
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

198See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**March 31,** <br>**2025**<br>| **Period Ended** <br>**March 31,** <br>**2024**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Period:**<br>|  |  |  |
| **Net asset value, beginning of period** | **$10.08** | **$10.04** | **$10.00** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.23 | 0.50 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.06 | 0.10 | 0.04 |
| Total from investment operations | 0.29 | 0.60 | 0.21 |
| Less dividends and distributions: |  |  |  |
| From net investment income | (0.23)<br>| (0.50)<br>| (0.17)<br>|
| From net realized capital gains on investments |  | (0.06)<br>|  |
| Total dividends and distributions | (0.23)<br>| (0.56)<br>| (0.17)<br>|
| **Net asset value, end of period** | **$10.14** | **$10.08** | **$10.04** |
| **Total investment return**<sup>(b)</sup> <br>| **2.86**<br> **%\***<br>| **6.09%**<br>| **2.15**<br> **%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net investment income to average net assets | 4.59<br> %\*\*<br>| 4.97<br> %<br>| 4.91<br> %\*\*<br>|
| Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 0.73<br> %\*\*<br>| 0.88<br> %<br>| 1.09<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.20<br> %\*\*<br>| 0.20<br> %<br>| 0.20<br> %\*\*<br>|
| Portfolio turnover rate | 92<br> %\*<br>| 167<br> %<br>| 118<br> %\*<br>|
| Net assets at end of period (in 000's) | $75462 | $63573 | $60104 |

---

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

---

| | |
|:---|:---|
| (a) | The Fund commenced operations on December 1, 2023. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the periods shown. |
| (c) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| † | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Notes to Financial Statements**

**September 30, 2025**

------

&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 September 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.

**2.** **Significant accounting policies** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Significant accounting policies - adopted**

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each of the Funds represent a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each of the Funds. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect any of the Funds'

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

financial position or the results of their operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) 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.

Fixed income securities are valued using 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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

securities, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board. Depending on market movements throughout the period ended September 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 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 assets and liabilities shown in the Statements of Assets and Liabilities related to investments purchased for "to-be-announced" or "TBA" commitments or when-issued securities approximate fair value and are determined using Level 2 inputs as of September 30, 2025. The assets and liabilities shown in the Statements of Assets and Liabilities related to cash collateral held at broker for futures contracts, options, forward foreign currency contracts and swap contracts are determined using Level 1 inputs as of September 30, 2025.

The following is a summary of the portfolio securities by level based on inputs used as of September 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 |  |  |  |  |
| Basic Materials | &nbsp;&nbsp; $36826371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36826371 |
| Communications | &nbsp;&nbsp; 54149215 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 54149215 |
| Consumer, Cyclical | &nbsp;&nbsp; 244737357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 244737357 |
| Consumer, Non-cyclical | &nbsp;&nbsp; 339098322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 339098322 |
| Energy | &nbsp;&nbsp; 58890330 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58890330 |
| Financial | &nbsp;&nbsp; 304312479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 304312479 |
| Government | &nbsp;&nbsp; 2703772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2703772 |
| Industrial | &nbsp;&nbsp; 342874407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 342874407 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
| Technology | &nbsp;&nbsp; $155665571 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $155665571 |
| Utilities | &nbsp;&nbsp; 38027407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38027407 |
| Total Common Stocks | &nbsp;&nbsp; 1577285231 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1577285231 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 7953600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7953600 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; 207749 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 207749 |
| Total | &nbsp;&nbsp; $1585446580 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1585446580 |

---

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

---

| | |
|:---|:---|
| \* | *Represents one or more Level 3 securities at $0 value as of September 30, 2025.* |
| <sup>†</sup> <br>| *Futures contracts are valued at unrealized appreciation (depreciation). Only current day's variation margin, if any, is reported* <br> *on the Statements of Assets and Liabilities.*<br>|

---

**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 |  |  |  |  |
| Brazil | &nbsp;&nbsp; $61048271 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61048271 |
| Canada | &nbsp;&nbsp; 4966435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4966435 |
| Chile | &nbsp;&nbsp; 6412308 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6412308 |
| China | &nbsp;&nbsp; 313638827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 313638827 |
| Colombia | &nbsp;&nbsp; 964452 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 964452 |
| Czech Republic | &nbsp;&nbsp; 1078050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1078050 |
| Greece | &nbsp;&nbsp; 9880663 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9880663 |
| Hong Kong | &nbsp;&nbsp; 5907155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5907155 |
| Hungary | &nbsp;&nbsp; 6735097 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6735097 |
| India | &nbsp;&nbsp; 150588008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 150588008 |
| Indonesia | &nbsp;&nbsp; 13423375 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13423375 |
| Italy | &nbsp;&nbsp; 2195507 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2195507 |
| Japan | &nbsp;&nbsp; 2304131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2304131 |
| Kazakhstan | &nbsp;&nbsp; 3002557 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3002557 |
| Kuwait | &nbsp;&nbsp; 5038531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5038531 |
| Luxembourg | &nbsp;&nbsp; 106430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 106430 |
| Macau | &nbsp;&nbsp; 4067328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4067328 |
| Malaysia | &nbsp;&nbsp; 10077280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10077280 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
| Mexico | &nbsp;&nbsp; $33566282 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0\* | &nbsp;&nbsp; $33566282 |
| Netherlands | &nbsp;&nbsp; 3690446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3690446 |
| Panama | &nbsp;&nbsp; 2219082 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2219082 |
| Peru | &nbsp;&nbsp; 8010426 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8010426 |
| Philippines | &nbsp;&nbsp; 2162155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2162155 |
| Poland | &nbsp;&nbsp; 7143348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7143348 |
| Portugal | &nbsp;&nbsp; 3496432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3496432 |
| Qatar | &nbsp;&nbsp; 4330582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4330582 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 0 |
| Saudi Arabia | &nbsp;&nbsp; 24064462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24064462 |
| Singapore | &nbsp;&nbsp; 3172636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3172636 |
| South Africa | &nbsp;&nbsp; 28856230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28856230 |
| South Korea | &nbsp;&nbsp; 105338984 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 105338984 |
| Taiwan | &nbsp;&nbsp; 179228041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 179228041 |
| Thailand | &nbsp;&nbsp; 14657633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14657633 |
| Turkey | &nbsp;&nbsp; 5817381 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5817381 |
| United Arab Emirates | &nbsp;&nbsp; 9520776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9520776 |
| United Kingdom | &nbsp;&nbsp; 3362506 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3362506 |
| United States | &nbsp;&nbsp; 4476416 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4476416 |
| Vietnam | &nbsp;&nbsp; 6270427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6270427 |
| Zambia | &nbsp;&nbsp; 4595075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4595075 |
| Total Common Stocks | &nbsp;&nbsp; 1055413725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1055413725 |
| Preferred Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp; 19846473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19846473 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 17105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17105 |
| South Korea | &nbsp;&nbsp; 3291445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3291445 |
| Total Preferred Stocks | &nbsp;&nbsp; 23137918 | &nbsp;&nbsp; 17105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23155023 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 5249372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5249372 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; 448849 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 448849 |
| Total | &nbsp;&nbsp; $1084249864 | &nbsp;&nbsp; $17105 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1084266969 |

---

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

---

| | |
|:---|:---|
| *\** | *Represents one or more Level 3 securities at $0 value as of September 30, 2025.* |
| <sup>†</sup> <br>| *Futures contracts are valued at unrealized appreciation (depreciation). Only current day's variation margin, if any, is reported* <br> *on the Statements of Assets and Liabilities.*<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

**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 |  |  |  |  |
| Australia | &nbsp;&nbsp; $108942909 | &nbsp;&nbsp; $69098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $109012007 |
| Austria | &nbsp;&nbsp; 20609107 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20609107 |
| Belgium | &nbsp;&nbsp; 6530048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6530048 |
| Brazil | &nbsp;&nbsp; 30963736 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30963736 |
| Burkina Faso | &nbsp;&nbsp; 455134 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 455134 |
| Cambodia | &nbsp;&nbsp; 763719 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 763719 |
| Canada | &nbsp;&nbsp; 286968971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 286968971 |
| Chile | &nbsp;&nbsp; 820185 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 820185 |
| China | &nbsp;&nbsp; 112575210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 112575210 |
| Colombia | &nbsp;&nbsp; 122706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122706 |
| Denmark | &nbsp;&nbsp; 34398669 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34398669 |
| Finland | &nbsp;&nbsp; 23352744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23352744 |
| France | &nbsp;&nbsp; 315340031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 315340031 |
| Georgia | &nbsp;&nbsp; 4924225 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4924225 |
| Germany | &nbsp;&nbsp; 248668320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 248668320 |
| Greece | &nbsp;&nbsp; 4558477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4558477 |
| Guatemala | &nbsp;&nbsp; 273717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 273717 |
| Guernsey | &nbsp;&nbsp; 1772298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1772298 |
| Hong Kong | &nbsp;&nbsp; 94412321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 94412321 |
| Hungary | &nbsp;&nbsp; 3897770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3897770 |
| India | &nbsp;&nbsp; 11449124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11449124 |
| Indonesia | &nbsp;&nbsp; 82250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82250 |
| Ireland | &nbsp;&nbsp; 43421622 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43421622 |
| Israel | &nbsp;&nbsp; 22679535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22679535 |
| Italy | &nbsp;&nbsp; 196664796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 196664796 |
| Ivory Coast | &nbsp;&nbsp; 1420115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1420115 |
| Japan | &nbsp;&nbsp; 744552072 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 744552072 |
| Luxembourg | &nbsp;&nbsp; 5792648 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5792648 |
| Macau | &nbsp;&nbsp; 13141727 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13141727 |
| Netherlands | &nbsp;&nbsp; 120810117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 120810117 |
| New Zealand | &nbsp;&nbsp; 2640162 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2640162 |
| Nigeria | &nbsp;&nbsp; 217592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 217592 |
| Norway | &nbsp;&nbsp; 25638640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25638640 |
| Portugal | &nbsp;&nbsp; 16622561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16622561 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 0 |
| Singapore | &nbsp;&nbsp; 31872602 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31872602 |
| South Africa | &nbsp;&nbsp; 4449332 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4449332 |
| South Korea | &nbsp;&nbsp; 22362650 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22362650 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
| Spain | &nbsp;&nbsp; $148784560 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $148784560 |
| Sweden | &nbsp;&nbsp; 64481370 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64481370 |
| Switzerland | &nbsp;&nbsp; 147604559 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 147604559 |
| Taiwan | &nbsp;&nbsp; 37690330 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37690330 |
| Turkey | &nbsp;&nbsp; 1945696 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1945696 |
| United Kingdom | &nbsp;&nbsp; 368788759 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 368788759 |
| United States | &nbsp;&nbsp; 312950016 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 312950016 |
| Zambia | &nbsp;&nbsp; 930395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 930395 |
| Total Common Stocks | &nbsp;&nbsp; 3647343527 | &nbsp;&nbsp; 69098 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 3647412625 |
| Investment Companies | &nbsp;&nbsp; 15883702 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15883702 |
| Preferred Stocks | &nbsp;&nbsp; 8013314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8013314 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 95077298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95077298 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; 1092185 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1092185 |
| Total | &nbsp;&nbsp; $3767410026 | &nbsp;&nbsp; $69098 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $3767479124 |

---

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

---

| | |
|:---|:---|
| *\** | *Represents one or more Level 3 securities at $0 value as of September 30, 2025.* |
| <sup>†</sup> <br>| *Futures contracts are valued at unrealized appreciation (depreciation). Only current day's variation margin, if any, is reported* <br> *on the Statements of Assets and Liabilities.*<br>|

---

**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; $1438461850 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1438461850 |
| 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; 17513785 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17513785 |
| Forward Foreign Currency Contracts<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 96818 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96818 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; 215421 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 215421 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
| Swaps |  |  |  |  |
| Centrally Cleared Interest Rate Swap<sup>†</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $234432 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $234432 |
| &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; 2519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2519 |
| Total Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 236951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 236951 |
| Total | &nbsp;&nbsp; $17729206 | &nbsp;&nbsp; $1438820105 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1456549311 |

---

**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; $(10559689)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10559689)<br>|
| Forward Foreign Currency Contracts<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (134066)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (134066)<br>|
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; (5595)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5595)<br>|
| Sales | &nbsp;&nbsp; (64749)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (64749)<br>|
| Total Futures Contracts | &nbsp;&nbsp; (70344)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (70344)<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; (351293)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (351293)<br>|
| Total | &nbsp;&nbsp; $(70344)<br>| &nbsp;&nbsp; $(11045048)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11115392)<br>|

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| *Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps, if any, are valued at unrealized* <br> *appreciation (depreciation). Only current day's variation margin, if any, is reported on the Statements of Assets and Liabilities.*<br>|

---

**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 |  |  |  |  |
| Asset Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $168600387 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $168600387 |
| Bank Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 318928116 | &nbsp;&nbsp; 1238861 | &nbsp;&nbsp; 320166977 |
| Convertible Debt | &nbsp;&nbsp; — | &nbsp;&nbsp; 18750654 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18750654 |
| Corporate Debt | &nbsp;&nbsp; — | &nbsp;&nbsp; 686292711 | &nbsp;&nbsp; — | &nbsp;&nbsp; 686292711 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities - Private <br> Issuers<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $93669791 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93669791 |
| &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; 131760312 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131760312 |
| Municipal Obligation | &nbsp;&nbsp; — | &nbsp;&nbsp; 850124 | &nbsp;&nbsp; — | &nbsp;&nbsp; 850124 |
| Sovereign Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 281713528 | &nbsp;&nbsp; — | &nbsp;&nbsp; 281713528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 88289698 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88289698 |
| Total Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1788855321 | &nbsp;&nbsp; 1238861 | &nbsp;&nbsp; 1790094182 |
| Common Stocks |  |  |  |  |
| Basic Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18666 | &nbsp;&nbsp; 18666 |
| Consumer, Cyclical | &nbsp;&nbsp; 9428 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9428 |
| Financial | &nbsp;&nbsp; 10169993 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10169993 |
| Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; 331260 | &nbsp;&nbsp; — | &nbsp;&nbsp; 331260 |
| Total Common Stocks | &nbsp;&nbsp; 10179421 | &nbsp;&nbsp; 331260 | &nbsp;&nbsp; 18666 | &nbsp;&nbsp; 10529347 |
| Investment Companies | &nbsp;&nbsp; 15626184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15626184 |
| Preferred Stocks | &nbsp;&nbsp; 3695630 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3695630 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 91389232 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91389232 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 599857 | &nbsp;&nbsp; — | &nbsp;&nbsp; 599857 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 38800000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3314895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3314895 |
| Sovereign Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 680054 | &nbsp;&nbsp; — | &nbsp;&nbsp; 680054 |
| Total Short-Term Investments | &nbsp;&nbsp; 91389232 | &nbsp;&nbsp; 43394806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 134784038 |
| Forward Foreign Currency Contracts<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1137524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1137524 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; 1235983 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1235983 |
| Sales | &nbsp;&nbsp; 52333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52333 |
| Total Futures Contracts | &nbsp;&nbsp; 1288316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1288316 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
| Swaps |  |  |  |  |
| OTC Interest Rate Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21433 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21433 |
| &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; 109662 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default <br> Swaps<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 333359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 333359 |
| OTC Total Return Swap | &nbsp;&nbsp; — | &nbsp;&nbsp; 133166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133166 |
| Total Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 597620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 597620 |
| Total | &nbsp;&nbsp; $122178783 | &nbsp;&nbsp; $1834316531 | &nbsp;&nbsp; $1257527 | &nbsp;&nbsp; $1957752841 |

---

**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; $(908070)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(908070)<br>|
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; (65858)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (65858)<br>|
| Sales | &nbsp;&nbsp; (351417)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (351417)<br>|
| Total Futures Contracts | &nbsp;&nbsp; (417275)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (417275)<br>|
| Reverse Repurchase Agreement | &nbsp;&nbsp; — | &nbsp;&nbsp; (313201)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (313201)<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; (429888)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (429888)<br>|
| OTC Credit Default Swap | &nbsp;&nbsp; — | &nbsp;&nbsp; (355742)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (355742)<br>|
| &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; (23593)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23593)<br>|
| Total Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (809223)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (809223)<br>|
| Total | &nbsp;&nbsp; $(417275)<br>| &nbsp;&nbsp; $(2030494)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2134568)<br>|

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| *Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps, if any, are valued at unrealized* <br> *appreciation (depreciation). Only current day's variation margin, if any, is reported on the Statements of Assets and Liabilities.*<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

**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; $74154809 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74154809 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 676925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 676925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency <br> Obligation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 63192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63192 |
| Total Short-Term Investments | &nbsp;&nbsp; 676925 | &nbsp;&nbsp; 63192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 740117 |
| Total | &nbsp;&nbsp; $676925 | &nbsp;&nbsp; $74218001 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74894926 |

---

**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>|  |  |  |  |
| Buys | &nbsp;&nbsp; $(629)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(629)<br>|
| Sales | &nbsp;&nbsp; (185)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (185)<br>|
| Total Futures Contracts | &nbsp;&nbsp; (814)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (814)<br>|
| Swaps |  |  |  |  |
| &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; (346)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (346)<br>|
| Total | &nbsp;&nbsp; $(814)<br>| &nbsp;&nbsp; $(346)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1160)<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Investments in derivative instruments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**

**Repurchase agreements**

Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for receipt of collateral, which may result in interest expense to the Fund. See the Opportunistic Fixed Schedules of Investments for a listing of open Repurchase Agreements as of September 30, 2025.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

&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;&nbsp;&nbsp;**2.**

**Foreign currency translation**

The books and records of each Fund are maintained in US dollars. Foreign currencies, investments and other assets and liabilities denominated in foreign currencies are translated into US dollars at the foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated at exchange rates prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign currency exchange rates have been included in the unrealized gains (losses) on foreign currency translations within each Fund's Statement of Operations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amount actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the purchase settlement date and subsequent sale trade date is included in realized gains and losses on investment transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**

**Forward foreign currency contracts**

The Funds may purchase or sell currencies and/or engage in forward foreign currency transactions in order to expedite settlement of portfolio transactions and to manage currency risk.

Forward foreign currency contracts are traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement and no commissions are charged at any stage for trades. The Funds will account for forward contracts by marking-to-market each day at current forward contract values. The change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time the contract was opened and the value at the time the contract was closed.

During the period ended September 30, 2025, Core Fixed and Opportunistic Fixed used forward foreign currency contracts for a variety of purposes, including hedging, risk management, efficient portfolio management, enhancing total returns, or as a substitute for taking a position in the underlying asset. See the Core Fixed and Opportunistic Fixed Schedules of Investments for a listing of open forward foreign currency contracts as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**

**Futures**

A futures contract is a contractual agreement to buy or sell a specific amount of a commodity or financial instrument at a predetermined price on a stipulated future date. A Fund may enter into contracts for the purchase or sale for future delivery of securities, indices and foreign currencies. Futures contracts may be opened to protect against the adverse effects of fluctuations in security prices, interest rates, or foreign exchange rates without actually buying or selling the securities or foreign currency. A Fund also may enter into futures contracts as a low cost method for gaining or reducing exposure to a particular currency or securities market without directly investing in those currencies or securities.

A purchase of a futures contract means the acquisition of a contractual right of a Fund to obtain delivery of the securities or foreign currency underlying the contract at a specified price on a specified future date. When a futures contract is sold, the Fund incurs a contractual obligation to deliver the securities or foreign currency underlying the contract at a specified price on a specified date.

When a Fund enters into a futures contract, it must deliver to the futures commission merchant selected by the Fund an amount referred to as "initial margin." This amount is maintained by the futures commission merchant in a segregated account at the futures commission merchant. Thereafter, a "variation margin" may be paid by the Fund to or drawn by the Fund from such account in accordance with controls set for such accounts, depending upon changes in the price of the underlying securities, or currencies, subject to the futures contracts, and the change in value is recorded by the Fund as a

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

variation margin payable or receivable on the Statements of Assets and Liabilities. The Fund recognizes gains and losses on futures contracts in addition to the variation margin, which gains and losses are considered realized at the time the contracts expire or close.

A Fund may enter into futures transactions on domestic exchanges and, to the extent such transactions have been approved by the Commodity Futures Trading Commission ("CFTC") for sale to customers in the United States, on foreign exchanges. In addition, a Fund may sell stock index futures in anticipation of, or during a market decline to attempt to offset the decrease in the market value of the Fund's common stocks that might otherwise result, and the Fund may purchase such contracts in order to offset increases in the cost of common stocks that it intends to purchase. Unlike other futures contracts, a stock index futures contract specifies that no delivery of the actual stocks making up the index will take place. Instead, settlement in cash must occur upon the termination of the contract.

In entering into futures contracts and options on futures contracts, there is a credit risk that a counterparty will not be able to meet its obligations to the Funds. The counterparty for futures contracts and options on futures contracts traded in the United States and on most foreign futures exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of its members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members (i.e., some foreign exchanges), it is normally backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will be able to meet its obligations to the Funds.

While certain futures contracts provide for the delivery of securities, deliveries usually do not occur. Contracts are generally terminated by entering into offsetting transactions.

Where the futures market is not as developed or where the regulations prevent or make it disadvantageous to trade futures, Emerging Markets will utilize synthetic futures as part of the country selection strategy implementation. A synthetic future generally is an uncleared agreement resembling a total return swap transaction in which a Fund will commit to receive positive or negative returns on one or more specified equity index futures contracts in exchange for an agreed upon payment by the Fund to the counterparty. If the underlying asset declines in value over the term of the total return swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. These are marked to market daily and the change in value is recorded as unrealized gain or loss in the Statements of Operations.

During the period ended September 30, 2025, Small/Mid Cap, Non-US Core Equity and Emerging Markets used futures to equitize cash. Core Fixed, Opportunistic Fixed and Short Duration Fixed used futures to adjust interest rate exposure and replicate government bond positions. Emerging Markets also used futures to create passive index exposure to certain emerging market country indices in the Fund. See each Fund's Schedule of Investments for a listing of open futures contracts as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**

**Options**

The Funds may purchase and sell (write) put and call options on debt securities, currencies and indices to enhance investment performance, manage duration, or protect against changes in market prices. The Funds may also buy and sell combinations of put and call options on the same underlying security, currency or index. Short (sold) options positions will generally be hedged by the Funds with cash, cash equivalents, current portfolio security holdings, or other options or futures positions.

The Funds may enter into swap options ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. Each Fund may sell (write) and purchase put and call

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

swaptions. Depending on the terms of the particular option agreement, a Fund generally will incur a greater degree of risk when the Fund writes a swaption than the Fund will incur when it purchases a swaption. When a Fund purchases a swaption, the Fund's risk of loss is limited to the amount of the premium it has paid should it decide to let the swaption expire unexercised. However, when a Fund writes a swaption, upon exercise of the option, the Fund will become obligated according to the terms of the underlying agreement.

When a Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund's Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. The Fund receives a premium on the sale of a call option but gives up the opportunity to profit from any increase in stock value above the exercise price of the option, and when the Fund writes a put option, it is exposed to a decline in the price of the underlying security.

Whether an option which a Fund has written expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the underlying security, and the cost basis of the lots sold are decreased by the premium originally received. When a put option which a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Fund purchases upon exercise of the option. Realized gains (losses) on purchased options are included in net realized gain (loss) from investments.

A Fund's use of written options involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. The face or contract amounts of these instruments reflect the extent of the Fund's exposure to market risk. The risks may be caused by an imperfect correlation between movements in the price of the instrument and the price of the underlying securities, currencies and interest rates.

During the period ended September 30, 2025, Core Fixed and Opportunistic Fixed used options for tail risk hedging (i.e., hedging strategies designed to protect against large unexpected market movements) and to manage currency, interest rate, duration and volatility exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**

**Swaps**

Swap contracts are derivatives in the form of a contract or similar instrument, which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. A Fund may engage in swaps, including but not limited to, interest rate, currency, credit default, index, and total return swaps, and the purchase or sale of related caps, floors, collars, and other derivative instruments. A Fund expects to enter into these transactions to preserve a return or spread on a particular investment or portion of the portfolio, to modify the portfolio's duration, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

A Fund may pay or receive an upfront payment upon entering into a swap agreement. Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statements of Operations.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal. Up-front payments received or made are reflected as "up-front net premiums received" or "up-front net premiums paid", respectively, on the Statements of Assets and Liabilities. Currency swaps involve the exchange of cash flows on a notional amount based on changes in the values of referenced currencies.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

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

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

In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Fund is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

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

The equity swaps in which a Fund may invest involve agreements with a counterparty. The return to the Fund on any equity swap contract will be the total return on the notional amount of the contract as if it were invested in the stocks comprising the contract index in exchange for an interest component based on the notional amount of the agreement. The Fund will only enter into an equity swap contract on a net basis, i.e., the two parties' obligations are netted out, with the Fund paying or receiving, as the case may be, only the net amount of the payments. Payments under an equity swap contract may be made at the conclusion of the contract or periodically during its term.

Whether a Fund's use of swaps or swap options will be successful in achieving the Fund's investment objective will depend on the Sub-adviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap contract in the event of the default or bankruptcy of a swap counterparty. The Funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness.

If there is a default by the counterparty to an uncleared swap, a Fund will be limited to contractual

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

remedies pursuant to the agreements related to the transaction. There is no assurance that a swap counterparty will be able to meet its obligations pursuant to a swap or that, in the event of a default, a Fund will succeed in pursuing contractual remedies. A Fund thus assumes the risk that it may be delayed in, or prevented from, obtaining payments owed to it pursuant to a swap. However, the amount at risk is, subject to some exceptions, generally only the net unrealized gain, if any, on the swap not the entire notional amount. The Sub-adviser that enters into the swap will closely monitor, subject to the oversight of the Derivatives Risk Manager for the Funds, the creditworthiness of swap counterparties in order to minimize the counterparty risk of swaps.

Because swaps are two party contracts that may be subject to contractual restrictions on transferability and termination, and they may have terms of greater than seven (7) days, swap agreements may be considered to be illiquid and subject to a Fund's limitation on investments in illiquid securities. However, the Trust has adopted procedures pursuant to which the Adviser may determine that swaps (including swap options) are liquid under certain circumstances. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Certain standardized swaps, including certain U.S. dollar and non-U.S. dollar denominated interest rate and credit default index swaps, are subject to mandatory clearing, which interposes a central clearing house as the counterparty to each participant's swap, and exchange-trading. Additional swap asset classes are expected to be subject to mandatory clearing and exchange-trading in the future. The counterparty risk for cleared derivatives is generally considered to be lower than for uncleared derivatives, but cleared contracts are not risk-free. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds' ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Central clearing and exchange trading is required by the CFTC for many instruments traded in the swaps market. In addition, uncleared swaps that are subject to regulatory collateral requirements could adversely affect a Fund's ability to enter into swaps in the OTC market. The establishment of a centralized exchange or market for cleared swap transactions may not result in swaps being easier to value or trade. However, swap dealers, major swap participants, and swap counterparties may experience other new and/or additional regulations, requirements, compliance burdens, and associated costs. U.S. and non-U.S. legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, have resulted in, and may in the future result in, new regulation of derivative instruments and a Fund's use of such instruments, and further may exert a negative effect on a Fund's ability to meet its investment objective, either through limits or requirements imposed on the Fund or its counterparties. Specifically, position limits imposed on a Fund or its counterparties may affect that Fund's ability to invest in futures, options, and swaps in a manner consistent with the Fund's investment objective and strategies.

In a cleared swap transaction, the Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Cash margin is recorded on the Statements of Assets and Liabilities as cash collateral held at broker on open swap contracts. Swap agreements are marked to market daily. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin payable or receivable for the change in value as appropriate on the Statements of Assets and Liabilities. Only certain derivative transactions are currently eligible for clearing by clearinghouses.

A Fund will accrue for interim payments on swap contracts on a daily basis, with the net amount recorded as interest payable or receivable on the Statements of Assets and Liabilities. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swap contracts, in addition to realized gain/loss recorded upon the termination of swap contracts on the Statements of Operations. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts (swap contracts, at value on the Statements of Assets and Liabilities).

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

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

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

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Like most other investments, swaps are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. A Fund bears the risk that Sub-adviser will not accurately forecast future market trends or the values of assets, reference rates, indices, or other economic factors in establishing swap positions for the Fund. If a Sub-adviser attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund's investments. If the Sub-adviser is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if this investment technique were not used.

During the period ended September 30, 2025, Core Fixed, Opportunistic Fixed and Short Duration Fixed used swaps to adjust interest rate and yield curve exposure or to manage interest fluctuation and credit exposure. See Core Fixed and Opportunistic Fixed Schedules of Investments for a listing of open swaps as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**

**Reverse repurchase agreements**

The Funds may enter into reverse repurchase agreements with banks and brokers to enhance return. Under a reverse repurchase agreement a Fund sells portfolio assets subject to an agreement by that Fund to repurchase the same assets at an agreed upon price and date. A Fund can use the proceeds received from entering into a reverse repurchase agreement to make additional investments, which generally causes the Fund's portfolio to behave as if it were leveraged. If the buyer in a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund may be unable to recover the securities it sold and as a result may realize a loss on the transaction if the securities it sold are worth more than the purchase price it originally received from the buyer. During the reverse repurchase agreement period, each Fund continues to receive principal and interest payments on these securities. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Funds to counterparties are reflected as reverse repurchase agreements on the Statements of Assets and Liabilities, if any.

As of September 30, 2025, Opportunistic Fixed Income Fund had investments in reverse repurchase agreements with Barclays with a market value of $313,201. As of September 30, 2025, the reverse repurchase agreement held by Opportunistic Fixed Income Fund had an open maturity date.

Reverse repurchase agreements outstanding at the end of the period, if any, are listed in each applicable Fund's Schedule of Investments.

The following is a summary of the gross value of reverse repurchase agreements categorized by class of collateral pledged and maturity date:

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight** <br> **and** <br>**Continuous**<br>| **Up to** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **On Demand** | **Total** |
| **Opportunistic Fixed** |  |  |  |  |  |  |
| **Reverse Repurchase Agreement** | **Reverse Repurchase Agreement** |  |  |  |  |  |
| Sovereign Debt Obligations | $— | $— | $— | $— | $313201 | $313201 |
|  | $— | $— | $— | $— | $313201 | $313201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**

**Derivatives risk exposures** 

At September 30, 2025 and during the period then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest <br>Rate Risk<br>| Foreign <br>Currency Risk<br>| Credit <br>Risk<br>| Equity Risk | Total |
| **Small/Mid Cap** | **Small/Mid Cap** | **Small/Mid Cap** | **Small/Mid Cap** |  |  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| $— | $— | $— | $207749 | $207749 |
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Futures Contracts |  |  |  | 5991989 | 5991989 |
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Futures Contracts |  |  |  | (195981)<br>| (195981)<br>|
| **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** |  |  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>|  |  |  | 448849 | 448849 |
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Futures Contracts |  |  |  | 9318625 | 9318625 |
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Futures Contracts |  |  |  | 746335 | 746335 |
| **Non-US Core Equity** | **Non-US Core Equity** | **Non-US Core Equity** | **Non-US Core Equity** |  |  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>|  |  |  | 1092185 | 1092185 |
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Futures Contracts |  |  |  | 13530922 | 13530922 |
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Futures Contracts |  |  |  | 1397074 | 1397074 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> Rate Risk<br>| Foreign<br> Currency Risk<br>| Credit<br> Risk<br>| Equity Risk | Total |
| **Core Fixed** | **Core Fixed** | **Core Fixed** | **Core Fixed** |  |  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| $215421 | $— | $— | $— | $215421 |
| Forward Foreign Currency Contracts<sup>(4)</sup> <br>|  | 96818 |  |  | 96818 |
| Centrally Cleared Swap Contracts<sup>(5)</sup> <br>| 234432 |  | 2519 |  | 236951 |
| Total Value | $449853 | $96818 | $2519 | $— | $549190 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| (70344)<br>|  |  |  | (70344)<br>|
| Forward Foreign Currency Contracts<sup>(6)</sup> <br>|  | (134066)<br>|  |  | (134066)<br>|
| Centrally Cleared Swap Contracts<sup>(7)</sup> <br>| (351293)<br>|  |  |  | (351293)<br>|
| Total Value | $(421637)<br>| $(134066)<br>| $— | $— | $(555703)<br>|
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Options Written | 32550 |  |  |  | 32550 |
| Swaps Contracts | 6125 |  | (105561)<br>|  | (99436)<br>|
| Futures Contracts | (107319)<br>|  |  |  | (107319)<br>|
| Forward Foreign Currency Contracts |  | (2773793)<br>|  |  | (2773793)<br>|
| Total Realized Gain (Loss) | $(68644)<br>| $(2773793)<br>| $(105561)<br>| $— | $(2947998)<br>|
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Options Written | 419 |  |  |  | 419 |
| Swaps Contracts | (15134)<br>|  | (61946)<br>|  | (77080)<br>|
| Futures Contracts | (495212)<br>|  |  |  | (495212)<br>|
| Forward Foreign Currency Contracts |  | 739957 |  |  | 739957 |
| Total Change in Appreciation (Depreciation) | $(509927)<br>| $739957 | $(61946)<br>| $— | $168084 |
| **Opportunistic Fixed** | **Opportunistic Fixed** | **Opportunistic Fixed** | **Opportunistic Fixed** |  |  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| 1288316 |  |  |  | 1288316 |
| Forward Foreign Currency Contracts<sup>(4)</sup> <br>|  | 1137524 |  |  | 1137524 |
| OTC Swaps Contracts | 21433 |  |  | 3533166 | 3554599 |
| Centrally Cleared Swap Contracts<sup>(5)</sup> <br>| 109662 |  | 333359 |  | 443021 |
| Total Value | $1419411 | $1137524 | $333359 | $3533166 | $6423460 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| (417275)<br>|  |  |  | (417275)<br>|
| Forward Foreign Currency Contracts<sup>(6)</sup> <br>|  | (908070)<br>|  |  | (908070)<br>|
| OTC Swaps Contracts |  |  | (355742)<br>|  | (355742)<br>|
| Centrally Cleared Swap Contracts<sup>(5)</sup> <br>| (429888)<br>|  | (23593)<br>|  | (453481)<br>|
| Total Value | $(847163)<br>| $(908070)<br>| $(379335)<br>| $— | $(2134568)<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> Rate Risk<br>| Foreign<br> Currency Risk<br>| Credit<br> Risk<br>| Equity Risk | Total |
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Options Purchased | $(5089)<br>| $— | $— | $— | $(5089)<br>|
| Options Written | 171665 |  |  |  | 171665 |
| Swaps Contracts | (399135)<br>|  | 6862090 | 227867 | 6690822 |
| Futures Contracts | (3476362)<br>|  |  |  | (3476362)<br>|
| Forward Foreign Currency Contracts |  | (6904751)<br>|  |  | (6904751)<br>|
| Total Realized Gain (Loss) | $(3708921)<br>| $(6904751)<br>| $6862090 | $227867 | $(3523715)<br>|
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Swaps Contracts | 1013192 |  | 2384594 | 190114 | 3587900 |
| Futures Contracts | 986390 |  |  |  | 986390 |
| Forward Foreign Currency Contracts |  | 1003717 |  |  | 1003717 |
| Total Change in Appreciation (Depreciation) | $1999582 | $1003717 | $2384594 | $190114 | $5578007 |
| **Short Duration Fixed** | **Short Duration Fixed** | **Short Duration Fixed** | **Short Duration Fixed** |  |  |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| (814)<br>|  |  |  | (814)<br>|
| Centrally Cleared Swap Contracts<sup>(5)</sup> <br>|  |  | (346)<br>|  | (346)<br>|
| Total Value | $(814)<br>| $— | $(346)<br>| $— | $(1160)<br>|
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Swaps Contracts |  |  | 2455 |  | 2455 |
| Futures Contracts | 29669 |  |  |  | 29669 |
| Total Realized Gain (Loss) | $29669 | $— | $2455 | $— | $32124 |
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Swaps Contracts |  |  | (346)<br>|  | (346)<br>|
| Futures Contracts | (26615)<br>|  |  |  | (26615)<br>|
| Total Change in Appreciation (Depreciation) | $(26615)<br>| $— | $(346)<br>| $— | $(26961)<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Cumulative appreciation (depreciation) on open futures contracts is disclosed within the Schedule of Investments under the* *"Futures Contracts" section. Only current day's variation margin receivable or payable, if any, is reported on the Statements* *of Assets and Liabilities.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Statements of Operations location: Amounts are included in Net realized gain (loss) on Forward foreign currency contracts,* *Closed futures contracts, Purchased option contracts, Written option contracts and Swap contracts, if any.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Forward* *foreign currency contracts, Open futures contracts, Purchased option contracts, Written option contracts and Swap contracts,* *if any.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Statements of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Centrally Cleared Swaps are valued at unrealized appreciation (depreciation) on the Schedule of Investments. Only current* *day's variation margin receivable or payable, if any, is reported on the Statements of Assets and Liabilities.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) *Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) *Centrally Cleared Swaps are valued at unrealized appreciation (depreciation) on the Schedule of Investments. Only current* *day's variation margin receivable or payable, if any, is reported on the Statement of Assets and Liabilities.* 

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period ended September 30, 2025, the number of contracts, notional amounts, or shares/units for each <br> derivative type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period ended September 30, 2025, the number of contracts, notional amounts, or shares/units for each <br> derivative type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period ended September 30, 2025, the number of contracts, notional amounts, or shares/units for each <br> derivative type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period ended September 30, 2025, the number of contracts, notional amounts, or shares/units for each <br> derivative type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period ended September 30, 2025, the number of contracts, notional amounts, or shares/units for each <br> derivative type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period ended September 30, 2025, the number of contracts, notional amounts, or shares/units for each <br> derivative type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period ended September 30, 2025, the number of contracts, notional amounts, or shares/units for each <br> derivative type was as follows:<sup>(1)</sup>  |
|  | Options <br>Purchased<br>| Swaps <br>Contracts<br>| Buy <br>Futures <br>Contracts<br>| Sell <br>Futures <br>Contracts<br>| Options <br>Written<br>| Forward <br>Foreign <br>Currency <br>Contracts<br>|
| Small/Mid Cap | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26778623 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Emerging Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46034253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-US Core Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 115159053 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Core Fixed | &nbsp;&nbsp; — | &nbsp;&nbsp; 82587666 | &nbsp;&nbsp; 75517326 | &nbsp;&nbsp; (8142603)<br>| &nbsp;&nbsp; (255000)<br>| &nbsp;&nbsp; 81569696 |
| Opportunistic Fixed | &nbsp;&nbsp; — | &nbsp;&nbsp; 291813106 | &nbsp;&nbsp; 180856920 | &nbsp;&nbsp; (91980723)<br>| &nbsp;&nbsp; (12370000)<br>| &nbsp;&nbsp; 516554458 |
| Short Duration Fixed | &nbsp;&nbsp; — | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 8915918 | &nbsp;&nbsp; (2023023)<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;(1) *Amounts disclosed represent the average number of contracts or notional amounts outstanding for the months that the Funds* *held such derivatives during the period ended September 30, 2025 .* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**

**Netting agreements and collateral requirements**

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

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

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash collateral held at broker or cash collateral due to broker, respectively. Non-cash collateral pledged by or received by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required, which is determined each day at the close of business of the Fund, typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

such agreement and any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the Fund and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to the Fund from their counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

The following tables present the Funds' derivative assets and liabilities by counterparty, net of amounts available for offset under a Master Netting Agreement ("MNA") and net of related collateral received by the Funds for assets or pledged by the Funds for liabilities as of September 30, 2025.

**Core Fixed**

**Offsetting of financial assets and derivative assets:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative <br>Assets Subject <br>to MNA<br>| Derivative <br>Assets/(Liabilities) <br>available for <br>offset<br>| Non-cash <br>Collateral <br>Received<br>| Cash <br>Collateral <br>Received\*<br>| Net Amount <br>of Derivative <br>Assets<sup>(a)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $96818 | &nbsp;&nbsp; $(96538)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $280 |

---

**Offsetting of financial liabilities and derivative liabilities:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative <br>Liabilities <br> Subject <br>to MNA<br>| Derivative <br>Assets/(Liabilities) <br>available for <br> offset<br>| Non-cash <br>Collateral <br>Pledged<br>| Cash <br>Collateral <br>Pledged\*<br>| Net Amount <br>of Derivative <br>Liabilities<sup>(b)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $(96538)<br>| &nbsp;&nbsp; $96538 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (37528)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (37528)<br>|
| Total | &nbsp;&nbsp; $(134066)<br>| &nbsp;&nbsp; $96538 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37528)<br>|

---

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

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

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

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

**Opportunistic Fixed**

**Offsetting of financial assets and derivative assets:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative <br>Assets Subject <br>to MNA<br>| Derivative <br>Assets/(Liabilities) <br>available for <br>offset<br>| Non-cash <br>Collateral <br>Received<br>| Cash <br>Collateral <br>Received\*<br>| Net Amount <br>of Derivative <br>Assets<sup>(a)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia and New Zealand <br> Banking Group<br>| &nbsp;&nbsp; $1902 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1902 |
| Bank of America, N.A. | &nbsp;&nbsp; 48644 | &nbsp;&nbsp; (48644)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Barclays Bank PLC | &nbsp;&nbsp; 64743 | &nbsp;&nbsp; (64743)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas S.A. | &nbsp;&nbsp; 115423 | &nbsp;&nbsp; (1218)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 114205 |
| Citibank N.A. | &nbsp;&nbsp; 111440 | &nbsp;&nbsp; (111440)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 54468 | &nbsp;&nbsp; (47820)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6648 |
| Goldman Sachs & Co. | &nbsp;&nbsp; 38819 | &nbsp;&nbsp; (12766)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26053 |
| Goldman Sachs International | &nbsp;&nbsp; 90056 | &nbsp;&nbsp; (68987)<br>| &nbsp;&nbsp; (21069)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 50475 | &nbsp;&nbsp; (50475)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 326890 | &nbsp;&nbsp; (51756)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 275134 |
| Merrill Lynch International | &nbsp;&nbsp; 10515 | &nbsp;&nbsp; (10515)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 40942 | &nbsp;&nbsp; (16177)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24765 |
| Natwest Markets PLC | &nbsp;&nbsp; 1682 | &nbsp;&nbsp; (1682)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 292148 | &nbsp;&nbsp; (285184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6964 |
| State Street Bank and Trust | &nbsp;&nbsp; 14912 | &nbsp;&nbsp; (4766)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10146 |
| UBS AG | &nbsp;&nbsp; 986 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 986 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 13351 | &nbsp;&nbsp; (13351)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Westpac Banking Corp. | &nbsp;&nbsp; 14727 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14727 |
| Total | &nbsp;&nbsp; $1292123 | &nbsp;&nbsp; $(789524)<br>| &nbsp;&nbsp; $(21069)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $481530 |

---

**Offsetting of financial liabilities and derivative liabilities:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative <br>Liabilities <br> Subject <br>to MNA<br>| Derivative <br>Assets/(Liabilities) <br>available for <br> offset<br>| Non-cash <br>Collateral <br>Pledged<br>| Cash <br>Collateral <br>Pledged\*<br>| Net Amount <br>of Derivative <br>Liabilities<sup>(b)</sup> <br>|
| Bank of America, N.A. | &nbsp;&nbsp; $(112885)<br>| &nbsp;&nbsp; $48644 | &nbsp;&nbsp; $61000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3241)<br>|
| Barclays Bank PLC | &nbsp;&nbsp; (419307)<br>| &nbsp;&nbsp; 64743 | &nbsp;&nbsp; 354000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (564)<br>|
| BNP Paribas S.A. | &nbsp;&nbsp; (1218)<br>| &nbsp;&nbsp; 1218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; (153124)<br>| &nbsp;&nbsp; 111440 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (41684)<br>|
| Credit Agricole CIB | &nbsp;&nbsp; (522)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (522)<br>|
| Deutsche Bank AG | &nbsp;&nbsp; (47820)<br>| &nbsp;&nbsp; 47820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; (12766)<br>| &nbsp;&nbsp; 12766 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; (68987)<br>| &nbsp;&nbsp; 68987 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; (54100)<br>| &nbsp;&nbsp; 50475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3625)<br>|
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (51756)<br>| &nbsp;&nbsp; 51756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; (14085)<br>| &nbsp;&nbsp; 10515 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3570)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; (16177)<br>| &nbsp;&nbsp; 16177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br> Liabilities <br> Subject<br> to MNA<br>| Derivative<br> Assets/(Liabilities)<br> available for <br> offset<br>| Non-cash<br> Collateral<br> Pledged<br>| Cash<br> Collateral<br> Pledged\*<br>| Net Amount<br> of Derivative<br> Liabilities<sup>(b)</sup><br>|
| Natwest Markets PLC | &nbsp;&nbsp; $(6356)<br>| &nbsp;&nbsp; $1682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4674)<br>|
| Standard Chartered Bank | &nbsp;&nbsp; (285184)<br>| &nbsp;&nbsp; 285184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust | &nbsp;&nbsp; (4766)<br>| &nbsp;&nbsp; 4766 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; (14759)<br>| &nbsp;&nbsp; 13351 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1408)<br>|
| Total | &nbsp;&nbsp; $(1263812)<br>| &nbsp;&nbsp; $789524 | &nbsp;&nbsp; $415000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59288)<br>|

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Investments in other securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**

**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 September 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; $94792 | &nbsp;&nbsp; $93950 | &nbsp;&nbsp; $(842)<br>|
| June Purchaser LLC | &nbsp;&nbsp; 214286 | &nbsp;&nbsp; 215303 | &nbsp;&nbsp; 215123 | &nbsp;&nbsp; (180)<br>|
| Pinnacle Buyer LLC | &nbsp;&nbsp; 181452 | &nbsp;&nbsp; 181452 | &nbsp;&nbsp; 181868 | &nbsp;&nbsp; 416 |
| Secretariat Advisors LLC | &nbsp;&nbsp; 146666 | &nbsp;&nbsp; 146294 | &nbsp;&nbsp; 146850 | &nbsp;&nbsp; 556 |
| USALCO LLC | &nbsp;&nbsp; 140216 | &nbsp;&nbsp; 140216 | &nbsp;&nbsp; 140129 | &nbsp;&nbsp; (87)<br>|
| Van Pool Transportation LLC | &nbsp;&nbsp; 26313 | &nbsp;&nbsp; 26120 | &nbsp;&nbsp; 26461 | &nbsp;&nbsp; 341 |
|  | &nbsp;&nbsp; $803725 | &nbsp;&nbsp; $804177 | &nbsp;&nbsp; $804381 | &nbsp;&nbsp; $204 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**

**Indexed securities**

The Funds may invest in indexed securities where the redemption values and/or coupons are linked to the prices of other securities, securities indices, or other financial indicators. The Funds use indexed securities to increase or decrease their exposure to different underlying instruments and to gain exposure to markets in which it may be difficult to invest through conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

&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;&nbsp;&nbsp;**3.**

**Mortgage-related and other asset-backed securities**

The Funds may invest in mortgage-backed and asset-backed securities. Mortgage-backed securities represent an interest in a pool of mortgages. Asset-backed securities are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. The value of some mortgage or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of stripped mortgage-backed security has one class receiving all of the interest from the mortgage assets (the interest-only, or "IO" class), while the other class will receive all of the principal (the principal-only, or "PO" class). Payments received for the IOs are included in interest income on the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the cost basis of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. See the Schedule of Investments for mortgage-backed and asset-backed securities held by Core Fixed, Opportunistic Fixed and Short Duration Fixed as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**

**Real estate investment trusts**

The Funds may invest in real estate investment trusts ("REITs"), which pool investors' funds for investment, primarily in income producing real estate or real estate related loans or interests. A REIT is not taxed on income distributed to its shareholders or unitholders if it complies with regulatory requirements relating to its organization, ownership, assets and income, and with a regulatory requirement to distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year.

A shareholder in a Fund, by investing in REITs through the Fund, will bear not only the shareholder's proportionate share of the expenses of the Fund, but also, indirectly, the management expenses of the underlying REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income, or the REIT's failure to maintain exemption from registration under the 1940 Act. Dividends representing a return of capital are reflected as a reduction of cost and/or as a realized gain when the amount of the return of capital is conclusively determined. See each Fund's Schedule of Investments for REIT securities held as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**

**When-issued securities/TBA securities**

Purchasing securities on a "when-issued" basis is a commitment by a Fund to buy a security before the security is actually issued. A Fund may purchase securities offered on a "when-issued" or "forward delivery" basis such as TBA securities. When so offered, the price, which is generally expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment for the when-issued or forward delivery securities take place at a later date. During the period between purchase and settlement, no payment is made by the purchaser to the issuer and no interest on the when-issued or forward delivery security accrues to the purchaser. While when-issued or forward delivery securities may be sold prior to the settlement date, it is intended that a Fund will purchase such securities with the purpose of actually acquiring the securities unless a sale appears desirable for investment reasons. At the time a Fund makes the commitment to purchase a security on a when-issued

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

or forward delivery basis, the Fund will record the transaction and reflect the value of the security in determining the Fund's NAV. The market value of when-issued or forward delivery securities may be more or less than the purchase price. Certain risks may arise upon entering into when-issued or forward delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer's failure to issue the securities due to political, economic, or other factors. Additionally, losses may arise due to declines in the value of the securities prior to settlement date.

A Fund may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Fund's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Security Valuation". See the Schedules of Investments for TBA and when-issued securities held as of September 30, 2025.

To mitigate counterparty risk, certain Funds have entered into Master Securities Forward Transaction Agreements (or MSFTAs) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions (including TBA securities) with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At September 30, 2025, there was no collateral pledged or received for open when-issued or delayed-delivery transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Securities transactions and related investment income**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Cash, cash equivalents and short-term investments**

A Fund may invest a portion of its assets in cash and cash equivalents. Cash and cash equivalents are defined as cash and bank balances as well as short-term investments with a maturity of less than three months from the acquisition date. The cost of cash and cash equivalents approximates fair value.

A Fund may invest a portion of its assets in short-term debt securities (including repurchase agreements and reverse repurchase agreements) of corporations, the U.S. government and its agencies and instrumentalities and banks and finance companies, which may be denominated in any currency.

A Fund may invest a portion of its assets in shares issued by money market mutual funds. A Fund also may invest in collective investment vehicles that are managed by an unaffiliated investment manager, pending investment of the Fund's assets in portfolio securities. When unusual market conditions

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

warrant, a Fund may make substantial temporary defensive investments in cash equivalents, up to a maximum of 100% of the Fund's net assets. Cash equivalent holdings may be in any currency. When a Fund invests for temporary defensive purposes, such investments may affect the Fund's ability to achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Securities lending**

A Fund may lend its portfolio securities to qualified broker/dealers and financial institutions pursuant to agreements, provided: (1) the loan is secured continuously by collateral marked to market daily and maintained in an amount at least equal to the current fair value of the securities loaned; (2) the Fund may call the loan at any time and receive the securities loaned; (3) the Fund will receive any interest or dividends paid on the loaned securities; and (4) the aggregate fair value of securities loaned will not at any time exceed 33 1/3% of the total assets of the Fund. Collateral will consist of U.S. and non-U.S. securities, cash equivalents or irrevocable letters of credit. As of period end September 30, 2025, securities on loan were collateralized by Cash and/or U.S. Government Obligations. A liability for cash collateral is reflected in the Statements of Assets and Liabilities, and is categorized as Level 2 within the fair value hierarchy. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of a borrower of a Fund's portfolio securities. A Fund may not retain voting rights on securities while they are on loan.

Certain Funds may from time to time participate in a securities lending program under which the Funds' custodian, State Street Bank and Trust Company (the "Custodian"), acting as securities lending agent, is authorized to lend the Funds' portfolio securities to qualified broker/dealers and financial institutions that post appropriate collateral. The Custodian has agreed to indemnify the Funds in case of default of any security borrower.

Securities on loan are fully collateralized and the collateral was equal to or exceeded the securities on loan at September 30, 2025. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. Cash collateral is invested in State Street Navigator Securities Lending Government Money Market Portfolio. The Custodian receives a portion of the interest earned on any reinvested collateral. The market value of securities on loan to borrowers and the value of collateral held by the Funds with respect to such loans at September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Market Value of <br>Loaned Securities<br>| Value of <br>Cash Collateral<br>| Value of <br>Non-Cash Collateral<br>|
| Small/Mid Cap | &nbsp;&nbsp; $77920408<br>| &nbsp;&nbsp; $7953600<br>| &nbsp;&nbsp; $71513808 |
| Emerging Markets | &nbsp;&nbsp; 34392237<br>| &nbsp;&nbsp; 5249372<br>| &nbsp;&nbsp; 30295745 |
| Non-US Core Equity | &nbsp;&nbsp; 172745754<br>| &nbsp;&nbsp; 95077298<br>| &nbsp;&nbsp; 85867819 |
| Core Fixed | &nbsp;&nbsp; 25263394<br>| &nbsp;&nbsp; 17513785<br>| &nbsp;&nbsp; 8299967 |
| Opportunistic Fixed | &nbsp;&nbsp; 91920022<br>| &nbsp;&nbsp; 91389232<br>| &nbsp;&nbsp; 3092185 |
| Short Duration Fixed | &nbsp;&nbsp; 663596<br>| &nbsp;&nbsp; 676925<br>| &nbsp;&nbsp; — |

---

For Small/Mid Cap, Emerging Markets and Non-US Core Equity, all of the securities on loan collateralized by cash are classified as Common Stocks in each Fund's Schedule of Investments at September 30, 2025, with a contractual maturity of overnight and continuous. For Core Fixed and Short Duration Fixed, all of the securities on loan collateralized by cash are classified as Corporate Debt in each Fund's Schedule of Investments at September 30, 2025, with a contractual maturity of overnight and continuous.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

For Opportunistic Fixed, the values of the security loan obligations are classified as follows at September 30, 2025:

**Opportunistic Fixed** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of September 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of September 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| **˂ 30 days** | **Between** <br>**30 & 90 days**<br>| **˃ 90 days** | **Total** |
| **Securities Lending Transactions** |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $54289 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54289 |
| Convertible Debt | &nbsp;&nbsp; 5205482 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5205482 |
| Corporate Debt | &nbsp;&nbsp; 80343309 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80343309 |
| Sovereign Debt Obligations | &nbsp;&nbsp; 5578499 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5578499 |
| Investment Companies | &nbsp;&nbsp; 200998 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200998 |
| Preferred Stocks | &nbsp;&nbsp; 6653 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6653 |
| **Total Borrowings** | &nbsp;&nbsp; **$91389232** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$91389232** |
| Gross amount of recognized liabilities for securities lending transaction | Gross amount of recognized liabilities for securities lending transaction | Gross amount of recognized liabilities for securities lending transaction | Gross amount of recognized liabilities for securities lending transaction | Gross amount of recognized liabilities for securities lending transaction | &nbsp;&nbsp; 91389232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Taxes and distributions**

The Funds intend to qualify each year as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Funds intend to distribute substantially all of their net investment income and net realized short-term and long-term gains, if any, after giving effect to any available capital loss carryovers for U.S. federal income tax purposes. Therefore, no provision for U.S. federal and state income or excise tax is necessary.

As of September 30, 2025, the cost for U.S. federal income tax purposes and gross unrealized appreciation and depreciation in value of investments and derivatives were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal <br>Income Tax <br>Cost<br>| Tax Basis <br>Unrealized <br>Appreciation<br>| Tax Basis <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Small/Mid Cap | &nbsp;&nbsp; $1338556014 | &nbsp;&nbsp; $335738426 | &nbsp;&nbsp; $(89055609)<br>| &nbsp;&nbsp; $246682817 |
| Emerging Markets | &nbsp;&nbsp; 1009886400 | &nbsp;&nbsp; 197004760 | &nbsp;&nbsp; (123073040)<br>| &nbsp;&nbsp; 73931720 |
| Non-US Core Equity | &nbsp;&nbsp; 2948417037 | &nbsp;&nbsp; 935657581 | &nbsp;&nbsp; (117687679)<br>| &nbsp;&nbsp; 817969902 |
| Core Fixed | &nbsp;&nbsp; 1461192033 | &nbsp;&nbsp; 21539570 | &nbsp;&nbsp; (37291171)<br>| &nbsp;&nbsp; (15751601)<br>|
| Opportunistic Fixed | &nbsp;&nbsp; 1916988993 | &nbsp;&nbsp; 49610078 | &nbsp;&nbsp; (11869690)<br>| &nbsp;&nbsp; 37740388 |
| Short Duration Fixed | &nbsp;&nbsp; 74189262 | &nbsp;&nbsp; 730927 | &nbsp;&nbsp; (25263)<br>| &nbsp;&nbsp; 705664 |

---

The temporary differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily due to wash sale loss deferrals, investments in passive foreign investment companies, futures contracts mark to market and other basis adjustments. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or the results of operations. These differences primarily relate to swap income, gains and losses from passive foreign investment companies and other basis adjustments during the period ended September 30, 2025.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

The Funds' policy is to declare and pay distributions from net investment income and net realized short-term and long-term gains at least annually. All distributions are paid in shares of the Funds, at NAV, unless the shareholder elects to receive cash distributions. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise taxes on the Funds. The amount of any distribution will vary, and there is no guarantee that a Fund will pay either income dividends or capital gains distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Allocation of expenses and income**

The majority of expenses of the Trust are directly identifiable to an individual Fund. Expenses which are not readily identifiable to a specific Fund are allocated among the applicable Funds, taking into consideration, among other things, the nature and type of expense and the relative size of each applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j) Redemption fees**

While none of the Funds' share classes have initial or contingent deferred sales charges on purchases of Fund shares, redemptions of Fund shares held less than thirty (30) days may be assessed a 2% short-term trading fee and recorded as paid-in capital.

**3.** **Credit agreement**

The Trust has entered into a Credit Agreement on behalf of the Funds (the "Credit Agreement") with State Street Bank and Trust Company in order to establish a committed, unsecured revolving line of credit. The current term of the line of credit under the Credit Agreement is through January 16, 2026. Borrowings for each Fund under the Credit Agreement are limited to the lesser of $50,000,000 or 33 1/3% of a Fund's Adjusted Net Assets provided borrowings did not exceed, in the aggregate, $50,000,000. Under the terms of the Credit Agreement, the Trust pays an annual commitment fee at the rate 0.25% per year on the difference between the total line of credit and the average daily amount of borrowings outstanding. Interest is charged to the Funds based on its borrowings at a variable rate per annum equal to the Applicable Rate plus the Applicable Margin, which rate shall be subject to change from time to time as and when the Applicable Rate changes (as such terms are defined in the Credit Agreement). The Funds did not borrow under the Credit Agreement during the period ended September 30, 2025.

**4.** **Indemnities**

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

**5.** **Fees and other transactions with affiliates**

As of September 30, 2025, the Adviser provides investment advisory services to each Fund pursuant to an investment management agreement. Pursuant to the investment management agreement, each Fund pays the Adviser a fee for managing the Fund's investments at an annual rate of:

---

| | | | |
|:---|:---|:---|:---|
|  | Investment Advisory Fee\* on Net Assets  | Investment Advisory Fee\* on Net Assets  | Investment Advisory Fee\* on Net Assets  |
|  | Average net assets <br>up to <br>$750 million<br>| Average net assets <br>in excess of <br>$750 million up to <br>$1 billion<br>| Average net assets <br>in excess of <br>$1 billion<br>|
| Small/Mid Cap | 0.90<br> %<br>| 0.88<br> %<br>| 0.83<br> %<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | |
|:---|:---|:---|:---|
|  | Investment Advisory Fee\* on Net Assets  | Investment Advisory Fee\* on Net Assets  | Investment Advisory Fee\* on Net Assets  |
|  | Average net assets<br> up to<br> $750 million<br>| Average net assets<br> in excess of<br> $750 million up to<br> $1 billion<br>| Average net assets<br> in excess of<br> $1 billion<br>|
| Emerging Markets | 0.80<br> %<br>| 0.78<br> %<br>| 0.73<br> %<br>|
| Non-US Core Equity | 0.75<br> %<br>| 0.73<br> %<br>| 0.68<br> %<br>|
| Core Fixed | 0.35<br> %<br>| 0.33<br> %<br>| 0.28<br> %<br>|
| Opportunistic Fixed | 0.80<br> %<br>| 0.78<br> %<br>| 0.73<br> %<br>|
| Short Duration Fixed | 0.30<br> %<br>| 0.28<br> %<br>| 0.23<br> %<br>|

---

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

\* *Consists of the total advisory fee payable by the Funds to the Adviser. The Adviser is responsible for paying the subadvisory fees.*<br>

The Adviser has contractually agreed, until at least July 31, 2026, to waive any portion of its management fee that exceeds the aggregate amount of the sub-advisory fees that the Adviser is required to pay to a Fund's Sub-adviser. This contractual fee waiver agreement may only be changed or eliminated with the approval of the Fund's Board. The fees waived by the Adviser pursuant to this expense waiver agreement are not subject to reimbursement by the Fund to the Adviser. The fees waived are shown in the Advisory fee waiver line in the Statements of Operations.

With respect to Short Duration Fixed, the Adviser has also contractually agreed, until at least July 31, 2026, to waive fees and/or reimburse Fund expenses to the extent that annual fund operating expenses, net of the management fee waiver described in the note above, exceed 0.70% for Adviser Class shares, 0.45% for Class I shares, 0.35% for Class Y-2 shares and 0.20% for Class Y-3 shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, 12b-1 fees, non-12b-1 shareholder administrative services fees, brokerage expenses, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business. This contractual fee waiver and reimbursement agreement cannot be eliminated prior to July 31, 2026 without the approval of the Fund's Board. The fees waived by the Adviser pursuant to this agreement are not subject to reimbursement by the Fund to the Adviser. The fees waived and/or reimbursed are shown in the Expense reimbursement line in the Statements of Operations.

The Adviser provides certain internal administrative services to the Adviser Class, Class I and Class Y-2 shares of the Funds, for which the Adviser receives a fee of 0.15%, 0.15% and 0.15% of the average daily net assets of the Adviser Class, Class I and Class Y-2 shares of the Funds, respectively. These internal administrative services include attending to shareholder correspondence, assisting with the processing of purchases and redemptions of shares, preparing and disseminating information and documents for use by beneficial shareholders and monitoring, and overseeing non-advisory relationships with entities providing services to the Adviser Class, Class I and Class Y-2 shares, including the transfer agent. As of September 30, 2025, all Funds had Class I shares outstanding, except for Short Duration Fixed. As of September 30, 2025, there were no Adviser Class or Class Y-2 shares of any of the Funds outstanding and, as such, the Adviser did not receive any administrative services fees from those classes of those Funds for the period ended September 30, 2025.

The Funds have adopted a plan of marketing and service, or "12b-1 plan," to finance the provision of certain shareholder services to the owners of Adviser Class shares of the Funds. The plan provides for payments at annual rates (based on average net assets) of up to 0.25% of each Fund's Adviser Class shares. There were no Advisor Class shares of any of the Funds outstanding as of September 30, 2025, and as a result, no 12b-1 fees were paid by any of the Funds for the period ended September 30, 2025.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

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

**6.** **Purchases and sales of securities**

Cost of purchases and proceeds from sales of securities, excluding short-term investments and in-kind transactions, if any, for the period ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long-Term <br>U.S. Government <br>Securities<br>| Other <br>Long-Term <br>Securities<br>|
| *Purchases*  |  |  |
| Small/Mid Cap | &nbsp;&nbsp; $— | &nbsp;&nbsp; $372056596 |
| Emerging Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; 210784522 |
| Non-US Core Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; 959537753 |
| Core Fixed | &nbsp;&nbsp; 772,063,185<br> \*<br>| &nbsp;&nbsp; 172361749 |
| Opportunistic Fixed | &nbsp;&nbsp; 1,062,105,203<br> \*\*<br>| &nbsp;&nbsp; 1934620055 |
| Short Duration Fixed | &nbsp;&nbsp; 43285210 | &nbsp;&nbsp; 26162092 |

---

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

---

| | | |
|:---|:---|:---|
|  | Long-Term <br>U.S. Government <br>Securities<br>| Other <br>Long-Term <br>Securities<br>|
| *Sales*  |  |  |
| Small/Mid Cap | &nbsp;&nbsp; $— | &nbsp;&nbsp; $538904508 |
| Emerging Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; 233752509 |
| Non-US Core Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; 1517695851 |
| Core Fixed | &nbsp;&nbsp; 989,331,819<br> \*<br>| &nbsp;&nbsp; 467967482 |
| Opportunistic Fixed | &nbsp;&nbsp; 1,020,835,238<br> \*\*<br>| &nbsp;&nbsp; 1894231099 |
| Short Duration Fixed | &nbsp;&nbsp; 42440564 | &nbsp;&nbsp; 16481658 |

---

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

\* *Includes purchases of $98,329,609 and sales of $105,363,789 for TBA securities.*

\*\* *Includes purchases of $537,467,431 and sales of $407,063,480 for TBA securities.*

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

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

**7.** **Share transactions**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small/Mid Cap |  |  |  |  |
|  | Six Months Ended <br>September 30, 2025 | Six Months Ended <br>September 30, 2025 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 10713286 | &nbsp;&nbsp; $113659036 | &nbsp;&nbsp; 24254537 | &nbsp;&nbsp; $278212262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13614483 | &nbsp;&nbsp; 160106322 |
| Shares repurchased | &nbsp;&nbsp; (28885527)<br>| &nbsp;&nbsp; (305142762)<br>| &nbsp;&nbsp; (32101408)<br>| &nbsp;&nbsp; (373632692)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (18172241)<br>| &nbsp;&nbsp; $(191483726)<br>| &nbsp;&nbsp; 5767612 | &nbsp;&nbsp; $64685892 |
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 27956 | &nbsp;&nbsp; 301492 | &nbsp;&nbsp; 595937 | &nbsp;&nbsp; 6940335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47223 | &nbsp;&nbsp; 554868 |
| Shares repurchased | &nbsp;&nbsp; (726361)<br>| &nbsp;&nbsp; (8138345)<br>| &nbsp;&nbsp; (171711)<br>| &nbsp;&nbsp; (1992808)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (698405)<br>| &nbsp;&nbsp; $(7836853)<br>| &nbsp;&nbsp; 471449 | &nbsp;&nbsp; $5502395 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Emerging Markets |  |  |  |  |
|  | Six Months Ended <br>September 30, 2025 | Six Months Ended <br>September 30, 2025 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6123212 | &nbsp;&nbsp; $48459313 | &nbsp;&nbsp; 9894856 | &nbsp;&nbsp; $76181388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2036759 | &nbsp;&nbsp; 15825614 |
| Shares repurchased | &nbsp;&nbsp; (14965185)<br>| &nbsp;&nbsp; (130899281)<br>| &nbsp;&nbsp; (56921271)<br>| &nbsp;&nbsp; (439520189)<br>|
| Net decrease | &nbsp;&nbsp; (8841973)<br>| &nbsp;&nbsp; $(82439968)<br>| &nbsp;&nbsp; (44989656)<br>| &nbsp;&nbsp; $(347513187)<br>|
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1863 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 72712 | &nbsp;&nbsp; 554614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —\*\* | &nbsp;&nbsp; 1 |
| Shares repurchased | &nbsp;&nbsp; (108896)<br>| &nbsp;&nbsp; (965810)<br>| &nbsp;&nbsp; (80824)<br>| &nbsp;&nbsp; (624770)<br>|
| Net decrease | &nbsp;&nbsp; (107033)<br>| &nbsp;&nbsp; $(950810)<br>| &nbsp;&nbsp; (8112)<br>| &nbsp;&nbsp; $(70155)<br>|

---

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Non-US Core Equity |  |  |  |  |
|  | Six Months Ended <br>September 30, 2025 | Six Months Ended <br>September 30, 2025 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 23481805 | &nbsp;&nbsp; $288058761 | &nbsp;&nbsp; 55007346 | &nbsp;&nbsp; $607990810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26098308 | &nbsp;&nbsp; 272205349 |
| Shares repurchased | &nbsp;&nbsp; (78121865)<br>| &nbsp;&nbsp; (958677795)<br>| &nbsp;&nbsp; (100367508)<br>| &nbsp;&nbsp; (1124307787)<br>|
| Net decrease | &nbsp;&nbsp; (54640060)<br>| &nbsp;&nbsp; $(670619034)<br>| &nbsp;&nbsp; (19261854)<br>| &nbsp;&nbsp; $(244111628)<br>|
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 13593123 | &nbsp;&nbsp; 169624894 | &nbsp;&nbsp; 13237017 | &nbsp;&nbsp; 147082613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1930574 | &nbsp;&nbsp; 20097274 |
| Shares repurchased | &nbsp;&nbsp; (1844724)<br>| &nbsp;&nbsp; (22420789)<br>| &nbsp;&nbsp; (3612861)<br>| &nbsp;&nbsp; (38462820)<br>|
| Net increase | &nbsp;&nbsp; 11748399 | &nbsp;&nbsp; $147204105 | &nbsp;&nbsp; 11554730 | &nbsp;&nbsp; $128717067 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed |  |  |  |  |
|  | Six Months Ended <br>September 30, 2025 | Six Months Ended <br>September 30, 2025 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 29042920 | &nbsp;&nbsp; $262849633 | &nbsp;&nbsp; 91031661 | &nbsp;&nbsp; $814323702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 1093525 | &nbsp;&nbsp; 10065800 | &nbsp;&nbsp; 9680009 | &nbsp;&nbsp; 85668080 |
| Shares repurchased | &nbsp;&nbsp; (89273699)<br>| &nbsp;&nbsp; (803080595)<br>| &nbsp;&nbsp; (89429933)<br>| &nbsp;&nbsp; (813195755)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (59137254)<br>| &nbsp;&nbsp; $(530165162)<br>| &nbsp;&nbsp; 11281737 | &nbsp;&nbsp; $86796027 |
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 205207 | &nbsp;&nbsp; 1833624 | &nbsp;&nbsp; 194749 | &nbsp;&nbsp; 1753051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 6939 | &nbsp;&nbsp; 63863 | &nbsp;&nbsp; 85294 | &nbsp;&nbsp; 755702 |
| Shares repurchased | &nbsp;&nbsp; (700946)<br>| &nbsp;&nbsp; (6348845)<br>| &nbsp;&nbsp; (3354258)<br>| &nbsp;&nbsp; (30411398)<br>|
| Net decrease | &nbsp;&nbsp; (488800)<br>| &nbsp;&nbsp; $(4451358)<br>| &nbsp;&nbsp; (3074215)<br>| &nbsp;&nbsp; $(27902645)<br>|

---

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Opportunistic Fixed |  |  |  |  |
|  | Six Months Ended <br>September 30, 2025 | Six Months Ended <br>September 30, 2025 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 19916111 | &nbsp;&nbsp; $166150409 | &nbsp;&nbsp; 54680306 | &nbsp;&nbsp; $464386034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 2338627 | &nbsp;&nbsp; 20217049 | &nbsp;&nbsp; 14342374 | &nbsp;&nbsp; 117464048 |
| Shares repurchased | &nbsp;&nbsp; (43371188)<br>| &nbsp;&nbsp; (366984319)<br>| &nbsp;&nbsp; (54857782)<br>| &nbsp;&nbsp; (467039240)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (21116450)<br>| &nbsp;&nbsp; $(180616861)<br>| &nbsp;&nbsp; 14164898 | &nbsp;&nbsp; $114810842 |
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9063 | &nbsp;&nbsp; 74692 | &nbsp;&nbsp; 168371 | &nbsp;&nbsp; 1404573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; —\*\* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 |
| Shares repurchased | &nbsp;&nbsp; (376541)<br>| &nbsp;&nbsp; (3215116)<br>| &nbsp;&nbsp; (119754)<br>| &nbsp;&nbsp; (1001580)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (367478)<br>| &nbsp;&nbsp; $(3140421)<br>| &nbsp;&nbsp; 48618 | &nbsp;&nbsp; $403000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Short Duration Fixed |  |  |  |  |
|  | Six Months Ended <br>September 30, 2025 | Six Months Ended <br>September 30, 2025 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2076410 | &nbsp;&nbsp; $20974773 | &nbsp;&nbsp; 1757434 | &nbsp;&nbsp; $17668218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 140470 | &nbsp;&nbsp; 1420649 | &nbsp;&nbsp; 313483 | &nbsp;&nbsp; 3159886 |
| Shares repurchased | &nbsp;&nbsp; (1085022)<br>| &nbsp;&nbsp; (10928912)<br>| &nbsp;&nbsp; (1748532)<br>| &nbsp;&nbsp; (17572699)<br>|
| Net increase | &nbsp;&nbsp; 1131858 | &nbsp;&nbsp; $11466510 | &nbsp;&nbsp; 322385 | &nbsp;&nbsp; $3255405 |

---

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

\*\* *Rounds to less than one share.*

**8.** **Certain risks**

In the normal course of business, the Funds invest in securities or other instruments and may enter into transactions, and such activities subject each Fund to various risks, including fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations (credit risk). Investments in foreign securities involve certain risks, including foreign currency fluctuations and those related to political or economic instability.

Additional risks associated with certain of the Funds' investments are described above within the respective security type notes. A more complete description of risks is included in the Funds' prospectus and statement of additional information.

*Global Economies Risk:* Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Funds invest in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Funds' investments may go down.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**September 30, 2025**

------

In recent years, economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes or other factors, political developments, armed conflicts, economic sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors have resulted in extreme volatility in the global economy and in global financial markets. These events could be prolonged and could continue to adversely affect the value and liquidity of the Funds' investments, impair the Funds' ability to satisfy redemption requests, and negatively impact the Funds' performance.

**9.** **Subsequent events**

Management has evaluated the impact of subsequent events through November 17, 2025, the date the financial statements were issued, for possible adjustment to and/or additional disclosure in the Funds' financial statements. Management has determined that there are no material events that would require adjustment to and/or additional disclosure in the Funds' financial statements through this date.

------

**Mercer Funds**

**Additional Information (Unaudited)**

------

**Item 8**. Changes in and Disagreements with Accountants for Open-End Management Investment Companies: No changes or disagreements with Accountants.

**Item 9**. Proxy Disclosures for Open-End Management Investment Companies: No Proxy Votes during the reporting period.

**Item 10.** Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies: Refer to Statement of Operations filed under Item 7(a) of this form.

**Item 11**. Statement Regarding Basis for Approval of Investment Advisory Contract.

**Board Approval of the Investment Management Agreement for the Funds and Subadvisory Agreements for the Funds during the period April 1, 2025 through September 30, 2025**

**June 23-24, 2025 Board Meeting**

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

**Mercer Non-US Core Equity Fund**

**Mercer Emerging Markets Equity Fund**

**Mercer Core Fixed Income Fund**

**Mercer Opportunistic Fixed Income Fund**

**Renewal of the Investment Management Agreement for the Funds**

At a meeting of the Board of Trustees (the "Board" or the "Trustees") of the Mercer Funds (the "Trust") held on June 23-24, 2025 (the "Meeting"), the Trustees, including those Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust or Mercer Investments LLC, the Trust's investment adviser (the "Adviser" and such Trustees collectively, the "Independent Trustees"), considered and approved the renewal of the investment management agreement between the Adviser and the Trust (the "Investment Management Agreement") with respect to each series of the Trust (each a "Fund," and collectively, the "Funds"), consisting of: Mercer US Small/Mid Cap Equity Fund (the "Small/Mid Cap Fund"), Mercer Non-US Core Equity Fund (the "Non-US Core Equity Fund"), Mercer Emerging Markets Equity Fund (the "Emerging Markets Fund"), Mercer Short Duration Fixed Income Fund (the "Short Duration Fund"), Mercer Core Fixed Income Fund (the "Core Fixed Income Fund"), and Mercer Opportunistic Fixed Income Fund (the "Opportunistic Fixed Income Fund").

In considering the renewal of the Investment Management Agreement, the Independent Trustees reviewed the information and materials furnished by the Adviser that were prepared for this Meeting, including:

(i) the Investment Management Agreement with respect to the Adviser's management of the assets of each Fund;

(ii) information comparing each Fund's performance (Class Y-3 shares) over various time periods to the performance of a peer group and peer universe of registered investment companies ("funds") as selected by Broadridge, an independent, nationally recognized provider of investment company data, to be comparable to the Fund based on each Fund's classification/objective and as contained in a report prepared by Broadridge (the "Broadridge Report" and such peer funds, the "performance group" and "performance universe," respectively);

(iii) information describing the nature, extent, and quality of the services that the Adviser provided to the Funds; the fees that the Adviser charged to the Funds for these services; and a comparison of those fees to the fees paid by a peer group of funds as selected by Broadridge to be comparable to the Funds (i.e., with similar operating structures) and as contained in the Broadridge Report (the "expense group");

------

**Mercer Funds**

**Additional Information (Unaudited) (Continued)**

------

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

(iv) the Funds' management fee waiver agreement (the "Fee Waiver Agreement"), which applies on a Fund-by-Fund basis and requires the Adviser to waive any portion of the management fee it is entitled to under the Investment Management Agreement with respect to each Fund that exceeds the aggregate amount of the subadvisory fees that the Adviser is required to pay to a Fund's subadvisers (the "Subadvisers") for the management of their allocated portions of the subject Fund;

(v) the supplemental expense limitation agreement for the Short Duration Fund (together with the Fee Waiver Agreement, the "Fee Waiver Arrangements");

(vi) information regarding the Adviser's business and operations and associated personnel, including portfolio management and leadership teams; financial position; and compliance program;

(vii) information comparing each Fund's operating expenses to those of the expense group; and

(viii) information regarding the benefits that the Adviser derived (or may derive in the future) as a result of its relationship with the Funds.

The Independent Trustees also considered presentations made by, and discussions held with, representatives of the Adviser, both at the Meeting and throughout the course of the year at regularly scheduled and special Board meetings. The Independent Trustees also evaluated the Adviser's answers and responses to the questions and information requests contained in an information request letter (the "15(c) Information Request Letter") that was submitted to the Adviser on behalf of the Independent Trustees for use in connection with the contract renewal process, as well as certain responses to follow-up items that had been requested on behalf of the Independent Trustees by their independent legal counsel.

During their review of this information, the Independent Trustees considered the factors that they deemed relevant with respect to the Adviser, including: the nature, extent, and quality of the services that were provided to the Funds by the Adviser; the Adviser's investment management personnel and operations; the performance of the Funds; the Funds' expense levels, including the effect of the Fee Waiver Agreement on Fund expenses; the fact that the Adviser was not realizing a direct profit from the investment advisory services it provides to the Funds under the Investment Management Agreement as a result of the Fee Waiver Agreement; and any ancillary benefits to the Adviser and its affiliates of the Adviser's relationship with the Funds. The Independent Trustees also considered the nature, extent, and quality of the non-advisory services that the Adviser and its affiliates provided to the Funds. Additionally, the Independent Trustees received assistance from, and met separately with, their independent legal counsel and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements.

In their consideration of the renewal of the Investment Management Agreement, the Independent Trustees considered the following factors:

(a) T*he nature, extent, and quality of the services that were provided by the Adviser.* The Independent Trustees reviewed the services that the Adviser had provided to the Funds. In connection with the investment advisory services that were provided to the Funds, the Independent Trustees considered the qualifications, experience, and capabilities of the Adviser's portfolio management team and other investment personnel, and the extent of care and conscientiousness with which Adviser personnel performed their duties. In this regard, the Independent Trustees considered that, while the Adviser focused to a substantial extent on the selection, evaluation, and oversight of the Funds' Subadvisers, consistent with the Trust's multi-manager structure, the Adviser had various other responsibilities as the Funds' investment adviser, such as: the provision of investment advice, including with respect to portfolio construction generally; the allocation of each Fund's assets among multiple Subadvisers and the oversight of Subadviser transitions; the negotiation of subadvisory fees, where the Adviser sought to achieve and maintain an appropriate and competitive level of fees and fee structure; the oversight of the Funds' compliance with applicable law, including administration of the Funds' compliance policies and procedures; and implementation of certain risk management programs. In considering the Adviser's oversight of the Funds'

------

**Mercer Funds**

**Additional Information (Unaudited) (Continued)**

------

Subadvisers, the Independent Trustees noted the Adviser's monitoring and review of each Subadviser's: investment performance and processes; compliance with the applicable Fund's investment objective, policies, and limitations, including portfolio investment guidelines; portfolio security brokerage and trading practices; and use of derivatives or other complex financial instruments, among other matters.

The Independent Trustees considered the Adviser's ability and willingness, over various periods, to recommend to the Board the restructuring of a Fund in an effort to improve the Fund's risk/return profile and/or performance over the longer term by identifying instances where it was appropriate to: add a new Subadviser, replace a current Subadviser, reallocate Fund assets among current Subadvisers, utilize a new strategy of a current Subadviser, or implement a combination of these or other measures. In considering the services provided by the Adviser in connection with the review, selection, evaluation and monitoring of Subadvisers for the Funds, the Independent Trustees noted the fact that the Adviser has access to, through its affiliates, significant manager research and related services that an investment adviser to a fund complex of similar size as the Funds might not otherwise be able to provide.

The Independent Trustees considered the Trust's multi-manager structure, and the services required by the Trust under that structure, as compared to an investment company without multiple subadvisers. The Independent Trustees also considered the nature, extent, and quality of the non-investment advisory and administrative services that were provided to the Funds by the Adviser, such as supervision of the Funds' third-party service providers and certain shareholder administrative services for Class I shares of the Funds (as applicable). The Independent Trustees considered the Adviser's capabilities in providing the administrative, legal and compliance services needed to support management of the Funds, and also considered the scope and substance of the Adviser's regulatory and compliance policies, procedures, and systems. The Independent Trustees further noted the Adviser's willingness to add or replace personnel in order to ensure that appropriate staffing levels were maintained.

Based on their consideration and review of the foregoing, the Independent Trustees determined that the Funds benefited from the nature, extent, and quality of these services, will benefit from the Adviser's ability to continue to provide these services, and concluded that such services supported the continuation of the Investment Management Agreement with the Adviser.

(b) *The costs of the services provided and the profits realized by the Adviser and its affiliates from the Adviser's relationship with the Funds.* The Independent Trustees compared each Fund's contractual and actual management fee and total expense ratio (i.e., net expense ratio after the Fee Waiver Agreement and including Rule 12b-1/non-12b-1 fees) to the Fund's respective expense group as selected by Broadridge in the Broadridge Report. The Independent Trustees noted that each Fund's contractual management fee fell within either the first quintile (i.e., the quintile with the lowest expenses), second quintile, or third quintile of each Fund's respective expense group, except for Adviser Class, Class I, and Class Y-2 shares of the Small/Mid Cap Fund, which fell within the fourth quintile; Class Y-3 shares of the Small/Mid Cap Fund, which fell within the fifth quintile; Adviser Class, Class I, and Class Y-2 shares of the Opportunistic Fixed Income Fund, which fell within the fourth quintile; and Class Y-3 shares of the Opportunistic Fixed Income Fund, which fell within the fifth quintile. The Independent Trustees also noted that the actual management fee for each class of shares of each Fund fell within the first quintile (i.e., the quintile with the lowest expenses). With respect to total expense ratios, they noted that each class of each Fund fell within the first quintile of each Fund's respective expense group, except for: Adviser Class shares of the Small/Mid Cap Fund and Core Fixed Income Fund, which fell within the second quintile; Adviser Class shares of the Opportunistic Fixed Income Fund and Short Duration Fund, which fell within the fourth quintile and Class I shares of the Opportunistic Fixed Income Fund, which fell within the second quintile. The Independent Trustees considered that the Adviser Class and Class Y-2 information was provided on a pro forma basis as there were currently no shares outstanding for such Classes.

------

**Mercer Funds**

**Additional Information (Unaudited) (Continued)**

------

The Independent Trustees also considered the Fee Waiver Arrangements and their effect on the Adviser's actual management fee and the Funds' total expense ratios and further considered that the Adviser intended to renew the Fee Waiver Arrangements for another year through at least July 31, 2026. The Independent Trustees considered the information provided by the Adviser regarding the investment management services it provides to other funds and accounts, including a description of certain fees for such services, but noted the Adviser's explanation that such accounts are not comparable to the Funds and, therefore, the relevance of such information was considered by the Independent Trustees in that context.

The Independent Trustees considered the entrepreneurial risk undertaken by the Adviser in managing and operating the Trust and the Funds and they considered the Adviser's commitment to the continued successful operation of the Funds. Regarding the level of profitability being realized by the Adviser in connection with its management of the Funds, the Independent Trustees took note of the Adviser's explanation that it was not realizing a direct profit from the investment advisory services it provides to the Funds as a result of the Fee Waiver Arrangements. The Independent Trustees also discussed the Adviser's ongoing costs in operating the Funds. The Independent Trustees considered the Adviser's ongoing practice of negotiating reduced fee schedules for certain of the Subadvisers, which results in a benefit to the Funds and their shareholders under the Fee Waiver Agreement to the extent that such subadvisory fees are reduced.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the advisory services provided by the Adviser to each Fund, the information provided regarding the fees paid to, and the costs incurred by, the Adviser supported the continuation of the Investment Management Agreement.

(c) *Ancillary benefits that may accrue to the Adviser or its affiliates.* The Independent Trustees also considered the other relationships that the Adviser and its affiliates have with the Trust, and any ancillary or "fall-out" benefits realized by the Adviser and its affiliates from its relationship with each Fund, as described in the Adviser's responses to the questions and information requests contained in the 15(c) Information Request Letter. The Independent Trustees recognized that, because of the Trust's multi-manager structure, the Adviser did not place portfolio transactions on behalf of the Funds, and, thus, it did not receive proprietary research from broker-dealers that executed the Funds' portfolio transactions. In addition, the Independent Trustees noted that the Adviser, as a policy, did not receive any services paid for by Fund soft dollar commissions. As such, the Independent Trustees took note of the fact that the Adviser did not derive any benefits from any Fund portfolio transactions.

The Independent Trustees took into consideration the Adviser's discussion of the ancillary benefits that the firm (along with its affiliates) may realize by managing the Funds, to the extent that potential investors view the Adviser and its affiliates as providing a diverse array of investment products, and managing different asset classes, which were available through multiple investment vehicles, as well as the benefits to the Adviser stemming from its ability to negotiate global fee arrangements from time to time with certain of the Subadvisers that manage (or an affiliate manages) assets for the Funds along with assets for other accounts of the Adviser or its affiliates.

The Independent Trustees also noted that the Adviser will provide or procure (and oversee), as applicable, certain non-advisory and non-distribution related shareholder administrative services pursuant to a shareholder administrative services plan for the Adviser Class, Class I, and Class Y-2 shares of the Funds (the "Shareholder Services Plan"), and a shareholder administrative services agreement with the Adviser for such classes (the "Administrative Services Agreement"), and that the Adviser would be entitled to receive compensation from the Funds for acting in that capacity. The Independent Trustees acknowledged that no compensation had been paid to date under the Shareholder Services Plan and Administrative Services Agreement for Adviser Class and Class Y-2 shares of the Funds, as there were no Adviser Class or Class Y-2 shares issued or outstanding as of

------

**Mercer Funds**

**Additional Information (Unaudited) (Continued)**

------

the Meeting. The Independent Trustees noted the shareholder administrative servicing fees paid to the Adviser with respect to Class I shares under the Administrative Services Agreement and considered that such compensation was accrued from the fees paid by the Funds under the Shareholder Services Plan.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that these benefits or potential benefits that would accrue to the Adviser and its affiliates by virtue of their relationships with the Funds appeared to be reasonable.

(d) *The extent to which economies of scale were realized as each Fund grew, and whether fee levels reflected these economies of scale for the benefit of Fund shareholders.* The Independent Trustees took into consideration the fact that the advisory fee schedule for each Fund currently includes breakpoints at the level of $750 million and $1 billion in assets. The Independent Trustees noted that, as a result of the Fee Waiver Agreement, any decreases in the advisory fee for a particular Fund under the Investment Management Agreement resulting from the Fund passing certain asset level thresholds would not result in a decrease in the fee paid by that Fund under the current Fee Waiver Agreement, which requires that the Adviser waive any portion of its management fee that exceeds the aggregate fees paid to a Fund's Subadvisers.

(e) *The investment performance of each Fund and the Adviser.* The Independent Trustees considered the investment performance of each Fund and reviewed Fund performance in the context of the Trust's multi-manager structure, and the unique considerations that this structure requires. The Independent Trustees considered whether the Funds operated within their investment objectives and styles and considered each Fund's record of compliance with its investment restrictions. The Independent Trustees also considered that the Adviser continues to be proactive, over various periods, in seeking to replace and/or add Subadvisers, to reallocate Fund assets among current Subadvisers, to utilize a new strategy of a current Subadviser, or otherwise restructure a Fund with a view toward improving a Fund's risk/return profile and/or performance over the longer term.

While consideration was given to the Adviser's performance reports and discussions at prior Board meetings, and performance reports provided by the Adviser to the Board between Board meetings, particular attention was given to the materials prepared specifically for the Meeting, including the Broadridge Report. In reviewing the performance of the Funds, the Independent Trustees considered the performance of each Fund over various measurement periods ended March 31, 2025. The Independent Trustees noted the Adviser's report that none of the Funds' performance fell within the fourth or fifth quintile (i.e., the quintile with the lowest performance) of its performance universe for both the one- and three-year measurement periods. The Independent Trustees also took into consideration the Adviser's expectations for the acceptable performance of each Fund.

With respect to their review of the performance results of each of the Funds, the Independent Trustees took into consideration the following:

**1. *Small/Mid Cap Fund.*** In the case of the Small/Mid Cap Fund, the Independent Trustees noted that the Fund's performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the third, second, second, second, third, and second quintiles, respectively, of its performance universe. The Independent Trustees also considered that the Small/Mid Cap Fund's performance for each of the six measurement periods placed it in the third, third, third, second, second, and fourth quintiles, respectively, of its performance group.

**2. *Non-US Core Equity Fund.*** In the case of the Non-US Core Equity Fund, the Independent Trustees noted that the Fund's performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the second, first, first, first, first, and first quintiles, respectively, of its performance universe. The Independent Trustees also considered that the Non-US Core Equity Fund's performance for each of the six measurement periods placed the Fund's performance in the second, second, second, first, second, and first quintiles, respectively, of its performance group.

------

**Mercer Funds**

**Additional Information (Unaudited) (Continued)**

------

**3**. ***Emerging Markets Fund.*** In the case of the Emerging Markets Fund, the Independent Trustees noted that the Fund's performance for the one-, two-, three-, four- and five- and ten-year periods placed it in the third, fifth, fourth, fourth, fourth, and fifth quintiles, respectively, of its performance universe. The Independent Trustees also considered that the Emerging Markets Fund's performance for each of the six measurement periods placed the Fund's performance in the second, fifth, fourth, fourth, fourth, and fifth quintiles, respectively, of its performance group. The Independent Trustees also noted that, in October 2024, the Adviser had recommended, and the Board approved, the appointments of: Baillie Gifford Overseas Limited, Robeco Institutional Asset Management US Inc., and Pzena Investment Management, LLC, and the reallocation of the assets of certain existing Subadvisers to the Fund, in an effort to improve the Fund's risk/return profile and to lower the overall tracking error for the Fund relative to its benchmark index.

**4.*Core Fixed Income Fund.*** In the case of the Core Fixed Income Fund, the Independent Trustees noted that the Fund's performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the second, second, second, second, second, and first quintiles, respectively, of its performance universe. The Independent Trustees also considered that the Core Fixed Income Fund's performance for each of the six measurement periods placed it in the third, third, first, first, second and second quintiles, respectively, of its performance group.

**5.*Opportunistic Fixed Income Fund.*** In the case of the Opportunistic Fixed Income Fund, the Independent Trustees noted that the Fund's performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the fifth, fourth, third, third, third, and fourth quintiles, respectively, of its performance universe. The Independent Trustees also considered that the Opportunistic Fixed Income Fund's performance for each of the six measurement periods placed it in the fifth, fifth, fourth, fifth, fourth, and fourth quintiles, respectively, of its performance group. The Independent Trustees also noted that, in March 2025, the Adviser had recommended, and the Board approved, the appointments of: Ares Capital Management II LLC, Crescent Capital Group LP, Pacific Investment Management Company LLC, Polen Capital Credit, LLC, and Wellington Management Company LLP, and the reallocation of the assets of Ninety One North America, Inc., to transition the Fund to a core/satellite structure in an effort to improve the Fund's risk/return profile by reducing uncompensated macroeconomic risks in favor of sector and security allocation.

**6. *Short Duration Fund***. In the case of the Short Duration Fund, the Independent Trustees noted that the Fund's performance for the one-year and since inception periods placed it in the second and third quintiles, respectively, of its performance universe. The Independent Trustees also considered that the Short Duration Fund's performance for each of the two measurement periods placed it in the second and fourth quintiles, respectively, of its performance group. The Independent Trustees also noted the limited performance history for the Fund.

In light of the foregoing considerations, the Independent Trustees concluded that the Adviser's performance in managing each Fund indicated that the Adviser's continued management will benefit the Funds and their shareholders.

*Conclusion.* Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Independent Trustees. Based on these factors, and such other matters as were deemed relevant, the Independent Trustees concluded that the approval of the Investment Management Agreement was in the best interests of the Funds and their shareholders, and the Independent Trustees, who constitute the entire Board, approved the renewal of the Investment Management Agreement.

**Renewal of Certain Subadvisory Agreements for the Funds**

At the Meeting, the Board, including the Independent Trustees, also considered and approved the continuation of the subadvisory agreements (collectively, the "Subadvisory Agreements") entered into by the Adviser and the following Subadvisers for the Funds (each a "Subadviser," and collectively, the "Subadvisers"):

------

**Mercer Funds**

**Additional Information (Unaudited) (Continued)**

------

Mercer US Small/Mid Cap Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GW&K Investment Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loomis, Sayles & Company, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LSV Asset Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• River Road Asset Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Westfield Capital Management Company, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parametric Portfolio Associates LLC

Mercer Non-US Core Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Century Investment Management, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arrowstreet Capital, Limited Partnership

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LSV Asset Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Massachusetts Financial Services Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parametric Portfolio Associates LLC

Mercer Emerging Markets Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Skerryvore Asset Management Ltd. (formerly, BennBridge Ltd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parametric Portfolio Associates LLC

Mercer Opportunistic Fixed Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ninety One North America, Inc.

Mercer Core Fixed Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income Research & Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife Asset Management (US) LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PGIM, Inc.

Mercer Short Duration Fixed Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Pacific Capital, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merganser Capital Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voya Investment Management Co. LLC

In considering the renewal of the Subadvisory Agreements, the Independent Trustees considered the information and materials furnished by the Adviser. In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Adviser and representatives of various Subadvisers, both at the Meeting and throughout the course of the year at Board meetings, as applicable. In connection with their review of this information, the Independent Trustees considered information provided by the Adviser regarding the Subadvisers' answers and responses to the questions and information requests contained in a 15(c) subadviser questionnaire submitted to each Subadviser, which included the Adviser's conclusions with respect to various matters addressed by the Subadvisers' responses to the questionnaire.

------

**Mercer Funds**

**Additional Information (Unaudited) (Continued)**

------

During their review of this information, the Independent Trustees considered the factors they deemed relevant with respect to each Subadviser, including, but not limited to: the nature, extent, and quality of the services that were provided to the applicable Fund by the Subadviser and the Subadviser's historical performance record in managing its allocated portion of the Fund's portfolio. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Adviser in connection with each of the Subadvisers, which includes extensive investment management and compliance due diligence with respect to the management and operations of each of the Subadvisers. Additionally, the Independent Trustees received assistance from, and met separately with, their independent legal counsel and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to the approvals of advisory agreements.

In consideration of the renewal of the Subadvisory Agreements, and as to each Fund and to each Subadviser, the Independent Trustees considered the following factors:

(a) *The nature, extent, and quality of the advisory services that were provided by the Subadvisers.* The Independent Trustees reviewed the nature, extent, and quality of the advisory services that each Subadviser had provided to the applicable Fund. The Independent Trustees considered Mercer Investments' active role as a manager of managers, which included, among other items, monitoring and evaluating the performance of the Subadvisers, recommending that Subadvisers that have not performed as expected either be replaced or their allocated portion of the Fund's portfolio be reduced. The Independent Trustees considered the specific investment management process that was employed by each Subadviser in managing the assets that were allocated to the Subadviser (which had been discussed with each Subadviser previously); the qualifications, experience, and capabilities of the Subadviser; certain financial considerations relating to the Subadviser; information regarding legal, regulatory and compliance matters with respect to the Subadviser; and information provided regarding the Subadviser's brokerage practices. The Independent Trustees also considered the Adviser's review, selection, and due diligence process with respect to each Subadviser; the Adviser's assessment and conclusion as to the nature, extent, and quality of the subadvisory services that were provided by the Subadviser; and the Adviser's recommendation that each Subadvisory Agreement be renewed. The Independent Trustees determined that each Fund would continue to benefit from the quality and experience of the portfolio managers of each Fund's Subadvisers.

Based on their consideration and review of the foregoing, the Independent Trustees determined that each Fund benefited from the nature, extent, and quality of the subadvisory services that were provided by each corresponding Subadviser, and will benefit from the Subadviser's ability to continue to provide these services, and concluded that such services supported the continuation of each Subadvisory Agreement.

(b) *The costs of the services provided and the profits realized by the Subadviser and its affiliates from the Subadviser's relationship with the Funds.* The Independent Trustees considered the review, selection, and due diligence process employed by the Adviser in deciding to recommend each Subadviser as a Subadviser to the respective Fund. The Independent Trustees took account of the Adviser's reasons for concluding that the compensation payable to each Subadviser for its services to the Funds was competitive, fair and reasonable in light of the nature, extent and quality of the services furnished to the Fund, and the Adviser's recommendation at the Meeting that the Subadvisory Agreements with the Subadvisers be continued, including in light of the fact that the Subadvisers' fees would be indirectly borne by the respective Funds and their shareholders.

The Independent Trustees considered the expected impact of the subadvisory fees on the Funds' overall operating expenses, given the Fee Waiver Agreement. In addition, since the fees paid by the Adviser to each Subadviser were the result of arm's-length bargaining between unaffiliated parties, the relevance of each Subadviser's profitability was considered by the Independent Trustees in that context. The Independent Trustees took into account the Adviser's ongoing monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure, the Adviser's assessment that the subadvisory fee rates charged by each Subadviser reflected a reasonable fee arrangement, and the Adviser's practice of negotiating reduced

------

**Mercer Funds**

**Additional Information (Unaudited) (Continued)**

------

subadvisory fee schedules with the Subadvisers, which benefits the Funds and their shareholders due to the Fee Waiver Agreement to the extent that such subadvisory fees are reduced. The Independent Trustees also considered the information provided with respect to each Subadviser regarding the fees charged to other comparable clients of the Subadviser (as applicable).

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the subadvisory services provided by each Subadviser, the information provided regarding the fees paid to each Subadviser with respect to the Fund assets that were allocated to the Subadviser supported the continuation of the Subadvisory Agreements with the Subadvisers.

(c) *Ancillary Benefits*. The Independent Trustees considered whether there were any ancillary or "fall-out" benefits that may accrue to the Subadvisers as a result of their relationships with the Funds. As part of their review, the Independent Trustees noted that certain Subadvisers may experience benefits due to their relationships with the Funds, which include reputational and marketing benefits, and may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Independent Trustees noted that the Subadvisers were required to select brokers who met the Funds' requirements for seeking best execution, and that the Adviser monitored and evaluated the Subadvisers' trade execution with respect to Fund brokerage transactions.

The Independent Trustees took into account the foregoing benefits or potential benefits that would accrue to the Subadvisers by virtue of their relationships with the Funds in determining to approve the renewal of the Subadvisory Agreements.

(d) *The extent to which economies of scale were realized as each Fund grew, and whether fee levels reflected sharing of these economies of scale for the benefit of Fund shareholders.* With respect to economies of scale, the Independent Trustees considered each Subadviser's fee schedule for providing services to the applicable Fund, and noted that several of the Subadvisory Agreements included breakpoints that would reduce the Subadviser's fee as the allocated portion of the applicable Fund (and/or certain assets globally with respect to the Adviser and its affiliates) managed by the Subadviser (and/or an affiliate with respect to other account assets) increased. It was noted that the benefit of breakpoints would indirectly go to the Funds and their shareholders, given the Fee Waiver Agreement.

(e) *The investment performance of the Funds and the Subadvisers.* The Independent Trustees considered the performance of each Subadviser, the Adviser's explanations with respect to the role of each Subadviser's investment strategy in supporting the Fund's multi-manager structure, and each Subadviser's compliance with the Fund's relevant investment restrictions and guidelines. The Independent Trustees also considered the Adviser's conclusions, and the reasons supporting the Adviser's conclusions, that the performance record of each Subadviser, including on an absolute basis and relative to each Subadviser's benchmark index over different time periods, supported the approval of its Subadvisory Agreement.

*Conclusion.* Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Independent Trustees. Based on these factors, along with the determinations of the Adviser at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Independent Trustees concluded that the approval of the Subadvisory Agreements was in the best interests of the Funds and their shareholders and the Independent Trustees, who constitute the entire Board, approved the renewal of each of the Subadvisory Agreements.

------

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

------

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies** - Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies** - Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers** - Not applicable

------

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

#### Item 16. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)), are effective based on the evaluation of Registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report.

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation** – No recovery of erroneously awarded compensation

#### Item 19. Exhibits.
(a)(1) Not applicable at semi-annual

(a)(2) Not applicable at semi-annual

[(a)(3) Section 302 Certifications are attached](d58978dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable

(a)(5) Change in Registrant's independent public accountant – No changes

[(b) Section 906 Certifications are attached](d58978dex99906cert.htm)

------

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

---

| | | |
|:---|:---|:---|
| (Registrant)  <u>Mercer Funds</u>  | (Registrant) <u>Mercer Funds</u>  | (Registrant) <u>Mercer Funds</u>  |
| By (Signature and Title) |  | /s/ Stephen Gouthro |
|  |  | &nbsp;&nbsp;&nbsp; Stephen Gouthro<br> President and Chief Executive Officer<br> (Principal Executive Officer) |
| Date  <u>November 19, 2025</u>  | Date <u>November 19, 2025</u>  | Date <u>November 19, 2025</u>  |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Stephen Gouthro |
|  | &nbsp;&nbsp;&nbsp; Stephen Gouthro<br> President and Chief Executive Officer<br> (Principal Executive Officer) |
| Date  <u>November 19, 2025</u>  | Date <u>November 19, 2025</u>  |
| By (Signature and Title) | /s/ Barry Vallan |
|  | &nbsp;&nbsp;&nbsp; Barry Vallan<br> Vice President, Treasurer and Chief Financial Officer<br> (Principal Financial Officer) |
| Date  <u>November 19, 2025</u>  | Date <u>November 19, 2025</u>  |

---

## Ex-99.Cert

**N-CSR Exhibit for Item 19(a)(3): Section 302 Certifications Exhibit 99CERT** 

I, Stephen Gouthro, certify that:

1. I have reviewed this report on Form N-CSR of Mercer Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30(a)-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>November 19, 2025</u> | /s/ Stephen Gouthro_______ |
|  | Stephen Gouthro |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
|  | Mercer Funds |

---

------

**N-CSR Exhibit for Item 19(a)(3): Section 302 Certifications Exhibit 99CERT** 

I, Barry Vallan, certify that:

1. I have reviewed this report on Form N-CSR of Mercer Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30(a)-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>November 19, 2025</u> | /s/ Barry Vallan__________________________ |
|  | Barry Vallan |
|  | Vice President, Treasurer and Chief Financial Officer |
|  | Mercer Funds |

---

## Exhibit 99.906

Exhibit 99.906 CERT

**<u>Certification Under Section 906</u>**

**<u>Of the Sarbanes-Oxley Act Of 2002</u>**

Stephen Gouthro, President and Chief Executive Officer (Principal Executive Officer) of Mercer Funds (the "Registrant"), certifies to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended September 30, 2025, (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

/s/ Stephen Gouthro_________

Stephen Gouthro

President and Chief Executive Officer

(Principal Executive Officer)

Mercer Funds

Date: <u>November</u> <u>19, 2025</u>

This certification is being furnished to the Securities and Exchange Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C Section 1350 and is not being filed as part of the Form N-CSR with the Commission.

------

Exhibit 99.906 CERT

**<u>Certification Under Section 906</u>**

**<u>Of the Sarbanes-Oxley Act Of 2002</u>**

Barry Vallan, Vice President, Treasurer and Chief Financial Officer of Mercer Funds (the "Registrant"), certifies to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended September 30, 2025, the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

<u>/S/ Barry Vallan</u> 

Barry Vallan

Vice President, Treasurer and Chief Financial Officer

Mercer Funds

Date: <u>November</u> <u>19, 2025__ _</u>

This certification is being furnished to the Securities and Exchange Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C Section 1350 and is not being filed as part of the Form N-CSR with the Commission.